MIRA INFORM REPORT
|
Report Date : |
05.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
BANSWARA SYNTEX LIMITED |
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Registered
Office : |
Industrial Area, |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
05.05.1976 |
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Com. Reg. No.: |
17-001684 |
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Capital
Investment / Paid-up Capital : |
Rs.164.712 Millions |
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CIN No.: [Company
Identification No.] |
L24302RJ1976PLC001684 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
JDHB01978E / JDHB04353G |
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PAN No.: [Permanent
Account No.] |
AAACB8403F / AAACB8403F |
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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
: |
Manufacturing and Marketing of Synthetic Fiber and Yarn. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 7500000 |
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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. General financial position of the company seems to be sound.
Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The concern can be considered for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
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
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
07.01.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3 |
|
Rating Explanation |
Moderate degree of safety and high credit
risk |
|
Date |
07.01.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non-Cooperative (Tel No.: 91-22-66336571)
LOCATIONS
|
Registered Office/Factory 1 : |
Industrial Area, |
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Tel. No.: |
91-2962-242301 to 242306 / 240690 / 240691 / 240693 / 257676 - 681 |
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Fax No.: |
91-2962-240692 |
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E-Mail : |
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Website : |
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Corporate Office
/ Head Office / Marketing Office 1: |
5th Floor, Gopal Bhawan, 199, Princess Street, Mumbai -
400002, Maharashtra, India |
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Tel. No.: |
91-22-66336571/76 |
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Fax No.: |
91-22-22064486 |
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E-Mail : |
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Marketing Office 2: |
Flat No. 204, E-2, A.R.A Centre, Jhandew Alan Ext, New Delhi – 110055,
India |
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Tel No.: |
91-11-23676124/23676948 |
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E-Mail : |
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Factory 2 : |
Readymade
Garment Unit -I 98/3, Village Kadaiya, Nani Daman, Daman 396 210, India |
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Factory 3 : |
Readymade Garment
Unit -II Survey No. 713/1, 713/2, 713/3, 725/2 and 725/1, Village Dabhel, Nani
Daman, Daman 396 210, India |
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Factory 4 : |
Readymade
Garment Unit -III Survey No. 722/9, Village Dabhel, Nani Daman – 396210, India |
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Factory 5 : |
Plot No. 85/3, 85/4 And 86/2, Village Kadaiya, Daman Industrial Area,
Nani Daman, Daman – 396210, U. T., India |
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Factory 6 : |
Plot No. 5-6, |
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Branches : |
Located At:
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DIRECTORS
As on 31.03.2013
|
Name : |
Mr. R. L. Toshniwal |
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Designation : |
Chairman and Managing Director |
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Date of Birth/Age : |
74 Years |
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Qualification : |
M. Sc. |
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Name : |
Mr. Ravindra Kumar Toshniwal |
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Designation : |
Managing Director |
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Date of Birth/Age : |
44 Years |
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Name : |
Mr. Ravindra Kumar Toshniwal |
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Name : |
Mr. Rakesh Mehra |
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Designation : |
Vice Chairman |
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Date of Birth/Age : |
50 Years |
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Qualification : |
F.C.A. |
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Name : |
Mr. Shaleen Toshniwal |
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Designation : |
Managing Director |
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Date of Birth/Age : |
30 Years |
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Qualification : |
MBA |
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Name : |
Mr. P. Kumar |
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Designation : |
Director |
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Name : |
Mr. D. P. Garg |
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Designation : |
Director |
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Name : |
Mr. S. B. Agarwal |
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Designation : |
Director |
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Name : |
Mr. Vijay Kumar Agarwal |
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Designation : |
Director |
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Date of Birth/Age : |
62 Years |
|
Name : |
Mr. Rakesh Mehra |
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Designation : |
Vice Chairman |
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Date of Birth/Age : |
50 Years |
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Qualification : |
F.C.A. |
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|
Name : |
Mr. Shaleen Toshniwal |
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Designation : |
Managing Director |
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Date of Birth/Age : |
30 Years |
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Qualification : |
MBA |
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|
Name : |
Mr. P. Kumar |
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Designation : |
Director |
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Name : |
Mr. D. P. Garg |
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Designation : |
Director |
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Name : |
Mr. S. B. Agarwal |
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Designation : |
Director |
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Name : |
Mr. Vijay Kumar Agarwal |
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Designation : |
Director |
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Date of Birth/Age : |
63 Years |
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Name : |
Mr. P.K. Bhandari |
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Designation : |
Director |
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Name : |
Mr. Kamal Kishore Kacholia |
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Designation : |
Director |
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Date of Birth/Age : |
63 Years |
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Name : |
Mr. Vijay Mehta |
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Designation : |
Director |
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Date of Birth/Age : |
60 Years |
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Name : |
Mr. A. N. Jariwala |
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Designation : |
Director |
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Name : |
C. P. Ravindranath |
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Designation : |
Nominee Director |
KEY EXECUTIVES
|
Name : |
Mr. S. S. Sajal |
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Designation : |
President |
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Name : |
Mr. J. K. Rathi |
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Designation : |
President (Commercial) |
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Name : |
Mr. J. K. Jain |
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Designation : |
Sr. Vice President (Finance and Commerce) and Company Secretary |
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Name : |
Mr. S. N. Gupta |
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Designation : |
Senior Vice President (Technical) |
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Name : |
Mr. S. S. Kella |
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Designation : |
Vice President (Audit and Taxation) |
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Name : |
Mr. S. R. Jain |
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Designation : |
Vice President [Engineering] |
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Name : |
Mr. Ashok Mishra |
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Designation : |
Vice President [Technical Worsted] |
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Name : |
Mr. Nailesh Joshi |
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Designation : |
Vice Presidend (Technical Surat SFZ Unit) |
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Name : |
Mr. Prashant Joshi |
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Designation : |
Vice President [Processing] |
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Name : |
Mr. D.K. Menariya |
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Designation : |
Vice President [Personal] |
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Name : |
Mr. Basant Kala |
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Designation : |
Vice President (Finance and Accounts) |
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Name : |
Mr. Vasant V. Bhagwat |
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Designation : |
Vice President (Sales and Marketing)
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SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
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|
7304602 |
47.05 |
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|
1269919 |
8.18 |
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|
8574521 |
55.23 |
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|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
8574521 |
55.23 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
4925 |
0.03 |
|
|
570 |
0.00 |
|
|
2108581 |
13.58 |
|
|
2114076 |
13.62 |
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|
|
|
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|
1875413 |
12.08 |
|
|
|
|
|
|
1993200 |
12.84 |
|
|
969151 |
6.24 |
|
|
4837764 |
31.16 |
|
Total
Public shareholding (B) |
6951840 |
44.77 |
|
Total
(A)+(B) |
15526361 |
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) |
15526361 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Synthetic Fiber and Yarn. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Installed
Capacity |
|
Yarn Spinning (Ring Spindles) |
141412 |
|
Yarn Spinning (Air Jet Spindles) |
736 |
|
Fabric Weaving (Looms) |
268 |
|
Fabric Processing (Stenters) |
7 |
|
Garment (Pcs.) |
Not Assessed |
|
Particulars |
Actual
Production |
|
Yarn (Kgs.) |
28035415 |
|
Cloth (Mtrs.) |
34679290 |
|
Garments / Made Ups (No. of Pcs.) |
1991065 |
|
Waste (Kgs.) |
2252596 |
|
Power (Units) |
116809737 |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Kalani and Company Chartered Accountants |
|
Address : |
Mangal Marg, Bapu Nagar, Jaipur - 302004, Rajasthan, India |
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Joint Venture and
Associate concerns: |
·
Carreman Fabrics India Limited ·
Banswara Fabrics Limited ·
Treves Banswara Private Limited |
|
|
|
|
Enterprises where
Key Management Personnel has control /interest: |
·
Dhruv Impex ·
Mehra
International ·
Lawson Trading Company Private Limited ·
Niral Trading Private Limited ·
Shaleen Syntex Limited ·
Moonfine Trading Company Private Limited ·
Speed Shore Trading Company Private Limited ·
Toshniwal Trust ·
APM Industries Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000000 |
Equity Shares |
Rs.10/- each |
Rs.450.000 Millions |
|
500000 |
3% Redeemable Preference Shares |
Rs.100/- each |
Rs.50.000 Millions |
|
|
Total |
|
Rs.500.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14756361 |
Equity Shares |
Rs.10/- each |
Rs.147.564 Millions |
|
173000 |
3% Redeemable Preference Shares |
Rs.100/-
each |
Rs.17.300 Millions |
|
|
Total |
|
Rs.164.864 Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
Subscribed and fully
Paid |
|
|
|
|
|
|
|
|
14726061 |
Equity Shares |
Rs.10/- each |
Rs.147.261
Millions |
|
173000 |
3% Redeemable Preference Shares |
Rs.100/-
each |
Rs.17.300
Millions |
|
|
Total |
|
Rs.164.561 Millions |
|
|
|
|
|
|
|
Subscribed but not
fully Paid |
|
|
|
|
|
|
|
|
303000 |
Equity Shares |
Rs.10/- each |
Rs.0.303
Million |
|
Less: |
Allotment money due |
|
|
|
|
From Directors |
|
- |
|
|
From Others |
|
Rs.0.152
Million |
|
|
Total |
|
Rs.164.712 Millions |
Reconciliation of
the number of shares
|
Equity Shares |
Equity Shares |
Preference Shares |
|
At the beginning of the year |
14756361 |
173000 |
|
Issued During the year |
- |
- |
|
Redeemed/bought back during the year |
- |
- |
|
At the end of the year |
14756361 |
173000 |
Equity Shares: - all equity shareholders are having right to get dividend in proportion to paid up value of the each equity share as and when declared.
No member shall be entitled to exercise any voting rights either personally or by proxy at any meeting of the company in respect of any shares registered in his name on which any calls or other sums presently payable by him have not been paid or in regard to which the company has, and has exercised, any right of lien.
Preference Shares: - Preference Shares are redeemable in 2014-15 at par and having right of dividend on cumulative basis if not declared/paid.
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
|
|
|
|
Equity Shares |
|
|
|
Shri R.L. Toshniwal |
1072645 |
7.27 |
|
Shri Ravindra Kumar Toshniwal |
1076447 |
7.29 |
|
Shri Shaleen Toshniwal |
1190913 |
8.07 |
|
Smt. Radhika Toshniwal |
893065 |
6.66 |
|
Royal Bank of Scotland |
1299801 |
8.81 |
|
Mafcom Capital Markets Limited |
1150000 |
7.79 |
|
|
|
|
|
3% Redeemable
Preference Shares |
|
|
|
Carreman Michel Thierry, France |
173000 |
100.00 |
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 |
164.712 |
164.712 |
164.709 |
|
(b) Reserves & Surplus |
1,721.826 |
1,588.269 |
1,451.760 |
|
(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) |
1,886.538 |
1,752.981 |
1,616.469 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2,996.718 |
3,170.650 |
3,104.221 |
|
(b) Deferred tax liabilities (Net) |
381.675 |
325.751 |
301.619 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
107.758 |
98.176 |
83.748 |
|
Total Non-current Liabilities (3) |
3,486.151 |
3,594.577 |
3,489.588 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3,206.369 |
3,088.500 |
2,306.377 |
|
(b) Trade payables |
1,294.740 |
928.092 |
971.721 |
|
(c) Other current
liabilities |
711.315 |
715.735 |
453.401 |
|
(d) Short-term provisions |
93.197 |
71.036 |
134.230 |
|
Total Current Liabilities (4) |
5,305.621 |
4,803.363 |
3,865.729 |
|
|
|
|
|
|
TOTAL |
10,678.310 |
10,150.921 |
8,971.786 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5,148.830 |
4,883.270 |
4,521.650 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
77.675 |
256.718 |
161.566 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
93.499 |
73.509 |
66.977 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
81.409 |
113.157 |
109.107 |
|
(e) Other Non-current assets |
75.714 |
58.723 |
23.521 |
|
Total Non-Current Assets |
5,477.127 |
5,385.377 |
4,882.821 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
2,560.009 |
|
(b) Inventories |
2,943.673 |
2,725.630 |
891.811 |
|
(c) Trade receivables |
1,526.723 |
1,331.643 |
76.712 |
|
(d) Cash and cash
equivalents |
164.048 |
128.574 |
228.125 |
|
(e) Short-term loans and
advances |
220.549 |
286.564 |
332.308 |
|
(f) Other current assets |
346.190 |
293.133 |
|
|
Total Current Assets |
5,201.183 |
4,765.544 |
4,088.965 |
|
|
|
|
|
|
TOTAL |
10,678.310 |
10,150.921 |
8,971.786 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10,963.166 |
9,238.354 |
8,084.989 |
|
|
|
Other Income |
80.479 |
53.644 |
46.645 |
|
|
|
TOTAL (A) |
11,043.645 |
9,291.998 |
8,131.634 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
5,525.926 |
4,920.844 |
4,100.288 |
|
|
|
Changes in inventories of finished goods, Work-in-progress and stock-in trade |
(84.329) |
(362.908) |
(394.634) |
|
|
|
Manufacturing expenses |
1,992.977 |
1,665.675 |
1,523.204 |
|
|
|
Employee benefit expenses |
1,307.976 |
1,072.558 |
913.428 |
|
|
|
Other Expenses |
750.384 |
639.737 |
613.899 |
|
|
|
Extraordinary items |
0.000 |
0.000 |
(14.490) |
|
|
|
TOTAL (B) |
9,492.934 |
7,935.906 |
6,741.695 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1,550.711 |
1,356.092 |
1,389.939 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
823.032 |
751.980 |
424.598 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
727.679 |
604.112 |
965.341 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
516.797 |
431.109 |
340.245 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
210.882 |
173.003 |
625.096 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
90.226 |
24.133 |
155.814 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
120.656 |
148.870 |
469.282 |
|
|
|
|
|
|
|
|
|
|
EXCESS DIVIDEND
WRITTEN BACK |
0.000 |
0.000 |
3.848 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
113.736 |
141.578 |
104.409 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend and Tax Thereon |
0.000 |
0.000 |
34.371 |
|
|
|
Dividend on Preference Shares |
0.519 |
0.519 |
0.519 |
|
|
|
Dividend on Equity |
22.112 |
22.112 |
43.870 |
|
|
|
Tax on Dividend |
3.671 |
3.671 |
7.201 |
|
|
|
Previous year dividend and tax |
0.000 |
0.410 |
0.000 |
|
|
|
Transfer to General Reserve |
50.000 |
150.000 |
350.000 |
|
|
BALANCE CARRIED
TO THE B/S |
158.090 |
113.736 |
141.578 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
5181.552 |
4506.300 |
4236.892 |
|
|
|
Other Earnings |
168.808 |
160.685 |
307.078 |
|
|
TOTAL EARNINGS |
5350.360 |
4666.985 |
4543.97 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
392.665 |
226.865 |
307.885 |
|
|
|
Dyes and Chemical |
11.631 |
8.076 |
11.286 |
|
|
|
Components and Spare Parts |
105.882 |
95.407 |
58.629 |
|
|
|
Capital Goods |
183.605 |
452.608 |
532.420 |
|
|
TOTAL IMPORTS |
693.783 |
782.956 |
910.220 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.14 |
10.06 |
32.05 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.09 |
1.60 |
5.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.92 |
1.87 |
7.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.01 |
1.76 |
7.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.10 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.29 |
3.57 |
3.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98 |
0.99 |
1.06 |
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 |
164.709 |
164.712 |
164.712 |
|
Reserves & Surplus |
1451.760 |
1588.269 |
1721.826 |
|
Net
worth |
1616.469 |
1752.981 |
1886.538 |
|
|
|
|
|
|
long-term borrowings |
3104.221 |
3170.650 |
2996.718 |
|
Short term borrowings |
2306.377 |
3088.500 |
3206.369 |
|
Total
borrowings |
5410.598 |
6259.150 |
6203.087 |
|
Debt/Equity
ratio |
3.347 |
3.571 |
3.288 |
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 |
8,084.989 |
9,238.354 |
10,963.166 |
|
|
|
14.266 |
18.670 |
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
|
8,084.989 |
9,238.354 |
10,963.166 |
|
Profit |
469.282 |
148.870 |
120.656 |
|
|
5.80% |
1.61% |
1.10% |
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 |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Fixed Deposits |
|
|
|
From Directors |
7.200 |
3.200 |
|
From Others(Includes Rs.20.400 Millions (Previous Years Rs.17.025 Millions) from related parties |
117.760 |
87.395 |
|
Less: Current Maturities |
81.420 |
61.515 |
|
Term Loans Corporate (From Related Parties) Repayable in one bullet payment by June '13 |
20.000 |
20.000 |
|
Other Corporate Repayable in one bullet payment by March'14 |
15.000 |
15.000 |
|
Less: Current Maturities |
35.000 |
0.000 |
|
Short Term
Borrowings |
|
|
|
Loans from related parties |
29.500 |
45.500 |
|
Short term deposits |
0.000 |
3.400 |
|
Total |
73.040 |
112.980 |
OPERATIONS During the year, the production of Synthetic yarn increased to 301 lac Kgs, up by 8%; however, due to demand recession for worsted fabric, the worsted yarn production reduced by 27% in comparison to the year 2011-12. Production of garments increased by 17% to 25.55 lac pieces. During the year, the Company produced more of value added fabric and technical textiles. The production of fabric increased by 16% to 360 lac meters. The Company has started production of cotton yarn, cotton yarn dyed shirting and piece-dyed suiting fabric also. During the year, the Company’s net income from operations aggregated Rs.10960.000 Millions as against Rs.9240.000 Millions in 2011-12-an increase of 19%. The Company’s turnover in value terms has increased by 16% for yarn, by 20% for fabric and by 27% for garments. This confirms the Company’s major thrust on value- added fabrics and the readymade garments. During the year, the textile industry continued to face global recession but your company’s profit before interest, depreciation and tax (PBIDT) for 2012-13 improved to Rs.1550.000 Millions as against Rs.1360.000 Millions in2011-12. similarly, the profit before depreciation and tax (PBDT) was higher at Rs.730.000 Millions as against previous year’s Rs.600.000 Millions, mainly due to increased production and sales. However, inspite of better performance at PBT level, the net profit of Company at Rs.120.700 Millions during 2012-13 is lower than Rs.148.900 Millions achieved in the year 2011-12, mainly because of higher provision for tax liability. The basic and diluted earnings per share works out to Rs.8.14 for the year 2012-13 as against previous year’s EPS at Rs.10.06.UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 31ST DECEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
2922.335 |
2833.735 |
8445.467 |
|
b) Other operating income |
135.971 |
126.861 |
406.546 |
|
Total
income from Operations(net) |
3058.306 |
2960.596 |
8852.013 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
1572.981 |
1481.737 |
4347.766 |
|
b) Purchases of stock in trade |
0.000 |
0.000 |
0.000 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(99.056) |
(200.939) |
(234.791) |
|
d) Employees benefit expenses |
395.480 |
433.727 |
1189.186 |
|
e) Depreciation and amortization expenses |
132.539 |
129.461 |
389.200 |
|
f) Power and Fuel |
248.495 |
279.726 |
791.573 |
|
g) Other expenditure |
492.018 |
519.675 |
1456.973 |
|
Total expenses |
2742.457 |
2643.387 |
7939.907 |
|
3. Profit from operations before other income and
financial costs |
315.849 |
317.209 |
912.106 |
|
4. Other income |
11.603 |
12.183 |
30.270 |
|
5. Profit from ordinary activities before finance costs |
327.452 |
239.392 |
942.376 |
|
6. Finance costs |
(198.516) |
(201.859) |
(619.949) |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
128.936 |
127.533 |
322.427 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
128.936 |
127.533 |
322.427 |
|
10.Tax expenses |
(56.251) |
(51.995) |
(137.196) |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
72.685 |
75.538 |
185.231 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
72.685 |
75.538 |
185.231 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
153.412 |
147.412 |
153.412 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
- |
- |
- |
|
16.i) Earnings per share (before extraordinary items) of Rs.10/- each)
(not annualised): |
|
|
|
|
(a) Basic |
4.71 |
5.11 |
11.96 |
|
(b) Diluted |
4.61 |
5.11 |
11.74 |
|
ii) Earnings per share (after extraordinary items) |
|
|
|
|
(a) Basic |
4.70 |
5.11 |
11.96 |
|
(b) Diluted |
4.61 |
5.11 |
11.74 |
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
6957547 |
6357547 |
6957547 |
|
- Percentage of shareholding |
45.31% |
43.08% |
45.31% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
- |
- |
- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
- |
- |
- |
|
Percentage of shares (as a % of total share capital of the
company) |
- |
- |
- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
8398814 |
8398814 |
8398814 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
100.00% |
100.00% |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
54.69% |
54.69% |
54.69% |
|
|
|
|
|
|
B.
Investor Complaints |
|
||
|
Pending at the beginning of the quarter |
Nil |
||
|
Receiving during the quarter |
1 |
||
|
Disposed of during the quarter |
1 |
||
|
Remaining unreserved at the end of the quarter |
Nil |
||
Notes:
1.
The above results were reviewed by the Audit
Committee and approved by the Board of Directors at their meeting held on
February 12, 2014. The Statutory Auditors have carried out a Limited Review of
the results.
2.
The Company is engaged in production of Textile
products having integrated working. For management purposes, Company is
organized into major operating activity of the textile products. The company
has no activity outside India except export of textile products manufactured In
India. Thereby, there is no geographical segment. Accordingly, segment-wise
information is not being reported.
3.
The Net sales/ Income from operations Is exclusive of inter Division
Transfers.
4.
Credit In respect of Minimum Alternative Tax under
income Tax Act, 1961 (MAT Credit - Entitlement), wherever applicable, is
recognized in accordance with guidance note issued by the Council of the
institute of Chartered Accountants of India.
5.
As per SEBl (DIP) Guidelines, the Board of
Directors at Its meeting held on
13th November, 2013, has allotted 6 lac equity shares to other than promoter
group and 16 lac warrants to promoter group, each warrant Is entitled to 1
equity share.
6.
Banswara Global Limited, formerly known as Carreman
Fabrics India Limited (That Company), was formed as 50:50 Joint venture between
Carreman, France, and Banswara Syntex Limited (The Company). The Company
purchased 30 % equity shares from Carreman, France and now it holds 80% of the
total issued equity share capital of Banswara Global Limited w.e.f 19 October
2013 and thereby That Company became a subsidiary of the company.
7.
The Company is publishing only the standalone
financial results. However, both the results, Consolidated as well as
standalone have been prepared and placed before the Board of Directors of the
Company.
8.
The figures of previous period / year have been
re-grouped / re-arranged and/or recast, wherever necessary, to make them
comparable.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10464937 |
27/11/2013 |
176,000,000.00 |
Bank of Baroda |
Saraf Natwar Lal Lekhraj Complex, Collectory Choraha, Banswara, Rajasthan - 327001, India |
B91335091 |
|
2 |
10376409 |
05/02/2013 * |
38,500,000.00 |
IDBI Bank Limited |
IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 40000 5, India |
B68242585 |
|
3 |
10376407 |
05/02/2013 * |
61,700,000.00 |
IDBI Bank Limited |
IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 40000 5, India |
B68491026 |
|
4 |
10376408 |
05/02/2013 * |
91,800,000.00 |
IDBI Bank Limited |
IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 40000 5, India |
B68493378 |
|
5 |
10308149 |
10/09/2012 * |
440,000,000.00 |
Bank of Baroda |
Saraf Natwar Lal Lekhraj Complex, Collectory Choraha, Banswara, Rajasthan - 327001, India |
B59143891 |
|
6 |
10294930 |
10/09/2012 * |
290,000,000.00 |
Export-Import Bank of India |
Centre One
Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai,
Maharashtra - 40 |
B59002212 |
|
7 |
10295561 |
04/06/2011 |
50,000,000.00 |
Bank of Baroda |
Saraf Natwar Lal Lekhraj Complex, Collectory Choraha, Banswara, Rajasthan - 327001, India |
B16336216 |
|
8 |
10285910 |
27/06/2013 * |
68,500,000.00 |
Export-Import Bank of India |
Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA |
B79250411 |
|
9 |
10254078 |
10/09/2012 * |
18,800,000.00 |
Union Bank of India |
Near G. P. O., Indira Circle, Banswara, Rajasthan - 327001, INDIA |
B59090514 |
|
10 |
10228492 |
10/09/2012 * |
310,000,000.00 |
Export-Import Bank of India |
Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B59330191 |
|
11 |
10206436 |
10/09/2012 * |
300,000,000.00 |
Bank of Baroda |
Saraf Natwar Lal Lekhraj Complex, Collectory Choraha, Banswara, Rajasthan - 327001, India |
B59127894 |
|
12 |
10198827 |
10/09/2012 * |
240,000,000.00 |
Export-Import Bank of India |
Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B59329789 |
|
13 |
10178158 |
10/09/2012 * |
224,000,000.00 |
UNION BANK OF INDIA |
Near G.P.O., Indira Circle, Banswara, Rajasthan - 327001, India |
B59118315 |
|
14 |
10126447 |
10/09/2012 * |
100,000,000.00 |
Bank of India |
Nariman Point, Large Corporate Branch, Mumbai, Maharashtra - 400023, India |
B59160085 |
|
15 |
10058328 |
10/09/2012 * |
250,000,000.00 |
Axis Bank Limited |
Corporate Banking Branch, Axis House, Ground Flr, C-2, Wadia Intl Centre, Wo, Mumbai, Maharashtra - 400025, India |
B59043687 |
|
16 |
10049004 |
10/09/2012 * |
250,000,000.00 |
Punjab National Bank |
Near Kushal Bagh Ground,
Banswara, Rajasthan - 327 |
B59040014 |
|
17 |
10040232 |
10/09/2012 * |
500,000,000.00 |
Export-Import Bank of India |
Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B59341024 |
|
18 |
10025144 |
10/09/2012 * |
80,000,000.00 |
Punjab National Bank |
Near Kushal Bagh
Ground, Banswara, Rajasthan - 327 |
B59040576 |
|
19 |
10011130 |
10/09/2012 * |
160,000,000.00 |
Export-Import Bank of India |
Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B59339895 |
|
20 |
10001551 |
10/09/2012 * |
120,000,000.00 |
Export-Import Bank of India |
Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B59329987 |
|
21 |
10002198 |
10/09/2012 * |
75,000,000.00 |
Bank of India |
Nariman Point, Large Corporate Branch, Mumbai, Maharashtra - 400023, India |
B59145888 |
|
22 |
80007405 |
10/09/2012 * |
200,000,000.00 |
Bank of Baroda |
Saraf Natwar Lal Lekhraj Complex, Collectory Choraha, Banswara, Rajasthan - 327001, India |
B59124032 |
|
23 |
90113363 |
10/09/2012 * |
260,000,000.00 |
Punjab National Bank |
Near Kushal Bagh Ground, Banswara, Rajasthan - 327001, India |
B59040295 |
|
24 |
80023946 |
10/09/2012 * |
91,500,000.00 |
Export-Import Bank of India |
Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B59328385 |
|
25 |
80023964 |
10/09/2012 * |
100,000,000.00 |
IDBI Bank Limited |
Idbi Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B59041616 |
|
26 |
80014728 |
29/07/2013 * |
473,000,000.00 |
Bank of India |
Nariman Point, Large Corporate Branch, Mumbai, Maharashtra - 400023, India |
B81958597 |
|
27 |
80014732 |
05/02/2013 * |
555,000,000.00 |
Bank of Baroda |
Saraf Natwar Lal Lekhraj Complex, Collectory Choraha, Banswara, Rajasthan - 327001, India |
B69444263 |
|
28 |
80014731 |
15/03/2014 * |
1,180,000,000.00 |
UNION BANK OF INDIA |
Burhani Complex, Nai
Abadi, Banswara, Rajasthan - |
C00486886 |
|
29 |
90069341 |
05/02/2013 * |
3,250,000,000.00 |
Punjab National Bank |
Near Kushal Bagh Ground, Banswara, Rajasthan - 327001, India |
B69141109 |
FIXED ASSETS:
· Lease Hold Land
· Free Hold Land
· Buildings and Road
· Plant and Equipment
· Building Machinery
· Electric and Water
· Supply Installation
· Furniture and Fixtures
· Office Equipments
· Vehicles
· Live Stock
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.22 |
|
UK Pound |
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
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.