|
|
|
MIRA INFORM REPORT
|
Report No. : |
496649 |
|
Report Date : |
09.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
NITIN SPINNERS LIMITED |
|
|
|
|
Registered
Office : |
16-17, K.M. Stone, Chittor Road, Hamirgarh, Bhilwara – 311001,
Rajasthan |
|
Tel. No.: |
91-1482-286110 / 113 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
15.10.1992 |
|
|
|
|
Com. Reg. No.: |
17-006987 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 458.339 Million
|
|
|
|
|
CIN No.: [Company Identification
No.] |
L17111RJ1992PLC006987 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
1392004691 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN7529A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing
of cotton yarn and knitted fabric and also power generation. [Registered
Activity] |
|
|
|
|
No. of Employees
: |
2,864 (Approximately) |
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 7300000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1992 and it is engaged in
manufacturing of cotton yarn and knitted fabrics. As per the financials of March 2017, the company has registered growth
of 21.71% in its revenue as compared to its previous year’s revenue and
reported good profit margin of 6.12% under review. Rating takes into consideration the company’s established track record
of business operations marked by healthy networth base along with average
debt coverage indicators and good liquidity position. Rating also takes into account the extensive business experience of
its promoter, reputed and long standing clientele base. Share are quoted high on stock exchanges. (Share are traded at a price
of INR 97.00 against its face value of INR 10.) However, rating strength is partially offset by exposure to volatility
in cotton prices and other inherent risks associated with the textile
industry. As per unaudited quarterly financials of December 2017, the company
has achieved a revenue of INR 2871 million and reported good profit margin of
5.84%. Payments seems 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 (30.09.2017) |
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 |
BRICKWORKS |
|
Rating |
Long Term Rating = A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
08.08.2017 |
|
Rating Agency Name |
BRICKWORKS |
|
Rating |
Short Term Rating = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
08.08.2017 |
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 09.03.2018
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.
LOCATIONS
|
Registered Office/ Factory : |
16-17, K.M. Stone, Chittor Road, Hamirgarh, Bhilwara - 311001,
Rajasthan, India |
|
Tel. No.: |
91-1482-286110 to 113 |
|
Fax No.: |
91-1482-286114 and 117 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Ratan Lal Nolkha |
|
Designation : |
Chairman |
|
Address : |
B – 86, Shastri Nagar Bhilwara – 311001,
Rajasthan, India |
|
Date of Birth/Age : |
70 years |
|
Date of Appointment : |
01.09.2007 |
|
DIN No.: |
00060746 |
|
|
|
|
Name : |
Mr. Dinesh Nolkha |
|
Designation : |
Managing Director |
|
Address : |
B – 86, Shastri Nagar Bhilwara – 311001,
Rajasthan, India |
|
Date of Birth/Age : |
46 years |
|
Date of Appointment : |
01.10.2010 |
|
DIN No.: |
00054658 |
|
|
|
|
Name : |
Mr. Nitin Nolakha |
|
Designation : |
Executive Director |
|
Address : |
B – 86, Shastri Nagar Bhilwara – 311001,
Rajasthan, India |
|
Date of Birth/Age : |
41 years |
|
Date of Appointment : |
01.10.2015 |
|
DIN No.: |
00054707 |
|
|
|
|
Name : |
Mr. Yeshwantlal Ratilal Shah |
|
Designation : |
Independent Director |
|
Address : |
A-1, Dhanratna Apartment, Opposite Navrang Cinema,
Off. J. P. Road, Mumbai – 400058, Maharashtra, India |
|
Date of Appointment : |
24.02.2005 |
|
DIN No.: |
00019557 |
|
|
|
|
Name : |
Mrs. Aditi Mehta |
|
Designation : |
Independent Director |
|
Address : |
G-31 Shanti Nagar, New Delhi – 110096,
India |
|
Date of Appointment : |
29.07.2014 |
|
DIN No.: |
06917890 |
|
|
|
|
Name : |
Dr. Rabisankar Chattopadhyay |
|
Designation : |
Independent Director |
|
Address : |
48, New Campur IIT Delhi Hauz Khas, New
Delhi – 110016, India |
|
Date of Appointment : |
29.07.2014 |
|
DIN No.: |
06928729 |
KEY EXECUTIVES
|
Name : |
Mr. Sudhir Kumar Garg |
|
Designation : |
Company Secretary and General
Manager (Legal) |
|
Address : |
E - 9, Basant Vihar, Bhilwara – 311001,
Rajasthan, India |
|
Date of Birth/Age : |
51 years |
|
Date of Appointment : |
19.04.2007 |
|
PAN No.: |
ABBPK6037F |
|
|
|
|
Name : |
Mr. Ratan Lal Nolkha |
|
Designation : |
Manager |
|
Address : |
B – 86, Shastri Nagar Bhilwara – 311001,
Rajasthan, India |
|
Date of Birth/Age : |
70 years |
|
Date of Appointment : |
15.10.1992 |
|
PAN No.: |
AAHPN1293K |
|
|
|
|
Name : |
Mr. Purshottam Maheshwari |
|
Designation : |
Chief Financial Officer |
|
Address : |
6-A-14, R C Vyas Colony, Bhilwara – 311001,
Rajasthan, India |
|
Date of Birth/Age : |
55 years |
|
Date of Appointment : |
06.05.2014 |
|
PAN No.: |
ABAPM8005C |
|
|
|
|
Name : |
Mr. Sandeep Garg |
|
Designation : |
President (Operations) |
|
Date of Birth/Age : |
46 years |
|
|
|
|
Name : |
Mr. Umesh Toshniwal |
|
Designation : |
Vice President (Marketing) |
|
Date of Birth/Age : |
45 years |
|
|
|
|
Name : |
Mr. K. L. Pareek |
|
Designation : |
Vice President (HR) |
SHAREHOLDING PATTERN
AS ON December 2017
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
29463510 |
53.36 |
|
(B) Public |
25756200 |
46.64 |
|
Grand Total |
55219710 |
100.00 |
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 |
12708510 |
23.01 |
|
Ratan Lal Nolkha |
5550000 |
10.05 |
|
Sushila Devi
Nolkha |
1650000 |
2.99 |
|
Ratan Lal Nolkha
HUF |
1475000 |
2.67 |
|
Dinesh Nolkha |
1070000 |
1.94 |
|
Krishna Nolkha |
265000 |
0.48 |
|
Pratyush Nolkha |
253510 |
0.46 |
|
Dinesh Nolkha HUF |
355000 |
0.64 |
|
Nitin Nolakha |
1710000 |
3.10 |
|
Ranjeeta Nolakha |
180000 |
0.33 |
|
Nitin Nolakha HUF |
200000 |
0.36 |
|
Any Other
(Specify) |
16755000 |
30.34 |
|
Redial Trading And
Investment Private Limited |
16755000 |
30.34 |
|
Sub Total A1 |
29463510 |
53.36 |
|
A2) Foreign |
|
0.00 |
|
A=A1+A2 |
29463510 |
53.36 |
Statement showing shareholding pattern of the Public
shareholder
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
B1) Institutions |
0 |
0.00 |
|
Mutual Funds/ |
6904029 |
12.50 |
|
Aditya Birla Sun
Life Trustee Private Limited A/C Aditya Birla Sun Life Small And Midcap Fund |
2173913 |
3.94 |
|
IDFC Sterling
Equity Fund |
1630000 |
2.95 |
|
L&T Mutual
Fund Trustee Limited-L&T Emerging Businesses Fund |
2529236 |
4.58 |
|
Foreign Portfolio
Investors |
603041 |
1.09 |
|
Financial
Institutions/ Banks |
67140 |
0.12 |
|
Any Other
(specify) |
207994 |
0.38 |
|
Sub Total B1 |
7782204 |
14.09 |
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
B3)
Non-Institutions |
0 |
0.00 |
|
Individual share
capital upto INR 0.200 million |
9624937 |
17.43 |
|
Individual share
capital in excess of INR 0.200 million |
4622981 |
8.37 |
|
Ashish
Bharatkumar Shah |
673658 |
1.22 |
|
Dolly Khanna |
622622 |
1.13 |
|
NBFCs registered
with RBI |
7250 |
0.01 |
|
Any Other
(specify) |
3718828 |
6.73 |
|
Bodies Corporate |
2386876 |
4.32 |
|
Clearing Members |
385038 |
0.70 |
|
NRI – Non- Repat |
174651 |
0.32 |
|
NRI |
740459 |
1.34 |
|
NRI – Repat |
30304 |
0.05 |
|
Trusts |
1500 |
0.00 |
|
Edelweiss Tokio
Life Insurance Company Limited-Shareholders Fund-Beyond Solvency Margin |
869000 |
1.57 |
|
Sub Total B3 |
17973996 |
32.55 |
|
B=B1+B2+B3 |
25756200 |
46.64 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
of cotton yarn and knitted fabric and also power generation. [Registered
Activity] |
||||||
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|
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|
Products / Services
: |
|
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|
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|
Brand Names : |
Not Available |
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|
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|
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|
Agencies Held : |
Not Available |
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|
|
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|
Exports : |
Not Available |
||||||
|
|
|
||||||
|
Imports : |
Not Available |
||||||
|
|
|
||||||
|
Terms : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
|
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|
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|
No. of Employees : |
2,864 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Oriental Bank of Commerce · State Bank of India · Syndicate Bank · Bank of Baroda · UCO Bank · Indian Overseas Bank ·
ICICI Bank Limited |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
NOTES: LONG TERM BORROWINGS: Explanations 1. Security (a) Term Loans of INR 4440.035 million are secured by way of first charge on all immovable and movable fixed assets (both present and future) and second charge on current assets. The term loan of INR 118.125 million are secured by way of IIIrd charge on all immovable and movable fixed assets and current assets of the Company. The term loans are also secured by personal guarantee of three directors. (b) Vehicle Loan is secured by hypothecation of the specific vehicle. 2. Terms of Repayment (a) Term loans of INR 619.592 million in 7 variable quarterly instalments upto December 2018, INR 23.568 million in 11 equal quarterly instalments upto December 2019, INR 1765.000 million in 24 variable quarterly instalments upto March 2023 and INR 2150.000 million in 28 variable quarterly instalments upto December 2024. (b) Vehicle loan of INR 0.166 million is repayable in 2 variable monthly instalments upto June 2017, INR 0.724 million is repayable in 14 variable monthly instalments upto June 2018 and INR 1.203 million is repayable in 28 variable monthly instalments upto August 2019. SHORT TERM BORROWINGS The working capital loans are secured by way of hypothecation (both present and future) of stocks of raw material / component spares, stock in process, finished goods and book debts and a second charge on all immovable properties (both present and future) of the Company. The working capital loans are also secured by personal guarantee of three directors. |
|
Auditors : |
|
|
Name : |
R. S. Dani and Company Chartered Accountants |
|
Address : |
Kothari Complex, Near G.P.O. Bhilwara – 311001, Rajasthan,
India |
|
Tel. No.: |
91-1482-512100/ 513100 |
|
|
|
|
Secretarial
Auditors : |
|
|
Name : |
V. M. Associates Company Secretaries |
|
Address : |
Jaipur, Rajasthan, India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
V. K. Goyal and Company Cost Accountants |
|
Address : |
Bhilwara, Rajasthan, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Related Company : |
· Redial Trading and Investment Private Limited |
CAPITAL STRUCTURE
AFTER 31.03.2017
Authorised Capital : INR
600.000 Million
Issued, Subscribed & Paid-up Capital : INR 555.517 Million
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
46000000 |
Equity Shares |
INR 10/- each |
INR 460.000 Million |
|
400000 |
Preference Shares |
INR 100/- each |
INR 40.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 500.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45833945 |
Equity Shares |
INR 10/- each |
INR 458.339
Million |
|
|
|
|
|
a. Details of Shareholders holding more than 5%
Shares are as under:
|
Name of Shareholders |
AS ON 31.03.2017 |
|
|
No. of Shares |
% of Holding |
|
|
Redial Trading and Investment Private Limited |
16755000 |
36.56 % |
|
Ratan Lal Nolkha |
5550000 |
12.11 % |
b. Reconciliation of the number of shares outstanding is set out below:
|
Particulars |
No. of Shares |
|
|
|
|
Equity Shares at the beginning of the year |
45833945 |
|
Add : Shares issued during the year |
-- |
|
Equity Shares at the end of the year |
45833945 |
c. The Company has not issued, any Shares pursuant to contract without payment being received in Cash, Bonus Shares and has not bought back any Shares
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 |
458.339 |
458.339 |
458.339 |
|
(b) Reserves & Surplus |
2103.419 |
1598.112 |
1211.649 |
|
(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) |
2561.758 |
2056.451 |
1669.988 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3894.065 |
2409.058 |
2942.455 |
|
(b) Deferred tax liabilities (Net) |
539.414 |
432.900 |
339.341 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
75.947 |
53.414 |
42.517 |
|
Total Non-current
Liabilities (3) |
4509.426 |
2895.372 |
3324.313 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1074.647 |
577.236 |
533.370 |
|
(b) Trade
payables |
181.962 |
130.890 |
93.673 |
|
(c) Other current
liabilities |
833.168 |
629.029 |
417.131 |
|
(d) Short-term
provisions |
73.579 |
61.396 |
60.479 |
|
Total Current
Liabilities (4) |
2163.356 |
1398.551 |
1104.653 |
|
|
|
|
|
|
TOTAL |
9234.540 |
6350.374 |
6098.954 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
6138.184 |
3817.803 |
4164.022 |
|
(ii)
Intangible Assets |
4.734 |
2.943 |
3.354 |
|
(iii)
Capital work-in-progress |
0.000 |
170.621 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
436.699 |
307.010 |
272.661 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
6579.617 |
4298.377 |
4440.037 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1700.362 |
1147.603 |
941.892 |
|
(c) Trade
receivables |
483.271 |
392.475 |
404.194 |
|
(d) Cash
and cash equivalents |
12.683 |
5.693 |
6.789 |
|
(e)
Short-term loans and advances |
88.994 |
189.525 |
38.523 |
|
(f) Other
current assets |
369.613 |
316.701 |
267.519 |
|
Total Current
Assets |
2654.923 |
2051.997 |
1658.917 |
|
|
|
|
|
|
TOTAL |
9234.540 |
6350.374 |
6098.954 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
9333.796 |
7668.668 |
6164.723 |
|
|
|
|
Other Income |
7.855 |
7.222 |
51.273 |
|
|
|
|
TOTAL |
9341.651 |
7675.890 |
6215.996 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
6145.152 |
4615.178 |
3853.455 |
|
|
|
|
Purchase of Stock-in-trade |
26.223 |
0.000 |
17.396 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(281.176) |
17.056 |
(34.050) |
|
|
|
|
Employee Benefits Expenses |
521.615 |
431.439 |
342.830 |
|
|
|
|
Other Expenses |
1590.714 |
1234.598 |
993.300 |
|
|
|
|
TOTAL |
8002.528 |
6298.271 |
5172.931 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1339.123 |
1377.619 |
1043.065 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
222.418 |
330.098 |
226.198 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1116.705 |
1047.521 |
816.867 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
416.512 |
395.573 |
279.400 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
700.193 |
651.948 |
537.467 |
||
|
|
|
|
|
|
||
|
Less |
TAX |
128.688 |
210.320 |
127.873 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
571.505 |
441.628 |
409.594 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1081.439 |
769.976 |
490.547 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Proposed Dividend on Equity
Shares |
55.001 |
45.834 |
45.834 |
|
|
|
|
Tax on Dividend |
11.197 |
9.331 |
9.331 |
|
|
|
|
Transfer to General Reserve |
75.000 |
75.000 |
75.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
1511.746 |
1081.439 |
769.976 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export of Goods at FOB value |
5646.280 |
5045.495 |
3740.597 |
|
|
|
TOTAL EARNINGS |
5646.280 |
5045.495 |
3740.597 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Components and Spare Parts including Packing Materials |
84.553 |
69.114 |
48.605 |
|
|
|
|
Raw Material |
1153.472 |
908.191 |
138.109 |
|
|
|
|
Capital Goods |
547.192 |
7.054 |
646.273 |
|
|
|
TOTAL IMPORTS |
1785.217 |
984.359 |
832.987 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (INR) |
12.47 |
9.64 |
8.94 |
||
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
666.188 |
534.450 |
306.914 |
|
Cash Generated from Operations |
746.862 |
1135.949 |
556.467 |
|
Net Cash Generated from Operating Activities |
591.598 |
1003.974 |
445.072 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
2872.460 |
2844.480 |
2871.050 |
|
Total Expenditure |
2459.230 |
2509.570 |
2489.630 |
|
PBIDT (Excluding Other Income) |
413.230 |
334.910 |
381.420 |
|
Other income |
1.900 |
7.920 |
8.300 |
|
Operating Profit |
415.130 |
342.830 |
389.720 |
|
Interest |
80.880 |
74.050 |
70.690 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
334.240 |
268.780 |
319.030 |
|
Depreciation |
141.310 |
142.430 |
142.540 |
|
Profit Before Tax |
192.930 |
126.350 |
176.490 |
|
Tax |
65.660 |
43.260 |
8.880 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
127.280 |
83.090 |
167.600 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
127.280 |
83.090 |
167.600 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
18.90 |
18.68 |
23.93 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
19.31 |
19.54 |
15.25 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
10.76 |
10.35 |
8.83 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.79 |
1.20 |
1.11 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.22 |
0.35 |
0.25 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.73 |
0.68 |
0.71 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
2.20 |
1.71 |
2.27 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.84 |
0.68 |
0.66 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
2.40 |
1.94 |
2.50 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
6.02 |
4.17 |
4.61 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
6.12 |
5.76 |
6.64 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
6.19 |
6.95 |
6.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
22.31 |
21.48 |
24.53 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.23 |
1.47 |
1.50 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.44 |
0.65 |
0.65 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.28 |
0.32 |
0.27 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
12.29 |
7.68 |
8.25 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.23 |
1.47 |
1.50 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 97.00/- |
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 |
458.339 |
458.339 |
458.339 |
|
Reserves & Surplus |
1211.649 |
1598.112 |
2103.419 |
|
Net
worth |
1669.988 |
2056.451 |
2561.758 |
|
|
|
|
|
|
Long-Term Borrowings |
2942.455 |
2409.058 |
3894.065 |
|
Short Term Borrowings |
533.370 |
577.236 |
1074.647 |
|
Current Maturities of Long term debt |
306.914 |
534.450 |
666.188 |
|
Total
borrowings |
3782.739 |
3520.744 |
5634.900 |
|
Debt/Equity
ratio |
2.265 |
1.712 |
2.200 |
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 |
6164.723 |
7668.668 |
9333.796 |
|
|
|
24.396 |
21.713 |
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
|
6164.723 |
7668.668 |
9333.796 |
|
Profit/(Loss) |
409.594 |
441.628 |
571.505 |
|
|
6.64% |
5.76% |
6.12% |
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 |
OPERATIONAL REVIEW
Turnover:
The Company reported encouraging performance. The Company has recorded highest ever turnover of INR 9333.800 million in current year against INR 7668.700 million in the previous year, an increase of 21.71%. The turnover of Cotton Yarn increased by 21.94% from INR 5879.300 million to INR 7169.300 million, whereas the turnover of Knitted Fabric increased by 14.34% from INR 1383.900 million in the previous year to INR 1582.400 million during the current year. Knitted Fabric turnover constitute 16.95% of the total turnover.
Exports:
The export turnover was increased by 11.28% from INR 5315.300 million in the previous year to INR 5914.700 million in the current year. The export turnover constitutes 63.37% of the total turnover.
AWARDS AND RECOGNITION
The Company has been conferred with the following awards and recognition during the year: -
1. Texprocil Bronze trophy for the 3rd highest exports of cotton yarn counts 50s and below under Category II for F.Y. 2015-16.
2. Texprocil Bronze Plaque for the Third Highest Exports of “Grey Fabrics” under Category I for the F.Y. 2015-16.
3. Rajasthan Energy Conservation Award by the Government of Rajasthan for efforts for Energy Conservation for the year 2015- 16 under large Spinning Category.
4. UCCI Excellence Award 2017 by Udaipur Chamber of Commerce and Industry under Large Enterprise Category.
MANAGEMENT
DISCUSSIONS & ANALYSIS
ECONOMIC
REVIEW
Global
The year 2016-17 was witnessed several fast-pace events, punctuated by significant and unpredictable political and economic changes. The rise of populism in the globalised economy, driven by events like Brexit, the US Presidential election, and the recent referendum on reforms in Italy. With global economic recovery still remaining subdued, the popular discourse over relentless use of unconventional monetary policy support has now started to pave way for a prudent fiscal policy role in countries like US, UK, and Japan.
These global undercurrents will continue to dominate economic and financial outcomes in 2017.
India
India
emerged as the fastest growing economy globally with a growth rate of around 7% in 2016-17. The
economy performed up to its potential despite
fears of slowdown owing to demonetisation of high value notes. The country’s business environment is
gradually becoming attractive in the
backdrop of favorable Government policies, lower inflation and lower interest rate scenario. The
high-impact micro reforms and critical structural
reforms have begun to redesign the macro frameworks and institutions. Resultantly, India’s ranking in the 2016-17
Global Competitiveness Index,
released by the World Economic Forum, and
improved 16 places to 39, which is the fastest improvement among 138 countries surveyed. The long-term
effects of demonetisation are expected
to be positive with an increased liquidity in the banking system and decreased lending rates. The implementation of G.S.T in July 2017, and various other reforms,
will eventually help the nation towards
improving its productivity and generate positive business climate.
TEXTILE INDUSTRY
Overview
The Textile Industry plays a significant role in the Indian economy. It constitutes 20% of Industrial Production, contributes around 10% to the Export revenues and 20% to the employment in the Industrial Sector. India further accounts for 20% of the global installed capacity of spindles and is one of the largest exporters of yarns in the international market. The industry is driven by the following strengths:
· Availability of a wide variety of cotton fibre
· Fast growing synthetics-fibre industry
· Wide range of cotton/spun yarn
· Presence across the value chain
· Trained manpower-technical and managerial
With these fundamental advantages, the overall picture of the Indian textile and apparel sector presents an enormous potential.
Key Industrial Developments
In the year 2015-16, the textile industry witnessed several challenges, especially in the cotton textile sector. Low acreage and decline in productivity was one of the primary area of concern. This led to decline in cotton production to 338 Lacs bales in 2015-16 as against 386 Lacs bales in 2014-15. The estimates for current cotton 2016-17 season are marginally higher at 351 Lacs bales. The cotton prices witnessed unusual surge of around 30%, even at the beginning of current cotton season from October, 2016. This further led to an increase in the yarn prices, however sluggish global demand coupled with marginally flat domestic demand adversely impacted the margins of the textile industry. Going ahead, the cotton season of 2017-18 is expected to witness production improvement to bring stability in the prices of cotton in the local and global market.
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 |
|
|
|
|
Revenue from operations |
2871.046 |
2844.476 |
8587.980 |
|
Other Income / (Loss) |
8.303 |
7.919 |
18.125 |
|
Total
Income from Operations |
2879.349 |
2852.395 |
8606.105 |
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
1701.517 |
1785.703 |
5358.974 |
|
Purchase of Stock in Trade |
-- |
-- |
-- |
|
Changes in inventories of finished goods and
work-in-progress |
114.283 |
102.907 |
161.080 |
|
Employee benefits expense |
150.268 |
151.743 |
455.004 |
|
Finance Costs |
70.690 |
74.048 |
225.615 |
|
Depreciation and Amortization expenses |
142.544 |
142.427 |
426.283 |
|
Power and fuel |
326.070 |
294.386 |
923.725 |
|
Other Expenditure |
197.489 |
174.835 |
559.656 |
|
Total
Expenses |
2702.861 |
2726.049 |
8110.337 |
|
Profit / (Loss) before Tax |
176.488 |
126.346 |
495.768 |
|
Tax Expense |
8.893 |
43.248 |
117.799 |
|
Profit
/ (Loss) after Tax |
176.595 |
83.098 |
377.969 |
|
Other
Comprehensive Income |
|
|
|
|
Items that will not be reclassified to profit or loss |
(0.809) |
(0.809) |
(2.428) |
|
Total
Other Comprehensive Income (Net of tax) |
(0.809) |
(0.809) |
(2.428) |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
552.197 |
458.339 |
552.197 |
|
Reserves (excluding Revaluation Reserve) |
|
|
|
|
Earnings per Share (EPS) - INR |
3.26 |
1.81 |
7.92 |
NOTES:
1. The Board has approved for setting up of Integrated Textile unit at Village Bhanwaria Kalan, Tehsil Begun, District Chiitorgarh, Rajasthan for manufacturing of Apparel Fabrics at an estimated project outlay of INR 6500.000 million.
2. The Financial Results of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended by the Companies (Indian Accounting Standards) (Amendment) Rules, 2016. The Company adopted Ind AS from 1st April, 2017 and accordingly, these Financial Results (including for all periods presented in accordance with Ind AS 101 First-time Adoption of Indian Accounting Standards) have been prepared in accordance with the recognition and measurement principles in Ind AS 34 - Interim Financial Reporting, prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued there under and the other accounting principles generally accepted in India.
3. The company's business activities constitute a single operating segment (Textiles), in terms of Indian Accounting Standard - 108.
4. The results for quarter and nine month ended 31.12.2016 have been restated to comply with Ind-AS and to make them comparable with the current period. Further, previous period figures have been regrouped / reclassified, wherever necessary, to confirm with the current period presentation.
5. The above financial results have been reviewed by the Audit Committee & approved by Board of Directors at their meeting held on 30th January, 2018 The Statutory Auditors have carried out "Limited Review" of the Results for the Current Quarter and Nine Months ended 31st December, 2017.
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G09614108 |
100044852 |
HDFC BANK LIMITED |
21/07/2016 |
- |
- |
900000.0 |
HDFC BANK HOUSE SENAPATI BAPAT MARG LOWER PAREL W MUMBAI MH400013IN |
|
2 |
G09767435 |
100045257 |
HDFC BANK LIMITED |
21/07/2016 |
- |
- |
600000.0 |
HDFC BANK HOUSE SENAPATI BAPAT MARG LOWER PAREL W MUMBAI MH400013IN |
|
3 |
G63530075 |
10625525 |
PUNJAB NATIONAL BANK |
25/02/2016 |
27/10/2017 |
- |
2150000000.0 |
BHOPAL GANJBHILWARARJ311001IN |
|
4 |
C56242613 |
10574531 |
HDFC BANK LIMITED |
29/05/2015 |
- |
- |
1700000.0 |
HDFC BANK HOUSE SENAPATI BAPAT MARG LOWER PAREL W MUMBAI MH400013IN |
|
5 |
G44648418 |
10536921 |
PUNJAB NATIONAL BANK |
26/11/2014 |
17/05/2017 |
- |
2874500000.0 |
BHOPAL GANJ BHILWARA RJ311001IN |
|
6 |
G63707053 |
10473519 |
PUNJAB NATIONAL BANK |
18/01/2014 |
27/10/2017 |
- |
2000000000.0 |
BHOPAL GANJ, BHILWARA RJ311001IN |
|
7 |
G09963067 |
10342519 |
PUNJAB NATIONAL BANK |
23/02/2012 |
17/08/2016 |
- |
45000000.0 |
BHOPAL GANJ BHILWARA RJ311001IN |
|
8 |
G10966414 |
10184525 |
ICICI BANK LIMITED |
12/10/2009 |
17/08/2016 |
- |
215000000.0 |
LANDMARKRACE COURCE CIRCLE ALKAPURI BARODA GU390015IN |
|
9 |
G10966281 |
10165556 |
ICICI BANK LIMITED |
24/06/2009 |
17/08/2016 |
- |
160000000.0 |
LANDMARKRACE COURCE CIRCLE ALKAPURI BARODA GU390015IN |
|
10 |
A39851340 |
10106054 |
3I INFOTECH TRUSTEESHIP SERVICES LIMITED |
19/06/2008 |
- |
- |
220000000.0 |
3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI NAVI MUMBAI MH400703IN |
FIXED ASSETS:
Tangible Assets
· Freehold Land
· Lease Hold Land
· Buildings
· Plant and Machinery
· Electric Installation
· Furniture and Fixtures
· Office Equipment’s
·
Vehicles
Intangible Assets
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 64.92 |
|
|
1 |
INR 90.23 |
|
Euro |
1 |
INR 80.54 |
INFORMATION DETAILS
|
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.