|
|
|
MIRA INFORM REPORT
|
Report No. : |
485031 |
|
Report Date : |
09.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
LOTUS TEXPARK LIMITED (w.e.f. 02.03.2016) |
|
|
|
|
Formerly known
as : |
LOTUS INTEGRATED TEXPARK LIMITED |
|
|
|
|
Registered
Office : |
93, Industrial Area A, Ludhiana – 141003, Punjab |
|
Tel. No.: |
91-161-2602840 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
29.11.2006 |
|
|
|
|
Com. Reg. No.: |
16-030716 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 1077.450 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999PB2006PLC030716 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCL2655E |
|
|
|
|
GSTIN : |
Not Divulged |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Spinning, Weaving and Finishing of Textiles. (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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 6300000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Lotus Texpark Limited was incorporated in the year 2006. It is a
manufacturer of Cotton Melange Yarn. For the financial year 2016, the company has reported decline in its
revenue as compared to previous year and has incurred operational loss. The sound financial profile of the company is marked by adequate
networth base along with negligible debt level. However, rating strengths are partially offset by its working capital
intensive operations, exposure to foreign exchange fluctuation risk and raw
material price volatility and cyclicality associated with the textile
industry. Business is active. Payments are reported to be usually correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. Note : As per Registrar of Companies, the date of balance sheet i.e.
financials filed is shown as 31st March, 2017 but documents
related to the financial for the year 2017 are not available. |
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 |
CARE |
|
Rating |
Long Term Bank Facilities = AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
12.10.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A1 |
|
Rating Explanation |
Very strong degree of safety and very carry
lowest credit risk. |
|
Date |
12.10.2017 |
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.
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 09.01.2018
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 DENIED BY
|
Name : |
Mr. Sunny Arora |
|
Designation : |
Not Divulged |
|
Contact No.: |
91-9878999142 |
|
Date : |
08.01.2018 |
91-161-2602840 (RINGING)
LOCATIONS
|
Registered Office : |
93, Industrial Area A, Ludhiana – 141003, Punjab, India |
|
Tel. No.: |
91-161-2602840 |
|
Mobile No.: |
91-9878999142 (Mr. Sunny Arora) 91-9878997288 (Mr. Pawan Jain) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Plant Location : |
LITL Textile Park Mansa Road, Dhaula Barnala – 148101, Punjab, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Arun Goyal |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
H. No. 105-F Rishi Nagar, Block-E, Ludhiana – 141001, Punjab, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
06.01.2017 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00009034 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Pawan Jain |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
158 C, Rishi Balmiki Nagar, Ludhiana – 141001, Punjab, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
24.05.1973 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
14.08.2017 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
ACIPJ4857C |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00009043 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Ravishanker Ramaswami Raman |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
11/204, Siddhachal Ph II, Pokran No II, Thane – 400601, Maharashtra,
India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
26.04.1956 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
B. Tech |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
27.11.2007 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00334503 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Ms. Savita Kalwaniya |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
House Number 421, Sisar Khas (123), Sisarkhas Rohtak – 124112,
Haryana, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
10.11.1985 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
B. Tech |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
03.03.2016 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
07449204 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Ms. Ashwani Mittal |
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|
Designation : |
Managing Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
House No. 252, Mohalla Gumbad Kairana, Shamli – 247774, Uttar Pradesh,
India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
26.11.2016 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
07659921 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Sunny Arora |
|
Designation : |
Company Secretary |
|
Address : |
House No. 1047/15 DZ, Street No. 3, Bal Singh Nagar, Basti Jodhewal,
Ludhiana – 141007, Punjab, India |
|
Date of Appointment : |
01.02.2016 |
|
PAN No.: |
AKDPA7729H |
|
|
|
|
Name : |
Ms. Prerna Hans |
|
Designation : |
Chief Financial Officer |
|
Address : |
69-A, New Model Town, Extn. Block – E, Hisar – 125001, Haryana, India |
|
Date of Appointment : |
16.05.2017 |
|
PAN No.: |
AILPH3650E |
|
|
|
|
Name : |
Mr Akhil Mahajan |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Trident Limited |
|
55000000 |
|
M/s J K Enterprises (Sole Proprietorship) |
|
1000000 |
|
M/s Towel India (Sole Proprietorship) |
|
1000000 |
|
Lotus Processors Private Limited |
|
12700000 |
|
Mayadevi Polycot Limited |
|
1500000 |
|
Creativeline Cotspin Private Limited |
|
9800000 |
|
Satyam Home Furnishings Private Limited |
|
9968000 |
|
Green Globe Textiles Limited |
|
820000 |
|
Adarsh Kumar Taneja |
|
740000 |
|
Adarsh Kumar Taneja |
|
450000 |
|
Lotus Processors Private Limited |
|
75000 |
|
Asian Cotspin Private Limited |
|
14490000 |
|
Asian Trading Corporation Limited |
|
13447000 |
|
Lotus Infrabuild Limited |
|
3962492 |
|
Pacatolus SPV |
|
14072492 |
|
Deanstone Investments Limited |
|
8400000 |
|
|
|
|
|
Total |
|
147424984 |
Equity Share Break up (Percentage of Total Equity)
As on 27.09.2017
|
Category |
Percentage |
|
Promoter - Bodies
corporate |
43.71 |
|
Public – (Individual/ Hindu
Undivided Family – Indian) |
1.36 |
|
Public – (Individual/ Hindu
Undivided Family – Non-resident India (NRI)) |
0.81 |
|
Public
- Bodies corporate |
54.12 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Spinning, Weaving and Finishing of Textiles. (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 : |
NOTE : LONG-TERM BORROWINGS Details of security
for term loans Term loan from banks are secured by way of equitable mortgage created on leasehold land and hypothecation of all the movable assets both present and future and also hypothecation of the current assets of the company both present and future save and except the charges to be created for securing working capital facilities. SHORT-TERM
BORROWINGS Details of security
for working capital borrowings Working capital borrowings from banks are secured by way of first charge on the current assets of the company (present and future) and second charge on block assets (present and future) of the company. |
|
Auditors : |
|
|
Name : |
Kajal Rai and Associates Chartered Accountants |
|
Address : |
620/5, Kundan Puri, Civil Lines, Ludhiana - 141001, Punjab, India |
|
Tel. No.: |
91-161-4602036 |
|
Mobile No.: |
91-9779042564 |
|
E-Mail : |
|
|
Membership number : |
21442 |
|
|
|
|
Statutory and Tax
Auditors : |
|
|
Name : |
S C Vasudeva and Co. |
|
Address : |
Statutory and Tax Auditors |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries : |
U17301PB2010PLC033589
U45200MP2010PLC023149
U45200MP2013PLC030154
U17121PB2008PTC032282
U51311PB2007PTC031162 |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
INR 10/- each |
INR 2000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
147424984 |
Equity Shares |
INR 10/- each |
INR 1474.250
Million |
|
|
|
|
|
As on 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120000000 |
Equity Shares |
INR 10/- each |
INR 1200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
107744984 |
Equity Shares |
INR 10/- each |
INR 1077.450
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1077.450 |
538.725 |
215.600 |
|
(b) Reserves &
Surplus |
1139.484 |
1151.209 |
1144.686 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
323.125 |
|
Total Shareholders’ Funds
(1) + (2) |
2216.934 |
1689.934 |
1683.411 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
500.694 |
707.175 |
829.528 |
|
(b) Deferred tax
liabilities (Net) |
6.309 |
6.018 |
3.399 |
|
(c) Other long term
liabilities |
71.789 |
71.574 |
72.212 |
|
(d) long-term provisions |
2.293 |
4.026 |
2.373 |
|
Total Non-current
Liabilities (3) |
581.085 |
788.793 |
907.512 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
283.093 |
323.423 |
293.134 |
|
(b) Trade payables |
88.728 |
159.744 |
233.992 |
|
(c) Other current liabilities |
235.027 |
228.113 |
277.947 |
|
(d) Short-term provisions |
0.225 |
0.486 |
0.254 |
|
Total Current Liabilities
(4) |
607.073 |
711.766 |
805.327 |
|
|
|
|
|
|
TOTAL |
3405.092 |
3190.493 |
3396.250 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1646.990 |
1781.195 |
1903.186 |
|
(ii) Intangible Assets |
14.631 |
17.923 |
21.226 |
|
(iii) Capital
work-in-progress |
8.751 |
0.000 |
0.498 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1152.900 |
500.000 |
500.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
70.340 |
255.581 |
39.584 |
|
(e) Other Non-current
assets |
13.601 |
13.495 |
13.495 |
|
Total Non-Current Assets |
2907.213 |
2568.194 |
2477.989 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
211.198 |
283.138 |
374.006 |
|
(c) Trade receivables |
83.721 |
151.784 |
130.912 |
|
(d) Cash and cash
equivalents |
2.902 |
5.230 |
231.332 |
|
(e) Short-term loans and
advances |
179.512 |
155.743 |
156.882 |
|
(f) Other current assets |
20.546 |
26.404 |
25.129 |
|
Total Current Assets |
497.879 |
622.299 |
918.261 |
|
|
|
|
|
|
TOTAL |
3405.092 |
3190.493 |
3396.250 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
1308.958 |
1418.579 |
1410.454 |
|
|
Other Income |
3.563 |
1.788 |
4.394 |
|
|
TOTAL |
1312.521 |
1420.367 |
1414.848 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
629.160 |
708.612 |
752.300 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
16.488 |
(4.958) |
(19.819) |
|
|
Employees benefits
expense |
154.801 |
147.892 |
114.244 |
|
|
Other expenses |
273.522 |
280.165 |
250.632 |
|
|
TOTAL |
1073.971 |
1131.711 |
1097.357 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
238.550 |
288.656 |
317.491 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
111.477 |
141.545 |
158.035 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
127.073 |
147.111 |
159.456 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
138.508 |
137.967 |
133.105 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(11.435) |
9.144 |
26.351 |
|
|
|
|
|
|
|
Less |
TAX |
0.290 |
2.619 |
1.994 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(11.725) |
6.525 |
24.357 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
211.023 |
338.080 |
289.840 |
|
|
TOTAL EARNINGS |
211.023 |
338.080 |
289.840 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
3.714 |
3.449 |
0.000 |
|
|
Components and Stores
parts |
0.486 |
0.295 |
0.465 |
|
|
TOTAL IMPORTS |
4.200 |
3.744 |
0.465 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(0.13) |
0.08 |
0.46 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
164.961 |
164.757 |
212.757 |
|
Cash generated from operations |
263.130 |
251.096 |
148.857 |
|
Net cash flow from operating activity |
246.799 |
235.718 |
126.480 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
23.35 |
39.05 |
33.88 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
15.63 |
9.35 |
10.77 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
51.47 |
82.28 |
113.53 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.13 |
1.02 |
0.85 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.14 |
0.16 |
0.16 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.37 |
0.50 |
0.54 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.43 |
0.71 |
0.79 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.27 |
0.42 |
0.48 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.75 |
1.06 |
1.14 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
2.14 |
2.04 |
2.01 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
((PAT / Sales) * 100) |
% |
(0.90) |
0.46 |
1.73 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(0.34) |
0.20 |
0.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(0.53) |
0.39 |
1.45 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.82 |
0.87 |
1.14 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.47 |
0.48 |
0.68 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.65 |
0.53 |
0.50 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.88 |
2.22 |
6.19 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.82 |
0.87 |
1.14 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
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 |
215.600 |
538.725 |
1077.450 |
|
Reserves & Surplus |
1144.686 |
1151.209 |
1139.484 |
|
Share Application money pending allotment |
323.125 |
0.000 |
0.000 |
|
Net
worth |
1683.411 |
1689.934 |
2216.934 |
|
|
|
|
|
|
Long Term borrowings |
829.528 |
707.175 |
500.694 |
|
Short Term borrowings |
293.134 |
323.423 |
283.093 |
|
Current Maturities of Long term debt |
212.757 |
164.757 |
164.961 |
|
Total
borrowings |
1335.419 |
1195.355 |
948.748 |
|
Debt/Equity
ratio |
0.793 |
0.707 |
0.428 |
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
|
1410.454 |
1418.579 |
1308.958 |
|
|
|
0.576 |
(7.728) |
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
|
1410.454 |
1418.579 |
1308.958 |
|
Profit
/ (Loss) |
24.357 |
6.525 |
(11.725) |
|
|
1.73% |
0.46% |
(0.90%) |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1069.250 |
530.525 |
|
(b) Reserves &
Surplus |
|
1175.605 |
1166.384 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
2244.855 |
1696.909 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
500.694 |
707.175 |
|
(b) Deferred tax
liabilities (Net) |
|
6.310 |
6.020 |
|
(c) Other long term
liabilities |
|
71.789 |
71.573 |
|
(d) long-term provisions |
|
2.293 |
4.026 |
|
Total Non-current
Liabilities (3) |
|
581.086 |
788.794 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
283.093 |
323.423 |
|
(b) Trade payables |
|
116.888 |
187.855 |
|
(c) Other current
liabilities |
|
268.935 |
233.305 |
|
(d) Short-term provisions |
|
3.272 |
1.465 |
|
Total Current Liabilities
(4) |
|
672.188 |
746.048 |
|
|
|
|
|
|
TOTAL |
|
3498.129 |
3231.751 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1646.998 |
1781.207 |
|
(ii) Intangible Assets |
|
14.631 |
17.923 |
|
(iii) Capital
work-in-progress |
|
8.961 |
0.210 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
1202.752 |
535.992 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
80.838 |
262.539 |
|
(e) Other Non-current
assets |
|
30.931 |
13.495 |
|
Total Non-Current Assets |
|
2985.111 |
2611.366 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
211.296 |
283.138 |
|
(c) Trade receivables |
|
84.136 |
172.232 |
|
(d) Cash and cash
equivalents |
|
12.322 |
39.871 |
|
(e) Short-term loans and
advances |
|
181.989 |
95.611 |
|
(f) Other current assets |
|
23.275 |
29.534 |
|
Total Current Assets |
|
513.018 |
620.386 |
|
|
|
|
|
|
TOTAL |
|
3498.129 |
3231.752 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
|
1519.718 |
1713.626 |
|
|
Other Income |
|
24.399 |
13.455 |
|
|
TOTAL |
|
1544.117 |
1727.081 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
812.823 |
881.719 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
16.390 |
(5.865) |
|
|
Employees benefits
expense |
|
171.849 |
213.619 |
|
|
Other expenses |
|
278.582 |
330.739 |
|
|
TOTAL |
|
1279.644 |
1420.212 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
264.473 |
306.869 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
111.485 |
149.971 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
152.988 |
156.898 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
138.512 |
144.924 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
14.476 |
11.974 |
|
|
|
|
|
|
|
Less |
TAX |
|
3.208 |
2.931 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
11.268 |
9.043 |
|
|
|
|
|
|
|
Less |
Minority Interest |
|
0.000 |
(0.053) |
|
Add |
Share of net profit of Associates |
|
(2.040) |
3.144 |
|
|
PROFIT FOR THE YEAR |
|
9.228 |
12.134 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
0.11 |
0.18 |
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 |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
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 |
|
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 |
NOTE: Registered office of the company has been shifted
from Trident Complex Raikot Road, Barnala, Punjab – 148101, India to the present address w.e.f. 03.09.2014
CHANGE IN NAME OF THE
COMPANY
During the year, the name of the Company has been changed from Lotus Integrated Texpark Limited to “Lotus Texpark Limited” pursuant to fresh Certificate of Incorporation dated March 2, 2016 issued by Registrar of Companies, Chandigarh. The change in name of the Company is part of branding strategy to strengthen and establish clear understanding of the business segments/ operations of the Company.
STATE OF COMPANY’S
AFFAIRS
The Company has developed a textile park and has provided world class infrastructural facilities to its participating units. These participating units have set up business houses in the field of textiles and allied business activities. The Company also has manufacturing facilities of Dyed Fibre and Melange Yarn in the Park. The Company has basically evolved to provide Product and Platform.
PRODUCT
The Mélange Yarn Unit comprises of 29,760 spindles with spinning capacity of 16 MT/day. It had been established at a capital outlay of INR 11.500 Million. The state of art facilities enables the Company to customize the yarn as per the requirements of the customers. The Yarn can be produced in wide variety of colours and counts.
The Company has also established its own unit for Fibre Dyeing in the Textile Park with the capacity of 5 tons per day. The dyeing facilities offer unmatchable shades with no colour bleed. The colour gets thoroughly penetrated to the fibre to give consistent look.
The Company has successfully consolidated its operations of Fibre Dyeing with Melange Spinning to generate better profitability and return for stakeholders.
PLATFORM
The Company was incorporated for the purpose of development of Textile Park under the Scheme for Integrated Textile Parks (SITP) of Ministry of Textiles, Government of India. The Company has chosen Barnala as a strategic location, being in proximity to the natural textile cluster of Ludhiana besides situated in cotton rich belt and availability of skilled workforce.
The Company has successfully delivered the operating platform with world class civil infrastructure in order to have seamless setting of the Participating units. The infrastructure has been so designed to have lean manufacturing with optimization of resources in common pool as per the spirit of the SITP.
Apart from providing the specifications as prescribed by the Participating Units, the Company has also provided world class common facilities as detailed herein under:
• Arterial Roads – 2.32 kms of 60 m RO W
• Sub Arterial Roads – 12.97 kms of sub arterial roads
• Water Supply – Storage and distribution network for supplying 5.00 MLD of water
• Storm Water Drainage System
• Electrical Distribution System – Power Demand of 17 MW
• Common Effluent Treatment pipes
• Exhibition Hall and Product Display Centre
• Training Centre
• Testing Centre and Laboratory
• Administration Building
• Canteen and First-Aid Centre
• Workers’ Hostel and Crčche
This park is one of the very few successful parks in India.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2016 (INR
in Million) |
31.03.2015 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Other Long Term loans |
|
|
|
Inter Corporate Loans |
0.000 |
69.080 |
|
|
|
|
|
Total |
0.000 |
69.080 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C58358649 |
10578799 |
Punjab National Bank |
18/06/2015 |
- |
- |
668000.0 |
Large Corporate Branch, Bhagwati Tower, R K Road, Ludhiana – 141003, Punjab, India |
|
2 |
C50076512 |
10380867 |
Punjab National Bank |
26/09/2012 |
25/03/2015 |
- |
620000000.0 |
Large Corporate Branch, Bhagwati Tower, R K Road, Ludhiana – 141003, Punjab, India |
|
3 |
B25833872 |
10319090 |
Punjab National Bank |
08/11/2011 |
- |
- |
20000000.0 |
Large Corporate Branch, Bhagwati Tower, R K Road, Ludhiana – 141003, Punjab, India |
|
4 |
B16809451 |
10297058 |
Punjab National Bank |
27/06/2011 |
- |
- |
860000000.0 |
Large Corporate Branch, Bhagwati Tower, R K Road, Ludhiana – 141003, Punjab, India |
|
5 |
B77687663 |
10166219 |
PUNJAB NATIONAL BANK |
19/06/2009 |
27/05/2013 |
- |
415000000.0 |
Large Corporate Branch, Bhagwati Tower, R K Road, Ludhiana – 141003, Punjab, India |
|
6 |
C52274800 |
10341426 |
STATE BANK OF PATIALA |
21/02/2012 |
27/05/2013 |
01/05/2015 |
170000000.0 |
Commercial Branch, Miller Ganj, Ludhiana – 141003, Punjab, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
|
Other money for which company is contingently liable |
35.041 |
48.843 |
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, India Prisons Service,
Interpol, etc.
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 63.39 |
|
|
1 |
INR 85.89 |
|
Euro |
1 |
INR 76.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
KAM |
|
|
|
|
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.