|
|
|
MIRA INFORM REPORT
|
Report No. : |
496332 |
|
Report Date : |
09.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
SUTLEJ TEXTILES AND INDUSTRIES LIMITED |
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|
|
|
Registered
Office : |
Pachpahar Road, Bhawanimandi, Jhalawar - 326502, Rajasthan |
|
Tel. No.: |
91-7433-222052 |
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|
|
Country : |
India |
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|
Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
22.06.2005 |
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Com. Reg. No.: |
17-020927 |
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Capital
Investment / Paid-up Capital : |
INR 163.829 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
L17124RJ2005PLC020927 |
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|
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
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Line of Business
: |
Manufacturing
synthetic, natural and blended yarn, all types of spun yarns and home textile
furnishing the company also processes fabrics. (Registered Activity) |
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|
|
|
No. of Employees
: |
15231 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Sutlej Textiles and Industries Limited (STIL) is among India’s leading producers of dyed spun yarn and value added/speciality yarn. It also manufactures fabrics and home textiles. It has a presence right from spinning (man-made and cotton yarns) to dyeing to weaving (fabrics and home textiles) and processing/finishing. The company was incorporated in the year 2005 and is based in Rajasthan, India. It is an established company having excellent track records. For the financial year ended 2017, the company has witnessed a growth in its revenue and reported good profit margin at 7.02% (approximately) Rating takes into consideration company’s established track record of business operation marked by sound financial profile along with healthy net worth base and comfortable debt level. The company continues to derive strength from experienced management in the Textile industry (especially spinning segment), strong business profile being amongst India’s leading player. Fundamentals of the company are strong and healthy. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitments. In view of the 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 |
CARE |
|
Rating |
Long Term Rating – (AA) |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
11.09.2017 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short-term Rating – (A1+) |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
11.09.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 09.03.2017
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. Manish |
|
Designation : |
General Manager (Finance and Accounts) |
|
Contact No.: |
91-7433-222052 |
LOCATIONS
|
Registered Office : |
Pachpahar Road, Bhawanimandi, Jhalawar - 326502,
Rajasthan, India |
|
Tel. No.: |
91-7433-222052 |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
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|
Head/ Branch /Corporate Office : |
E-Wing, 6th Floor, Lotus Corporate Park, 185/A, Graham
Firth Steel Compound, |
|
Tel. No.: |
91-22-42198800 |
|
Fax No.: |
91-22-42198804/ 31 |
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E-Mail : |
|
|
|
|
|
Factory 1 : |
Rajasthan Textile
Mills Bhawani Mandi-326502, Rajasthan, India |
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|
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Factory 2 : |
Chenab Textile
Mills Kathua-184102 Jammu and Kashmir, India |
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|
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Factory 3 : |
Birla Textile Mills Baddi-173205, Himachal Pradesh, India |
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Factory 4: |
Damanganga Units 1) Home Textiles 2) Processing Village – Daheli, Near Bhilad 396105, Gujarat, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Bipeen Valame |
|
Designation : |
Whole-time Director |
|
Address : |
3B/43, Kalpataru Estate, JVLR, Near Majas Depot, Andheri
(East) Mumbai -400093, Maharashtra, India |
|
Date of Appointment : |
09.02.2017 |
|
DIN No.: |
07702511 |
|
|
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|
Name : |
Mr. Chandra Shekhar Nopany |
|
Designation : |
Director |
|
Address : |
17E, Alipore Road, Kolkata – 700027, West Bengal, India |
|
Date of Appointment : |
19.09.2006 |
|
DIN No.: |
00014587 |
|
|
|
|
Name : |
Mr. Rajiv Kantikumar Podar |
|
Designation : |
Director |
|
Address : |
Podar House, A Road, Marine Drive, Churchgate, Mumbai – 400020, Maharashtra, India |
|
Date of Appointment : |
21.07.2009 |
|
DIN No.: |
00086172 |
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|
|
|
Name : |
Mr. Amit Nalinkant Dalal |
|
Designation : |
Director |
|
Address : |
81, Sherman 22, Narayan Dhabolkar Road, Mumbai – 400006, Maharashtra, India |
|
Date of Appointment : |
01.06.2006 |
|
DIN No.: |
00297603 |
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|
|
|
Name : |
Mr. Rajan Arvind Dalal |
|
Designation : |
Director |
|
Address : |
21, Nymph Narayan Dabholkar Road, Mumbai – 400006, Maharashtra, India |
|
Date of Appointment : |
19.11.2008 |
|
DIN No.: |
00546264 |
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|
|
|
Name : |
Mr. Umesh Kumar Khaitan |
|
Designation : |
Director |
|
Address : |
39, Friends Colony, New Delhi – 110065, India |
|
Date of Appointment : |
01.06.2006 |
|
DIN No.: |
01180359 |
|
|
|
|
Name : |
Mr. Sonu Halan Bhasin |
|
Designation : |
Director |
|
Address : |
4/4, Sarvapriya Vihar, New Delhi -110016, India |
|
Date of Appointment : |
07.05.2015 |
|
DIN No.: |
02872234 |
|
|
|
|
Name : |
Mr. Rohit Rajgopal Dhoot |
|
Designation : |
Additional Director |
|
Address : |
4 B Il Palazoo, Little Gibbs Road, Mumbai – 400006, Maharashtra, India |
|
Date of Appointment : |
25.10.2017 |
|
DIN No.: |
00016856 |
|
|
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|
Name : |
Dr. Mahmoodur Rahman |
|
Designation : |
Director |
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|
|
Name : |
Mr. Dilip Kumar Ghorawat |
|
Designation : |
Whole-time Director |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Kumar Khandelia |
|
Designation : |
President and Chief Executive Officer |
|
Address : |
2802, 28th Floor, Tower-C, Oberoi Woods, Oberoi Garden
City, Goregaon (East), Mumbai – 400063, Maharashtra, India |
|
Date of Appointment : |
13.05.2014 |
|
PAN No.: |
ABSPK3417A |
|
|
|
|
Name : |
Mr. Manoj Vinod Contractor |
|
Designation : |
Company Secretary |
|
Address : |
6A/503, Spring Leaf, Lokhandwala Kandivali (East), Mumbai – 400101, Maharashtra, India |
|
Date of Appointment : |
25.10.2017 |
|
PAN No.: |
AAKPC0127E |
|
|
|
|
Name : |
Mr. Bipeen Valame |
|
Designation : |
Chief Financial Officer |
|
Address : |
3B/43, Kalpataru Estate, JVLR, Near Majas Depot, Andheri
(East), Mumbai -400093, Maharashtra, India |
|
Date of Appointment : |
08.11.2016 |
|
PAN No.: |
ABDPV0925H |
|
|
|
|
Name : |
Mr. D.R. Prabhu |
|
Designation : |
Company Secretary and Compliance Officer |
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|
|
|
Name : |
Mr. Manish |
|
Designation : |
General Manager (Finance and Accounts) |
|
|
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|
Unit Heads : |
Mr. S.S. Maheshwari - Executive President
Mr. K.C. Sharma – Executive President
Mr. D.L. Birla – Executive President
Mr. R.R. Kankani – Jr. Executive President |
SHAREHOLDING PATTERN
AS ON 31.12.2017
|
Category of
shareholder |
No. of fully
paid up equity shares held |
Shareholding as
a % of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
(A) Promoter and Promoter
Group |
104678510 |
63.90 |
|
|
(B) Public |
59150110 |
36.10 |
|
|
Grand
Total |
163828620 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of
shareholder |
No. of fully
paid up equity shares held |
Shareholding as a
% of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
110000 |
0.07 |
|
|
Chandra Shekhar Nopany |
110000 |
0.07 |
|
|
Any Other (specify) |
104568510 |
63.83 |
|
|
Uttar Pradesh Trading
Company Limited |
30416970 |
18.57 |
|
|
Hargaon Investment and
Tradind Company Limited |
17113960 |
10.45 |
|
|
New India Retailing and
Investment Limited |
17063040 |
10.42 |
|
|
Yashovardhan Investment
and Trading Company Limited |
14868360 |
9.08 |
|
|
Ronson Traders Limited |
9723730 |
5.94 |
|
|
Osm Investment and
Trading Company Limited |
6388200 |
3.90 |
|
|
Champaran Marketing
Company Limited |
3098100 |
1.89 |
|
|
Rtm Investment and
Trading Company Limited |
1829280 |
1.12 |
|
|
Scm Investment and Trading
Company Limited |
1829280 |
1.12 |
|
|
Sidh Enterprises Limited |
1194240 |
0.73 |
|
|
Sil Investments Limited |
750000 |
0.46 |
|
|
Sonali Commercial Limited |
284350 |
0.17 |
|
|
Uttam Commercial Limited |
9000 |
0.01 |
|
|
Sub Total A1 |
104678510 |
63.90 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
104678510 |
63.90 |
Statement showing
shareholding pattern of the Public shareholder
|
Category &
Name of the Shareholders |
No. of fully
paid up equity shares held |
Shareholding %
calculated as per SCRR, 1957 As a % of |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
1437450 |
0.88 |
|
|
Foreign Portfolio
Investors |
160088 |
0.10 |
|
|
Financial Institutions/
Banks |
581571 |
0.35 |
|
|
Sub Total B1 |
2179109 |
1.33 |
|
|
B2) Central Government/ State
Government(s)/ President of India |
0 |
0.00 |
|
|
Central Government/ State
Government(s)/ President of India |
600480 |
0.37 |
|
|
Sub Total B2 |
600480 |
0.37 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital
upto INR 0.200 Million |
16806286 |
10.26 |
|
|
Individual share capital
in excess of INR 0.200 Million |
6816358 |
4.16 |
|
|
Vinodchandra Mansukhlal
Parekh |
1801540 |
1.10 |
|
|
Any Other (specify) |
32747877 |
19.99 |
|
|
Trusts |
1500 |
0.00 |
|
|
Foreign Individuals |
85970 |
0.05 |
|
|
HUF |
2435293 |
1.49 |
|
|
NRI – Non- Repat |
341388 |
0.21 |
|
|
NRI – Repat |
282092 |
0.17 |
|
|
Clearing Members |
325975 |
0.20 |
|
|
Bodies Corporate |
29275659 |
17.87 |
|
|
Birla Institute of
Technology and Science |
11286580 |
6.89 |
|
|
Earthstone Holding (Two) Limited |
9803690 |
5.98 |
|
|
Navjeewan Medical
Institute |
2856910 |
1.74 |
|
|
Play-Fair Capital And
Investment Private Limited |
1743490 |
1.06 |
|
|
Sub Total B3 |
56370521 |
34.41 |
|
|
B=B1+B2+B3 |
59150110 |
36.10 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
synthetic, natural and blended yarn, all types of spun yarns and home textile
furnishing the company also processes fabrics. (Registered Activity) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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|
||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
15231 (Approximately) |
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Bankers : |
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Facilities : |
|
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Auditors : |
|
|
Name : |
Singhi and Company Chartered Accountants |
|
Address : |
Unit No.1704, Tower B, World Trade Centre, DND Flay way C-01, Sector -16, Noida – 201 301, Uttar Pradesh |
|
|
|
|
Branch Auditors: |
|
|
Name : |
S.R. Batliboi and Co. LLP Chartered Accountants |
|
Address : |
Golf View, Corporate Tower 3, Sector 42, Sector Road,
Gurugram - 122 002, Haryana, India |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
INR 10/- each |
INR 500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16382862 |
Equity Shares |
INR 10/- each |
INR 163.829
Million |
|
|
|
|
|
Terms and rights
attached to equity shares
Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive 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. There is no restriction on distribution of dividend. However, same is subject to the approval of the shareholders in the Annual
General Meeting.
Reconciliation of number
of shares outstanding at the beginning and end of the year:
|
PARTICULARS |
Number of shares |
INR in million |
|
Outstanding at the 1 April 2015 |
16382862 |
163.800 |
|
Equity Shares issued during the year in consideration for cash |
|
|
|
Outstanding at the 31 March 2016 |
16382862 |
163.800 |
|
Equity Shares issued during the year in consideration for cash |
|
|
|
Outstanding at the 31 March 2017 |
16382862 |
163.800 |
Shareholders
holding more than 5% shares in the company
|
Name of shareholder |
As at 31st March, 2017 |
|
|
Number of Shares held |
Percentage of holding |
|
|
Uttar Pradesh Trading
Co. Limited |
3041697 |
18.57 |
|
Hargaon Investment and
Trading Company Limited |
1711396 |
10.45 |
|
New India Retailing and
Investment Limited |
1706304 |
10.42 |
|
Yashovardhan Investment
and Trading Company Limited |
1486836 |
9.08 |
|
Birla Institute of
Technology and Science |
1128658 |
6.89 |
|
Earthstone Holding (Two) Private Limited |
980369 |
5.98 |
|
Ronson Traders Limited |
972373 |
5.94 |
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 |
163.800 |
163.800 |
163.829 |
|
(b) Reserves &
Surplus |
7995.900 |
6669.500 |
5418.465 |
|
(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) |
8159.700 |
6833.300 |
5582.294 |
|
|
|
|
|
|
Defferred Government
Subsidies |
0.000 |
0.000 |
17.656 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
5130.400 |
4268.000 |
3391.824 |
|
(b) Deferred tax
liabilities (Net) |
15.200 |
106.900 |
458.225 |
|
(c) Other long term
liabilities |
149.400 |
75.800 |
43.456 |
|
(d) long-term provisions |
86.300 |
72.600 |
49.125 |
|
Total Non-current
Liabilities (3) |
5381.300 |
4523.300 |
3942.630 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4294.600 |
2834.900 |
1816.933 |
|
(b) Trade payables |
715.600 |
668.900 |
493.277 |
|
(c) Other current
liabilities |
1737.000 |
1684.300 |
1211.837 |
|
(d) Short-term provisions |
163.500 |
210.100 |
343.570 |
|
Total Current Liabilities
(4) |
6910.700 |
5398.200 |
3865.617 |
|
|
|
|
|
|
TOTAL |
20451.700 |
16754.800 |
13408.197 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
11274.800 |
8207.900 |
6422.639 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
5.734 |
|
(iii) Capital
work-in-progress |
113.800 |
559.400 |
443.187 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
283.200 |
259.800 |
500.006 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
411.229 |
|
(e) Other Non-current
assets |
97.400 |
384.400 |
0.000 |
|
Total Non-Current Assets |
11769.200 |
9411.500 |
7782.795 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5299.200 |
4302.000 |
3206.826 |
|
(c) Trade receivables |
2420.900 |
2109.000 |
1385.453 |
|
(d) Cash and cash
equivalents |
30.500 |
31.900 |
32.834 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
382.883 |
|
(f) Other current assets |
931.900 |
900.400 |
617.406 |
|
Total Current Assets |
8682.500 |
7343.300 |
5625.402 |
|
|
|
|
|
|
TOTAL |
20451.700 |
16754.800 |
13408.197 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
22496.200 |
20740.300 |
18782.159 |
|
|
Other Income |
373.200 |
337.300 |
396.779 |
|
|
TOTAL |
22869.400 |
21077.600 |
19178.938 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
11837.100 |
10596.000 |
10287.45 |
|
|
Purchases of
Stock-in-Trade |
1048.800 |
1399.300 |
1114.942 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(257.500) |
40.600 |
22.829 |
|
|
Employees benefits
expense |
2656.700 |
2198.600 |
1750.196 |
|
|
Other expenses |
4392.800 |
3822.000 |
3285.536 |
|
|
Exceptional Items |
0.000 |
38.800 |
6.817 |
|
|
TOTAL |
19677.900 |
18095.300 |
16467.770 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
3191.500 |
2982.300 |
2711.168 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
456.700 |
455.700 |
529.864 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
2734.800 |
2526.600 |
2181.304 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
850.200 |
798.400 |
699.073 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1884.600 |
1728.200 |
1482.231 |
|
|
|
|
|
|
|
Less |
TAX |
305.200 |
293.600 |
327.641 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
1579.400 |
1434.600 |
1154.590 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
NA |
187.758 |
|
|
Components and Stores
parts |
NA |
NA |
40.84 |
|
|
Capital Goods |
NA |
NA |
257.947 |
|
|
TOTAL IMPORTS |
NA |
NA |
486.545 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
NA |
NA |
4361.106 |
|
|
Export on F.O.B. Basis |
NA |
NA |
4361.106 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
96.41 |
87.57 |
70.48 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
906.100 |
934.500 |
767.703 |
|
Cash generated from operations |
1797.100 |
3095.000 |
2828.398 |
|
Net cash flow from (used in) operating Activities |
1409.600 |
2724.500 |
1590.505 |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2017 1st
Quarter |
30.09.2017 2nd
Quarter |
31.12.2017 3rd
Quarter |
|
Unaudited |
|
|
|
|
Net Sales |
6519.900 |
6037.000 |
5939.200 |
|
Total Expenditure |
5824.500 |
5292.200 |
5373.400 |
|
PBIDT (Excl OI) |
695.400 |
744.800 |
565.800 |
|
Other Income |
67.400 |
103.200 |
103.900 |
|
Operating Profit |
762.800 |
848.000 |
669.700 |
|
Interest |
158.300 |
153.300 |
126.100 |
|
Exceptional Items |
NA |
418.300 |
NA |
|
PBDT |
604.500 |
1113.000 |
543.600 |
|
Depreciation |
260.800 |
262.000 |
273.900 |
|
Profit Before Tax |
343.700 |
851.000 |
269.700 |
|
Tax |
107.900 |
216.800 |
106.200 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
235.800 |
634.200 |
163.500 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
235.800 |
634.200 |
163.500 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
39.28 |
37.12 |
26.92 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
9.29 |
9.83 |
13.56 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
20.27 |
20.35 |
15.79 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.60 |
0.69 |
0.85 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.28 |
0.34 |
0.39 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.63 |
0.63 |
0.60 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.27 |
1.18 |
1.07 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.85 |
0.79 |
0.69 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.40 |
1.28 |
1.23 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
6.99 |
6.54 |
5.12 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
7.02 |
6.92 |
6.15 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
7.72 |
8.56 |
8.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
19.36 |
20.99 |
20.68 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.26 |
1.36 |
1.46 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.49 |
0.56 |
0.63 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.40 |
0.41 |
0.42 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
63.07 |
49.07 |
36.48 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.26 |
1.36 |
1.46 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 1.00/- |
|
Market Value |
INR 75.00/- |
Note:
On September 6, 2017. In terms of Regulation 42 (2) of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 and other applicable
provisions, the Stakeholders Relationship Committee of the Board has fixed
Wednesday, September 27, 2017 as the 'Record Date' for the purpose of
sub-division of Equity Shares of the Company from Face Value of INR 10/- each
(Rupees Ten Only) to Face Value of INR 1/- each (Rupee One only) and for
determining members eligible to receive equity shares of Face Value of INR 1/-
each of the Company.
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 |
163.829 |
163.800 |
163.800 |
|
Reserves & Surplus |
5418.465 |
6669.500 |
7995.900 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
5582.294 |
6833.300 |
8159.700 |
|
|
|
|
|
|
long-term borrowings |
3391.824 |
4268.000 |
5130.400 |
|
Short term borrowings |
1816.933 |
2834.900 |
4294.600 |
|
Current Maturities of
Long term debt |
767.703 |
934.500 |
906.100 |
|
Total borrowings |
5976.460 |
8037.400 |
10331.100 |
|
Debt/Equity ratio |
1.071 |
1.176 |
1.266 |
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
|
18782.159 |
20740.300 |
22496.200 |
|
|
|
10.426 |
8.466 |
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
|
18782.159 |
20740.300 |
22496.200 |
|
Profit |
1154.590 |
1434.600 |
1579.400 |
|
|
6.15% |
6.92% |
7.02% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
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 |
No |
|
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 |
MANAGEMENT DISCUSSIONAND
ANALYSIS
GLOBAL ECONOMIC OVERVIEW
Global economic growth was pegged at 3.1% in 2016,
marginally lower than in 2015. It is expected to grow to 3.2% in 2016 and 3.5 in
2017. The slowdown in emerging economies has been attributed to freefalling
commodity prices, rebalancing in China, plummeting oil prices and challenging
macroeconomic factors.
Oil prices saw a marked decline in September 2015, reflecting expectations of increase in production by OPEC members amid a steadily widening skew between global oil production and consumption. Future markets are currently suggesting only modest increases in prices in 2016 and 2017. Prices of other commodities, especially metals, have fallen as well.
The United States remains resilient, supported by improving financial conditions and strengthening housing and labour markets, but with dollar strength weighing all too heavily on manufacturing activity, investment in mining structure and equipment segments has curtailed.
According to World Bank estimates, China grew at an estimated 6.9% in 2015 and is pegged to grow at a rate of 6.7% in 2016 and 6.5% each in 2017 and 2018. Meanwhile, Russia and Brazil are projected to remain in recession in 2016.
Although economies that are dependent on commodity exports may suffer, lower input prices for industry as well as lower fuel prices for households will provide a boost to aggregate demand and global growth.
As per IMF, global growth is expected to strengthen from 2017 aided by the gradual increase in the global weight of fast-growing countries such as China and India
India’s growth will continue to be driven by private consumption, which has benefited from lower energy prices and higher real incomes. With the revival of sentiment and pickup in industrial activity, a recovery of private investment is expected to further strengthen growth.
KEY HIGHLIGHTS,
2015-16
Exports declined by 15.8% mainly due to fall in oil exports, owing to subdued global demand and fall in oil prices while imports shrank by 15.3% y-o-y.
Gold imports declined by 7.8% due to reduced domestic demand and fall in prices.
India’s commodity exports of petroleum and crude oil products have dropped drastically by 49.4% and imports of petroleum crude and products have decreased by 40.5% y-o-y. This was mainly due to the fall of crude oil prices in the global markets leading to a reduction in the value of imports.
The net trade in services has declined by 5.61% y-o-y for first 11 months in 2015-16.
Within services, telecommunications, computer, and information services fetched highest net inflows during the year 2015-16 (Apr-Dec).
OVERVIEW
Over the last few years, Sutlej evolved its personality from
specialised yarn manufacture to home textiles.
The Company entered this vertical in 2006, leveraging its understanding of the textile industry. The entry into this business space was validated on the grounds that this would account for a larger share of the existing customer’s wallet, graduate the Company from a complete dependence on yarns and enhance margins.
In line with this potential, the Company invested in
cutting-edge manufacturing equipment, state-of-the-art German software,
full-fledged testing laboratory, wide product range (furnishing fabrics and
made-ups) and contemporary designs (based on enduring associations with reputed
European studios).
OUTLOOK
In 2016-17, global cotton area is expected to expand by 1% to 31.3 million hectares. From December 2015 through February 2016, the prices for competing crops during the same period have fallen, making cotton more competitive this year compared to last. World cotton production in 2016-17 is projected to increase by 4%, to just below 23 million tonnes, as the world average yield is anticipated to improve by 4% to 732 kilograms per hectare. In 2016-17, India’s area is forecast up 4% to 12.4 million hectares due to improved domestic cotton prices in 2015-16.
In March, the Chinese Government announced a reduced target price for Xinjiang of 18,600 yuan/tonne. Subsequently, the area is likely to contract by 10% to 3.1 million hectares and production to decrease to 4.6 million tonnes. Cotton area in the US is projected to increase by 2% to 3.3 million hectares and production by 9% to 3.1 million tons. After production plummeted in 2015-16, cotton production in Pakistan is expected to jump by 35% to 2.1 million tonnes
After declining by 2% in 2015-16, global cotton consumption is anticipated to remain stable at 23.9 million tonnes. Consumption in China is projected to decrease by 5% to 6.8 million tonnes due to increasing wages, high domestic cotton prices, and low polyester prices. In 2016-17, Vietnam’s cotton consumption is forecast to rise 16% to 1.3 million tonnes, making it the fifth largest consumer. Consumption in Bangladesh, the sixth largest, could increase by 10% to 1.2 million tonnes. Similarly, India’s consumption is projected to rise by 4% to 5.5 million tonnes and Pakistan’s by 1% to 2.2 million tonnes.
Highlights of
Performance
Revenue from operations (Gross) stood at INR 22496.200 million as compared to INR 20740.300 million in FY 2015-16; Profit before Tax for the FY 2016-17 was INR 1884.600 million as compared to INR 1728.200 million in FY 2015-16; Profit after tax for the FY 2016-17 was INR 1579.400 million as compared to INR 1434.600 million in FY 2015-16. This performance was achieved as cumulative outcome of multiple factors such as product rationalization, capacity optimization, cost control measures etc. taken by the management of your Company. The benefits of recently completed expansion, and the on-going expansion and modernization programmes in the current financial year, shall accrue in the current and future years.
Expansion Project at
BTM, Baddi, (H.P.) for 100% Polyester Industrial Yarn and blended specialty
synthetic yarn
The Company has decided to expand spinning capacity of BTM by setting up facilities for 28800 Ring Frame
Spindles to manufacture 100% polyester and coarse count polyester cotton yarn for industrial application and other grey blended speciality synthetic yarn i.e. Modal / Linen, Polyester / Linen, Polyester / Modal involving an estimated capital outlay of about INR 215.000 milion which will be financed by internal accruals and loans from banks and NCDs. This will increase the spinning capacity of BTM to 112176 spindles and that of the Company to 445,416 spindles. The project is slated to become operational by April, 2019.
ECONOMIC SCENARIO AND OUTLOOK
Financial Year 2016-17 closed as a momentous year for the country marked by two landmark economic reforms even as the global economic scenario was indifferent.
The first reform was the rollout of the demonetization scheme in early November. In the long run, this reform aims to usher in greater transparency in financial transactions and a transition towards a cashless economy. In the short term, it has squeezed liquidity and consumption across the economy.
The outlook for 2017 brightens as liquidity in the economy moves towards normalization, with expectations for early revival and growth in overall consumption across several sectors.
The second is imminent roll out of the Goods and Services Tax (GST). GST is a landmark reform which will have a lasting impact on the economy and on businesses. Implementation of a well-designed GST model that applies to the widest possible base at a low rate, can provide significant growth stimulus to business and contribute to the Prime Minister’s mission of ‘Make in India’. The Company has been preparing for migrating to GST for the past year; changes across IT systems, Supply Chain and operations have been made keeping in mind the sweeping changes that GST would bring in. While there are a few areas that need to be addressed, the Government has announced its firm intention to go live with the GST from 1st July, 2017, and the Company will be ready for this transformative reform.
AN OVERVIEW OF THE
GLOBAL TEXTILE AND APPAREL INDUSTRY
The year 2016 was a very challenging one for the global textile and apparel industry as the global economic growth was very slow which lowered the textiles and clothing output sales by 1.5%. This drop in the sales was majorly due to a lower demand. The textile and clothing producer prices remained stable in some regions such as China but decreased in almost all other major regions. This had a direct impact on the international trade which lost 40 billion worth of business. International trade accounts for one third of the total textiles and clothing output. Two major factors to watch out for in this industry for the coming year are:
Changes that are happening to trade barriers. The talks of the withdrawal of the US from the Trans-Pacific Partnership would likely lead to development of regional trade agreements.
As commodity prices are on the rise once again, the producers must be able to pass on the increase in the price to customers to protect their erosion margins.
UNSECURED LOANS:
|
Unsecured Loan |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
SHORT-TERM BORROWINGS |
|
|
|
Commercial Papers |
790.600 |
0.000 |
|
|
|
|
|
Total |
790.600 |
0.000 |
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G52866696 |
100121442 |
Standard Chartered Bank |
31/07/2017 |
- |
500000000.0 |
Narain Manzil23, Barakhamba Road New Delhi 110001 INDIA |
|
2 |
G15097496 |
100054279 |
Punjab National Bank |
28/09/2016 |
- |
417500000.0 |
Industrial Estate Kota RAJASTHAN 324007 INDIA |
|
3 |
C80263890 |
10622615 |
Abu Dhabi Commercial Bank |
17/02/2016 |
- |
450000000.0 |
28, Ground Floor, Citi Centre, Church Street, Bangalore Banglore KARNATAKA 560001 INDIA |
|
4 |
G15383748 |
10616862 |
The Jammu & Kashmir Bank Limited |
11/01/2016 |
19/09/2016 |
180000000.0 |
Kathua (Main) District Kathua JHARKHANDK 184101 INDIA |
|
5 |
G15383938 |
10612221 |
The Jammu & Kashmir Bank Limited |
15/12/2015 |
19/09/2016 |
60000000.0 |
Kathua (Main) District Kathua JHARKHANDK 184101 INDIA |
|
6 |
C65295313 |
10593188 |
THE BANK OF NOVA SCOTIA |
28/09/2015 |
- |
300000000.0 |
DR. GOPALDAS BHAWAN28, BARAKHAMBA ROAD NEW DELHI 110001 INDIA |
|
7 |
C69236487 |
10600812 |
HDFC BANK LIMITED |
27/08/2015 |
- |
750000000.0 |
HDFC Bank House, Vatika Atrium, "A" Block,Sector 53, Golf Course Road.Gurgaon HARYANA 122002 INDIA |
|
8 |
G02163715 |
10600813 |
HDFC BANK LIMITED |
27/08/2015 |
28/03/2016 |
1050000000.0 |
HDFC Bank House, Vatika Atrium, "A" Block,Sector 53, Golf Course Road.Gurgaon HARYANA 122002 INDIA |
|
9 |
G01180603 |
10595127 |
United Bank of India |
13/08/2015 |
28/03/2016 |
200000000.0 |
Corporate Finance Branch106-109, Ansal Tower, 38, Nehru Place.New Delhi 110019 INDIA |
|
10 |
G00598540 |
10587366 |
Bank of Maharashtra |
04/08/2015 |
28/03/2016 |
2000000000.0 |
4-A, Park Street M.I.Road Jaipur RAJASTHAN 302001 INDIA |
CONTINGENT
LIABILITIES:
(INR in million)
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claim against the
Company not acknowledged as debts: |
|
|
|
Labour Matters (including matter in respect of which stay
granted by respective Hon’ble High Court), except for which the liability is
unascertainable |
43.100 |
43.000 |
|
Other matters for
which the Company is contingently liable: |
|
|
|
Demand raised by Excise Department for various matters |
59.100 |
60.900 |
|
Demand for Service Tax |
-- |
24.000 |
|
Demand for Entry Tax (penalty & interest) (Net of INR 58.259 million (Previous year INR 58.259
million) provided in accounts/ paid) |
73.500 |
63.900 |
|
The Company has procured certain capital goods under EPCG
Scheme at concessional rate of duty. As on 31st March, 2016 the Company is
contingently liable to pay differential custom duty INR 28.001 million
(Previous year Nil) on such procurement. In view of past export performance
and future projections, the management is hopeful of completing the export
obligation within stipulated time, and expect no cash outflow on this account |
|
|
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017
(INR In Million)
|
Particulars |
3 Month ended |
Preceding 3 Months ended |
Year to date figure for current period
ended |
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
REVENUE |
|
|
|
|
Revenue from operation |
5939.200 |
6037.000 |
18496.100 |
|
Other Income |
103.900 |
103.200 |
274.500 |
|
Total
Income |
6043.100 |
6140.200 |
18770.600 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
3137.700 |
3314.200 |
9900.200 |
|
Purchase of Stock in Trade |
303.400 |
186.400 |
763.100 |
|
Changes in inventories of finished goods and
work-in-progress |
(68.100) |
(243.700) |
(230.400) |
|
Employee benefits expense |
775.200 |
768.100 |
2265.900 |
|
Finance costs |
126.100 |
153.300 |
437.700 |
|
Depreciation and Amortization expenses |
273.900 |
262.000 |
796.700 |
|
Other Expenditure |
|
|
|
|
-Power and Fuel |
621.700 |
652.300 |
1904.700 |
|
-Other expenses |
603.500 |
614.900 |
1886.600 |
|
Total
Expenses |
5773.400 |
5707.500 |
17724.500 |
|
Profit/(Loss)
before Exceptional Item and tax |
269.700 |
432.700 |
1046.100 |
|
Exceptional items |
0.000 |
418.300 |
418.300 |
|
Profit
/ (Loss) before Tax |
269.700 |
851.000 |
1464.400 |
|
Tax Expense |
|
|
|
|
-Current Tax |
31.700 |
119.600 |
223.600 |
|
-Deferred tax |
74.500 |
97.200 |
207.300 |
|
Total |
106.200 |
216.800 |
430.900 |
|
Profit
for the period |
163.500 |
634.200 |
1033.500 |
|
Other
comprehensive income items that will not be reclassified to profit or loss |
|
|
|
|
Remeasurement of defined benefit plans |
1.200 |
1.300 |
3.800 |
|
Tax relating to remeasurement of defined benefit plans |
(0.400) |
(0.400) |
(1.300) |
|
Total
other comprehensive income for the period |
0.800 |
0.900 |
2.500 |
|
Total
comprehensive income for the period |
164.300 |
635.100 |
1036.000 |
|
Paid-up Equity Share Capital (Face value INR 1/- per
share) |
163.800 |
163.800 |
163.800 |
|
Basic
and diluted |
1.00 |
3.87 |
6.31 |
SEGMENTWISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(INR In Million)
|
PARTCULARS |
3 Month ended |
Preceding 3 Months ended |
Year to date figure for current period
ended |
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Segment Revenue
: |
|
|
|
|
Yarn |
5612.800 |
5725.500 |
17579.300 |
|
Home textile |
326.400 |
311.500 |
916.800 |
|
Revenue from
operation |
5939.200 |
6037.000 |
18496.100 |
|
Segment Result: |
|
|
|
|
Profit/(Loss)
before Tax and Finance costs from each segment |
|
|
|
|
Yarn |
381.300 |
538.600 |
1399.000 |
|
Home textile |
(0.300) |
2.900 |
2.700 |
|
Total |
381.000 |
541.500 |
1401.700 |
|
Less: Finance
costs |
126.100 |
153.300 |
437.700 |
|
Add: Other
un-allocable income net of un-allocable expenditure # |
14.800 |
462.800 |
500.400 |
|
Profit/(Loss)
before tax |
269.700 |
851.000 |
1464.400 |
|
Segment Assets: |
|
|
|
|
Yarn |
17905.100 |
18371.200 |
17905.100 |
|
Home Textile |
2074.100 |
2060.000 |
2074.100 |
|
Add:
Un-allocated Corporate Liabilities |
1410.100 |
947.900 |
1410.100 |
|
Total Assets |
21389.300 |
21379.100 |
21389.300 |
|
|
|
|
|
|
Segment Liabilities: |
|
|
|
|
Yarn |
8620.000 |
8945.700 |
8620.000 |
|
Home Textile |
1156.000 |
1142.200 |
1156.000 |
|
Add: Un-allocated
Corporate Liabilities |
2674.000 |
2516.000 |
2674.000 |
|
Total
Liabilities |
12450.000 |
12603.900 |
12450.000 |
Notes:
- The above Unaudited Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on 7 February 2018 and 8 February 2018 respectively. The Limited Review for the quarter and nine months ended 31 December 2017, has been carried out by the Statutory Auditors, as required under Regulation 33 of SEBI (LODR) Regulation, 2015.
- Exceptional items for the preceding quarter and nine months ended 31 December 2017 includes dividend income amounting to INR 193.300 Million pertaining to the years 2011 to 2016 on investment in Non-Convertible Cumulative Redeemable Preference Shares held in other Companies received during the preceding quarter ended 30 September 2017. It also includes an amount of INR 225.000 Million pertaining to increase in valuation of said investment. These investments were measured at fair value and resultant impact of decrease in fair valuation of INR 179.900 Million (net of taxes) was recognised in retained earnings as at the date of transition (i.e. 1 April 2015) and subsequent increases were recognized in statement of profit and loss. Accordingly, an increase of INR 23.400 Million related to year ended 31 March 2017 has been disclosed under exceptional item. Consequent to the increase in fair valuation, the resultant deferred tax charge of INR 75.000 Million has been disclosed under tax expense in the preceding quarter.
- Pursuant to the approval of the Shareholders of the Company w.e.f, 27 September,2017 ("Record date") 16382862 equity shares of face value of INR 10/— each were sub-divided into 163828620 equity shares of face value of INR 1/— each and the Earnings per Share (EPS) has been arrived at for all reporting periods after considering such sub division.
- During the quarter, the Company has incorporated a wholly owned subsidiary (WOS) namely Sutlej Holdings, Inc. and its step-down subsidiary (SDS) namely Sutlej USA, LLC in United States of America and has invested USD 4.50 million in Equity Shares of WOS. The WOS invested USD 3.0 million in SDS. The SDS then acquired specific assets and liabilities including brands of American Silk Mills, LLC for an agreed consideration of USD 2.70 million. The name of SDS has since been changed to American Silk Mills, LLC.
- Previous period/ year figures have been regrouped wherever considered necessary.
- The review report of the statutory auditors is being filed with BSE Limited and National Stock Exchange of India Limited.
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicles
·
Freehold land
·
Office Equipment
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 90.22 |
|
Euro |
1 |
INR 80.54 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SUD |
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 |
NO |
|
--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.