MIRA INFORM REPORT
|
Report Date : |
17.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
PANAMA PETROCHEM LIMITED |
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Registered
Office : |
Plot No.3303, G.I.D.C. Industrial Estate, Ankleshwar – 393 002,
Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
09.03.1982 |
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Com. Reg. No.: |
04-005062 |
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Capital
Investment / Paid-up Capital : |
Rs.80.657 millions |
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CIN No.: [Company
Identification No.] |
L23209GJ1982PLC005062 |
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|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the
manufacture of specialty petroleum products for diverse user industries like
printing, textiles, rubber, pharmaceuticals, cosmetics, power and other
industrial oil. |
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|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central Bureau
of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as
bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains revenue
guidance. COO Rao says attrition still an area of concern and it would take a
few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
January 08, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
January 08, 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
31-03-2014.
INFORMATION DECLINED
Management Non Co-operative (91-2646-221068 / 22-42177780)
LOCATIONS
|
Registered Office/ Plant 1 : |
Plot No.3303, G.I.D.C. Industrial Estate, Ankleshwar – 393 002,
Gujarat, India |
|
Tel. No.: |
91-2646-221068/ 250281 |
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Fax No.: |
91-2646-250281/ 225907 |
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E-Mail : |
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Website : |
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Corporate Office : |
401, Aza House, 24, Turner Road, Next to Andhra Bank, Bandra (West), Mumbai
– 400 050, Maharashtra, India |
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Tel. No.: |
91-22-42177777 |
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Fax No.: |
91-22-42177788 |
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E-Mail : |
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Plant 2 : |
Survey
No.78/2, Daman Industrial Estate, Unit III, Poly Cab Road, Village Kadaiya,
District Daman – 396 210, Daman (UT), India |
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Tel. No.: |
91-260-3091311 |
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E-Mail : |
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Plant 3 : |
Plot
No. H-12, M.I.D.C., Taloja, Navi Mumbai – 410 208, Maharashtra, India |
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Tel. No.: |
91-22-27411456 |
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E-Mail : |
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Plant 4 : |
Plot
No.23 and 24, SEZ, Dahej, Bharuch District – 392 110, Gujarat, India |
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Tel. No.: |
91-2641-320980 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Amirali E. Rayani |
|
Designation : |
Chairman |
|
Date of Birth/ Age : |
26.02.1944 |
|
Qualification : |
SSC |
|
Expertise in specific functional area : |
Mr. Amirali E. Rayani is
the main promoter of the Company and has been actively associated with the Company
since its inception and has played a key role in bringing the Company to its
present heights. He has an experience of over 40 years in Petroleum industry.
He oversees the entire operations. |
|
Date of Appointment : |
09.03.1982 |
|
|
|
|
Name : |
Mr. Amin A. Rayani |
|
Designation : |
Managing Director and Chief Executive Officer |
|
Date of Birth/ Age : |
17.05.1972 |
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Qualification : |
Bachelor’s
degree in commerce |
|
Expertise in specific functional area : |
Mr. Amin A. Rayani holds a
bachelor’s degree in Commerce and is associated with the Company for over
15years. He is currently Managing Director & CEO of the Company. He has
vast experience and expertise in finance, production and marketing and thus
oversees the same with respect of the Company. |
|
Date of Appointment : |
01.12.2000 |
|
|
|
|
Name : |
Mr. Samir A. Rayani |
|
Designation : |
Whole-Time Director |
|
Date of Birth/ Age : |
19.12.1975 |
|
Qualification : |
Bachelor’s
degree in engineering (chemical) |
|
Expertise in specific functional area : |
Mr. Samir Rayani holds a
bachelor’s degree in engineering (Chemical) from Mumbai University. He has
been associated as a Whole-time Director overseeing the administrative
aspects of the Company. He has a wide knowledge of production and marketing
of Petroleum Products. |
|
Date of Appointment : |
01.12.2000 |
|
|
|
|
Name : |
Mr. Dilip S. Phatarphekar |
|
Designation : |
Independent Director |
|
Address: |
B/502, Surya Apartments,
53, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India |
|
Date of Birth : |
24.01.1938 |
|
Qualification : |
Bachelor’s
degree in Arts, LL.B. |
|
Expertise in specific functional area : |
Mr. Dilip S. Phatarphekar
is a practing Advocate and Arbitrator and has experience of over 40 years. He
has worked as a Head of Legal Department of Companies such as Pfizer Limited
and Essar group of Companies. |
|
Date of Appointment : |
30.12.2005 |
|
Directorship held in other Indian public limited Companies : |
Ess
Dee Aluminum Limited |
|
|
|
|
Name : |
Mr. Madan Mohan Jain |
|
Designation : |
Independent Director |
|
Address: |
422, Shivkala
Apartments, Plot No. D-19, Sector 51, Noida, Uttar Pradesh, India |
|
Date of Birth : |
01.03.1944 |
|
Qualification : |
Bachelor’s
degree in science |
|
Expertise in specific functional area : |
Mr. Madan Mohan Jain
holds a bachelor’s degree in science. He was earlier associated with ONGC as
a Chief Geologist. He has an experience of over 35 years in field geological
operations and petroleum exploration. |
|
Date of Appointment : |
30.12.2005 |
|
Directorship held in other Indian public limited Companies : |
Ess
Dee Aluminum Limited |
|
|
|
|
Name : |
Mr. Mukesh T. Mehta |
|
Designation : |
Independent Director |
|
Date of Birth/ Age : |
20.07.1958 |
|
Qualification : |
Bachelor’s
degree in commerce |
|
Expertise in specific functional area : |
Mr. Mukesh Mehta holds a
Bachelor’s degree in Commerce from Mumbai University. He has vast experience
of 25 years in the field of exports. He is an expert in business planning and
for export strategy and guides the Company in this regard |
|
Date of Appointment : |
22.03.2003 |
KEY EXECUTIVES
|
Name : |
Ms. Gayatri Sharma |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of
Shareholder |
No.
of Shares |
Percentage
of holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
3071500 |
10.95 |
|
|
1441730 |
5.14 |
|
|
15116435 |
53.91 |
|
|
15116435 |
53.91 |
|
|
19629665 |
70.00 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
19629665 |
70.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
69000 |
0.25 |
|
|
1500 |
0.01 |
|
|
70500 |
0.25 |
|
|
|
|
|
|
576909 |
2.06 |
|
|
|
|
|
|
4440011 |
15.83 |
|
|
2762470 |
9.85 |
|
|
562785 |
2.01 |
|
|
464303 |
1.66 |
|
|
98482 |
0.35 |
|
|
8342175 |
29.75 |
|
Total Public shareholding (B) |
8412675 |
30.00 |
|
Total (A)+(B) |
28042340 |
100.00 |
|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
12286725 |
0.00 |
|
|
12286725 |
0.00 |
|
Total (A)+(B)+(C) |
40329065 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in the manufacture of specialty petroleum products for diverse user
industries like printing, textiles, rubber, pharmaceuticals, cosmetics, power
and other industrial oil. |
|
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|
|
Products : |
Not Divulged |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the Management. |
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Bankers : |
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Facilities : |
Notes: Short Term
Borrowings Cash credit from
banks is secured against the hypothecation of Stocks, Book debts and Plant and
Machineries (both present and future), Pledge of Fixed Deposit Receipts,
Further secured by Equitable Mortgages of Company’s present Immoveable
Property situated at Daman, Marol Industrial Estate, property of group
companies situated at Navi Mumbai, and property belonging to the Directors.
The cash credit is repayable on demand and carried an interest rate of 12% to
16% p.a. |
|
||||||||||||
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Banking
Relations : |
-- |
|
|
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Auditors : |
|
|
Name : |
Bhuta Shah and Company Chartered Accountants |
|
Address : |
Mumbai,
Maharashtra, India |
|
|
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Subsidiary
Company : |
Panol
Industries RMC FZE, UAE |
|
|
|
|
Enterprises
owned or significantly influenced by key management personnel or their
relatives : |
Anirudh
Distributors Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25550000 |
Equity Shares |
Rs.10/- each |
Rs.255.500 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8065813 |
Equity Shares |
Rs.10/- each |
Rs.80.657 millions |
|
|
|
|
|
Reconciliation
of the shares outstanding at the beginning and at the end of the reporting
year:
|
Equity
shares |
As at 31st
March, 2014 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
At
the beginning of the year |
8607570 |
86.075 |
|
Buy-back
of shares during the year (Note b) |
(541757) |
(5.418) |
|
Outstanding at the end of the year |
8065813 |
80.657 |
Terms/rights
attached to equity shares:
The company has only one
class of equity shares having a par value of Rs.10 per share. Each holder of
equity shares is entitled to one vote per share, however the holders of global
depository receipts (GDR’s) do not have any voting rights in respect of shares
represented by the GDR’s till the shares are held by the custodian bank (Note
a). The company declares and pays dividends in Indian rupees. The dividend
proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting.
The amount of per share
dividend recognized as distributions to equity shareholders is Rs.6/-
In the event of liquidation
of the company, the holders of equity shares will be entitled to receive assets
in proportion to the number of equity shares held by the shareholders.
Aggregate number of shares
issued for consideration other than cash during the period of five years
immediately preceding the reporting date:
|
Particulars |
As at 31.03.2014 No. of Shares |
|
Equity
shares allotted in pursuant to the scheme of amalgamation of Monaco Petroleum
Private Limited |
321750 |
|
Equity
shares allotted in pursuant to the scheme of amalgamation of Mobil Petrochem
Private Limited |
1078240 |
|
Equity
shares bought back by the Company |
553522 |
Details
of shareholders holding more than 5% shares in the company:
|
Particulars
|
As at 31st
March, 2014 |
|
|
No. of Shares |
% holding in the class |
|
|
Equity Shares of Rs.10 each fully paid up |
|
|
|
Ms.
Shelina Arifali Rayani |
557655 |
6.91% |
|
Shares
held by Custodian as against which global depository receipts have been
issued (Citi Bank N.A.) |
2457345 |
30.47% |
Notes:
a. Global Depository
Receipts (‘GDRs’) issue
On July 20, 2011, the Company
raised USD 13,999,985 (Rs.623.379 millions) through issuance of 491469 GDRs
representing 2,457,345 equity shares of Rs.10 each at a price of Rs.253.68 per
equity share of Rs.10 each. The issue price of each GDR is USD 28.486 and the
GDRs are listed on the Luxembourg Stock Exchange. The holders of GDR do not
have voting rights with respect to the shares represented by the GDRs, but rank
pari passu with the existing shareholders in all respect including entitlement
of dividend declared. The Company has paid Rs.11.49 (31 March 2013: Rs. Nil) on
account of issue expenses towards the issue of Global Depository Receipts ,
which has been incurred for issue of GDR, and same has been adjusted against
Securities Premium during the year.
Given below are the details of utilization of
proceeds from issue of Global Depository Receipts
|
Particulars |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
I. Sources of Funds |
|
|
|
Opening
Balance in banks in Current Account outside India |
372.491 |
703.352 |
|
Proceeds
from issue of GDR’s |
-- |
-- |
|
Issue
expenses |
1.149 |
-- |
|
Net
Proceeds |
371.342 |
703.352 |
|
II. Utilization of funds |
371.342 |
330.861 |
|
III. Unutilized funds |
(0.000) |
372.491 |
|
IV. Interim Utilization of Balance Funds |
|
|
|
Balance
in banks in Current Account outside India # |
Nil |
372.491 |
|
#
After adjustment of exchange gain |
|
|
b. In accordance with
section 77A, 77AA and 77B of the Companies Act, 1956 and pursuant to the buyback
announcement made by the Company on 1st March 2013, the Company has
bought back from open market through stock exchanges 541757 (31 March 2013:
11765) equity shares of Rs.10 each during the year for a total consideration of
Rs.77.208 millions (31 March 2013: Rs.1.588 millions) of this, the Company has
extinguished 550322 (31 March 2013: 3200) equity shares have been extinguished.
Consequently, an amount of Rs.3.290 millions (31 March 2013: Rs.0.118 million)
being the nominal value of equity shares bought back has been transferred to
Capital Redemption Reserve from profit and loss account. An amount of Rs.71.791
millions (31 March 2013: Rs.1.470 millions) being the premium on buyback has
been appropriated from General Reserve.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
80.657 |
86.075 |
86.193 |
|
(b) Reserves & Surplus |
2259.078 |
2233.867 |
2156.541 |
|
(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) |
2339.735 |
2319.942 |
2242.734 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
25.146 |
22.084 |
5.525 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
25.146 |
22.084 |
5.525 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
167.804 |
218.989 |
104.871 |
|
(b)
Trade payables |
1734.823 |
1607.664 |
2482.041 |
|
(c)
Other current liabilities |
45.589 |
10.612 |
60.789 |
|
(d)
Short-term provisions |
80.337 |
40.910 |
20.381 |
|
Total
Current Liabilities (4) |
2028.553 |
1878.175 |
2668.082 |
|
|
|
|
|
|
TOTAL |
4393.434 |
4220.201 |
4916.341 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
766.189 |
729.700 |
577.703 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
34.453 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
518.897 |
270.710 |
0.334 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
3.173 |
3.048 |
100.659 |
|
(e)
Other Non-current assets |
1.934 |
11.009 |
8.811 |
|
Total
Non-Current Assets |
1290.193 |
1014.467 |
721.960 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1309.875 |
1278.646 |
1482.800 |
|
(c)
Trade receivables |
1330.922 |
1190.266 |
1038.892 |
|
(d)
Cash and cash equivalents |
241.356 |
543.461 |
1544.875 |
|
(e)
Short-term loans and advances |
218.447 |
190.456 |
116.966 |
|
(f)
Other current assets |
2.641 |
2.905 |
10.848 |
|
Total
Current Assets |
3103.241 |
3205.734 |
4194.381 |
|
|
|
|
|
|
TOTAL |
4393.434 |
4220.201 |
4916.341 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (Net) |
5913.706 |
6347.496 |
5842.222 |
|
|
|
Other Income |
12.122 |
33.593 |
47.107 |
|
|
|
TOTAL (A) |
5925.828 |
6381.089 |
5889.329 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
5111.351 |
5567.476 |
4937.535 |
|
|
|
Purchase of traded goods |
198.714 |
207.264 |
166.968 |
|
|
|
(Increase)/ decrease in inventories of traded goods and finished goods |
(49.532) |
8.745 |
17.178 |
|
|
|
Employee benefits expense |
35.967 |
31.867 |
31.886 |
|
|
|
Other expenses |
342.984 |
329.404 |
252.868 |
|
|
|
TOTAL (B) |
5639.484 |
6144.756 |
5406.435 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
286.344 |
236.333 |
482.894 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
56.902 |
84.632 |
78.979 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
229.442 |
151.701 |
403.915 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
24.956 |
22.311 |
10.665 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
204.486 |
129.390 |
393.250 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
50.448 |
10.579 |
86.943 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
154.038 |
118.811 |
306.307 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1134.682 |
1067.885 |
856.578 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend
of previous year written back of shares bought back |
(0.734) |
0.000 |
0.000 |
|
|
|
Proposed
final equity dividend [amount per share Rs.6 (March 13 Rs.4)] |
48.395 |
34.430 |
17.239 |
|
|
|
Tax on proposed final
equity dividend |
8.225 |
5.585 |
2.797 |
|
|
|
Transfer to capital
redemption reserve on buy back of shares |
5.418 |
0.118 |
0.000 |
|
|
|
Transfer to general
reserve |
15.404 |
11.881 |
30.631 |
|
|
|
Dividend of previous year |
0.000 |
0.000 |
12.287 |
|
|
|
Tax on dividend of
previous year |
0.000 |
0.000 |
1.993 |
|
|
|
Interim equity dividend |
0.000 |
0.000 |
25.858 |
|
|
|
Tax on interim equity dividend |
0.000 |
0.000 |
4.195 |
|
|
BALANCE CARRIED
TO THE B/S |
1212.012 |
1134.682 |
1067.885 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export at F.O.B Value |
2022.382 |
2142.466 |
2339.784 |
|
|
TOTAL EARNINGS |
2022.382 |
2142.466 |
2339.784 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials (Includes Goods in Transit) |
3572.971 |
4168.631 |
3996.721 |
|
|
|
Finished Goods |
158.079 |
159.098 |
114.992 |
|
|
|
Capital Goods |
0.000 |
0.000 |
1.858 |
|
|
TOTAL IMPORTS |
3731.050 |
4327.729 |
4113.571 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
18.32 |
13.78 |
38.87 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2014 |
|
|
|
|
Unaudited |
|
Net Sales |
|
|
1758.900 |
|
Total Expenditure |
|
|
1664.300 |
|
PBIDT (Excl OI) |
|
|
94.600 |
|
Other Income |
|
|
2.200 |
|
Operating Profit |
|
|
96.700 |
|
Interest |
|
|
14.500 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
82.200 |
|
Depreciation |
|
|
7.000 |
|
Profit Before Tax |
|
|
75.200 |
|
Tax |
|
|
24.300 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
50.900 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
50.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.60 |
1.87 |
5.24 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
4.84 |
3.72 |
8.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.28 |
3.28 |
8.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.06 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.07 |
0.09 |
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.53 |
1.71 |
1.57 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
86.193 |
86.075 |
80.657 |
|
Reserves & Surplus |
2156.541 |
2233.867 |
2259.078 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
2242.734 |
2319.942 |
2339.735 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
104.871 |
218.989 |
167.804 |
|
Total borrowings |
104.871 |
218.989 |
167.804 |
|
Debt/Equity ratio |
0.047 |
0.094 |
0.072 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations (Net) |
5842.222 |
6347.496 |
5913.706 |
|
|
|
8.649 |
(6.834) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations (Net) |
5842.222 |
6347.496 |
5913.706 |
|
Profit After Tax |
306.307 |
118.811 |
154.038 |
|
|
5.24% |
1.87% |
2.60% |
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 |
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 |
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
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 |
10315056 |
17/10/2011 |
1,300,000,000.00 |
INDIAN BANK |
MANDVI BRANCH, 1ST
FLOOR, KANMOOR HOUSE, 281/287, NARSI NATHA STREET, MANDVI, MUMBAI,
MAHARASHTRA - 400009, INDIA |
B24287997 |
|
2 |
10315058 |
17/10/2011 |
3,740,000,000.00 |
INDIAN BANK AND 8 OTHERS |
MANDVI BRANCH, 1ST FLOOR,
KANMOOR HOUSE, 281/287, NARSI NATHA STREET, MANDVI, MUMBAI, MAHARASHTRA -
400009, INDIA |
B24289894 |
|
3 |
10310395 |
07/04/2012 * |
400,000,000.00 |
DBS BANK LIMITED |
221, FORT HOUSE, 3RD
FLOOR, D.N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B38363321 |
|
4 |
10277662 |
11/03/2011 |
350,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B09389685 |
|
5 |
10215379 |
23/04/2010 |
190,000,000.00 |
CITIBANK N. A. |
TRENT HOUSE, 2ND FLOOR, G
BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA |
A83781997 |
|
6 |
10177511 |
12/04/2011 * |
250,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY
OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA |
B13470794 |
|
7 |
10091560 |
27/12/2007 |
262,500,000.00 |
DEVELOPMENT CREDIT BANK
LIMITED |
301,TRADE PLAZA,414,VEER SAVARKAR
MARG, PRABHADEVI, BR.8, RAJA BAHADUR MANSION,AMBALAL DOSHI MARG, FORT,
MUMBAI, MAHARASHTRA - 400001, INDIA |
A29237120 |
|
8 |
10031489 |
12/12/2007 * |
200,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
A32330011 |
|
9 |
10012479 |
29/08/2011 * |
520,000,000.00 |
STANDARD CHARTERED BANK |
ABHIJEET II GROUND FLOOR,
NEAR MITHAKALI SIX ROADS, AHMEDABAD, GUJARAT - 380006, INDIA |
B20948915 |
* Date of charge modification
CORPORATE INFORMATION:
The company is a public
limited company domiciled in India and incorporated under the provisions of the
Companies Act, 1956. The company is engaged in the manufacture of specialty
petroleum products for diverse user industries like printing, textiles, rubber,
pharmaceuticals, cosmetics, power and other industrial oil.
OPERATIONAL PERFORMANCE
·
Revenue
from operations on a standalone basis decreases by 7% to Rs.5913.706 millions.
·
Earnings
before Interest, Depreciation, Tax and Amortization on a standalone basis
increased by 21% to Rs.286.344 millions.
·
Net
Profit on a standalone basis increased by 30% to Rs.154.038 millions.
BUY BACK OF EQUITY SHARES
The Buy-back offer
announced by the Company on 14th February 2013 was closed on 13th
February 2014. Pursuant to the said buy-back, the Company bought back and
extinguished 553522 equity shares of Rs.10 each and the total amount utilized
in buyback is Rs.78.662 millions (excluding brokerage, transactional Charges
and taxes) which represents 44.02% of the Maximum Buyback Size.
Consequent
to the buy -back, the paid up share capital of the Company as on March 31, 2014
stood as Rs.80.658 millions.
SUB-DIVISION OF EQUITY
SHARES
In order to facilitate
affordability of the Company’s shares for investors at large and to enhance the
liquidity of the Company’s equity shares in the stock market, the Board of
Directors at its meeting held on 28th July, 2014 has considered and
approved the sub-division of one equity share of the Company having a face
value of Rs.10 each into five equity shares of face value of Rs.2 each. The
sub-division of shares is subject to approval of the shareholders.
SUBSIDIARY
Panol Industries RMC FZE,
UAE a wholly owned subsidiary of the Company has started its business operation
during the year. The Company has built a brand new manufacturing facility in
Ras Al Khaimah. The plant is having a total production capacity of 30,000 MT/
year. At this new facility the Company will manufacture petroleum specialty
products to cater to the GCC and MENA regions.
The plant enjoys logistic
advantage since it is situated on the port and has direct dedicated pipelines
to receive and discharge raw material and finished products directly to bulk
vessels.
Panol
Industries posted a net profit of Rs.29.924 millions during the financial year
ended 31st March, 2014.
MANAGEMENT DISCUSSION AND
ANALYSIS REPORT
ECONOMIC REVIEW
The economic activity in
the country was at a low key during the year, as GDP growth slowed down to
around 5% for the year. Crude oil prices as in the past few years, continue to
remain at high levels. India being dependant on large imports of crude oil,
experienced an adverse impact in case of both, economic growth as well as
currency management. Rupee experienced huge depreciation vis-a-vis US Dollar
and other major currencies in the first half of the financial year, some
correction did take place in the last quarter on account of high forex inflows
into the country on the back of the upswing in the equity markets.
The global economy began
its recovery in the Financial Year 2013-2014 with improve demand of petroleum
products. Economic recovery in the US and Europe had a positive impact on oil demand,
which increased by 1.3 million barrels per day (MMBPD) in 2013. Crude oil
prices fluctuated extensively, driven by supply concerns in Libya, South Sudan,
West Africa and Iraq.
INDUSTRY OVERVIEW
The petroleum specialty
product industry in India has been one of the fastest growing industries in the
country. Since the beginning, the industry has shown an enviable rate of
growth. The sector has a significant growth potential.
India is at a threshold of
growth in consumption of petrochemicals due to increased domestic demand,
booming middle class, still nascent retail sector, and focus on infrastructure.
The demand for Automobiles, Packaging and Medicare is likely to remain strong.
Combining all the petrochemical sectors, demand in India is expected to be
robust in coming years. This industry also has immense importance in the growth
of economy of the country and the growth and development of manufacturing
industry as well. It provides the foundation for manufacturing industries like
cosmetic, packaging, pharmaceuticals, agriculture, textiles etc.
BUSINESS OVERVIEW
Established in 1982,
subject, today is one of the leading manufacturers and exporters for various
kinds of Petroleum specialties. Company’s diverse range of products includes
Mineral Oils, Liquid Paraffins, Transformer Oils, Petroleum Jellies, Ink Oils,
and other Petroleum Specialty Products.
MANUFACTURING FACILITIES
The Company has adequate
manufacturing capacity to cater the domestic as well as International
requirements. Its four manufacturing units, all located in western India,
namely in Ankleshwar (Gujarat), Daman (Union Territory), Taloja (Raigadh,
Maharashtra) and Dahej (Bharuch, Gujarat). The Company’s products are exported
to more than 40 countries globally. The Company has a fully equipped
state-of-the-art Research and Development Center at its Ankleshwar unit where
it formulates new and value-added products. The Company manufactures more than
80 product variants used across 6-7 broad industry segments.
The Company develops customized
products as per client specification in the field of petroleum and feeds to
various industries like Printing Ink, Resin, Cosmetics, Rubber products,
Pharmaceuticals, Engineering, and Chemicals including Petro Chemicals.
Over the years, the Company
has formed strong relations with its clientele, comprising of leading names
across sectors. Its ability to offer customized products complying with global
quality standards has enabled to generate not only repeat business from
existing clients, but also general referral business from new clients.
FUTURE OUTLOOK
The aggregate demand of all
the key segments in the petrochemical industry is likely to regain a sharp
positive trajectory over the next few months, with key players aiming to ramp
up scale.
The Company is planning to
expand its operations to withstand against the negative market forces. The
Company is hopeful to override the adverse effects of the price fluctuations in
the petroleum industry by resorting to bulk purchases and cost control measures.
It is management’s view
that the Company will continue to strengthen its financial position with stable
production volumes and positive improvements in Commodity prices.
PERFORMANCE
The Company has performed
consistently well during the financial year 1st April 2013 to 31st
March 2014. The standalone profit after tax increased by 30% to Rs.154.038
millions against Rs.118.811 millions during the previous year.
The input cost during the
year remained high on account of rising oil prices. However, the Company’s
focus on niche specialty products resulted in better realisations that enabled
it to pass the incidence of higher input prices to its customers. The Company’s
EBIDTA on standalone basis (Earnings before interest, depreciation and taxation
allowance) improved by 21% to Rs.286.344 millions in 2013-14 from Rs.236.333
millions in 2012-13.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
i) Service tax Matter disputed
with the Deputy Commissioner of Service Tax (Dispute regarding demand
raised on service tax payable on interest on usance charges for the period
September 2008 to March 2014) |
5.825 |
1.088 |
|
ii)
Bank Guarantees |
33.960 |
25.986 |
(The contingent liabilities,
if materialized, shall entirely be borne by the company, as there is no likely
reimbursement from any other party.)
STATEMENT OF
STANDALONE UNAUDITED RESULT FOR THE QUARTER YEAR ENDED 30TH JUNE
2014
(Rs.
in Millions)
|
PARTICULARS |
|
|
Quarter Ended |
|
|
|
30.06.2014 |
|
|
|
|
|
Unaudited |
|
Part - I |
|
|
|
|
1. Income from Operations |
|
|
|
|
(a) Net Sales/Income from Operations (Net of Excise Duty) |
|
|
1758.850 |
|
(b) Other Operating Income |
|
|
-- |
|
Total Income from Operation |
|
|
1758.850 |
|
|
|
|
|
|
2. Expenses |
|
|
|
|
Cost of materials consumed |
|
|
1514.998 |
|
Purchase stock in trade |
|
|
32.161 |
|
Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
|
|
30.448 |
|
Employee benefits expense |
|
|
8.642 |
|
Depreciation and amortization expense |
|
|
7.042 |
|
Other expenses |
|
|
75.497 |
|
Exchange gain and loss |
|
|
2.551 |
|
Total Expenses |
|
|
1671.339 |
|
|
|
|
|
|
3. Profit/(Loss)
from Operations before Other Income, finance cost* and Exceptional Items
(1-2) |
|
|
87.511 |
|
|
|
|
|
|
4. Other
income |
|
|
2.148 |
|
|
|
|
|
|
6.
Profit/(Loss) from ordinary activities before finance costs and exceptional Items
(3+4) |
|
|
89.659 |
|
|
|
|
|
|
6. Finance
Costs |
|
|
14.478 |
|
|
|
|
|
|
7.
Profit/(Loss) from ordinary activities after finance costs but before
exceptional items (5-6) |
|
|
75.186 |
|
|
|
|
|
|
8.
Exceptional Items |
|
|
0.000 |
|
|
|
|
|
|
9.
Profit/(Loss) from ordinary activities before tax (7-8) |
|
|
75.186 |
|
|
|
|
|
|
10. Tax
Expense |
|
|
24.246 |
|
|
|
|
|
|
11. Net
Profit/(Loss) for the period (9-10) |
|
|
50.939 |
|
|
|
|
|
|
12.
Minority Interest |
|
|
0.000 |
|
|
|
|
|
|
13. Net
Profit/(Loss) after taxes, minority Interest and Share of Profit/(Loss) |
|
|
50.939 |
|
|
|
|
|
|
14.
Paid-up Equity Share Capital (Pace Value per share : Rs.2/- |
|
|
80.658 |
|
|
|
|
|
|
15. Reserves
excluding Revolution Reserve as per balance sheet of previous accounting year |
|
|
---- |
|
|
|
|
|
|
16.
Earning* per share of Rs.2/- each (Not
Annualised): |
|
|
|
|
Basic |
|
|
6.32 |
|
Diluted |
|
|
6.32 |
|
|
|
|
|
|
A. PARTICULARS
OF SHAREHOLDING |
|
|
|
|
Public
shareholding |
|
|
|
|
Number of shares |
|
|
1802876 |
|
Percentage of Shareholding |
|
|
22.35 |
|
|
|
|
|
|
Promoters and Promoter Group
Shareholding |
|
|
|
|
Pledged
/encumbered |
|
|
|
|
Number of shares |
|
|
NIL |
|
Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
|
|
NIL |
|
Percentage of shares (as a % of the total
share capital of the company) |
|
|
NIL |
|
|
|
|
|
|
Non-encumbered |
|
|
|
|
Number of shares |
|
|
3805592 |
|
Percentage of shares (as a % of the total
shareholding of promoter and promoter group] |
|
|
100.00 |
|
Percentage of shares (as a % of the total
share capital of the company) |
|
|
47.18 |
|
B |
INVESTOR COMPLAINTS
: Pending at the beginning of the quarter Received during the quarter Disposed of during the quarter Remaining unresolved at the end of the quarter |
Nil 1 1 Nil |
NOTE:
- The above results
have been reviewed by the Audit Committee and approved by the board of
directors at their respective meetings held on 28.07.2014.
- The company
operates only in one segment i.e. petroleum products.
- During the
quarter, the company has revised depreciation rate on fixed assets as per
the useful life specified in the companies Act, 2013. Or re-assessed by
the company. Based on current estimate depreciation of Rs. 4.290 Millions
on account of assets whose useful life is already exhausted as on 01.04.2014
and deferred tax of Rs. 1.458 Millions thereon have been adjusted to
general reserve.
- Board of
director approve sub division of 1 equity shares of Rs.10/- each to 5 equity shares of Rs. 2/- each.
- Pervious
year/period figures have been regrouped and rearranged wherever necessary.
FIXED ASSETS:
Tangible
Assets
·
Freehold land
·
Leasehold Land
·
Factory Building
·
Non Factory Building
·
Plant and Equipment
·
Office Equipment
·
Computers
·
Furniture and Fixtures
·
Vehicles
Intangible Assets
·
Software
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.61.65 |
|
UK Pound |
1 |
Rs.96.54 |
|
Euro |
1 |
Rs.76.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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.