MIRA INFORM REPORT
|
Report No. : |
351461 |
|
Report Date : |
07.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
ARIES AGRO LIMITED |
|
|
|
|
Registered
Office : |
Aries House, Plot No – 24, Deonar, Govandi (East), Mumbai – 400043,
Maharashtra |
|
Tel. No.: |
91-22 25564052 / 53 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
27.11.1969 |
|
|
|
|
Com. Reg. No.: |
11-014465 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 130.043 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1969PLC014465 |
|
|
|
|
IEC
No.: |
0389025445 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA19087F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA5035G |
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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 engaged
in manufacturing Micronutrients for agriculture produce also dealing and manufacturing
Soluble Fertilizers and Sulphur based fertilizers [Registered
Activity] |
|
|
|
|
No. of Employees
: |
753 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3860900 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was established in the year 1969 and it is engaged in
manufacturing of micronutrients and other nutritional product for plants and
animals. Its products are multi-micronutrient fertilizers, chelated
micronutrient fertilizers, other nutritional products, major fertilizers,
other agricultural products and veterinary products. For the financial year ended 2015, company possesses average
operational performance and it has maintained average profit margins at
5.013% during the year under a review. Rating continue to reflect the company’s strong position in the
micronutrients market supported by its strong product basket and wide
distribution network across India. Rating also takes into account of company’s sound financial profile
marked by its healthy capital structure and above average debt coverage
indicators. Rating strengths is partially offset by the company’s highly
working-capital-intensive operations and vulnerability of the micronutrient
sector to uneven monsoon. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealing at trade terms and
condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
10.10.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
10.10.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
LOCATIONS
|
Registered / Corporate Office : |
Aries House, Plot No – 24, Deonar, Govandi (East), Mumbai – 400043, Maharashtra,
India. |
|
Tel. No.: |
91-22-25564052, 25564053, |
|
Fax No.: |
91-22-25564054, 25502753 |
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E-Mail : |
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|
Website : |
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Branches/ Stocks
|
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Plant 1 : |
Aries House, Plot No – 24, Deonar,
Govandi (E), Mumbai – 4000043, Maharashtra, India. |
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|
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Plant 2 : |
244-246, 250-252, IDA Phase-II, Pashamylaram, Patancheru
Mandal, Medak District -
502307, Telangana, India |
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|
Plant 3 : |
No.14-F, 8th Cross, Attibele Industrial Area,
Hosur Main Road, Attibele, Bangalore – 562107, Karnataka, India |
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Plant 4 : |
1202/1 and 1202/2, Village: Rajpur, Taluka: Kadi,
District: Mehsana – 382740, Gujarat, India |
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Plant 5 : |
Plot No.836, Banthara, Lucknow-Kanpur Highway,
Sikandarpur, Tehsil and District Lucknow – 227101, Uttar Pradesh, India |
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|
Plant 6 : |
Golden Harvest Middle East FZC (a Subsidiary of Aries
Agro Limited) Plot P3-04, Post Box No.9267, Sharjah Airport International
Free Zone (SAIF), Sharjah, UAE |
|
|
|
|
Plant 7 : |
Amarak Chemicals FZC (a Subsidiary of Golden Harvest Middle
East FZC thereby a Step Down Subsidiary of Aries Agro Limited), Al Hayl
Industrial Area, P. O. Box 5283, Fujairah Free Zone(FFZ) Fujairah, UAE |
DIRECTORS
As on 30.09.2015
|
Name : |
Mr. Jimmy Mirchandani |
|
Designation : |
Chairman & Managing
Director |
|
Address : |
Mirabelle, Plot D, Din Quarry Road, Deonar, Mumbai, 400088,
Maharashtra, India |
|
Date of Birth/Age : |
10th January, 1956 |
|
Qualification : |
B.Sc. (Veterinary), LL B |
|
Date of Appointment : |
15.01.1976 |
|
DIN No.: |
239021 |
|
|
|
|
Name : |
Mr. Rahul Thakurdas
Mirchandani |
|
Designation : |
Executive
Director |
|
Address : |
Mirabelle, Deonar Farm Road,, Deonar,, Mumbai, 400088, Maharashtra,
India |
|
Date of Birth/Age : |
12th August, 1975 |
|
Qualification : |
B.Com, CFA, MBA,
Ph. D (Management Studies) from NMIMS. |
|
Date of Appointment : |
01.10.2015 |
|
DIN No.: |
239057 |
|
|
|
|
Name : |
Mr. Siva Subra Ramaratnam Mani |
|
Designation : |
Director |
|
Address : |
B 5 Basera, Din Quarry Road, Deonar, Mumbai, 400088, Maharashtra,
India |
|
Date of Appointment : |
16.08.2004 |
|
DIN No.: |
527270 |
|
|
|
|
Name : |
Mr. Chakradhar Bharat Chhaya |
|
Designation : |
Director |
|
Address : |
204, Gokul Sangeet, 2nd Floor,, 22, Linking Road Extension, Santacruz
(West),, Mumbai, 400054, Maharashtra, INDIA |
|
Date of Appointment : |
17.09.2010 |
|
DIN No.: |
968966 |
|
|
|
|
Name : |
Mr. Bhumitra Vinodchandra Dholakia |
|
Designation : |
Director |
|
Address : |
G-1004, 10th Floor, "G" Wing, Jade Garden,, MIG Colony,
Gandhi Nagar, Bandra (East),, Mumbai, 400051, Maharashtra, INDIA |
|
Date of Appointment : |
30.09.2013 |
|
DIN No.: |
1871816 |
|
|
|
|
Name : |
Mrs. Nitya Mirchandani |
|
Designation : |
Director |
|
Address : |
Mirabelle, Plot No-D, 2nd Floor, Dinquarry Road, Deonar Farm Road,
Deonar, Mumbai, 400088, Maharashtra, India |
|
Date of Birth/Age : |
29.01.1978 |
|
Qualification : |
B.A., Diploma in
Human Resource Management |
|
Date of Appointment : |
30.05.2014 |
|
DIN No.: |
6882384 |
KEY EXECUTIVES
|
Name : |
Mr. Ramamurthy Sundaresan |
|
Designation : |
Chief Financial Officer |
|
Address : |
Row House No. 2, Swastik Park, Azad Nagar, Off: Ghod Bunder Road, Thane,
400607, Maharashtra, India |
|
Date of Appointment : |
30.05.2014 |
|
PAN No.: |
AARPS9246D |
|
|
|
|
Name : |
Mr. Qaiser Parvez Ansari |
|
Designation : |
Company Secretary and Compliance Officer |
|
Address : |
C2/20/01, Sector-16, Vashi, Navi Mumbai, 400703, Maharashtra, India |
|
Date of Appointment : |
02.06.2008 |
|
PAN No.: |
AAAPA5723A |
|
Audit Committee : |
·
Prof.
R. S. S. Mani, Chairman ·
Dr.
Rahul Mirchandani ·
Mr.
B. V. Dholakia |
|
|
|
|
Shareholders/ Investors Grievances Committee : |
·
Prof.
R. S. S. Mani, Chairman ·
Dr.
Jimmy Mirchandani ·
Dr.
Rahul Mirchandani |
|
|
|
|
|
|
|
Nomination and Remuneration Committee : |
·
Prof.
R. S. S. Mani, Chairman ·
Mr.
C. B. Chhaya ·
Mr.
B. V. Dholakia |
|
|
|
|
Treasury Committee : |
·
Dr.
Jimmy Mirchandani, Chairman ·
Dr.
Rahul Mirchandani ·
Mr.
C. B. Chhaya |
|
|
|
|
Corporate Social Responsibility Committee: |
·
Prof.
R. S. S. Mani, Chairman ·
Mr.
C. B. Chhaya ·
Mr.
B. V. Dholakia |
MAJOR SHAREHOLDERS
As on 30.09.2015
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
6857926 |
52.74 |
|
|
6857926 |
52.74 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
6857926 |
52.74 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
941564 |
7.24 |
|
|
7666 |
0.06 |
|
|
949230 |
7.30 |
|
|
|
|
|
|
1366990 |
10.51 |
|
|
|
|
|
|
2890307 |
22.23 |
|
|
721899 |
5.55 |
|
|
217987 |
1.68 |
|
|
91326 |
0.70 |
|
|
126661 |
0.97 |
|
|
5197183 |
39.96 |
|
Total Public shareholding (B) |
6146413 |
47.26 |
|
Total (A)+(B) |
13004339 |
100.00 |
|
(C) Shares held by Custodians and against which
Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
13004339 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject engaged
in manufacturing Micronutrients for agriculture produce also dealing and
manufacturing Soluble Fertilizers and Sulphur based fertilizers [Registered
Activity] |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Divulged |
|
|
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|
Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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|
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Imports : |
Not Divulged |
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|
|
|
Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
753 (Approximately) |
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Bankers : |
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Facilities : |
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Statutory Auditor:- |
|
|
Name: |
Kirti D. Shah and Associates, Chartered Accountants |
|
Address : |
501, Nestor Court, Behind Vinayak Society, Old Police Lane, Off S.V.
Road, Vile Parle (West), Mumbai – 400 056, Maharashtra, India |
|
|
|
|
Cost Auditor : |
|
|
Name: |
R. Nanabhoy and Company Chartered Accountants |
|
|
|
|
Secretarial Auditor:- |
Mr. A. Sekar Chartered Accountant |
|
|
|
|
Internal Auditor:- |
Kirti Manek and company Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries : |
·
Aries
Agro Care Private Limited ·
Aries
Agro Equipments Private Limited
(CIN NO. – U01403MH2007PTC166972) ·
Aries
Agro Produce Private Limited
(CIN NO.-U01403MH2008PTC183789) ·
Golden
Harvest Middle East FZC ·
Amarak
Chemicals FZC |
|
|
|
|
Holding Company: |
·
Aries
Agro Limited |
|
|
|
|
Enterprises over
which the Key Management Persons has significant Influence of Control |
·
Aries
Marketing Limited ·
Blossoms
International Limited ·
Sreeni
Agro Chemicals Limited ·
Aries
East West Nutrients Private Limited |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13004339 |
Equity Shares |
Rs.10/- each |
Rs. 130.043
Million |
|
|
|
|
|
Notes:
6600700 Equity Shares out of the Issued, Subscribed
and Paid up Share Capital were allotted as fully paid up Bonus Shares since
incorporation by capitalization of Rs.49.000 million from Revaluation Reserve,
Rs.9.100 million from Securities Premium Account and Rs.7.900 million from the
Statement of Profit and Loss.
1700700 Equity Shares out of the Issued,
Subscribed and Paid up Share Capital were allotted as fully paid Bonus Shares
during the Financial Year 2006-07 by capitalization of Rs.9.100 million from
Securities Premium Account and Rs.7.900 million from the Statement of Profit
and Loss.
Reconciliation
of Number of Shares Outstanding:
|
Particulars |
As at 31.03.2015 No. of Shares |
|
Equity Shares at the beginning of the year |
13004339 |
|
Add : - Issued during the year |
-- |
|
Less :- Shares cancelled during the year |
-- |
|
Equity Shares at the end of the year |
13004339 |
List of shareholder’s holding more than 5 percent of shares:
|
Name of the Shareholder |
As at 31.03.2015 |
|
|
No. of Shares |
% of Held |
|
|
Dr. Jimmy Mirchandani |
3524830 |
27.11% |
|
Dr. Rahul Mirchandani |
2623221 |
20.17% |
|
SBI MF - Magnum Comma Fund |
1088944 |
8.37% |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
130.043 |
130.043 |
130.043 |
|
(b) Reserves & Surplus |
1221.275 |
1273.848 |
1191.778 |
|
(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) |
1351.318 |
1403.891 |
1321.821 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
129.684 |
185.381 |
161.050 |
|
(b) Deferred tax liabilities
(Net) |
37.552 |
63.622 |
63.869 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
7.049 |
5.445 |
5.965 |
|
Total
Non-current Liabilities (3) |
174.285 |
254.448 |
230.884 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
948.713 |
1026.446 |
1261.260 |
|
(b) Trade payables |
320.513 |
272.690 |
320.333 |
|
(c) Other current liabilities |
154.931 |
201.176 |
184.239 |
|
(d) Short-term provisions |
93.803 |
67.987 |
52.200 |
|
Total
Current Liabilities (4) |
1517.960 |
1568.299 |
1818.032 |
|
|
|
|
|
|
TOTAL |
3043.563 |
3226.638 |
3370.737 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
210.069 |
347.918 |
365.579 |
|
(ii) Intangible Assets |
0.889 |
1.014 |
3.869 |
|
(iii) Capital work-in-progress |
92.920 |
108.500 |
136.118 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
202.764 |
202.781 |
202.781 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
506.642 |
660.213 |
708.347 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
996.849 |
994.764 |
1023.979 |
|
(c) Trade receivables |
976.738 |
950.498 |
824.432 |
|
(d) Cash and cash equivalents |
84.642 |
124.495 |
202.957 |
|
(e) Short-term loans and
advances |
478.692 |
496.668 |
611.022 |
|
(f) Other current assets |
0.000 |
0.000 |
|
|
Total
Current Assets |
2536.921 |
2566.425 |
2662.390 |
|
|
|
|
|
|
TOTAL |
3043.563 |
3226.638 |
3370.737 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015` |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
2341.119 |
2328.650 |
1867.588 |
|
|
Other Income |
15.228 |
22.623 |
32.318 |
|
|
TOTAL
(A) |
2356.347 |
2351.273 |
1899.906 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1000.562 |
997.413 |
813.770 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(10.452) |
(13.283) |
(75.207) |
|
|
Employees benefits expense |
245.219 |
230.785 |
204.626 |
|
|
Prior Period items before Tax |
0.000 |
0.000 |
0.000 |
|
|
Other expenses |
738.968 |
709.888 |
587.842 |
|
|
TOTAL
(B) |
1974.297 |
1924.803 |
1531.031 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
382.050 |
426.470 |
368.875 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
212.966 |
227.677 |
210.054 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
169.084 |
198.793 |
158.821 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
18.172 |
14.697 |
18.477 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
150.912 |
184.096 |
140.344 |
|
|
|
|
|
|
|
Less |
TAX (H) |
29.479 |
65.528 |
43.265 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
121.433 |
118.568 |
97.079 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
624.942 |
550.068 |
489.477 |
|
|
|
|
|
|
|
Less |
Earlier
year excess proposed dividend and dividend distribution tax (L) |
(3.304) |
(3.265) |
(3.666) |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
10.000 |
10.000 |
10.000 |
|
|
Dividend |
26.009 |
26.008 |
19.507 |
|
|
Tax on Dividend |
5.325 |
4.420 |
3.315 |
|
|
WDV of assets W/Off having
zero remaining useful life due to change in method of depreciation |
68.455 |
0.000 |
0.000 |
|
|
Total
(M) |
109.789 |
40.428 |
32.822 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
633.282 |
624.943 |
550.068 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
11.243 |
44.836 |
26.528 |
|
|
Interest |
2.369 |
3.654 |
7.078 |
|
|
|
|
|
|
|
|
TOTAL
EARNINGS |
13.612 |
48.490 |
33.606 |
|
|
|
|
|
|
|
|
IMPORTS |
303.434 |
377.826 |
311.507 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
8.10 |
7.90 |
6.47 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
66.602 |
104.568 |
59.135 |
|
Cash generated from operations |
413.197 |
377.708 |
92.248 |
|
Net cash flow from operating activity |
354.343 |
308.662 |
87.294 |
QUARTERLY RESULTS
|
Particulars |
|
30.09.2015 (Unaudited) |
30.06.2015 (Unaudited) |
|
|
|
|
|
|
Net Sales |
|
510.660 |
571.170 |
|
Total Expenditure |
|
421.560 |
498.570 |
|
PBIDT (Excl OI) |
|
89.100 |
72.600 |
|
Other Income |
|
2.470 |
0.720 |
|
Operating Profit |
|
91.570 |
73.320 |
|
Interest |
|
48.780 |
39.590 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
42.790 |
33.730 |
|
Depreciation |
|
4.290 |
4.220 |
|
Profit Before Tax |
|
38.500 |
29.510 |
|
Tax |
|
13.190 |
13.030 |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
25.310 |
16.480 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
25.310 |
16.480 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
|
Net Profit Margin |
(%) |
5.19 |
5.09 |
5.20 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
16.32 |
18.31 |
19.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.49 |
6.31 |
4.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.13 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.85 |
0.94 |
1.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67 |
1.64 |
1.46 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs.94.30/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
130.043 |
130.044 |
130.043 |
|
Reserves & Surplus |
1191.778 |
1273.847 |
1221.275 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1321.821 |
1403.891 |
1351.318 |
|
|
|
|
|
|
long-term borrowings |
161.050 |
185.381 |
129.684 |
|
Short term borrowings |
1261.260 |
1026.446 |
948.713 |
|
Current Maturities of Long term debt |
59.135 |
104.568 |
66.602 |
|
Total
borrowings |
1481.445 |
1316.395 |
1144.999 |
|
Debt/Equity
ratio |
1.121 |
0.938 |
0.847 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1867.588 |
2328.650 |
2341.119 |
|
|
|
24.688 |
0.535 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1867.588 |
2328.650 |
2341.119 |
|
Profit |
97.079 |
118.568 |
121.433 |
|
|
5.20% |
5.09% |
5.19% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
GENERAL INFORMATION:
NATURE OF INDUSTRY:
The subject can be
classified as a focused specialty Plant Nutrition Company engaged in
manufacturing Micronutrients for agriculture produce. The Company also deals in
Veterinary products on a small scale. The Company is also dealing and
manufacturing Soluble Fertilizers and Sulphur based fertilizers.
CORPORATE
INFORMATION
The subject was
incorporated at Mumbai in 1969 for manufacturing of small range of mineral feed
additives for animals and birds and then diversified into mineral additives for
the agriculture use and currently is into business of manufacturing
micronutrients and other nutritional products for plants and animals.
In January, 2007
the Company incorporated Aries Agro Care Private Limited as a Wholly Owned
Subsidiary for carrying business in the Branch of agro protection, seeds etc.
In January, 2007
the Company incorporated Aries Agro Equipments Private Limited as a Wholly
Owned Subsidiary for carrying business in all type of farm Equipments,
machinery etc.
In 2008 the
Company acquired 75% Shares in Golden Harvest Middle East FZC, Sharjah, UAE, by
virtue of which the said Golden Harvest Middle East FZC has become a Subsidiary
of the Company. Golden Harvest Middle East FZC is in the business of
manufacturing chelated micronutrients.
In June, 2008 the
Company incorporated Aries Agro Produce Private Limited as a Subsidiary for
carrying business in all kinds of farming etc.
In the year 2010
the Company’s Overseas Subsidiary viz Golden Harvest Middle East FZC acquired
75% Shares of Amarak Chemicals FZC based in Fujairah Free Zone, UAE by virtue
of which Amarak Chemicals FZC has become a Step Down Subsidiary of subject.
Subject is an Indian Multinational Company that
offers the widest range of products in the primary, secondary and micro
fertilizer sector, ranging from individual elements to mixed specialty plant
nutrient fertilizers. Since 1969, Aries has pioneered several innovative concepts of farming to Indian
agriculturists, including the wonder of Chelation Technology, bio-degradable
complexes of plant nutrients, water soluble NPK fertilizers, value added
secondary nutrients, natural and biological products and water treatment
formulations.
OPERATIONS
During the year, the earnings before interest,
Depreciation and Tax was Rs. 382.050 million compared to Rs.426.470 million the
previous year. The total Revenue for the year net of excise duty was
Rs.2341.119 million as against Rs.2328.650 million in the previous year. Profit
after Tax for the year was Rs.121.433 million compared to Rs. 118.568 million
in the previous year.
The company is a major manufacturer and
supplier of Chelated micronutrients, value added secondary nutrient fertilizer
and also water soluble NPK fertilizers. In total, Aries has 64 brands. For
detailed discussion please refer to the Management Discussion and Analysis
Report forming part of this report.
FUTURE PROSPECTS:
During the financial year the Company consolidated
product range by phasing out brands which were showing marginal growth or
brands which have substitutes within the existing Aries range of products.
After this consolidation, the Company refrained from launching any new brands
during 2014-15. Despite this,
sales did not reduce and the consolidation has
resulted in better efficiency which is expected to continue in 2015-16 has also started a unique process of creating
an offseason order book which projects specific requirement of finished goods
based on which the inventory management system in various factories is being
further strengthened. The company is also increasing its focus on institutional
sales within India and business is expected to commence with a few retail
channels to add to the distribution network. In addition, a range of projects
focused on aquaculture which is not a seasonal business has commenced using
existing
Aries brand. Plantation irrigation districts,
perennial crops and river basins are also a core part of the Company’s future
strategy to reduce to some extent, its rain dependence. Three new brands are
being launched during current financial year to fill gaps in the product mix.
All of the above initiatives are expected to positively lay out in terms of
revenue growth during 2015-16.
MANAGEMENT DISCUSSION AND ANALYSIS
MANUFACTURING BASE
The total capacity
utilization currently stands at 51 % of the total installed capacity of 84,600
MT p.a. in India. Their international manufacturing facilities at UAE have also
shown improved capacity utilization which currently stands at 39 % of the total
installed capacity overseas
RECOGNITION
For the third
consecutive year, they were awarded "Certificate of Excellence' in
recognition of their Exemplary Growth - in this year's Inc India 500 ranking of
India's500 fastest-growing mid-size enterprises. Inc. India 500 is an offshoot
of the annual Inc.500 Awards: "Est. in 1982 in America. Inclusion on this
list is a mark of entrepreneurial success and elevates their company above its
competitors and is a proof of the talent, drive and hard work their team have
brought to their business They were also awarded the 'Innovative 100 -
Certificate of excellence' in recognition of smart innovation by 9.9 Media
& Inc. India
GLOBAL SOURCING
Aries has sourced
32% of its total raw materials from overseas suppliers located in China,
Israel, Turkey, U.A.E., U.S.A, U.K., Belgium, and South Africa. Imports
constitute 35% of their total purchases and their Company has identified a pool
of reliable overseas suppliers.
OUTLOOK
2015 monsoon have
commenced on schedule and have rapidly spread across the country. June rainfall
figures are 20% above normal However, it is expected that El-Nino conditions
will prevail during July and August 2015. The Company has therefore taken
active steps to conduct offseason flash sales in several states/region
including Hampi, Chandigarh, Mount Abu, Sunderban, Coimbatore and Sindhanur.
This has resulted in healthy order book for the Kharif season and product
placements well before the season reaches its peak have been planned. The
Company will actively monitor the progress of rains and will pursue liquidation
aggressively in all markets. The Company is also increasing its focus on
non-rain dependent agriculture namely plantations, irrigated districts,
perennial crops and river basins, in addition to focus on aquaculture and farm
equipment products will also continue despite the monsoon situation.
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Term Loans from Banks |
116.245 |
124.799 |
|
Total |
116.245 |
124.799 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Loan from Directors |
38.372 |
27.655 |
|
Security Deposits |
75.977 |
126.988 |
|
|
|
|
|
Total |
231.094 |
279.442 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2015
(Rs. In Million)
|
Particulars
|
Three Months Ended |
Proceeding Three Months Ended |
Year to Date Figures for Previous Period Ended |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
( Unaudited) |
(Unaudited) |
( Unaudited) |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
510.659 |
571.167 |
1081.826 |
|
b) Other operating income |
-- |
-- |
-- |
|
Total
income from Operations(net) |
510.659 |
571.167 |
1081.826 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
210.487 |
242.138 |
454.011 |
|
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 |
(20.525) |
19.017 |
7.105 |
|
d) Employees benefit expenses |
59.965 |
50.392 |
110.358 |
|
e) Depreciation and amortization expenses |
4.289 |
4.223 |
8.512 |
|
f) Other expenditure |
171.638 |
177.023 |
348.661 |
|
Total expenses |
425.854 |
502.793 |
928.647 |
|
3. Profit from operations before other income and
financial costs |
84.806 |
68374 |
153.180 |
|
4. Other income |
2.474 |
0.723 |
3.197 |
|
5. Profit from ordinary activities before finance costs |
87.280 |
69.097 |
156.377 |
|
6. Finance costs |
48.780 |
39.590 |
88.370 |
|
7. Net profit/(loss) from
ordinary activities after finance costs but before exceptional items |
38.500 |
29.507 |
68.007 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary
activities before tax Expense: |
38.500 |
29.507 |
68.007 |
|
10.Tax expenses |
13.190 |
13.027 |
26.216 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
25.311 |
16.480 |
41.791 |
|
12.Minority Interest |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for
the period (11 -12) |
25.311 |
16.480 |
41.791 |
|
14.Paid-up equity
share capital (Equity Share Rs.10/-
per share) |
1300.43 |
1300.43 |
1300.43 |
|
15. Reserve excluding Revaluation Reserves as per balance sheet of
previous accounting year |
12630.66 |
12377.56 |
12630.66 |
|
16.i) Earnings per share
(before extraordinary items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
1.95 |
1.27 |
3.21 |
|
(b) Diluted |
1.95 |
1.27 |
3.21 |
|
Particulars
|
Three Months Ended |
Proceeding Three Months Ended |
Year to Date Figures for Previous Period Ended |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
6146413 |
6146413 |
6146413 |
|
- Percentage of shareholding |
47.26 |
47.26 |
47.26 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
6857926 |
6857926 |
6857926 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100 |
100 |
100 |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
52.74 |
52.74 |
52.74 |
|
|
|
|
|
|
B.
Investor Complaints |
3
Months Ended |
|
|
|
|
30.09.2015 |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Receiving during the quarter |
Nil |
|
|
|
Disposed of during the quarter |
Nil |
|
|
|
Remaining unreserved at the end of the quarter |
Nil |
|
|
STATEMENT
OF ASSETS AND LIABILITIES
|
SOURCES
OF FUNDS |
Six
Months Ended 30.09.2015 |
|
|
( Unaudited) |
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
130.043 |
|
(b) Reserves & Surplus |
1263.066 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1393.110 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
158.824 |
|
(b) Deferred tax liabilities
(Net) |
39.994 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) long-term provisions |
7.049 |
|
Total
Non-current Liabilities (3) |
205.867 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
1041.072 |
|
(b) Trade payables |
184.464 |
|
(c) Other current liabilities |
106.961 |
|
(d) Short-term provisions |
95.167 |
|
Total
Current Liabilities (4) |
1427.664 |
|
|
|
|
TOTAL |
3026.641 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
|
|
(ii) Intangible Assets |
|
|
(iii) Capital work-in-progress |
|
|
(iv) Intangible assets under
development |
|
|
(b) Non-current Investments |
202.780 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
|
(e) Other Non-current assets |
0.000 |
|
Total
Non-Current Assets |
516.633 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
992.411 |
|
(c) Trade receivables |
972.578 |
|
(d) Cash and cash equivalents |
63.625 |
|
(e) Short-term loans and
advances |
481.394 |
|
(f) Other current assets |
0.000 |
|
Total
Current Assets |
2510.008 |
|
|
|
|
TOTAL |
3026.641 |
INDEX OF CHARGES
|
S.NO. |
CHARGE
ID |
DATE
OF CHARGE CREATION/MODIFICATION |
CHARGE
AMOUNT SECURED |
CHARGE
HOLDER |
ADDRESS |
SERVICE
REQUEST NUMBER (SRN) |
|
1 |
10336413 |
10/02/2012
* |
80,000,000.00 |
AXIS
BANK LIMITED |
TRISHUL
3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD,
GUJARAT - 380006, INDIA |
B33161829 |
|
|
|
|
|
|
|
|
|
2 |
10232191 |
21/11/2012
* |
752,500,000.00 |
AXIS
BANK LIMITED |
TRISHUL
3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD,
GUJARAT - 380006, INDIA |
B63164313 |
|
|
|
|
|
|
|
|
|
3 |
10185677 |
22/06/2015
* |
420,500,000.00 |
CANARA
BANK |
CHEMBUR
MAIN BRANCH, 70A, M.D.S. MARG, CHEMBUR, MUMBAI, MAHARASHTRA - 400071, INDIA |
C57486243 |
|
|
|
|
|
|
|
|
|
4 |
10153773 |
17/10/2013
* |
370,000,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA -
400013, INDIA |
B88852975 |
|
|
|
|
|
|
|
|
|
5 |
10135581 |
11/02/2013
* |
370,000,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA -
400013, INDIA |
B77579787 |
|
|
|
|
|
|
|
|
|
6 |
10130358 |
18/10/2013
* |
100,000,000.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B88894829 |
|
|
|
|
|
|
|
|
|
7 |
10126307 |
06/12/2013
* |
100,000,000.00 |
3I
INFOTECH TRUSTEESHIP SERVICES LIMITED |
3RD
TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION
COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B92194190 |
CONTINGENT
LIABILITIES:
a) Letters of credit / guarantees given / Bills
discounting Rs. 539.248 Million
b)
Claims against company not acknowledged as debts Rs.7.855 million which includes tax dues disputed as Rs.0.268 million towards sales Tax, Rs.6.268 million towards Income Tax and includes Rs.1.309 million pertaining to pending suits regarding quality issue.
c)
The Commissioners of Central Excise, Mumbai and Hyderabad had issued Show
Cause-Cum-Demand Notices for levy of Excise Duty on clearances of
Micronutrients. The Commissioner of Central Excise, Mumbai, vide his Order
dated 27th November, 2006 and Commissioner of Central Excise,
Hyderabad, vide his Order dated 30th November 2005 had cancelled these demands
in respect of clearance upto June, 2006. The Department has preferred appeals
against the said orders. The Department has issued Show Cause Notices to the
Company in respect of clearances thereafter. Though, in view of the Orders
referred to above and the pending appeals, no action has been taken. The
Company expects no liability in this regard.
FIXED ASSETS
- Land
- Factory
Building
- Residential
Flat
- Plant And
Machinery
- Electrical
Installations
- Laboratory
Equipments
- Office
Equipment
- Furniture and
Fixtures
- Air
Conditioners
- Computer
- Vehicle
- Commercial
Vehicle
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.84 |
|
|
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.73.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
GEET |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.