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%20-%20483412%2001-Jan-2018_files/image015.jpg){kind=small}
%20-%20483412%2001-Jan-2018_files/image016.jpg)
%20-%20483412%2001-Jan-2018_files/image018.gif)
MIRA INFORM REPORT
|
Report No. : |
483412 |
|
Report Date : |
01.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
VISHAL FABRICS
LIMITED (w.e.f.31.03.2014) FABRIC DIVISION (A
DIVISION OF VISHAL FABRICS LIMITED) |
|
|
|
|
Formerly Known
As : |
VISHAL FABRICS
PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Ranipur Narol Road, Ahmedabad - 382405, Gujarat |
|
Tel. No.: |
91-79-25353977 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
22.10.1985 |
|
|
|
|
Com. Reg. No.: |
04-008206 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 131.740 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17110GJ1985PLC008206 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
GST No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV6304R |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of wide range of Textile Fabrics on job work and own requirement having Manufacturing Fabrics. [Registered Activity] |
|
|
|
|
No. of Employees
: |
1858 (Approximately) |
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 : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of “Chiripal Group” incorporated in the year 1985 having good track record. It is engaged in textile fabric processing. As per the financial of 2017, the company has achieved favourable growth in its revenue as compared to its previous year along with average profit margin during the year. Rating takes into consideration, the healthy financial risk profile marked by strong net worth base and comfortable debt protection metrics. Rating continue to derive strength from its long and established track record of its business operations backed by extensive experience of the promoters of “Chiripal Group” in textile processing industry along with healthy capacity utilization as well as diversified customer base. However, these rating get partially offset by highly competitive and fragmented nature of the textile industry. Payments are reported to be regular and as per commitment. In view of aforesaid, the company 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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
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 |
ICRA |
|
Rating |
Long Term Facilities=BBB [Suspended] |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
09.08.2017 |
Reason for suspension: Absence of requisite information
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 01.01.2018.
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.
INFORMATION DECLINED BY
|
Name : |
Mr. Mahesh Kawat |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-9825034635 |
|
Date : |
28.12.2017 |
LOCATIONS
|
Registered Office/ Factory : |
Ranipur Narol Road, Ahmedabad-382405, Gujarat, India |
|
Tel. No.: |
91-79-25353977/ 78 /79 / 80 |
|
Mobile No.: |
91-9825034635 [Mr. Mahesh Kawat] |
|
Fax No.: |
91-79-25353981 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Chiripal House, Near Shivranjani Cross Roads, Satellite,
Ahmedabad-380015, Gujarat, India |
|
Tel. No.: |
91-79-26734660/ 2/ 3 |
|
Fax No.: |
91-79-26768656 |
|
E-Mail : |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Brijmohan Devkinandan Chiripal |
|
Designation : |
Managing Director |
|
Address : |
10, Nandi Hill Society Opp. Isro, Satellite Road,
Ahmedabad-380015, Gujarat, India |
|
Date of Birth/Age : |
15.07.1961 |
|
Qualification : |
B.E. (Chemicals) |
|
Date of Appointment : |
01.06.2017 |
|
DIN No.: |
00290426 |
|
|
|
|
Name : |
Mrs. Dhara Sureshchandra Shah |
|
Designation : |
Director |
|
Address : |
1385-5, Salvi's Corner, Dhanasuthar's Pole Relief Road,
Ahmedabad-380001, Gujarat, India |
|
Date of Appointment : |
05.03.2015 |
|
DIN No.: |
06983857 |
|
|
|
|
Name : |
Mr. Amit Khemchand Kadmawala |
|
Designation : |
Wholetime Director |
|
Address : |
2, Jaldeep, Nr. Sarasvati Flat, Kankaria,
Ahmedabad-380022, Gujarat, India |
|
Date of Birth/Age : |
06.07.1977 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
13.11.2014 |
|
DIN No.: |
07016454 |
|
|
|
|
Name : |
Mr. Shubhankar Jha |
|
Designation : |
Director |
|
Address : |
80, Vraj Homes, Nr. Shanti School, Sardar Patel Ring Road,
Shela, Sanand, Ahmedabad-380058, Gujarat, India |
|
Date of Appointment : |
28.05.2015 |
|
DIN No.: |
07208823 |
|
|
|
|
Name : |
Mr. Chitranjan Ajaib Singh |
|
Designation : |
Director |
|
Address : |
5, Officers Bunglows Shahibaugh, Naroda, Ahmedabad-380018,
Gujarat, India |
|
Date of Birth/Age : |
23.02.1953 |
|
Qualification : |
· B. Sc. (Honours) in Bio Chemistry · IPS from Union Public Service Commission (GOI) |
|
Date of Appointment : |
30.05.2017 |
|
DIN No.: |
07300731 |
|
|
|
|
Name : |
Mr. Ponnusamy Shanmugaraja |
|
Designation : |
Additional Director |
|
Address : |
Plot No. 203 Pocket 2, Hoshangabad Road, Block B, Sagar Royal
Vilas, Huzur University, Bhopal-462026, Madhya Pradesh, India |
|
Date of Appointment : |
12.12.2017 |
|
DIN No.: |
08013737 |
KEY EXECUTIVES
|
Name : |
Mr. Maheshchandra Kawat |
|
Designation : |
Chief Financial Officer (KMP) |
|
Address : |
B-14, Priya Apartment, Nr. Judges Bunglow, Bodakdev,
Ahmedabad-380015, Gujarat, India |
|
Date of Appointment : |
04.04.2014 |
|
PAN No.: |
AAWPP6230D |
|
|
|
|
Name : |
Mrs. Tanushree Dave |
|
Designation : |
Company Secretary |
|
Address : |
403, 'Royal-Plaza, Central Spine, Vidhyadhar Nagar,
Jaipur-302023, Rajasthan, India |
|
Date of Appointment : |
23.08.2016 |
|
PAN No.: |
AMYPD3880D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2017
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
15627916 |
71.18 |
|
(B) Public |
6328751 |
28.82 |
|
|
|
|
|
Total |
21956667 |
100.00 |
%20-%20483412%2001-Jan-2018_files/image020.gif)
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category
of shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares (calculated as per SCRR, 1957)As a % of
(A+B+C2) |
|
|
A1) Indian |
0.00 |
|
|
|
Individuals/Hindu
undivided Family |
35,89,999 |
16.35 |
|
|
Savitridevi V Chiripal |
5,39,555 |
2.46 |
|
|
Manjudevi Jayprakash Agarwal |
5,32,000 |
2.42 |
|
|
Pritidevi B Chiripal |
4,97,333 |
2.27 |
|
|
Urmiladevi Jyotiprasad Chiripal |
3,68,000 |
1.68 |
|
|
Vishal V Chiripal |
2,64,444 |
1.20 |
|
|
Ronak B Agarwal |
2,09,667 |
0.95 |
|
|
Deepak J Chiripal |
1,88,000 |
0.86 |
|
|
Aayushi Jaiprakash Agarwal |
1,48,000 |
0.67 |
|
|
Jaiprakash D Chiripal |
1,48,000 |
0.67 |
|
|
Jyotiprasad D Chiripal |
1,48,000 |
0.67 |
|
|
Nitika Deepak Chiripal |
1,48,000 |
0.67 |
|
|
Brijmohan D Chiripal |
1,43,000 |
0.65 |
|
|
Nishi J Agarwal |
72,000 |
0.33 |
|
|
Shiwani V. Chiripal |
72,000 |
0.33 |
|
|
Saloo J. Agarwal |
48,000 |
0.22 |
|
|
Priyanka Brijmohan Chiripal |
40,000 |
0.18 |
|
|
Vedprakash Devkinandan Chiripal HUF |
24,000 |
0.11 |
|
|
Any Other
(specify) |
1,20,12,292 |
54.71 |
|
|
Chiripal Industries Limited |
63,66,000 |
28.99 |
|
|
Nandan Corporation LLP |
9,91,250 |
4.51 |
|
|
Tripoli Management Private Limited |
9,58,125 |
4.36 |
|
|
Devkinandan Corporation LLP |
18,76,250 |
8.55 |
|
|
Chiripal Exim LLP |
18,20,667 |
8.29 |
|
|
Sub Total A1 |
1,56,02,291 |
71.06 |
|
|
A2) Foreign |
0.00 |
|
|
|
Individuals
(Non-Resident Individuals/ Foreign Individuals) |
25,625 |
0.12 |
|
|
Vedprakash Chiripal |
25,625 |
0.12 |
|
|
Sub Total A2 |
25,625 |
0.12 |
|
|
A=A1+A2 |
1,56,27,916 |
71.18 |
|
Statement showing shareholding pattern of the Public
shareholder
|
Category
& Name of the Shareholders |
No.
of fully paid up equity shares held |
Shareholding
% calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Foreign
Portfolio Investors |
2576125 |
11.73 |
|
|
New Leaina Investments Limited |
1068625 |
4.87 |
|
|
Lts Investment Fund Ltd |
1060625 |
4.83 |
|
|
Elara India Opportunities Fund Limited |
446875 |
2.04 |
|
|
Sub Total B1 |
2576125 |
11.73 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share
capital upto INR 0.200 Million |
322531 |
1.47 |
|
|
Individual share
capital in excess of INR 0.200 Million |
1568306 |
7.14 |
|
|
Mrudulaben Harshadbhai Patel |
491727 |
2.24 |
|
|
Any Other
(specify) |
1861789 |
8.48 |
|
|
HUF |
624688 |
2.85 |
|
|
Amar H Patel |
229500 |
1.05 |
|
|
NRI – Repat |
1094750 |
4.99 |
|
|
Manuj Chiripal |
1069750 |
4.87 |
|
|
Clearing Members |
8126 |
0.04 |
|
|
Bodies Corporate |
134225 |
0.61 |
|
|
Sub Total B3 |
3752626 |
17.09 |
|
|
B=B1+B2+B3 |
6328751 |
28.82 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of wide range of Textile Fabrics on job work and own requirement having Manufacturing Fabrics. [Registered Activity] |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
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|
|
|
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|
Customers : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
1858 (Approximately) |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Oriental Bank of Commerce · IDBI Bank Limited · The Lakshmi Vilas Bank Limited · Bank of Baroda · Bank of Maharashtra · State Bank of India |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Anil S. Shah and Company Chartered Accountants |
|
Address : |
302, Shailly Complex, Opposite Loha Bhavan, Near Old High Court Road,
Navrangpura, Ahmedabad-380009, Gujarat, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Related parties with whom transaction have taken place during the year
Associates/ Enterprise which has significant influence : |
· Chiripal Industries Limited · Nandan Denim Limited · Shanti Exports Private Limited · Chiripal Poly Firms Limited · Shanti Educational Initiatives Limited · Millestone Educom Trust · Shanti Polytechnic Foundation · Dholly Integrated Spinning Park Limited · Chiripal Textile Mills Private Limited · Shanti Spincot Private Limited · Tripoli Management Private Limited |
CAPITAL STRUCTURE
AFTER: 28.09.2017
Authorised Capital : INR
250.000 Million
Issued, Subscribed & Paid-up Capital : INR 219.567 Million
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250.00 Lacs |
Equity Shares |
INR 10/- each |
INR 250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
131.74 Lacs |
Equity Shares |
INR 10/- each |
INR 131.740
Million |
|
|
|
|
|
The reconciliation
of the number of shares outstanding is set out below:
|
Particulars |
As at 31st March,2017 |
|
|
No. of Shares in Lacs |
|
Equity Shares at the beginning of the year |
13174000 |
|
Add: Shares issued as bonus @ INR 100/‐ each |
0.000 |
|
Total Shares after Bonus Issue |
13174000 |
|
Add: Shares issued as bonus @ INR 10/‐ each |
0.000 |
|
Add: Shares Issued @ INR 10/‐ each |
0.000 |
|
Less : Shares cancelled |
0.000 |
|
Equity: Shares at the end of the year |
13174000 |
Terms attached to Equity
Share
The Company has only one class of Equity Shares having a par value of
INR 10/‐ per share. Each holder of Equity shares is
entitled to one vote per share.
In the event of liquidation of the Company, the holders of the equity shares
would be entitled to receive remaining assets of the company, after
distribution of all preferential amounts. The distribution will be in
proportion to the number of the equity shares held by the shareholders.
The details of
Shareholders holding more than 5%shares
|
Particulars |
As at 31st March,2017 |
|
|
|
No. of Shares |
% held |
|
Chiripal Industries Limited |
6366000 |
48.32% |
|
Devkinandan Corporation LLP |
1179000 |
8.95% |
|
Chiripal Exim LLP |
1060500 |
8.05% |
|
Harshad Bhai N. Patel |
0 |
0.00% |
|
Manuj Chiripal |
657500 |
4.99% |
As per the records
of the Company including its Register of Shareholder/members, the above
shareholding represent both legal & beneficial ownership of the shares.
FINANCIAL DATA
[all figures are
in INR 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 |
131.740 |
131.740 |
131.740 |
|
(b) Reserves & Surplus |
807.430 |
702.049 |
559.431 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
878.267 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1817.437 |
833.789 |
691.171 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1012.637 |
248.422 |
185.367 |
|
(b) Deferred tax liabilities (Net) |
32.381 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
53.513 |
3.890 |
0.000 |
|
(d)
long-term provisions |
25.714 |
30.215 |
18.567 |
|
Total
Non-current Liabilities (3) |
1124.245 |
282.527 |
203.934 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
367.247 |
218.954 |
263.185 |
|
(b)
Trade payables |
1077.213 |
248.431 |
198.389 |
|
(c)
Other current liabilities |
44.583 |
28.632 |
56.594 |
|
(d)
Short-term provisions |
59.473 |
37.906 |
13.068 |
|
Total
Current Liabilities (4) |
1548.516 |
533.923 |
531.236 |
|
|
|
|
|
|
TOTAL |
4490.198 |
1650.239 |
1426.341 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1284.197 |
505.456 |
303.524 |
|
(ii)
Intangible Assets |
0.083 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
355.925 |
131.509 |
46.291 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1.024 |
1.024 |
1.024 |
|
(c) Deferred tax assets
(net) |
0.000 |
7.723 |
11.366 |
|
(d) Long-term Loan
and Advances |
488.677 |
167.993 |
156.436 |
|
(e)
Other Non-current assets |
22.126 |
8.144 |
6.465 |
|
Total
Non-Current Assets |
2152.032 |
821.849 |
525.106 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
407.260 |
131.668 |
136.621 |
|
(c)
Trade receivables |
1122.647 |
608.413 |
537.372 |
|
(d)
Cash and cash equivalents |
298.681 |
12.360 |
63.315 |
|
(e)
Short-term loans and advances |
509.578 |
75.949 |
163.927 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
2338.166 |
828.390 |
901.235 |
|
|
|
|
|
|
TOTAL |
4490.198 |
1650.239 |
1426.341 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
3736.363 |
2735.780 |
2236.265 |
|
|
|
Other Income |
2.765 |
3.045 |
1.227 |
|
|
|
TOTAL |
3739.128 |
2738.825 |
2237.492 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2672.816 |
1821.789 |
1497.486 |
|
|
|
Purchases of Stock-in-Trade |
76.452 |
124.065 |
124.700 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(6.324) |
(12.056) |
(6.513) |
|
|
|
Employees benefits expense |
435.425 |
347.342 |
271.521 |
|
|
|
Other expenses |
238.376 |
194.557 |
167.364 |
|
|
|
Exceptional Items |
(0.131) |
(0.131) |
(0.042) |
|
|
|
Extraordinary Items |
0.000 |
0.000 |
0.005 |
|
|
|
TOTAL |
3416.614 |
2475.566 |
2054.521 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
322.514 |
263.259 |
182.971 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
74.613 |
50.768 |
53.183 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
247.901 |
212.491 |
129.788 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
62.639 |
34.394 |
30.585 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
185.262 |
178.097 |
99.203 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
79.882 |
35.478 |
5.843 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
105.380 |
142.619 |
93.360 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
39.717 |
0.000 |
0.000 |
|
|
|
Spares and Other matters |
0.824 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
40.541 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
8.00 |
10.83 |
7.85 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current
Maturities of Long term debt |
|
|
|
|
Term Loans |
18.800 |
17.900 |
24.630 |
|
Unsecured Loan |
1.335 |
1.335 |
1.279 |
|
Vehicle Loans |
8.831 |
0.757 |
1.182 |
|
Total |
28.966 |
19.992 |
27.091 |
|
|
|
|
|
|
Cash generated from operations |
66.202 |
250.376 |
91.089 |
|
|
|
|
|
|
Net Cash Generated by Operating Activities |
26.423 |
218.542 |
88.383 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
109.67 |
81.17 |
87.71 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.33 |
4.50 |
4.16 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
143.01 |
46.60 |
44.64 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.79 |
2.00 |
1.34 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.20 |
0.41 |
0.52 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.58 |
0.49 |
0.52 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.78 |
0.58 |
0.69 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.85 |
0.64 |
0.77 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.90 |
0.76 |
0.51 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
4.32 |
5.19 |
3.44 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
2.82 |
5.21 |
4.17 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
2.35 |
8.64 |
6.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
5.80 |
17.10 |
13.51 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.51 |
1.55 |
1.70 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.25 |
1.30 |
1.44 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.40 |
0.51 |
0.48 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
10.69 |
3.70 |
3.61 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.51 |
1.55 |
1.70 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 5.00/- |
|
|
|
|
Market Value |
INR 328.00/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
131.740 |
131.740 |
131.740 |
|
Reserves & Surplus |
559.431 |
702.049 |
807.430 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
878.267 |
|
Net
worth |
691.171 |
833.789 |
1817.437 |
|
|
|
|
|
|
long-term borrowings |
185.367 |
248.422 |
1012.637 |
|
Short term borrowings |
263.185 |
218.954 |
367.247 |
|
Current Maturities of Long
term debt |
27.091 |
19.992 |
28.966 |
|
Total
borrowings |
475.643 |
487.368 |
1408.850 |
|
Debt/Equity
ratio |
0.688 |
0.585 |
0.775 |
%20-%20483412%2001-Jan-2018_files/image022.gif)
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 |
2236.265 |
2735.780 |
3736.363 |
|
|
|
22.337 |
36.574 |
%20-%20483412%2001-Jan-2018_files/image024.gif)
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 |
2236.265 |
2735.780 |
3736.363 |
|
Profit/ (Loss) |
93.360 |
142.619 |
105.380 |
|
|
4.17% |
5.21% |
2.82% |
%20-%20483412%2001-Jan-2018_files/image026.gif)
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G11790151 |
100049780 |
BANK OF BARODA |
20/08/2016 |
- |
- |
1980000000.0 |
1ST FLOOR, BANK OF BARODA TOWERSOPP. LAW GARDEN, ELLISBRIDGEAHMEDABADGJ380006IN |
|
2 |
A93801785 |
10238930 |
ORIENTAL BANK OF COMMERCE |
17/08/2010 |
- |
- |
112000000.0 |
NEEL KAMAL BUILDINGOPP. SALES INDIA, ASHRAM ROADAHMEDABADGJ380009IN |
|
3 |
A25046657 |
10072119 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
12/09/2007 |
- |
- |
62500000.0 |
IDBI COMPLEX, OPP. MUNICIPAL STAFF QUARTERSOFF. C. G. ROAD, NAVRANGPURAAHMEDABADGJ380006IN |
|
4 |
C65939100 |
90099647 |
ORIENTAL BANK OF COMMERCE |
01/05/2003 |
15/09/2015 |
- |
410000000.0 |
NEEL KAMAL BUILDING, OPP. SALES INDIAASHRAM ROADAHMEDABADGJ380009IN |
|
5 |
C65939423 |
90096831 |
ORIENTAL BANK OF COMMERCE |
01/05/2003 |
15/09/2015 |
- |
410000000.0 |
NEEL KAMAL BUILDING, OPP. SALES INDIAASHRAM ROADAHMEDABADGJ380009IN |
|
6 |
G33884487 |
100049042 |
BANK OF MAHARASHTRA |
03/08/2016 |
- |
05/01/2017 |
500000000.0 |
BHADRA BRANCH, MAVLANKAR HAVELI, VASANT CHOWKBHADRAAHMEDABADGJ380001IN |
|
7 |
G18427039 |
90099876 |
ORIENTAL BANK OF COMMERCE |
03/08/2004 |
- |
29/09/2016 |
4000000.0 |
ASHRAM ROAD BRANCHAHMEDABADGJIN |
|
8 |
G11374287 |
90101033 |
ORIENTAL BANK OF COMMERCE |
01/09/2004 |
- |
22/08/2016 |
65000000.0 |
ASHRAM ROAD BRANCHAHMEDABADGJIN |
|
9 |
C45322369 |
10003205 |
ORIENTAL BANK OF COMMERCE |
03/05/2006 |
- |
16/02/2015 |
104000000.0 |
ASHRAM ROADAHMEDABADGJ380009IN |
|
10 |
B87216826 |
90101086 |
ORIENTAL BANK OF COMMERCE |
19/03/2005 |
- |
26/09/2013 |
77000000.0 |
ASHRAM ROAD BRANCHAHMEDABADGJIN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Other Loans And
Advances |
|
|
|
From Bank |
16.422 |
17.988 |
|
From Inter-corporate Corporate |
0.000 |
200.000 |
|
|
|
|
|
Total |
16.422 |
217.988 |
COMPANY
INFORMATION
The company was incorporated as private
limited company as Vishal Fabrics Private Limited on 22/10/1985 under the
Companies Act, 1956, in the state of Gujarat at Ahmedabad. The Company was then
converted in to Public Limited Company on 31/03/2014, subsequently name changed
to Vishal Fabrics Limited. The Company had come out with IPO by offering
3474000 equity shares of INR 45/‐ (including premium Rs.35/‐) and listed on BSE SME Platform in F.Y. 2014‐15.
Vishal Fabrics Limited is promoted by Chiripal
Group engaged in manufacturing of wide range of textile fabrics on job work and
own requirement having manufacturing fabrics at Ranipur, Opp. Kashiram Mills,
Narol Road, Narol, Ahmedabad and at village Dholi Taluka Dholka, Dist.
Ahmedabad‐ Gujarat,
India.
STATE OF COMPANY’S AFFAIRS AND PERFORMANCE
During the year,
the company has achieved a turnover of INR 3736.363 Million as compared to a
turnover of INR 2735.780 Million over the previous financial year which shows
increase of 36.57%. The profit before depreciation and tax by 16.67% to INR
247.770 Million as compared to INR 212.360 Million in the financial year
2015-16. The profit after tax stood at INR 105.380 Million against INR 142.619
Million in the previous year, which represents decline of 26% which is due to
increase in depreciation from INR 34.394 Million in the financial year 2015-16
to INR 62.639 Million in the financial year 2016-17.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY
STRUCTURE AND DEVELOPMENT
The fundamental strength of Indian Textile
Industry flows from its strong production base of wide range of fibres/yarns -
from natural fibres like cotton, jute, silk and wool to synthetic/man-made
fibres like polyester, viscose, nylon and acrylic. The Indian textile industry
is likely to continue its strong growth, buoyed by both strong domestic
consumption as well as export demand. It is currently estimated at around USD
108 billion and is expected to grow at a CAGR of 8.7 percent to reach USD 223
billion by 2021. The industry is the second largest employer after agriculture,
providing employment to over 45 million people directly and 60 million people
indirectly. The Indian Textile Industry contributes approximately 5 percent to
India’s gross domestic product (GDP) and 14 percent to overall Index of
Industrial Production (IIP). India accounts for 63 percent of global market
share of textiles and garments. India accounts for about 14 percent of world’s
production of textile fibres and yarns.
OUTLOOK
The Indian textile
industry has the potential to double itself in size over the next 6-7 years.
Government has been overall supportive in encouraging textile industry in
India. Textiles and garment industry has been included in list of 25 sectors of
‘Make in India’ initiative of the Government of India. With the right
Government policies, they believe that the Indian Textile Industry is well
poised to benefit from the large opportunity offered in the domestic and export
market. Under the ‘Make in India’ initiative, investment opportunities for
foreign companies and entrepreneurs are available across the entire value chain
of synthetics, value-added and specialty fabrics, fabric processing set-ups for
all kinds of natural and synthetic textiles, technical textiles, garments, and
retail brands.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30.09.2017
(INR IN MILLION)
|
Particulars |
Half Year
ended |
|
|
30.09.2017 (Unaudited) |
|
INCOME FROM OPERATIONS |
|
|
Net Sales |
3919.360 |
|
Other Income |
--- |
|
Total
Income from Operations |
3919.360 |
|
|
|
|
EXPENSES |
|
|
Cost of materials consumed |
3286.917 |
|
Purchases of Stock-in-Trade |
35.863 |
|
Changes in inventories of finished goods and
work-in-progress |
(117.106) |
|
Employee benefits expense |
260.095 |
|
Depreciation and Amortization expenses |
52.978 |
|
Other Expenditure |
193.505 |
|
Total
Expenses |
3712.252 |
|
Profit/(Loss) from operations before other income, finance
costs and exceptional items |
207.108 |
|
Other Income |
3.974 |
|
Profit/(Loss) from ordinary activities |
211.082 |
|
Finance Costs |
104.335 |
|
Profit/(Loss) from ordinary activities after finance costs
but before exceptional items |
106.747 |
|
Exceptional Items |
--- |
|
Profit / (Loss) from ordinary activitiebefore Tax |
106.747 |
|
Tax Expense |
30.500 |
|
Net Profit from ordinary activities after
tax |
76.247 |
|
Extraordinary Items |
--- |
|
Net Profit / (Loss) for the period |
76.247 |
|
Paid-up equity share capital (Face Value of INR 10 each) |
219.567 |
|
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
1706.799 |
|
Earnings per Share (before extraordinary items) |
|
|
Basic |
3.47 |
|
Diluted |
3.47 |
|
Earnings per Share (after extraordinary items) |
|
|
Basic |
3.47 |
|
Diluted |
3.47 |
NOTES:
1. The above Financial Results were reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on 10th November, 2017 and Limited Review of the same has been carried out by the statutory Auditors.
2. Figures for the previous periods / year have been regrouped, recast and rearranged, wherever necessary.
3. There are no reportable business segments of the company.
4. Details of utilization of issue proceeds of right issue till 30th September 2017 are as under:
|
PARTICULARS
|
Projected
utilization as per letter of offer |
Actual
utilization as on 30.09.2017 |
|
Setting up of a new yarn Dyeing and Denim Processing Unit at Dholi, Ahmedabad |
652.600 |
652.520 |
|
Acquisition of companies having similar line, range and objects of business and other strategic industries |
200.000 |
200.500 |
|
To fund expenditure for General Corporate Purposes |
18.576 |
17.341 |
|
Issue Expenses |
7.091 |
7.906 |
|
|
|
|
|
Total |
878.267 |
878.267 |
STANDALONE
UNAUDITED STATEMENT OF ASSETS AND LIABILITIES
|
PARTICULARS
|
[6 months ended on 30.09.2017] |
|
|
(Audited) |
|
A.
EQUITY AND LIABILITIES |
|
|
(1) Shareholders' Funds |
|
|
(a) Share Capital |
219.567 |
|
(b) Reserves & Surplus |
1704.616 |
|
|
|
|
Share application pending allotment |
0.000 |
|
|
|
|
(2) Non-Current Liabilities |
|
|
(a) long-term borrowings |
1593.361 |
|
(b) Deferred tax liabilities (Net) |
32.381 |
|
(c) Other long-term
liabilities |
16.396 |
|
(d) long-term
provisions |
25.715 |
|
|
|
|
(3) Current Liabilities |
|
|
(a) Short term borrowings |
432.264 |
|
(b) Trade payables |
1281.992 |
|
(c) Other current liabilities |
39.127 |
|
(d) Short-term provisions |
68.794 |
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
5414.214 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
1343.163 |
|
(ii) Tangible
Assets |
0.083 |
|
(iii) Tangible Wip assets |
852.709 |
|
(b) Non-current Investments |
1.024 |
|
(c) Deferred
tax assets |
0.000 |
|
(d)
Long-term loans and advances |
518.382 |
|
(e) Other
Non-current assets |
17.004 |
|
|
|
|
(2) Current assets |
|
|
(a) Inventories |
659.374 |
|
(b) Trade receivables |
1530.604 |
|
(c) Cash and cash equivalents |
50.577 |
|
(d) Short-term loans and advances |
441.294 |
|
|
|
|
TOTAL ASSETS |
5414.214 |
FIXED ASSETS:
Tangible Assets
· Lease‐hold Land
· Plant and Machinery
· Furniture & Fixture
· Air Conditioner
· Computer Fix
· Office Equipment
· Vehicle Fix
· Weighting Scale
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 63.93 |
|
UK Pound |
1 |
INR 86.07 |
|
Euro |
1 |
INR 76.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
IND |
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 |
YES |
|
--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.