Business
information report
1. Summary Information
|
Reference
# |
135-101100-05-020(20120315202) |
Country |
India |
|
Company Name |
JCT LIMITED |
Principal Name 1 |
Mr. Samir Thapar |
|
Status |
Moderate |
Principal Name 2 |
Mr. Mahesh Sahai |
|
Our Reference # |
173543 |
Registration # |
16-004565 |
|
Street Address |
Village Chohal, District Hoshiarpur – 146 024, Punjab, India. |
||
|
Established Date |
28.10.1946 |
SIC Code |
-- |
|
Telephone# |
91-1882-258780 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-1882-258045 |
Business Style 2 |
Marketing |
|
Homepage |
Product Name 1 |
Cotton |
|
|
# of employees |
Not Available |
Product Name 2 |
Blended Textiles |
|
Paid up capital |
Rs. 1139,945,000/- |
Product Name 3 |
Nylon Filament Yarn |
|
Shareholders |
Promoter and Promoter
Group -50.82% Public Shareholding –
49.18% |
Banking |
Allahabad Bank |
|
Public Limited Corp. |
Yes |
Business Period |
66 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public Enterprise |
Yes |
Rating |
B (30) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries |
India
|
Rajdhani Trading Company Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,228,496,000 |
Current Liabilities |
1,967,850,000 |
|
Inventories |
1,636,194,000 |
Long-term Liabilities |
4,427,879,000 |
|
Fixed Assets |
4,771,520,000 |
Other Liabilities |
238,151,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
6,633,880,000 |
|
Invest& other Assets |
476,588,000 |
Retained Earnings |
1,360,316,000 |
|
|
|
Net Worth |
1,478,918,000 |
|
Total Assets |
8,112,798,000 |
Total Liab. & Equity |
8,112,798,000 |
|
Total Assets (Previous Year) |
|
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
7,263,408,000 |
Net Profit |
560,444,000 |
|
Sales(Previous yr) |
5,725,642,000 |
Net Profit
/ (Loss) (Prev.yr) |
(608,951,000) |
MIRA
INFORM REPORT
|
Report Date : |
21.03.2012 |
|
|
|
|
Tel. No.: |
91-1882-258780 |
|
Fax No.: |
91-1882-258045 |
|
E-Mail : |
IDENTIFICATION DETAILS
|
Name : |
JCT LIMITED |
|
|
|
|
Registered
Office : |
Village Chohal, District Hoshiarpur - 146 024, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
28.10.1946 |
|
|
|
|
Com. Reg. No.: |
16-004565 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1139.945 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17117PB1946PLC004565 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JLDJ00405G/JLDJ00404F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACJ6733E |
|
|
|
|
Legal Form : |
It is a Public Limited Liability company. The company’s shares are listed on the Stock Exchange. |
|
|
|
|
Line of Business
: |
The company is engaged in Manufacturing and Marketing of Yarn, Cloth, Fents, Rags and Chindies, Nylon Filament Yarn, Polyester filament yarn, Polyester Chips, Nylon Chips, Steel Wire, Polyester Staple Fibers and Partially Oriented Yarn |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 5900000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
cautions. |
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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Village Chohal, District Hoshiarpur – 146 024, Punjab, India. |
|
Tel. No.: |
91-1882-258780/85 |
|
Fax No.: |
91-1882-258045 |
|
E-Mail.: |
|
|
Website |
|
|
|
|
|
Corporate Office : |
305-309
Rattanjyoti Building,18, Rajendra Place, New Delhi – 110008, Delhi, India |
|
Tel. No.: |
91-11-46290000 |
|
Fax No.: |
91-11-28512222 |
|
|
|
|
Factory 1 : |
Textiles Plant Tel. No.:
91-1824-305000-07 Fax No,:
91-1824-261191/266389 Email: sales@jctltd.com , export@jctltd.com Filament Plant Tel.
No.:91-1882-258780 to 258784 Fax No.:
91-1882-258059 Email: viveksaini@jctltd.com , filament@jctltd.com |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr.
Samir Thapar |
|
Designation : |
Vice Chairman and Managing Director |
|
Address : |
13, Aurangzeb Road, New Delhi-110001, Delhi, India |
|
Date of Birth/Age : |
16.01.1965 |
|
Qualification : |
Graduate
in Business Administration from |
|
Date of Appointment : |
02.06.1994 |
|
DIN No.: |
00062287 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
L17117PB1946PLC004565 |
J C
T LIMITED |
Whole-time
director |
01-10-10 |
02-06-94 |
- |
Active |
NO |
|
2 |
U91120UP1989PTC010399 |
NUTAN
PUBLISHERS PRIVATE LIMITED |
Director |
16-06-00 |
16-06-00 |
04-06-08 |
Active |
NO |
|
3 |
U17115DL2004PLC129499 |
KCT
TEXTILES LIMITED |
Director |
28-09-04 |
28-09-04 |
- |
Active |
NO |
|
4 |
U17121PB2006PLC030584 |
FIREMOUNT
TEXTILES INDIA LIMITED |
Director |
01-09-06 |
01-09-06 |
- |
Active |
NO |
|
5 |
U52398DL2008PTC181213 |
NITA
TRADELINKS PRIVATE LIMITED |
Director |
22-07-08 |
22-07-08 |
- |
Active |
NO |
|
6 |
U92412PB2008PTC032173 |
JCT
SPORTS PRIVATE LIMITED |
Director |
05-08-08 |
05-08-08 |
- |
Active |
NO |
|
7 |
U74899DL1995PTC072026 |
PROVESTMENT
SECURITIES PRIVATE LIMITED |
Director |
10-10-08 |
10-10-08 |
- |
Active |
NO |
|
Name : |
Mr.
Mahesh Sahai |
|
Designation : |
Director |
|
Address : |
B-23, Friends Colony (W), New Delhi-110065, Delhi, India |
|
Date of Birth/Age : |
05.11.1937 |
|
Date of Appointment : |
04.07.1995 |
|
Date of Cessation : |
26.09.2011 |
|
DIN No.: |
00062254 |
|
|
|
|
Name : |
Mr. Gordhan Kathuria |
|
Designation : |
Director |
|
Address : |
101, Jai Jawan Colony-III, Tonk Road, Jaipur-302018, Rajasthan, India |
|
Date of Birth/Age : |
07.04.1937 |
|
Date of Appointment : |
05.04.1999 |
|
DIN No.: |
00062088 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U51311RJ1999PTC015347 |
RAJIV
AMIT MARKETING PRIVATE LIMITED |
Director |
28-01-99 |
28-01-99 |
Active |
NO |
|
2 |
L17117PB1946PLC004565 |
J C
T LIMITED |
Director |
05-04-99 |
05-04-99 |
Active |
NO |
|
Name : |
Dr. Satya Pal Narang |
|
Designation : |
Director |
|
Address : |
6/403, D Type Flats, East End Apartments, Mayur Vihar, Phase-I
Extension, Delhi-110096, Delhi, India |
|
Date of Birth/Age : |
01.01.1943 |
|
Date of Appointment : |
20.07.2011 |
|
DIN No.: |
00062492 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
L17117PB1946PLC004565 |
J C
T LIMITED |
Director |
20-07-01 |
20-07-01 |
- |
Active |
NO |
|
2 |
U67110DL1996PLC079973 |
DSE
FINANCIAL SERVICES LIMITED |
Director |
12-04-04 |
12-04-04 |
12-11-09 |
Active |
NO |
|
3 |
L72200AP1998PLC029831 |
PRITHVI
INFORMATION SOLUTIONS LIMITED |
Director |
30-06-05 |
30-06-05 |
- |
Active |
NO |
|
4 |
U80902DL2009PLC188643 |
NH
ELITE EDUCATION SERVICES LIMITED |
Director |
20-03-09 |
20-03-09 |
- |
Active |
NO |
|
Name : |
Mr. Apar Singh Dugal |
|
Designation : |
Director |
|
Address : |
A-3, Niti Bagh, New Delhi-110049, Delhi, India |
|
Date of Birth/Age : |
16.04.1927 |
|
Date of Appointment : |
29.11.1996 |
|
DIN No.: |
00062233 |
|
|
|
|
Name : |
Mr. Vipul Singla |
|
Designation : |
Allahabad Bank Nominee |
KEY EXECUTIVES
|
Name : |
Mr. Subhash Chandra Saxena |
|
Designation : |
Company Secretary |
|
Address : |
A-194, Sector-20, Gautam Budh Nagar, Noida-201301, Uttar Pradesh,
India |
|
Date of Birth/Age : |
01.04.1943 |
|
Date of Appointment : |
01.04.1997 |
|
PAN No : |
AAJPS3857Q |
|
|
|
|
Name : |
Mr. Sanjiva Jain |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
641079 |
0.18 |
|
|
18185945 |
50.65 |
|
|
|
|
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
182500524 |
50.82 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
158547 |
0.04 |
|
|
11095796 |
3.09 |
|
|
302244 |
0.08 |
|
|
9667654 |
2.69 |
|
|
403400 |
0.11 |
|
|
|
|
|
(2) Non-Institutions |
|
|
|
Bodies Corporate |
26917314 |
7.50 |
|
Individuals |
|
|
|
Individual shareholders holding nominal share capital up to Rs.0.100 Millions |
97483252 |
27.15 |
|
|
26113565 |
7.27 |
|
|
|
|
|
|
4436294 |
1.24 |
|
|
1749232 |
0.49 |
|
|
1124086 |
0.31 |
|
|
11566 |
-- |
|
|
154950425 |
43.15 |
|
Total Public Shareholding (B) |
176578066 |
49.18 |
|
|
|
|
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
-- |
-- |
|
Total (A)+(B)+(C) |
359078590 |
100.00 |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital in excess of Rs.0.100 MillionsBUSINESS DETAILS
|
Line of Business : |
The company is engaged in manufacturing and marketing of Yarn, Cloth, Fents, Rags and Chindies, Nylon Filament Yarn, Polyester filament yarn, Polyester Chips, Nylon Chips, Steel Wire, Polyester Staple fibres and partially oriented yarn |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Ring Spindles |
Nos. |
50728 |
-- |
|
Rotor Open end |
Nos. |
2568 |
-- |
|
Looms |
Nos. |
486 |
-- |
|
Synthetic filament including industrial yarn/tyre cord |
Tonnes |
14000 |
-- |
|
Polyester/nylon chips |
Tonnes |
1000 |
3 |
|
Yarn* |
MT |
-- |
|
|
Cloth** |
Mts |
-- |
1217 |
|
Fents, rags and chindies |
MT |
-- |
2 |
NOTES:
1.
Installed capacities are as those certified by the
management.
2.
Licensed capacities are not given as no license is
required.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
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|
Bankers : |
v
Allahabad Bank v
Bank of v
Punjab National Bank v
v
State Bank of Patiala v State Bank of Travancore v Bank of Rajasthan Limited v
State Bank of Bikaner and Jaipur, 27, New Delhi
House, Barakhamba Road, New Delhi-110001, Delhi, India. v State Bank of India, Overseas Branch, World Trade Tower, Cuffe Parade, Mumbai-400005, Maharashtra, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.P. Chopra and
Company Chartered
Accountants |
|
Address : |
F-31, |
|
Tel. No.: |
91-11-23313495-6-7 |
|
Fax No.: |
91-11-23713516 |
|
E-Mail : |
|
|
|
|
|
Subsidiaries : |
v Rajdhani Trading
Company Limited |
|
|
|
|
Other Related Parties where control / Significant influence exists : |
v JCT Electronics
Limited v Provestment
Securities Private Limited v JCT Chemicals and
Fibres Limited v India
International Airways Limited v Firemount
Textiles (India) Limited v KCT Textiles Limited v JCT Sports Private
Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000000 |
Equity Shares |
Rs.2.50/- each |
Rs. 1500.000 Millions |
|
5000000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs. 500.000 millions |
|
|
Total |
|
Rs. 2000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
359078590 |
Equity Shares |
Rs.2.50/-
each |
Rs. 897.696 Millions |
|
2422488 |
Optionally Partially Convertible Preference Shares |
Rs.100/-
each |
Rs. 242.249
Millions |
|
|
Total |
|
Rs. 1139.945 Millions |
Notes:
1.
In earlier years, 11,80,235 Equity Shares were
allotted as fully paid up by way of bonus shares, capitalised from General Reserve
and Share Premium Account.
2.
(i) 10,22,488 Optionally Partially Convertible
Preference Shares (OPCPS) issued to body corporates with an outstanding of Rs.
102.249 millions carry no dividend and are redeemable on 31.12.2011. 20% of the
face value is optionally convertible into equity shares during the currency of
OPCPS in which case the amount of conversion of OPCPS would be reduced from the
last redemption installment payable.
(ii) 1,400,000 OPCPS with an outstanding amount of Rs.140.000 millions
issued to a body corporate carry no dividend and are redeemable on 26.12.2015
with the option to convert before that the whole amount into equity shares at
the amount to be determined and as permissible under SEBI guidelines.
AS ON 26.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000000 |
Equity Shares |
Rs.2.50/- each |
Rs. 1500.000 Millions |
|
5000000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs. 500.000 millions |
|
|
Total |
|
Rs. 2000.000
Millions |
Issued, Subscribed & Paid-up Capital : Rs. 1188.833 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 |
1139.945 |
1188.833 |
1196.621 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1360.316 |
1417.398 |
984.515 |
|
|
4] (Accumulated Losses) |
(1021.343) |
(1580.004) |
(971.053) |
|
|
NETWORTH |
1478.918 |
1026.227 |
1210.083 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2588.893 |
2977.976 |
3032.458 |
|
|
2] Unsecured Loans |
1838.986 |
1887.877 |
2206.508 |
|
|
TOTAL BORROWING |
4427.879 |
4865.853 |
5238.966 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.0000 |
|
|
|
|
|
|
|
|
TOTAL |
5906.797 |
5892.080 |
6449.049 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4771.520 |
5116.168 |
5142.149 |
|
|
Capital work-in-progress |
51.494 |
49.318 |
39.736 |
|
|
|
|
|
|
|
|
INVESTMENT |
425.094 |
539.178 |
627.710 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1636.194
|
1263.042
|
1199.405
|
|
|
Sundry Debtors |
599.683
|
336.009
|
379.497
|
|
|
Cash & Bank Balances |
225.471
|
105.320
|
92.317
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
403.342
|
464.531
|
565.404
|
|
Total
Current Assets |
2864.690
|
2168.903 |
2236.623 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1784.378
|
1356.284
|
926.417 |
|
|
Other Current Liabilities |
183.472
|
409.494
|
442.643
|
|
|
Provisions |
238.151
|
215.709
|
228.109
|
|
Total
Current Liabilities |
2206.001
|
1981.487 |
1597.169 |
|
|
Net Current Assets |
658.689
|
187.416
|
639.454
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5906.797 |
5892.080 |
6449.049 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7263.408 |
5725.642 |
5594.204 |
|
|
|
Other Income |
146.911 |
128.462 |
194.601 |
|
|
|
TOTAL (A) |
7410.319 |
5854.104 |
5788.805 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
3836.853 |
2640.410 |
2478.871 |
|
|
|
Manufacturing Expenses |
1955.875 |
1778.291 |
1843.847 |
|
|
|
Purchase |
4.072 |
30.025 |
25.910 |
|
|
|
Selling and Distribution Expenses |
333.657 |
281.496 |
275.722 |
|
|
|
Payments to and provisions for employees |
728.150 |
614.347 |
651.784 |
|
|
|
Administrative and Other Expenses |
254.192 |
193.024 |
288.152 |
|
|
|
Increase/(Decrease) in Finished Goods |
(4.179) |
27.737 |
(35.837) |
|
|
|
TOTAL (B) |
7108.620 |
5565.330 |
5528.449 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
301.699 |
288.774 |
260.356 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
470.186 |
468.918 |
431.072 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(168.487) |
(180.144) |
(170.716) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
405.558 |
392.670 |
435.555 |
|
|
|
|
|
|
|
|
|
|
Profit on Sale
of Ginning Factory |
0.000 |
24.824 |
0.000 |
|
|
|
Profit on sale
of Building |
1176.176 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
602.131 |
(547.990) |
(606.271) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
42.379 |
1.002 |
7.364 |
|
|
|
|
|
|
|
|
|
|
Profit / (Loss) from Discontinued operations |
0.692 |
(59.959) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) AFTER
TAX (G-H) (I) |
560.444 |
(608.951) |
(613.635) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1580.004) |
(971.053) |
(357.418) |
|
|
|
|
|
|
|
|
|
Less |
Loss arising on
amalgamation |
(1.783) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1021.343) |
(1580.004) |
(971.053) |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
750.338 |
548.224 |
608.963 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
147.698 |
163.351 |
56.430 |
|
|
|
Stores & Spares |
81.591 |
63.345 |
61.691 |
|
|
|
Capital Goods |
4.709 |
15.178 |
13.132 |
|
|
TOTAL IMPORTS |
233.998 |
241.874 |
131.253 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.56 |
(1.70) |
(1.72) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1981.300 |
1959.000 |
1909.100 |
|
Total Expenditure |
1849.100 |
2015.100 |
1904.900 |
|
PBIDT (Excl OI) |
132.200 |
(56.100) |
4.200 |
|
Other Income |
1.100 |
2.000 |
7.900 |
|
Operating Profit |
133.300 |
(54.100) |
12.100 |
|
Interest |
116.800 |
123.800 |
133.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
16.500 |
(177.900) |
(121.300) |
|
Depreciation |
95.500 |
139.700 |
144.000 |
|
Profit Before Tax |
(79.000) |
(317.600) |
(265.300) |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(79.000) |
(317.600) |
(265.300) |
|
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 |
(79.000) |
(317.600) |
(265.300) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total
Income |
(%) |
7.56
|
(10.40) |
(10.60) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.29
|
(9.57) |
(10.84) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.88
|
(7.52) |
(8.22) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
(0.53) |
(0.50) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.49
|
6.67 |
5.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30
|
1.09 |
1.40 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
TEXTILE UNITS
The Company had
undertaken a huge expansion and modernization of the textile facilities in
2006-2008 which could not be fully utilised due to recessionary market
conditions. Demand for direct export and garment fabrics remained subdued during
the first two quarters due to downwards trend in the markets. However there was
a surge in the demand in the latter half of the year and the industry witnessed
buoyant demand. During 2010-11, the Company could focus on capacity utilization
of both of its divisions - Cotton Textiles and Synthetic Performance fabrics.
The important point needs mention is unprecedented upspurt in cotton prices.
Globally, the cotton prices went through the roof and it was highest ever
touching a level of Rs 65,000/- per candy. Following the trend of cotton,
prices of other raw materials also increased considerably. During 2010-11,
average per unit cost of cotton consumed was 49% higher compared to previous
year. Raw material prices continue to be highly volatile leading to
uncertainties in the fortunes of textile companies.
In Sriganganagar
unit, the operations at Unit – 1 were discontinued in an earlier year. Land
pertaining to the unit is pending disposal. The company is taking steps to
revive the operations at Unit – 2 which remained suspended since 2009-10.
FILAMENT UNIT
Subject continues
to maintain its position as one of the largest Textile Grade Nylon yarn
manufacturer in India with installed capacity of 14,000 TPA. During the year
the company sold 11,496 MT of filament yarn and 741 MT of nylon chips as
compared to 11,439 MT of filament yarn and 1,304 MT of nylon chips during the previous
year. The market demand was more towards finer denier yarns. EBIDTA margins of
the unit dropped in the current year due to consistent increase in the input
costs. Price of Caprolactum, the main raw material, touched an all time high of
Rs.173 per kg. During 2010-11 average raw material price per unit was 34%
higher compared to previous year. Considering the market trend, unit has
undertaken expansion of capacities of finer deniers which are expected to be
operational during 2011- 12.
FINANCE
During the year,
the company redeemed Zero Rate Debentures (ZRDs) of Rs. 87.800 millions, Optionally
Partially Convertible Preference Shares (OPCPS) of Rs. 48.900 millions and
repaid term loan installments of Rs.69.900 millions as per stipulated terms. In
case of certain loans, debentures and Optionally Partially Convertible
Preference Shares (OPCPS) which became due for repayment/ redemption during the
year, there were delays in servicing the debt obligations due to liquidity
constraints. During the year, company sold off one of its buildings for a total
consideration of Rs.1200.000 millions, out of which Rs 490.000 millions was
utilised to pay off dues of a bank to whom the property was mortgaged. The
balance amount of sale proceeds was utilized for strengthening the working
capital position of the company which had got strained due to the losses, as
also to meet debt obligations and capital expenditure requirements.
The Company could
not redeem the Foreign Currency Convertible Bonds (FCCBs) on due date
08.04.2011 for paucity of cash funds. The Company is taking steps to
restructure/ extend the maturity of the FCCBs.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
OVERALL VIEW
The overall
profitability of the Company during the year has been adversely affected due to
unfavorable market conditions prevailing for a major part of the year,
particularly in the textile segment. Global economic recovery is still uneven
and weak though emerging economies have grown strongly. Commodity prices have
seen unprecedented volatility. Oil prices are at uncomfortable high levels due
to various global factors including unrest in several Middle Eastern countries.
In India, the economy has grown well. Concerns include rising commodity prices,
high inflation, particularly food price inflation and high current account
deficit. The rupee has been strengthening against the dollar putting pressure
on realizations from exports. In order to control high inflation, RBI has
adopted tighter monetary policies which have resulted in higher interest rates.
Interest cost is likely to increase further in the coming years partly because
of a general increase in the interest rates on all types of borrowing, whether
short term or long term. There has been lot of resistance from the markets to
fully absorb the escalating costs squeezing the margins and putting lot of
pressure on profitability and liquidity. They expect the growing economy to
result in increased demand and the ability and willingness to accept price
increases.
Directors are
confident that with the support of employees, investors and bankers the company
will be in a position to tide over the unprecedented crisis in spite of the
current stressful situation and their continued efforts to maintain quality and
scouting for new and better markets should promote growth and we hope to
achieve a better performance in the coming years.
TEXTILE OPERATIONS
During the year
production of textile fabrics increased to 4973.000 millions meters compared to
41.356 millions meters in the previous year. In volume terms, Sales increased
to 49.688 millions meters of fabric compared to 41.567 millions meters in the
previous year. This includes production and sales of the newly set up 100%
synthetic performance fabrics unit, its products having been widely accepted in
the market. In value terms, total revenue from textile operations increased to
Rs. 4333.300 millions as compared to Rs. 3177.700 millions in the previous
year. Market segment-wise and area-wise revenue from textile operations is as
under:
|
MARKET SEGMENT |
FABRICS |
FABRICS – RMG |
FABRICS – EXPORT |
INSTITUTIONS
DOMESTIC |
YARN AND OTHERS |
|
2010-2011 |
|
|
|
|
|
|
Rs. in millions |
2657.400 |
717.000 |
765.800 |
164.900 |
2.400 |
|
% age |
61.69% |
16.65% |
17.7% |
3.83% |
0.05% |
|
|
|||||
|
Region |
Northern |
Western |
Southern |
Eastern |
Exports |
|
Rs. in millions |
1278.200 |
299.300 |
1395.900 |
617.100 |
717.000 |
|
% age |
29.67% |
6.95% |
32.41% |
14.32% |
16.65% |
The segment
incurred operational loss (before interest) of Rs.49.800 millions as against
Rs.262.900 millions in the previous year. The cost of power and fuel was on the
higher side as the prices of Rice Husk which is the main fuel used for power
and steam generation remained higher than expected. In the prices of Dyes and
Chemicals some consolidation was observed in the current year.
However the major
concern was cotton prices which increased to the tune of Rs. 65,000 per candy.
Other Raw Material like Polyester and Viscose followed the same trend. The sale
prices also increased substantially in the 3rd and 4th quarter but there still remained
pressure on sale prices and the margins.
FILAMENT OPERATIONS
During the year
production of nylon yarn marginally decreased to 11,329 MT from 11,580 MT in
the previous year while production of nylon chips (for outside sales) also
decreased to 738 MT from 1,236 MT in the previous year. In volume terms Sales
of nylon yarn, however, remained almost flat at 11,496 MT compared to 11,439 MT
in the previous year, while Sale of nylon chips also decreased to 741 MT from
1,304 MT in the previous year. In value terms, total revenue from filament
operations improved to Rs. 3065.100 millions from Rs. 2651.100 millions in the
previous year. The segment earned operational profit (before interest) of Rs.
93.100 millions as against Rs. 254.300 millions in the previous year.
The Caprolactum –
main raw material prices touched the all time high of Rs.173/- per kg and other
input costs like chemicals, energy, packing material costs etc. also increased
substantially. The unit has successfully installed the second hand LOY and DT
machines and second phase of the increase in yarn capacity by installing 3 LOY
lines and 12 DT machines is in process.
INTERNAL CONTROL SYSTEMS
The company has
proper and adequate system of internal control to safeguard assets against loss
from unauthorized use or disposition. This also ensures that all transactions
are authorised, recorded and reported correctly. Regular internal audit and
checks are carried out to check the existence of adequate system. The
management also reviews the internal control systems and procedures to ensure
its application. The emphasis on internal control prevails across functions and
processes, covering the entire gamut of various activities. An effective and
comprehensive review by the Audit Committee of the Board have strengthened the
internal controls with the organization.
UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER ENDED 31.12.2011
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months
Ended |
|
|
|
|
31/12/2011 (Unaudited) |
30/09/2011 (Unaudited) |
31/12/2011 (Unaudited) |
|
1. |
Net Sales/Income
from Operations |
1909.100 |
1959.000 |
5849.400 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
a) (Increase) / Decrease in Stock in Trade |
43.600 |
100.500 |
(71.800) |
|
|
b) Purchase of Traded Goods |
3.800 |
13.700 |
31.000 |
|
|
c) Employees Cost |
204.100 |
201.200 |
609.000 |
|
|
d) Depreciation |
144.000 |
139.700 |
379.200 |
|
|
e) Other Expenditure |
199.000 |
220.900 |
623.800 |
|
|
f) Consumption of Raw Materials |
999.300 |
1019.300 |
3251.000 |
|
|
g) Stores and Spares Consumed |
191.000 |
171.900 |
549.600 |
|
|
h) Power and Fuel |
264.100 |
287.600 |
776.500 |
|
|
i) Total |
2048.900 |
2154.800 |
6148.300 |
|
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
(139.800) |
(195.800) |
(298.900) |
|
|
|
|
|
|
|
4. |
Other Income |
7.900 |
2.000 |
11.000 |
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
(131.900) |
(193.800) |
(287.900) |
|
|
|
|
|
|
|
6. |
Interest |
133.400 |
123.800 |
374.000 |
|
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
(265.300) |
(317.600) |
(661.900) |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
(265.300) |
(317.600) |
(661.900) |
|
|
|
|
|
|
|
10. |
Tax Expense |
-- |
-- |
-- |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
(265.300) |
(317.600) |
(661.900) |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
(265.300) |
(317.600) |
(661.900) |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
897.700 |
897.700 |
897.700 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
(0.74) |
(0.88) |
(1.84) |
|
|
b) Basic and diluted EPS after extraordinary items |
(0.63) |
(0.75) |
(1.56) |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
176578066 |
176578066 |
176578066 |
|
|
- Percentage of Shareholding |
49.18 |
49.18 |
49.18 |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
90898773 |
90898773 |
90898773 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
49.81 |
49.81 |
49.81 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
25.31 |
25.31 |
25.31 |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
91601751 |
91601751 |
91601751 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
50.19 |
50.19 |
50.19 |
|
|
- Percentage of Shares (as a % of the Total Share Capital of
the Company) |
25.51 |
25.51 |
25.52 |
UNAUDITED SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
(Rs. in millions)
|
Sl. No. |
|
Particulars |
Quarter Ended |
Nine Months
Ended |
|
|
|
31/12/2011 |
30/09/2011 |
31/12/2011 |
||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
Textiles |
1165.100 |
1071.900 |
3333.700 |
|
|
|
Nylon Filament Yarn |
730.800 |
866.200 |
2444.700 |
|
|
|
|
|
|
|
|
|
|
Total |
1895.900 |
1938.100 |
5778.400 |
|
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
Net Sales / Income
from Operation |
1895.900 |
1938.100 |
5778.400 |
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
Textiles |
(63.800) |
(179.100) |
(227.700) |
|
|
|
Nylon Filament Yarn |
(30.600) |
13.900 |
33.000 |
|
|
|
|
|
|
|
|
|
|
Total |
(94.400) |
(165.200) |
(194.700) |
|
|
|
|
|
|
|
|
|
|
Less :Interest |
133.400 |
123.800 |
374.000 |
|
|
|
Less : Other Unallocable Expenses and Extra Ordinary Items |
37.500 |
28.600 |
93.200 |
|
|
|
Net of Unallocable Income |
|
|
|
|
|
|
Total profit(+) /
loss(-) before Tax |
(265.300) |
(317.600) |
(661.900) |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
|
|
|
|
|
|
|
Textiles |
3645.700 |
3874.500 |
3645.700 |
|
|
|
Nylon Filament Yarn |
993.400 |
552.300 |
993.400 |
|
|
|
Unallocates |
(3872.900) |
(3368.600) |
(3872.900) |
|
|
|
|
|
|
|
|
|
|
Total |
766.200 |
1058.200 |
766.200 |
Notes
1. The above results for the quarter ended
31.12.2011 are after the Limited Review carried out by the Statutory Auditors and
have been reviewed by the Audit committee of the Board and approved by the Board
of Directors at its meeting held on 10.2.2012.
2. Immoveable Assets of closed Unit-I of
Textile Mill at Sriganganagar is under sale / transfer and production at Unit II
remained suspended since 2009-10.
3. The Company could not redeem the Foreign
Currency Convertible Bonds (FCCBs) of Rs.1635.930 Millions (including premium) on
due date i.e 8.4.2011 for paucity of cash funds. The company has taken effective
step store structure /extend the maturity of the FCCBs.
4. There are certain delays in repayment
of term loan installments to banks during the quarter. The Company has approached
the bankers for restructuring of debts.
5. The company has only one wholly owned
subsidiary company which doesnot have any material transactions i.e the turnover,
net profit / loss after tax and earning per share and as such consolidated accounts
have not been given separately. Further, the Company is in the process of
divesting their holdings in the said subsidiary.
6. Net worth of the Company has substantially
eroded in view of the losses incurred during the current period due to also down
in the textile industry, however, the Company is confident that the results will
improve in the coming period and as such the accounts of the Company are
prepared on going concern basis.
7. In respect of issues referred to by the
Statutory Auditors in their Audit Report for the year ended 31.03.2011 regarding
delay /defaults in certain payments due to debenture holders / banks etc same have
since been paid.
8. Investors' Complaints Received : 3
Complaints Settled : 3, Pending : Nil
9. The figures of the previous period have
been regrouped / reclassified, wherever necessary, to conform to current period's
classification.
FIXED ASSETS
Ř Land
Ř Building
Ř Plant and
Machinery
Ř Data Processing
Equipment
Ř Electric
Installations
Ř Including Gadgets
Ř Tools and
Implements
Ř Furniture and
Fixtures and Other Equipment
Ř Vehicles
Ř Scrap
Ř Computer Software
WEBSITE DETAILS:
Company History:
The Beginning
Subject one of the leading manufacturers of
textiles and filament yarn, is the flagship company of Thapar Group. With
operations in two distinct businesses – cotton, synthetic and blended textiles
and nylon filament yarn –Subject is a market driven company fueled by good work
ethic, values and a high standard of performance. It is this culture that has
helped establish the company’s reputation as one of the finest in the country.
Subject was the first textile manufacturer in the country to introduce
eco-friendly fabrics made of organic cotton and its textile division was the
first in the industry to be accredited with an ISO 9002 certification in 1996.
Over five decades, since it commenced production in 1946, the textile unit of subject
has grown into one of the largest textile manufacturers in India. With
integrated textile facility in Phagwara (Punjab), a daily production capacity
of 63 million meters per annum, and a product range consisting of some of the
finest cotton and blended fabrics, this division has made a mark both the
domestic and international markets. And this has been driven by the desire to
excel in every sphere of its operations - spinning, weaving and processing, as
well as stringent quality control at each stage of production.
The company’s other operations include
Filament Yarn, subject was also the first to set up a Colour Picture Tube plant
in India (manufactured by JCT Electronics Limited in technical collaboration
with Hitachi Limited, Japan). Its Filament Plant is one of the largest in
Subject follows a balanced model for growth
– corporate responsibility and contribution towards social causes such as
literacy and environment, sports and sportspersons development areas important
as innovations in production techniques
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. 50.25 |
|
|
1 |
Rs. 79.76 |
|
Euro |
1 |
Rs. 66.52 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.