MIRA INFORM REPORT
|
Report Date : |
20.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
SEL MANUFACTURING COMPANY LIMITED |
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Registered
Office : |
Plot No. 274, |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
08.05.2000 |
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Com. Reg. No.: |
16-023679 |
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Capital
Investment / Paid-up Capital : |
Rs.3313.470
Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
L51909PB2000PLC023679 |
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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
: |
Subject is engaged in the manufacturing, processing and trading of
yarn, fabric, readymade garments and towel. |
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|
No. of Employees
: |
11000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
- |
|
Maximum Credit Limit : |
USD 47000000 |
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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 rating is constrained on account of heavy loss incurred by a
company during 2014. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB- (Suspended)
|
|
Rating Explanation |
Moderate degree of safety it carry moderate
credit risk. |
|
Date |
23.08.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3 (Suspended) |
|
Rating Explanation |
Moderate degree of safety it carry higher
credit risk. |
|
Date |
23.08.2013 |
Reason of Suspended – The Company has not furnished the information
required
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 BY
|
Name : |
Mr. Raj Kumar |
|
Designation : |
Manager |
|
Contact No.: |
91-9781066627 |
LOCATIONS
|
Registered Office/ Corporate Office : |
274, Dhandari Khurd, G.T. Road, Ludhiana – 141 014, Punjab, India |
|
Tel. No.: |
91-161-2510270/ 6611111 |
|
Fax No.: |
91-161-2510268/ 6611112 |
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E-Mail : |
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Website : |
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Factory 1 : |
Village: Lal
Kalan, Teh: Samrala Ludhiana-Chandigarh Road, Near Neelon Canal Bridge,
Ludhiana, Punjab, India |
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Factory 2 : |
Village Bajra Road, Ludhiana - 141 007, Punjab, India |
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Factory 3 : |
Plot No.106,
Industrial Area, Baddi (SFS), District: Solan, Himachal Pradesh, India |
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Factory 4 : |
C 256-257, Phase VIII, Focal Point, Ludhiana, Punjab, India |
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Factory 5 : |
Village Shekhan
Majara, Machiwara Rahon Road, Tehsil and District Nawanshehar, Punjab, India |
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Factory 6 : |
Village
Mehatwara, Tehsil Ashta, District Sehore, Madhya Pradesh, India |
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Factory 7 : |
G.T. Road, Opposite Mcdonalds, Doraha, Ludhiana, Punjab, India |
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Factory 8 : |
A-15, Phase-VII, Focal Point, Ludhiana, Punjab, India |
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Factory 9 : |
Plot No.90,
Industrial Area, Baddi (SFS), District Solan, Himachal Pradesh, India |
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Factory 10 : |
23KM Stone, Delhi-Hisar Highway, Hansi Hisar, Haryana, India |
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Factory 11 : |
15B, RIICO Industrial Area, Neemrana, District Alwar, Rajasthan, India
|
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Factory 12 : |
Village Udhowal,
Tehsil Nawanshehar, District Saheed Bhagat Singh Nagar, Punjab, India |
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Factory 13 : |
Village
Punjava-Lambi, Tehsil Malout, District Sri Muktsar Sahib, Punjab, India |
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Factory 14 : |
NH-8, Village Lakodara, Karjan, Vadodara, Gujarat, India |
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Factory 15 : |
Plot No.2, Taj
Nagari Phase-1, Opposite Shanti Mangalick Hospital, Fatehabad Road, Agra,
Uttar Pradesh, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Ram Saran Saluja |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Neeraj Saluja |
|
Designation : |
Managing Director |
|
Qualification : |
Diploma in Business Administration |
|
Date of Appointment : |
30.03.2006 |
|
|
|
|
Name : |
Mr. Dhiraj Saluja |
|
Designation : |
Joint Managing Director |
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Qualification : |
Degree in Mechanical Engineering |
|
Date of Appointment : |
28.05.2007 |
|
|
|
|
Name : |
Mr. Vinod Kumar Goyal |
|
Designation : |
Executive Director and Chief
Executive Officer |
|
Qualification : |
MBA |
|
Date of Appointment : |
13.07.2010 |
|
|
|
|
Name : |
Mr. Navneet Gupta |
|
Designation : |
Executive Director and Chief
Financial Officer |
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|
Name : |
Mr. Ashwani Kumar |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Amit Narang |
|
Designation : |
Director |
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|
Name : |
Mr. Kanwalnain Singh Kang |
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Designation : |
Director |
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|
Name : |
Mr. Ranjan Madaan |
|
Designation : |
Director |
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|
Name : |
Mr. Prem Kumar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Rahul Kapoor |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
Mr. Raj Kumar |
|
Designation : |
Manager |
SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
36729044 |
15.54 |
|
|
15546154 |
6.58 |
|
|
52275198 |
22.11 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
52275198 |
22.11 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
100000 |
0.04 |
|
|
100000 |
0.04 |
|
|
|
|
|
|
42641662 |
18.04 |
|
|
|
|
|
|
53386965 |
22.58 |
|
|
75528134 |
31.95 |
|
|
12474655 |
5.28 |
|
|
5793752 |
2.45 |
|
|
1199252 |
0.51 |
|
|
5481051 |
2.32 |
|
|
600 |
0.00 |
|
|
184031416 |
77.85 |
|
Total Public shareholding (B) |
184131416 |
77.89 |
|
Total (A)+(B) |
236406614 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
94940386 |
0.00 |
|
|
94940386 |
0.00 |
|
Total (A)+(B)+(C) |
331347000 |
0.00 |
(1) Indian
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacturing, processing and trading of
yarn, fabric, readymade garments and towel. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
11000 (Approximately) |
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Bankers : |
·
State Bank of Bikaner and Jaipur ·
State Bank of Patiala ·
State Bank of India ·
State Bank of Indore ·
Exim Bank ·
UCO Bank ·
State Bank of Hyderabad ·
State Bank of Travancore ·
State Bank of Mysore ·
Punjab National Bank ·
Punjab and Sind Bank ·
Vijaya Bank ·
Allahabad Bank ·
Indian Bank ·
Union Bank of India ·
Karur Vysya Bank ·
Bank of Maharashtra ·
Dena Bank ·
Corporation Bank ·
HDFC Bank Limited ·
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Dass Khanna and Company Chartered Accountants |
|
Address : |
B-XX-2815, Gurdev Nagar, Pakhowal Road, Ludhiana – 141
001, Punjab, India |
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|
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|
Subsidiary
Partnership Firm : |
S. E. Exports |
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|
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|
Subsidiary Company
: |
· SEL Textiles Limited · SEL Aviation Private Limited · SEL Ecochem Private Limited ·
SEL Textile Corporation |
|
|
|
|
Fellow Subsidiary
Company : |
· Silverline Corporation Limited ·
SEL Textiles Oveaseas Limited |
|
|
|
|
Associates : |
· Rythm Textiles and Apparels Park Limited · Omega Hotels Limited |
|
|
|
|
Enterprises over
which key management personal and relatives of such personal is able to
exercise significant influence |
· Shiv Narayan Investments Private Limited · Saluja International · Saluja Fabrics |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
Rs.10/- each |
Rs.10000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
331347000 |
Equity Shares |
Rs.10/- each |
Rs.3313.470
Millions |
|
|
|
|
|
·
Par Value per Share is Rs. 10/-
·
Reconciliation of the number of equity shares
outstanding
|
Equity Shares |
Number
of Shares |
Rs.
In Millions |
|
Shares outstanding at the beginning of the year |
331347000 |
3313.470 |
|
Add: Addition during the year |
-- |
-- |
|
Less: Deduction
during the year |
-- |
-- |
|
Shares
outstanding at the end of the year |
331347000 |
3313.470 |
·
Terms/rights attached to equity shares.
The company has
only one class of equity shares having par value of Rs. 10 per share. Each
holder of equity share is entitled to one vote per share except holder of GDR
will not have voting right with respect to the Deposited Shares.
The Company issued
220,000,000 equity shares of the face value of Rs. 10 per share consequent to
Global Depository Receipt (GDRs) issue of the company during the year 2012-13.
Holders of Global Depository Receipt (GDRs) were be entitled to receive
dividends, subject to the terms of the Deposit Agreement, to the same extent as
the holders of Equity Shares. As on 31.03.2014, 97,386,256 shares (Previous
Year 135,195,687 shares) of the face value of Rs. 10/- each per share represent
the shares underlying GDRs which were issued during 2012-13.
In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive the realised value of the assets of the Company, remaining after
payment of all preferential dues. The distribution will be in proportion to the
number of equity shares held by the shareholders.
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 |
3313.470 |
3313.470 |
1113.470 |
|
(b) Reserves & Surplus |
8490.995 |
10826.585 |
9620.290 |
|
(c) Money
received against share warrants |
0.000 |
218.700 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
11804.465 |
14358.755 |
10733.760 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
14564.425 |
15745.485 |
15140.801 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
1503.118 |
953.499 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
39.825 |
22.380 |
7.262 |
|
Total Non-current Liabilities (3) |
14604.250 |
17270.983 |
16101.562 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
15793.870 |
12656.150 |
8017.717 |
|
(b) Trade payables |
2032.652 |
2800.394 |
1848.387 |
|
(c) Other current
liabilities |
6852.395 |
3721.465 |
2296.811 |
|
(d) Short-term provisions |
7.724 |
341.665 |
210.243 |
|
Total Current Liabilities (4) |
24686.641 |
19519.674 |
12373.158 |
|
|
|
|
|
|
TOTAL |
51095.356 |
51149.412 |
39208.480 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
23199.115 |
25180.996 |
13522.921 |
|
(ii) Intangible Assets |
31.395 |
37.266 |
33.781 |
|
(iii) Capital
work-in-progress |
1640.046 |
242.548 |
5508.355 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
5579.958 |
5564.465 |
1857.188 |
|
(c) Deferred tax assets (net) |
9.661 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1376.299 |
223.859 |
2837.967 |
|
(e) Other Non-current assets |
553.360 |
594.836 |
306.683 |
|
Total Non-Current Assets |
32389.834 |
31843.970 |
24066.895 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
7099.769 |
10753.063 |
6165.244 |
|
(c) Trade receivables |
8168.099 |
5522.276 |
6319.185 |
|
(d) Cash and cash
equivalents |
133.298 |
246.705 |
732.058 |
|
(e) Short-term loans and
advances |
590.142 |
851.817 |
792.637 |
|
(f) Other current assets |
2714.214 |
1931.581 |
1132.461 |
|
Total Current Assets |
18705.522 |
19305.442 |
15141.585 |
|
|
|
|
|
|
TOTAL |
51095.356 |
51149.412 |
39208.480 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
29560.395 |
31542.169 |
20383.424 |
|
|
|
|
Other Income |
901.218 |
1719.882 |
962.790 |
|
|
|
|
TOTAL (A) |
30461.613 |
33262.051 |
21346.214 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
22122.393 |
14649.027 |
13884.860 |
|
|
|
|
Purchase of Stock-in-trade |
2134.776 |
10498.699 |
3819.825 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(1870.909) |
(1896.239) |
(2217.610) |
|
|
|
|
Employee Benefits Expenses |
1227.893 |
1277.701 |
603.281 |
|
|
|
|
Other Expenses |
3790.110 |
3016.207 |
1719.809 |
|
|
|
|
Exceptional Items |
1809.431 |
0.000 |
0.000 |
|
|
|
|
TOTAL (B) |
29213.694 |
27545.395 |
17810.165 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1247.919 |
5716.656 |
3536.049 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
3122.243 |
2679.319 |
1705.852 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
(1874.324) |
3037.337 |
1830.197 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
2124.310 |
1355.926 |
751.118 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(3998.634) |
1681.411 |
1079.079 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
(1444.344) |
617.060 |
360.750 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(2554.290) |
1064.351 |
718.329 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3241.441 |
3177.090 |
3090.352 |
||
|
|
|
|
|
|
||
|
|
Tax Adjustment Relating to Previous Year |
0.000 |
0.000 |
(131.791) |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Transfer to General Reserve |
0.000 |
1000.000 |
499.800 |
|
|
|
BALANCE CARRIED
TO THE B/S |
687.151 |
3241.441 |
3177.090 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
F.O.B Value |
10151.666 |
9924.234 |
4645.635 |
|
|
|
|
Overseas Income |
3832.641 |
8048.376 |
2958.449 |
|
|
|
TOTAL EARNINGS |
13984.307 |
17972.61 |
7604.084 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
72.636 |
67.892 |
19.962 |
|
|
|
|
Raw Materials Others |
1.316 |
0.089 |
0.000 |
|
|
|
|
Stores & Spares |
37.532 |
90.093 |
10.206 |
|
|
|
|
Capital Goods |
70.156 |
1564.441 |
4098.756 |
|
|
|
TOTAL IMPORTS |
181.640 |
1722.515 |
4128.924 |
||
|
|
|
|
|
|
||
|
|
Earnings/(Loss)
Per Share (Rs.) |
|
|
|
||
|
|
- Basic |
(7.71) |
3.61 |
8.47 |
||
|
|
- Diluted |
(7.71) |
3.56 |
8.47 |
||
QUARTERLY RESULTS
(Rs.
In Millions)
|
Particulars |
|
|
30.06.2014 (Unaudited) |
|
|
|
|
1st
Quarter |
|
Net Sales |
|
|
5870.400 |
|
Total Expenditure |
|
|
5152.000 |
|
PBIDT (Excl OI) |
|
|
718.400 |
|
Other Income |
|
|
236.200 |
|
Operating Profit |
|
|
954.600 |
|
Interest |
|
|
502.900 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
451.700 |
|
Depreciation |
|
|
615.700 |
|
Profit Before Tax |
|
|
(164.000) |
|
Tax |
|
|
(54.700) |
|
Profit After Tax |
|
|
(109.300) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(8.39) |
3.20 |
3.37 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(13.53) |
5.33 |
5.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.12) |
3.71 |
3.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.34) |
0.12 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.57 |
1.98 |
2.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.76 |
0.99 |
1.22 |
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 |
1113.470 |
3313.470 |
3313.470 |
|
Reserves & Surplus |
9620.290 |
10826.585 |
8490.995 |
|
Money received against share
warrants |
0.000 |
218.700 |
0.000 |
|
Net
worth |
10733.760 |
14358.755 |
11804.465 |
|
|
|
|
|
|
long-term borrowings |
15140.801 |
15745.485 |
14564.425 |
|
Short term borrowings |
8017.717 |
12656.150 |
15793.870 |
|
Total
borrowings |
23158.518 |
28401.635 |
30358.295 |
|
Debt/Equity
ratio |
2.158 |
1.978 |
2.572 |
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 |
20,383.424 |
31,542.169 |
29,560.395 |
|
|
|
54.744 |
(6.283) |
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
|
20,383.424 |
31,542.169 |
29,560.395 |
|
Profit |
718.329 |
1,064.351 |
(2,554.290) |
|
|
3.52% |
3.37% |
(8.64%) |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2013 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Vehicle Loans |
|
|
|
From Banks |
10.865 |
22.847 |
|
Loans from Related Parties |
679.600 |
0.000 |
|
|
|
|
|
Total |
690.465 |
22.847 |
BUSINESS:
The Company is
vertically integrated multi-product textile company, manufacturing various kinds
of Knitted Garments, Terry Towels, Knitted and Processed Fabric and various
kind of Yarn with production facilities located at Ludhiana and NawanSheher in
Punjab, Baddi in Himachal Pradesh and Sehore in Madhya Pradesh.
OPERATIONS:
During the year,
subject has achieved Revenue from Operations of Rs.29560.395 Millions as
compared to Rs.31542.169 Millions in the previous year. After deducting
Expenses and Exceptional Items there was Loss of Rs.3998.633 Millions as
compared to profit before tax Rs. 1680.861 Millions during the previous year.
After providing for taxes and other adjustments, the current year loss stood at
Rs. 2554.290 Millions as compared to Profit after tax of Rs. 1064.350 Millions
during the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT:
SEL success has
much to do with the contributions from its employees and the “Can-do” spirit
that each of them epitomize and adopt. Their performance can be attributed to
our strong integrated business model, wide product portfolio and our capability
to deliver operating excellence.
INDUSTRY STRUCTURE
AND DEVELOPMENT:
The year witnessed
divergent growth globally, led by strengthening of the US economy, uneven and
subdued growth in the Euro area and Japan coupled with a slowdown in Developing
and Emerging markets. Indian Textiles Industry is one of the leading sectors of
the Indian Economy and contributes significantly to the country's Industrial
output.
Textile Industry
is one of the largest employers in India but the major challenge it is facing
today is rising production costs, due to increase in power, wages and interests
costs. At its core, India is facing a difficult economic situation on the
growth, asset quality, inflation and fiscal deficit fronts. Growth is estimated
to have bottomed, but recovery is predicated upon clarity of policy matters and
decision making by the Government. The Indian textile industry is on a comeback
trail due to an improved US economy, a recovering demand from the European
Union and favourable raw material prices. China, a major textiles producer for
about two decades is now focusing on other sectors, which should open up
opportunities for other textiles producing countries such as India and
Bangladesh.
The Indian textile
industry is competitively placed vis-ŕ-vis competitors. Growing domestic demand
coupled with growing penetration of organized retail and increasing local
sourcing by global brands and retailers in India offer attractive avenues to
the textile industry to grow further.
THE COMPANY:
The Company is vertically integrated multi-product textile company,
manufacturing various kinds of Knitted Garments, Terry Towels, Knitted &
Processed Fabric and various kind of Yarn with production facilities located at
Ludhiana and NawanSheher in Punjab, Baddi in Himachal Pradesh and Sehore in
Madhya Pradesh.
Subject continue
to hold 99% stake in the partnership firm namely M/s SE Exports. Further, SEL
Textiles Ltd. is the wholly owned Subsidiary of the Company. SEL Textiles
Limited is engaged in the business of textiles and the Company has two spinning
unit(s) one at Neemrana (Rajasthan) and one at Hansi, Hissar (Haryana) and a
terry towel unit at Nawa Sheher, Punjab and the new project at Vill
Punjava-Lambi, Tehsil Malout, Dist Sri Muktsar Sahib (Punjab). Further SEL
Textiles Ltd., has two subsidiary companies i.e. M/s Silverline Corporation
Ltd., in India and M/s SEL Textiles Overseas Ltd. in Hong Kong.
SEL Aviation Pvt.
Ltd., subsidiary of the company is in the business of aviation services.
Further SEL Textiles Corporation is the wholly owned subsidiary of the Company
in the state of California, USA.
OUTLOOK:
Indian textiles
industry is a well-established with showing strong features and a bright
future. Global textile and garments industry drive relies on profitability and
safety conditions. India, Pakistan, Vietnam, Indonesia, Cambodia and Sri Lanka
are the major basic garments manufacturers along with Bangladesh and China. And
all of them are looking to capitalize the transferred orders from China as they
are moving towards value added products.
The textiles
manufacturing business is a pioneer activity in the Indian manufacturing sector
and it has a primordial importance in the economic life of the country, which
is still predominantly based on the agro-alimentary sector. Textiles Industry
is not limited to manufacture and export of garments. The success of Indian
textiles lies in effective vertical integrations policies which have helped
operators in taming the processes which while lying beyond simple manufacturing
exercise do have a serious impact on it, for example, raw material treatment.
Thus, cotton, jute, silk or wool and even synthetic material are also
produced by this industry to complement and strengthen the garments
manufacturing industry. Textile Industry is one of the largest employers in
India but the major challenge it is facing today is rising production costs,
due to increase in power, wages and interests costs.
UNAUDITED FINANCIAL RESULTS FOR QUARTER ENDED 30.06.2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
5870.389 |
|
b) Other operating income |
0.000 |
|
Total
income from Operations(net) |
5870.389 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
3297.149 |
|
b) Purchases of stock in trade |
390.453 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
316.078 |
|
d) Employees benefit expenses |
266.130 |
|
e) Depreciation and amortization expenses |
615.742 |
|
f) Other expenditure |
882.147 |
|
Total expenses |
5767.699 |
|
3. Profit from operations before other income and
financial costs |
102.690 |
|
4. Other income |
236.213 |
|
5. Profit from ordinary activities before finance costs |
338.903 |
|
6. Finance costs |
502.914 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(164.011) |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
(164.011) |
|
10.Tax expenses |
(54.696) |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
(109.315) |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
(109.315) |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
3313.470 |
|
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 and diluted |
(0.33) |
|
ii) Earnings per share (after extraordinary items) |
|
|
(a) Basic and diluted |
(0.33) |
|
|
|
|
|
|
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
279071802 |
|
- Percentage of shareholding |
84.22% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
52275198 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
15.78% |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
Nil |
|
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.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
0 |
|
Receiving during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unreserved at the end of the quarter |
0 |
NOTES:
1. The above
results are reviewed by the Audit Committee and taken on record at the meeting
of the Board of Directors on August 14, 2014.
2. Consolidation
has been made by applying Accounting Standard-21 "Consolidated Financial
Statements" issued by the Institute of Chartered Accountants of India.
3. The
Company has only one Reportable Segment i.e. "Textiles”, hence Segment
Reporting required under AS-17 is not applicable.
4. During the
year, the Company has revised depreciation rate on fixed assets as per the
useful life specified in the Companies Act, 2013. Carrying amount less residual
value of the assets whose remaining useful life has become Nil at the beginning
of the period, has been adjusted with the opening balance of retained earnings
net of deferred tax.
5. Previous
period's figures have been re-grouped and re-classified wherever necessary.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10510444 |
30/06/2014 |
35,000,000.00 |
CORPORATION
BANK |
PREMISES
NO-5 , NEW LAJPAT NAGAR, LUDHIANA, PUNJAB |
C12241212 |
|
2 |
10517783 |
28/06/2014 |
3,345,200,000.00 |
PUNJAB
NATIONAL BANK |
LARGE
CORPORATE BRANCH, BHAGWATI TOWER,, RK ROAD, |
C19019868 |
|
3 |
10488219 |
31/03/2014 |
21,000,000.00 |
KARUR
VYSYA BANK LIMITED |
KARUR
VYSYA BANK LIMITED, MODEL TOWN, LUDHIANA, PUNJAB - 141001, INDIA |
C02333565 |
|
4 |
10493377 |
29/03/2014 |
1,376,100,000.00 |
UNION
BANK OF INDIA |
MID
CORPORATE BRANCH, WALIA COMPLEX,DUGRI ROAD, LUDHIANA, PUNJAB - 141001, INDIA |
C04263604 |
|
5 |
10473552 |
31/03/2014
* |
150,034,036.00 |
CORPORATION
BANK |
PREMISES
NO-5 , NEW LAJPAT NAGAR, LUDHIANA, PUNJAB |
C03706884 |
|
6 |
10473723 |
30/12/2013 |
15,000,000.00 |
KARUR
VYSYA BANK LIMITED |
BRAR
COMPLEX, DUGRI ROAD, MODEL TOWN, LUDHIANA, PUNJAB - 141001, INDIA |
B94767084 |
|
7 |
10463623 |
06/11/2013 |
2,240,000,000.00 |
STATE
BANK OF PATIALA |
COMMERCIAL
BRANCH, G.T. ROAD, MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA |
B90883869 |
|
8 |
10459858 |
04/10/2013 |
200,000,000.00 |
SBERBANK |
DR.
GOPAL DAS BHAWAN, 28, BARAKHAMBA ROAD,, NEW DELHI, DELHI - 7110001, INDIA |
B89394506 |
|
9 |
10455760 |
27/09/2013 |
500,000,000.00 |
STATE
BANK OF PATIALA |
COMMERCIAL
BRANCH, G.T. ROAD, MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA |
B87829230 |
|
10 |
10454444 |
24/09/2013 |
320,000,000.00 |
UNION
BANK OF INDIA |
MID
CORPORATE BRANCH, WALIA COMPLEX,DUGRI ROAD, LUDHIANA, PUNJAB - 141001, INDIA |
B87281838 |
|
11 |
10438236 |
16/09/2013
* |
9,800,000,000.00 |
ALLAHABAD
BANK |
INDUSTRIAL
FINANCE BRANCH, 165, INDUSTRIAL AREA-A, NEAR CHEEMA CHOWK, LUDHIANA, PUNJAB -
141001, INDIA |
B87008702 |
|
12 |
10441047 |
12/07/2013 |
1,000,000,000.00 |
INDIAN
OVERSEAS BANK |
MID CORPORATE
BRANCH, MILLERGANJ, LUDHIANA, PUNJAB - 141003, INDIA |
B81118481 |
|
13 |
10426703 |
30/03/2013 |
7,000,000,000.00 |
ALLAHABAD
BANK |
I.I.F.B.,
165, INDUSTRIAL AREA-A, CHEEMA CHOWK, LUDHIANA, PUNJAB - 141001, INDIA |
B75473884 |
|
14 |
10346003 |
31/03/2012 |
750,000,000.00 |
ANDHRA
BANK |
SECTOR
17-C, CHANDIGARH, CHANDIGARH - 160018, INDIA |
B36472934 |
|
15 |
10321045 |
13/10/2011 |
7,350,000,000.00 |
ALLAHABAD
BANK |
INDUSTRIAL
FINANCE BRANCH, 165, INDUSTRIAL AREA-A, NEAR CHEEMA CHOWK, LUDHIANA, PUNJAB -
141001, INDIA |
B26801167 |
|
16 |
10298898 |
18/06/2011 |
2,300,000,000.00 |
CENTRAL
BANK OF INDIA |
FOCAL
POINT, LUDHIANA, PUNJAB - 141010, INDIA |
B17555046 |
|
17 |
10272484 |
07/03/2011 |
750,000,000.00 |
STATE
BANK OF PATIALA |
CB,
G.T.ROAD,, MILLERGANJ, LUDHIANA, PUNJAB - 141001, INDIA |
B08349698 |
|
18 |
10244730 |
17/09/2010 |
500,000,000.00 |
STATE
BANK OF PATIALA |
COMMERCIAL
BRANCH, LUDHIANA, PUNJAB - 141001, INDIA |
A96866033 |
|
19 |
10247091 |
05/07/2013
* |
300,000,000.00 |
KARUR
VYSYA BANK LIMITED |
BRAR
COMPLEX, DUGRI ROAD, MODEL TOWN, LUDHIANA, PUNJAB - 141001, INDIA |
B83126748 |
|
20 |
10244546 |
08/09/2010 |
107,000,000.00 |
INDIAN
BANK |
1601,
KALSI NAGAR, LUDHIANA, PUNJAB - 141003, INDIA |
A96825682 |
|
21 |
10245504 |
02/09/2010 |
450,000,000.00 |
BANK
OH MAHARASHTRA |
LINK
ROAD, PREET NAGAR, LUDHIANA, PUNJAB - 141001, INDIA |
A97109698 |
|
22 |
10237619 |
25/08/2010 |
500,000,000.00 |
PUNJAB
& SIND BANK |
IFB,
DHOLEWAL CHOWK,, G.T.ROAD, LUDHIANA, PUNJAB |
A94208105 |
|
23 |
10237603 |
13/08/2010 |
500,000,000.00 |
STATE
BANK OF BIKANER & JAIPUR |
SME
BRANCH, LUDHIANA, PUNJAB - 141003, INDIA |
A94185485 |
|
24 |
10236457 |
03/08/2010 |
1,000,000,000.00 |
STATE
BANK OF TRAVANCORE |
COMMERCIAL
BRANCH, K. G. MARG, TRAVANCORE HOUSE,, |
A93664571 |
|
25 |
10239136 |
03/08/2010 |
500,000,000.00 |
STATE
BANK OF HYDERABAD |
74,
JANPATH, NEW DELHI, DELHI - 110001, INDIA |
A94785243 |
|
26 |
10227505 |
28/06/2010 |
300,000,000.00 |
UNITED
BANK OF INDIA |
CLOCK
TOWER, LUDHIANA, PUNJAB - 141008, INDIA |
A89210546 |
|
27 |
10208965 |
21/06/2012
* |
13,401,000,000.00 |
STATE
BANK OF PATIALA |
COMMERCIAL
BRANCH, G.T. ROAD, MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA |
B45414539 |
|
28 |
10187442 |
30/12/2011
* |
7,875,500,000.00 |
CENTRAL
BANK OF INDIA |
FOCAL
POINT, LUDHIANA, PUNJAB - 141010, INDIA |
B30479083 |
|
29 |
10181676 |
24/10/2009 |
500,000,000.00 |
PUNJAB
& SIND BANK |
INDUSTRIAL
FINANCE BRANCH, G.T. ROAD, DHOLEWAL, LUDHIANA, PUNJAB - 141003, INDIA |
A72111206 |
|
30 |
10162582 |
17/06/2009
* |
500,000,000.00 |
STATE
BANK OF TRAVANCORE |
COMMERCIAL
BRANCH, TRAVANCORE PALACE, K.G. MARG, NEW DELHI, DELHI - 110001, INDIA |
A66331299 |
|
31 |
10152505 |
21/03/2009 |
500,000,000.00 |
PUNJAB
NATIONAL BANK |
MID
CORPORATE BRANCH, JMD PACIFIC SQUARE,, SECTOR |
A60629425 |
|
32 |
10143852 |
24/02/2009 |
450,000,000.00 |
PUNJAB
& SIND BANK |
INDUSTRIAL
FINANCE BRANCH, G.T. ROAD, DHOLEWAL, LUDHIANA, PUNJAB - 141003, INDIA |
A57356479 |
|
33 |
10150144 |
23/02/2009 |
300,000,000.00 |
INDIAN
BANK |
1601,
KALSI NAGAR,, LUDHIANA, PUNJAB - 141003, INDIA |
A59690396 |
|
34 |
10142698 |
11/02/2009 |
1,000,000,000.00 |
STATE
BANK OF PATIALA |
COMMERCIAL
BRANCH, LUDHIANA, PUNJAB - 141003, INDIA |
A56647571 |
|
35 |
10145919 |
29/01/2009 |
500,000,000.00 |
STATE
BANK OF HYDERABAD |
74
JANPATH, NEW DELHI, DELHI - 110001, INDIA |
A57981284 |
|
36 |
10143853 |
27/01/2009 |
350,000,000.00 |
UNIONBANK
OF INDIA |
G.T.
ROAD, MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA |
A57356941 |
|
37 |
10081830 |
11/12/2007 |
80,000,000.00 |
STATE
BANK OF MYSORE |
INDUSTRIAL
FINANCE BRANCH, 23/1, REGAL BUILDING, |
A29533940 |
|
38 |
10089622 |
10/12/2007 |
250,000,000.00 |
PUNJAB
NATIONAL BANK |
MID
CORPORATE BRANCH, JMD PACIFIC SQUARE,, SECTOR |
A33234287 |
|
39 |
10084428 |
21/12/2010
* |
1,542,100,000.00 |
ALLAHABAD
BANK |
IIFB,
NEAR CHEEMA CHOWK, LUDHIANA, PUNJAB - 14100 |
B02669448 |
|
40 |
10079016 |
12/11/2007 |
190,000,000.00 |
VIJAYA
BANK |
RAM
NAGAR, PAHAR GANJ, DELHI, DELHI - 110055, INDIA |
A28003655 |
|
41 |
10076084 |
17/06/2009
* |
170,000,000.00 |
STATE
BANK OF TRAVANCORE |
COMMERCIAL
BRANCH, TRAVANCORE PALACE, K.G. MARG, NEW DELHI, DELHI - 110001, INDIA |
A67014936 |
|
42 |
10070617 |
24/02/2009
* |
130,000,000.00 |
PUNJAB
& SIND BANK |
INDUSTRIAL
FINANCE BRANCH, G.T. ROAD, DHOLEWAL, LUDHIANA, PUNJAB - 141003, INDIA |
A57355968 |
|
43 |
10071789 |
29/08/2007 |
200,000,000.00 |
STATE
BANK OF HYDERABAD |
74
JANPATH, NEW DELHI, DELHI - 110001, INDIA |
A24927626 |
|
44 |
10057728 |
10/05/2007 |
150,000,000.00 |
EXPORT
IMPORT BANK OF INDIA |
CENTRE
ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE |
A17799347 |
|
45 |
10049338 |
09/02/2010
* |
900,000,000.00 |
STATE
BANK OF INDORE |
COMMERCIAL
BRANCH, M-47, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA |
A80627771 |
|
46 |
10053257 |
10/04/2007 |
600,000,000.00 |
STATE
BANK OF PATIALA |
COMMERCIAL
BRANCH, LUDHIANA, PUNJAB - 141003, INDIA |
A15930639 |
|
47 |
10050821 |
06/04/2007 |
365,000,000.00 |
UCO
BANK |
CIVIL
LINES, LUDHIANA, PUNJAB - 141001, INDIA |
A15008808 |
|
48 |
10042851 |
06/06/2009
* |
100,000,000.00 |
EXPORT
IMPORT BANK OF INDIA |
CENTRE
ONE BUILDING, FLOOR 21,, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI,
MAHARASHTRA - 400005, INDIA |
A64397714 |
|
49 |
10043842 |
27/01/2007 |
330,000,000.00 |
STATE
BANK OF PATIALA |
COMMERCIAL
BRANCH, LUDHIANA, PUNJAB - 141003, INDIA |
A12385720 |
|
50 |
80016561 |
05/07/2006 |
80,000,000.00 |
STATE
BANK OF PATIALA |
COMMERCIAL
BRANCH, LUDHIANA, PUNJAB - 141001, INDIA |
- |
|
51 |
10012504 |
09/08/2010
* |
646,300,000.00 |
STATE
BANK OF INDIA |
SPECIALISED
COMMERCIAL BRANCH, MILLERGANJ, LUDHIA |
A94719614 |
|
52 |
90180426 |
23/12/2008
* |
2,482,400,000.00 |
STATE
BANK OF BIKANER AND JAIPUR |
SME BRANCH,
G.T. ROAD,, DHOLEWAL, LUDHIANA, PUNJAB - 141010, INDIA |
A54343298 |
*Date of modification Charges
FIXED ASSETS:
· Land
· Leasehold Land
· Building
· Road
· Plant and Machinery
· Furniture and Fixtures
· Vehicles
· Office Equipments
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.81 |
|
UK Pound |
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.78.47 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
36 |
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.