MIRA
INFORM REPORT
|
Report Date : |
18.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
BANSWARA SYNTEX LIMITED |
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Registered
Office : |
Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
05.05.1976 |
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Com. Reg. No.: |
17-001684 |
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Capital
Investment / Paid-up Capital : |
Rs. 164.712 Millions |
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CIN No.: [Company Identification
No.] |
L24302RJ1976PLC001684 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JDHB01978E / JDHB04353G |
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PAN No.: [Permanent Account No.] |
AAACB8403F / AAACB8403F |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing and Marketing of Synthetic Fiber and Yarn. |
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No. of Employees
: |
10025 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a Government Recognized Trading House. It is a well established and reputed company having a good track
record. There appears slight dip in profitability during the current year. However, general financial position of the company seems to strong.
Liquidity position of the company is good. Subject gets healthy support from
its group companies. The rating also takes into consideration the increase in manufacturing
facilities and improvement in leverage. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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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 |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB+: Long Term Bank Facilities |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of financial obligations it carry moderate credit risk. |
|
Date |
February, 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/Factory 1 : |
Industrial Area, |
|
Tel. No.: |
91-2962-242301 to 242306 / 240690 / 240691 / 240693 / 257676 / 681 |
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Fax No.: |
91-2962-240692 |
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E-Mail : |
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Website : |
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Head / Marketing
Office: |
5th Floor, Gopal Bhawan, 199, Princess Street, Mumbai -
400002, Maharashtra, India |
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Factory 2 : |
Readymade
Garment Unit -I 98/3, Village Kadaiya, Nani Daman, Daman 396 210, India |
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Factory 3 : |
Readymade
Garment Unit -II Survey No. 713/1, 713/2, 713/3, 725/2 and 725/1, Village Dabhel, Nani
Daman, Daman 396 210, India |
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Factory 4 : |
Readymade Garment
Unit -III Survey No. 722/9, Village Dabhel, Nani Daman – 396210, India |
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Factory 5 : |
Plot No. 5-6, |
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Branches : |
Located At:
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DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. R. L. Toshniwal |
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Designation : |
Chairman and Managing Director |
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Date of Birth/Age : |
73 Years |
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Qualification : |
M. Sc. |
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Name : |
Mr. Ravindra Kumar Toshniwal |
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Designation : |
Managing Director |
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Date of Birth/Age : |
43 Years |
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Qualification : |
B. Tech |
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Name : |
Mr. Rakesh Mehra |
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Designation : |
Vice Chairman |
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Date of Birth/Age : |
50 Years |
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Qualification : |
F.C.A. |
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Name : |
Mr. Shaleen Toshniwal |
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Designation : |
Managing Director |
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Date of Birth/Age : |
30 Years |
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Qualification : |
MBA |
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Name : |
Mr. P. Kumar |
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Designation : |
Director |
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Name : |
Mr. D. P. Garg |
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Designation : |
Director |
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Name : |
Mr. S. B. Agarwal |
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Designation : |
Director |
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Name : |
Mr. Vijay Kumar Agarwal |
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Designation : |
Director |
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Date of Birth/Age : |
62 Years |
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Name : |
Mr. Kamal Kishore Kacholia |
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Designation : |
Director |
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Date of Birth/Age : |
62 Years |
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Name : |
Mr. A. N. Jariwala |
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Designation : |
Director |
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Name : |
Mr. Vijay Mehta |
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Designation : |
Director |
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Date of Birth/Age : |
59 Years |
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Name : |
Mr. P.K. Bhandari |
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Designation : |
Director |
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Name : |
C. P. Ravindranath |
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Designation : |
Nominee Director |
KEY EXECUTIVES
|
Name : |
Mr. S. S. Sajal |
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Designation : |
President |
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Name : |
Mr. J. K. Rathi |
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Designation : |
President (Commercial) |
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Name : |
Mr. V. G. Maheshwari |
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Designation : |
President ( |
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Name : |
Mr. J. K. Jain |
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Designation : |
Sr. Vice President [Finance and Commerce] and Company Secretary |
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Name : |
Mr. S. N. Gupta |
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Designation : |
Senior Vice President [Technical] |
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Name : |
Mr. S. S. Kella |
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Designation : |
Vice President [Audit and Taxation] |
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Name : |
Mr. S. R. Jain |
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Designation : |
Vice President [Engineering] |
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Name : |
Mr. Ashok Mishra |
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Designation : |
Vice President [Technical Worsted] |
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Name : |
Mr. Nailesh Joshi |
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Designation : |
Vice Presidend [Technical |
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Name : |
Mr. Prashant Joshi |
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Designation : |
Vice President [Processing] |
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Name : |
Mr. D.K. Menariya |
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Designation : |
Vice President [Personal] |
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Name : |
Mr. Basant Kala Vice President (Finance and Accounts) |
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Designation : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2012
|
Category of
Shareholders |
Number of Shares |
Percentage of holding |
|
A) Shareholding of
Promoter and Promoter Group |
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|
|
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|
6757236 |
45.79 |
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|
1169969 |
7.93 |
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|
7927205 |
53.72 |
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|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
7927205 |
53.72 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
4925 |
0.03 |
|
|
570 |
0.00 |
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|
2108581 |
14.29 |
|
|
2114076 |
14.33 |
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|
|
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|
1652286 |
11.20 |
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|
|
|
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|
2047521 |
13.88 |
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|
1015273 |
6.88 |
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|
4715080 |
31.95 |
|
Total Public
shareholding (B) |
6829156 |
46.28 |
|
Total (A)+(B) |
14756361 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
14756361 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Synthetic Fiber and Yarn. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Installed
Capacity |
|
Yarn Spinning (Ring Spindles) |
141412 |
|
Yarn Spinning (Air Jet Spindles) |
736 |
|
Fabric Weaving (Looms) |
268 |
|
Fabric Processing (Stenters) |
7 |
|
Garment (Pcs.) |
Not Assessed |
|
Particulars |
Actual
Production |
|
Yarn (Kgs.) |
28035415 |
|
Cloth (Mtrs.) |
34679290 |
|
Garments / Made Ups (No. of Pcs.) |
1991065 |
|
Waste (Kgs.) |
2252596 |
|
Power (Units) |
116809737 |
GENERAL INFORMATION
|
No. of Employees : |
10025 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
|
Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
Kalani and Company Chartered Accountants |
|
Address : |
Mangal Marg, Bapu Nagar, Jaipur 302 004, Rajasthan, India |
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|
|
|
Joint Venture and
Associate concerns: |
·
Carreman Fabrics India Limited ·
Banswara Fabrics Limited ·
Treves Banswara Private Limited |
|
|
|
|
Enterprises where
Key Management Personnel has control /interest: |
·
Lawson Trading Company Private Limited ·
Niral Trading Private Limited ·
Shaleen Syntex Limited ·
Moonfine Trading Company Private Limited ·
peed Shore Trading Company Private Limited |
|
|
|
|
Relatives of Key
Management Personnel and their Enterprises where transactions have taken
place: |
Sarvodaya Impex Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000000 |
Equity Shares |
Rs.10/- each |
Rs. 450.000 Millions |
|
500000 |
3% Redeemable Preference Shares |
Rs.100/- each |
Rs. 50.000 Millions |
|
|
Total |
|
Rs. 500.000
Millions |
Issued
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14756361 |
Equity Shares |
Rs.10/- each |
Rs. 147.564 Millions |
|
173000 |
3% Redeemable Preference Shares |
Rs.100/-
each |
Rs. 17.300 Millions |
|
|
Total |
|
Rs. 164.864 Millions |
|
|
|
|
|
|
|
Subscribed and fully Paid |
|
|
|
No. of Shares |
Type |
Value |
Amount |
|
14726061 |
Equity Shares |
Rs.10/- each |
Rs. 147.261
Millions |
|
173000 |
3% Redeemable Preference Shares |
Rs.100/- each |
Rs.
17.300 Millions |
|
|
Total |
|
Rs. 164.561 Millions |
|
|
Subscribed but not fully Paid |
|
|
|
303000 |
Equity Shares |
Rs.10/- each |
Rs. 0.303
Million |
|
Less: |
Allotment money due |
|
|
|
|
From Directors |
|
- |
|
|
From Others |
|
Rs. 0.152
Million |
|
|
|
|
Rs. 164.712 Millions |
Reconciliation of No.
of Shares of each class of issued capital
|
|
Equity |
Preference |
|
At the beginning of the year |
14756361 |
173000 |
|
Issued During the year |
- |
- |
|
Redeemed/bought back during the year |
- |
- |
|
At the end of the year |
14756361 |
173000 |
1,87,500 Equity Shares were issued as fully paid up Bonus shares in the year 2007-08 by way of capitalization of Securities Premium Account
Rights, preferences and restrictions to the shareholders
Equity Shares: - all equity shareholders are having right to get dividend in proportion to paid up value of the each equity share as and when declared.
No member shall be entitled to exercise any voting rights either personally or by proxy at any meeting of the company in respect of any shares registered in his name on which any calls or other sums presently payable by him have not been paid or in regard to which the company has, and has exercised, any right of lien.
Preference Shares: - Preference Shares are redeemable in 2014-15 at par and having right of dividend on cumulative basis if not declared/paid.
Details of
Shareholder's holding more than 5% of each class of shares issued by the
Company -
|
Name of Shareholder |
Number of Shares |
Shareholding % |
|
Equity Shares |
|
|
|
Shri R.L. Toshniwal |
1072645 |
7.27 |
|
Shri Ravindra Kumar Toshniwal |
1076447 |
7.29 |
|
Shri Shaleen Toshniwal |
1190913 |
8.07 |
|
Smt. Radhika Toshniwal |
893065 |
6.66 |
|
Royal Bank of Scotland |
1299801 |
8.81 |
|
Mafcom Capital Markets Limited |
1150000 |
7.79 |
|
3% Redeemable
Preference Shares |
|
|
|
Carreman Michel Thierry, France |
173000 |
100.00 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
164.712 |
164.709 |
148.114 |
|
|
2] Share Application Money |
0.000 |
0.000 |
16.913 |
|
|
3] Reserves & Surplus |
1588.269 |
1451.760 |
1013.084 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1752.981 |
1616.469 |
1178.111 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6146.170 |
5339.883 |
4242.436 |
|
|
2] Unsecured Loans |
112.980 |
70.715 |
174.191 |
|
|
TOTAL BORROWING |
6259.150 |
5410.598 |
4416.627 |
|
|
DEFERRED TAX LIABILITIES |
325.751 |
301.619 |
272.261 |
|
|
|
|
|
|
|
|
TOTAL |
8337.882 |
7328.686 |
5866.999 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4883.270 |
4521.650 |
3380.584 |
|
|
Capital work-in-progress |
256.718 |
161.566 |
82.769 |
|
|
Advance on Capital Account |
0.000 |
0.000 |
162.196 |
|
|
|
|
|
|
|
|
INVESTMENT |
73.509 |
66.977 |
66.730 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2725.630
|
2560.009 |
1766.817 |
|
|
Sundry Debtors |
1331.643
|
891.811 |
615.445 |
|
|
Cash & Bank Balances |
128.574
|
76.712 |
50.676 |
|
|
Other Current Assets |
351.856
|
355.829 |
257.577 |
|
|
Loans & Advances |
399.721
|
337.232 |
177.525 |
|
Total
Current Assets |
4937.424
|
4221.593 |
2868.040 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
928.092
|
971.721 |
29.377 |
|
|
Other Current Liabilities |
715.735
|
453.401 |
528.435 |
|
|
Provisions |
169.212
|
217.978 |
135.508 |
|
Total
Current Liabilities |
1813.039
|
1643.100 |
693.320 |
|
|
Net Current Assets |
3124.385
|
2478.493 |
2174.720 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8337.882 |
7328.686 |
5866.999 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9238.441 |
8084.989 |
6309.654 |
|
|
|
Other Income |
53.557 |
46.645 |
29.939 |
|
|
|
TOTAL (A) |
9291.998 |
8131.634 |
6339.593 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4920.844 |
4100.288 |
3010.171 |
|
|
|
Changes in inventories of finished goods, Work-in-progress and stock-in trade |
(362.908) |
(394.634) |
1315.471 |
|
|
|
Manufacturing expenses |
1665.675 |
1523.204 |
673.958 |
|
|
|
Employee benefit expenses |
1072.558 |
913.428 |
497.219 |
|
|
|
Other Expenses |
639.737 |
613.899 |
1.318 |
|
|
|
Extraordinary items |
0.000 |
(14.490) |
0.000 |
|
|
|
TOTAL (B) |
7935.906 |
6741.695 |
5268.719 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1356.092 |
1389.939 |
1070.874 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
751.980 |
424.598 |
330.167 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
604.112 |
965.341 |
740.707 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
431.109 |
340.245 |
307.344 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
173.003 |
625.096 |
433.363 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
24.133 |
155.814 |
124.597 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
148.870 |
469.282 |
308.766 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
487.689 |
104.407 |
53.560 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend and Tax Thereon |
0.000 |
0.000 |
22.957 |
|
|
|
Dividend on Equity Shares and Preference
Shares |
22.600 |
78.800 |
29.982 |
|
|
|
Tax on Dividend |
3.700 |
7.200 |
4.980 |
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
200.000 |
|
|
BALANCE CARRIED
TO THE B/S |
610.259 |
487.689 |
104.407 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4506.300 |
4236.892 |
3434.689 |
|
|
|
Other Earnings |
160.685 |
307.078 |
182.305 |
|
|
TOTAL EARNINGS |
4666.985 |
4543.970 |
3616.994 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
226.865 |
307.885 |
164.434 |
|
|
|
Dyes and Chemical |
8.076 |
11.286 |
16.008 |
|
|
|
Components and Spare Parts |
95.407 |
58.629 |
44.286 |
|
|
|
Capital Goods |
452.608 |
532.420 |
173.215 |
|
|
TOTAL IMPORTS |
782.956 |
910.220 |
397.943 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.06 |
32.05 |
20.92 |
|
QUARTERLY RESULTS
|
Particular |
|
30.06.2012 |
30.09.2012 |
|
Audited / UnAudited |
|
|
|
|
Type |
|
1ST Quarter |
2nd Quarter |
|
Net Sales |
|
2669.140 |
2546.230 |
|
Total Expenditure |
|
2298.880 |
2184.990 |
|
PBIDT (Excl OI) |
|
370.260 |
361.240 |
|
Other Income |
|
14.100 |
18.490 |
|
Operating Profit |
|
384.360 |
379.730 |
|
Interest |
|
204.180 |
194.640 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
180.180 |
185.090 |
|
Depreciation |
|
125.750 |
127.050 |
|
Profit Before Tax |
|
54.430 |
58.030 |
|
Tax |
|
19.800 |
20.560 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
34.630 |
37.470 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
34.630 |
37.470 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.60 |
5.77 |
4.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.87 |
7.73 |
6.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.76 |
7.15 |
6.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.38 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.61 |
4.36 |
4.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.72 |
2.57 |
4.14 |
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 |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
OPERATIONS
During the year 2011-12, the production of Synthetic yarn increased to 279 lac Kgs, up by 2% and that of worsted yarn increased to 14.02 lac Kgs, up by 16%. Production of garment increased by 7% to 21.93 lac pieces. During the year the Company produced more of value added fabrics and technical textiles. However, the overall production of fabric at 311 lac meters was down by 4%. Over the previous year the Company has started production of shirting fabric also.
During the year the Company's net income from operations at Rs. 9240.000 Millions recorded growth of 14% over Rs. 8090.000 Millions in 2010-11. The Company's turnover in value for yarn increased by 13%, fabric by 14% and garments by 29%. This confirms the Company's thrust on value-added fabrics and readymade garments.
During the year, the textile industry faced global recession and the Indian currency witnessed sharp fluctuations in its valuation against US Dollars. The finance cost during the year also increased substantially. The profit before interest, depreciation and tax for F.Y. 2011 -12 was Rs.1356.092 Millions as against Rs. 1389.939 Millions in 2010-11. The profit before depreciation and tax has been Rs. 604.112 Millions as against previous year's Rs. 965.341 Millions. The reduction is mainly attributed to the additional finance cost. In the wake of higher quantum and increase in interest rate on borrowings besides withdrawal of subvention. The net profit after tax at Rs.148.870 Millions is almost one third of Rs. 469.282 Millions for 2010-11. The Company has paid Rs. 34.900 Millions, (Previous Year Rs. 130.000 Millions) as income tax besides providing Rs. 24.100 Millions as deferred tax liability for the year under report.
The basic and diluted earnings for the year 2011-12 works out to Rs.10.06 per share as against previous year's EPS at Rs. 32.05 and Rs. 31.79 respectively.
EXPORTS
During the year, the export turnover excluding export benefits was at Rs. 4720.000 Millions as against Rs. 4610.000 Millions during 2010-11, up by about 2.37%. The growth took place in all the 3 segments of yarn, fabric and garments. The export performance of the Company was adversely affected by the sharp fluctuations in exchange rate of Indian rupee against US Dollar.
During the year, the Company's marketing as well as design and development teams collected the feed-back in the international market by participation in the international trade fairs, meetings with the customers, etc. The Company has added few more new customers World wide. Its design studio for fabric and garments helped the Company to penetrate in the new areas/customers domestically and internationally.
JOINT VENTURE
Carreman Fabrics India Limited the Joint Venture (JV) Company has a weaving unit having installed capacity of 60 Rapier Looms of its own alongwith 17 additionally installed looms of the Company in its premises. The Company has 50% stake in JV's equity share capital with an equal stake of Carreman, France.
During the year 2011-12, JV Company produced 62.77 lacs meters of gray fabric as against 64.83 lacs meters in the previous year. The net profit during the year 2011-12 increased to Rs. 2.921 Millions as against Rs. 2.413 Millions up by 21%.
The Company, as a measure of further diversification of business, has entered into another Joint Venture agreement with Treves S.A., France with 50:50 partnership and incorporated a Special Purpose Vehicle (SPV) to be known as "Treves Banswara Private Limited" The JV Company will produce laminated knitted and woven textiles for internal furnishing of trains, buses and other automobiles
POWER
PLANT
The Company's two units of Captive Thermal Power Plant of 33 MW capacity are working satisfactorily. The Company is mainly consuming imported Coal for these power plants. It has also signed a fuel supply agreement with South Eastern Coalfields Limited (SECL) for purchase of Indian Coal. The Company has also purchased lignite from Rajasthan State Mines and Minerals Corporation Limited (RSMM) and GMDC, Gujarat. The purchase of this coal has reduced the cost of power generation. The Company's application for sanction of Government Coal Quota for 2nd Unit of its power plant is under consideration with Ministry of Coal/Power.
FINANCE
During the year 2011 -12, the Company availed Term Loans aggregating Rs. 632.800 Millions from Banks and Financial Institutions. The Company has applied for additional term loan of Rs.192.000 Millions from IDBI Bank to part finance its expansion-cum- modernization project of Rs. 340.000 Millions..
The Company's bankers have provided the need base increased working capital limits during the year.
SUBSIDIARY COMPANY
The Company did not have any subsidiary as on 31st March, 2012. However, it has 50% stake in equity capital of Carreman Fabrics India Limited and Treves Banswara Private Limited, Joint Venture Companies with Carreman and Treves S.A., both of France.
MANAGEMENT
DISCUSSION AND ANALYSIS
INTRODUCTION
Management Discussion and Analysis mainly comprises the statements
involve predictions based on which termed as perceptions and,
therefore, may be prove
to risks and uncertainties. It is
the sum total of the
Company's expectations,
beliefs, estimates and projections which may
be forward looking within the
meaning of applicable securities, laws and
regulations. The actual results could differ materially from those expressed
herein specifically or impliedly.
The important factors
that could make a
difference to the Company's operations include availability and cost of raw
material, cyclical demand and pricing in
the Company's principal markets,
changes in Government
regulations, tax regimes, economic
developments within India and countries in which the Company conducts
business and other incidental
factors. The shareholders are
cautioned to use this in conjunction with the Company's financial statements.
Industry Structure,
its Development and Opportunity
The Indian Textile Industry was stagnant before the introduction of Technology Upgradation Fund Scheme (TUFS) by the Government of India in the year 2000. Substantial capacity expansion and modernization took place with the concessional rate of interest subsidized by Government of India under the Scheme. The Government withheld the sanction of loans under TUFS in June, 2010 which nearly stopped the creation of new capacities; the Government has notified the restart of the TUFS w.e.f. 28th April, 2011. The new TUFS has allotted segment wise funds for spinning, weaving, finishing, garments and technical textiles. However, the modified TUF was in operation for sanction of the loans, till 31.03.2012. The future investment will depend on fresh introduction or extension of the scheme after 31.03.2012 and also on release of funds for projects sanctioned during black-out period and put into List-ll by the sanctioning authorities.
The textile industry holds a very significant position in the Indian Economy. It accounts for nearly 14% of the total industrial output and is the 2nd largest industry providing employment. The lifting of the import restrictions of the multi fibre arrangement under WTO agreement on textile and clothing has emerged as an opportunity for the industry.
Recently, India and Japan have signed bilateral External Free Trade Agreement. This agreement would abolish duties on more than 90% of trade for a period of 10 years. The Government of India is also actively considering signing of another Free Trade Agreement with European Union. These agreements will enable the Indian Garment Industry to import Duty Free Fabric that will open up a very huge market for Indian Textile Industry. This will give a boost to the overall exports from the country.
Currently, the textile industry is undergoing substantial reorientation towards other than clothing segment of the textiles which is commonly known as technical textiles. It is moving vertically with an average growth rate of nearly double than that of clothing. Now, it accounts for more than half of the total textile output. The Company is negotiating with its existing customers and a reputed American brand for regular supply of the quantity of such technical textiles.
During the year 2011-12, the cotton prices which had increased in 2010-11, started towards down trend which stabilized and has therefore impacted to the cotton fabric manufacturing sector. The polyester and viscose prices have also increased mainly in the last quarter of the 2010-11 and firstquarter of 2011-12.
The cotton, polyester and viscose prices started falling during 2011-12. As the reduction in the fibre prices is gradual and continuous, the demand in the market has slowed down. As such, the spinning mills accumulated stocks. It was felt that it would be a short term phenomenon, and the lower raw material prices would ultimately help the textile industry to perform better in the long runs however, due to sluggish demand of yarns and fabric in domestic as well as in international markets, the selling prices were more impacted downwards than raw material prices. This has caused heavy losses to the spinners mainly due to accumulation of stocks and increase of related financial costs. The withdrawal of interest subvention and increase in lending rates by banks, RBI have also adversely affected the competitive position of the Industry. Despite, there are following positive factors which auger well for the Indian Textile Industry:
1. The Ministry of Textiles may notify and extend the TUF Scheme to provide interest and capital subsidy for expansion, modernization and diversification of the textile industry, which was available till March, 2012.
2. There has been a steep rise in the labour cost in China as compared to that in India. The Indian Textile Industry Is still getting the benefit of low cost labour.
3. The availability of dyed viscose in the country enables the Indian Industry to offer wider range of varieties of products.
4. Indian textile industry is known for better designs, colours and new products besides the flexible product-mix providing to the customers a varied, and almost exclusive range of products.
5. As the garment industry in India is growing, the Indian Textile Industry is now becoming a preferred destination for several global brands to source their requirements for the textile and apparel segments.
OVERVIEW OF THE
COMPANY'S PERFORMANCE
The overall performance of the Company during 2011-12 was on down side as compared with performance for the year 2010-11. However the performance in last quarter improved over the previous one. On account of low market demand, during the year, the Company could not achieve the expected order targets/book position, accordingly the production of yarn, fabric and garments was lower after taking into account the effect of additional capacities created by the Company during 2010-11 and 2011-12. The production of synthetic yarn increased by 2% (Previous Year: 7%), worsted yarn by 16%( Previous Year: 92%), and the garment production by 7% (Previous Year :30%).
The income from operations was at Rs. 9240.000 Millions during 2011-12 compared with Rs. 8090.000 Millions in 2010-11 i.e. up by 14%. The Company's exports could not record any increase in 2011 -12 as against 26% increase in 2010-11. The export value increased marginally, from Rs. 5230.000 Millions (including export benefits) in 2010-11 to Rs. 5310.000 Millions during 2011-12. The export turnover during the year under review, account for 58% of the total turnover against 65% during the previous year. It has come down due to global recession and the currency fluctuations.
During the year, the Company has invested Rs. 826.400 Millions (Previous Year Rs. 1499.100 Millions) for acquisition of fixed assets besides the capital work in progress at Rs. 256.700 Millions (Previous Year Rs.161.600 Millions) and advances to capital goods suppliers of Rs. 77.600 Millions (Previous Year Rs. 76.500 Millions) as at 31st March, 2012 for ongoing projects. Capacity expansion has taken place in all the areas of operation.
The Company has proposed investment of Rs. 340.000 Millions during the F.Y. 2012-13 to further increase its production capacity by 8640 Ring spindles, 6720 Worsted spindles, 30 Looms and Yarn dyeing machines to increase installed capacity for yarn dying by 2 MT per day. This expanded capacity, along with the machines added during the year 2011 -12 and being added in 2012-13, will operate partially during F.Y. 2012-13. The Company envisages increase of the turnover to about Rs. 11000.000 Millions during 2012-13.
The Company has increased its fabric processing capacity to 5.0 million meters a month thereby opening substantial avenues for fabric production. The Company also has the plans to achieve optimum capacity utilization of new installed additional production capacities like spinning of wool and wool mix yarn, yarn dyeing, production of jacquard fabrics and increase in production levels of jackets and trousers. The Company also continues to be innovative and creative to emphasize and put efforts to increase the exports of value-added fabric and garments. The Company has also started production of yarn dyed cotton shirting fabrics to fully utilize the processing capacity. It has also started a brand for the Indian Market called "SaintX". It is for fabrics, made to Measure and Ready to Wear Garments.
The Company has been allotted quota for coal from South Eastern Coalfields Limited (SECL) against the fuel supply agreement. In addition, the Company has been allotted lignite from RSMM mines at Nagore (Rajasthan) and GMDC (Gujarat). The coal purchased from SECL and RSMM has reduced the cost of power generation
DISCUSSION ON
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATING PERFORMANCE
The operating performance of the Company has been detailed in the first two paragraphs of the Directors' report under the heads 'Financial Review' and 'Operations.' The profit before tax for the year 2011-12 was at Rs.173.0 00 Millions, works out to 1.87% of sales as against Rs. 625.100 Millions, i.e. 7.74% of sales in the previous Financial Year- 2010-11.
(Rs in Millions)
|
Unsecured Loan |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Fixed Deposits |
|
|
|
From Directors |
3.200 |
3.200 |
|
From Others |
87.395 |
69.000 |
|
(Includes Rs. 17.025 Millions (Previous Years Rs. 15.375 Millions) from related parties |
|
|
|
Less: Current Maturities |
61.515 |
52.785 |
|
|
29.080 |
19.415 |
|
Term Loans Corporate (From Related Parties) Repayable in one bullet payment by June '13 |
20.000 |
0.000 |
|
Other Corporate Repayable in one bullet payment by March'14 |
15.000 |
15.000 |
|
Loans from Related Parties |
45.500 |
30.000 |
|
Short Term Deposits |
3.400 |
6.300 |
|
Total |
112.980 |
70.715 |
CONTINGENT LIABILITIES
(Rs in Millions)
|
Particular |
31.03.2012 |
31.03.2011 |
|
Contingent
liabilities not provided for in respect of: - |
|
|
|
a. Bills discounted with banks remaining outstanding |
|
|
|
Against foreign LC |
528.422 |
541.228 |
|
Others |
146.902 |
224.715 |
|
b. Letter of Credit established with banks :- |
|
|
|
Revenue account |
29.809 |
72.062 |
|
Capital account |
69.213 |
42.427 |
|
c. Guarantees given by the bankers on behalf of the company for which FD Rs. 9.223 Millions (Previous Year Rs. 3.039 Millions) pledged with them |
79.036 |
26.459 |
|
d. Guarantee given by Company to Banks for loan to Carreman Fabrics India Limited [Outstanding as on 31.03.2012 Rs. 109.200 Millions (Previous Year Rs. 134.681 Millions)] |
195.000 |
195.000 |
|
e. Claims against the company not acknowledged as debt: - |
|
|
|
Under Tax Laws |
12.649 |
8.060 |
|
By Others: |
|
|
|
(a) On Revenue account (b) On Capital account |
0.184 0.000 |
0.574 0.000 |
UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER/PERIOD ENDED ON 30TH SEPTEMBER, 2012
(Rs in Millions)
|
SI. No |
Particulars |
3 months ended 30.09.2012 |
Preceding 3 months ended 30.06.2012 |
Year to Date Figure for Current Period ended 30.09.2012 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
Income from
operations |
|
|
|
|
|
(a) Net sales/income from operations (Net of excise duty) |
2460.430 |
2611.662 |
5072.092 |
|
|
(b) Other operating income |
85.795 |
57.480 |
143.275 |
|
|
Total income from
operations (net) |
2546.225 |
2669.142 |
5215.367 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
1394.841 |
1355.829 |
2750.670 |
|
|
(b) Purchases of stock-in-trade |
|
- |
|
|
|
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(191.585) |
(11.807) |
(203.392) |
|
|
(d) Employee benefits expense |
330.099 |
294.045 |
624.144 |
|
|
(e) Depreciation and amortisation expense |
127.051 |
125.748 |
252.799 |
|
|
(f) Power and Fuel |
278.189 |
249.322 |
527.511 |
|
|
(g) Other expenses |
373.454 |
411.495 |
784.949 |
|
|
Total expenses |
2312.049 |
2424.632 |
4736.681 |
|
3 |
Profit /(Loss) from
operations before other income, finance costs and exceptional items (1-2) |
234.176 |
244.510 |
478.686 |
|
4 |
Other income |
18.487 |
14.095 |
32.582 |
|
5 |
Profit / (Loss) from
ordinary activities before finance costs and exceptional items (3 + 4) |
252.663 |
258.605 |
511.268 |
|
|
Finance costs |
(194.636) |
(204.177) |
(398.813) |
|
7 |
Profit / (Loss) from
ordinary activities after finance costs but before exceptional items (5 + 6) |
58.027 |
54.428 |
112.455 |
|
8 |
Exceptional items |
- |
- |
- |
|
9 |
Profit / (Loss)
from ordinary activities before tax (7 + 8) |
58.027 |
54.428 |
112.455 |
|
10 |
Tax expense |
(20.562) |
(19.802) |
(40.364) |
|
11 |
Net Profit / (Loss)
from ordinary activities after tax (9 +10) |
37.465 |
34.626 |
72.091 |
|
12 |
Extraordinary items |
- |
|
|
|
13 |
Net Profit / (Loss)
for the period (11 + 12) |
37.465 |
34.626 |
72.091 |
|
14 |
Paid-up equity share capital (Face Value of the Share - Rs. 10/- Per |
147.412 |
147.412 |
147.412 |
|
15 |
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
|
•- |
|
|
16.i |
Earnings per share (before extraordinary items) (of Rs. 10/- each) (not annualised): (a) Basic (b) Diluted |
2.53 2.53 |
234 2.34 |
4.87 4.87 |
|
ii |
Earnings per share (after extraordinary items) (of Rs. 10/- each) (not annualised): (a) Basic (b) Diluted |
2.53 2.53 |
2.34 2.34 |
4.87 4.87 |
|
Particulars PART II |
3 months ended 30.09.2012 |
Preceding 3 months ended 30.06.2012 |
Year to Date Figure for Current Period ended 30.09.2012 |
|
PARTICULARS OF SHAREHOLDING
Public shareholding |
|
|
|
|
Number of shares |
6829156 |
6847495 |
6829156 |
|
- Percentage of shareholding Promoters and |
46.28% |
46.40% |
46 28% |
|
Promoter Group Shareholding a) Pledged / Encumbered |
|
|
|
|
- Number of shares |
|
|
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
|
|
|
|
- Percentage of shares (as a % of the total share capital of the |
|
|
|
|
b) Non - encumbered |
|
|
|
|
Number of shares |
7927205 |
7908866 |
7927205 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
- Percentage of shares (as a % of the total share capital of the company) |
53.72% |
53.60% |
53.72% |
|
|
Particulars |
3 months ended (30.09.2012) |
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Received during the quarter |
NIL |
|
|
Disposed of during the quarter |
NIL |
|
|
Remaining unresolved at the end of the quarter |
NIL |
STATEMENT OF ASSETS AND LIABILITIES
(Rs in Millions)
|
Particulars |
30.09.2012 |
|
|
|
Unaudited |
|
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders' funds |
|
|
|
(a) Share capital |
164.712 |
|
|
(b) Reserves and surplus |
1660.362 |
|
|
(c) Money received against share warrants |
0.000 |
|
|
Sub-total -
Shareholders' funds |
1825.074 |
|
2 |
Share application
money pending allotment |
|
|
3 |
Non-current
liabilities |
|
|
|
(a) Long-term borrowings |
3066.416 |
|
|
(b) Deferred tax liabilities (net) |
3540398 |
|
|
(c) Long-term provisions |
970900 |
|
|
Sub-total -
Non-Current Liabilities |
3518.714 |
|
4 |
Current liabilities |
|
|
|
(a) Short-term borrowings |
3245.500 |
|
|
(b) Trade payables |
1162.129 |
|
|
(c) Other current liabilities |
697.802 |
|
|
(d) Short-term provisions |
47.747 |
|
|
Sub-total - Current
Liabilities |
5153.178 |
|
|
TOTAL - EQUITY AND
LIABILITIES ASSETS |
10496.966 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
5172.448 |
|
|
(b) Non-current investments |
72.986 |
|
|
(c) Long-term loans and advances |
108.743 |
|
|
(d) Other non-current assets |
69.018 |
|
|
Sub-total -
Non-current assets |
5423.195 |
|
2 |
Current assets |
|
|
|
(a) Inventories |
3040.811 |
|
|
(b) Trade receivables |
1417.265 |
|
|
(c) Cash and cash equivalents |
108.893 |
|
|
(d) Short Term Loans and Advances |
255.735 |
|
|
(e) Other current assets |
251.067 |
|
|
Sub-total - Current
assets |
5073.771 |
|
|
TOTAL - ASSETS |
10496.966 |
NOTES:
· The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on November 06, 2012. The Statutory Auditors have carried out a Limited Review of the results,
· The Company is engaged in production of Textile products having integrated working and power generation. For management purposes, Company is organized into major operating activity of the textile products besides power generation which has revenue less than 10%. The company has no activity outside India except export of textile products manufactured in India. Thereby there is no geographical segment. Accordingly segment wise information is not being reported.
· The Net Sales / Income from operations is exclusive of Inter Division Transfers.
· Credit in respect of Minimum Alternative Tax under Income Tax Act, 1961 (MAT Credit -Entitlement) wherever applicable is recognized in accordance with guidance note issued by the Council of the Institute of Chartered Accountants of India.
· The financial results have been prepared as per Revised Schedule VI to the Companies Act, 1956, which had a significant impact on the presentation. The figures of previous period/year have been re-grouped/re-arranged and/or recast wherever found necessary.
FIXED ASSETS
· Lease Hold Land
· Free Hold Land
· Buildings and Road
· Plant and Equipment
· Building Machinery
· Electric and Water
· Supply Installation
· Furniture and Fixtures
· Office Equipments
· Vehicles
· Live Stock
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 54.64 |
|
|
1 |
Rs. 87.46 |
|
Euro |
1 |
Rs. 72.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.