1. Summary Information
|
|
|
Country |
India |
|
Company Name |
T T LIMITED |
Principal Name 1 |
Dr. Rikhab C Jain |
|
Status |
Moderate |
Principal Name 2 |
Shri Sanjay Kumar Jain |
|
|
|
Registration # |
55-009241 |
|
Street Address |
879, Master Prithvi Nath Marg, Karol Bagh, New Delhi – 110005, India |
||
|
Established Date |
29.09.1978 |
SIC Code |
-- |
|
Telephone# |
91- 11- 45060708 |
Business Style 1 |
Manufacturer |
|
Fax # |
Not Available |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Cotton yarn |
|
|
# of employees |
1500 (Approximately) |
Product Name 2 |
textile fibres |
|
Paid up capital |
Rs.214,980,000/- |
Product Name 3 |
-- |
|
Shareholders |
Promoter and Promoter Group - 55.11% Public shareholding - 44.88% |
Banking |
Oriental Bank of
Commerce |
|
Public Limited Corp. |
YES |
Business Period |
35 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
B (35) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
835,812,000 |
Current Liabilities |
501,765,000 |
|
Inventories |
680,850,000 |
Long-term Liabilities |
2,910,548,000 |
|
Fixed Assets |
2,135,218,000 |
Other Liabilities |
32,871,000 |
|
Deferred Assets |
35,076,000 |
Total Liabilities |
3,445,184,000 |
|
Invest& other Assets |
738,913,000 |
Retained Earnings |
765,704,000 |
|
|
|
Net Worth |
980,685,000 |
|
Total Assets |
4,425,869,000 |
Total Liab. & Equity |
4,425,869,000 |
|
Total Assets (Previous Year) |
3,690,877,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
5,028,433,000 |
Net Profit |
65,523,000 |
|
Sales(Previous yr) |
3,939,832,000 |
Net Profit(Prev.yr) |
(21,707,000) |
MIRA
INFORM REPORT
|
Report Date : |
25.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
T T LIMITED |
|
|
|
|
Registered
Office : |
879, Master Prithvi Nath Marg, Karol Bagh, New Delhi – 110005 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
29.09.1978 |
|
|
|
|
Com. Reg. No.: |
55-009241 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.214.981
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L18101DL1978PLC009241 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELT04227G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Cotton yarn, textile fibres, etc. |
|
|
|
|
No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3900000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There appears huge external borrowings taken by the company during the
financial year 2013. However, the company has recovered its financial losses during the
current financial year. Trade relations are fair. Business is active. Payment terms are slow but
correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue before
the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c
(Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been
launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BB+ (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate risk of default and high credit
risk. |
|
Date |
16.08.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A4+ (Short Term bank Facilities) |
|
Rating Explanation |
Minimal degree of safety at safety and very
high credit risk. |
|
Date |
16.08.2013 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Snajay Mishra |
|
Designation : |
Accounts Department |
|
Contact No.: |
91- 11- 45060708 |
|
Date : |
16.11.2013 |
LOCATIONS
|
Registered Office : |
879, Master Prithvi Nath Marg, Karol Bagh, |
|
Tel. No.: |
91- 11- 45060708 |
|
Mobile No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Mills/ Factory : |
Located at · Gajroula (Uttar Pradesh) · Avinashi, Distt. Tirupur (Tamil Nadu) · Rajula, (Pipavav Port, Gujarat) |
|
|
|
|
Branches : |
Located at · Kolkata · Avinashi · Gajroula · Rajula |
DIRECTORS
As on: 31.03.2013
|
Name : |
Dr. Rikhab C Jain |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Shri Sanjay Kumar Jain |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Smt. Jyoti Jain |
|
Designation : |
Jt. Managing Director |
|
|
|
|
Name : |
Shri. V. R. Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Shri. Navratan Dugar |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. (Prof) V. K. Kothari |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Shri Sunil Mahnot |
|
Designation : |
Vice President (Finance) and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
10324032 |
48.02 |
|
|
1524452 |
7.09 |
|
|
1524452 |
7.09 |
|
|
11848484 |
55.11 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
11848484 |
55.11 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
800 |
0.00 |
|
|
700 |
0.00 |
|
|
1500 |
0.01 |
|
|
|
|
|
|
639275 |
2.97 |
|
|
|
|
|
|
6769444 |
31.49 |
|
|
1794630 |
8.35 |
|
|
444717 |
2.07 |
|
|
500 |
0.00 |
|
|
34797 |
0.16 |
|
|
1318 |
0.01 |
|
|
408102 |
1.90 |
|
|
9648066 |
44.88 |
|
Total Public shareholding (B) |
9649566 |
44.89 |
|
Total (A)+(B) |
21498050 |
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) |
21498050 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Cotton yarn, textile fibres, etc. |
|
|
|
|
Exports : |
|
|
Products : |
Textile Fibres |
|
Countries : |
·
China ·
UK ·
Pakistan ·
USA |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
1500 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Oriental Bank of Commerce · Punjab National Bank · Indian Bank · State Bank of Mysore · State Bank of Hyderabad · State Bank of India |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Statutory Auditors
: |
|
|
Name: |
Doogar and Associates Chartered Accountants |
|
Address : |
|
|
|
|
|
Internal
Auditors : |
|
|
Name: |
R. S. Modi and Company Chartered Accountants |
|
|
|
|
Legal Advisor : |
Shilpi Jain Sharma Advocate |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,00,00,000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,14,98,050 |
Equity Shares |
Rs.10/- each |
Rs.214.981
Millions |
|
|
|
|
|
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting Year
(Rs. In Millions)
|
Particulars |
31.03.2013 |
|
|
|
No of Shares |
Rs |
|
Equity Shares |
|
|
|
At the beginning of the Year |
21,498,050 |
214.981 |
|
Issued during the Year |
|
|
|
Bought back during the Year |
|
|
|
Outstanding at the end of the Year |
21,498,050 |
214.981 |
Terms/rights attached
to Equity Shares
Company has only one class of equity shares having a par value of Rs.10/-. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends 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 31st March 2013 the amount of per share dividend as distribution to equity share holder is Rs. 1/- per share (previous year nil).
Details of
shareholders holding more than 5% shares in the company
|
Particulars |
31.03.2013 |
|
|
|
No of Shares |
% holding |
|
Equity Shares |
|
|
|
Rikhab Chand Jain |
8156412 |
37.94 |
|
Jyoti Jain |
1689447 |
7.86 |
|
H M Foundation(Trust) |
1469092 |
6.83 |
|
|
|
|
As per of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares
The Company has not allotted any fully paid up shares pursuant to contract(s) without payment being received in cash nor has allotted any fully paid up shares by way of bonus shares nor has bought back any class of shares during the period of five years immediately preceding the balance sheet date.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
214.981 |
214.981 |
214.981 |
|
(b) Reserves & Surplus |
765.704 |
732.647 |
613.872 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
980.685 |
947.628 |
828.853 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1752.573 |
1331.807 |
1000.171 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
37.349 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
1752.573 |
1331.807 |
1037.520 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1157.975 |
1078.853 |
1117.989 |
|
(b) Trade payables |
93.473 |
35.750 |
14.138 |
|
(c) Other current
liabilities |
408.292 |
292.818 |
301.599 |
|
(d) Short-term provisions |
32.871 |
4.021 |
27.845 |
|
Total Current Liabilities (4) |
1692.611 |
1411.442 |
1461.571 |
|
|
|
|
|
|
TOTAL |
4425.869 |
3690.877 |
3327.944 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2132.935 |
2235.027 |
1983.768 |
|
(ii) Intangible Assets |
2.283 |
2.959 |
3.528 |
|
(iii) Capital
work-in-progress |
738.890 |
27.255 |
19.596 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
35.076 |
51.249 |
0.000 |
|
(d) Long-term Loan and Advances |
119.306 |
145.164 |
96.617 |
|
(e) Other Non-current assets |
5.310 |
10.455 |
15.864 |
|
Total Non-Current Assets |
3033.800 |
2472.109 |
2119.373 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.023 |
0.023 |
0.047 |
|
(b) Inventories |
680.850 |
641.808 |
678.195 |
|
(c) Trade receivables |
446.018 |
338.073 |
301.349 |
|
(d) Cash and cash
equivalents |
14.081 |
18.715 |
33.183 |
|
(e) Short-term loans and
advances |
34.787 |
23.424 |
29.806 |
|
(f) Other current assets |
216.310 |
196.725 |
165.991 |
|
Total Current Assets |
1392.069 |
1218.768 |
1208.571 |
|
|
|
|
|
|
TOTAL |
4425.869 |
3690.877 |
3327.944 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5028.433 |
3939.832 |
4879.383 |
|
|
|
Other Income |
3.822 |
82.846 |
14.985 |
|
|
|
TOTAL (A) |
5032.255 |
4022.678 |
4894.368 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3640.603 |
2983.861 |
3664.763 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in- trade |
(99.766) |
41.893 |
(120.652) |
|
|
|
Employee benefits expense |
174.648 |
143.729 |
125.186 |
|
|
|
Other expenses |
783.687 |
582.327 |
638.478 |
|
|
|
TOTAL (B) |
4499.172 |
3751.810 |
4307.775 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
533.083 |
270.868 |
586.593 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
331.323 |
269.278 |
234.076 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
20.176 |
1.590 |
352.517 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
116.129 |
111.340 |
112.815 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
85.631 |
(109.750) |
239.702 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
20.108 |
(88.043) |
81.757 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
65.523 |
(21.707) |
157.945 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
15.794 |
37.418 |
(25.459) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
30.000 |
0.000 |
70.000 |
|
|
|
Dividend |
25.152 |
(0.083) |
25.068 |
|
|
BALANCE CARRIED
TO THE B/S |
26.165 |
15.794 |
37.418 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Export |
2671.876 |
2207.322 |
2738.359 |
|
|
TOTAL EARNINGS |
2671.876 |
2207.322 |
2738.359 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1494.952 |
1510.463 |
1419.899 |
|
|
|
Stores & Spares |
31.216 |
35.101 |
28.540 |
|
|
TOTAL IMPORTS |
1526.168 |
1545.564 |
1448.439 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
3.05 |
(1.01) |
7.35 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
|
|
1st Quarter |
2nd Quarter |
|
Net Sales |
|
1432.700 |
2081.90 |
|
Total Expenditure |
|
1284.300 |
1896.80 |
|
PBIDT (Excl OI) |
|
148.400 |
185.10 |
|
Other Income |
|
00.100 |
00.30 |
|
Operating Profit |
|
148.400 |
185.40 |
|
Interest |
|
85.400 |
99.70 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
63.100 |
85.70 |
|
Depreciation |
|
29.900 |
42.20 |
|
Profit Before Tax |
|
33.200 |
43.50 |
|
Tax |
|
11.500 |
0.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
21.700 |
43.500 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
21.700 |
43.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.30
|
(0.54) |
3.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.70
|
(2.79) |
4.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.34
|
(3.04) |
7.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
(0.12) |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.97
|
2.54 |
2.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.82
|
0.86 |
0.83 |
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
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
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
LONG TERM
BORROWINGS |
|
|
|
Fixed Deposits |
99.015 |
50.612 |
|
Other Borrowing From Directors |
77.700 |
130.632 |
|
Other Borrowing From Others |
129.401 |
78.167 |
|
Total |
306.116 |
259.411 |
|
Fixed Deposits carry interest @11.5%-13% and repayable within one to three Years from the date of Deposits. Borrowings from Directors and others is the amount inducted by the promoters as per the terms and conditions stipulated in sanctions of the loans by the bankers, are not repayable in next 12 Months therefore all such borrowings have been classified as “Long Term in nature” |
||
REVIEW OF OPERATIONS
In 2012-13 the Company has managed to turn around and stabilize despite the slow global and Indian economy. The Company earned a PAT of Rs.65.523 Millions against a loss of Rs 21.707 Millions in the last year. The turnover of the Company also nt up by 28% to Rs. 5028.433 Millions. More important the operating EBITDA (before other income) is Rs.529.200 Millions as against Rs.188.000 Millions last year.
The Company managed this turn around despite poor domestic and global conditions, due to aggressive marketing of yarn in China, strong marketing push of its branded knitar in the domestic market/ Middle East and product expansion in the value added knitar segment. It was supported by the range bound cotton prices for most of the year. It can proudly claim that its products have reached 62 countries spanning 5 continents and the Company continuously strives to expand markets both in terms of width and volume.
The Company has completed all its ongoing expansion projects. The new 25200 spindles spinning mill in Rajula, Gujarat has been completed in April, 2013 and has just started Commercial production. This unit would be able to avail of the various incentives provided in recently announced Gujarat Textile Policy, 2012. Apart from benefits of electricity rebate, VAT exemption, the biggest benefit would be the 7% interest subsidy, which the project would enjoy for the next 5 years (over and above the 4% interest subsidy under TUF). This unit buoyed with the attractive policy of Gujarat and the locational advantage (next to cotton growing areas and port) is expected to be the most profitable unit of the company.
The Company is facing higher energy costs due to the increase in por tariffs and hike in diesel prices. In order to moderate the impact, the Company has started buying por from IEX and 3 party producers wherever possible. This lead to some moderation in the ever increasing energy costs. The Company is also going for state of the art automation systems to reduce labour requirement due to increasing wage levels and more important the difficulty in labour availability across the year.
Over the last few years, the Company has been working towards improving its contribution of domestic sales and also the % of value added branded knitar business. The % of domestic sales has increased to 45% from 20% a few years back. Similarly the % of knitar segment has gone up to 20% from 10% a few years back. The hope to improve these % to 50 and 25 respectively in the coming 2 years.
In order to strengthen its branded value added domestic business, the company has adopted a new slogan – “ Zindagi is Good” to align itself with the changing consumer preferences. It has also introduced and expanded its range of products for men, woman and kids. The Company has almost doubled its advertisement budget this year in its efforts to reach out to the masses. It has also launched online shopping and stepped up its expenditure on digital marketing.
The Company is going slow on fresh capital projects as though operations are stable at the moment, the environment still is uncertain. Volatility is still there on the raw material and currency front, hence focus is on the relatively stable, low capital intensive value added segment. The removal of excise duty on garments in the Budget 2013 has further improved the prospects of growth and margin expansion in this segment.
FUTURE OUTLOOK
The worst is over and the company has managed to cover up the set back of 2011-12. The depreciating rupee, reasonable cotton prices have created a favourable situation for cotton yarn. Further the expected good monsoons, lower inflation and the removal of excise bodes well for the domestic garments demand. However with global growth still muted, political uncertainty and volatility in all areas – its difficult to predict precisely how well the Company would do in 2013-14. However we are confident that it would be better than the last year.
The start of the new spinning mill in Rajula, Gujarat should bring substantial profits to the Company due to the favourable yarn market and the interest subsidy of 11% due to the TUF scheme of Central Government and Gujarat Textile Policy. Further power costs have moderated for Gujarat operations, with the Company being able to purchase power from IEX and 3 party producers of wind power.
The Company plans to continue strongly leveraging its high brand equity and expand markets and products with strong designing, advertisement and merchandising efforts. It expects a growth of 25% for its branded knitwear segment and margin expansion is also expected. The Company sees immense potential in the new distribution channels like institutional selling, e-commerce and is focusing and investing in these channels in a big way.
The yarn and fabric segments are expected to grow at 20% per annum and also margins are expected to be much better than last year.
The are confident that the Company will perform better in all segments of the business. Their emphasis on high margin business and focus on stable business portfolio can be expected to show positive results for the Company and its stake holders. In their effort to exit the volatile commodity business, the Company seeks to sell its cotton ginning unit in Gujarat in the ensuing year.
The Company intends to install Solar Power Plants offline for localized captive consumption within each Spinning Mills. The hope by 2016 all their mills and manufacturing units will be running 100% on clean Solar / Wind Power energy. This move is to promote ecosustainability and will certainly be their bit of efforts to “save earth”. Their operations in Tamil Nadu already have 100% captive wind power. The Company is also focusing on environmental friendly yarns like organic, BCI, Fair Trade certified.
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2013
(Rs.
In Millions)
|
SI. No. |
Particulars |
Quarter Ended 30.09.2013 Unaudited |
Quarter Ended 30.06.2013 Unaudited |
Quarter Ended 30.09.2013 Unaudited |
|
|
|
|
|
|
|
1 |
(a) Net Sales/ Income from operations |
1995.270 |
1401.706 |
3396.976 |
|
|
(b) Other operating income |
86.584 |
30.939 |
117.523 |
|
|
Total Income from
operations (net) |
2081.854 |
1432.645 |
3514.499 |
|
2 |
Expenses |
|
|
|
|
|
a) Cost of materials consumed |
2081.854 |
1432.645 |
3514.499 |
|
|
b) Purchases of stock-in-trade |
1680.517 |
1010.928 |
2691.445 |
|
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(91.317) |
31.881 |
(59.436) |
|
|
d) Employee benefits expense |
54.095 |
48.015 |
102.110 |
|
|
e) Depreciation and amortisation expense |
42.185 |
29.854 |
72.039 |
|
|
f) Other expenses |
253.478 |
193.427 |
446.905 |
|
|
Total expenses |
1938.958 |
1314.105 |
3253.063 |
|
3 |
Profit from operations before other income, finance costs and exceptional items (1-2) |
142.896 |
118.540 |
261.436 |
|
4 |
Other income |
0.311 |
0.056 |
0.367 |
|
5 |
Profit from ordinary activities before finance costs and exceptional items (3+4) |
143.207 |
118.596 |
261.803 |
|
6 |
Finance costs |
99.722 |
85.393 |
185.115 |
|
7 |
Profit from ordinary activities after finance costs but before exceptional items (5-6) |
43.485 |
33.203 |
76.688 |
|
8 |
Exceptional items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit from
ordinary activities before tax [7+8] |
43.485 |
33.203 |
76.688 |
|
10 |
Tax expense |
|
|
|
|
|
-Income tax |
0.000 |
0.000 |
0.000 |
|
|
-Deferred tax |
0.037 |
11.512 |
11.549 |
|
11 |
Net profit from
ordinary activities after tax [9-10] |
43.448 |
21.691 |
65.139 |
|
12 |
Paid up equity share capital (Shares of Rs.10/- each) |
214.980 |
214.980 |
214.980 |
|
13 |
Reserves excluding business reconstruction reserve |
0.000 |
0.000 |
0.000 |
|
14 |
Earning per share
before extraordinary items) (of Rs. 10/- each) |
2.02 |
1.01 |
3.03 |
|
A |
Particulars of Shareholdings |
|
|
|
|
1 |
Public
Shareholding -
Number of shares |
9649566 |
9680444 |
9649566 |
|
|
- Percentage of Shareholding |
44.89% |
45.03% |
44.89% |
|
2 |
Promoters and
Promoters group Shareholding a) Pledged / Encumbered - Number of Shares |
NIL |
NIL |
NIL |
|
|
- Percentage of Shares (as a % of the total |
NIL |
NIL |
NIL |
|
|
shareholding of promoter and promoter group)
- Percentage of Shares (as a % of the total |
NIL |
NIL |
NIL |
|
|
shareholding of the Company) b)
Non-encumbered - Number of shares |
11848484 |
11817606 |
11848484 |
|
|
- Percentage of shares (as a % of the total |
100% |
100% |
100% |
|
|
shareholding of promoter and promoter
group) - Percentage of shares ( as a % of the total shareholding of the
company) |
55.11% |
54.97% |
55.11% |
|
B |
PARTICULARS |
Quarter Ended 30.09.2013 |
|
|
INVESTOR COMPLAINTS Pending at the begning of the quarter |
Nil |
|
|
Received during the quarter |
1 |
|
|
Disposed off during the quarter |
1 |
|
|
Remaining uresolved at the end of quarter |
Nil |
STATEMENT OF ASSETS AND
LIABILITIES
(Rs.
In Millions)
|
Particulars |
Half
Year Ended 30.09.2013 Unaudited
|
|
A EQUITY AND LIABILTIES |
|
|
1 Shareholder’s Funds |
|
|
(a) Capital |
214.981 |
|
(b) Reserves and Surplus |
827.329 |
|
Sub Total – Shareholders Funds |
1042.310 |
|
2 Non-Current Liabilities |
|
|
(a)
Long-Term borrowings |
1683.429 |
|
(b) Differed tax Liabilities (net) |
0.000 |
|
(c)
Other Long-term Liabilities |
0.000 |
|
(d)
Other Long-term Provisions |
0.000 |
|
Sub-total – Non-current liabilities |
1683.429 |
|
3 Current Liabilities |
|
|
(a)
Short-term borrowings |
1222.727 |
|
(b)
Trade payable |
118.229 |
|
(c)
Other current liabilities |
500.825 |
|
(d)
Short-term Provisions |
26.508 |
|
Sub-total –Current liabilities |
1868.289 |
|
TOTAL EQUITY AND LIABILITIES |
4594.028 |
|
|
|
|
B ASSETS |
|
|
1 Non-current assets |
|
|
(a)
Fixed assets |
2903.999 |
|
(b)
Non-current investments |
135.674 |
|
(c)
Long-term loans and advances |
23.527 |
|
(d) Other Non-current assets |
5.309 |
|
Sub-total – Non-current assets |
3068.509 |
|
2 Current assets |
|
|
(a)
Current investments |
0.022 |
|
(b)
Inventories |
621.426 |
|
(c)
Trade receivables |
517.125 |
|
(d)
Cash and bank balances |
30.721 |
|
(e)
Short-term loans and advances |
153.751 |
|
(f)
Other current assets |
202.474 |
|
Sub-total –Current assets |
1525.519 |
|
TOTAL - ASSETS |
4594.028 |
NOTES :
1. The aforesaid Results were reviewed by Audit Committee and approved by the Board of Directors at their respective meetings held on 13th November, 2013.
2. The Company operates under single segment "Textiles" as defined in the Accounting Standard - 17 on "Segment Reporting" issued by ICAI.
3. Figures of the previous period have been regrouped wherever necessary to conform to current period's classification.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured
|
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10401334 |
14/12/2012 |
90,000,000.00 |
ORIENTAL BANK OF COMMERCE |
85-A, RISHYAMOOK BUILDING, PANCHKUIAN ROAD, NEW DELHI, Delhi - 110001, INDIA |
B67384313 |
|
2 |
10331669 |
07/12/2011 |
200,000,000.00 |
ORIENTAL BANK OF COMMERCE |
85-A, RISHYAMOOK BUILDING, PANCHKUIYAN ROAD, NEW |
B30499339 |
|
3 |
10299536 |
13/07/2011 |
700,000,000.00 |
ORIENTAL BANK OF COMMERCE |
85-A, RISHYAMOOK BUILDING, PANCHKUIAN ROAD, NEW D |
B17823576 |
|
4 |
10294984 |
28/03/2012 * |
65,000,000.00 |
State Bank of Mysore |
Corporate Account Branch, 3, 4 & 5, DDA
Building, |
B36222248 |
|
5 |
10298353 |
22/06/2011 |
200,000,000.00 |
INDIAN BANK |
LARGE CORPORATE BRANCH, G-41, CONNAUGHT CIRCUS, NEW DELHI, Delhi - 110001, INDIA |
B17258427 |
|
6 |
10272674 |
24/01/2011 |
35,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, TOLSTOY HOUSE , TOLSTOY A |
B08282741 |
|
7 |
10266119 |
15/12/2010 |
100,000,000.00 |
ORIENTAL BANK OF COMMERCE |
85-A, RISHYAMOOK BUILDING, PANCHKUIYAN ROAD, NEW DELHI, Delhi - 110001, INDIA |
B05102850 |
|
8 |
10169182 |
30/06/2009 |
3,865,000,000.00 |
ORIENTAL BANK OF COMMERCE |
85-A, RISKYMOOK BUILDING, PANCHKUIAN ROAD, NEW DELHI, Delhi - 110001, INDIA |
A67010496 |
|
9 |
10145398 |
30/01/2009 |
150,000,000.00 |
STATE BANK OF MYSORE |
3, 4 & 5, DDA BUILDING, NEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
A57928749 |
|
10 |
10103233 |
16/06/2011 * |
2,110,000,000.00 |
ORIENTAL BANK OF COMMERCE |
85-A, RISHYAMOOK BUILDING, PANCHKUIYAN ROAD, NEW |
B16215329 |
|
11 |
10078648 |
25/10/2007 |
2,877,500,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, PANCHKUIN ROAD, NEW DELHI, Delhi - 110001, INDIA |
A28338101 |
|
12 |
10065961 |
18/07/2007 |
100,000,000.00 |
INDUSIND BANK LTD. |
DR.GOPAL DAS BHAWAN,28,BARAKHAMBA ROAD, NEW DELHI, NEW DELHI, Delhi - 110001, INDIA |
A22029342 |
|
13 |
10066251 |
18/07/2007 |
300,000,000.00 |
STATE BANK OF MYSORE |
3 4 & 5, DDA BUILDING, NEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
A22191753 |
|
14 |
10056421 |
30/04/2007 |
100,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, A-9, CONNAUGHT PLACE, NEW DELHI, Delhi - 110001, INDIA |
A17296245 |
|
15 |
10040540 |
01/12/2008 * |
2,924,300,000.00 |
ORIENTAL BANK OF COMMERCE |
85-A, RISKYMOOK BUILDING, PANCHKUIAN ROAD, NEW DELHI, Delhi - 110001, INDIA |
A56156953 |
|
16 |
10040546 |
26/02/2007 |
480,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, PANCHKUIAN ROAD, NEW DELHI, Delhi |
A11690872 |
|
17 |
10028467 |
14/11/2006 |
2,148,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, PANCHKUIAN ROAD, NEW DELHI, Delhi - 110001, INDIA |
A07275852 |
|
18 |
10022823 |
18/10/2006 |
100,000,000.00 |
STATE BANK OF MYSORE |
3 4 & 5, DDA BUILDING, NEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
A05865340 |
|
19 |
10013536 |
27/06/2006 |
190,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, A-9, CONNAUGHT PLACE, NEW DELHI, Delhi - 110001, INDIA |
A02402071 |
|
20 |
10021664 |
30/06/2009 * |
200,000,000.00 |
STATE BANK OF MYSORE |
3-4-5 D.D.A. BUILDING, NEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
A67005819 |
|
21 |
90059269 |
31/08/2005 |
100,000,000.00 |
STATE BANK OF MYSORE |
3;4 & 5 DDA BUILDING, NEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
- |
|
22 |
90059223 |
01/08/2005 |
10,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH; A-9; CONNAUGHT PLACE, NEW DEHLI, Delhi, INDIA |
- |
|
23 |
90063286 |
27/10/2004 |
20,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, PANCHKULAN ROAD, NEW DELHI, Delhi, INDIA |
- |
|
24 |
90063037 |
27/10/2004 * |
300,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, PANCHKULAN ROAD, NEW DELHI, Delhi, INDIA |
- |
|
25 |
90063003 |
15/12/2007 * |
377,000,000.00 |
PUNJAB NATIONAL BANK |
A-9, LARGE CORPORATE BRANCH, CONNAUGHT PLACE, New Delhi, Delhi - 110001, INDIA |
A29726452 |
|
26 |
90062863 |
09/06/2003 |
50,000,000.00 |
ORIENTAL BANK OPF COMMERCE |
OVERSEAS BRANCH, PANCHKULAN ROAD, NEW DELHI, Delhi, INDIA |
- |
|
27 |
90062794 |
27/10/2003 * |
470,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, PANCHKULAN ROAD, NEW DELHI, Delhi, INDIA |
- |
|
28 |
90062750 |
27/06/2006 * |
100,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, A-9, CONNAUGHT PLACE, NEW DELHI, Delhi - 110001, INDIA |
- |
|
29 |
90062723 |
28/10/2003 * |
300,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, PANCHKULAN ROAD, NEW DELHI, Delhi, INDIA |
- |
|
30 |
90062662 |
23/09/2002 |
360,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, PANCHKULAN ROAD, NEW DELHI, Delhi, INDIA |
- |
|
31 |
90062468 |
23/09/2002 * |
165,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, PANCHKULAN ROAD, NEW DELHI, Delhi, INDIA |
- |
|
32 |
90062361 |
23/09/2002 * |
165,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, PANCHKULAN ROAD, NEW DELHI, Delhi, INDIA |
- |
|
33 |
90062261 |
01/03/2002 * |
165,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, PANCHKULAN ROAD, NEW DELHI, Delhi, INDIA |
- |
|
34 |
90062071 |
27/12/2000 * |
165,000,000.00 |
ORIENTAL BANK OF COMMERCE |
KAROL BAGH, NEW DELHI, Delhi, INDIA |
- |
|
35 |
90061818 |
17/10/2001 * |
60,000,000.00 |
ORIENTAL BANK OPF COMMERCE |
OVERSEAS BRANCH, PANCHKULAN ROAD, NEW DELHI, Delhi, INDIA |
- |
|
36 |
90061331 |
14/01/1998 |
6,400,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, PANCHKULAN ROAD, NEW DELHI, Delhi, INDIA |
- |
|
37 |
90060998 |
20/09/2007 * |
2,877,500,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, PANCHKULAN ROAD, NEW DELHI, Delhi, INDIA |
A26250373 |
|
38 |
90060224 |
22/12/1995 * |
10,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, PANCHKULAN ROAD, NEW DELHI, Delhi, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
- Building
- Plant and Machinery
- Furniture and Fixture
- Electric Installation
- Office Equipment
- Vehicles
- Wind
Mill
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.63.02 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.84.92 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
35 |
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.