MIRA
INFORM REPORT
|
Report Date : |
22.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
AARTI INTERNATIONAL LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.12.1993 |
|
|
|
|
Com. Reg. No.: |
16-014037 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.211.111 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109PB1993PLC014037 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JLDM01230 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCA4454C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer of Cotton Yarns. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9900000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having good track. The company is
doing well. Financial positions is good. Trade relations are reported as
fair. Business is active. Payments are reported to be correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
ICRA |
|
Rating |
FUND BASED LIMIT : ICRA A2 |
|
Rating Explanation |
The above average credit quality it carry higher credit risk |
|
Date |
05.01.2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
TERM LOAN : ICRA BBB |
|
Rating Explanation |
The moderate credit quality it carries higher than average credit risk |
|
Date |
05.01.2012 |
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 : |
GT Road Miller Ganj, Ludhiana,
141003, Punjab, India |
|
Tel. No.: |
91-161-3006100 |
|
Fax No.: |
91-161-3006150 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office / Factory : |
Vill Uchhi Mangli,
P.O. Ramgarh Outside Octroi
Post Chandigarh Road, Ludhiana-141123, Punjab,
India |
|
Tel. No.: |
91-161-3006300 |
|
Fax No.: |
91-161-3006350 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
101, Padma
Palace-86, Nehru Palace, New Delhi, 110019, India |
|
Tel. No.: |
91-11-26443775 |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Shiv Parshad Mittal |
|
Designation : |
Managing director |
|
Address : |
154/1, Rani Jhansi
Road, Civil Lines, Ludhiana – 141001, Punjab, India |
|
Date of Birth/Age : |
07.08.1936 |
|
Date of Appointment : |
20.02.2004 |
|
DIN No.: |
01091474 |
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 |
L51909DL1981PLC023796 |
CREATIVE
INTRA LIMITED |
Director |
19-06-84 |
19-06-84 |
- |
Active |
NO |
|
2 |
U27109PB1993PLC014037 |
AARTI
INTERNATIONAL LIMITED |
Managing
director |
20-02-09 |
20-02-04 |
- |
Active |
NO |
|
3 |
U00000PB2004NPL026873 |
NIMBUA
GREENFIELD (PUNJAB) LIMITED |
Director |
01-03-04 |
01-03-04 |
- |
Active |
NO |
|
4 |
U70100PB2005PTC027897 |
H.L.REAL
ESTATES PRIVATE LIMITED |
Director |
27-01-05 |
27-01-05 |
- |
Active |
NO |
|
5 |
U17115PB1979PLC003991 |
AARTI
STEELS LIMITED |
Managing
director |
01-04-10 |
30-09-06 |
- |
Active |
NO |
|
6 |
U27109PB1974PLC003486 |
LUDHIANA
STEELS LIMITED |
Director |
29-09-11 |
05-07-11 |
06-02-12 |
Active |
NO |
|
Name : |
Mr. Mahesh Kumar Mittal |
|
Designation : |
Director |
|
Address : |
154/1, Rani Jhansi
Road, Civil Lines, Ludhiana – 141001, Punjab, India |
|
Date of Birth/Age : |
08.12.1959 |
|
Date of Appointment : |
30.09.2005 |
|
DIN No.: |
00765808 |
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 |
U27109PB1993PLC014037 |
AARTI
INTERNATIONAL LIMITED |
Director |
30-09-05 |
30-09-05 |
- |
Active |
NO |
|
2 |
U17115PB1979PLC003991 |
AARTI
STEELS LIMITED |
Whole-time
director |
01-04-10 |
30-09-05 |
- |
Active |
NO |
|
3 |
U27109PB1974PLC003486 |
LUDHIANA
STEELS LIMITED |
Director |
29-09-11 |
05-07-11 |
06-02-12 |
Active |
NO |
|
Name : |
Mr. Rajeev Kumar Mittal |
|
Designation : |
Director |
|
Address : |
154/1, Rani Jhansi
Road, Civil Lines, Ludhiana – 141001, Punjab, India |
|
Date of Birth/Age : |
13.04.1962 |
|
Date of Appointment : |
30.09.2006 |
|
DIN No.: |
00765697 |
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 |
U17115PB1979PLC003991 |
AARTI
STEELS LIMITED |
Whole-time
director |
01-04-10 |
30-09-05 |
- |
Active |
NO |
|
2 |
U27109PB1993PLC014037 |
AARTI
INTERNATIONAL LIMITED |
Director |
30-09-06 |
30-09-06 |
- |
Active |
NO |
|
3 |
U27109PB1974PLC003486 |
LUDHIANA
STEELS LIMITED |
Director |
29-09-11 |
05-07-11 |
06-02-12 |
Active |
NO |
|
Name : |
Mr. Vinayak Mittal |
|
Designation : |
Director |
|
Address : |
154/1, Rani Jhansi
Road, Civil Lines, Ludhiana – 141001, Punjab, India |
|
Date of Birth/Age : |
05.06.1986 |
|
Date of Appointment : |
01.05.2008 |
|
DIN No.: |
01942598 |
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 |
U27109PB1993PLC014037 |
AARTI
INTERNATIONAL LIMITED |
Director |
29-09-08 |
01-05-08 |
- |
Active |
NO |
|
2 |
U17115PB1979PLC003991 |
AARTI
STEELS LIMITED |
Whole-time
director |
01-05-08 |
01-05-08 |
- |
Active |
NO |
|
3 |
U27109PB1974PLC003486 |
LUDHIANA
STEELS LIMITED |
Director |
29-09-11 |
05-07-11 |
06-02-12 |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Ankir Kumar |
|
Designation : |
Secretary |
|
Address : |
74, Basanti Vihar
Colony, Jawadi, Ludhiana
– 141013, Punjab, India |
|
Date of Birth/Age : |
13.03.1986 |
|
Date of Appointment : |
17.09.2011 |
|
PAN No.: |
AVTPK9579J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Shiv Parshad Mittal |
|
1971748 |
|
Mahesh Kumar Mittal |
|
1935500 |
|
Rajeev Kumar Mittal |
|
1828375 |
|
Vikram Singh Kanwar |
|
10 |
|
Girdhar Lal |
|
10 |
|
Dushyant Kumar Kapil |
|
10 |
|
Raj Rani |
|
1832500 |
|
Uma Miittal |
|
1724375 |
|
Alka Mittal |
|
1733750 |
|
Creative Intra Limited |
|
1743340 |
|
Sushen Mittal |
|
1612500 |
|
Pankhuri Mittal |
|
118625 |
|
Gayatri Mittal |
|
127500 |
|
Vinayak Mittal |
|
1732500 |
|
Mahesh Mittal (Karta) |
|
70000 |
|
Isabelle Traders Limited |
|
1483122 |
|
Mohit Gupta |
|
348625 |
|
Rohit Gupta |
|
348625 |
|
Mittal Spintex Private
Limited |
|
1250000 |
|
Aggarwal Spintex Private
Limited |
|
1250000 |
|
Total |
|
21111115 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
27.00 |
|
Directors or relatives of Directors |
73.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cotton Yarns. |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
|
Licensed
Capacity |
Installed
Capacity |
|
|
|
|
|
|
Spindles |
|
200000 |
174048 |
|
Particulars |
|
Unit |
Actual
Productions |
|
|
|
|
|
|
Cotton Yarns |
|
M.T. |
31207.088 |
|
Polyester Cotton Yarn |
|
M.T. |
0.000 |
GENERAL INFORMATION
|
Customers : |
· Alok Industries Limited, Silvassa ·
Arvind Limited, Ahmedabad ·
Ashima Limited, Ahmedabad ·
Trident Limited, Bhatinda
·
Hansoll Textile
Limited, Korea ·
I.T.V. Industria Tessile Del Vomano S.R.L.,
Italy ·
Kam Hing Textile
Macao Commercial Offshore Company Limited Hong Kong ·
Marubeni Hong Kong and South China Limited, Hong
Kong ·
Prosperlink (Macao
Commercial Offshore) Limited, Hong Kong ·
Pacific Overseas Textiles Macao Commercial
Offshore Limited Hong Kong |
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
State Bank of Patiala, Commercial Branch,
Miller Ganj, Ludhiana -
141003, Punjab, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N. K. Bector and Company Chartered Accountants |
|
Address : |
3297/5, Gurdev Nagar,
Ludhiana - 141001, Punjab, India |
|
PAN.: |
AAWPB1817G |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21111115 |
Equity Shares |
Rs.10/- each |
Rs.211.111
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 |
211.111 |
91.111 |
95.561 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2268.884 |
1626.025 |
1527.273 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2479.995 |
1717.136 |
1622.834 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6424.803 |
4126.238 |
3509.856 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
6424.803 |
4126.238 |
3509.856 |
|
|
DEFERRED TAX LIABILITIES |
255.296 |
223.463 |
228.010 |
|
|
|
|
|
|
|
|
TOTAL |
9160.094 |
6066.837 |
5360.700 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3157.925 |
2772.223 |
2938.478 |
|
|
Capital work-in-progress |
47.580 |
102.435 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
10.373 |
4.951 |
11.010 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3803.633
|
2001.512 |
1100.694 |
|
|
Sundry Debtors |
1449.587
|
981.855 |
692.170 |
|
|
Cash & Bank Balances |
45.713
|
41.024 |
62.924 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
885.954
|
320.173 |
677.804 |
|
Total
Current Assets |
6184.887
|
3344.564 |
2533.592 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
68.146
|
48.304 |
35.368 |
|
|
Other Current Liabilities |
160.385
|
101.374 |
79.499 |
|
|
Provisions |
12.140
|
7.658 |
7.513 |
|
Total
Current Liabilities |
240.671
|
157.336 |
122.380 |
|
|
Net Current Assets |
5944.216
|
3187.228 |
2411.212 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9160.094 |
6066.837 |
5360.700 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6437.750 |
4363.112 |
3454.309 |
|
|
|
Other Income |
10.897 |
199.262 |
118.231 |
|
|
|
TOTAL (A) |
6448.647 |
4562.374 |
3572.540 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
3709.163 |
2716.226 |
|
|
|
|
Manufacturing service costs |
698.283 |
677.533 |
|
|
|
|
Employee related expenses |
202.826 |
148.663 |
|
|
|
|
Administrative selling other expenses |
325.529 |
367.668 |
|
|
|
|
Research development expenditure |
0.177 |
0.281 |
|
|
|
|
TOTAL (B) |
4935.978 |
3910.371 |
3123.675 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1512.669 |
652.003 |
448.865 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
219.917 |
173.738 |
194.272 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
1292.752 |
478.265 |
254.593 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
340.455 |
311.028 |
305.227 |
|
|
|
|
|
|
|
|
|
|
PROFIT /
(LOSS) BEFORE TAX (E-F) (G) |
952.297 |
167.237 |
(50.634) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
309.438 |
24.760 |
26.982 |
|
|
|
|
|
|
|
|
|
|
PROFIT /
(LOSS) AFTER TAX (G-H) (I) |
642.859 |
142.477 |
(77.616) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.477 |
0.000 |
0.411 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
643.000 |
142.000 |
(77.205) |
|
|
BALANCE CARRIED
TO THE B/S |
0.336 |
0.477 |
0.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Yarn |
4155.794 |
2574.059 |
2178.126 |
|
|
TOTAL EARNINGS |
4155.794 |
2574.059 |
2178.126 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
6.179 |
27.929 |
|
|
|
Stores & Spares |
49.272 |
27.324 |
8.448 |
|
|
|
Capital Goods |
145.950 |
9.844 |
9.181 |
|
|
TOTAL IMPORTS |
195.222 |
43.347 |
45.558 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
69.06 |
15.64 |
(8.12) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
9.97
|
3.12 |
(2.17) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.79
|
3.83 |
(1.47) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.19
|
2.73 |
(0.93) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.10 |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.69
|
2.49 |
2.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
25.70
|
21.26 |
20.70 |
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
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 |
REVIEW OF OPERATIONS:
After a
long recessionary phase, the Textile Industry started witnessing turnaround.
Factors which helped the industry were good cotton crop and increased demand in
domestic as well as international market. This trend is expected to continue in
the current year also.
PRODUCTION AND SALES REVIEW:
The
production of Cotton Yarn during the period was 31207 MT as compared to the
previous year’s production of 28019 MT registered a grow of 11% approximately
and production of Polyester Cotton Yarn was 0 MT as compared to 82 MT in the
previous financial year. The Net Sales of the Company for the year increased to
Rs.6437.700 Millions as compared to Rs. 4363.100
Millions in the previous financial year registered a growth of 47%. In addition
to this, it has also earned miscellaneous income amounting to Rs.1089.700
Millions during the current year as compared to Rs.
199.261 Millions of previous year. During the period company earned a net
profit after tax of Rs.642.800 Millions as compared to loss of Rs.142.500
Millions of previous year. Keeping in view overall performance, further
expansion and modernization projects in order to meet the competition. The
directors have decided not to recommend any dividend for the year.
EXPORT AND FINANCE:
The Export
earning (FOB value) including Merchant Export during the year was Rs.4155.794
Millions as compared to Rs.2574.059 Millions during the previous year. The
Export turnover during the year under has increased by 61.44 % as compared to
the previous year.
CONTINGENT LIABILITY:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
Bills discounted and outstanding |
1093.552 |
404.753 |
|
Letters of Credit Outstanding |
16.296 |
166.202 |
|
Letters of Bank Guarantee |
11.083 |
11.196 |
|
Excise matters in disputes pending in
appeals |
5.801 |
4.753 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
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.55.20 |
|
|
1 |
Rs.87.79 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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.