.
MIRA INFORM REPORT
|
Report Date : |
29.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
ORIENT PRESS LIMITED (w.e.f.05.02.1991) |
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Formerly Known As : |
ORIENT PRESS PRIVATE LIMITED |
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Registered Office : |
L-31, MIDC, Tarapur Industrial Area, Boisar, Tarapur, Thane – 4015 06,
Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
02.01.1987 |
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Com. Reg. No.: |
11-042083 |
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Capital
Investment / Paid-up Capital : |
Rs.80.750 Millions |
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CIN No.: [Company
Identification No.] |
L22219MH1987PLC042083 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are listed on
Stock Exchange. |
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Line of Business : |
Printing
and Distributing of Public Stationary and Packing Food Products |
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No. of Employees
: |
Information Declined by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
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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 2400000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having satisfactory track
record. The management has seen a drastic dip in its net profitability during
2013, whereas the company possesses an average financial profile marked by
acceptable networth position. The ratings also take into consideration the modest scale of
operations and sensitivity towards adverse competitive nature of packaging
and printing industry. However, trade relations are fair. Business is active. Payment terms
are reported as usually correct. In view of experienced promoters and management, 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.
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 |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
14.11.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities=A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
14.11.2013 |
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 DENIED
Management Non Co-Operative (91-22-23061251)
LOCATIONS
|
Registered Office / Factory 1: |
L-31 and 32, MIDC, Tarapur Industrial Area, Boisar, Tarapur, Thane –
401 506, Maharashtra, India |
|
Tel. No.: |
91-2525-272976 |
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Fax No.: |
91-2525-273393 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office / Share Department : |
20, Pragati Industrial Estate, N.M Joshi Marg, Lower Parel, Mumbai –
400 011, Maharashtra, India |
|
Tel. No.: |
91-22-23061251/ 52/53/ 40285828 |
|
Fax No.: |
91-22-23090265/ 40285870 |
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E-Mail : |
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Factory 2 : |
Flexible and
Packaging G-73, M.I.D.C, Tarapur Industrial Area, Boisar, Thane – 401 506,
Maharashtra, India |
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|
Factory 3 : |
Multicolour Paper
Board Cartons, Printing and Flexible Packaging Survey No. 297/1/2, Village Sayali, Silvassa – 396 240, U.T of Dadra
and Nagar Haveli |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Ramvilas Maheshwari |
|
Designation : |
Chairman and Managing Director |
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Name : |
Mr. Rajaram Maheshwari |
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Designation : |
Executive Director |
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Name : |
Mr. Sanjay Maheshwari |
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Designation : |
Whole Time Director |
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Name : |
Mr. Prakash Maheshwari |
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Designation : |
Whole Time Director |
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Name : |
Mr. R Kannan |
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Designation : |
Director |
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Name : |
Mr. Vilas Dighe |
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Designation : |
Director |
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Name : |
Mr. Ghanshyamdas Mundra |
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Designation : |
Director |
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Name : |
Mr. G. Ravishankar |
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Designation : |
Director |
SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
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|
Individuals / Hindu Undivided Family |
1641500 |
20.33 |
|
|
4414750 |
54.67 |
|
|
6056250 |
75.00 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
6056250 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2250 |
0.03 |
|
|
1550 |
0.02 |
|
|
3800 |
0.05 |
|
|
|
|
|
|
419919 |
5.20 |
|
|
|
|
|
|
483175 |
5.98 |
|
|
1034385 |
12.81 |
|
|
77471 |
0.96 |
|
|
27046 |
0.33 |
|
|
27791 |
0.34 |
|
|
22634 |
0.28 |
|
|
2014950 |
24.95 |
|
Total Public shareholding (B) |
2018750 |
25.00 |
|
Total (A)+(B) |
8075000 |
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) |
8075000 |
0.00 |
(1) Indian
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Rajaram Maheshwari |
2,52,172 |
3.12 |
|
Anita Sanjay Maheshwari |
32,150 |
0.40 |
|
Kaushaladevi Maheshwari |
30,100 |
0.37 |
|
Maheshwari Prakash Ramvilas |
74,850 |
0.93 |
|
Navin Ramvilas Maheshwari |
1,39,800 |
1.73 |
|
Rahul Maheshwari |
1,44,750 |
1.79 |
|
Ramvilas Maheshwari |
4,54,150 |
5.62 |
|
Ramvilas Maheshwari HUF |
85,250 |
1.06 |
|
Rajaram Maheshwari HUF |
84,750 |
1.05 |
|
Sanjay Maheshwari |
1,49,900 |
1.86 |
|
Sejal Maheshwari |
30,000 |
0.37 |
|
Shantidevi Maheshwari |
29,550 |
0.37 |
|
Sunita Maheshwari |
32,500 |
0.40 |
|
Vandana Maheshwari |
32,250 |
0.40 |
|
Vikas Maheshwari |
44,328 |
0.55 |
|
Parul Maheshwari |
25,000 |
0.31 |
|
Fortune Couriers Limited |
34,02,800 |
42.14 |
|
Orient Fincorp Limited |
6,41,250 |
7.94 |
|
Salasar Investment & Leasing |
3,70,700 |
4.59 |
|
Total |
60,56,250 |
75.00 |
(*) The term encumbrance has the same meaning as assigned to
it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
Abhay Gandhi |
114467 |
1.42 |
|
Narayan P Mundhra |
85295 |
1.06 |
|
Naveen Mandhana |
145509 |
1.80 |
|
Chhattisgarh Invest |
245604 |
3.04 |
|
Trask Infrastructure |
117795 |
1.46 |
|
Total |
708670 |
8.78 |
BUSINESS DETAILS
|
Line of Business : |
Printing
and Distributing of public stationary and packing food products |
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Products : |
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PRODUCTION STATUS (As on 31.03.2011)
PACKAGING ACTIVITIES
a)
Flexible Packaging Material
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Flexible Packaging Material |
M.T. |
4465 * |
3930.952 ** |
|
Rotogravure Printing Cylinder |
Nos. |
3000 |
270 |
Notes:
* The Company also
have installed capacity of 1800 M.T. (P.Y. 1800 M.T.) of flexible packaging
material at one of its units comprising of hotmelt coating, slitting and
finishing process and in the view of technical director, the same falls within
the capacity described under the heading “Other Packing Containers” in
acknowledgement issued by the Secretariat for Industrial Approvals.
** Includes 18.726 M.T. (P.Y. 2.574 M.T.) produced on job basis for
other parties.
b)
Paper Board Carton
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Paper Board Carton |
Pcs in lacs |
2400 |
1295.328 * |
Notes:
* Includes NIL Pcs (P.Y. 64.238 lacs Pcs) of other than carton
manufactured for Printing Business.
c)
Corrugated Carton/Sheets
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Corrugated Carton / Sheets |
Pcs in lacs |
Not Applicable |
6.982 |
|
Corrugated Sheets |
M.T. |
Not Applicable |
10.550 |
Notes:
Installed capacities are as certified by the technical
director and being a technical matter accepted by the Auditors as correct
without verification.
GENERAL INFORMATION
|
No. of Employees
: |
Information Declined by the Management |
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Bankers : |
·
ICICI Bank Limited, Boisar West ·
State Bank of |
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Facilities : |
NOTES: Long Term
Borrowings: 1.
Term Loan from banks comprises of : a)
52.283 Millions ( P.Y. Rs. NIL ) from Axis Bank
Limited for acquisition of Plant and Machinery and same is secured by (i) Exclusive first hypothecation charge on entire movable fixed assets
of the company, present and future including machineries acquired out of this
Term Loan and is collaterally secured by charge on immovable fixed assets of
company’s Silvassa Unit. It is repayable in 10 equal quarterly installments
of Rs.6.000 Millions each commencing after moratorium period of 6 Months
i.e., beginning from March, 2013 and ending on June 2015 and carrying
interest @ bank’s base rate plus 3% p.a. (Presently 13% P.a. ). b)
Rs.11.107 Millions ( P.Y. Rs. NIL ) from
Allahabad bank for acquisition of Plant and Machinery and same is secured by
exclusive charge on Assets funded from this Term Loan and collaterally
secured by second pari passu charge on all the assets of the Company (Fixed
Assets and Current Assets). It is repayable in 10 equal quarterly
installments of Rs.1.500 Millions each commencing after moratorium period of
6 Months i.e., beginning from June 2013 and ending on September 2015 and
bearing interest @ bank’s base rate plus 3.50% p.a. (presently 14% p.a. ). c)
Rs.5.550 Millions ( P.Y. Rs.3.865 Millions) from
H.D.F.C. Bank are for Vehicles and same are secured by hypothecation of Motor
Vehicles and are repayable over a period of three Years. 2.
The term loans aggregating to rs.63.390 Millions
(P.Y. Rs. NIL) obtained from Axis bank Limited and Allahabad bank are
personally guaranteed by the Managing Director and Executive Director. 3.
Term Loans from others are for Vehicles and same
are secured by hypothecation of Motor Vehicles and are repayable over a
period of three Years. 4.
Interest free Sales Tax deferral is availed from
the Government of Maharashtra in accordance with the 1988 Package Scheme of
Incentives / The 1993 Package Scheme of Incentives. The said deferral is
repayable in 15 annual installments of unequal amonts ranging from Rs.167063/-
to Rs. 21899823/- starting from 30th June 2010 and ending on 1st April 2024
as rescheduled by the Sales Tax Authorities in term of sanctioned Scheme of
BIFR. 5.
Deposits from public carry interest @12% p.a. and
are repayable after 2 years from the respective dates of deposit. Short Term
Borrowings: 1.
Cash Credit and Packing Credit facility from a
bank are secured by first exclusive charge on current assets of the company
both present and future and collaterally secured by a)
first charge on the land, building and machinery
of its Silvassa unit, b)
second charge on movable fixed assets of the
company other than Silvassa Unit and c)
Negative lien on immovable fixed assets of the
Company other than those of its Silvassa unit and also personally guaranteed by
Managing Director and Executive Director. |
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
B.L. Sarda and Associates Chartered Accountants |
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|
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|
Associates : |
Orient Share and Stock Brokers Limited |
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Enterprises
owned/controlled by Key Management Personnel or their relatives : |
·
Orient Fincorp Limited ·
Orient Printers ·
Fortune Couriers Limited ·
N.L. Packaging ·
N.L. Packaging Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13500000 |
Equity Shares |
Rs. 10/- each |
Rs. 135.000 Millions |
|
300000 |
Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 30.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.
165.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8075000 |
Equity Shares |
Rs. 10/- each |
Rs.80.750 millions |
|
|
|
|
|
a.
Reconciliation of the shares outstanding at the beginning
and at the end of the reporting period:
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
Shares outstanding at the beginning of the year |
8075000 |
80.750 |
|
Shares issued during the year |
-- |
-- |
|
Shares outstanding
at the end of the year |
8075000 |
80.750 |
b.
Terms/rights attached to equity shares
(i) The company
has only one class of issued and paid up Shares, i.e., Equity Shares having a par
value of Rs.10/- per share. Each holder of equity shares is entitiled to one
vote per-share. The company declares and pays dividends in Indian rupees. The
dividend proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting except in case of interim
dividend.
During the year
ended 31 March 2013, the amount of per share dividend recognized as
distributions to equity shareholders as interim and final dividend was Rs.2.00
(31st March 2012: Rs. NIL) and Rs.0.50 (31st March 2012: Rs.2.50) respectively.
In the event of
liquidation of the company, the holders of equity shares will be entitiled to
receive remaining assets of the company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
c.
Details of shareholders holding more than 5% shares
in the company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Fortune Couriers Limited |
3402800 |
42.14 |
|
Orient Fincorp Limited |
641250 |
7.94 |
|
Ramvilas Maheshwari |
554150 |
6.86 |
|
Rajaram Maheshwari |
414750 |
5.14 |
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 |
80.750 |
80.750 |
80.750 |
|
(b) Reserves & Surplus |
540.400 |
487.170 |
366.089 |
|
(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) |
621.150 |
567.920 |
446.839 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
181.861 |
125.507 |
160.807 |
|
(b) Deferred tax liabilities (Net) |
12.526 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.250 |
0.300 |
0.150 |
|
(d) long-term provisions |
13.540 |
10.362 |
9.051 |
|
Total Non-current Liabilities (3) |
208.177 |
136.169 |
170.008 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
225.735 |
131.005 |
181.281 |
|
(b) Trade payables |
220.667 |
179.513 |
179.146 |
|
(c) Other current
liabilities |
98.048 |
89.886 |
58.483 |
|
(d) Short-term provisions |
6.982 |
25.888 |
2.390 |
|
Total Current Liabilities (4) |
551.432 |
426.292 |
421.300 |
|
|
|
|
|
|
TOTAL |
1380.759 |
1130.481 |
1038.147 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
451.266 |
384.425 |
339.898 |
|
(ii) Intangible Assets |
0.915 |
0.974 |
0.596 |
|
(iii) Capital
work-in-progress |
61.935 |
0.915 |
15.212 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
8.560 |
8.572 |
8.583 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
43.231 |
39.394 |
44.645 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
565.907 |
434.280 |
408.934 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
321.444 |
223.446 |
216.733 |
|
(c) Trade receivables |
367.044 |
381.891 |
337.326 |
|
(d) Cash and cash
equivalents |
30.772 |
32.875 |
16.774 |
|
(e) Short-term loans and
advances |
57.819 |
44.042 |
42.616 |
|
(f) Other current assets |
37.773 |
13.947 |
15.764 |
|
Total Current Assets |
814.852 |
696.201 |
629.213 |
|
|
|
|
|
|
TOTAL |
1380.759 |
1130.481 |
1038.147 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1741.855 |
1618.970 |
1534.875 |
|
|
|
Other Income |
8.296 |
6.271 |
7.952 |
|
|
|
TOTAL (A) |
1750.151 |
1625.241 |
1542.827 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1109.689 |
1058.971 |
965.499 |
|
|
|
Purchase of Stock-in-trade |
26.911 |
2.334 |
5.991 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(26.899) |
(14.152) |
(1.349) |
|
|
|
Employee Benefits Expenses |
118.516 |
103.214 |
93.115 |
|
|
|
Other Expenses |
356.734 |
326.467 |
306.549 |
|
|
|
Exceptional Items |
0.000 |
(56.396) |
0.000 |
|
|
|
TOTAL (B) |
1584.951 |
1420.438 |
1369.805 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
165.200 |
204.803 |
173.022 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
32.480 |
21.939 |
21.702 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
132.720 |
182.864 |
151.320 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
43.471 |
38.263 |
39.863 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
89.249 |
144.601 |
111.457 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
12.526 |
0.057 |
0.011 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
76.723 |
144.544 |
111.446 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
472.715 |
366.088 |
254.642 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
7.675 |
14.455 |
Nil |
|
|
|
Interim Dividend and Proposed Dividend |
20.187 |
20.187 |
Nil |
|
|
|
Tax on Dividend |
3.306 |
3.275 |
Nil |
|
|
BALANCE CARRIED
TO THE B/S |
518.270 |
472.715 |
366.088 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
345.910 |
333.049 |
260.998 |
|
|
TOTAL EARNINGS |
345.910 |
333.049 |
260.998 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
30.449 |
32.516 |
12.968 |
|
|
|
Capital Goods |
41.781 |
38.910 |
12.265 |
|
|
|
Stores & Spares |
4.715 |
3.330 |
3.609 |
|
|
TOTAL IMPORTS |
76.945 |
74.756 |
28.842 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.50 |
17.90 |
13.80 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
|
Net sales |
428.900 |
440.100 |
|
Total Expenditure |
415.100 |
407.100 |
|
PBIDT (Excluding Other Income) |
13.800 |
33.000 |
|
Other income |
9.400 |
1.100 |
|
Operating Profit |
23.200 |
34.100 |
|
Interest |
10.600 |
11.500 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
12.600 |
22.600 |
|
Depreciation |
12.400 |
13.600 |
|
Profit Before Tax |
0.200 |
9.000 |
|
Tax |
0.800 |
4.300 |
|
Profit after tax |
(0.700) |
4.700 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
(0.700) |
4.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.38
|
8.89 |
7.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.12
|
8.93 |
7.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.81
|
12.90 |
10.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.25 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.66
|
0.45 |
0.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.48
|
1.63 |
1.49 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM DEBT:
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturity of Long Term Debt |
47.713 |
44.263 |
4.803 |
|
|
|
|
|
|
|
47.713 |
44.263 |
4.803 |
|
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 |
No |
|
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 |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if
available |
Yes |
LITIGATION DETAILS:
|
HIGH
COURT OF BOMBAY
|
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Deferred Payment
Liabilities |
|
|
|
Sales Tax Deferral |
108.823 |
116.824 |
|
Deposits |
|
|
|
Public Fixed Deposits |
35.835 |
6.425 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Loans repayable
on Demand |
|
|
|
From a Body Corporate |
1.500 |
1.500 |
|
Loan from
Related Parties |
10.519 |
16.472 |
|
Other Loans |
|
|
|
Buyers Credit arrangement repayable in foreign currency |
0.000 |
26.788 |
|
|
|
|
|
Total |
156.677 |
168.009 |
CONTINGENT
LIABILITY:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
31.03.2011 Rs. In Millions |
|
Tax Liabilities
and interest thereof demanded by the Income Tax Department towards fringe benefit
tax not accepted and disputed. |
Nil |
Nil |
0.043 |
|
Tax Liabilities
and interest thereof demanded by the Income Tax Department towards Tax
Deduction at Source not accepted and disputed. |
1.338 |
1.338 |
Nil |
|
Outstanding letter of credit |
33.708 |
34.550 |
24.678 |
|
Guarantees given by Company’s
Banker |
14.840 |
10.660 |
17.063 |
|
Bonds executed in favour of
excise authorities. |
2.307 |
1.058 |
0.855 |
|
In respect of Custom
Duty benefits availed on imports of capital goods under EPCG Scheme against
Export obligations. |
3.303 |
4.853 |
28.109 |
·
No provision for disputed income tax demands of `
105.01 Lacs (P.Y. Rs.10.501 Millions) has been made since the same are contested
at appropriate forum and the company do not expect any liability. Payment of
Rs.10.501 Millions (P.Y. Rs.10.501 Millions) against said disputed demands has
been shown under the head “Long-Term Loans and Advances”.
·
Capital commitments:
Estimated amounts
of contracts remaining to be executed on capital account and not provided for
(net of advances) Rs.2.568 Millions. (P.Y. Rs.3.938 Millions).
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10462200 |
11/10/2013
* |
410,000,000.00 |
AXIS
BANK LIMITED |
CORPORATE
BANKING BRANCH, AXIS HOUSE, GROUND FLOOR, BOMBAY DYEING MILLS COMPOUND, P.B. MARG,
WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA |
B90701061 |
|
2 |
10396710 |
27/12/2012 |
15,000,000.00 |
ALLAHABAD
BANK |
OFFICE
NO.4, MITTAL CHAMBERS, GROUND FLOOR, OPPOSITE CR2, NARIMAN POINT, MUMBAI -
400021, MAHARASHTRA, INDIA |
B65788184 |
|
3 |
10247719 |
12/12/2012
* |
337,500,000.00 |
AXIS
BANK LIMITED |
CORPORATE
BANKING BRANCH, AXIS HOUSE, GROUND FLOOR, BOMBAY DYEING MILLS COMPOUND, P.B.
MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA |
B67400432 |
* Date of charge modification
MANAGEMENT DISCUSSION AND ANALYSIS:
INTRODUCTION:
Subject is
involved in manufacturing activities comprising printing of capital market
stationery, commercial printing such as text books, annual reports etc.,
security printing like MICR cheques, dividend warrants, shares and debenture
certificates, railway tickets and coupons, computer stationery, telephone cards
(scratch cards), smart cards, recharge coupons and note books etc. The Company
is also engaged in packaging activities which include flexible packaging
material of multi-layer film laminates, paper board mono cartons, liner carton,
display cartons and outer corrugated boxes etc. The performance of the Printing
and Packaging segments during the year was satisfactory. The operating profit
improved to Rs.165.200 Millions in the year from Rs.148.400 Millions in
previous year and Profit Before tax and Profit on sale of Fixed Assets also
improved slightly to Rs. 89.249 Millions from Rs. 88.205 Millions. During the
year, company increased manufacturing capacity in both divisions of Packaging
substantially whose benefit should start coming in next financial year.
REVIEW OF OPERATIONS:
The Turnover of
subject was higher at Rs.1852.300 Millions for the year as against Rs.1693.500
Millions in the previous year, registering an increase of 9.38%.
SEGMENT WISE
PERFORMANCE: THE BUSINESS OF COMPANY FALLS UNDER TWO SEGMENTS VIZ.
(a)
Printing (b) Packaging
(a)
Printing Division:
The Turnover of
Printing Division has increased by 14.41% compared to the previous year.
Subject could improve sales of Printing Division inspite of total static IPO
Market as various new products were introduced like Note Books, Text Books etc.
Subject also improved sales in its own Note Book Division “PAPER WORKS”.
(b)
1)
Flexible Packaging:
The turnover of
Flexible Packaging Division of subject was almost equal compared to the
previous year as the Division was not operated to its full production capacity
due to severe competition and flat demand.
2)
Paper Board Carton Division:
The turnover of
the Paper Board Carton Division increased by 23% compared to previous year.
Subject is keenly
interested in inducting new technology aimed at upgrading its existing
facilities to remain as one of the leading players in the printing and packaging
industry. Subject’s main thrust now is in paper and paperboard related printing
and packaging business to safeguard its business interest against any
government legislation to curb plastic related packaging on the grounds of
environmental pollution. Subject is committed to promote eco-friendly packaging
for which it has installed automatic Board to Kraft fluting Lamination
Machines. All these machineries and equipment’s will help subject to enhance
its business opportunity in value added printing and packaging sector and in
export market.
3)
Future Prospects/Outlook:
The present
scenario of the printing industry is fragmented and is dominated by a few big
players. The printing and packaging industry has lately improved after
receiving initial shock of financial crisis in the year 2008-09. There is
strong belief that this business improvement will sustain in the future too.
The printing and packaging industry is a service provider and it is co-related
with the GDP growth of the country as well as the growth of country’s
educational sector. Since the GDP growth of the country is pegged at 5 to 6%,
it provides a lot of encouragement for growth of printing and packaging
industry. In the present business scenario and with robust GDP growth, subject
is expecting 10% to 15% growth in its business, at least, for next three years.
Besides, India’s printing and packaging industry has upgraded to international
standard in the last five years and thus provides a lot of export business
opportunities for the sector. India is gradually establishing itself as a
business sourcing hub for developed countries in printing and packaging
materials. Initially, it was China and now India is competing with that country
in this sector. Today, the printing and packaging industry export growth is
significant compared to last five years. Orient Press has also increased its
share of business in exports and will continue to do so in the future. We
expect at least 10% growth in exports. Orient Press is constantly upgrading its
technology to cater to this market and we expect that in three years our 25% to
30% earnings will be from the export sector which today stands at 19%. Subject
has also received the “Export House” status from the Govt. of India for its
consistent export performance.
4)
Industry structure:
Though the
printing and packaging industry is one of the biggest employers in the country,
the nature of the industry is not organized and it has not been termed as an
“Unorganized Industry” by the Government of India. The number of players in our
industry is close to 1,30,000 units ranging widely from the highly organized
sector to a very small proprietary units. Due to this diversified structure of
the industry, growth and profitability are affected by unhealthy competition.
The packaging
industry enjoys continuous growth in demand year after year, necessitating
large investments for technology upgradation and automation of manual
operations. However fragmented nature of the industry, consequent unhealthy
competition put pressures on margins, increasing payback periods for
investments. As demand from the larger customers is consistently increasing, it
is expected the organised segment will secure larger market share and better
margins.
CORPORATE
INFORMATION:
The Company was
incorporated on 2nd January, 1987 as a private limited company by the name of
Orient Press Private Limited. On 5th February, 1991 the Company was converted
into a public limited company and the name got changed to Orient Press Limited.
The Company came out with the initial public offer in the year 1993 and got
listed on NSE and BSE on 21st February, 1994. The Company is engaged in
manufacturing activities of printing of capital market stationery, commercial
printing like Text book, Annual Reports etc., security printing like MICR
Cheques, Dividend Warrants, Shares & Debenture certificates, Railway
tickets and coupons etc., computer stationery, telephone scratch cards, smart
cards, recharge coupons and note books etc. in Printing Segment and all kinds
of packaging materials i.e. flexible packaging material of multi-layer film
laminates, paper board mono cartons, linear carton, display cartons and outer
corrugated boxes etc in Packaging Segment.
FIXED ASSETS:
·
Freehold Land
·
Leasehold Land
·
BUILDINGS
·
Plant and Machinery
·
Furniture and Fixture
·
Air Conditioners
·
Office Equipments
·
Computers
·
Electrical Fittings
·
Vehicles
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
432.362 |
423.851 |
856.213 |
|
b) Other operating income |
7.718 |
5.015 |
12.733 |
|
Total
income from Operations(net) |
440.080 |
428.866 |
868.946 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
299.904 |
288.482 |
588.386 |
|
b) Purchases of stock in trade |
0.109 |
-- |
0.109 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(11.859) |
2.862 |
(8.997) |
|
d) Employees benefit expenses |
33.101 |
31.685 |
64.786 |
|
e) Depreciation and amortization expenses |
13.606 |
12.424 |
26.030 |
|
f) Other expenditure |
85.853 |
92.086 |
177.939 |
|
Total expenses |
420.714 |
427.539 |
848.253 |
|
3. Profit from operations before other income and
financial costs |
19.366 |
1.327 |
20.693 |
|
4. Other income |
1.092 |
9.411 |
10.503 |
|
5. Profit from ordinary activities before finance costs |
20.458 |
10.738 |
31.196 |
|
6. Finance costs |
11.467 |
10.582 |
22.049 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
8.991 |
0.156 |
9.147 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
8.991 |
0.156 |
9.147 |
|
10.Tax expenses |
4.270 |
0.840 |
5.110 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
4.721 |
(0.684) |
4.037 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
4.721 |
(0.684) |
4.037 |
|
14.Paid-up
equity share capital (Nominal value Re. 1/- per share) |
80.750 |
80.750 |
80.750 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Re. 1/- each) (not annualised): |
0.58 |
(0.08) |
0.50 |
|
(a) Basic and diluted |
|
|
|
|
ii) Earnings per share (after extraordinary items) |
|
|
|
|
(a) Basic and diluted |
0.58 |
(0.08) |
0.50 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
2018750 |
801172 |
2018750 |
|
- Percentage of shareholding |
25% |
9.92% |
25% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
6056250 |
723828 |
6056250 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
75% |
90.08% |
75% |
|
B.
Investor Complaints |
3 Months ended 30.09.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unreserved at the end of the quarter |
Nil |
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
Half
Year Ended (
Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1.
Segment Revenue |
|
|
|
|
a. Printing |
105.379 |
161.834 |
267.213 |
|
b. Packaging |
335.193 |
267.650 |
602.843 |
|
Total |
440.572 |
429.484 |
870.056 |
|
Less : Inter Segment Revenue |
0.492 |
0.618 |
1.110 |
|
Net
Sales |
440.080 |
428.866 |
868.946 |
|
|
|
|
|
|
2.
Segment Result (Profit
before Interest and Tax) |
|
|
|
|
a. Printing |
18.198 |
14.631 |
32.829 |
|
b. Packaging |
4.832 |
(8.888) |
(4.056) |
|
Total |
23.030 |
5.743 |
28.773 |
|
|
|
|
|
|
Less
: (i) Interest |
11.467 |
10.582 |
22.049 |
|
(ii) Other un-allocable
expenditure net off un-allocable income. |
2.572 |
(4.995) |
(2.423) |
|
|
|
|
|
|
Profit
before Tax |
8.991 |
0.156 |
9.147 |
|
3.
Capital Employed |
|
|
|
|
a. Printing |
433.285 |
427.848 |
433.285 |
|
b. Packaging |
681.032 |
659.477 |
681.032 |
|
d. Unallocated |
33.601 |
46.102 |
33.601 |
|
Total |
1147.918 |
1133.427 |
1147.918 |
STANDALONE STATEMENT OF ASSETS AND
LIABILITIES
(Rs. In Millions)
|
SOURCES OF FUNDS |
30.09.2013 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
80.750 |
|
(b) Reserves & Surplus |
544.437 |
|
Total
Shareholders’ Funds |
625.187 |
|
|
|
|
(2)
Non-Current Liabilities |
|
|
(a) long-term borrowings |
158.069 |
|
(b) Deferred tax liabilities (Net) |
15.296 |
|
(c) Other long term liabilities |
0.250 |
|
(d) long-term provisions |
11.292 |
|
Total Non-current Liabilities (3) |
184.907 |
|
|
|
|
(3) Current Liabilities |
|
|
(a) Short term borrowings |
296.925 |
|
(b) Trade payables |
245.443 |
|
(c) Other current
liabilities |
120.198 |
|
(d) Short-term provisions |
2.519 |
|
Total Current Liabilities (4) |
665.085 |
|
|
|
|
TOTAL |
1475.179 |
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
538.132 |
|
(b) Non-current Investments |
8.558 |
|
(c) Long-term Loan and Advances |
37.012 |
|
Total Non-Current Assets |
583.702 |
|
|
|
|
(2) Current assets |
|
|
(a) Inventories |
389.273 |
|
(b) Trade receivables |
397.367 |
|
(c) Cash and cash
equivalents |
19.630 |
|
(d) Short-term loans and
advances |
62.122 |
|
(e) Other current assets |
23.085 |
|
Total Current Assets |
891.477 |
|
|
|
|
TOTAL |
1475.179 |
NOTES:
1. The above Unaudited financial results have been reviewed by the audit
committee and approved by the board of directors at its meeting held on 12th
November 2013. The statutory auditors of the company have carried out a limited
review of the above financial results of the company for the quarter and six
months ended on 30th September 2013.
2. The work of expansion in packaging segment of the company at proposed new
unit at Noida, UP involving capital budget of Rs.200.000 Millions approximately
is in progress.
3. In the sanctioned rehabilitation scheme, the board for industrial and
financial reconstruction (BIFR) had directed the income tax authorities to
consider granting relief u/s. 115JB and other reliefs under the income tax act,
1956 to the company. The company has in response submitted all the details
sought by the tax authorities and the matter is pending for disposal before
them. The company has been opined by the export that in view of no rejection of
the relief by tax authorities which was directed by the BIFR, provision for
taxation u/s.115JB of the said act is not required to be made and accordingly
no provision has been made till 31st March, 2013. Further, the writ
petition filed by the income tax authorities against the direction of BIFR has
been dismissed by Delhi high court and special leave petition against the said
order has been dismissed by Supreme Court. The statutory auditors in their
report for the year ended 31/03/2013 have drawn attention about the above in
the emphasis of matter paragraph.
4. Promoters of the company sold 12,17,578 equity shares through offer for
sale(OFS) method on stock exchange mechanism of BSE on September 12, 2013 in
order to comply with 25% minimum public shareholding as mandated by securities
exchange board of India. According the percentage of promoter shareholding is
reduced from 90.08% to 75%.
5. The company’s operations comprises of two reportable business segments.
i.e. printing and packaging in accordance with accounting standard – 17 on
segment reporting.
6. The previous period / year figures have been regrouped and rearranged,
wherever necessary to make them comparable.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.62.99 |
|
UK Pound |
1 |
Rs.104.61 |
|
Euro |
1 |
Rs.86.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
NKT |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
46 |
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.