MIRA
INFORM REPORT
|
Report Date : |
15.01.2014 |
IDENTIFICATION DETAILS
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Name : |
MEGHMANI ORGANICS LIMITED |
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Registered
Office : |
184, G.I.D.C. Phase-II, Vatva, Ahmedabad – 382445, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
02.01.1995 |
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Com. Reg. No.: |
04-024052 |
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Capital
Investment / Paid-up Capital : |
Rs. 254.314 Millions |
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CIN No.: [Company Identification
No.] |
L24110GJ1995PLC024052 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMM00341F |
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Legal Form : |
A Public Limited Liability Company. The Company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacture and
Distribute Phthalocynine Green 7, Copper Phthalocynine Blue (Cpc), Alpha
Blue, Beta Blue and Technical, Intermediates and Formulations of
Insecticides. |
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No. of Employees
: |
Information denied by management. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (54) |
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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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Maximum Credit Limit : |
USD 21000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well established company having fine track record.
Financial position of the company appears to be strong. There appears slight dip in sale and profit of the company in 2013. However, trade relations are fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good 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.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and acquisition
guidelines, cleared by a group of ministers, will be out before the auction
begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Non-Convertible Debenture issue = A |
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Rating Explanation |
Have adequate degree of safety and credit
moderate credit risk. |
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Date |
31.12.2013 |
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Rating Agency Name |
CARE |
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Rating |
Commercial paper Issue = A1 |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
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Date |
31.12.2013 |
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
31-03-2012.
INFORMATION DECLINED BY
Management non-cooperative
Tel. No.: 91-79-26640668
LOCATIONS
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Registered Office : |
184, Phase-II, G.I.D.C. Vatva, Ahmedabad – 382445, |
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Tel. No.: |
91-79-25831210 |
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Fax No.: |
91-79-25833403 |
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E-Mail : |
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Corporate Office : |
“Meghmani House”, Shree Nivas Society, Off Vakas Gruh Road, Paldi,
Ahmedabad - 380007, Gujarat, India |
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Tel. No.: |
91-79-26640668 / 669/ 9879606323 to 328 |
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Fax No.: |
91-79-26640670 |
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Mumbai Office : |
3/24, AC Market, |
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Permanent Office – Building Under Reconstruction : |
Flat No. 22/23, Vellard View Co.op.
Housing Society, |
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World Head
Quarters : |
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Meghmani Europe BVBA, Grote Steen Weg 42-44, 2600 |
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Tel. No.: |
+ 32-3-3375357 |
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Fax No.: |
+ 32-3-2973082 |
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Meghmani Organics Limited – Representative Office, Room No.: 0906, Building “B”, No.: 527, |
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Mobile No.: |
+86-13916981655 |
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U.S.A Office : |
Meghmani Organics USA, Inc., 8215, Vinoy Blvd, Apartment No. 403, |
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Mobile No.: |
+1-704-4256226 |
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Tel No.: |
+1-704-5101464 |
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Tricor Barbinder Share Registration Services |
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Tel. No.: |
(65) 6236 3552 |
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Fax No.: |
(65) 6236 3405 |
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E-Mail : |
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Tricor Evatthouse Corporate Services |
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Tel. No.: |
(65) 6236 3510 |
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Fax No.: |
(65) 6236 4399 |
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E-Mail : |
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Pigment – Green
– Division : |
Plot No. 184, Phase II, G.I.D.C. Vatva, Ahmedabad - 382445, |
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Tel. No.: |
91-79-25833403/ 25831210 |
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Fax No.: |
91-79-25833403 |
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E-Mail : |
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Pigment Blue – Division
: |
Plot No. 21, 21/1, G.I.D.C, Panoli, District Bharuch, |
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Tel. No.: |
91-2646-276352 |
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Fax No.: |
91-2646-276374 |
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E-Mail : |
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Pigment – Division
– Dahej SEZ : |
Plot No. Z-31, Z-32, Dahej SEZ Limited – Dahej, Taluka Varga, District
Bharuch, |
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Tel. No.: |
91-2646-276352 |
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Fax No.: |
91-2646-276374 |
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Agro Division- I
: |
Plot No. 402, 403, 404 and 452, Village Chharodi, Taluka Sanand,
District- Ahmedabad - 382445, Gujarat, India |
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Tel. No.: |
91-2717-273251 |
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Fax No.: |
91-2717-273254 |
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E-Mail : |
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Agro Division-
II : |
5001/B, G.I.D.C. Ankleshwar, District Bharuch, |
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Tel. No.: |
91-2646-222971 |
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Fax No.: |
91-2646-222965 |
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E-Mail : |
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Agro Division-
III : |
Plot No.CH-1+2/A, GIDC Dahej Taluka – Vagra, District Bharuch – 392
130, |
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Tel. No.: |
91-2641-256677/ 88 |
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E-Mail : |
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Agro Division- IV
: |
Plot No. 22/2, G.I.D.C. Panoli, District – Bharuch, |
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Tel No.: |
91-2646-276577 |
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E-Mail : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Jayanti M. Patel |
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Designation : |
Executive Chairman |
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Date of Birth/Age : |
60 Years |
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Qualification : |
B.E. (Chemical) |
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Experience : |
37 Years |
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Name : |
Mr. Ashish N. Soparkar |
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Designation : |
Managing Director |
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Date of Birth/Age : |
60 Years |
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Qualification : |
B.E. (Chemical) |
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Experience : |
37 Years |
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Name : |
Mr. Natwarlal M. Patel |
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Designation : |
Managing Director |
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Date of Birth/Age : |
58 Years |
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Qualification : |
M.Sc. (Chemical) |
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Experience : |
37 Years |
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Name : |
Mr. Ramesh M. Patel |
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Designation : |
Executive Director |
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Date of Birth/Age : |
57 Years |
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Qualification : |
B.A. |
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Experience : |
33 Years |
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Name : |
Mr. Anand I. Patel |
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Designation : |
Director |
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Date of Birth/Age : |
51 Years |
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Qualification : |
B.Sc. (Chemical) |
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Experience : |
27 Years |
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Name : |
Mr. Balkrishna T. Thakkar |
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Designation : |
Director |
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Name : |
Mr. Chinubhai R. Shah |
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Designation : |
Director |
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Name : |
Jayaram Vishwanathan |
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Designation : |
Director |
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Name : |
Mr. K.H. Patel |
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Designation : |
Independent Director (Resigned on 11.02.2013) |
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Name : |
Mr. Akthar Hassen G Shaik |
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Designation : |
Director |
KEY EXECUTIVES
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Audit Committee : |
·
Mr. Balkrishna T. Thakkar ·
Mr. Chinubhai R. Shah ·
Mr. Jayaraman Vishwanathan |
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Nominating Committee : |
·
Mr. Chinuibhai R. Shah ·
Mr. Balkrishna T. Thakkar ·
Mr. Jayanti M. Patel |
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Remuneration Committee : |
·
Mr. Chinubhai R. Shah ·
Mr. Balkrishna T. Thakkar ·
Mr. Natwarlal M. Patel |
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The shareholders’
/ Investors’
grievance, Share allotment
and Share transfer committee : |
·
Mr. Balkrishna T. Thakkar ·
Mr. Chinubhai R. Shah ·
Mr. Ashish N. Soparkar |
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Name : |
Kamlesh D Mehta |
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Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.12.2013
|
Names of Shareholders |
No. of
Shares |
Percentage
of Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
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|
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|
93954963 |
46.26 |
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|
34315433 |
16.90 |
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|
34315433 |
16.90 |
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|
128270396 |
63.16 |
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Total shareholding
of Promoter and Promoter Group (A) |
128270396 |
63.16 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
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|
2783749 |
1.37 |
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|
2783749 |
1.37 |
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|
|
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|
5894978 |
2.90 |
|
|
|
|
|
|
50811298 |
25.02 |
|
|
11759629 |
5.79 |
|
|
3566011 |
1.76 |
|
|
1366716 |
0.67 |
|
|
1251792 |
0.62 |
|
|
937500 |
0.46 |
|
|
10003 |
0.00 |
|
|
72031916 |
35.47 |
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Total Public
shareholding (B) |
74815665 |
36.84 |
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Total (A)+(B) |
203086061 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
51228150 |
0.00 |
|
|
51228150 |
0.00 |
|
Total (A)+(B)+(C) |
254314211 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
l.No. |
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
||
|
1 |
Alpa Praful Patel |
3,58,801 |
0.14 |
|
2 |
Anand I Patel |
3,80,000 |
0.15 |
|
3 |
Anandbhai Ishwarbhai Patel |
77,50,200 |
3.05 |
|
4 |
Anil Popatbhai Patel |
2,70,000 |
0.11 |
|
5 |
Ankit Natubhai Patel |
5,20,865 |
0.20 |
|
6 |
Ankit Natubhai Patel |
25,00,000 |
0.98 |
|
7 |
Ashishbhai Soparkar - Huf |
1,27,320 |
0.05 |
|
8 |
Ashishbhai Natawarlal Soparkar |
2,41,58,090 |
9.50 |
|
9 |
Ashishbhai Natwarlal Soparkar |
32,538 |
0.01 |
|
10 |
Ashishbhai Natwarlal Soparkar |
3,00,000 |
0.12 |
|
11 |
Bhartiben Natubhai Patel |
20,00,000 |
0.79 |
|
12 |
Chandrika Balwantbhai Patel |
50,000 |
0.02 |
|
13 |
Deval A Soparkar |
4,10,710 |
0.16 |
|
14 |
Disha Natubhai Patel |
15,00,000 |
0.59 |
|
15 |
Gauriben Haribhai Patel |
4,20,000 |
0.17 |
|
16 |
Gauriben Haribhai Patel |
60,000 |
0.02 |
|
17 |
Haribhai Meghjibhai Patel |
4,35,000 |
0.17 |
|
18 |
Hemlataben Mansukhbhai Patel |
3,00,000 |
0.12 |
|
19 |
Heta Kirankumar Patel |
2,00,000 |
0.08 |
|
20 |
Heta Kiran Patel |
82,500 |
0.03 |
|
21 |
Ishwarbhai Meghjibhai Patel |
3,00,000 |
0.12 |
|
22 |
Jagrutiben Lalitbhai Patel |
5,50,000 |
0.22 |
|
23 |
Jayantibhai Meghjibhai Patel |
3,13,556 |
0.12 |
|
24 |
Jayantibhai Meghjibhai Patel |
1,78,24,390 |
7.01 |
|
25 |
Kanti Bhai Meghjibhai Patel |
7,00,000 |
0.28 |
|
26 |
Kantibhai M Patel |
7,00,000 |
0.28 |
|
27 |
Kaushal Ashishbhai Soparkar |
8,300 |
0.00 |
|
28 |
Kavita Gaurang Patel |
2,70,000 |
0.11 |
|
29 |
Kiran M Patel |
4,50,000 |
0.18 |
|
30 |
Kiran Mansukhbhai Patel |
3,000 |
0.00 |
|
31 |
Kiran Mansukhbhai Patel |
9,00,169 |
0.35 |
|
32 |
Kiran Mansukhbhai Patel (Huf) |
2,56,000 |
0.10 |
|
33 |
Kruti Adesh Patel |
3,80,000 |
0.15 |
|
34 |
Kunverben Ishwarbhai Patel |
2,00,000 |
0.08 |
|
35 |
Lalit K Patel - Karta(Lalit K Patel-Huf) |
79,378 |
0.03 |
|
36 |
Lalitbhai Kantibhai Patel |
7,00,000 |
0.28 |
|
37 |
Lalitbhai Kantibhai Patel |
13,061 |
0.01 |
|
38 |
Lilaben Ganpatbhai Patel |
3,00,000 |
0.12 |
|
39 |
Lilaben Ganpatbhai Patel |
30,101 |
0.01 |
|
40 |
Maulik Jayantibhai Patel |
12,70,000 |
0.50 |
|
41 |
Nikunj Haribhai Patel |
2,00,000 |
0.08 |
|
42 |
Patel Natubhai Meghjibhai |
3,78,347 |
0.15 |
|
43 |
Patel Natubhai Meghjibhai |
2,03,59,850 |
8.01 |
|
44 |
Patel Amitaben Kantibhai |
5,00,000 |
0.20 |
|
45 |
Patel Damini Narendra |
1,00,000 |
0.04 |
|
46 |
Patel Darshan Anandbhai |
1,50,000 |
0.06 |
|
47 |
Patel Ganpatbhai Meghjibhai |
3,50,000 |
0.14 |
|
48 |
Patel Hansaben Amrutbhai |
1,00,000 |
0.04 |
|
49 |
Patel Hansaben Amrutbhai |
100 |
0.00 |
|
50 |
Patel Jayantibhai Meghjibhai |
7,36,000 |
0.29 |
|
51 |
Patel Kalpana Rameshbhai |
10,00,000 |
0.39 |
|
52 |
Patel Karana Rameshbhai |
10,50,000 |
0.41 |
|
53 |
Patel Karana Rameshbhai |
10,30,000 |
0.41 |
|
54 |
Karana Rameshbhai Patel |
20,000 |
0.01 |
|
55 |
Karana Rameshbhai Patel |
82,168 |
0.03 |
|
56 |
Patel Natwarlal Meghjibhai |
51,72,280 |
2.03 |
|
57 |
Patel Naynaben Anandbhai |
23,00,000 |
0.90 |
|
58 |
Patel Rameshbhai Meghjibhai |
10,20,000 |
0.40 |
|
59 |
Pinal Anilbhai Patel |
2,70,000 |
0.11 |
|
60 |
Popatbhai Meghjibhai Patel |
7,20,000 |
0.28 |
|
61 |
Praful G Patel |
90,355 |
0.04 |
|
62 |
Praful Ganpatbhai Patel |
3,50,000 |
0.14 |
|
63 |
Prashant Popatbhai Patel |
2,70,000 |
0.11 |
|
64 |
Rameshbhai Meghjibhai Patel |
1,53,34,120 |
6.03 |
|
65 |
Rameshbhai Meghjibhai Patel |
68,272 |
0.03 |
|
66 |
Ravi Haribhai Patel |
2,00,000 |
0.08 |
|
67 |
Ruchi Ashishbhai Soparkar |
4,10,710 |
0.16 |
|
68 |
Sandhya Maulik Patel |
2,29,215 |
0.09 |
|
69 |
Sandhya Maulik Patel |
45,000 |
0.02 |
|
70 |
Shardaben Popatbhai Patel |
2,70,000 |
0.11 |
|
71 |
Taraben Jayantilal Patel |
73,60,000 |
2.89 |
|
72 |
Vaishakhi Rameshbhai Patel |
10,00,000 |
0.39 |
|
|
Total |
12,82,70,396 |
50.44 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Distribute
Phthalocynine Green 7, Copper Phthalocynine Blue (Cpc), Alpha Blue, Beta Blue
and Technical, Intermediates and Formulations of Insecticides. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information denied by management. |
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Bankers : |
·
State Bank of ·
HDFC Bank Limited, Mithakhali, Ahmedabad -
380009, ·
ICICI Bank Limited, JMC House, ·
Standard Chartered Bank, Ground Floor, Abhijeet
II, Mithakhali Six Roads, Ahmedabad - 380009, Gujarat, India |
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Facilities : |
Rs. in Millions
Long Term
Borrowings: Details of
Security and Repayment Terms
3. External Commercial Borrowing of US$ 1,10,00,000 equivalent to
51,13,90,000 from Standard Chartered Bank, Ahmedabad. The facility is secured
by First charge on all the present and Future Movable Fixed assets financed
under term loan including movable fixed assets held at CH-1-2/A. GIDC
Dahej,Taluka Vagra, Bharuch and repayable in 13 Installment amount of US$
7,85,400 of Each and last instalment of US$ 7,89,800 and interest @3 Month
LIBOR + 2.5%. Short Term Borrowings: The interest rate on working capital facilities from State Bank of
India, HDFC Bank Limited, Standard Chartered Bank and ICICI Bank Limited
(Collectively known as Consortium Bankers) varies within the range of 9.65%
to 13.75% (both inclusive) and are secured by :- (a)
First Pari Passu charge created on 25th May, 2005
to State Bank of (b)
First Pari Passu charge on immovable properties
to State Bank of (c)
The indenture of the mortgage created on
immovable properties are located at : (i)
Plot No. 168,180,183 and 184 of GIDC Industrial
Estate Vatva, Ahmedabad. (ii)
Block No. 402,403,404 and 452 at Village
Chharodi, Taluka Sanand, District Ahmedabad. (iii)
Plot No. 21 and 21/1 of GIDC Industrial Estate
Panoli, Taluka Ankleshwar. (iv)
Plot No. 5001/B of GIDC Industrial Estate,
Ankleshwar. |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Patel and Khandwala Chartered Accountants |
|
Address : |
204, Akik, Opposite Lions Hall, Mithakhali, Ahmedabad - 380 009, |
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Joint Auditor : |
|
|
Name : |
KPMG Chartered Accountants |
|
Address : |
Safal Profitaire, B4, Third Floor, Corporate Road, |
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Subsidiaries : |
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Enterprises in
which Key Managerial Personnel [KMP] and their relatives have significant
influence : |
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Joint Venture : |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
370000000 |
Equity Shares |
Rs. 1/- each |
Rs. 370.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
254314211 |
Equity Shares |
Rs. 1/- each |
Rs. 254.314 Millions |
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
At the beginning of the period |
254314211 |
254314211 |
|
Add : Issued During the year |
- |
- |
|
Less : Shares bought back / Redemption etc. |
- |
- |
|
As at closing of the year |
254314211 |
254314211 |
Details of Shareholding (Number of Shares held by Shareholders holding
more than 5% Shares)
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
DBS Nominees (Private) Limited |
51228150 |
51228150 |
|
Mr. Jayanti Patel |
18873946 |
18873946 |
|
Mr. Ashish Soparkar |
24585410 |
24585410 |
|
Mr. Natwarlal Patel |
25910477 |
25910477 |
|
Mr. Ramesh Patel |
16354120 |
16354120 |
|
TOTAL |
136952103 |
136952103 |
The Company has
only one class of Equity Shares having a par value of 1/- per share. Each
equity shareholder has 1 voting right. All equity shareholders have equal dividend
rights in proportion to the holding. The Company has declared dividend of
25431421 (Previous Year 25431421 representing 10% (Previous Year 10%) Paid up
Capital and 0.10 per share (Previous year 0.10 per share) out of accumulated
profit of the previous years.
Particulars of NRI Shareholders to whom dividend is remitted.
|
Equity Shares |
Number
of Shares |
|
Amount of Final Dividend Remitted |
5311665 |
|
No. of Shareholders |
1 |
|
No. of Shares held |
53116650 |
|
Year / Period to which dividend relates |
2011-12 |
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 |
254.314 |
254.314 |
254.314 |
|
(b) Reserves & Surplus |
5089.497 |
5016.705 |
5078.177 |
|
(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) |
5343.811 |
5271.019 |
5332.491 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1128.145 |
1293.700 |
1380.039 |
|
(b) Deferred tax liabilities (Net) |
233.823 |
210.309 |
131.446 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
10.314 |
|
(d) long-term provisions |
265.034 |
334.773 |
238.716 |
|
Total Non-current Liabilities (3) |
1627.002 |
1838.782 |
1760.515 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2464.325 |
1828.745 |
1746.260 |
|
(b) Trade payables |
1341.840 |
973.435 |
1094.366 |
|
(c) Other current
liabilities |
462.928 |
350.498 |
358.962 |
|
(d) Short-term provisions |
59.585 |
68.043 |
49.309 |
|
Total Current Liabilities (4) |
4328.678 |
3220.721 |
3248.897 |
|
|
|
|
|
|
TOTAL |
11299.491 |
10330.522 |
10341.903 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2512.715 |
2398.509 |
1834.545 |
|
(ii) Intangible Assets |
53.753 |
77.810 |
78.840 |
|
(iii) Capital
work-in-progress |
849.457 |
526.001 |
462.827 |
|
(iv)
Intangible assets under development |
38.942 |
6.827 |
0.000 |
|
(b) Non-current Investments |
1380.840 |
1139.306 |
1123.102 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
261.040 |
62.549 |
431.250 |
|
(e) Other Non-current assets |
37.427 |
19.264 |
0.119 |
|
Total Non-Current Assets |
5134.174 |
4230.266 |
3930.683 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
353.587 |
|
(b) Inventories |
1482.311 |
1362.391 |
1292.575 |
|
(c) Trade receivables |
3282.265 |
3217.994 |
3255.773 |
|
(d) Cash and cash
equivalents |
17.463 |
98.147 |
99.083 |
|
(e) Short-term loans and
advances |
1205.937 |
1185.428 |
252.272 |
|
(f) Other current assets |
177.341 |
236.296 |
1157.930 |
|
Total Current Assets |
6165.317 |
6100.256 |
6411.220 |
|
|
|
|
|
|
TOTAL |
11299.491 |
10330.522 |
10341.903 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7497.422 |
8220.978 |
8649.183 |
|
|
|
Other Income |
104.851 |
95.116 |
72.059 |
|
|
|
TOTAL |
7602.273 |
8316.094 |
8721.242 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Consumption |
4615.739 |
|
|
|
|
|
Trading Purchases |
408.552 |
786.784 |
|
|
|
|
(Increase)/Decrease in Stock |
(161.373) |
(174.640) |
|
|
|
|
Employees Emoluments |
343.751 |
351.319 |
|
|
|
|
Other Expenses |
1762.908 |
1710.071 |
|
|
|
|
TOTAL |
6969.577 |
7472.617 |
7742.024 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
632.696 |
843.477 |
979.218 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
272.364 |
277.992 |
173.235 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
360.332 |
565.485 |
805.983 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
263.607 |
260.783 |
203.468 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE EXTRAORDINARY ITEMS AND TAX |
96.725 |
304.702 |
602.515 |
|
|
|
|
|
|
|
|
|
Less |
EXTRAORDINARY
ITEM |
8.728 |
0.000 |
2.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
87.997 |
304.702 |
600.015 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
30.172 |
138.864 |
128.208 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
57.825 |
165.838 |
471.807 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Debenture Redemption Reserve |
56.215 |
82.551 |
0.000 |
|
|
|
Transfer to General Reserve |
0.000 |
5.000 |
50.000 |
|
|
|
Proposed dividend |
25.431 |
25.431 |
101.730 |
|
|
|
Dividend Tax |
4.322 |
4.126 |
16.500 |
|
|
BALANCE CARRIED
TO THE B/S |
(28.143) |
48.730 |
303.577 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY (Export of Goods (FOB) |
5819.140 |
6100.630 |
5752.856 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
184.131 |
617.437 |
994.148 |
|
|
|
Trading Purchase |
199.625 |
567.317 |
232.734 |
|
|
|
Capital Goods |
0.000 |
1.516 |
86.553 |
|
|
TOTAL IMPORTS |
383.756 |
1186.270 |
1313.435 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Before Extraordinary Item |
0.26 |
0.65 |
1.86 |
|
|
|
After Extraordinary Item |
0.23 |
0.65 |
1.86 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 (Unaudited) |
|
|
1st
Quarter |
|
Net sales |
1991.300 |
|
Total Expenditure |
1717.600 |
|
Profit before interest, depreciation and
tax (Excluding Other Income) |
273.700 |
|
Other income |
12.400 |
|
Operating Profit |
286.100 |
|
Interest |
77.400 |
|
Exceptional Items |
0.000 |
|
Profit before depreciation and tax |
208.700 |
|
Depreciation |
69.900 |
|
Profit before tax |
138.900 |
|
Tax |
46.000 |
|
Profit after tax |
92.900 |
|
Extraordinary items |
0.000 |
|
Prior period expenses |
0.000 |
|
Other adjustments |
0.000 |
|
Net Profit |
92.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.76
|
2.00 |
5.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.17
|
3.71 |
6.94 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.36
|
4.93 |
8.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.06 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.67
|
0.59 |
0.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
1.89 |
1.97 |
LOCAL AGENCY FURTHER INFORMATION
Current maturities of
long-term debt Details
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long-term debt |
170541.756 |
146052.984 |
0.000 |
|
|
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
-------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-------- |
|
26] |
Buyer visit details |
-------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN:
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Short Term
Borrowings |
|
|
|
From Banks - In Indian Currency |
334.319 |
371.317 |
|
From Banks - In Indian Currency |
0.000 |
108.771 |
|
From Subsidiary Companies |
305.191 |
0.000 |
|
Total |
639.510 |
480.088 |
CASE DETAILS
|
Status : PENDING |
(Converted from :C/MCAST/2511/2013 ) |
CCIN No : 001016201302483 |
|
Next Listing Date:16/01/2014 |
|||
|
Coram |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
Not Before |
|
|
S.NO. |
Name of the
Petitioner |
Advocate On Record |
|
1 |
CROP LIFE INDIA |
NANAVATI ASSOCIATES for: Applicant(s) |
1|
S.NO. |
Name of the
Petitioner |
Advocate On Record |
|
1 10 11 12 13 14 15 2 3 4 5 |
PESTICIDES MANUFACTURERS AND FORMULATORS ASSOCIATION OF
INDIA BASF INDIA LIMITED BAYER CROPSCIENCE LIMITED E.L DUPONT INDIA PRIVATE LIMITED DOW AGROSCIENCE INDIA PRIVATE LIMITED SYNGENTA INDIA LIMITED AGROCHEMICALS MANUFACTURERS ASSOCIATION OF INDIA CONFERATION OF ALL INDIA SMALL AND MEDIUM PESTICIDES MANUFACTURERS ASSOCIATYION – CAPMA MEGHMANI ORGANICS LIMITED GSP CROP SCIENCE -P LIMITED |
MS MANISHA LAVKUMAR for :Opponent(s) MR VH KANARA for :Opponent(s) MR IH SYED for :Opponent(s) |
|
Presented On |
07/10/2013 |
Registered On |
21/10/2013 |
|
Bench Category |
- |
District |
AHMEDABAD |
|
Case Originated
From |
THROUGH ADVOCATE |
Listed |
9 times |
|
StageName |
ADMISSION – MCA |
|
|
|
Classification |
SJ - CIVIL MISC. APPLICATION - CODE OF CIVIL PROCEDURE, 1908 - REVIEW / MODIFICATION / DIRECTION / EXTENSION OF TIME / CLARIFICATION |
||
|
Act |
CIVIL PROCEDURE CODE, 1908 |
||
OFFICE DETAILS
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
|
1 |
07/10/2013 |
APPEARANCE NOTE |
NANAVATI ASSOCIATES ADVOCATE |
0 |
NANAVATIASSOCIATES(1375) for P:1 |
|
2 |
07/10/2013 |
MEMO OF APPEAL/PETITION/SUIT |
NANAVATI ASSOCIATES ADVOCATE |
20 |
NANAVATIASSOCIATES(1375), for P:1 |
LINKED MATTERS
|
S. No. |
Case Detail |
Status Name |
Disposal Date |
Action/Coram |
|
1 |
MISC.CIVIL APPLICATION/2496/2013 |
PENDING |
- |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
COURT PROCEEDINGS
|
S. No. |
Notified Date |
Court Code |
Board Sr. No. |
Stage |
Action |
Coram |
|
1 |
22/10/2013 |
14 |
156 |
FOR REMOVAL OF OFFICE OBJECTIONS |
NEXT DATE |
HONOURABLE MR.JUSTICE ANANT S. DAVE |
|
2 |
24/10/2013 |
14 |
2 |
FOR REGULAR ADMISSION |
NEXT DATE |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
|
3 |
13/11/2013 |
14 |
1 |
FOR REGULAR ADMISSION |
NEXT DATE |
· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT · HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
|
4 |
21/11/2013 |
14 |
1 |
FOR REGULAR ADMISSION |
NEXT DATE |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
|
5 |
26/11/2013 |
14 |
1 |
FOR REGULAR ADMISSION |
NEXT DATE |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
|
6 |
05/12/2013 |
14 |
2 |
ADMISSION - MCA |
NEXT DATE |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
|
7 |
16/12/2013 |
14 |
5 |
URGENT ADMISSION - MCA |
NEXT DATE |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
|
8 |
19/12/2013 |
14 |
4 |
URGENT ADMISSION - MCA |
NEXT DATE |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
|
9 |
27/12/2013 |
14 |
29 |
URGENT ADMISSION - MCA |
NEXT DATE |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
|
10 |
16/01/2014 |
14 |
29 |
URGENT ADMISSION - MCA |
NEXT DATE |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
AVAILABLE ORDERS
|
Sr. No. |
Case Details |
Judge Name |
Order Date |
CAV |
Judgement |
|
1 |
MISC.CIVIL APPLICATION/2483/2013 |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
05/12/2013 |
N |
ORDER |
|
2 |
MISC.CIVIL APPLICATION/2483/2013 |
HONOURABLE MR.JUSTICE S.R.BRAHMBHATT |
13/11/2013 |
N |
ORDER |
|
3 |
MISC.CIVIL APPLICATION/2483/2013 |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
24/10/2013 |
N |
ORDER |
|
4 |
MISC.CIVIL APPLICATION/2483/2013 |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
26/11/2013 |
N |
ORDER |
|
5 |
MISC.CIVIL APPLICATION/2483/2013 |
HONOURABLE MR.JUSTICE RAJESH H.SHUKLA |
27/12/2013 |
N |
ORDER |
INDEX OF CHARGE:
|
Sr .No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10263560 |
12/01/2011 |
1,000,000,000.00
|
UNIT TRUST OF LIMITED |
|
B04603320 |
|
2 |
10212092 |
28/06/2010 * |
511,390,000.00 |
Standard
Chartered Bank |
Abhijit II, Ground Floor,, Near Mithakhali
Six Roads, Ahmedabad, Gujarat - 380006, |
A88392501 |
|
3 |
80010560 |
16/09/2009 * |
3,430,800,000.00
|
State Bank of |
Overseas Branch, Amrut Jayanti Bhavan,,
Navjivan Post Office, Ahmedabad,
Gujarat - 380014, |
A70260773 |
|
4 |
80011663 |
19/04/2004 |
794,500,000.00 |
SBI CB ICICI
BANK LIMITED |
NAVJIVAN, AHMEDABAD, Gujarat - 380009, |
- |
|
5 |
80010561 |
28/08/2009 * |
3,430,800,000.00
|
State Bank of |
Overseas Branch, Amrut Jayanti Bhavan,,
Navjivan Post Office, Ahmedabad, Gujarat - 380014, |
A69998276 |
|
6 |
80011664 |
09/10/2003 |
794,500,000.00 |
SBI CB ICICI
BANK LIMITED |
NAVJIVAN, AHMEDABAD, Gujarat - 380009, |
- |
OPERATING
RESULTS:-
The Sales Turn
over of the Company has decreased by Rs. 734.622 Millions i.e. from Rs. 8051.289
Millions in FY 2012 to Rs. 7316.667 Millions in FY 2013.
1)
DOMESTIC SALES:-
·
The Domestic Sales decreased by Rs. 467.494
Millions (25.22%) i.e. from Rs. 1842.669 Millions in FY 2012 to Rs. 1377.875
Millions FY 2013.
·
The Domestic Sales of Pigment Division decreased by
Rs. 261.831 Millions (41.41%) i.e. from Rs. 632.217 Millions in FY 2012 to Rs.
370.386 Millions in FY 2013.
·
The Domestic sales of Agro Division decreased by
Rs. 240.394 Millions (20.92%) i.e. from Rs. 1148.918 Millions in FY 2012 to Rs.
908.524 Millions in FY 2013.
2)
EXPORT SALES :-
·
The Export Sales decreased by Rs. 269.827 Millions
(4.35%) i.e. from to Rs. 6208.619 Millions in FY 2012 to Rs. 5938.792 Millions
in FY 2013.
·
The Export Sales of Pigment Division increased by
Rs. 366.135 Millions (13.91%) i.e. from Rs. 2698.197 Millions in FY 2012 to Rs.
2998.197 Millions in FY 2013.
·
The Export Sales of Agro Division decreased by Rs.
322.378 Millions (11.35%) i.e. from Rs. 2841.169 Millions in FY 2012 to Rs. 2518.791
Millions in FY 2013.
3)
OTHER INCOME :-
Other income
increased by Rs. 9.735 Millions. This is due to Mark to Market gain on
Derivative.
4)
PROFITABILITY :-
Profit Before Tax decreased by Rs. 216.704 Millions i.e. by 71.12% while
Profit After Tax decreased by Rs. 108.012 Millions i.e. by 65.13%. The main
reasons for decrease in profitability are :-
- Delay in Clearance from Ministry of
Environment and Forests,
- Technical bottleneck in setting Agro
Division III at Dahej
- Reduction in Production affecting
manufacturing sales
- Reduction in manufacturing sales
affecting the contribution
- Macro level environment issues
- Increase in energy cost (Power and
Fuel)
MANAGEMENT
DISCUSSION AND ANALYSIS
OVERVIEW OF THE
COMPANY
The Company has 4
(four) Agrochemical manufacturing facilities situated at
- Agro – I:- Plot No. 402,403, 404, 452
Vill. Chharodi, Tal. Sanand - Ahmedabad,
2. Agro – II:- Plot No. 5001 B,
GIDC Ankleshwar
3. Agro – III:- Plot No. 20,
GIDC Panoli, Ankleshwar
4. Agro – IV:- Plot No. CH-1+2/A
GIDC
The Company
produces commonly used pesticides for crop and non-crop applications such as
public health, insect control in wood preservation and food grain storage. The
Company counts amongst its customers leading pesticide manufacturers from North
America, Europe, Latin America, Asia,
The production
processes of the Company’s Agro businesses are largely vertically integrated.
We manufacture some Pesticides Intermediates which are used in the manufacture
of our Pesticides Technical. Such vertical integration allows us to effectively
manage our raw materials costs and assures us of a constant supply of such raw
materials at a consistent quality and consequently, has reduced our reliance on
third party suppliers for such raw materials. Past two years have shown highly
inconsistent raw material supplies with production sites in both
FIXED ASSETS:
- Building
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
- Other Equipments
- Software Licenses
- Product Licenses
- ETP Usage Rights
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.52 |
|
|
1 |
Rs. 101.48 |
|
Euro |
1 |
Rs. 84.11 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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.