MIRA INFORM REPORT
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Report No. : |
316489 |
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Report Date : |
08.04.2015 |
IDENTIFICATION DETAILS
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Name : |
PRADIP OVERSEAS LIMITED |
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Registered
Office : |
104, 105, 106, Chancharwadi Vasna, Opposite Zydus Cadila, Sarkhej Bavla High Way, Taluka Sanand, Ahmedabad – 382213, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
29.06.2005 |
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Com. Reg. No.: |
04-046345 |
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Capital
Investment / Paid-up Capital : |
Rs.874.202 Million |
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CIN No.: [Company Identification
No.] |
L17290GJ2005PLC046345 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
The Company is manufacturing of bed linen with attractive design and finishing and readymade garments. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 770000 |
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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 loss incurred by the company during
FY 2014 and huge borrowing recorded by the company which may further act as a
threat to the liquidity position of the company. 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.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 |
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-79-26731594)
LOCATIONS
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Registered Office : |
104, 105, 106, Chancharwadi Vasna, Opposite Zydus Cadila, Sarkhej Bavla High Way, Taluka Sanand, Ahmedabad – 382213, Gujarat, India |
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Tel. No.: |
91-2717-294110 / 294112 / 251859 / 251860 / 2541861 |
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Mobile No.: |
91-9824752166 (Mr. Chandrakant Modi) |
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Fax No.: |
91-2717-294130 / 251861 / 251874 |
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E-Mail : |
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Website : |
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Corporate Office : |
A/602, Narnarayan Complex, Near Swastik Char Rasta, Navarangpura,
Ahmedabad - 380009, Gujarat, India |
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Tel. No.: |
91-79-26560630 / 26431594 |
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Fax No.: |
91-79-26420408 |
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Factory : |
104/105, Chacharwadi, Opposite Zydus Cadila, Sarkhej Bavla High Way, Changodar, Taluka Sanand, Ahmedabad – 382213, Gujarat, India |
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Tel. No.: |
91-79-26560639 / 26560630 /
26431594 |
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Fax No.: |
91-79-26420408 |
DIRECTORS
As on 31.03.2014
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Name : |
Mr.
Pradipkumar J. Karia |
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Designation : |
Director |
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Date of Birth / Age : |
54
Years |
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Date of Appointment
: |
29.06.2005 |
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Name : |
Mr.
Chetan J. Karia |
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Designation : |
Director |
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Date of Birth / Age : |
51
Years |
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Date of Appointment
: |
29.06.2005 |
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Name : |
Mr.
Vishal R. Karia |
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Designation : |
Director |
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Date of Birth / Age : |
34
Years |
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Date of Appointment
: |
29.06.2005 |
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Name : |
Mr.
J.S. Negi |
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Designation : |
Director |
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Date of Birth / Age : |
55
Years |
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Date of Appointment
: |
15.10.2007 |
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Qualifications : |
B.E.
(Civil Engineer) |
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Name : |
Mr.
G.R. Kamath |
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Designation : |
Director |
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Date of Birth / Age : |
67
Years |
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Date of Appointment
: |
18.06.2008 |
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Qualifications : |
Degree in commerce and accounting at St. Alyonis College Mangalore |
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Name : |
Mr.
Avinash Mayekar |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Kaushik B. Kapadia |
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Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.12.2014
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Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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25792519 |
53.25 |
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25792519 |
53.25 |
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Total shareholding of Promoter and Promoter Group (A) |
25792519 |
53.25 |
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(B) Public Shareholding |
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5778413 |
11.93 |
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7097842 |
14.65 |
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8659021 |
17.88 |
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1112388 |
2.30 |
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|
625353 |
1.29 |
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|
486921 |
1.01 |
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|
114 |
0.00 |
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22647664 |
46.75 |
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Total Public shareholding (B) |
22647664 |
46.75 |
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Total (A)+(B) |
48440183 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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|
0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
48440183 |
100.00 |
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Total Public shareholding (B) |
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BUSINESS DETAILS
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Line of Business : |
The Company is manufacturing of bed linen with attractive design and finishing and readymade garments. |
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Products : |
Bed Linen |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
Long Term
Borrowings Corporate
Debt Restructuring: The Company had gone for restructuring of
its debt in F.Y. 2011-12. But on account of various factors, inter-alia,
unavailability of ETP facility, fluctuation in cotton prices, high
receivables and high debtors level, continued global recession etc., the
company’s operations have been severely affected and the company was not able
to meet the scheduled debt service obligations. Hence the company decided to
approach the Corporate Debt Restructuring (CDR) Cell for restructuring of the
existing loans. At the request of the company and in
consideration of the company’s commitment to improve its operations, the
lenders agreed to refer the company’s proposal to Corporate Debt
Restructuring Forum for the efficient restructuring of its corporate debt
(hereinafter referred to as the “CDR”). Pursuant thereto, the CDR Empowered
group at their meeting held on December 11, 2013 has approved a restructuring
package in terms of which the existing loans of the lenders to the company
are to be restructured on the terms and conditions set out in Letter of
Approval (LOA) dated December 16, 2013, as amended / modified from time to
time. The cut-off date (‘COD’) for the CDR proposal is January 1, 2013. The
Master Restructuring Agreement (‘MRA’) has been executed between the borrower
and the CDR lenders, by virtue of which the restructured facilities are
governed by the provisions specified in the MRA having COD of January 1,
2013. The
Key Features of the CDR Proposal are as follows: ·
Setting up the ETP (Effluent Treatment Plant) facility
so that the company can operate at higher capacity utilisation. ·
To monetize the land parcel at Bhamsara and the sale
proceeds (estimated at Rs.10363.900 Million) from the monetization shall be
utilised for repayment of dues to the lenders. ·
The existing term facilities of Rs.5440.900 Million
(including existing term loan, WCTL and FITL) shall stand restructured,
merged and converted into Restructured Term Loans. The Rate of Interest (ROI)
on Restructured Term Loans shall be linked to the Base Rate of the respective
lenders, which is presently in the range of 10.50% - 10.70% p.a. with reset
due at the end of the 3rd year from COD. ·
The company to avail a new term loan aggregating to
Rs.299.200 Million for setting up ETP facility under the approved CDR
package. No FITL (Funded Interest Term Loan) on new term loan is proposed
hence the company shall pay interest on the new term loan as and when due.
The ROI on new term loan shall be linked to the Base Rate of the respective
lenders, which is presently in the range of 11 - 11.20% p.a. with reset due
at the end of 3rd year from COD. ·
There shall be a moratorium of 24 months from COD for
repayment of installments of Restructured Term Loans and New Term loans. ·
A new term loan of Rs.125.000 Million from SCB is
proposed and the same shall be repaid over a period of 7 years as per the
schedule mentioned below. ·
The irregular portion of Working Capital facilities as on
COD amounting to Rs.2121.200 Million, after payment of interest overdues and
bank charges, shall be converted to WCTL (Working Capital Term Loan). The ROI
on WCTL shall be linked to the Base Rate of the respective lenders, which is
presently in the range of 10.50 - 10.70% p.a. with reset due at the end of
3rd year from COD. ·
The balance portion of working capital facilities of
Rs.3597.800 Million shall stand reconstituted into ne d based working capital
limits. Need based working capital limits / facilities shall be provided
within the drawing power of the company. The ROI on these working capital
limits shall be linked to the Base Rate of the respective Lenders, which is
presently in the range of 10.50 - 10.70% p.a. with reset due annually. These
working capital facilities shall be repayable on demand. ·
The interest on Restructured Term Loans, Working
Capital Term Loan and Working Capital Facilities accrued/to be accrued for a
period of 24 months from the COD i.e. from 1st January 2013 till 31st
December 2014 shall stand converted into Funded Interest Term Loan (FITL)
aggregating to Rs.2343.100 Million The ROI on FITL shall be linked to the
Base Rate of the respective lenders, which is presently in the range of 10.50
- 10.70% p.a. with reset due at the end of 2rd year from COD. ·
All the above term facilities (except working capital
facilities repayable on demand) are to be repaid in 28 structured quarterly
installments commencing from quarter ending March 2015 and the last
installment will be payable in quarter ending December 2021. ·
Waiver of all penal charges / penal interest /
cumulative interest after COD. ·
Permitting holding-on operation till implementation of
the CDR package. ·
Right to recompense to CDR lenders for the relief and
sacrifice extended, subject to the provisions of the CDR guidelines and MRA. ·
Minimum promoters’s contribution shall be 25% of the
lenders sacrifice. The promoters shall make contribution of Rs.420.600
Million (being 25.65%) in the company in lieu of bank sacrifice, out of which
Rs.336.500 Million (20.52%) shall be brought upfront including conversion of
unsecured loans brought post COD by the directors into equity / preference
shares. The balance Rs.84.100 Million (5.13%) shall be brought over next 12
months. ·
The promoters shall pledge their entire shareholding in
favour of the lenders in demat form with voting rights. Further, if any fresh
equity shares are issued to the promoters, they shall also be pledged in
favour of the lenders. ·
The promoters shall furnish unconditional and
irrevocable personal guarantee along with the corporate guarantee from Pradip
Enterprises Limited and M/s. Pradip Exports (limited to the value of property
offered). Details
of Securities offered by the Company: (A)
Charge on Immovable Properties of the Company : Term
loans and working capital facilities from banks are secured by way of first
charge by mortgage of all immovable properties of the company, both present
and future, ranking pari passu interse. (B)
Charge on Current Assets of the Company: Working
Capital facilities, WCTL and FITL on Working Capital facilities are secured
by way of hypothecation by first charge over current assets of the company,
both present and future, ranking pari passu interse and Restructured working
capital facilities, New Term Loan and FITL on Restructured Term Loan from
Banks are secured by hypothecation of second charge over the current assets
of the company, both present and future, ranking pari passu interse. (C)
Charge on Movable P&M of the Company : Restructured
Working Capital facilities, FITL on Restructured Term Loans and New Term
loans from Banks are secured by way of hypothecation by first charge over the
movable Plant and Machinery of the Company, both present and future, ranking
pari passu interse and working capital facilities, WCTL and FITL on working
capital facilities from banks are secured by way of Hypothecation by second
charge over the movable Plant and Machinery of the Company, both present and
future, ranking pari passu interse. (D) Charge on Movable
P&M for ETP of the Company: New Term Loans from Banks are secured by
hypothecation by first charge over the movable Plant and Machinery for ETP,
both present and future, ranking pari passu interse and Restructured working
capital facilities, FITL and WCTL from banks are secured by way of
hypothecation by second charge over movable Plant and Machinery for ETP, both
present and future, ranking pari passu interse. The company and the CDR lenders have
executed a MRA during the year. The MRA as well as the provisions of the
Master Circular on Corporate Debt Restructuring issued by the Reserve Bank of
India, give a right to the CDR lenders to get recompense of their waivers and
sacrifices made as part of the CDR proposal. The recompense payable by the
company is contingent on various factors including improved performance of
the company and many other conditions, the outcome of which currently is
materially uncertain and hence the proportionate amount payable as recompense
has been treated as contingent liability. The aggregate present value of the
outstanding sacrifice made / to be made by CDR Lenders as per first
restructuring and CDR is approximately Rs.440.08 Million Going
Concern: CDR Empowered group has approved a restructuring
package in terms of which the existing loans of the lenders to the company
are to be restructured. Post approval, the company is confident of successful
implementation of the CDR package. The company is also taking various steps
to reduce costs and improve efficiencies to make its operations profitable.
The company has prepared the financial statements on going concern basis and
therefore no adjustments have been made to the carrying values or
classification of assets and liabilities. |
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Auditors : |
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Name : |
Ashok Dhatiwal and Company Chartered Accountant |
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Address : |
A/602, Narnarayan Complex, Near Swastik Char Rasta, Navarangpura,
Ahmedabad - 380009, Gujarat, India |
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Tel. No.: |
91-79-26448255 / 26564343 |
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E-Mail : |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiaries
of Company : |
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Enterprises
over which above have significant influence: |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Million |
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
48440183 |
Equity Shares |
Rs.10/- each |
Rs.484.402 Million |
Increase in Authorized Share Capital
During the year
company has increased the authorized share capital by Rs.400.000 Million
comprising of 4000000 (Forty Lacs) Preference Shares of Rs.100 each vide
resolution dated 25.01.2014.
Reconciliation of
the Number of Shares Outstanding
|
Equity Shares |
|
Number
of Shares |
|
Equity Shares at
the beginning of the year |
|
48440183 |
|
Add : Shares
issued on exercise of Employee Stock Options |
|
- |
|
Add : Allotted
as Bonus Shares |
|
- |
|
Add : Allotted
without payment being received in cash on amalgamation |
|
- |
|
Add : Alloted to
Qualified Institutional Buyers |
|
- |
|
Less : Shares
cancelled on buy back of equity shares |
|
- |
|
Equity Shares at the end of the year |
|
48440183 |
Rights Preferences and Restrictions Attached to each class of shares
The Company has
only one class of Equity Shares having a par value of Rs.10/- per share and each
holder of the Equity Shares is entitled to one vote per share. In the event of
liquidation of the Company the holders of the equity shares will be entitled to
receive any of the remaining assets of the company after distribution of all
preferential amounts. However no preferential amounts exist currently. The
distribution will be in proportion to the number of shares held by the
shareholders.
The Company has
increased authorised share capital which includes Preference Shares. Each
holder of Preference Shares is entitled to one vote per share only on
resolutions placed before the company which directly affects the right attached
to the Preference Shares. In the event of Liquidation of the Company the
holders of Preference Shares shall have priority over Equity Shares in the
payment of dividend and repayment of capital.
Details of shareholders holding more than 5% shares in the Company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Mr. Pradipkumar
J. Karia |
9013003 |
18.61% |
|
Mr. Chetankumar
J. Karia |
9012976 |
18.61% |
|
Mr. Vishal R.
Karia |
4286340 |
8.85% |
|
Gogia Capital
Services Limited |
3581342 |
7.39% |
|
Pradip Petrofils Private Limited |
2038968 |
4.21% |
As per of the company
including its register of shareholders/members and other declarations received
from the shareholders regarding beneficial interest the above shareholding
represents both legal and beneficial ownership of shares.
FINANCIAL DATA
[all figures are in
Rupees Million]
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 |
484.402 |
484.402 |
403.668 |
|
(b) Reserves & Surplus |
(215.224) |
1,230.699 |
2,437.782 |
|
(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) |
269.178 |
1,715.101 |
2,841.450 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6,896.651 |
5,691.895 |
4,424.160 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
4.367 |
4.747 |
3.775 |
|
Total Non-current
Liabilities (3) |
6,901.018 |
5,696.642 |
4,427.935 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
6,623.436 |
5,926.077 |
5,863.987 |
|
(b) Trade
payables |
293.159 |
385.111 |
696.535 |
|
(c) Other
current liabilities |
495.187 |
778.875 |
421.162 |
|
(d) Short-term
provisions |
3.558 |
4.614 |
130.463 |
|
Total Current
Liabilities (4) |
7,415.340 |
7,094.677 |
7,112.147 |
|
|
|
|
|
|
TOTAL |
14,585.536 |
14,506.420 |
14,381.532 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
854.004 |
1,075.384 |
1,087.798 |
|
(ii)
Intangible Assets |
1.254 |
1.482 |
1.027 |
|
(iii)
Capital work-in-progress |
312.410 |
275.744 |
124.730 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4.567 |
4.567 |
4.567 |
|
(c) Deferred tax assets (net) |
460.868 |
756.608 |
319.554 |
|
(d) Long-term Loan and Advances |
205.595 |
175.719 |
542.397 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1,838.698 |
2,289.504 |
2,080.073 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3,797.594 |
3,839.679 |
4,723.616 |
|
(c) Trade
receivables |
8,840.166 |
8,233.730 |
6,764.688 |
|
(d) Cash
and cash equivalents |
45.061 |
85.610 |
721.765 |
|
(e) Short-term
loans and advances |
64.017 |
57.897 |
91.390 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
12,746.838 |
12,216.916 |
12,301.459 |
|
|
|
|
|
|
TOTAL |
14,585.536 |
14,506.420 |
14,381.532 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5,985.673 |
9,429.344 |
16,699.116 |
|
|
|
Other Income |
54.290 |
96.280 |
203.665 |
|
|
|
TOTAL |
6,039.963 |
9,525.624 |
16,902.781 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5,261.991 |
6,611.647 |
14,086.674 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
1,172.486 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(112.817) |
1,958.350 |
(108.204) |
|
|
|
Employees benefits expense |
42.144 |
56.788 |
90.220 |
|
|
|
Other expenses |
859.096 |
1,045.884 |
1,282.348 |
|
|
|
TOTAL |
6,050.414 |
9,672.669 |
16,523.524 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(10.451) |
(147.045) |
379.257 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1,306.333 |
1,451.010 |
1,450.138 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(1,316.784) |
(1,598.055) |
(1,070.881) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
84.004 |
82.638 |
73.268 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(1,400.788) |
(1,680.693) |
(1,144.149) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
295.774 |
(437.011) |
(381.093) |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ADJUSTMENT |
0.000 |
(117.332) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(1,696.562) |
(1,126.350) |
(763.056) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
323.884 |
1,450.234 |
2,213.290 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1,372.678) |
323.884 |
1,450.234 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
519.695 |
938.847 |
1627.704 |
|
|
TOTAL EARNINGS |
519.695 |
938.847 |
1627.704 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Stock-in-Trade |
0.000 |
0.000 |
6.157 |
|
|
|
Chemicals, Packing Materials and Other Stores |
2.715 |
7.812 |
0.000 |
|
|
TOTAL IMPORTS |
2.715 |
7.812 |
6.157 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(35.02) |
(23.25) |
(15.75) |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1478.200 |
324.100 |
249.700 |
|
Total Expenditure |
1511.800 |
508.100 |
407.600 |
|
PBIDT (Excl OI) |
(33.600) |
(184.000) |
(158.000) |
|
Other Income |
16.400 |
11.700 |
04.700 |
|
Operating Profit |
(17.200) |
(172.300) |
(153.300) |
|
Interest |
289.400 |
411.800 |
193.800 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(306.600) |
(584.200) |
(347.100) |
|
Depreciation |
21.200 |
15.000 |
19.700 |
|
Profit Before Tax |
(327.800) |
(599.100) |
(366.800) |
|
Tax |
(15.600) |
(275.600) |
(113.300) |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(312.200) |
(323.500) |
(253.500) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(312.200) |
(323.500) |
(253.500) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(28.34) |
(11.95) |
(4.57) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(0.17) |
(1.56) |
2.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.14) |
(12.48) |
(8.21) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(5.20) |
(0.98) |
(0.40) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
50.23 |
6.77 |
3.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.72 |
1.72 |
1.73 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
403.668 |
484.402 |
484.402 |
|
Reserves & Surplus |
2437.782 |
1230.699 |
(215.224) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2841.450 |
1715.101 |
269.178 |
|
|
|
|
|
|
long-term borrowings |
4424.160 |
5691.895 |
6896.651 |
|
Short term borrowings |
5863.987 |
5926.077 |
6623.436 |
|
Total
borrowings |
10288.147 |
11617.972 |
13520.087 |
|
Debt/Equity
ratio |
3.621 |
6.774 |
50.227 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
16,699.116 |
9,429.344 |
5,985.673 |
|
|
|
(43.534) |
(36.521) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
16,699.116 |
9,429.344 |
5,985.673 |
|
Profit |
(763.056) |
(1,126.350) |
(1,696.562) |
|
|
(4.57%) |
(11.95%) |
(28.34%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Million |
31.03.2013 Rs.
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
Inter- Corporate Loans |
535.005 |
532.901 |
|
Loans from Directors |
333.816 |
238.946 |
|
Total |
868.821 |
771.847 |
OPERATIONS:
The year was a critical year for the Company. The turnover of the Company was lower by about 57.00 % as compared to the Sales revenue of the Company in the previous year. The major reason for lower turnover was underutilization of the Installed Capacity by 50% to 60% due to pending installation of the Effluent treatment Plant (ETP) the same was compounded by sluggish demand of the products in the market.
As reported last year, the Company has commenced the work for installation of the ETP, but the same could not be completed for non-disbursement of the sanctioned Term Loan by the Consortium Banks for the said Project. The Management of the Company is pursuing in the matter with Banks and hopeful for the disbursement in near future.
Further, as reported last year, Lead Bank i.e State Bank of India had approached CDR Cell and the scheme of
Corporate Debt Restructuring has been sanctioned and the same is under implementation.
OVERVIEW:
During the year the Sale and Profitability has been reduced as demand of the product were sluggish and also the Company was operating at 50% to 60% level of its installed capacity as the work for implementation of the Effluent Treatment Plant is not completed.
OUTLOOK:
The Company has put thrust on Development of Industrial HUB as reported earlier in this report.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER 2014
(Rs. In Million)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Nine Month Ended
( Unaudited) |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
249.670 |
324.045 |
2051.928 |
|
b) Other operating income |
0.000 |
0.000 |
0.000 |
|
Total
income from Operations(net) |
249.670 |
324.045 |
2051.928 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
95.068 |
462.573 |
1745.799 |
|
b) Purchases of stock in trade |
0.000 |
0.000 |
0.000 |
|
c) Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
85.857 |
(172.453) |
18.180 |
|
d) Employees benefit expenses |
10.681 |
10.332 |
31.386 |
|
e) Depreciation and amortization expenses |
19.719 |
14.963 |
55.862 |
|
f) Other expenditure |
216.016 |
207.601 |
632.112 |
|
Total expenses |
427.341 |
523.016 |
2483.339 |
|
3. Profit from operations before other income and
financial costs |
(177.671) |
(198.971) |
(431.411) |
|
4. Other income |
4.682 |
11.659 |
32.736 |
|
5. Profit from ordinary activities before finance costs |
(172.989) |
(187.312) |
(398.675) |
|
6. Finance costs |
193.804 |
411.813 |
895.020 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(366.793) |
(599.125) |
(1293.695) |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
(366.793) |
(599.125) |
(1293.695) |
|
10.Tax expenses |
(113.337) |
(275.643) |
(404.607) |
|
11.Net
Profit / (Loss) from ordinary activities after tax |
(253.456) |
(323.482) |
(889.088) |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period |
(253.456) |
(323.482) |
(889.088) |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
484.402 |
484.402 |
484.402 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
(215.274) |
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
|
|
(35.02) |
|
(b) Diluted |
|
|
(35.02) |
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Nine Month Ended
( Unaudited) |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
22647664 |
22647664 |
22647664 |
|
- Percentage of shareholding |
46.75 |
46.75 |
46.75 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
25666319 |
25666319 |
25666319 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
99.51 |
99.51 |
99.51 |
|
Percentage of shares (as a % of total share capital of the
company) |
52.99 |
52.99 |
52.99 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
126200 |
126200 |
126200 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
0.49 |
0.49 |
0.49 |
|
Percentage of shares (as a % of total share capital of the
company) |
0.26 |
0.26 |
0.26 |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
0 |
|
|
Receiving during the quarter |
|
4 |
|
|
Disposed of during the quarter |
|
4 |
|
|
Remaining unreserved at the end of the quarter |
|
0 |
|
Note:
1.
The
above results were reviewed by the Audit Committee and approved by the Board of
Directors of the Company at their meetings held on 12th February, 2015.
2.
During the quarter ended 31-12-2014, Wholly
Owned Subsidiary of the Company namely Pradip Home Fashions INC, USA has not
started any activities and therefore consolidated accounts have not been
incorporated here.
3.
Figures
for the current quarter have been regrouped wherever necessary.
4.
The
Company is engaged in one segment only i.e. Textile.
5.
The
Company has adopted usefull life for all the tangible fixed assets as indicate
in Schedule II of Companies Act, 2013. Due to the above, depreciation charged
for nine months ended December 31, 2014 is lower by Rs.7.926 Million. Further,
based on the transitional provision given in note 7 (b) of Schedule II of
Companies Act, 2013 an Amount of Rs.15.837 Million has been adjusted to the
balance carried forward (deficit) in the statement of Profit & Loss
account.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10506132 |
25/04/2014 * |
413,000,000.00 |
PNB INVESTMENT SERVICES LIMITED |
GUJARAT BHAVAN, 6TH FLOOR, OPP. M J. LIBRARY, ELLIS BRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
C10019990 |
|
2 |
10506053 |
25/04/2014 * |
2,121,200,000.00 |
PNB INVESTMENT SERVICES LIMITED |
GUJARAT BHAVAN, 6TH FLOOR, OPP. M J. LIBRARY, ELLIS BRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
C10078145 |
|
3 |
10505903 |
25/04/2014 * |
2,300,500,000.00 |
PNB INVESTMENT SERVICES LIMITED |
GUJARAT BHAVAN, 6TH FLOOR, OPP. M J. LIBRARY, ELLIS BRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
C10087435 |
|
4 |
10505941 |
25/04/2014 * |
3,597,800,000.00 |
PNB INVESTMENT SERVICES LIMITED |
GUJARAT BHAVAN, 6TH FLOOR, OPP. M J. LIBRARY, ELLIS BRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
C10093078 |
|
5 |
10506028 |
25/04/2014 * |
5,238,000,000.00 |
PNB INVESTMENT SERVICES LIMITED |
GUJARAT BHAVAN, 6TH FLOOR, OPP. M J. LIBRARY, ELLIS BRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
C10177376 |
|
6 |
10452376 |
17/09/2013 |
707,600,000.00 |
PNB INVESTMENT SERVICES LIMITED |
GUJARAT BHAVAN, 6TH FLOOR, OPP. M J. LIBRARY, ELLIS BRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B86389483 |
|
7 |
10435121 |
28/06/2013 |
27,000,000.00 |
INDIAN OVERSEAS BANK |
CHINUBHAI
TOWER,, ASHRAM ROAD BRANCH,, AHMEDABAD, |
B78878378 |
|
8 |
10393430 |
14/05/2013 * |
577,000,000.00 |
STATE BANK OF INDIA |
MID CORPORATE GROUP,INDUSTRIAL FINANCE BRANCH,1ST, FLOOR NEPTUNE,TOWER ANNEXE, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
B85424414 |
|
9 |
10372652 |
14/05/2013 * |
790,200,000.00 |
STATE BANK OF INDIA |
MID CORPORATE GROUP,INDUSTRIAL FINANCE BRANCH,1ST, FLOOR NEPTUNE,TOWER ANNEXE, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
B85420735 |
|
10 |
10372670 |
14/05/2013 * |
2,966,200,000.00 |
STATE BANK OF INDIA |
MID CORPORATE GROUP,INDUSTRIAL FINANCE BRANCH,1ST,FLOOR NEPTUNE,TOWER ANNEXE, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
B85422228 |
|
11 |
10364667 |
18/05/2012 |
491,400,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL
FINANCE BRANCH, C.U.SHAH CHAMBERS, ASH |
B43265685 |
|
12 |
10350068 |
31/03/2012 |
392,000,000.00 |
THE KARUR VYSYA BANK LIMITED |
SAKAR
- VII, B BLOCK, GROUND FLOOR,, NEAR NEHRU B |
B37699972 |
|
13 |
10347166 |
31/03/2012 |
651,700,000.00 |
INDIAN OVERSEAS BANK |
ASHRAM ROAD BRANCH, CHINUBHAI TOWERS,, OPP. HANDLOOM HOUSE, ASHRAM ROAD,, AHMEDABAD, GUJARAT - 380009, INDIA |
B36819910 |
|
14 |
10350876 |
29/03/2012 |
2,418,600,000.00 |
CANARA BANK |
PRIME
CORPORATE BRANCH, 104, JYOTI COMM. COMPLEX,, |
B37902293 |
|
15 |
10347529 |
14/05/2013 * |
2,433,200,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL
FINANCE BRANCH,1ST FLOOR, NEPTUNE TOWER |
B85428696 |
|
16 |
10347128 |
15/03/2012 |
1,299,000,000.00 |
ALLAHABAD BANK |
S.P.NAGAR BRANCH, NAVIN HOUSE,, OPP. S P SEVA SAMAJ BHAVAN, NARANGPURA, AHMEDABAD, GUJARAT - 380006, INDIA |
B36813483 |
|
17 |
10321715 |
30/11/2011 * |
350,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 1ST FLOOR,NEPTUNE TOWER , OPP NEHRU BRIDGE, OFF ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
B27490267 |
|
18 |
10307667 |
27/07/2011 |
1,742,300,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL
FINANCE BRANCH, NEPTUNE TOWER,, OPP. N |
B21177860 |
|
19 |
10302100 |
30/06/2011 |
400,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH, SATELITE, VEJALPUR, AHMEDABAD, GUJARAT - 380015, INDIA |
B18771295 |
|
20 |
10278156 |
14/03/2011 |
250,000,000.00 |
CANARA BANK |
PRIME
CORPORATE BRANCH, 104, JYOTI COMM. COMPLEX,, |
B09604190 |
|
21 |
10266085 |
10/06/2013 * |
208,505,660.88 |
PHOENIX ARC PRIVATE LIMITED |
DANI
CORPORATE PARK, 7TH FLOOR,, 158 CST ROAD, KA |
B78444486 |
|
22 |
10205504 |
02/02/2010 |
100,000,000.00 |
THE KARUR VYSYA BANK LIMITED |
SAKAR VII , ASHRAM ROAD,, NEHRU BRIDGE CORNER, AHMEDABAD, GUJARAT - 380009, INDIA |
A80456825 |
|
23 |
10133807 |
22/10/2008 |
50,000,000.00 |
UNION BANK OF INDIA |
IFB BRANCH, C U SHAH CHAMBERS, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380014, INDIA |
A50602820 |
|
24 |
10123823 |
14/05/2013 * |
5,625,000,000.00 |
STATE BANK OF INDIA |
MID
CORPORATE GROUP,INDUSTRIAL FINANCE BRANCH,1ST, |
B85427151 |
|
25 |
10115985 |
23/07/2012 * |
5,625,000,000.00 |
STATE BANK OF INDIA |
MID CORPORATE GROUP, INDUSTRIAL FINANCE BRANCH,, 1ST FLOOR, NEPTUNE TOWER ANNEXE, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
B57296634 |
|
26 |
10113663 |
18/06/2008 |
1,985,000,000.00 |
INDIAN OVERSEAS BANK |
SHARAD SHOPPING CENTRE OPP HANDLOOM HOUSE, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380014, INDIA |
A42456368 |
|
27 |
10113673 |
18/06/2008 |
1,985,000,000.00 |
INDIAN OVERSEAS BANK |
SHARAD SHOPPING CENTRE OPP HANDLOOM HOUSE, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
A42456855 |
|
28 |
10108529 |
13/05/2008 |
240,000,000.00 |
INDIAN OVERSEAS BANK |
ASHRAM ROAD BRANCH (0353), ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
A40718769 |
|
29 |
10098439 |
27/03/2008 |
90,000,000.00 |
INDIAN OVERSEAS BANK |
ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
A36700714 |
|
30 |
80048053 |
07/06/2010 * |
314,600,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH, VEJALPUR, AHMEDABAD, GUJARAT - 380054, INDIA |
A90402694 |
|
31 |
80048052 |
07/06/2010 * |
314,600,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH, VEJALPUR, AHMEDABAD, GUJARAT - 380054, INDIA |
A90401555 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.33 |
|
UK Pound |
1 |
Rs.92.83 |
|
Euro |
1 |
Rs.68.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
27 |
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.