MIRA INFORM REPORT
|
Report Date : |
19.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
INDO RAMA SYNTHETICS ( |
|
|
|
|
Registered
Office : |
31-A, MIDC Industrial Area, Butibori, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
28.04.1986 |
|
|
|
|
Com. Reg. No.: |
11-166615 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1518.200 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17124MH1986PLC166615 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BPLI00021A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAALI1530L |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Polyester Filament Yarn (PFY), Polyester
Staple Fibre (PSF), Draw Texturised Yarn (DTY) and Chips and also engaged in
power generation, which is used primarily for captive consumption |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 17000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and second largest polyester producer in
India having, moderate track. The company possesses a moderate financial profile marked by an
acceptable networth base along with highly accrued trade payables and limited
liquid investments outstanding as a result of moderation in the business
profile due to change in custom duty rates, high crude prices making it
difficult for the subject to compete with cotton and the oversupply in the
domestic market. Management has witnessed a dip in its sales-volume as well as has
reported a loss from its operations during FY14. The ratings also take into consideration, the various initiative
undertaken by the management, in order to bring the business operation on
track. Trade relations are fair. Business is active. Payment terms are
reported as slow but correct. In view of established track record of two decades and experienced
promoters, the subject can be considered for business dealings with
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 – 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 |
ICRA |
|
Rating |
Long term loans BB- |
|
Rating Explanation |
Moderate risk of default regarding timely servicing and high credit
risk. |
|
Date |
June, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term proposed limits A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
June, 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 BY
|
Name : |
Mr. Ajay |
|
Designation : |
Plant Head Executive |
|
Contact No.: |
91-7104-663000 |
|
Date : |
12.12.2014 |
LOCATIONS
|
Registered Office/ Factory : |
31-A, MIDC Industrial Area, Butibori, Nagpur – 441 122, Maharashtra, India |
|
Tel. No.: |
91-7104-663000-01 |
|
Fax No.: |
91-7104-663200 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate
Office 1 : |
20th Floor, DLF Square, DLF Phase II, NH 8, Gurgaon - 122 003, Haryana, India |
|
Tel. No.: |
91-124-4997000 |
|
Fax No.: |
91-124-4997070 |
|
E-Mail : |
ranvirk.vij@indorama-ind.com |
|
|
|
|
Corporate Office 2 : |
Dr. Gopaldas Bhawan, 28, Barakhamba Road, New Delhi – 110001, India |
|
|
|
|
Marketing
Offices 1 : |
G/504, ICB FLORA, SG Highway, Gota, Ahmedabad - 382481, Gujarat, India |
|
|
|
|
Marketing
Offices 2 : |
Shop No. G1, G2, Nakoda Textile Tower, Trilok Marg -
Gandhinagar, |
|
Tel. No.: |
91-1482-248576 |
|
Fax No.: |
91-1482-248733 |
|
|
|
|
Marketing
Offices 3 : |
Sarang, 1st Floor, 8/5, Race Course Road, Coimbatore - 641 018, Tamilnadu, India |
|
Tel. No.: |
91-422-2220456 |
|
Fax No.: |
91-422-2220658 |
|
|
|
|
Marketing
Offices 4 : |
37/3, ‘G Tower’, Perundurai Road, Erode-638011, Tamilnadu, India |
|
Tel. No.: |
91-424-2240847 |
|
|
|
|
Marketing
Offices 5 : |
20th Floor, DLF Square, DLF Phase-II, NH-8, Gurgaon - 122 002, Haryana, India |
|
Tel. No.: |
91-124-4997000 |
|
Fax No.: |
91-124-4997070 |
|
|
|
|
Marketing
Offices 6 : |
H.NO. 12-1-1314/A/5, Laxmi Nagar, North Lalaguda, Secunderabad - 500 017, Andhra Pradesh, India |
|
|
|
|
Marketing
Offices 7 : |
7-C, Kiran Shankar Roy Road, Hastings Chambers, Ground Floor, Room No-GX, Kolkata - 700001, West Bengal, India |
|
|
|
|
Marketing
Offices 8 : |
B-XIX-122/2, 4th Floor, Golden Plaza, The Mall Road, Ludhiana - 141 001, Punjab, India |
|
Tel. No.: |
91-161-2442752 / 5045068 |
|
|
|
|
Marketing
Offices 9 : |
No. 102 / G-1, Kameshwara Apartment, Sathya Sai Nagar Main Road, Madurai - 625003, Tamilnadu, India |
|
Tel. No.: |
91-452-2694804 |
|
|
|
|
Marketing
Offices 10 : |
The Metropolitan, 6th Floor, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051, Maharashtra, India |
|
Tel. No.: |
91-22-26571234 |
|
Fax No.: |
91-22-26571222 |
|
|
|
|
Marketing
Offices 11 : |
L-572, Behind Ram Sharnam, Model Town, Panipat - 132 103, Haryana, India |
|
|
|
|
Marketing
Offices 12 : |
A/9, 1st Floor, Gurukrupa Business Centre, Opposite Kotak Mahindra Bank, Vapi Main Road, Amli, Silvassa - 396230, UT of Dadra and Nagar Haveli, India |
|
Tel. No.: |
91-260-2643416/17, 2644519 |
|
|
|
|
Marketing
Offices 13 : |
202, Trividh Chambers, Opposite Fire Brigade Station, Ring Road, Surat - 395 002, Gujarat, India |
|
Tel. No.: |
91-261-2339368 / 2350701 / 2350687 |
|
|
|
|
Marketing
Offices 14 : |
4/5, Alagappa Complex, 1st Floor, Opposite Tamilnadu Theatres, Palladam Road, Tirupur - 641 604, Tamilnadu, India |
|
Tel. No.: |
91-421-2217994 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Mohan Lal Lohia |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Mr. Om Prakash Lohia |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Vishal Lohia |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. Anant Kishore |
|
Designation : |
Whole-time Director and CEO |
|
|
|
|
Name : |
Mr. Ashok Kumar Ladha |
|
Designation : |
Non-executive Independent Director |
|
|
|
|
Name : |
Mr. Om Prakash Vaish |
|
Designation : |
Non-executive Independent Director |
|
|
|
|
Name : |
Mr. Arvind Pandalai |
|
Designation : |
Non-executive Independent Director |
|
|
|
|
Name : |
Mr. Suman Jyoti Khaitan |
|
Designation : |
Non-executive Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Jayant Sood |
|
Designation : |
Company Secretary |
|
|
|
|
CORPORATE
EXECUTIVES |
|
|
|
|
|
Name : |
Mr. Anant Kishore |
|
Designation : |
Chief Operating Officer |
|
|
|
|
Name : |
Mr. Sanjay Syal |
|
Designation : |
President and Chief Financial Officer |
|
|
|
|
Name : |
Mr. Ajay Gupta |
|
Designation : |
Site Head |
|
|
|
|
Name : |
Mr. Arvind Gupta |
|
Designation : |
Marketing Head |
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 |
|
|
|
|
|
|
|
|
52924848 |
37.39 |
|
|
4329204 |
3.06 |
|
|
57254052 |
40.45 |
|
|
|
|
|
|
961724 |
0.68 |
|
|
43288057 |
30.59 |
|
|
44249781 |
31.27 |
|
Total shareholding of Promoter and Promoter Group (A) |
101503833 |
71.72 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
10796 |
0.01 |
|
|
2252106 |
1.59 |
|
|
4006850 |
2.83 |
|
|
14134419 |
9.99 |
|
|
20404171 |
14.42 |
|
|
|
|
|
|
3949436 |
2.79 |
|
|
|
|
|
|
8035831 |
5.68 |
|
|
7637611 |
5.40 |
|
|
19622878 |
13.86 |
|
Total Public shareholding (B) |
40027049 |
28.28 |
|
Total (A)+(B) |
141530882 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
10291360 |
0.00 |
|
|
10291360 |
0.00 |
|
Total (A)+(B)+(C) |
151822242 |
0.00 |
%20LIMITED%20-%20298939%2019-Dec-2014_files/image016.gif){kind=small}
%20LIMITED%20-%20298939%2019-Dec-2014_files/image017.gif){kind=small}
%20LIMITED%20-%20298939%2019-Dec-2014_files/image018.gif){kind=small}
%20LIMITED%20-%20298939%2019-Dec-2014_files/image019.gif)
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Polyester Filament Yarn (PFY), Polyester
Staple Fibre (PSF), Draw Texturised Yarn (DTY) and Chips and also engaged in power
generation, which is used primarily for captive consumption |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Brand Names : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Agencies Held : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Exports : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Imports : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Purchasing : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
¨ Axis Bank Limited ¨ Bank of India ¨ HDFC Bank Limited ¨ Oriental Bank of Commerce ¨ Punjab National Bank ¨ State Bank of Travancore ¨ IKB Deutsche Industriebank AG |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
B S R and Associates Chartered Accountants |
|
Address : |
Gurgaon, Haryana, India |
|
|
|
|
Wholly owned
subsidiaries : |
¨ Indo Rama Renewables Limited (‘IRRL’) ¨ Indo Rama Renewables Porbandar Limited ¨ Indo Rama Renewables Ramgarh Limited ¨ Indo Rama Renewables Jath Limited |
|
|
|
|
Enterprises over which key management
personnel or their relatives have significant influence : |
¨ Indo Rama Petrochem Limited (IRPL), Thailand ¨ T P T Petrochemicals PCL (TPT Petro), Thailand ¨ P.T. Indo Rama Synthetics TBK, Jakarta |
|
|
|
|
Enterprises having significant influence
: |
¨ Brookgrange Investments Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
185000000 |
Equity Shares |
Rs.10/- each |
Rs.1850.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
151822242 |
Equity Shares |
Rs.10/- each |
Rs.1518.200 Millions |
|
|
|
|
|
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 |
1518.200 |
1518.200 |
1518.200 |
|
(b) Reserves & Surplus |
4418.900 |
4566.300 |
4475.100 |
|
(c) Money
received against share warrants |
0.000 |
203.000 |
203.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5937.100 |
6287.500 |
6196.300 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1728.400 |
1475.700 |
1957.600 |
|
(b) Deferred tax liabilities (Net) |
1860.300 |
2070.900 |
2133.700 |
|
(c) Other long term
liabilities |
8.300 |
8.400 |
7.800 |
|
(d) long-term
provisions |
181.400 |
149.300 |
147.500 |
|
Total Non-current
Liabilities (3) |
3778.400 |
3704.300 |
4246.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2458.500 |
3427.200 |
2572.000 |
|
(b) Trade
payables |
5306.500 |
5360.300 |
5561.000 |
|
(c) Other
current liabilities |
1481.400 |
1341.200 |
2232.300 |
|
(d) Short-term
provisions |
204.300 |
278.500 |
236.800 |
|
Total Current
Liabilities (4) |
9450.700 |
10407.200 |
10602.100 |
|
|
|
|
|
|
TOTAL |
19166.200 |
20399.000 |
21045.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
10592.900 |
11720.800 |
12732.500 |
|
(ii)
Intangible Assets |
4.300 |
9.400 |
12.300 |
|
(iii)
Capital work-in-progress |
1.700 |
26.500 |
265.700 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
369.900 |
369.900 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1198.200 |
805.100 |
532.200 |
|
(e) Other
Non-current assets |
76.100 |
196.100 |
100.400 |
|
Total Non-Current
Assets |
12243.100 |
13127.800 |
13643.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
41.900 |
103.000 |
148.300 |
|
(b)
Inventories |
2936.100 |
3036.000 |
3636.000 |
|
(c) Trade
receivables |
1117.900 |
875.300 |
960.500 |
|
(d) Cash
and cash equivalents |
429.400 |
369.400 |
309.700 |
|
(e)
Short-term loans and advances |
807.800 |
1399.600 |
1021.400 |
|
(f) Other
current assets |
1590.000 |
1487.900 |
1326.000 |
|
Total
Current Assets |
6923.100 |
7271.200 |
7401.900 |
|
|
|
|
|
|
TOTAL |
19166.200 |
20399.000 |
21045.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
26291.200 |
29101.300 |
29688.000 |
|
|
|
Other Income |
2440.100 |
2407.800 |
2072.600 |
|
|
|
TOTAL |
28731.300 |
31509.100 |
31760.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
21250.700 |
24266.200 |
22789.800 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
4.600 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
905.700 |
84.600 |
1594.000 |
|
|
|
Employees benefits expense |
844.100 |
812.400 |
736.000 |
|
|
|
Other expenses |
3284.900 |
3516.800 |
3450.200 |
|
|
|
Exceptional items |
995.100 |
392.600 |
652.500 |
|
|
|
TOTAL |
27280.500 |
29077.200 |
29222.500 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1450.800 |
2431.900 |
2538.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
352.300 |
445.100 |
612.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1098.500 |
1986.800 |
1925.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1351.200 |
1579.900 |
1543.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(252.700) |
406.900 |
382.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(170.900) |
(5.700) |
62.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(81.800) |
412.600 |
319.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2081.900 |
1846.900 |
1703.700 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim dividend
|
151.800 |
151.800 |
151.800 |
|
|
|
Proposed
dividend |
25.800 |
25.800 |
24.600 |
|
|
BALANCE CARRIED
TO THE B/S |
1822.500 |
2081.900 |
1846.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
6856.200 |
7498.600 |
8449.500 |
|
|
|
Dividend |
28.800 |
104.600 |
211.400 |
|
|
|
Sale of current investments (Gross consideration) |
2418.600 |
2080.700 |
1755.800 |
|
|
TOTAL EARNINGS |
9303.600 |
9683.900 |
10416.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
16258.400 |
14991.600 |
14948.700 |
|
|
|
Packing Material |
0.000 |
1.500 |
10.000 |
|
|
|
Stores & Spares |
90.600 |
61.500 |
16.600 |
|
|
|
Capital Goods |
5.200 |
36.600 |
444.400 |
|
|
TOTAL IMPORTS |
16354.200 |
15091.200 |
15419.700 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.54) |
2.72 |
2.11 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(0.31) |
1.42 |
1.08 |
|
|
|
|
|
|
|
Operating Profit Margin (PBITD/Sales) |
(%) |
5.52 |
8.36 |
8.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.34) |
2.03 |
1.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04) |
0.06 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.71 |
0.78 |
0.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.73 |
0.70 |
0.70 |
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 |
1518.200 |
1518.200 |
1518.200 |
|
Reserves & Surplus |
4475.100 |
4566.300 |
4418.900 |
|
Money received against share warrants |
203.000 |
203.000 |
0.000 |
|
Net
worth |
6196.300 |
6287.500 |
5937.100 |
|
|
|
|
|
|
long-term borrowings |
1957.600 |
1475.700 |
1728.400 |
|
Short term borrowings |
2572.000 |
3427.200 |
2458.500 |
|
Total
borrowings |
4529.600 |
4902.900 |
4186.900 |
|
Debt/Equity
ratio |
0.731 |
0.780 |
0.705 |
%20LIMITED%20-%20298939%2019-Dec-2014_files/image020.gif)
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 |
29688.000 |
29101.300 |
26291.200 |
|
|
|
(1.976) |
(9.656) |
%20LIMITED%20-%20298939%2019-Dec-2014_files/image021.gif)
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 |
29688.000 |
29101.300 |
26291.200 |
|
Profit |
319.600 |
412.600 |
(81.800) |
|
|
1.08% |
1.42% |
(0.31%) |
%20LIMITED%20-%20298939%2019-Dec-2014_files/image022.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
No |
|
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 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10468964 |
03/01/2014 |
250,000,000.00 |
State Bank of Travancore |
Commercial Branch , Travancore Palace ,, K.G Marg, New Delhi, Delhi -
110001, INDIA |
B93028843 |
|
2 |
10461775 |
31/07/2014 * |
150,000,000.00 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA |
NATIONAL INSURANCE BUILDING, GROUND FLOOR, S.V.PATEL MARG, KINGSWAY,
NAGPUR, Maharashtra - 440001, |
C16084915 |
|
3 |
10341105 |
20/01/2012 |
240,000,000.00 |
ORIENTAL BANK OF COMMERCE |
E-Block, Harsha Bhawan,, Connaught Place,, New Delhi, Delhi - 110001,
INDIA |
B34538363 |
|
4 |
10062641 |
30/07/2012 * |
850,000,000.00 |
STATE BANK OF TRAVANCORE |
Commercial Branch,, Travancore House, K.G.Marg, |
B56359409 |
|
5 |
90210703 |
19/12/2006 * |
952,496,718.75 |
IKB DEUTSCHE INDUSTRIEBANK AG |
Wilhelm-Botzkes-Str.1, 40474 Dusseldorf., Federal |
- |
|
6 |
80016714 |
19/12/2006 * |
1,742,755,000.00 |
IKB DEUTSCHE INDUSTRIEBANK AG |
Wilhelm-Botzkes-Str.1, 40474 Dusseldorf., Federal |
- |
|
7 |
80016712 |
19/12/2006 * |
222,343,000.00 |
IKB DEUTSCHE INDUSTRIEBANK AG |
Wilhelm-Botzkes-Str.1, 40474 Dusseldorf., Federal |
- |
|
8 |
90209638 |
30/07/2012 * |
750,000,000.00 |
PUNJAB NATIONAL BANK |
15-17, Large Corporate Branch ,, Tolstoy House,, |
B56385412 |
|
9 |
80016709 |
30/07/2012 * |
1,900,000,000.00 |
Oriental Bank of Commerce |
85-A, Rishyamook Building, Panchkuian Road, New |
B56643711 |
|
10 |
90209563 |
20/03/2014 * |
2,208,200,000.00 |
Bank of India |
New Delhi Large Corporate Branch, 10th Floor, Cha |
C05650304 |
* Date of charge modification
GENERAL INFORMATION
Indo Rama Synthetics (India) Limited (hereinafter referred to as ‘the Company’ or ‘IRSL’) is a manufacturer of Polyester Filament Yarn (PFY), Polyester Staple Fibre (PSF), Draw Texturised Yarn (DTY) and Chips. The Company is also engaged in power generation, which is used primarily for captive consumption. The Company’s manufacturing facilities are located at Butibori, Nagpur.
OPERATIONAL AND FINANCIAL REVIEW
During the year under report, the Company recorded gross revenue of Rs. 28610.000 Million as against Rs. 31664.000 Million in previous year. EBIDTA is Rs. 2446.000 Million as against Rs.2825.000 Million last year. Loss after Tax stood at Rs. 81.800 Million as against Profit of Rs.412.600 Million for the previous year.
The year 2013-14, was one of the most challenging years in the recent past. The Indian economy passed through a difficult phase with business activities on a lower side for most of the sectors due to depreciation in the value of rupee, rising crude oil prices and increasing raw material costs. Adding to the weak demand, production was also hampered due to the lack of adequate raw material.
The Company focused on widening product basket, optimising raw material usage, rationalising costs, accelerating global forays and enhancing people capabilities. These initiatives will help sustain the difficult times and grow their core strengths.
The demand for man-made fibres is showing signs of improvement and we are hopeful that the demand for polyester will see revival. Polyester demand will be driven by its growing relevance in daily life across home textiles, apparel, automotive, furnishing fabrics, technical textile and non-woven segments.
Going ahead, with demand going up both in the Domestic and International Market, they are hopeful that they will be able to utilise higher production capacity and grow business volumes.
MANAGEMENT DISCUSSION AND ANALYSIS
Global Economy
The global
economic environment has broadly strengthened, with modestly better consumer
and investment sentiments and less inherent fragilities. It is likely to
improve further, with much of the growth impetus emanating from advanced
economies. However, one disturbing trend is that global growth pattern still
remains uneven with a stronger US economy, subdued growth in the Euro Area and
Japan and slowdown in the Emerging Markets and Developing Economies (EMDC).
China’s leadership has now adopted a more balanced growth paradigm with
enhanced focus on the services sector. Such an approach may augur well for the
Chinese economy in the foreseeable future. If they take a macro perspective,
full global recovery remains a distant prospect. However, the journey has
already begun in right earnest.
Indian Economy
India’s economy faced multiple roadblocks to
growth in the form of persistently high inflation, sluggish industrial
production, discouraging agricultural output, modest investment in
infrastructure and stalled projects owing to bureaucratic hassles and no
definite agenda towards reforms. However, the new Central Government is
expected to accelerate the pace of reforms and help enhance investor
confidence. It is estimated that the country’s GDP will grow by 5.4% in
2014-15, compared to 4.7% in 2013-14 (Source: IMF).
Rapid
implementation of Goods and Services Tax (GST) and further reduction in fiscal
deficit are expected to be some of the key thrust areas for the new government.
Such an approach is expected to pave the way for the country to achieve 7-7.5%
growth.
The depreciation
of the Indian rupee last year gave a fillip to India’s export industry.
Moreover, the foreign trade policy (FTP) for 2014-19 is likely to be rolled out
soon to promote exports and narrow down trade deficit.
FIBRE INDUSTRY
SCENARIO
Global Fibre
Industry
Global fibre
production rose by an estimated 1.6% in 2013 from 84 million tonnes to 85.4
million tonnes. The growth is largely due to the higher production volumes of
textiles fibres in China. The marginal growth in volumes is attributed to weak
global economy and weak demand. The MMF production reached a new level of 58.5
million tonnes, up from 56.0 million tonnes, a 4.3% escalation. The polyester
fibre accounted for an estimated 44 million tonnes registering an increase of
5.5% in volumes. The polyester fibre accounts for 51.5% of total fibre volumes
and 75% of MMF fibres. The cellulosic fibre production went up by 9.6% for the
year under consideration at an estimated 5.8 million tonnes. The Polyamide or
Nylon increased by an estimated 3.9% and Polypropylene marginally increased by
1%. China accounted for the highest growth at 10.8% in MMF production to 38.5
million tonnes in 2013 from 35.5 million tonnes in 2012.
Cotton fibre
global production is estimated to decline by 5.2% to a level of 25.4 million
tonnes in 2013-14 compared to 26.8 million tonnes in 2012-13. Cotton inventory
rose by 8.2% at estimated 21.1 million tonnes. The end use stock ratio stands
at 88.5%. (USDA, April 2014)
Synthetic fibres
accounted for 62%, cotton 30%, manmade cellulosic fibres 6.8% and wool 1.3% of
85.4 million tonnes of fibres produced in 2013, as per the estimates of CIRFS
and The Fibre Year.
Indian Fibre
Industry
India’s fibre
demand is estimated at 8.4 million tonnes in 2013, compared with 8.0 million
tonnes in 2012, a 5% escalation. Cotton demand went up by 3.2% from 4.64
million tonnes in 2012 to 4.79 million tonnes in 2013, polyester fibre
estimated demand went up by 7.5% at 3.2 million tonnes. Viscose fibre rose by
estimated9% from 0.30 million tonnes to 0.33 million tonnes. Acrylic fibre
continued to make recovery, up by 17% from 0.096 million tonnes in 2012 to 0.11
million tonnes in 2013. The polyester fibre accounted for 37% and cotton
accounted for 57% of India’s total fibre demand. Together cotton and polyester
fibre accounts for 94% of the demand.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
Particulars
|
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Excise / customs / service tax matters in
dispute/ under appeal |
631.900 |
3036.100 |
|
Income tax matters in dispute/ under
appeal |
155.200 |
175.300 |
|
Sales tax matters in dispute/ under appeal |
64.600 |
60.700 |
|
Claims by ex-employees, vendors, customers
and civil cases |
7.100 |
6.100 |
FIXED ASSETS
œ Land (Freehold and
Leasehold)
œ Roads and
Buildings
œ Plant and
Machinery
œ Furniture and
Office Equipments
œ Vehicles
œ Software
UNAUDITED
RESULTS FOR THE QUARTER AND ENDED ON 30TH SEPTEMBER, 2014
(Rs.
In Millions)
|
|
|
Particulars |
Quarter
ended 30.09.2014 |
|
1 |
Income from Operations |
|
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
7168.100 |
|
|
|
b) Other Operating Income |
110.200 |
|
|
|
Total Income from Operations (Net) |
7278.300 |
|
|
2 |
Expenses |
|
|
|
|
a) |
Cost of Materials consumed |
6306.400 |
|
|
b) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(700.700) |
|
|
c) |
Employee benefit expenses |
223.600 |
|
|
d) |
Other
expenses |
1149.200 |
|
|
Total Expenses |
6978.500 |
|
|
3 |
|
Profit
/(Loss) from operations before depreciation and amortization, other income,
finance costs and exceptional items and tax |
299.800 |
|
4 |
Depreciation
and Amortization Expenses |
327.000 |
|
|
5 |
|
Total
expenses after depreciation and amortization, before finance costs,
exceptional item and tax |
7305.500 |
|
6 |
|
Profit
/(Loss) from operations before other income, finance costs and exceptional
items |
(27.200) |
|
7 |
Other
Income |
70.300 |
|
|
8 |
|
Profit
/(Loss) from ordinary activities before finance costs and exceptional items |
43.100 |
|
8 |
Finance
Costs |
115.500 |
|
|
9 |
|
Profit
/(Loss) from ordinary activities after finance costs but before exceptional
items |
(72.400) |
|
10 |
Exceptional
Items |
(132.400) |
|
|
11 |
Profit /(Loss) from ordinary activities
before tax |
(204.800) |
|
|
12 |
Tax
Expense |
(44.600) |
|
|
13 |
Net Profit /(Loss) for the period |
(160.200) |
|
|
14 |
Paid up
equity share capital (Eq. shares of
Rs.10/- each) |
1518.200 |
|
|
15 |
Reserve
excluding revaluation reserves |
|
|
|
|
|
Basic and Diluted |
(1.06) |
|
|
|
|
|
|
A |
|
PARTICULARS
OF SHAREHOLDING |
|
|
1 |
|
Public Shareholding |
|
|
|
|
- No. of
Shares |
50318409 |
|
|
|
-
Percentage of Shareholding |
33.14% |
|
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 |
101503833 |
|
|
|
-
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) |
66.86% |
|
|
Particulars |
Quarter
ended 30.09.2014 |
|
|
B |
|
Investor
Complaints |
|
|
|
|
Pending at
the beginning of the quarter |
-- |
|
|
|
Received
during the quarter |
20 |
|
|
|
Disposed
during the quarter |
20 |
|
|
|
Remaining
unresolved at the end of the quarter |
-- |
|
SOURCES OF FUNDS |
As on 30.09.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders'
Funds |
|
|
(a)
Share Capital |
1518.200 |
|
(b) Reserves & Surplus |
4445.500 |
|
|
5963.700 |
|
(2)
Minority Interest |
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
1427.400 |
|
(b) Deferred tax liabilities (Net) |
1765.400 |
|
(c) Other long term
liabilities |
8.200 |
|
(d) long-term
provisions |
198.500 |
|
|
3399.500 |
|
(4) Current Liabilities |
|
|
(a) Short term
borrowings |
1817.000 |
|
(b) Trade payables |
6538.200 |
|
(c) Other current
liabilities |
1240.600 |
|
(d) Short-term
provisions |
19.500 |
|
|
9615.300 |
|
|
|
|
TOTAL |
18978.500 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
9901.600 |
|
(b) Non-current Investments |
369.900 |
|
(c) Long-term Loan and Advances |
1231.00 |
|
(d) Other
Non-current assets |
78.700 |
|
|
11581.200 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
42.300 |
|
(b) Inventories |
3928.100 |
|
(c) Trade receivables |
1178.200 |
|
(d) Cash and cash
equivalents |
456.800 |
|
(e) Short-term loans
and advances |
472.000 |
|
(f) Other current
assets |
1319.900 |
|
|
7397.300 |
|
|
|
|
TOTAL |
18978.500 |
NOTE:
- The Audit Committee reviewed the above results. The Board of
Directors, at their meetings held on 13 November 2014, have approved the
above results.
- The Statutory Auditors of the Company have carried out a Limited
Review of the financial results for the quarter ended 30 September 2014
and an unqualified opinion has been issued. The review report of statutory
auditors is being filed with Bombay and National Stock Exchanges.
- The Company has made an early application, since the year 2010-11,
of Accounting Standard 30 "Financial Instruments- Recognition and
Measurement", issued by the Institute of Chartered Accountants of
India for accounting of forward exchange contracts taken for highly
probable/forecast transactions, which are not covered by Accounting
Standard-1 1. Expenses aggregating Rs. 171.300 millions and Rs.126.800
millions has been recognized as
income in the financial results for the quarter ended 30 September 2014
and included in exceptional items as an adjustment on the said application
of Accounting Standard 30.
- Due to significant volatility in the foreign currency vis-6-vis
local currency, the Company has considered the foreign exchange fluctuation
as an exceptional item.
- The Company's business mainly comprises manufacture of polyester. During the past few years, there has been significant volatility in raw material prices of polyester which are linked with crude oil prices and is subject to foreign exchange fluctuations. The sales realization in the industry has been low in comparison to the raw material price variations. In addition, stiff competition in certain products, low capacity utilisation, high inflation, high interest rates and weakened rupee has resulted in a temporary phase of low operating margins losses in the recent pM and also accumulation of significant unabsorbed depreciation as per tax laws. However, the Company's products command a premium in the market due to cost competitiveness and quality standards and its premium product lines are operating at full capacity. The Company has internally assessed its. position and the future outlook and has also initiated various measures including strategic steps to ensure profitable operations. To achieve the projected level of profitability, the Company is in the process of finalizing plans to increase the capacity for its preminm products by making fwther investment in the product line and is also confident of the market demand for the increased production. These actions would be coupled with other initiatives which include cost saving measures, exploration of new markets especially exports, streamlined utilisation of export benefits, developing backward integration facilities towards producing certain key input materials. The Company is also arranging for funds to meet the above plans. Accordingly, the Company believes that considering the expected investment and resultant profitability over the next year and in futwe years, no provision is required for impairment of assets and is confident that the MAT credit entitlement carried at the end of the year is fully recoverable.
- During the quarter ended 30 September 2014, based on internal technical evaluation, management reassessed the remaining useful life of assets, primarily consisting of buildings and plant and machinery with effect from 1 April 2014. Accordingly, the useful life of assets does not require a change from the previous estimates.
- The Company's business activity falls within a single primary business segment viz. 'Polyester'
PRESS RELEASE
Indo Rama
Synthetic (India) Ltd Reports Financial Financial Result For The Quarter And
Half Year Ended September 30, 2014
New Delhi,
November 13, 2014:
Indo Rama Synthetics (India) Limited, India's largest dedicated polyester manufacturer, today announced its financial results for the Quarter and Half Year ended September 30, 2014.
For the quarter ended September 30, 2014, net sales stood at Rs.716.81 crore as against Rs 619.98 of Q2 of previous year. The Operational EBIDTA for the period stood at Rs.29.98 crore.
The polyester industry is undergoing a very challenging phase due to the economic environment created after the imposition of Anti-Dumping Duty on PTA by the government which has resulted in an increase in the cost of raw material.
For the Half Year ended September 30, 2014, net sales stood at Rs.1422.08 crore as against Rs.1326.24 of Q2 of previous year. The Operational EBIDTA for the period stood at Rs.70.53 crore. Net profit for the period stood at Rs.6.03 crore.
Commenting on the company's performance, Mr. O. P. Lohia, Chairman & Managing Director, Indo Rama Synthetics (India) Ltd. said,
"As one of the leading player in market, our performance reflects the industry situation. While the sentiment around business environment is showing signs of improvement, the duty structure on PTA is hampering the growth of the domestic polyester industry.
We look forward to positive policy framework under the Make-In-India campaign and expect policy support in order to help the domestic polyester industry in showcasing its capability and prowess to deliver better returns to all the stakeholders."
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.31 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.78.10 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.