MIRA
INFORM REPORT
|
Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
BOMBAY RAYON FASHIONS LIMITED |
|
|
|
|
Registered
Office : |
D – 1st Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
21.05.1992 |
|
|
|
|
Com. Reg. No.: |
11-066880 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.1346.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17120MH1992PLC066880 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM08816D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM3447J |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer
of Fabrics and Garments. |
|
|
|
|
No. of Employees
: |
22,534 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 127000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Profitability of the company seems to be fair. General position of the
company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 on providing 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 |
CARE |
|
Rating |
Long Term Bank Facilities: BBB- (Suspended) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
26.11.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A3 (Suspended) |
|
Rating Explanation |
Moderate degree of safety and high credit
risk. |
|
Date |
26.11.2012 |
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
31-03-2012.
LOCATIONS
|
Registered/ Head Office : |
D – 1st Floor, Oberoi Garden Estates, Chandivali, Farms
Road, Chandivali, Andheri (E), Mumbai – 400072, Maharashtra, India |
|
Tel. No.: |
91-22-66955566/ 56950506/ 39858800 |
|
Fax No.: |
91-22-28476992/ 28598522/ 28476992 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5000 sq. ft.[Approximately] |
|
Location : |
Owned |
|
|
|
|
Bangalore Office
: |
KIADB Apparel Park, Near Railway Station, Doddaballapur, Bangalore –
561206, Karnataka, India |
|
Tel No.: |
91-80-30940000 |
|
Fax No.: |
91-80-30940111 |
|
|
|
|
Factory : |
WEAVING AND YARN
DYEING – Maharashtra – Navi Mumbai, Sonale and Tarapur, District Thane – Silvassa – Karnataka – Bangalore PROCESSING AND
YARN DYEING – Maharashtra -Tarapur – Karnataka – Bangalore GARMENTING – Maharashtra – Navi Mumbai, Islampur, Latur, Ichalkaranji and Osmanabad – Karnataka - Bangalore – Tamilnadu - Chennai – Kerala - Thiruvannthapuram |
DIRECTORS
(AS ON 31.03.2013)
|
Name : |
Mr. Janardan Agarwal |
|
|
Designation : |
Chairman |
|
|
Date of Birth : |
25.05.1949 |
|
|
Qualification : |
B. Com |
|
|
Experience : |
28 years |
|
|
Date of Appointment : |
24.08.1992 |
|
|
|
|
|
|
Name : |
Mr. Aman Agarwal |
|
|
Designation : |
Vice Chairman |
|
|
Date of Birth : |
21.05.1972 |
|
|
Qualification : |
B. Com, MBA-Australia |
|
|
Experience : |
19 years |
|
|
Date of Appointment : |
31.01.2003 |
|
|
|
|
|
|
Name : |
Mr. Naseer Ahmed |
|
|
Designation : |
Joint Vice Chairman |
|
|
Date of Birth : |
22.05.1959 |
|
|
Qualification : |
B. Com |
|
|
Date of Appointment : |
25.07.2005 |
|
|
|
|
|
|
Name : |
Mr. Prashant Agarwal |
|
|
Designation : |
Managing Director |
|
|
Date of Birth : |
21.07.1974 |
|
|
Qualification : |
B. Tech Chemical, M.S.-Chemical Engineering and Petroleum Refining
(USA) |
|
|
Experience : |
17 years |
|
|
Date of Appointment : |
01.09.1997 |
|
|
|
|
|
|
Name : |
Mr. Uday Mogre |
|
|
Designation : |
Executive Director (Corporate) |
|
|
Date of Birth : |
29.12.1951 |
|
|
Qualification : |
B. Tech (Chemical Engineering, MBA |
|
|
Experience : |
33 years |
|
|
Date of Appointment : |
16.05.2005 |
|
|
|
|
|
|
Name : |
Mr. A R Mundra |
|
|
Designation : |
Executive Director (Finance) |
|
|
Date of Birth : |
21.07.1956 |
|
|
Qualification : |
B. Com, LLB, ACA, ACS |
|
|
Experience : |
24 years |
|
|
Date of Appointment : |
16.05.2005 |
|
|
|
|
|
|
Name : |
Dr. B. S. Bhesania |
|
|
Designation : |
Director (Resigned w.e.f. 22nd August, 2013) |
|
|
|
|
|
|
Name : |
Mr. S. B. Agarwal |
|
|
Designation : |
Director (Resigned w.e.f. 12th August, 2013) |
|
|
|
|
|
|
Name : |
Mr. Suresh Vishwasrao |
|
|
Designation : |
Director |
|
|
|
|
|
|
Name : |
Mr. M. M. Agrawal |
|
|
Designation : |
Director |
|
|
|
|
|
|
Name : |
Mr. Mukul Sarkar |
|
|
Designation : |
Nominee Director - EXIM Bank |
|
|
|
|
|
|
Name : |
Mr. Babu Nambiar |
|
|
Designation : |
Nominee Director - IDBI
Bank (Appointed w.e.f. 22nd
August, 2013) |
|
|
Date of Birth : |
02.07.1967 |
|
|
Qualification : |
B. Sc, Physics, Master of Financial Management (MFM) |
|
|
Date of Appointment : |
10.08.2013 |
|
|
|
|
|
|
Name : |
Mr. A. Arumugham |
|
|
Designation : |
Additional Director (Appointed w.e.f. 22nd August, 2013) |
|
|
Date of Birth : |
26.10.1942 |
|
|
Qualification : |
CA |
|
|
Experience : |
35 years |
|
|
Date of Appointment : |
22.08.2013 |
|
KEY EXECUTIVES
|
Name : |
Ms. Prachi A. Deshpande |
|
Designation : |
Company Secretary |
|
Address : |
D 1st Floor, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.12.2013)
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
22226218 |
16.51 |
|
|
50972707 |
37.87 |
|
|
73198925 |
54.38 |
|
|
|
|
|
|
|
|
|
|
51000400 |
37.89 |
|
|
51000400 |
37.89 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
124199325 |
92.27 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
215 |
0.00 |
|
|
696723 |
0.52 |
|
|
193245 |
0.14 |
|
|
890183 |
0.66 |
|
|
|
|
|
|
|
|
|
|
6812481 |
5.06 |
|
|
|
|
|
|
|
|
|
|
602990 |
0.45 |
|
|
1500206 |
1.11 |
|
|
|
|
|
|
594815 |
0.44 |
|
|
441333 |
0.33 |
|
|
153482 |
0.11 |
|
|
9510492 |
7.07 |
|
|
|
|
|
Total Public
shareholding (B) |
10400675 |
7.73 |
|
|
|
|
|
Total (A)+(B) |
134600000 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
134600000 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Millions BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Fabrics and Garments. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
||||||||||
|
|
|
||||||||||
|
Brand Names : |
‘GURU’ |
PRODUCTION STATUS
|
Particulars |
Unit |
31.03.2013 |
|
Fabrics |
Million Metres |
162.75 mm Mtrs. |
|
Garments |
Million Pieces |
41.95 Mn Pcs |
GENERAL INFORMATION
|
No. of Employees : |
22,534 (Approximately) |
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|
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|
Bankers : |
· AXIS Bank Limited · Allahabad Bank · Bank of India · Bank of Maharashtra · Central Bank of India · Corporation Bank · DENA Bank · Export-Import Bank of India · Indian Bank · IDBI Bank Limited · Indian Overseas Bank Limited · ICICI Bank Limited · Karnataka Bank Limited · Karur Vysya Bank Limited · Oriental Bank of Commerce · Punjab National Bank · State Bank of Bikaner and Jaipur · State Bank of India · State Bank of Hyderabad · State Bank of Mysore · State Bank pf Patiala · State Bank of Travancore · Standard Chartered Bank ·
Union Bank of India |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
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|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
V. K. Beswal and Associates Chartered Accountants |
|
Address : |
Mumbai, |
|
|
|
|
Subsidiaries : |
·
STI India Limited ·
DPJ Clothing Limited ·
Bombay Rayon Holdings Limited ·
BRFL Bangladesh Private Limited ·
BRFL Europe B.V. ·
BRFL Italia S.R.L. |
|
|
|
|
Other related parties : |
·
Reynold Shirting Limited ·
Bombay Rayon Clothing Limited ·
Bestsellers Retail India Private Limited ·
Best United Lifestyles Private Limited ·
Best United India Comforts Private Limited. ·
Bestseller Wholesale India Private Limited ·
B. R. Machine Tools Private Limited ·
Latur Integrated Textile Park Private Limited ·
Islampur Integrated Textile Park Private Limited ·
STI Sanoh India Limited ·
Kagal Industrial Textile Technology Park Private
Limited ·
Ashwelll Holding Company Private Limited ·
J. D. Agarwal Foundation ·
Arihant Organics Private Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
134600000 |
Equity Shares |
Rs.10/- each |
Rs.1346.000
Millions |
|
|
|
|
|
NOTES:
Reconciliation of the shares
outstanding at the beginning and at the end of the reporting period
|
Particulars |
As at March 31, 2013 |
|
|
|
No. of Shares |
Rs. In
Millions |
|
At
the beginning of the year |
134,600,000 |
1346.000 |
|
Shares
Issued during the year * |
-- |
-- |
|
At
the end of the year |
134,600,000 |
1346.000 |
Detail of shareholders
holding more than 5% of shares in the company
|
Name of Shareholder |
As at March 31, 2013 |
|
|
|
No. of Shares |
% of Holding |
|
Janardan
Agarwal |
7,756,422 |
5.76% |
|
Reynold
Shirting Limited |
13,600,000 |
10.10% |
|
Bombay
Rayon Clothing Limited |
7,402,760 |
5.50% |
|
AAA
United B.V. |
51,000,400 |
37.89% |
|
Ashwell
Holding Company Private Limited |
28,420,000 |
21.11% |
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 |
1346.000 |
1346.000 |
1279.000 |
|
(b) Reserves & Surplus |
29866.200 |
27978.600 |
24512.400 |
|
(c) Money
received against share warrants |
493.100 |
493.100 |
860.100 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
31705.300 |
29817.700 |
26651.500 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
14929.900 |
13069.900 |
13091.600 |
|
(b) Deferred tax liabilities (Net) |
3248.200 |
2610.900 |
1657.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
62.800 |
9.800 |
64.300 |
|
Total Non-current Liabilities (3) |
18240.900 |
15690.600 |
14812.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
21167.600 |
19268.500 |
15461.300 |
|
(b) Trade payables |
6719.300 |
4465.100 |
3649.400 |
|
(c) Other current
liabilities |
4641.800 |
3441.700 |
2996.600 |
|
(d) Short-term provisions |
419.200 |
354.300 |
431.400 |
|
Total Current Liabilities (4) |
32947.900 |
27529.600 |
22538.700 |
|
|
|
|
|
|
TOTAL |
82894.100 |
73037.900 |
64003.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
38159.700 |
37175.300 |
28598.800 |
|
(ii) Intangible Assets |
69.700 |
73.000 |
83.000 |
|
(iii) Capital
work-in-progress |
1289.600 |
517.500 |
6375.700 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1567.900 |
1556.100 |
1555.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3824.200 |
3601.000 |
5487.500 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
44911.100 |
42922.900 |
42100.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
24.000 |
128.000 |
672.200 |
|
(b) Inventories |
22618.500 |
17731.000 |
12628.700 |
|
(c) Trade receivables |
7184.300 |
4610.700 |
4791.200 |
|
(d) Cash and cash
equivalents |
911.500 |
1184.800 |
349.200 |
|
(e) Short-term loans and
advances |
7244.200 |
6457.700 |
3460.700 |
|
(f) Other current assets |
0.500 |
2.800 |
1.100 |
|
Total Current Assets |
37983.000 |
30115.000 |
21903.100 |
|
|
|
|
|
|
TOTAL |
82894.100 |
73037.900 |
64003.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
31947.900 |
27349.600 |
22548.400 |
|
|
|
Other Income |
190.200 |
143.000 |
234.900 |
|
|
|
TOTAL (A) |
32138.100 |
27492.600 |
22783.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of materials consumed |
19445.200 |
17091.100 |
14113.500 |
|
|
|
Changes
in inventories of finished goods & work-in-progress |
(3302.300) |
(3215.100) |
(2056.600) |
|
|
|
Employee
benefits expense |
2509.200 |
2301.600 |
2046.700 |
|
|
|
Other
expenses |
4894.000 |
3851.000 |
3036.100 |
|
|
|
TOTAL (B) |
23546.100 |
20028.600 |
17139.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8592.000 |
7464.000 |
5643.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2780.600 |
2215.300 |
1452.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5811.400 |
5248.700 |
4191.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
2712.200 |
2172.300 |
1366.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3099.200 |
3076.400 |
2824.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1211.600 |
1011.300 |
557.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1887.600 |
2065.100 |
2266.900 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
4449.367 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
|
|
|
|
|
Dividend |
|
|
|
|
|
|
Tax on Dividend |
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
10797.600 |
12236.900 |
10730.300 |
|
|
TOTAL EARNINGS |
10797.600 |
12236.900 |
10730.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
492.900 |
1960.600 |
995.100 |
|
|
|
Stores & Spares |
99.300 |
241.700 |
104.500 |
|
|
|
Capital Goods |
20.900 |
18.400 |
1992.300 |
|
|
TOTAL IMPORTS |
613.100 |
2220.700 |
3091.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
14.02 |
15.50 |
19.06 |
|
|
|
- Diluted |
14.02 |
14.67 |
17.70 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.87
|
7.51 |
9.95 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.70
|
11.25 |
12.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.87
|
4.34 |
5.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.10 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.14
|
1.08 |
1.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15
|
1.09 |
0.97 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
------------------------------------------------------------------------------------------------------------------------------
CASE DETAILS
Bench:-Bombay
|
Presentation Date:- |
05/12/2013 |
|
Lodging No.:- |
CPL/834/2013 |
Filing Date:- |
05/12/2013 |
|
Petitioner:- |
Taurian Iron and Teel Company Private
Limited |
Respondent:- |
Bombay Rayon Fashion Limited
(CIN-L17120MH1992PLC066880) |
|
Petn. Adv.:- |
Ashwin Shanker (1966) |
Resp. Adv.:- |
0 (0) |
|
District:- |
MUMBAI |
|
|
|
Bench:- |
SINGLE |
|
|
|
Status:- |
Pre-Admission |
Category:- |
COMPANY PETITION U/SEC 433,434,439
COMPANIES ACT |
|
Last Date:- |
12/12/2013 |
Stage:- |
|
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY & SR.
MASTER |
|
Act :- |
Companies Act & Rules 1956 |
Under Section:- |
433 (E) 434 439 |
------------------------------------------------------------------------------------------------------------------------------
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
|
Short Term
Borrowings |
|
|
|
a) Commercial Paper from bank |
0.000 |
1892.400 |
|
a) Commercial Paper from others |
0.000 |
234.800 |
|
c) Other Loans |
|
|
|
-
From Banks |
519.400 |
1016.600 |
|
-
From Other Parties |
1365.800 |
497.200 |
|
|
|
|
|
Total |
1885.200 |
3641.000 |
FINANCIAL RESULTS
During the year,
all the ongoing projects of the Company have fully commenced and have started
commercial operations. The revenue from operations has increased to
Rs.31947.900 Millions from Rs.27349.600 Millions in previous year. An increase
in revenue is mainly due to jump in fabric sale in local markets, by 36% as
compared to previous year.
SUBSIDIARY COMPANIES:
·
Bombay
Rayon Holdings Limited (BRHL)
BRHL holds 100%
equity of foreign subsidiaries BRFL Europe B.V., Netherlands and BRFL Italia
S.r.l., Italy. BRHL has registered a net profit of V 2.41 Crores for the year
ended 31st March, 2013.
·
DPJ
Clothing Limited, U.K.
DPJ Clothing Limited
is engaged in business of wholesale marketing and distribution of clothing
Products. The said subsidiary is assisting in getting many mid-size retailers
of Europe by providing the services either by direct import or by import and
delivery basis. The company continued to reap benefits in expanding its
business in Europe.
DPJ Clothing
Limited has registered loss of GBP 293,383 for the year ended 31st March, 2013.
·
BRFL
Europe B.V., Netherlands
BRFL Europe B.V.
at Netherlands curtailed its operations to save costs and most of the larger
customers are directly dealt from well-established service facilities from
India offices.
BRFL Europe B.V.
has registered a loss of Euro 4,465 for the year ended 31st March, 2013.
·
BRFL
Italia S.r.l, Italy
The Company owns
the popular ‘GURU’ brand and is into the business of retailing of ready-made
garments as well as other accessories in Europe.
The economic
environment in that part of world is gloomy and to keep the business operations
fit, the activities are being restructured, putting the license model for the
brand at place for various modals.
BRFL Italia S.r.l,
Italy has registered a net loss of Euro 7.267 thousand for the period ended
31st December, 2012.
·
STI India
Limited (STI)
The Company is
running the unit of STI on job work basis for the manufacturing of yarn and
knitted fabric.
The part of
manufactured yarn is used for in-house consumption and balance is sold.
STI has registered
a net Loss of V 9.33 Crores ended 31st March, 2013.
·
BRFL
Bangladesh Private Limited (BRFL Bangladesh)
The Company has
been incorporated for activities in Bangladesh, but operations presently not
commenced due to unfavorable business environments.
The Company has
availed exemption pursuant to the General Circular No. 2/2011 dated 8th
February, 2011 issued by the Ministry of Corporate Affairs; from attaching the
Annual Accounts of its subsidiaries vide its Board’s approval on 22nd
August, 2013. The Company undertakes that the annual accounts of the subsidiary
companies and the related detailed information shall be made available to the
shareholders of the holding and subsidiary companies seeking such information
at any point of time. The annual accounts of the subsidiary companies are
available for inspection by the shareholders at the Registered Office of the
Company and its Subsidiaries.
MANAGEMENT DISCUSSION
& ANALYSIS
Economic growth in
the financial year 2012-13 decelerated to 5 %, it’s lowest in the decade to 6.2
% in the previous year. While tepid industrial growth and a downturn in
investment continued from f.y 2011-12, it was exacerbated by a slump in
services activity, weakening consumption and contracting exports. Subdued
economic activity, high inflation, a weak currency and steep interest rates
dented the consumer confidence. In 2012-13 Industry weakened further, driven by
a slump in manufacturing and mining. At 1.9% manufacturing registered one of
its weakest expansions in the post 1991 reform era as capital goods production
contracted for the second year in a row.
PERFORMANCE OF INDIAN TEXTILE INDUSTRY
The textiles sector has witnessed a spurt in investment during the last
five years. The industry (including dyed and printed) attracted foreign direct
investments (FDI) worth US$ 1.04 billion during April 2000 to November 2012.
Some of the major investments in Indian Textile Industry were:
· British clothing brand Superdry plans to open 20 stores in India over the next five years,
· The Export Promotion Council for Handicrafts (EPCH) is setting up an international lace trade centre at Narsapuram in Andhra Pradesh (AP) with an outlay of V 15.33 crore (US$ 2.82 million)
· American apparel-maker, Tommy Hilfiger plans to add 500 stores in India over the next five years as part of their expansion spree. Currently, Tommy Hilfiger operates 58 franchisee outlets and over 60 shop-in-shops in other department stores
· Italian luxury apparel maker, Canclini Tessile is tying up with Tirupur-based Emperor Textiles to stitch its shirts in India.
· The equal joint venture (JV) with Emperor Textiles will set up a separate manufacturing unit in Tirupur to manufacture Italian fabric for domestic consumption
BUSINESS OVERVIEW
Bombay Rayon
Fashions Limited has established itself in Textile Industry as one of the
largest garment manufacturer and having largest fabric processing capacity.
After taking over STI India Limited, a spinning company of Indore by this the
Company has completed entire value chain from spinning to garmenting.
During the year,
the Company had focused in consolidating its business at various locations. The
manufacturing facilities of the Company are spread at various units in the
state of Karnataka, Maharashtra, Tamilnadu and Kerala.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
||
|
(a) Bills Discounted with Banks under Letter of Credits or otherwise. |
71.400 |
97.500 |
513.800 |
|
(b) Bank Guarantees |
28.200 |
77.600 |
39.300 |
|
(c) Disputed demand outstanding related to income tax (The matters are
pending with Income Tax Authorities) |
600.200 |
19.700 |
49.600 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/ Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10437067 |
15/06/2013 |
500,000,000.00 |
State Bank Of
Travancore |
RESIDENCY ROAD
BRANCH, BANGALORE, KARNATAKA - 560025, INDIA |
B79707246 |
|
2 |
10421780 |
30/03/2013 |
250,000,000.00 |
STATE BANK OF
PATIALA |
ATLANTA , 1ST
FLOOR, JAMNALAL BAJAJ MARG, NARIMAN |
B73762973 |
|
3 |
10420887 |
25/03/2013 |
3,000,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
GROUND FLOOR, ASIAN
BUILDING, 17, R KAMANI MARG, |
B73495707 |
|
4 |
10385303 |
21/09/2012 |
2,050,000,000.00 |
Union Bank Of
India |
YASHWANT BHAWAN PANDURANG
BHUDKAR MARG, LOWER PAREL, MUMBAI, MAHARASHTRA - 400013, INDIA |
B61663860 |
|
5 |
10365253 |
16/06/2012 |
1,000,000,000.00 |
Central Bank of
India |
"VASTU
DARSHAN", 'B' WING, 1ST FLOOR, AZAD ROAD, ANDHERI (E), MUMBAI,
MAHARASHTRA - 400069, INDIA |
B43522176 |
|
6 |
10323237 |
09/12/2011 |
1,200,000,000.00 |
STATE BANK OF
HYDERABAD |
GROUND FLOOR,
NEW INDIA ASSURANCE BUILDING, 87, M.G.ROAD, FORT, MUMBAI, MAHARASHTRA -
400023, INDIA |
B27901180 |
|
7 |
10333190 |
09/12/2011 |
650,000,000.00 |
BANK OF INDIA |
ANDHERI LARGE
CORPORATE BRANCH, M.D.I. BLDG, 1ST FLOOR, 28, S.V. ROAD, ANDHERI (W), MUMBAI,
MAHAR |
B31091069 |
|
8 |
10327594 |
02/12/2011 |
600,000,000.00 |
Export-Import
Bank of India |
CENTRE ONE BUILDING,
FLOOR 21, WORLD TRADE CENTRE, |
B29222882 |
|
9 |
10315494 |
21/10/2011 |
2,000,000,000.00 |
STATE BANK OF
PATIALA |
ATLANTA, 1ST
FLOOR,, JAMNALAL BAJAJ MARG, NARMAN |
B24462939 |
|
10 |
10315953 |
29/09/2011 |
800,000,000.00 |
Punjab National
Bank |
LARGE CORPORATE
BRANCH, CENTENARY BUILDING, NO.28, M G ROAD, BANGALORE, KARNATAKA - 560001,
INDIA |
B24663007 |
|
11 |
10315053 |
13/09/2011 |
600,000,000.00 |
STATE BANK OF
MYSORE |
CORPORATE
ACCOUNTS BRANCH, RAMANASHREE ARCADE, MIDFORD GARDEN'S ROAD, OFF M. G. ROAD,
BANGALORE, |
B24284267 |
|
12 |
10307291 |
25/08/2011 |
9,552,200,000.00 |
STATE BANK OF
INDIA |
SNEHAL
CHAMBERS,, TELLI GALLI, ANDHERI, MUMBAI, MAHARASHTRA - 400069, INDIA |
B21011127 |
|
13 |
10276797 |
26/03/2011 |
750,000,000.00 |
STATE BANK OF
PATIALA |
ATLANTA, 1ST FLOOR,,
JAMANALAL BAJAJ MARG, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA |
B09496803 |
|
14 |
10274792 |
22/03/2011 |
750,000,000.00 |
ALLAHABAD BANK |
37, MUMBAI
SAMACHAR MARG, MUMBAI, MUMBAI, MAHARASHTRA - 400023, INDIA |
B08742876 |
|
15 |
10274174 |
08/03/2011 |
9,669,800,000.00 |
STATE BANK OF
INDIA |
SNEHAL CHAMBERS,
TELLI GULLI,, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400069, INDIA |
B08385189 |
|
16 |
10272242 |
15/02/2011 |
500,000,000.00 |
STATE BANK OF
HYDERABAD |
NEW INDIA ASSURANCE
BUILDING, 87, M. G. ROAD, MUMBAI, MAHARASHTRA - 400023, INDIA |
B06802813 |
|
17 |
10260315 |
23/12/2010 |
8,669,800,000.00 |
STATE BANK OF
INDIA |
SNEHAL CHAMBERS,
TELLI GALLI, ANDHERI, MUMBAI, MAHARASHTRA - 400069, INDIA |
B03267531 |
|
18 |
10251804 |
17/04/2013 * |
42,432,069,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA |
B77195584 |
|
19 |
10251637 |
26/10/2010 |
27,972,069,000.00 |
State Bank of
India |
SNEHAL CHAMBERS,
TELLI GALLI, ANDHERI, MAHARASHTRA - 400069, INDIA |
A98742927 |
|
20 |
10234749 |
28/06/2010 |
750,000,000.00 |
Allahabad Bank |
GROUND FLOOR,37,
MUMBAI SAMACHAR MARG,, FORT, MUMBAI, MUMBAI, MAHARASHTRA - 400023, INDIA |
A90147513 |
|
21 |
10224470 |
02/06/2010 |
950,000,000.00 |
Axis Bank
Limited |
LAXMI THE MALL,
BUILDING NO.5, LAXMI INDUSTRIAL, |
A87037719 |
|
22 |
10212669 |
29/03/2010 |
210,000,000.00 |
State Bank of
Bikaner & Jaipur |
UNITED INDIA
LIFE BUILDING,, SIR P. M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
A83390799 |
|
23 |
10193835 |
23/12/2009 |
7,750,000,000.00 |
STATE BANK OF
INDIA |
MID CORPORATE LOAN
ADMINISTRATION UNIT, 1/5 B SHREE HARI BUILDING, RTO LANE, ANDHERI (W),
MUMBAI, |
A76441245 |
|
24 |
10198478 |
21/12/2009 |
1,000,000,000.00 |
DENA BANK |
CORPORATE BUSINESS
BRANCH,, MUMBAI, MUMBAI, MAHARASHTRA - 400051, INDIA |
A78143054 |
|
25 |
10193834 |
17/12/2009 |
6,149,600,000.00 |
STATE BANK OF
INDIA |
MID CORPORATE
LOAN ADMINISTRATION UNIT,, 1/5 B SH |
A76440700 |
|
26 |
10194527 |
12/12/2009 |
400,000,000.00 |
STATE BANK OF
PATIALA |
1ST FLOOR,
ATLANTA,, JAMANALAL BAJAJ MARG, NARIMA |
A76557669 |
|
27 |
10197296 |
12/12/2009 |
1,400,000,000.00 |
STATE BANK OF
PATIALA |
1ST FLOOR
ATLANTA,, JAMNALAL BAJAJ MARG, NARIMAN |
A77637908 |
|
28 |
10195941 |
04/12/2009 |
750,000,000.00 |
STATE BANK OF
MYSORE |
NO. 18, RAMANASHREE
ARCADE,, MIDFORD GARDENS ROAD, OFF M. G. ROAD, BANGLORE, BANGLORE, KARNATAKA
- |
A77124634 |
|
29 |
10191716 |
18/11/2009 |
500,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL BRANCH,
1ST FLOOR, ATLANTA, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A74830050 |
|
30 |
10182017 |
22/09/2009 |
550,000,000.00 |
Axis Bank
Limited |
CREDIT
MANAGEMENT CENTRE,UNIT NO.6, CORPORATE PARK, SION TROMBAY ROAD, CHEMBUR,, MUMBAI,
MAHARASHTRA - 400071, INDIA |
A71398556 |
|
31 |
10165646 |
19/06/2009 |
700,000,000.00 |
Axis Bank
Limited |
ROYAL ACCORD
IV,, LOKHANDWALA COMPLEX, ANDHERI (WEST), MUMBAI, MAHARASHTRA - 400053, INDIA |
A64670045 |
|
32 |
10160046 |
26/05/2009 * |
3,600,000,000.00 |
Axis Bank
Limited |
CENTRAL
OFFICE,CAPITAL MARKET DEPARTMENT, 06TH FLOOR, "F" WING, MAKER
TOWERS, CUFFE PARADE, MUMBAI, |
A64289069 |
|
33 |
10153890 |
24/03/2009 |
1,000,000,000.00 |
Axis Bank
Limited |
LOKHANDWALA
COMPLEX BR., ROYAL ACCORD IV,, LOKHAN |
A60059433 |
|
34 |
10129669 |
05/11/2008 |
1,250,000,000.00 |
PUNJAB NATIONAL
BANK |
LARGE CORPORATE BRANCH,
CENTENARY BLDG., NO.28, M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
A50922822 |
|
35 |
10124131 |
10/10/2008 |
1,630,000,000.00 |
EXPORT- IMPORT
BANK OF INDIA |
FLOOR 21, CENTRE
ONE BUILDING, WORLD TRADE CENTRE |
A46948220 |
|
36 |
10119828 |
23/08/2008 * |
924,000,000.00 |
EXPORT - IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE |
A46510814 |
|
37 |
10123033 |
01/08/2008 |
280,000,000.00 |
EXPORT- IMPORT
BANK OF INDIA |
FLOOR 21, CENTRE
ONE BUILDING, WORLD TRADE CENTRE |
A45905809 |
|
38 |
10110565 |
28/05/2008 |
1,500,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 'SNEHAL CHAMBERS',, TELLI GALLI, ANDHERI (EAST),, MUMBAI,
MAHARASHTRA - |
A40642662 |
|
39 |
10113660 |
22/12/2008 * |
2,780,000,000.00 |
STATE BANK OF
INDIA |
MID CORPORATE
LOAN ADMIN. UNIT, SHRI HARI BUILDING |
A56288400 |
|
40 |
10110886 |
19/05/2008 |
90,000,000.00 |
EXPORT- IMPORT
BANK OF INDIA |
FLOOR 21, CENTRE
ONE BUILDING, WORLD TRADE CENTRE |
A40737306 |
|
41 |
10110889 |
19/05/2008 |
600,000,000.00 |
EXPORT- IMPORT BANK
OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE |
A40739781 |
|
42 |
10114582 |
19/05/2008 |
70,239,000.00 |
EXPORT- IMPORT
BANK OF INDIA |
CENTRE ONE BUILDING,
FLOOR 21, WORLD TRADE CENTRE |
A40738759 |
|
43 |
10099337 |
26/05/2009 * |
4,780,000,000.00 |
Axis Bank
Limited |
CENTRAL OFFICE,
CAPITAL MARKET DEPARTMENT,, 6TH FLOOR, "F" WING, MAKER TOWERS,
CUFFE PARADE,, MUMBAI, MAHARASHTRA - 400005, INDIA |
A65373920 |
|
44 |
10087142 |
23/01/2008 |
4,780,000,000.00 |
Axis Bank
Limited |
TRISHUL 3RD
FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT -
380006, INDIA |
A32243875 |
|
45 |
10077704 |
16/11/2007 |
200,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE |
A27954627 |
|
46 |
10075033 |
18/10/2007 |
500,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH,, ANDHERI (E), SNEHAL CHAMBERS, TELLI GALLI,, MUMBAI,
MAHARASHTRA - 400069, INDIA |
A26332650 |
|
47 |
10068115 |
16/08/2007 |
1,162,500,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
FLOOR 21, CENTRE
ONE BUILDING, WORLD TRADE CENTRE |
A23527500 |
|
48 |
10019928 |
26/05/2009 * |
510,000,000.00 |
Axis Bank
Limited |
CENTRAL OFFICE,
CAPITAL MARKET DEPARTMENT,, 6TH FLOOR, "F" WING, CUFFE PARADE,, MUMBAI,
MAHARASHTRA |
A65375339 |
|
49 |
80012443 |
26/05/2009 * |
1,158,100,000.00 |
Axis Bank
Limited |
CENTRAL OFFICE,
CAPITAL MARKET DEPARTMENT,, 6TH FLOOR, "F" WING, CUFFE PARADE,,
MUMBAI, MAHARASHTRA |
A65374480 |
|
50 |
80014385 |
02/03/2009 * |
7,750,000,000.00 |
STATE BANK OF
INDIA |
MID CORPORATE
LOAN ADMINISTRATION UNIT, SHRI HARI |
A60898558 |
|
51 |
90165585 |
18/02/2005 |
69,400,000.00 |
STATE BANK OF
INDIA |
INDL. FINANCE
BRANCH; ANDHERI EAST, MUMBAI, MAHARASHTRA - 400069, INDIA |
- |
|
52 |
90166885 |
14/08/2002 * |
57,000,000.00 |
CITIBANK N.A. |
CITI TOWER; 61;
DR. SS RAO ROAD. PAREL, MUMBAI, MAHARASHTRA - 400070, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
· Land
· Buildings
· Furniture and Fixtures
· Office equipment
· Motor Car and Vehicles
· Plant and Machinery
·
Computer
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.62.50 |
|
|
1 |
Rs.101.92 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.