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|
|
MIRA INFORM REPORT
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Report No. : |
487707 |
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Report Date : |
22.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
MADURA COATS PRIVATE LIMITED (w.e.f.17.06.1998) |
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Formerly Known
As : |
COATS VIYELLA INDIA LIMITED |
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Registered
Office : |
144, M.G. Road, Bangalore – 560001, Karnataka |
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Tel. No.: |
91-80-25584121 |
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Country : |
India |
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Financials (as
on) : |
31.12.2016 |
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Date of
Incorporation : |
31.07.1974 |
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Com. Reg. No.: |
18-047421 |
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Capital
Investment / Paid-up Capital : |
INR 60.001 Million |
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CIN No.: [Company Identification
No.] |
U18102KA1974PTC047421 |
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IEC No.: |
Not Divulged |
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GSTIN/UIN: |
Not Divulged |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCM8279K |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the manufacture, distribution and selling
of all types of sewing threads and associated trims and accessories. (Registered Activity) |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 7000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1974. It operates as a subsidiary of “Coats International Pte Limited, Singapore”.
|
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 |
CRISIL |
|
Rating |
Long term borrowing: AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
26.07.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term borrowing: A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest
credit risk. |
|
Date |
26.07.2017 |
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 22.01.2018
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
MANAGEMENT NON-COOPERATIVE (91-80-41900400)
LOCATIONS
|
Registered Office : |
144, M.G. Road, Bangalore – 560001, Karnataka, India |
|
Tel. No.: |
91-80-41900400/25584121 |
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Fax No.: |
91-80-25584229 |
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E-Mail : |
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Website : |
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Manufacturing: |
Omega Zips Mill Compound No.10A Papanasam Road, Mela, Ambasmudram, Tamilnadu, India |
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Manufacturing
locations: |
Also located at
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Sales office: |
Shop No.A8, I-Area, Shaheed Captain Bhan Marg, G Block, Sector 6, Noida - Uttar Pradesh, India |
DIRECTORS
AS ON 2017
|
Name : |
Mr. Anil Lasantha Naomal Dias |
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Designation : |
Wholetime Director |
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Address : |
27/1, Meg Officers Colony Banaswadi Main Road, Cooke Town, Bangalore -560005, Karnataka, India |
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Date of Birth/Age : |
29.12.1958 |
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Date of Appointment : |
01.04.2002 |
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DIN No.: |
00245165 |
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Other Directorship:
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Name : |
Mr. Ambuj Kalra |
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Designation : |
Wholetime Director |
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Address : |
403, Benaka Towers, 16'D' Main, Hal II Stage, Bangalore - 560038 Karnataka, India |
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Date of Birth/Age : |
17.02.1957 |
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Date of Appointment : |
11.05.2012 |
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DIN No.: |
00491283 |
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Name : |
Mr. Jaigopal Venkataramani |
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Designation : |
Wholetime Director |
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Address : |
103, Bougainvillea 3rd Main L.N. Reddy Colony, Vibuthipura, Bangalore – 560037, Karnataka, India |
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Date of Birth/Age : |
03.06.1969 |
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Date of Appointment : |
30.03.2015 |
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DIN No.: |
02994633 |
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Other Directorship:
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Name : |
Mr. Ashok Mathur |
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Designation : |
Director |
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Address : |
E1 – 131, Shobha Lavender Sarjapur, Marathalli Road Bellandur, Bangalore – 560103, Karnataka, India |
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Date of Birth/Age : |
27.03.1955 |
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Date of Appointment : |
01.05.2017 |
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DIN No.: |
05154435 |
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Other Directorship:
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Name : |
Mr. Nagappan Srinivasan |
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Designation : |
Wholetime Director |
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Address : |
450, 1st Cross, 9th Main Hal 3rd Stage, Bangalore – 560075, Karnataka, India |
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Date of Birth/Age : |
10.03.1968 |
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Date of Appointment : |
30.03.2015 |
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DIN No.: |
06642158 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Arup Chandra Borua |
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Designation : |
Company Secretary |
|
Address : |
B-304, Raja Prakruthi Apartments 4th Cross, I Block, Jayanagar Bangalore - 560011, Karnataka, India |
|
Date of Birth/Age : |
04.03.1967 |
|
Date of Appointment : |
12.04.2003 |
|
PAN No.: |
ACYPB5331M |
MAJOR SHAREHOLDERS
AS ON 27.06.2017
|
Names of Shareholders |
|
No. of Shares |
|
Coats International Pte Limited (CIPL)*, Singapore |
|
6000000 |
|
Coats industrial Thread Limited, UK |
|
100 |
|
Total |
|
6000100 |
* CIPL is ultimately wholly held and a subsidiary of M/s Coats Group Plc, a company listed on the LSE.
Equity Share Break up (Percentage of Total Equity)
AS ON 27.06.2017
|
Category |
Percentage |
|
Promoters- Body corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacture, distribution and
selling of all types of sewing threads and associated trims and accessories.
(Registered Activity) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
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Facilities : |
(INR
In Million)
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Auditors : |
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Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
Deloitte Centre, Anchorage II, 100/2 Richmond Road, Bangalore – 560025, Karnataka, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AACFD4815A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Controlling /
Holding Companies (AS ON 31.12.2016): |
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Wholly-owned
Subsidiary (AS ON 31.12.2016): |
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Joint Venture (AS
ON 31.12.2016): |
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Fellow Subsidiaries
(AS ON 31.12.2016): |
|
CAPITAL STRUCTURE
AS ON 27.06.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
INR 10/- each |
INR 1000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000100 |
Equity Shares |
INR 10/- each |
INR 60.001 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
60.001 |
60.001 |
60.001 |
|
(b) Reserves and Surplus |
2373.040 |
2330.364 |
2221.191 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
(d) Minority interest |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2433.041 |
2390.365 |
2281.192 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
15.618 |
44.681 |
101.775 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
8.371 |
7.864 |
7.356 |
|
(d) long-term
provisions |
896.346 |
889.116 |
861.434 |
|
Total Non-current
Liabilities (3) |
920.335 |
941.661 |
970.565 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
3456.356 |
3837.144 |
3873.870 |
|
(c) Other
current liabilities |
551.617 |
419.891 |
401.133 |
|
(d) Short-term
provisions |
619.710 |
612.009 |
1152.250 |
|
Total Current
Liabilities (4) |
4627.683 |
4869.044 |
5427.253 |
|
|
|
|
|
|
TOTAL |
7981.059 |
8201.070 |
8679.010 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1384.388 |
1513.600 |
1604.380 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
175.457 |
33.684 |
39.703 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
80.635 |
103.385 |
95.609 |
|
(c) Deferred tax assets (net) |
51.513 |
27.000 |
11.971 |
|
(d)
Long-term loans and advances |
398.060 |
336.909 |
260.911 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2090.053 |
2014.578 |
2012.574 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
427.228 |
1240.227 |
1660.424 |
|
(b)
Inventories |
1996.491 |
1777.065 |
1889.082 |
|
(c) Trade
receivables |
2609.683 |
2526.889 |
2388.556 |
|
(d) Cash and
bank balances |
410.163 |
192.853 |
248.385 |
|
(e)
Short-term loans and advances |
424.371 |
426.792 |
346.723 |
|
(f) Other
current assets |
23.070 |
22.666 |
133.266 |
|
Total
Current Assets |
5891.006 |
6186.492 |
6666.436 |
|
|
|
|
|
|
TOTAL |
7981.059 |
8201.070 |
8679.010 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
15068.895 |
14672.654 |
13849.223 |
|
|
Other Income |
115.370 |
201.302 |
216.013 |
|
|
TOTAL |
15184.265 |
14873.956 |
14065.236 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
5199.461 |
5083.237 |
5354.201 |
|
|
Purchases of Stock-in-Trade |
184.995 |
190.309 |
194.404 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(149.797) |
159.240 |
20.584 |
|
|
Employee benefit expense |
1798.030 |
1623.561 |
1498.720 |
|
|
CSR expenditure |
2.100 |
0.300 |
0.000 |
|
|
Other expenses |
5772.706 |
5634.316 |
5166.054 |
|
|
TOTAL |
12807.495 |
12690.963 |
12233.963 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
2376.770 |
2182.993 |
1831.273 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
78.346 |
88.228 |
86.518 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2298.424 |
2094.765 |
1744.755 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
321.970 |
300.387 |
290.106 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
1976.454 |
1794.378 |
1454.649 |
|
|
|
|
|
|
|
Less |
TAX |
670.000 |
601.971 |
481.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1306.454 |
1192.407 |
973.649 |
|
|
|
|
|
|
|
|
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD |
2140.200 |
2031.000 |
2252.700 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Proposed Interim Dividend
(since paid) |
570.000 |
450.000 |
0.000 |
|
|
Corporate Dividend Tax on Interim Dividend |
116.000 |
91.600 |
0.000 |
|
|
Proposed Final Dividend |
480.00 |
450.000 |
915.000 |
|
|
Corporate Dividend Tax on Final Dividend |
97.700 |
91.600 |
182.900 |
|
|
Transfer to General Reserve |
0.000 |
0.000 |
97.400 |
|
|
Balance
Carried to the B/S |
2182.900 |
2140.200 |
2031.000 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
4326.636 |
4182.422 |
3744.413 |
|
|
TOTAL EARNINGS |
4326.636 |
4182.422 |
3744.413 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1499.234 |
1550.912 |
1367.423 |
|
|
Components and spare
parts |
56.223 |
49.237 |
41.315 |
|
|
Capital Goods |
89.982 |
68.752 |
34.637 |
|
|
TOTAL IMPORTS |
1645.439 |
1668.901 |
1443.375 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
217.74 |
198.73 |
162.27 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Current Maturities of Long term debt |
29.063 |
57.089 |
57.004 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
1658.805 |
2050.875 |
1850.510 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
974.628 |
1396.320 |
1343.848 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
63.21 |
62.86 |
62.95 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.77 |
5.81 |
5.80 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
234.30 |
265.58 |
254.83 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.19 |
1.23 |
0.97 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.52 |
1.41 |
1.11 |
LEVERAGE RATIOS
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.59 |
0.61 |
0.64 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.02 |
0.04 |
0.07 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.90 |
2.04 |
2.38 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.64 |
0.65 |
0.72 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
30.34 |
24.74 |
21.17 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
8.67 |
8.13 |
7.03 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
16.37 |
14.54 |
11.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
53.70 |
49.88 |
42.68 |
SOLVENCY RATIOS
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.27 |
1.27 |
1.23 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.84 |
0.91 |
0.88 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.30 |
0.29 |
0.26 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.74 |
1.70 |
2.65 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.27 |
1.27 |
1.23 |
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 |
31.12.2014 |
31.12.2015 |
31.12.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
60.001 |
60.001 |
60.001 |
|
Reserves & Surplus |
2221.191 |
2330.364 |
2373.040 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2281.192 |
2390.365 |
2433.041 |
|
|
|
|
|
|
Long-term borrowings |
101.775 |
44.681 |
15.618 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current maturities of
long-term debts |
57.004 |
57.089 |
29.063 |
|
Total
borrowings |
158.779 |
101.770 |
44.681 |
|
Debt/Equity
ratio |
0.070 |
0.043 |
0.018 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2014 |
31.12.2015 |
31.12.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
13849.223 |
14672.654 |
15068.895 |
|
|
|
5.946 |
2.701 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2014 |
31.12.2015 |
31.12.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
13849.223 |
14672.654 |
15068.895 |
|
Profit/ (Loss) |
973.649 |
1192.407 |
1306.454 |
|
|
7.03
% |
8.13
% |
8.67
% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.12.2016 |
31.12.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
60.001 |
60.001 |
|
(b) Reserves and Surplus |
|
2415.535 |
2371.431 |
|
(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) |
|
2475.536 |
2431.432 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1.518 |
30.581 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
908.797 |
898.246 |
|
Total Non-current
Liabilities (3) |
|
910.315 |
928.827 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
0.000 |
0.000 |
|
(b) Trade
payables |
|
3456.093 |
3836.719 |
|
(c) Other
current liabilities |
|
553.995 |
421.195 |
|
(d) Short-term
provisions |
|
620.653 |
612.703 |
|
Total Current
Liabilities (4) |
|
4630.741 |
4870.617 |
|
|
|
|
|
|
TOTAL |
|
8016.592 |
8230.876 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
1392.987 |
1523.699 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
|
175.457 |
33.681 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
68.635 |
91.385 |
|
(c) Deferred tax assets (net) |
|
56.665 |
30.807 |
|
(d)
Long-term loans and advances |
|
399.804 |
338.707 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
2093.548 |
2018.279 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
445.609 |
1257.640 |
|
(b)
Inventories |
|
2000.058 |
1780.478 |
|
(c) Trade
receivables |
|
2609.683 |
2526.889 |
|
(d) Cash and
bank balances |
|
412.722 |
193.843 |
|
(e)
Short-term loans and advances |
|
431.902 |
431.081 |
|
(f) Other
current assets |
|
23.070 |
22.666 |
|
Total
Current Assets |
|
5923.044 |
6212.597 |
|
|
|
|
|
|
TOTAL |
|
8016.592 |
8230.876 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.12.2016 |
31.12.2015 |
|
|
SALES |
|
|
|
|
|
Income |
|
15070.437 |
14673.965 |
|
|
Other Income |
|
115.117 |
201.031 |
|
|
TOTAL |
|
15185.554 |
14874.996 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
5199.461 |
5083.237 |
|
|
Purchases of
Stock-in-Trade |
|
184.995 |
190.309 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(149.797) |
159.240 |
|
|
Employee benefit expense |
|
1833.996 |
1656.804 |
|
|
Other expenses |
|
5737.267 |
5598.098 |
|
|
TOTAL |
|
12805.922 |
12687.688 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
2379.632 |
2187.308 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
77.782 |
87.664 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
2301.850 |
2099.644 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
323.612 |
302.910 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
1978.238 |
1796.734 |
|
|
|
|
|
|
|
Less |
TAX |
|
670.220 |
602.483 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
1308.018 |
1194.251 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
13.08 |
199.04 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
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 |
CORPORATE INFORMATION (AS ON 31.12.2016)
Subject was incorporated in India on July 31, 1974 under the Companies Act, 1956 to engage in the manufacture and sale of sewing threads and accessories. The Company operates out of its manufacturing locations in Madurai, Ambasamudram, Panoli and Serampore in India. The Company is a subsidiary of Coats International Pte Limited, Singapore, which is a wholly owned subisdiary of Coats Group Plc.
STATE OF AFFAIRS OF THE COMPANY (AS ON
31.12.2016)
REVIEW OF THE YEAR
Sales for the year grew by 1.4% in the backdrop of relatively dull trading conditions and a subdued pricing environment. Apparel and footwear exports from the country declined in value and were flat in volume terms in this period. The domestic industry which was impacted by high cotton prices to begin with also slowed down on account of demonetization. While markets have recovered towards the end of the year, full momentum is yet to be regained by all segments. Performance Materials business segments like automotive, bedding and quilting and sports and outdoor goods saw relatively better activity. Tailoring markets around the country were also affected by demonetization and drought in some states though they were stable on a full year basis. Export markets remained stable with good demand for premium threads from group companies.
Raw material prices remained at a lower level for the first half of the year but increased sharply towards the end of the year, in line with movements in crude while other input costs remained under control. Energy availability throughout the year was very good with supply of renewable sources like wind and bio-mass also increasing. Water shortage was a key concern in Tamil Nadu, where their large manufacturing units are located and they have already initiated work on large water recycling and ZLD (Zero Liquid Discharge) plants during the year.
They continued to focus on growing their premium product portfolio especially targeting emerging fashion segments like active leisure wear, denim and lingerie. New products were launched catering to performance material segments like fibre optic cables, and protective wear. They also tied up with Permess, a European manufacturer of interlining materials to supply their full range of products in India.
In compliance with the Government’s demonetisation, communication were made to all locations of the Company to ensure adherence to the rules for usage of Specified Bank Notes (SBN) post 8th November 2016. Despite constraints caused by the unexpected sudden change, they managed to ensure compliance in almost all parts of the business but there have been stray incidence at some of the branches where small payments aggregating to Rs.35K in total have been used for payment to defray exigent expenses. On subsequent enquiry it has been found these exceptions had happened largely due to confusion that prevailed post demonetisation and misinterpretation of rules by the employees handling cash. It is confirmed that these small payments are normal business expenses and the mistake in usage of SBNs are inadvertent.
OUTLOOK (AS ON 31.12.2016)
Apparel and footwear exports from the country still lags global peers like Bangladesh and Vietnam and demand from Europe is yet to pick up. The dress footwear segment in particular seems to be going through a long term fashion downtrend. Sports footwear, home textiles and casual knitwear apparel are expected to perform relatively better. It is expected that the domestic apparel industry will also rebound from ahead of the festival season, though value fashion is expected to perform better than premium segments.
Polyester prices have stabilized for the last few months after an initial surge and expected to remain range bound for some more time, though nylon prices continue to rule high. There are concerns around the government’s proposal to implement a GST of 18% on synthetic yarns and threads which will cause a sharp increase in prices of the company’s largest selling products. The GST rate for cotton interlinings will also go up from current levels. While representations are being made by both the company and industry to reduce these rates to a more reasonable level, the current scenario presents a challenge especially in the economy segments.
UNSECURED LOANS:
(INR
In Million)
|
Particulars |
As
on 31.12.2016 |
As
on 31.12.2015 |
|
LONG TERM
BORROWING |
|
|
|
Intercorporate borrowings |
14.100 |
14.100 |
|
Total |
14.100 |
14.100 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G59504472 |
100130453 |
DBS BANK LTD |
04/10/2017 |
- |
- |
1000000000.0 |
NO. 3, SALARPURIA
WINDSOR,ULSOOR ROADBANGALOREKA560042IN |
|
2 |
B28539252 |
80028253 |
STANDARD CHARTERED
BANK |
01/08/2000 |
09/12/2011 |
- |
1450000000.0 |
RAHEJA TOWERS
26/27M. G. ROAD,BANGALOREKA560001IN |
|
3 |
G08988776 |
80026923 |
STATE BANK OF
INDIA |
29/03/2000 |
27/07/2016 |
- |
100000000.0 |
INDUSTRIAL FINANCE
BRANCHRESIDENCY ROADBANGALOREKA560025IN |
|
4 |
C05996368 |
80029501 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED |
26/12/1998 |
13/05/2014 |
- |
2250000000.0 |
NO. 7,M G
ROADBANGALOREKA560001IN |
|
5 |
G46827036 |
10050660 |
AXIS BANK LIMITED |
25/04/2007 |
01/09/2014 |
09/06/2017 |
168750000.0 |
CORPORATE BANK
BRANCH, EXPRESS BUILDING, 2ND FLOORQUEENS ROADBANGALOREKA560001IN |
|
6 |
B00320606 |
80026922 |
CANARA BANK |
03/11/1999 |
26/03/2007 |
03/12/2010 |
520000000.0 |
20. LAVELLE
ROADBANGALOREKA560001IN |
FIXED ASSETS:
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
Intangible assets
- Computer software
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 63.72 |
|
|
1 |
INR 88.64 |
|
Euro |
1 |
INR 78.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
KAM |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
KVT |
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.