MIRA INFORM REPORT
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Report Date : |
05.06.2014 |
IDENTIFICATION DETAILS
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Name : |
MANDHANA INDUSTRIES LIMITED |
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Registered
Office : |
Plot No. C-3, MIDC, Tarapur Industrial Area, Boisar-401506, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
25.07.1984 |
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Com. Reg. No.: |
11-033553 |
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Capital
Investment / Paid-up Capital : |
Rs.331.239
Millions |
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CIN No.: [Company Identification
No.] |
L17120MH1984PLC033553 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM20579G |
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PAN No.: [Permanent Account No.] |
AABCM6615M |
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Legal Form : |
Public Limited Liability
Company. The Company’s Shares are listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturers of Garments and also engaged in processing and trading of fabrics. |
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No. of Employees
: |
5000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 18000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The Rating reflects company’s healthy financial risk profile marked by
sound liquidity position and fair profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal 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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief information
officers at gathering in Bangalore in April to meet Indian startups at an event
called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Term Loans = A |
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Rating Explanation |
Adequate degree of safety and low credit risk. |
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Date |
03.07.2013 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Non- Fund Based Bank Facilities = A1 |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
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Date |
03.07.2013 |
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 PARTED BY
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Name : |
Mr. Bhavin Patel |
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Designation : |
Assistant VP In Finance |
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Contact No.: |
91-9920725885` |
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Date : |
03.06.2014 |
LOCATIONS
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Registered Office : |
Plot No. C-3, MIDC, Tarapur Industrial Area, Boisar-401506, |
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Tel. No.: |
91-2525-272228/29 |
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Mobile No.: |
91-9920725885 (Mr. Bhavin Patel) |
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Fax No.: |
91-2525-260251 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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Head Office : |
Unit No. 205/214, |
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Tel. No.: |
91-22-30409191/200 |
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Fax No.: |
91-22-30409216 |
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E-Mail : |
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Corporate Office : |
205/214, |
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Tel. No.: |
91-22-2494 9398 / 2495 2124 / 2494 6350 / 2493 7236 / 30409191 |
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Fax No.: |
91-22-2493 7236 / 2496 3494 / 30409216/ 30409218 |
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E-Mail : |
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Factory1: |
Mandhana Weaving
House: A Division of Mandhana Industries Private Limited, E – 33, MIDC, Tarapur
Industrial Area, District Thane – 401 506, Maharashtra, India |
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Tel. No.: |
91-2525-274988/274989 |
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Fax No.: |
91-2525-274990 |
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E-Mail : |
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Factory2 : |
Mandhana Dyeing: (Process House) A Division of Mandhana Industries Private Limited, E – 25, MIDC,
Tarapur Industrial Area, District Thane-401 506, Maharashtra, India |
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Tel. No.: |
91-2525-272381 / 272426 / 272428 |
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Fax No.: |
91-2525-272427 |
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E-Mail : |
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Factory 3 : |
Mandhana Weaving
House: (Shirting Division) Plot No.C-2, MIDC, Tarapur, Industrial Area, District Thane- 401 506,
Maharashtra, India |
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E-Mail : |
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Factory 4: |
Mandhana
Industries Private Limited: (Garment
Division) 26/A, Peenya II Phase, Peenya Industrial Area, Near NTTF Bus Stop,
Bangalore – 560058, Karnataka, India |
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Tel. No.: |
91-80-28395333 |
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E-Mail : |
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Factory 5: |
Garment Division Plot No.31, Survey No.161, Laggare Village, Yeshwanthpura, Hobli, Bangalore North Taluka, Bangalore – 560 058, Karnataka, India |
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Factory 6: |
Garment Division Unit No. 36/2, Maruti Plaza, Madanayakanahalli Village, Dasanapura,
Hobli, Tumkur Road, Bangalore-562123, Karnataka, India |
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Factory 7: |
Garment Division B Wing, Ganpati Baug, |
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Factory 8: |
Garment Division No.21-D, 2nd Phase, Peenya Industrial Area, Bangalore – 560 058, Karnataka, India |
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Factory 9: |
Mandhana Dyeing
– Unit II Plot No. C-3, MIDC, Tarapur Industrial Area, District Thane – 401 506, Maharashtra, India |
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Branch Offices : |
Located At:
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Mandhana Europe: |
15 Rue de la Banque, Escalier B Entresol – 75002 |
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Tel. No.: |
0033142960224 |
DIRECTORS
As on 31.03.2013
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Name : |
Mr. Khurshed M. Thanawalla |
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Designation : |
Non-Executive and Executive Director |
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Address : |
Khatau Bunglow, GR. Fl. 6, Manav Mandir Road, Mumbai – 400006, Maharashtra, India. |
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Date of Birth/Age : |
24.12.1942 |
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Date of Appointment : |
04.12.2007 |
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Name : |
Mr. Ghyanendra Nath Bajpai |
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Designation : |
Non-Executive and Executive Director |
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Address : |
131, Shaan Apartments, K D Marg, Prabhadevi, Mumbai – 400028, Maharashtra, India |
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Date of Birth/Age : |
06.07.1942 |
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Date of Appointment : |
16.05.2007 |
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Name : |
Mr. Purshottam.C. Mandhana |
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Designation : |
Chairman and Managing Directors |
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Address : |
23, Mount Unique, 62-A, Peddar Road, Mumbai – 400026, Maharashtra,
India |
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Date of Birth/Age : |
06.07.1955 |
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Date of Appointment : |
01.10.1993 |
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Name : |
Mr. Biharilal C. Mandhana |
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Designation : |
Executive Director |
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Name : |
Mr. Manish B. Mandhana |
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Designation : |
Joint Managing Director |
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Name : |
Mr. Sanjay K. Asher |
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Designation : |
Non-Executive and Executive Director |
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Name : |
Mr. Ernst Robin Cornelius |
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Designation : |
Non-Executive and Executive Director |
KEY EXECUTIVES
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Name : |
Mr. Vinay Sampat |
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Designation : |
Company Secretary and Head Legal |
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Name : |
Mr. Bhavin Patel |
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Designation : |
Assistant VP In Finance |
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BOARD COMMITTEES |
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Audit Committee |
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Name : |
Mr. Khurshed M. Thanawalla |
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Designation : |
Chairman |
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Name : |
Mr. Ghyanendra Nath Bajpai |
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Designation : |
Member |
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Name : |
Mr. Sanjay K. Asher |
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Designation : |
Member |
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Name : |
Mr. Purushottam C. Mandhana |
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Designation : |
Member |
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Remuneration
Committee |
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Name : |
Mr. Ghyanendra Nath Bajpai |
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Designation : |
Chairman |
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Name : |
Mr. Khurshed M. Thanawalla |
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Designation : |
Member |
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Name : |
Mr. Sanjay K. Asher |
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Designation : |
Member |
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Shareholders’/Investor
Grievances, Share Allotment and Transfer Committee |
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Name : |
Mr. Khurshed M. Thanawalla |
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Designation : |
Chairman |
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Name : |
Mr. Manish B. Mandhana |
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Designation : |
Member |
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Management
Committee |
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Name : |
Mr. Purushottam C. Mandhana |
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Designation : |
Chairman |
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Name : |
Mr. Biharilal C. Mandhana |
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Designation : |
Member |
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Name : |
Mr. Manish B. Mandhana |
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Designation : |
Member |
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IPO Committee |
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Name : |
Mr. Purushottam C. Mandhana |
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Designation : |
Chairman |
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Name : |
Mr. Biharilal C. Mandhana |
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Designation : |
Member |
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Name : |
Mr. Manish B. Mandhana |
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Designation : |
Member |
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MANAGEMENT TEAM |
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Name : |
Mr. A. P. Bhatnagar |
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Designation : |
President – Weaving and Shirting |
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Name : |
Mr. Rajendran Pillai |
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Designation : |
President – Retail |
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Name : |
Mr. Mitesh Shah |
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Designation : |
Vice President – Finance and Corporate Affairs |
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Name : |
Mr. Narinder Marve |
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Designation : |
Vice President – I. T. |
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Name : |
Mr. Uday Kulkarni |
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Designation : |
Vice President – Processing (Unit – I) |
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Name : |
Mr. Gopal Shah |
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Designation : |
Vice President – Marketing (Export Division) |
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Name : |
Mr. Pushpendra Tyagi |
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Designation : |
Vice President – Marketing (Fabric Division) |
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Name : |
Ms. Varsha Raghuram |
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Designation : |
Vice President – Merchandising and Business Development |
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Name : |
Mr. Nileshkumar Modi |
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Designation : |
Vice President – Weaving |
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Name : |
Mr. Jagjit Singh |
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Designation : |
Vice President – Yarn Dyeing |
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Name : |
Mr. Nayan Kambli |
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Designation : |
AVP – Finance and Corporate Affairs |
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Name : |
Mr. Ritesh Bhardwaj |
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Designation : |
AVP – Commercial |
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Name : |
Mr. Arvind Shikharkhane |
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Designation : |
Project Head (Technical) |
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Name : |
Mr. Rahul Anand |
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Designation : |
Head – Design |
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Name : |
Mr. Mitesh |
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Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
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|
12555012 |
37.90 |
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|
1462621 |
4.42 |
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|
8805354 |
26.58 |
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|
8805354 |
26.58 |
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|
22822987 |
68.90 |
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Total shareholding of Promoter
and Promoter Group (A) |
22822987 |
68.90 |
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(B) Public Shareholding |
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|
205 |
0.00 |
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|
604229 |
1.82 |
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|
1430000 |
4.32 |
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|
1167530 |
3.52 |
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|
3201964 |
9.67 |
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|
5536084 |
16.71 |
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|
326182 |
0.98 |
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|
915565 |
2.76 |
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|
321131 |
0.97 |
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|
1370 |
0.00 |
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|
275549 |
0.83 |
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|
43500 |
0.13 |
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|
712 |
0.00 |
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|
7098962 |
21.43 |
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Total Public shareholding (B) |
10300926 |
31.10 |
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Total (A)+(B) |
33123913 |
100.00 |
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(C) Shares held by Custodians and
against which Depository Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
33123913 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
No. |
Name of the
Shareholder |
Details of Shares held |
Encumbered shares (*) |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
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No. of Shares held |
As a % of grand total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
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1 |
Priyavrat P Mandhana |
34,83,732 |
10.52 |
2460000 |
70.61 |
7.43 |
10.52 |
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2 |
Purushottam C Mandhana HUF |
32,14,000 |
9.70 |
1850000 |
57.56 |
5.59 |
9.70 |
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3 |
Manish B Mandhana |
21,49,140 |
6.49 |
1279310 |
59.53 |
3.86 |
6.49 |
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4 |
Purushottam C Mandhana |
20,26,140 |
6.12 |
1800000 |
88.84 |
5.43 |
6.12 |
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5 |
Prema P Mandhana |
19,72,595 |
5.96 |
1403000 |
71.12 |
4.24 |
5.96 |
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6 |
Sudha B Mandhana |
19,46,599 |
5.88 |
700000 |
35.96 |
2.11 |
5.88 |
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7 |
Biharilal C Mandhana |
16,82,000 |
5.08 |
1249500 |
74.29 |
3.77 |
5.08 |
|
8 |
Sangeeta M Mandhana |
12,86,160 |
3.88 |
1112000 |
86.46 |
3.36 |
3.88 |
|
9 |
Biharilal C Mandhana HUF |
10,98,000 |
3.31 |
0 |
0.00 |
0.00 |
3.31 |
|
10 |
Arnav M Mandhana |
8,14,000 |
2.46 |
0 |
0.00 |
0.00 |
2.46 |
|
11 |
Manish B Mandhaha HUF |
7,84,000 |
2.37 |
700000 |
89.29 |
2.11 |
2.37 |
|
12 |
Vinay B Mandhana |
4,79,000 |
1.45 |
0 |
0.00 |
0.00 |
1.45 |
|
13 |
Muskaan M Mandhana |
4,10,000 |
1.24 |
0 |
0.00 |
0.00 |
1.24 |
|
14 |
Mahan Synthetic Textiles Private Limited |
14,62,621 |
4.42 |
0 |
0.00 |
0.00 |
4.42 |
|
15 |
Chanda Shamsunder Jaju |
10,000 |
0.03 |
0 |
0.00 |
0.00 |
0.03 |
|
16 |
Tulsibai Vasantlal Chandak |
2,000 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
17 |
Bhagwati Madanlal Chandak |
2,000 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
18 |
Shakuntala R Dargad |
1,000 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
|
Total |
2,28,22,987 |
68.90 |
12553810 |
55.01 |
37.90 |
68.90 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. 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 |
Jamish Investment Private Limited |
1082390 |
3.27 |
3.27 |
|
2 |
Life Insurance Corporation of India Limited |
900000 |
2.72 |
2.72 |
|
3 |
Religare Finvest Limited |
873093 |
2.64 |
2.64 |
|
4 |
Axis Bank Limited |
602800 |
1.82 |
1.82 |
|
5 |
Orange Mauritius Investments Limited |
550000 |
1.66 |
1.66 |
|
6 |
Nomura Singapore Limited |
512086 |
1.55 |
1.55 |
|
7 |
General Insurance Corporation of India Limited |
500000 |
1.51 |
1.51 |
|
8 |
Azarel Fashions Private Limited |
464193 |
1.40 |
1.40 |
|
|
Total |
5484562 |
16.56 |
16.56 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Garments and also engaged in processing and trading of fabrics. |
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Products : |
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Exports : |
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Products : |
Garments |
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Countries : |
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Imports : |
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Products : |
Machinery |
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Countries : |
Germany |
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Terms : |
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Selling : |
Cash / Credit / LC |
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Purchasing : |
Cash / Credit / LC |
GENERAL INFORMATION
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Suppliers : |
Loyal Textile Mills Limited |
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Customers : |
Wholesalers and Retailers
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No. of Employees : |
5000 (Approximately) |
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Bankers : |
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|
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|
Facilities : |
Total Working Capital Rs.5900.000 Millions (From HDFC Bank Limited) (Rs.
In Millions)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Vishal H. Shah and Associates Chartered Accountant |
|
Address : |
A-302, Kailas Esplande, Opposite Shreyas Cinema, L.B.S. Marg, Opposite
Shreyas Cinema, Ghatkopar (West), Mumbai, Maharashtra, India |
|
Tel. No.: |
91-22-32516269 |
|
E-mail : |
|
|
|
|
|
Internal Auditors : |
|
|
Name : |
Hinesh R. Doshi and Company (for Corporate Office Mumbai and Tarapur) Chartered Accountants |
|
|
|
|
Name : |
B. Choraria and Mates Chartered Accountants |
|
|
|
|
Solicitors: |
|
|
Name : |
Crawford Bayley and Company |
|
|
|
|
Related Parties : |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
39990000 |
Equity Shares |
Rs.10/- each |
Rs.399.900 Millions |
|
10000 |
Preference Shares |
Rs.10/- each |
Rs.0.100 Million |
|
|
Total |
|
Rs.400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33123913 |
Equity Shares |
Rs.10/- each |
Rs.331.239
Millions |
|
|
|
|
|
The Company has only one class of equity shares having at par value of Rs. 10 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.
|
Name of
Shareholder |
As at 31 March 2013 |
|
|
No.
of Shares held |
%
of Holding |
|
|
Priyavrat P. Mandhana Jt. Purushottam C. Mandhana |
3286000 |
9.92 |
|
Purushottam C. Mandhana (HUF) |
3214000 |
9.70 |
|
Manish B. Mandhana Jt. Sangeeta M. Mandhana |
2149140 |
6.49 |
|
Purushottam C. Mandhana Jt. Prema P. Mandhana |
2026140 |
6.12 |
|
Prema P. Mandhana Jt. Purushottam C. Mandhana |
1749000 |
5.28 |
|
Sudha B. Mandhana Jt. Biharilal C. Mandhana |
1741000 |
5.26 |
|
Biharilal C. Mandhana Jt. Sudha B. Mandhana |
1682000 |
5.08 |
|
|
15847280 |
|
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 |
331.239 |
331.239 |
331.239 |
|
(b) Reserves & Surplus |
4388.827 |
3843.395 |
3189.379 |
|
(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) |
4720.066 |
4174.634 |
3520.618 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3913.659 |
3264.284 |
3308.286 |
|
(b) Deferred tax liabilities (Net) |
728.680 |
664.804 |
577.429 |
|
(c) Other long term
liabilities |
4.491 |
8.321 |
14.385 |
|
(d) long-term
provisions |
12.582 |
18.961 |
14.021 |
|
Total Non-current
Liabilities (3) |
4659.412 |
3956.370 |
3914.121 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
4014.357 |
3120.749 |
1861.281 |
|
(b) Trade payables |
892.960 |
268.754 |
358.960 |
|
(c) Other current
liabilities |
787.549 |
725.206 |
479.026 |
|
(d) Short-term
provisions |
166.836 |
45.456 |
87.701 |
|
Total Current
Liabilities (4) |
5861.702 |
4160.165 |
2786.968 |
|
|
|
|
|
|
TOTAL |
15241.180 |
12291.169 |
10221.707 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5460.435 |
5001.378 |
4612.046 |
|
(ii) Intangible Assets |
9.193 |
11.242 |
7.661 |
|
(iii) Capital
work-in-progress |
102.340 |
308.609 |
220.547 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
713.560 |
654.219 |
359.836 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
6285.528 |
5975.448 |
5200.090 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
6.656 |
26.287 |
240.192 |
|
(b) Inventories |
4967.577 |
3820.395 |
2690.691 |
|
(c) Trade receivables |
2739.676 |
1805.201 |
1565.189 |
|
(d) Cash and cash
equivalents |
224.468 |
29.235 |
60.425 |
|
(e) Short-term loans and
advances |
691.911 |
316.785 |
126.475 |
|
(f) Other current
assets |
325.364 |
317.818 |
338.645 |
|
Total Current Assets |
8955.652 |
6315.721 |
5021.617 |
|
|
|
|
|
|
TOTAL |
15241.180 |
12291.169 |
10221.707 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13630.636 |
9801.481 |
8382.928 |
|
|
|
Other Income |
(45.462) |
8.651 |
51.619 |
|
|
|
TOTAL (A) |
13585.174 |
9810.132 |
8434.547 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
7660.444 |
4913.812 |
5219.646 |
|
|
|
Cost of goods Traded |
3006.348 |
1496.977 |
1107.278 |
|
|
|
Changes in inventories of finished goods work-in-progress and Stock-in-Trade |
(1589.762) |
(242.638) |
(853.788) |
|
|
|
Manufacturing and Operating Costs |
1429.278 |
964.445 |
765.125 |
|
|
|
Employee Benefit Expenses |
665.121 |
477.118 |
405.121 |
|
|
|
Other Expenses |
483.821 |
344.884 |
265.715 |
|
|
|
TOTAL (B) |
11655.250 |
7954.598 |
6909.097 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1929.924 |
1855.534 |
1525.450 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
705.933 |
590.412 |
338.690 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1223.991 |
1265.122 |
1186.760 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
262.421 |
233.349 |
192.772 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
961.570 |
1031.773 |
993.988 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
308.188 |
300.762 |
326.447 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
653.382 |
731.011 |
667.541 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2423.681 |
1849.665 |
1319.374 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
80.000 |
60.000 |
|
|
|
Dividend Paid |
NA |
66.248 |
66.248 |
|
|
|
Corporate Dividend Tax Paid |
NA |
10.747 |
11.003 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
2423.681 |
1849.665 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2419.258 |
1582.485 |
1417.488 |
|
|
TOTAL EARNINGS |
2419.258 |
1582.485 |
1417.488 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
79.082 |
159.462 |
700.495 |
|
|
|
Auxiliary Material |
57.175 |
43.181 |
34.608 |
|
|
TOTAL IMPORTS |
136.257 |
202.643 |
735.103 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.73 |
22.07 |
20.74 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
15179.300 |
|
|
|
|
|
The above information has been parted by Mr. Bhavin Patel
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.81 |
7.45 |
7.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.05 |
10.53 |
11.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.35 |
8.61 |
9.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.25 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.68 |
1.53 |
1.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.53 |
1.52 |
1.80 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
331.239 |
331.239 |
331.239 |
|
Reserves & Surplus |
3189.379 |
3843.395 |
4388.827 |
|
Net worth |
3520.618 |
4174.634 |
4720.066 |
|
|
|
|
|
|
long-term borrowings |
3308.286 |
3264.284 |
3913.659 |
|
Short term borrowings |
1861.281 |
3120.749 |
4014.357 |
|
Total borrowings |
5169.567 |
6385.033 |
7928.016 |
|
Debt/Equity ratio |
1.468 |
1.529 |
1.680 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
8382.928 |
9801.481 |
13630.636 |
|
|
|
16.922 |
39.067 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
8382.928 |
9801.481 |
13630.636 |
|
Profit |
667.541 |
731.011 |
653.382 |
|
|
7.96% |
7.46% |
4.79% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long-term debt |
654.264 |
630.625 |
402.090 |
|
|
|
|
|
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
ITXAL/1331/2012 |
Failing Date:- |
26/09/2012 |
Reg. No.: |
ITXA/1144/2012 |
Reg. Date:- |
06/10/2012 |
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX |
Respondent:- |
MANDHANA INDUSTRIES LIMITED |
||||
|
Petn.Adv:- |
SURESH KUMAR |
Resp. Adv.: |
PDS LEGAL (826) |
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Pre-Admission |
Stage:- |
FOR ADMISSION |
||||
|
Next Date:- |
13/01/2012 |
||||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE S.C. DHARMADHIKARI HON’BLE SHRI JUSTICE S. KULKARNI |
||||||
|
Last Date : |
07/04/2014 |
Stage:- |
FOR ADMISSION |
||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE S.C. DHARMADHIKARI HON’BLE SHRI JUSTICE S. KULKARNI |
||||||
|
|
|
||||||
|
Act. : |
Income Tax Act,1961 |
Under Section 260A |
|||||
DETAILS OF CHARGES
|
ENTITY |
PERSON |
COMPETENT AUTHORITY |
REGULATORY
CHARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
FURTHER
DEVELOPMENTS |
|
Mandhana Industries Limited |
|
CBEC |
Defaulted In Payment Of Customs/Excise Duties |
Notice Issued Under Section 142 Of Customs Act, 1962 |
|
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Short Term
Borrowing |
|
|
|
From Banks |
175.000 |
179.448 |
|
Total |
175.000 |
179.448 |
CONTINGENT LIABILITIES NOT PROVIDED FOR IN
RESPECT OF (AS ON 31.03.2013):
a) Export invoices backed by letter of credit purchased by the bank amounting to Rs.7.660 Millions (Previous year Rs. 58.439 Millions)
b) Sales invoices Discounted with the bank amounting to Rs.25.618 Millions. (Previous Year Rs. 7.279 Millions)
c) Claim against the Company not acknowledged as debts in respect of Income Tax demand amounting to Rs.43.504 Millions (Previous Year Rs. 43.504 Millions) (Interest thereon not ascertainable at present.)
d) Claim against the Company not acknowledged as debts in respect of Central Excise dues amounting to Rs.29.058 Millions. (Previous Year Rs. 48.520 Millions) (Interest thereon not ascertainable at present.)
e) Bank guarantee given to Sales Tax, MSEB and Custom Department of Rs.50.218 Millions. (Previous Year Rs. 60.658 Millions)
FIXED ASSETS:
- Residential
Building
- Plant and
Machinery
- Factory
Equipment
- Air
Conditioner
- Furniture and
Fixtures
- Motor Car and
Bikes
- Office
Equipments
- Electrical
Installation
- Computer
Accessories
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER & NINE MONTHS ENDED 31ST DECEMBER, 2013
Rs. In Millions
|
Particulars |
For the Quarter
Ended |
For Nine Month
Ended |
||
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
3835.751 |
4021.333 |
10742.737 |
|
|
(b) Other Operating Income |
0.000 |
0.000 |
0.000 |
|
|
Total income from operations (net) |
3835.751 |
4021.333 |
10742.737 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
1349.055 |
1127.513 |
4118.528 |
|
|
(b) Purchases of stock-in trade |
885.378 |
832.164 |
2476.416 |
|
|
(c) Changes in inventories of finished goods. work-in-progress and
stock in trade |
222.146 |
780.836 |
356.440 |
|
|
(d) Employee benefits expense |
211.767 |
184.167 |
561.765 |
|
|
(e) Manufacturing Cost |
387.174 |
387.475 |
1094.698 |
|
|
(f) Depreciation and Anmortisation Expenses |
71.414 |
72.016 |
214.765 |
|
|
(g) Other Expenses |
172.827 |
163.771 |
479.853 |
|
|
Total expenses |
3299.761 |
3547.942 |
9302.465 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
535.990 |
473.391 |
1440.272 |
|
4 |
Other Income |
13.246 |
(6.219) |
(55.292) |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
549.236 |
467.172 |
1384.980 |
|
6 |
Finance Costs |
288.344 |
218.234 |
737.069 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
260.892 |
248.938 |
647.911 |
|
8 |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
260.892 |
248.938 |
647.911 |
|
10 |
Tax expenses |
|
|
|
|
|
- Current Tax |
69.971 |
69.719 |
172.560 |
|
|
- Deferred Tax (Assets)/Liability |
10.577 |
10.106 |
31.435 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
180.344 |
169.113 |
443.916 |
|
12 |
Extraordinary item (net of tax expense) |
110.317 |
-- |
110.317 |
|
13 |
Net Profit / (Loss) for the period (11-12) |
70.027 |
169.113 |
333.599 |
|
14 |
Share of profit' (loss) of associates |
-- |
-- |
-- |
|
15 |
Minority Interest |
-- |
-- |
-- |
|
16 |
Net Profit/ (Loss) after taxes, minority interest and share of
profit/(loss) of associates (13+14+15) |
70.027 |
169.113 |
333.599 |
|
17 |
Paid up equity share capital (Face Value of Rs10/- each) |
331.239 |
331.239 |
331.293 |
|
18 |
Reserve excluding Revaluation Reserve as per Balance Sheet of
previous accounting year |
4522.424 |
4477.398 |
4522.424 |
|
19 |
Debenture Redemption Reserve |
200.000 |
175.000 |
200.000 |
|
20 |
Earnings Per Share of Rs. 10/- each: Basic & Diluted (Rs.) |
2.11 |
5.11 |
10.07 |
|
21 |
Debt Equity Ratio |
0.82 |
0.85 |
0.82 |
|
22 |
Debt Service Coverage Ratio(DSCR) |
1.15 |
1.20 |
1.06 |
|
23 |
Interest Service Coverage Ratio (ISCR) |
1.90 |
2.14 |
1.88 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
10,518,720 |
10,785,212 |
10,518,720 |
|
|
- Percentage of shareholding |
31.76% |
32.56% |
31.76% |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
15,873,810 |
12,523,810 |
15,873,810 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
70.22% |
56.06% |
70.22% |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
47.92% |
37.81% |
47.92% |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
6,731,383 |
9,814,891 |
6,731,383 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
29.78% |
43.94% |
29.78% |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
20.32% |
29.63% |
20.32% |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
|
|
Received during the quarter |
NIL |
|
|
|
|
Disposed off during the quarter |
NIL |
|
|
|
|
Remaining unresolved at the end of the quarter |
NIL |
|
|
SEGMENT-WISE REVENUE, RESULT AND CAPITAL EMPLOYED AS PER CLAUSE 41 OF
LISTING AGREEMENT
Rs. In Millions
|
Particulars |
For the Quarter
Ended |
For Nine Month
Ended |
||
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
|
Segment Revenue |
|
|
|
|
|
[a] Textiles |
3116.210 |
3414.817 |
9006.841 |
|
|
[b]Garment |
719.541 |
606.516 |
1830.356 |
|
|
Total |
3835.751 |
4021.333 |
10837.197 |
|
|
Less: Inter-segment Revenue |
-- |
-- |
94.460 |
|
|
Total Revenue |
3835.751 |
4021.333 |
10742.737 |
|
|
|
|
|
|
|
|
Segment Profit /
(Loss) Before Tax & Interest |
|
|
|
|
|
[a] Textiles |
362.014 |
360.278 |
1026.611 |
|
|
[b]Garment |
173.976 |
113.113 |
413.661 |
|
|
Total |
535.990 |
473.391 |
1440.272 |
|
|
Less: Interest |
288.344 |
218.234 |
737.069 |
|
|
|
247.646 |
255.157 |
703.203 |
|
|
Add: Unallocable Income |
13.246 |
(6.219) |
(55.292) |
|
|
Profit Before Tax |
260.892 |
248.938 |
647.911 |
|
|
|
|
|
|
|
|
Capital Employed |
|
|
|
|
|
[a] Textiles |
7352.261 |
7330.477 |
7352.261 |
|
|
[b]Garment |
1861.653 |
1881.308 |
1861.653 |
|
|
Total |
9213.914 |
9211.785 |
9213.914 |
Notes :
- The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 5th February, 2014.
- The Auditors of the Company have carried out the Limited Review of the above financial results
- The Figures of the Quarter ended 31.12.2013 and corresponding Quarter ended 31.12.2012 have been arrived at by deducting the published figures up to the Half Year ended 30.09.2013 and 30.09.2012 respectively.
- For the quarter under review the Finance Cost of Rs. 288.344 Millions (Previous year Rs. 236.379 Millions) also includes Foreign Exchange Fluctuation Loss of Rs. 74.314 Millions (Previous year Rs.61.355 Millions) on account of provisioning of MTM on outstanding Foreign Currency Loans as on 31st December 2013
- For the Quarter Company has paid an amount of Rs.110.317 Millions on Account of Income Tax of Earlier Years including interest Amount of Rs. 38.421 Millions.
- No Investor grievance was received during the quarter. No Investor grievances were outstanding at the beginning and end of the quarter.
- Previous period figures have been regrouped/rearranged, where necessary.
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.59.34 |
|
|
1 |
Rs.99.18 |
|
Euro |
1 |
Rs.80.76 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
62 |
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.