MIRA INFORM REPORT
|
Report Date : |
12.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUPREME PETROCHEM LIMITED |
|
|
|
|
Registered
Office : |
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Country : |
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Financials (as
on) : |
30.06.2014 |
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|
|
|
Date of
Incorporation : |
14.12.1989 |
|
|
|
|
Com. Reg. No.: |
11-054633 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.965.020
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L23200MH1989PLC054633 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS01358A |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of Polystyrene (PS), Expendable Polystyrene (EPS),
Specialty Polymers and Compounds and Extruded Polystyrene (XPS). |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. There is a dip in profit of the company in the year 2013-14. However,
overall financial position of the company is decent. Tarde relations are reported to be fair. Business is active. Payments
are reported to be usually correct. The company can be considered for business dealing at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
Long term rating A |
|
Rating Explanation |
Adequate credit quality and average credit risk. |
|
Date |
September, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Vilas |
|
Designation : |
Accounts Officer |
|
Contact No.: |
91-22-67091900 |
|
Date : |
10.12.2014 |
LOCATIONS
|
Registered / Corporate Office : |
Solitaire Corporation Park, Building No.11, 5th Floor,
Andheri – Ghatkopar Link Road, Chakala, Andheri (East), Mumbai – 400 093,
Maharashtra, India |
|
Tel. No.: |
91-22-67091900 |
|
Fax No.: |
91-22-40055681 |
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E-Mail : |
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|
Website : |
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|
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Factory 1 : |
Amdoshi, Wakan Roha Road, Post: Patansai, Taluka Roha, District Raigad
– 402 106, Maharashtra, India |
|
Tel. No.: |
91-2194-222540-2548 |
|
Fax No.: |
91-2194-222337/
2537/ 2617 |
|
E-Mail : |
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|
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Factory 2 : |
Ammulavoyil Village, Andarkuppam Post, Manali New Town, Chennai – 600
103, Tamilnadu, India |
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Branch Office : |
404, Raheja Chambers Nariman Point Mumbai - 400021,
Maharashtra, India |
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|
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Marketing Office : |
Located At: ·
Mumbai (Tel
No.: 91-22-67091977 / 1915 / 1917) ·
Delhi (Tel
No.: 91-11-25730405 / 25728636) ·
Chennai (Tel
No.: 91-44-2231363 / 3670) |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. M. P. Taparia |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Rajan B. Raheja |
|
Designation : |
Director |
|
Address : |
Rahejas GB Jukar Road, Juhu, Mumbai – 400 049, Maharashtra, India |
|
Date of Birth/Age : |
17.06.1954 |
|
Date of Appointment : |
14.12.1989 |
|
DIN No.: |
00037480 |
|
|
|
|
Name : |
Mr. B. L. Taparia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Satish Raheja |
|
Designation : |
Director (Upto May 27, 2014) |
|
Address : |
Case Postal 3153, 1211 |
|
Date of Birth/Age : |
49 Years |
|
Qualification : |
B. Sc. Business Management |
|
Experience : |
Is a Director of
various Companies. He is a Non-resident Indian and has experience in Business
Management. |
|
Date of Appointment : |
22.11.1993 |
|
DIN No.: |
00927801 |
|
|
|
|
Name : |
Mr. S. J. Taparia |
|
Designation : |
Director |
|
Address : |
Giri Kunj, NS Road, 71, Marine Drive, Mumbai – 400 020, Maharashtra,
India |
|
Date of Birth/Age : |
67 Years |
|
Qualification : |
B. E. (Mechanical) |
|
Experience : |
Expertise and rich experience in technical, operational and marketing
aspects of industrial products. Actively involved in industry forum. |
|
Date of Appointment : |
22.11.1993 |
|
DIN No.: |
00112513 |
|
|
|
|
Name : |
Mr. Hasmukh Shah |
|
Designation : |
Director |
|
Address : |
15, Dhanushya Society, Sama Road, Vadodara – 390 008, Gujarat, India |
|
Date of Birth/Age : |
79 Years |
|
Qualification : |
B. A. |
|
Experience : |
Long experience in industry and is the Ex-Chairman of IPCL besides being
the Member of the Board of Directors of reputed Companies. |
|
Date of Appointment : |
17.10.1994 |
|
DIN No.: |
00152195 |
|
|
|
|
Name : |
Mr. M. S. Ramachandran |
|
Designation : |
Director |
|
Address : |
Q8, First Floor, Hauz Khas Enclave, |
|
Date of Birth/Age : |
26.02.1945 |
|
Date of Appointment : |
04.10.2007 |
|
DIN No.: |
00943629 |
|
|
|
|
Name : |
Mr. R. Kannan |
|
Designation : |
Director |
|
Address : |
21, Parthasarathy Puram, North Usman Road, T Nagar, Chennai – 600 017,
Tamilnadu, India |
|
Date of Birth/Age : |
23.09.1947 |
|
Date of Appointment : |
06.10.2009 |
|
DIN No.: |
00380328 |
|
|
|
|
Name : |
Mr. Nihalchand Chauhan |
|
Designation : |
Director |
|
Address : |
Shripati Arcade, 20th Floor, Flat No. 4, August Kranti
Marg, Nana Chowk, Mumbai – 400 036, Maharashtra, India |
|
Date of Birth/Age : |
20.11.1935 |
|
Date of Appointment : |
27.04.2006 |
|
DIN No.: |
00021782 |
|
|
|
|
Name : |
Ms. Ameeta Parpia |
|
Designation : |
Director |
|
Date of Appointment : |
24.04.2013 |
|
Date of Birth/Age : |
49 Years |
|
Qualification : |
B.A., LLB. |
KEY EXECUTIVES
|
Name : |
Mr. Vilas |
|
Designation : |
Accounts Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholder |
Total No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
58712000 |
60.84 |
|
|
58712000 |
60.84 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
58712000 |
60.84 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
55644 |
0.06 |
|
|
41733 |
0.04 |
|
|
119117 |
0.12 |
|
|
216494 |
0.22 |
|
|
|
|
|
|
4699321 |
4.87 |
|
|
|
|
|
|
13830830 |
14.33 |
|
|
17584975 |
18.22 |
|
|
1458338 |
1.51 |
|
|
123489 |
0.13 |
|
|
1219960 |
1.26 |
|
|
98022 |
0.10 |
|
|
16867 |
0.02 |
|
|
37573464 |
38.94 |
|
Total Public shareholding (B) |
37789958 |
39.16 |
|
Total (A)+(B) |
96501958 |
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) |
96501958 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Polystyrene (PS), Expendable Polystyrene (EPS),
Specialty Polymers and Compounds and Extruded Polystyrene (XPS). |
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Products : |
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Brand Names : |
--- |
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Agencies Held : |
--- |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
v State Bank of
India, Corporate Account Group Branch, Neville House, J N Heredia Marg, Mumbai
– 400 001, Maharashtra, India v Axis Bank
Limited v Central Bank of
India v ICICI Bank
Limited v IDBI Bank
Limited v ING Vysya Bank
Limited v The Karur Vysya
Bank Limited v The Hong Kong
and Shanghai Banking Corporation Limited |
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Facilities : |
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Auditors : |
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|
Name : |
G. M. Kapadia and Company Chartered Accountants |
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Memberships : |
Not Divulged |
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|
|
Collaborators : |
Not Divulged |
|
|
|
|
Promoters : |
v
The Supreme Industries Limited v R. Raheja
Investments Private Limited |
CAPITAL STRUCTURE
As on 30.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.10/- each |
Rs. 1250.000 Millions |
|
25000000 |
Redeemable Cumulative Preference Shares |
Rs.10/- each |
Rs. 250.000 Millions |
|
|
|
|
|
|
|
TOTAL |
|
Rs. 1500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
96501958 |
Equity Shares |
Rs.10/- each |
Rs.965.020
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2014 |
30.06.2013 |
30.06.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
965.020 |
968.386 |
968.386 |
|
(b) Reserves & Surplus |
2677.704 |
2559.630 |
2114.638 |
|
(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) |
3642.724 |
3528.016 |
3083.024 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
93.000 |
320.945 |
940.857 |
|
(b) Deferred tax liabilities (Net) |
492.415 |
487.204 |
438.559 |
|
(c) Other long term liabilities |
12.037 |
12.256 |
9.887 |
|
(d) long-term provisions |
13.599 |
14.922 |
16.351 |
|
Total Non-current Liabilities (3) |
611.051 |
835.327 |
1405.654 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
4907.273 |
4908.524 |
5039.559 |
|
(c) Other current
liabilities |
435.357 |
609.046 |
659.785 |
|
(d) Short-term provisions |
239.343 |
403.274 |
258.502 |
|
Total Current Liabilities (4) |
5581.973 |
5920.844 |
5957.846 |
|
|
|
|
|
|
TOTAL |
9835.748 |
10284.187 |
10446.524 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3690.594 |
3636.123 |
3424.894 |
|
(ii) Intangible Assets |
22.279 |
21.785 |
23.671 |
|
(iii) Capital
work-in-progress |
39.874 |
314.319 |
555.251 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
81.713 |
82.169 |
115.166 |
|
(e) Other Non-current assets |
110.481 |
50.328 |
61.071 |
|
Total Non-Current Assets |
3944.941 |
4104.724 |
4180.053 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1792.597 |
2195.330 |
2634.592 |
|
(c) Trade receivables |
3372.041 |
3265.956 |
2432.892 |
|
(d) Cash and cash
equivalents |
231.728 |
277.393 |
365.136 |
|
(e) Short-term loans and
advances |
457.212 |
383.096 |
794.857 |
|
(f) Other current assets |
37.229 |
57.688 |
38.994 |
|
Total Current Assets |
5890.807 |
6179.463 |
6266.471 |
|
|
|
|
|
|
TOTAL |
9835.748 |
10284.187 |
10446.524 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2014 |
30.06.2013 |
30.06.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
32642.978 |
29671.590 |
22726.722 |
|
|
|
Other Income |
58.555 |
53.852 |
64.876 |
|
|
|
TOTAL |
32701.533 |
29725.442 |
22791.598 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
20926.832 |
17959.723 |
13982.635 |
|
|
|
Purchases of Stock-in-Trade |
8588.918 |
8298.978 |
6023.927 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
282.606 |
(59.727) |
207.524 |
|
|
|
Employees benefits expense |
282.705 |
239.984 |
218.01 |
|
|
|
Other expenses |
1664.758 |
1670.712 |
1332.569 |
|
|
|
TOTAL |
31745.819 |
28109.670 |
21764.665 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
955.714 |
1615.772 |
1026.933 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
228.439 |
238.815 |
319.928 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
727.275 |
1376.957 |
707.005 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
287.374 |
277.061 |
229.234 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
439.901 |
1099.896 |
477.771 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
134.002 |
371.663 |
164.024 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
305.899 |
728.233 |
313.747 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
409.001 |
364.009 |
457.826 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
150.000 |
400.000 |
250.000 |
|
|
|
Dividend |
144.753 |
242.097 |
135.574 |
|
|
|
Tax on Dividend |
24.601 |
41.144 |
21.990 |
|
|
BALANCE CARRIED TO
THE B/S |
395.546 |
409.001 |
364.009 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
7631.774 |
5398.835 |
4353.319 |
|
|
TOTAL EARNINGS |
7631.774 |
5398.835 |
4353.319 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials and Traded goods |
27518.837 |
23919.526 |
18398.960 |
|
|
|
Stores & Spares |
40.771 |
30.166 |
19.621 |
|
|
|
Capital Goods |
5.016 |
87.125 |
126.962 |
|
|
TOTAL IMPORTS |
27564.624 |
24036.817 |
18545.543 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.16 |
7.52 |
3.24 |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2014 |
30.06.2013 |
30.06.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.94 |
2.45 |
1.38 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
2.93 |
5.45 |
4.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.49 |
11.03 |
4.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.31 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.03 |
0.09 |
0.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06 |
1.04 |
1.05 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.06.2012 |
30.06.2013 |
30.06.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
968.386 |
968.386 |
965.020 |
|
Reserves & Surplus |
2114.638 |
2559.630 |
2677.704 |
|
Net worth |
3083.024 |
3528.016 |
3642.724 |
|
|
|
|
|
|
long-term borrowings |
940.857 |
320.945 |
93.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
940.857 |
320.945 |
93.000 |
|
Debt/Equity ratio |
0.305 |
0.091 |
0.026 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
30.06.2012 |
30.06.2013 |
30.06.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operations |
22726.722 |
29671.590 |
32642.978 |
|
|
|
30.558 |
10.014 |
NET PROFIT MARGIN
|
Net Profit Margin |
30.06.2012 |
30.06.2013 |
30.06.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operations |
22726.722 |
29671.590 |
32642.978 |
|
Profit |
313.747 |
728.233 |
305.899 |
|
|
1.38% |
2.45% |
0.94% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
Case
Details Bench
:- Bombay |
|
Presentation
Date 22.03.2013 |
|
Stamp No.:- FAST/10368/2013 Filing Date:- 03.04.2013 Reg. No.:- FA/1176/2013 Reg.
Date:- 30.08.2013 |
|
Petitioner:- M/S. MOREX INDUSTRIES PRIVATE
LIMITED Respondent:- SUPREME PETROCHEM LIMITED – Petn.Adv.:- MR. A. M. SARAOGI (0) District:- MUMBAI
Resp. Adv.:- 0 (0) |
|
Bench:- SINGLE Status:- Admitted (Unready) Last Date:- 09.04.2014
Stage:- APPEALS FOR
ADMISSION – FRESH [CIVIL SIDE MATTERS] Last Coram:- HON’BLE SHRI JUSTICE K. K. TATED |
|
Act :- C. P. C. – (Interlocutory Order)
C. P. C. – (Non Interlocutory Order) |
UNSECURED LOANS
|
PARTICULAR |
30.06.2014 (Rs.
In Millions) |
30.06.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Fixed Deposits |
0.000 |
41.945 |
|
|
|
|
|
Total |
0.000 |
41.945 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10463830 |
11/11/2013 |
400,000,000.00 |
ING VYSYA BANK LIMITED |
185, ANNASALAI, CHENNAI, Tamil Nadu - 600006, INDIA |
B90955121 |
|
2 |
10353936 |
30/10/2012 * |
338,700,000.00 |
THE KARUR VYSYA BANK LIMITED |
KAMANWALA CHAMBERS, SIR P.M. ROAD, FORT, MUMBAI, Maharashtra - 400001,
INDIA |
B62284401 |
|
3 |
10330666 |
29/03/2012 * |
600,000,000.00 |
STATE BANK OF INDIA |
CAG BRANCH, VOLTAS HOUSE, 23, J N HEREDIA MARG, BALLARD ESTATE, MUMBAI,
Maharashtra - 400001, INDIA |
B39674890 |
|
4 |
10133430 |
03/11/2008 |
200,000,000.00 |
ING VYSYA BANK LTD |
PATEL CHAMBERS GROUND FLOOR, SANDHURST BRIDGE OPE |
A52331469 |
|
5 |
10096096 |
27/10/2008 * |
200,000,000.00 |
THE KARUR VYSYA BANK LIMITED |
POST BOX NO.21,, ERODE ROAD, KARUR, Tamil Nadu - |
A50150077 |
|
6 |
80022213 |
23/02/2006 |
200,000,000.00 |
UTI BANK LIMITED |
FORT, P M ROAD, MUMBAI, Maharashtra - 400001, INDIA |
- |
|
7 |
80006091 |
28/11/2005 |
320,000,000.00 |
STATE BANK OF INDIA |
NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
- |
|
8 |
90230060 |
09/06/2006 * |
493,080,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
- |
|
9 |
90230011 |
04/10/2004 |
120,000,000.00 |
UTI BANK LTD. |
131; MAKER TOWER; F; 13 TH FLOOR, CUFFE PARADE; COLOBA, MUMBAI, Maharashtra
- 400005, INDIA |
- |
|
10 |
90283294 |
06/09/2005 * |
65,000,000.00 |
ANDHRA BANK |
MOUNT ROAD, 95; ANNA SALAI, CHENNAI, Tamil Nadu - 600002, INDIA |
- |
|
11 |
90229949 |
06/04/2004 * |
200,000,000.00 |
THE KARUR VYSYA BANK LTD. |
KAMANWALA CHAMBERS, SIR P.M. ROAD, MUMBAI, Maharashtra - 400001, INDIA
|
- |
|
12 |
90229944 |
10/03/2004 |
200,000,000.00 |
ING VYSYA BANK LTD. |
OPERA HOUSE, MUMBAI, Maharashtra, INDIA |
- |
|
13 |
90229925 |
29/12/2003 |
300,000,000.00 |
ING VYSYA BANK LTD. |
PATEL CHEMBAER; GROUND FLOOR, OPERA HOUSE, MUMBAI, Maharashtra -
400007,INDIA |
- |
|
14 |
90281583 |
27/08/2003 |
50,250,000.00 |
BANK OF INDIA |
CHENNAI CORPORATE BANKING BRANCH, TARAPORE TOWERS; ANNA SALAI,
CALCUTTA, West Bengal - 600002, INDIA |
- |
|
15 |
90229891 |
21/11/2003 * |
200,000,000.00 |
THE KARUR VYSYA BANK LTD. |
KAMANWALA CHAMBERS, FORT BRANCH, MUMBAI, Maharashtra - 400001, INDIA |
- |
|
16 |
90229855 |
21/03/2003 |
150,000,000.00 |
ICICI LIMITED |
FREE PRESS HOUSE, 215 NARIMAN POINT, MUMBAI, Maharashtra - 400021,
INDIA |
- |
|
17 |
90229798 |
04/09/2002 |
100,000,000.00 |
INDUSIND BANK LIMITED |
HOECHST HOUSE; 3RD FLOOR, NARIMAN POINT, MUMBAI, Maharashtra - 400021,
INDIA |
- |
|
18 |
90229673 |
17/04/2001 |
276,500,000.00 |
VYSYA BANK LTD. |
OPERA HOUSE BRNACH, OPERA HOUSE, MUMBAI, Maharashtra - 400007, INDIA |
- |
|
19 |
90229630 |
16/12/2000 |
368,700,000.00 |
BANK OF INDIA |
244-A; MITTAL COURT, A; WING ; NARIMAN POINT, MUMBAI, Maharashtra -
400021,INDIA |
- |
|
20 |
90229616 |
20/10/2000 |
540,000,000.00 |
STATE BANK OF INDIA |
COMMERCIZL BRANCH, JUSTICE G.N. VAIDYA MARG, MUMBAI, Maharashtra -
400023, INDIA |
- |
|
21 |
90229608 |
18/12/2000 * |
367,500,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRNACH, M.G. ROAD; FORT, MUMBAI, Maharashtra -
400023, INDIA |
- |
|
22 |
90229606 |
22/09/2000 |
472,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRANCH; BHARAT HOUSE', GROUND FLOOR; B.S. MARG,
MUMBAI, Maharashtra - 400001, INDIA |
- |
|
23 |
90229599 |
20/06/2001 * |
200,000,000.00 |
IDBI BANK LTD. |
224; A- MITTAL COURT, A; WING; NARIMAN POINT, MUMBAI, Maharashtra - 400021,
INDIA |
- |
|
24 |
90229597 |
03/01/2001 * |
75,000,000.00 |
SICOM LIMITED |
NIRMAL 1ST FLOOR, NARIMAN POINT, MUMBAI, Maharashtra - 40001, INDIA |
- |
|
25 |
90229567 |
11/04/2000 |
100,000,000.00 |
UCO BANK |
BALDOTA BHAVAN; QUEEN'S ROAD BRNACH, MAHARASHI KARVE ROAD, MUMBAI,
Maharashtra - 400020, INDIA |
- |
|
26 |
90229535 |
01/03/2001 * |
126,750,000.00 |
STATE BANK OF INDORE |
NANABHAI LANE, FORT, MUMBAI, Maharashtra - 400001, INDIA |
- |
|
27 |
90229530 |
07/04/2000 * |
390,000,000.00 |
ICICI LIMITED |
FREE PRESS HOUSE, 215; NARIMAN POINT, MUMBAI, Maharashtra - 400021,
INDIA |
- |
|
28 |
90232526 |
25/11/1999 |
1,486,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, MUMBAI, Maharashtra -
400023, INDIA |
- |
|
29 |
90229517 |
01/03/2001 * |
110,000,000.00 |
BOMBAY MERCANTILE CO-OP; BANK LTD. |
CORPORATE FINANCE OFFICE, P.D. MELLO ROAD, MUMBAI, Maharashtra - 400009,
INDIA |
- |
|
30 |
90229508 |
03/01/2001 * |
150,000,000.00 |
IDBI BANK LTD. |
IDBI TOWER, COLOBA, MUMBAI, Maharashtra - 400005, INDIA |
- |
|
31 |
90229497 |
21/12/1999 * |
100,000,000.00 |
CENTRAL BANK OF INDIA |
M.G. ROAD, FORT, MUMBAI, Maharashtra - 400021, INDIA |
- |
|
32 |
90229476 |
08/07/1999 |
241,500,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRNACH, M.G. ROAD; FORT, MUMBAI, Maharashtra -
400023, INDIA |
- |
|
33 |
90229460 |
06/05/1999 |
150,000,000.00 |
IDBI BANK LTD. |
IDBI TOWER, COLOBA, MUMBAI, Maharashtra - 40005, INDIA |
- |
|
34 |
90229457 |
09/04/1999 |
100,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRNACH, M.G. ROAD; FORT, MUMBAI, Maharashtra -
400023, INDIA |
- |
|
35 |
90229429 |
20/10/1999 * |
123,500,000.00 |
IDBI BANK LTD. |
224; A- MITTAL COURT, A; WING; NARIMAN POINT, MUMBAI, Maharashtra -
400021, INDIA |
- |
|
36 |
90229416 |
29/12/1998 |
67,000,000.00 |
STATE BANK OF INDORE |
INDUSTRIAL FINANCE BRNACH; 10; NAHABHAI LANE, MUMBAI, Maharashtra -
400001, INDIA |
- |
|
37 |
80022212 |
10/01/2006 * |
4,100,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, VAIDYA MARG, MUMBAI, Maharashtra - 400023, INDIA |
- |
|
38 |
90229410 |
30/10/2012 * |
7,650,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNT GROUP BRANCH, NEVILLE HOUSE, 23, J N HEREDIA MARG,
MUMBAI, Maharashtra - 400001, INDIA |
B62165162 |
|
39 |
90229363 |
20/06/2001 * |
190,000,000.00 |
BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH;. BARODA HOUSE, C.P. ST REET FORT, MUMBAI, Maharashtra - 400001,
INDIA |
- |
|
40 |
90232506 |
23/01/1998 |
1,075,000,000.00 |
ING BANK NV |
7TH FLOOR; HOECHSTR HOUSE, NARIMAN POINT, MUMBAI, Maharashtra -
400021, INDIA |
- |
|
41 |
90229292 |
19/02/1999 * |
100,000,000.00 |
ICICI LIMITED |
163; BACKBAY RECLAMATION, MUMBAI, Maharashtra - 400020, INDIA |
- |
|
42 |
90229261 |
23/01/1998 * |
45,000,000.00 |
IDBI BANK LTD. |
IDBI TOWER, COLOBA, MUMBAI, Maharashtra - 400005, INDIA |
- |
|
43 |
90229251 |
08/04/1996 * |
100,000,000.00 |
ICICI LIMITED |
163; BACKBAY RECLAMATION, MUMBAI, Maharashtra - 400020, INDIA |
- |
|
44 |
90229055 |
23/01/1998 * |
90,000,000.00 |
IDBI BANK LTD. |
IDBI TOWER, COLOBA, MUMBAI, Maharashtra - 400005, INDIA |
- |
|
45 |
90229043 |
23/03/2005 * |
870,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRNACH, JUSTICE G.N. VAIDYA MARG, MUMBAI, Maharashtra -
400023, INDIA |
- |
|
46 |
90242072 |
14/09/2012 * |
7,650,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNT GROUP BRANCH, NEVILLE HOUSE, 23, J N HEREDIA MARG,
MUMBAI, Maharashtra - 400001, |
B60547056 |
|
47 |
90228993 |
06/09/1996 * |
160,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRANCH; BHARAT HOUSE', GROUND FLOOR; B.S. MARG,
MUMBAI, Maharashtra - 400001, INDIA |
- |
|
48 |
90228955 |
14/11/1995 * |
50,000,000.00 |
ICICI LIMITED |
163; BACKBAY RECLAMATION, MUMBAI, Maharashtra - 400020, INDIA |
- |
|
49 |
90228882 |
26/07/2001 * |
525,600,000.00 |
ICICI LIMITED |
163; BACKBAY RECLAMATION, MUMBAI, Maharashtra - 400021, INDIA |
- |
|
50 |
90228871 |
24/10/1998 * |
168,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRNACH; BHARAT HOUSE;, GROUND FLOOR; B.S. MARG,
BOMBAY, Maharashtra - 400001, INDIA |
- |
|
51 |
90228846 |
14/11/1995 * |
50,000,000.00 |
BANK OF BARODA |
INDUSTRIAL FINANCE BRANCH, BARODA HOUSE; C.P. STREET, MUBAI,
Maharashtra - 400001, INDIA |
- |
|
52 |
90281797 |
10/10/1994 * |
2,000,000.00 |
INDUSTRIAL RECONSTRUCTION BANK OF INDIA |
19; NETHAJI SUBASH ROAD, CALCUTTA, West Bengal - 700007, INDA |
- |
|
53 |
90281790 |
10/10/1994 * |
6,500,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER; CUFFE PARADE, COLABA, BOMBAY, Tamil Nadu - 400005, INDIA |
- |
|
54 |
90281761 |
27/08/2003 * |
47,000,000.00 |
BANK OF INDIA |
CHENNAI CORPORATE BANKING BRANCH, TARAPORE TOWERS; ANNA SALAI,
CALCUTTA, West Bengal - 600002, INDIA |
- |
|
55 |
90228265 |
05/09/2001 * |
870,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRNACH, JUSTICE G.N. VAIDYA MARG, MUMBAI, Maharashtra - 400023,
INDIA |
- |
* Date of charge modification
REVIEW OF OPERATIONS
The markets for the Company`s products continued to be weak in the year
due to high inflation, wild fluctuations in rupee value, lower growth in
industrial production, low consumer confidence and poor offtake of consumer
durables. The domestic Polystyrene (PS) and Expandable Polystyrene (EPS)
markets declined by 9.5% and 5.2% respectively during the year.
The traditional export markets continued to be affected due to uncertain
economic and political situation in these markets. The Company could increase
its exports of PS and EPS by changing the focus to other markets/ customers.
The Speciality Polymers and Compounds (SPC) business recorded a marginal
increase of 4.6% in volume whereas the Extruded Polystyrene Insulation Board
(XPS) business has shown healthy growth over the previous year.
Despite the weak economic conditions in both domestic and international
markets the Company could maintain its volumes with a marginal decline of 0.8%
during the year. With the installation of stable Government at centre,
continued excise duty relief to the consumer durables market, increased
disposable income in the hands of consumers and improvement in consumer
confidence it is expected that the sales volume of the Company`s products will
be better in 2014-15 as compared to the year.
FIXED ASSETS
œ
Land (Freehold)
œ
Buildings
œ
Plant and Machinery
œ
Office Equipment’s
œ
Computers
œ
Air conditioners
œ
Vehicles
œ
Furniture and Fixtures
œ
Computer Software
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON
30TH
SEPTEMBER, 2014
(Rs. in millions)
|
|
|
Particulars |
1st
Quarter Ended |
|
|
|
|
30.09.2014 Unaudited |
|
1 |
Income from Operations |
|
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
6942.344 |
|
|
|
b) Other Operating Income |
42.679 |
|
|
|
Total Income from Operations (Net) |
6985.023 |
|
|
2 |
Expenses |
|
|
|
|
a) |
Cost of Materials consumed |
4332.691 |
|
|
b) |
Purchase of stock in-trade |
2155.769 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(216.256) |
|
|
d) |
Employee benefit expenses |
63.168 |
|
|
e) |
Depreciation and amortization expense |
53.364 |
|
|
f) |
Other expenses |
382.808 |
|
|
Total Expenses |
6771.544 |
|
|
3 |
|
Profit /(Loss) from operations
before other income, finance costs and exceptional items (1-2) |
213.479 |
|
4 |
Other Income |
5.003 |
|
|
5 |
|
Profit /(Loss) from
ordinary activities before finance costs and exceptional items (3+4) |
218.482 |
|
6 |
Finance Costs |
59.013 |
|
|
7 |
|
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items (5-6) |
159.469 |
|
8 |
Exceptional Items |
-- |
|
|
9 |
Profit /(Loss) from ordinary activities before tax |
159.469 |
|
|
10 |
Tax Expense |
52.039 |
|
|
11 |
Net Profit /(Loss) from ordinary activities after tax
(9-10) |
107.430 |
|
|
12 |
Extraordinary items (net
of tax expense) |
-- |
|
|
13 |
Net Profit /(Loss) for the period (11-12) |
107.430 |
|
|
14 |
Paid up equity share
capital (Eq. shares of Rs.10/- each) |
965.020 |
|
|
15 |
Reserve excluding
revaluation reserves |
-- |
|
|
16 |
|
Earnings per share
(before/after extraordinary items) of
Rs.10/- each |
|
|
|
|
Basic |
1.11 |
|
|
|
Diluted |
1.11 |
|
|
|
Cash EPS before Extraordinary Items |
1.67 |
|
|
|||
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
|
Public Shareholding |
|
|
|
|
- No. of Shares |
37789958 |
|
|
|
- Percentage of
Shareholding |
39.16% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
-- |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
-- |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
-- |
|
|
|
b) Non- encumbered |
|
|
|
|
- Number of shares |
58712000 |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
100.00 |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
60.84% |
|
|
Particulars |
1st
Quarter ended 30.09.2014 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at the beginning
of the quarter |
Nil |
|
|
|
Received during the
quarter |
12 |
|
|
|
Disposed during the quarter |
12 |
|
|
|
Remaining unresolved at
the end of the quarter |
Nil |
NOTE:
1. Styrenics is the primary business segment of the Company. The secondary segment (Geographical) is as under:
|
Particulars |
1st Quarter ended on 30.09.2014 Unaudited |
|
|
|
|
(a) Net Sales/Income from Operations: |
5786.845 |
|
Within India |
1198.178 |
|
Outside India |
6985.023 |
|
|
|
|
(b) All the Assets of the Company are within India except these Debtors |
351.115 |
|
|
|
2.
As per the requirement of the provisions of
Schedule II of the Companies Act, 2013 (the "Act") the Management has
decided to adopt the useful lives as suggested in Part C of Schedule II of the
Act with effect from 1st July, 2014 for all its fixed assets. Accordingly
depreciation for the quarter is decreased by Rs.1980.700 millions. In
accordance with the transitional provisions under note 7(b) to Part C of
Schedule II of the Act, the Company has opted to adjust an amount of 
286.59 lacs (net of deferred tax
of Rs.14.757 millions) in the retained earnings, pertaining to assets
whose balance useful life was NIL as at 1st July, 2014.
3. The Company
has bought back 336655 Equity Shares since the opening of the current Buy Back
Scheme.
4. Figures
of the previous year/quarter are regrouped wherever necessary.
5. The above results have been reviewed by the Audit Committee, approved by the Board of Directors in the meeting held on October 16, 2014 and subjected to limited review by the statutory auditors.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transaction or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.21 |
|
|
1 |
Rs.97.80 |
|
Euro |
1 |
Rs.77.48 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
KLS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--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 |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.