Summary Information
|
Country |
|
||
|
Company Name |
SILVER SPARK
APPAREL LIMITED |
Principal Name 1 |
Mr. Pradeep Kumar Bhandari |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Gautam Hari V. Singhania |
|
Registration # |
11-127831 |
||
|
Street Address |
New Hind House, Narottam Morarjee Marg, Ballard Estate, Mumbai – 400
001, |
||
|
Established Date |
20.07.2000 |
SIC Code |
-- |
|
Telephone# |
91-22-22686000 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-22620052 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Men's Trousers – Wool and Polyester Blended |
|
|
# of employees |
Not Available |
Product Name 2 |
Men's Trousers – 100% wool |
|
Paid up capital |
Rs.
170,000,000/- |
Product Name 3 |
Men's Jackets/ Blazer – Wool and Polyester Blended |
|
Shareholders |
Bodies corporate – 100% |
Banking |
ING VYSYA Bank
Limited |
|
Public Limited Corp. |
-- |
Business Period |
12 Years |
|
IPO |
-- |
International Ins. |
- |
|
Public |
-- |
Rating |
Ba
(42) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding
Company |
|
Raymond
Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
237,174,000 |
Current Liabilities |
198,814,000 |
|
Inventories |
134,520,000 |
Long-term Liabilities |
390,269,000
|
|
Fixed Assets |
526,113,000 |
Other Liabilities |
80,201,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
669,284,000 |
|
Invest& other Assets |
7,608,000 |
Retained Earnings |
66,131,000 |
|
|
|
Net Worth |
236,131,000 |
|
Total Assets |
905,415,000 |
Total Liab. & Equity |
905,415,000 |
|
Total Assets (Previous Year) |
820,629,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
1,093,348,000 |
Net Profit |
56,188,000 |
|
Sales(Previous yr) |
834,925,000 |
Net Profit(Prev.yr) |
30,584,000 |
|
Report Date : |
20.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
SILVER SPARK APPAREL LIMITED (w.e.f. 16.09.2003) |
|
|
|
|
Formerly Known
As : |
RAYMOND TECHNOLOGY SOLUTIONS LIMITED |
|
|
|
|
Registered
Office : |
New Hind House, Narottam Morarjee Marg, Ballard Estate, Mumbai – 400
001, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
20.07.2000 |
|
|
|
|
Com. Reg. No.: |
11-127831 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.170.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH2000PLC127831 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCR1288G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Trousers and Jackets. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 900000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘Raymond Limited’. It is a well established
company having a satisfactory track record. The latest financials are not
made available. As per previous year’s record the company’s performance appears to be
good. Company gets good support from its group company. Trade relations are
reported to be fair. Business is active. Payments are reported to be usually
correct and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A1+: Short Term Bank Facilities |
|
Rating Explanation |
Having very strong degree of safety
regarding timely payments of financial obligations. It carry lowest credit risk.
|
|
Date |
20.01.2012 |
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
31-03-2012.
LOCATIONS
|
Registered Office : |
New Hind House, Narottam Morarjee Marg, Ballard Estate, Mumbai – 400
001, |
|
Tel. No.: |
91-22-22686000 |
|
Fax No.: |
91-22-22620052 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
SR.# 56, Majara Hosahalli, Behind DIADB Industrial Estate, Veerapur
P.O., Doddaballapur, Bangalore – 561 203, Karnataka, India |
|
Tel. No.: |
91-80-27630449 / 27630440 / 27630448 / 27630449 |
|
Fax No.: |
91-80-27630438 |
DIRECTORS
As on: 30.05.2012
|
Name : |
Mr. Gautam Hari V. Singhania |
|
Designation : |
Director |
|
Address : |
J. K. House, 59 A, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra,
India |
|
Date of Birth/Age : |
09.09.1965 |
|
Qualification : |
B Com (Hons.) |
|
Date of Appointment : |
20.07.2000 |
|
DIN No: |
00020088 |
|
|
|
|
Name : |
Mr. Pradeep Kumar Bhandari |
|
Designation : |
Director |
|
Address : |
Bungalow No. 36, Neelkanth Woods, Enclaves B, Mullah Baug, Tikuji-Ni-
Wadi Road, Thane (West), Thane – 400610, Maharashtra, India |
|
Date of Birth/Age : |
15.08.1957 |
|
Qualification : |
ACA |
|
Date of Appointment : |
20.07.2000 |
|
DIN No: |
00021923 |
|
|
|
|
Name : |
Mr. Shreyas G. Joshi |
|
Designation : |
Director |
|
Address : |
Flat No. 2101, 21ST Floor, Orchid, Hiranandani meadows, Gladys
Alwares Road, Office Pokhran Road No. 2, Thane – 400610, Maharashtra, India |
|
Date of Birth/Age : |
09.02.1959 |
|
Qualification : |
M.S., M. Tech, M.B.A. |
|
Date of Appointment : |
25.06.2004 |
|
DIN No: |
00024616 |
|
|
|
|
Name : |
Mr. Sunder Hariharan |
|
Designation : |
Managing Director |
|
Address : |
5C, Regency Park – B, Eden Woods Complex, Gladys Alvares Marg, Office
Pokhran Road No. 2, Thane – 400610, Maharashtra, India |
|
Date of Birth/Age : |
26.07.1959 |
|
Qualification : |
ACA |
|
Date of Appointment : |
10.02.2004 |
|
DIN No: |
00020583 |
KEY EXECUTIVES
|
Name : |
Mr. Murali Santhanam |
|
Designation : |
Secretary |
|
Address : |
502, 5TH Floor, Ratan Mahal CHS Limited, D. K. Sandhu Road,
Sandhuwadi, Chembur – 400071, Maharashtra, India |
|
Date of Birth/Age : |
29.07.1957 |
|
Date of Appointment : |
01.11.2011 |
|
PAN No.: |
AAPPS7878F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.05.2012
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Raymond Limited jointly with Gautam Hari V. Singhani |
|
10 |
|
Raymond Limited jointly with Sunder Hariharan |
|
10 |
|
Raymond Limited jointly with Pradeep Kumar Bhandari |
|
10 |
|
Raymond Limited jointly with Aniruddha Deshmukh |
|
10 |
|
Raymond Limited jointly with Gyanmal D. Jain |
|
10 |
|
Raymond Limited jointly with Priti N. Alkari |
|
10 |
|
Raymond Limited jointly with Thomas Fernandes |
|
10 |
|
Raymond Limited, |
|
6999930 |
|
Total |
|
7000000 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
Raymond Limited, |
|
1000000 |
|
Total |
|
1000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.05.2012
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Trousers and Jackets |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Products : |
|
PRODUCTION STATUS
ANNUAL CAPACITY
|
Particulars |
Installed Capacity |
Registered |
|
Trousers |
1535000 |
1500000 |
|
Jackets |
538200 |
450000 |
PRODUCTION
STATUS
|
Particulars |
Production Qty |
|
Trousers: |
|
|
- Own |
752737 |
|
- Job Work |
467694 |
|
Jackets : |
|
|
- Own |
442546 |
|
- Job Work |
262511 |
|
Shirts: |
|
|
- Own |
6254 |
|
- Job Work |
-- |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
ING Vysya Bank Limited, 22, Ground Floor, ING Vysya House, M. G. Road, Bangalore - 560001, Karnataka, India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Dalal and Shah Chartered Accountants |
|
Address : |
2nd Floor, 252, Veer Sawarkar Road, Shivaji Park, Dadar
(West), Mumbai – 400 028, Maharashtra,
India |
|
Tel. No.: |
91-22-66691000 |
|
PAN No.: |
AAAFD0907D |
|
|
|
|
Joint Venture : |
Rayves Automotive Textile Company Private Limited |
|
|
|
|
Fellow subsidiary
Companies : |
· Raymond Apparel Limited ( Formerly Solitaire Fashions Limited) · Celebrations Apparel Limited · Everblue Apparel Limited · Pashmina Holdings Limited · Colorplus Fashions Limited · Scissors Engineering Products Limited · Ringplus Aqua Limited · R and A Logistics Inc. · J K Talabot Limited · Jaykayorg AG · Raymond (Europe) Limited · Raymond Woollen Outerwear Limited ·
J. K. Files (India) Limited |
|
|
|
|
Holding Company : |
Raymond Limited CIN No.: L17117MH1925PLC001208 |
|
|
|
|
Other Related
Parties where control exist : |
· J.K Ansell Limited · Raymond Zambaiti Limited (formerly Raymond Zambaiti Private Limited) · Rose Engineered Products India Private Limited. |
CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
1000000 |
Preference Shares |
Rs.100/- each |
Rs. 100.000 Millions |
|
|
Total |
|
Rs. 200.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8000000 |
Equity Shares |
Rs.10/- each |
Rs. 80.000
Millions |
|
1000000 |
Preference Shares |
Rs.100/- each |
Rs. 100.000 Millions |
|
|
Total |
|
Rs. 180.000 Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs. 70.000
Millions |
|
1000000 |
Preference Shares |
Rs.100/- each |
Rs. 100.000
Millions |
|
|
Total |
|
Rs. 170.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
170.000 |
170.000 |
170.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
66.131 |
9.943 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(20.641) |
|
|
NETWORTH |
236.131 |
179.943 |
149.359 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
239.473 |
325.662 |
326.664 |
|
|
2] Unsecured Loans |
150.796 |
150.796 |
150.796 |
|
|
TOTAL BORROWING |
390.269 |
476.458 |
477.460 |
|
|
DEFERRED TAX LIABILITIES |
37.821 |
20.831 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
664.221 |
677.232 |
626.819 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
526.113 |
542.388 |
513.078 |
|
|
Capital work-in-progress |
0.208 |
0.578 |
2.738 |
|
|
|
|
|
|
|
|
INVESTMENT |
7.400 |
5.400 |
5.400 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories & accumulated costs |
134.520
|
114.701
|
108.369 |
|
|
Sundry Debtors |
118.295
|
84.040
|
57.106 |
|
|
Cash & Bank Balances |
6.095
|
2.323
|
0.218 |
|
|
Other Current Assets |
28.790
|
32.315
|
28.107 |
|
|
Loans & Advances |
83.994
|
38.884
|
27.099 |
|
Total
Current Assets |
371.694
|
272.263
|
220.899 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
189.165
|
108.790
|
89.714 |
|
|
Other Current Liabilities |
9.649
|
5.155
|
11.913 |
|
|
Provisions |
42.380
|
29.452
|
13.669 |
|
Total
Current Liabilities |
241.194
|
143.397
|
115.296 |
|
|
Net Current Assets |
130.500
|
128.866
|
105.603 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
664.221 |
677.232 |
626.819 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales, Services and Export Incentives |
1093.348 |
834.925 |
868.303 |
|
|
|
Other Income |
15.021 |
12.637 |
7.481 |
|
|
|
TOTAL (A) |
1108.369 |
847.562 |
875.784 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Costs |
532.610 |
402.374 |
392.526 |
|
|
|
Manufacturing Costs |
151.506 |
99.006 |
59.709 |
|
|
|
(Increase)/ Decrease in Finished and Process Stocks and Accumulated
Costs |
(6.929) |
(14.667) |
10.206 |
|
|
|
Employment Costs |
213.784 |
164.259 |
173.250 |
|
|
|
Administrative, Selling and General Expenses |
110.304 |
81.006 |
165.992 |
|
|
|
TOTAL (B) |
1001.275 |
731.978 |
801.683 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
107.094 |
115.584 |
74.101 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
20.416 |
19.839 |
20.949 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
86.678 |
95.745 |
53.152 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
35.815 |
31.952 |
31.671 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
50.863 |
63.793 |
21.481 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(5.325) |
33.209 |
3.387 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
56.188 |
30.584 |
18.094 |
|
|
|
|
|
|
|
|
|
Add: |
Prior Period
Adjustments (Net) |
0.000 |
0.000 |
0.289 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9.943 |
(20.641) |
(39.024) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
66.131 |
9.943 |
(20.641) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
767.716 |
550.735 |
583.277 |
|
|
|
Job work charges |
127.466 |
129.046 |
143.266 |
|
|
TOTAL EARNINGS |
895.182 |
679.781 |
726.543 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
1.501 |
45.637 |
3.435 |
|
|
|
Raw Materials |
153.198 |
97.219 |
94.524 |
|
|
|
Stores & Spares |
2.975 |
2.651 |
4.526 |
|
|
TOTAL IMPORTS |
157.674 |
145.507 |
102.485 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.03 |
4.37 |
2.63 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.07
|
3.61
|
2.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.65
|
7.64
|
2.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.67
|
7.83
|
2.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.35
|
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.67
|
3.44
|
3.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54
|
1.90
|
1.92 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
OPERATIONS
The gross turnover of the Company was Rs. 1093.348 Millions as compared to the previous year Rs. 834.925 Millions. The Company had a Profit after Tax of Rs. 56.188 Millions (Previous Year: Rs. 30.584 Millions). In order to conserve resources of the Company, your Directors do not recommend any dividend for the year The Company was successful in retaining its customers in the domestic and export markets and continues its endeavor to attract new customers. The Company has met the quality standards set by reputed national and international brands.
CONTINGENT
LIABILITIES NOT PROVIDED FOR
(Rs.
in millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
a) Guarantees given by the Company’s Bankers and Bonds and Letter of
undertaking executed by the Company to Government Authorities for purchase under
concessional duty/ exemption scheme in respect of (net of obligation
completed): |
|
|
|
- Capital Goods |
3.720 |
1.981 |
|
- Raw Materials |
109.866 |
44.554 |
|
|
|
|
|
b) Claims against the Company not acknowledged as debts (ESIC Matter) |
0.836 |
0.836 |
|
|
|
|
|
c) Excise matters |
9.582 |
9.582 |
FIXED ASSETS:
·
Building
·
Plant and Machinery
·
Electrical Equipments
·
Furniture and Fixtures
·
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,
1] INFORMATION ON
DESIGNATED PARTY
No 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 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 54.84 |
|
|
1 |
Rs. 89.11 |
|
Euro |
1 |
Rs. 72.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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 and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.