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MIRA INFORM REPORT
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Report No. : |
512139 |
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Report Date : |
31.05.2018 |
IDENTIFICATION DETAILS
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Name : |
SARLA PERFORMANCE FIBERS LIMITED (w.e.f. 2007) |
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Formerly Known
As : |
SARLA POLYESTER LIMITED (w.e.f. 24.11.1993) SARLA POLYESTER PRIVATE LIMITED |
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Registered
Office : |
Survey No. 59/1/4, Amli Piparia Industrial Estate,
Silvassa - 396230, (U.T.) Dadra & Nagar Haveli |
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Tel. No.: |
91-260-3290467 |
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Country : |
India |
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Financials (as
on) : |
31.03.2018 |
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Date of
Incorporation : |
23.11.1993 |
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Com. Reg. No.: |
54-000056 |
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Capital
Investment / Paid-up Capital : |
INR 83.503 Million |
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CIN No.: [Company Identification
No.] |
L31909DN1993PLC000056 |
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IEC No.: [Import-Export Code No.] |
0393057267 |
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PAN No.: [Permanent Account No.] |
AABCS1322B |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account 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
: |
The company is engaged primarily
in manufacturing of polyester and nylon yarns (Registered Activity) |
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No. of Employees
: |
167 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1993 having a fine track record. It is engaged as manufacturer of yarns. For the financial year 2018, the company has achieved decent growth in its revenue as compared to its previous year along with fair profit margin during the year. Rating takes into consideration, the healthy financial risk profile marked by adequate net worth base and strong debt protection metrics. Rating continues to derive strength from its long and established track record of its business operation backed by its well-experienced management team in textile industry. The company has its share price trading at around INR 49.55 on BSE as on 28th May 2018 as against its face value of INR 1. However, these rating strengths gets partially offset by its high working capital intensive nature of operation and profitability exposed to fluctuation in raw material prices and forex rates. Payment seems to be regular. In view of aforesaid, the company can be considered for business dealing 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
SMERA |
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Rating |
Short term rating : A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
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Date |
05.12.2016 |
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Rating Agency Name |
SMERA |
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Rating |
Letter of Credit : A1 |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
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Date |
05.12.2016 |
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
31-03-2018.
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 31.05.2018
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 DECLINED
Management non-cooperative (Tel No.: 91-22-40322786)
LOCATIONS
|
Registered Office : |
Survey No. 59/1/4, Amli Piparia Industrial Estate, Silvassa
- 396 230, (U.T.) Dadra & Nagar Haveli, India |
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Tel. No.: |
91-260-3290467 |
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Fax No.: |
91-260-2631356 |
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E-Mail : |
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Website : |
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Corporate Office : |
304, Arcadia, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Tel. No.: |
91-22-22834116/ 40322786 |
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Fax No.: |
91-22-22851728 |
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E-Mail : |
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Factory 2 : |
Survey No. 64/2/3/4, 61/2, 62/5, 63/5, 63/7, Amli Piparia Industrial Estate, Silvassa – 396230, Dadra and Nagar Haveli [U.T.], India |
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Tel. No.: |
91-260-3290467 |
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Fax No.: |
91-260-2631356 |
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E-Mail : |
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Factory 3 : |
Shed No. A1/48, 100 Sheds Area, GIDC, Vapi – 396195, Gujarat, India |
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Tel. No.: |
91- 260- 3290953 |
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Fax No.: |
91- 260- 2453507 |
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E-Mail : |
DIRECTORS
As on 31.03.2018
|
Name : |
Mr. Krishnakumar Madhusudan Jhunjhunwala |
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Designation : |
Managing Director |
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Address : |
28, Sheela Apartments, 6th Floor B. Desai Road, Mahalaxmi,
Mumbai- 400026, Maharashtra, India |
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Date of Birth/Age : |
15.02.1962 |
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Date of Appointment : |
14.06.1994 |
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DIN No.: |
00097175 |
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Name : |
Mr. Madhusudan Shivchandrai Jhunjhunwala |
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Designation : |
Wholetime Director |
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Address : |
28, Sheela Apartments, 6th Floor, B. Desai Road,
Mahalaxmi, Mumbai- 400026, Maharashtra, India |
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Date of Birth/Age : |
12.02.1941 |
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Date of Appointment : |
15.07.1994 |
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DIN No.: |
00097254 |
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Name : |
Mr. Parantap Priyakant Dave |
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Designation : |
Director |
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Address : |
9,Bharat Mahal, 37, Lajpatrai Road, Vile- Parle (West),
Mumbai- 400056, Maharashtra, India |
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Date of Birth/Age : |
29.04.1961 |
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Date of Appointment : |
27.09.2014 |
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DIN No.: |
00019472 |
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Name : |
Mr. Jigar Arvindkumar Shah |
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Designation : |
Director |
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Address : |
Flat No. A/701, Silver Leaf CHS Limited Near Big Bazar,
Akruli Road, Kandivali (East), Mumbai- 400101, Maharashtra, India |
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Date of Birth/Age : |
08.06.1974 |
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Date of Appointment : |
01.07.2006 |
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DIN No.: |
00191165 |
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Name : |
Ms. Neha Krishna Jhunjhunwala |
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Designation : |
Director |
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Address : |
28, Sheela Apts., 6th Floor, B. Desai Road, Mahalaxmi,
Mumbai- 400026, Maharashtra, India |
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Date of Birth/Age : |
22.02.1989 |
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Date of Appointment : |
31.03.2015 |
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DIN No.: |
07144529 |
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Name : |
Ms. Shreya Desai |
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Designation : |
Additional Director |
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Address : |
301, Mittal Skylark, Andheri Raja Veera Desai Road, Andheri (West), Mumbai- 400053, Maharashtra, India |
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Date of Appointment : |
12.12.2017 |
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DIN No.: |
08041995 |
KEY EXECUTIVES
|
Name : |
Mr. Mahendra Vrajlal Sheth |
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Designation : |
Company Secretary/ Chief Executive
Officer |
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Address : |
82/86, Perin Nariman Street, 4th Floor, Fort, Mumbai-
400001, Maharashtra, India |
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Date of Appointment : |
29.05.2014 |
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PAN No.: |
AAGPS2927J |
MAJOR SHAREHOLDERS
As on 31.03.2018
|
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 |
45562078 |
54.56 |
|
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(B) Public |
37940922 |
45.44 |
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|
Grand Total |
83503000 |
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 |
|||
|
Individuals/Hindu
undivided Family |
21986358 |
26.33 |
|
|
Neha K Jhunjhunwala |
4000 |
0.00 |
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|
Kanav K Jhunjhunwala |
647000 |
0.77 |
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|
Krishnakumar M Jhunjhunwala |
1638000 |
1.96 |
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|
Madhusudan S Jhunjhunwala |
1955000 |
2.34 |
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Madhusudan Jhunjhunwala HUF |
2693568 |
3.23 |
|
|
Sarladevi M Jhunjhunwala |
15048790 |
18.02 |
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Any
Other (specify) |
23575720 |
28.23 |
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|
Harmony Estates Private
Limited |
160513 |
0.19 |
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|
Sarla Estate Developers
Private Limited |
313537 |
0.38 |
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Satidham Industries Private
Limited |
23101670 |
27.67 |
|
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Sub
Total A1 |
45562078 |
54.56 |
|
|
A2) Foreign |
0.00 |
||
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A=A1+A2 |
45562078 |
54.56 |
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 |
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|
B1)
Institutions |
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Mutual
Funds/ |
4904950 |
5.87 |
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HSBC SMALL CAP EQUITY FUND |
1466780 |
1.76 |
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HDFC SMALL CAP FUND |
3438170 |
4.12 |
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Foreign
Portfolio Investors |
20000 |
0.02 |
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Financial
Institutions/ Banks |
62325 |
0.07 |
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Sub
Total B1 |
4987275 |
5.97 |
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B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
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B3)
Non-Institutions |
0 |
0.00 |
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Individual share capital upto INR 0.200 Million |
16864649 |
20.20 |
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Individual share capital in excess of INR 0.200 Million |
9488684 |
11.36 |
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S.SHYAM |
1685331 |
2.02 |
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Anil Kumar Goel |
2734750 |
3.28 |
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NBFCs
registered with RBI |
74508 |
0.09 |
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Any
Other (specify) |
6525806 |
7.82 |
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Clearing Members |
181671 |
0.22 |
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Dalal & Broacha Stock
Broking Private Limited |
1562248 |
1.87 |
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Non-Resident Indian (NRI) |
1838737 |
2.20 |
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Bodies Corporate |
4505398 |
5.40 |
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Sub
Total B3 |
32953647 |
39.46 |
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B=B1+B2+B3 |
37940922 |
45.44 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged primarily
in manufacturing of polyester and nylon yarns (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
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Suppliers : |
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Customers : |
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No. of Employees : |
167 (Approximately) |
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Bankers : |
· Citi Bank N.A. · Standard Chartered Bank · DBS Bank Limited · IndusInd Bank Limited · Yes Bank Limited · Bank of Bahrain & Kuwait, B.S.C. · Allahabad Bank ·
Pt Bank Maybank Indonesia ·
FirstRand Bank Limited, TCG Financial Centre,
Plot No C 53, G Block Bandra Kurla Complex, Mumbai-400051, Maharashtra, India |
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Facilities : |
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Auditors : |
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Name : |
Sundarlal, Desai and Kanodia Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Concerns in which
Directors are interested (As on 31.03.2017): |
· Satidham Industries Private Limited ·
Hindustan Cotton Company |
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Joint Ventures of
Subsidiary Company (As on 31.03.2017): |
· Savitex SA De C.V., Honduras · MRK SA De C.V., Honduras · Sarla Tekstil Filament Sanayi Ticaret A.S |
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Subsidiaries (As on
31.03.2017): |
· Sarla Overseas Holding Limited · SarlaFlex Inc |
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Step down
subsidiary company (As on 31.03.2017): |
· Sarla Europe, Lda |
CAPITAL STRUCTURE
As on 31.03.2018
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
83503000 |
Equity Shares |
INR 1/- each |
INR 83.503 Million |
|
|
|
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|
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
INR 1/- each |
INR 100.000 Million |
|
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
83503000 |
Equity Shares |
INR 1/- each |
INR 83.503 Million |
|
|
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Terms/ rights
attached to Equity Shares:
The company has only one class of equity shares having par value of INR 1/- each (P.Y. INR 1/- each) holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing annual general meeting.
During the year ended 31st March 2017, the amount of per share dividend recognised as distributions to equity shareholders was INR 1.10/share (31st March 2016 INR 1.05 includind interium dividend)
In the event of liquidation of the company, the holders of the 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.
Reconciliation of
Outstanding Shares:
|
Particulars |
31st
March 2017 No. of Shares |
|
Opening
as on 1st April |
83503000 |
|
Add:
Issued during the year |
-- |
|
Less: Forfeited during the year |
-- |
|
Closing
as on 31st March |
83503000 |
Details of Shareholders
Holding More Than 5% of the Total Share Capital:
|
Name
of the Shareholders |
31st
March 2017 No. of Shares |
|
|
|
|
Hindustan
Cotton Company - Through its partners |
21164790 |
|
Satidham
Industries Private Limited |
12995277 |
|
HDFC
Small and Midcap Fund |
7438170 |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES
OF FUNDS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
83.503 |
83.503 |
83.503 |
|
(b) Reserves & Surplus |
2884.521 |
2489.489 |
2181.423 |
|
(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) |
2968.024 |
2572.992 |
2264.926 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
392.560 |
464.896 |
400.321 |
|
(b) Deferred tax liabilities
(Net) |
280.024 |
241.470 |
164.210 |
|
(c) Other long term
liabilities |
0.694 |
0.000 |
0.000 |
|
(d) long-term provisions |
9.239 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
682.517 |
706.366 |
564.531 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
644.567 |
818.651 |
923.357 |
|
(b) Trade payables |
107.248 |
100.085 |
68.920 |
|
(c) Other current liabilities |
379.723 |
594.637 |
449.384 |
|
(d) Short-term provisions |
3.876 |
121.491 |
35.075 |
|
Total
Current Liabilities (4) |
1135.414 |
1634.864 |
1476.736 |
|
|
|
|
|
|
TOTAL |
4785.955 |
4914.222 |
4306.193 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1686.587 |
1880.906 |
1243.757 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
32.298 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
379.370 |
326.028 |
322.890 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
802.354 |
717.169 |
591.129 |
|
(e) Other Non-current assets |
232.071 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
3132.680 |
2924.103 |
2157.776 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
12.482 |
0.000 |
2.390 |
|
(b) Inventories |
422.520 |
421.635 |
513.084 |
|
(c) Trade receivables |
687.527 |
649.962 |
507.865 |
|
(d) Cash and cash equivalents |
419.065 |
721.303 |
986.845 |
|
(e) Short-term loans and
advances |
2.314 |
109.161 |
84.696 |
|
(f) Other current assets |
109.367 |
88.058 |
53.537 |
|
Total
Current Assets |
1653.275 |
1990.119 |
2148.417 |
|
|
|
|
|
|
TOTAL |
4785.955 |
4914.222 |
4306.193 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
2748.609 |
2595.404 |
2434.373 |
|
|
Other Income |
236.662 |
202.698 |
218.188 |
|
|
TOTAL
|
2985.271 |
2798.102 |
2652.561 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1307.278 |
1085.269 |
1109.503 |
|
|
Purchases of Stock-in-Trade |
0.000 |
5.707 |
115.991 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
67.853 |
71.581 |
(52.797) |
|
|
Employees benefits expense |
100.777 |
92.173 |
83.110 |
|
|
Other expenses |
722.777 |
798.737 |
676.985 |
|
|
TOTAL |
2198.685 |
2053.467 |
1932.792 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
786.586 |
744.635 |
719.769 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
61.818 |
57.911 |
50.808 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
724.768 |
686.724 |
668.961 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
131.704 |
124.355 |
101.440 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
593.064 |
562.369 |
567.521 |
|
|
|
|
|
|
|
Less |
TAX |
190.466 |
148.000 |
140.938 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
402.598 |
414.369 |
426.583 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD |
1189.743 |
881.677 |
683.662 |
|
|
|
|
|
|
|
Add |
Excess provision for Dividend distribution tax written back |
NA |
4.250 |
26.960 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
NA |
0.000 |
150.000 |
|
|
Proposed Dividend |
NA |
91.853 |
20.876 |
|
|
Interim Dividend |
NA |
0.000 |
66.802 |
|
|
Tax on Dividend |
NA |
18.700 |
17.850 |
|
|
Total
|
NA |
110.553 |
255.528 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
NA |
1189.743 |
881.677 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
1463.578 |
1519.324 |
|
|
TOTAL
EARNINGS |
NA |
1463.578 |
1519.324 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
473.522 |
610.731 |
|
|
Capital Goods |
NA |
55.950 |
78.654 |
|
|
Trading Goods |
NA |
0.000 |
67.720 |
|
|
Stores, packing materials and
consumables |
NA |
46.470 |
18.031 |
|
|
TOTAL
IMPORTS |
NA |
575.942 |
775.136 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
4.82 |
4.96 |
5.11 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Maturities of Long term debt |
NA |
101.718 |
117.736 |
|
Cash generated from operations |
NA |
637.123 |
617.692 |
|
Net cash flows from (used in) operations |
NA |
526.250 |
491.582 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
91.30 |
91.41 |
76.15 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
4.00 |
3.99 |
4.79 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
29.94 |
33.48 |
20.53 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.86 |
1.77 |
1.40 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.46 |
0.40 |
0.58 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.32 |
0.45 |
0.46 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.35 |
0.54 |
0.64 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.38 |
0.64 |
0.65 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.58 |
0.73 |
0.55 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
12.72 |
12.86 |
14.17 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
14.65 |
15.97 |
17.52 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
8.41 |
8.43 |
9.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
13.56 |
16.10 |
18.83 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.46 |
1.22 |
1.45 |
|
|
|
|
|
|
Quick Ratio ((Current Assets –
Inventories) / Current Liabilities) |
1.08 |
0.96 |
1.11 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.62 |
0.52 |
0.53 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
12.42 |
16.59 |
17.26 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.46 |
1.22 |
1.45 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 1.00/- |
|
Market Value |
INR 49.55/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
83.503 |
83.503 |
83.503 |
|
Reserves & Surplus |
2181.423 |
2489.489 |
2884.521 |
|
Net
worth |
2264.926 |
2572.992 |
2968.024 |
|
|
|
|
|
|
long-term borrowings |
400.321 |
464.896 |
392.560 |
|
Short term borrowings |
923.357 |
818.651 |
644.567 |
|
Total
borrowings |
1323.678 |
1283.547 |
1037.127 |
|
Debt/Equity
ratio |
0.584 |
0.499 |
0.349 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
2434.373 |
2595.404 |
2748.609 |
|
|
|
6.615 |
5.903 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
2434.373 |
2595.404 |
2748.609 |
|
Profit |
426.583 |
414.369 |
402.598 |
|
|
17.52% |
15.97% |
14.65% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2018 |
31.03.2017 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
83.503 |
83.503 |
|
(b) Reserves & Surplus |
|
2654.325 |
2852.704 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
(3) Non-controlling
interests |
|
0.987 |
0.000 |
|
Total
Shareholders’ Funds |
|
2738.815 |
2936.207 |
|
|
|
|
|
|
(4) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1187.512 |
1412.222 |
|
(b) Deferred tax liabilities
(Net) |
|
286.140 |
157.201 |
|
(c) Other long term
liabilities |
|
15.436 |
21.657 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total
Non-current Liabilities |
|
1489.088 |
1591.080 |
|
|
|
|
|
|
(5) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
774.797 |
970.931 |
|
(b) Trade payables |
|
127.074 |
153.854 |
|
(c) Other current liabilities |
|
449.706 |
772.081 |
|
(d) Short-term provisions |
|
13.116 |
121.491 |
|
Total
Current Liabilities |
|
1364.693 |
2018.357 |
|
|
|
|
|
|
TOTAL |
|
5592.596 |
6545.644 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2207.725 |
2701.620 |
|
(ii) Intangible Assets |
|
204.976 |
0.000 |
|
(iii) Capital work-in-progress |
|
32.298 |
0.000 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
689.844 |
839.652 |
|
(c) Deferred tax assets (net) |
|
31.089 |
0.000 |
|
(d) Long-term Loan and Advances |
|
68.706 |
164.717 |
|
(e) Other Non-current assets |
|
232.071 |
0.000 |
|
Total
Non-Current Assets |
|
3466.709 |
3705.989 |
|
|
|
|
|
|
(2) Minority Interest |
|
0.000 |
0.797 |
|
|
|
|
|
|
(3) Current assets |
|
|
|
|
(a) Current investments |
|
12.482 |
0.000 |
|
(b) Inventories |
|
596.196 |
786.173 |
|
(c) Trade receivables |
|
793.112 |
954.275 |
|
(d) Cash and cash equivalents |
|
453.760 |
770.186 |
|
(e) Short-term loans and
advances |
|
10.994 |
234.806 |
|
(f) Other current assets |
|
259.343 |
93.418 |
|
Total
Current Assets |
|
2125.887 |
2838.858 |
|
|
|
|
|
|
TOTAL |
|
5592.596 |
6545.644 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2018 |
31.03.2017 |
|
|
SALES |
|
|
|
|
|
Income |
|
3025.160 |
3047.756 |
|
|
Other Income |
|
179.740 |
302.808 |
|
|
TOTAL
|
|
3204.900 |
3350.564 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
1350.760 |
1189.418 |
|
|
Purchases of Stock-in-Trade |
|
2.519 |
9.171 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
155.795 |
110.159 |
|
|
Employees benefits expense |
|
164.179 |
241.851 |
|
|
Other expenses |
|
803.653 |
988.437 |
|
|
TOTAL |
|
2476.906 |
2539.036 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
727.994 |
811.528 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
74.374 |
71.284 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
653.620 |
740.244 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
201.514 |
178.461 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
452.106 |
561.783 |
|
|
|
|
|
|
|
Less |
TAX |
|
211.319 |
149.365 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
240.787 |
412.418 |
|
|
|
|
|
|
|
Less |
Share
of profit transferred to minority interest |
|
-- |
1.608 |
|
|
|
|
|
|
|
Less |
Profit attributable to non-controlling Interest |
|
0.512 |
-- |
|
|
|
|
|
|
|
|
Profit
for the Period |
|
240.275 |
410.810 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
2.88 |
4.92 |
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 |
COMPANY OVERVIEW: (AS
ON 31.03.2017)
The company is a public limited company domiciled in India
incorporated under the provisions of the Companies Act. Its shares are listed
on stock exchanges in India. The company is engaged primarily in manufacturing
of polyester and nylon yarns. The company caters to both domestic and
international markets
INDEX
OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G37290673 |
100080662 |
SBICAP TRUSTEE COMPANY LIMITED |
13/02/2017 |
- |
- |
268000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA MUMBAI MAHARASHTRA 400005 INDIA |
|
2 |
G42562629 |
100094140 |
Standard Chartered Bank |
26/12/2016 |
- |
- |
50828250.0 |
23, NARAIN MANZIL, BARAKHAMBA ROAD, NEW DELHI 110001 INDIA |
|
3 |
C80441637 |
10620599 |
Standard Chartered Bank |
21/01/2016 |
01/02/2016 |
- |
276000000.0 |
23, NARAIN MANZIL, BARAKHAMBA ROAD, NEW DELHI 110001 INDIA |
|
4 |
G49689193 |
10587751 |
SBICAP TRUSTEE COMPANY LIMITED |
04/08/2015 |
24/07/2017 |
- |
2550000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA MUMBAI MAHARASHTRA 400005 INDIA |
|
5 |
C03568193 |
10491025 |
SBICAP TRUSTEE COMPANY LIMITED |
28/02/2014 |
- |
- |
484000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA MUMBAI MAHARASHTRA 400005 INDIA |
|
6 |
B44667467 |
10367968 |
Standard Chartered Bank |
20/06/2012 |
- |
- |
110000000.0 |
NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI 110001 INDIA |
|
7 |
B41619735 |
10360604 |
DBS BANK LIMITED |
11/05/2012 |
- |
- |
159000000.0 |
221, FORT HOUSE, 3RD FLOOR D. N. ROAD, FORT MUMBAI MAHARASHTRA 400001 INDIA |
|
8 |
B28927267 |
10281541 |
Standard Chartered Bank |
14/03/2011 |
08/12/2011 |
- |
90120600.0 |
NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI 110001 INDIA |
|
9 |
G44038362 |
100050709 |
FirstRand Bank Limited |
12/04/2016 |
- |
11/05/2017 |
200000000.0 |
TCG FINANCIAL CENTRE PLOT NO C 53 G BLOCK BANDRA KURLA COMPLEX MUMBAI MAHARASHTRA 400051 INDIA |
|
10 |
C68119387 |
90099548 |
ANDHRA BANK |
25/07/2002 |
16/06/2009 |
27/10/2015 |
651100000.0 |
9/15, M.P. MARG, QUEENS ROAD,OPERA HOUSE, MUMBAI MAHARASHTRA 400004 INDIA |
CONTINGENT
LIABILITIES: (As on 31.03.2017)
Letter of credit: Letter of Credit issued by Banks on behalf of the Company INR 99.457 Million, these are covered by the Charge created in favour of the Company's Bankers by way of Hypothecation of Stocks, Receivable and Machineries/Assets of the Company
Guarantees: Bank Guarantees issued by Banks on behalf of the
company INR 66.274 Million. These are secured by the charge created in favour
of the company's bankers by way of pledge of Fixed Deposit Receipts.
FIXED ASSETS
·
Land
·
Factory Building
·
Plant and Machinery
·
Electrical Installations
·
Office Equipment
·
Computers and Software
·
Vehicles
·
Furniture & Fixture
·
Wind Turbine Generator
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 67.63 |
|
|
1 |
INR 89.70 |
|
Euro |
1 |
INR 78.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
JYTK |
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.