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%20-%20516894%2026-Jun-2018_files/image015.jpg){kind=small}
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%20-%20516894%2026-Jun-2018_files/image018.gif)
MIRA INFORM REPORT
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Report No. : |
516894 |
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Report Date : |
26.06.2018 |
IDENTIFICATION DETAILS
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Name : |
VARDHMAN TEXTILES
LIMITED (w.e.f. 05.09.2006) AURO TEXTILES (A UNIT OF VARDHMAN TEXTILES LIMITED) |
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Formerly Known As
: |
MAHAVIR SPINNING
MILLS LIMITED |
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Registered
Office : |
Chandigarh Road, Ludhiana – 141010, Punjab |
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Tel. No.: |
91-161-2670707 |
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Country : |
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Financials (as
on) : |
31.03.2018 |
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Date of
Incorporation : |
08.10.1973 |
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CIN No.: [Company Identification
No.] |
L17111PB1973PLC003345 |
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Capital
Investment / Paid-up Capital : |
INR 574.300 Million |
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IEC No.: [Import-Export Code No.] |
1288034113 |
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PAN No.: [Permanent Account No.] |
AABCM4692E |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Available |
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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
: |
The
company is engaged in manufacturing of Cotton yarn, Synthetic yarn and woven
fabric. [Registered Activity] |
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No. of Employees
: |
21206 (Approximately) |
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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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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of “Vardhman group”. The company was incorporated in the year 1973. It is a manufacturer of Cotton Yarn, Synthetic Yarn and Woven Fabrics. As per financial record of 2018, the revenue of the company has increased by 2.14% along with decent profit margin of 9.33%. The healthy financial profile of the company is marked by strong networth base along negligible debt level. The company has decent earning per share (EPS) of INR 96.41 against the face value (FV) of INR 10. Rating takes into consideration Vardhman Group’s strong and diversified business risk profile, especially in the textile industry and its healthy operating capability. The company has its share price trading at around INR 1214.50 against the face value (FV) of INR 10 on BSE as on 26th June 2018. Rating also derives strength from company’s established track record of business. However, rating strengths are partially offset by unfavourable gap between trade payables and trade receivables. Business is active. Payments are reported to be regular. In view of aforesaid, the company can be considered good business dealings at usual trade terms and conditions. Note: Auro Textiles is a unit of Vardhman Textiles Limited”. |
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 (31.12.2017) |
Current Rating (01.04.2018) |
|
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
|
Rating Agency Name |
CRISIL |
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Rating |
Long Term = AA+ |
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Rating Explanation |
High degree of safety and very low credit
risk. |
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Date |
16.02.2018 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term = A1+ |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
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Date |
16.02.2018 |
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 26.06.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Mr. Vikas Sharma |
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Designation : |
Manager |
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Contact No.: |
91-8894723486 |
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Date : |
26.06.2018 |
Management Non-Cooperative (Tel. No.: 91-1795-392787 / 8894723484)
LOCATIONS
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Registered / Corporate Office : |
Chandigarh Road, Ludhiana – 141010, Punjab, India |
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Tel. No.: |
91-161-2662543-47/
2670707/ 09/ 2228943-48 |
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Fax No.: |
91-161-2220766/ 2601048,
2602710, 2222616 |
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E-Mail : |
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Website : |
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Plant Location : |
· Arihant Spinning Mills Industrial Area, Malerkotla – 148023, Punjab, India · Anant Spinning Mills New Industrial Area, Mandideep, Bhopal – 462046, Madhya Pradesh, India · Arisht Spinning Mills Sai Road, Baddi, District: Solan – 173205, Himachal Pradesh, India · Auro Spinning Mills Sai Road, Baddi, District: Solan – 173205, Himachal Pradesh, India · Auro Dyeing (Unit-I & II) Sai Road, Baddi, District: Solan – 173205, Himachal Pradesh, India · Auro Weaving Mills Sai Road, Baddi, District: Solan – 173205, Himachal Pradesh, India · Auro Textiles (Unit-I & II) Sai Road, Baddi, District: Solan – 173205, Himachal Pradesh, India · Mahavir Spinning Mills (Textile Division) Sai Road, Baddi, District: Solan – 173205, Himachal Pradesh, India · Vardhman Spinning Mills Sai Road, Baddi, District: Solan – 173205, Himachal Pradesh, India · Vardhman Spinning and General Mills (Unit-I&II) Chandigarh Road, Ludhiana – 141010, Punjab, India · Vardhman Fabrics Budhni, District: Sehore, Madhya Pradesh, India · Vardhman Yarns Satlapur, District: Raisen, Madhya Pradesh, India · Vardhman Fabrics (Power Division) Budhni, District: Sehore, Madhya Pradesh, India · Vardhman Yarns (Power Division) Satlapur, District: Raisen, Madhya Pradesh, India |
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Branch Offices : |
· P-22, 3rd Floor, Flat No. 6, C.I.T. Road, Scheme IV, Kolkata – 700014, West Bengal, India · Chandigarh Road, Ludhiana – 141010, Punjab, India · 314, Solaris II, Opposite L&T Gate No. 6, Saki Vihar Road, Andheri (East), Mumbai – 400072, Maharashtra, India · 504, Dalamal House, Nariman Point, Mumbai – 400021, Maharashtra, India · Vardhman Fabrics, Marketing Office, Chandigarh Road, Ludhiana – 141010, Punjab, India · 309-310, Surya Kiran Building, 19, Kasturba Gandhi Marg, New Delhi – 110001, India · 377-B, Muthuswami Industrial Complex, Palladam Road, Tirupur – 638604, Tamilnadu, India · 1st Floor, Palm Court, Opposite Management Development Institute, MG Road, Sector-16, Gurugram – 122001, Haryana, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Shri Paul Oswal |
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Designation : |
Managing
Director |
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Address : |
Auro Mirra Bhawan, 2722, Gurdev Nagar, Pakhowal Road, Ludhiana – 141001, Punjab, India |
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Date of Birth/Age : |
71 Years |
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Qualification : |
M. Com. |
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Date of Appointment : |
08.10.1973 |
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DIN No.: |
00121737 |
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Name : |
Mr. Neeraj Jain |
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Designation : |
Whole-time Director |
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Address : |
B-19-167/1, Col. Gurdial Singh Road, Civil Lines, Ludhiana – 141001,
Punjab, India |
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Date of Birth/Age : |
09.10.1967 |
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Qualification : |
B.Com, C.A. |
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Date of Appointment : |
31.03.1010 |
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DIN No.: |
00340459 |
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Name : |
Mr. Sachit Jain |
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Designation : |
Whole-time Director |
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Address : |
Auro Mirra Bhawan, 2722, Gurdev Nagar, Pakhowal Road, Ludhiana – 141001,
Punjab, India |
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Date of Birth/Age : |
08.07.1966 |
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Qualification : |
B. Tech., MBA |
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Date of Appointment : |
13.06.2014 |
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DIN No.: |
00746409 |
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Name : |
Mrs. Suchita Jain |
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Designation : |
Whole-time Director |
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Address : |
Auro Mirra Bhawan, 2722, Gurdev Nagar, Pakhowal Road, Ludhiana – 141001, Punjab, India |
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Date of Birth/Age : |
20.03.1968 |
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Qualification : |
M.Com |
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Date of Appointment : |
29.01.2010 |
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DIN No.: |
00746471 |
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Name : |
Mr. Devendrabhushan Jain |
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Designation : |
Director |
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Address : |
Rattan Kunj, 7 Bunglows Road, Vesava (Versova), Andheri (West), Near
Nana Nani Park, Mumbai – 400061, Maharashtra, India |
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Date of Appointment : |
24.09.2014 |
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DIN No.: |
06911676 |
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Name : |
Mr. Prafulbhai Anubhai Shah |
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Designation : |
Director |
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Address : |
9, Pathik, Shitalbag, Paldi, Ahmedabad – 380007, Gujarat, India |
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Date of Birth/Age : |
20.01.1938 |
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Qualification : |
B.Com, B.S.C. (Eco.) – London |
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Date of Appointment : |
24.09.2014 |
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DIN No.: |
00040837 |
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Name : |
Mr. Rajender Mohan Malla |
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Designation : |
Additional Director |
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Address : |
C-4/19, Safdarjung Development Area, Hauz Khas, New Delhi – 110016,
India |
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Date of Appointment : |
05.08.2015 |
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DIN No.: |
00136657 |
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Name : |
Mr. Ashok Kumar Kundra |
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Designation : |
Director |
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Address : |
House No. 1138, Sector 44-B, Chandigarh – 160047, India |
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Date of Appointment : |
24.09.2014 |
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DIN No.: |
00154024 |
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Name : |
Mr. Darshan Lal Sharma |
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Designation : |
President and Executive Director |
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Address : |
H. No. B-Xx-770/2, Gurdev Nagar, Ludhiana – 141001, Punjab, India |
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Date of Birth/Age : |
10.11.1948 |
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Qualification : |
B.Sc. (Engg.), M.B.A. |
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Date of Appointment : |
01.04.2008 |
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DIN No.: |
00727581 |
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Name : |
Mr. Subash Khanchand Bijlani |
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Designation : |
Director |
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Address : |
J-17, South City - I, Gurugram – 122001, Haryana, India |
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Date of Birth/Age : |
06.09.1942 |
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Qualification : |
B. Tech, PGDC in MGT and Finance |
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Date of Appointment : |
24.09.2014 |
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DIN No.: |
01040271 |
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Name : |
Mr. Parampal Singh |
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Designation : |
Additional Director |
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Address : |
House No. 351-B, Block-B, Bhai Randhir
Singh Nagar, Ludhiana – 141012, Punjab, India |
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Date of Appointment : |
27.11.2017 |
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DIN No.: |
07995388 |
KEY EXECUTIVES
|
Name : |
Mr. Rajeev Thapar |
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Designation : |
Chief Financial Officer |
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Address : |
T-2, Moti Nagar, Ludhiana – 141010, Punjab, India |
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Date of Appointment : |
23.05.2014 |
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PAN No.: |
ADFPT3478D |
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Name : |
Mr. Sanjay Gupta |
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Designation : |
Company Secretary |
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Address : |
House No. 1883, Sector 32-A, Chandigarh
Road, Ludhiana – 141010, Punjab, India |
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Date of Appointment : |
01.06.2017 |
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PAN No.: |
AGIPG3603R |
SHAREHOLDING PATTERN
AS ON March 2018
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
35695692 |
62.15 |
|
(B) Public |
21737768 |
37.85 |
|
Grand Total |
57433460 |
100.00 |
%20-%20516894%2026-Jun-2018_files/image020.gif)
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
A1) Indian |
|
0.00 |
|
Individuals/Hindu
undivided Family |
1353586 |
2.36 |
|
S.P. Oswal |
597591 |
1.04 |
|
Shakun Oswal |
138615 |
0.24 |
|
Suchita Jain |
244424 |
0.43 |
|
Sachit Jain |
|
0.00 |
|
Soumya Jain |
7203 |
0.01 |
|
Sagrika Jain |
6985 |
0.01 |
|
Shakun Oswal,
Partner,Eastern Trading Company |
53286 |
0.09 |
|
Shri Paul Oswal,
Partner, Northern Trading Company |
112659 |
0.20 |
|
Shri Paul Oswal,
Partner, Paras Syndicate |
77848 |
0.14 |
|
Shri Paul Oswal,
Partner,Paras Syndicate |
114975 |
0.20 |
|
Any Other
(Specify) |
34342106 |
59.79 |
|
Devakar
Investments & Trading Company Private Limited |
6192786 |
10.78 |
|
Flamingo Finance
& Investment Company Limited |
532959 |
0.93 |
|
Ramaniya Finance
& Investment Company Limited |
424234 |
0.74 |
|
Santon Finance
& Investment Company Limited |
456330 |
0.79 |
|
Mahavir Spinning
Mills Private Limited |
98944 |
0.17 |
|
Vardhman Holdings
Limited |
15314517 |
26.66 |
|
Vtl Investments
Limited |
1003473 |
1.75 |
|
Adishwar
Enterprises LLP |
10318863 |
17.97 |
|
Sub Total A1 |
35695692 |
62.15 |
|
A2) Foreign |
|
0.00 |
|
A=A1+A2 |
35695692 |
62.15 |
Statement showing shareholding pattern of the Public
shareholder
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
B1) Institutions |
0 |
0.00 |
|
Mutual Funds/ |
8162675 |
14.21 |
|
DSP Blackrock Tax
Saver Fund |
1794839 |
3.13 |
|
HDFC Trustee
Company Limited-A/C Hdfc Mid Cap Opportunities Fund |
1140000 |
1.98 |
|
Reliance Emergent
India Limited |
1506571 |
2.62 |
|
Templetion India
Income Equity Fund |
1919855 |
3.34 |
|
UTI-Dividend
Yeild Fund |
749500 |
1.30 |
|
Alternate
Investment Funds |
237108 |
0.41 |
|
Foreign Portfolio
Investors |
6079312 |
10.58 |
|
Franklin
Templeton Investment Fund |
1922500 |
3.35 |
|
Financial
Institutions/ Banks |
59192 |
0.10 |
|
Insurance
Companies |
31575 |
0.05 |
|
Any Other
(specify) |
75 |
0.00 |
|
BANK FOREIGN |
75 |
0.00 |
|
Sub Total B1 |
14569937 |
25.37 |
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
Central
Government/ State Government(s)/ President of India |
104230 |
0.18 |
|
Sub Total B2 |
104230 |
0.18 |
|
B3)
Non-Institutions |
0 |
0.00 |
|
Individual share
capital upto INR 0.200 million |
4025447 |
7.01 |
|
Individual share
capital in excess of INR 0.200 million |
2076563 |
3.62 |
|
NBFCs registered
with RBI |
5839 |
0.01 |
|
Any Other
(specify) |
955752 |
1.66 |
|
Clearing Members |
6559 |
0.01 |
|
Bodies Corporate |
501627 |
0.87 |
|
Non-Resident
Indian (NRI) |
223816 |
0.39 |
|
HUF |
158079 |
0.28 |
|
Trusts |
65671 |
0.11 |
|
Sub Total B3 |
7063601 |
12.30 |
|
B=B1+B2+B3 |
21737768 |
37.85 |
BUSINESS DETAILS
|
Line of Business : |
The
company is engaged in manufacturing of Cotton yarn, Synthetic yarn and woven
fabric. [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 Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
21,206 (Approximately) |
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Bankers : |
· Allahabad Bank · ICICI Bank Limited · Punjab National Bank · Bank of India · Corporation Bank · IDBI Bank Limited · Canara Bank · Standard Chartered Bank · Exim Bank · Oriental Bank of Commerce ·
HDFC Bank |
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Facilities : |
NOTES: Long Term Borrowings Details of security for term loans Term loans from banks are secured by mortgage created or to be created on all the immovable assets of the company, both present and future and hypothecation of all movable assets including movable machinery, machinery parts, tools and accessories and other movable both present and future (except book debts), subject to charges created or to be created in favour of the bankers for securing the working capital limits. Short Term Borrowings Details of security for working capital
borrowings Working capital borrowings from banks are secured by way of hypothecation of entire present and future tangible current assets of the company as well as a second charge on the entire present and future fixed assets of the company. |
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Auditors : |
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|
Name : |
S.C. Vasudeva and Company Chartered Accountants |
|
Address : |
New Delhi, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries : [AS
ON 31.03.2017] |
· VMT Spinning Company Limited · Vardhman Acrylics Limited · VTL Investments Limited |
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Joint Venture : [AS
ON 31.03.2017] |
· Vardhman Yarns and Threads Limited (upto 31.08.2016) · Vardhman Nisshinbo Garments Company Limited |
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Associates : [AS ON
31.03.2017] |
· Vardhman Spinning and General Mills Limited · Vardhman Special Steels Limited · Vardhman Yarns and Threads Limited (w.e.f 01.09.2016) |
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|
Enterprises over which key Management
Personnel and relative of such personnel is able to exercise significant influence
or control : [AS ON 31.03.2017] |
· Vardhman Holdings Limited · Vardhman Apparels Limited · Smt. Banarso Devi Oswal Public Charitable Trust · Sri Aurobindo Socio Economic and Management Research Institute · # Adhiswar Enterprises LLP (formerly known as Adinath Investment and Trading Company) · #Devakar Investment and Trading Co. Limited · # *Srestha Holdings Limited · #Santon Finance and Investment Co. Limited · #Flamingo Finance and Investment Co. Limited · #Ramaniya Finance and Investment Co. Limited · #*Marshall Investment and Trading Co. Private Limited · #*Pardeep Mercentile Co. Private Limited · #*Plaza Trading Co. Private Limited · #*Anklesh Investment Private Limited · #*Syracuse Investment and Trading Co. Private Limited · #Amber Syndicate · #Paras Syndicate · #Adinath Syndicate · #Eastern Trading Co. · #Mahavir Spinning Mills Private Limited · #Northern Trading Co. |
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NOTES: * These companies have been merged into Dewakar Investment and Trading Company Limited during the current year. # No transaction has taken place during the year. |
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CAPITAL STRUCTURE
AS ON 31.03.2018
Authorised Capital : Not
Available
Issued, Subscribed & Paid-up Capital : INR 574.300 Million
AFTER 31.03.2017
Authorised Capital : INR
1000.000 Million
Issued, Subscribed & Paid-up Capital : INR 574.403 Million
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000000 |
Equity Shares |
INR 10/- each |
INR 900.000 Million |
|
10000000 |
Redeemable cumulative preference shares |
INR 10/- each |
INR 100.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 1000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55928808 |
Equity Shares |
INR 10/- each |
INR 559.288 Million |
|
|
|
|
|
a) Reconciliation of the number of shares and
amount outstanding at the beginning and at the end of the reporting period:
|
Particulars |
As at 31st March, 2017 |
|
|
Equity shares |
Number of Shares |
Amount (In Million) |
|
At the beginning of the reporting period |
63651879 |
636.519 |
|
Own shares held through trust |
(1598741) |
(15.988) |
|
Net issued Share Capital at beginning of reporting period |
62053138 |
620.531 |
|
Add: Issued during the reporting period |
-- |
-- |
|
Less: Buyback during the reporting period (net of 1,36,539 number of shares held through trust) |
(6124330) |
(61.243) |
|
Outstanding at the end of the reporting
period |
55928808 |
559.288 |
b)
Rights,
preferences and restrictions attached to equity shares
The company has one class of equity shares having a par value of INR 10/- each. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing annual general meeting.
During the year ended March 31, 2017 the amount of dividend recognised as distributions to equity shareholders is Nil (Previous Year: INR 15 per share).
In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
c)
Rights,
preferences and restrictions attached to preference shares
The rate of dividend on preference shares will be decided by the Board of Directors as and when issued. Preference shares as and when issued shall have the cumulative right to receive dividend as and when declared and shall have preferential right of repayment of amount of capital.
d)
Shares
held by holding company or its ultimate holding company or subsidiaries or
associates of the holding company or the ultimate holding company in aggregate.
There is no holding /ultimate holding company of the Company.
e)
The Board of Directors of the Company at its meeting held on 24th September 2016 approved the buyback of upto 62,60,869 fully paid up equity shares of INR 10 each, at a price not exceeding INR 1,175 payable in cash, through the Tender Offer route, upto an aggregate amount not exceeding INR 720 crore from the open market through Stock
Exchange(s). During the year, the Company had bought back and extinguished 6260869 Equity Shares of INR 10 each at a price of INR 1,150.00. Consequently, INR 626.08 Lakhs were transferred to Capital Redemption Reserve as per requirements of section 69 of Companies Act, 2013.
f) Aggregate number and class of shares
allotted as fully paid up pursuant to contract(s) without payment being
received in cash, bonus shares and shares bought back for the period of five
years immediately preceding the reporting date.
|
Name of
Shareholder |
Aggregate number
of shares as at 31st March 2017 |
|
Equity Shares alloted as fully paid up by way of bonus shares |
-- |
|
Equity shares alloted as fully paid up pursuant to contract without payment being received in cash |
-- |
|
Equity Shares bought back by the Company (net of 1,36,539 number of shares held through trust) |
6124330 |
g) Detail of shareholders holding more than 5%
shares in the Company
|
Class of
shares and Name of shareholder |
As at 31st March, 2017 |
|
|
Equity shares of INR 10 each fully paid |
Number |
% Shareholding |
|
Devakar Investment and Trading Co. Private Limited |
6192786 |
10.79 |
|
Adishwar Enterprises LLP (Formerly Adinath Investment and Trading Company) |
11413130 |
19.89 |
|
Vardhman Holdings Limited |
14067671 |
24.51 |
|
IDFC Premier Equity Fund |
N.A. |
N.A. |
h) Terms of securities convertible into
equity/preference shares N.A.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
574.300 |
559.288 |
620.531 |
|
(b) Reserves & Surplus |
45745.300 |
39299.186 |
36278.673 |
|
(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) |
46319.600 |
39858.474 |
36899.204 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
11955.500 |
7193.528 |
10222.385 |
|
(b) Deferred tax liabilities (Net) |
2356.000 |
2384.002 |
2063.893 |
|
(c) Other long term
liabilities |
228.300 |
214.980 |
205.146 |
|
(d) long-term provisions |
70.400 |
88.991 |
59.282 |
|
Total Non-current
Liabilities (3) |
14610.200 |
9881.501 |
12550.706 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
8055.100 |
10550.599 |
10168.213 |
|
(b) Trade
payables |
1961.900 |
1774.083 |
1459.067 |
|
(c) Other
current liabilities |
5964.600 |
7477.729 |
8724.004 |
|
(d) Short-term
provisions |
48.200 |
42.889 |
52.136 |
|
Total Current
Liabilities (4) |
16029.800 |
19845.300 |
20403.420 |
|
|
|
|
|
|
TOTAL |
76959.600 |
69585.275 |
69853.330 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
25030.400 |
24514.110 |
24890.362 |
|
(ii)
Intangible Assets |
37.300 |
67.419 |
110.824 |
|
(iii)
Capital work-in-progress |
1050.800 |
485.391 |
848.329 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
7879.600 |
9721.910 |
10698.392 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5.900 |
6.104 |
7.595 |
|
(e) Other
Non-current assets |
942.300 |
677.749 |
889.161 |
|
Total Non-Current
Assets |
34946.300 |
35472.683 |
37444.663 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
8040.400 |
6706.037 |
5.922 |
|
(b)
Inventories |
21165.100 |
15890.038 |
18091.159 |
|
(c) Trade
receivables |
7273.200 |
7179.098 |
7699.963 |
|
(d) Cash
and cash equivalents |
683.100 |
404.711 |
2767.696 |
|
(e) Short-term
loans and advances |
452.100 |
365.620 |
292.802 |
|
(f) Other
current assets |
4399.400 |
3567.088 |
3551.125 |
|
Total
Current Assets |
42013.300 |
34112.592 |
32408.667 |
|
|
|
|
|
|
TOTAL |
76959.600 |
69585.275 |
69853.330 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
58513.700 |
57282.874 |
56139.580 |
|
|
|
|
Other Income |
1850.600 |
5675.824 |
2409.729 |
|
|
|
|
TOTAL |
60364.300 |
62958.698 |
58549.309 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
31805.200 |
28366.941 |
26671.511 |
|
|
|
|
Purchase of Stock-in-trade |
336.300 |
292.035 |
671.509 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(480.100) |
(741.789) |
122.020 |
|
|
|
|
Employee Benefits Expenses |
4796.300 |
4536.138 |
4104.333 |
|
|
|
|
Power and Fuel |
5864.700 |
0.000 |
0.000 |
|
|
|
|
Other Expenses |
7605.700 |
13243.997 |
13488.067 |
|
|
|
|
TOTAL |
49928.100 |
45697.322 |
45057.440 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
10436.200 |
17261.376 |
13491.869 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
1143.200 |
918.310 |
867.069 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
9293.000 |
16343.066 |
12624.800 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
2285.500 |
3294.939 |
3630.960 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
7007.500 |
13048.127 |
8993.840 |
||
|
|
|
|
|
|
||
|
Less |
TAX |
1549.900 |
3032.198 |
2229.858 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
5457.600 |
10015.929 |
6763.982 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Earnings (FOB value of Exports, commission earned) |
NA |
22069.098 |
22748.634 |
|
|
|
TOTAL EARNINGS |
NA |
22069.098 |
22748.634 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
NA |
NA |
2250.686 |
|
|
|
|
Components and Stores parts |
NA |
NA |
595.811 |
|
|
|
|
Capital Goods |
NA |
NA |
1181.739 |
|
|
|
TOTAL IMPORTS |
NA |
NA |
4028.236 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (INR) |
96.41 |
163.67 |
109.00 |
||
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Maturities of Long term debt |
NA |
4237.550 |
5564.434 |
|
Cash generated from Operations |
NA |
15327.154 |
11009.408 |
|
Net cash flow from/ (used in) operating activities |
NA |
12280.999 |
8686.038 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
45.37 |
45.74 |
50.06 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
8.05 |
7.98 |
7.29 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
22.28 |
22.59 |
19.48 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.49 |
1.09 |
0.75 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.40 |
0.69 |
0.52 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.36 |
0.45 |
0.52 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.43 |
0.55 |
0.70 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.35 |
0.50 |
0.55 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.56 |
0.63 |
0.70 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
9.13 |
18.80 |
15.56 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
9.33 |
17.49 |
12.05 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
7.09 |
14.39 |
9.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
11.78 |
25.13 |
18.33 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.62 |
1.72 |
1.59 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.30 |
0.92 |
0.70 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.60 |
0.57 |
0.53 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
34.84 |
39.30 |
41.83 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.62 |
1.72 |
1.59 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 1214.50/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
620.531 |
559.288 |
574.300 |
|
Reserves & Surplus |
36278.673 |
39299.186 |
45745.300 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
36899.204 |
39858.474 |
46319.600 |
|
|
|
|
|
|
long-term borrowings |
10222.385 |
7193.528 |
11955.500 |
|
Short term borrowings |
10168.213 |
10550.599 |
8055.100 |
|
Total borrowings |
20390.598 |
17744.127 |
20010.600 |
|
Debt/Equity ratio |
0.553 |
0.445 |
0.432 |
%20-%20516894%2026-Jun-2018_files/image022.gif)
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
56139.580 |
57282.874 |
58513.700 |
|
|
|
2.037 |
2.149 |
%20-%20516894%2026-Jun-2018_files/image024.gif)
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
56139.580 |
57282.874 |
58513.700 |
|
Profit |
6763.982 |
10015.929 |
5457.600 |
|
|
12.05% |
17.49% |
9.33% |
%20-%20516894%2026-Jun-2018_files/image026.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
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 |
CORPORATE INFORMATION [AS ON 31.03.2017]
The Company is a public company incorporated under the provisions of the Companies Act, 1956 on 8th October, 1973 and has its registered office at Chandigarh Road, Ludhiana. The name of the company at its incorporation was Mahavir Spinning Mills Limited and subsequently changed to Vardhman Textiles Limited on 5th September, 2006. The company is engaged in manufacturing of Cotton yarn, Synthetic yarn and woven fabric. The company is listed on two stock exchanges i.e. at National Stock Exchange and at Bombay Stock Exchange.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2018 INR
In Million |
31.03.2017 INR
In Million |
|
SHORT TERM
BORROWINGS |
|
|
|
From banks |
NA |
387.229 |
|
|
|
|
|
Total |
NA |
387.229 |
INDEX OF CHARGES:
|
Charges Registered |
||||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G82914813 |
100167665 |
SBICAP TRUSTEE COMPANY LIMITED |
27/02/2018 |
- |
- |
4998000000.0 |
202, MAKER TOWER 'E'CUFFEE PARADEMUMBAIMH400005IN |
|
2 |
G72262686 |
10583270 |
State Bank of India |
08/07/2015 |
02/11/2017 |
- |
1330000000.0 |
IFB, GOLDEN TOWERDHOLEWAL CHOWKLUDHIANAPB141003IN |
|
3 |
G72026503 |
10581218 |
ICICI BANK LIMITED |
27/06/2015 |
02/11/2017 |
- |
720000000.0 |
ICICI BANK TOWER, NBCC PLACE,BHISHMA PITAMAH MARG, PRAGATI VIHARNEW DELHIDL110003IN |
|
4 |
G72027139 |
10581358 |
ICICI BANK LIMITED |
27/06/2015 |
02/11/2017 |
- |
2200000000.0 |
ICICI BANK TOWER, NBCC PLACE,BHISHMA PITAMAH MARG, PRAGATI VIHARNEW DELHIDL110003IN |
|
5 |
G72264682 |
10558928 |
State Bank of India |
24/03/2015 |
02/11/2017 |
- |
1350000000.0 |
IFB, GOLDEN TOWERDHOLEWAL CHOWKLUDHIANAPB141003IN |
|
6 |
G72264708 |
10508490 |
State Bank of India |
21/06/2014 |
02/11/2017 |
- |
440000000.0 |
Industrial Finance Branch, Golden TowerDholewal ChowkLUDHIANAPB141003IN |
|
7 |
G72264906 |
10443552 |
State Bank of India |
24/07/2013 |
02/11/2017 |
- |
450000000.0 |
IFB, GOLDEN TOWERDHOLEWAL CHOWKLUDHIANAPB141003IN |
|
8 |
G72147879 |
10435934 |
EXPORT-IMPORT BANK OF INDIA |
24/06/2013 |
02/11/2017 |
- |
435000000.0 |
CENTRE ONE BUILDING, FLOOR-21WORLD TRADE CENTRE COMPLEX, CUFFE PARADEMUMBAIMH400005IN |
|
9 |
G72291990 |
10426904 |
State Bank of India |
29/03/2013 |
02/11/2017 |
- |
1600000000.0 |
IFB, GOLDEN TOWERDHOLEWAL CHOWKLUDHIANAPB141003IN |
|
10 |
G72264922 |
10348797 |
State Bank of India |
22/03/2012 |
02/11/2017 |
- |
2650000000.0 |
IFB,Golden TowerDholewal ChowkLudhianaPB141003IN |
CONTINGENT LIABILITIES:
|
PARTICULARS |
31.03.2018 INR
In Million |
31.03.2017 INR
In Million |
|
Claims not acknowledged as debts |
NA |
43.637 |
|
Bank Guarantees and Letters of Credit outstanding |
NA |
1125.486 |
|
Other monies for which the company is contingently
liable |
|
-- |
FIXED ASSETS:
Tangible Assets
· Free-hold Land
· Leasehold Land
· Buildings
· Plant and Equipment
· Furniture and Fixture
· Vehicles
· Office equipment
Intangible Assets:
· Computer Software
· Right to use Power Lines
PRESS RELEASE
VARDHMAN TEXTILES ACQUIRES BALANCE STAKE
IN SUBSIDIARY VMT SPINNING COMPANY
VMT Spinning Company becomes 100% subsidiary of Vardhman Textiles
Vardhman Textiles announced that the Company has purchased entire stake of Marubeni Corporation (6.67%) and Marubeni Hong Kong and South China Limited (3.89%) in its subsidiary, VMT Spinning Company (VMT). The Company earlier was holding 89.44% shares of VMT and with this purchase VMT has become its 100% subsidiary.
Powered by Capital Market - Live News
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CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 67.45 |
|
UK Pound |
1 |
INR 89.79 |
|
Euro |
1 |
INR 78.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
JYO |
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.