|
|
|
MIRA INFORM REPORT
|
Report No. : |
495198 |
|
Report Date : |
03.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
PASUPATI SPINNING AND WEAVING MILLS LIMITED |
|
|
|
|
Registered
Office : |
Village Kapriwas, Dharuhera, District: Rewari – 123401, Haryana |
|
Tel. No.: |
91-11-41515043 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
13.08.1979 |
|
|
|
|
Com. Reg. No.: |
05-009789 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 93.371 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74900HR1979PLC009789 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0588085120 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP0164H |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of textile and textile articles. [Registered Activity] |
|
|
|
|
No. of Employees
: |
602 (Approximately) |
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
|
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Comments : |
Subject was incorporated in the year 1979 and it is a manufacturer of cotton yarn, polyester grey and dyed sewing thread and knitted fabric. As per financials of March 2017, the company has registered decline in
its revenue as compared to its previous year’s revenue and has reported
minimal profit margin 0.49%. Rating takes into consideration the company’s established track record
of business operations marked by sound networth base along with average debt
coverage indicators and good liquidity position. Rating also takes into account the extensive experience of its
promoters in the yarn industry and its diversified product profile. Share are quoted high on Stock Exchanges. (Share are traded at a price
of INR 29.40 against its face value of INR 10.) However, rating strength is partially offset by susceptibility of its
margins to government policies on raw material prices and competition in the
industry. As per unaudited quarterly financials of December 2017, the company
has achieved a revenue of INR 382 million but has reported losses. Payments seems to be slow but correct. 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 (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating= BB- |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
24.03.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating= A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
24.03.2017 |
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 03.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
Management Non-Cooperative (91-11-41515043 / 47632200)
LOCATIONS
|
Registered Office/ Works : |
Village Kapriwas, Dharuhera, District: Rewari – 123401, Haryana, India |
|
Tel. No.: |
91-11-41515043/ 1274-267258/ 267251-53 |
|
Mobile No.: |
Not Available |
|
Fax No.: |
91-1274-267257 |
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E-Mail : |
|
|
Website : |
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|
|
|
|
Head Office : |
127-128 Tribhuvan Complex, Ishwar Nagar, Mathura Road, New Delhi – 110065, India |
|
Tel. No.: |
91-11-47632200 |
|
Fax No.: |
91-11-23316441 / 47632221 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
1501, Nirmal Tower, 26, Barakhamba Road, New Delhi –
110001, India |
|
Tel. No.: |
91-11-47632200 |
|
Fax No.: |
91-11-23316441 |
|
E-Mail : |
|
|
|
|
|
Sewing Thread Unit
: |
Village Kheri, Trilokpur Road, Kala-AMB, Nahan, District: Sirmour – 173030, Himachal Pradesh, India |
|
Telefax No.: |
91-1702-238943/ 238591 (3 Lines) |
|
Fax No.: |
91-1702-238590 |
|
E-Mail : |
|
|
|
|
|
Plant Location: |
Polyester Viscose
Yarn and Cotton Yarn Unit: Village Kapriwas (Dharuhera) District Rewari, Haryana Sewing Thread Unit: Village Kheri (Kala-amb) District Sirmour, Himachal Pradesh |
DIRECTORS
AS ON 2018
|
Name : |
Mr. Ramesh Kumar Jain |
|
Designation : |
Managing Director |
|
Address : |
26, Friends Colony West, New Delhi – 110065, India |
|
Date of Birth/Age : |
13.09.1979 |
|
Qualification : |
B.Sc.
in Economics from University of Pennsylvania (USA) |
|
Date of Appointment : |
13.08.1979 |
|
DIN No.: |
00575142 |
|
|
|
|
Name : |
Mr. Vidit Jain |
|
Designation : |
Whole-time Director |
|
Address : |
26, Friends Colony West, New Delhi – 110065, India |
|
Date of Appointment : |
01.04.2010 |
|
DIN No.: |
01347588 |
|
|
|
|
Name : |
Mr. Anil Gupta |
|
Designation : |
Director |
|
Address : |
Shanti Krishna, 5034/3, Sant Nagar, Karol Bagh, New Delhi – 110005,
India |
|
Date of Appointment : |
01.07.2014 |
|
DIN No.: |
00283431 |
|
|
|
|
Name : |
Mr. Ashwani Kumar Rathore |
|
Designation : |
Director |
|
Address : |
B-1/25, Budh Vihar, Phase-1, Delhi – 110041, India |
|
Date of Appointment : |
25.02.2012 |
|
DIN No.: |
01347415 |
|
|
|
|
Name : |
Mr. Praveen Paliwal |
|
Designation : |
Director |
|
Address : |
B-2/133, Safdarjung Enclave, New Delhi – 110029, India |
|
Date of Appointment : |
18.05.2009 |
|
DIN No.: |
02529141 |
|
|
|
|
Name : |
Mr. Ghanshyam Dass Gupta |
|
Designation : |
Director |
|
Address : |
D-9-17, D-9 Block, Model Town II, Delhi – 110009, India |
|
Date of Appointment : |
21.07.2011 |
|
DIN No.: |
03599365 |
|
|
|
|
Name : |
Mrs. Vrinda Jain |
|
Designation : |
Director |
|
Address : |
26, Friends Colony West, New Delhi – 110065, India |
|
Date of Appointment : |
01.07.2014 |
|
DIN No.: |
06641054 |
|
|
|
|
Name : |
Mr. Chander Mohan Sharma |
|
Designation : |
Additional Director |
|
Address : |
414 H. IG, Jamalpur, Focal Point, Ludhiana – 141010,
Punjab, India |
|
Date of Appointment : |
20.12.2017 |
|
DIN No.: |
08047336 |
KEY EXECUTIVES
|
Name : |
Mr. Ajay Kumar Monga |
|
Designation : |
Chief Financial Officer |
|
Address : |
KL-64, Kavi Nagar, Ghaziabad – 201002, Uttar Pradesh, India |
|
Date of Appointment : |
15.06.2014 |
|
PAN No.: |
ACQPM4923L |
|
|
|
|
Name : |
Ms. Rekha Sharma |
|
Designation : |
Company Secretary |
|
Address : |
D-54, Gali No. 8, Jyoti Colony, Delhi – 110032, India |
|
Date of Appointment : |
27.10.2009 |
|
PAN No.: |
ANYPS6529D |
SHAREHOLDING PATTERN
AS ON December 2017
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
6993970 |
74.91 |
|
(B) Public |
2343098 |
25.09 |
|
Grand Total |
9337068 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
Individuals/Hindu
undivided Family |
979734 |
10.49 |
|
Vrinda Jain |
714052 |
7.65 |
|
Vidit Jain |
134076 |
1.44 |
|
Tushar Jain |
131606 |
1.41 |
|
Any Other
(specify) |
6014236 |
64.41 |
|
Pasupati Olefin
Limited |
4068428 |
43.57 |
|
Sulabh Impex
Limited |
1777354 |
19.04 |
|
Shailja
Investments Limited |
168454 |
1.80 |
|
Sub Total A1 |
6993970 |
74.91 |
|
A=A1+A2 |
6993970 |
74.91 |
Statement showing shareholding pattern of the Public
shareholder
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
Mutual Funds/ |
2460 |
0.03 |
|
Financial Institutions/
Banks |
7822 |
0.08 |
|
Sub Total B1 |
10282 |
0.11 |
|
Individual share
capital upto INR 0.200 million |
628742 |
6.73 |
|
Individual share
capital in excess of INR 0.200 million |
52920 |
0.57 |
|
NBFCs registered
with RBI |
20800 |
0.22 |
|
Any Other
(specify) |
1630354 |
17.46 |
|
JM Financial
Asset Reconstruction Co Private Limited |
1000000 |
10.71 |
|
India Spintex
Limited |
311620 |
3.34 |
|
Priyanka Overseas
Private Limited |
108574 |
1.16 |
|
Sub Total B3 |
2332816 |
24.98 |
|
B=B1+B2+B3 |
2343098 |
25.09 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of textile and textile articles. [Registered Activity] |
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Products / Services
: |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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
|
Suppliers : |
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Customers : |
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No. of Employees : |
602 (Approximately) |
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Bankers : |
· Bank of Baroda · Canara Bank · ING Vysya Bank Limited · State Bank of Patiala · State Bank of Travancor ·
The Nainital Bank Limited |
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Facilities : |
NOTES: LONG TERM BORROWINGS · Term loan are secured on pari-passu basis by way of joint equitable mortgage of fixed assets of the company along with personal guarantee of the chairman & managing director (CMD). Loan of INR 2.411 million is additionally secured against pledged of 699115 equity shares held by promoters/associates. · Vehicle loans are secured against hypothecation of vehicle financed out of the loan amount. · The above loans are repayable as follows:
SHORT TERM BORROWINGS · Secured loans are secured against hypothecation of raw materials, finished goods, semi-finished goods, stores and spare parts, book debts, etc. together with second charge on all immovable/movable fixed assets of the company both present and future along with personal guarantee of CMD and two outsiders. The loans are further secured against pledge of 699115 equity shares of the company held by promoters/associates. |
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|
Auditors : |
|
|
Name : |
B.K. Shroff and Company Chartered Accountants |
|
Address : |
|
|
Tel. No.: |
91-11-23271407 / 23284825 / 23284826 |
|
Telefax No.: |
91-11-23270362 |
|
E-Mail : |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates : |
· Shivani Textiles Limited · Pasupati Olefin Limited · Sulabh Impex Limited |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12100000 |
Equity Shares |
INR 10/- each |
INR 121.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9337068 |
Equity Shares |
INR 10/- each |
INR 93.371
Million |
|
|
|
|
|
Details of shares in the company held by
each shareholder holding more than 5% of shares is as under:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Pasupati Olefin Limited |
4068428 |
43.57% |
|
Sulabh Impex Limited |
1777354 |
19.04% |
|
J M Financial Asset
Reconstruction Company Private Limited |
1000000 |
10.71% |
|
Vrinda Jain |
714052 |
7.65% |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
93.371 |
93.371 |
93.371 |
|
(b) Reserves & Surplus |
196.798 |
189.332 |
188.118 |
|
(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) |
290.169 |
282.703 |
281.489 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
108.029 |
100.620 |
124.687 |
|
(b) Deferred tax liabilities (Net) |
11.396 |
13.315 |
12.545 |
|
(c) Other long term
liabilities |
0.020 |
0.019 |
3.101 |
|
(d) long-term
provisions |
9.003 |
8.964 |
8.429 |
|
Total Non-current Liabilities
(3) |
128.448 |
122.918 |
148.762 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
354.792 |
357.893 |
354.800 |
|
(b) Trade
payables |
199.970 |
219.336 |
243.048 |
|
(c) Other
current liabilities |
128.456 |
114.628 |
112.431 |
|
(d) Short-term
provisions |
6.033 |
3.708 |
2.082 |
|
Total Current
Liabilities (4) |
689.251 |
695.565 |
712.361 |
|
|
|
|
|
|
TOTAL |
1107.868 |
1101.186 |
1142.612 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
412.960 |
403.623 |
432.353 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.451 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.053 |
1.053 |
1.053 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
12.167 |
15.168 |
10.352 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
426.180 |
420.295 |
443.758 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
314.186 |
341.389 |
363.311 |
|
(c) Trade
receivables |
292.010 |
253.006 |
244.275 |
|
(d) Cash
and cash equivalents |
29.423 |
41.978 |
35.859 |
|
(e)
Short-term loans and advances |
26.709 |
28.778 |
31.637 |
|
(f) Other
current assets |
19.360 |
15.740 |
23.772 |
|
Total
Current Assets |
681.688 |
680.891 |
698.854 |
|
|
|
|
|
|
TOTAL |
1107.868 |
1101.186 |
1142.612 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
1514.413 |
1890.030 |
2040.944 |
|
|
|
|
Other Income |
14.852 |
9.469 |
24.905 |
|
|
|
|
TOTAL |
1529.265 |
1899.499 |
2065.849 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
655.586 |
938.931 |
1095.089 |
|
|
|
|
Purchase of Stock-in-trade |
0.000 |
0.000 |
3.459 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
14.626 |
(9.064) |
(3.808) |
|
|
|
|
Share of Profit of Joint
Venture partner |
2.745 |
2.747 |
(1.481) |
|
|
|
|
Employees benefits expense |
194.469 |
178.666 |
159.386 |
|
|
|
|
Other Expenses |
552.272 |
680.543 |
705.115 |
|
|
|
|
TOTAL |
1419.698 |
1791.823 |
1957.760 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
109.567 |
107.676 |
108.089 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
62.125 |
65.395 |
66.066 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
47.442 |
42.281 |
42.023 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
41.785 |
40.052 |
40.252 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
5.657 |
2.229 |
1.771 |
||
|
|
|
|
|
|
||
|
Less |
TAX |
(1.809) |
1.015 |
(0.109) |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS) AFTER
TAX |
7.466 |
1.214 |
1.880 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
62.370 |
61.156 |
59.276 |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO THE B/S |
69.836 |
62.370 |
61.156 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
||
|
|
|
FOB Value of Exports |
270.510 |
95.979 |
275.490 |
|
|
|
TOTAL EARNINGS |
270.510 |
95.979 |
275.490 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
1.280 |
1.280 |
5.174 |
|
|
|
|
Stores & Spares |
8.959 |
6.377 |
1.699 |
|
|
|
TOTAL IMPORTS |
10.239 |
7.657 |
6.873 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (INR) |
0.80 |
0.13 |
0.20 |
||
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
29.941 |
32.472 |
25.406 |
|
Cash generated from operations |
88.717 |
88.680 |
65.924 |
|
Net cash from operating activities |
35.121 |
30.312 |
10.363 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
289.600 |
311.100 |
328.200 |
|
Total Expenditure |
268.600 |
287.600 |
303.600 |
|
PBIDT (Excluding Other Income) |
21.000 |
23.500 |
24.600 |
|
Other income |
4.600 |
5.900 |
2.800 |
|
Operating Profit |
25.600 |
29.400 |
27.400 |
|
Interest |
16.200 |
18.400 |
17.000 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
9.400 |
11.000 |
10.400 |
|
Depreciation |
8.900 |
9.300 |
9.300 |
|
Profit Before Tax |
0.500 |
1.700 |
1.100 |
|
Tax |
0.100 |
0.600 |
0.400 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
0.400 |
1.100 |
0.700 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
0.400 |
1.100 |
0.700 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
70.38 |
48.86 |
43.69 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.19 |
7.47 |
8.36 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
111.33 |
85.26 |
80.75 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.35 |
0.32 |
0.30 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.27 |
0.27 |
0.25 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.75 |
0.75 |
0.75 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.70 |
1.74 |
1.79 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
2.38 |
2.46 |
2.53 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.42 |
1.43 |
1.54 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.76 |
1.65 |
1.64 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
0.49 |
0.06 |
0.09 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
0.67 |
0.11 |
0.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
2.57 |
0.43 |
0.67 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.99 |
0.98 |
0.98 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.53 |
0.49 |
0.47 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.26 |
0.26 |
0.25 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
5.28 |
5.26 |
5.41 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.99 |
0.98 |
0.98 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 29.40/- |
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 |
93.371 |
93.371 |
93.371 |
|
Reserves & Surplus |
188.118 |
189.332 |
196.798 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
281.489 |
282.703 |
290.169 |
|
|
|
|
|
|
Long-Term Borrowings |
124.687 |
100.620 |
108.029 |
|
Short Term Borrowings |
354.800 |
357.893 |
354.792 |
|
Current Maturities of Long term debt |
25.406 |
32.472 |
29.941 |
|
Total
borrowings |
504.893 |
490.985 |
492.762 |
|
Debt/Equity
ratio |
1.794 |
1.737 |
1.698 |
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 |
2040.944 |
1890.030 |
1514.413 |
|
|
|
(7.394) |
(19.874) |
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
|
2040.944 |
1890.030 |
1514.413 |
|
Profit |
1.880 |
1.214 |
7.466 |
|
|
0.09% |
0.06% |
0.49% |
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 |
FINANCIAL PERFORMANCE
During the year, although the turnover of the company has declined by 24.21%, the profit before taxes increased from INR 2.228 million to INR 5.658 million. The decline in turnover is mainly attributable to following reasons: -
· The company has been outsourcing job work activities from a third party, whereby the company was supplying raw materials (cotton) and packing material to the said party and getting the cotton yarn manufactured on job work basis. In August 2016, the factory premises of the said party was taken over and sealed by its lender resulting sudden stoppage of operations. Even our company’s stock, which was lying in the factory premises has also been sealed, which in turn created pressure on working capital of the company. The company has already initiated legal action for release of its stocks.
· The company was also manufacturing cotton yarn at its spinning unit at Dharuhera, Haryana. Since, cotton yarn operations became unviable, the company stopped manufacturing cotton yarn. To utilize the manufacturing facilities at Dharuhera, the company has started doing job work for outside party. Although sales turnover from this unit discontinued, the company earned job work income of INR 38.300 million during the year. The job work activities are continuing in the current year as well.
THE MANAGEMENT DISCUSSION & ANALYSIS
Spinning Unit at Dharuhera, Haryana
As already stated above, the cotton yarn manufacturing has been discontinued and the company is doing job work activities for outside party.
Knitting & Garment unit at Dharuhera,
Haryana
The production activities of the Fabric/Garment Division at Dharuhera are going on smoothly. The company is supplying garments for well-known brands i.e. Future Group, Reliance Trend, Pantloon Retail, Spencer and Bharti Wallmart etc. Besides, the company is also exporting garments.
Sewing Thread Unit At Kala Amb, Himachal
Pradesh
During the year under review, the capacity utilisation has improved as compared to previous year. The company has achieved a turnover of INR 981.100 million from this unit as compared to INR 874.800 million achieved during the immediate preceding year marking a rise of about 12%. Although the company has taken number of steps to improve capacity but problem of labour shortage still remains the area of concern.
Exports
As reported in the last report, the company’s exports had decline sharply from INR 366.200 million to INR 107.600 million. However, during the year, exports have increased to INR 315.600 million showing significant growth of about 193%. The exports are expected to increase further in next year.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
From Companies - Free of interest |
83.642 |
64.571 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable on
demand |
|
|
|
From Companies |
|
|
|
Free of Interest |
1.254 |
1.254 |
|
|
|
|
|
Total |
84.896 |
65.825 |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER 2017
(INR In Million)
|
Particulars |
Quarter ended |
Nine Months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
||
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
328.200 |
311.100 |
928.900 |
|
Other Operating Income |
2.800 |
5.900 |
13.300 |
|
Total
Income from Operations |
331.000 |
317.000 |
942.200 |
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
100.900 |
91.400 |
317.500 |
|
Changes in inventories of finished goods and
work-in-progress |
23.700 |
9.500 |
0.600 |
|
Job work expenses |
11.900 |
12.100 |
39.000 |
|
Power & Fuel |
51.500 |
51.200 |
148.900 |
|
Consumption of stores, spares, dyes, chemicals and packing
materials |
35.600 |
34.600 |
103.100 |
|
Employee benefits expense |
51.800 |
55.100 |
156.100 |
|
Finance Costs |
17.000 |
18.400 |
51.600 |
|
Depreciation and Amortization expenses |
9.300 |
9.300 |
27.500 |
|
Other Expenditure |
28.200 |
33.700 |
94.600 |
|
Total
Expenses |
329.900 |
315.300 |
938.900 |
|
Profit / (Loss) before Tax |
1.100 |
1.700 |
3.300 |
|
Tax Expense |
0.400 |
0.600 |
1.100 |
|
Profit
/ (Loss) after Tax |
0.700 |
1.100 |
2.200 |
|
Other
comprehensive income |
|
|
|
|
Items that will not be reclassified to profit or loss |
0.100 |
-- |
0.200 |
|
Items that will be reclassified to profit or loss |
-- |
-- |
-- |
|
Total
Other comprehensive income |
0.800 |
1.100 |
2.400 |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
93.400 |
93.400 |
93.400 |
|
Reserves (excluding Revaluation Reserve) |
|
|
|
|
Earnings
per Share (EPS) - INR |
0.08 |
0.13 |
0.26 |
NOTES:
1. Segment reporting as prescribed under AS-17 issued by ICAI is not applicable to the company.
2. Figures have been regrouped/ rearranged wherever considered necessary.
3. The above results have been considered by the audit committee at its meeting held on 13th February 2018 and by the Board of Directors at its meeting held on 13th February 2018. The statutory auditors have carried out limited review of above financial results.
4. This statement has been prepared in accordance with the Companies (Indian Accounting Standards (Ind AS) Rules, 2015) prescribed under section 133 of the Companies Act, 2013 read with rules made thereunder and other recognised accounting practices and policies to the extent applicable. Beginning April 1, 2017, the Company has for the first time adopted Ind AS with transition date of April 1, 2016 and accordingly quarterly results for the quarter and nine months ended 31st December 2016 have been restated.
5. The statement does not include Ind AS compliant results for the year ended 31st March 2017 as it is not mandatory as per SEBI circular dated July 05, 2016.
6. The additional compensation on acquisition of part of factory land shall be provided as and when received.
7. The company had entered into joint venture with Star Cotspin Ltd (SCL) in respect of cotton yam which was got manufactured from an outside party on job work basis. As per the terms of the joint venture agreement dated 1.4.2013, the profit sharing ratio between SCL and company is 75:25. All the income and expenses of joint venture operations were included in the income and expenses of the company as per the terms of joint venture agreement and amount of share of profit(Ioss) of SCL had been debited /credited in expenses. The operations were temporarily suspended from 16.08.2016 as premises of the party doing job work was sealed. The company has initiated legal action for release of its material'lying in the premises.
8. Pursuant to Rehabilitation Scheme sanctioned by Board of Industrial & Financial Reconstruction (BIFR) vide its order dated 17.02.2012, the company has already despatched cheques to all the debentureholders towards full and final settlement of the dues of (a) 14% Secured Redeemable Partly Convertible Debentures and (b) 15% Secured Redeemable Partly Convertible Debentures. If any debentureholder has not received the cheque, he may contact - Ms. Rekha Sharma, Company Secretary and Compliance Officer at the Head Office address mentioned above or write an email to rekhasharma@pasupatitextiles.com.
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G42561126 |
100094061 |
PUNJAB NATIONAL BANK |
03/04/2017 |
- |
- |
4500000.0 |
INTERNATIONAL BANKING BRANCH 8TH FLOOR, DCM BUILDING, BARAKHAMBA ROAD NEW DELHI DL110001IN |
|
2 |
C35578574 |
10534259 |
STATE BANK OF TRAVANCORE |
24/11/2014 |
- |
- |
18000000.0 |
SBT HOUSE 18/4 2ND FLOOR ARYA SAMAJ ROAD KAROL BAGH NEW DELHI-110005 NEW DELHI DL110005IN |
|
3 |
B98553605 |
10482764 |
BANK OF BARODA |
17/02/2014 |
- |
- |
20000000.0 |
16, PARLIAMENT STREET NEW DELHI DL110001IN |
|
4 |
B91607077 |
10465301 |
BANK OF BARODA |
19/11/2013 |
- |
- |
20000000.0 |
16, PARLIAMENT STREET NEW DELHI DL110001IN |
|
5 |
C35550136 |
10440805 |
BANK OF BARODA |
14/06/2013 |
02/12/2014 |
- |
110000000.0 |
MAIN BRANCH, BANK OF BARODA BUILDING,16, PARLIAMENT STREET, NEW DELHI DL110001IN |
|
6 |
C35549922 |
10411525 |
BANK OF BARODA |
19/02/2013 |
02/12/2014 |
- |
45200000.0 |
MAIN BRANCH, BANK OF BARODA BUILDING,16, PARLIAMENT STREET, NEW DELHI DL110001IN |
|
7 |
A65225187 |
10165176 |
PUNJAB NATIONAL BANK |
17/06/2009 |
- |
- |
31500000.0 |
IBB, DCM BUILDING BARAKHAMBA ROAD NEW DELHIDL110001IN |
|
8 |
Y10145731 |
90064660 |
ING. VYSYA BANK LTD |
31/01/2005 |
- |
- |
69500000.0 |
G- 25; CONNAUGHT PLACE NEW DELHI DLIN |
|
9 |
Y10143370 |
90063275 |
PUNJAB NATIONAL BANK |
20/10/2004 |
- |
- |
70000000.0 |
I. B. B. BARAKHAMBA ROAD NEW DELHI DL110001IN |
|
10 |
Y10143229 |
90063134 |
ING VYSYA BANK LTD. |
02/06/2004 |
- |
- |
20000000.0 |
KAROL BAGH BRANCH ARYA SAMAJ ROAD NEW DELHIDLIN |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicles
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 65.23 |
|
|
1 |
INR 89.71 |
|
Euro |
1 |
INR 79.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
VVK |
|
|
|
|
Report Prepared
by : |
NKT |
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.