MIRA
INFORM REPORT
|
Report Date : |
01.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
MARAL OVERSEAS LIMITED |
|
|
|
|
Registered
Office : |
Maral Sarovar V and
P.O. Khalbujurg, Tehsil Kasrawad, Khargaon-541660, Madhya Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
27.01.1989 |
|
|
|
|
Com. Reg. No.: |
10-008255 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.723.620
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17124MP1989PLC008255 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BPLM01290C BPLM03544C BPLM01008A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Seller of Cotton Yarn, Knitted Fabrics and Knitted
Garments. |
|
|
|
|
No. of Employees
: |
1626 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3400000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Not Available |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The rating reflects company’s established track record of business
operation supported by diversified product profile and sound financial risk
profile of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for 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 |
|
High |
B2 |
|
Very High |
C1 |
|
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 = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
11.03.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3 |
|
Rating Explanation |
Moderate degree of safety and high credit risk. |
|
Date |
11.03.2014 |
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 BY
|
Name : |
Mr. P.S. Puri |
|
Designation : |
Finance Head |
|
Contact No.: |
91-120-4390300 |
LOCATIONS
|
Registered Office / Factory 1 : |
Maral Sarovar V and
P.O. Khalbujurg, Tehsil Kasrawad, Khargone-541160, Madhya Pradesh, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Bhilwara Towers, A-12, Sector-1, Noida-201301, Uttar
Pradesh, India |
|
Tel No.: |
91-120-4390000 |
|
Fax No.: |
91-120-4390157 |
|
|
|
|
Factory 2 : |
Noida Unit A-11, Hosiery Complex,
Phase - II (Extension), Noida-201305, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4519200 / 4737401 |
|
Fax No.: |
91-120-4519201 |
|
|
|
|
Factory 3 : |
C-126, Sector-63, Noida - 201 307, Uttar Pradesh, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. L. N. Jhunjhunwala |
|
Designation : |
Chairman-Emeritus |
|
|
|
|
Name : |
Mr. Ravi Jhunjhunwala |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Shekhar Agarwal |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. D. N. Davar |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Kamal Gupta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. S. Dasgupta |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. P.S. Puri |
|
Designation : |
Finance Head |
|
|
|
|
Name : |
Mrs. Sweta Garg |
|
Designation : |
Company Secretary |
|
|
|
|
CORPORATE OFFICE |
|
|
Name : |
Mr. P. S. Puri |
|
Designation : |
Chief Financial Officer |
|
|
|
|
SAROVAR UNIT |
|
|
Name : |
Mr. Suresh Chand Maheshwari
|
|
Designation : |
President |
|
|
|
|
NOIDA UNIT |
|
|
Name : |
Mr. Naveen Maheshwari |
|
Designation : |
Vice President |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2818273 |
6.79 |
|
|
28291556 |
68.16 |
|
|
31109829 |
74.95 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
31109829 |
74.95 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1100 |
0.00 |
|
|
300 |
0.00 |
|
|
5800 |
0.01 |
|
|
7200 |
0.02 |
|
|
|
|
|
|
2200835 |
5.30 |
|
|
|
|
|
|
5326756 |
12.83 |
|
|
2755504 |
6.64 |
|
|
107876 |
0.26 |
|
|
60730 |
0.15 |
|
|
46946 |
0.11 |
|
|
200 |
0.00 |
|
|
10390971 |
25.03 |
|
Total Public shareholding (B) |
10398171 |
25.05 |
|
Total (A)+(B) |
41508000 |
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) |
41508000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Cotton Yarn, Knitted Fabrics and Knitted
Garments. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
1626 (Approximately) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Axis Bank Limited · Bank of Baroda · Canara Bank · Central Bank of India · Export-Import Bank of India · IDBI Bank Limited · IndusInd Bank Limited · State Bank of Bikaner and Jaipur · State Bank of Hyderabad · State Bank of India · State Bank of Patiala · The Jammu and Kashmir Bank Limited ·
Yes Bank Limited |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs. In Millions)
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors 1 : |
|
|
Name : |
Doogar and Associates Chartered Accountants |
|
Address : |
New Delhi, India |
|
|
|
|
Auditors 2 : |
|
|
Name : |
Ashim and Associates Chartered Accountants |
|
Address : |
New Delhi, India |
|
|
|
|
Enterprises in
respect of which the reporting enterprise is an associate : |
· Agarwal Trademart Private Limited ·
BMD Private Limited |
|
|
|
|
Enterprises owned or
significantly influenced by key management personnel or their relatives |
· RSWM Limited · HEG Limited · BSL Limited ·
Cheslind Textiles
Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
44000000 |
Equity Shares |
Rs.10/- each |
Rs.440.000 Millions |
|
3100000 |
Cumulative Redeemable Preferences Shares |
Rs.100/- each |
Rs.310.000 Million |
|
|
TOTAL
|
|
Rs.750.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41508000 |
Equity Shares |
Rs.10/- each
|
Rs.415.080
Millions |
|
1885400 |
8% Cumulative Redeemable Preferences Shares |
Rs.100/- each |
Rs.188.540
Millions |
|
1200000 |
3% Cumulative Redeemable Preferences Shares |
Rs.100/- each |
Rs.120.000
Millions |
|
|
TOTAL
|
|
Rs.723.620 Millions |
NOTES:
RECONCILIATION OF THE SHARES OUTSTANDING AT THE BEGINNING AND AT THE END
OF THE REPORTING PERIOD
|
PARTICULAR |
AS ON 31.03.2014 |
|
|
|
NO. OF SHARES |
RS. IN MILLIONS |
|
Equity Shares |
|
|
|
At the beginning of the period |
41508000 |
415.080 |
|
Issued during the period |
-- |
-- |
|
Bought back during the period |
-- |
-- |
|
Outstanding at the end of the period |
41508000 |
415.080 |
|
|
|
|
|
8 per cent Cumulative Redeemable Preference Shares |
|
|
|
At the beginning of the period |
1885400 |
188.540 |
|
Issued during the period |
-- |
-- |
|
Bought back during the period |
-- |
-- |
|
Outstanding at the end of the period |
1885400 |
188.540 |
|
|
|
|
|
3 per cent Cumulative Redeemable Preference Shares |
|
|
|
At the beginning of the period |
1200000 |
120.000 |
|
Issued during the period |
-- |
-- |
|
Bought back during the period |
-- |
-- |
|
Outstanding at the end of the period |
1200000 |
120.000 |
TERMS/RIGHTS
ATTACHED TO EQUITY SHARES
Company has only one
class of equity shares having a par value of Rs.
10/-. Each holder of equity shares is entitled to one vote per share. 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 holder of equity shares is entitled to
receive dividend only after distribution of dividend to the holders of
preference shares.
In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
TERMS/RIGHTS ATTACHED TO PREFERENCE SHARES
Company has only
one class of Cumulative Redeemable Preference Shares (CRPS) having a par value
of Rs. 100/. There are two series of CRPS, carrying
differential dividend coupon rates.
First series of preference
shares carrying a dividend coupon rate of 8%, allotted to the various banks and
financial institutions, pursuant to the Corporate Debt Restructuring (‘CDR’)
Package, are redeemable in four equal annual installments from 2016 to 2019.
Second series of preference shares carrying a dividend coupon rate of 3%,
allotted to promoters, against infusion of funds by them, pursuant to the
Corporate Debt Restructuring (‘CDR’) Package, are redeemable on 31st March,
2019. 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.
Each holder of
preference shares is entitled to one vote per share only on resolutions placed
before the company which directly affect the rights attached to preference
shares.
The holders of
preference shares are entitled to a preferential right of repayment of capital
on winding up vis-ŕ-vis the holders of equity shares. The distribution will be
in proportion to the number of shares held by the shareholders.
DETAILS OF SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY
|
PARTICULAR |
AS ON 31.03.2014 |
|
|
|
NO. OF SHARES HELD |
% HOLDING |
|
Equity Shares |
|
|
|
Agarwal Trademart
Private Limited |
19760000 |
47.61 |
|
Essay Marketing Company Limited |
3356700 |
8.09 |
|
|
|
|
|
8 per cent Cumulative Redeemable Preference Shares |
|
|
|
IDBI Bank Limited |
94600 |
5.02 |
|
Indusind Bank Limited |
130900 |
6.94 |
|
Yes Bank Limited |
143000 |
7.58 |
|
State Bank of Hyderabad |
144100 |
7.64 |
|
Export-Import Bank of India |
103400 |
5.48 |
|
Central Bank of India |
328900 |
17.44 |
|
Axis Bank Limited |
425700 |
22.58 |
|
State Bank of India |
337700 |
17.91 |
|
|
108900 |
5.78 |
|
3 per cent Cumulative Redeemable Preference Shares |
|
|
|
Apeksha Vyapaar Private
Limited |
475000 |
39.58 |
|
Ultramarine Impex Private Limited |
200000 |
16.67 |
|
Sita Nirman Private
Limited |
200000 |
16.67 |
|
Pawanputra Trading Private Limited |
200000 |
16.67 |
|
Shantanu Agarwal |
125000 |
10.41 |
The aforesaid
disclosure is based upon percentages computed separately for each class & series
of shares outstanding, as at the Balance Sheet date. As per of the Company,
including its register of shareholders/members and other declarations received
from shareholders regarding beneficial interest, the above shareholding
represents both legal and beneficial ownerships of shares.
The Company has
not allotted any fully paid up shares pursuant to contract(s) without payment
being received in cash nor has allotted any fully paid up shares by way of
bonus shares nor has bought back any class of shares during the period of five
years immediately preceding the Balance Sheet date.
The CDR package
grants a right to the various banks and financial institutions to convert 20%
of their debt outstanding beyond seven years from the date of CDR Letter i.e. March
26, 2009 into equity shares, as per SEBI guidelines / loan covenants, whichever
is applicable.
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 |
723.620 |
723.620 |
723.620 |
|
(b) Reserves & Surplus |
144.843 |
(150.343) |
(366.686) |
|
(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) |
868.463 |
573.277 |
356.934 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1117.581 |
1276.894 |
1488.026 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
5.177 |
4.192 |
8.786 |
|
(d) long-term provisions |
16.778 |
12.594 |
10.958 |
|
Total Non-current Liabilities (3) |
1139.536 |
1293.680 |
1507.770 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
719.790 |
774.828 |
666.654 |
|
(b) Trade payables |
256.323 |
226.870 |
321.666 |
|
(c) Other current
liabilities |
598.367 |
488.911 |
461.085 |
|
(d) Short-term provisions |
46.101 |
40.108 |
28.237 |
|
Total Current Liabilities (4) |
1620.581 |
1530.717 |
1477.642 |
|
|
|
|
|
|
TOTAL |
3628.580 |
3397.674 |
3342.346 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1642.466 |
1847.544 |
1967.354 |
|
(ii) Intangible Assets |
4.273 |
6.115 |
4.947 |
|
(iii) Capital
work-in-progress |
7.995 |
17.598 |
11.065 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
48.330 |
46.894 |
87.187 |
|
(e) Other Non-current assets |
12.507 |
12.249 |
14.040 |
|
Total Non-Current Assets |
1715.571 |
1930.400 |
2084.593 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1.277 |
1.277 |
1.277 |
|
(b) Inventories |
1296.407 |
877.886 |
657.684 |
|
(c) Trade receivables |
350.225 |
363.152 |
378.269 |
|
(d) Cash and cash
equivalents |
29.768 |
63.944 |
54.415 |
|
(e) Short-term loans and
advances |
59.577 |
58.574 |
73.336 |
|
(f) Other current assets |
175.755 |
102.441 |
92.772 |
|
Total Current Assets |
1913.009 |
1467.274 |
1257.753 |
|
|
|
|
|
|
TOTAL |
3628.580 |
3397.674 |
3342.346 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6533.501 |
5588.923 |
5359.127 |
|
|
|
Other Income |
71.700 |
86.075 |
65.882 |
|
|
|
TOTAL (A) |
6605.201 |
5674.998 |
5425.009 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3943.045 |
3279.036 |
3472.840 |
|
|
|
Purchases of Stock-in-Trade |
44.878 |
40.838 |
34.740 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(121.761) |
4.978 |
60.528 |
|
|
|
Employees benefits expense |
511.308 |
451.900 |
413.932 |
|
|
|
TOTAL (B) |
5726.192 |
5017.617 |
5041.215 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
879.009 |
657.381 |
383.794 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
186.362 |
226.692 |
268.804 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
692.647 |
430.689 |
114.990 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
381.085 |
188.936 |
190.190 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
311.562 |
241.753 |
(75.200) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
16.854 |
0.000 |
(55.669) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
294.708 |
241.753 |
(19.531) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(913.912) |
(1129.595) |
(1129.595) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
(37.061) |
|
|
|
Dividend |
18.683 |
22.283 |
15.083 |
|
|
|
Tax on Dividend |
3.175 |
3.787 |
2.447 |
|
|
BALANCE CARRIED
TO THE B/S |
(641.062) |
(913.912) |
(1129.595) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
3659.300 |
3412.423 |
3341.850 |
|
|
|
Other (Freight Insurance, Claims, etc) |
49.105 |
59.194 |
42.994 |
|
|
TOTAL EARNINGS |
3708.405 |
3471.617 |
3384.844 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials (Including Purchases For Consumption) |
134.182 |
131.371 |
79.577 |
|
|
|
Stores & Spares |
37.382 |
59.361 |
49.110 |
|
|
|
Capital Goods |
110.749 |
29.054 |
26.449 |
|
|
TOTAL IMPORTS |
282.313 |
219.786 |
155.136 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
6.57 |
5.30 |
(0.99) |
|
|
|
- Diluted |
1.80 |
1.45 |
(0.99) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
4.46 |
4.26 |
(0.36) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.77 |
4.33 |
(1.40) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.61 |
7.15 |
(2.26) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36 |
0.42 |
(0.21) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.12 |
3.58 |
6.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18 |
0.96 |
0.85 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
723.620 |
723.620 |
723.620 |
|
Reserves & Surplus |
(366.686) |
(150.343) |
144.843 |
|
Net
worth |
356.934 |
573.277 |
868.463 |
|
|
|
|
|
|
long-term borrowings |
1488.026 |
1276.894 |
1117.581 |
|
Short term borrowings |
666.654 |
774.828 |
719.790 |
|
Total
borrowings |
2154.680 |
2051.722 |
1837.371 |
|
Debt/Equity
ratio |
6.037 |
3.579 |
2.116 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
5359.127 |
5588.923 |
6533.501 |
|
|
|
4.288 |
16.901 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
5359.127 |
5588.923 |
6533.501 |
|
Profit / (Loss) |
(19.531) |
241.753 |
294.708 |
|
|
(0.36%) |
4.33% |
4.51% |
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
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 |
No |
|
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
Rs. In
Millions
|
Particular |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long Term Borrowings
|
|
|
|
Loans and Advances from Related Parties |
50.000 |
50.000 |
|
Total |
50.000 |
50.000 |
|
|
|
|
OPERATIONS
The members that as a result of varied improvement measures undertaken by the management in the past few years, the Company, during the year, recorded further overall growth in turnover and profitability.
The Company achieved a Turnover of Rs.6533.200 Millions for the year ended the 31st March, 2014 against Rs.5589.000 Millions in the previous year, ended the 31st March, 2013. The Company achieved a net profit of Rs.294.600 Millions against Rs.241.800 Millions in the previous year.
During the period, the Company has been able to achieve production of 17332 MT of cotton yarn (16852 MT), 1406 MT of dyed yarn (1300 MT), 3692 MT of grey knitted fabric (3592 MT), 4737 MT of processed fabric (4103 MT) and 53.35 lac pieces of garments (43.65 lac pieces), without any expansion in capacity.
MANAGEMENT DISCUSSION
AND ANALYSIS
The global economy clocked subdued growth of 2.1 per cent in 2013. While most of the developed economies continued to grapple with the challenge of framing appropriate fiscal and monetary policy actions after the financial crisis witnessed during 2008 onward a number of emerging economies, which had already experienced a notable slowdown in the past two years, encountered new domestic and international headwinds during 2013. The world economy has been witnessing a sliding trend in growth, from 3.9 percent in 2011 to 3.1 percent in 2012 and 3 percent in 2013.
However, some signs of improvement were witnessed during the last quarter of the financial year. The euro economies are finally seeing reversal of protracted recession. The economy of United states has strengthened with the growth of few large emerging economics, including China and India who managed to backstop the deceleration they experienced in the past two years and veered upward moderately. World gross product (WGP) is forecast to grow at a pace of 3.0 and 3.3 per cent in 2014 and 2015, respectively.
The growth in the South Asia remained lacklustre in 2013, due to various factors which hampered activities, particularly in the region’s major economies such as India, Iran and Pakistan. The region’s total gross domestic product grew by 3.9 per cent in 2013, the slowest pace in almost two decades, after increasing by 4.2 per cent in 2012. However, the growth is forecast to pick up gradually to 4.6 per cent in 2014 and 5.1 per cent in 2015, supported by stronger external demand, a mild recovery in domestic demand in India and improved economic conditions in Iran.
Among developed countries, the United States of America is estimated to grow at a meagre pace of 1.6 per cent in 2013, significantly lower than the 2.8 per cent growth of the previous year. Fiscal tightening and a series of political gridlocks over budgetary issues during the year have weighed heavily on growth. However, the global economic growth is expected to increase over the next two years with continuing signs of improvement. While the average growth of middle-income countries continues to be the highest, growth for the least developed countries is expected to strengthen in 2014-2015.
The Textile sector plays a key role in the Indian Economy by way of significant contribution to GDP, manufacturing output, employment generation and export earnings. The Indian Textiles Industry is an economic stalwart. Currently, it contributes about 14 percent to India’s industrial production, 2 percent to the GDP and 11 percent to the country’s export earnings. The Textiles Sector provides direct employment to over 35 million people in India, holding the position of the second largest provider of employment after agriculture. Thus, the growth and all around development of this industry has a direct bearing on the nation’s economic strength.
India accounts for 22 per cent of the world’s installed capacity of spindles and is one of the largest exporters of yarn in international market. It has the second highest spindleage in the world after China. India is the second highest producer of cotton after China contributing about 21.6% of world production. India’s textiles and clothing industry is one of the mainstays of the national economy. It is also one of the largest contributing sectors of India’s exports worldwide. The report of the Working Group constituted by the Planning Commission on boosting India’s manufacturing exports during 12th Five Year Plan (2012-17), envisages India’s exports of Textiles and Clothing at USD 64.41 billion by the end of March, 2017. In the global exports of Textiles, India ranked as the third largest exporter, trailing EU-27 and China, as per WTO data – 2011 (latest). In the liberalized postquota period, India has emerged as a major sourcing destination for buyers from all over the globe.
BUSINESSES
Maral Overseas Limited (MOL) is one of India’s largest vertically integrated textile companies. During the year, the price of cotton kept on fluctuating although the price in the international market was higher than the price at which the cotton was available in the domestic market. However, after the second quarter of the fiscal year, the price of the cotton was high due to the absence of China and US in the market and India remained a significant exporter.
During the financial year ended the 31st March, 2014, the Company achieved a Turnover of Rs.6533.200 Millions against Rs.5589.000 Millions in the previous year ended the 31st March, 2013 and the operating profit of the Company was Rs.875.700 Millions against Rs.657.400 Millions in the previous year. During the year, the Company’s exports (FOB value) were to the tune of Rs.3659.300 Millions and accounted for 56 % of MOL’s turnover. The yarn business accounted for 56.6 % (Previous year 59.9 %) while knitted fabric and garment business accounted for 24.5 % (22.4 %) and 18.9 % (17.7%) respectively.
The Company offers to its customers the finest quality of yarn, fabrics and fashion garments which command a premium in the market. Further, in order to ensure smooth operations, the Company has undertaken a modernization programme at Sarovar unit. The Company has also undertaken an expansion programme for its garment activity in an additional leased premise in Noida. Company’s focus is on creating innovative products which are environment friendly, socially compliant, fashionable and add aesthetic value to the final product.
Yarn Business
The Yarn Business has contributed significantly to the performance and profitability of the Company. The production in the yarn segment has surpassed the projections made by the Company. This business contributed Rs.3695.000 Millions towards the turnover of the Company.
Knitted Fabric
Business
The performance of the Fabric Business improved during the year. However, the export turnover from this segment remained challenging due to global conditions but efforts were made by the Management to increase the overall profitability and productivity of the segment. This business contributed Rs.160.10 crore towards the turnover of the Company.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10393425 |
19/06/2013 * |
240,800,000.00 |
CENTRAL BANK OF INDIA |
GROUND FLOOR (RIGHT WING), LINK HOUSE, 3, BAHADURSHAH ZAFAR MARG, NEW DELHI, DELHI - 110002, INDIA |
B79003851 |
|
2 |
10360737 |
11/06/2012 |
100,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B41668609 |
|
3 |
10292962 |
10/05/2011 |
37,500,000.00 |
BANK OF BARODA |
16, SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA |
B15273014 |
|
4 |
10171009 |
02/07/2010 * |
657,300,000.00 |
STATE BANK OF INDIA (MONITORING INSTITUTION) |
STATE BANK BUILDING, MCLAU, 2ND FLOOR, SBI CHANDNI CHOWK, DELHI, DELHI - 110006, INDIA |
A92221811 |
|
5 |
10129870 |
23/11/2009 * |
95,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA - 400018, INDIA |
A75267724 |
|
6 |
10094386 |
20/11/2009 * |
39,500,000.00 |
STATE BANK OF HYDERABAD |
16, KUNDAN HOUSE, NEHRU PLACE, NEW DELHI, DELHI - |
A75268219 |
|
7 |
10094264 |
20/11/2009 * |
55,500,000.00 |
AXIS BANK LIMITED |
4/10, OPG HOUSE, ASAF ALI ROAD, NEW DELHI, DELHI- 110002, INDIA |
A76066273 |
|
8 |
10044822 |
23/03/2009 * |
100,000,000.00 |
THE JAMMU AND KASHMIR BANK LIMITED |
B/205, ANSAL PLAZA, HUDCO PLACE, KHEL GAON, ANDREWS GANJ, NEW DELHI, DELHI - 110049, INDIA |
A61647293 |
|
9 |
10036217 |
29/02/2008 * |
75,000,000.00 |
CANARA BANK |
2ND FLOOR, WORLD TRADE TOWER, BARAKHAMBA LANE, NEW DELHI, DELHI - 110001, INDIA |
A34599068 |
|
10 |
10036682 |
29/02/2008 * |
75,000,000.00 |
STATE BANK OF HYDERABAD |
16, KUNDAN HOUSE,, NEHRU PLACE, NEW DELHI, DELHI |
A34420265 |
|
11 |
10011869 |
08/08/2007 * |
150,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, DHARAM PALACE COMPLEX, SECTOR- 18, NOIDA, UTTAR PRADESH - 201301, INDIA |
A21501044 |
|
12 |
80024348 |
27/03/2006 * |
320,000,000.00 |
UTI BANK LIMITED |
TRISHUL III FLOOR, OPPOSITE SAMARTHESHWAR TEMPLE,, |
- |
|
13 |
80029346 |
27/03/2006 * |
473,300,000.00 |
CENTRAL BANK OF INDIA |
PATPARGANJ ROAD, DELHI, DELHI - 110051, INDIA |
- |
|
14 |
90204340 |
27/03/2006 * |
375,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING; FLOOR 21, WORLD TRADE CENTRE |
- |
|
15 |
90204267 |
31/03/2005 * |
250,000,000.00 |
YES BANK LIMITED |
9TH FLOOR; DISCOVERY OF INDIA, DR. A. B. ROAD; WORLD, BOMBAY, MAHARASHTRA - 400018, INDIA |
- |
|
16 |
90209188 |
24/01/2003 |
20,000,000.00 |
STATE BANK OF PATIALA |
CHANDERLOK BUILDING, 36; JANPATH, NEW DELHI, DELHI - 110001, INDIA |
- |
|
17 |
90203434 |
30/06/1998 * |
300,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE FLOOR 21, WORLD TRADE CENTRE; CUFFE PARADE, BOMBAY, MAHARASHTRA - 400005, INDIA |
- |
|
18 |
90201693 |
04/09/2001 * |
680,000,000.00 |
STANDARD CHARTERED GRINDLAYS BANK |
H BLOCK, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA |
- |
|
19 |
90205248 |
19/06/2013 * |
1,311,500,000.00 |
BANK OF BARODA (LEAD BANK) |
PARLIAMENT STREET BRANCH, GROUND FLOOR, BANK OF BARODA BUILDING, 16 PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
B78678190 |
|
20 |
90203350 |
27/06/1997 |
680,000,000.00 |
BANK OF BARODA |
NEW DELHI, NEW DELHI, DELHI - 110001, INDIA |
- |
|
21 |
90207762 |
25/01/1996 |
50,000,000.00 |
ANZ GRINDLAYS BANK PLC |
H BLOCK, CONNAUGHT CIRCUS, NEW DLEHI, DELHI - 110001, INDIA |
- |
|
22 |
90201628 |
04/09/2001 * |
320,000,000.00 |
STATE BANK OF PATIALA |
NEW FRIENDS COLONY, NEW DELHI, DELHI - 110065, INDIA |
- |
|
23 |
90205054 |
21/07/1995 |
320,000,000.00 |
STATE BANK OF HYDERABAD |
KUNDAN HOUSE, 16; NEHRU PLACE, NEW DELHI, DELHI - |
- |
|
24 |
90210409 |
04/09/2001 * |
320,000,000.00 |
BANK OF BARODA |
INDUSTRIAL FINANCE BRANCH, 16; SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA |
- |
|
25 |
90205005 |
28/01/1995 |
50,000,000.00 |
STATE BANK OF PATIALA |
NEW FRIENDS COLONY, NEW DELHI, DELHI - 110065, INDIA |
- |
|
26 |
90203024 |
17/01/1995 |
50,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
71-72; LAXMI BHAWAN, NEHRU PLACE, NEW DLEHI, DELHI - 110019, INDIA |
- |
|
27 |
90203019 |
11/01/1995 |
36,000,000.00 |
STATE BANK OF INDORE |
M-94, CONNAUGHT CIRCUS, NEW DLEHI, DELHI - 110001, INDIA |
- |
|
28 |
90207431 |
02/02/1994 |
13,219,000.00 |
STATE BANK OF PATIALA |
NEW FRIENDS COLONY, NEW DELHI, DELHI - 110065, INDIA |
- |
|
29 |
90207356 |
16/12/1993 * |
20,000,000.00 |
BANK OF BARODA |
INDUSTRIAL FINANCE BRANCH, BANK OF BARODA BUILDING; 16; PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
- |
|
30 |
90204840 |
24/03/1992 * |
10,000,000.00 |
STATE BANK OF INDORE |
M-94, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA |
- |
|
31 |
90204816 |
16/12/1993 * |
3,000,000.00 |
STATE BANK OF PATIALA |
NEW FRIENDS COLONY, NEW DELHI, DELHI - 110065, INDIA |
- |
|
32 |
90210233 |
11/08/1990 * |
7,500,000.00 |
STATE BANK OF PATIALA |
NEW FRIENDS COLONY, NEW DELHI, DELHI - 110065, INDIA |
- |
* Date of charge modification
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Vehicle
·
Furniture and Office
Equipment’s
·
Livestock
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30TH JUNE, 2014
Rs. in Millions
|
Sr. No. |
Particular |
Quarter Ended |
|
|
|
30.06.2014 |
|
|
|
Unaudited
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
1584.400 |
|
|
Other Operating
Income |
53.000 |
|
|
Total Income From Operations (Net) |
1637.400 |
|
|
|
|
|
2. |
Expenditure |
|
|
|
Cost
of materials consumed |
1024.900 |
|
|
Purchase
of stock in trade |
1.200 |
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and
Stock-in-Trade |
9.400 |
|
|
Employee
benefits expenses |
144.800 |
|
|
Depreciation
and amortization expenses |
78.900 |
|
|
Other
expenses |
313.700 |
|
|
Total Expenses |
1572.900 |
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
64.500 |
|
|
|
|
|
4. |
Other
Income |
45.600 |
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
110.100 |
|
|
|
|
|
6. |
Interest |
53.100 |
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
57.000 |
|
|
|
|
|
8. |
Exceptional
Items |
-- |
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
57.000 |
|
|
|
|
|
10. |
Tax
Expense |
11.900 |
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
45.100 |
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
|
|
|
|
|
13. |
Net Profit
for the period (11-12) |
45.100 |
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
415.100 |
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
|
|
|
|
|
16. |
Basic and Diluted Earning Per Share
(EPS) (Rs.)-Not Annualized |
|
|
|
a)
Basic and diluted EPS before extraordinary items |
0.95 |
|
|
b)
Basic and diluted EPS after extraordinary items |
0.68 |
|
|
|
|
|
A. 17. |
Public Shareholding |
|
|
|
-Number
of Shares |
10,398,171 |
|
|
- Percentage
of Shareholding |
25.05% |
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
-
Number of Shares |
14,942,880 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and promoter
group) |
48.03% |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
36.00% |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
-
Number of Shares |
16,166,949 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
51.97% |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
38.95% |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Received during the quarter |
2 |
|
|
Disposed of during the quarter |
2 |
|
|
Remaining unresolved at the end of the
quarter |
NIL |
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
Rs. in Millions
|
Sl. No. |
|
Particulars |
Quarter Ended |
|
|
30.06.2014 |
||
|
|
Unaudited
|
||
|
1 |
|
SEGMENT REVENUE |
|
|
|
|
Yarn * |
1167.900 |
|
|
|
Fabric |
528.600 |
|
|
|
Garment |
299.800 |
|
|
|
TOTAL |
1996.300 |
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
358.900 |
|
|
|
|
|
|
|
|
NET SALES / INCOME
FROM OPERATION |
1637.400 |
|
|
|
|
|
|
2 |
|
SEGMENT RESULTS |
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
BEFORE TAX AND INTEREST FROM EACH SEGMENT |
|
|
|
|
Yarn |
46.900 |
|
|
|
Fabric |
61.200 |
|
|
|
Garment |
4.100 |
|
|
|
TOTAL |
112.200 |
|
|
|
|
|
|
|
|
Less :Interest |
51.600 |
|
|
|
Less : Other Unallocable Expenses Net of Unallocable Income |
3.600 |
|
|
|
|
|
|
|
|
NET PROFIT (+) /
LOSS(-) BEFORE TAX |
57.000 |
|
|
|
|
|
|
3 |
|
CAPITAL EMPLOYED |
|
|
|
|
Yarn |
2448.100 |
|
|
|
Fabric |
229.300 |
|
|
|
Garment |
147.700 |
|
|
|
Other Assets |
410.000 |
|
|
|
TOTAL |
2866.100 |
NOTES:
1. The figures of the previous period / year have been regrouped / recast wherever considered necessary’.
2. The Auditors have
conducted limited review of the financial results for the quarter ended 30th
June, 2014. The above Financial Results were reviewed by the Audit Committee
and thereafter were approved and taken on record by the Board of Directors at
its meetings held on 25th July, 2014.
3. The new garment unit being set up at Noida
will take further 3 months to stabilize and attain optimal production.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for
violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.61 |
|
|
1 |
Rs.100.28 |
|
Euro |
1 |
Rs.78.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
-- |
|
--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 |
|
45 |
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.