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MIRA INFORM REPORT
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Report No. : |
487609 |
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Report Date : |
24.01.2018 |
IDENTIFICATION DETAILS
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Name : |
JINDAL WORLDWIDE LIMITED (w.e.f. 18.04.1995) |
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Formerly Known
As : |
JINDAL (INDIA) TEXTILES MILLS LIMITED (w.e.f. 1993) JINDAL (INDIA) TEXTILES MILLS PRIVATE LIMITED |
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Registered
Office : |
“Jindal House”, Opposite D-mart, I.O.C. Petrol Pump Lane, Shivranjani Shyamal,
132 Feet Ring Road, Satellite, Ahmedabad - 380015, Gujarat |
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Tel. No.: |
91-79-71001500 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
02.09.1986 |
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Com. Reg. No.: |
04-008942 |
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Capital
Investment / Paid-up Capital : |
INR 200.520 Million |
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CIN No.: [Company Identification
No.] |
L17110GJ1986PLC008942 |
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IEC No.: |
0890001910 |
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GSTIN No.: |
24AAACJ3816G1ZX |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACJ3816G |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
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Line of Business
: |
Manufacturing, dealing, weaving and finishing of textiles and denim. [Registered Activity] |
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No. of Employees
: |
912 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 8104000 |
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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 1986 by Dr. Y. A. Agarwal having satisfactory track record. It is engaged in manufacturing, dyeing and printing of home textile such as bed sheets, quilts cover, curtains. The subject is also ventured into manufacturing of denim fabrics. For the financial year March 2017, the company has achieved decent growth in is sales as compared to its previous year along with fair profit margin during the year. Rating takes into consideration the strong financial risk profile marked by healthy net worth base, moderate gearing, and comfortable debt protection metrics. Rating further reflects the long and established track record of its business operation backed by its promoter’s extensive industry experience and wide distribution network in the domestic fabric industry. The company is listed on NSE and BSE, Price quoted on BSE is held at INR 622.70 against its face value of INR 10. Moreover, as per unaudited quarterly results as of September 2017, the company has achieved revenue of INR 3943.710 million along with fair profitability margin of 5.17%. However these rating are partially offset by the company’s exposure to cyclicality in denim industry, and susceptibility of operating margins to volatility in raw material prices. Trade relation are reported as fair. Business is active. Payments are reported to be regular. In view of aforesaid the company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long term Bank Facilities = BBB (Withdrawn) |
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Rating Explanation |
Moderate degree of safety and moderate
credit risk |
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Date |
27.09.2017 |
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Rating Agency Name |
CRISIL |
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Rating |
Short term Bank Facilities = A3+ (Withdrawn) |
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Rating Explanation |
Moderate degree of safety and higher credit
risk |
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Date |
27.09.2017 |
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 24.01.2018.
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 : |
Ms. Devyani |
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Designation : |
Accounts Department |
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Contact No.: |
91-79-71001500 |
LOCATIONS
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Registered / Corporate Office : |
“Jindal House”, Opposite D-mart, I.O.C. Petrol Pump Lane, Shivranjani
Shyamal, 132 Feet Ring Road, Satellite, Ahmedabad - 380015, Gujarat, India |
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Tel. No.: |
91-79-71001500 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory : |
207, Saijpur Gopalpur, On. Opposite Lane of Piplaj, Narol Octroi Naka, N.H.-8 Ahmedabad-382445, Gujarat, India |
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Tel. No.: |
91-79-25735600/ 5700/ 5800/ 5900 |
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Fax No.: |
91-79-25734100 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Amit Agrawal |
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Designation : |
Director |
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Address : |
Jindal Park View Society, Polytechnic Road, Ambawadi,
Ahmadabad-380006, Gujarat, India |
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Date of Appointment : |
28.09.2004 |
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DIN No : |
00169061 |
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Name : |
Dr. Yamunadutt Amilal Agrawal |
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Designation : |
Director |
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Address : |
Jindal Park View Society, Polytechnic Road, Ambawadi, Ahmadabad-380006, Gujarat, India |
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Date of Appointment : |
15.02.1992 |
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DIN No : |
00243192 |
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Name : |
Mr. Jitendra Tarachand Agrawal |
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Designation : |
Director |
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Address : |
12, Aswamegh Bunglows, Satelite Road, Ahmadabad-380015,
Gujarat, India |
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Date of Appointment : |
01.04.2001 |
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DIN No : |
00243327 |
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Name : |
Mr. Rajesh Jain |
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Designation : |
Director |
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Address : |
H No. C-1/149, A-3, Block, Janak Puri, I, Delhi-110058, India |
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Date of Appointment : |
02.09.2006 |
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DIN No : |
00209896 |
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Name : |
Mr. Vikram Pushpak Oza |
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Designation : |
Director |
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Address : |
A-175, Vibhusha Bungalows, Opposite Homepathic Collage, Bopal Ghuma
Road, Dascroi-380058, Gujarat, India |
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Date of Appointment : |
01.11.2006 |
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DIN No : |
01192552 |
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Name : |
Mr. Ashish Navnitlal Shah |
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Designation : |
Director |
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Address : |
501, Gardenia, 20, Shantisadan Society, B/H Doctor House, Ellisbridge, Ahmedabad-380006, Gujarat, India |
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Date of Appointment : |
01.08.2014 |
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DIN No : |
00089075 |
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Name : |
Mr. Navinchandra Ajwalia
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Designation : |
Director |
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Address : |
5, Mudra Apartment, Chaitanya Society, Near Stadium Petrol Pump, Navarangpura, Ahmedabad - 380014, Gujarat, India |
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Date of Appointment : |
01.08.2014 |
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DIN No : |
00343512 |
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Name : |
Ms. Deepali Dhanraj Agrawal |
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Designation : |
Director |
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Address : |
039-D, Sulay Delux Row House, Makarba Road, Vejalpur, Ahmedabad-380051, Gujarat, India |
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Date of Appointment : |
01.08.2014 |
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DIN No : |
06935197 |
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Name : |
Mr. Shrikant Narottamdas Jhaveri |
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Designation : |
Additional Director |
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Address : |
No. 76 Jhaveri Park, Bhaikaka Nagar, Ahmedabad-380054, Gujarat, India |
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Date of Appointment : |
10.05.2017 |
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DIN No : |
02833725 |
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Name : |
Ms. Maneesha Jha Thakur |
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Designation : |
Additional Director |
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Address : |
1F-181, Kalpataru Aura, L.B.S. Marg, Opposite R. City Mall, Ghatkopar (West), Mumbai-400086, Maharashtra, India |
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Date of Appointment : |
11.08.2017 |
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DIN No : |
07183101 |
KEY EXECUTIVES
|
Name : |
Mr. Hirva Kishorebhai Shah |
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Designation : |
Chief Finance Officer |
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Address : |
F/2, Divya Surya Apartment 50 - Chaitanya Society, Behind Stadium Petrol Pump, Navrangpura, Ahmedabad - 380014, Gujarat, India |
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Date of Appointment : |
31.03.2015 |
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PAN No.: |
BSLPS2665H |
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|
Name : |
Mr. Kiran Geryan |
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Designation : |
Company Secretary / Compliance Officer |
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Address : |
445-A, Acharya Kriplani Marg, Adarsh Nagar, Jaipur-302004, Rajasthan, India |
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Date of Appointment : |
28.07.2016 |
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PAN No.: |
BCEPG9931R |
SHAREHOLDING PATTERN
AS ON 30.09.2017
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of
shares (calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter & Promoter Group |
12241440 |
61.05 |
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(B) Public |
7810600 |
38.95 |
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Grand Total |
20052040 |
100.00 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER
GROUP
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
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Individuals/Hindu undivided Family |
12261440 |
61.15 |
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Amit Yamunadutt Agarwal |
3854200 |
19.22 |
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Madhulika Jitendra Agrawal |
3002800 |
14.98 |
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Yamunadutt Amilal Agrawal |
2618800 |
13.06 |
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Kaushal Yamunadutt Agrawal |
2000000 |
9.97 |
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Jitendra Tarachand Agrawal |
748000 |
3.73 |
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Sarbatidevi Agrawal |
19240 |
0.10 |
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Indu Radheshyam Agrawal |
18400 |
0.09 |
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Sub Total A1 |
12261440 |
61.15 |
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A2) Foreign |
0.00 |
||
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A=A1+A2 |
12261440 |
61.15 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category & Name
of the Shareholders |
Total no. shares
held |
Shareholding %
calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
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Foreign Portfolio Investors |
17703 |
0.09 |
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Financial Institutions/ Banks |
5136 |
0.03 |
|
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Sub Total B1 |
22839 |
0.11 |
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B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
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B3) Non-Institutions |
0.00 |
||
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Individual share capital upto INR 0.200 million |
289572 |
1.44 |
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Individual share capital in excess of INR 0.200 million |
4701010 |
23.44 |
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|
Kailash T Agrawal |
745600 |
3.72 |
|
|
Saroj Kailash Agarwal . |
2982000 |
14.87 |
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|
Nishant Umashankar Agrawal |
513221 |
2.56 |
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Any Other (specify) |
2777179 |
13.85 |
|
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Bodies Corporate |
2689120 |
13.41 |
|
|
Shrinathji Dye Chem Export Private Limited |
646900 |
3.23 |
|
|
Snehal Overseas Private Limited |
926000 |
4.62 |
|
|
Clearing Members |
66295 |
0.33 |
|
|
HUF |
19317 |
0.10 |
|
|
NRI – Non- Repat |
250 |
0.00 |
|
|
NRI – Repat |
2197 |
0.01 |
|
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Sub Total B3 |
7767761 |
38.74 |
|
|
B=B1+B2+B3 |
7790600 |
38.85 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, dealing, weaving and finishing of textiles and denim. [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 : |
912 (Approximately) |
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Bankers : |
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Facilities : |
Note: LONG TERM BORROWINGS i) Term loans from Bank (Other than Car loans) are secured by Mortgage of Land and Building, Pledge of Plant and Machinery, Hypothecation of Movable Fixed Assets and personal guarantee of Directors. ii) Car Loans are secured by Hypothecation respective motor car against which the finance is availed. SHORT TERM BORROWINGS i) Loans repayable on demand are secured by hypothecation of stock, trade receivables, other current assets, Plant and Machinery, other movable assets and personal guarantee of Directors |
|
Statutory Auditors : |
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|
Name : |
Mehra Anil and Associates Chartered Accounts |
|
Address : |
2- E, Suryarath, Panchvati, Ahmedabad - 380006, Gujarat, India |
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Internal Auditor
: |
|
|
Name : |
Jagdish Verma and Associates Chartered Accounts |
|
Address : |
Ahmedabad, Gujarat, India |
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Secretarial
Auditor : |
|
|
Name : |
CS Ashish C. Doshi – Spanj and Associates Company secretary |
|
Address : |
Ahmedabad, Gujarat, India |
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|
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Cost Auditor : |
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|
Name : |
K.V. Melwani and Associates Chartered Accounts |
|
Address : |
Ahmedabad, Gujarat, India |
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Division Auditor
: |
|
|
Name : |
B.A. Bedawala and Company Chartered Accounts |
|
Address : |
Ahmedabad, Gujarat, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary Company
: |
Jindal Shirting Private Limited (formerly known as Balaji Realty Private Limited) CIN No.: U17299MH1996PTC102058 |
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Associates
Companies : |
CIN No.: U17110MH1979PLC056832
CIN No.:L29110MH1995PLC085738 |
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Enterprises over
which Key Managerial Personnel /Relatives of Key Managerial Personnel are
able to exercise significant influence : |
Jindal Creations Limited |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
INR 10/- each |
INR 300.000 Million |
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|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20052040 |
Equity Shares |
INR 10/- each |
INR 200.520
Million |
|
|
|
|
|
Detail of shares held
by each shareholder holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Madhulika J Agrawal |
3002800 |
14.98 |
|
Saroj K Agrawal |
3000000 |
14.96 |
|
Amit Y Agrawal |
3834200 |
19.12 |
|
Yamunadutt Agrawal |
2618800 |
13.06 |
|
Amitara Industries Limited * |
532330 |
2.65 |
|
Kaushal Y Agrawal |
2000000 |
9.97 |
|
Snehal Overseas Private Limited * |
926000 |
4.62 |
|
Total |
15914130 |
79.36% |
* Holding reduced below 5% during the year.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
200.520 |
200.520 |
200.520 |
|
(b) Reserves &
Surplus |
2635.905 |
1921.722 |
1524.559 |
|
(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) |
2836.425 |
2122.242 |
1725.079 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2172.290 |
2137.296 |
2183.378 |
|
(b) Deferred tax
liabilities (Net) |
127.786 |
169.651 |
174.106 |
|
(c) Other long term
liabilities |
33.881 |
30.109 |
387.997 |
|
(d) long-term provisions |
0.000 |
0.000 |
1.081 |
|
Total Non-current
Liabilities (3) |
2333.957 |
2337.056 |
2746.562 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1255.129 |
962.272 |
1114.929 |
|
(b) Trade payables |
1008.463 |
1223.699 |
731.664 |
|
(c) Other current
liabilities |
386.304 |
384.686 |
250.014 |
|
(d) Short-term provisions |
287.879 |
163.172 |
86.130 |
|
Total Current Liabilities
(4) |
2937.775 |
2733.829 |
2182.737 |
|
|
|
|
|
|
TOTAL |
8108.157 |
7193.127 |
6654.378 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2983.629 |
3367.242 |
3491.401 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
249.638 |
0.000 |
124.152 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
24.418 |
24.418 |
24.418 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
12.135 |
12.630 |
12.075 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3269.820 |
3404.290 |
3652.046 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
37.803 |
36.237 |
42.237 |
|
(b) Inventories |
1145.719 |
1113.670 |
1075.107 |
|
(c) Trade receivables |
2118.935 |
1776.049 |
857.367 |
|
(d) Cash and cash
equivalents |
115.138 |
135.241 |
342.772 |
|
(e) Short-term loans and
advances |
1409.833 |
718.999 |
544.233 |
|
(f) Other current assets |
10.909 |
8.641 |
140.616 |
|
Total Current Assets |
4838.337 |
3788.837 |
3002.332 |
|
|
|
|
|
|
TOTAL |
8108.157 |
7193.127 |
6654.378 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
11578.526 |
10090.559 |
8400.852 |
|
|
Other Income |
275.661 |
43.086 |
40.102 |
|
|
TOTAL |
11854.187 |
10133.645 |
8440.954 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
7066.924 |
5667.336 |
4920.861 |
|
|
Purchases of
Stock-in-Trade |
168.943 |
223.260 |
39.585 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(17.778) |
(87.740) |
211.130 |
|
|
Employees benefits
expense |
94.516 |
81.489 |
63.622 |
|
|
Extraordinary items |
0.000 |
36.619 |
0.000 |
|
|
Other expenses |
2935.470 |
2804.541 |
2286.025 |
|
|
TOTAL |
10248.075 |
8725.505 |
7521.223 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1606.112 |
1408.140 |
919.731 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
308.535 |
427.909 |
244.277 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
1297.577 |
980.231 |
675.454 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
487.585 |
472.988 |
323.501 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
809.992 |
507.243 |
351.953 |
|
|
|
|
|
|
|
Less |
TAX |
144.376 |
104.516 |
85.596 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
665.616 |
402.727 |
266.357 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
723.066 |
287.693 |
171.704 |
|
|
TOTAL EARNINGS |
723.066 |
287.693 |
171.704 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
286.368 |
348.931 |
268.506 |
|
|
Capital Expenditure |
11.895 |
15.444 |
176.396 |
|
|
Others |
1.056 |
4.139 |
0.000 |
|
|
TOTAL IMPORTS |
299.319 |
368.514 |
444.902 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
33.19 |
20.08 |
13.28 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
297.058 |
321.352 |
192.520 |
|
Cash generated from operations |
54.426 |
1019.230 |
1037.796 |
|
Net Cash Flow from Operating Activities |
64.528 |
987.315 |
970.400 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
30.06.2017 1st
Quarter |
30.09.2017 2nd
Quarter |
|
|
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Net Sales |
|
3628.660 |
3943.710 |
|
Total Expenditure |
|
3202.440 |
3428.400 |
|
PBIDT (Excluding Other Income) |
|
426.220 |
515.310 |
|
Other Income |
|
18.000 |
10.850 |
|
Operating Profit |
|
444.220 |
526.160 |
|
Interest |
|
101.300 |
99.040 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
342.920 |
427.120 |
|
Depreciation |
|
123.480 |
124.900 |
|
Profit Before Tax |
|
219.440 |
302.220 |
|
Tax |
|
43.890 |
98.240 |
|
Provisions and contingencies |
|
NA |
NA |
|
Profit After Tax |
|
175.550 |
203.980 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
175.550 |
203.980 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors
/ Income * 365) |
66.80 |
64.24 |
37.25 |
|
|
|
|
|
|
Account Receivables Turnover (Income /
Sunday Debtors) |
5.46 |
5.68 |
9.80 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
50.87 |
75.82 |
53.84 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.40 |
1.26 |
0.86 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.50 |
0.42 |
0.25 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.67 |
0.72 |
0.69 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.31 |
1.61 |
2.02 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.04 |
1.29 |
1.27 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.14 |
1.59 |
2.10 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
5.21 |
3.29 |
3.77 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
5.75 |
3.99 |
3.17 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
8.21 |
5.60 |
4.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
23.47 |
18.98 |
15.44 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.65 |
1.39 |
1.38 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.26 |
0.98 |
0.88 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.35 |
0.30 |
0.26 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
18.57 |
17.06 |
17.41 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.65 |
1.39 |
1.38 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 622.70/- |
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 |
200.520 |
200.520 |
200.520 |
|
Reserves & Surplus |
1524.559 |
1921.722 |
2635.905 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1725.079 |
2122.242 |
2836.425 |
|
|
|
|
|
|
long-term borrowings |
2183.378 |
2137.296 |
2172.290 |
|
Short term borrowings |
1114.929 |
962.272 |
1255.129 |
|
Current Maturities of
Long term debt |
192.520 |
321.352 |
297.058 |
|
Total borrowings |
3490.827 |
3420.920 |
3724.477 |
|
Debt/Equity ratio |
2.024 |
1.612 |
1.313 |
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 |
8400.852 |
10090.559 |
11578.526 |
|
|
|
20.114 |
14.746 |
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 |
8400.852 |
10090.559 |
11578.526 |
|
Profit |
266.357 |
402.727 |
665.616 |
|
|
3.17% |
3.99% |
5.75% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
200.520 |
200.520 |
|
(b) Reserves &
Surplus |
|
2638.189 |
1923.788 |
|
(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) |
|
2838.709 |
2124.308 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
2172.290 |
2137.296 |
|
(b) Deferred tax
liabilities (Net) |
|
127.786 |
169.651 |
|
(c) Other long term
liabilities |
|
33.881 |
30.109 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
2333.957 |
2337.056 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
1255.129 |
962.272 |
|
(b) Trade payables |
|
1008.463 |
1223.700 |
|
(c) Other current
liabilities |
|
395.263 |
391.146 |
|
(d) Short-term provisions |
|
287.902 |
163.184 |
|
Total Current Liabilities
(4) |
|
2946.757 |
2740.302 |
|
|
|
|
|
|
TOTAL |
|
8119.423 |
7201.666 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2994.324 |
3377.937 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
249.638 |
0.000 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
7.827 |
7.724 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
33.149 |
33.644 |
|
(e) Other Non-current
assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
3284.938 |
3419.305 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
41.994 |
40.397 |
|
(b) Inventories |
|
1145.719 |
1113.670 |
|
(c) Trade receivables |
|
2118.935 |
1776.049 |
|
(d) Cash and cash
equivalents |
|
115.340 |
135.646 |
|
(e) Short-term loans and
advances |
|
1401.588 |
707.958 |
|
(f) Other current assets |
|
10.909 |
8.641 |
|
Total Current Assets |
|
4834.485 |
3782.361 |
|
|
|
|
|
|
TOTAL |
|
8119.423 |
7201.666 |
PROFIT
& LOSS ACCOUNT [CONSOLIDATED]
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
11578.526 |
10090.559 |
|
|
Other Income |
|
275.801 |
43.195 |
|
|
TOTAL |
|
11854.327 |
10133.754 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
7066.924 |
5667.336 |
|
|
Purchases of
Stock-in-Trade |
|
168.943 |
223.260 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(17.778) |
(87.740) |
|
|
Employees benefits
expense |
|
94.516 |
81.489 |
|
|
Exceptional items |
|
0.000 |
36.619 |
|
|
Other expenses |
|
2935.507 |
2804.639 |
|
|
TOTAL |
|
10248.112 |
8725.603 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
1606.215 |
1408.151 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
308.538 |
427.909 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
1297.677 |
980.242 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
487.585 |
472.988 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
810.092 |
507.254 |
|
|
|
|
|
|
|
Less |
TAX |
|
144.406 |
104.523 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
665.686 |
402.731 |
|
|
|
|
|
|
|
Add |
Minority
interest |
|
0.149 |
0.135 |
|
|
|
|
|
|
|
|
PROFIT FOR THE PERIOD |
|
665.835 |
402.866 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
33.21 |
20.09 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the company has been
shifted from Suryarath, 1st Floor, Panchavati, 1st Lane, Ambavadi, Ahmedabad,
Gujarat, India to the present address.
UNSECURED LOANS:
|
Unsecured Loan |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
Long-term
Borrowings |
|
|
|
From Bank |
100.000 |
100.000 |
|
From Body Corporates |
106.737 |
128.291 |
|
Total |
206.737 |
228.291 |
OVERVIEW OF COMPANY’S
FINANCIAL PERFOMANCE:
During the year, there has been significant improvement in the performance of the Company as compared with the previous year. Their standalone and consolidated revenue from operations has increased from INR 10090.559 Million to INR 11578.526 Million, at a tremendous growth as compared to previous year.
Consequent to this, the net profit after tax during the year has increased from INR 402.727 Million to INR 665.616 Million on Standalone basis and from INR 402.866 Million to INR 665.835 Million on Consolidated basis in compared to previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
OVERVIEW OF THE
INDIAN ECONOMY:
India has emerged as the fastest growing major economy in the world as per the Central Statistics Organisation (CSO) and International Monetary Fund (IMF). The Indian economy grown by 7.1 per cent in FY 2016-2017. As per the Economic Survey 2016-2017, the Indian economy should grow between 6.75 and 7.5 per cent in FY 2017-2018.
During the Financial Year 2016-17, the global economy continued its modest pace of growth at 3% amidst weak international trade, subdued industrial production and investment. It is expected to rise further to 3.4% in 2017 and 3.6% in 2018. While the global economies continued to witness slow growth during the current year, the Indian economy on a macro basis stayed fairly robust.
India has retained its position as the third largest startup base in the world with over 4,750 technology startups, with about 1,400 new start-ups being founded in 2016, according to a report by NASSCOM.
Over the last year, the government has made several efforts to revive the Indian economy. Numerous foreign companies are setting up their facilities in India on account of various government initiatives like Make in India and Digital India. Mr. Narendra Modi, Prime Minister of India, has launched the Make in India initiative with an aim to boost the manufacturing sector of Indian economy, to increase the purchasing power of an average Indian consumer, which would further boost demand, and hence spur development, in addition to benefiting investors. The Government of India, under the Make in India initiative, is trying to give boost to the contribution made by the manufacturing sector and aims to take it up to 25 per cent of the GDP from the current 17 per cent. Besides, the
Government has also come up with Digital India initiative, which focuses on three core components: creation of digital infrastructure, delivering services digitally and to increase the digital literacy.
India’s unemployment rate has declined to 4.8 per cent in February 2017 compared to 9.5 per cent in August 2016, as a result of the Government’s increased focus towards rural jobs and the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) scheme.
DEMONITISATION- THE
MAJOR REFORM OF 2016-2017:
The Government of India announced demonetisation of high denomination bank notes of INR 1000 and INR 500, with effect from 8th November, 2016, in order to eliminate black money and the growing menace of fake Indian currency notes, thereby creating opportunities for improvement in economic growth.
In what could be termed as the mother of all reforms, Hon’ble Prime Minister Shri Narendra Modi’s demonetisation move will have far reaching implications. This is not to dispute that the transformative step has brought some hardship for the citizens, but those are temporary and will blow over soon. For the larger benefit of the nation, they the citizens can bear such hiccups with a smile. After all, this is how they as citizens can contribute in policy making and nation building.
Demonetisation has led to a significant push towards digital financial transactions, as well as improving the tax net. Steps have been taken to further digitise and streamline the economy, with initiatives such as Aadhar linked subsidy schemes, UPI and Startup India, which have improved transparency and reduced red tape.
The Management is pleased to inform that the Company has successfully passed this phase of demonetization due to effective planning, management and operations of the Company.
GST – ONE NATION ONE
TAX AND ITS IMPACT ON THE COMPANY:
Another major reform in Indian Economy took place for implementation of GST w.e.f 1st July, 2017 which replaced multiple cascading taxes levied by the Central and State Governments.
The passage of the Goods and Services Tax (GST) bill is a significant achievement and its implementation will have a positive impact on the economy. Goods and Services Tax (GST) is a landmark reform which will have a lasting impact on the economy and on businesses. Implementation of a well-designed GST model that applies to the widest possible base at a low rate can provide significant growth stimulus to the business and contribute to the Prime Minister’s mission of ‘Make in India’. The Company has migrated itself to GST and is ready for this transformative reform.
ANALYSIS AND REVIEW:
GLOBAL TEXTILE AND APPAREL
INDUSTRY –
Global apparel retail
industry has grown at healthy rate over the last few years. Strong growth in the
Asia Pacific region has led to the strong growth in the industry in spite of
continuously weak numbers in Western Europe and US. The current global apparel
market is worth $1.7 trillion and it constitutes around 2 per cent of the
world’s GDP. The European Union, USA and China are the world’s largest apparel
markets with a combined share of approximately 54 per cent. Geography-wise,
while the apparel market is still largely dominated by the European Union,
China and the US, countries like, India and Russia are emerging as future
destinations for apparel consumption. The high growth in the market is expected
to be primarily driven by the increase in population as well as per capita
apparel spending of the already large population in these countries. After up-downs,
a global textile and apparel industry is flourishing at high speed. The world
is on a new corridor of the industrial revolution. Analysts are anticipating
more expansion with latest technologies in textile machinery. The textile
machinery hubs like China, Germany, Italy, Switzerland, and India have already
jumped in gigantic competition to craft and bid best technologies in textile
machinery.
Global industry analysts,
Inc.(GIA) has declared that the global bazaar for textile machinery is estimated
to reach US$ 22.9 billion by 2017 demand for sophisticated machines that
produce high-quality clothes is increasing whatever is the technology, the
purchasing decision is greatly influenced by the machines versatility,
flexibility, and price offers.
GLOBAL TEXTILE AND APPAREL
BUSINESS OVERVIEW
- The T&A trade was worth USD 773 billion, in 2013, and is
expected to grow at a CAGR of 5% over the next decade. The growth
of the apparel trade is expected to out space that of the fabric trade.
- China dominates global T&A exports with 40% share of made ups,
37% of apparel, and 39% of fabric. India, Bangladesh, Vietnam, Turkey,
Pakistan etc. are the other major T&A exporters.
- The top five Textile and garment importing nations are US, China,
Germany, India and Turkey. China is the single largest exporter with 39
percent share while India stood at a distant second place with 5 percent
share.
- The global fabric trade was worth USD 137 billion in 2013 while the
global apparel trade was worth USD 428 billion. It is expected that the
rate of growth of the trade in knit fabric and apparel will be higher than
that for the woven counterparts. Asia is the leader in terms of the
installed capacity of textile machinery,86% of short-staple spindles,45%
long staple spindles, 55% rotor spinning machines,73% of shuttle fewer
looms and 85% of shuttle looms are installed in Asia alone. China, India,
Pakistan, Indonesia and Thailand are among the leaders in terms of this
installed capacity.
- The US, EU-27 countries and Japan remain the key apparel importers.
However, the appeal imports of emerging countries like Russia, China and
India have registered some momentum in recent times.
INDIAN
TEXTILE AND APPAREL INDUSTRY –
Indian Textiles Industry
has an overwhelming presence in the economic life of the country. Apart from
providing one of the basic necessities of life, the textile industry also plays
a pivotal role through its contribution to industrial output, employment
generation and export earnings of the country. It contributes around 5% to
country’s gross domestic product (GDP), 10% to India’s industrial production
and 14% to the country’s export earnings. The textile sector is one of the
largest provider of employment along with agriculture. The textile industry
employs about 51 million workers and 68 million people indirectly. Textile is
one of the oldest sectors in India and accounts for 14% of exports in the
country. Currently, the sector is valued at around $108 billion and it is
expected to increase to $223 billion by 2021.
In keeping with goal of
making India’s development inclusive and participative, the Government’s
central focus has been on increasing textile manufacturing by building the
best-in-class manufacturing infrastructure, up-gradation of technology
fostering innovation, enhancing skills and traditional strengths in the textile
sector. It has also allowed 100 per cent FDI in the Indian textiles sector
under the automatic route. Some of the major initiatives and highlights of
2016-2017 are listed below;
1. Reforms to boost
employment generation and exports in the Garmenting and Made-ups Sectors - The
Union Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi had given
its approval to boost employment by approving the budget of INR 6000 crores
with the objective of creating upto 1.11 crores jobs over next three years in
the garmenting and made-ups sector.
2. The Hon’ble Minister of
Textiles, Smt. Smriti Zubin Irani on 7th October, 2016 launched “Pehchan”-
an intiative to register and provide ID cards to handicrafts artisans for
better access to benefits of the Ministry of Textiles.
3. The Government of India
plans to introduce a mega package for the powerloom sector, which will include social
welfare schemes, insurance cover, cluster development, and upgradation of
obsolete looms, along with tax benefits and marketing support, which is
expected to improve the status of power loom weavers in the country.
4. The Government has
notified the “Amended Technology Up-gradation Fund Scheme (A-TUFS)” for
technology up-gradation of the textiles industry with one time capital subsidy
for eligible benchmarked machinery.
5. For cotton season
2016-17, cotton Corporation of India Limited has made arrangements for meeting
any eventuality of Minimum Support Price (MSP) operation in all the cotton
growing states to avoid distress sale by the cotton farmers.
6. Memorandum of
Understanding (MoU) worth INR8,835 crore (US$ 1.3 billion) in areas such as
textile parks, textile processing, machinery, carpet development and others,
were signed during the Vibrant Gujarat 2017 Summit.
INDIAN TEXTILE AND APPAREL
BUSINESS OVERVIEW
- With over 45 million people, the industry is one of the largest
source of employment generation in the country.
- The size of India’s textile market in 2014 was US$ 99 billion; the
market is expected to expand at a CAGR of 9.6 percent over 2014–23.
- The Indian T&A market was estimated at INR 320000.000 million
(USD 58 billion), in 2013, and is projected to grow at a CAGR of 9% to INR
7570000.000 million (USD 138 billion) by 2023.
- The INR 211600.000 million (USD 4 billion) domestic home textiles
market is expected to grow at a CAGR of 8% to reach INR 439700.000 million
(USD 8 billion) by 2023.
- India’s technical textiles market is estimated to be worth INR
708800.000 million (USD 13 billion), and, at an estimated CAGR of 8%, is
expected to reach INR 1520000.000 million (USD 28 billion) in 2023.
AN OVERVIEW OF THE GLOBAL
AND INDIAN DENIM MARKET-
The denim segment has
always reigned as one of the leading segments in the fashion industry. The blue
denim has been a wardrobe staple and a fashion essential for decades. Globally,
the denim industry is expected to grow at a CAGR of over 6.5% during 2015 to
2020, with the market value expected to increase from $113 billion to $153
billion.
Despite a slowdown in
apparel exports and domestic market growth, the denim market in India is
clocking a consistent CAGR of 15% – 18% per year. Denim is also witnessing the
fastest growth rate as an apparel fabric. The current installed capacity of
almost 1,200 million meters is expected to increase to 2,000 million meters in
next three to four years owing to the huge demand for the fabric.
While India’s share in the
overall denim manufacturing capacities is around 10%, at present its share in
the global jeans trade works out to 2.5%. According to industry estimates, a
CAGR of 10% over the period of next 10 years for denim share in international
trade is possible
FUTURE PROSPECTS
The future for the Indian
textile industry looks promising, both by strong domestic consumption as well
as export demand. With consumerism and disposable income on the rise, the
retail sector has experienced a rapid growth in the past decade with the entry
of several international players like Marks and Spencer, Guess and Next into
the Indian market. The Government is soon to announce its ambitious target of
achieving 20% share of the global textile trade and helping the domestic
industry attain a size of $650 billion by 2024-25. The target can be achieved
with a strong focus on investments, better labour law reforms, and skill
enhancement.
With the government taking
so many steps to boost the nation’s textile sector, its benefits are likely
percolate to the Indian denim industry in the coming years and ensure its
steady growth which will be further fuelled by the various demand drivers for
this sector in India.
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G69962553 |
100139685 |
ORIENTAL BANK OF COMMERCE |
12/12/2017 |
- |
100000000.0 |
'Neel Kamal', Opposite Sales Indiaashram Road, Ahmedabad-380009, Gujarat, India |
|
2 |
G69010569 |
100137900 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
15/11/2017 |
- |
150000000.0 |
3 Eye Complex, Ground Floor, Unit No.7 and 8,Panchwati, C.G. Road, Ahmedabad-380006, Gujarat, India |
|
3 |
G68234731 |
100136763 |
UNION BANK OF INDIA |
02/11/2017 |
- |
500000000.0 |
Industrial Finance Branch-Ahmedabad, C.U. ShahChambers, Near Gujarat Vidhyapith, Ashram Road, Ahmedabad-380014, Gujarat, India |
|
4 |
G60439668 |
100131712 |
Bank of India |
29/09/2017 |
- |
340000000.0 |
Mid Corporate Branch, Ist Floor, Bank of India Building, Swastik Char Rasta, Navrangpura, Ahmedabad-380009, Gujarat, India |
|
5 |
G73547820 |
100146649 |
State Bank of India |
08/09/2017 |
- |
150000000.0 |
Overseas Branch, First Floor, Iscon Elegance Near Shapath-V, Prahladnagar Crossing, Ahmedabad-380015, Gujarat, India |
|
6 |
G49304058 |
100112566 |
Bank of India |
29/06/2017 |
- |
57500000.0 |
Ahmedabad Mid Corporate BranchNr. Swastik Char Rasta, Navrangpura, Ahmedabad-380009, Gujarat, India |
|
7 |
G71741060 |
100089964 |
SVC Co-Operative Bank Limited |
28/03/2017 |
15/12/2017 |
200000000.0 |
Satellite Garden,Phase-2 Film City Road, Gokuldham, Colony, Goregaon East, Mumbai-400065, Maharashtra, India |
|
8 |
G39198668 |
100085518 |
IDBI Bank Limited |
18/03/2017 |
- |
99000000.0 |
IDBI Complex, Near Lal Bunglow, Off C.G. Road, Ahmedabad-380006, Gujarat, India |
|
9 |
G38414660 |
100083463 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
28/02/2017 |
- |
36300000.0 |
One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai-400001, Maharashtra, India |
|
10 |
G34657114 |
100074819 |
CORPORATION BANK |
06/01/2017 |
- |
230000000.0 |
CBB Branch, 1st Floor, Rangoli Complex Opposite V.S. Hospital, Ashram Road, Ahmedabad-380006, Gujarat, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Corporate Guarantee given to banks on behalf of Bodies Corporate |
1355.100 |
194.066 |
|
Total |
1355.100 |
194.066 |
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR ENDED 30TH
SEPTEMBER, 2017
(INR In Million)
|
Particulars |
Quarter ended |
Half year ended |
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
3943.713 |
3611.861 |
7555.574 |
|
Other Operating Income |
10.848 |
18.004 |
28.852 |
|
Total
Income from Operations |
3954.561 |
3629.865 |
7584.426 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
2689.680 |
2522.628 |
5212.308 |
|
Changes in inventories of finished goods and
work-in-progress |
(460.128) |
(448.273) |
(908.400) |
|
Employee benefits expense |
26.265 |
23.085 |
49.350 |
|
Finance Costs |
99.040 |
101.300 |
200.341 |
|
Depreciation and Amortization expenses |
124.898 |
123.479 |
248.377 |
|
Other Expenditure |
1172.581 |
1091.639 |
2264.220 |
|
Total
Expenses |
3652.337 |
3413.858 |
7066.195 |
|
Profit
/ (Loss) before Tax |
302.224 |
216.007 |
518.231 |
|
Tax Expense |
98.242 |
43.890 |
142.132 |
|
Profit
/ (Loss) after Tax |
203.982 |
172.117 |
376.099 |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
200.520 |
200.520 |
200.520 |
|
Earnings
per Share (EPS) - INR |
10.17 |
8.58 |
18.76 |
STANDALONE STATEMENT
OF ASSETS AND LIABILITIES FOR THE HALF YEAR ENDED 30TH SEPTEMBER,
2017
(INR in Million)
|
SOURCES OF FUNDS |
|
|
30.09.2017 (Unaudited) |
|
Asset |
|
|
|
|
Non-current assets |
|
|
|
|
Property, plant and equipment |
|
|
2937.463 |
|
Capital work-in-progress |
|
|
9.359 |
|
Financial assets |
|
|
|
|
Investment |
|
|
138.632 |
|
Other Financial Assets |
|
|
9.803 |
|
Other non – current assets |
|
|
2.332 |
|
Total non – current assets |
|
|
3097.589 |
|
|
|
|
|
|
Current assets |
|
|
|
|
Inventories |
|
|
2245.261 |
|
Financial assets |
|
|
|
|
Trade receivables |
|
|
3285.514 |
|
Cash and cash equivalent |
|
|
212.500 |
|
Investment |
|
|
1.575 |
|
Loans |
|
|
580.317 |
|
Other current Assets |
|
|
589.394 |
|
Accrued interest - FDR |
|
|
0.519 |
|
Total Current assets |
|
|
6915.080 |
|
|
|
|
|
|
Total Asset |
|
|
10012.669 |
|
|
|
|
|
|
B Equity and
liabilities |
|
|
|
|
Equity |
|
|
|
|
Equity share capital |
|
|
200.520 |
|
Other equity |
|
|
2776.135 |
|
|
|
|
2976.655 |
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
Financial Liabilities |
|
|
|
|
Long term borrowing |
|
|
2001.367 |
|
Deferred tax liability (net) |
|
|
109.644 |
|
Other long term liabilities |
|
|
134.692 |
|
Total non – current liabilities |
|
|
2245.703 |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Financial Liabilities |
|
|
|
|
Short term liabilities |
|
|
1375.835 |
|
Trade payables |
|
|
2838.685 |
|
Other financial liabilities |
|
|
293.827 |
|
Other current liabilities |
|
|
103.364 |
|
Short term provisions |
|
|
2.041 |
|
Income tax liabilities |
|
|
176.559 |
|
Other Current liabilities |
|
|
4790.311 |
|
|
|
|
|
|
Total equity and
liabilities |
|
|
10012.669 |
NOTES:
1. The above Unaudited Standalone Financial Results of the company for the
quarter ended 30th June, 2017 have been reviewed by the Audit Committee and are
approved by the Board of Directors in the Meeting held on 14th September 2017;
on the recommendation of the Audit Committee.
2. The company has presented for the first time, its Un-Audited Standalone
Financial Results under Indian Accounting Standards ("Ind AS") from
1st April, 2017 with transition date 1st April 2016 and accordingly the said
Financial Results have been prepared in accordance with the recognition and
measurement principles laid down in the Ind AS-34 - Interim Financial Reporting
prescribed under Section 133 of the Companies Act, 2013 read with the relevant
rules issued thereunder and the other accounting principles generally accepted
in India. The Financial results for the corresponding previous quarter ended on
30th June, 2016 has also been presented in accordance with the recognition and
measurement principles of Ind AS-34.
3. The Statutory Auditors of the Company have carried out Limited Review of the
above Un-Audited Standalone Financial Results for the quarter ended 30th June,
2017 in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosures
Requirements) Regulations, 2015.
4. The Ind-AS Financial information for the quarter ended 30th June, 2016 have
not been subjected to Limited Review or audit as per exemption given in SEBI
Circular No.CIR/CFD/FAC/62/2016 dated 5th July, 2016. However, the management
has exercised necessary due diligence to ensure that the financial results
provide a true and fair view of the results in accordance with Ind -AS. The
Ind- AS complied financial results for the preceeding quarter and year ended
31st March, 2017 have not been provided as per exemption given in the above
referred Circular.
5. The company is engaged in business of 'Textile' and therefore has only one
reportable segment in accordance with Ind AS 108 'operating segments'.
6. Figures pertaining to previous year/periods have been re-grouped and
re-arranged wherever necessary.
FIXED ASSETS:
Tangible Asset:
- Land
- Building
- Road
- Plant and Machinery
- Electric Installations
- Office Equipments
- Furniture and Fixture
- Computer
- Vehicles
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 63.77 |
|
UK Pound |
1 |
INR 89.20 |
|
Euro |
1 |
INR 78.22 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHA |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
BHG |
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.