|
|
|
MIRA INFORM REPORT
|
Report No. : |
500758 |
|
Report Date : |
29.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
GINNI FILAMENTS LIMITED |
|
|
|
|
Registered
Office : |
110 K.M. Stone, Delhi-Mathura Road, Chhata, District Mathura – 281
401, Uttar Pradesh |
|
Tel. No.: |
91-5662-242490/ 242491/ 242341/ 246648/ 232438 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
28.07.1982 |
|
|
|
|
Com. Reg. No.: |
20-012550 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 781.501 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L71200UP1982PLC012550 |
|
|
|
|
IEC No.: |
4194005040 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCG0942K |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
09AABCG0942K1ZL |
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|
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TIN/CST No.: |
09627600193 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of cotton yarn, knitted fabric, non-woven fabric, garments and wipes (Registered activity and also confirmed by management) |
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|
|
|
No. of Employees
: |
2144 (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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 4767000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject was incorporated on 28th July 1982 and is a textile
company. The company is engaged in manufacturing clothing, non-woven spun
lace fabric and other consumer products.
|
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 bank facilities = BB- |
|
Rating Explanation |
Moderate risk of default |
|
Date |
26.02.2018 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term bank facilities = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
26.02.2018 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 28.03.2018
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Ms. Bhavna Tragi |
|
Designation : |
HR Department |
|
Contact No.: |
91-120-4058400 |
|
Date : |
28.03.2018 |
LOCATIONS
|
Registered Office/ Factory 1/ Spinning and Process House : |
110 K.M. Stone, Delhi-Mathura Road, Chhata, District Mathura – 281 401,
Uttar Pradesh, India |
|
Tel. No.: |
91-5662-242490/ 242491/ 242341/ 246648/ 232438 |
|
Fax No.: |
91-5662-242223/ 242248 |
|
E-Mail : |
|
|
Website : |
|
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|
|
|
Corporate Office / Factory 2 : |
D-196, Sector-63, Noida - 201 307, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4058400 |
|
Fax No.: |
91-120-4250975 / 76 |
|
|
|
|
Factory 3 : |
C-145, Sector – 63, Noida – 201 307, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4058400 (30 Lines) |
|
Fax No.: |
91-120-4250975-76 |
|
|
|
|
Branch / Factory 4 : |
Plot No.205-207, GIDC Industrial Area, District Bharuch, Ankleshwar –
394 116, Gujarat, India |
|
|
|
|
Consumer Products Division / Factory 5 : |
Plot No.98, Sector 5, IIE, Sidcul, Haridwar, Uttaranchal, India |
Note: D-38, Bahadrabad Industrial Area, Near IOCL Bottling Plant, Haridwar, Uttarakhand, India shifted to Plot No.98, Sector 5, IIE, Sidcul, Haridwar, Uttaranchal, India
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Shishir Jaipuria |
|
Designation : |
Managing Director |
|
Address : |
A9/24, Vasant Vihar, New Delhi-110057, India |
|
Date of Birth/Age: |
07.04.1957 |
|
Qualification : |
M.Com and LLB |
|
Date of Appointment : |
14.02.1990 |
|
DIN No.: |
00274959 |
|
|
|
|
Name : |
Mr. Suresh Singhvi |
|
Designation : |
Whole Time Director |
|
Address : |
C-33 Lajpat Nagar III, New Delhi-110024, India |
|
Date of Birth/Age: |
21.11.1953 |
|
Qualification : |
B.Com, F.C.A. and LLB |
|
Date of Appointment
: |
01.08.2014 |
|
DIN No.: |
00293272 |
|
|
|
|
Name : |
Mr. Saket Jaipuria |
|
Designation : |
Whole Time Director |
|
Address : |
A9/24, Vasant Vihar, New Delhi-110057, India |
|
Date of Birth/Age: |
11.10.1982 |
|
Qualification : |
Graduate B.B.A. |
|
DIN No.: |
02458923 |
|
PAN No.: |
ADGPJ8314D |
|
|
|
|
Name : |
Mr. Joginder Pal Kundra |
|
Designation : |
Director |
|
Address : |
332, Sector 15A, Noida-201301, Uttar Pradesh, India |
|
Date of Birth/Age: |
14.04.1930 |
|
Date of Appointment
: |
31.01.2000 |
|
DIN No.: |
00004228 |
|
|
|
|
Name : |
Mr. Jugal Kishore Bhagat |
|
Designation : |
Director |
|
Address : |
12/1, Pretoria Street, Kolkata-700071, West Bengal, India |
|
Date of Appointment
: |
28.07.1982 |
|
DIN No.: |
00055972 |
|
|
|
|
Name : |
Dr. Har Prasad Bhattacharya |
|
Designation : |
Director |
|
Address : |
320A, Hamilton Court, DLF City Phase IV, Gurugram-122002, Haryana, India |
|
Date of Birth/Age: |
13.12.1939 |
|
Qualification : |
PHD in Textile Technology |
|
Date of Appointment
: |
30.10.2000 |
|
DIN No.: |
00304475 |
|
|
|
|
Name : |
Mr.
Sushil
Chandra Tripathi |
|
Designation : |
Director |
|
Address : |
27, Sector 15A, Noida-201301, Uttar Pradesh, India |
|
Date of Appointment
: |
01.08.2014 |
|
DIN No.: |
00941922 |
|
|
|
|
Name : |
Mr. Ramesh Chandra Vaish |
|
Designation : |
Director |
|
Address : |
169, Golf Links, New Delhi-110003, India |
|
Date of Appointment
: |
01.08.2014 |
|
DIN No.: |
01068196 |
|
|
|
|
Name : |
Mr. Manju Rana |
|
Designation : |
Director |
|
Address : |
A-26, Sector - 61, Noida-201307, Uttar Pradesh, India |
|
Date of Appointment
: |
01.08.2014 |
|
DIN No.: |
06939634 |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Singhvi |
|
Designation : |
Chief Finance Officer |
|
Address : |
C-33, Lajpat Nagar III, New Delhi- 110024, India |
|
Date of Appointment : |
02.05.2014 |
|
PAN No.: |
AIGPS1249B |
|
|
|
|
Name : |
Mr. Bharat Singh |
|
Designation : |
Company Secretary |
|
Address : |
Flat No. B-411 Panchachuli Apartments, Sector – 61, Noida
– 201307, Uttar
Pradesh, India |
|
Date of Appointment : |
21.02.2017 |
|
PAN No.: |
AVSPS2979R |
|
|
|
|
Name : |
Ms. Bhavna Tragi |
|
Designation : |
HR Department |
MAJOR SHAREHOLDERS
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 % |
|
|
(A) Promoter & Promoter Group |
43675468 |
61.82 |
|
|
(B) Public |
26974597 |
38.18 |
|
|
Grand Total |
70650065 |
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 % |
|
|
A1) Indian |
|
||
|
Individuals/Hindu undivided Family |
33753726 |
47.78 |
|
|
Suniti Devi Jaipuria |
13360027 |
18.91 |
|
|
Saket Jaipuria |
6136008 |
8.69 |
|
|
Yash Jaipuria |
5720847 |
8.10 |
|
|
Sunita Jaipuria |
4360716 |
6.17 |
|
|
Shishir Jaipuria |
2864276 |
4.05 |
|
|
Shishir Jaipuria (HUF) |
1308286 |
1.85 |
|
|
Sharad Jaipuria |
1700 |
0.00 |
|
|
Sharad Jaipuria (HUF) |
1500 |
0.00 |
|
|
Dr Rajaram Jaipuria (HUF) |
366 |
0.00 |
|
|
Any Other (specify) |
9921742 |
14.04 |
|
|
Raghukul Trading Private Limited |
9913027 |
14.03 |
|
|
SRJ Edu Services Private Limited |
8715 |
0.01 |
|
|
Sub Total A1 |
43675468 |
61.82 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
43675468 |
61.82 |
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 % o |
|
|
|
|
|
|
|
B1) Institutions |
|
|
|
|
Mutual Funds/ |
11000 |
0.02 |
|
|
Foreign Portfolio Investors |
58510 |
0.08 |
|
|
Financial Institutions/ Banks |
41825 |
0.06 |
|
|
Any Other (specify) |
10 |
0.00 |
|
|
Foreign Financial Institution |
10 |
0.00 |
|
|
Sub Total B1 |
111345 |
0.16 |
|
|
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 |
15310996 |
21.67 |
|
|
Individual share capital in excess of INR
0.200 million |
5411631 |
7.66 |
|
|
Any Other (specify) |
6140625 |
8.69 |
|
|
Trusts |
56600 |
0.08 |
|
|
HUF |
1326809 |
1.88 |
|
|
NRI – Non- Repat |
130107 |
0.18 |
|
|
NRI – Repat |
403011 |
0.57 |
|
|
Clearing Members |
1495701 |
2.12 |
|
|
Bodies Corporate |
2728397 |
3.86 |
|
|
Sub Total B3 |
26863252 |
38.02 |
|
|
B=B1+B2+B3 |
26974597 |
38.18 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of cotton yarn, knitted fabric, non-woven fabric, garments and wipes (Registered activity and also confirmed by management) |
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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 : |
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|
Products : |
Finished Goods |
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|
Countries : |
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|
Imports : |
Not Divulged |
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|
Terms : |
|||||||||
|
Selling : |
Cash and Cheque |
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|
|
|
||||||||
|
Purchasing : |
Cash and Cheque |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers
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No. of Employees : |
2144 (Approximately) |
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Bankers : |
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Facilities : |
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|
Auditors : |
|
|
Name : |
P.L. Gupta and Company Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises over which
Key Management personnel are able to exercise significant influence: |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
84285000 |
Equity Shares |
INR 10/- each |
INR 842.850 Million |
|
1000000 |
Redeemable Preference Shares |
INR 100/- each |
INR 100.000 Million |
|
|
|
|
INR 942.850
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70650065 |
Equity Shares |
INR 10/- each |
INR 706.501 Million |
|
750000 |
8% Redeemable Preference Shares (RCPS) |
INR 100/- each |
INR 75.000 Million |
|
|
|
|
INR 781.501
Million |
(a) Reconciliation of
No. of shares Outstanding:
|
Equity Shares |
As at 31st March, 2017 |
|
|
No of Share |
Amount (INR IN million) |
|
|
Opening Outstanding Shares |
70650065 |
706.501 |
|
Closing Outstanding Shares |
70650065 |
706.501 |
|
Preference Shares |
|
|
|
Opening Outstanding Shares |
750000 |
75.000 |
|
Closing Outstanding Shares |
750000 |
75.000 |
(b) Shareholders
holding more than 5% of total shares
|
Name of Shareholder |
As at 31st March, 2017 |
|
|
No of Share |
% of holding |
|
|
Suniti Devi Jaipuria |
13360027 |
18.91 |
|
Sunita Jaipuria |
5675716 |
8.03 |
|
Saket Jaipuria |
6136008 |
8.69 |
|
Yash Jaipuria |
5720847 |
8.10 |
|
Raghukul Trading Private Limited |
8598027 |
12.17 |
|
Preference Shares |
|
|
|
Raghukul Trading Private Limited |
750000 |
100.00 |
(c) Aggregate no. of share issued for consideration other than cash during the period of 5 years immediately preceding the reporting date - NIL
Equity Shares 3.1 The Company has only one class of equity shares having a par value of INR 10/- per share. Each holder of equity share is entitled to one vote per share.
3.2 In the liquidation of the company, the holder of equity share will be entitled to receive remaining assets of the company, after distribution of all preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholders Preference Shares
3.3 8% cumulative redeemable preference shares are
redeemable at par on or before 31st December 2018. Accumulated dividend on
preference shares upto 31st March, 2017 is INR 44.500 Million (previous year
INR 38.500 Million)
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 |
781.501 |
781.501 |
781.501 |
|
(b) Reserves & Surplus |
886.951 |
707.490 |
663.519 |
|
(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) |
1668.452 |
1488.991 |
1445.020 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
601.012 |
790.430 |
1209.124 |
|
(b) Deferred tax liabilities
(Net) |
342.150 |
206.755 |
178.806 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
84.660 |
85.534 |
72.118 |
|
Total
Non-current Liabilities (3) |
1027.822 |
1082.719 |
1460.048 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1541.707 |
1652.990 |
1610.495 |
|
(b) Trade payables |
361.925 |
216.720 |
271.790 |
|
(c) Other current liabilities |
648.718 |
646.379 |
689.580 |
|
(d) Short-term provisions |
275.400 |
189.301 |
167.686 |
|
Total
Current Liabilities (4) |
2827.750 |
2705.390 |
2739.551 |
|
|
|
|
|
|
TOTAL |
5524.024 |
5277.100 |
5644.619 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2297.763 |
2433.071 |
2563.721 |
|
(ii) Intangible Assets |
1.252 |
0.550 |
0.297 |
|
(iii) Capital work-in-progress |
179.147 |
10.609 |
19.894 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
75.681 |
75.681 |
75.681 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
523.535 |
353.442 |
350.386 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
3077.378 |
2873.353 |
3009.979 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1440.542 |
1204.728 |
1151.253 |
|
(c) Trade receivables |
667.354 |
780.725 |
974.325 |
|
(d) Cash and cash equivalents |
49.939 |
40.220 |
43.036 |
|
(e) Short-term loans and
advances |
288.418 |
372.007 |
465.661 |
|
(f) Other current assets |
0.393 |
6.067 |
0.365 |
|
Total
Current Assets |
2446.646 |
2403.747 |
2634.640 |
|
|
|
|
|
|
TOTAL |
5524.024 |
5277.100 |
5644.619 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
7646.779 |
7502.994 |
8476.710 |
|
|
Other Income |
77.934 |
44.356 |
42.882 |
|
|
TOTAL
|
7724.713 |
7547.350 |
8519.592 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
4484.899 |
4379.013 |
4859.924 |
|
|
Purchases of Stock-in-Trade |
1.607 |
22.801 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(41.522) |
62.395 |
34.858 |
|
|
Employees benefits expense |
527.717 |
495.775 |
473.262 |
|
|
Other expenses |
1894.598 |
1864.455 |
2228.410 |
|
|
Exceptional items |
0.000 |
11.910 |
29.380 |
|
|
TOTAL |
6867.299 |
6836.349 |
7625.834 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
857.414 |
711.001 |
893.758 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
277.078 |
350.546 |
448.429 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
580.336 |
360.455 |
445.329 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
262.330 |
287.796 |
316.745 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
318.006 |
72.659 |
128.584 |
|
|
|
|
|
|
|
Less |
TAX |
138.545 |
28.688 |
50.822 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
179.461 |
43.971 |
77.762 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
22.747 |
(21.224) |
(98.986) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
202.208 |
22.747 |
(21.224) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
2395.690 |
3156.857 |
4768.148 |
|
|
TOTAL
EARNINGS |
2395.690 |
3156.857 |
4768.148 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
374.591 |
523.575 |
709.495 |
|
|
Capital Goods |
43.201 |
83.741 |
50.359 |
|
|
Stores and Spare Parts |
90.730 |
77.743 |
95.684 |
|
|
TOTAL
IMPORTS |
508.522 |
685.059 |
855.538 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
2.46 |
0.54 |
1.02 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
435.638 |
420.089 |
415.441 |
|
Cash generated from operations |
909.085 |
806.871 |
879.499 |
|
Net cash flows from (used in) operations |
840.277 |
804.955 |
806.613 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
31.85 |
37.98 |
41.95 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
11.46 |
9.61 |
8.70 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
29.44 |
17.97 |
20.41 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.60 |
0.59 |
0.78 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.35 |
0.29 |
0.35 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.70 |
0.74 |
0.77 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
1.55 |
1.92 |
2.24 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities
/ Net Worth) |
1.69 |
1.82 |
1.90 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.49 |
1.64 |
1.79 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
3.09 |
2.03 |
1.99 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
2.35 |
0.59 |
0.92 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
3.25 |
0.83 |
1.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
10.76 |
2.95 |
5.38 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.87 |
0.89 |
0.96 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.36 |
0.44 |
0.54 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.30 |
0.28 |
0.26 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
3.30 |
3.66 |
4.14 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.87 |
0.89 |
0.96 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 27.90/- |
FINANCIAL ANALYSIS
[all figures are
in 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 |
781.501 |
781.501 |
781.501 |
|
Reserves & Surplus |
663.519 |
707.490 |
886.951 |
|
Net
worth |
1445.020 |
1488.991 |
1668.452 |
|
|
|
|
|
|
long-term borrowings |
1209.124 |
790.430 |
601.012 |
|
Short term borrowings |
1610.495 |
1652.990 |
1541.707 |
|
Current maturities of
long-term debts |
415.441 |
420.089 |
435.638 |
|
Total
borrowings |
3235.060 |
2863.509 |
2578.357 |
|
Debt/Equity
ratio |
2.239 |
1.923 |
1.545 |
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 |
8476.710 |
7502.994 |
7646.779 |
|
|
|
(11.487) |
1.916 |
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 |
8476.710 |
7502.994 |
7646.779 |
|
Profit |
77.762 |
43.971 |
179.461 |
|
|
0.92% |
0.59% |
2.35% |
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 |
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) |
Yes |
|
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 |
Yes |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
COMPANY OVERVIEW
The company is a textile company manufacturing cotton yarn,
knitted fabric, non-woven fabric, garments and wipes at its factories located
at Kosi kalan (UP), Panoli (Gujarat), Noida (U.P.) and Haridwar (Uttarakhand) .
OPERATIONS AND STATE
OF COMPANY AFFAIRS
During the year the Company’s Total Revenue from operation
has increased from INR 7547.400 Million to INR 7724.700 Million and earned Net
Profit of INR 179.500 Million against Net Profit of INR 44.000 Million during
immediately preceding year. The improvement in performance of the company
during the year has been possible due to increase in Revenue from operation,
availability of better margins in spinning business and cost reduction in
interest, power and freight costs.
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry Structure
and Developments
India’s textiles sector is one of the oldest industries in Indian economy dating back several centuries. Even today, textiles sector is one of the largest contributors to India’s exports with approximately 15 per cent of total exports. India’s share in global textiles and apparel is more than 5%. Textile contributes 14% of industrial production, 4% of GDP. Indian Textile Industry is supported by abundant availablity of raw materials such as cotton, wool, silk, jute and manmade fibers The textiles industry is labour intensive and is one of the largest employers The textile industry employs about 40 million workers and 60 million indirectly. The textile industry has two broad segments. First, the unorganised sector consists of handloom, handicrafts and sericulture, which are operated on a small scale and through traditional tools and methods. The second is the organised sector consisting of spinning, apparel, garments and technical textile segment which apply modern machinery and techniques such as economies of scale
India accounts for 18% of world’s spindles and 9% of world’s rotors. Further the presence of entire value chain from production of fibers to the yarn, fabric and apparel gives edge to Indian Textiles in global scenario.
OUTLOOK
The Indian textile industry has a significant presence in
the Indian economy as well as in the international textile economy. Its
contribution to the Indian economy is manifested in terms of its contribution
to the industrial production, employment generation and foreign exchange
earnings. Company is optimistic that textile industry has good prospect in
future
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and Advances from Related Parties |
350.000 |
240.000 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Interest bearing loans from Related Parties repayable on
demand |
37.334 |
62.378 |
|
Total |
387.334 |
302.378 |
INDEX
OF CHARGES
|
S NO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G52455953 |
100028246 |
STATE BANK OF INDIA |
27/04/2016 |
21/07/2017 |
- |
150000000.0 |
INDUSTRIAL FINANCE BRANCH, JAWAHAR VYAPAR BHAWAN, 14TH FLOOR, TOLSTOY MARG, NEW DELHI-110001, INDIA |
|
2 |
C49537251 |
10560250 |
THE FEDERAL BANK LIMITED |
27/03/2015 |
- |
- |
420000000.0 |
CORPORATE BANKING BRANCH, E-13/29, HARSHA BHAWAN, MIDDLE CIRCLE, CONNAUGHT PLACE, NEW DELHI-110001, INDIA |
|
3 |
C12312781 |
10418699 |
STATE BANK OF INDIA |
20/03/2013 |
25/06/2014 |
- |
65000000.0 |
INDUSTRIAL FINANCE BRANCH, JAWAHAR VYAPAR BHAWAN, 14TH FLOOR, TOLSTOY MARG, NEW DELHI-110001, INDIA |
|
4 |
B72884174 |
10418702 |
STATE BANK OF INDIA |
20/03/2013 |
- |
- |
1025700000.0 |
INDUSTRIAL FINANCE BRANCH, JAWAHAR VYAPAR BHAWAN, 14TH FLOOR, TOLSTOY MARG, NEW DELHI-110001, INDIA |
|
5 |
B71252092 |
10413171 |
KOTAK MAHINDRA PRIME LIMITED |
28/02/2013 |
- |
- |
3349000.0 |
36-38A NARIMAN BHAVAN,227, NARIMAN POINT,MUMBAI-400021, MAHARASHTRA, INDIA |
|
6 |
A74148370 |
10153833 |
STATE BANK OF INDIA |
31/03/2009 |
09/11/2009 |
- |
290000000.0 |
INDUSTRIAL FINANCE BRANCH, JAWAHAR VYAPAR BHAWAN, 14TH FLOOR, TOLSTOY MARG, NEW DELHI-110001, INDIA |
|
7 |
A74148040 |
10136761 |
STATE BANK OF INDIA |
17/05/2008 |
09/11/2009 |
- |
40000000.0 |
INDUSTRIAL FINANCE BRANCH, JAWAHAR VYAPAR BHAWAN, 14TH FLOOR, TOLSTOY MARG, NEW DELHI-110001, INDIA |
|
8 |
A74535121 |
10106421 |
THE FEDERAL BANK LIMITED |
13/05/2008 |
09/11/2009 |
- |
28000000.0 |
HARSHA BHAWAN, E-13-29, GROUND FLOOR, MIDDLE CIRCLE, CONNAUGHT PLACENEW DELHI-110001, INDIA |
|
9 |
A76040187 |
10057363 |
EXPORT IMPORT BANK OF INDA |
12/06/2007 |
09/11/2009 |
- |
225500000.0 |
CENTRE ONE BUILDING, 21ST FLOOR,WORLD TRADE CENTRE COMPLEX, CUFFE PARADE,MUMBAI-400005, MAHARASHTRA, INDIA |
|
10 |
A75804070 |
10045844 |
IDBI BANK LIMITED |
23/03/2007 |
09/11/2009 |
- |
120000000.0 |
IDBI TOWERCUFFE PARADE MUMBAI-400005, MAHARASHTRA, INDIA |
STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND
NINE MONTHS ENDED 31 DECEMBER 2017
(INR In Million)
|
Particulars |
3 Months Ended |
9 Months Ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Income |
|
|
|
|
Revenue from
operations |
1830.886 |
1701.556 |
5260.199 |
|
Other income |
10.477 |
0.407 |
35.181 |
|
Total Income
from Operations (net) |
1841.363 |
1701.963 |
5295.380 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of
Materials Consumed |
1114.445 |
1007.779 |
3280.632 |
|
Purchases of
Stock-in-Trade |
14.168 |
13.062 |
33.991 |
|
Changes in inventories of finished goods, work-in-progress and traded goods |
(80.516) |
40.308 |
(177.128) |
|
Employee benefits expense |
140.495 |
134.613 |
410.830 |
|
Finance Cost |
69.749 |
70.543 |
220.116 |
|
Depreciation
and amortisation expense |
61.086 |
64.057 |
190.453 |
|
Excise Duty |
- |
- |
4.239 |
|
Other
expenses |
463.486 |
389.191 |
1309.781 |
|
Total
Expenses |
1782.913 |
1719.553 |
5272.914 |
|
Profit before exceptional items and tax |
58.450 |
(17.593) |
22.466 |
|
Exceptional
item |
- |
- |
- |
|
Profit before tax |
58.450 |
(17.593) |
22.466 |
|
Tax
expense |
|||
|
a) Current Tax |
17.899 |
7.501 |
30.815 |
|
b) Deferred Tax |
(16.947) |
(6.163) |
(36.134) |
|
Net
Profit/(Loss) for the period |
57.498 |
(18.931) |
27.785 |
|
Other
Comprehensive Income |
0.030 |
0.029 |
0.089 |
|
Item's that
will! not be reclassified to profit or loss |
(0.011) |
(0.010) |
(0.031) |
|
Total Other
Comprehensive Income for the period |
57.517 |
(18.912) |
27.843 |
|
Paid – up Equity Share Capital (Face Value INR 10) |
706.501 |
706.501 |
706.501 |
|
Earning Per Share for the Period of INR 10/- each |
|||
|
Basic |
0.81 |
(0.27) |
0.39 |
|
Diluted |
0.81 |
(0.27) |
0.39 |
SEGMENT
WISE REVENUE RESULT ASSETS, LIABILITIES AND CAPITAL EMPLOYED FOR THE QUARTER
AND NINE MONTHS ENDED 31.12.2017
|
Particulars |
3 Months Ended |
9 Months Ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Segment Revenue |
|
|
|
|
a)Textile |
1746.809 |
1603.472 |
4926.142 |
|
b) Consumer Products |
163.762 |
135.803 |
498.892 |
|
c) Unallocated |
- |
- |
- |
|
Total |
1910.571 |
1739.275 |
5425.034 |
|
Less: Inter Segment Revenue |
79.685 |
37.722 |
164.835 |
|
Net Sales/Income
from Operations |
1830.886 |
1701.553 |
5260.199 |
|
|
|
|
|
|
Segment Results |
|
|
|
|
Profit/(Loss) before Tax .Exceptional items and Interest |
|
|
|
|
from each segment |
|
|
|
|
a)Textile |
96.417 |
33.884 |
159.902 |
|
b) Consumer Products |
31.782 |
19.066 |
82.680 |
|
c) Unallocated |
- |
- |
- |
|
Total |
128.199 |
52.950 |
242.582 |
|
Less: i) Interest |
69.749 |
70.543 |
220.116 |
|
II) Other-Un-allocable Expenditure net off |
- |
- |
- |
|
|
|
|
|
|
Total Profit /
(Loss) before Tax |
58.450 |
(17.593) |
22.466 |
|
|
|
|
|
|
Segment assets |
|
|
|
|
a)Textile |
5253.252 |
5033.328 |
5253.252 |
|
b) Consumer Products |
558.587 |
543.648 |
558.587 |
|
c) Unallocated |
- |
- |
- |
|
Total Segment assets |
5811.839 |
5576.976 |
5811.839 |
|
Segment Liabilities |
|
|
|
|
a)Textile |
3584.313 |
3540.487 |
3584.313 |
|
b) Consumer Products |
111.177 |
207.177 |
111.177 |
|
c) Unallocated |
- |
- |
- |
|
Total Segment Liabilities |
3695.490 |
3747.664 |
3695.490 |
|
Capital
Employed |
2116.349 |
1829.312 |
2116.349 |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Bills discounted with banks |
38.444 |
92.088 |
|
Disputed demands under excise, income tax, sales tax and
electricity etc. |
12.655 |
13.277 |
|
claims against the company not acknowledged as debt |
3.726 |
16.463 |
|
The assessing officer made certain disallowances at the time of assessment of income tax for the A.Y. 2000-01 to A.Y. 2012-13. The Company has filed appeal against such orders of assessing officer before appropriate authorities. On account of this, the brought forward losses/depreciation stands exhausted during A.Y. 2014-15 and there is contingent liability of INR 117.500 Million till the A.Y. 2017- 18. However, there is pending demand of income tax as on 31st March, 2017 against the aforesaid disallowances for the amount of INR 8.560 Million against which the company has deposited INR 4.000 Million. The management believe that the disallowances made by the assessing officer and disputed demand of income tax, sales tax, excise and electricity and on account of claims against the Company shall not sustain before the appropriate authorities. The management believes that the ultimate outcome of these litigation/proceedings will not have a material adverse effect on the company’s financial position and results of operations. |
||
|
The payment of Bonus Act, 1965 was amended vide notification dated 31st December, 2015 making retrospective amendment of payment of bonus effective from financial year 2014-2015. Due to this amendment, there is incremental liability of INR 8.337 million towards payment of bonus for financial year 2014-15. Hon’ble Kerala High Court vide its order dated 27th January, 2016 and Hon’ble Karnataka High Court vide its order dated 2nd February, 2016 have stayed the retrospective applicability of notification. Commissioner of Labour (Uttar Pradesh) has also stayed enforcement of the said amendment till the further orders of aforesaid High Courts. The Company has received legal opinion from reputed Supreme Court Lawyer confirming that the stay of notification by High Courts is also applicable to the Company and its units. The management believes that no liability will arise on account of such retrospective amendment |
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Estimated amount of contracts remaining to be executed on
capital account and not provided for (net of advances) |
281.684 |
68.845 |
FIXED ASSETS
- Land
- Building
- Furniture and Fittings
- Computer
- Plant and
Machinery
- Electrical Installation
- Office Equipments
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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 65.06 |
|
UK Pound |
1 |
INR 92.06 |
|
Euro |
1 |
INR 80.37 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUV |
|
|
|
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
RKI |
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 |
YES |
|
--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.
·