MIRA
INFORM REPORT
|
Report Date : |
20.09.2014 |
IDENTIFICATION DETAILS
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Name : |
GARWARE POLYESTER LIMITED |
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Registered
Office : |
Naigaon, Post Waluj, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
06.06.1957 |
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Com. Reg. No.: |
11-010889 |
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Capital
Investment / Paid-up Capital : |
Rs.777.131 Millions |
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CIN No.: [Company Identification
No.] |
L10889MH1957PLC010889 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKG01359B |
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PAN No.: [Permanent Account No.] |
AAACG0571D |
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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
: |
Manufacturer of flexible packaging, shrink labels,
electrical motor and cable insulation, sequin, TV screen, magnetic media,
imaging, metallic yarn, laminated films for glass tint, safety application
etc. |
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No. of Employees
: |
Information Decline by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 24000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having a satisfactory track record. There is dip in the profit of the company during 2014. However,
general financial position seems to be good. Trade relations are reported to be fair. Business is active. Payment
terms reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
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 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 |
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Rating |
BBB+ (Long Term Bank Facilities) |
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Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
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Date |
January 2013 |
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Rating Agency Name |
CARE |
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Rating |
A3+ (Short Term Bank Facilities) |
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Rating Explanation |
Moderate degree of safety and higher credit
risk. |
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Date |
January 2013 |
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.
LOCATIONS
|
Registered Office/ Factory 1 : |
Naigaon, Post Waluj, |
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Tel. No.: |
91-240-2554427 |
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Mobile No.: |
91-9820190665 (Mr. H. M. Desai) |
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Fax No. : |
91-240-2554672 |
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E-Mail : |
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Website: |
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Area: |
Owned |
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Corporate/ Head Office/ Factory 2 : |
Garware House, 50-A, Swami Nityanand Marg, Western Express
Highway, Vile Parle (East), Mumbai- 400 057, Maharashtra, India |
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Tel. No.: |
91-22-66988000 |
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Fax No.: |
91-22-28248155/ 28248199 |
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E-Mail : |
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Factory 3 : |
Polyester Film Plant, L-5 and L-6, Chikalthana, Industrial Area, Dr.
Abasaheb Garware Marg, |
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Tel. No.: |
91-240-2485465/ 2485466 |
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Fax No.: |
91-240-2484179/ 2484262/ 2486002 |
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E-Mail : |
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Factory 4 : |
A-1 and A-2, MIDC, Ambad, Nasik- 422 010, Maharashtra,
India |
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Tel. No.: |
91-253-2382781 to 85 |
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Fax No.: |
91-253-2382410 |
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Marketing Offices
1 / Branch Office 1: |
403, Madarn Bhikaji Cama Bhawan, 11, Bhikaji Cama Place, New Delhi- 110 066, India |
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Tel. No.: |
91-11-26715091 to 96 |
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Fax No.: |
91-11-26715098 |
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Marketing
Offices 2 / Branch Office 2 : |
37/1 B, Hazra Road, Kolkata 700 029, West Bengal, India |
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Tel. No.: |
91-33-24746823 / 24761350 |
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Fax No.: |
91-33-24749100 |
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Marketing
Offices 3 : |
Old No.37, New No.55, Ambercrest, 4th Floor, Pantheon Road Lane,
Egmore, Chennai – 600008, Tamilnadu, India |
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Tel. No.: |
91-44-28420939 |
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Fax No.: |
91-44-28593924 |
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Branch Office 3
: |
204, DLF Tower B, Near Apollo Hospital, Jasola, New Delhi- 110 025, India |
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Overseas Office
1 : |
Global Pet films
Inc 9050 Pines Blvd., Suite #425, Pembroke Pines, Florida 33024 U.S.A. |
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Tel. No.: |
9544997990 |
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Fax No.: |
9544997992 |
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E-Mail : |
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Overseas Office
2 : |
Garware Polyester
Limited Unit 2-17, The Plaza, 535 Kings Road, London SW10 0SZ, U.K. |
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Tel. No.: |
+44 20 7376 3931 |
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Fax No.: |
+44 20 7376 3932 |
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E-Mail : |
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Overseas Branch Office
: |
Unit 2-17, The Plaza, 535, Kings Road, London - SW10 0SZ. |
DIRECTORS
As on 26.09.2013
|
Name : |
Mr. Shashikant B. Garware |
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Designation : |
Chairman and Managing Director |
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Address : |
Flat No.L-1, 12th Floor, Eden Hall, |
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Name : |
Mrs. Sheela S. Garware |
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Designation : |
Director |
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Address : |
Flat No.L-1, 12th Floor, Eden Hall, |
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Name : |
Mrs. Monika Garware Modi |
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Designation : |
Vice Chairperson and Jt. Managing Director |
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Address : |
Flat No.L-1, 12th Floor, Eden Hall, |
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Date of Birth/Age : |
04.06.1963 |
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Qualification : |
M.B.A. (U.S.A.) |
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Date of Appointment : |
31.03.1989 |
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Expertise in specific functional areas : |
Finance and Marketing |
|
Directorship held in other public
companies : |
·
Garware Industries Limited ·
Cadila Pharmaceuticals
Limited ·
Casil Industries Limited ·
Casil Health Products
Limited ·
IRM Limited ·
Karnavati Engineering
Limited |
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Name : |
Ms. Sarita Garware |
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Designation : |
Jt. Managing Director |
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Address : |
Flat No.L-1, 12th Floor, Eden Hall, |
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Name : |
Ms. Sonia Garware |
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Designation : |
Director |
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Address : |
Flat No.L-1, 12th Floor, Eden Hall, |
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Date of Birth/Age : |
24.07.1971 |
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Qualification : |
M.B.A. (U.S.A.) |
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Date of Appointment : |
31.01.2007 |
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Expertise in specific functional areas : |
Finance, Marketing and Strategic Management |
|
Directorship held in other public
companies : |
·
Garware Industries Limited |
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Name : |
Mr. Mohan S. Adsul |
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Designation : |
Director – Technical |
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Address : |
Plot No.10, N-5, A1 Parijat Nagar, CIDCO, |
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Date of Birth/ Age : |
01.06.1955 |
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Date of Appointment : |
31.07.2007 |
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Qualification : |
B. Sc. (Tech) in Plastics and DBM |
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Expertise in specific functional areas : |
Product Development and Production |
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Directorship held in other public companies
: |
·
Garware Industries Limited ·
Garware Chemicals Limited |
|
Memberships/ Chairmanships of
Committees across public companies |
·
Garware Industries Limited ·
Garware Polyester Limited ·
Garware Chemicals Limited |
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Name : |
Mr. Boman Moradian |
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Designation : |
Director |
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Address : |
M. |
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Name : |
Mr. Narendra P. Chapalgaonkar |
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Designation : |
Director |
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Address : |
13, Jaynagar, Near Dashmeshnagar, |
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Date of Birth/ Age : |
10.04.1937 |
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Appointment Date : |
23.10.2003 |
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Qualification : |
M.A. and L .L.B |
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Expertise in specific functional areas : |
Retd. Judge of Bombay High Court |
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Name : |
Mr. Dilip J. Thakkar |
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Designation : |
Director |
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Address : |
Little |
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Date of Birth/ Age : |
01.10.1936 |
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Appointment Date : |
30.04.2007 |
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Qualification : |
Chartered Accountant |
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Expertise in specific functional areas : |
Taxation and Foreign Exchange Regulation |
|
Directorship held in other public
companies : |
· Poddar Developers Limited · Panasonic Energy India Company Limited · Essar Oil Limited · The Ruby Mills Limited · PAE Limited · Himatsingka Seide Limited · Indo Count Industries Limited · Walchandnagar Industries Limited · Essar Ports Limited · Premier Limited · Magus Estates and Hotels Limited |
|
Memberships/ Chairmanships of
Committees across public companies |
· Panasonic Energy India Company Limited · Essar Oil Limited · PAE Limited · Himatsingka Seide Limited · Walchandnagar Industries Limited |
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Name : |
Dr. Mahesh C. Agarwal |
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Designation : |
Director |
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Address : |
705, Manisha
Apartments, |
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Date of Birth/ Age : |
23.10.1946 |
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Appointment Date : |
29.04.2009 |
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Qualification : |
Masters in Psychology. Ph. D |
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Name : |
Mr. Ramesh P. Makhija |
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Designation : |
Director |
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Address : |
Flat No.61, Ashoka Apartment, 6th Floor, Nepeansea Road,
Mumbai – 400006, Maharashtra, India |
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Date of Birth/ Age : |
19.08.1950 |
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Appointment Date : |
12.11.2009 |
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Qualification : |
L.L.B. Attorney – at - Law |
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Expertise in specific functional areas : |
Law |
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Directorship held in other public
companies : |
I-flex Solutions Trustee Company Limited |
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Name : |
Mr. A. B. Bhalerao |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Koul |
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Designation : |
Company Secretary and Senior General Manager |
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Name : |
T. M. Parikh |
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Designation : |
Company Secretary and senior General Manager |
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Name : |
S.C. Nanda |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
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|
1873623 |
8.04 |
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|
1336391 |
5.73 |
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|
10580100 |
45.38 |
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|
10580100 |
45.38 |
|
|
13790114 |
59.15 |
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|
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|
268595 |
1.15 |
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|
268595 |
1.15 |
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Total shareholding
of Promoter and Promoter Group (A) |
14058709 |
60.30 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
15126 |
0.06 |
|
|
3305 |
0.01 |
|
|
853956 |
3.66 |
|
|
3855 |
0.02 |
|
|
6011 |
0.03 |
|
|
6011 |
0.03 |
|
|
882253 |
3.78 |
|
|
|
|
|
|
2120345 |
9.09 |
|
|
|
|
|
|
3784945 |
16.23 |
|
|
2198744 |
9.43 |
|
|
270154 |
1.16 |
|
|
36802 |
0.16 |
|
|
213785 |
0.92 |
|
|
19567 |
0.08 |
|
|
8374188 |
35.92 |
|
Total Public
shareholding (B) |
9256441 |
39.70 |
|
Total (A)+(B) |
23315150 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
23315150 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of flexible packaging, shrink labels, electrical
motor and cable insulation, sequin, TV screen, magnetic media, imaging,
metallic yarn, laminated films for glass tint, safety application etc. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information Decline by the management |
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Bankers : |
· Indian Overseas Bank · Dena Bank · The Federal Bank Limited ·
State Bank of ·
Bank of India |
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Facilities : |
(Rs.
In Millions)
1.
Term
Loans of Rs. 915.466 Millions (Previous Year Rs. 830.669 Millions) are
secured by first pari-passu charge on fixed assets of the company both present
and future except Land and Building at Vile Parle, Mumbai and also by way of
second pari-passu charge on current assets of the company. The loans are
repayable in 20 quarterly installments from quarter ended March 2011 till
December 2018. 2.
Vehicle
Finances of Rs. 21.349 Millions (Previous Year Rs. 33.582 Millions) are
secured by hypothecation of specific assets. The loans are repayable in 60
monthly Installments The installments are payable from June 2009 till
November 2016 covering all loans taken at various dates. 3.
Deferral
Loan from SICOM is payable from April 2016 to April 2026. 4.
The
rate of interest on Foreign Currency Loans are at LIBOR + 7.5%, on Rupee Loan
@ 12.75% to 14.05% p.a. and on Vehicle Loan @ 8.50% to 15.50% p.a. 5.
Cash
/ Packing Credit Loans are secured by hypothecation of all the current assets
including all stocks, book debts etc. of the Company and further secured by a
second charge on fixed assets of the company excluding property at Vile
Parle. 6.
Interest
on Working Capital (Rupee) Loans ranges between 11% to 16.80% p.a. and
Foreign Currency Loans Libor + 3% to Libor + 3.50% p.a. |
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
Shah and Company Chartered Accountants |
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Address : |
Mumbai, |
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Subsidiary : |
Garware Polyester International Limited |
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Enterprises over which key managerial person are able to exercise
significant influence : |
·
S.B. Garware Family Trust ·
Garware Charitable Trust ·
Garware Industries Limited ·
Great View Estate Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
6000000 |
Preference Shares |
Rs.100/- each |
Rs.600.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23315150 |
Equity Shares |
Rs.10/- each |
Rs.233.152 |
|
|
Less: Unpaid Allotment Call Money |
|
Rs.0.621
Million |
|
5446000 |
0.01% Cumulative Redeemable Preference
Shares |
Rs.100/-
each |
Rs.544.600
Millions |
|
|
Total |
|
Rs.777.131 Millions |
Out
of the above:
(i) 2,00,000 Equity Shares of Rs.10/- each
were allotted as fully paid-up to various schemes operating under UTI Assets
Management Company Limited at a premium
of Rs. 22.67 per Share on 23rd December, 2008 as per arrangement (Previous Year
200,000).
(ii) 2,54,764 Equity Shares of Rs. 10/- each
fully paid-up issued to the shareholders of Garware Chemicals Limited (GCL) as
per scheme of arrangement under Section
391 to 394 of the Companies Act, 1956 on 14th November, 2011. (Previous Year 2,
54,764)
(iii) 54,46,000 0.01% Cumulative Redeemable
Preference Shares of Rs. 100/- each were allotted as fully paid-up to IDBI at
par (49,54,000 on 7th November, 2007 and
4,92,000 on 19th June, 2008) as per arrangement. (Previous Year 54, 46,000)
Terms
/ Rights attached to Shares
Equity
Shares :
The company has only one class of equity
shares having a par value of Rs. 10/- per share. Each equity
shareholder 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 approval of Shareholders in the ensuing Annual General Meeting.
As per the companies Act, 1956 the holders
of equity shares will be entitled to receive remaining assets of the company,
after distribution of all preferential
amounts in the event of Liquidation of the company. The distribution will be in
proportion to the number of equity shares held by the shareholder.
Preference
Shares :
The preference shares amounting to Rs.
4,9.540 Millions allotted on 07.11.2007 are redeemable in 3 equal installments
from 1st April, 2014 to 1st April, 2016 and Rs. 49.200 Millions allotted on
19.06.2008 shall be redeemed in single installment on 1st April, 2016. These
preference shares carry a fixed cumulative dividend of 0.01% per annum.
a. Reconciliation of
the Number of Shares Outstanding at the beginning and at the end of the year
|
|
31.03.2014 |
|
|
Equity Shares |
No. of Shares |
Rs. In Millions |
|
At the beginning of the period |
23315150 |
2331.52 |
|
Issued during the year |
000 |
0.000 |
|
Outstanding at the
end of the year |
23315150 |
2331.52 |
|
|
|
|
|
Preference Shares |
|
|
|
At the beginning of the year |
5446000 |
5446.00 |
|
Issued during the year |
000 |
0.000 |
|
Outstanding at the
end of the year |
5446000 |
5446.00 |
b. Details of
Shareholders holding more than 5% Equity Shares in the company
|
|
31.03.2014 |
|
|
Name of the
Shareholders |
No. of Shares |
% of Holding |
|
IDBI Bank Limited |
5446000 |
100.0 |
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 |
777.131 |
777.131 |
777.131 |
|
(b) Reserves & Surplus |
5287.277 |
5173.450 |
4344.357 |
|
(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) |
6064.408 |
5950.581 |
5121.488 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
731.478 |
745.361 |
326.724 |
|
(b) Deferred tax liabilities (Net) |
243.097 |
211.365 |
369.96 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
44.838 |
40.862 |
82.174 |
|
Total Non-current Liabilities (3) |
1019.413 |
997.588 |
778.858 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2739.917 |
1931.804 |
1792.48 |
|
(b) Trade payables |
436.711 |
344.792 |
242.835 |
|
(c) Other current
liabilities |
491.598 |
393.986 |
337.048 |
|
(d) Short-term provisions |
85.222 |
86.728 |
102.893 |
|
Total Current Liabilities (4) |
3753.448 |
2757.310 |
2475.256 |
|
|
|
|
|
|
TOTAL |
10837.269 |
9705.479 |
8375.602 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5607.043 |
5534.333 |
4786.611 |
|
(ii) Intangible Assets |
8.613 |
11.452 |
452.547 |
|
(iii) Capital
work-in-progress |
861.938 |
390.855 |
41.947 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
20.694 |
21.446 |
21.446 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
839.713 |
944.262 |
612.195 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
7338.001 |
6902.348 |
5914.746 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1455.575 |
921.428 |
1193.048 |
|
(c) Trade receivables |
589.424 |
451.131 |
193.998 |
|
(d) Cash and cash
equivalents |
912.603 |
985.615 |
574.334 |
|
(e) Short-term loans and
advances |
514.719 |
428.812 |
487.306 |
|
(f) Other current assets |
26.947 |
16.145 |
12.170 |
|
Total Current Assets |
3499.268 |
2803.131 |
2460.856 |
|
|
|
|
|
|
TOTAL |
10837.269 |
9705.479 |
8375.602 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8351.859 |
7759.956 |
7883.628 |
|
|
|
Other Income |
116.302 |
81.375 |
189.108 |
|
|
|
TOTAL (A) |
8468.161 |
7841.331 |
8072.736 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5316.121 |
4150.315 |
4471.644 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
44.183 |
283.144 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(292.878) |
207.392 |
(253.611) |
|
|
|
Employees benefits expense |
584.694 |
510.289 |
554.364 |
|
|
|
Other expenses |
2071.452 |
2178.619 |
1979.547 |
|
|
|
Exceptional Items |
(62.216) |
(55.614) |
(13.400) |
|
|
|
TOTAL (B) |
7617.173 |
7035.184 |
7021.688 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
850.988 |
806.147 |
1051.048 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
369.474 |
294.632 |
283.275 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
481.514 |
511.515 |
767.773 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
334.751 |
393.144 |
417.088 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
146.763 |
118.371 |
350.685 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
32.997 |
(158.694) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
113.766 |
277.065 |
350.685 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
4529.697 |
4560.294 |
3672.875 |
|
|
|
Dividend Income |
19.918 |
0.000 |
45.595 |
|
|
TOTAL EARNINGS |
4549.615 |
4560.294 |
3718.470 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
628.260 |
514.141 |
378.199 |
|
|
|
Components and Stores parts |
15.266 |
15.682 |
1.945 |
|
|
|
Packing Material |
5.102 |
10.275 |
34.83 |
|
|
|
Capital Goods |
244.674 |
182.336 |
71.355 |
|
|
TOTAL IMPORTS |
893.302 |
722.434 |
486.329 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.88 |
11.88 |
15.04 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
1.34 |
3.53 |
4.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.76 |
1.53 |
4.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.47 |
1.27 |
4.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.02 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.57 |
0.45 |
0.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93 |
1.02 |
0.99 |
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 |
777.131 |
777.131 |
777.131 |
|
Reserves & Surplus |
4344.357 |
5173.450 |
5287.277 |
|
Net
worth |
5121.488 |
5950.581 |
6064.408 |
|
|
|
|
|
|
long-term borrowings |
326.724 |
745.361 |
731.478 |
|
Short term borrowings |
1792.480 |
1931.804 |
2739.917 |
|
Total
borrowings |
2119.204 |
2677.165 |
3471.395 |
|
Debt/Equity
ratio |
0.414 |
0.450 |
0.572 |
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 |
7883.628 |
7759.956 |
8351.859 |
|
|
|
(1.569) |
7.628 |
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 |
7883.628 |
7759.956 |
8351.859 |
|
Profit |
350.685 |
277.065 |
113.766 |
|
|
4.45% |
3.57% |
1.36% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
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 |
CASE DETAILS
|
Lodging No:- |
ITXAL/797/2013 |
Filing Date:- |
29/05/2013 |
Reg. No.:- |
ITXA/1434/2013 |
Reg. Date:- |
29/07/2013 |
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX – 8, |
Respondent:- |
M/S GARWARE POLYSTER LIMITED |
|
Petn.Adv.:- |
ARVIND PINTO (0) |
Res. Adv:- |
ATUL K. JASANI (0) |
|
District:- |
MUMBAI |
|
|
|
Bench:- |
DIVISION |
|
|
|
Status:- |
Pre-Admission |
Category:- |
Tax Appeals |
|
Next Date:- |
16/04/2014 |
Stage:- |
|
|
Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
|
|
|
Act :- |
Income Tax Act, 1961 |
Under Section:- |
260A |
UNSECURED
LOAN
(Rs.
In Millions)
|
|
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Interest Free Sales tax / VAT Deferral Loan of SICOM |
120.346 |
120.346 |
|
|
|
|
|
Total |
120.346 |
120.346 |
OPERATIONS
The year 2013-14 has ended with marginal improvement over the year
2012-13 with increase in sales by about 8% due to higher sales volume of Industrial
Products. The average sales realization was also better compared to previous
year due to better product mix. This was achieved irrespective of increase in
Raw material and interest costs for the term loans. The Company is making
efforts to divert the spare capacity of Consumer Products Division for exports
which capacity has become spare due to the ban on use of Sun control film on
motor car windows in Indian market on account of the order of the Hon’ble
Supreme Court of India
Future
Outlook
The overcapacity situation persists in the Polyester film manufacturing
Industry in Indian Market as well as in International Market. The prices remain
under pressure due to competition and oversupply situation. The Company has
shifted its focus to the Specialty films and already developed some new
products for the market such as digital printable films, Films for solar back
sheet application and films with high Infrared heat rejection for Automobiles.
These films will cater to the export market.
Awards
and Recognitions
During this year, the Company has been honoured with eight Safety Awards
at National as well as State Levels by various Government Authorities, viz.
National Safety Council of India (NSCI), and Maharashtra State Chapter of
National Safety Council (NSC – MC). Out of these eight awards, three awards
were won by the Company’s employees for their contribution in State Level
Safety Slogan Competition
Company
Overview & Economic Environment
Garware Polyester Limited (GPL) is the
pioneer and one of the largest exporters of polyester films in India. The
Company manufactures Bi-axially oriented polyethylene terephthalate (BOPET) /
Polyester Films, Sun Control Films and Specialty Polyester films of high
quality for a variety of end applications. GPL also manufactures the premium
grade heat rejection films based on the latest ‘Nano Technology’ developed in
its in-house R&D facility centre. GPL is the only manufacturer in India and
one out of the two manufacturers of dyed polyester films in the world and
possesses patented technology for the same.
Industry
Structure and Developments
Polyester films has wide applications in a host of industries engaged in
the manufacture of flexible packaging, shrink labels, electrical motor and
cable insulation, sequin, TV screen, magnetic media, imaging, metallic yarn,
laminated films for glass tint, safety application etc. Sun Control films cater
to the automobile and real estate sector. The Company has a well-developed
marketing network throughout the world, some of the major regions being Europe,
USA, Far East, Middle East, Africa, South America etc. The Company has
developed a wide network of dedicated customers in Europe, USA, Far East,
Middle East, Brazil, Australia, China,
Russia, New Zealand, Eastern Europe, Mexico and Africa. In order to
expand the business and offer better services to the customers of Consumer
products in overseas market, the Company has Subsidiary Companies / Branch
office situated in USA and UK. The quality of GPL products is rated amongst the
best in the world and the Company pays special attention on customer service
and satisfaction due to which the customer base is consistent and increasing.
Opportunities
and Threats
The supply demand situation for polyester
films continues to be not favorable as the capacities are exceeding demand.
This scenario is likely to be continued for some more time until the Global
economies and consumption picks up. Due to uncertainty in the advanced
economies and continuing euro debt crisis, the Global economy is adversely
impacted resulting in weak domestic and external demand. Policy uncertainty,
tight money policy with
sustained level of high interest rates
accentuated the problem. Furthermore, due to the commoditized nature of BOPET
films, the Industry remains highly competitive with pressure on margins.For the
Company, the strategy is to focus the specialty films, launch new products,
strengthen network and speed up brand building initiatives. Plans are afoot on
a marketing warpath, overhauling the product portfolio and penetrate newer
markets, launch aggressive advertisement campaigns. The shrink label
application film is very well stabilized in the market. In thermal film, GPL
has developed Gold & Feather feel films. The Company therefore hopes to rapidly
grow its market share in various film
segments. The Company has set up a plant for manufacture of BOPP as part of a
move to diversify into value added products i.e. Thermal Lamination to
metalized films. With this, GPL would be the only company in the segment which
will be manufacturing BOPET, BOPP, Thermal Lamination and Sun control Films.
GPL derives its strength from its
established track record, experienced management, diversified customer and
product profile, well recognized brands and integrated manufacturing facilities
which are expected to augur well for the company’s future growth.
The Company has stopped sale of Sun Control
film in Domestic Market for automobile application due to ban imposed by the Judgment
of Hon’ble Supreme Court and made efforts to divert its capacity for
international market. The Company has increased sale of Sun control film for
Building segment.
Outlook
Exports
Plain Film:
The Company has maintained its record of being the top exporter of
polyester films and bagged the top exporter award from Plexconcil. With the
introduction of variety and high quality product offerings, the Company is
fully confident of maintaining its strong position in exports. Presently
Company products are being successfully sold
in China, Europe, Eastern Europe, USA, South America, Africa, Middle
East, Far-East, Australia, New Zealand etc.
Sun Control Film:
The Company has successfully launched multiple brands, new products and
with aggressive and innovative marketing strategies. The Company has introduced
Infrared rejection films which can reduce infrared heat up to 92% apart from UV
reduction of 95%. The Company has also introduced technology based films. The
Company has also developed the film to filter the mobile tower radiation. The
growth in Sun Control films is expected to be
sustained during the coming years. Sun Control films are presently being
marketed throughout the world and our consistent high-class quality and better
customer orientation are highly valued in the market. The Company plans to
market window films in the Realty Sector aggressively and the thrust will
continue to be for exports. The Consumer Products Division of the Company are
marketed in Europe through its Branch in UK and in the USA market by Global Pet
Films Inc. (GPF), a wholly owned subsidiary of GPIL. The aim is to expand
export base and through the above Branch / Subsidiary catapult international
operations into a major growth driver.
Thermal Film:
With variety and high quality product offerings in thermal lamination
films, the Company is fully confident of growing its share in the export
market. With setting up the BOPP plant, the input films for thermal Lamination
will be available within. GPL has developed Gold & Feather feel films at
this division and focusing on increasing
exports volume for these specialty products.
Domestic Market:
Growing Retail sector, increasing preference towards packaged items,
liberalization and rising middleclass is expected to increase in consumption of
Polyester Films thereby adding to growth of this segment in the domestic
market. Increased usage of window films in offices, commercial buildings and
malls will continue to add to the growth of the Company’s business in the
premium segment of window films
CONTINGENT LIABILITIES
Contingent Liabilities not provided for -
|
|
As at 31.03.2014 |
|
Disputed Matters in
appeal/contested in respect of |
|
|
Income Tax |
148.764 |
|
Excise Duty
and Service Tax |
47.716 |
|
Sales Tax |
90.096 |
|
Local Body
Tax |
38.306 |
|
Maharashtra
State Electricity Board (MSEB) |
2.772 |
|
Total |
327.645 |
Notes :
1.
The Company has given counter-guarantees for Rs.
518.257 Millions (Previous Year Rs.
343.691 Millions) to Banks in respect of guarantees given by the Banks to third
parties for purchase of equipment, supply of goods, clearance of goods from
Customs, Excise Bonds, etc.
2.
Letters of Credit opened on behalf of the Company by Banks
for purchase of materials and equipment amount to Rs. 25,904.60 Lakhs (Previous
Year Rs. 1707.895 Millions).
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2014
(Rs. In Millions)
|
Part I |
Standalone Accounts |
|
|
Sr. |
Particulars |
For the Quarter Ended |
|
No |
|
30.06.2014 |
|
|
|
(Unaudited) |
|
1 |
Income from
Operations |
|
|
|
a) Net Sales /
Income from Operations |
2197.000 |
|
|
(Net of Excise Duty) |
|
|
|
b) Other Operating Income |
42.500 |
|
|
Total Income from
operations (net) |
2239.500 |
|
2 |
Expenses |
|
|
|
a) Cost of Materials Consumed |
1263.200 |
|
|
b) Purchase of stock-in-trade |
0.000 |
|
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
35.200 |
|
|
d) Employee benefit expense |
157.100 |
|
|
e) Depreciation and amortisation expense |
31.800 |
|
|
f) Power & Fuel |
222.000 |
|
|
g) Other expense |
346.100 |
|
|
Total Expenses |
2055.400 |
|
3 |
Profit/ (Loss) from
Operations before other Income, Finance cost and exceptional items (1-2) |
184.100 |
|
4 |
Other Income |
23.200 |
|
5 |
Profit/(Loss) from
ordinary activities before finance cost and exceptional items (3+4) |
207.300 |
|
6 |
Finance Cost |
92.600 |
|
7 |
Profit/(Loss) from ordinary
activities after finance cost but before exceptional items (5-6) |
114.700 |
|
8 |
Exceptional Items |
0.000 |
|
9 |
Profit / (Loss)
from Ordinary activities before tax (7-8) |
114.700 |
|
10 |
Tax Expenses |
|
|
|
Current Tax |
22.800 |
|
|
Less: MAT Credit Entitlement |
(22.800) |
|
|
Deferred Tax( includes Rs. 776 Lakhs of previous year). |
36.200 |
|
|
(Excess) / Short Provision for Tax of Earlier Years (Net) |
0.000 |
|
|
Total Tax Expense |
36.200 |
|
11 |
Net Profit / (Loss)
from Ordinary activities after tax (9-10) |
78.500 |
|
12 |
Extraordinary Items (Net of tax expenses) |
0.000 |
|
13 |
Net Profit / (Loss)
for the period (11-12) |
78.500 |
|
14 |
Paid-up Equity Share Capital ( Face value |
2325 |
|
|
Rs. 10/- each) |
|
|
15 |
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
|
|
16 |
Earning per share
(EPS) in Rs. |
|
|
|
a. Basic and Diluted EPS before Extraordinary Items for the period (Not annualised) |
3.37 |
|
|
b. Basic and Diluted EPS after Extraordinary Items for the period (Not annualised) |
3.37 |
|
Part II |
30.06.2014 |
|
|
A |
|
(Unaudited) |
|
1 |
Public shareholding |
|
|
|
- Number of shares |
9256441 |
|
|
-Percentage of Shareholding |
39.70 |
|
2 |
Promoter and
Promoter group Shareholding |
|
|
|
a) Pledged/
Encumbered |
|
|
|
-Number of shares |
Nil |
|
|
-Percentage of shares (as a % of the total shareholding of promoter and promoter |
Nil |
|
|
-Percentage of shares (as a % of the total share capital of the company) |
Nil |
|
|
b) Non-encumbered |
|
|
|
-Number of shares |
14058709 |
|
|
-Percentage of shares (as a % of the total shareholding of promoter and promoter |
100 |
|
|
-Percentage of shares (as a % of the total |
60.30 |
|
|
Particulars |
Quarter Ended on
30.06.2014 |
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
24 |
|
|
Disposed of during the quarter |
24 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Notes:
1. The above results have been reviewed by the Audit Committee and approved and taken on record by the Board of Directors of the Company at their respective meetings held on July 31, 2014
2. The Company operates in one segment only i.e. Polyester Films.
3. Exceptional item represents the sales tax amount expensed out in prior year, now written back as per the opinion obtained by the Company.
4. The figures of the last quarter ended are the balancing figures between the audited figures in respect of full financial year ended March 31, 2014 and the published year to date figures upto the 3rd quarter ended December 31, 2013.
5. Previous period figures have been regrouped and reclassified to make them comparable with the figures of the current period.
6. Precious period figure have been regrouped and reclassified to make them comparable with the figures of the current period.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10490002 |
25/04/2014 |
704,000,000.00 |
BANK OF INDIA |
BANK OF INDIA, 92-93 Free Press House 215, Narima |
C03761665 |
|
2 |
10418501 |
14/03/2014 * |
454,400,000.00 |
Indian Overseas Bank |
NEW MARINE LINES BRANCH, MERCHANT CHAMBERS, GROUN |
C05346192 |
|
3 |
10384547 |
28/09/2012 |
220,000,000.00 |
INDIAN OVERSEAS BANK |
New Marinelines Branch, Merchant Chamber, Ground |
B61404307 |
|
4 |
10374082 |
14/03/2014 * |
375,000,000.00 |
DENA BANK |
Industrial Finance Branch, 1st Floor,, 17, Hornim |
C08887614 |
|
5 |
10338310 |
14/03/2014 * |
367,000,000.00 |
Indian Overseas Bank |
NEW MARINE LINES BRANCH, MERCHANT CHAMBERS, GROUN |
C05342555 |
|
6 |
10306368 |
10/10/2013 * |
352,500,000.00 |
Indian Overseas Bank |
New Marinelines Branch, Merchant Chamber, Ground |
B88496500 |
|
7 |
10248201 |
08/10/2010 |
25,100,000.00 |
TATA CAPITAL LIMITED |
ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, Maha |
A97296578 |
|
8 |
90222741 |
22/08/2014 * |
5,849,500,000.00 |
Indian Overseas Bank |
NEW MARINE LINES BRANCH, MERCHANT CHAMBERS, GROUN |
C21020078 |
* Date of charge modification
FIXED ASSETS
·
Land
(Freehold)
·
Land
(Leasehold)
·
Buildings
·
Plant
and Machinery
·
Electrical
Installations
·
Mould
·
Laboratory
Equipments
·
Furniture
and Fixtures
·
Office
Equipment
·
Vehicles
·
Data
Processing Equipments
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 exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.78.46 |
|
Euro |
1 |
Rs.100.06 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.