MIRA
INFORM REPORT
|
Report Date : |
20.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
VALUE INDUSTRIES
LIMITED (w.e.f. 03.04.2008) |
|
|
|
|
Formerly Known
As : |
VIDEOCON APPLIANCE LIMITED |
|
|
|
|
Registered
Office : |
14 KM Stone, Taluka Paithan, Chittegaon, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
08.03.1988 |
|
|
|
|
Com. Reg. No.: |
11-046445 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 391.860 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1988PLC046445 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV09538E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV2299K |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of Manufacturing and Trading of consumer electronics goods including Washing Machines, Air Conditioners, Refrigerators, and other home appliances. |
|
|
|
|
No. of Employees
: |
425 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 15000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a flagship company of “Videocon Group”. It is an
established company having satisfactory track record. There appears losses incurred by the company from its operation during
the year 2012. However, the rating reflects company’s diversified product range, a
strong dealer networth and strong managerial and financial support that
company receives for its parent. (Videocon Industries Limited) Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The company can be considered for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
|
Rating |
Long term bank facilities: “BBB+”
(Suspended) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
16.11.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A2” (Suspended)
|
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
16.11.2012 |
Reason: the company has not furnished the information.
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 (91-2431-252501)
LOCATIONS
|
Registered Office : |
14 KM Stone, Taluka Paithan, Chittegaon, Aurangabad – 431
005, Maharashtra, India |
|
Tel. No.: |
91-2431-252501 / 251555 |
|
Fax No.: |
91-2431-251551 / 251571 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
15 KM Stone, Taluka Paithan, Chittegaon, |
DIRECTORS
As on: 31.12.2012
|
Name : |
Mr. Naveen B. Mandhana |
|
Designation : |
Director |
|
Address : |
907-908/A, Akruti Nova, Saiwadi, Opposite Teli Galli,
Andheri (East), Mumbai – 400069, |
|
Date of Birth/Age : |
18.11.1956 |
|
Date of Appointment : |
08.03.1988 |
|
|
|
|
Name : |
Mr. Subhash S. Dayama |
|
Designation : |
Director |
|
Address : |
Sukharta Society, |
|
Date of Birth/Age : |
05.05.1961 |
|
Date of Appointment : |
08.12.2005 |
|
|
|
|
Name : |
Mr. Avinash Malpani |
|
Designation : |
Director |
|
Address : |
50B, 2nd Floor, |
|
Date of Birth/Age : |
15.09.1950 |
|
Date of Appointment : |
30.09.1996 |
KEY EXECUTIVES
|
Name : |
Mrs. Sonal Bhandari |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2292605 |
5.85 |
|
|
16029801 |
40.91 |
|
|
18322406 |
46.76 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
18322406 |
46.76 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
14276 |
0.04 |
|
|
6123 |
0.02 |
|
|
944756 |
2.41 |
|
|
1025 |
0.00 |
|
|
966180 |
2.47 |
|
|
|
|
|
|
1468563 |
3.75 |
|
|
|
|
|
|
13823156 |
35.28 |
|
|
4389995 |
11.20 |
|
|
215375 |
0.55 |
|
|
212771 |
0.54 |
|
|
2604 |
0.01 |
|
|
19897089 |
50.78 |
|
Total Public
shareholding (B) |
20863269 |
53.24 |
|
Total (A)+(B) |
39185675 |
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) |
39185675 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
|||
|
1 |
R N Dhoot |
9,03,742 |
2.31 |
2.31 |
|
2 |
V N Dhoot |
2,365 |
0.01 |
0.01 |
|
3 |
P N Dhoot |
2,428 |
0.01 |
0.01 |
|
4 |
Kesharbai Dhoot |
1,11,276 |
0.28 |
0.28 |
|
5 |
Anirudha Dhoot |
5,57,600 |
1.42 |
1.42 |
|
6 |
N R Dhoot |
130 |
0.00 |
0.00 |
|
7 |
T P Dhoot |
130 |
0.00 |
0.00 |
|
8 |
Ramabai Dhoot |
2,57,750 |
0.66 |
0.66 |
|
9 |
Sushmabai Dhoot |
1,66,797 |
0.43 |
0.43 |
|
10 |
Akshay R Dhoot |
1,86,917 |
0.48 |
0.48 |
|
11 |
Saurabh P Dhoot |
1,03,470 |
0.26 |
0.26 |
|
12 |
Videocon Industries Limited |
19,71,973 |
5.03 |
5.03 |
|
13 |
Domebell Electronics India Private Limited |
44,98,495 |
11.48 |
11.48 |
|
14 |
Greenfield Appliances Private Limited |
11,27,672 |
2.88 |
2.88 |
|
15 |
Force Appliances Private Limited |
12,00,000 |
3.06 |
3.06 |
|
16 |
Waluj Components Private Limited |
26,06,478 |
6.65 |
6.65 |
|
17 |
Videocon Realty and Infrastructure Limited |
300 |
0.00 |
0.00 |
|
18 |
Solitaire Appliances Private Limited |
10,27,672 |
2.62 |
2.62 |
|
19 |
Synergy Appliances Private Limited |
10,27,672 |
2.62 |
2.62 |
|
20 |
Platinum Appliances Private Limited |
10,27,672 |
2.62 |
2.62 |
|
21 |
C E India Limited (Formerly Videocon India Limited) |
15,41,867 |
3.93 |
3.93 |
|
|
Total |
1,83,22,406 |
46.76 |
46.76 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
l. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
1 |
Life Insurance Corporation of India |
852774 |
2.18 |
2.18 |
|
|
Total |
852774 |
2.18 |
2.18 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Manufacturing and Trading of consumer electronics goods including Washing Machines, Air Conditioners, Refrigerators, and other home appliances. |
GENERAL INFORMATION
|
No. of Employees : |
425 (Approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
· Allahabad Bank · Axis Bank Limited · Bank of Baroda · Bank of India · Indian Bank · IDBI Bank Limited · Punjab National Bank · State Bank of Bikaner & Jaipur · State Bank of India · The Federal Bank Limited · UCO Bank |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1: |
|
|
Name : |
Kadam and Company Chartered Accountants |
|
Address : |
Vedant 8/9, Viraj Estate, Opposite Tarakpur Bus Stand,
Ahmednagar – 414003, |
|
|
|
|
Auditors 2: |
|
|
Name : |
Khandelwal Jain and Company Chartered Accountants |
|
Address : |
12-B, Baldota Bhavan, 117, Maharshi Karve Road, Opposite Churchgate Railway Station, Mumbai – 400 020, Maharashtra, India |
CAPITAL STRUCTURE
As on: 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
55000000 |
Equity Shares |
Rs.10/- each |
Rs.550.000 millions |
|
7500000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.750.000 millions |
|
|
Total |
|
Rs.1300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
39185675 |
Equity Shares |
Rs.10/- each |
Rs.391.860 millions |
|
|
|
|
|
Reconciliation of the
Number of Shares
|
Equity Shares |
As at 31.12.2012 |
|
|
No. of Shares |
Rs. In Millions |
|
|
Outstanding at the beginning of the year |
39185675 |
391.860 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
39185675 |
391.860 |
|
8% Cumulative
Redeemable Preference Shares of Rs. 20/- each |
|
|
|
Outstanding at the beginning of the year |
-- |
-- |
|
Issued during the year |
-- |
-- |
|
Redeemed during the year |
-- |
-- |
|
Outstanding at the end of the year |
-- |
-- |
Rights, preference
and restrictions
The Company has only one class of Equity Shares having par value of ` 10/- per Share. Each holder of Equity Shares is entitled to equal right of voting and dividend.
In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in propor tion to the number of Equity Shares held by the shareholders.
Details of
Shareholders holding more than 5% Shares:
|
Name of
Shareholders |
As at 31.12.2012 |
|
|
No. of Shares |
% of holding |
|
|
Dome-Bell Electronics India Private Limited |
4498498 |
11.48 |
|
Waluj Components Private Limited |
2606478 |
6.65 |
|
Videocon Industries Limited |
1971973 |
5.03 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
391.860 |
391.860 |
|
(b) Reserves & Surplus |
|
3557.740 |
4201.620 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
3949.600 |
4593.480 |
|
|
|
|
|
|
Grant form Ozone Projects Trust Fund |
|
10.300 |
12.820 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
5549.270 |
4462.620 |
|
(b) Deferred tax liabilities (Net) |
|
753.680 |
960.890 |
|
(c) Other long term
liabilities |
|
24.310 |
1.930 |
|
(d) long-term
provisions |
|
14.020 |
14.290 |
|
Total Non-current
Liabilities (3) |
|
6341.280 |
5439.730 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
4588.540 |
5506.520 |
|
(b)
Trade payables |
|
1603.050 |
2031.920 |
|
(c)
Other current liabilities |
|
764.230 |
1141.760 |
|
(d) Short-term
provisions |
|
61.950 |
46.120 |
|
Total Current
Liabilities (4) |
|
7017.770 |
8726.320 |
|
|
|
|
|
|
TOTAL |
|
17318.950 |
18772.350 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
7756.690 |
8196.610 |
|
(ii)
Intangible Assets |
|
15.650 |
0.000 |
|
(iii)
Capital work-in-progress |
|
205.820 |
576.740 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
465.560 |
947.700 |
|
(c) Deferred tax
assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
73.450 |
67.710 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
8517.170 |
9788.760 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
5665.750 |
5412.950 |
|
(c)
Trade receivables |
|
2560.960 |
2582.170 |
|
(d) Cash
and cash equivalents |
|
119.560 |
119.720 |
|
(e)
Short-term loans and advances |
|
449.490 |
865.130 |
|
(f) Other
current assets |
|
6.020 |
3.620 |
|
Total
Current Assets |
|
8801.780 |
8983.590 |
|
|
|
|
|
|
TOTAL |
|
17318.950 |
18772.350 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
398.010 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
4160.570 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
4558.580 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
5493.120 |
|
|
2] Unsecured Loans |
|
|
2749.850 |
|
|
TOTAL BORROWING |
|
|
8242.970 |
|
|
DEFERRED TAX LIABILITIES |
|
|
955.780 |
|
|
Grant form Ozone Projects Trust Fund |
|
|
15.970 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
13773.300 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
8067.150 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
529.960 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
3788.350 |
|
|
Sundry Debtors |
|
|
2659.730 |
|
|
Cash & Bank Balances |
|
|
142.120 |
|
|
Other Current Assets |
|
|
5.660 |
|
|
Loans & Advances |
|
|
1163.750 |
|
Total
Current Assets |
|
|
7759.610 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2248.890 |
|
|
Other Current Liabilities |
|
|
234.570 |
|
|
Provisions |
|
|
99.960 |
|
Total
Current Liabilities |
|
|
2583.420 |
|
|
Net Current Assets |
|
|
5176.190 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
13773.300 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11844.080 |
13386.870 |
17136.270 |
|
|
|
Other Income |
52.520 |
112.420 |
97.090 |
|
|
|
TOTAL (A) |
11896.600 |
13499.290 |
17233.360 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Consumed |
5100.900 |
6312.800 |
14400.810 |
|
|
|
Purchase of Stock-in-Trade |
5080.910 |
5022.280 |
273.350 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Process and Stock-in-Trade |
(188.630) |
(205.060) |
494.370 |
|
|
|
Employee Benefits Expense |
259.640 |
243.200 |
(8.750) |
|
|
|
Other Expenses |
632.210 |
547.690 |
|
|
|
|
TOTAL (B) |
10885.030 |
11920.910 |
15159.780 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1011.570 |
1578.380 |
2073.580 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
960.460 |
696.870 |
792.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
51.110 |
881.510 |
1281.380 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
890.980 |
829.180 |
1050.990 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(839.870) |
52.330 |
230.390 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(195.990) |
17.150 |
69.850 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(643.880) |
35.180 |
160.540 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
887.220 |
849.120 |
763.920 |
|
|
|
|
|
|
|
|
|
Less/ Add |
Excess/(Short) Provision of Income Tax for earlier years |
0.000 |
6.010 |
(16.140) |
|
|
|
|
|
|
|
|
|
Add |
Transferred from Debenture Redemption Reserve |
5.350 |
8.200 |
13.650 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend - Equity Shares |
0.000 |
0.000 |
39.190 |
|
|
|
Proposed Dividend - Preference Shares |
0.000 |
0.120 |
0.860 |
|
|
|
Tax on Proposed Dividend |
0.000 |
0.020 |
6.650 |
|
|
|
Transfer to Capital Redemption Reserve |
0.000 |
6.150 |
6.150 |
|
|
|
Transfer to General Reserve |
0.000 |
5.000 |
20.000 |
|
|
BALANCE CARRIED
TO THE B/S |
248.690 |
887.220 |
849.120 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
692.260 |
923.630 |
1160.980 |
|
|
|
Capital Goods |
49.410 |
4.600 |
6.440 |
|
|
TOTAL IMPORTS |
741.670 |
928.230 |
1167.420 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(16.43) |
1.05 |
3.66 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
(5.41) |
0.27 |
0.93 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(7.09) |
0.40 |
1.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.05) |
0.30 |
1.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.21) |
0.01 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.57 |
2.18 |
1.81 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26 |
1.02 |
3.00 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.12.2012 |
As on 31.12.2011 |
|
Long term
borrowings |
|
|
|
From Bank |
260.000 |
0.000 |
|
Form Others |
5011.630 |
2250.000 |
|
|
|
|
|
Short term
borrowings |
|
|
|
From banks |
0.000 |
1892.310 |
|
|
|
|
|
Total |
5271.630 |
4142.310 |
|
Note:
Unsecured Rupee Loans from Bank are guaranteed by personal guarantee of Mr. Venugopal N. Dhoot and corporate guarantee of Videocon Industries Limited. |
||
FINANCIAL RESULTS AND
OPERATIONS
In view of numerous opportunities available for enlargement of area of operation of the Company, the Main Objects Clause of the Memorandum of Association was altered during the year, by inserting the words mobile tablets, mobile phones etc.
The financial year ended on 31st December, 2012, was marked by the challenges in both the internal and external environment. The challenges of high fiscal deficit, increasing inflation rate and rising of interest rates have impacted the domestic market; and the Company and its manufacturing activities were also affected by the same. The net sales of the Company have declined from Rs. 13,386.870 Million for the financial year ended 31st December, 2011 to Rs. 11,844.080 Million for the financial year ended 31st December, 2012. The Company has incurred a loss of Rs. 643.880 Million for the financial year ended 31st December, 2012 as compared to the profit of Rs. 41.190 Million for the financial year ended 31st December, 2011.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT
The side-effects of recession, increase in inflation, economic slow-down, announcement of Union Budget 2012-13, increased earning capacity of the consumers, altogether have had a mixed effect on the overall industry.
Indian market’s impetus continues to grow amid of all the challenges and crisis and nothing has stopped this surge. The market continues to evolve at a rapid pace and demands more comfort and eco-friendly products. Globalization is the key and the Indian consumers are fast catching up on par with their global counterparts and thus are demanding more easy to operate, energy efficient and star-rated products.
The new and upcoming brands in the market have increased the competition in the consumer electronics sector and the offers and discounts provided by companies to stay in market is increasing day by day which is ultimately affecting the consumer preferences. The consumers have now become value conscious instead of brand conscious. The offers, deals and discounts are the most important criteria for buying consumer electronics.
To face the growing competition and price challenges, the Company is focused on e-advertising activity. “Digitization” is the new mantra to success for the business today. It marks a shift to an industrial revolution that is based on information economy. Even Henry Ford, the Management Guru, had once remarked that; “if asked to the customers, what they want, they would say a faster horse”. The generation today understands the language of ecommunication; they are more dynamic and impatient. In today’s world information delayed is information decayed and thus, reaching the information to consumer-end at the earliest has become the most important aspect. The Company is concentrating on e-advertisement apart from the traditional advertising.
SEGMENT PERFORMANCE
The Company has only one segment viz. ‘Consumer Electronics and Components/parts thereof’ as per the Accounting Standard on Segment Reporting (AS-17) issued by the Institute of Chartered Accountants of India.
PRODUCT WISE
PERFORMANCE
The Company is primarily engaged in the business of manufacturing and trading of the following products:
WASHING MACHINES:
The washing machine has become an integral house-hold appliance for rapidly growing middle class and increasing younger population due to increased purchasing power and easy and attractive finance options. Also, the increase in tech savvy and young working populace has generated a drive for aesthetically better looking products which are eco-friendly and hi-tech. The focus has shifted from price consideration to design, user friendly functions and trends. Augmentation in the nuclear families and working couples have given rise for the smaller capacities and high-end fully automatic washing machine models.
The demand for front loading fully automatic models is catching up owing to convenience, better wash performance and quality. The Company is focused on manufacturing of energy conserving and noise reducing models with special attention towards the washing quality of different fabrics. The recently introduced models of washing machines contain the following features:-
· Semi-Automatic Machine with Eco Wonder Wash Technology
· Semi-Automatic Machine with Multiple Wash program selection
· Special spinning function for different kind of clothes
· Detergent drawer for Semi-Automatic Machine
· Multi Cascade water flow technology
· Magic filter
· UV technology
· Hand Wash
· 5 step Wash
· Multiple Wash Speed selection
· Xpress dry
· Aqua Save
· Tilted Drum
· Direct Drive Technology
· Aero Wash Technology
· Tornado Air Dry
· LED Lights
· Super Spin Timer
· Easy Drainer
· Central Fall Spin Shower Rinsing
· Rust and Germ Free Body
“Green” has become the buzzword and the Company is working on strategy to make its entire product portfolio energy efficient, rolling out a product recycling initiative and reduce the hazardous materials in the manufacturing process.
REFRIGERATORS:
Refrigerators have come a long way from simple ice-boxes of days gone by. A modern day refrigerator has a wide range of utility features that stride towards improving the kitchen life. Since long, refrigerators were predominately manufactured in a simple rectangular shape and were available in white color. Over time, there have been several innovative changes in style, color and shape of the refrigerators. Advancement in technology has stimulated customers asking for more and the refrigerator no longer remains a boring utility appliance standing in the corner of the modern home.
The Company is focused on manufacturing of 5 star rated high energy efficient refrigerators as the customers are now well abreast of the significance of the same, user-benefit and environment-friendly refrigerators and has come up with Tri Fresh Technology models which helps in efficient cooling, long lasting freshness of food items and power saving. The latest models of the refrigerator contain following flattering features:
· Automatic Ice and Water Dispenser
· Home Bar
· Magic Cool Zone
· No Frost Twin Fan Cooling Air Flow Technology
· Electronically controlled refrigerator
· Improved Energy Efficiency
· VCM door Finish
· Chiller Trays which avoids water dripping in DC Refrigerator.
· Safety Glass Shelves
· Tilting door pockets
· Introduction of Flush Look Doors
· Up to bottom foaming for Strong Refrigerator cabinet
· BLDC Fan motors introduced for low energy consumption
· Stylish Bar Handles
· Deodorizers
· Digital Clock
· FM Radio
· Humidity Controlled Crisper
· Wings Flow Turbo
· Blue ION Technology
· Infra-Red Sterilization
· Digital Multi Sensor
· Digital Display
With the Tri Fresh Technology in the latest models, the Company is working on more attractive aesthetics like floral, geometric and abstract designs and interiors loaded with innovative and utility features to improve the look and feel of the models and their surroundings.
AIR CONDITIONERS:
The perception of the Indian consumer towards the air conditioner has seen a paradigm shift over the years from a high-priced luxury to a value-based necessity in the hot and humid weather conditions of India. Also, with increase in per capita income and expanding of the economy, products which enhances lifestyle and comfort living have gained utmost prominence. Initially, the demand for air-conditioners was restricted to institutional segment or to affluent homes in top metropolitan cities of India but now due to the increased purchasing capacity of the Indian population the demand for air-conditioners has witnessed a steady increase.
The product has not just remained an item of comfort but also became a fashion statement and occupies coveted space at home and business place.
With the boosted demand of air conditioners in the middle class group, the Company has manufactured more affordable products to reach its new horizons. There is a greater awareness on Eco-friendly requirements like low power consumption, healthier air, low noise, ozone friendly technology coupled with trendy looks. The promotion of star rated product program has increased the awareness level of the consumers and has gained forefront prominence while making a buying decision. The Company has focused on manufacturing of air conditioners with auto clean and anti-bacterial filters for more fresh and active feeling.
Following are the eye-catching features of some of the latest models:
· Inverter Drive Technology
· Vitamin C Filters
· IMD Panels
· Heating and cooling Technology
· Anti-bacterial filter on-off system
· Ionizer
· Gold Blue and Green fin evaporator
· Adjustable louvers
· PFC coils in outdoor Unit
· 100% Copper Pipes
· Choice for 5 star, 4 star and 3 Star models
· Network Control Technology
· Vita Air Technology
· Noiseless and Replacement Technology for refrigeration material
· Air Supply Technology
· Wellness Technology
Cool Homes and Good Health- the Company firmly believes in this tagline and abides by the same. The Company is manufacturing air-conditioners with healthy features that takes care of user’s health apart from just cooling.
STRATEGY AND OUTLOOK
Technology is now everywhere and this has an impact on the society as well as business. The present and the future market trends and conditions are exciting. Consumers are keeping themselves up-to-date with the global standards and models and are demanding more variety and more choices. The Company with its energetic Research and Development team is continuously striving to develop new technologies and widen the range of the products offered to its customers.
The consumer durables industry is witnessing a technology change and consumer demand is shifting from conventional models to latest technology models. There is a huge growth potential for the consumer goods industry in India. The Company shall focus on introducing new products with latest technology in the market to target new customer segments.
The visionary strategy of the Company for the coming years is to manufacture and create more value added systems with a perfect mix of new age technology, upcoming green initiatives and innovative mechanisms. The Company has adopted a bi-polar strategy; wherein premium image will be build through aesthetically and technologically superior products and volumes driven through a frugally innovative range to cater to the mass market.
The Company is looking at enhancing product awareness in the consumer mindset through initiatives like road shows, mobile vans, hoarding and pamphlets. Also consumer engagement through online media and social network are part of Company’s promotion strategy.
The Company is focusing more on high end products particularly in Frost Free Refrigerator, for which new moulds have been finalized and in the coming year(s) various new models duly benchmarked with competitive models shall be launched to give competitive advantage and to strengthen further market share in Frost Free category.
The Company seeks to strengthen its position in the business of “Electronics and Home Appliances” at national as well as international level by venturing into new areas of business through diversification policies and by increasing the scale of operations. The Company is also looking forward to improve the quality of Human Capital and develop deep understanding of the industrial trends and fluctuations. The Company also has investment plans in infrastructure so as to increase the range and variety of products.
CONTINGENT
LIABILITIES
|
Particular |
31.12.2012 |
|
Letters of Credit opened |
1033.990 |
|
Letters of Guarantees |
1334.670 |
|
Claims against the Company not acknowledged as debts |
19.170 |
|
Custom Duty demands and penalties under dispute [Amount paid under protest Rs. 2.590 Million (Previous year Rs. 2.590 Million)] |
5.590 |
|
Excise Duty demands and penalties under dispute [Amount paid under protest Rs. 1.000 Million (Previous year Rs. 1.000 Million)] |
36.610 |
|
Service Tax demands and penalties under dispute |
89.370 |
|
Sales Tax demands and penalties under dispute [Amount paid under protest Rs. 29.290 Million (Previous year Rs. 27.930 Million)] |
5.220 |
STATEMENT OF UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2013
(Rs. In Millions)
|
Sr. No |
Particulars |
30.06.2013 (Unaudited) |
30.03.2013 (Unaudited) |
30.06.2013 (Unaudited) |
|
|
|
|
|
|
|
1 |
Income from
Operations |
|
|
|
|
|
a) Net Sales / Income from Operations (Net of Excise Duty) |
3676.300 |
3003.300 |
6679.600 |
|
|
b) Other Operating Income |
3.800 |
26.000 |
29.800 |
|
|
Total Income from
operations (net) |
3680.100 |
3029.300 |
6709.400 |
|
2 |
Expenses |
|
|
|
|
|
a) Cost of Materials Consumed |
1350.500 |
1388.700 |
2739.200 |
|
|
b) Purchase of stock-in-trade |
1721.100 |
1262.900 |
2984.000 |
|
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(42.600) |
(76.300) |
(118.900) |
|
|
d) Employee benefit expense |
81.600 |
64.600 |
146.200 |
|
|
e) Depreciation and amortisation expense |
214.400 |
230.800 |
445.200 |
|
|
f) Other expense |
317.300 |
179.000 |
496.300 |
|
|
Total Expenses |
3642.300 |
3049.700 |
6692.000 |
|
3 |
Profit/ (Loss) from Operations before other Income, Finance cost and exceptional items (1-2) |
37.800 |
(20.400) |
17.400 |
|
4 |
Other Income |
1.700 |
4.400 |
6.100 |
|
5 |
Profit/(Loss) from ordinary activities before finance cost and exceptional items (3+4) |
39.500 |
(16.000) |
23.500 |
|
6 |
Finance Cost |
261.600 |
230.400 |
492.000 |
|
7 |
Profit/(Loss) from ordinary activities after finance cost but before exceptional items (5-6) |
(222.100) |
(246.400) |
(468.500) |
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
9 |
Profit / (Loss)
from Ordinary activities before tax (7-8) |
(222.100) |
(246.400) |
(468.500) |
|
10 |
Tax Expenses |
(36.900) |
(24.600) |
(61.500) |
|
11 |
Net Profit/(Loss)
from ordinary activities after tax (9-10) |
(185.200) |
(221.800) |
(407.000) |
|
12 |
Extraordinary items (net of tax expense) |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss) for the period (11-12) |
(185.200) |
(221.800) |
(407.000) |
|
14 |
Paid-up Equity Share Capital ( Face value Rs. 10/- each) |
391.900 |
(391.900 |
391.900 |
|
15 |
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
-- |
-- |
-- |
|
16 |
Earnings per share (EPS)
in Rs. |
|
|
|
|
|
a. Basic and Diluted EPS before Extraordinary Items for the period (Not annualised) |
(4.73) (4.73) |
(5.66) (5.66) |
(10.39) (10.39) |
|
|
b. Basic and Diluted EPS after Extraordinary Items for the period (Not annualised) |
(4.73) (4.73) |
(5.66) (5.66) |
(10.39) (10.39) |
|
|
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
- Number of shares |
20863269 |
20863269 |
20863269 |
|
|
-Percentage of Shareholding |
53.24% |
53.24% |
53.24% |
|
2 |
Promoter and
Promoter group Shareholding |
|
|
|
|
|
a) Pledged/
Encumbered |
|
|
|
|
|
-Number of shares |
-- |
-- |
-- |
|
|
-Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
0.00% |
0.00% |
0.00% |
|
|
-Percentage of shares (as a % of the total share capital of the company) |
0.00% |
0.00% |
0.00% |
|
|
b) Non-encumbered |
|
|
|
|
|
-Number of shares |
18322406 |
18322406 |
18322406 |
|
|
-Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
-Percentage of shares (as a % of the total share capital of the company) |
46.76% |
46.76% |
46.76% |
|
|
Particulars |
|
|
|
|
B |
INVESTOR COMPLAINTS |
Quarter ended 30.06.2013 |
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
70 |
|
|
Disposed of during the quarter |
70 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Notes:
The Statutory Auditors have carried out limited review of the above results and the same have been reviewed by the Audit Committee and taken on record by the Board of Directors at its meeting held on 14th August, 2013.
Tax expense includes provision for current tax, deferred tax and net of MAT credit entitlement.
The Company has only one segment viz. "Consumer electronics and components/parts thereof" as per Accounting Standard on Segment Reporting (AS) -17 of ICAI.
The figures of the previous periods have been regrouped/reclassified wherever necessary to make them comparable.
Statement of assets and liabilities are given in the Annexure.
STATEMENT
OF ASSETS AND LIABILITIES
(Rs.
In Millions)
|
SOURCES
OF FUNDS |
30.06.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
391.900 |
|
(b) Reserves & Surplus |
3150.700 |
|
Total Shareholders’ Funds |
3542.600 |
|
|
|
|
Grant from ozone projects turst fund |
9.300 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
4064.900 |
|
(b) Deferred tax liabilities (Net) |
692.200 |
|
(c)Other long-term liabilities |
7.500 |
|
(d) long-term provisions |
12.700 |
|
Total Non-current Liabilities (3) |
4777.300 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
6441.700 |
|
(b) Trade payables |
1655.400 |
|
(c) Other current liabilities |
1296.000 |
|
(d) Short-term provisions |
65.000 |
|
Total Current Liabilities (4) |
9458.100 |
|
|
|
|
TOTAL |
17787.300 |
|
|
|
|
II. ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
7726.600 |
|
(b) Non-current Investments |
386.100 |
|
(c) Long-term Loan and Advances |
57.200 |
|
(d) Other non-current assets |
0.000 |
|
Total Non-Current Assets |
8169.900 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
6338.700 |
|
(c) Trade receivables |
2579.700 |
|
(d) Cash and cash equivalents |
242.800 |
|
(e) Short-term loans and advances |
450.100 |
|
(f) Other current assets |
6.100 |
|
Total Current Assets |
9617.400 |
|
|
|
|
TOTAL |
17787.300 |
Fixed Assets:
· Freehold Land
· Building
· Plant and Machinery
· Electrical Installations
· Computer
· Furniture and Fixtures
· Office Equipments
· Vehicles
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. 61.35 |
|
|
1 |
Rs. 100.21 |
|
Euro |
1 |
Rs. 83.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.