MIRA
INFORM REPORT
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Report Date : |
29.12.2014 |
IDENTIFICATION DETAILS
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Name : |
SHEKHAWATI POLY-YARN LIMITED |
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Registered
Office : |
Plot No. 185/1, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
05.11.1990 |
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Com. Reg. No.: |
11-000440 |
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Capital
Investment / Paid-up Capital : |
Rs. 220.111 Millions |
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CIN No.: [Company Identification
No.] |
L17120DN1990PLC000440 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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 Texturised Yarn,
Twisted Yarn and Knitted Fabrics. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 a satisfactory track record. The company possesses an above average financial risk profile along
with high performance capacity during 2014. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitment. In view of extensive experience of the promoters, the company can be
considered for normal business dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long Term Rating=BBB |
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Rating Explanation |
Moderate degree of safety and moderate credit risk |
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Date |
10.10.2013 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term rating=A3+ |
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Rating Explanation |
Moderate degree of safety and higher credit risk. |
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Date |
10.10.2013 |
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 DENIED
Management non co-operative (Tel No.: 91-22-61162500)
LOCATIONS
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Registered Office : |
Plot No. 185/1, Naroli Village, Near Kanadi Phatak, Naroli, Dadra
Nagar Haveli – 396235 (Union Territory), India |
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Tel. No.: |
91-260-2650666 |
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Fax No.: |
Not Available |
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E-Mail : |
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Corporate Office : |
Express Zone 'A' Wing, Unit No. 1102/1103, Patel Vatika, Off
Western Express Highway, Malad (East), Mumbai- 400 097, Maharashtra, |
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Factory 1 : |
Survey
No.185/1, |
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Factory 2 : |
Plot no. 20, Sheetal Industrial Estate, Demeni Road, Dadra, Dadra
and Nagar Haveli – 396 191 (Union Territory), India |
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Factory 3 : |
Plot no. 44 Government Industrial Estate, Masat, Samarvani, Dadra
and Nagar Haveli – 396 230 ( |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Mukesh Ramniranjan Ruja |
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Designation : |
Chairman and Managing Director |
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Date of Birth/Age : |
01.02.1972 |
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Qualification : |
B.Com, Diploma in Computer by NIIT and Course of Import – Export from
“The Indo American Society”. |
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Date of Appointment : |
02.03.2010 |
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Expertise in specific functional area : |
Mr. Mukesh Ruia has a rich experience of over 24 years in the Textile
Industries. |
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Name : |
Mr. Sanjay Jogi |
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Designation : |
Non-Executive Director |
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Date of Birth/Age : |
28.12.1965 |
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Qualification : |
S.S.C. |
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Date of Appointment : |
03.09.2013 |
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Expertise in specific functional area : |
Mr. Sanjay Jogi has a rich experience of over 20 years in the Textile
Industry. |
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Name : |
Mr. Sushil Poddar |
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Designation : |
Independent Director |
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Date of Birth/Age : |
15.09.1943 |
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Qualification : |
B.Com, LLB |
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Date of Appointment : |
06.08.2011 |
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Expertise in specific functional area : |
Mr. Sushil Poddar has a good knowledge in the field of procuring of
Raw material and purchase department in the Textile Industries. |
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Name : |
Mr. Ravi Jogi |
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Designation : |
Whole Time Director |
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Name : |
Mr. Rohit S. Chandgothia |
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Designation : |
Independent Director |
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Date of Birth/Age : |
09.04.1971 |
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Qualification : |
B.Com |
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Date of Appointment : |
18.03.2011 |
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Expertise in specific functional area : |
Mr. Rohit Sohanlal Chandgothia has a rich experience of over 22 years
in the Textile Industries. |
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Name : |
Mrs. Rekha D. Somani |
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Designation : |
Independent Director |
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Date of Birth/Age : |
05.01.1971 |
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Qualification : |
B.Com |
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Date of Appointment : |
11.08.2014 |
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Expertise in specific functional area : |
Mrs. Rekha D. Somani has a experience to give consultancy on Marketing
and other business related activities to the organization. |
KEY EXECUTIVES
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Name : |
Mr. Shivratan Agarwal |
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Designation : |
Chief Financial Officer |
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Name : |
Mrs. Meena A. Agal |
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Designation : |
Company Secretary and Compliance Officer |
SHAREHOLDING PATTERN
AS ON 16.12.2014
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Category of
Shareholder |
No. of Shares |
% of Holding |
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(A) Shareholding
of Promoter and Promoter Group |
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53625000 |
24.36 |
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46706765 |
21.22 |
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100331765 |
45.58 |
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Total
shareholding of Promoter and Promoter Group (A) |
100331765 |
45.58 |
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(B) Public
Shareholding |
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79960490 |
36.33 |
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11042130 |
5.02 |
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28305072 |
12.86 |
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471213 |
0.21 |
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177936 |
0.08 |
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293277 |
0.13 |
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119778905 |
54.42 |
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Total Public
shareholding (B) |
119778905 |
54.42 |
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Total (A)+(B) |
220110670 |
100.00 |
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total
(A)+(B)+(C) |
220110670 |
100.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
||
|
1 |
Choice International Limited |
4,57,510 |
0.21 |
|
2 |
Altius Buildcon Private Limited |
1,52,49,255 |
6.93 |
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3 |
Mukesh Ramniranjan Ruia |
3,13,20,000 |
14.23 |
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4 |
Kalpana Mukesh Ruia |
75,00,000 |
3.41 |
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5 |
Ramniranjan N Ruia |
5,000 |
0.00 |
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6 |
SKI Buildcon Private Limited |
3,10,00,000 |
14.08 |
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7 |
Shrey Mukesh Ruia |
1,48,00,000 |
6.72 |
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8 |
Mukesh Ramniranjan Ruia HUF |
|
0.00 |
|
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Total |
10,03,31,765 |
45.58 |
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 |
Amax Network Private Limited |
11200949 |
5.09 |
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2 |
Gajanand Infracon Private Limited |
12839049 |
5.83 |
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3 |
Madhukar C Sheth |
9196075 |
4.18 |
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4 |
Modern Trading Business Private Limited |
2886382 |
1.31 |
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5 |
RG BJ Traders Private Limited |
6047179 |
2.75 |
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6 |
Satyaprabhu Infrastructure Private Limited |
3478957 |
1.58 |
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7 |
Shankheshwar Spinners Private Limited |
8626121 |
3.92 |
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8 |
Vastupal Infrastructure Private Limited |
9640000 |
4.38 |
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9 |
Yash Infra Realty Private Limited |
14175490 |
6.44 |
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10 |
Paath Financial Services Private Limited |
0 |
0.00 |
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11 |
Modern Trading Business Private Limited |
0 |
0.00 |
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12 |
Azura Projects Private Limited |
0 |
0.00 |
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Total |
78090202 |
35.48 |
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 |
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1 |
Amax Network Private Limited |
11200949 |
5.09 |
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2 |
Gajanand Infracon Private Limited |
12839049 |
5.83 |
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3 |
Yash Infra Realty Private Limited |
14175490 |
6.44 |
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4 |
Paath Financial Services Private Limited |
0 |
0.00 |
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5 |
Modern Trading Business Private Limited |
0 |
0.00 |
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6 |
Azura Project Private Limited |
0 |
0.00 |
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Total |
38215488 |
17.36 |
Details of Locked-in Shares
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Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as % of |
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1 |
Modern Trading Business Private Limited |
28,86,382 |
1.31 |
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2 |
Mukesh Ramniranjan Ruia |
3,13,20,000 |
14.23 |
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Total |
3,42,06,382 |
15.54 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Polyester Texturised Yarn,
Twisted Yarn and Knitted Fabrics. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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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 : |
Information declined by the management. |
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Bankers : |
·
State Bank of India ·
Axis Bank Limited |
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Facilities : |
Note: LONG TERM
BORROWING Out of Term Loan from Banks (Secured) a) Loan from State Bank of India amounting to Rs. 30.200 Millions (Previous Year Rs. 49.400 Millions) was sanctioned during the financial year 2007-08 and carries Interest @ Base Rate +5% p.a. The loan is repayable in 81 monthly installments starting from September 2008. The Loan is Secured By 1st equitable mortgage charge on Company's Land and Building, Plant and Machinery, Furniture and Fixtures, Office Equipments and all other Fixed assets situated at Government Industrial Estate Masat, Silvassa. 2nd charge on paripassu basis with other Bank on the Land, Building, Plant and Machinery, Office Equipments and all other Fixed Assets situated at village Naroli, Silvassa. 1st Charge on office situated at Goregoan (East) and 2nd charge on parripassu basis with other lenders over the entire current assets of the company. b) Loan from State Bank of India amounting to Rs. 37.569 Millions (PreviousYear Rs. 50.133 Millions) was sanctioned during the financial year 2009-10 and carries interest @ Base rate +5% p.a. The loan is repayable in 78 monthly installments starting from October 2010. The Loan is Secured By 1st Equitable mortgage on pari-passu basis with other Banks on the Land & Building (Ground Floor),Plant and Machinery, Office Equipment (10 texturising machines) and all other Fixed Assets to be situated at village Naroli Silvassa. 2nd charge on pari passu basis over entire fixed assets land and building situated at Govt Industrial Estate Masat, Silvassa and other location.1st Charge on office situated at Goregoan (East) and 2nd charge on parripassu basis with other lenders over the entire current assets of the company. c) Loan from State Bank of India amounting to Rs. 42.200 Millions (Previous Year Rs. 47.600 Millions) was sanctioned during the financial year 2011-12 and carries interest @ Base rate +5.65% p.a. The Loan is repayable in 80 monthly installments starting from April 2012. The Loan is secured by 1st equitable charge on Building (1st & 2nd Floor) situated at village Naroli, Silvassa owned by the Company. 2nd charge on paripassu basis with other Bank on the Land, Building, Plant & Machinery, Office Equipments and all other Fixed Assets situated at village Naroli, Silvassa. 2nd parripassu charge with other Bank Ltd on entire fixed assets (other than 1st charge on assets to be created out of TL-IV from SBI) at Goverment Industrial Estate Masat,Silvassa and village Naroli Silvassa. 1st Charge on office situated at Goregoan (East) and 2nd charge on parripassu basis with other lenders over the entire current assets of the company.) d) Loan State Bank of India amounting to Rs. 381.000 Millions (Previous Year Rs. 429.000 Millions) was sanctioned during the financial year 2011-12 and carries interest @ Base rate +4.50% p.a. The loan is repayable in 76 monthly installments starting from October 2012. The Loan is secured by 1st hypothecation charge on shed, plant & machinery at Naroli, Silvassa owned by the company and extension of 1st charge on Building (1st & 2nd Floor) at Naroli. 2 charge on paripassu basis with other nd Bank on the Land, Building, Plant and Machinery, Office Equipments and all other Fixed Assets situated at Naroli, Silvassa. 2nd parripassu charge with other Bank Limited on entire fixed assets (other than 1st charge on assets to be created out of TL-IV from SBI) at Government Industrial Estate Masat, Silvassa and S.No. 185/P Naroli Silvassa. 1st Charge on office situated at Goregoan (East) and 2nd charge on parripassu basis with other lenders over the entire current assets of the company. e) Loan from Axis Bank amounting to Rs. 94.890 Millions (Previous Year Rs. 122.490 Millions) was sanctioned during the financial year 2010-11 and carries interest @ Base rate +3.50% p.a The loan is repayable in 78 monthly installments starting from January 2011. The loan is secured by Equitable mortgage of land and building and hypothecation of Plant and Machinery(both acquired out of TL and installed at Silavassa ,D&N Haveli (UT) on parripassu with SBI. Second parripassu charge on entire fixed assets of the company with SBI (for land and building at Government Industrial Estate Masat, Silvassa to the extent of 10 Crore). Second parripassu charge on entire current assets of the company with SBI. f) All the above term loans are personally guaranteed by the Chairman and Managing Director of the Company. Vehicle Loan
(Secured) Vehicle Loan amounting to Rs. 1.346 Million (Previous Year Rs. 2.202 Million) was obtained during the financial year 2009-10 and carries interest @ 8.67% p.a. The loan is repayable in 60 monthly instalments along with interest starting from Oct 2010.The loan is secured by 1st charge on the vehicle specifically financed out of the loan SHORT TERM
BORROWING a) Cash credit from State Bank of India amounting to Rs. 488.923 Millions (Previous Year Rs. 346.745 Millions) is secured by 1st Hypothecation charge on entire current assets of the company on parripassu basis. 2ndcharge on paripassu basis on Land and Building, Plant and Machinery, Office Equipments and all other Fixed Assets situated at village Naroli Silvassa. 2nd charge on pari passu basis over entire fixed assets Land and Building at Government Industrial Estate, Masat, Silvassa and othe location(for land and building to the extent of 10 Crores). 2nd charge on building Shed, Plant and Machinery of Proposed Project at Unit-3 situated at Naroli (under New project) 1st charge in office situated at Goregoan (East).The cash credit is repayable on demand and carries interest @ Base Rate + 4% p.a. b) Cash credit from Axis bank amounting to Rs. 118.90 Lakhs (Previous Year Rs. 18.475 Millions ) is secured by 1 parripassu charge over entire current assets of the company, present and future. 2nd parripassu charge over the entire fixed assets of the company, present, future (for land & building at Government Industrial Estate Masat, Silvassa. The cash credit is repayable on demand and carries interest @Base Rate + 3.5% p.a. c) All the above secured short term borrowings are personally guaranteed by the Chairman and Managing Director of the Company. |
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Auditors : |
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Name : |
S G C O and Company Chartered Accountant |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
28,00,00,000 |
Equity Shares |
Rs. 1/- each |
Rs. 280.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22,01,10,670 |
Equity Shares |
Rs. 1/- each |
Rs. 220.111
Millions |
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a) Reconciliation
of the number of equity shares outstanding at the beginning and at the end of
the reporting period
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Particulars |
As at March 31,
2014 |
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|
Numbers of Shares |
Rs. In Millions |
|
|
Shares outstanding at the beginning of the year |
220,110,670 |
220.111 |
|
Shares outstanding at the end of the year |
220,110,670 |
220.111 |
b) Terms/rights
attached to equity shares
The Company has one class of equity shares having a par value of 1 per
share. Each holder of equity shares is entitled to one vote per share.
In the event of liquidation of the Company, the holders of equity shares
will be entitled to receive remaining assets of the Company, after distribution
of all preferential amounts. The distribution will be in proportion to the
number of equity shares held by the shareholders.
Aggregate number
of bonus shares issued, share issued for consideration other than cash and
shares bought back during the period of five years immediately preceeding the
reporting date
|
Particular |
31.03.2014 |
|
Equity shares alloted as fully paid bonus shares by capitalisation of securities premium |
5,772,165 |
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Equity shares alloted as fully paid up pursuant to contracts for consideration other than cash |
- |
|
Equity Shares bought back by the Company |
- |
Details of
shareholders holding more than 5% shares in the company
|
Name of Shareholder |
31.03.2014 |
|
|
Number of Equity shares held |
Percentage |
|
|
Mukesh Ramniranjan Ruia |
21,320,000 |
14.23% |
|
SKI Buildcon Private Limited |
31,000,000 |
14.08% |
|
Altius Buildcon Private Limited |
15,249,255 |
6.93% |
|
Madhukar Sheth |
12,057,870 |
5.48% |
|
Shrey Mukesh Ruja |
14,800,000 |
6.72% |
|
Amax Network Private Limited |
13,076,321 |
5.94% |
|
Gajanand Infracon Private Limited |
12,839,049 |
5.83% |
|
Yash Infracon Private Limited |
14,175,490 |
6.44% |
|
Ramniranjan Ruia |
5,000 |
-- |
|
Safal Realty Private Limited |
-- |
-- |
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 |
220.111 |
220.111 |
220.111 |
|
(b) Reserves & Surplus |
516.126 |
445.621 |
400.472 |
|
(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) |
736.237 |
665.732 |
620.583 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
651.950 |
638.047 |
568.323 |
|
(b) Deferred tax liabilities (Net) |
80.228 |
72.153 |
50.927 |
|
(c) Other long term liabilities |
0.000 |
15.000 |
22.730 |
|
(d) long-term provisions |
1.669 |
1.047 |
0.509 |
|
Total Non-current Liabilities (3) |
733.847 |
726.247 |
642.489 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
500.813 |
365.220 |
368.480 |
|
(b) Trade payables |
82.445 |
119.093 |
18.551 |
|
(c) Other current
liabilities |
169.172 |
145.421 |
90.509 |
|
(d) Short-term provisions |
21.440 |
11.413 |
4.521 |
|
Total Current Liabilities (4) |
773.870 |
641.147 |
482.061 |
|
|
|
|
|
|
TOTAL |
2243.954 |
2033.126 |
1745.133 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
978.321 |
1080.163 |
946.240 |
|
(ii) Intangible Assets |
21.655 |
23.116 |
0.199 |
|
(iii) Capital
work-in-progress |
100.011 |
81.389 |
90.213 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
20.730 |
|
(b) Non-current Investments |
10.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
31.550 |
44.525 |
73.345 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1141.537 |
1229.193 |
1130.727 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
142.823 |
96.703 |
108.399 |
|
(c) Trade receivables |
653.343 |
425.429 |
342.476 |
|
(d) Cash and cash
equivalents |
19.803 |
18.057 |
8.208 |
|
(e) Short-term loans and
advances |
193.914 |
197.418 |
96.823 |
|
(f) Other current assets |
92.534 |
66.326 |
58.500 |
|
Total Current Assets |
1102.417 |
803.933 |
614.406 |
|
|
|
|
|
|
TOTAL |
2243.954 |
2033.126 |
1745.133 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3518.836 |
2397.974 |
2100.469 |
|
|
|
Other Income |
3.242 |
7.548 |
7.998 |
|
|
|
TOTAL |
3522.078 |
2405.522 |
2108.467 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2837.586 |
1855.494 |
1716.795 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
(17.998) |
8.152 |
(41.772) |
|
|
|
Employees benefits expense |
74.456 |
56.440 |
34.542 |
|
|
|
Other expenses |
285.908 |
200.922 |
186.359 |
|
|
|
TOTAL |
3179.952 |
2121.008 |
1895.924 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
342.126 |
284.514 |
212.543 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
127.491 |
118.571 |
88.310 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
214.635 |
165.943 |
124.233 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
106.561 |
99.567 |
59.710 |
|
|
|
|
|
|
|
|
|
Add |
PRIOR PERIOD
ADJUSTMENT |
0.000 |
0.000 |
1.210 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
108.074 |
66.376 |
65.733 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
37.569 |
21.227 |
21.519 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
70.505 |
45.149 |
44.214 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
173.326 |
128.177 |
83.963 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
243.831 |
173.326 |
128.177 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
647.092 |
158.713 |
203.473 |
|
|
TOTAL EARNINGS |
647.092 |
158.713 |
203.473 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
77.695 |
2.701 |
0.000 |
|
|
|
Capital Goods |
0.000 |
0.000 |
74.279 |
|
|
TOTAL IMPORTS |
77.695 |
2.701 |
74.279 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.32 |
0.21 |
0.20 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
2.00
|
1.88 |
2.10 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
9.72
|
11.86 |
10.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.06 |
3.40 |
4.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.10 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.57 |
1.51 |
1.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42 |
1.25 |
1.27 |
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 |
220.111 |
220.111 |
220.111 |
|
Reserves & Surplus |
400.472 |
445.621 |
516.126 |
|
Net
worth |
620.583 |
665.732 |
736.237 |
|
|
|
|
|
|
long-term borrowings |
568.323 |
638.047 |
651.950 |
|
Short term borrowings |
368.480 |
365.221 |
500.813 |
|
Total
borrowings |
936.803 |
1003.268 |
1152.763 |
|
Debt/Equity
ratio |
1.510 |
1.507 |
1.566 |
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 |
2100.469 |
2397.974 |
3518.836 |
|
|
|
14.164 |
46.742 |
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 |
2100.469 |
2397.974 |
3518.836 |
|
Profit |
44.214 |
45.149 |
70.505 |
|
|
2.10% |
1.88% |
2.00% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
(Rs. in
Millions)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of
long-term debt |
126.256
|
113.579
|
57.665 |
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----------- |
|
22] |
Litigations that the firm
/ promoter involved in |
----------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
------------ |
|
26] |
Buyer visit details |
------------ |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
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 |
PERFORMANCE REVIEW
The company's textiles operations have shown encouraging growth, both in the domestic and in the exports markets. The company believes that its scale of operations and integration across the textile chain will, in future, offer significant advantages in both cost and revenue.
During the year the company has achieved the turnover of Rs. 3518.836 Millions as compared to Rs. 2397.974 Millions in the previous year which is 46.74% higher than the previous year. Profit after Tax was Rs. 70.505 Millions in the current year as compared to 451.49 Lacs in the previous year which is 56.16% higher than the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS
OVERALL REVIEW:
The company's aggressive marketing efforts, relentless focus on efficiency improvement, accentuating on quality and cost control measures contributed towards improved performance during the year.
The Indian Textile industries have an overwhelming presence in economic life of India. Textile industry is also the largest in the country in terms of employment generation. The Indian Textile Industry has a great presence in the economy of the country by way of contribution to industrial output, employment generation and the export earning of the country. The Close Linkage of the industry to agriculture and the ancient culture, and traditions of the country make the Indian textile sector unique in comparison with the textile industry of other countries.
The growth figures of the last few years have made the entire textile industry brim with unprecedented confidence and optimism. These growth targets envisaged a fundamental shift in the textile scenario and have taken a route of a very rapid growth. The Indian textile industry plays a vital role in the Indian economy by contributing to GDP, generating employment and earning foreign exchange.
The worldwide trade of textiles and clothing has boosted up the GDP of India to a great extent as this sector has brought in a huge amount of revenue in the country.
During the year 2013-2014 the profitability of the Company was higher as compared to that of the previous years.
INDUSTRIAL STRUCTURE
AND DEVELOPMENT:
The textile industry has witnessed steady growth in the recent past with the friendly policies announced by the Government. The industry has undergone drastic changes over the decades, particularly after the introduction of Technology Up-gradation Funds (TUFs) scheme by the Government of India and majority of the textile companies have modernized /renovated their plants in order to provide quality products and meet the global standards.
Indian Textile Industry has gone through the metamorphosis from being a 'cottage industry' to the state of supremacy: On the Way of deeper integration with world economy and expansion in domestic economy, the industry picked up the momentum. Most of the existing and new units commenced process of expansion and modernization to cater to the increasing market demands. However, due to the global slowdown, the industry suffered heavily with reduced exports and domestic demand.
The Government of India, recognizing the potential of the Indian Textile Industry has taken several measures over
the years to improve the industry's cost competitiveness. Continuing the same trend the government in the last Union Budget has introduced certain fiscal and monetary relief measures in the wake of the global economic slowdown to provide relief to the domestic industry including textiles industry.
OUTLOOK:
They expect the textile segments to turn favorably and based on the various factors like macro economy condition, the company is hopeful of significantly improved financial performance in the coming year and hope to provide booming results in the forth coming years. The company has made sustained efforts to increase its presence in the International Market. Total export of the Company for the year 2013-14 was Rs. 715.247 Millions.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10494184 |
07/04/2014 |
245,600,000.00 |
State Bank of India |
Industrial Finance
Branch, The Arcade, 1st floor, INDIA |
C04141958 |
|
2 |
10325065 |
27/12/2011 * |
450,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B63189435 |
|
3 |
10332674 |
27/12/2011 * |
50,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH,
WORLD TRADE CENTRE, CU INDIA |
B63189757 |
|
4 |
10241914 |
10/09/2010 |
4,130,000.00 |
BMW India Financial Services Private Limited |
TOWER C, 14TH
FLOOR, BUILDING NO. 10, DLF CYBER C Haryana - 122002, INDIA |
A95625984 |
|
5 |
80002918 |
03/05/2014 * |
1,350,000,000.00 |
State Bank of India |
INDUSTRIAL FINANCE
BRANCH, THE ARCADE, 2ND FLOOR, INDIA |
C04490058 |
|
6 |
10007685 |
27/03/2006 |
66,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, 'THE ARCADE', 2ND FLOOR |
A00733865 |
|
7 |
90156015 |
02/05/2000 * |
20,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, CUFFE PARADE, MUMBAI, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loan from Companies |
10.000 |
0.000 |
|
Loan from Related Parties |
181.000 |
50.800 |
|
Total |
191.000 |
50.800 |
|
Note:
Loan from Companies Loan from a Company amounting to Rs. 10.000 Millions was obtained during the year 2013-14 and carries @ 12% p.a. The loan is unsecured and is repayable after 31st March 2015. Loan from Related
Parties Loan from Related Parties amounting to Rs. 181.000 Millions (Previous Year Rs. 50.800 Millions) was obtained in the financial year 2013-14 and is interest free. The loan is unsecured and is repayable after 31st March 2015. |
||
FIXED ASSETS
·
Land – Freehold
·
Buildings
·
Plant and Equipment
·
Furniture and Fixture
·
Computers
·
Electrical Installations
UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 30TH DECEMBER 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended |
Year Ended |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
Audited |
Unaudited |
Unaudited |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
856.482 |
553.525 |
1410.007 |
|
b) Other operating income |
3.789 |
6.386 |
10.175 |
|
Total
income from Operations(net) |
860.271 |
559.911 |
1420.182 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
727.216 |
419.514 |
1146.730 |
|
b) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(7.198) |
4.913 |
(2.285) |
|
c) Employees benefit expenses |
16.766 |
16.593 |
33.359 |
|
d) Depreciation and amortization expenses |
24.103 |
24.487 |
48.589 |
|
e) Other expenditure |
44.584 |
56.862 |
101.446 |
|
Total expenses |
805.471 |
522.369 |
1327.840 |
|
3. Profit
from operations before other income and financial costs |
54.800 |
37.541 |
92.342 |
|
4. Other income |
5.515 |
4.808 |
10.323 |
|
5.
Profit from ordinary activities before finance costs |
60.315 |
42.350 |
102.665 |
|
6. Finance costs |
30.380 |
30.121 |
60.501 |
|
7. Net profit/(loss) from
ordinary activities after finance costs but before exceptional items |
29.936 |
12.229 |
42.164 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary
activities before tax Expense: |
29.936 |
12.229 |
42.164 |
|
10.Tax
expenses |
|
|
|
|
-- Current Income Tax |
5.989 |
2.447 |
8.436 |
|
-- Minimum Alternative Tax Credit Entitlement |
4.018 |
1.919 |
5.937 |
|
-- Taxation for Earlier |
-- |
-- |
-- |
|
-- Deferred Tax |
(0.273) |
(0.322) |
(0.595) |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
20.201 |
8.185 |
28.386 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for
the period (11 -12) |
20.201 |
8.185 |
28.386 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
220.111 |
220.111 |
220.111 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
-- |
-- |
-- |
|
16.i) Earnings per share (before
extraordinary items) of Rs.10/- each) (not annualised): |
0.09 |
0.04 |
0.13 |
|
Particulars |
Quarter Ended ( Unaudited) |
Year Ended ( Unaudited) |
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
119778905 |
119778905 |
119778905 |
|
- Percentage of shareholding |
54.42 |
54.42 |
54.42 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
100331765 |
100331765 |
100331765 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
45.58 |
45.58 |
45.58 |
|
PARTICULARS |
For the quarter ended 30.09.2014 |
|
B INVESTORS
COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
Note:
1. The
above results have been reviewed by the Audit Committee and approved by the
Board of Directors at their meetings held on November 14, 2014. The Auditors of
the Company have carried out Limited Review of the above financial results.
2. The Company has revised depreciation rates on fixed assets w.e.f. April 01,
2014 as per the useful life specified in Schedule II of the Companies Act,
2013. As prescribed in Schedule II, an amount of Rs 0.522 Millions (net of
deferred tax) has been charged to the opening balance of retained earnings for
the assets in respect of which the remaining useful life is NIL as on April 01,
2014 and in respect of other assets on that date, depreciation has been
calculated based on the remaining useful life of those assets. Had the Company
continued with the previously applicable rates mentioned in Schedule XIV of the
Companies Act, 1956, charge for depreciation for the quarter and half year
ended September 30, 2014 would have been higher and net profit would have been
lower by Rs 2.871 Millions and Rs. 5.063 Millions respectively.
3. The Company has only one reportable business segment of Manufacturing and
trading of 'Textile Products’ as per Accounting Standard 17 issued by
ICAI/Companies (Accounting Standard Rules), 2006.
4. The above Financial Statements comply with the applicable Accounting
Standard as notified under the Companies (Accounting Standard Rules) 2006.
5. Employees retirement benefits for the quarter and half year ended 30th
September, 2014 have been provided on an estimated basis as actuarial valuation
is deferred to year end.
6. The Company will ensure the compliance conditions of Corporate Social
Responsibility under section 135 of Companies Act, 2013 by the end of the
Financial Year.
7. The inapplicable items in the format of the above results as per Annexure 1
to Clause 41 of the Listing Agreement have not been disclosed.
8. Figures of the previous period / year have been reclassified / regrouped
wherever necessary.
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 31.03.2014
Rs. In Millions
|
SOURCES OF FUNDS |
30.09.2014 (Unaudited) |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
220.111 |
220.111 |
|
(b) Reserves & Surplus |
543.992 |
516.128 |
|
Sub-total Shareholders’ |
764.103 |
736.239 |
|
|
|
|
|
(3) Non-current
liabilities |
|
|
|
(a) long-term borrowings |
671.755 |
651.950 |
|
(b) Deferred Tax Liabilities (Net) |
79.381 |
80.227 |
|
(c)
Long-term Provisions |
1.980 |
1.669 |
|
Sub-total of
Non-Current liabilities |
753.116 |
733.846 |
|
|
|
|
|
(4) Current liabilities |
|
|
|
(a) Short term borrowings |
575.854 |
500.813 |
|
(b) Trade payables |
100.560 |
82.445 |
|
(c) Other current
liabilities |
166.240 |
169.173 |
|
(d) Short-term provisions |
7.347 |
21.440 |
|
Sub-total of Current liabilities |
850.001 |
773.871 |
|
|
|
|
|
TOTAL |
2367.220 |
2243.956 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a) Fixed Assets |
1051.030 |
1099.988 |
|
(b) Long
Term Investment |
0.000 |
10.000 |
|
(c) Long
term loans and advances |
149.188 |
31.550 |
|
Sub-total of
Non-Current Assets |
1200.218 |
1141.538 |
|
|
|
|
|
(2) Current assets |
|
|
|
(a) Current investments |
0.000 |
0.000 |
|
(b) Inventories |
120.363 |
142.823 |
|
(c) Trade receivables |
663.688 |
653.345 |
|
(d) Cash and cash
equivalents |
38.259 |
19.801 |
|
(e) Short-term loans and
advances |
277.313 |
193.915 |
|
(f) Other current assets |
67.379 |
92.534 |
|
Sub-total of
Current Assets |
1167.003 |
1102.418 |
|
|
|
|
|
TOTAL |
2367.220 |
2243956 |
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 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. 63.64 |
|
|
1 |
Rs. 98.98 |
|
Euro |
1 |
Rs. 77.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
HET |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JYO |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--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.