MIRA INFORM REPORT
|
Report Date : |
05.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
WELSPUN SYNTEX LIMITED |
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Registered
Office : |
Survey No.
394(P), Saily, Silvassa, Union Territory of
Dadra and Nagar Haveli, Daman and Diu |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
31.03.1983 |
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Com. Reg. No.: |
56-000045 |
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Capital
Investment / Paid-up Capital : |
Rs.392.396 Millions |
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CIN No.: [Company Identification
No.] |
L99999DN1983PLC000045 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTW00080D MUMW02090E MUMM25361A |
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PAN No.: [Permanent Account No.] |
AAACW0489L |
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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 and Exporter of Polyester Texturized Filament Yarn, Nylon
Filament Yarn, etc. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. General financial position of the company seems to be decent.
Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings 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.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
29.10.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A3+ (Short Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
29.10.2013 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Ms. Sangita Chandale |
|
Designation : |
Account Officer |
|
Contact No.: |
91-9870079734 |
|
Date : |
04.12.2014 |
LOCATIONS
|
Registered Office/ Factory 1 : |
Survey No.394
(P), Saily, Silvassa, Union Territory of
Dadra and Nagar Haveli, Daman and Diu, India |
|
Tel. No.: |
91-260-2640596/ 2640599 |
|
Mobile No.: |
91-9870079734 (Madam Sangita) |
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Fax No.: |
91-260-2640597 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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Corporate Office : |
9th Floor, Trade World, “B” Wing, Kamala Mills Compound,
Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
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Tel No.: |
91-22-24908000/ 01/ 02/ 03 /04/ 66136000 |
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Fax No.: |
91-22-24908020/ 21 |
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E-Mail : |
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Website : |
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Factory 2 : |
Palghar Plant: Plot No.14/15, Dewan Industrial Estate, Palghar, District Thane, |
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Tel. No.: |
91-952525-252772/ 252662 |
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Fax No.: |
91-952525-250749 |
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Marketing Office : |
3001/3002, 3rd Floor, Jash Tex and Yarn Market, 1-Ring
Road, Surat - 395002, Gujarat, India |
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Tel. No.: |
91-261-2327863/ 2336125 |
|
Fax No.: |
91-261-2312604 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. B.K. Goenka |
|
Designation : |
Chairman |
|
Address : |
Rocky Isle, 46, Cross Road,
Bhulabhai Desai Road, Breachcandy, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
15.08.1966 |
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Date of Appointment : |
16.07.1991 |
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|
Name : |
Mr. R.R. Mandawewala |
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Designation : |
Director |
|
Address : |
B – 171, Tanna Residency, Bay View Veer Savarkar Marg, Opp.
Siddhivinayak Temple, Prabhadevi, Mumbai – 400025, Maharashtra, India. |
|
Date of Birth/Age : |
05.05.1962 |
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Date of Appointment : |
16.07.1991 |
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Name : |
Mr. B.A. Kale |
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Designation : |
Executive Director (with effect from 30.10.2010) |
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Address : |
C – 3, Shri Gajanan Housing Society Limited, LT. Dilip Gupte Road,
Mumbai – 400016, Maharashtra, India |
|
Date of Birth/Age : |
13.11.1954 |
|
Date of Appointment : |
30.10.2010 |
|
|
|
|
Name : |
Mr. Atul Desai |
|
Designation : |
Director |
|
Address : |
C – 62, 14, Vellard View, Tardeo Road, Haji Ali, Prabhadevi, Mumbai –
400034, Maharashtra, India |
|
Date of Birth/Age : |
27.01.1950 |
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Date of Appointment : |
29.01.2002 |
|
|
|
|
Name : |
Mr. Raj Kumar Jain |
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Designation : |
Director |
|
Address : |
Flat no. 1601, ‘A’ Wing Abrol Vastu, Evershine Nagar, Malad (West),
Mumbai – 400064, Maharashtra, India |
|
Date of Birth/Age : |
19.07.1956 |
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Date of Appointment : |
27.01.1999 |
|
|
|
|
Name : |
Mr. M.K. Tandon |
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Designation : |
Director |
|
Address : |
Flat No. 205, Challenger Tower 4, Samta Nagar, Thakur Village,
Kandivali (East), Mumbai – 400101, Maharashtra, India |
|
Date of Birth/Age : |
28.09.1941 |
|
Date of Appointment : |
31.01.2004 |
KEY EXECUTIVES
|
Name : |
Mr. K. N. Kapasi |
|
Designation : |
Company Secretary |
|
Address : |
502, Ridhi Apartment, Ashok Nagar, Kandivali (East, Mumbai – 400101,
Maharashtra, India |
|
Date of Birth/Age : |
18.07.1955 |
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Date of Appointment : |
19.10.2012 |
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|
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|
Name : |
Madam Sangita |
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Designation : |
Account Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholders |
No. of Shares |
Percentage of holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
35429 |
0.09 |
|
|
25658167 |
65.39 |
|
|
25693596 |
65.48 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
25693596 |
65.48 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
105 |
0.00 |
|
|
7840380 |
19.98 |
|
|
228837 |
0.58 |
|
Foreign Institutional Investors |
21662 |
0.06 |
|
|
0 |
0.00 |
|
|
8090984 |
20.62 |
|
|
|
|
|
|
671508 |
1.71 |
|
|
|
|
|
|
2643177 |
6.74 |
|
|
1703459 |
4.34 |
|
|
436844 |
1.11 |
|
|
176969 |
0.45 |
|
|
153691 |
0.39 |
|
|
4302 |
0.01 |
|
|
101882 |
0.26 |
|
|
5454988 |
13.90 |
|
Total Public
shareholding (B) |
13545972 |
34.52 |
|
Total (A)+(B) |
39239568 |
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) |
39239568 |
0.00 |
|
|
|
|
|
Total (A)+(B) |
39239568 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
39239568 |
0.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|
|
Welspun India Ltd |
2,83,500 |
0.72 |
|
Welspun Finance Ltd |
1,37,191 |
0.35 |
|
Krishiraj Trading Ltd |
2,35,44,022 |
60.00 |
|
Welspun Steel Ltd |
25 |
0.00 |
|
Welspun Zucchi Textiles Ltd |
25 |
0.00 |
|
B K Goenka HUF |
15,428 |
0.04 |
|
B K Goenka |
3,405 |
0.01 |
|
Deepali B Goenka |
11,571 |
0.03 |
|
Radhika Goenka |
5,025 |
0.01 |
|
Welspun Mercantile Ltd |
16,93,404 |
4.32 |
|
Total |
2,56,93,596 |
65.48 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Public and holding more than 1% of the total number
of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
1 |
IFCI Ltd |
7350043 |
18.73 |
|
2 |
Somesh Mehrotra |
500000 |
1.27 |
|
|
Total |
7850043 |
20.01 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons (together
with PAC) belonging to the category “Public” and holding more than 5% of the
total number of shares of the company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
|
1 |
IFCI Ltd |
7350043 |
18.73 |
|
|
Total |
7350043 |
18.73 |
Details of Locked-in
Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as % of Total
No. of Shares |
|
1 |
Krishiraj Trading Ltd |
74,50,614 |
18.99 |
|
2 |
Welspun Mercantile Ltd |
3,97,300 |
1.01 |
|
|
Total |
78,47,914 |
20.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Polyester Texturised Filament Yarn, Nylon
Filament Yarn. |
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Products : |
Not Divulged |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Not Divulged |
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Countries : |
Not Divulged |
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Imports : |
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Products : |
Not Divulged |
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Countries : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
· Bank of Baroda, Silvasa, Dadra and Nagar Haveli
· State Bank of Bikaner and Jaipur · IDBI Bank Limited · Central Bank of India
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Facilities : |
(Rs.
In Millions)
Long-term
borrowings (a) Term loans from banks except (g) and (h) below, are secured by way of first charge on immovable and movable assets of the Company, both present and future, ranking pari passu and also secured by second charge on current assets subject to prior charge in favour of banks for working capital facilites. (b) Term loan of Rs.123.957 Millions (` Nil) from Central Bank of India carries interest @ 13.00% p.a. and is repayable in 28 quarterly instalments commencing from 28 February 2016. (c) Term loan of Rs.4,4.761 Millions (Rs.300.703 Millions) from Industrial Development Bank of India carries interest @ 12.50 % p.a. and is repayable in 28 stepped-up quarterly instalments ranging from 2.50% to 4.75% per quarter of disbursed loan amount commencing from 01 April 2014. (d) Converted rupee term loan of Rs.10.588 Millions (Rs.52.630 Millions) from State Bank of Bikaner and Jaipur carries interest @ 13.50% p.a. and is repayable in single instalment on 15 April 2014. (e) Rupee term loan of Rs.113.032 Millions (Rs. Nil) from State Bank of Bikaner and Jaipur carries interest @ 13.50% p.a. and is repayable in 13 stepped-up quarterly instalments ranging from 3.06% to 5.10% of disbursed loan amount. (f) Term loan of Rs.88.554 Millions (Rs.198.776 Millions) from State Bank of Bikaner and Jaipur carries interest @ LIBOR+4.00% p.a. and is repayable in 7 stepped-up quarterly instalments ranging from 5.10% to 5.73% of disbursed loan amount. (g) Term loan of Rs.150.000 Millions (Rs.Nil) from State Bank of Bikaner and Jaipur is secured by first charge, ranking pari passu, by way of hypothecation of company’s raw materials, goods-in-process, finished goods, stores, spares and book debts and second charge, ranking pari passu, on fixed assets (immovebale) of the company. It carries interest @ 13.50 % p.a. and is repayable in 6 quarterly instalments of Rs.25.000 Millions each starting from 31 December 2014. (h) Converted rupee term loan of Rs.62.500 Millions (Rs.178.642 Millions) from State Bank of Bikaner and Jaipur is secured by first charge ranking pari passu by way of hypothecation of company’s raw materials, goods-in-process, finished goods, stores, spares, book debts and other current assets and second charge, ranking pari passu, on fixed assets (immoveable) of the company. It carries interest @ 12.50% p.a. and is repayable in 2 quarterly equal instalments of Rs.31.250 Millions. (i) Term loan of Rs.434.122 Millions (Rs.287.996 Millions) from Bank of Baroda, Dubai carries interest @ LIBOR+4.25% p.a. and is repayable in 28 quarterly instalments ranging from 2.5% to 4.75% of disbursed loan amount commencing from 30 June 2014. (j) Term loan of Rs. Nil (Rs.9.247 Millions) from Bank of Baroda carrying interest @ 13.25% p.a. has been fully repaid during the year. (k) Term loan of Rs. Nil (Rs.8.700 Millions) from State Bank of India carrying interest @ 14.15% p.a. has been fully repaid during the year. (l) Term loan of Rs. Nil (Rs.7.667 Millions) from State Bank of Bikaner and Jaipur carrying interest @ 13.90% p.a. has been fully repaid during the year. (m) Buyer’s credit from bank of Rs. Nil (Rs.109.900 Millions) carrying interest @ LIBOR+2.50% p.a. has been fully repaid during the year. Short-term
borrowings (a) Working capital loans from banks are secured by way of hypothecation of raw materials, finished goods, goods-in-process, stores and spares and book debts and second charge by way of mortgage on entire fixed assets of the Company. (b) Inter-corporate deposits of Rs. Nil (12,500,000) carrying
interest @ 9% p.a. has been fully repaid during the year. |
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
MGB and Company Chartered
Accountants |
|
Address : |
Jolly Bhavan
No.2, 1st Floor, 7, New Marine Lines, Churchgate, Mumbai – 400020,
Maharashtra, India |
|
Tel. No.: |
91-22-66332330 |
|
Fax No.: |
91-22-66351545 |
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E-Mail : |
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PAN No.: |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
-- |
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Other related
parties with whom transactions have taken place during the year or balances outstanding
as on the last day of the year. |
|
|
|
|
|
Enterprises which
are owned, or have significant influence, of or are partners with key
management personnel and their relatives. |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9,20,00,000 |
Equity Shares |
Rs.10/- each |
Rs.920.000 Millions |
|
2,80,00,000 |
Convertible Cumulative Preference Shares |
Rs.10/- each |
Rs.280.000 Millions |
|
|
Total |
|
Rs.1200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,92,39,568 |
Equity Shares |
Rs.10/- each |
Rs.392.396
Millions |
|
|
|
|
|
NOTE
Reconciliation of the
equity shares outstanding at the beginning and at the end of the year
|
Equity Shares |
2014 |
|
|
No.
of Shares |
Amount
|
|
|
At the beginning of the year |
39,239,568 |
3923.96 |
|
Movements during the year |
-- |
-- |
|
Outstanding at the end of the year |
39,239,568 |
3923.96 |
Terms / right
attached to equity shares
The Company has only one class of equity shares having a par value of Rs. 10 per share. All issued shares rank pari-passu and have same voting rights per share. The Company declares and pays dividend in Indian Rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company, after distribution of preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Details of
shareholders holding more than 5% shares in company
|
Equity Shares |
2014 |
|
|
No. of Shares |
Percentage (%) Holding |
|
|
Krishiraj Trading Limited, |
23,544,022 |
60.00% |
|
Welspun Fintrade Limited, |
-- |
-- |
|
IFCI Limited |
7,741,599 |
19.73% |
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 |
392.396 |
392.396 |
339.147 |
|
(b) Reserves & Surplus |
737.243 |
682.962 |
450.116 |
|
(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) |
1129.639 |
1075.358 |
789.263 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1159.015 |
954.967 |
599.934 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
58.779 |
66.182 |
60.910 |
|
Total Non-current
Liabilities (3) |
1217.794 |
1021.149 |
660.844 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
699.146 |
815.449 |
385.929 |
|
(b) Trade
payables |
710.112 |
565.523 |
684.325 |
|
(c) Other
current liabilities |
473.143 |
536.359 |
434.447 |
|
(d) Short-term
provisions |
179.208 |
36.399 |
73.462 |
|
Total Current
Liabilities (4) |
2061.609 |
1953.730 |
1578.163 |
|
|
|
|
|
|
TOTAL |
4409.042 |
4050.237 |
3028.270 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2090.979 |
1347.003 |
1048.391 |
|
(ii)
Intangible Assets |
1.978 |
1.641 |
0.393 |
|
(iii)
Capital work-in-progress |
70.877 |
624.128 |
206.607 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
121.702 |
150.800 |
223.360 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
196.312 |
149.593 |
163.222 |
|
(e) Other
Non-current assets |
44.757 |
49.141 |
48.636 |
|
Total Non-Current
Assets |
2526.605 |
2322.306 |
1690.609 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
20.000 |
0.000 |
0.000 |
|
(b)
Inventories |
782.778 |
737.545 |
639.709 |
|
(c) Trade
receivables |
454.647 |
412.115 |
281.319 |
|
(d) Cash
and cash equivalents |
108.073 |
78.728 |
150.045 |
|
(e)
Short-term loans and advances |
418.097 |
381.991 |
207.006 |
|
(f) Other
current assets |
98.842 |
117.552 |
59.582 |
|
Total
Current Assets |
1882.437 |
1727.931 |
1337.661 |
|
|
|
|
|
|
TOTAL |
4409.042 |
4050.237 |
3028.270 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8963.815 |
7761.182 |
6115.505 |
|
|
|
Other Income |
31.423 |
25.047 |
20.030 |
|
|
|
TOTAL (A) |
8995.238 |
7786.229 |
6135.535 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6132.489 |
5175.112 |
4053.534 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
72.611 |
62.316 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(4.625) |
24.599 |
(63.003) |
|
|
|
Employees benefits expense |
388.368 |
337.589 |
277.357 |
|
|
|
Other expenses |
1848.673 |
1681.499 |
1390.150 |
|
|
|
TOTAL (B) |
8364.905 |
7291.410 |
5720.354 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
630.333 |
494.819 |
415.181 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
238.965 |
186.470 |
173.419 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
391.368 |
308.349 |
241.762 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
191.104 |
148.103 |
126.127 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
200.264 |
160.246 |
115.635 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.359 |
0.000 |
-0.089 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
196.905 |
160.246 |
115.724 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
2050.960 |
1870.200 |
1372.008 |
|
|
TOTAL EARNINGS |
2050.960 |
1870.200 |
1372.008 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1619.541 |
1183.612 |
719.882 |
|
|
|
Capital Goods |
123.143 |
485.150 |
134.129 |
|
|
|
Stores & Spares |
125.992 |
120.870 |
46.809 |
|
|
TOTAL IMPORTS |
1868.676 |
1789.632 |
900.82 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.02 |
6.23 |
4.47 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
2.19 |
2.06 |
1.89 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
7.00 |
6.35 |
6.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.75 |
4.89 |
4.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.15 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.64 |
1.65 |
1.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91 |
0.88 |
0.85 |
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 |
339.147 |
392.396 |
392.396 |
|
Reserves & Surplus |
450.116 |
682.962 |
737.243 |
|
Net
worth |
789.263 |
1075.358 |
1129.639 |
|
|
|
|
|
|
long-term borrowings |
599.934 |
954.967 |
1159.015 |
|
Short term borrowings |
385.929 |
815.449 |
699.146 |
|
Total
borrowings |
985.863 |
1770.416 |
1858.161 |
|
Debt/Equity
ratio |
1.249 |
1.646 |
1.645 |
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 |
6115.505 |
7761.182 |
8963.815 |
|
|
|
26.910 |
15.495 |
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 |
6115.505 |
7761.182 |
8963.815 |
|
Profit |
115.724 |
160.246 |
196.905 |
|
|
1.89% |
2.06% |
2.20% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
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 |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
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 |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
SHORT TERM
BORROWINGS |
|
|
|
Foreign Currency Loans - Buyers Credit |
239.465 |
388.353 |
|
Inter Corporate Deposit |
0.000 |
12.500 |
|
Total |
239.465 |
400.853 |
CORPORATE INFORMATION
Subject is a Company incorporated under the Companies Act, 1956. Subject was established in 1983. Since its inception, it has grown manifold and today is amongst the largest manufacturers and exporters of Polyester Texturised Filament Yarn, Nylon Filament Yarn from India.
OPERATIONS
During the year, Net sales and services and Gross Profit before Interest and Depreciation were of Rs. 8963.815 Millions and Rs.630.333 Millions respectively as compared to Rs. 7761.182 Millions and Rs. 494.819 Millions respectively for the previous year. Net sales and services of the Company and Gross Profits have thus increased by 15.50% and 27.39 % respectively over the previous year.
Exports during the financial year 2013-14 were of Rs. 2144.923 Millions as compared to Rs. 2133.530 Millions during the previous year.
Power cost is increased due to increase in power tariff both in Palghar, Maharashtra as well as at Rakholi, Silvassa. Interest cost has been increased due to rise in rate of interest and increase in borrowing for working capital. Foreign exchange difference losses were of 61.430 Millions as against Rs. 110559 Millions during the previous year in view of fluctuation in foreign exchange. Packing, Dyes and chemical cost have also increased due to strong USD in first two quarters. Market was comparatively weak during the third quarter. The Company has developed market for carpet yarn, yarn for Bath rugs and spandex covered yarn for denim industry. In spite of increase in cost, the earnings have increased due to several steps taken by the Company during the year for improving margins.
EXPANSION
The Company has completed the expansion project at approximate cost of Rs.1500.000 Millions by 15th December 2013. It has increased Texturised, spinning capacity of Nylon mother yarn and produced new product Bulk continuous filament yarn. Now the Company proposes to install additional machinery for manufacturing BCF yarn at an installed capacity of 540 MT per annum, the cost of which alongwith accessories are aggregating to Rs.100.000 Millions.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE,
SCENARIO AND DEVELOPMENT
Though the Indian textile industry uses all kind of fibres / yarn, it continues to be predominantly cotton based. The consumption of cotton fibre visà- vis other fibres / yarn in India is 62 : 38, while the global consumption of fibres / yarn is 40 : 60 in favour of non-cotton fibres / yarn. However, in India also the consumption of manmade fibre / yarn is increasing very fast and expected to reach the world level in near future. The man-made fibres/ yarns industry, particularly the polyester segment, has achieved significant growth during the last two decades. The sharp increase in production of polyester fibre and yarn has made India emerge as the 5th largest producer of man-made fibre/filament yarn in the world.
Owing to a weak domestic and global economic scenario, and correction in cotton prices, demand for man-made fibre/yarn rose only at a moderate pace in 2012-13. During the year, production of blended fabric increased by about 9.6 per cent y-o-y while that of non-cotton fabric declined by 8.6 per cent y-o-y. However, over the long term, demand for man-made fibre/ yarn will improve as a result of increasing competitiveness of polyester vis--vis the relatively higher-priced cotton, and growing demand from the non-apparel segments.
Overcapacity is the main characteristic of the domestic POY industry with operating rates declining to about 61 per cent in 2012-13 from 67 per cent in 2011-12. Demand for POY is mainly impacted by the comparative prices of cotton yarn, blended yarn, and VSF, and also their relative availability. In 2012-13, margins for POY players remained under pressure to average at Rs 13 per kg because of high input prices and overcapacity.
Margins of POY producers are calculated as domestic prices of POY (126 D) less the raw material prices of PTA and MEG (0.86 units of PTA + 0.33 units of MEG per 1 unit of POY). Over the past five years, margins are on downward trend owing to volatility in input cost of because of fluctuation in crude oil prices coupled with supply concerns. Margins have almost halved to Rs 13 per kg in 2012-13 from Rs 24 per kg in 2007-08. Additionally, PFY can be substituted with blended yarn, cotton yarn as well as viscose yarns depending on the end use and hence the demand is impacted by the comparative pricing, and their relative availability
Margins have started to improve gradually since 2012-13 on account of increased prices of substitute cotton yarn prices and hence, improvement in demand for POY.
Once, a major driver of India’s growth, the textile sector has been witnessing a tumultuous time in the past decade with countries such as China, Bangladesh and even Vietnam throwing a stiff competition in the global arena. While China trebled its market share to 33% between 2000 and 2012, India’s share crept up to 5.3% from 3.6%.
Indian textile industry has shown a strong growth, sustained by strong domestic consumption.
India has the potential to increase its textile and apparel share in world trade. The Indian textiles industry produces a wide variety of fibres, from cotton to manmade, wool, silk, jute, and multiple blends catering to different demands and needs of companies. India has become a popular destination for many big global retailers due to its strength of vertical and horizontal integration. The quality of the country’s products is seen in the repeat orders from these global companies and the significant growth in their outsourcing from India.
India earned nearly US$ 15 billion through exports of textiles and apparel in the first six months of the current financial year 2013-14, according to the latest data released by the Reserve Bank of India (RBI).
Further, in FY15, the exports are expected to grow by 15.75%. Given the growth in textile exports due to the investment inflows to this sector to expand the capacity in the entire value chain, the working group constituted by the Planning Commission has estimated the overall growth for exports at 15% with an export target of US $ 65 bn by end of Twelfth Five Year Plan (FY17).
China has become close to a developed economy now. The costs are soaring, especially on the labour front and they have no advantage on power. There is a huge gap in fibre pricing; so they are looking to import textile goods – be it home textiles or apparels.
A pick up in merchandise exports and moderation in imports, particularly gold imports, saw India’s current account deficit (CAD) narrow sharply to $4.2 billion (0.9 per cent of GDP) in the October-December period of 2013-14.
Industry body FICCI has suggested measures like labour reforms and keeping textile industry under the lowest slab of GST to boost the country’s textile and clothing industry and raise India’s share in world exports. A strong economic revival package and right implementation of policies by a fresh Government can help create as many as 150 million jobs in the next 10 years.
PRODUCT WISE
PERFORMANCE
The Company manufactures Partially Oriented Yarn (POY), Texturised yarn/ Dyed yarn.
Revenue from POY were of Rs. 1213.983 Millions as compared to Rs.1155.467 Millions of previous year, from Texturised Yarn/Dyed yarn were of Rs. 8190.675 Millions as compared to Rs. 6840.416 Millions of previous year.
OUTLOOK
It has increased capacity of texturised yarn, mother yarn splitting (mother yarn-polyester) capacities and introduced BCF (Bulk Continuous Filament) Yarn which is useful for making Carpets. This has resulted in increase in turnover of the Company.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10523718 |
03/09/2014 |
1,235,500,000.00 |
Bank of Baroda |
Corporate Financial Service Branch, First floor,, |
C25532292 |
|
2 |
10434382 |
30/12/2013 * |
150,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
GROUND FLOOR, WELSPUN HOUSE,, KAMALA MILLS COMPOU |
B95161246 |
|
3 |
10434375 |
20/06/2013 |
715,400,000.00 |
STATE BANK OF BIKANER & JAIPUR |
WELSPUN HOUSE, GROUND FLOOR,, KAMALA MILLS COMPOU |
B78535796 |
|
4 |
10414631 |
04/03/2013 |
942,500,000.00 |
Bank of Baroda |
Corporate Financial Service Branch, First floor,, |
B71756605 |
|
5 |
10397520 |
09/01/2013 |
100,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
WELSPUN HOUSE, GROUND FLOOR,, KAMALA MILLS COMPOU |
B66074808 |
|
6 |
10389103 |
05/11/2012 |
470,000,000.00 |
Bank of Baroda |
CORPORATE FINANCIAL SERVICES BRANCH NO.3,, WALCHA |
B63020044 |
|
7 |
10374114 |
30/12/2013 * |
160,000,000.00 |
CENTRAL BANK OF INDIA |
Corporate Finance Branch, 1st floor, MMO Building, |
B96172739 |
|
8 |
10374558 |
30/12/2013 * |
470,000,000.00 |
Bank of Baroda |
CORPORATE FINANCIAL SERVICES BRANCH NO.3,, WALCHA |
B96755483 |
|
9 |
10363603 |
30/12/2013 * |
500,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maha |
B94779220 |
|
10 |
10310958 |
30/12/2013 * |
350,000,000.00 |
State Bank of Bikaner and Jaipur |
GIRIRAJ BUILDING, 73, SANT TUKARAM ROAD,, DANA BU |
B95161188 |
|
11 |
10299300 |
30/12/2013 * |
81,000,000.00 |
State Bank of Bikaner & Jaipur |
GIRIRAJ BUILDING, 73, SANT TUKARAM ROAD,, DANA BU |
B96178785 |
|
12 |
10246936 |
08/10/2010 |
50,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
GIRIRAJ BUILDING, 73, SANT TUKARAM ROAD,, DANA BU |
A97014567 |
|
13 |
10234411 |
30/12/2013 * |
219,100,000.00 |
State Bank of Bikaner & Jaipur |
GIRIRAJ BUILDING, 73, SANT TUKARAM ROAD,, DANA BU |
B96179239 |
|
14 |
10112083 |
21/11/2011 * |
468,500,000.00 |
STATE BANK OF BIKANER & JAIPUR |
GIRIRAJ BUILDING,, 73, SANT TUKARAM ROAD, DANABUN |
B26651638 |
|
15 |
10004191 |
03/12/2013 * |
63,400,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH NO.3,, WALCHA |
B93821452 |
|
16 |
80040558 |
30/03/2002 |
22,200,000.00 |
AXIS BANK LIMITED |
MAKER TOWER-'F', CURRE PARADE, MUMBAI, Maharashtr |
- |
|
17 |
80040561 |
20/12/2013 * |
1,601,500,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH NO.3,, WALCHA |
B95529293 |
|
18 |
80040612 |
01/04/1995 * |
90,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
GIRIRAJ , DANA BUNDER, MUMBAI, Maharashtra - 4000 |
- |
|
19 |
80040562 |
16/08/1994 |
17,500,000.00 |
STATE BANK OF BIKANER & JAIPUR |
73, SANT TUKARAM ROAD, DANA BUNDER, MUMBAI, Mahar |
- |
* Date of charge modification
FIXED ASSETS
Tangible Assets
·
· Buildings
· Plant and Machinery
· Vehicles
· Furniture and Fixture
· Equipments
· Computers
Intangible Assets
· Software
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2014
(Rs.In Millions)
|
Particulars |
Quarter Ended |
|
|
30.06.2013 |
||
|
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
2019.678 |
|
|
(b) Other Operating Income |
38.246 |
|
|
Total income from operations (net) |
2057.923 |
|
2 |
Expenses |
|
|
|
(a) Cost of materials consumed |
1216.308 |
|
|
(b) Purchases of stock-in trade |
-- |
|
|
(c) Changes in inventories of finished goods. work-in-progress and stock in trade |
77.768 |
|
|
(d) Employee benefits expense |
111.913 |
|
|
(e) Depreciation and Anmortisation Expenses |
53.321 |
|
|
(f) Other Expenses |
440.153 |
|
|
Total expenses |
1899.463 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2) |
158.459 |
|
4 |
Other Income |
3.495 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4) |
161.954 |
|
6 |
Finance Costs |
61.310 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6) |
100.645 |
|
8 |
Exceptional items |
-- |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
100.645 |
|
10 |
Tax expenses |
21.096 |
|
|
Less: MAT credit entitlement |
(21.096) |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
100.645 |
|
12 |
Extraordinary item (net of tax expense) |
-- |
|
13 |
Net Profit / (Loss) for the period (11-12) |
100.645 |
|
14 |
Share of profit' (loss) of associates |
-- |
|
15 |
Minority Interest |
-- |
|
16 |
Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates (13+14+15) |
100.645 |
|
17 |
Paid up equity share capital (Face Value of Rs10/- each) |
392.396 |
|
18 |
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year |
-- |
|
19 |
Earnings per share (before extraordinary items) of Rs.10/- each (not annualised): |
|
|
|
(a) Basic |
2.56 |
|
|
(b) Diluted |
2.56 |
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
1 |
Public Shareholding |
|
|
|
- Number of shares |
1,35,45,972 |
|
|
- Percentage of shareholding |
34.52% |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of shares |
Nil |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
Nil |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
Nil |
|
|
b) Non Encumbered |
|
|
|
- Number of shares |
2,56,93,596 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
100.00% |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
65.48% |
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
0 |
|
|
Disposed off during the quarter |
0 |
|
|
Remaining unresolved at the end of the quarter |
0 |
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.61.87 |
|
|
1 |
Rs.97.01 |
|
Euro |
1 |
Rs.76.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
RSM |
|
|
|
|
Analysis Done by
: |
SUV |
|
|
|
|
Report Prepared
by : |
SPR |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.