MIRA INFORM REPORT
|
Report Date : |
28.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
JAYSYNTH DYESTUFF (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
301 Sumer Kendrap B Marg, Worli, Mumbai – 400018, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
08.03.1985 |
|
|
|
|
Com. Reg. No.: |
11-035564 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.8.690 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L24114MH1985PLC035564 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNEJ08640C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACJ1253F |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturers and Suppliers of
Dyes, Pigments and Digital Ink and a premier supplier of products and
services to the textiles, plastics, printing inks and paint industry. |
|
|
|
|
No. of Employees
: |
87 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payments are reported to
be usually correct. The company can be considered for normal 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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 DENIED
Management Non Co-operative (91-22-30423048)
LOCATIONS
|
Registered / Corporate Office : |
301 Sumer Kendrap B Marg, Worli, Mumbai – 400018, Maharashtra, India |
|
Tel. No.: |
91-22-30423048 |
|
Fax No.: |
91-22-30423433 / 30423434 |
|
E-Mail : |
|
|
Website : |
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|
|
|
Factory : |
Plot No.A-29, MIDC Industrial Area, Patalganga, Taluka-Khalapur,
District Raigad, Maharashtra, India |
|
|
|
|
Processing Unit : |
Plot No. G-5, MIDC Industrial Area, Taloja, Taluka-Panvel, District
Raigad, Maharashtra, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Parag. S. Kothari |
|
Designation : |
Chairman and Managing Directors |
|
|
|
|
Name : |
Mr. Nikhil. S. Kothari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dhansukh. N. Shukla (Expired on 30/06/2013) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajendra M. Desai |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Prakash M. Kale |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bhavesh V. Panjuani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kulinkant N. Manek |
|
Designation : |
Additional Director (w.e.f. 27/05/2013) |
KEY EXECUTIVES
|
Name : |
Mr. Mangesh Patil |
|
Designation : |
Chief Manager Accounts and
Compliance Officer |
SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
5450123 |
62.72 |
|
|
340641 |
3.92 |
|
|
5790764 |
66.64 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
5790764 |
66.64 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
4800 |
0.06 |
|
|
949 |
0.01 |
|
|
5749 |
0.07 |
|
|
|
|
|
|
488234 |
5.62 |
|
|
|
|
|
|
1274383 |
14.67 |
|
|
1074972 |
12.37 |
|
|
55598 |
0.64 |
|
|
33002 |
0.38 |
|
|
22596 |
0.26 |
|
|
2893187 |
33.29 |
|
Total Public shareholding (B) |
2898936 |
33.36 |
|
Total (A)+(B) |
8689700 |
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) |
8689700 |
0.00 |
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BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Suppliers of
Dyes, Pigments and Digital Ink and a premier supplier of products and services
to the textiles, plastics, printing inks and paint industry. |
GENERAL INFORMATION
|
No. of Employees : |
87 (Approximately) |
|
|
|
|
Bankers : |
·
HDFC Bank Limited ·
Syndicate Bank |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
C. J. Shah and Associates Chartered Accountants |
|
|
|
|
Associates : |
·
Jaysynth lmpex Limited ·
Jay Chemi Colour Industries ·
Jaysynth (Europe) Limited ·
Jay Instruments and Systems Private
Limited ·
Trichromy Enterprises Private Limited ·
R P
Trading Co. ·
Shri. Sharadchandra Shoorji Trikamdas
Charitable Trust |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
110000000 |
Equity Shares |
Re.1/- each |
Rs.110.000 Millions |
|
700000 |
5% Non-Convertible Non-Cumulative Preference Shares |
Rs.10/- each |
Rs.7.000 Millions |
|
4300000 |
Unclassified Shares |
Rs.10/- each |
Rs.43.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.160.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8689700 |
Equity Shares |
Re.1/- each |
Rs.8.690 Millions |
|
|
|
|
|
a.
Reconciliation of the number of shares and the amount outstanding at the beginning and at the end of 31.03.2013
|
5% Non-Convertible
Non-Cumulative Preference shares of Rs.10/- each, fully paid up |
Number
of Shares |
|
Number of shares |
-- |
|
Total |
-- |
b.
Rights, Preferences and restrictions attached to
shares:
The
company has one class of equity shares having a par value of Re.1/- per
share. Each shareholder is eligible
for one vote per share held. The Dividend when proposed by the Board of Directors is subject to the
approval of the shareholders In
the Annual General Meeting except
In case of interim dividend. In the event of liquidation, the equity
shareholders are eligible to receive the
assets of the company remaining after
distribution of all preferential amounts in proportion of their shareholding.
c.
Details of Shares held by each shareholder holding
more than 5% Share
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Jayshree
S Kothari |
1675757 |
19.28 |
|
Parag
S Kothari |
1516696 |
17.45 |
|
Nikhil
S Kothari |
1520236 |
17.49 |
|
Sharadchandra
S Kothari |
727414 |
8.37 |
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 |
8.690 |
8.690 |
15.690 |
|
(b) Reserves & Surplus |
444.061 |
376.879 |
345.438 |
|
(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) |
452.751 |
385.569 |
361.128 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
16.143 |
3.343 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
3.280 |
2.053 |
2.335 |
|
Total Non-current
Liabilities (3) |
19.423 |
5.396 |
2.335 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
230.075 |
157.607 |
152.555 |
|
(c) Other
current liabilities |
60.026 |
32.921 |
26.179 |
|
(d) Short-term
provisions |
6.302 |
3.407 |
3.455 |
|
Total Current
Liabilities (4) |
296.403 |
193.935 |
182.189 |
|
|
|
|
|
|
TOTAL |
768.577 |
584.900 |
545.652 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
128.570 |
117.478 |
88.295 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
1.666 |
2.807 |
|
(iv)
Intangible assets under development |
2.546 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.010 |
0.010 |
0.016 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
14.827 |
|
(d) Long-term Loan and Advances |
9.091 |
8.910 |
25.263 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
140.217 |
128.064 |
131.208 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
77.565 |
22.356 |
23.453 |
|
(b)
Inventories |
117.753 |
113.329 |
80.540 |
|
(c) Trade
receivables |
274.631 |
214.074 |
221.436 |
|
(d) Cash
and cash equivalents |
53.163 |
29.296 |
19.183 |
|
(e)
Short-term loans and advances |
93.554 |
56.064 |
43.428 |
|
(f) Other
current assets |
11.694 |
21.717 |
26.404 |
|
Total
Current Assets |
628.360 |
456.836 |
414.444 |
|
|
|
|
|
|
TOTAL |
768.577 |
584.900 |
545.652 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1,224.656 |
917.268 |
942.587 |
|
|
|
Other Income |
9.063 |
2.514 |
2.997 |
|
|
|
TOTAL (A) |
1,233.719 |
919.782 |
945.584 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
540.207 |
322.798 |
313.431 |
|
|
|
Purchase of Stock-in-trade |
393.233 |
389.216 |
427.902 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(9.674) |
(19.955) |
24.423 |
|
|
|
Manufacturing & Operating Expenses |
64.321 |
54.797 |
33.574 |
|
|
|
Employee Benefit Expenses |
40.004 |
32.113 |
24.658 |
|
|
|
Other Expenses |
92.092 |
69.308 |
50.839 |
|
|
|
TOTAL (B) |
1,120.183 |
848.277 |
874.827 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
113.536 |
71.505 |
70.757 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.035 |
2.574 |
2.526 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
110.501 |
68.931 |
68.231 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
8.003 |
6.494 |
4.892 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
102.498 |
62.437 |
63.339 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
32.315 |
16.827 |
18.665 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
70.183 |
45.610 |
44.674 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
144.878 |
133.437 |
115.763 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Deferred Tax Liability |
3.000 |
14.000 |
0.000 |
|
|
|
Transfer to General Reserve |
20.000 |
20.000 |
20.000 |
|
|
|
Transfer to Capital Redemption Reserve |
0.000 |
0.000 |
7.000 |
|
|
|
Preference Dividend (Including Dividend Distribution
Tax) |
0.000 |
0.169 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
192.061 |
144.878 |
133.437 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
767.125 |
602.904 |
614.544 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
73.298 |
71.508 |
62.792 |
|
|
|
Finished Goods |
4.313 |
3.076 |
4.924 |
|
|
|
Stores & Components |
18.358 |
7.147 |
6.600 |
|
|
|
Capital Goods |
2.970 |
12.751 |
6.254 |
|
|
TOTAL IMPORTS |
98.939 |
94.482 |
80.570 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.08 |
5.25 |
5.14 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
292.100 |
350.900 |
274.100 |
|
Total Expenditure |
268.100 |
317.500 |
247.900 |
|
PBIDT (Excluding Other Income) |
24.000 |
33.400 |
26.200 |
|
Other income |
8.300 |
10.400 |
3.000 |
|
Operating Profit |
32.300 |
43.800 |
29.200 |
|
Interest |
0.000 |
1.100 |
0.100 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
32.300 |
42.700 |
29.100 |
|
Depreciation |
2.200 |
2.200 |
2.500 |
|
Profit Before Tax |
30.100 |
40.500 |
26.600 |
|
Tax |
8.900 |
8.000 |
7.900 |
|
Profit after tax |
21.200 |
32.500 |
18.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.69 |
4.96 |
4.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.37 |
6.81 |
6.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.38 |
12.92 |
12.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.16 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.12 |
2.36 |
2.27 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
15.690 |
8.690 |
8.690 |
|
Reserves & Surplus |
345.438 |
376.879 |
444.061 |
|
Net
worth |
361.128 |
385.569 |
452.751 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
%20LIMITED%20-%20264772%2028-Apr-2014_files/image022.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
942.587 |
917.268 |
1,224.656 |
|
|
|
(2.686) |
33.511 |
%20LIMITED%20-%20264772%2028-Apr-2014_files/image024.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
942.587 |
917.268 |
1,224.656 |
|
Profit |
44.674 |
45.610 |
70.183 |
|
|
4.74% |
4.97% |
5.73% |
%20LIMITED%20-%20264772%2028-Apr-2014_files/image026.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
REVIEW
OF OPERATIONS:
During the year revenue from operation is Rs.1224.656 Millions as against
Rs.917.268 Millions registered during previous accounting year. Net Profit
during the year was Rs.102.498 Millions as against Rs.62.437 Millions
registered during previous accounting year. Net profit after tax for the year was Rs.70.183 Millions as
against Rs.45.610 Millions an increase of 53.87%.
MANAGEMENT DISCUSSION AND ANALYSIS
REPORT
OVERVIEW OF THE ECONOMY –
Global
economy experienced a slowdown especially noticed in developed economies, which
had its impact on India as well. The Indian economy had to contend with high
inflation and increased lending rates. The tightening of the monetary policy
further slowed down the growth of the economy which effected; all sectors. The
high interest rates coupled with a lackluster reforms process slowed down the
industrial production. This with the subdued performance in services and
agriculture has significantly slowed down
the GDP growth and is expected to be slowest in a decade. The second half of 2072 saw some serious
reform making process and political will in making efforts to bring the economy
back to track. Some tough
economic measures like FDI in retail, Oil & Gas and Power Sectors saw light
in second half of 2012. While the economic challenges continue there is a sense
of confidence. The under tone in the markets is that the worst is over. With
positive Government action the reforms process is encouraging. Inflation is
expected to slow down in 2013 and pave the way for reduction in the interest
rate in a phased manner. These factors are collectively expected to end the
slump in factory output. GDP growth is expected to improve to 6 to 7% in 2013.
INDUSTRIAL STRUCTURE AND DEVELOPMENTS –
Indian
dye stuff industry has been in existence for about forty five years, though a
few MNC established units in pre- independence era. The dyestuff industry is
widely scattered. Presently, the dyestuff industry in India is totally
self-dependent. It also has strong holds in natural dyestuff market, Indian
dyestuff industry globally supplies dyestuff and dye intermediates especially
for reactive, acid and direct dyes. Indian dyestuff industry produces
approximately six percent of global dye production. The dye intermediates are
essentially derivatives of petroleum products which after further processing
gets transformed into finished dyes and pigments. The dyestuff industry is an
integral part of a huge number of industries like Textile, Leather. Plastics,
Paints, Rubber, Printing Inks and Pharmaceuticals, etc. Based on the fiscal
measures taken by the governments and central banks of all major world
economies, the world is expecting the tide to turn. Despite of un-encouraging
global economic forecast the outlook for Indian economy is projecting a growth
of 6 to 7% in the coming year. Share of developed countries in world production
of dyes has come down from 65%
to 50%. The developed world is
not interested in further growth of the dyestuff industries in their countries
and would prefer to source their requirements from countries like India, China,
Taiwan, Korea, Indonesia etc. Indian entrepreneurs will require to grab this
opportunity.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80053307 |
26/07/2002 |
2,000,000.00 |
BANK
OF BARODA |
TARDEO
BR., MUMBAI, MAHARASHTRA - 400034, INDIA |
- |
|
2 |
90387590 |
26/07/2002 |
2,000,000.00 |
BANK
OF BARODA |
MUMBAI,
MUMBAI, MAHARASHTRA, INDIA |
- |
|
3 |
90387465 |
24/06/1999
* |
120,000,000.00 |
ICICI
BANK LTD. |
BANDRA
KURLA COMPLEX, MUMBAI, MAHARASHTRA, INDIA |
- |
|
4 |
90387427 |
15/01/1999
* |
63,000,000.00 |
ICICI
BANK LTD. |
163 BACKBAY
RECLAMATION, MUMBAI, MAHARASHTRA, INDIA |
- |
|
5 |
90387425 |
29/03/2005
* |
80,000,000.00 |
TRICHMOMY
ENTERPRISESS PVT. LTD. |
52
NEW BARDEN LANE, MUMBAI, MAHARASHTRA, INDIA |
- |
|
6 |
90387391 |
17/04/1995
* |
75,000,000.00 |
ICICI
BANK LTD. |
163
BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA |
- |
|
7 |
80053305 |
30/09/2004
* |
40,000,000.00 |
S.A.S.
FUND |
IDBI
TOWER, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
8 |
90387363 |
13/12/1996
* |
1,320,700.00 |
BANK
OF INDIA |
MANDVI
BRANCH, NARSI NATHA STREET, MUMBAI, MAHARASHTRA, INDIA |
- |
|
9 |
90387358 |
01/04/1998
* |
21,600,000.00 |
ICICI
BANK LTD. |
163
BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA |
- |
|
10 |
90387308 |
17/04/1995
* |
30,000,000.00 |
SCICI
BANK LTD. |
CUFFE
PARADE, MUMBAI, MAHARASHTRA, INDIA |
- |
|
11 |
80053327 |
25/02/1997 |
21,240,000.00 |
I
CIC I BANK LTD |
BACKBAY
RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
12 |
80053328 |
25/02/1997 |
21,240,000.00 |
W.I.T.AND
E. CO LTD |
161/C
MITTAL COURT, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
13 |
90387284 |
09/04/2004
* |
21,240,000.00 |
THE
WESTERN INDIA INVESTMENT AND EXECUTER CO. LTD. |
NARIMAN
POINT, MUMBAI, MAHARASHTRA, INDIA |
- |
|
14 |
90387261 |
23/12/1996
* |
16,000,000.00 |
BANK
OF INDIA |
NARSHI
NATHA STREET, MUMBAI, MAHARASHTRA, INDIA |
- |
|
15 |
90387259 |
09/04/2004
* |
100,000,000.00 |
THE
WESTERN INDIA INVESTMENT AND EXECUTER CO. LTD. |
NARIMAN
POINT, MUMBAI, MAHARASHTRA, INDIA |
- |
|
16 |
80053325 |
23/10/1996 |
104,760,000.00 |
ICICI
BANK LTD |
BACKBAY
RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
17 |
80053326 |
23/10/1996 |
104,760,000.00 |
THE
W I T AND E CO. LTD |
161/C
MITTAL COURT , NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
18 |
90387253 |
25/09/1996 |
60,000,000.00 |
ICICI
BANK LTD. |
163
BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA |
- |
|
19 |
90374482 |
18/06/1996 |
15,000,000.00 |
ICDS
LIMITED |
SYNDICATE,
MANIPAL, ASSAM, INDIA |
- |
|
20 |
90387232 |
15/01/1997
* |
20,000,000.00 |
THE
INDUSTRIAL CREDIT & INVESTMENT CORPORATION OF |
163
BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA |
- |
|
21 |
90387229 |
15/01/1997
* |
26,000,000.00 |
BANK
OF INDIA |
MANDVI
BRANCH, MUMBAI, MAHARASHTRA, INDIA |
- |
|
22 |
80053324 |
19/03/1996 |
30,000,000.00 |
W I
T E CO. LTD |
161/C,
MITTAL COURT, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
23 |
90387205 |
09/04/2004
* |
30,000,000.00 |
THE
WESTERN INDIA INVESTMENT AND EXECUTER CO. LTD. |
NARIMAN
POINT, MUMBAI, MAHARASHTRA, INDIA |
- |
|
24 |
90387196 |
07/09/1995
* |
40,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI
TOWER, COLOBA, MUMBAI, MAHARASHTRA, INDIA |
- |
|
25 |
80053306 |
07/02/1996
* |
24,000,000.00 |
ICICI
LTD |
BACKBAY
RECLAMATION, CHURCHGATE, MUMBAI, MAHARASH |
- |
|
26 |
90387194 |
29/03/2005
* |
24,000,000.00 |
TRICHMOMY
ENTERPRISESS PVT. LTD. |
52
NEW BARDEN LANE, MUMBAI, MAHARASHTRA, INDIA |
- |
|
27 |
90387189 |
25/04/1996
* |
4,000,000.00 |
BANK
OF INDIA |
NARSI
NATHA STREET, MUMBAI, MAHARASHTRA, INDIA |
- |
|
28 |
90387187 |
07/02/1996
* |
1,000,000.00 |
BANK
OF INDIA |
NARSHI
NATHA STREET, MUMBAI, MAHARASHTRA, INDIA |
- |
|
29 |
80053303 |
25/04/1996
* |
4,000,000.00 |
BANK
OF INDIA |
281/287,
NARASINATHA STREET, MUMBAI, MAHARASHTRA - 400003, INDIA |
- |
|
30 |
80053304 |
23/12/1996
* |
4,000,000.00 |
BANK
OF INDIA |
281/287,
NARSINATHA STREET, MUMBAI, MAHARASHTRA - 400003, INDIA |
- |
|
31 |
90387169 |
23/12/1996
* |
4,000,000.00 |
BANK
OF INDIA |
MANDVI
BRANCH, MUMBAI, MAHARASHTRA, INDIA |
- |
|
32 |
90387157 |
30/08/1995 |
4,730,000.00 |
BANK
OF BARODA |
BANDRA
BRANCH, MUMBAI, MAHARASHTRA, INDIA |
- |
|
33 |
80053330 |
27/04/1995 |
45,000,000.00 |
I.C.I.CI.
LTD |
163,
BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
34 |
90387105 |
28/01/1995 |
1,000,000.00 |
BANK
OF BARODA |
MUMBAI,
MUMBAI, MAHARASHTRA, INDIA |
- |
|
35 |
80053313 |
14/08/1995
* |
45,000,000.00 |
ICICI
LTD |
163,
BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
36 |
80053308 |
23/12/1994 |
100,000,000.00 |
ICICI
LTD |
BACKBAY
RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
37 |
90387096 |
14/08/1995
* |
45,000,000.00 |
ICICI
BANK LTD. |
163 BACKBAY
RECLAMATION, MUMBAI, MAHARASHTRA, INDIA |
- |
|
38 |
80053321 |
15/12/1994 |
1,200,000.00 |
STATE
BANK OF INDIA |
JUST.G.
N. VAIDYA MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
39 |
80053309 |
15/12/1994 |
3,000,000.00 |
STATE
BANK OF INDIA |
JUST.
J. N. VAIDYA MARG, MUMBAI, MAHARASHTRA - 400 |
- |
|
40 |
80053314 |
15/12/1994
* |
9,000,000.00 |
STATE
BANK OF INDIA |
JUST.
J. N. VAIDYA MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
41 |
90387092 |
15/12/1994
* |
1,200,000.00 |
STATE
BANK OF INDIA |
JUSTICE
G.N. VAIDYA MARG, MUMBAI, MAHARASHTRA, INDIA |
- |
|
42 |
90387080 |
30/10/1994 |
65,000,000.00 |
ICICI
BANK LTD. |
163
BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA |
- |
|
43 |
80053323 |
10/10/1994 |
65,000,000.00 |
ICICI
LTD |
BACKBAY
RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
44 |
80053329 |
14/02/1994 |
7,000,000.00 |
BANK
OF INDIA |
KHAND
BAZAR, 125/127,KAZY SAYED STREET, MUMBAI, M |
- |
|
45 |
90387010 |
23/12/1996
* |
10,500,000.00 |
BANK
OF INDIA |
NARSHI
NATHA STREET, MUMBAI, MAHARASHTRA, INDIA |
- |
|
46 |
80053317 |
30/11/1993 |
1,800,000.00 |
BANK
OF BARODA |
TARDEO
BR, MUMBAI, MAHARASHTRA - 400034, INDIA |
- |
|
47 |
80053318 |
30/11/1993 |
1,800,000.00 |
BANK
OF BARODA |
TARDEO
BR, MUMBAI, MAHARASHTRA - 400034, INDIA |
- |
|
48 |
80053315 |
30/11/1993 |
4,200,000.00 |
BANK
OF BARODA |
TARDEO
BR, MUMBAI, MAHARASHTRA - 400034, INDIA |
- |
|
49 |
80053316 |
30/11/1993 |
4,200,000.00 |
BANK
OF BARODA |
TARDEO
BR, MUMBAI, MAHARASHTRA - 400034, INDIA |
- |
|
50 |
80053319 |
30/11/1993 |
9,000,000.00 |
BANK
OF BARODA |
TARDEO
BR., MUMBAI, MAHARASHTRA - 400034, INDIA |
- |
|
51 |
90387009 |
07/02/1996
* |
1,000,000.00 |
BANK
OF INDIA |
NARSHI
NATHA STREET, MUMBAI, MAHARASHTRA, INDIA |
- |
|
52 |
90387002 |
25/04/1996
* |
4,000,000.00 |
ICICI
BANK LTD. |
163
BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA |
- |
|
53 |
80053310 |
11/05/2005
* |
30,000,000.00 |
SCICI
LTD |
141,
MAKAR TOWER "F" , CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA -
400005, INDIA |
- |
|
54 |
80053311 |
17/04/1995
* |
30,000,000.00 |
UNIT
TRUST OF INDIA |
13,
V.T. MARG, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
55 |
80053312 |
17/04/1995
* |
75,000,000.00 |
ICICI
LTD |
BACKBAY
RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
56 |
90386976 |
17/04/1995
* |
30,000,000.00 |
UNIT
TRUST OF INDIA |
13
V.B. MARG, MUMBAI, MAHARASHTRA, INDIA |
- |
|
57 |
90386701 |
30/09/2004
* |
40,000,000.00 |
STRESSED
ASSETS STABBISATION FUND |
IDBI
TOWER, WTC COMPLEX CUFFE PARADE, MUMBAI, MAHARASHTRA, INDIA |
- |
|
58 |
80053320 |
10/02/1987 |
500,000.00 |
BANK
OF INDIA |
125/127,
KAZY SAYED TREET, MUMBAI, MAHARASHTRA - 400003, INDIA |
- |
|
59 |
80053322 |
10/02/1987 |
2,000,000.00 |
BANK
OF INDIA |
125/127
KAZY SAYED STREET, MUMBAI, MAHARASHTRA - 400009, INDIA |
- |
|
60 |
90386650 |
15/10/1987
* |
1,500,000.00 |
BANK
OF INDIA |
125/127
KAZI SAYED ST., MUMBAI, MAHARASHTRA, INDIA |
- |
|
61 |
90374412 |
04/07/1980 |
1,250,000.00 |
ICDS
LIMITED |
SYNDICATE,
MANIPAL, ASSAM, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
·
Building
·
Plant and machinery
·
Electrical installation
·
Furniture and fixtures
·
Vehicles
·
Equipment
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
271.300 |
341.400 |
899.600 |
|
b) Other operating income |
2.800 |
9.500 |
17.500 |
|
Total
income from Operations(net) |
274.100 |
350.900 |
917.100 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
129.000 |
160.600 |
414.900 |
|
b) Purchases of stock in trade |
99.900 |
111.000 |
275.900 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(39.600) |
(22.300) |
(34.700) |
|
d) Employees benefit expenses |
12.300 |
11.500 |
35.300 |
|
e) Depreciation and amortization expenses |
2.500 |
2.200 |
6.900 |
|
f) Other expenditure |
46.300 |
56.700 |
142.100 |
|
Total expenses |
250.400 |
319.700 |
840.400 |
|
3. Profit from operations before other income and
financial costs |
23.700 |
31.200 |
76.700 |
|
4. Other income |
3.000 |
10.400 |
21.700 |
|
5. Profit from ordinary activities before finance costs |
26.700 |
41.600 |
98.400 |
|
6. Finance costs |
0.100 |
1.100 |
1.200 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
26.600 |
40.500 |
97.200 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
26.600 |
40.500 |
97.200 |
|
10.Tax expenses |
7.900 |
8.000 |
24.800 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
18.700 |
32.500 |
72.400 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
18.700 |
32.500 |
72.400 |
|
14.Paid-up
equity share capital (Nominal value Re. 1/- per share) |
8.700 |
8.700 |
8.700 |
|
15. Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Re. 1/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
2.15 |
3.74 |
8.33 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
2898936 |
2898936 |
2898936 |
|
- Percentage of shareholding |
33.36 |
33.36 |
33.36 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
0 |
0 |
0 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
0.00 |
0.00 |
0.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
5790764 |
5790764 |
5790764 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
66.64 |
66.64 |
66.64 |
|
B.
Investor Complaints |
3
Months ended 31st December, 2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unreserved at the end of the quarter |
Nil |
NOTES:
1.
The above mentioned
financial results have been reviewed by the Audit Committee and approved by the
Board of Directors, at its meeting held on February 14, 2014.
2.
In accordance with the
requirement of clause 41 of the listing Agreement with stock Exchange the
statutory auditors have performed limited review of the above unaudited financial
results for the quarter ended December 31, 2013.
3.
The Company has only
one Segment.
4.
Previous period
figures have been regrouped/rearranged wherever required.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.60.12 |
|
UK Pound |
1 |
Rs.102.71 |
|
Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.