MIRA
INFORM REPORT
|
Report Date : |
13.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
GINNI FILAMENTS LIMITED |
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Registered
Office : |
110 K.M. Stone, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.07.1982 |
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Com. Reg. No.: |
20-012550 |
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Capital
Investment / Paid-up Capital : |
Rs.781.501
Millions |
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CIN No.: [Company Identification
No.] |
L71200UP1982PLC012550 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELG08946A |
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PAN No.: [Permanent Account No.] |
AABCG0942K |
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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 Yarn, Knitted Fabric, Non-Woven Fabric, Garments and Wipes. |
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No. of Employees
: |
2357 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial
risk profile and low reserves of the company. However, trade relations are fair. Business is active. Payment are
reported to be slow but correct. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities BB- |
|
Rating Explanation |
Inadequate degree of safety and high credit
risk. |
|
Date |
April 07, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
April 07, 2014 |
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
31-03-2014.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-120-4058400)
LOCATIONS
|
Registered Office/ Factory 1 : |
110 K.M. Stone, Delhi-Mathura Road, Chhata, District Mathura – 281
401, Uttar Pradesh, India |
|
Tel. No.: |
91-5662-242490/ 242491/ 242341/ 246648/ 232438 |
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Fax No.: |
91-5662-242223/ 242248 |
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E-Mail : |
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Website : |
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Corporate Office/ Factory 2 : |
H-6, Sector - 63, NH-24, Noida – 201 307, Uttar Pradesh, India |
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Tel. No.: |
91-120-4058400 |
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Fax No.: |
91-120-4250975-76 |
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Factory 3 : |
Plot No.205-207, GIDC Industrial Area, Panoli, District Bharuch, Ankleshwar
– 394 116, |
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Factory 4 : |
D-38, Industrial Area, Bahadrabad, Haridwar – 249 403, Uttarakhand, India |
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Factory 5 ; |
H-6, Sector 63, NH 24, Noida - 201307, Uttar Pradesh, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Dr. Rajaram Jaipuria |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
Degree in Economic |
|
Date of Birth/Age: |
16.01.1934 |
|
Date of Appointment
: |
28.10.1988 |
|
DIN No.: |
00274866 |
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Name : |
Mr. Shishir Jaipuria |
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Designation : |
Vice-Chairman and Managing Director |
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Qualification : |
M.Com and LLB |
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Date of Birth/Age: |
07.04.1957 |
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Date of Appointment
: |
04.02.1990 |
|
DIN No.: |
00274959 |
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Name : |
Mr. Saket Jaipuria |
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Designation : |
Executive Director |
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Qualification : |
Business Administration |
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|
Name : |
Mr. S. Singhvi |
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Designation : |
Director – Finance |
|
Qualification : |
Charted Accountant |
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Date of Birth/Age: |
21.11.1953 |
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Date of Appointment
: |
30.07.2009 |
|
DIN No.: |
00293272 |
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|
|
Name : |
Mr. R.R Maheshwari |
|
Designation : |
Director (Marketing and Business Development) |
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Qualification : |
M.B.A |
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Date of Birth/Age: |
18.09.1954 |
|
Date of Appointment
: |
30.07.2009 |
|
DIN No.: |
02732734 |
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|
|
|
Name : |
Mr. J.P. Kundra |
|
Designation : |
Director |
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Date of Birth/Age: |
14.04.1930 |
|
Date of Appointment
: |
31.01.2000 |
|
DIN No.: |
00004228 |
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|
Name : |
Mr. O.P. Vaish |
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Designation : |
Director |
|
Qualification : |
Sr. Advocate |
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|
Name : |
Mr. J.K. Bhagat |
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Designation : |
Director |
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Date of Birth/Age: |
02.11.1943 |
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Date of Appointment
: |
28.07.1982 |
|
DIN No.: |
00055972 |
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|
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|
Name : |
Mr. Nripendra Misra |
|
Designation : |
Director (Up to 26th May, 2014) |
|
Qualification : |
Master of Economics |
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|
|
Name : |
Dr. H.P Bhattacharya |
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Designation : |
Director |
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Qualification : |
PHD in Textile Technology |
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Date of Birth/Age: |
13.12.1939 |
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Date of Appointment
: |
30.10.2000 |
|
DIN No.: |
00304475 |
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|
|
|
Name : |
Shri Jagdish Garwal |
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Designation : |
Nominee-IFCI (Up to 13th June, 2014) |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh K. Tripathi |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
43468726 |
61.53 |
|
|
8715 |
0.01 |
|
|
43477441 |
61.54 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
43477441 |
61.54 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
11000 |
0.02 |
|
|
3201099 |
4.53 |
|
|
8510 |
0.01 |
|
|
10 |
0.00 |
|
|
10 |
0.00 |
|
|
3220619 |
4.56 |
|
|
|
|
|
|
2102642 |
2.98 |
|
|
|
|
|
|
10204809 |
14.44 |
|
|
10636500 |
15.06 |
|
|
1008054 |
1.43 |
|
|
1500 |
0.00 |
|
|
55065 |
0.08 |
|
|
168486 |
0.24 |
|
|
52134 |
0.07 |
|
|
730869 |
1.03 |
|
|
23952005 |
33.90 |
|
Total Public shareholding (B) |
27172624 |
38.46 |
|
Total (A)+(B) |
70650065 |
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) |
70650065 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cotton Yarn, Knitted Fabric, Non-Woven Fabric, Garments and Wipes. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
2357 (Approximately) |
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Bankers : |
¨ State Bank of India ¨ Bank of Baroda ¨ The Federal Bank Limited ¨ State Bank of Bikaner and Jaipur ¨ UCO Bank |
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Facilities : |
NOTE: LONG TERM
BORROWINGS Debentures All Debentures are (i) secured by mortgage by deposit of the Title Deeds of immovable properties and by hypothecation of Company's movable properties, ranking pari passu, subject to prior charge on current assets in favour of Company's bankers for working capital. (ii) Guaranteed by 2 Directors. (iii) Secured by pledge of 11.545 millions shares of the company held by promoters' and relatives, ranking pari passu with all term loans and working capital loans. (iv) Redeemable in 17 quarterly instalments from 30th June, 2014 to 30th June, 2018 Term Loans (A)Term Loans of Rs. 1491.985 millions * are (i) secured by mortgage by deposit of the Title Deeds of immovable properties (pending mortgage for term loan of Rs. 63.983 millions {Previous year Rs. 3.992 millions}) and by hypothecation of Company's movable properties, ranking pari-passu, subject to prior charge on current assets in favour of Company's bankers for working capital.(ii) guaranteed by 2 Directors (iii) secured by pledge of 61.55 lacs equity shares of the company held by promoter and relative for Term Loan of Rs. 4.854 millions (previous year Rs. 5.953 millions) and further secured by pledge of 115.45 lacs shares of the company held by promoters' and relatives for Term Loans of Rs. 1428.002 millions (Previous Year Rs.1740.614 millions), ranking pari passu with the Debentures and working capital loans. (iv) Term loans of Rs. 1428.002 millions are repayable in 17 quarterly instalments from 30th June, 2014 to 30th June, 2018 and term loan of Rs. 63.983 millions is repayable in 23 quarterly instalments from 30th June, 2014 to 31st Dec, 2019 (B) Working Capital Term Loans of Rs.169.955 millions * (previous year Rs. 207.700 millions) are secured by third charge on current and fixed assets of the company and guaranteed by 2 Directors and repayable in 17 quarterly instalments from 30th June, 2014 to 30th June, 2018 (C) Loan of Rs. 2750 millions* (previous year – Rs. 3.292 millions) from others are secured against hypothecation of vehicles. Loan of Rs. 2.275 millions is repayable in 47 instalments from 01.04.2014 to 01.02.2018 and Loan of Rs. 0.475 millions is repayable in 48 instalments from 01.04.2014 to 01.03.2018. * including current maturities shown 1. All due instalment and interest during the period has been paid timely. 2. Interest rates on Debentures and term loan, varies during the period i.e. 01.04.2013 to 18.09.2013 @11.95% p.a. 19.09.2013 to 06.11.2013 @12.05% p.a., 07.11.2013 to 31.03.2014 @ 12.25% p.a. except the loan of Rs. 63.983 millions is subject to interest rate which varies during the period 01.04.2013 to 18.09.2013 @ 13.95% p.a.,19.09.2013 to 06.11.2013 @ 14.05% p.a. and 07.11.2013 to 31.03.2014 @ 14.25% p.a. 3. Interest on Foreign currency loan charged @Libor +3% p.a. 4. The above Interest Rate are subject to benefit under T.U.F. Scheme of Government of India SHORT TERM BORROWINGS Working Capital Loans From Banks (A) Interest is charged @ 9.70% to 13.50% p.a. during the year and libor+ 2% to 3.5% on foreign currency loan during the year, (B) (i) Secured to the extent of Rs. 1482.887 millions (Previous Year Rs. 1565.034 millions) by Hypothecation of Inventories and receivables, second charge on the fixed assets of the company. (ii) Further guaranteed by 2 Directors and by pledge of 115.45 Lacs shares (Previous Year 115.45 lacs shares) of the company held by promoters and relatives ranking pari passu with the debentures and term loans as per note no-5 aforsaid. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. L. Gupta and Company Chartered Accountants |
|
Address : |
Noida, Uttar Pradesh, India |
|
|
|
|
Enterprises over
which Key Management personnel are able to exercise significant influence: |
¨ Shree Bhawani Anand Private Limited ¨ Jaipuria Edu Services Private Limited ¨ Kanpur Builders Private Limited ¨ Raghukul Trading Private Limited ¨ Lochan Agro Private Limited ¨ Ginni Nonwoven Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
84285000 |
Equity Shares |
Rs.10/- each |
Rs.842.850 millions |
|
1000000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.100.000 millions |
|
|
|
|
|
|
|
Total
|
|
Rs.942.850
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
70650065 |
Equity Shares |
Rs.10/- each |
Rs.706.501
millions |
|
750000 |
8% Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs.75.000
millions |
|
|
|
|
|
|
|
Total |
|
Rs.781.501 millions |
Reconciliation of No. of shares Outstanding:
|
Particulars |
31st March, 2014 |
|
|
No. of Shares |
(Rs. in millions) |
|
|
Equity shares |
|
|
|
Opening Outstanding Shares |
70650065 |
706.501 |
|
Closing Outstanding Shares |
70650065 |
706.501 |
|
Preference Shares |
|
|
|
Opening Outstanding Shares |
750000 |
75.000 |
|
Closing Outstanding Shares |
750000 |
75.000 |
Shareholders holding more than 5% of total shares
|
Name of Shareholder |
31st March, 2014 |
|
|
No. of Share held |
% of holding |
|
|
Equity Shares |
|
|
|
1. Suniti Devi Jaipuria |
21419294 |
30.32 |
|
2. Sunita Jaipuria |
5675716 |
8.03 |
|
3. Saket Jaipuria |
6136008 |
8.69 |
|
4. Yash Jaipuria |
5720847 |
8.10 |
|
5. Vinod H. Punwani |
4112600 |
5.82 |
|
Preference Shares |
|
|
|
1. Raghukul Trading Private Limited |
750000 |
100.00 |
Aggregate no. of share issued for consideration other than cash during
the period of 5 years immediately preceding the reporting date
|
Particulars |
31.03.2014 |
|
Allotted during FY
2009-10 as fully paid shares pursuant to amalgamation without payment being
received in cash |
11387440 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
781.501 |
781.501 |
781.501 |
|
(b) Reserves & Surplus |
585.757 |
223.045 |
47.695 |
|
(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) |
1367.258 |
1004.546 |
829.196 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1623.318 |
1927.817 |
2271.446 |
|
(b) Deferred tax liabilities (Net) |
128.431 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
51.158 |
51.262 |
40.418 |
|
Total Non-current Liabilities (3) |
1802.907 |
1979.079 |
2311.864 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1502.487 |
1598.534 |
1390.345 |
|
(b) Trade payables |
475.033 |
648.188 |
328.400 |
|
(c) Other current
liabilities |
763.599 |
529.535 |
487.675 |
|
(d) Short-term provisions |
145.342 |
30.688 |
17.338 |
|
Total Current Liabilities (4) |
2886.461 |
2806.945 |
2223.758 |
|
|
|
|
|
|
TOTAL |
6056.626 |
5790.570 |
5364.818 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2748.162 |
2819.145 |
2971.860 |
|
(ii) Intangible Assets |
2.595 |
3.106 |
2.776 |
|
(iii) Capital
work-in-progress |
15.003 |
60.679 |
0.380 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
75.681 |
75.681 |
75.681 |
|
(c) Deferred tax assets (net) |
0.000 |
30.144 |
120.624 |
|
(d) Long-term Loan and Advances |
259.292 |
44.725 |
28.381 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3100.733 |
3033.480 |
3199.702 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1684.364 |
1581.461 |
1259.287 |
|
(c) Trade receivables |
803.165 |
774.016 |
528.060 |
|
(d) Cash and cash
equivalents |
42.120 |
63.954 |
39.343 |
|
(e) Short-term loans and
advances |
424.895 |
336.526 |
338.381 |
|
(f) Other current assets |
1.349 |
1.133 |
0.045 |
|
Total Current Assets |
2955.893 |
2757.090 |
2165.116 |
|
|
|
|
|
|
TOTAL |
6056.626 |
5790.570 |
5364.818 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8680.195 |
7447.216 |
7121.493 |
|
|
|
Other Income |
76.682 |
18.116 |
83.293 |
|
|
|
TOTAL |
8756.877 |
7465.332 |
7204.786 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5138.561 |
4372.234 |
4756.614 |
|
|
|
Purchases of Stock-in-Trade |
4.491 |
0.000 |
108.143 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock in trade |
(105.033) |
(14.298) |
350.087 |
|
|
|
Employees benefits expense |
439.168 |
369.318 |
298.596 |
|
|
|
Exceptional Item |
134.846 |
0.000 |
0.000 |
|
|
|
Other expenses |
2019.547 |
1754.902 |
1651.075 |
|
|
|
TOTAL |
7631.580 |
6510.752 |
7164.515 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1125.297 |
954.580 |
40.271 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
377.330 |
442.375 |
438.670 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
747.967 |
512.205 |
(398.399) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
244.644 |
241.566 |
247.759 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
503.323 |
270.639 |
(646.158) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
140.611 |
95.289 |
(209.489) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
362.712 |
175.350 |
(436.669) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(461.698) |
(637.048) |
(200.379) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(98.986) |
(461.698) |
(637.048) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
F.O.B Value of Goods Exported |
5130.201 |
4204.001 |
4342.754 |
|
|
TOTAL EARNINGS |
5130.201 |
4204.001 |
4342.754 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
761.713 |
581.598 |
542.876 |
|
|
|
Capital Goods |
68.078 |
53.409 |
10.091 |
|
|
|
Stores & Spare Parts |
81.826 |
73.282 |
61.314 |
|
|
TOTAL IMPORTS |
911.617 |
708.289 |
614.281 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
5.05 |
24.0 |
(6.27) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
4.14 |
2.35 |
(6.06) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.80 |
3.63 |
(9.07) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.44 |
4.81 |
(12.50) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37 |
0.27 |
(0.78) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.29 |
3.51 |
4.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02 |
0.98 |
0.97 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
781.501 |
781.501 |
781.501 |
|
Reserves & Surplus |
47.695 |
223.045 |
585.757 |
|
Net
worth |
829.196 |
1004.546 |
1367.258 |
|
|
|
|
|
|
long-term borrowings |
2271.446 |
1927.817 |
1623.318 |
|
Short term borrowings |
1390.345 |
1598.534 |
1502.487 |
|
Total
borrowings |
3661.791 |
3526.351 |
3125.805 |
|
Debt/Equity
ratio |
4.416 |
3.510 |
2.286 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
7121.493 |
7447.216 |
8680.195 |
|
|
|
4.574 |
16.556 |
NET PROFIT MARGIN
|
Net Profit
Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
7121.493 |
7447.216 |
8680.195 |
|
Profit |
(436.669) |
175.350 |
362.712 |
|
|
(6.13%) |
2.35% |
4.18% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
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 |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and Advances from Related Parties |
240.000 |
225.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Interest bearing loans from Related Parties repayable on demand |
19.600 |
33.500 |
|
|
|
|
|
Total |
259.600 |
258.500 |
NOTES:
Loans and Advances from Related Parties (unsecured)
Interest Free Loan Rs. 70.000 millions (previous year Rs. 70.000 millions) Repayable after 30th June, 2018 and Rs. 25.000 millions repayable after 31st Dec, 2019 and Interest Bearing Loan Rs.145.000 millions (Previous Year Rs.130.000 millions) repayable on or after 1st April, 2015
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10418699 |
25/06/2014 * |
65,000,000.00 |
State Bank of India |
INDUSTRIAL FINANCE BRANCH, 14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1
TOLSTOY MARG, NEW DELHI, Delhi - 110001, INDIA |
C12312781 |
|
2 |
10418702 |
20/03/2013 |
1,025,700,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1
TOLSTOY MARG, NEW DELHI, Delhi - 110001, INDIA |
B72884174 |
|
3 |
10413171 |
28/02/2013 |
3,349,000.00 |
KOTAK MAHINDRA PRIME LIMITED |
36-38A NARIMAN BHAVAN,, 227, NARIMAN POINT,, MUMB |
B71252092 |
|
4 |
10153833 |
09/11/2009 * |
290,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1
TOLSTOY MARG, NEW DELHI, Delhi - 110001, INDIA |
A74148370 |
|
5 |
10136761 |
09/11/2009 * |
40,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1
TOLSTOY MARG, NEW DELHI, Delhi - 110001, INDIA |
A74148040 |
|
6 |
10106421 |
09/11/2009 * |
28,000,000.00 |
THE FEDERAL BANK LTD |
HARSHA BHAWAN, E-13-29, GROUND FLOOR, MIDDLE CIRCLE, CONNAUGHT PLACE,
NEW DELHI, Delhi - 110001, INDIA |
A74535121 |
|
7 |
10057363 |
09/11/2009 * |
225,500,000.00 |
EXPORT IMPORT BANK OF INDA |
CENTRE ONE BUILDING, 21ST FLOOR, WORLD TRADE CENTRE COMPLEX, CUFFE
PARADE, MUMBAI, Maharashtra - 400005, INDIA |
A76040187 |
|
8 |
10045844 |
09/11/2009 * |
120,000,000.00 |
IDBI BANK LTD |
IDBI TOWER, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
A75804070 |
|
9 |
10038370 |
09/11/2009 * |
356,200,000.00 |
AXIS BANK LIMITED |
STATESMAN HOUSE,, BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA |
A73972507 |
|
10 |
80007877 |
09/11/2009 * |
212,400,000.00 |
EXPORT IMPORT BANK OF INDA |
CENTRE ONE BUILDING, 21ST FLOOR, WORLD TRADE CENTRE COMPLEX, CUFFE
PARADE, MUMBAI, Maharashtra - 400005, INDIA |
A76040104 |
|
11 |
90276272 |
09/11/2009 * |
340,000,000.00 |
BANK OF BARODA |
BANK OF BARODA BUILDING, GROUND FLOOR, 16 SANSAD MARG, NEW DELHI,
Delhi - 110001, INDIA |
A73966814 |
|
12 |
90276265 |
09/11/2009 * |
550,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 14TH FLOOR,, JAWAHAR VYAPAR BHAWAN, 1
TOLSTOY MARG, NEW DELHI, Delhi - |
A74147802 |
|
13 |
90276257 |
09/11/2009 * |
340,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
71-72, LAXMI BHAWAN,, NEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
A75086892 |
|
14 |
90276036 |
09/11/2009 * |
50,000,000.00 |
EXPORT IMPORT BANK OF INDA |
CENTRE ONE BUILDING, 21ST FLOOR, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE,
MUMBAI, Maharashtra - 400005, INDIA |
A76040245 |
|
15 |
90275918 |
09/11/2009 * |
227,000,000.00 |
JAMMU & KASHMIR BANK LTD |
26/34, PAL MOHAN MANSION, EAST PATEL NAGAR, RAJENDRA PLACE, NEW DELHI,
Delhi - 110008, INDIA |
A74664764 |
|
16 |
90275836 |
09/11/2009 * |
105,000,000.00 |
UCO BANK |
MID CORPORATE BRANCH, 6 PARLIAMENT STREET, NEW DELHI, Delhi - 110001,
INDIA |
A73964314 |
|
17 |
90281321 |
09/11/2009 * |
4,916,962.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ba |
A73944738 |
|
18 |
90275620 |
20/11/2003 * |
32,088,062.00 |
IFCI LIMITED |
IFCI TOWER, 61; NEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
- |
|
19 |
80036071 |
09/11/2009 * |
60,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, MUMBAI,
Maharashtra - 400001, INDIA |
A73943953 |
|
20 |
90275386 |
09/11/2009 * |
60,000,000.00 |
IFCI LIMITED |
IFCI TOWER61 NEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
A73947863 |
|
21 |
80030492 |
09/11/2009 * |
67,500,000.00 |
EXPORT IMPORT BANK OF INDA |
CENTRE ONE BUILDING, 21ST FLOOR, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE,
MUMBAI, Maharashtra - 400005, INDIA |
A76040484 |
|
22 |
90281252 |
09/11/2009 * |
50,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, MUMBAI,
Maharashtra - 400001, INDIA |
A73943417 |
|
23 |
90274801 |
09/11/2009 * |
90,000,000.00 |
EXPORT IMPORT BANK OF INDA |
CENTRE ONE BUILDING, 21ST FLOOR, WORLD TRADE CENTRE COMPLEX, CUFFE
PARADE, MUMBAI, Maharashtra - 400005, INDIA |
A76040500 |
|
24 |
90274733 |
09/11/2009 * |
242,500,000.00 |
IFCI LIMITED |
IFCI TOWER61 NEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
A73949455 |
|
25 |
90278622 |
25/06/2014 * |
2,479,500,000.00 |
State Bank of India |
INDUSTRIAL FINANCE BRANCH, 14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1
TOLSTOY MARG, NEW DELHI, Delhi - |
C12308094 |
* Date of charge modification
OPERATIONS
During the year the Company's Total Revenue has increased from Rs. 7465.300 millions to Rs. 8756.900 millions and Earnings before Interest, depreciation and Tax (EBIDTA) increased from Rs. 954.600 millions to Rs. 1260.100 millions. Company has earned profit after tax of Rs. 362.700 millions after making a provision of Rs. 167.100 lacs towards recompense amount payable under CDR guidelines in year against profit after tax of Rs. 175.400 millions in previous financial year. The overall turnaround performance of the Company during the year has been possible due to increase in better margins in all segments of the company and higher exchange rate of foreign currency.
MANAGEMENT
DISCUSSIONS AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENT
The Indian Textile Industry is the one of the world's largest producers of textiles and garments and is set for strong growth, buoyed by strong domestic consumption as well as export demand. Abundant availability of raw materials such as cotton, wool, silk and jute as well as skilled workforce have made the country a main sourcing hub. The Indian textiles industry accounts for about 24 per cent of the world's spindle capacity and 8 per cent of global rotor capacity and according to Report of Technopack Advisors, the potentialsize of the Indian textiles and apparel industry is expected to reach US$ 223 billion by 2021. The fundamental strength of this industry flows from its strong production base of wide range of fibres / yarns from natural fibres like cotton, jute, silk and wool to synthetic / man-made fibres like polyester, viscose, nylon and acrylic.
The textiles industry has made a major contribution to the national economy in terms of direct and indirect employment generation and net foreign exchange earnings. The sector contributes about 14 per cent to industrial production, 4 per cent to the gross domestic product (GDP), and 27 per cent to the country's foreign exchange inflows. It provides employment to over 45 million people. The textiles sector is the second largest provider of employment after agriculture. Thus, the growth and all round development of this industry has a direct bearing on the improvement of the India's economy.
The most significant change in the Indian textiles industry has been the advent of man-made fibres (MMF). India has successfully placed its innovative range of MMF textiles in almost all the countries across the globe.
During the period under discussion the sector grew as under:
· Cotton yarn and blended yarn production increased by about 10 per cent and 6 percent respectively;
· Man-made fibres (MMF) production increased by about 4 percent, and
· Fabric production increased by about 6 percent.
OUTLOOK
The outlook of Technical Textiles (Nonwoven fabric) and Consumer Products Division (Wipes and hygene products) businesses are likely to be encouraging but the traditional textile like cotton yarn, knitted fabric and garment division are likely to suffer till the new cotton arrive in the market and situation may improve if prices of cotton goes down and demand of yarn, fabric and garment come again on track. FDI in retail sector and opening of retail stores may be advantageous to the company. The business of wipes is expected to increase substantially considering the expected growth in the market. The company has long term agreement with global players to manufacture the products and also exploring the possibilities to tie up with more such players.
CONTINGENT
LIABILITIES:
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Contingent
liabilities not provided for |
|
|
|
Bills discounted with banks |
523.950 |
578.943 |
|
Disputed demands under excise, income tax, sales tax and electricity etc |
15.241 |
18.226 |
|
Claims against the company not acknowledged as debt |
11.354 |
10.034 |
|
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) : |
195.947 |
130.348 |
FIXED ASSETS
Tangible
Assets
œ Land (Lease Hold)
œ Land (Free Hold)
œ Lease Hold Improvements
œ Buildings
œ Plant and Machinery
œ Electrical Installation
œ Office Equipments
œ Computers
œ Furniture and Fittings
œ Vehicles
Intangible
Assets
œ Software’s
œ Licenses
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON 30TH JUN, 2014
(Rs. in
millions)
|
|
|
Particulars |
Quarter
ended 30.06.2014 |
|
1 |
Income from Operations |
|
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
2134.258 |
|
|
|
b) Other Operating Income |
17.714 |
|
|
|
Total Income from Operations (Net) |
2151.972 |
|
|
2 |
Expenses |
|
|
|
|
a) |
Cost of Materials consumed |
1269.180 |
|
|
b) |
Purchase of stock in-trade |
-- |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
19.606 |
|
|
d) |
Employee benefit expenses |
106.736 |
|
|
e) |
Depreciation and amortization expense |
71.826 |
|
|
f) |
Power & Fuel |
179.072 |
|
|
g) |
Other expenses |
340.893 |
|
|
Total Expenses |
1987.313 |
|
|
3 |
|
Profit /(Loss) from operations
before other income, finance costs and exceptional items (1-2) |
164.659 |
|
4 |
Other Income |
1.605 |
|
|
5 |
|
Profit /(Loss) from
ordinary activities before finance costs and exceptional items (3+4) |
166.264 |
|
6 |
Finance Costs |
120.229 |
|
|
7 |
|
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items (5-6) |
46.035 |
|
8 |
Exceptional Items |
-- |
|
|
9 |
Profit /(Loss) from ordinary activities before tax |
46.035 |
|
|
10 |
Tax Expense |
|
|
|
|
-
Current
Tax |
9.693 |
|
|
|
-
Deferred
Tax |
8.024 |
|
|
|
-
MAT
Credit Entitlement / Tax Adjustment |
(9.649) |
|
|
11 |
Net Profit /(Loss) from ordinary activities after tax
(9-10) |
37.967 |
|
|
12 |
Extraordinary items (net
of tax expense) |
-- |
|
|
13 |
Net Profit /(Loss) for the period (11-12) |
37.967 |
|
|
14 |
Paid up equity share
capital (Eq. shares of Rs.10/- each) |
706.501 |
|
|
15 |
Reserve excluding
revaluation reserves |
-- |
|
|
16 |
|
Earnings per share
(before/after extraordinary items) of Rs.10/-
each |
|
|
|
|
Basic |
0.52 |
|
|
|
Diluted |
0.52 |
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
|
Public Shareholding |
|
|
|
|
- No. of Shares |
27172624 |
|
|
|
- Percentage of
Shareholding |
38.46% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
17700000 |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
40.71% |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
25.05% |
|
|
|
b) Non- encumbered |
|
|
|
|
- Number of shares |
25777441 |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
59.29% |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
36.49% |
|
|
Particulars |
Quarter
ended 30.06.2014 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at the beginning
of the quarter |
Nil |
|
|
|
Received during the
quarter |
Nil |
|
|
|
Disposed during the
quarter |
Nil |
|
|
|
Remaining unresolved at
the end of the quarter |
Nil |
SEGMENTWISE REVENUE,
RESULTS AND CAPITAL EMPLOYED FOR THE THIRD QUARTER AND NINE MONTHS' PERIOD
ENDED 30TH JUN, 2014
|
|
Particulars |
Quarter
ended 30.06.2014 |
|
|
Segment Revenue (Sales and Other Operating
Income) |
|
|
a) |
Textiles |
2046.323 |
|
b) |
Consumer Products |
159.204 |
|
c) |
Unallocated |
-- |
|
|
TOTAL |
2205.527 |
|
|
Less: Inter-segment transfers |
71.269 |
|
|
Net Sales / Income from operation |
2134.258 |
|
|
Segment Results: [Profit/ (Loss)
before tax and interest from each segment] |
|
|
a) |
Textiles |
137.864 |
|
b) |
Consumer Products |
28.400 |
|
c) |
Unallocated |
-- |
|
|
TOTAL |
166.264 |
|
|
Less: Financial Cost |
120.229 |
|
|
Other
unallocable expenditure, net of unallocable income |
-- |
|
|
Total Profit/
Loss –before tax |
46.035 |
|
|
Capital Employed: |
|
|
a) |
Textiles |
5030.602 |
|
b) |
Consumer Products |
281.047 |
|
c) |
Unallocated |
-- |
|
|
TOTAL |
5311.649 |
NOTE:
1. The aforesaid results have been reviewed by the Audit Committee and taken on record 8 approved by the Board of Directors at its meeting held on 1st August, 2014.
2. The figures for the quarter ended 31st March, 2014 are the balancing figures between audited figures in respect of the full financial year ended 31st March. 2014 and the unaudited published year to date figures up to 31st December, 2013, being the end of the third quarter of the previous financial year. Which were subject to limited review.
3. Effective from April 1, 2014, the Company has charged depreciation based on the revised remaining useful life of the assets except continuous process plants as per the requirement of Schedule II of the Companies Aci,'2013. The management has go1 technically evaluated the useful life of the continuous process plants as on 1st April. 2014 and has accordingly charged deprecation on it. Due to this, depreciation charge for the quarter ended 30th June, 2014 is higher by f 100.48 lacs. Further, based on transitional provision provided in Note 7(b) of Schedule II, an amount of 7149.49 lacs (Net of deferred tax) has been adjusted with retained earnings.
4. The figures of the previous period have been regrouped, whenever necessary.
5. Pledge of shares by the Promoters is towards term loans and working capital facilities availed by the Company.
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 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.61.19 |
|
|
1 |
Rs.102.56 |
|
Euro |
1 |
Rs.81.78 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.