- Summary Information
|
Country |
India |
||
|
Company Name |
FILATEX INDIA
LIMITED |
Principal Name 1 |
Mr. Ram Avtar Bhageria |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. B B Tandon |
|
Registration # |
54-000091 |
||
|
Street Address |
S.No.274, Demni
Road, Dadra – 396191, U.T. of Dadra and Nagar Haveli, India |
||
|
Established Date |
08.08.1990 |
SIC Code |
-- |
|
Telephone# |
91-260-2668343 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-260-2668344 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Yarn |
|
|
# of employees |
500
(Approximately) |
Product Name 2 |
Threads |
|
Paid up capital |
Rs.240,000,000/- |
Product Name 3 |
-- |
|
Shareholders |
Promoter and
Promoter Group – 52.61 % Public
Shareholding – 47.39 % |
Banking |
Oriental Bank of Commerce |
|
Public Limited Corp. |
Yes |
Business Period |
23 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Ba
(47) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary Company |
-- |
Filatex Synthetics (Private) Limited |
-- |
|
Note |
- |
||
- Summary Financial
Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
483,919,000 |
Current Liabilities |
677,310,000 |
|
Inventories |
475,247,000 |
Long-term Liabilities |
2,293,941,000 |
|
Fixed Assets |
1,770,231,000 |
Other Liabilities |
147,489,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
3,118,740,000 |
|
Invest& other Assets |
1,847,478,000 |
Retained Earnings |
1,218,135,000 |
|
|
|
Net Worth |
1,458,135,000 |
|
Total Assets |
4,576,875,000 |
Total Liab. & Equity |
4576,875,000 |
|
Total Assets (Previous Year) |
2,463,716,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
4,734,036,000 |
Net Profit |
137,010,000 |
|
Sales(Previous yr) |
4,864,171,000 |
Net Profit(Prev.yr) |
190,113,000 |
MIRA INFORM REPORT
|
Report Date : |
19.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
FILATEX INDIA LIMITED (TR. CO. FROM DELHI) |
|
|
|
|
Registered Office
: |
S.No.274, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
08.08.1990 |
|
|
|
|
Com. Reg. No.: |
54-000091 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.240.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17119DN1990PLC000091 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Yarn and Threads. |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5832000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Exists |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track
record. Financial of the company appears to be sound. But in the years 2011-2012 there appears slight dip in the
profitability. However, trade relations are reported to be fair. Business is
active. Payments are reported as usually correct and as per commitment. The company can be considered for normal business dealing 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 obligation. It carry moderate credit risk. |
|
Date |
08.04.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A3 (Short Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
08.04.2013 |
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 : |
S.No.274, |
|
Tel. No.: |
91-260-2668343/ 2668510 |
|
Fax No.: |
91-260-2668344 |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Corporate Office : |
43, Community Centre, New Friends Colony, |
|
Tel. No.: |
91-11-26312503/ 26848633/ 26848644 |
|
Fax No.: |
91-11-26849915 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Monofilament Yarns Works A-2, Extension, Phase-II, District Gautam Budh Nagar, Noida – 201304,
Uttar Pradesh, India |
|
Tel. No.: |
91-120-3043012/ 13/ 14 |
|
Fax No.: |
91-120-3043016 |
|
|
|
|
Factory 3 : |
Plot No. D-2/ 6, Jolva Village PCPIR, Dahej-2, Industrial Estate, GIDC,
District Bharuch – 392130, |
|
|
|
|
|
2nd Floor, Shreya Shruti Building, Above State Bank of Indore, Ring
Road, Surat - 395003, Gujarat, India |
|
Tel. No.: |
91-261-610783/ 84/ 85 |
|
Fax No.: |
91-261-610796 |
|
E-Mail : |
|
|
|
|
|
Marketing Office: |
321, Maker Chamber, Nariman Point Mumbai-400005, Maharashtra, India |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Ram Avtar Bhageria |
|
Designation : |
Chairman / Chair Person |
|
Qualification : |
Graduate in Commerce |
|
Date of Appointment : |
30.07.2008 |
|
|
|
|
Name : |
Mr. B B Tandon |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. S C Parija |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. S P Setia |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
71 Years |
|
Date of Appointment : |
30.07.2003 |
|
Qualification : |
B. Sc (Hons.) |
|
Other Directorship: |
•
Amit Spinning Limited •
Rainbow Integrated Texpack Limited •
Trident Corporation Limited |
|
|
|
|
Name : |
Mr. Vibhu Bakhru |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Purrshottam Bhaggeria |
|
Designation : |
Joint Managing Director |
|
Address : |
42, Community Centre, New Friends Colony, New Delhi-110065, |
|
Date of Birth/Age : |
51 Years |
|
Date of Appointment : |
30.07.2003 |
|
Qualification : |
MBA, Cornell University, USA |
|
Other Directorship: |
•
Helios Infrastructure and Projects Limited •
Toni Leathers Limited •
Animate Energy Limited •
Trilliant Hospitality Limited |
|
|
|
|
Name : |
Mr. Madhav Bhageria |
|
Designation : |
Joint Managing Director |
|
Address : |
2nd Floor, Shreya Shruti Building, Above State Bank of Indorel,
Ring Road, Surat-395 003, Gujarat, India |
|
Qualification : |
Graduate in Commerce |
|
Date of Appointment : |
30.07.2008 |
|
|
|
|
Name : |
Mr. Madhu Sudhan Bhageria |
|
Designation : |
Vice Chairman and Managing Director |
|
Address : |
42, Community Centre, New Friends Colony, New Delhi-110065, |
KEY EXECUTIVES
|
Name : |
Mr. Raman Kumar Jha |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Name : |
Mr. R P Gupta |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of Shareholder |
No. of Shares |
Percentage of
Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7300279 |
30.42 |
|
|
5325216 |
22.19 |
|
|
12625495 |
52.61 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
12625495 |
52.61 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
63400 |
0.26 |
|
|
100 |
0.00 |
|
|
2302500 |
9.59 |
|
|
2366000 |
9.86 |
|
|
|
|
|
|
4164505 |
17.35 |
|
|
|
|
|
|
1969742 |
8.21 |
|
|
2380451 |
9.92 |
|
|
493807 |
2.06 |
|
|
81055 |
0.34 |
|
|
13031 |
0.05 |
|
|
4867 |
0.02 |
|
|
394854 |
1.65 |
|
|
9008505 |
37.54 |
|
Total Public
shareholding (B) |
11374505 |
47.39 |
|
Total (A)+(B) |
24000000 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
24000000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Yarn and Threads. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
500 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Amod Agrawal and Associates, Chartered Accountants |
|
Address : |
D-58, East of Kailash, |
|
|
|
|
Subsidiary
Company: |
Filatex Synthetics (Private) Limited |
|
|
|
|
Related Parties: |
|
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs. 400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24000000 |
Equity Shares |
Rs.10/- each |
Rs. 240.000 Millions |
|
|
|
|
|
a. Reconciliation of the shares outstanding at the beginning and at the
end of the reporting period
|
Equity shares |
31.03.2012 |
|
|
|
Nos. |
Amount |
|
At the beginning of the year |
17,141,397 |
171.414 |
|
Add : Shares issued during the year |
6,858,603 |
68.586 |
b. Terms / rights
attached to equity shares
The company has
only one class of equity shares having a par value of Rs.10/- per share. Each holder
of equity shares is entitled to one vote per share. The company declares and
pays dividend in Indian rupees. The dividend proposed by the Board of Directors
is subject to the approval of the shareholders in the ensuing Annual General
Meeting.
During the year
ended 31 March 2012, the amount of dividend recognized as distribution to
equity shareholders is Rs.1/- per share (previous year Rs.1/- per share).
In the event of
liquidation of the company, the holders of equity shares will be entitled to
receive remaining assets of the company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
c. Agreegate
number of equity shares issued for consideration other than cash during the
period of five years immediately preceding the reporting date
8,41,397 equity
shares of Rs. 10/- each issued to IDBI Limited as per terms of negotiated
settlement with them at a premium of Rs. 13.77 per share on 18th September,
2007.
d. Conversion of
convertible warrants and issue of fresh equity shares
(i) During the
year company has further received Rs.28.000 Millions against 40,00,000
convertible warrants (total Rs.160.000 Millions including Rs.132.000 Millions
received upto previous year) which have been converted into 40,00,000 equity
shares of Rs.10/- each at a premium of Rs.30/- per share.
(ii) The company
has also received an amount of Rs.142.930 Millions (previous year Nil) and has
issued 2858603 equity shares of Rs.10/- each at a premium of Rs.40 per share.
e. Details of shareholders holding more than 5% shares in the company
(Rs. in Millions)
|
Particulars |
31.03.2012 |
|
Madhu Sudhan Bhageria 1252500 (previous year 1252500) equity shares of
Rs.10/- each fully paid |
12.525 |
|
Purrshottam Bhaggeria (previous year 865000) equity shares of Rs.10/-
each fully paid |
0.000 |
|
Azimuth Investments Limited (3125000 (previous year 1860000) equity
shares of Rs.10/- each fully paid) |
31.250 |
|
Nouvelle Securities (Private) Limited 1989016 (previous year 769016)
equity shares of Rs.10/- each fully paid |
19.890 |
|
Somerset Emerging Opportunities Fund 1602000 (previous year 902000)
equity shares of Rs.10/- each fully paid |
16.020 |
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 |
240.000 |
171.414 |
171.414 |
|
|
2] Share Application Money |
0.000 |
132.000 |
80.000 |
|
|
3] Reserves & Surplus |
1218.135 |
874.673 |
704.549 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1458.135 |
1178.087 |
955.963 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2263.941 |
715.201 |
338.413 |
|
|
2] Unsecured Loans |
30.000 |
10.027 |
8.311 |
|
|
TOTAL BORROWING |
2293.941 |
725.228 |
346.724 |
|
|
DEFERRED TAX LIABILITIES |
147.489 |
129.573 |
135.464 |
|
|
Liabilities under Deferred Payments |
0.000 |
91.884 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3899.565 |
2124.772 |
1438.151 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1770.231 |
1055.050 |
945.306 |
|
|
Capital work-in-progress |
1847.401 |
428.234 |
67.118 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.077 |
0.001 |
0.001 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
475.247
|
510.066
|
272.044
|
|
|
Sundry Debtors |
266.313
|
270.344
|
197.201
|
|
|
Cash & Bank Balances |
56.469
|
77.755
|
29.474
|
|
|
Other Current Assets |
18.970
|
14.586
|
24.829
|
|
|
Loans & Advances |
142.167
|
107.480
|
51.993
|
|
Total
Current Assets |
959.166
|
980.231
|
575.541 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
108.877
|
205.146
|
70.339
|
|
|
Other Current Liabilities |
517.583
|
98.628
|
63.746
|
|
|
Provisions |
50.850
|
35.170
|
16.130
|
|
Total
Current Liabilities |
677.310
|
338.944
|
150.215 |
|
|
Net Current Assets |
281.856
|
641.287
|
425.326
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.200 |
0.400 |
|
|
|
|
|
|
|
|
TOTAL |
3899.565 |
2124.772 |
1438.151 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4734.036 |
4864.171 |
3997.606 |
|
|
|
Other Operating Income |
0.000 |
9.106 |
4.144 |
|
|
|
Other Income |
12.005 |
0.000 |
1.468 |
|
|
|
TOTAL (A) |
4746.041 |
4873.277 |
4003.218 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of traded goods |
19.323 |
-- |
-- |
|
|
|
Cost of Materials Consumed |
3887.135 |
4097.400 |
3249.232 |
|
|
|
Manufacturing and Administration expenses |
-- |
277.390 |
305.967 |
|
|
|
Payment and Benefits to Employees |
144.091 |
115.203 |
98.740 |
|
|
|
Selling Expenses |
0.000 |
28.265 |
26.801 |
|
|
|
Profit on sale of Wind Mill unit |
0.000 |
0.000 |
0.000 |
|
|
|
Increase/(Decrease) in Stocks |
(24.311) |
(71.423) |
(70.830) |
|
|
|
Other Expenses |
382.364 |
-- |
-- |
|
|
|
TOTAL (B) |
4408.602 |
4446.835 |
3609.910 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
337.439 |
426.442 |
393.308 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
47.891 |
54.231 |
46.699 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
289.548 |
372.211 |
346.609 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
95.161 |
92.008 |
85.074 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
194.387 |
280.203 |
261.535 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
57.377 |
90.090 |
89.669 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
137.010 |
190.113 |
171.866 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
365.351 |
195.226 |
43.414 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
0.000 |
0.000 |
17.141 |
|
|
|
Proposed Equity Dividend |
24.000 |
17.141 |
0.000 |
|
|
|
Tax on Dividend |
3.893 |
2.847 |
2.913 |
|
|
BALANCE CARRIED
TO THE B/S |
474.468 |
365.351 |
195.226 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export of Goods (excluding deemed exports) |
116.020 |
79.240 |
30.524 |
|
|
TOTAL EARNINGS |
116.020 |
79.240 |
30.524 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
266.311 |
827.658 |
53.383 |
|
|
|
Capital Goods |
1181.362 |
230.130 |
14.596 |
|
|
|
Stores & Spares |
6.593 |
10.719 |
5.921 |
|
|
TOTAL IMPORTS |
1454.266 |
1068.507 |
73.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.19 |
11.09 |
10.03 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
1072.100 |
3102.000 |
3935.800 |
4193.000 |
|
Total Expenditure |
1020.800 |
2927.400 |
3856.800 |
4069.000 |
|
PBIDT (Excl OI) |
51.300 |
174.600 |
79.000 |
124.000 |
|
Other Income |
4.300 |
3.800 |
6.700 |
16.800 |
|
Operating Profit |
55.600 |
178.400 |
85.700 |
140.800 |
|
Interest |
52.700 |
64.800 |
49.900 |
58.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
2.900 |
113.600 |
35.800 |
82.500 |
|
Depreciation |
32.600 |
53.000 |
61.800 |
63.700 |
|
Profit Before Tax |
(29.700) |
60.600 |
(26.000) |
18.800 |
|
Tax |
0.000 |
10.000 |
(8.400) |
8.600 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(29.700) |
50.600 |
(17.600) |
10.200 |
|
Extraordinary Items |
0.000 |
0.000 |
10.200 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(29.700) |
50.600 |
(7.400) |
10.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.89
|
3.90 |
4.29 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.11
|
5.76 |
6.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.12
|
13.77 |
17.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Net worth) |
|
0.13
|
0.24 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Net worth) |
|
1.57
|
0.62 |
0.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
2.89 |
3.83 |
LOCAL AGENCY FURTHER INFORMATION
|
COURT CASE IN THE HIGH COURT OF DELHI AT NEW DELHI
FAO(OS) No.1/2007 Renotify on 5th February, 2007. CHIEF JUSTICE
(SANJIV KHANNA) JUDGE nm |
|
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 |
No |
|
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 |
Yes |
|
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 |
No |
|
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 |
|
Unsecured Loan |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Long Term Borrowings |
|
|
|
From body corporate |
30.000 |
0.000 |
|
Dealers Deposits |
0.000 |
9.665 |
|
Interest accrued and due |
0.000 |
0.362 |
|
|
|
|
|
TOTAL |
30.000 |
10.027 |
|
Note Long Term
Borrowings From a body corporate carries interest @ 11% and is payable after two
years from the date of receipt. |
||
CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR) AS ON 31.03.2012
(Rs.
in Millions)
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
|
a) Letters of Credit |
38.477 |
959.303 |
|
b) Unexpired Bank Guarantees |
23.487 |
35.386 |
|
c) Excise / Customs (Mainly relating to reversal of cenvat credit of
NCCD and valuation of texturised yarns). |
142.661 |
80.950 |
|
d) Sales Tax demand (Emerging from rejection of consignment sales due
to different interpretation) |
1.848 |
1.848 |
|
e) Income Tax demand on account of : |
|
|
|
- Additions for the period AY 2001-02 to 2005-06 |
3.337 |
3.337 |
|
- Penalty for the period AY 2001-02 to 2005-06 |
3.337 |
3.337 |
|
- Additions for AY 2008-09 |
0.220 |
0.220 |
|
f) Claims against the company not acknowledged as debts |
5.587 |
5.587 |
NATURE OF
OPERATION
Subject is a
manufacturer of Polyester, Nylon, Polypropylene Multi and Mono Filament Yarns
and Narrow fabrics.
OPERATIONS
During the year the
Company achieved turnover of Rs. 5193.400 Millions as compared to Rs. 5371.000
Millions for the previous financial year and the Net Profit after tax is Rs.
137.000 Millions as compared to Rs. 190.100 Millions in the previous year.
Decreases in turnover and Net Profit are due to sluggish in demand on account
of slowdown in economy and adverse fluctuation in foreign exchange rate.
EXPANSION
The Company has set
up of a Polyester Poly Condensation plant with a capacity of 216000 TPA along
with expansion of polyester POY capacity by 108000 TPA in the state of Gujarat.
The Company's plant for Polyester Poly condensation cum POY at GIDC Dahej has
been partly commissioned and production of POY in the month of March, 2012. The
Company at present manufacturing POY by using polyester chips as raw material,
whereas all other major manufacturers are making POY under Direct Melt Spinning
Technology being used worldwide, using PTA and MEG as raw materials. The Poly
condensation unit will bring The Company at par with other manufacturers of
POY. This will enable the Company to reduce operational costs and increase its
profitability.
Management
Discussions AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT
The textile market in
India is shifting its preference from cotton to Man-Made Fibre (MMF) fabrics.
The MMF industry comprises fibre, filaments and yarns required for
manufacturing apparel and non-apparel products. Although the preference for
cotton yarn is high, a sizable segment of the Indian population prefers
apparels made of polyester yarn and other synthetic materials as they are
cheaper. The price competitiveness of polyester yarn vis--vis cotton yarn will
support growth in demand for polyester yarn. As far as domestic scenario is
concerned, signs are very encouraging. As per CRISIL Research Report, demand
for man-made fibre is expected to grow at CAGR of 7-8% between FY10 and
FY13.Within the polyester group, PFY will continue to dominate with its share
expected to increase from 31% in FY10 to 33% in FY13, higher than the growth
expected in the overall manmade fibre segment.
India’s per capita
consumption of the polyester is only around 3.5 kg compared to a global average
7.2 kg. Growth in consumption of polyester has historically co-relation with
GDP growth. As Indian economy continues to grow, demand for polyester product
will increase, driven by rising personal income and increased non-apparel
applications.
The Indian textile
industry is the single largest employer after agriculture providing direct employment
to more than 35 million people from almost all strata of society. It
contributes 12% to export earnings, 11% to industrial production and 4% to the
GDP.
The demand for
polyester yarn in India is faster than all other major yarn categories. Export
of PFY based textile products have also shown good growth unlike export of
other textile products.
INDUSTRY OUTLOOK
2009 witnessed the
Indian textile industry recovering from the slowdown with strong domestic
consumption and renewed export demand. Earlier, the textile industry, which was
a major contributor to export earnings, had encouraged global economic slowdown
shocks. Exports registered month-on-month negative growth for most part of
2009. Strong domestic consumption and higher export demand have brought new
optimism in the industry. From time to time the Government has also intervened
to help the industry by bringing several stimulus packages. The Foreign Trade
Policy 2009-14 also featured some relief majors including addition of 26 new
markets in the Focus Market Scheme (FMS) in Latin America and Asia-Oceania for
promotion of exports. Textile exports started recovering from the end of2009
onwards. As per CRISIL, the recovery was relatively fast in man-made fibre
based textiles as its exports dependency is around 30% compared to 42% in the
case of the cotton textile industry benefited the maximum in this surge in
exports.
FY 2010-11 witnessed
robust growth in Polyester Filament Yarn segment. The continued increase in the
price of cotton gave favourable boost to the increased demand of PFY. Polyester
has been steadily replacing natural fibre. In the years ahead relatively easier
availability of raw materials, growing local and international demand and
improved cost competitiveness of Indian manufacturers vis—vis their global
competitors should permit strong growth in the PFY industry.
COMPANY OUTLOOK
At present, the
Company procures polyester chips externally to manufacture POY,FDY and
Polyester Filament Yarn. In order to improve its profitability, the Company has
upgraded some of its POY spinning lines for manufacture of Fully Drawn Yarn
(FDY) resulting in higher value additions. With a view to have a level playing
field as compared to its competitors and to reduce operational costs on
recurring basis, the Company is in the process of setting up of its own Poly
Condensation Plant of 216000 MT/per annum along with addition of 108000 MT per
annum capacity of POY. This will lead to increase in margins.
The Company has taken
steps toward forward integration by adding a new value added product in its
existing products range i.e. Narrow Fabrics by putting up looms. During the
year under review, the Company has increased the installed capacity of Narrow
Fabrics to2555 MT per annum from 1890 MT per annum.
INTERNAL CONTROL
SYSTEMS AND THEIR ADEQUACY
The Company has
comprehensive systems of internal controls to safeguard the Company’s assets
against the loss from unauthorized uses and ensure proper authorization of
financial transactions. The system is designed to provide a high degree of
assurance regarding the effectiveness and efficiency of operations, reliability
of financial controls and compliance with applicable laws and regulations. The
Company has an elaborate budgetary control system and actual performance, which
is constantly monitored by the management. It has well defined organization
structure, authority levels and internal guidelines and rules. The internal
control system ensures that the financial and other are reliable for preparing
financial statements and other data and for maintaining proper of assets.
The Company, with a
view to encourage independent view, has outsourced the functions of internal
auditors to qualified professionals, to conduct operations and systems audit in
accordance with audit plans adopted by the Audit committee. Internal Auditors
as part of their assignment evaluate and assess the adequacy and effectiveness
of internal control measures and compliance with policies, plans and statutory
requirements. The Internal Audit Reports are reviewed at the Audit Committee
Meetings and appropriate actions on there commendation are initiated by the
Management.
DIRECTORS PROFILE
Ram
Avtar Bhageria - Chairman (Non
Executive Director)
• Commerce graduate from the
reputed Shri Ram College of Commerce, Delhi University, Delhi
• 50 years experience of
Industry, specially of Synthetic Filament Yarn
• Member of Company's Audit
committee
• Involved in various social
activities and has been President of New Friends Club, New Delhi from 2004-08
and Past President of Resident Welfare Association, New Friends Colony from
2002-05
• Actively involved in various Philanthropic activities through the family
foundation i.e. Bhageria Foundation and President of Lala Baijnath Bhageria
Charitable Society
Madhu
Sudhan Bhageria - Vice Chairman and
Managing Director (Promoter)
• Gold Medallist Commerce
graduate from the reputed Shri Ram College of Commerce, Delhi University, Delhi
• 25 years of experience in
Polyester Industry
• Director in various other
Companies
• President of Small and
Medium Scale Polyester POY Manufacturers, New Delhi
• Socially active person and was Treasurer of Roshnara Club Limited, Delhi
for many years
Purrshottam
Bhaggeria - Joint Managing Director
(Promoter)
• Master Degree in Business
Administration from Cornell University, USA, 1985
• Honorary Consul of Republic
of Moldova in the Republic of India
• Director, Honorary Consular
Corps. Diplomatique-India
• Member of Honor society of
Phi Kappa Phi, USA
• Co-author and Publisher of
two unique and first of its kind Coffee Table Books: "Elite Clubs of
India" and "Elite Collector of Modern and Contemporary Indian
Art"
• Member of International
Affairs Committee for CIS, PHD Chamber of Commerce and Industry
• Past President of Rotary
Club of Delhi Heritage, New Delhi, 2010-11
• Ex-Member of Governing
Council, Software Technology Parks of India
• (an autonomous Society under
Govt, of India, Ministry of Information Tech.)
• Ex-member of the Governing Body of Lakshmibai College, Delhi University
Madhav
Bhageria - Joint Managing Director
(Promoter)
• Commerce graduate from Hindu
College, Delhi University, Delhi
• Looks after day to day plant
operations at Dadra and Dahej and marketing functions of the Company based at
Surat and Mumbai
• Promoter Director of Tapti
Valley Education Foundation which is an International School in Surat
• Director in various other Companies
Shri S P Setia - (Independent
Director)
•
Textile Technologist year of graduation 1962.
•
Rich experience in textile industry and providing
consultancy to textile industry since 1982.
•
Chairman of Company’s Shareholders Grievances
Committee and Member of Audit Committee
Shri S C Parija - (Independent
Director)
•
Masters Degree in Political Science from Allahabad
University and a MSc in Fiscal Studies from University of Bath (U.K).
•
Executive Member of International Fiscal
Association, India
•
Served as a Chairman of Income-Tax Settlement
Commission and as Chief of Administration and Finance of All India Institute of
Medical Sciences.
•
38 years of services with the Government of India
and served as the Director of Income-tax Investigation, Chief Commissioner of
Income-tax and Director General of Income-tax Investigation.
•
Chairman of Company’s Audit Committee and Member of
Shareholders Grievances Committee
•
Chairman of Audit Committee, Independent Director
of Board of ARSS Infra Projects Limited.
Shri B B Tandon - (Independent
Director)
• Retd. IAS Officer and former Chief Election
Commissioner of India
• M. A. (PG IN Economics) and LLB from the university of
Delhi. CAIIB (Associate Certificate of the Indian Institute of Bankers)
• Served as Secretary to the Government of India in
various key Ministries/ Departments
• Member of the Securities and Exchange Board of India
as Special Invitee
• Independent Director in various other renowved
Companies
• Member of Company’s Audit Committee
Shri Vibhu Bakhru - (Independent
Director)
• Member of the Bar Council of India and practicing in
Delhi High Court and Supreme Court of India for over 20 Years.
• A qualified Chartered Accountant.
• Member of Company’s Audit Committee
FIXED ASSETS:
Tangible Assets
- Lease Hold Land
- Free
- Factory Buildings
- Non-Factory Buildings
- Plant and Machinery
- Office Equipments
- Furniture and Fixtures
- Computers
- Vehicles
Intangible Assets
- Computer Software
AUDITED FINANCIAL
RESULTS FOR THE QUARTER AND YEAR ENDED ON 31st MARCH, 2013
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Year Ended |
|
|
|
|
31.03.2013 (Audited) |
31.12.2012 (Unaudited) |
31.03.2013 (Audited) |
|
1. |
Income from
Operations |
|
|
|
|
|
Net Sales |
4154.400 |
3925.300 |
12248.100 |
|
|
Other Operating Income |
38.600 |
25.600 |
69.900 |
|
|
Net Sales/Income
from Operations |
4193.000 |
3950.900 |
12318.000 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of Materials Consumed |
3099.200 |
3523.900 |
10395.400 |
|
|
Purchases of Stock-In-Trade |
608.100 |
0.000 |
662.700 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
52.400 |
21.600 |
(196.600) |
|
|
Employee Benefits Expenses |
77.700 |
71.500 |
264.400 |
|
|
Depreciation and Amortization Expenses |
63.700 |
61.800 |
211.100 |
|
|
Other Expenses |
231.600 |
239.800 |
748.200 |
|
|
f) Total |
4132.700 |
3918.600 |
12085.200 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
60.300 |
32.300 |
232.800 |
|
|
|
|
|
|
|
4. |
Other Income |
16.800 |
6.700 |
31.600 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
77.100 |
39.000 |
264.400 |
|
|
|
|
|
|
|
6. |
Interest |
58.300 |
49.900 |
225.700 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
18.800 |
(10.900) |
38.700 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
18.800 |
(10.900) |
38.700 |
|
|
|
|
|
|
|
10. |
Tax Expense |
8.600 |
(3.500) |
15.100 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
10.200 |
(7.400) |
23.600 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
10.200 |
(7.400) |
23.600 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
240.000 |
240.000 |
240.000 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
1255.600 |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
0.43 |
(0.31) |
0.98 |
|
|
b) Basic and diluted EPS after extraordinary items |
0.43 |
(0.31) |
0.98 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
11374505 |
11374505 |
11374505 |
|
|
- Percentage of Shareholding |
47.39 |
47.39 |
47.39 |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
4000000 |
4000000 |
4000000 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
31.68 |
31.68 |
31.68 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
16.67 |
16.67 |
16.67 |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
8625495 |
8625495 |
8625495 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
68.32 |
68.32 |
68.32 |
|
|
- Percentage of Shares (as a % of the Total Share Capital of
the Company) |
35.94 |
35.94 |
35.94 |
|
Particulars
|
March 31, 2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
5 |
|
Disposed of during the quarter |
4 |
|
Remaining unresolved at the end of the quarter |
1 |
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
PARTICULARS |
31.03.2013
AUDITED |
|
Equity and
liabilities |
|
|
Shareholders'
fund |
|
|
Share capital |
240.000 |
|
Reserve &
surplus |
1255.600 |
|
Sub-total - Shareholders' funds |
1495.600 |
|
Non - current
liabilities |
|
|
Long term
borrowings |
1838.000 |
|
Deferred tax
liability (net) |
160.100 |
|
Other long term
liabilities |
1.900 |
|
Long term
provisions |
26.300 |
|
Sub-total - Non-current liabilities |
2026.300 |
|
Current
liabilities |
|
|
Short term
borrowings |
1757.600 |
|
Trade payables |
1410.400 |
|
Other current
liabilities |
745.000 |
|
Short term
provisions |
11.300 |
|
Sub-total - Current liabilities |
3924.300 |
|
Total - Equity & Liabilities |
7446.200 |
|
|
|
|
Assets |
|
|
Non-current
assets |
|
|
Fixed assets |
4027.500 |
|
Non-current
investment |
0.000 |
|
Long term loans
& advances |
39.400 |
|
Other
non-current assets |
18.100 |
|
Sub-total - Non-current Assets |
4085.000 |
|
Current assets |
|
|
Inventories |
904.100 |
|
Trade
receivables |
1375.400 |
|
Cash & bank
balances |
703.900 |
|
Short term loans
& advances |
208.500 |
|
Other current
assets |
169.300 |
|
Sub-total - Current Assets |
3361.200 |
|
Total – Assets |
7446.200 |
NOTES
- The above
results were reviewed by Audit Committee and thereafter approves by the
Board of Directors at their meeting held May 29, 2013
- The company
has only single reportable business segment of manufacture of Synthetic
Yarn and Textiles in terms of the requirement of Accounting Standard 17.
- In terms of
the Notification No. G.S.R. 225(E) dated March 31, 2009 as amended till
date by the Ministry of Corporate Affairs on Accounting Standard (AS-11),
the Company had exercised option to adjust the foreign exchange difference
on long term foreign currency loans (including foreign currency loans
obtained under buyers credit with maturity of less than one year and
considered as long term liabilities, as the same are to be rolled over for
a period of three years from the date of origination) to the cost of
qualifying capital assets. Accordingly, the company has reduced Rs. 16.938
Millions during the quarter and added Rs. 85.202 Millions for the year
ended Mrahc31, 2013 on account of foreign exchange difference to the cost
of qualifying assets and is being amortized over the life of such assets
upon capitalization.
The unamortized amount of the exchange
difference capitalized is Rs. 212.227 Millions as on March 31, 2013.
- a) During the financial year, fire
broke at company’s manufacturing unit at Dadra which affected functioning
of some spinning lines. The company is adequately insured and the insurers
are in the process of assessing the quantum of loss. Some lines having
partial damages have been repaired and were put to use again by March,
2013. Some lines which have major damages are expected to be replaces /
restored by December, 2013. The loss caused by the fire is under
determination, however, the Management is of the opinion that the company
would be able to recover the loss as it has obtained insurance covers on
reinstatement basis. However, the loss on repair / replacement, if any,
will be accounted for upon settlement of claim.
b) The company has
lodged claim under loss of profit policy and has accounted for partial claim of
Rs. 41.155 Millions for the period up to March 31, 2013 calculated on the basis
of best estimate by the management which has been included in other operating
income.
- To mitigate
the impact of frequent fluctuations in the prices, the method of valuation
of inventories has been changes w.e.f. April 01, 2012 from First in First
Out (FIFO) to Weighted Average Method and consequently the profit for the
year is higher by Rs. 5.776 Millions.
- The auditors
observations in their report for the quarter and year ended 31st
March, 2013 are explained in the notes given here in above.
- The company
namely “Filatex Synthetics Private Limited” was incorporated on March 09,
2012 a subsidiary company and no transactions / business has taken place
since its incorporation. The company has sold its shares in the said
company and consequently it is no more a subsidiary company.
- Figures of
the previous periods / year have been regrouped / rearranged wherever
considered necessary. The figures for the quarter ended 31st
March, 2013 are the balancing figures between audited figures in respect
of the full financial year and the published year to date figures up to 31st
December, 2012
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. 58.45 |
|
|
1 |
Rs. 91.59 |
|
Euro |
1 |
Rs. 77.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
47 |
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.