MIRA INFORM REPORT
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Report Date : |
10.10.2014 |
IDENTIFICATION DETAILS
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Name : |
JAGATJIT INDUSTRIES LIMITED |
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Registered
Office : |
Jagatjit Nagar, District Kapurthala – 144802, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
09.08.1944 |
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Com. Reg. No.: |
16-001970 |
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Capital
Investment / Paid-up Capital : |
Rs.461.500 Millions |
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CIN No.: [Company
Identification No.] |
L15520PB1944PLC001970 |
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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
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Manufacturing Alcoholic Beverages (being Indian Made Foreign Liquor and Country Liquor), Malted Milkfood, Dairy Products and Glass Containers. |
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No. of Employees
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Information denied by management |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 moderate track record. The company has incurred a loss from its operation during 2014. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some caution.
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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
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict
Implications: Apex court order may alter coal import dynamics. Traders go slowly
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
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Rating Agency Name |
ICRA |
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Rating |
Long Term Rating = BB |
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Rating Explanation |
Have moderate risk of default |
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Date |
July 2014 |
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Rating Agency Name |
ICRA |
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Rating |
Short Term Rating = A4+ |
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Rating Explanation |
Have minimal degree of safety and carry very
high credit risk |
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Date |
July 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 DENIED
Management Non Co-Operative (Tel No.: 91-11-26432641)
LOCATIONS
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Registered Office : |
Jagatjit Nagar, District Kapurthala – 144802, Punjab,
India |
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Tel. No.: |
91-181-2783112 |
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Fax No.: |
91-181-2783118 |
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E-Mail : |
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Website : |
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Corporate Office : |
4th Floor, Bhandari
House, 91, Nehru Place, New Delhi-110019, India |
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Tel. No.: |
91-11-26432641 / 42 |
DIRECTORS
As on 31.03.2014
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Name : |
Mr. Narender Nath Sapra |
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Designation : |
Managing Director |
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Address : |
B-8, Soami Nagar, New Delhi, New Delhi - 110017, India |
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Date of Appointment : |
06.10.2008 |
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DIN No.: |
00200239 |
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Other Directorship:
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Name : |
Mr. Sudhir Avasthi |
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Designation : |
Additional Director |
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Address : |
H-34, Kailash Colony, New Delhi - 110048, India |
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Date of Appointment : |
10.07.2014 |
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DIN No.: |
00152375 |
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Other Directorship:
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Name : |
Mr. Ravi Manchanda |
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Designation : |
Whole Time Director |
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Address : |
59,Block V, FF, Eros Garden, Suraj Kund Road, Faridabad - 121009,
Haryana, India |
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Date of Appointment : |
06.10.2008 |
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DIN No.: |
00152760 |
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Other Directorship:
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Name : |
Mrs. Anjali Varma |
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Designation : |
Additional Director |
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Address : |
B-343, New Friends Colony, New Delhi - 110065, Delhi, India |
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Date of Appointment : |
21.04.2014 |
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DIN No.: |
01250881 |
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Other Directorship:
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Name : |
Peri Kameswara Sharma |
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Designation : |
Director |
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Address : |
223, Hauz Khas Apts, SFS Sri Aurobindo Marg, New Delhi - 110016, India |
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Date of Appointment : |
30.05.2013 |
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DIN No.: |
02316593 |
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Other Directorship:
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Name : |
Mr. Kiran Kapur |
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Designation : |
Director |
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Address : |
EG 1/9, Garden Estate, Gurgaon - 122002, Haryana, India |
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Date of Appointment : |
27.11.2008 |
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DIN No.: |
02491308 |
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Other Directorship:
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KEY EXECUTIVES
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Name : |
Mr. Anil Girotra |
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Designation : |
Chief Finance Officer |
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Address : |
125,Ram Vihar, I.P.Extension-2, Delhi - 110092, India |
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Date of Appointment : |
14.08.2014 |
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PAN No.: |
AADPG2183M |
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Name : |
Mr. Kewal Krishan Kohli |
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Designation : |
Secretary |
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Address : |
185, Second Floor, Sector-5, Vaishali, Ghaziabad - 201010, Uttar
Pradesh, India |
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Date of Appointment : |
06.06.1998 |
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PAN No.: |
AFZPK2156H |
SHAREHOLDING PATTERN
As on 30.06.2014
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Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
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(A)
Shareholding of Promoter and Promoter Group |
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606696 |
2.90 |
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14088612 |
67.29 |
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14695308 |
70.18 |
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100 |
0.00 |
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1003800 |
4.79 |
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1003900 |
4.79 |
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Total shareholding
of Promoter and Promoter Group (A) |
15699208 |
74.98 |
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(B)
Public Shareholding |
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1100 |
0.01 |
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2172 |
0.01 |
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200 |
0.00 |
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3472 |
0.02 |
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1625195 |
7.76 |
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1859474 |
8.88 |
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1531453 |
7.31 |
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219310 |
1.05 |
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219310 |
1.05 |
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5235432 |
25.00 |
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Total
Public shareholding (B) |
5238904 |
25.02 |
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Total
(A)+(B) |
20938112 |
100.00 |
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(C) Shares
held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
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25210000 |
0.00 |
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0 |
0.00 |
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25210000 |
0.00 |
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Total
(A)+(B)+(C) |
46148112 |
100.00 |
Individual shareholders holding nominal
share capital up to Rs.0.100 million
BUSINESS DETAILS
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Line of Business : |
Manufacturing Alcoholic Beverages (being Indian Made Foreign Liquor and Country Liquor), Malted Milkfood, Dairy Products and Glass Containers. |
GENERAL INFORMATION
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No. of Employees : |
Information denied by management |
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Bankers : |
· Union Bank of India, M-11, 1st Floor, Middle Circle, Connaught Circus, Delhi - 110019, India ·
HDFC Bank Limited, HDFC
Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai, Maharashtra - 400013,
India |
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Facilities : |
Notes: LONG TERM
BORROWINGS
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mittal Chaudhry and Company Chartered Accountants |
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Cost Auditors : |
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Name : |
R. J. Goel and Company Cost Accountants |
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Address : |
Delhi, India |
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Subsidiary
Companies : |
· JIL Trading Private Limited · S.R.K. Investments Private Limited · Sea Bird Securities Private Limited · L.P. Investments Limited |
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Associate |
· Hyderabad Distilleries and Wineries Private Limited |
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Enterprises over
which Major shareholders, Key Management Personnel and their relatives have significant
influence / control : |
· Milkfood Limited · Fast Buck Investments and Trading Private Limited. · Jagatjit Industries Limited Employees Superannuation Scheme · Pashupati Properties and states Private Limited · Qube Corporation Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
75000000 |
Equity Shares |
Rs.10/- each |
Rs.750.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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46148112 |
Equity Shares |
Rs.10/- each |
Rs.461.500 Millions |
1. Detail of Equity Shares Issued
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Particulars |
Number
of Shares |
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Original issue of Equity Shares |
500000 |
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Less : Equity Shares Forfeited due to nonpayment of calls |
170492 |
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|
329508 |
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Add : Forfeited Equity Shares issued to existing shareholders on pro-rata basis at Rs.2.50 per share |
169737 |
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|
499245 |
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Add : Total Bonus Equity Shares issued from 1970 to 1994-95 |
23732979 |
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Add : GDR issue |
25210000 |
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Add : Preferential allotment |
2500000 |
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Less : Shares repurchased (Buy- Back) |
5794112 |
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Total |
46148112 |
2.
Changes
In Share Capital During Last Five Years
5794112 Equity Shares of Rs.10
each fully paid up were bought back by the company in FY-2009-10 as directed by
the Hon’ble Company Law Board (CLB), vide their order dated 12.03.2009.
3. Reconciliation of Number of Shares and
Share Capital
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
At the beginning of the year |
46148112 |
461.500 |
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Add : Issued during the year |
-- |
-- |
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Less : Bought Back during the year |
-- |
-- |
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Outstanding at the end of the year |
46148112 |
461.500 |
4.
Details of equity shares held by shareholders
holding more than 5% shares:
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Name of
Shareholder |
Number
of Shares |
% holding |
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The Bank of New York (the Depository) |
25210000 |
54.63 |
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LPJ Holdings Private Limited |
7418648 |
16.08 |
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LPJ Holdings Private Limited |
2500000 |
5.42 |
# As per the of the Company, including its register of members.
5.
Terms/Rights
Attached To Equity Shares
a) 18,438,112 shares referred to as equity shares are having face value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share and dividend, if declared.
b) 25,210,000 underlying Equity Shares of Rs.10/- each fully paid up ranking pari-passu with existing shares were issued in the name of the Depository, The Bank of New York, representing the Global Depository Receipt (GDR) issue. GDRs do not carry any voting rights until they are converted into underlying equity shares.
c) 2,500,000 Equity Shares of Rs.10/- each are held by LPJ Holdings Private Limited, fully paid up at a premium of Rs.20/- per share, as a special series with differential rights to dividend and voting, were issued during the financial year 2004-05. These shares have no right to the dividend and each share carries twenty voting rights per share as compared to one voting right per existing equity share and were under the lock-in-period of three years from the date of allotment.
d) The holders of all the above equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in event of liquidation of the Company.
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 |
461.500 |
461.500 |
461.500 |
|
(b) Reserves & Surplus |
2,725.000 |
3,206.600 |
3,187.000 |
|
(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) |
3,186.500 |
3,668.100 |
3,648.500 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1,058.600 |
1,049.900 |
608.400 |
|
(b) Deferred tax liabilities (Net) |
219.900 |
194.200 |
156.200 |
|
(c) Other long term liabilities |
208.800 |
239.900 |
232.000 |
|
(d) long-term provisions |
84.800 |
40.400 |
87.900 |
|
Total Non-current Liabilities (3) |
1,572.100 |
1,524.400 |
1,084.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
783.900 |
720.800 |
875.000 |
|
(b) Trade payables |
1,366.500 |
1,383.500 |
1,396.800 |
|
(c) Other current
liabilities |
988.200 |
1,076.400 |
1,038.600 |
|
(d) Short-term provisions |
45.200 |
65.400 |
94.500 |
|
Total Current Liabilities (4) |
3,183.800 |
3,246.100 |
3,404.900 |
|
|
|
|
|
|
TOTAL |
7,942.400 |
8,438.600 |
8,137.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3,216.300 |
3,402.600 |
3,178.400 |
|
(ii) Intangible Assets |
1.600 |
1.900 |
2.200 |
|
(iii) Capital
work-in-progress |
58.300 |
23.900 |
54.200 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
120.600 |
129.500 |
27.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
431.600 |
419.500 |
434.800 |
|
(e) Other Non-current assets |
163.600 |
156.100 |
91.400 |
|
Total Non-Current Assets |
3,992.000 |
4,133.500 |
3,788.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2.300 |
2.300 |
2.300 |
|
(b) Inventories |
1,169.500 |
1,406.500 |
1,441.500 |
|
(c) Trade receivables |
2,182.800 |
2,230.800 |
1,990.400 |
|
(d) Cash and cash
equivalents |
104.700 |
212.900 |
551.600 |
|
(e) Short-term loans and
advances |
476.600 |
429.700 |
345.000 |
|
(f) Other current assets |
14.500 |
22.900 |
18.600 |
|
Total Current Assets |
3,950.400 |
4,305.100 |
4,349.400 |
|
|
|
|
|
|
TOTAL |
7,942.400 |
8,438.600 |
8,137.900 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9,358.800 |
9,934.000 |
10,766.700 |
|
|
|
Other Income |
35.300 |
66.900 |
854.700 |
|
|
|
TOTAL (A) |
9,394.100 |
10,000.900 |
11,621.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3,999.200 |
4,178.500 |
4,589.000 |
|
|
|
Purchases of Stock-in-Trade |
855.600 |
797.100 |
698.800 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Process and Stock-in-Trade |
345.600 |
(11.300) |
(153.400) |
|
|
|
Employee Benefits Expense |
732.100 |
722.300 |
796.100 |
|
|
|
Other Expenses |
3,416.900 |
4,070.400 |
4,856.500 |
|
|
|
Exceptional expenses/(incomes) |
0.000 |
(128.700) |
82.400 |
|
|
|
TOTAL (B) |
9,349.400 |
9,528.300 |
10,869.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
44.700 |
472.600 |
752.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
286.400 |
230.800 |
221.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(241.700) |
241.800 |
531.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
184.900 |
175.000 |
246.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(426.600) |
66.800 |
284.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
25.700 |
16.300 |
(66.300) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(452.300) |
50.500 |
351.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1,305.600 |
1,255.100 |
904.100 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
853.300 |
1,305.600 |
1,255.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
81.200 |
57.600 |
38.000 |
|
|
TOTAL EARNINGS |
81.200 |
57.600 |
38.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
242.500 |
385.600 |
444.700 |
|
|
|
Stores & Spares |
0.000 |
6.200 |
7.500 |
|
|
|
Capital Goods |
0.000 |
0.000 |
84.800 |
|
|
TOTAL IMPORTS |
242.500 |
391.800 |
537.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(10.36) |
1.16 |
8.04 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(4.81) |
0.50 |
3.02 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(4.56) |
0.67 |
2.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.49) |
0.81 |
3.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.13) |
0.02 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.58 |
0.48 |
0.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24 |
1.33 |
1.28 |
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 |
461.500 |
461.500 |
461.500 |
|
Reserves & Surplus |
3187.000 |
3206.600 |
2725.000 |
|
Net
worth |
3648.500 |
3668.100 |
3186.500 |
|
|
|
|
|
|
long-term borrowings |
608.400 |
1049.900 |
1058.600 |
|
Short term borrowings |
875.000 |
720.800 |
783.900 |
|
Total
borrowings |
1483.400 |
1770.700 |
1842.500 |
|
Debt/Equity
ratio |
0.407 |
0.483 |
0.578 |
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 |
10,766.700 |
9,934.000 |
9,358.800 |
|
|
|
(7.734) |
(5.790) |
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
|
10,766.700 |
9,934.000 |
9,358.800 |
|
Profit |
351.000 |
50.500 |
(452.300) |
|
|
3.26% |
0.51% |
(4.83%) |
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 |
31.03.2014 Rs.
In Millions |
31.03.2014 Rs.
In Millions |
|
LONG TERM
BORROWINGS |
|
|
|
Fixed Deposits |
343.600 |
456.800 |
|
Fixed Deposits guaranteed by Directors |
141.900 |
114.900 |
|
Loans and advances from related parties |
5.900 |
5.900 |
|
SHORT TERM
BORROWINGS |
|
|
|
Fixed Deposits |
225.700 |
123.600 |
|
Fixed Deposits guaranteed by Directors |
59.400 |
20.100 |
|
Total |
776.500 |
721.300 |
Notes:
LONG TERM
BORROWINGS
Terms of repayment for
Long Term Unsecured Borrowings:
|
Nature of Security |
Terms of Repayment |
|
Unsecured Inter Corporate deposit Rs.5.900 lacs (Previous
year Rs.5.900 lacs) from related party (Fast Buck Investment and Trading
Private Limited). |
Rate of Interest 8% on Rs.2.400 lacs and 12% on Rs.3.500
lacs; Previous year 8% on Rs.2.400 lacs and 12% on Rs.3.500 lacs. |
FINANCIAL RESULTS
SALES AND
PROFIT
During the year, the Gross Turnover (including income from Services and Other Sources) was Rs.13708.100 Millions as compared to Rs.14510.100 Millions during the previous year. The Company incurred a loss before taxation of Rs.426.600 Millions as compared to profit before taxation of Rs.66.800 Millions during the previous year
INDUSTRY OVERVIEW
Alcoholic Beverage industry in India comprises of Indian Made Foreign Liquor (IMFL) and Country Liquor. IMFL consists of Whisky, Brandy, Rum, Gin and Vodka etc. Whisky comprises of large portion of IMFL market and accounts for nearly 60% of the market followed by Brandy at around 20% and Rum at around 15%. White spirits viz. Vodka, Gin and white Rum account for the balance of 5% only. The total IMFL industry in India is presently estimated at around 270 million cases growing @ 8-10% per annum. The volume-wise increase rate is much higher in the low–priced segment as compared to the upper segment. Country Liquor segment is about 22 million cases per annum in the state of Punjab and the company has around 12% share in this segment.
The Company has a market share of around 7% of IMFL industry with ARISTOCRAT, ARISTOCRAT PREMIUM, AC BLACK, BONNIE SPECIAL, BINNIES and AC SEKC as the leading brands available across the Country. The Company has introduced a new brand ROYAL PRIDE in the market in the current year. The Brands introduced in the previous year i.e. KING HENRY Scotch whisky in the Bottled in India Scotch Whisky Segment and IICE Vodka in the premium Indian vodka range are well accepted in the market. The response to ROYAL PRIDE is also encouraging. Country liquor is manufactured and sold in the State of Punjab and the Company has market share of around 12% in the state of Punjab.
The Company also manufactures Malted Milkfood on the Contract Manufacturing basis for the leading manufacturers in this industry.
The Industry experienced the effect of the recessionary trend during the previous years. Inflationary trend eroded the buying power of the general public. However, the things have now started improving and also the prices of main raw materials viz. molasses, grains and spirit have stabilized. The increase of production of contributory brands will increase the margins leading to higher profitability.
Further, the outlook of the Liquor Industry appears to be promising. Vodka is also fast growing IMFL segment in India growing @ around 10-12% per annum. The overall industry is growing @ 8-10% per annum and the growth is likely to continue in near future. The consumption of liquor in India has been in an uptrend in the past few years and is expected to improve further. The Glass Container industry has suffered a slowdown during the year due to the increase in natural gas prices and substantial increase of the capacity in north India. The Glass division plant of the Company has been shut down.
OUTLOOK
After observing a regular increase for past many years, the sales of Alcoholic Beverages (IMFL) declined around 5% during the year. The Company incurred operational losses on account of closure of Glass division, reduction of sales of IMFL in Andhra Pradesh due to political instability and increase of expenses on sales promotion of various IMFL brands. However, the Company foresees the increasing trend inline with the industry in the current year and years to come. With introduction of new brands and their acceptance in the market, the Company is hopeful to clock higher sales during the current year. With the cost of raw materials expected to be favorable and increasing sales turnover, the company is hopeful of posting better results in the current year and maintain the same in the coming years. The market scenario during the current year also appears to be encouraging and the demand of liquor is improving constantly. To meet its productionrequirements in IMFL, the Company has also entered into lease and bottling agreements to augment its production capacity. To further improve the market share and the profitability, the Company entered in the premium segment of Alcoholic Beverages by launching the new brand ROYAL PRIDE which has got encouraging response in the market. The Company has already launched KING HENRY Scotch whisky in Bottled in India Scotch Whisky Segment and IICE Vodka in the premium Indian Vodka segment and both the products have been well accepted by the public. The Company had to incur substantial amount on the brand building of the new brands introduced in the market. The Company expects that the investment made in the brand building will start yielding results in the coming years leading to higher sales and profits.
The Company is also expecting increase of production volumes of the malted milkfood products being manufactured by it. This will increase the profitability of the Company. The profitability of the Glass division was adversely affected due to the increase in natural gas prices and substantial increase of the capacity in north India. The substantial increase in capacity is the result of cheap natural gas being supplied in the Firozabad area in Uttar Pradesh. Due to this, the production of Glass division became unviable and the Company had to stop the production and the Glass division remained almost inoperative during the year. This also resulted in the lower sales turnover and incurring of losses by the Company during the year.
Prices of raw materials continued to put pressure on the margins during the year. Effective measures are being taken regularly to reduce the overheads costs coupled with optimum utilization of resources and better product mix.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
2342.700 |
|
b) Other operating income |
74.400 |
|
Total
income from Operations(net) |
2417.100 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
1090.800 |
|
b) Purchases of stock in trade |
196.600 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
30.900 |
|
d) Employees benefit expenses |
185.600 |
|
e) Depreciation and amortization expenses |
45.200 |
|
e) Other expenses |
474.600 |
|
f) Selling expenses |
311.500 |
|
Total expenses |
2335.200 |
|
3. Profit from operations before other income and
financial costs |
81.900 |
|
4. Other income |
3.400 |
|
5. Profit from ordinary activities before finance costs |
85.300 |
|
6. Finance costs |
75.800 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
9.500 |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
9.500 |
|
10.Tax expenses |
0.000 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
9.500 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
9.500 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
461.500 |
|
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 |
0.22 |
|
(b) Diluted |
0.22 |
|
ii) Earnings per share (after extraordinary items) |
|
|
(a) Basic |
0.22 |
|
(b) Diluted |
0.22 |
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
528904 |
|
- Percentage of shareholding |
25.02 |
|
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 |
15699208 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.000 |
|
Percentage of shares (as a % of total share capital of the
company) |
34.02 |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unreserved at the end of the quarter |
Nil |
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
|
|
30.06.2014 |
|
1.
Segment Revenue |
|
|
a. Beverage |
2085.300 |
|
b. Food |
268.700 |
|
c. Packing |
0.100 |
|
d. Others |
62.900 |
|
e. Unallocated |
3.500 |
|
Total |
2420.500 |
|
Less : Inter Segment Revenue |
0.000 |
|
Net
Sales / Income from operations |
2420.500 |
|
|
|
|
2. Segment
Result (Profit before Interest and Tax) |
|
|
a. Beverage |
152.300 |
|
b. Food |
27.200 |
|
c. Packing |
(16.300) |
|
d. Others |
(0.800) |
|
Total |
160.400 |
|
Less
: (i) Interest |
72.400 |
|
(ii) Other un-allocable expenditure
net off un-allocable income. |
78.500 |
|
Profit
before Tax |
9.500 |
|
|
|
|
3.
Capital Employed |
|
|
a. Beverage |
3257.200 |
|
b. Food |
735.100 |
|
c. Packing |
647.200 |
|
d. Others Unallocated |
221.600 |
|
Total |
4861.100 |
Notes:
i.
The above results were reviewed by the Audit Committee and approved by the Board of Directors at
its meeting held on August 14, 2014 and have undergone "Limited
Review" by the Statutory Auditors of the Company.
ii. The figures in respect of the results for preceding quarter ended March 31, 2014 are the balancing figures between the audited financial results in respect of the full financial year ended March 31, 2014 and the unaudited, published year-to-date figures up to the third quarter ended December 31, 2013.
iii.
While computing Public Shareholding above (Number of Shares and Percentage of
Shareholding), 2,52,10,000 underlying equity shares to the Global Depository
Receipts (GDRs) have been excluded from the total paid up equity
capital since GDRS do not carry voting rights.
iv.
Segment revenue and results of Beverages segment for the current quarter and
year ended March 31, 2014 include rental income of
Rs.58.500 Millions and Rs.40.300 Millions and Rs.192.900 Millions and
Rs.147.800 Millions respectively from the surplus properties of the company.
v.
Provision for deferred tax shall be accounted for at
the end of the year.
vi.
Effective April 01, 2014, Schedule II of the Companies Act,
2013, prescribes the useful lives of various types of assets. Pending the
determination of the revised useful lives by Management, the Company continues
to provide depreciation at the rates being followed hitherto.
vii.
Figures of the previous period have been regrouped / reclassified, 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 |
10502238 |
28/05/2014 |
219,500,000.00 |
Union Bank of India |
M-11, 1st Floor, Middle Circle, Connaught Circus, Delhi - 110019, India |
C06225254 |
|
2 |
10433294 |
10/06/2013 |
720,000,000.00 |
Union Bank of India |
M-11, 1st Floor, Middle Circle, Connaught Circus, Delhi - 110019, India |
B78067600 |
|
3 |
10419564 |
12/04/2013 |
233,500,000.00 |
Union Bank of India |
M-11, 1st Floor, Middle Circle, Connaught Circus, Delhi - 110019, India |
B73130403 |
|
4 |
10383025 |
26/09/2012 |
901,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
B60714011 |
|
5 |
10379618 |
31/08/2012 |
2,100,000.00 |
Kotak Mahindra Prime Limited |
36-38a Nariman Bhavan,, 227, Nariman Point, Mumbai, Maharashtra - 400021, India |
B59339812 |
|
6 |
10372806 |
07/08/2012 |
300,000,000.00 |
Canara Bank |
Prime Corporate Branch - Ii, 2nd Floor, World Trade Tower, Barakhamba Lane, Delhi - 110001, India |
B56474315 |
|
7 |
10321391 |
23/01/2013 * |
494,000,000.00 |
Canara Bank |
Prime Corporate Branch - Ii, 2nd Floor, World Trade Tower, Barakhamba Lane, Delhi - 110001, India |
B67989459 |
|
8 |
10319069 |
01/11/2011 |
146,400,000.00 |
Canara Bank |
Prime Corporate Branch - Ii, 2nd Floor, World Trade Tower, Barakhamba Lane, Delhi - 110001, India |
B25826116 |
|
9 |
10303708 |
18/08/2011 |
211,400,000.00 |
Canara Bank |
Prime Corporate Branch - Ii, 2nd Floor, World Trade Tower, Barakhamba Lane, Delhi - 110001, India |
B19403427 |
|
10 |
10299818 |
20/07/2011 |
100,500,000.00 |
Punjab National Bank |
5, Sansad Marg, Delhi - 110001, India |
B17929423 |
|
11 |
10286392 |
04/04/2011 |
69,000,000.00 |
Union Bank of India |
M-11, 1st Floor, Middle Circle, Connaught Circus, Delhi - 110019, India |
B12751996 |
|
12 |
10282198 |
30/03/2011 |
1,795,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
B11413341 |
|
13 |
10254842 |
30/11/2010 |
663,500.00 |
Kotak Mahindra Prime Limited |
36-38a Nariman Bhavan,, 227, Nariman Point, Mumbai, Maharashtra - 400021, India |
B01598580 |
|
14 |
10198646 |
28/01/2010 |
660,000.00 |
Kotak Mahindra Prime Limited |
36-38a Nariman Bhavan,, 227, Nariman Point, Mumbai, Maharashtra - 400021, India |
A78243995 |
|
15 |
10198647 |
28/01/2010 |
660,000.00 |
Kotak Mahindra Prime Limited |
36-38a Nariman Bhavan,, 227, Nariman Point, Mumbai, Maharashtra - 400021, India |
A78244449 |
|
16 |
10198648 |
28/01/2010 |
660,000.00 |
Kotak Mahindra Prime Limited |
36-38a Nariman Bhavan,, 227, Nariman Point, Mumbai, Maharashtra - 400021, India |
A78245255 |
|
17 |
10198651 |
28/01/2010 |
660,000.00 |
Kotak Mahindra Prime Limited |
36-38a Nariman Bhavan,, 227, Nariman Point, Mumbai, Maharashtra - 400021, India |
A78247103 |
|
18 |
10162586 |
12/03/2013 * |
40,000,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
B71878227 |
|
19 |
10143540 |
22/07/2013 * |
1,050,000,000.00 |
CANARA BANK |
Pcb - Connaught Place, 2nd Floor, World Trade Tower, Barakhamba Lane, New Delhi, Delhi - 110001, India |
B82227208 |
|
20 |
10140443 |
01/07/2009 * |
32,500,000.00 |
Punjab National Bank |
5, Sansad Marg, New Delhi, Delhi - 110001, India |
A65800922 |
|
21 |
10139813 |
28/01/2009 |
9,000,000.00 |
CANARA BANK |
74, Janpath, New Delhi, Delhi - 110001, India |
A55664122 |
|
22 |
10136357 |
31/12/2008 |
25,500,000.00 |
Punjab National Bank |
5, Sansad Marg, New Delhi, Delhi - 110001, India |
A54093737 |
|
23 |
10127204 |
21/10/2008 |
68,000,000.00 |
CANARA BANK |
74, Janapath, New Delhi, Delhi - 110001, India |
A49404676 |
|
24 |
10125373 |
09/03/2009 * |
261,500,000.00 |
UNION BANK OF INDIA |
Industrial Finance Branch, M-11, Connaught Place, New Delhi, Delhi - 110001, India |
A58725490 |
|
25 |
10105196 |
22/05/2008 |
85,000,000.00 |
Punjab National Bank |
5, Sansad Marg, New Delhi, Delhi - 110001, India |
A39305016 |
|
26 |
10046669 |
28/03/2007 |
20,000,000.00 |
PUNJAB NATIONAL BANK |
5, Sansad Marg, New Delhi, Delhi - 110001, India |
A13778725 |
|
27 |
10030845 |
14/12/2006 |
764,000.00 |
ICICI BANK LIMITED |
Landmark, Race Cource Circle, Vadodara, Gujarat - 390007, India |
A08718058 |
|
28 |
80035896 |
27/09/2004 |
3,704,776.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
- |
|
29 |
80035894 |
24/09/2004 |
3,904,776.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
- |
|
30 |
80045552 |
28/06/2004 |
11,000,000.00 |
HDFC Bank Limited |
Kailash Building 26k G Marg, New Delhi, Delhi - 110001, India |
- |
|
31 |
80044766 |
03/03/2004 |
11,000,000.00 |
HDFC Bank Limited |
2nd Kailash Building, 26 K.G. Marg, New Delhi, Delhi - 110001, India |
- |
|
32 |
80040325 |
23/07/2003 |
375,000.00 |
Kotak Mahindra Primus Limited |
36-38a, Nariman Bhavan, 227 Nariman Point, Mumbai, Maharashtra - 400021, India |
- |
|
33 |
80038801 |
28/02/2003 |
368,044.00 |
Kotak Mahindra Primus Limited |
36-38a, Nariman Bhavan, 227 Nariman Point, Mumbai, Maharashtra - 400021, India |
- |
|
34 |
80025406 |
31/12/2002 * |
268,432.00 |
Kotak Mahindra Primus Limited |
36-38a, Nariman Bhavan, 227 Nariman Point, Mumbai, Maharashtra - 400021, India |
- |
|
35 |
80025426 |
31/12/2002 * |
268,432.00 |
Kotak Mahindra Primus Limited |
36-38a, Nariman Bhavan, 227 Nariman Point, Mumbai, Maharashtra - 400021, India |
- |
|
36 |
80030263 |
28/03/2001 |
16,000,000.00 |
Union Bank of India |
G-39,Cannaught Place, New Delhi, New Delhi, Delhi - 110006, India |
- |
|
37 |
80030266 |
04/10/1999 |
17,000,000.00 |
Union Bank of India |
G-39,Cannaught Circus, New Delhi, New Delhi, Delhi - 110006, India |
- |
|
38 |
80029835 |
19/03/1999 |
30,000,000.00 |
Canara Bank |
74,Janpath, New Delhi, Delhi - 110006, INDIA |
- |
|
39 |
80045550 |
28/06/2004 * |
70,100,000.00 |
Union Bank of India |
M-11, 1st Floor, Middle Circle, Connaught Circus, Delhi - 110019, India |
- |
|
41 |
80039325 |
12/04/2013 * |
237,500,000.00 |
Union Bank of India |
M-11, 1st Floor, Middle Circle, Connaught Circus, Delhi - 110019, India |
B73126047 |
|
42 |
80029603 |
01/07/2009 * |
117,700,000.00 |
Punjab National Bank |
5, Sansad Marg, New Delhi, Delhi - 110001, India |
A66158502 |
|
43 |
80045549 |
11/06/2009 * |
188,300,000.00 |
Canara Bank |
Prime Corporate Branch - Ii, 2nd Floor, World Trade Tower, Barakhamba Lane, Delhi - 110001, India |
A64759020 |
*date of modification charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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 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.61.46 |
|
UK Pound |
1 |
Rs.96.69 |
|
Euro |
1 |
Rs.77.65 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
30 |
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.