MIRA INFORM REPORT
|
Report Date : |
02.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
NAHAR SPINNING MILLS LIMITED |
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Registered
Office : |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
16.12.1980 |
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|
Com. Reg. No.: |
16-004341 |
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Capital Investment/
Paid-up Capital: |
Rs. 180.531 Millions |
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|
|
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CIN No.: [Company Identification
No.] |
L17115PB1980PLC004341 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JLDN00362F / JLDN00361E / JLDN00757B |
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|
PAN No.: [Permanent Account No.] |
AAACN5710D |
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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
: |
Manufacturer of Cotton / Synthetic and Blended Yarns. |
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No. of
Employees: |
11135 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is the flagship company of the nahar group. It is a well
established company having fine track record. Overall fundamentals of the company appears to be strong and healthy. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitment. The company can be considered good for 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 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A (Long Term Rating) |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
18.09.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1 (Short Term Rating) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk |
|
Date |
18.09.2012 |
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.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-161-2600701)
LOCATIONS
|
Registered / Corporate Office : |
|
|
Tel. No.: |
91-161-2600701-05 / 2606977-80/ 2660945/ 2661181/ 2661180 |
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Fax No.: |
91-161-2222942 / 2601956 / 601956 |
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E-Mail : |
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Website : |
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Factory 1 : |
427, Industrial Area–‘A’, Ludhiana, Punjab, India |
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Factory 2 : |
Dhandari Kalan, G.T. Road, Sherpur, Ludhiana - 141010, Punjab, India |
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Factory 3 : |
Village Simrai, Mandideep, District Raisen, Madhya Pradesh, India |
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Factory 4 : |
Village Jalalpur, District S.A.S. Nagar, Punjab, India |
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Factory 5 : |
Village Lalru and Lehli, District S.A.S. Nagar, Punjab , India |
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Factory 6 : |
Rishab Spining Mills, Village Jodhan, District, Ludhiana, Punjab, India |
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Factory 7 : |
Nahar Fibres, Jitwal Kalan Malekotla, District Snagrur, Punjab, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Jawahar Lal Oswal |
|
Designation : |
Chairman |
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|
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|
Name : |
Mr. Dinesh Oswal |
|
Designation : |
Managing Director |
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Qualification : |
B.A. LL.B |
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|
|
|
Name : |
Mr. Kamal Oswal |
|
Designation : |
Director |
|
Date of Birth/Age : |
51 years |
|
Qualification : |
Commerce Graduate |
|
Expertise : |
Having business experience of more than 31 years in the Industry. |
|
Other Directorship : |
· Nahar Capital and Financial Services Limited · Nahar Poly Films Limited · Nahar Indl. Infrastructure Corpn. Limited · Oswal Woollen Mills Limited · Oswal Leasing Limited · Sankeshwar Holding Co. Limited · Vardhman Investment Limited · Girnar Investment Limited · Atam Vallabh Financiers Limited · J.L. Growth Fund Limited · Abhilash Growth Fund Private Limited · Neha Credit and Invest. Private Limited · Monte Carlo Fashions Limited · Nahar Growth Fund Private Limited |
|
|
|
|
Name : |
Mr. Dinesh Gogna |
|
Designation : |
Director |
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|
Name : |
Dr. H.K. Bal |
|
Designation : |
Director |
|
Qualification : |
Ph.D |
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|
|
|
Name : |
Dr. Om Prakash Sahni |
|
Designation : |
Director |
|
Qualification : |
Ph.D |
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|
|
|
Name : |
Prof. Kanwar Sain Sharma |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Satish Kumar Sharma |
|
Designation : |
Director |
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|
|
|
Name : |
Dr. Suresh Kumar Singla |
|
Designation : |
Director |
|
Date of Birth/Age : |
64 years |
|
Qualification : |
M.A. (Stats.&Eco.) and Ph.D (Stats.) |
|
Expertise : |
Having more than 32 years experience in Teaching Business Management and Administration. |
|
Other Directorship : |
· Metro Tyres Limited · Nahar Poly Films Limited · Oswal Woollen Mills Limited |
|
|
|
|
Name : |
Dr. Amrik Singh Sohi |
|
Designation : |
Additional Director |
|
Date of Birth/Age : |
66 years |
|
Qualification : |
M.Sc. Ph.D |
|
Expertise : |
Having more than 36 years experience in teaching and Entomology Research. |
|
Other Directorship : |
· Nahar Poly Films Limited · Nahar Capital and Financial Services Limited · Nahar Industrial Enterprises Limited |
|
|
|
|
Name : |
Dr. Yash Paul Sachdeva |
|
Designation : |
Additional Director |
|
Date of Birth/Age : |
51 years |
|
Qualification : |
MBA, Ph.D |
|
Expertise : |
Having more than 31 years experience in teaching Business Management and Administration. |
|
Other Directorship : |
· Nahar Capital and Financial Services Limited · Nahar Poly Films Limited · Nahar Industrial Enterprises Limited · Cotton County Retail Limited · Oswal Spg. and Weaving Mills Limited |
KEY EXECUTIVES
|
Name : |
Mr. Anil Kumar Garg |
|
Designation : |
Finance Controllers |
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|
|
|
Name : |
Mr. P.K. Vashishth |
|
Designation : |
Finance Controllers |
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|
Name : |
Mr. Brij Sharma |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2013
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
87591 |
0.24 |
|
|
23291834 |
64.58 |
|
|
23379425 |
64.83 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
23379425 |
64.83 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
7666 |
0.02 |
|
|
3419 |
0.01 |
|
|
600 |
0.00 |
|
|
11685 |
0.03 |
|
|
|
|
|
|
1836898 |
5.09 |
|
|
|
|
|
|
8814268 |
24.44 |
|
|
1912048 |
5.30 |
|
|
110979 |
0.31 |
|
|
108119 |
0.30 |
|
|
1597 |
0.00 |
|
|
1063 |
0.00 |
|
|
200 |
0.00 |
|
|
12674193 |
35.14 |
|
Total Public shareholding (B) |
12685878 |
35.17 |
|
Total (A)+(B) |
36065303 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
36065303 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cotton / Synthetic and Blended Yarns. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
11135 (Approximately) |
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Bankers : |
·
State Bank Of India, Specialised Commercial Branch,
Pahwa Hospital Com · Punjab National Bank, International Banking Branch, 1st Floor, Industrial Area, Near Manju Cinema, Ludhiana - 141003, Punjab, India · State Bank of Patiala · Oriental Bank of Commerce · IDBI Bank Limited · Allahabad Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Gupta Vigg and Company Chartered Accountants |
|
Address : |
101, Kismat Complex, G.T. Road, Miller Ganj, Ludhiana – 141003, Punjab, India |
|
|
|
|
Associates : |
· Nahar Capital and Financial Services Limited · Nahar Poly Films Limited · Nahar Industrial Enterprises Limited · OswalWoollen Mills Limited · Vanaik Spinning Mills Limited · Abhilash Growth Fund (Private) Limited · Atam Vallabh Financers Limited · Bermuda Insurance Brokers Private Limited · Kovalam Investment and Trading Company Limited · Ludhiana Holdings Limited · Monica Growth Fund (Private) Limited · Nagdevi Trading and Investment Company Limited · Nahar Growth Fund (Private) Limited, · Ruchika Growth Fund (Private) Limited · Sankeshwar Holding Company Limited · Vanaik Investors Limited · Vardhman Investment Limited · J.L. Growth Fund Limited · Neha Credit and Investment Private Limited, · Ginar Investment Limited · Crown Star Limited · Monte Carlo Fashions Limited · Cotton County Retail Limited · Nahar Industrial Infrastructure Corporation Limited · Simran and Shanaya Company Limited · Palam Motels Limited · Sidhant and Mannat Company Limited · Hug Foods Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.5/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36065303 |
Equity Shares |
Rs.5/- each |
Rs.180.327
Millions |
|
|
Share Forfeited Account (Amount originally paid up) |
|
Rs. 0.204
Million |
|
|
|
|
Rs.180.531 Millions |
a) Terms/rights
attached to equity shares
The company has only one class of shares having par value at Rs. 5/-per share. Each holder of equity shares is entitled to one vote per share
b) Reconciliation of
number of shares
|
Particular |
31.03.2013 |
|
Number of shares at the beginning of the Financial year |
36065303 |
|
Add: Shares Issued During the year |
- |
|
Less: Share buy back during the year |
- |
|
Number of shares at the end of the Financial year |
36065303 |
c) Detail of shareholders
holding more than 5% shares
|
Name of the
Shareholder |
31.03.2013 |
|
Number of Shares |
|
|
Nahar Capital and Financial services Limited |
10257384 |
|
Nahar Poly Films Limited |
6902244 |
|
Nahar Industrial Enterprises Limited |
2356930 |
Forfeited Shares
(amount originally paid up)
|
Particular |
31.03.2013 |
|
Amount Paid Up |
|
|
Rs.2.50 per Share |
80298 |
|
Rs.5.00 per Share |
710 |
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 |
180.531 |
180.531 |
180.531 |
|
(b) Reserves & Surplus |
6043.538 |
5307.123 |
6479.135 |
|
(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) |
6224.069 |
5487.654 |
6659.666 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
3385.700 |
4037.933 |
3704.299 |
|
(b) Deferred tax liabilities (Net) |
463.500 |
6.500 |
568.000 |
|
(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) |
3849.200 |
4044.433 |
4272.299 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
7996.810 |
7319.043 |
9022.408 |
|
(b) Trade
payables |
326.673 |
403.637 |
561.280 |
|
(c) Other
current liabilities |
1612.301 |
1448.999 |
1323.548 |
|
(d) Short-term
provisions |
141.794 |
0.625 |
636.332 |
|
Total Current
Liabilities (4) |
10077.578 |
9172.304 |
11543.568 |
|
|
|
|
|
|
TOTAL |
20150.847 |
18704.391 |
22475.533 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
8024.577 |
8374.973 |
7482.348 |
|
(ii)
Intangible Assets |
0.161 |
0.445 |
0.811 |
|
(iii)
Capital work-in-progress |
383.193 |
395.758 |
556.737 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
88.026 |
82.580 |
111.211 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
382.133 |
297.654 |
452.608 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
8878.090 |
9151.410 |
8603.715 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
29.749 |
59.749 |
59.406 |
|
(b)
Inventories |
6475.398 |
4689.345 |
8052.649 |
|
(c) Trade
receivables |
3713.524 |
3817.850 |
3722.969 |
|
(d) Cash
and cash equivalents |
130.309 |
117.777 |
111.152 |
|
(e)
Short-term loans and advances |
923.777 |
868.260 |
1925.642 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
11272.757 |
9552.981 |
13871.818 |
|
|
|
|
|
|
TOTAL |
20150.847 |
18704.391 |
22475.533 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
19612.762 |
16961.847 |
13946.614 |
|
|
|
Other Income |
81.294 |
93.161 |
115.538 |
|
|
|
TOTAL (A) |
19694.056 |
17055.008 |
14062.152 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials
consumed |
10600.087 |
10963.658 |
7997.411 |
|
|
|
Purchase of
Stock-in-Trade |
58.497 |
56.263 |
133.219 |
|
|
|
Employee benefit
expense |
1385.965 |
1117.102 |
1081.716 |
|
|
|
Other expenses |
4496.573 |
3905.058 |
3114.296 |
|
|
|
Difference of
excise duty on Stocks |
0.000 |
0.662 |
0.541 |
|
|
|
Amount
of Foreign Exchange Hedging Loss Settled During the year |
0.000 |
0.000 |
105.846 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and Stock-in-Trade |
(90.715) |
801.117 |
(1334.257) |
|
|
|
TOTAL (B) |
16450.407 |
16843.860 |
11098.772 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
3243.649 |
211.148 |
2963.380 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1027.606 |
1101.219 |
486.272 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2216.043 |
(890.071) |
2477.108 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
875.506 |
844.415 |
697.794 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
1340.537 |
(1734.486) |
1779.314 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
556.600 |
(560.875) |
564.750 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
783.937 |
(1173.611) |
1214.564 |
|
|
|
|
|
|
|
|
|
Less/ Add |
Adjustment
of Income Tax earlier Years |
(5.328) |
1.599 |
(17.294) |
|
|
|
|
|
|
|
|
|
Add |
Transfer
from Foreign Exchange Disputed Liab Res |
0.000 |
0.000 |
107.290 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
36.065 |
0.000 |
72.131 |
|
|
|
Tax on Dividend |
6.129 |
0.000 |
11.701 |
|
|
BALANCE CARRIED
TO THE B/S |
736.415 |
(1172.012) |
1220.728 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export of Goods/ Services on F.O.B. Basis |
12772.293 |
11209.723 |
9508.868 |
|
|
|
Discount/ Rent/ Interest Received/ Others |
6.209 |
5.689 |
5.395 |
|
|
|
Carbon Credit |
0.000 |
0.000 |
12.153 |
|
|
TOTAL EARNINGS |
12778.502 |
11215.412 |
9526.416 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
76.809 |
138.414 |
32.141 |
|
|
|
Stores & Spares |
131.993 |
92.835 |
108.273 |
|
|
|
Capital Goods |
109.651 |
491.682 |
508.940 |
|
|
TOTAL IMPORTS |
318.453 |
722.931 |
649.354 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
21.59 |
(32.50) |
33.20 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
5224.900 |
|
Total Expenditure |
|
|
4368.500 |
|
PBIDT (Excl OI) |
|
|
856.400 |
|
Other Income |
|
|
8.800 |
|
Operating Profit |
|
|
865.200 |
|
Interest |
|
|
230.300 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
635.000 |
|
Depreciation |
|
|
212.500 |
|
Profit Before Tax |
|
|
422.500 |
|
Tax |
|
|
143.600 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
278.900 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
278.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.98
|
(6.88) |
8.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.84
|
(10.23) |
12.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.81
|
(9.52) |
8.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
(0.32) |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.83
|
2.07 |
1.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12
|
1.04 |
1.20 |
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 |
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 |
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10414213 |
25/03/2013 |
240,000,000.00 |
PUNJAB NATIONAL BANK |
INTERNATIONAL BANKING
BRANCH, 1ST FLOOR, INDUSTR |
B71583942 |
|
2 |
10366137 |
25/06/2012 |
2,750,000,000.00 |
PUNJAB NATIONAL BANK |
INTERNATIONAL
BANKING BRANCH, 1ST FLOOR, INDUSTR |
B44003846 |
|
3 |
10349705 |
26/03/2012 |
600,000,000.00 |
STATE BANK OF INDIA |
SPECIALISED
COMMERCIAL BRANCH, PAHWA HOSPITAL COM |
B37591013 |
|
4 |
10326020 |
07/12/2011 |
1,970,000,000.00 |
ALLAHABAD BANK |
IF BRANCH, CHEEMA CHOWK, 165 INDUSTRIAL AREA-A, LUDHIANA 141003, PUNJAB -, INDIA |
B28981504 |
|
5 |
10303135 |
06/07/2011 |
850,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, MILLER GANJ, LUDHIANA - 141003, PUNJAB, INDIA |
B19107838 |
|
6 |
10238537 |
13/09/2010 |
1,240,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, G T ROAD, LUDHIANA - 141003, PUNJAB, INDIA |
A94613452 |
|
7 |
10227032 |
13/05/2010 |
1,300,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, JANDU TOWER, G.T. ROAD, MILLER GANJ, LUDHIANA - 141003, PUNJAB, INDIA |
A88683578 |
|
8 |
10236971 |
25/02/2010 |
1,100,000,000.00 |
IDBI BANK LIMITED |
FEROZE GANDHI MARKET BRANCH, LUDHIANA - 141001, PUNJAB, INDIA |
A88221213 |
|
9 |
10032548 |
26/12/2006 |
750,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, G.T. ROAD, LUDHIANA - 141003, PUNJAB, INDIA |
A09195728 |
|
10 |
10015787 |
11/07/2006 |
880,000,000.00 |
PUNJAB NATIONAL BANK |
INTERNATIONAL
BANKING BRANCH, INDUSTRIAL AREA, |
A02770758 |
|
11 |
80063248 |
12/01/2006 |
600,000,000.00 |
STATE BANK OF INDIA |
SCB MILLER GANJ, LUDHIANA, PUNJAB - 142009, INDIA |
- |
|
12 |
80063249 |
23/12/2005 |
150,000,000.00 |
STATE BANK OIF INDIA |
SCB MILLER GANJ, LUDHIANA - 142009, PUNJAB, INDIA |
- |
|
13 |
80063246 |
22/04/2005 |
100,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, LUDHIANA - 142009, PUNJAB, INDIA |
- |
|
14 |
90171504 |
22/04/2005 |
140,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, LUDHIANA, PUNJAB, INDIA |
- |
|
15 |
80063247 |
20/12/2004 |
700,000,000.00 |
STATE BANK OF INDIA |
SPECIALISED
COMMERCIAL BRANCH MILLER GANJ, PAHWA |
- |
|
16 |
90169405 |
31/05/2013 * |
9,500,000,000.00 |
PUNJAB NATIONAL
BANK (LEAD BANK) & OTHER CONSORTIU |
IBB BRANCH, INDUSTRIAL AREA, LUDHIANA - 141003, PUNJAB, INDIA |
B78130614 |
|
17 |
90170575 |
25/10/1999 * |
50,000,000.00 |
PUNJAB NATIONAL BANK |
INTERNATIONAL BANKING BRNACH; INDUSTRIAL AREA, LUDHIANA, PUNJAB, INDIA |
- |
|
18 |
90168196 |
25/10/1999 * |
25,000,000.00 |
PUNJAB NATIONAL BANK |
INTERNATIONAL BANKING BRNACH; INDUSTRIAL AREA, LUDHIANA, PUNJAB, INDIA |
- |
|
19 |
90170333 |
28/06/1985 |
22,000,000.00 |
PUNJAB NATIONAL BANK |
INDUSTRIAL AREA, LUDHIANA, PUNJAB, INDIA |
- |
|
20 |
90171588 |
04/11/1993 * |
5,000,000.00 |
PUNJAB NATIONAL BANK |
OVERSEAS BRNACH; INDUSTRIAL AREA, LUDHIANA, PUNJAB, INDIA |
- |
|
21 |
90167774 |
14/12/1998 * |
265,000,000.00 |
PUNJAB NATIONAL BANK |
INTERNATIONAL BANKING BRNACH; INDUSTRIAL AREA, LUDHIANA, PUNJAB, INDIA |
- |
* Date of charge modification
LITIGATION DETAILS
PUNJAB AND HARYANA HIGH COURT
CASE STATUS INFORMATION SYSTEM
CASE STATUS
: PENDING
|
Status of Service Tax Appeal 7 of 2011 COMMISSIONER OF CENTRAL EXCISE CHD. II Vs. M/S NAHAR SPINNING MILLS LIMITED Pet’s Adv. : SUKHDEV SHARMA Last Listed On : No Date Mentioned List Type : NO LIST TYPE MENTIONED FIR No. : NO FIR DETAILS AVAILABLE / NOT A CRIMINAL CASE Category : CEA :NO BENCH MENTIONED Last Hearing Detail 2 : NO BENCH MENTIONED
Case Updated on: Thursday, December 15, 2011 |
PERFORMANCE REVIEW
Company's
activities can be classified under two segments namely “Yarn Segment” and “Garment
Segment”. Before reviewing overall performance of the company they would like
to brief you regarding the working performance of each Segment which is as
under:-
YARN SEGMENT
Company's
expansion cum modernization plans of 60,000 spindlage are progressing as per
schedule. The company expects to fully implement the said plans by July, 2014.
On completion of the said expansion the company's spindlage capacity will
increase to five lakhs spindlages. Yarn Segment performed exceedingly well
during the year. The recovery in the U.S., Europe and Asian economies coupled
with higher export realization enabled the Segment to achieve net revenue of
Rs.171.104 Millions showing an increase of 13.94% over the previous year. The
financial performance too, improved significantly and it earned a profit before
interest and tax of Rs. 2077.900 Millions as against loss of Rs. 862.600
Millions.
GARMENT SEGMENT
Garment
Segment too, improved its performance during the year. The recovery in the U.S.
and European Economies enabled the segment to achieve net revenue of Rs.
2453.400 Millions showing an impressive increase of 29.28% over previous year.
It also improved its financial performance and earned a profit before interest
and tax of Rs.247.400 Millions showing an impressive increase of 45.88% over
the previous year.
OVERALL PERFORMANCE
From
the above, it is apparent that company's performance has been excellent on all
parameters. The company's net revenue from operations Rs.19612.800 Millions has
shown an increase of 15.63% over the previous year. Likewise the export at
Rs.12997.600 Millions has also shown an impressive increase of 15.78%. Because
of its excellent export performance, the company has been awarded Gold Trophy
for achieving Highest Exports of yarn (50s and Below) by The Cotton Textile
Export Promotion Council (TEXPROCIL).The company has also been awarded Bronze
Trophy for achieving Third Highest Export of Processed Yarn by (TEXPROCIL).
On
profitability front, company substantially improved its performance and earned
a profit before tax and depreciation of Rs. 2216.000 Millions as against loss
of Rs.1734.500 Millions in the previous year. After providing depreciation of
Rs. 875.500 Millions and provision for taxation/deferred taxation of Rs.
556.600 Millions the company earned a net profit of Rs.783.900 Millions. After
adjustment of income tax of Rs. 5.300 Millions (earlier year) the amount
available for appropriations comes to Rs. 778.600 Millions. After
appropriations of profits as per detail hereinabove, an amount of Rs.736.400
Millions has been transferred to General Reserve thereby increasing Company's
Reserves to Rs.3796.200 Millions as on 31st March, 2013.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENTS
The
Indian Textile Industry is one of the leading Textile Industry of the world.
Though the Industry was predominantly, unorganized Industry, even a few year
back, but the scenario started changing after the economic liberalization of
Indian economy in 1991. The opening of the economy gave the much needed thrust
to the Industry and now it has successfully become one of the largest Industry
in the world.
The
Textile Industry plays a pivotel role in the economiclife in the country. Apart
from providing one of the basic necessities of life, the Industry also plays a
vital role through its contribution of about 14 % to Industrial Production, 4 %
to the Gross Domestic Product (GDP), and 11 % to the country's export earnings
as per Government of India, Ministry of Textiles, Note on Textile and Clothing
Export of India. It provides direct employment to over 45 million people and
thus the Textile Industry is the second largest provider of employment after
agriculture. Accordingly, the growth and development of the Industry has a direct
bearing on the economy of the nation and its people.
India's
Textile Industry has occupied a place of prominence in the Global arena. India
ranks second (after China) in the Global Textile Trade. The potential size of
the Indian Textile Industry is expected to reach US Dollars 220 Billion by
2021, according to Techno Park's Textile and Apparel Compendium 2012. To give
further boost to the Industry, the Central Government through its foreign Trade
Policy has taken a series of measures including extension of Interest rates
subvention scheme till 31st March, 2014 and expansion of the scheme
covering more products under Focused Market Scheme. It is expected that these
measures will help the Industry to perform well
in
the coming periods.
In
line with the Global trends and to remain competitive, the company is also
expanding and upgrading its capacities both in Yarns as well as in Garments.
The company's expansion plans of 60,000 spindles is progressing as per schedule
and is likely to be completed by July, 2014. After expansion, the company's
spindlage capacity will stand increased to 5 lacs spindles and 1080 rotors.
Thus, the company has positioned itself as one of the leading integrated
textile player to reap the benefits of economies of scale and become globally
competitive in terms of cost and quality.
FUTURE OUTLOOK
During
the year, the Textile Industry has performed reasonably well in comparison to
the performance of the previous year. The economic recovery in USA and European
Union, has given a hope that ndian Textile Industry is set for strong export
growth. Besides the increasing level of income in the country is also likely to
push domestic consumption, which angur well for the Industry. The India's
inherent advantages in the form of abundant availability of raw material, India
being the second largest producer of raw cotton in the world, skilled workforce
and relatively low labour costs had enabled the Textile Industry to serve as a
sourcing hub for the reputed International Brands.
Beside,
the Central Government's export promotion policies for textile sector in the
Union Budget and Foreign Trade Policy, has provided various incentives for the
steady growth of the Textile Sector. The Union Budget for the Year 2013-14, has
continued the support in the form of Technology Upgradation Fund (TUF) and
scheme for
Integrated
Textile Parks. The increased rate of 3% under the Subvention Scheme has also
provided a big relief to
the
Industry which will definitely ease the pressure on the financial performance
of the Industry. The Foreign Trade Policy under Focused Market Scheme and
Focused Product Scheme and broad basing the coverage of
Market
Linked Focus Product Scheme for Textile will also help the Industry to increase
its share in the global trade of Textile Industry.
We
are looking at the future with optimism and hope that the recovery in the
economies of USA and European Union will propel the growth of the Textile
Industry. We also expect that the Government through its policies will take
further suitable remedial measures to strengthen the hands of the Textile
Industry, so that it can compete globally and increase its share in the global
Markets.
FINANCIAL/ OPERATIONAL PERFORMANCE
During
the year, Company's performance has been excellent on all parameters. The
Company's operating Income at Rs.19612.800 Millions has shown an impressive
increase of 15.63 % over the previous year. Likewise the exports at Rs.
12997.600 Millions has also shown an increase of 15.78 %. On profitability
front too, the Company substantially improved its performance and earned a
pre-tax profit of Rs.1340.500 Millions as against loss of Rs. 1734.500
Millions. After providing for Income tax, FBT and deferred tax, the Company
earned a Net Profit of Rs. 778.600 Millions as against loss of Rs. 1173.600
Millions in the previous year. The detailed performance has already been
discussed in the Directors Report under the column 'Company's performance'.
CONTINGENT
LIABILITIESNOTPROVIDED FOR: (AS ON 31.03.2013)
a. Bank guarantees outstanding Rs.166.589 Millions (Previous Yr. 166.589 Millions)
b. The Company has bound itself unto the President of India for Rs.13.800 Millions (Previous Year Rs.13.800 Millions) under Central Excise Act, 1944 for clearance of goods without payment of excise duty, in respect of export of various types of yarn and for storage of various commodities manufactured within factory premises.
c. Excise/Sales Tax/ Other Government Authorities have raised demands of Rs.14.806 Millions (Previous Year Rs.18.507 Millions) out of which a sum of Rs.0.990 Million (Previous Year Rs. 0.990 Million) has been deposited as security deposit, the same are being contested in appeal and no provision has been made.
d. Electricity demand raised by Madhya Pradesh Electricity board There is an electricity demand of Rs 321.254 Millions (Previous year Rs.321.254 Millions) raised by MPMK VV Company Limited. in spite of surrender of electricity connection by the company and the same was being contested in the Hon'ble High court of Jabalpur. Against this company has deposited Rs. 56.192 Millions with the MPMK VV Company Limited. and has also furnished a bank guarantee for Rs. 166.254 Millions.
The matter was decided by the Hon'ble High Court , Jabalpur vide order dated 16th December 2009 . The order is as follow:
i) “As a consequence the company is granted permission to set up captive power plant of 4.1MWcapacity in its Unit No.1 and 2”
ii) “As a further consequence, we direct the Board to redetermine the tariff/minimum charges on the basis of reduced contract demand of 1000 KVA in case of Unit No. 1 and 0 KVA in case of Unit No.2 w.e.f. 01/08/1999 and raise bills, If any, with a further direction that in case if the company found to be owing certain arrears to the Board pursuant to redetermination as directed hereinabove, the same be adjusted from SD of Rs. 11.085 Millions”
iii) “We further direct the Board to issue correct electricity bills of the period after 01.08.1999 on the basis of reduced contract demand as aforesaid and settle the accounts with the Company keeping in view the aforesaid directions within 6 months”
The above order has been contested by MPMKVV Company Limited by way of SLP in the Hon'ble Supreme Court and the ollowing interim order has been passed by Hon'ble Supreme Court on dated 29.03.2010
“responded No. 1 (Nahar Spinning Mills Limited) restrained from taking steps for recovering amount of Rs. 56.192 Millions or from return the Bank Guarantee given for Rs. 166.254 Millions There will be a further direction upon the respondent No.1 to keep the Bank Guarantee renewed during the pendency of the matter in this court.”
“The matter is pending for final decision with the Hon'ble Supreme Court.” No provision for the same has been made.
e) The Madhya Pardesh Government's ordinance to collect cess on Captive Power generation was declared ultravires by the Hon'ble Supreme court vide order dated 09/12/2003. But the State Government subsequently enacted an act namely M.P.Upkar (Sanshodhan tatha vidhimanyatakaran) Adhiniyam 2004 on 15th April 2004 which deemed to have come in to force from 29.06.2001.After the above act, the M.P.High Court passed an order dated 31/08/2007 to collect the dues of Cess from Captive Power plant users along with interest. According to this order, on the disputed amount, Rs. 14.740 Millions (Previous year Rs.12.456 Millions) is payable as interest .The above refered order has been agitated by some actual users in Hon'ble Supreme Court and matter being sub-judice,hence liability has not been provided for .
f) The Company has given the following Guarantees in respect of loans granted by the banks. Rs.250.000 Millions (previous year Rs.250.000 Millions) to Oriental Bank of Commerce and Rs. 150.000 Millions (previous year 150.000 Millions) to Bank of Maharashtra in respect of financial assistance granted by the said banks to Nahar Poly Films Limited, Ludhiana.
g) Levy of Entry Tax on certain items including yarn by the Punjab Government is subjudice before the Hon'ble Punjab and Haryana High Court .The Punjab Government has deferred the same subject to undertaking by the company that if the same is hold valid by the Hon'ble High Court , then company will deposit the samew.e.f the date of undertaking . The amount of such entry tax is Rs. 10.220 Millions (previous year Rs.5.768 Millionsl) .It has no effect on the profitability of the company since the same will be claimed as Input Tax Credit
UN-AUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED
30.06.2013
(Rs. In Millions)
|
Sr. |
Particulars |
3 months ended 30.06.2013 (Un-audited) |
|
No. |
||
|
|
PART-I |
|
|
1 |
Income from operation |
|
|
|
a) Net Sales/Income from operations |
5215.760 |
|
|
(Net of excise duty) |
|
|
|
b) Other Operating Income |
9.159 |
|
|
Total Income from operations (net) |
5224.919 |
|
2 |
Expenses |
|
|
|
a) cost of materials consumed |
2846.133 |
|
|
b) Purchases of stock-in-trade |
59.813 |
|
|
c) Changes in inventories of finished goods |
(51.394) |
|
|
work-in-progress and stock-in-trade |
|
|
|
d) Employee benefits expenses |
366.589 |
|
|
e) Power and Fuel |
634.016 |
|
|
f) Depreciation and amortisation expenses |
212.501 |
|
|
g) Other Expenses |
513.322 |
|
|
(Any Item exceeding 10% of the total expenses relating to continuing operation to be shown separately) |
|
|
|
Total expenses |
|
|
3 |
Profit from Operations before Other Income, |
643.939 |
|
|
finance costs and Exceptional Items |
|
|
4 |
Other Income |
8.792 |
|
5 |
Profit from ordinary activities (before finance cost and Exceptional Items) |
652.731 |
|
6 |
Finance cost |
230.248 |
|
7 |
Profit from ordinary activities (after finance cost but before Exceptional items) |
422.483 |
|
8 |
Exceptional items |
0.000 |
|
9 |
Profit from Ordinary Activities before Tax |
422.483 |
|
10 |
Tax Expense (including Deferred tax / tax adjustment etc.) |
143.600 |
|
11 |
Net Profit from Ordinary activities alter tax |
278.883 |
|
12 |
Extraordinary Item |
0.000 |
|
13 |
Net Profit tor the period |
278.883 |
|
14 |
Share of profit of associates |
0.000 |
|
15 |
Minority interest |
0.000 |
|
16 |
Net Profit after taxes, minority interest and share of profit/loss of associates |
278.883 |
|
17 |
Paid-up equity share capital (Face value Rs.5/-) |
180.327 |
|
18 |
Reserve excluding revaluation Reserve as per balance sheet of previous accounting year |
- |
|
19.1 |
Earnings per share(before extraordinary Item) (Basic/Diluted) |
7.73 |
|
19.2 |
Earnings per sharefafter extraordinary Item) (Basic/Diluted) |
7.73 |
|
|
|
|
|
|
PART-II |
|
|
|
PARTICULARS OF
SHAREHOLDING |
|
|
A |
Public Shareholding |
|
|
1 |
No. of Shares |
12685878 |
|
|
%age of Shareholding |
35.17% |
|
|
Promoters and Promoter group |
|
|
2 |
Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
Number of Shares |
Nil |
|
|
- %age of Shares (as a % of the total |
Nil |
|
|
shareholding of promoter and promoter group) |
|
|
|
- Sage of Shares (as a % of the total |
Nil |
|
|
share capital of the company) |
|
|
|
b) Non-encumbered |
|
|
|
Number of Shares |
23379425 |
|
|
- %age of Shares (as a % of the total |
100% |
|
|
shareholding of promoter and |
|
|
|
promoter group) |
|
|
|
- %age of Shares (as a % of the total |
64.83% |
|
|
share capital of the company) |
|
|
B |
INVESTOR
COMPLAINTS/LETTERS (NOS.) |
3 months ended 30.06.2013 |
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
2 |
|
|
Disposed/Replied of during the quarter |
2 |
|
|
Remaining unresolved at the end of the quarter |
0 |
SEGMENT-WISE REVENUE RESULTS AND CAPITAL EMPLOYED (PROVISIONAL) FOR THE
QUARTER ENDED 30.06.2013
(Rs. In Millions)
|
Sr. No. |
Particulars |
3 months ended 30.06.2013 |
|
|
|
(Un-audited) |
|
1 |
Segment Revenue |
|
|
|
a) Yam |
5013.395 |
|
|
b) Garments |
483.392 |
|
|
Total |
5496.787 |
|
|
Less: Inter Segment Revenue |
281.027 |
|
|
Net Sale/Income from operations |
5215.760 |
|
2 |
Segment Results Profits before tax and finance cost from each segment |
|
|
|
a) Yarn |
631.833 |
|
|
b) Garments |
26.698 |
|
|
Total |
658.531 |
|
|
Less: |
|
|
|
a) Finance Cost |
230.248 |
|
|
b) Other Unallocable |
5.800 |
|
|
Expenditure net of |
|
|
|
Un-allocable income |
|
|
|
Total Profit before tax |
422.483 |
|
3 |
Capital Employed (Segment Assets-Segment Liabilities) |
|
|
|
a) Yam |
15201.325 |
|
|
b) Garments |
1395.279 |
|
|
c) Other unallocable net assets |
-- |
|
|
d) Other unallocable net Liabilities |
(9497.527) |
NOTES:
The previous year figures have been regrouped/recasteuVre-arranged wherever necessary, to make them comparable.
The board has decided to close the Register of Member and Share Transfer Books from 21.09.2013 to 30.09.2013, (Both days inclusive), for the purpose of payment of Dividend on the Equity Shares for the Year ended 31.03.2013.
The above results were reviewed by the Statutory Auditors, Audit Committee and were thereafter taken on record by the Board of Directors at their meeting held on 30th day of July, 2013.
FIXED ASSETS
v
Tangible
Assets
· Free hold Land
· Building
· Plant and Machinery
· Vehicles
· Other Equipments
· Furniture and Fixture
v
Intangible
Assets
·
Software
CMT REPORT (Corruption, Money Laundering and 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.62.78 |
|
|
1 |
Rs.101.42 |
|
Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
57 |
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 and 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.