MIRA
INFORM REPORT
|
Report Date : |
22.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
RAMA PHOSPHATES LIMITED |
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Registered
Office : |
812, Raheja Chambers, Nariman Point, Mumbai – 400021, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
03.09.1984 |
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Com. Reg. No.: |
11-033917 |
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Capital
Investment / Paid-up Capital : |
Rs.176.445 Millions |
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CIN No.: [Company Identification
No.] |
L24110MH1984PLC033917 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR15092A |
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PAN No.: [Permanent Account No.] |
AAACR7191Q |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer and Distributor of fertilizers and Soyabean Oil |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 3000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
812, Raheja Chambers, Nariman Point, Mumbai – 400021, Maharashtra,
India |
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Tel. No.: |
91-22-22834123 |
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Fax No.: |
91-22-22049946 |
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E-Mail : |
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Website : |
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Corporate / Branch Office / Administrative Offices 1 : |
51/52, Free Press House, Nariman Point, Mumbai 400021, Maharashtra,
India |
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Tel. No.: |
91-22-22833355/22834182 |
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Fax No.: |
91-22-22049946 |
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E-Mail : |
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Factory 1 / Administrative Offices 2: |
P.O. Loni Kalbhor, Tal. Haveli, District Pune - 412 201, Maharashtra, India |
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Tel. No.: |
91-20-26914642 |
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Fax No.: |
91-20-26913479 |
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E-Mail : |
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Factory 2 : |
20/6 KM Stone, Indore - Ujjain Road
(Dharampuri), District Indore, Madhya Pradesh - 453 557,
Madhya Pradesh, , India |
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Tel. No.: |
91-7321-226566/226401 |
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Fax No.: |
91-7321-226401/226216 |
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Factory 3 : |
4807/11 Umra Village, Jamarkotra
Road, Teh. Girwa, District Udaipur - 313 901, Rajasthan, India |
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Tel. No.: |
91-294-2342074/2342026 |
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Fax No.: |
91-294-2342070 |
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E-Mail : |
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Administrative Offices 3 : |
100, Chetak Centre, R.N.T. Marg,
Indore 452 001, Madhya Pradesh, India |
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Tel. No.: |
91-731-2520302-0304 |
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Fax No.: |
91-731-2520301 |
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E-Mail : |
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Administrative Offices 4 : |
106, 1st Floor, 4-AVinayak
Complex, New Fatehpura, Udaipur-313 004, Rajasthan, India |
DIRECTORS
(AS ON 31.03.2011)
|
Name : |
Mr. Daulat J Ramsinghani |
|
Designation : |
Chairman cum Managing Director |
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Name : |
Mr. H D Ramsinghani |
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Designation : |
Director |
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Name : |
Mr. D. N. Singh |
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Designation : |
Director |
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Name : |
Mr. Chandrkant R Malaviya |
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Designation : |
Director |
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Name : |
Ms. Ambika Prasad Mohanty |
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Designation : |
Nominee Director of Bank of India (up to 10.08.2011) |
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Name : |
Mr. P. K. Srivastava |
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Designation : |
Nominee Director of Bank of India (From 10.08.2011) |
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Name : |
Mr. K. Raghuraman |
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Designation : |
Special Director of BIFR (up to 20.12.2010) |
KEY EXECUTIVES
|
Name : |
Mr. J. K. Parakh |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.12.2011)
|
Category |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding
of Promoter and Promoter Group |
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|
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|
34,482 |
0.19 |
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1,507,248 |
8.52 |
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|
1,541,730 |
8.71 |
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2,821,769 |
15.95 |
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10,049,755 |
56.80 |
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12,871,524 |
72.75 |
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Total
shareholding of Promoter and Promoter Group (A) |
14,413,254 |
81.46 |
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(B) Public
Shareholding |
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|
5,320 |
0.03 |
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|
9,120 |
0.05 |
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|
14,440 |
0.08 |
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|
462,818 |
2.62 |
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2,004,773 |
11.33 |
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|
652,461 |
3.69 |
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145,467 |
0.82 |
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|
102,034 |
0.58 |
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38,433 |
0.22 |
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5,000 |
0.03 |
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3,265,519 |
18.46 |
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Total Public
shareholding (B) |
3,279,959 |
18.54 |
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Total (A)+(B) |
17,693,213 |
100.00 |
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(C) Shares held by
Custodians and against which Depository Receipts have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total
(A)+(B)+(C) |
17,693,213 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributor of fertilizers and Soyabean Oil |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
(9
Months)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Single Super Phosphates * |
Qty. Mts. |
462000 |
243334 |
|
Sulphuric Acid |
Qty. Mts. |
183600 |
38644 |
|
Granulated SSP |
Qty. Mts. |
258000 |
76841 |
|
NPK |
Qty. Mts. |
120000 |
6215 |
|
Solvent Extraction Plant, Seed Crushing |
Qty. Mts. |
120000 |
12542 |
|
Refinery |
Qty. Mts. |
30000 |
1059 |
* Includes 76,841 MT consumed for granulation (Previous Period 111,023 MT)
Figures in the brackets are for the previous Period (15 Months).
The details of the licensed Capacity has not been given as the
Industries have been de-licensed.
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
· Bank of India · State Bank of Indore · Syndicate Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dayal and Lohia Chartered Accountant |
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Address : |
Kamanwala Chmabers, Office No. 6 and 7, |
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Other Related Parties : |
·
Rainbow Denim Limited ·
Rainbow Agri Industries Limited ·
Rama Petrochemicals Limited ·
Rama Industries Limited ·
Rama Capital and Fiscal Services Private Limited ·
Blue Lagoon Investments Private Limited ·
Rama Enterprises ·
Jupiter corporate Services Private Limited ·
Nova Gelicon Private Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
31000000 |
Equity Shares |
Rs.10/- each |
Rs.310.000 Millions |
|
10000000 |
Preference Shares |
Rs.10/- each |
Rs.100.000 Millions |
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|
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Total |
|
Rs.410.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17693213 |
Equity Shares |
Rs.10/- each |
Rs.176.932
Millions |
|
Less: |
Calls in Arrears |
|
Rs.0.487
Million |
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|
|
|
|
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Total |
|
Rs.176.445 Millions |
NOTE:
Of these, 3830 (previous period 3830) shares
were issued for consideration other than cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 (12 Months) |
31.03.2010 (9 Months) |
30.06.2009 (15 Months) |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
176.445 |
55.083 |
55.083 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
735.625 |
457.801 |
381.979 |
|
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4] (Accumulated Losses) |
(186.483) |
(485.953) |
(522.870) |
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NETWORTH |
725.587 |
26.931 |
(85.808) |
|
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LOAN FUNDS |
|
|
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|
1] Secured Loans |
399.889 |
548.107 |
654.467 |
|
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2] Unsecured Loans |
96.793 |
77.536 |
86.244 |
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TOTAL BORROWING |
496.682 |
625.643 |
740.711 |
|
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DEFERRED TAX LIABILITIES |
9.037 |
0.000 |
0.000 |
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|
|
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|
|
|
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TOTAL |
1231.306 |
652.574 |
654.903 |
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|
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APPLICATION OF FUNDS |
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|
|
|
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FIXED ASSETS [Net Block] |
248.225 |
270.829 |
306.440 |
|
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Capital work-in-progress |
31.643 |
3.346 |
0.258 |
|
|
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|
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INVESTMENT |
1.249 |
1.249 |
1.161 |
|
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DEFERREX TAX ASSETS |
0.000 |
40.000 |
40.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
960.044
|
834.701
|
241.398
|
|
|
Sundry Debtors |
91.100
|
76.618
|
183.694
|
|
|
Cash & Bank Balances |
38.591
|
56.227
|
47.399
|
|
|
Other Current Assets |
275.740
|
115.648
|
464.051
|
|
|
Loans & Advances |
70.375
|
75.231
|
81.966
|
|
Total
Current Assets |
1435.850
|
1158.425
|
1018.508
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
286.859
|
239.271 |
207.034 |
|
|
Other Current Liabilities |
177.280
|
562.212
|
499.840
|
|
|
Provisions |
21.522
|
19.792
|
4.590
|
|
Total
Current Liabilities |
485.661
|
821.275
|
711.464
|
|
|
Net Current Assets |
950.189
|
337.150
|
307.044
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1231.306 |
652.574 |
654.903 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 (12 Months) |
31.03.2010 (9 Months) |
30.06.2009 (15 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3542.571 |
1309.450 |
4349.516 |
|
|
|
Other Income |
16.212 |
31.246 |
70.913 |
|
|
|
TOTAL (A) |
3558.783 |
1340.696 |
4420.429 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
3086.143 |
1771.647 |
4092.873 |
|
|
|
Increase/ Decrease in Stock |
25.767 |
(506.077) |
140.521 |
|
|
|
TOTAL (B) |
3111.910 |
1265.570 |
4233.394 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
446.873 |
75.126 |
187.035 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
59.444 |
30.165 |
85.621 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
387.429 |
44.961 |
101.414 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
44.165 |
36.790 |
58.618 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
343.264 |
8.171 |
42.796 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8.694 |
(104.568) |
(205.316) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
334.570 |
112.739 |
248.112 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(485.953) |
(522.870) |
(559.919) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer
to Capital Reserve being Capital Surplus |
35.100 |
75.822 |
205.063 |
|
|
|
Transfer
to Capital Redemption Reserve |
0.000 |
0.000 |
6.000 |
|
|
BALANCE CARRIED
TO THE B/S |
(186.483) |
(485.953) |
(522.870) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
0.000 |
33.228 |
|
|
TOTAL EARNINGS |
0.000 |
0.000 |
33.228 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
765.530 |
510.048 |
830.099 |
|
|
TOTAL IMPORTS |
765.530 |
510.048 |
830.099 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
|
|
|
|
|
|
Basic before
extra-ordinary item |
16.93 |
1.67 |
7.75 |
|
|
|
Basic after
extra-ordinary item |
18.91 |
20.29 |
44.65 |
|
|
|
Diluted before
extra-ordinary item |
16.93 |
0.57 |
2.99 |
|
|
|
Diluted after
extra-ordinary item |
18.91 |
6.97 |
17.26 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1094.490 |
1247.380 |
1355.790 |
|
Total Expenditure |
900.230 |
1066.180 |
1202.510 |
|
PBIDT (Excl OI) |
194.260 |
181.200 |
153.280 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
194.260 |
181.340 |
153.280 |
|
Interest |
21.550 |
16.990 |
18.860 |
|
Exceptional Items |
0.000 |
0.000 |
(0.060) |
|
PBDT |
172.710 |
164.350 |
134.360 |
|
Depreciation |
10.770 |
9.930 |
10.970 |
|
Profit Before Tax |
161.940 |
154.420 |
123.390 |
|
Tax |
53.800 |
53.250 |
29.170 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
108.150 |
101.170 |
94.220 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
108.150 |
101.170 |
94.220 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 (12 Months) |
31.03.2010 (9 Months) |
30.06.2009 (15 Months) |
|
PAT / Total Income |
(%) |
9.40
|
8.41
|
5.61
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.69
|
0.62
|
0.98
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.38
|
0.57
|
3.23
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.47
|
0.30
|
(0.50)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.35
|
53.73
|
(16.92)
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.96
|
1.41
|
1.43
|
LOCAL AGENCY FURTHER INFORMATION
REVIEW
OF OPERATIONS
The company
manufactures phosphatic fertilizers viz., Single Super Phosphate (SSP) in both Powder
and Granular form along with Mixed Fertilizers, Sulphuric Acid and Soya oil.
It may be
pertinent to note that Govt. of India thankfully finalized the revised Nutrient
Based Subsidy (NBS) Policy effective from 1st May, 2010 and this placed SSP industry
at par with other complex manufacturers. Moreover, the main objective of
shifting from product-based subsidy (PBS) to nutrientbased subsidy (NBS) regime
was to restore soil health by addressing the nutrient imbalances since sulphur
has also been considered as one of the nutrients, which was neglected till now.
The average
capacity utilization of SSP industry for financial year ended March 2011 has
remained at 49.50%. The capacity utilization of SSP during the year was 79.61%
as against 70.22% reported during the previous financial year, which is
considered to be highest in the industry of their size and operations. This
increased capacity utilization was mainly due to availability of raw material
and de-bottlenecking activities carried out at plants with active support from
consortium members bank and better management of working capital though the
working capital at the disposal of company remained at comparatively lower
level as against peers in the industry.
Due to expectant
better realization on SSP with limited availability of working capital, the
company focused its attention mainly on SSP segment which is its core
competence. Hence the company made little focus on other products like mixed
fertilizers – NPK, which require higher working capital and soya oil. However,
during the current year the Company decided to concentrate on – NPK, Sulphuric
acid, Oleum and Sulphur Trading activities etc with the sanction of additional
working capital.
Due to this,
during the year ended March 31, 2011 the company has achieved remarkable sales
turnover of Rs. 3542.571 Millions whilst fertilizer and chemicals division
contributed Rs.3078.079 Millions and soya division contributed Rs. 464.492
Millions. EBIDTA of the company stood at Rs. 387.429 Millions.
This achievement
is unparallel in the entire operation since inception of the company.
The company has
decided to utilize soya facilities depending on economic viability. Moreover,
throughout the year, there was no parity in soya oil business which compelled the
company to go slow in this regard to avoid losses.
During the year,
subsequent to negotiation with term lender and with thrust on debt reduction
exercise, the term liability has been reduced by Rs. 116.000 Millions which
will improve liquidity position in the long term.
The Directors are
hopeful that with the continuance of NBS Policy with additional contribution
from soya division and with the additional support from working capital
bankers, the performance of the company would improve in the current year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Fertilizer: The fertilizer
manufacturing activities of the Company revolve around Single Super Phosphate
(SSP) which is termed as poor man’s fertilizer. They manufacture fertilizer in
both forms, i.e. Powder and Granule. The main constituents of their SSP
fertilizer is Phosphorous, Calcium and Sulphur which plays a major role in
improving fertility of land.
The production of
SSP remained almost stagnant during the current decade with intermittent
troughs and peaks. All India capacity of SSP marginally improved from 7.781
million MT during 2009-10 to 7.915 million MT during 2010-11. Similarly all
India capacity utilization of SSP increased from 42.6% during 2009-10 to 49.5%
during 2010-11.
It would be
pertinent to note that out of 82 units registered as manufacturers of SSP in
the country, only 66 units were in operation during the year. Moreover, out of
the 66 operating plants, about 25 units operated above 60% capacity utilization
and the remaining 41 plants operated below 60%. The overall consumption of SSP
in the country recorded at 3.596 million MT during the year i.e. an increase of
29.2% over 2009-10 period and the majority of consumption reported during Rabi
season with a sharing pattern of 54: 46 for Kharif.
Subsequent to the
announcement of Nutrient Based Subsidy (NBS) policy w.e.f. 1st May, 2010, the
consumption of SSP has increased in volume which led the country to 3rd rank in
global consumption of SSP next to China and Brazil.
Soya Oil: Soya oil
provides added nutritional value and that higher middle income group families
started consuming in place of traditional edible oils since it contains as low
as 14% saturated fat and about 54% poly-unsaturated fat, which is very good for
health. In addition to this, it is also the primary source of Omega-3s (as
alpha linolenic acid) and contains no cholesterol. Moreover, refined soya oil
is widely used for blending with other cooking oils including hydrogenated oils
(vanaspati) as also in the manufacture of a variety of food products, including
margarine. Soya oil has also found its use in industries like ink manufacture,
lubricant (dip oil) and biofuel.
Among major edible
oilseeds, such as groundnut, rapeseed/mustard seed, sesame, sunflower and
safflower, soya bean ranks as number one in output volumes due to its high
nutritional value in fat and protein yields. Hence, both soya oil and soya meal
are traded globally. Whilst the production of major oilseeds remain stagnant
over the last decade, cultivation of soya bean has been rising since soya bean
production is relatively less volatile whilst major oilseeds depend on weather
conditions. This assured supply and availability of soya seed induces many of
the solvent extraction industry to go for soya seed crushing and refining.
Soya meal accounts
for the largest export demand from India among all de-oiled cakes and meals
since it contains highest protein and therefore used in the manufacture of
compound animal and poultry feeds. Hence soya meal demand is growing steadily
in domestic market also. The production of oil seeds and edible oils have
failed to keep pace with increasing demand in India which elongates the gap between
demand and production since past two decades. In view of inadequate domestic
production of edible oil, more and more oil has been imported for past several
years and soya oil and palm oil constitute about 95% of total Indian edible oil
imports. According to a Rabobank research report, backward linkage of edible
oil processing is so strong that any activity on palm plantations or soya bean
production is undertaken outside India would help improve the profitability of
edible oil processors in India.
The domestic
edible oil demand is projected to be around 21.3 million tonnes for the year
2015 as per Rabobank Research Report.
During the oil
season period (Oct.2010 to Mar.2011), soya seed production was 101.30 lac MT
against 97.25 lac MT during previous corresponding period. Though there was
marginal increase in cultivated land during 2010-11, improved yield at 1089 kg
per hectare resulted in higher production of soya seed.
OUTLOOK
The newly
introduced Nutrient Based Subsidy (NBS) Policy coupled with penetrative
marketing policy engaged by the Company hopefully would enhance operational
efficiency of the company. The company is also in a position to take advantage
of brand image that has been built over the period of years. All the plants are
situated at strategic locations at Indore, Udaipur and Pune.
Foreseeing good
prospects in Soya business, company plans to operate its oil division at
optimum capacity.
Hopefully with the
above initiatives, company would be in a position to deliver superior returns to
the stake holders.
FINANCIAL
PERFORMANCE
During the year
sales amounted to Rs. 3552.991 Millions as compared to Rs.1309.450 Millions for
nine months period ended March 31, 2010. The profit for the year is Rs.336.282
Millions as compared to Rs.112.739 Millions in the previous period.
CONTINGENT LIABILITIES NOT PROVIDED FOR:
a)
Amount of Letters of
Credit and Bank Guarantee issued by banks Rs. 50.548 Millions (Previous Period
Rs. 47.543 Millions)
b)
Royalty and Environment
Cess on rock phosphate claimed by RSMML Rs. 52.260 Millions (Previous Period
Rs. 52.260 Millions)
c)
Contingent liability due to reduction in brought
forward losses on account of completed assessments having a bearing on current
taxable income Rs. 11.290 Millions (Previous period Rs Nil)
d)
Claims Not Acknowledged
As Debt
i) Custom Duty, Excise duty, Demurrage, Sales Tax and Others Rs.124.898
Millions (Previous Period Rs 114.772 Millions)
ii) Wages Rs. 3.232 Millions (Previous Period Rs. 2.959 Millions)
iii) Electricity duty Rs.9.423 Millions (Previous Period Rs.11.710
Millions)
FIXED ASSETS:
·
·
Building
·
Plant and Machinery
·
Railway Siding
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.08 |
|
|
1 |
Rs.77.80 |
|
Euro |
1 |
Rs.65.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.