MIRA INFORM REPORT
|
Report Date : |
23.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
|
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|
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Registered
Office : |
1076, Dr. E Moses Road, Parijat House, Worli, Mumbai-400018,
Maharashtra. |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
07.12.1968 |
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Com. Reg. No.: |
11-014156 |
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Capital
Investment / Paid-up Capital : |
Rs. 314.149 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28100MH1968PLC014156 |
|
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|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUM002754D |
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PAN No.: [Permanent Account No.] |
AAAC00480F |
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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 Detro Chemical Products, Master Batches for Plastic
Material. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 19000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a flagship company of Parijat Enterprises. It is an
established company having a satisfactory track record. The rating takes into consideration intense competition in automobile
dealership segment and implementation risks of the proposed real estate
project. Other business of the company have registered sizeable growth but
revenue contribution from these segments still remains small. However, general financial position of the company appears to be
decent. Trade relations are fair. Business is active. Payment terms are
regular. The company can be considered for business dealing at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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
India’s current account
deficit or CAD in April-June widened to 4.9 % of gross domestic product. High
imports of gold and oil led to a worsening of the traqde deficit, resulting in
CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the
corresponding quarter of the previous financial year. The government aims to
bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2
billion in 2012/13.
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : BBB - |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
20 September 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A3 |
|
Rating Explanation |
Moderate degree of safety high credit risk. |
|
Date |
20 September 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 (GENERAL DETAILS)
|
Name : |
Ms. Himangini |
|
Designation : |
Accounts Departments |
|
Contact No.: |
91-22-24964656 |
|
Date : |
22.10.2013 |
LOCATIONS
|
Registered Office : |
1076, Dr. E Moses Road, Parijat House, Worli, Mumbai-400018,
Maharashtra, India |
|
Tel. No.: |
91-22-24964656 |
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Fax No.: |
91-22-24963055 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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Factory : |
Village Savroli, Khopoli - 410
203, District – Raigad, |
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Factory 2 : |
A - 2/G MIDC, Murbad, District- Thane,
Maharashtra, India. |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Susheel G Somani |
|
Designation : |
Chairman |
|
Address : |
Olympus Apartment, Altamount Road, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
10.10.1941 |
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Date of Appointment : |
02.12.1969 |
|
Election ID No : |
MT/04/024/354226 |
|
DIN No : |
00601727 |
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|
Name : |
Mr. Surendra Somani |
|
Designation : |
Director |
|
Address : |
Shree Niketan, 5th Floor, 86-A, N S Road, Mumbai-400002,
Maharashtra, India |
|
Date of Birth/Age : |
21.10.1954 |
|
Date of Appointment : |
07.11.1976 |
|
Election ID No : |
MT/04/024/306381 |
|
DIN No : |
00600860 |
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|
|
|
Name : |
Mr. Sevantilal J Parekh |
|
Designation : |
Director |
|
Address : |
Bhartiya Bhavan, N S Road, Mumbai-400002, Maharashtra, India |
|
Date of Birth/Age : |
21.07.1932 |
|
Date of Appointment : |
03.08.1985 |
|
DIN No : |
00010767 |
|
|
|
|
Name : |
Mr. Sanjay Doshi |
|
Designation : |
Director |
|
Address : |
502, Manav Sthal, Gokuldhan, Goregaon (East), Mumbai-400063,
Maharashtra, India |
|
Date of Birth/Age : |
20.06.1960 |
|
Date of Appointment : |
April, 2002 |
|
DIN No : |
00039107 |
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|
|
|
Name : |
Mr. Balkishan Toshniwal |
|
Designation : |
Whole Time Director |
|
Address : |
G5, Styanarayan Bhawan, Dr. R. G. Thandhani Marg, Worli Seaface,
Mumbai-400018, Maharashtra, India |
|
Date of Birth/Age : |
22.01.1951 |
|
Date of Appointment : |
01.03.1997 |
|
DIN No : |
00048019 |
|
|
|
|
Name : |
Mr. Rajendra Somani |
|
Designation : |
Managing Director |
|
Address : |
Shree Niketan, 5th Floor, 86-A, N S Road, Mumbai-400002,
Maharashtra, India |
|
Date of Birth/Age : |
18.02.1948 |
|
Date of Appointment : |
September, 1995 |
|
DIN No : |
00332465 |
|
|
|
|
Name : |
Mr. Vinod Mimani |
|
Designation : |
Director |
|
Address : |
71, Giri-Kunj, Marine Drive, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
07.06.1950 |
|
Date of Appointment : |
06.08.1997 |
|
DIN No : |
00053976 |
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|
|
|
Name : |
Mr. Karthik Atherya |
|
Designation : |
Director |
|
Address : |
Ramkrishna Sadan, Sir Pochkanwala Road, Mumbai-400018, Maharashtra,
India |
|
Date of Birth/Age : |
29.04.1974 |
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Date of Appointment : |
29.01.2008 |
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|
|
|
Name : |
Mr. Shivrtan J Taparia |
|
Designation : |
Director |
|
Address : |
Konark Gardens, 6, Burodwan Road, Kolkata-700027, West Bengal, India |
|
Date of Birth/Age : |
07.08.1945 |
|
Date of Appointment : |
02.08.1977 |
|
DIN No : |
00112513 |
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|
|
|
Name : |
Mr. Adarsh Somani |
|
Designation : |
Director |
|
Address : |
G 15, Sheetal Cooperative Housing Society Limited, Seven Bunglows,
Andheri (West), Mumbai-400053, Maharashtra, India |
|
Date of Birth/Age : |
20.04.1974 |
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Date of Appointment : |
23.05.2008 |
|
DIN No : |
00192609 |
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|
|
|
Name : |
Mr. Vishnu Narain Khanna |
|
Designation : |
Whole Time Director |
|
Address : |
502, Gayatri Apartments, Hindu Colony, Dadar, Mumbai-400014,
Maharashtra, India |
|
Date of Birth/Age : |
03.09.1932 |
|
Date of Appointment : |
05.09.1993 |
|
DIN No : |
00064502 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Jain |
|
Designation : |
Company Secretary |
|
Address : |
Shree Niketan, 5th Floor, 86-A, N S Road, Mumbai-400002,
Maharashtra, India |
|
Date of Birth/Age : |
17.12.1965 |
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Date of Appointment : |
01.02.2001 |
|
|
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|
Name : |
Ms. Himangini |
|
Designation : |
Accounts Departments |
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 |
|
|
|
|
|
|
|
|
57314175 |
55.89 |
|
|
6787100 |
6.62 |
|
|
64101275 |
62.51 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
64101275 |
62.51 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
4724655 |
4.61 |
|
|
15362640 |
14.98 |
|
|
15362640 |
14.98 |
|
|
20087295 |
19.59 |
|
|
|
|
|
|
9106899 |
8.88 |
|
|
|
|
|
|
4622681 |
4.51 |
|
|
4513567 |
4.40 |
|
|
115998 |
0.11 |
|
|
35061 |
0.03 |
|
|
80937 |
0.08 |
|
|
18359145 |
17.90 |
|
Total Public shareholding (B) |
38446440 |
37.49 |
|
Total (A)+(B) |
102547715 |
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) |
102547715 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Petro Chemical Products, Master Batches for Plastic
Material. |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
China |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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|
Name : |
Khandelwal Jain and Company Chartered Accountant |
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Subsidiary Companies: |
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Joint Venture Companies: |
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|
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Joint Ventures of Company's subsidiary
United Shippers Limited: |
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Enterprises over which Key Management
Personnel and their Relatives exercise significant Influence where the Company
has entered into Transactions during the period: |
|
CAPITAL STRUCTURE
AFTER 14.09.2013
Authorised Capital : Rs. 350.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 314.095
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
119500000 |
Equity Shares |
Rs.2/- each |
Rs. 239.000 Millions |
|
11000000 |
Preference Shares |
Rs.10/- each |
Rs. 110.000 Millions |
|
10000 |
11% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 1.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 350.000
Millions |
Issued:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
102610360 |
Equity Shares |
Rs. 2/- each |
Rs. 205.221
millions |
|
10900000 |
10% Compulsorily Convertible Preference Shares |
Rs. 10/- each |
Rs. 109.000
millions |
|
|
|
|
|
|
|
Total |
|
Rs. 314.221 millions |
Subscribed & Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
102547175 |
Equity Shares |
Rs. 2/- each |
Rs. 205.095
millions |
|
10900000 |
10% Compulsorily Convertible Preference Shares |
Rs. 10/- each |
Rs. 109.000
millions |
|
|
Share Forfeited Account* |
|
Rs. 0.054
millions |
|
|
|
|
|
|
|
Total |
|
Rs. 314.149 millions |
NOTE:
* Share Forfeited Account represents 62,645
Partly paid Equity Shares of Rs.2/- each forfeited by the Company during the
year 2003-04.
a.
Reconciliation of the Share outstanding at the beginning and at the end
of reporting period Equity Shares
|
Equity Shares |
31.03.2013 |
|
|
|
No of Shares (Rs. 2/- each) |
Rs. In Millions |
|
At the beginning of the period |
102547715 |
205.095 |
|
On account of Conversion of Debentures in to Equity Shares during the year" |
-- |
-- |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the period |
102547715 |
205.095 |
** During the Previous year, the Company at
Its Board meeting held on 13th June, 2011 has converted 15%, 21,80,000 fully convertible
debentures into 21,80,000 equity shares of Rs.107- each fully paid up at a
premium of Rs. 152.20 per share and allotted to M/s. Clearwater Capital
Partners Singapore Fund III Private Limited. These equity shares allotted on
conversion of Debentures (FCDs) ranks pari passu in all respects including as
to dividend with the existing fully paid equity shares of the face value
Rs.10/- each of the Company subject to relevant provisions contained in
Articles of Association of the Company. Subsequently on 15th July 2011, these
share has been sub-divided into 1,09,00,000 equity shares of Rs.2/- each fully paid.
10% Compulsorily Convertible Preference
Shares (CCPS)
|
Equity Shares |
31.03.2013 |
|
|
|
No of Shares (Rs. 10/- each) |
Rs. In Millions |
|
At the beginning of the period |
10900000 |
109.000 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the period |
10.900 |
109.000 |
Term / Right attached to equity Share
The Company has only one class of equity shares
having a par value of Rs.2/- per share. 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.
The Board of Directors, in their meeting on
30th May, 2013, proposed a final dividend of Rs.0.44 per equity share. The
proposal is subject to the approval of shareholders at the Annual General
Meeting to be held on 14th September, 2013. The total dividend appropriation
for the year ended 31st March, 2013amounted to Rs.52,789,308/- induding
corporate dividend taxofRs.7,668,313/-.
During the year ended 31st March, 2012, the
amount of per share final dividend recognized as distributions to equity
shareholders was Rs.0.44.The total dividend appropriation for the year ended 31st
March, 2012 amounted to Rs.52,440,748/- including corporate dividend tax of
Rs.7,319,753/-.
In the event of liquidation of the Company, the
holders of equity shares will be entitled to receive remaining assets of the
company, after distribution of all preferential amounts. The distribution will be in the proportion to the
number of equity shares held by the shareholders.
Terms of conversion / redemption of CCPS
The Company had issued 1,09,00,000 CCPS of
Rs.10 each on 17th September, 2010. CCPS carry a cumulative dividend of 10%
p.a. 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.
The Board of Directors, in their meeting on
30th May, 2013, proposed a final dividend of Re.1 per CCPS. The proposal is
subject to the approval of shareholders at the Annual General Meeting to be
held on 14th September, 2013. The total dividend appropriation for the
yearended31st March, 2013amounted to Rs.12,752,455/- including corporate
dividend tax of Rs. 1,852,455/-.
During the year ended 31st March, 2012, the amount
of per share final dividend recognized as distributions to CCP shareholders was
Re.1.The total dividend appropriation for the year ended 31st March, 2012
amounted to Rs.12,668,253/- including corporate dividend tax of Rs.1,768,253/-.
The CCPS shall be converted into equity
shares in the ratio of five (5) new equity share of the face value of Rs.2/-
each of the Company for every one (1) CCPS of the face value of Rs.l0/-each
credited as fully paid up.
Out of the total 1,09,00,000,10% CCPS,
19,00,000 CCPS are convertible into equity shares anytime after 1st April, 2011
but within a period of five years from the date of allotment i.e. 17th
September, 2010,30,00,000 CCPS are convertible Into equity shares anytime after
1st April, 2012 but within a period of five years from the date of allotment
i.e. 17th September, 2010 on equal proportionate basis amongst CCPS holders to
the extent of their holding in the Company and 60,00,000 CCPS are convertible
into equity shares anytime after 1st April, 2013 but within a period of five
years from the date of allotment i.e. 17th September, 2010on equal
proportionate basis amongst CCPS holders to the extent of their holding In the
Company.
25% of above 1,09,00,000 CCPS numbering to
27,25,000 equity shares arising out of conversion of CCPS shall he kept under
lock-in for three years from the date of listing of new shares on the Bombay
Stock Exchange.
Share held by holding/ultimate holding
company and/or their subsidiary/associates
None of the shares of the Company are hold by
the Subsidiaries, Associates or Joint Ventures of the Company
Aggregate number of bonus shares Issued,
share Issued for consideration other than cash and shares bought back during
the period of five years immediately preceding the reporting date:
|
|
31st March, 2013 No. of Shares |
|
Equity Share allotted as Fully paid bonus
Share by capitalization of securities premium |
-- |
|
Equity Share allotted as Fully paid-up of
Face Value Rs.2/- each pursuant to Scheme of Amalgamation |
64,869,375 |
|
Compulsory Convertible Preference Share
allotted as Fully paid-up pursuant to Scheme of Amalgamation. |
-- |
|
Equity shares bought back by the company |
10,900,000 |
Details of shareholders holding more than 5% shares in the company
|
|
31st March, 2013 |
|
|
|
No. of Shares (Rs.2/- each) |
% holding in the class |
|
Equity Shares of Rs.2/- each fully paid |
|
|
|
Clearwater Capital Partners Singapore III
Private Limited |
10,900,000 |
10.63 |
|
Rajsndra Somani |
9,618,015 |
9.38 |
|
Susheel Somani |
7,665,440 |
7.47 |
|
Sujata Parekh Kumar |
5,341,005 |
5.21 |
Compulsory Convertible Preference Shares of
Rs.10/- each fully paid
|
|
31st March, 2013 |
|
|
|
No. of Shares (Rs.10/-each) |
% holding in the class |
|
Rajendra Somani |
4,567,995 |
41.91 |
|
Susheel Somani |
3,008,835 |
27.60 |
As per of 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.
Shares reserved for issue under options
For details of shares reserved for issue on
conversion of CCPS, please refer note 2 (c) regarding terms of conversion /
redemption of preference shares.
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 |
314.149 |
314.149 |
292.349 |
|
(b) Reserves & Surplus |
4447.052 |
4377.794 |
3987.819 |
|
(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) |
4761.201 |
4691.943 |
4280.168 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
237.303 |
235.099 |
527.473 |
|
(b) Deferred tax liabilities (Net) |
5.005 |
6.636 |
4.339 |
|
(c) Other long term
liabilities |
94.788 |
116.188 |
132.688 |
|
(d) long-term
provisions |
6.317 |
6.135 |
6.348 |
|
Total Non-current
Liabilities (3) |
343.413 |
364.058 |
670.848 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short
term borrowings |
46.812 |
95.209 |
71.207 |
|
(b) Trade
payables |
100.847 |
51.522 |
37.838 |
|
(c) Other
current liabilities |
109.603 |
122.482 |
143.685 |
|
(d) Short-term
provisions |
72.296 |
71.937 |
60.630 |
|
Total Current
Liabilities (4) |
329.558 |
341.150 |
313.360 |
|
|
|
|
|
|
TOTAL |
5434.172 |
5397.151 |
5264.376 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
155.298 |
154.231 |
122.990 |
|
(ii)
Intangible Assets |
0.279 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
38.351 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3917.416 |
3920.819 |
3933.588 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
669.861 |
652.270 |
482.991 |
|
(e) Other
Non-current assets |
0.000 |
0.226 |
0.000 |
|
Total Non-Current
Assets |
4742.854 |
4727.546 |
4577.920 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
45.527 |
34.246 |
20.255 |
|
(c) Trade
receivables |
201.656 |
151.397 |
119.748 |
|
(d) Cash
and cash equivalents |
25.234 |
13.705 |
17.676 |
|
(e)
Short-term loans and advances |
369.678 |
427.546 |
504.309 |
|
(f) Other
current assets |
49.223 |
42.711 |
24.468 |
|
Total
Current Assets |
691.318 |
669.605 |
686.456 |
|
|
|
|
|
|
TOTAL |
5434.172 |
5397.151 |
5264.376 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
616.826 |
501.477 |
471.916 |
|
|
|
Other Income |
238.061 |
241.954 |
244.993 |
|
|
|
TOTAL (A) |
854.888 |
743.431 |
716.909 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed Sold |
268.998 |
245.893 |
161.110 |
|
|
|
Purchase of traded goods |
238.197 |
172.981 |
256.993 |
|
|
|
(increase) / Decrease in inventories of finished goods WIP and traded
goods |
3.592 |
(4.690) |
(4.821) |
|
|
|
Employee Cost |
39.279 |
24.781 |
19.771 |
|
|
|
Other Expenses |
81.267 |
69.439 |
54.560 |
|
|
|
Perior Period Items |
|
|
-0.239 |
|
|
|
TOTAL (B) |
631.333 |
508.404 |
487.374 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
223.555 |
235.027 |
229.535 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
46.553 |
56.000 |
87.135 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
177.002 |
179.027 |
142.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
19.413 |
15.924 |
14.215 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
157.589 |
163.103 |
128.185 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
30.015 |
44.633 |
38.952 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
127.574 |
118.470 |
89.233 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
138.475 |
130.296 |
138.318 |
|
|
|
|
|
|
|
|
|
|
DIVIDEND
DISTRIBUTION TAX FOR EARLIER |
7.226 |
4.817 |
2.454 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend for Equity Shares |
45.120 |
45.120 |
36.917 |
|
|
|
Tax on Proposed Dividend |
7.668 |
7.319 |
5.989 |
|
|
|
Proposed Dividend for Preference Shares |
10.900 |
10.900 |
5.853 |
|
|
|
Tax on above proposed Dividend |
1.852 |
1.768 |
0.950 |
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
50.000 |
|
|
BALANCE CARRIED TO
THE B/S |
157.733 |
138.475 |
130.296 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
20.312 |
11.185 |
1.178 |
|
|
TOTAL EARNINGS |
20.312 |
11.185 |
1.178 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
8.292 |
18.884 |
10.034 |
|
|
|
Packing Material & Stores |
0.000 |
5.671 |
4.362 |
|
|
|
Trading |
236.919 |
153.314 |
141.583 |
|
|
TOTAL IMPORTS |
245.211 |
177.869 |
155.979 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
1.12 |
1.05 |
0.90 |
|
|
|
Diluted |
0.81 |
0.76 |
0.61 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
|
|
1st
Quarter |
|
Net Sales |
184.700 |
|
Total Expenditure |
183.500 |
|
PBIDT (Excl OI) |
1.100 |
|
Other Income |
43.000 |
|
Operating Profit |
44.100 |
|
Interest |
9.700 |
|
Exceptional Items |
0.000 |
|
PBDT |
34.400 |
|
Depreciation |
5.000 |
|
Profit Before Tax |
29.400 |
|
Tax |
9.800 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
19.600 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
19.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
14.92
|
15.94 |
12.45 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
25.55
|
32.52 |
27.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.78
|
11.05 |
9.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.03 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.06
|
0.07 |
0.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.10
|
1.96 |
2.19 |
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 |
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 |
Yes |
|
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 |
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 |
LITIGATION DETAILS
CASE DETAILS
BENCH:-BOMBAY
|
|
Lodging No.:- |
ITXAL/2410/2010 |
Filing Date:- |
25/11/2010 |
Reg. No.:- |
ITXA/6989/2010 |
Reg. Date:- |
31/12/2010 |
|
|
|
Petitioner:- |
The Commissioner
of Income Tax Central - II |
Respondent:- |
M/S. Oricon
Enterprises Limited |
|
|
|
Petn.Adv.:- |
J.S Saluja |
Resp.Adv.:- |
S. M Kazi |
|
|
|
District: Bench:- |
Mumbai DIVISION |
|
|
|
|
|
Status:- |
Admitted(Unready) |
Category:- |
TAX APPEALS |
|
|
|
Last Date:- |
09/10/2012 |
Stage:- |
FOR ADMISSION -
FRESH |
|
|
|
Last Coram:- |
HON'BLE SHRI
JUSTICE J.P. DEVADHAR |
|
|
|
|
HON'BLE SHRI
JUSTICE M.S. SANKLECHA |
|
|
|
Act :- |
Income Tax Act,
1961 |
Under Section:- |
260A |
FINANCIAL PERFORMANCE;
The sales and other income for the year were
Rs 854.800 Millions as against Rs 743.400 Millions in the previous financial
year. The net profit for the year is Rs. 127.500 Millions.
OVERVIEW:
The Financial Year 2012-2013 continued to be
a challenging year for the world and domestic economy. The global economy,
though improved slowly, did not grow to the extent expected at the commencement
of the year. Indian economic growth fell sharply, touching a decade low, the
industrial sector experienced severe slump, the trade and current account
deficit reached unprecedented risky levels and the inflation remained
stubbornly high during the major part of the year, interest rates remained high
and capital formation took a severe beating.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Term loans Indian rupee loan from banks |
199.502 |
189.262 |
|
Other loans and advances |
|
|
|
Deferred Sales Tax |
18.362 |
18.362 |
|
Inter Corporate Deposit |
4.440 |
7.765 |
|
Short-term
borrowings |
|
|
|
Bill Discounting |
0.000 |
7.660 |
|
Total |
222.304 |
223.049 |
|
NOTE: Indian Rupee Loan from banks (Unsecured)
includes Term Loan amounting to Rs.133.123 Millions taken from Bank and
carries interest Base Rate + 3% + TP. The Loan is repayable in 82 monthly
installments from September 2011 to June 2018 along with interest. Further,
the said loan is guaranteed by the personal guarantee of three directors of
the Company. Indian Rupee Loan from banks (Unsecured)
includes Term Loan amounting to Rs.93.805 Millions taken from Bank and
carries interest BPLR + 3.15%. The Loan is repayable in 120 monthly
installments of Rs.1.153 Millions starting from September 2012 and Rs.0.264
Millions starting from October 2012 along with interest. Inter Corporate Deposits (Unsecured) are
interest free, Fixed Deposits (Unsecured) represents Deposits
borrowed from Public. The said deposit carries interest in the range of 6% to
15%. The said deposits are matured but not claimed. Bill Discounting (Unsecured) represents bills discounted with Bank and carries interest @ Base rate + 0.75%. The usance period of said facility is upto 180 days. |
||
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
|
Contingent
Liabilities not provided for in respect of: |
|
|
|
Guarantees given by Company's Bankers and counter guaranteed by the Company |
-- |
-- |
|
Disputed demands of Excise Duly |
12.573 |
12.573 |
|
Income Tax demands disputed In appeals |
54.060 |
9.221 |
|
Assignment of sales tax liability |
154.827 |
184.526 |
|
On account of corporate guarantees to a Company for financial facility extended to subsidiary Company |
40.000 |
40.000 |
|
Letter of Credit |
94.248 |
100.781 |
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2013
(Rs. In Millions)
|
Sr. No. |
Particulars |
Quarter Ended 30th June, 2013 |
|
|
|
(Unaudited) |
|
1 |
Income
from Operations |
|
|
|
(a) Sale
of Products (Net of Excise) |
183.945 |
|
|
(b) Other
Operating Income |
0.717 |
|
|
Total
income from Operations (Net) |
184.662 |
|
2 |
Expenses |
|
|
|
(a)
Consumption of Raw Material |
99.422 |
|
|
(b)
Purchase of Traded Goods |
49.776 |
|
|
(c)
(Increase) / Decrease in Stock in Trade and Work in |
2.177 |
|
|
Progress |
|
|
|
(d)
Employee Benefits Expense |
9.849 |
|
|
(e)
Depreciation and Amortisation Expenses |
4.948 |
|
|
(f)
Consumption of Stores & Spares |
2.641 |
|
|
(g) Other
Expenses |
19.670 |
|
|
Total
expenses |
188.483 |
|
3 |
Profit /
(Loss) from Operations before Other Income, |
(3.821) |
|
|
Finance
Costs and Exceptional Items (1- 2) |
|
|
4 |
(a) Other
Income |
42.947 |
|
|
(b) Loss
on Sale of Investment |
- |
|
5 |
Profit /
(Loss) from Ordinary Activities before Finance |
39.126 |
|
|
Costs and
Exceptional Items (3 - 4) |
|
|
6 |
Finance
Costs |
9.700 |
|
7 |
Profit /
(Loss) from ordinary activities after finance |
29.426 |
|
|
costs but
before exceptional items (5 - 6) |
|
|
8 |
Exceptional
Items |
- |
|
9 |
Profit/
(Loss) from ordinary activities before tax (7 - 8) |
29.426 |
|
10 |
Tax
expense |
|
|
|
Current
Tax |
10.500 |
|
|
Deferred
Tax |
(0.661) |
|
|
Income Tax
for earlier year |
- |
|
11 |
Net Profit
/ (Loss) form ordinary activities after tax (9 - |
19.587 |
|
|
10) |
|
|
12 |
Extraordinary
items |
- |
|
13 |
Net Profit
/ (Loss) for the period (11 - 12) |
19.587 |
|
14 |
Paid-up
Equity Share Capital |
205.095 |
|
|
(Face
Value: Rs.2/- per share) |
|
|
15 |
Reserve
excluding Revaluation Reserve |
|
|
16 |
Earnings
per share (Face Value Rs.2/- each) |
|
|
(i) |
Before
Extraordinary Items |
|
|
|
(a) Basic |
0.16 |
|
|
(b)
Diluted |
0.12 |
|
(ii) |
After
Extraordinary Items |
|
|
|
(a) Basic |
0.16 |
|
|
(b)
Diluted |
0.12 |
|
Sr. No. |
Particulars |
Quarter Ended 30th June, 2013 |
|
|
|
(Unaudited) |
|
1 |
Public
Shareholding Number of
Shares (Face Value: Rs.2/- per share) |
38,446,440 |
|
|
Percentage
of shareholding |
37.49 |
|
2 |
Promoters
and Promoter Group Shareholding (a)
Pledged / Encumbered |
|
|
|
Number of
Shares (Face Value: Rs.2/- per share) |
28,000,000 |
|
|
Percentage
of shares ( as a % of the total shareholding of promoter and promoter group) |
43.68 |
|
|
Percentage
of shares ( as a % of the total share capital of the company) |
27.30 |
|
|
(b) Non -
encumbered |
|
|
|
Number of
Shares (Face Value: Rs.2/- per share) |
36,101,275 |
|
|
Percentage
of shares ( as a % of the total shareholding of promoter and promoter group) |
56.32 |
|
|
Percentage
of shares ( as a % of the total share capital of the company) |
35.20 |
(B) Information on Investors' Complaints
for the 3 months ended 30th June, 2013
|
Particulars |
30th June,
2013 |
|
Pending at
the beginning of the quarter |
-- |
|
Received
during the quarter |
1 |
|
Disposed
of during the quarter |
1 |
|
Remaining
unresolved at the end of the quarter |
-- |
SEGMENT
INFORMATION
(Rs. In Millions)
|
Sr. No. |
Particulars |
Quarter Ended 30th June,
2013 |
|
|
|
(Unaudited) |
|
(i) |
Segment
Revenue |
|
|
|
(a)
Petrochemical |
101.963 |
|
|
(b)
Trading |
50.772 |
|
|
(c) Liquid
Colorants |
7.845 |
|
|
(d) Pet
Bottle |
24.082 |
|
|
Total |
184.662 |
|
|
Less:
Inter Segment Revenue |
- |
|
|
Net Sales
/ Income from Operations |
184.662 |
|
(ii) |
Segment
Results |
|
|
|
[Profit(+)
/ Loss(-) before tax and Interest from each |
|
|
|
segment] |
|
|
|
(a)
Petrochemical |
10.754 |
|
|
(b)
Trading |
0.776 |
|
|
(c) Liquid
Colorants |
1.026 |
|
|
(d) Pet
Bottle |
0.225 |
|
|
Total |
12.781 |
|
|
Less: |
|
|
|
(i)
Interest |
(9.370) |
|
|
(ii) Other
unallocable income net off unallocable |
26.015 |
|
|
expenditure |
|
|
|
Total
Profit Before Tax |
29.426 |
|
(iii) |
Capital
Employed |
|
|
|
(Segment
Assets - Segment Liabilities) |
|
|
|
(a)
Petrochemical |
81.762 |
|
|
(b)
Trading |
121.310 |
|
|
(c) Liquid
Colorants |
39.249 |
|
|
(d) Pet
Bottle |
76.141 |
|
|
(e)
Unallocable |
4836.457 |
|
|
Total |
5154.919 |
NOTE:
The above results have been reviewed by the audit
committee and approved by the Board of Directors at its meeting held on 10th
August, 2013.
The figures for the quarter ended 31st March,
2013 are the balancing figures between audited figures in respect of the full
financial year ended 31st March, 2013 and the unaudited published year to date
figures upto 31st December, 2012, being the end of the third quarter of the
previous financial year.
Figures for the previous periods are re-classified / re-arranged / re-grouped, wherever necessary
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10283034 |
02/04/2011 |
80,000,000.00 |
PUNJAB NATIONAL BANK |
SHIV E NUMH,, DR
ANNIE BESANT ROAD, WORLI, MUMBAI , MAHARASHTRA - 400018, INDIA |
B11046869 |
|
2 |
10093928 |
31/12/2011 * |
456,000,000.00 |
PUNJAB NATIONAL BANK |
SHIV E NUMH, DR
ANNIE BESANT ROAD, WORLI, MUMBAI, |
B30606651 |
|
3 |
10018183 |
18/08/2006 |
45,000,000.00 |
ORIENTAL BANK OF COMMERCE |
ANDHERI (WEST)
BRANCH, 212 MANUBHARTI, S. V.ROAD, MUMBAI, MAHARASHTRA - 400058, INDIA |
A04063715 |
|
4 |
80026315 |
15/02/1999 |
100,000,000.00 |
IDBI |
IDBI TOWER,
CUFFE PARADE , MUMBAI, MAHARASHTRA |
- |
|
5 |
80026310 |
16/01/1998 |
150,000,000.00 |
IDBI |
IDBI TOWER ,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
6 |
80026319 |
30/10/1996 |
90,000,000.00 |
CBET |
JEHANGIR WADIA
BLDG., FORT , MUMBAI, MAHARASHTRA |
- |
|
7 |
80026309 |
15/02/1996 |
90,000,000.00 |
IDBI |
IDBI TOWER,
CUFFE PARADE , MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
FIXED ASSETS
Tangible Assets
- Leasehold
Land
- Freehold Land
- Building
- Residential
Flats
- Plant and
Machinery
- Electric
Installations
- Office
Equipments
- Computer
- Furniture and
Fixtures
- Vehicles
- Fire Fighting
Equipments
- Laboratory
Equipments
- Weighing
Machines
Intangible Assts
- Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.61.53 |
|
|
1 |
Rs.99.75 |
|
Euro |
1 |
Rs.84.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.