MIRA
INFORM REPORT
|
Report Date : |
04.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
GINNI FILAMENTS LIMITED |
|
|
|
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Registered
Office : |
110 K.M. Stone, |
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Country : |
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|
|
|
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Financials (as
on) : |
31.03.2013 |
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|
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Date of
Incorporation : |
28.07.1982 |
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|
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Com. Reg. No.: |
20-012550 |
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Capital
Investment / Paid-up Capital : |
Rs.781.501
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L71200UP1982PLC012550 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELG08946A |
|
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|
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PAN No.: [Permanent Account No.] |
AABCG0942K |
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|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in manufacturing of cotton yarn, knitted fabric,
non-woven fabric, garments and wipes. |
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|
No. of Employees
: |
2219 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4018000 |
|
|
|
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Reserves of the company appears to be low. Borrowings of the company seems to be huge. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Non-Convertible Debentures: BB- |
|
Rating Explanation |
Having moderate risk of default. |
|
Date |
July, 2013 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Ramesh |
|
Designation : |
Finance Department |
|
Contact No.: |
91-120-4058400 |
|
Date : |
03.02.2014 |
LOCATIONS
|
Registered Office/ Factory 1 : |
110 K.M. Stone, Delhi-Mathura Road, Chhata, District Mathura – 281
401, Uttar Pradesh, India |
|
Tel. No.: |
91-5662-242490/ 242491/ 242341/ 246648/ 232438 |
|
Fax No.: |
91-5662-242223/ 242248 |
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E-Mail : |
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Website : |
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Corporate Office/ Factory 2 : |
H-6, Sector - 63, NH-24, Noida – 201 307, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4058400 |
|
Fax No.: |
91-120-4250975-76 |
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Factory 3 : |
Plot No.205-207, GIDC Industrial Area, Panoli, District Bharuch,
Ankleshwar – 394 116, |
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Factory 4 : |
D-38, Industrial Area, Bahadrabad, Haridwar – 249 403, Uttarakhand, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Dr. Rajaram Jaipuria |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
Degree in Economic |
|
|
|
|
Name : |
Mr. Shishir Jaipuria |
|
Designation : |
Vice-Chairman and Managing Director |
|
Qualification : |
M.Com and LLB |
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|
|
|
Name : |
Mr. Saket Jaipuria |
|
Designation : |
Executive Director |
|
Qualification : |
Business Administration |
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|
|
Name : |
Mr. S. Singhvi |
|
Designation : |
Director – Finance |
|
Qualification : |
Charted Accountant |
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|
|
|
Name : |
Mr. R.R Maheshwari |
|
Designation : |
Director (Marketing and Business Development) |
|
Qualification : |
M.B.A |
|
E-Mail : |
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|
|
Name : |
Mr. J.P. Kundra |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. O.P. Vaish |
|
Designation : |
Director |
|
Qualification : |
Sr. Advocate |
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|
|
|
Name : |
Mr. J.K. Bhagat |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Nripendra Misra |
|
Designation : |
Director |
|
Qualification : |
Master of Economics |
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|
|
|
Name : |
Dr. H.P Bhattacharya |
|
Designation : |
Director |
|
Qualification : |
Ph.d in Textile Technology |
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|
|
|
Name : |
Mr. N.K. Duggal |
|
Designation : |
Nominee-IFCI (upto 18th September, 2012) |
|
|
|
|
Name : |
Shri Jagdish Garwal |
|
Designation : |
Nominee-IFCI (w.e.f 12th February, 2013) |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh K. Tripathi |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Shailendra Jain |
|
Designation : |
AGM – Marketing (Fabrics) |
|
E-mail : |
|
|
|
|
|
Name : |
Mr. Rajesh Jalali |
|
Designation : |
G.M Operations (Garments) |
|
E-mail : |
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|
|
|
Name : |
Mr. Ramesh |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
43468726 |
61.53 |
|
|
8715 |
0.01 |
|
|
43477441 |
61.54 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
43477441 |
61.54 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
11000 |
0.02 |
|
|
3201099 |
4.53 |
|
|
8510 |
0.01 |
|
|
10 |
0.00 |
|
|
10 |
0.00 |
|
|
3220619 |
4.56 |
|
|
|
|
|
|
2265884 |
3.21 |
|
|
|
|
|
|
10829210 |
15.33 |
|
|
9750644 |
13.80 |
|
|
1106267 |
1.57 |
|
|
1500 |
0.00 |
|
|
75065 |
0.11 |
|
|
171572 |
0.24 |
|
|
52948 |
0.07 |
|
|
805182 |
1.14 |
|
|
23952005 |
33.90 |
|
Total Public shareholding (B) |
27172624 |
38.46 |
|
Total (A)+(B) |
70650065 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
70650065 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Foreign Financial Institutions / BanksBUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of cotton yarn, knitted fabric,
non-woven fabric, garments and wipes. |
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Products : |
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Exports : |
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Products : |
·
Finished Goods |
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|
Countries : |
·
USA ·
Korea ·
China ·
Europe |
PRODUCTION STATUS (AS ON 31.03.2011):
|
Particulars |
Unit |
Installed
Capacity |
|
Spindles |
Nos. |
89808 |
|
Rotors |
Nos. |
1680 |
|
Knitting Machines |
Nos. |
34 |
|
Processed Fabrics |
Kg./ Batch |
3600 |
|
Non Woven Fabric |
MT/ annum |
12000 |
|
Stitching Machines |
Nos. |
405 |
|
Wipes and Others |
Pcs. Lacs/ annum
|
1283.87 |
|
Particulars |
Unit |
Actual
Production |
|
Yarn |
Kg. in Lacs |
254.72 |
|
Fabrics – Grey |
Kg. in Lacs |
32.52 |
|
Processed Fabrics |
Kg. in Lacs |
27.66 |
|
Garments |
Pcs. In Lacs |
38.55 |
|
Non Woven Fabric |
Kg. in Lacs |
95.63 |
|
Wipes and Others |
Pcs. In Lacs |
977.55 |
GENERAL INFORMATION
|
No. of Employees : |
2219 (Approximately) |
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Bankers : |
· State Bank of India, IFB, Delhi, India · Bank of Baroda · The Federal Bank Limited · State Bank of Bikaner and Jaipur · UCO Bank |
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Facilities : |
Notes: Long Term
Borrowings ·
All due instalment and interest during the year
has been paid on time. ·
Interest rates on Debentures and term loan,
varies during the period i.e. 01.04.2012 to 19.09.2012 @ 12.25%, 20.09.2012
to 03.02.2013 @ 12.00%, 04.02.2013 to 31.03.2013 @ 11.95% p.a. except the
term loan of Rs.3.992 millions is subject to interest rate @ 13.95% p.a. and
Loan of Rs.3.292 millions is subject to interest rate @ 10.25 to 10.50 % p.a.
during the year. ·
Interest on Foreign currency loan charged @Libor
+3% p.a. ·
The above Interest Rate are subject to benefit
under T.U.F. Scheme of Government of India, wherever applicable. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. L. Gupta and Company Chartered Accountants |
|
Address : |
Noida, Uttar Pradesh, India |
|
|
|
|
Enterprises over
which Key Management personnel are able to exercise significant influence : |
·
Shree Bhawani Anand Private Limited ·
Ginni Edu Services Private Limited ·
Kanpur Builders Private Limited ·
Raghukul Trading Private Limited ·
Lochan Agro Private Limited ·
Ginni Nonwoven Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
84285000 |
Equity Shares |
Rs.10/- each |
Rs.842.850 millions |
|
1000000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.100.000 millions |
|
|
Total
|
|
Rs.942.850
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
70650065 |
Equity Shares |
Rs.10/- each |
Rs.706.501
millions |
|
750000 |
8% Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs.75.000
millions |
|
|
Total |
|
Rs.781.501 millions |
Reconciliation of No. of shares Outstanding:
|
Particulars |
As at 31st March, 2013 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Equity
shares |
|
|
|
Opening Outstanding Shares |
70650065 |
706.501 |
|
Closing Outstanding Shares |
70650065 |
706.501 |
|
Preference Shares |
|
|
|
Opening Outstanding Shares |
750000 |
75.000 |
|
Closing Outstanding Shares |
750000 |
75.000 |
Shareholders holding more than 5% of total shares
|
Name of Shareholder |
As at 31st March, 2013 |
|
|
No. of Share held |
% of holding |
|
|
Equity Shares |
|
|
|
1. Suniti Devi Jaipuria |
21419294 |
30.32 |
|
2. Sunita Jaipuria |
5675716 |
8.03 |
|
3. Saket Jaipuria |
6136008 |
8.69 |
|
4. Yash Jaipuria |
5720847 |
8.10 |
|
5. Vinod H. Punwani |
4112600 |
5.82 |
|
Preference Shares |
|
|
|
1. Raghukul Trading Private Limited |
750000 |
100.00 |
Aggregate no. of share issued for consideration other than cash during
the period of 5 years immediately preceding the reporting date
|
Particulars |
As at 31.03.2013 |
|
Allotted during FY
2009-10 as fully paid shares pursuant to amalgamation without payment being
received in cash |
11387440 |
The Company has
only one class of equity shares having at par value of Rs.10/- per share. Each holder
of equity share is entitled to one vote per share.
In the liquidation
of the company, the holder of equity share will be entitled to receive
remaining assets of the company, after distribution of all preferential amount.
The distribution will be in proportion to the number of equity shares held by
the shareholders.
8% cumulative
redeemable preference shares are redeemable at par on or before 31st
December 2018. Accumulated dividend on preference shares upto 31st
March, 2013 is Rs.20.500 millions.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
781.501 |
781.501 |
781.501 |
|
(b) Reserves & Surplus |
223.045 |
47.695 |
484.364 |
|
(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) |
1004.546 |
829.196 |
1265.865 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
1927.817 |
2271.446 |
2460.329 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
89.240 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
51.262 |
40.418 |
37.916 |
|
Total Non-current
Liabilities (3) |
1979.079 |
2311.864 |
2587.485 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1598.534 |
1390.345 |
1552.332 |
|
(b)
Trade payables |
648.188 |
328.400 |
719.251 |
|
(c)
Other current liabilities |
529.535 |
487.675 |
494.188 |
|
(d) Short-term
provisions |
30.688 |
17.338 |
40.877 |
|
Total Current
Liabilities (4) |
2806.945 |
2223.758 |
2806.648 |
|
|
|
|
|
|
TOTAL |
5790.570 |
5364.818 |
6659.998 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2819.145 |
2971.860 |
3103.476 |
|
(ii)
Intangible Assets |
3.106 |
2.776 |
0.299 |
|
(iii)
Capital work-in-progress |
60.679 |
0.380 |
43.679 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
75.681 |
75.681 |
75.681 |
|
(c) Deferred tax assets (net) |
30.144 |
120.624 |
0.000 |
|
(d) Long-term Loan and Advances |
44.725 |
28.381 |
38.029 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3033.480 |
3199.702 |
3261.164 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1581.461 |
1259.287 |
2279.747 |
|
(c)
Trade receivables |
774.016 |
528.060 |
583.473 |
|
(d) Cash
and cash equivalents |
63.954 |
39.343 |
45.111 |
|
(e)
Short-term loans and advances |
336.526 |
338.381 |
490.313 |
|
(f)
Other current assets |
1.133 |
0.045 |
0.190 |
|
Total
Current Assets |
2757.090 |
2165.116 |
3398.834 |
|
|
|
|
|
|
TOTAL |
5790.570 |
5364.818 |
6659.998 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
7447.216 |
7121.493 |
6929.880 |
|
|
|
Other Income |
18.116 |
83.293 |
67.977 |
|
|
|
TOTAL (A) |
7465.332 |
7204.786 |
6997.857 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4372.234 |
4756.614 |
4460.153 |
|
|
|
Purchase of Stock in Trade |
0.000 |
108.143 |
453.570 |
|
|
|
Changes in inventories
of finished goods, work-in-progress and Stock-in-Trade |
14.298 |
350.087 |
(517.008) |
|
|
|
Employee Benefits Expense |
369.318 |
298.596 |
286.575 |
|
|
|
Other Expenses |
1754.902 |
1651.075 |
1398.834 |
|
|
|
TOTAL (B) |
6510.752 |
7164.515 |
6082.124 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
954.580 |
40.271 |
915.733 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
442.375 |
438.670 |
350.229 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
512.205 |
(398.399) |
565.504 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
241.566 |
247.759 |
255.736 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
270.639 |
(646.158) |
309.768 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
95.289 |
(209.489) |
127.027 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
175.350 |
(436.669) |
182.741 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(637.048) |
(200.379) |
(383.120) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(461.698) |
(637.048) |
(200.379) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B Value of Goods Exported |
4204.001 |
4342.754 |
4752.445 |
|
|
TOTAL EARNINGS |
4204.001 |
4342.754 |
4752.445 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
581.598 |
542.876 |
450.404 |
|
|
|
Capital Goods |
53.409 |
10.091 |
23.388 |
|
|
|
Stores & Spare Parts |
73.282 |
61.314 |
64.690 |
|
|
TOTAL IMPORTS |
708.289 |
614.281 |
538.482 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
2.40 |
(6.27) |
2.50 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1933.000 |
2210.600 |
|
Total Expenditure |
|
1655.200 |
1838.900 |
|
PBIDT (Excl OI) |
|
277.800 |
371.700 |
|
Other Income |
|
0.300 |
0.000 |
|
Operating Profit |
|
278.000 |
371.700 |
|
Interest |
|
100.300 |
93.600 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
177.700 |
278.100 |
|
Depreciation |
|
60.000 |
62.200 |
|
Profit Before Tax |
|
117.700 |
215.900 |
|
Tax |
|
5.100 |
77.700 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
112.600 |
138.200 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
112.600 |
138.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.35 |
(6.06)
|
2.61
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.63 |
(9.07)
|
4.47
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.81 |
(12.50)
|
4.74
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
(0.78)
|
0.24
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.51 |
4.42
|
3.17
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98 |
0.97
|
1.21
|
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
No |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10418699 |
20/03/2013 |
65,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 14TH FLOOR, JAWAHAR V |
B72883887 |
|
2 |
10418702 |
20/03/2013 |
1,025,700,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 14TH FLOOR, JAWAHAR V |
B72884174 |
|
3 |
10413171 |
28/02/2013 |
3,349,000.00 |
KOTAK MAHINDRA
PRIME LIMITED |
36-38A NARIMAN BHAVAN,
227, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B71252092 |
|
4 |
10153833 |
09/11/2009 * |
290,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 14TH FLOOR, JAWAHAR V |
A74148370 |
|
5 |
10136761 |
09/11/2009 * |
40,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 14TH FLOOR, JAWAHAR V |
A74148040 |
|
6 |
10106421 |
09/11/2009 * |
28,000,000.00 |
THE FEDERAL BANK
LIMITED |
HARSHA BHAWAN,
E-13-29, GROUND FLOOR, MIDDLE CIRCLE, CONNAUGHT PLACE, NEW DELHI, DELHI -
110001, INDIA |
A74535121 |
|
7 |
10057363 |
09/11/2009 * |
225,500,000.00 |
EXPORT IMPORT
BANK OF INDA |
CENTRE ONE
BUILDING, 21ST FLOOR, WORLD TRADE CEN |
A76040187 |
|
8 |
10045844 |
09/11/2009 * |
120,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWER, CUFFE
PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A75804070 |
|
9 |
10038370 |
09/11/2009 * |
356,200,000.00 |
AXIS BANK
LIMITED |
STATESMAN HOUSE,
BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
A73972507 |
|
10 |
80007877 |
09/11/2009 * |
212,400,000.00 |
EXPORT IMPORT
BANK OF INDA |
CENTRE ONE
BUILDING, 21ST FLOOR, WORLD TRADE CEN |
A76040104 |
|
11 |
90276272 |
09/11/2009 * |
340,000,000.00 |
BANK OF BARODA |
BANK OF BARODA BUILDING,
GROUND FLOOR, 16 SANSAD |
A73966814 |
|
12 |
90276265 |
09/11/2009 * |
550,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 14TH FLOOR, JAWAHAR V |
A74147802 |
|
13 |
90276257 |
09/11/2009 * |
340,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
71-72, LAXMI
BHAWAN, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
A75086892 |
|
14 |
90276036 |
09/11/2009 * |
50,000,000.00 |
EXPORT IMPORT
BANK OF INDA |
CENTRE ONE
BUILDING, 21ST FLOOR, WORLD TRADE CEN |
A76040245 |
|
15 |
90275918 |
09/11/2009 * |
227,000,000.00 |
JAMMU AND KASHMIR
BANK LIMITED |
26/34, PAL MOHAN
MANSION, EAST PATEL NAGAR, RAJENDRA PLACE, NEW DELHI, DELHI - 110008, INDIA |
A74664764 |
|
16 |
90275836 |
09/11/2009 * |
105,000,000.00 |
UCO BANK |
MID CORPORATE BRANCH,
6 PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
A73964314 |
|
17 |
90281321 |
09/11/2009 * |
4,916,962.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA -
400001, INDIA |
A73944738 |
|
18 |
90275620 |
20/11/2003 * |
32,088,062.00 |
IFCI LIMITED |
IFCI TOWER, 61;
NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
- |
|
19 |
80036071 |
09/11/2009 * |
60,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BLDG., GROUND
FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
A73943953 |
|
20 |
90275386 |
09/11/2009 * |
60,000,000.00 |
IFCI LIMITED |
IFCI TOWER61
NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
A73947863 |
|
21 |
80030492 |
09/11/2009 * |
67,500,000.00 |
EXPORT IMPORT
BANK OF INDA |
CENTRE ONE
BUILDING, 21ST FLOOR, WORLD TRADE CEN |
A76040484 |
|
22 |
90281252 |
09/11/2009 * |
50,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA -
400001, INDIA |
A73943417 |
|
23 |
90274801 |
09/11/2009 * |
90,000,000.00 |
EXPORT IMPORT
BANK OF INDA |
CENTRE ONE
BUILDING, 21ST FLOOR, WORLD TRADE CEN |
A76040500 |
|
24 |
90274733 |
09/11/2009 * |
242,500,000.00 |
IFCI LIMITED |
IFCI TOWER61
NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
A73949455 |
|
25 |
90278622 |
29/10/2013 * |
2,480,400,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 14 TH FLOOR, JAWAHAR |
B92143908 |
* Date of charge
modification
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM BORROWINGS |
|
|
|
Loans and Advances from Related Parties (Interest Free
Loan Rs.70.000 millions (previous year Rs.70.000 millions) Repayable after 30th
June, 2018 and Rs.25.000 millions repayable after 31st December,
2019 and Interest Bearing Loan Rs.130.000 millions (Previous Year Rs.130.000
millions) repayable on or after 1st April, 2014) |
225.000 |
200.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Interest bearing loans from Related Parties repayable on demand (Interest due during the year has been paid on time) |
33.500 |
29.500 |
|
Total
|
258.500 |
229.500 |
COMPANY OVERVIEW
Subject is a
textile company manufacturing cotton yarn, knitted fabric, non-woven fabric,
garments and wipes at its factories located at Kosi kalan (UP), Panoli
(Gujarat), Noida (U.P.) and Haridwar (Uttarakhand).
OPERATIONS
During the year
the Company’s Revenue from Operation has increased from Rs.7169.900 millions to
Rs.7546.000 millions and earned cash profit of Rs.512.200 millions against cash
loss of Rs.398.400 millions during immediately preceding year.
The overall
turnaround performance of the Company during the year has been possible due to
increase in Revenue from Operation, availability of better margins in cotton
yarn business and better exchange rate of foreign currency.
EXPANSION / NEW
PROJECTS
After successful
completion of converting Unit for manufacture of Nonwoven Wipes at Panoli,
Company has undertaken expansion of its Haridwar unit for manufacturing of Wet
Wipes for reputed Global Brands.
MANAGEMENT DISCUSSIONS AND ANALYSIS
Industry Structure
and Development
The Textile industry
in India traditionally, after agriculture, is the only industry that is
generating huge employment for both skilled and unskilled labour and is one of
the leading producer of textile products in the world. India is the second
largest producer of fiber in the world and the major fiber produced is cotton.
Other fibers produced in India include silk, jute, wool, and man-made fibers.
60% of the Indian textile Industry is cotton based. Indian Textile Industry is
predominantly export oriented and earns about 27% of total foreign exchange
earned by India. It also contributes about 14% of the total industrial
production and 3% of GDP of the country. It offers direct employment to over 35
million in the country and also opens up scope for the other ancillary sectors
and also supports agriculture.
The growth of
Indian Textile Industry got a boost with economic liberalization of Indian
Economy in year 1991. During year 2011-12 steep fluctuation in cotton prices
resulted into losses and affected the profitability of Industry but
improvements started from 1st quarter of FY 2012-13 and performance of industry
for year is encouraging.
Investment
activity slowed down across the textile value chain in 2011-12 due to uncertain
demand and volatile raw material prices which led to tying up of funds in
inventories. Demand remained sluggish across the value chain in the said
period. For apparel exporters, order sizes reduced, hence volumes fell.
However, rupee realisations increased partially due to rupee depreciation against
the USD and Euro which resulted in moderate growth in revenues.
The Government of
India has announced the foreign trade policy 2009-14 which includes Focus
Market and Focus Product and other incentives to increase Indian Shares in the
Global trade of textile and clothing. However Power shortage and high power
cost is affecting industry adversely. Availability and cost of skilled man
power is another area of concern.
Segment wise
Performance
Company operates
in yarn, knit fabric, garment, technical textile (nonwoven fabric) and consumer
products (wipes) made out of nonwoven fabrics segment. The performance of all
the divisions in Financial Year 2012-13 was satisfactory.
Outlook
Cotton yarn and fabric
businesses outlook are stable as they are better positioned in terms of pick-up
in demand with upcoming orders from China and lower cotton prices comforting
the margins. Garment business is on cautiously stable outlook due to a fall in
raw material prices and modest demand growth. However, Foreign Direct
Investment (FDI) in retail would also be an additional growth factor for
textile industry in India. The Government of India has also allowed Foreign
Direct Investment (FDI) in textiles under automatic route, which would again a
prospect for the Indian Textile Industry.
Financial
Operation and Performance
During the year
Company’s Revenue from Operations increased from Rs.7169.900 millions to
Rs.7546.000 millions and turned into cash profit of Rs.512.200 millions against
cash loss of Rs.398.400 millions during immediately preceding year.
During the year
the overall turnaround performance and profitability of the company could be
possible due to increase in demand of cotton yarn, better exchange rate of
foreign currency and timely procurement of raw materials inspite of
considerable increase in power and manpower cost. The consumer products
division manufacturing baby wipes for reputed Global Brands is expected to
grow. The demand of baby wipes are likely to increase in India and the Company
has completed expansion of wet wipe manufacturing facility.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
1. Contingent liabilities not provided for: |
|
|
|
i) Bills discounted with banks |
578.943 |
572.294 |
|
ii) Disputed demands under excise, income tax, sales tax and
electricity etc. |
18.226 |
25.365 |
|
iii) Claims against the company not acknowledged as debt |
10.034 |
8.448 |
|
2. Estimated amount of contracts remaining to be executed on capital
account and not provided for (net of advances) |
130.348 |
74.576 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30.09.2013
(Rs. in millions)
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
(Unaudited) |
|||
|
Income from operations |
|
|
|
|
(a) Net Sales/Income from Operations (net of excise duty) |
2206.112 |
1918.459 |
4124.571 |
|
(b) Other Operating Income/ (Loss) |
4.508 |
14.500 |
19.008 |
|
(c) Total Income
from operations (net) |
2210.620 |
1932.959 |
4143.579 |
|
Expenditure |
|
|
|
|
a) Cost of materials consumed |
1247.483 |
1186.940 |
2434.423 |
|
b) Purchases of stock-in-trade |
4.491 |
0.000 |
4.491 |
|
c) Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(17.288) |
(99.198) |
(116.486) |
|
d) Employee benefit expense |
105.401 |
98.606 |
204.007 |
|
e) Depreciation/ Amortisation |
62.241 |
60.023 |
122.264 |
|
f) Power and Fuel |
178.300 |
170.654 |
348.954 |
|
g) Other expenses |
320.517 |
298.204 |
618.721 |
|
Total
Expenditure |
1901.145 |
1715.229 |
3616.374 |
|
Profit/Loss from Operation before Other
Income, Interest & Exceptional Items |
309.475 |
217.730 |
527.205 |
|
Other Income |
0.000 |
0.290 |
0.290 |
|
Profit/Loss before Interest &
Exceptional (Items |
309.475 |
218.020 |
527.495 |
|
Interest |
93.569 |
100.344 |
193.913 |
|
Profit/Loss after Interest but before Exceptional Item |
215.906 |
117.676 |
333.582 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Profit / Loss
from Ordinary Activities before tax |
215.906 |
117.676 |
333.582 |
|
Tax expenses |
|
|
|
|
- Current Tax |
46.734 |
24.666 |
71.400 |
|
- Deferred Tax |
76.109 |
33.391 |
109.500 |
|
- MAT Credit
Entitlement / Tax Adjustments |
(45.119) |
(52.994) |
(98.113) |
|
Net Profit / Loss from Ordinary Activities after tax |
138.182 |
112.613 |
250.795 |
|
Extraordinary item |
0.000 |
0.000 |
0.000 |
|
Net Profit/Loss
for the period |
138.182 |
112.613 |
250.795 |
|
Paid-up Equity Share Capital (Face Value of Rs.10/- each) |
706.501 |
706.501 |
706.501 |
|
Reserves excluding revaluation reserves as per balance sheet of
previous accounting year |
-- |
-- |
-- |
|
Earnings per share (EPS) (before and after
extraordinary items) (of Rs.10/- each) (not to be annualized) |
|
|
|
|
a) Basic |
1.94 |
1.57 |
3.51 |
|
b) Diluted |
1.94 |
1.57 |
3.51 |
|
PART II
PARTICULARS OF SHAREHOLDING |
|
|
|
|
Public shareholding |
|
|
|
|
-
Number of Shares |
27172624 |
27172624 |
27172624 |
|
- Percentage of shareholding |
38.46 |
38.46 |
38.46 |
|
Promoters and Promoter
Group Shareholding |
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
- Number of shares |
17700000 |
17700000 |
17700000 |
|
- Percentage of shares (as a % of the total shareholding of Promoters
and Promoter Group) |
40.71 |
40.71 |
40.71 |
|
- Percentage of shares (as a % of the total share capital of the
company) |
25.05 |
25.05 |
25.05 |
|
b)
Non-encumbered |
|
|
|
|
- Number of shares |
25777441 |
25777441 |
25777441 |
|
- Percentage of shares (as a % of the total shareholding of Promoters and
Promoter Group) |
59.29 |
59.29 |
59.29 |
|
- Percentage of shares (as a % of the total share capital of the
company) |
36.49 |
36.49 |
36.49 |
|
B |
INVESTOR COMPLAINTS |
Three Months Ended 30.09.2013 |
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENT WISE REVENUE, RESULTS
AND CAPITAL EMPLOYED
(Rs.
in millions)
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
(Unaudited) |
|||
|
Segment Revenue (Net) |
|
|
|
|
a) Textiles |
2161.767 |
1854.596 |
4016.363 |
|
b) Consumer Products |
80.437 |
115.438 |
195.875 |
|
c) Unallocated |
0.000 |
0.000 |
0.000 |
|
Total |
2242.204 |
1970.034 |
4212.238 |
|
Less : Inter Segment Revenue |
36.092 |
51.575 |
87.667 |
|
Net Sales / Income from Operations |
2206.112 |
1918.459 |
4124.571 |
|
|
|
|
|
|
Segment Results Profit / (Loss) before Tax and interest |
|
|
|
|
a) Textiles |
298.818 |
194.984 |
493.802 |
|
b) Consumer Products |
10.657 |
23.036 |
33.693 |
|
c) Unallocated |
0.000 |
0.000 |
0.000 |
|
Total |
309.475 |
218.020 |
527.495 |
|
Less : |
|
|
|
|
i) Interest |
93.569 |
100.344 |
193.913 |
|
ii) Other Un-allocable Expenditure net off |
0.000 |
0.000 |
0.000 |
|
iii) Un-allocable Income |
0.000 |
0.000 |
0.000 |
|
Total Profit/(Loss) Before Tax |
215.906 |
117.676 |
333.582 |
|
|
|
|
|
|
Capital Employed (Segment Assets - Segment Liabilities) |
|
|
|
|
a) Textiles |
4549.036 |
4891.020 |
4549.036 |
|
b) Consumer Products |
210.855 |
231.694 |
210.855 |
|
c) Unallocated |
0.000 |
0.000 |
0.000 |
|
Total Capital employed |
4759.891 |
5122.714 |
4759.891 |
STATEMENTS OF ASSETS AND LIABILITIES
(Rs.
in millions)
|
Particulars |
As at 30.09.2013 (Unaudited) |
|
A. EQUITY AND LIABILITIES |
|
|
(1) Shareholders' Funds |
|
|
(a) Share Capital** |
781.501 |
|
(b) Reserves & Surplus |
473.828 |
|
Sub Total -
Shareholders’ Funds |
1255.329 |
|
|
|
|
(2) Non-Current
Liabilities |
|
|
(a) Long-term borrowings |
1826.518 |
|
(b) Deferred tax liabilities (Net) |
79.356 |
|
(c) Other long
term liabilities |
0.000 |
|
(d) Long-term
provisions |
63.723 |
|
Sub Total -
Non-current Liabilities |
1969.597 |
|
|
|
|
(3) Current Liabilities |
|
|
(a)
Short term borrowings |
1074.217 |
|
(b)
Trade payables |
218.606 |
|
(c)
Other current liabilities |
550.496 |
|
(d) Short-term
provisions |
105.704 |
|
Sub Total -
Current Liabilities |
1949.023 |
|
|
|
|
TOTAL – EQUITY
AND LIABILITIES |
5173.949 |
|
|
|
|
B.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a)
Fixed Assets |
2847.130 |
|
(b) Non-current Investments |
75.681 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
144.263 |
|
(e) Other
Non-current assets |
0.000 |
|
Sub Total -
Non-Current Assets |
3067.074 |
|
|
|
|
(2) Current assets |
|
|
(a)
Current investments |
0.000 |
|
(b)
Inventories |
1065.841 |
|
(c) Trade
receivables |
675.189 |
|
(d) Cash
and cash equivalents |
36.335 |
|
(e)
Short-term loans and advances |
328.734 |
|
(f)
Other current assets |
0.776 |
|
Sub
Total - Current Assets |
2106.875 |
|
|
|
|
TOTAL – ASSETS |
5173.949 |
** Includes Preference Shares of Rs.75.000
millions.
Notes:
1. The aforesaid results have been reviewed by the Audit Committee and taken on record and approved by the Board of Directors at its meeting held on October 28, 2013.
2. The figure of the previous periods have been regrouped, wherever necessary.
3. MAT Credit Entitlement / Tax Adjustments includes Rs.28.113 millions relating to earlier years.
4. Pledge of shares by the Promoters is towards term loans and working capital facilities availed by the Company.
FIXED ASSETS:
Tangible Assets
·
Land (Lease Hold)
·
Land (Free Hold)
·
Lease Hold Improvements
·
Buildings
·
Plant and Machinery
·
Electrical Installation
·
Office Equipments
·
Computers
·
Furniture and Fittings
·
Vehicles
Intangible Assets
·
Software
·
Licences
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.69 |
|
|
1 |
Rs.102.97 |
|
Euro |
1 |
Rs.84.58 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.