|
|
|
MIRA INFORM REPORT
|
Report No. : |
486163 |
|
Report Date : |
16.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
NAGREEKA EXPORTS LIMITED |
|
|
|
|
Registered
Office : |
18, R. N. Mukherjee Road, 6th Floor, Kolkata – 700001,
West Bengal |
|
Tel. No.: |
91-33-22108828 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
06.03.1989 |
|
|
|
|
Com. Reg. No.: |
21-046387 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 62.550 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L18101WB1989PLC046387 |
|
|
|
|
IEC No.: |
0289003598 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN9999A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The company is engaged in manufacturing and export of cotton yarn and other various merchandise. (Registered Activity) |
|
|
|
|
No. of Employees
: |
857 (Approximately) |
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 2900000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Nagreeka Exports Limited (NEL) is part of Nagreeka group, which is engaged into trading and exporting activities for over four decades. NEL is involved in manufacturing and trading of textile products such as cotton yarn, knitted fabrics, etc.
|
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 Rating = BBB - |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
06.10.2017 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating = A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk |
|
Date |
06.10.2017 |
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 15.01.2018
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.
LOCATIONS
|
Registered Office : |
18, R. N. Mukherjee Road, 6th Floor, Kolkata – 700001,
West Bengal, India |
|
Tel. No.: |
91-33-22108828 / 22484922 / 4943 |
|
Fax No.: |
91-33-22481693 |
|
E-Mail : |
vinodnagreeka.com sushil@nagreeka.com |
|
Website : |
|
|
|
|
|
Corporate Office 1 : |
7, Kala Bhavan 3, Mathew Road, Mumbai – 400004, Maharashtra, India |
|
Tel. No.: |
91-22-23670365 / 61447500 |
|
Fax No.: |
91-22-23612579 / 23630475 |
|
E-Mail : |
|
|
|
|
|
Corporate Office 2 : |
21-22, Kala Bhavan, 3, |
|
Tel. No.: |
91-22-23625977 / 61447500 / 23618873 |
|
|
|
|
Factory 1 : |
Laxmi Tekdi, ssVillage Yavluji, Taluka Panhala, District – Kolhapur,
Maharashtra, India |
|
|
|
|
Factory 2 : |
Plot No. T- 48, MIDC, Kagal - Hatkanangale, Five Star Industrial Area,
Village : Talandage, Taluka : Hatkanangale, District : Kolhapur, Maharashtra,
India |
|
|
|
|
Factory 3: |
C-26, Panaki Industrial Estate Site - 1, Kanpur - 208022, Uttar Pradesh, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Sushil Patwari |
|
Designation : |
Chairman and Managing Director |
|
Address : |
18A, Alipore Road, Kolkata – 700027, West Bengal, India |
|
Date of Birth/Age : |
20.08.1954 |
|
Qualification : |
B. Com (H) |
|
Date of Appointment : |
06.03.1989 |
|
DIN No.: |
00023980 |
|
|
|
|
Name : |
Mr. Sunil Patwani |
|
Designation : |
Vice Chairman and Managing Director |
|
Address : |
5, Rishikesh, 63 Worli Hill Road, Mumbai – 400018, Maharashtra, India |
|
Date of Appointment : |
02.05.1989 |
|
DIN No.: |
00024007 |
|
|
|
|
Name : |
Mr. Mahendra Patwari |
|
Designation : |
Whole-time Director |
|
Address : |
5, Rishikesh, 63 Worli Hill Road, Mumbai – 400018, Maharashtra, India |
|
Date of Birth/Age : |
15.03.1963 |
|
Qualification : |
B. E. from IIT |
|
Date of Appointment : |
01.07.2004 |
|
DIN No.: |
00024002 |
|
|
|
|
Name : |
Mr. Mohan Kishen Ogra |
|
Designation : |
Director |
|
Address : |
9, Mayfair Road, Flat No 1B, Kolkata – 700019, West Bengal, India |
|
Date of Birth/Age : |
15.09.1930 |
|
Qualification : |
Graduate (Maths and Stastic) |
|
Date of Appointment : |
30.06.2001 |
|
DIN No.: |
01081215 |
|
|
|
|
Name : |
Mr. Bibhuti Charan Talukdar |
|
Designation : |
Director |
|
Address : |
18/1/14, Uday Shankar Sarani, Kolkata – 700033, West Bengal, India |
|
Date of Appointment
: |
30.06.2005 |
|
DIN No.: |
00024015 |
|
|
|
|
Name : |
Mr. Mahabir Prasad Periwal |
|
Designation : |
Director |
|
Address : |
Anugrah 9, New Road, Kolkata – 700027, West Bengal, India |
|
Date of Birth/Age : |
12.08.1944 |
|
Qualification : |
Graduate |
|
Date of Appointment
: |
07.08.2008 |
|
DIN No.: |
00008112 |
|
|
|
|
Name : |
Mr. Rajendra Mahavirprasad Ruia |
|
Designation : |
Director |
|
Address : |
Ruia Bhavan , Hanuman X Road No. 1, Vile Parle – (East), Mumbai – 400057, Maharashtra, India |
|
Date of Appointment
: |
31.07.2008 |
|
DIN No.: |
01300823 |
|
|
|
|
Name : |
Ms. Surabhi Sanganeria |
|
Designation : |
Additional Director |
|
Address: |
2 A, sRajhans, 6 Hastings Park Road, Kolkata - 700027, West Bengal, India |
|
Date of Appointment
: |
13.11.2014 |
|
DIN No.: |
06987772 |
|
|
|
|
Name : |
Debabrata Das Choudhary |
|
Designation : |
Whole- Time Director |
|
Address : |
364/1, N.S.C. Bose Road, Kolkata, LP. 15/61/2, Kolkata – 700047, West Bengal, India |
|
Date of Appointment
: |
25.05.2016 |
|
DIN No.: |
07479334 |
KEY EXECUTIVES
|
Name : |
Mr. Jitendra Tiwari |
|
Designation : |
Secretary |
|
Address |
188/48, Lake Gardens, Kolkata - 700045, West Bengal, India |
|
Date of Appointment: |
01/.09.1995 |
|
PAN No.: |
ABRPT2839G |
|
|
|
|
Name : |
Mr. Kedar Nath Bansal |
|
Designation : |
Chief Finance Officer |
|
Address |
3C, Ganapati Apartment, 51A, B.T. Road, Kolkata - 700050, West Bengal, India |
|
Date of
Appointment: |
29.05.2014 |
|
PAN No.: |
AEDPB5188B |
SHAREHOLDING PATTERN
AS ON DECEMBER 2017
|
Category of
shareholder |
No. of fully paid
up equity shares held |
Shareholding as a %
of total no. of shares |
|
|
(A) Promoter & Promoter Group |
6579986 |
52.64 |
|
|
(B) Public |
5919714 |
47.36 |
|
|
Grand Total |
12499700 |
100.00 |
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 |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
Undivided Family |
4474800 |
35.80 |
|
|
Sunil Patwari |
934900 |
7.48 |
|
|
Sushil Patwari |
793900 |
6.35 |
|
|
Mahendra Patwari |
534900 |
4.28 |
|
|
Satish Patwari |
533000 |
4.26 |
|
|
Minakshi Patwari |
389600 |
3.12 |
|
|
Ishwar Lal Mahendra Kumar (HUF) |
262500 |
2.10 |
|
|
Ishwar Lal Satish Kumar (HUF) |
195000 |
1.56 |
|
|
Ishwar Lal Patwari and Sons (HUF) |
155000 |
1.24 |
|
|
Sushil Patwari (HUF) |
150000 |
1.20 |
|
|
Rashi Saraf |
100000 |
0.80 |
|
|
Anita Patwari |
90000 |
0.72 |
|
|
Usha Patwari |
86000 |
0.69 |
|
|
Sunil Patwari (HUF) |
70000 |
0.56 |
|
|
Ishwar Lal Sushil Kumar (HUF) |
70000 |
0.56 |
|
|
Sarita Patwari |
70000 |
0.56 |
|
|
Rahul Patwari |
20000 |
0.16 |
|
|
Pratyush Patwari |
20000 |
0.16 |
|
|
Any Other (Specify) |
2105186 |
16.84 |
|
|
Dadra Eximp Private Limited |
2105186 |
16.84 |
|
|
Sub Total A1 |
6579986 |
52.64 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
6579986 |
52.64 |
STATEMENT SHOWING
SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category & Name
of the Shareholders |
No. of shareholder |
No. of fully paid
up equity shares held |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
3300 |
0.03 |
|
|
Financial Institutions/ Banks |
300 |
0.00 |
|
|
Any Other (specify) |
300 |
0.00 |
|
|
Foreign Institutional Investors |
300 |
0.00 |
|
|
Sub Total B1 |
3900 |
0.03 |
|
|
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 |
3138598 |
25.11 |
|
|
Individual share capital
in excess of INR 0.200 Million |
134472 |
1.08 |
|
|
Any Other (specify) |
2642744 |
21.14 |
|
|
Bodies Corporate |
2321696 |
18.57 |
|
|
Lakecity Ventures Private Limited |
814823 |
6.52 |
|
|
Sri Krishna Viniyog Private Limited |
454636 |
3.64 |
|
|
ALPS Viniyog Private Limited |
421756 |
3.37 |
|
|
Shree Viniyog Private Limited |
348400 |
2.79 |
|
|
Clearing Members |
107348 |
0.86 |
|
|
NRI |
213700 |
1.71 |
|
|
Sub Total B3 |
5915814 |
47.33 |
|
|
B=B1+B2+B3 |
5919714 |
47.36 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in manufacturing and export of cotton yarn and other various merchandise. (Registered Activity) |
||||||
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|
Products / Services
: |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Available |
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|
|
|
||||||
|
Agencies Held : |
Not Available |
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|
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|
Exports : |
Not Available |
||||||
|
|
|
||||||
|
Imports : |
Not Available |
||||||
|
|
|
||||||
|
Terms : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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|
|
|
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|
Customers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
857 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
· Overseas Branch, Kolkata, Mumbai · Oriental Bank of Commerce, Overseas Branch , Kolkata · State Bank of Patiala, Commercial Branch, Mumbai (Merged with State Bank of India w.e.f. 01.04.2017) ·
Allahabad Bank, Industrial Finance Branch,
Kolkata |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Das and Prasad Chartered Accountants |
|
Address : |
4, Chowringhee Lane Kolkata – 700016, West Bengal, India |
|
Tel. No.: |
91-33-22521911 / 12 |
|
Fax No.: |
91-33-22521913 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Other related parties: |
Patwari Properties |
CAPITAL STRUCTURE
After 31.03.2017
Authorised Capital : INR 150.000 Million
Issued,
Subscribed and paid up: INR 87.498 Million
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,00,00,000 |
Equity Shares |
INR 5/- each |
INR 150.000 Million |
|
|
|
|
|
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,25,10,000 |
Equity Shares |
INR 5/- each |
INR 62.550 Million |
|
|
|
|
|
Subscribed and
paid up
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,24,99,700 |
Equity Shares |
INR 5/- each |
INR 62.498 Million |
|
10330 |
Equity forfeited shares |
INR 5/- each |
INR 0.052 Million |
|
|
Total |
|
INR 62.550 Million |
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
Amount |
|
Shares Outstanding as at April 1,2016 |
12,499,700 |
62.498 |
|
Shares Outstanding as at March 31, 2017 |
12,499,700 |
62.498 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Sushil Patwari |
791,900 |
6.34% |
|
Sunil Patwari |
934,900 |
7.48% |
|
Dadra Exmip Private Limited (Previously Nagreeka Synthetics Private Limited) |
2,105,186 |
16.84% |
|
Agarwal Galvanising Private Limited |
-- |
-- |
|
Lakecity Ventures Private Limited |
814,823 |
6.52% |
The company has one class of equity share having a par value of INR 5 per share. Each shareholder is eligible for one vote per share held.
FINANCIAL DATA
[all figures are
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 |
62.550 |
62.550 |
62.550 |
|
(b) Reserves &
Surplus |
961.229 |
950.878 |
925.486 |
|
(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) |
1023.779 |
1013.428 |
988.036 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
508.683 |
540.935 |
653.691 |
|
(b) Deferred tax
liabilities (Net) |
212.816 |
189.036 |
179.260 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
721.499 |
729.971 |
832.951 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1361.781 |
1387.320 |
1227.376 |
|
(b) Trade payables |
457.202 |
334.664 |
237.582 |
|
(c) Other current
liabilities |
171.241 |
142.024 |
111.870 |
|
(d) Short-term provisions |
16.492 |
14.942 |
13.885 |
|
Total Current Liabilities
(4) |
2006.716 |
1878.950 |
1590.713 |
|
|
|
|
|
|
TOTAL |
3751.994 |
3622.349 |
3411.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1337.933 |
1300.863 |
1292.367 |
|
(ii) Intangible Assets |
1.667 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
36.738 |
21.953 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
179.128 |
179.128 |
142.434 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
54.586 |
47.542 |
40.983 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1573.314 |
1564.271 |
1497.737 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
900.361 |
878.460 |
713.918 |
|
(c) Trade receivables |
527.278 |
298.631 |
226.438 |
|
(d) Cash and cash
equivalents |
36.347 |
24.389 |
14.824 |
|
(e) Short-term loans and
advances |
714.694 |
856.598 |
958.783 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
2178.680 |
2058.078 |
1913.963 |
|
|
|
|
|
|
TOTAL |
3751.994 |
3622.349 |
3411.700 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
6156.208 |
4922.154 |
4725.266 |
|
|
Other Income |
4.502 |
5.802 |
58.689 |
|
|
TOTAL |
6160.710 |
4927.956 |
4783.955 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1400.302 |
1397.579 |
1326.737 |
|
|
Purchases of
Stock-in-Trade |
3561.845 |
2353.878 |
2195.939 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(10.615) |
1.916 |
80.865 |
|
|
Employees benefits
expense |
241.219 |
192.185 |
178.956 |
|
|
Other expenses |
737.714 |
767.302 |
684.323 |
|
|
TOTAL |
5930.465 |
4712.860 |
4466.820 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
230.245 |
215.096 |
317.135 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
129.028 |
116.919 |
211.277 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
101.217 |
98.177 |
105.858 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
67.086 |
63.011 |
60.685 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
34.131 |
35.166 |
45.173 |
|
|
|
|
|
|
|
Less |
TAX |
23.780 |
9.775 |
-5.330 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
10.351 |
25.391 |
50.503 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
0.83 |
2.03 |
4.04 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
249.682 |
183.915 |
596.043 |
|
Net cash flow from (used in) operations |
243.578 |
167.339 |
577.415 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
|
|
1st
Quarter |
2st
Quarter |
|
Net sales |
|
1462.580 |
1159.580 |
|
Total Expenditure |
|
1409.350 |
1104.530 |
|
PBIDT (Excluding Other Income) |
|
53.230 |
55.050 |
|
Other income |
|
8.800 |
55.050 |
|
Operating Profit |
|
62.030 |
55.450 |
|
Interest |
|
39.110 |
35.190 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
22.920 |
20.260 |
|
Depreciation |
|
16.600 |
16.74 |
|
Profit Before Tax |
|
6.320 |
3.520 |
|
Tax |
|
1.540 |
2.090 |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit after tax |
|
4.770 |
1.430 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
4.770 |
1.430 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
31.26 |
22.14 |
17.49 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
11.68 |
16.48 |
20.87 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
33.63 |
32.56 |
24.62 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.26 |
0.24 |
0.44 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.17 |
0.16 |
0.24 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.67 |
0.67 |
0.66 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.83 |
1.90 |
1.90 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.96 |
1.85 |
1.61 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.31 |
1.32 |
1.33 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.78 |
1.84 |
1.50 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
0.17 |
0.52 |
1.07 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
0.28 |
0.70 |
1.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
1.01 |
2.51 |
5.11 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.09 |
1.10 |
1.20 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current Liabilities) |
0.64 |
0.63 |
0.75 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.27 |
0.28 |
0.29 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
29.90 |
30.83 |
30.07 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.09 |
1.10 |
1.20 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 5/- |
|
Market Value |
INR 42/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
62.550 |
62.550 |
62.550 |
|
Reserves & Surplus |
925.486 |
950.878 |
961.229 |
|
Net worth |
988.036 |
1013.428 |
1023.779 |
|
|
|
|
|
|
long-term borrowings |
653.691 |
540.935 |
508.683 |
|
Short term borrowings |
1227.376 |
1387.320 |
1361.781 |
|
Total borrowings |
1881.067 |
1928.255 |
1870.464 |
|
Debt/Equity ratio |
1.904 |
1.903 |
1.827 |
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 |
4725.266 |
4922.154 |
6156.208 |
|
|
|
4.167 |
25.071 |
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 |
4725.266 |
4922.154 |
6156.208 |
|
Profit/(Loss) |
50.503 |
25.391 |
10.351 |
|
|
1.07% |
0.52% |
0.17% |
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 |
No |
|
7 |
Name of the person contacted |
No |
|
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 |
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 |
No |
|
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 |
COMPANY OVERVIEW:
The Company was incorporated on 6th March, 1989 under the laws of republic of India and has its registered office at Kolkata, West Bengal. The company is engaged in manufacturing and export of cotton yarn and other various merchandise. The shares of the company are listed in National Stock Exchange & Bombay Stock Exchange . Company has set up 100% export oriented unit with the state of art, Plant with manufacturing capacity of 55440 spindles at Kolhapur in Maharashtra. The company has also set up yarn dying and cotton bleaching plant at Kagal Kolhapur. The Company was also awarded International standard Organization certificate for export performance. The company’s marketing network is spread over in various countries. The Company is also doing trading of cotton yarn and various commodities. The company is Merchant exporter also
PERFORMANCE REVIEW
The company's performance can be judged on a positive note. The revenue from operation was INR 6156.208 Million as against INR 4922.154 Million in the Previous Year. However, The profit after tax for the year 2016-17 has been INR 10.351 Million as against INR 25.391 Million in the Previous Year.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Economic Scenario
(a) Global Economy
Global economic growth continued to be slow following slow trades, low investments and policy uncertainties in
advanced economies. Major global events during the year including United Kingdom's decision to leave the European Union and the outcome of presidential election in United States of America are expected to have long term effects on the global economy. Global growth in 2016 was estimated at 3.1% and is projected to rise to 3.5% in 2017. Growth, in emerging markets and developing economies, is expected to pick up in 2017 on the back of fiscal stimulus measures in developed economies and narrowing of divergence between commodity exporters and importers. The main factors that could possibly weigh on the medium- term growth prospects across many emerging markets and developing economies are weak investments, below par levels of productivity coupled with heightened policy uncertainty, and protectionist pressures.
(b) Indian Economy
India emerged as a "bright spot" in an otherwise subdued world economy when it overtook China in 2015-16 as the fastest growing major economy in the world. Though India's fundamentals still remain strong, the recent demonetization initiative undertaken by the Indian government is expected to lower India's GDP growth from 7.6% in FY16 to 6.8% in FY17. The IMF mentioned that this cash shortage and slow private consumption would only be a temporary disruption and the otherwise, healthy economy will return to growth post the predicted slowdown in FY17. The Indian government's decisive policy manoeuvres towards ensuring fiscal consolidation and pegging back inflation will help it maintain economic stability in the years ahead. India's eight core infrastructure Industries- coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity registered cumulative growth of 4.9% during the April- November 2016 period compared to 2.5% a year ago.
OUTLOOK
The Indian Cotton textile industry will continue to grow alongwith growing consumption of textile and yarn products in India as well as abroad. Geography wise, while the textile market is stable and dominated by European Union and the U.S, countries like China, India and Russia are emerging as future destination for textile and yarn consumption. The high growth is expected to be primarily driven by increase in consumption as well as per-capita apparel spending of the already large population in these countries including India.
UNSECURED LOAN:
|
PARTICULARS |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
111.900 |
0.000 |
|
Total |
111.900 |
0.000 |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED
30th
SEPTEMBER 2017
(INR In Million)
|
Sr. No. |
Particulars |
Quarter Ended |
Quarter Ended |
Six month Ended |
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
Part I |
|
|
|
|
|
1. |
Income from Operations |
|
|
|
|
|
a) Net Sales / Income
from Operations |
1159.583 |
1462.583 |
2622.166 |
|
|
b) Other Operating Income |
-- |
-- |
-- |
|
|
Total Income from
Operations (net) |
1159.583 |
1462.583 |
2622.166 |
|
|
Other Income |
0.394 |
8.803 |
9.197 |
|
|
Total Income |
1159.977 |
1471.387 |
2631.364 |
|
2. |
Expenditure |
|
|
|
|
|
a) Consumption of raw
material |
392.345 |
340.845 |
733.189 |
|
|
b) Purchase of
stock-in-trade |
753.944 |
623.742 |
1377.685 |
|
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(254.636) |
205.993 |
(48.643) |
|
|
d) Employee benefits
expense |
59.833 |
57.144 |
116.976 |
|
|
e) Depreciation and
amortisation expense |
35.194 |
39.113 |
74.307 |
|
|
f) Other expenses |
153.039 |
16.598 |
33.337 |
|
|
Total Expenses |
1156.457 |
181.638 |
2621.529 |
|
|
Profit
/ (Loss) from before Exceptional items |
3.520 |
6.315 |
9.834 |
|
|
Exceptional
items |
-- |
-- |
-- |
|
|
Profit/
(Loss) from ordinary activities before tax (7+8) |
3.520 |
6.315 |
9.834 |
|
|
Tax
expenses |
2.092 |
1.541 |
3.633 |
|
|
Net
Profit / (Loss) from ordinary activities after tax (9-10) |
1.427 |
4.774 |
6.201 |
|
|
Other compressive income |
|
|
|
|
|
Items that will not be
reclassified |
33.257 |
(11.095) |
22.163 |
|
|
Total other compressive income |
33.257 |
(11.095) |
22.163 |
|
|
|
|
|
|
|
|
Net Profit / (Loss) for the period (11+12) |
34.685 |
(6.320) |
28.364 |
|
|
Paid-up equity share
capital (Face Value of INR. 5 per share) |
62.550 |
62.550 |
62.550 |
|
|
Reserve excluding
Revaluation reserve |
|
|
|
|
|
Earnings Per Share (EPS)
before and after extraordinary items (of INR. 5 /- each) a) Basic b) Diluted |
0.11 0.11 |
0.38 0.38 |
0.50 0.50 |
NOTE:
1. The above financial results have been reviewed and approved by the Audit Committee at its meeting held today i.e. 14th November, 2017 and approved by the Board of Directors at its meeting held on the same day.
2. The Statutory Auditors of the Company has carried out the "Limited
Review" Audit of the above financial results in pursuant to Regulations 33
of SEBI (LODR) Regulations 2015.
3. The financial results of the Company have been prepared in accordance with
Indian Accounting Standards (IND-AS) as specified in the Companies (Indian
Accounting Standard) Rules, 2015 as amended in terms of Regulation 33 of SEBI
(Listing Obligations & Disclosure Requirements) Regulations, 2015 and SEBI
circular dated July 5, 2016. The Company has for the first time adopted IND AS
for the financial year commencing from 1st April, 2017 with a transition date
of 1st April, 2016.
The Company has opted to avail relaxation by SEBI vide circular no.
CIR/CFD/FRAC/62/2016 dated 5th July. 2016 in respect of disclosure requirement
for the corresponding figure of earlier periods. Accordingly, the financial
results for the year ended 31st March, 2017 and statement of Assets &
Liabilities as at 31st March, 2017 have not been presented. The reserve
(excluding revaluation reserve), as per the balance sheet of the previous
accounting year not being mandatory, have not been presented.
4. Reconciliation of net Profit between IND AS and previous Indian GAAP for the
earlier Period is given below:
For Table, kindly refer Corporate Announcements on www.bseindia.com.
5. The Company has only one business segment i.e. Textiles and thus no further
disclosure are required in accordance with the IND AS 108 "Operating
Segments.
6. As the ultimate Income Tax liability will depend on the results for the year
ending 31st March 2018, and in view of such provision for current Tax will only
be determined at the end of the year.
7. Previous period's figures have been regrouped / rearranged wherever
necessary.
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES
INR In Million
|
SOURCES OF FUNDS |
|
|
30.09.2017 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
87.550 |
|
(b) Reserves & Surplus |
|
|
1063.046 |
|
(c) Pending Call Money |
|
|
0.000 |
|
Sub-total Shareholders’ |
|
|
1150.596 |
|
|
|
|
|
|
(2) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
319.390 |
|
(b) Deferred tax liabilities (Net) |
|
|
216.973 |
|
(c) Other long term liabilities |
|
|
-- |
|
(d) long-term provisions |
|
|
-- |
|
Sub-total of Non-Current
liabilities |
|
|
536.364 |
|
|
|
|
|
|
(3)
Current liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
1371.093 |
|
(b) Trade
payables |
|
|
170.928 |
|
(c) Other
current liabilities |
|
|
183.043 |
|
(d) Short-term
provisions |
|
|
17.213 |
|
Sub-total of Current liabilities |
|
|
1742.277 |
|
|
|
|
|
|
TOTAL |
|
|
3429.237 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
1333.298 |
|
(b)
Non-Current investments |
|
|
-- |
|
(c) Deferred
tax assets (net) |
|
|
-- |
|
(d) Long
term loans and advances |
|
|
67.187 |
|
(e) Other
non-current assets |
|
|
-- |
|
Sub-total of
Non-Current Assets |
|
|
1400.484 |
|
|
|
|
|
|
(2)
Current assets |
|
|
201.793 |
|
(a)
Current investments |
|
|
1000.512 |
|
(b)
Inventories |
|
|
409.455 |
|
(c) Trade
receivables |
|
|
11.510 |
|
(d) Cash
and cash equivalents |
|
|
405.482 |
|
(e)
Short-term loans and advances |
|
|
-- |
|
(f) Other
current assets |
|
|
-- |
|
Sub-total of Current
Assets |
|
|
2028.753 |
|
|
|
|
|
|
TOTAL |
|
|
3429.237 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF
MODIFICATION |
DATE OF
SATISFACTION |
AMOUNT |
ADDRESS |
|
5 |
C66190166 |
10224705 |
ALLAHABAD BANK |
14/05/2010 |
29/07/2015 |
- |
400000000.0 |
INDUSTRIAL FINANCE BRANCH17, R. N. MUKHERJEE ROAD, 4TH FLOOR,KOLKATAWB700001IN |
|
11 |
A66193012 |
90254736 |
CANARA BANK |
05/09/2005 |
29/06/2009 |
- |
244600000.0 |
OVERSEAS BRANCH2/1, RUSSEL STREETKOLKATAWB700071IN |
|
9 |
G54617477 |
80014430 |
ORIENTAL BANK OF COMMERCE |
26/12/2005 |
29/04/2017 |
- |
156900000.0 |
MID CORPORATE GARIAHAT, KCI PLAZA, 1ST FLOOR23C, A.C. AVENUE, GARIAHATKOLKATAWB700019IN |
|
13 |
Y10361817 |
90254180 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
03/02/2003 |
25/06/2003 |
- |
48000000.0 |
IDBI TOWERWTC COMPLEX; COLABAMUMBAIMH400005IN |
|
14 |
Y10360440 |
90252803 |
CANARA BANK |
08/05/2001 |
25/06/2003 |
- |
340500000.0 |
OVERSEAS BRANCH2/1; RUSEL STREETKOLKATAWB700071IN |
|
16 |
Y10361215 |
90253578 |
ING VYSYA BANK LTD. |
04/01/1995 |
25/06/2003 |
- |
107000000.0 |
OPERA HOUSE BRANCH; PATEL CHAMBERSOPERA HOUSEMUMBAIMH400007IN |
|
19 |
Y10362492 |
90254855 |
CANARA BANK |
04/08/1989 |
22/11/1994 |
- |
4500000.0 |
OVERSEAS BRANCH2/1; RUSSEL STREETKOLKATAWB700017IN |
|
8 |
B39648290 |
10077469 |
AXIS BANK LIMITED |
19/10/2006 |
15/05/2012 |
- |
3284500000.0 |
AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND,PANDURANG BUDHKAR MARG, WORLIMUMBAIMH400025IN |
|
15 |
Y10361410 |
90253773 |
ICICI LIMITED |
29/07/1997 |
15/01/2003 |
- |
60600000.0 |
IVTH FLOOR; C-23; "G" BLOCKBANDRA CURLA COMPLEXMUMBAIMH400051IN |
|
17 |
Y10361177 |
90253540 |
ICICI LIMITED |
17/06/1994 |
15/01/2003 |
- |
1741896.0 |
IVTH FLOOR ; C-23; "G" BLOCKBANDRA CURLA COMPLEXMUMBAIMH400051IN |
FIXED ASSETS:
- Land (Lease Hold)
- Office Premises
- Factory Building
- Godown
- Plant & Machinery
- Furniture & Fixtures
- Vehicles
- Computer
- Air Conditioner
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CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 63.41 |
|
|
1 |
INR 87.17 |
|
Euro |
1 |
INR 77.44 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKTS |
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.