MIRA INFORM REPORT
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Report Date : |
30.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
GOKUL REFOILS AND SOLVENT LIMITED |
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Registered
Office : |
State Highway No. 41, Near Sujanpura Patia, Sidhpur– 384151, |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
29.12.1992 |
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Com. Reg. No.: |
04-018745 |
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Capital
Investment / Paid-up Capital : |
Rs. 263.790 Millions |
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CIN No.: [Company Identification
No.] |
L15142GJ1992PLC018745 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of Solvent Extraction, refining
of Edible oils and Vanaspati manufacturing. |
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No. of Employees
: |
2500 (Approximately) |
RATING & COMMENTS
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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 13750000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Trade relation are reported to be fair. Business is active. Payment
terms are reported to be slow but correct. The company can be considered normal for business dealing at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a quarter
of a century. The data was below an official estimate of 4.9 % annual growth
and compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term fund based: Cash Credit - “BBB-” |
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Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
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Date |
December, 2013 |
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Rating Agency Name |
ICRA |
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Rating |
Non-Fund based limits: “A3” |
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Rating Explanation |
Have moderate degree of safety and carry higher credit risk. |
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Date |
December, 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
|
Name : |
Mr. Manoj Kumar Upadhayay |
|
Designation : |
Vice President – Legal |
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Contact No.: |
91-79-66615253 |
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Date : |
24.06.2014 |
LOCATIONS
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Registered Office : |
State Highway No. 41, Near Sujanpura Patia, Sidhpur – 384151, Gujarat,
India |
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Tel. No.: |
91-2767-222075 |
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Fax No.: |
91-2767-223475 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Commercial |
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Corporate Office : |
"Gokul House" 43, Shreemali Co-Operative Housing Society
Limited, Opposite Shikhar Building, Navrangpura, Ahmedabad - 380009, Gujarat,
India |
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Tel. No.: |
91-79-66304555 / 66615253 / 54 / 55 |
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Fax No.: |
91-79-66304543 |
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E-Mail : |
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Sidhpur Unit : |
State Highway No. 41, Near Sujanpur Patia, Sidhpur -384151, Gujarat,
India |
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Tel. No.: |
91-2767-222075 |
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Fax No.: |
91-2767-223475 |
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E-Mail : |
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Gandhidham Unit : |
89, Meghpar-Borichi, Galpadar Road, Near Sharma Resort, Taluka Anjar,
District Kutch - 370110, Gujarat, India |
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Tel. No.: |
91-2836-247075 to 79 |
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Fax No.: |
91-2836-247080 |
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National
Highway No.
8, Near Kamrej Sugar Factory, At Navi Pardi, Taluka Kamrej, District Surat,
Gujarat, India |
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Tel. No.: |
91-2621-234845 |
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Haldia Unit |
J.L.No-149 Plot, Near Essar Petrol Pump, Way to HFCL, Near Renuka
Sugar Factory, Haldia Development Authority Area, P.O. Debhog, Haldia,
District Purba Medinipur - 721657, West Bengal, India |
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Tel. No.: |
91-3224-252839 |
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Fax No.: |
91-3224-252939 |
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Regional Office : |
Block No. 1, 17th Floor, Cheterjee
International Centre, 33A,
Jawaharlal Nehru Road, Kolkata – 700071, West Bengal, India |
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Tel. No.: |
91-80010-12511 |
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Fax No.: |
91-33-22884127 |
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Branch Office : |
Office No. E/1, Nisarg Heaven CHS Limited, Mahavir Nagar, |
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Tel. No.: |
91-22-40140967 |
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Fax No.: |
91-22-28675772 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Balvantsinh C Rajput |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Kanubhai J Thakkar |
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Designation : |
Managing Director |
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Name : |
Mr. Piyushchandra R Vyas |
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Designation : |
Independent Director |
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Qualification : |
Graduate in Commerce with Honours and L.L.B. |
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Name : |
Dr. Dipooba H Devada |
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Designation : |
Independent Director |
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Qualification : |
Post Graduate in Science and Ph. D |
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Name : |
Mr. Karansinhji Mahida |
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Designation : |
Independent Director |
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Name : |
Mr. Dineshkumar Sharma |
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Designation : |
Whole time Director- Legal |
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Date of Birth/Age : |
13.06.1965 |
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Qualification : |
Metric |
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Date of Appointment : |
05.03.1999 |
KEY EXECUTIVES
|
Name : |
Mr. Kalpesh Desai |
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Designation : |
Company Secretary and Compliance Officer |
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Name : |
Mr. Manoj Kumar Upadhayay |
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Designation : |
Vice President – Legal |
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AUDIT COMMITTEE |
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Name : |
Mr. Piyushchandra R Vyas |
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Designation : |
Chairman |
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Name : |
Mr. Kanubhai J Thakkar |
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Designation : |
Member |
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Name : |
Mr. Karansinhji Mahida |
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Designation : |
Member |
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Name : |
Dr. Dipooba H Devada |
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Designation : |
Member |
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REMUNERATION
COMMITTEE |
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Name : |
Dr Dipooba H Devada |
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Designation : |
Chairperson |
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Name : |
Mr. Karansinhji Mahida |
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Designation : |
Member |
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Name : |
Mr. Piyushchandra R Vyas |
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Designation : |
Member |
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SHAREHOLDERS /INVESTORS GRIEVANCES COMMITTEE |
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|
Name : |
Dr. Dipooba H Devada |
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Designation : |
Chairperson |
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Name : |
Mr. Kanubhai J Thakkar |
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Designation : |
Member |
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Name : |
Mr. Dineshkumar Sharma |
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Designation : |
Member |
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MANAGEMENT TEAM |
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Name : |
Mr. Hitesh Thakkar |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. Dharmendrasinh Rajput |
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Designation : |
President-Corporate Strategies |
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Name : |
Mr. Jayesh Thakkar |
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Designation : |
President-Corporate Plainning |
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Name : |
Mr. Praveen Khandelwal |
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Designation : |
VP Corporate Strategy |
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Name : |
Mr. Rajendra Khiani |
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Designation : |
Sr. VP Banking and Finance |
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Name : |
Mr. Manoj Upadhyay |
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Designation : |
VP- Legal |
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Name : |
Mr. Joseph Chettiar |
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Designation : |
VP Exports |
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Name : |
Mr. Atul Shah |
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Designation : |
VP Asudit and Risk Management |
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Name : |
Mr. Vinod Rajput |
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Designation : |
CEO procurement (Sidhpur) |
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Name : |
Mr. Ajit Rajput |
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Designation : |
VP Operations (Gandhidham) |
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Name : |
Mr. Vinod Rajput |
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Designation : |
Director operations (East) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
79662272 |
60.40 |
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|
17062500 |
12.94 |
|
|
96724772 |
73.33 |
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|
|
|
Total shareholding of Promoter and Promoter Group (A) |
96724772 |
73.33 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1635000 |
1.24 |
|
|
10232587 |
7.76 |
|
|
11867587 |
9.00 |
|
|
|
|
|
|
17793246 |
13.49 |
|
|
|
|
|
|
1804340 |
1.37 |
|
|
2710035 |
2.05 |
|
|
995020 |
0.75 |
|
|
21494 |
0.02 |
|
|
517423 |
0.39 |
|
|
455803 |
0.35 |
|
|
300 |
0.00 |
|
|
23302641 |
17.67 |
|
Total Public shareholding (B) |
35170228 |
26.67 |
|
Total (A)+(B) |
131895000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
131895000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Solvent Extraction,
refining of Edible oils and Vanaspati manufacturing. |
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Products : |
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Brands : |
GOKUL ZAIKA |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
· Middle East · USA · Argentina |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· Singapore · Malaysia |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Seed Processing* |
Metric Tons
(Signal Shift) |
984000 |
482205 |
|
Oil Refining* |
Metric Tons (Signal Shift) |
990000 |
516144 |
|
Cake Extraction* |
Metric Tons (Signal Shift) |
300000 |
220526 |
|
Vanaspati Plant |
Metric Tons (Signal Shift) |
120000 |
34916 |
Notes:
* production
includes seed processing MT 5,637, oil refining MT 2,347 and Cake Extraction
3,918 MT (Previous year seed processing 63,733 MT, oil refining 30,176 MT and
cake extraction 36,676 MT) done by other.
** Seed processing
capacity includes 300000 not available during the whole year, 60000 MT
production commenced on 17/05/2010, 120000 MT production commenced 01/09/2010,
120000 MT production commenced on 31/01/2011
*** Cake
extraction capacity includes 120000 not available during the whole year,
production commenced on 01-09-2011.
**** Refinery
capacity includes 60000 not available during the whole year, production
commenced on 01-09-2011.
|
Production |
Unit |
Actual
Production |
|
Refined Edible /
Non Edible Oil* |
(IN MT) |
505895 |
|
De-oiled Cake* |
(IN MT) |
202356 |
|
Unrefined Oil* |
(IN MT) |
141664 |
|
Vanaspati oil |
(IN MT) |
34810 |
|
Oil Cake* |
(IN MT) |
338818 |
* Production of refined edible/non-edible oil includes done by others
12,390 MT (Previous year 29,992 MT)
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
2500 (Approximately) |
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Bankers : |
· State Bank of India, Ahmedabad, Gujarat, India · Punjab National Bank · Central Bank of India · State Bank of Travancore · Union Bank of India · Bank of India · The Jammu and Kashmir Bank Limited |
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Facilities : |
NOTE Company Does not have any default as on the balance sheet date in the repayment of any loan and interest. Buyers credit is secured by comfort letters issued by bankers in favour of banks which is ultimately secured by pledge of fixed deposits. The rate of interest for buyers credit loans ranges 45-95 bases points over LIBOR for foreign currency loans and 10.75% to 13.50 % p.a. in case of cash credit /overdraft and packing credit. Cash Credit /Overdraft and Packing credit loans from banks are secured by hypothecation of the current assets of the Company on pari-passu basis and collateral secured by way of first charge /residual charge on all the fixed assets of the Company and personal guarantee of Balvantsinh Rajput and Mr. Kanubhai Thakkar and corporate guarantee of Gokul Overseas. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
M R Pandhi and Associates Chartered Accountants |
|
Address : |
101, Panchdeep Complex, Near Mithakhali Six Road, Navrangpura, Ahmedabad
- 380009, Gujarat, India |
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Tel No.: |
91-79-26565949/ 26420994 |
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E-mail: |
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A Firm in which
some of the Directors and Company are partners : |
Gokul Overseas |
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Wholly Owned Subsidiary : |
· Maurigo International Limited · Maurigo Pte Limited · Professional Commodity Services Private Limited |
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Charitable Trust
where Key Management Personnel (KMP) are Trustees : |
· Gokul Foundation · Shree Bahuchar Jan Seva Trust |
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Associates : |
Gujarat Gokul Power Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175000000 |
Equity Shares |
Rs. 2/- each |
Rs.350.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
131895000 |
Equity Shares |
Rs. 2/- each |
Rs.263.790
Millions |
|
|
|
|
|
NOTE
Reconciliation of Number
of shares outstanding and the amount of share capital
|
Particulars |
As at 31st March 2013 |
|
|
Number |
Rs. In Millions |
|
|
Shares outstanding at the beginning of the year |
131,895,000 |
263.790 |
|
Shares issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
131,895,000 |
263.790 |
Shareholders holding
more than 5% equity share capital in the Company
|
Name of Shareholder |
Equity Shares (2013) |
|
|
No. of Shares held |
% of Holding |
|
|
Bhikhiben Balvantsinh Rajput |
18952500 |
14.37 |
|
Balvantsinh Chandansinh Rajput |
18742500 |
14.21 |
|
Kanubhai Jivatram Thakkar |
18517500 |
14.04 |
|
Manjulaben Kanubhai Thakkar |
18465000 |
14.00 |
|
Cresta Fund Limited |
11675000 |
8.85 |
|
Profitline Securities Private Limited |
9187500 |
6.97 |
|
Shantiniketan Financial Services Private Limited |
7875000 |
5.97 |
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 |
263.790 |
263.790 |
263.790 |
|
(b) Reserves & Surplus |
3173.043 |
3043.793 |
4114.655 |
|
(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) |
3436.833 |
3307.583 |
4378.445 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
231.277 |
502.780 |
822.500 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
321.500 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
4.003 |
6.785 |
4.235 |
|
Total Non-current Liabilities
(3) |
235.280 |
509.565 |
1148.235 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
11005.654 |
16636.748 |
4523.829 |
|
(b) Trade
payables |
10108.871 |
13257.310 |
4498.360 |
|
(c) Other
current liabilities |
475.140 |
612.895 |
579.911 |
|
(d) Short-term
provisions |
193.664 |
322.154 |
124.842 |
|
Total Current
Liabilities (4) |
21783.329 |
30829.107 |
9726.942 |
|
|
|
|
|
|
TOTAL |
25455.442 |
34646.255 |
15253.622 |
|
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|
|
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|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3365.115 |
3340.885 |
3336.115 |
|
(ii)
Intangible Assets |
13.135 |
16.520 |
14.821 |
|
(iii)
Capital work-in-progress |
125.964 |
278.216 |
122.841 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
146.929 |
146.929 |
121.489 |
|
(c) Deferred tax assets (net) |
36.251 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
138.303 |
146.795 |
46.685 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3825.697 |
3929.345 |
3641.951 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1813.407 |
2082.965 |
382.276 |
|
(b)
Inventories |
5006.614 |
5818.275 |
4754.457 |
|
(c) Trade
receivables |
2690.595 |
4180.436 |
3731.764 |
|
(d) Cash
and cash equivalents |
8672.630 |
15518.777 |
856.542 |
|
(e)
Short-term loans and advances |
2084.522 |
1810.643 |
1562.316 |
|
(f) Other
current assets |
1361.977 |
1305.814 |
324.316 |
|
Total
Current Assets |
21629.745 |
30716.910 |
11611.671 |
|
|
|
|
|
|
TOTAL |
25455.442 |
34646.255 |
15253.622 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
58911.693 |
64871.716 |
45363.155 |
|
|
|
Other Income |
1618.920 |
662.121 |
107.904 |
|
|
|
TOTAL (A) |
60530.613 |
65533.837 |
45471.059 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
48692.694 |
51344.784 |
33882.545 |
|
|
|
Purchases of Stock-in-Trade |
5087.629 |
8635.875 |
6756.914 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(236.435) |
103.599 |
(184.008) |
|
|
|
Employees benefits expense |
223.822 |
250.974 |
207.704 |
|
|
|
Other expenses |
4375.230 |
4777.797 |
2847.853 |
|
|
|
TOTAL (B) |
58142.940 |
65113.029 |
43511.008 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
2387.673 |
420.808 |
1960.051 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1929.218 |
1496.290 |
758.282 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
458.455 |
(1075.482) |
1201.769 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
365.456 |
328.967 |
301.865 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
92.999 |
(1404.449) |
899.904 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(36.251) |
(333.587) |
280.097 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
129.250 |
(1070.862) |
619.807 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1310.891 |
2381.753 |
1861.051 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
50.000 |
|
|
|
Interim Dividend |
0.000 |
0.000 |
15.381 |
|
|
|
Proposed Dividend |
0.000 |
0.000 |
33.724 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1440.141 |
1310.891 |
2381.753 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
9753.700 |
14603.271 |
9063.130 |
|
|
|
Interest for Subsidiaries |
8.177 |
7.633 |
4.717 |
|
|
TOTAL EARNINGS |
9761.877 |
14610.904 |
9067.847 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
29239.088 |
30293.962 |
17893.428 |
|
|
|
Capital Goods |
0.000 |
0.000 |
2.174 |
|
|
|
Others |
22.220 |
4.556 |
5.823 |
|
|
TOTAL IMPORTS |
29261.308 |
30298.518 |
17901.425 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.98 |
(8.12) |
(4.70) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
31.03.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
16281.500 |
17056.700 |
15852.800 |
14705.700 |
|
Total Expenditure |
16184.500 |
16794.100 |
15772.000 |
14704.000 |
|
PBIDT (Excl OI) |
97.000 |
262.600 |
80.800 |
1.800 |
|
Other Income |
209.200 |
192.800 |
265.400 |
325.600 |
|
Operating Profit |
306.200 |
455.400 |
346.300 |
327.300 |
|
Interest |
285.100 |
284.200 |
176.600 |
216.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
21.100 |
171.200 |
169.700 |
110.600 |
|
Depreciation |
94.300 |
96.200 |
94.100 |
89.700 |
|
Profit Before Tax |
(73.200) |
75.000 |
75.600 |
20.900 |
|
Tax |
0.000 |
0.000 |
0.000 |
67.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(73.200) |
75.000 |
75.600 |
(46.500) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(73.200) |
75.000 |
75.600 |
(46.500) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.21 |
(1.63) |
1.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.16 |
(2.16) |
1.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.37 |
(4.10) |
6.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
(0.42) |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.27 |
5.18 |
1.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.99 |
1.00 |
1.19 |
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 |
263.790 |
263.790 |
263.790 |
|
Reserves & Surplus |
4114.655 |
3043.793 |
3173.043 |
|
Net
worth |
4378.445 |
3307.583 |
3436.833 |
|
|
|
|
|
|
long-term borrowings |
822.500 |
502.780 |
231.277 |
|
Short term borrowings |
4523.829 |
16636.748 |
11005.654 |
|
Total
borrowings |
5346.329 |
17139.528 |
11236.931 |
|
Debt/Equity
ratio |
1.221 |
5.182 |
3.270 |
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 |
45363.155 |
64871.716 |
58911.693 |
|
|
|
43.005 |
(9.187) |
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 |
45363.155 |
64871.716 |
58911.693 |
|
Profit |
619.807 |
(1070.862) |
129.250 |
|
|
1.37% |
(1.65%) |
0.22% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
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 |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10228625 |
28/06/2010 |
100,000,000.00 |
DEVELOPMENT CREDIT BANK LIMITED |
GROUND FLOOR,
"PRERNA ARCADE", OPP. DOCTOR HOUSE, |
A89558399 |
|
2 |
10227838 |
16/06/2010 |
165,000,000.00 |
BANK OF MAHARASHTRA |
BHADRA BRANCH,
MAVLANKAR HAVELI, VASANT CHOWK, B |
A89210892 |
|
3 |
10194931 |
31/12/2009 |
130,000,000.00 |
STATE BANK OF INDORE |
JALDARSHAN CO. OP
HOU SOC LIMITED, OPP. GUJARAT CHAMB |
A76574516 |
|
4 |
10167517 |
12/11/2011 * |
1,030,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, 3RD FLOOR, AMRIT JIVAN BHAVAN, NAVJIVAN TRUST COMPLEX, AHMEDABAD - 380014, GUJARAT, INDIA |
B29100948 |
|
5 |
90100126 |
03/03/2014 * |
20,922,900,000.00 |
STATE BANK OF INDIA WITH ITS CONSORTIUM BANKS |
OVERSEAS BRANCH, 3RD FLOOR, AMRIT JIVAN BHAVAN, NAVJIVAN TRUST COMPLEX, AHMEDABAD - 380014, GUJARAT, INDIA |
C00599910 |
* Date of charge modification
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS:
GLOBAL OUTLOOK
World’s consumption of edible oil was to the tune of 82 million MT in 1990-91 and has doubled in the two decades. Palm, Soya and Rapeseed oil/ Mustard oil are expected to constitute 64% of the total global oil consumption. From the last two decade, global Palm oil consumption is growing faster than the global edible oil consumption. Global palm oil consumption has grown by 8.7% Cumulative Annual Growth Rate (CAGR), where as global edible oil consumption has grown by 4.4% only.
Palm oil is the more popular oil because of its lowest production cost per ton as well as its worldwide acceptability. The proportion of Palm oil out of total world’s oil consumption has increased from 13.8% in 1990-91 to 29% in 20012-13. More than 85% of global palm oil is produced by Malaysia and Indonesia.
India is the 4th largest edible oil economy after U.S, China and Brazil. As they can see that Asian Industries are emerged as the most promising industry at the world and the Global cues suggest that the next round of growth will come from Asian economies like China and India which have a growing population to feed, younger demographics, better lifestyle choices and increased purchasing power due to local development.
The future for food companies will be fortified by giving the discerning consumer a sustainable, healthy and value added choice to create a better life. Edible oil companies will create customer loyalty through sustained brand building efforts by catering to the local tastes of the consumers.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
(a) For letter of credit opened for which goods were in transit |
1120.071 |
1520.091 |
|
(b) Guarantee given to banks |
83.868 |
93.880 |
|
(c) For Corporate guarantee given |
1300.000 |
2292.160 |
|
(d) Disputed demand of custom duty and income tax |
123.974 |
100.815 |
|
(e) Claims not acknowledged as debt |
41.869 |
0.000 |
STANDALONE OF STANDALONE
ANNUAL AUDITED RESULTS OF THE COMPANY FOR THE YEAR ENDED ON 31.03.2014
(Rs. In Millions)
|
Sr. No |
Particulars |
Standalone Financial Results |
||
|
|
|
Three months ended on 31.03.2014 |
Preceding Three months ended on 31.12.2013 |
For the year ended on 31.03.2014 |
|
|
|
(Audited) |
(Unaudited) |
(Audited) |
|
1 |
Income from
operations |
|
|
|
|
|
(a) Net Sales/Income from operations (Net of Excise duty) |
14532.960 |
15712.895 |
62270.184 |
|
|
(b) Other operating income |
172.758 |
139.937 |
835.044 |
|
|
Total Income from
operations (Net) |
14705.718 |
15852.832 |
63105.228 |
|
2 |
Expenditure |
|
|
|
|
|
a) Cost of materials consumed |
10592.865 |
11233.259 |
43647.149 |
|
|
b) Purchase of stock-in-trade |
1822.757 |
4049.291 |
14235.681 |
|
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
1413.574 |
(429.320) |
718.522 |
|
|
d) Employees benefits expense |
65.217 |
72.617 |
276.952 |
|
|
e) Depreciation and amortization |
89.685 |
94.126 |
374.321 |
|
|
f) Other Expenses (Any item exceeding 10% of total expenses relating to continuing operations to be shown separately) |
809.557 |
846.157 |
3844.770 |
|
|
Total expenses |
14793.656 |
15866.130 |
63097.395 |
|
3 |
Profit from
Operations before other income, finance cost and exceptional Items (1-2) |
(87.9374) |
(13.298) |
7.833 |
|
4 |
Other Income |
325.556 |
265.442 |
992.967 |
|
5 |
Profit from ordinary
activities before finance costs and exceptional Items (3+4) |
237.619 |
252.144 |
1000.800 |
|
6 |
Finance Costs |
216.695 |
176.555 |
902.537 |
|
7 |
Profit from
ordinary activities after finance costs but before exceptional Items (5-6) |
20.923 |
75.589 |
98.263 |
|
8 |
Exceptional Items |
0.000 |
-- |
-- |
|
9 |
Profit / (Loss)
from ordinary activities before tax (7-8) |
20.923 |
75.589 |
98.263 |
|
10 |
Tax expenses |
67.380 |
0.001 |
67.381 |
|
11 |
Net Profit/ (Loss) from
Ordinary Activities after tax (9-10) |
(46.456) |
75.588 |
30.882 |
|
|
|
|
|
|
|
12 |
Extraordinary items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit / (Loss)
for the period |
(46.456) |
75.588 |
30.882 |
|
14 |
Share in Profit/(loss) of Associate |
0.000 |
0.000 |
0.000 |
|
15 |
Minority interest |
0.000 |
0.000 |
0.000 |
|
16 |
Net Profit / (Loss) after tax, minority interest and share of profit of associates for the period (13+14+15) |
(46.456) |
75.588 |
30.882 |
|
17 |
Paid-up Equity Share Capital (Face Value of Rs. 2/- each) |
263.790 |
263.790 |
263.790 |
|
18 |
Reserves excluding Revaluation Reserves |
3203.925 |
3250.382 |
3203.925 |
|
19. |
i Earnings Per Share (before extraordinary items) (of Rs. 2/- each) (not annualized) : |
|
|
|
|
|
a) Basic (Rs.) |
0.23 |
0.58 |
0.23 |
|
|
b) Diluted (Rs.) |
0.23 |
0.58 |
0.23 |
|
19. |
ii Earnings Per Share (after extraordinary items) (of Rs. 21- each) (not annualized): |
|
|
|
|
|
a) Basic (Rs.) |
0.23 |
0.58 |
0.23 |
|
|
b) Diluted (Rs.) |
0.23 |
0.58 |
0.23 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|||
|
|
|
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
Number of Shares |
35170228 |
36133871 |
35170228 |
|
|
Percentage of Shareholding |
26.67% |
27.40% |
26.67% |
|
2 |
Promoters and
promoter group Shareholding |
|
|
|
|
|
|
|
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
|
- Number of Shares |
15000000 |
15000000 |
15000000 |
|
|
- Percentage of Shares (as a % of the total Shareholding of the promoter and promoter Group) |
15.51% |
15.66% |
15.51% |
|
|
- Percentage of Shares (as a % of the total Share Capital of the Company) |
11.37% |
11.37% |
11.37% |
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of Shares |
81724772 |
80761129 |
81724772 |
|
|
- Percentage of Shares (as a % of the total Shareholding of the promoter and promoter Group) |
84.49% |
84.34% |
84.49% |
|
|
- Percentage of Shares (as a % of the total Share Capital of the Company) |
61.96% |
61.23% |
61.96% |
|
|
PARTICULARS |
3 Months Ended on 31.03.2014 |
|
B |
INVESTOR COMPLIANTS
(Nos.) |
|
|
|
Pending at the beginning of the Quarter |
Nil |
|
|
Received during the Quarter |
Nil |
|
|
Disposed during the Quarter |
Nil |
|
|
Remaining unresolved at the end of the Quarter |
Nil |
NOTE
1) as per Clause – 41 of the Listing Agreement, the Consolidated Financial Results for the year ended on 31-03-2014, includes the results of the Company, its subsidiary companies namely- Maurigo International Limited, Maurigo Pte. Limited, and Professional commodities private limited and its associates Gujarat Gokul Power Limited.
2) The Details of Funds raised through IPO and utilization of said funds are as follows:
|
Utilisation of
Funds |
Projected used of funds |
|
|
Rs. In Millions |
|
(a),Expenses for Setting up of a new 1500 TPD Soyabean processing plant near Gandhidham, Gujarat |
510.992 |
|
(b) Expansion of Existing edible oil refinery at Surat from 100 TPD to 400 TPD. |
68.500 |
|
(C )Further investment in wholly owned subsidiary in Singapore |
250.000 |
|
(d) Funding Part of their long term working capital |
606.986 |
|
(e) Brand Building Activity |
41.591 |
|
(f) Investment in increasing warehousing capacities and continuous capex for existing units |
100.168 |
|
(g) General Corporate Purposes |
262.591 |
|
(h) Public Issue Expenses |
87.558 |
|
Total Fund utilised till 31st March, 2014 |
1928.386 |
3) STATEMENT OF
ASSETS AND LIABILITIES AS ON 31.03.2014
|
|
Particular |
Standalone
|
|
As
on 31.03.2014 |
||
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders’
funds |
|
|
|
(a) Share capital |
263.790 |
|
|
(b) Reserves and surplus |
3203.925 |
|
|
Sub-total
- Shareholders' funds |
3467.715 |
|
|
|
|
|
2 |
Non-current
liabilities |
|
|
|
(a) Long-term borrowings |
510.000 |
|
|
(b) Deferred Tax Liabilities (Net) |
10.937 |
|
|
(c) Long-term provision |
4.724 |
|
|
Sub-total
- Non-current liabilities |
525.660 |
|
|
|
|
|
3 |
Current
liabilities |
|
|
|
(a) Short-term borrowings |
5820.455 |
|
|
(b) Trade payables |
10761.795 |
|
|
(c) Other current liabilities |
532.119 |
|
|
(d) Short-term provision |
204.865 |
|
|
Sub-total - Current
liabilities |
17319.234 |
|
|
TOTAL - EQUITY AND
LIABILITIES |
21312.610 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current
assets |
|
|
|
(a) Fixed assets |
3380.156 |
|
|
(b) Non-current investments |
146.929 |
|
|
(c) Long-term loans and advances |
37.126 |
|
|
(d) Deffered tax assets |
0.000 |
|
|
Sub-total
- Non-current assets |
3564.211 |
|
2 |
Current assets |
|
|
|
(a) Current Investments |
1187.190 |
|
|
(a) Inventories |
4019.786 |
|
|
(b) Trade receivables |
4209.909 |
|
|
(c) Cash and cash equivalents |
4717.090 |
|
|
(d) Short-term loans and advances |
2517.022 |
|
|
(e) Other current assets |
1097.401 |
|
|
Sub-total
- Current assets |
17748.399 |
|
|
TOTAL
- ASSETS |
21312.610 |
4) Corresponding figures for previous periods presented have been regrouped, where necessary, to conform to the current period’s
5) The above financial results have been approved by the Board of Directors at its meeting held on 30th May, 2014 after reviewed by the Audit Committee of the Directors of the company. The Statutory auditors have expressed an unqualified audit opinion.
6) The figures of the last quarter are the balancing figure
between the audited figures in respect of the full financial year and the
published year to date figures up to the third quarter of the current financial
year.
AUDITED SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE YEAR
ENDED ON 31ST MARCH, 2014
(Rs. In Millions)
|
Sr. No. |
Particulars |
Three months ended on 31.03.2014 |
Preceding Three months ended on 31.12.2013 |
For the year ended on 31.03.2014 |
|
(Audited) |
(Unaudited) |
(Audited) |
||
|
1 |
Segment Revenue |
|
|
|
|
|
(net sale/income from each segment [Should be disclosed under this head) |
|
|
|
|
|
a) Agro Based Commodities |
14532.960 |
15712.895 |
62270.184 |
|
|
Total |
14532.960 |
15712.895 |
62270.184 |
|
|
Less: Inter-segment Revenue |
|
|
|
|
|
Net Sales/Income
from Operations |
14532.960 |
15712.895 |
62270.184 |
|
2 |
Segment Results |
|
|
|
|
|
[Profit (+)/ Loss (-)before tax and interest from each segment] |
|
|
|
|
|
a) Agro Based Commodities |
156.798 |
222.523 |
700.830 |
|
|
Less: (i) Interest |
135.875 |
146.934 |
602.567 |
|
|
Total Profit before
Tax (Total Company) |
20.923 |
75.589 |
98.263 |
|
3 |
Capital Employed (Segment Assets -
Segment Liabilities) |
|
|
|
|
|
a) Agro Based Commodities |
3203.925 |
3514.172 |
3203.925 |
|
|
Total (Total
Company) |
3203.925 |
3514.172 |
3203.925 |
FIXED ASSETS
Tangible Assets
· Freehold Land
· Leasehold Land
· Buildings
· Plants and Equipment’s
· Furniture and Fixtures
· Office Equipment
· Computers
· Vehicles
Intangible Assets
· Brands/ Trademarks
· Computer Software
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.60.10 |
|
|
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
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.