1. Summary Information
|
Reference
# |
135-388353-01-020(20140306366) |
Country |
India |
|
Company Name |
COSMO FILMS
LIMITED |
Principal Name 1 |
Mr. Ashok Jaipuria |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Anil Kumar Jain |
|
Our Reference # |
257519 |
Registration # |
55-008355 |
|
Street Address |
1008, DLF Tower- A, Jasola District Centre, New Delhi-110025 |
||
|
Established Date |
07.10.1976 |
SIC Code |
-- |
|
Telephone# |
91-11-49494949 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-11-49494950 |
Business Style 2 |
Marketing |
|
Homepage |
Product Name 1 |
Bi-axially Oriented Polypropylene Film |
|
|
# of employees |
Not Available |
Product Name 2 |
Synthetic Paper |
|
Paid up capital |
Rs.
194,400,760/- |
Product Name 3 |
Termal Lamination
Machines |
|
Shareholders |
Promoter and
Promoter Group – 42.84% Public
Shareholding – 57.16% |
Banking |
ICICI Bank Limited |
|
Public Limited Corp. |
Yes |
Business Period |
38 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Ba (43) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary and step-down subsidiary
companies: |
USA |
Cosmo Films Inc. |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,259,800,000 |
Current Liabilities |
1,337,500,000 |
|
Inventories |
795,700,000 |
Long-term Liabilities |
4,241,700,000 |
|
Fixed Assets |
3,736,200,000 |
Other Liabilities |
760,100,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
6,339,300,000 |
|
Invest& other Assets |
3,236,900,000 |
Retained Earnings |
3,494,900,000 |
|
|
|
Net Worth |
3,689,300,000 |
|
Total Assets |
10,028,600,000 |
Total Liab. & Equity |
10,028,600,000 |
|
Total Assets (Previous Year) |
8,388,900,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
10,418,800,000 |
Net Profit |
141,300,000 |
|
Sales(Previous yr) |
9,230,500,000 |
Net Profit(Prev.yr) |
455,700,000 |
MIRA
INFORM REPORT
|
Report Date : |
19.03.2014 |
|
|
|
|
Tel. No.: |
91-240-2554611 |
|
Fax No.: |
91-240-2554416 |
IDENTIFICATION DETAILS
|
Name : |
COSMO FILMS LIMITED |
|
|
|
|
Registered Office : |
1008, DLF Tower- A, Jasola District Centre, New Delhi-110025 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
07.10.1976 |
|
|
|
|
Com. Reg. No.: |
55-008355 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs. 194.400 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L92114DL1976PLC008355 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
NSKC01059C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. Company's Shares are Listed on the
Stocks Exchange. |
|
|
|
|
Line of Business : |
Manufacturing and marketing Bi-axially Oriented Polypropylene Film and
Synthetic Paper. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 15000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. There appears sharp dip in profit of the company during the financial
year 2013. However, general financial position of the company seems to be decent.
Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The company can be considered for business dealings at usual trade
term 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years,
according to the Indian Banks Association. A study by trade lobby Assocham in
September 2013 indicated that banks would need 800000 people in the next six
years. It estimated that state-run lenders alone would hire 50000 people in
2013/14.
The Competition Commission of India
plans to issue final orders within a broad time-frame of one year in matters
where it decides to carry out detailed investigations. The number of complaints
received by the watchdog which keeps tabs on unfair trade practices in the
marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
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.
LOCATIONS
|
Registered Office / Corporate Office : |
1008, DLF tower- A, Jasola District Centre, New Delhi-110025, India |
|
Tel. No.: |
91-11-49494949 |
|
Fax No.: |
91-11-49494950 |
|
E-Mail : |
ashok@dl.cosmo.sprintsmx.ems.vsnl.net.in mm.rao@gndel-cfldel.global.net.in skmittal@gndel-cfldel.global.net.in
secretary@cosmofilms.com
|
|
Website : |
|
|
|
|
|
Factory 1 : |
J-4, MIDC
Industrial Area, Chikalthana, |
|
Tel. No.: |
91-240-2485894 |
|
|
|
|
Factory 2 : |
B-14/8-9, MIDC
Industrial Area, Waluj, |
|
Tel. No.: |
91-240-2554612 /
13 / 14 / 2554611 |
|
Fax No.: |
91-240-2554416 /
2556275 |
|
E-Mail : |
|
|
|
|
|
Factory 3 |
B – 21, MIDC Industrial Area, |
|
Tel No.: |
91-240-2551888/ 2553353/ 54 |
|
|
|
|
Factory 4 : |
Vermardi Road,
Village Navi Jihardi, Near Inox, Off. N. H. Road, Taluka-Karjan,
Vadodara-391240, |
|
Tel. No.: |
91-2666-232960/231635
/ 231097 |
|
Fax No.: |
91-2666-232961 |
|
E-Mail : |
|
|
|
|
|
Factory 5 : |
Plot No. 359-B, |
|
Tel. No.: |
91-2676-247021/247128 |
|
Fax No.: |
91-2676-247041 |
|
|
|
|
Factory 6 : |
Mercuriusstraat
9, 6468 ES |
|
Tel. No.: |
31 45
535 7676 |
|
Fax No.: |
31 45
535 7878 |
|
|
|
|
Factory 7 : |
560,
Western Maryland Parkway, Hagerstown, Maryland 21740 |
|
Tel. No.: |
+302-3287780
|
|
Fax No.: |
+302-5311831 |
|
|
|
|
Factory 8 : |
811, Sineon-RI, Dogo-Myeon, Asan-SI, Choongnam-336-914 South Korea |
|
Tel. No.: |
+82-41-531-1830 |
|
Fax No.: |
+82-41-531-1831 |
|
|
|
|
Factory 9 : |
303, 3rd Floor, Gokul Arcade, A Wing, Opposite Hong Kong Bank, Subhash Raod, Vile Parle (East), Mumbai – 400057, Maharashtra, India |
|
Tel. No.: |
91-22-28261195/28261197/28266395 |
|
E-Mail : |
|
|
|
|
|
Factory 9 : |
AL-24/1, MIDC-SEZ, Slendra Industrial Area, Aurangabad – 431201, Maharashtra, India |
|
Tel. No.: |
91240-2622205/2622301 |
|
|
|
|
State Office : |
Located at:
|
|
|
|
|
Branch Office
: |
Located at:
|
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Ashok Jaipuria |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
Degree in Associates of Arts in Business Administration & Diploma
in Marketing Science |
|
Date of Appointment : |
02.04.1980 |
|
|
|
|
Name : |
Mr. Anil Kumar Jain |
|
Designation : |
Whole Time Director |
|
Date of Birth : |
18.03.1951 |
|
Date of Appointment : |
24.05.2011 |
|
Qualification : |
B.Com. (H), A.I.C.W.A., CISA |
|
ssss |
|
|
Name : |
Mr. H K Agarwal |
|
Designation : |
Independent Director |
|
Date of Birth : |
11.10.1947 |
|
Date of Appointment : |
13.01.2000 |
|
|
|
|
Name : |
Dr. Surinder Kapur |
|
Designation : |
Independent Director |
|
Qualification : |
Ph.D. in Mechanical Engineering |
|
|
|
|
Name : |
Mr. Rajeev Gupta |
|
Designation : |
Independent Director |
|
Qualification : |
B E and MBA |
|
|
|
|
Name : |
Mr. Badri Agarwal |
|
Designation : |
Director |
|
Qualification : |
Chartered Accountant |
|
|
|
|
Name : |
Mr. R Vasudevan |
|
Designation : |
Independent Director |
|
Qualification : |
B.A. (Hons) Economics, M.A. (Economics and Statistics), MPA
(Development Economics) |
|
|
|
|
Name : |
Mr. Suresh Rajpal |
|
Designation : |
Independent Director |
|
Date of Birth : |
17.08.1943 |
|
Date of Appointment ; |
28.05.2010 |
|
Qualification : |
BE (Electrical) MBA |
|
|
|
|
Name : |
R Vasudevan |
|
Designation : |
Independent Director |
|
Qualification : |
B.A (Hons) Economics, M A (Economics and Statistics), MPA (Development
Economics) Harvard University, USA |
KEY EXECUTIVES
|
Name : |
Mr. Neeraj Jain |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Pankaj Poddar |
|
Designation : |
President |
|
|
|
|
Name : |
Mr. A G Deshpande |
|
Designation : |
Vice President – R and D and Business Development |
|
|
|
|
Name : |
Mr. Janardhan Gupta |
|
Designation : |
Vice President – Legal and Special Assignment |
|
|
|
|
Name : |
Mr. Tanuj Agarwal |
|
Designation : |
Vice President- International Operation |
|
|
|
|
Name : |
|
|
Designation : |
General Manager – Manufacturing |
|
|
|
|
Name : |
Mr. A.K. Pathak |
|
Designation : |
General Manager – Manufacturing |
|
|
|
|
Name : |
Mr. N.R. More |
|
Designation : |
General Manager – Engineering |
|
|
|
|
Name : |
Mr. R.K. Gupta |
|
Designation : |
General Manager – Commercial |
|
|
|
|
Name : |
Mr. Sanjay Chincholikar |
|
Designation : |
General Manager – Global Head Packing Films |
|
|
|
|
Name : |
Mr. S. K. Dutta |
|
Designation : |
General Manager- Manufacturing |
|
|
|
|
Name : |
Mr. Rajeev Joshi |
|
Designation : |
Head – HR |
|
|
|
|
Name : |
Mr. Jagdip Kumar |
|
Designation : |
Assistant General Manager – Information Technology |
|
|
|
|
Name : |
Mr. Shailesh Verma |
|
Designation : |
General Manager - Global Head Specialty Films |
|
|
|
|
Name : |
Ms. Jyoti Dixit |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1138881 |
5.86 |
|
|
7189558 |
36.98 |
|
|
8328439 |
42.84 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
8328439 |
42.84 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2380 |
0.01 |
|
|
4300 |
0.02 |
|
|
4200 |
0.02 |
|
|
10880 |
0.06 |
|
|
|
|
|
|
1228516 |
6.32 |
|
|
|
|
|
|
6718425 |
34.56 |
|
|
1841519 |
9.47 |
|
|
1312297 |
6.75 |
|
|
1307197 |
6.72 |
|
|
5100 |
0.03 |
|
|
11100757 |
57.10 |
|
Total Public shareholding (B) |
11111637 |
57.16 |
|
Total (A)+(B) |
19440076 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
19440076 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and marketing Bi-axially Oriented Polypropylene Film and
Synthetic Paper. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Biaxially
Oriented Polypropylene Film and Synthetic Paper |
MT |
122200 |
87787 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Walker Chandlok and Company Chartered Accountant |
|
Address : |
21st Floor, DLf Square, Jacaranda Marg, DLF Phase II,
Gurgaon – 122002, Haryana, India |
|
Tel No.: |
91-124-4528000 |
|
Fax No.: |
91-124-4528001 |
|
Email: |
|
|
|
|
|
Subsidiary and
step-down subsidiary companies: |
|
|
|
|
|
Enterprises over
which Key managerial personnel of the Company and their relatives have
significant influence: |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19440076 |
Equity Shares |
Rs.10/- each |
Rs. 194.400
Millions |
|
|
|
|
|
Note:
Of the above 242,051 (previous year 242,051) shares have been alloted to erstwhile shareholders of Gujarat Propack Limited on amalgamation.
Of the above 8,486,705 (previous year 8,486,705) shares have been allotted as fully paid bonus shares by capitalization of capital reserves and share premium account.
a) There is no movement in equity share capital during the current year and previous year.
b) Terms and rights attached to equity shares
The Company has only one class of equity shares having the par value of Rs.10 per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees.
During the year ended 31 March 2013, the amount of per share dividend recognised as distributions to equity shareholders was Rs. 2.50 (previous year ` 5 per share). The dividend proposed by Board of Directors is subject to approval of shareholders in Annual General Meeting.
In the event of liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets of the Company, after payment of all liabilities. The distribution will be in proportion to the number of equity shares held by the shareholders.
Details of
shareholders holding more than 5% shares in the Company
|
Name of shareholder |
As at 31 March 2013 |
|
|
|
Number of shares
held |
% of holding |
|
Sunrise Manufacturing Company Limited |
3,957,552 |
20.36% |
|
Pravasi Enterprises Limited |
2,271,104 |
11.68% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
194.400 |
|
(b) Reserves & Surplus |
|
|
3494.900 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
3689.300 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
2278.700 |
|
(b) Deferred tax liabilities (Net) |
|
|
697.100 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term
provisions |
|
|
0.000 |
|
Total Non-current
Liabilities (3) |
|
|
2975.800 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
1963.000 |
|
(b) Trade
payables |
|
|
894.600 |
|
(c) Other
current liabilities |
|
|
442.900 |
|
(d) Short-term
provisions |
|
|
63.000 |
|
Total Current
Liabilities (4) |
|
|
3363.500 |
|
|
|
|
|
|
TOTAL |
|
|
10028.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
|
3670.800 |
|
(ii) Intangible
Assets |
|
|
65.400 |
|
(iii)
Capital work-in-progress |
|
|
1577.000 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
1659.900 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
145.200 |
|
(e) Other Non-current
assets |
|
|
1.400 |
|
Total Non-Current
Assets |
|
|
7119.700 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
795.700 |
|
(c) Trade
receivables |
|
|
1145.000 |
|
(d) Cash
and cash equivalents |
|
|
138.800 |
|
(e)
Short-term loans and advances |
|
|
825.000 |
|
(f) Other
current assets |
|
|
4.400 |
|
Total
Current Assets |
|
|
2908.900 |
|
|
|
|
|
|
TOTAL |
|
|
10028.600 |
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
194.400 |
194.400 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
3388.300 |
3123.800 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
3582.700 |
3318.200 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
2919.000 |
3001.200 |
|
|
2] Unsecured Loans |
|
100.100 |
123.100 |
|
|
TOTAL BORROWING |
|
3019.100 |
3124.300 |
|
|
DEFERRED TAX LIABILITIES |
|
660.500 |
647.500 |
|
|
|
|
|
|
|
|
TOTAL |
|
7262.300 |
7090.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
3730.700 |
3628.100 |
|
|
Capital work-in-progress |
|
38.000 |
90.300 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
1209.900 |
547.900 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
967.100
|
803.700
|
|
|
Sundry Debtors |
|
1049.900
|
1782.200
|
|
|
Cash & Bank Balances |
|
389.600
|
469.300
|
|
|
Other Current Assets |
|
7.600
|
0.000
|
|
|
Loans & Advances |
|
996.100
|
506.500
|
|
Total
Current Assets |
|
3410.300
|
3561.700 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
580.300
|
208.200
|
|
|
Other Current Liabilities |
|
407.600
|
395.900
|
|
|
Provisions |
|
138.700
|
133.900
|
|
Total
Current Liabilities |
|
1126.600
|
738.000 |
|
|
Net Current Assets |
|
2283.700
|
2823.700
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
7262.300 |
7090.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10418.800 |
9230.500 |
9380.200 |
|
|
|
Other Income |
40.600 |
11.700 |
159.900 |
|
|
|
TOTAL (A) |
10459.400 |
9242.200 |
9540.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
7066.800 |
6140.200 |
8419.700 |
|
|
|
Purchases of Traded Goods |
0.000 |
0.000 |
1.100 |
|
|
|
Employees Benefits Expenses |
463.00 |
528.100 |
0.000 |
|
|
|
Other Expenses |
2065.900 |
1782.000 |
0.000 |
|
|
|
Increase/(Decrease) in Finished Goods |
47.600 |
(218.400) |
(1.200) |
|
|
|
Exceptional Items |
57.500 |
(69.000) |
-- |
|
|
|
TOTAL (B) |
9700.800 |
8162.900 |
8419.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
758.600 |
1079.300 |
1120.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
227.400 |
225.000 |
160.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
531.200 |
854.300 |
959.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
331.700 |
301.500 |
283.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
199.500 |
552.800 |
676.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
58.200 |
97.100 |
172.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
141.300 |
455.700 |
504.500 |
|
|
|
|
|
|
|
|
|
|
EXTRAORDINARY
ITEM |
0.000 |
0.000 |
10.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
INCLUDING EXTRA-ORDINARY ITEM |
0.000 |
0.000 |
515.200 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend on Equity Shares |
48.600 |
97.200 |
97.200 |
|
|
|
Corporate Tax on Dividend |
8.300 |
15.800 |
15.800 |
|
|
|
Transfer to General Reserve –II |
14.100 |
45.600 |
40.000 |
|
|
|
Transfer to General Reserve |
-- |
-- |
362.200 |
|
|
BALANCE CARRIED
TO THE B/S |
367.400 |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
EXPORT OF GOODS
CALCULATED ON F.O.B BASIS |
5077.400 |
4182.200 |
4628.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1968.200 |
1593.100 |
1716.000 |
|
|
|
Stores & Spares |
38.600 |
32.200 |
72.600 |
|
|
|
Capital Goods |
1017.800 |
33.900 |
93.900 |
|
|
TOTAL IMPORTS |
3024.600 |
1659.200 |
1882.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.27 |
23.44 |
26.50 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total
Income |
(%) |
1.35
|
4.93
|
5.29
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.91
|
5.99
|
7.22
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.94
|
7.74
|
9.41
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.15
|
0.20
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.15
|
0.84
|
0.94
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.86
|
3.03
|
4.83
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
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 |
9380.200 |
9230.500 |
10418.800 |
|
|
|
(1.596) |
12.874 |
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 |
9380.200 |
9230.500 |
10418.800 |
|
Profit |
504.500 |
455.700 |
141.300 |
|
|
5.38% |
4.94% |
1.36% |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
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 |
No |
LITIGATION DETAILS
IN THE HIGH COURT OF
DELHI AT NEW DELHI
ITA 188/2012
ITA 184/2012
ITA 185/2012
ITA 186/2012
ITA 187/2012
ITA 190/2012
COMMISSIONER OF INCOME TAX ..... Appellant
Through: Mr. N. P. Sahni, Sr. Standing Counsel
versus
COSMO FILMS LIMITED ..... Respondent
Through: Mr. Deepak Chopra, Sr. Standing Counsel.
CORAM:
HON'BLE MR. JUSTICE SANJIV KHANNA
HON'BLE MR. JUSTICE R.V.EASWAR
O R D E R
21.03.2012
To be listed before another Bench of which one of us (R. V. Easwar, J.) is
not a member, subject to order of Hon’ble the Acting Chief Justice.
List on 28.03.2012.
SANJIV KHANNA, J
R.V.EASWAR, J
MARCH 21, 2012
hs
$ 24
OPERATIONS
On year to year basis net sales has increased by 11.95% (standalone) and by 10.98% (consolidated). Operational
Profits of the Company has registered a increase of 5.65% (consolidated) however there is a decline of 19.21% (standalone). New plant at Shendra, SEZ, Aurangabad is expected to be commissioned by July 2013.
The capacity addition in the industry along with unexpected increase in raw material cost has impacted margins during financial year 2012-2013. However, the Company has taken several steps including cost control to increase operating margins and management is confident on achieving results on these steps.
EXPORTS
Cosmo continues to maintain its position of largest BOPP film exporter from India. Exports registered an increase of 21.40% from Rs.4182.200 Millions in 2011-12 to Rs.5077.400 Millions in 2012-13.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Since its inception, Cosmo Films has diversified its business model and has shown significant presence in both the domestic as well as international markets. The Company is a leading manufacturer and supplier of BOPP films, such as co-extruded plain, heat sealable matte, white opaque, pearlised metalized films. Cosmo products are used for food and industrial packaging and labels. It also manufactures thermal laminating films and synthetic paper. The Company offers films for wrap around labels, self-adhesive labels and in-mould labels and BOPP films for liners.
The Company’s new plant at Shendra SEZ, Aurangabad is being commissioned by July, 2013. With this new plant the total installed capacity would increase to 130,000 TPA (tones per annum) for BOPP, 40,000 TPA for thermal films and 8,000 TPA for metalized films. This new plant would mainly be dedicated to exports.
ECONOMIC OVERVIEW AND
INDUSTRY SCENARIO
Pulled down by poor performance of farm, manufacturing and mining sectors, Indian Economic Growth fell to a decade’s low of 5% for the entire 2012-13 fiscal. However, the Indian Plastic industry witnessed strong growth, with strong off-take from industries like packaging, automotive and infrastructure sector during the financial year of 2012-13. However, the consumption of Plastics in India increased by only 6% in the year 2011-12, which shows significant slowdown in the consumption of Plastics in their country in the last year.
According to the All India Plastics Manufacturers’ Association (AIPMA), domestic consumption of plastic has been growing at 10-12% CAGR over the last decade.
OPERATIONAL AND
FINANCIAL PERFORMANCE:
During the year, turnover of the Company registered a growth of around 11% Y-o-Y with Net Sales of Rs.12485.000 Millions as against Rs.11249.800 Millions in FY’12. (Consolidated No’s) On Standalone basis the turnover increased by around 12%- Rs.10287.600 Millions in FY 2012-13 as compared to Rs.9189.500 Millions in FY 2011-12.
The other details of the financial performance are appearing in the financial statements appearing separately in the financial statements. For highlights, please refer to the Directors’ Report forming part of the Annual Report.
INTERNAL CONTROL
SYSTEM
The Company has an Internal Audit System commensurate with its size and nature of the business activities. Internal Audit system with adequate internal controls has been implemented by the management towards achieving efficiency of operations, management of resources, accuracy and promptness of financial reporting and compliance with laws and regulations. The Internal Audit is carried out by Internal Auditors and covers all the key areas of the Company’s business.
FUTURE OUTLOOK
The vision of COSMO FILMS is to become the most preferred brand for packaging and laminating solutions globally. Its mission is to seek global market leadership, development and growth in Oriented and Thermal films, create a winning culture operating in highest standards of ethics and values and to strive for excellence in customer service, quality and R and D.
BACKGROUND AND NATURE
OF OPERATIONS
Subject manufacturers of Bi-axially Oriented Polypropylene Films (BOPP) was incorporated in India in 1981, under the Companies Act 1956. The Company is engaged in the production of packaging films. Company’s product majorly comprises of BOPP Films and Thermal Films. In India, the Company is currently working at Aurangabad in Maharashtra and at Karjan in Gujarat. It also has its subsidiaries working in different countries.
UNSECURED LOAN
|
PARTICULARS |
Rs.
In Millions 31.03.2012 |
|
Term loans |
|
|
From Banks |
0.000 |
|
From Others |
100.100 |
|
|
|
|
TOTAL |
100.100 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10451915 |
16/09/2013 |
300,000,000.00 |
IDBI BANK LIMITED |
IDBI BANK
LIMITED, 3RD FLOOR RED CROSS BUILDING, 1 RED CROSS ROAD, NEW DELHI, DELHI -
110001, INDIA |
B86125994 |
|
2 |
10425265 |
20/06/2013 * |
600,400,000.00 |
INTERNATIONAL FINANCE CORPORATION |
VIBGYOR TOWERS,
6TH FLOOR, G - BLOCK, C - 62, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI,
MAHARASHTRA |
B78970860 |
|
3 |
10427044 |
02/05/2013 |
200,000,000.00 |
DBS BANK LIMITED |
CAPITOL POINT,
BABA KHARAK SINGH MARG, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
B75595462 |
|
4 |
10422571 |
15/04/2013 |
392,000,000.00 |
DBS BANK LIMITED |
CAPITOL POINT,
BABA KHARAK SINGH MARG, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
B73982183 |
|
5 |
10351543 |
05/04/2012 |
554,000.00 |
UNION BANK OF INDIA |
11 KRUPA
BUILDING, NEAR PATHAN GATE, AURANGABAD, MAHARASHTRA - 431005, INDIA |
B38148268 |
|
6 |
10351562 |
05/04/2012 |
555,000.00 |
UNION BANK OF INDIA |
11 KRUPA
BUILDING, NEAR PATHAN GATE, AURANGABAD, |
B38148011 |
|
7 |
10328207 |
29/12/2011 |
560,000.00 |
UNION BANK OF INDIA |
11 KRUPA
BUILDING, NEAR PATHAN GATE, AURANGABAD, |
B29492535 |
|
8 |
10328209 |
29/12/2011 |
586,000.00 |
UNION BANK OF INDIA |
11 KRUPA
BUILDING, NEAR PATHAN GATE, AURANGABAD, |
B29493137 |
|
9 |
10328205 |
15/12/2011 |
715,000.00 |
UNION BANK OF INDIA |
11 KRUPA
BUILDING, NEAR PATHAN GATE, AURANGABAD, |
B29491859 |
|
10 |
10311334 |
29/09/2011 |
600,000.00 |
UNION BANK OF INDIA |
11 KRUPA
BUILDING, NEAR PATHAN GATE, AURANGABAD, |
B22998041 |
* Date of charge modification
FIXED ASSETS
- Freehold Land
- Leasehold Land
- Land and building
- Building
- Plant and Machinery
- Furniture, Fixture and Fittings
- Factory and Office
- Equipments
- Vehicles
UNAUDITED
STANDALONE FINANCIAL RESULTS
(Rs. In Millions)
|
|
Quarter Ended |
Nine Months Ended |
|
|
Particulars |
31.12.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
Part I |
|
|
|
|
Net Sales |
3298.300 |
2904.000 |
8772.300 |
|
Other Operating Income |
10.700 |
10.900 |
35.200 |
|
Total (1) |
3309.100 |
2914.900 |
8807.500 |
|
Expenses: |
|
|
|
|
(Increase) / Decrease Stock |
(80.200) |
(255.300) |
(286.800) |
|
Cost Of Materials Consumed |
2520.000 |
2219.700 |
6462.800 |
|
Power, water and fuel |
249.000 |
204.600 |
628.700 |
|
Employee Benefits Expenses |
142.700 |
145.500 |
420.800 |
|
Depreciation And Amortisation Expense |
110.700 |
95.600 |
293.100 |
|
Other Expenses |
334.200 |
302.400 |
923.800 |
|
Total |
3276.400 |
2712.500 |
8442.400 |
|
Profit / (Loss)
From Operations Before Other Income, Finance Costs & Exceptional Items |
32.600 |
202.400 |
365.100 |
|
Other Income |
50.000 |
2.600 |
53.600 |
|
Profit / (Loss)
Before Finance Costs And Exceptional Items |
82.600 |
205.000 |
418.700 |
|
Finance Costs |
117.700 |
102.700 |
286.200 |
|
Profit / (Loss)
After Finance Costs But Before Exceptional Items |
(35.100) |
102.300 |
132.500 |
|
Exceptional Items - Gain / (Loss) |
(11.400) |
(51.000) |
(142.600) |
|
Profit / (Loss)
From Ordinary Activities Before Tax |
(46.500) |
51.300 |
(10.100) |
|
Tax Expense |
|
|
|
|
- Current Tax |
(17.600) |
18.100 |
(4.300) |
|
- Ealrlier Years |
-- |
-- |
-- |
|
Net Profit / (Loss)
From Ordinary Activities After Tax |
(28.900) |
33.200 |
(5.800) |
|
Extraordinary Item (Net Of Tax Expense) |
-- |
-- |
-- |
|
Net Profit / (Loss)
For The Period |
(28.900) |
33.200 |
(5.800) |
|
Paid-Up Equity Share Capital (Face Value : Rs 10/- Per Share) |
194.400 |
194.400 |
194.400 |
|
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
Earnings Per Share
(Of Rs. 10 Each) (Before / After Extraordinary Items) |
-- |
-- |
-- |
|
-Basic and Diluted |
(1.48) |
1.71 |
(0.30) |
|
Part Ii |
|
|
|
|
Particulars Of
Shareholding |
|
|
|
|
Public Shareholding |
|
|
|
|
-Number Of Shares |
11111637 |
11111637 |
11111637 |
|
- Percentage Of Shareholding |
57% |
57% |
57% |
|
Promoters And
Promoter Group Shareholding Pledged/Encumbered |
|
|
|
|
-Number of Shares |
NIL |
NIL |
NIL |
|
- Percentage Of Shares |
NIL |
NIL |
NIL |
|
Non – Encumbered |
|
|
|
|
-Number of Shares |
8328439 |
8328439 |
8328439 |
|
- Percentage Of Shares (As A % Of The Total Shareholding Of Promoter & Promoter Group) |
100% |
100% |
100% |
|
- Percentage Of Shares (As A % Of The Total Share Capital Of The Company) |
43% |
43% |
43% |
|
Investor Complaints |
|
|
|
|
Pending At The Beginning Of The Quarter |
Nil |
|
|
|
Received During The Quarter |
7 |
|
|
|
Disposed Of During The Quarter |
7 |
|
|
|
Remaining Unresolved At The End Of The Quarter |
Nil |
|
|
SEGMENTWISE
REVENUE, RESULT AND CAPITAL EMPLOYED
(Rs. In Millions)
|
|
Quarter Ended |
Nine Months Ended |
|
|
Particulars |
31.12.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
Segment Revenue |
|
|
|
|
Packing Films |
3298.300 |
2904.000 |
8772.300 |
|
Others |
-- |
-- |
-- |
|
Sub Total |
3298.300 |
2904.00 |
8772.300 |
|
Less: Inter Segment
Revenue |
-- |
-- |
-- |
|
Total |
3298.300 |
2904.000 |
8772.300 |
|
|
|
|
|
|
Segment Results |
|
|
|
|
Profit / (Loss) before tax and interest |
|
|
|
|
Packing Films |
76.100 |
158.200 |
290.900 |
|
Others |
-- |
-- |
-- |
|
Sub Total |
76.100 |
158.200 |
290.900 |
|
Less: Finance Cost |
117.700 |
102.700 |
286.200 |
|
Less: Unalocable
expenses net of Unalocable income |
4.900 |
4.200 |
14.800 |
|
Profit from
ordinary activity before tax |
(46.500) |
51.300 |
(10.100) |
|
|
|
|
|
|
Capital Employed |
|
|
|
|
Packing Films |
7899.100 |
7972.600 |
7899.100 |
|
Others |
-- |
-- |
-- |
|
Unallocated |
2018.200 |
2221.700 |
2018.200 |
|
Total |
9917.300 |
10194.300 |
9917.300 |
NOTE:
The above unaudited financial results were reviewed by the
Audit Committee and approved by the Board of Director on February 14, 2014 and
limited review of the same has been carried out by the Statutory Auditor of the
Company.
Other income includes profit on sale of land amounting to Rs. 40.500 Millions
during the quarter and nine month ended December 31, 2013.
Exceptional Items during the quarter includes: Quarter on December 31, 2013
|
|
Quarter Ended |
Nine Months Ended |
|
|
Particulars |
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
Profit / (loss) on exchange rate fluctuations* |
(11.400) |
(51.000) |
(142.600) |
Due to significant volatillity in foreign currency exchange rates in current
year the company has considered profit / (loss) on foreign exchange fluctuation
as an exception item and previous periods / year figures have been regrouped
accordingly.
Figures for the previous periods / year have been regrouped wherever required.
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.95 |
|
|
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.84.89 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.