MIRA INFORM REPORT
|
Report No. : |
355520 |
|
Report Date : |
21.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
SEL MANUFACTURING COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 274, Dhandari Khurd, G T Road, Ludhiana – 141014, Punjab |
|
Tel. No.: |
91-161-6611111 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
08.05.2000 |
|
|
|
|
Com. Reg. No.: |
16-023679 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 4010.570 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51909PB2000PLC023679 |
|
|
|
|
IEC No.: |
3003013963 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JLDS03011B |
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|
|
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PAN No.: [Permanent Account No.] |
AAHCS9189E |
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|
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer, Exporter and Importer of Yarn, Readymade Garments
and Towel and knitted Fabric. (Confirmed by Management) |
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|
|
|
No. of Employees
: |
10,000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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|
|
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Payment Behaviour : |
Slow |
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|
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 2000. It is engaged in the business of manufacturing, exporting and importing of yarn, readymade garments and towel and knitted fabrics. For the financial year ended 2015, the company has modest operational activity marked by losses incurred. Further, rating is constrain on account of weak, financial risk profile marked by high debt level. Also, the company has low share price listed on stock exchange. Business is active. Payments are slow but correct. In view of aforesaid, the company can be considered for
business dealings on fully safe and secure trade terms and conditions. |
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
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Navneet Gupta |
|
Designation : |
Executive Director and Chief Finance officer |
|
Contact No.: |
91-9781055569 |
|
Date : |
16.12.2015 |
|
Name : |
Mr. Rajkumar |
|
Designation : |
Purchase Manager |
|
Contact No.: |
91-9781066627 |
|
Date : |
16.12.2015 |
LOCATIONS
|
Registered Office : |
274, Dhandari Khurd, G.T. Road, Ludhiana – 141 014, Punjab, India |
|
Tel. No.: |
91-161-2510270/ 6611111 |
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Mobile No.: |
91-9781055569 (Mr. Marneet Gupta) |
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Fax No.: |
91-161-2510268/ 6611112 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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Locality: |
Commercial |
|
|
|
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Factory 1 : |
Village Lal
Kalan, Teh Samrala Ludhiana-Chandigarh Road, Near Neelon Canal Bridge,
Ludhiana, Punjab, India |
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|
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Factory 2 : |
Village Bajra Road, Ludhiana - 141 007, Punjab, India |
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Factory 3 : |
Plot No.106,
Industrial Area, Baddi (SFS), District: Solan, Himachal Pradesh, India |
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Factory 4 : |
C 256-257, Phase VIII, Focal Point, Ludhiana, Punjab, India |
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Factory 5 : |
Village Shekhan
Majara, Machiwara Rahon Road, Tehsil and District Nawanshehar, Punjab, India |
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Factory 6 : |
Village
Mehatwara, Tehsil Ashta, District Sehore, Jawar – 466001, Madhya Pradesh,
India |
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Factory 7 : |
G.T. Road, Opposite Mcdonalds, Doraha, Ludhiana, Punjab, India |
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Factory 8 : |
A-15, Phase-VII, Focal Point, Ludhiana, Punjab, India |
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Factory 9 : |
Plot No.90,
Industrial Area, Baddi (SFS), District Solan, Himachal Pradesh, India |
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Factory 10 : |
23KM Stone, Delhi-Hisar Highway, Hansi Hisar, Haryana, India |
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Factory 11 : |
15B, RIICO Industrial Area, Neemrana, District Alwar, Rajasthan, India
|
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Factory 12 : |
Village Udhowal,
Tehsil Nawanshehar, District Saheed Bhagat Singh Nagar, Punjab, India |
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Factory 13 : |
Village
Punjava-Lambi, Tehsil Malout, District Sri Muktsar Sahib, Punjab, India |
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Factory 14 : |
NH-8, Village Lakodara, Karjan, Vadodara, Gujarat, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Ram Saran Saluja |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Neeraj Saluja |
|
Designation : |
Managing Director |
|
Qualification : |
Diploma in Business Administration |
|
Date of Birth : |
48 Years |
|
Date of Appointment : |
30.03.2006 |
|
DIN No.: |
00871939 |
|
|
|
|
Name : |
Mr. Dhiraj Saluja |
|
Designation : |
Joint Managing Director |
|
Qualification : |
Degree in Mechanical Engineering |
|
Date of Appointment : |
28.05.2007 |
|
|
|
|
Name : |
Mr. Vinod Kumar Goyal |
|
Designation : |
Executive Director and Chief
Executive Officer |
|
Qualification : |
MBA |
|
Date of Appointment : |
13.07.2010 |
|
|
|
|
Name : |
Mr. Navneet Gupta |
|
Designation : |
Executive Director and Chief
Financial Officer |
|
Date of Birth : |
45 Years |
|
DIN No.: |
02122420 |
|
|
|
|
Name : |
Mr. Ashwani Kumar |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Amit Narang |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kanwalnain Singh Kang |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Ranjan Madaan |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Prem Kumar |
|
Designation : |
Director |
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|
|
|
Name : |
Smt. Paramjit Kaur |
|
Designation : |
Director |
|
Date of Birth : |
53 Years |
|
DIN No.: |
07141638 |
KEY EXECUTIVES
|
Name : |
Mr. Navneet Gupta |
|
Designation : |
Executive Director and Chief Finance officer |
|
|
|
|
Name : |
Mr. Rahul Kapoor |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
Mr. Rajkumar |
|
Designation : |
Purchase Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
36729044 |
15.32 |
|
|
15546154 |
6.49 |
|
|
52275198 |
21.81 |
|
|
|
|
|
Total Shareholding of Promoter and Promoter Group (A) |
52275198 |
21.81 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
100000 |
0.04 |
|
|
100000 |
0.04 |
|
|
|
|
|
|
23128307 |
9.65 |
|
|
|
|
|
|
51979648 |
21.69 |
|
|
89006458 |
37.14 |
|
|
23178489 |
9.67 |
|
|
6154973 |
2.57 |
|
|
11446483 |
4.78 |
|
|
5600 |
0.00 |
|
|
5571433 |
2.32 |
|
|
187292902 |
78.15 |
|
Total Public Shareholding (B) |
187392902 |
78.19 |
|
Total (A)+(B) |
239668100 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
91678900 |
0.00 |
|
|
91678900 |
0.00 |
|
Total (A)+(B)+(C) |
331347000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Yarn, Readymade Garments
and Towel and knitted Fabric. (Confirmed by Management) |
|
|
|
|
Brand Names : |
-- |
|
|
|
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Agencies Held : |
-- |
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Exports : |
|
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Products : |
Finished Goods |
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Countries : |
· Middle East · European Countries · African Countries |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· Japan · China · Korea · European Countries |
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Terms : |
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Selling : |
Cash and Credit (60 Days) |
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Purchasing : |
Cash and Credit (60 Days) |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users
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No. of Employees : |
10,000 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Dass Khanna and Company Chartered Accountants |
|
Address : |
B-XX-2815, Gurdev Nagar, Pakhowal Road, Ludhiana – 141
001, Punjab, India |
|
|
|
|
|
|
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Memberships : |
-- |
|
|
|
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Collaborators : |
-- |
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Subsidiary
Partnership Firm: |
· S. E. Exports |
|
|
|
|
Subsidiary Company: |
· SEL Textiles Limited · SEL Aviation Private Limited · * SEL Textile Corporation · # Omega Hotels Limited |
|
|
|
|
Fellow Subsidiary
Company : |
· * Silverline Corporation Limited · $ SEL Textiles Oveaseas Limited |
|
|
·
|
|
Enterprises over
which key management personal and relatives of such personal is able to
exercise significant influence : |
· * Shiv Narayan Investments Private Limited · * Saluja International · $ Rythm Textiles and Apparels Park Limited |
|
NOTE: · * No transactions have taken place during the year. · # Became subsidiary w.e.f. 17.07.2014 which was an associate before that. · $ Cease to exist as associate/fellow subsidiary during the year. |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10000.000 Million |
|
250,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 2500.000 Million |
|
|
Total |
|
Rs. 12500.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
331,347,000 |
Equity Shares |
Rs. 10/- each |
Rs. 3313.470
Million |
|
69,710,000 |
Preference Shares |
Rs. 10/- each |
Rs. 697.100
Million |
|
|
Total |
|
Rs. 4010.570 Million |
Reconciliation of the
number of shares outstanding
|
Particulars |
31.03.2015 |
|
|
|
Shares |
In Million |
|
Shares outstanding at the beginning of the year |
|
|
|
Equity Shares |
3313,47,000 |
3313.470 |
|
1% Redeemable, Non Cumulative, Non Convertible Preference Shares |
-- |
-- |
|
|
|
|
|
Total |
3313,47,000 |
3313.470 |
|
Add: Addition during the year |
|
|
|
Equity Shares |
|
|
|
1% Redeemable, Non Cumulative, Non Convertible Preference Shares |
697,10,000 |
697.100 |
|
|
-- |
-- |
|
Total |
697,10,000 |
697.100 |
|
Shares outstanding at the end of the year |
|
|
|
Equity Shares |
3313,47,000 |
3313.470 |
|
1% Redeemable, Non Cumulative, Non Convertible Preference Shares |
697,10,000 |
697.100 |
|
Total |
4010,57,000 |
4010.570 |
Shares in the
company held by preference shareholder holding more than 5% shares
Dhiraj Saluja 51,310,000 Shares 73.60%
Neeraj Saluja 12,400,000 Shares 17.78%
Terms/rights, preference,
restriction attached to shares.
EQUITY SHARES: The company has only one class of equity shares having par value of Rs. 10 per share. Each holder of equity share is entitled to one vote per share except holder of GDR will not have voting right with respect to the Deposited Shares. In the event of liquidation of the Company, the holders of equity shares will be entitled to
receive the realised value of the assets of the Company, remaining after payment of all preferential dues. The distribution will be in proportion to the number of equity shares held by the shareholders.
The Company issued 220,000,000 equity shares of the face value of Rs. 10 per share consequent to Global Depository Receipt (GDRs) issue of the company during the year 2012-13. Holders of Global Depository Receipt (GDRs) are entitled to receive dividends, subject to the terms of the Deposit Agreement, to the same extent as the holders of Equity Shares. As on 31.03.2015, 91,678,900 shares (Previous Year 97,386,256 shares ) of the face value of Rs. 10/- each per share represent the shares underlying GDRs which were issued during 2012-13.
PREFERENCE SHARES : The Company has issued 69,710,000, 1% Redeemable, Non Cumulative, Non Convertible Preference Shares of face value Rs. 10/- each, redeemable at the option of the Board not later than 10 years from the date of allotment. The 1% Redeemable, Non Cumulative, Non Convertible Preference Shareholders have a right to receive dividend, prior to the Equity Shareholders. The dividend proposed by the Board of Directors on the Redeemable, Non Cumulative, Non Convertible Preference Shares is subject to the approval of the shareholders at the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the Preference Shareholders are eligible to receive the remaining assets of the Company before distribution to the Equity Shareholders, in proportion to their shareholding.
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 |
4010.570 |
3313.470 |
3313.470 |
|
(b) Reserves & Surplus |
7565.731 |
8490.995 |
10826.585 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
218.700 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
11576.301 |
11804.465 |
14358.755 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
25976.096 |
14564.425 |
15745.486 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
1503.118 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
0.000 |
0.000 |
22.380 |
|
Total
Non-current Liabilities (3) |
25976.096 |
14564.425 |
17270.984 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
10701.230 |
15793.870 |
12656.151 |
|
(b)
Trade payables |
2313.505 |
2032.652 |
2800.394 |
|
(c)
Other current liabilities |
4262.177 |
6852.395 |
3721.465 |
|
(d)
Short-term provisions |
64.696 |
47.549 |
341.665 |
|
Total
Current Liabilities (4) |
17341.608 |
24726.466 |
19519.675 |
|
|
|
|
|
|
TOTAL |
54894.005 |
51095.356 |
51149.414 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
21226.746 |
23199.115 |
25180.996 |
|
(ii)
Intangible Assets |
5.260 |
31.395 |
37.266 |
|
(iii)
Capital work-in-progress |
1786.365 |
1640.046 |
242.548 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
5604.555 |
5579.958 |
5564.465 |
|
(c) Deferred tax assets
(net) |
463.884 |
9.661 |
0.000 |
|
(d) Long-term Loan
and Advances |
391.631 |
1376.299 |
223.860 |
|
(e)
Other Non-current assets |
557.973 |
553.360 |
594.836 |
|
Total
Non-Current Assets |
30036.414 |
32389.834 |
31843.971 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
12139.327 |
7099.769 |
10753.063 |
|
(c)
Trade receivables |
7419.811 |
8168.099 |
5522.277 |
|
(d)
Cash and cash equivalents |
468.459 |
133.298 |
246.705 |
|
(e)
Short-term loans and advances |
1039.390 |
590.142 |
851.817 |
|
(f)
Other current assets |
3790.604 |
2714.214 |
1931.581 |
|
Total
Current Assets |
24857.591 |
18705.522 |
19305.443 |
|
|
|
|
|
|
TOTAL |
54894.005 |
51095.356 |
51149.414 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operatios |
23257.847 |
29560.395 |
31542.169 |
|
|
|
Other Income |
1226.243 |
901.218 |
1719.883 |
|
|
|
TOTAL (A) |
24484.090 |
30461.613 |
33262.052 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
14722.998 |
22122.393 |
14649.027 |
|
|
|
Purchases of Stock-in-Trade |
1993.468 |
2134.776 |
10498.699 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(1269.195) |
(1870.909) |
(1896.239) |
|
|
|
Employees benefits expense |
1109.569 |
1227.893 |
1305.419 |
|
|
|
Exceptional Items |
0.000 |
1809.431 |
0.000 |
|
|
|
Other expenses |
3847.725 |
3790.109 |
2989.038 |
|
|
|
TOTAL (B) |
20404.565 |
29213.693 |
27545.944 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4079.525 |
1247.920 |
5716.108 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2478.132 |
3122.243 |
2679.319 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1601.393 |
(1874.323) |
3036.789 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2932.723 |
2124.311 |
1355.927 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
(1331.330) |
(3998.634) |
1680.862 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(424.782) |
(1444.344) |
616.511 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(906.548) |
(2554.290) |
1064.351 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value |
11893.556 |
10151.666 |
9924.234 |
|
|
|
Overseas Income |
1606.544 |
3832.641 |
8048.376 |
|
|
TOTAL EARNINGS |
13500.100 |
13984.307 |
17972.610 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
50.916 |
72.636 |
67.892 |
|
|
|
Packing Material |
4.701 |
1.316 |
0.089 |
|
|
|
Stores & Spares |
15.250 |
37.532 |
90.093 |
|
|
|
Capital Goods |
6.688 |
70.156 |
1564.441 |
|
|
TOTAL IMPORTS |
77.555 |
181.640 |
1722.515 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (Rs.) |
(2.74) |
(7.71) |
3.61 |
|
Expected Sales (2015-2016): Rs. 22000.000 Million (Due to market
fluctuation)
The above information has been parted by Mr. Navneet Gupta (Executive
Director and Chief Finance Officer)
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
3030.691 |
4318.750 |
2811.789 |
|
|
|
|
|
|
Cash Generated from Operations |
(4133.541) |
3656.083 |
3472.037 |
|
|
|
|
|
|
Net Cash from Operating Activities |
(4153.309) |
3587.647 |
3405.145 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2015 |
30.09.2015 |
|
Type |
1st
Quarter |
2nd
Quarter |
|
Net Sales |
5258.430 |
5037.500 |
|
Total Expenditure |
4505.140 |
4251.400 |
|
PBIDT (Excl OI) |
753.290 |
786.100 |
|
Other Income |
141.930 |
174.910 |
|
Operating Profit |
895.220 |
961.010 |
|
Interest |
783.240 |
877.290 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
111.980 |
83.720 |
|
Depreciation |
706.920 |
713.770 |
|
Profit Before Tax |
(594.940) |
713.770 |
|
Tax |
(179.840) |
(213.550) |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
(415.100) |
416.500 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
(415.100) |
(416.500) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(3.90) |
(8.64) |
3.37 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
17.54 |
4.22 |
18.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.83) |
(9.12) |
3.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.12) |
(0.34) |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.43 |
2.94 |
2.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43 |
0.76 |
0.99 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
3313.470 |
3313.470 |
4010.570 |
|
Reserves & Surplus |
10826.585 |
8490.995 |
7565.731 |
|
Money received against share
warrants |
218.700 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
14358.755 |
11804.465 |
11576.301 |
|
|
|
|
|
|
Long-term borrowings |
15745.486 |
14564.425 |
25976.096 |
|
Short term borrowings |
12656.151 |
15793.870 |
10701.230 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
2811.789 |
4318.750 |
3030.691 |
|
Total
borrowings |
31213.426 |
34677.045 |
39708.017 |
|
Debt/Equity
ratio |
2.174 |
2.938 |
3.430 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
31542.169 |
29560.395 |
23257.847 |
|
|
|
(6.283) |
(21.321) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
31542.169 |
29560.395 |
23257.847 |
|
Profit |
1064.351 |
(2554.290) |
(906.548) |
|
|
3.37% |
(8.64%) |
(3.90%) |
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 |
No |
|
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 |
Yes |
|
19 |
Major customers |
Yes |
|
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% |
Yes |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10530318 |
20/02/2015 * |
46,913,300,000.00 |
STATE BANK OF PATIALA |
G.T.
ROAD, MILLER GANJ, LUDHIANA - 141003, PUNJAB, |
C43957711 |
|
2 |
10510444 |
30/06/2014 |
35,000,000.00 |
CORPORATION BANK |
PREMISES NO-5 , NEW LAJPAT NAGAR, LUDHIANA - 141001, PUNJAB , INDIA |
C12241212 |
|
3 |
10517783 |
28/06/2014 |
3,345,200,000.00 |
PUNJAB NATIONAL BANK |
LARGE
CORPORATE BRANCH, BHAGWATI TOWER, RK ROAD, |
C19019868 |
|
4 |
10488219 |
31/03/2014 |
21,000,000.00 |
KARUR VYSYA BANK LIMITED |
KARUR VYSYA BANK LIMITED, MODEL TOWN, LUDHIANA - 141001, PUNJAB, INDIA |
C02333565 |
|
5 |
10493377 |
29/03/2014 |
1,376,100,000.00 |
UNION BANK OF INDIA |
MID CORPORATE BRANCH, WALIA COMPLEX,DUGRI ROAD, LUDHIANA - 141001, PUNJAB, INDIA |
C04263604 |
|
6 |
10473552 |
31/03/2014 * |
150,034,036.00 |
CORPORATION BANK |
PREMISES NO-5 , NEW LAJPAT NAGAR, LUDHIANA - 141001, PUNJAB , INDIA |
C03706884 |
|
7 |
10473723 |
30/12/2013 |
15,000,000.00 |
KARUR VYSYA BANK LIMITED |
BRAR COMPLEX, DUGRI ROAD, MODEL TOWN, LUDHIANA - 141001, PUNJAB, INDIA |
B94767084 |
|
8 |
10463623 |
06/11/2013 |
2,240,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, G.T. ROAD, MILLER GANJ, LUDHIANA - 141003, PUNJAB, INDIA |
B90883869 |
|
9 |
10459858 |
04/10/2013 |
200,000,000.00 |
SBERBANK |
DR. GOPAL DAS BHAWAN, 28, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
B89394506 |
|
10 |
10455760 |
27/09/2013 |
500,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, G.T. ROAD, MILLER GANJ - 141003, LUDHIANA, PUNJAB, INDIA |
B87829230 |
|
11 |
10454444 |
24/09/2013 |
320,000,000.00 |
UNION BANK OF INDIA |
MID CORPORATE BRANCH, WALIA COMPLEX,DUGRI ROAD, LUDHIANA - 141001, PUNJAB, INDIA |
B87281838 |
|
12 |
10438236 |
16/09/2013 * |
9,800,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 165, INDUSTRIAL AREA-A , NEAR CHEEMA CHOWK, LUDHIANA- 141001, PUNJAB, INDIA |
B87008702 |
|
13 |
10441047 |
12/07/2013 |
1,000,000,000.00 |
INDIAN OVERSEAS BANK |
MID CORPORATE BRANCH, MILLER GANJ, LUDHIANA - 141003, PUNJAB, INDIA |
B81118481 |
|
14 |
10426703 |
30/03/2013 |
7,000,000,000.00 |
ALLAHABAD BANK |
I.I.F.B.,
165, INDUSTRIAL AREA-A, CHEEMA CHOWK, L |
B75473884 |
|
15 |
10346003 |
31/03/2012 |
750,000,000.00 |
ANDHRA BANK |
SECTOR 17-C, CHANDIGARH - 160018, CHANDIGARH, INDIA |
B36472934 |
|
16 |
10321045 |
13/10/2011 |
7,350,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 165, INDUSTRIAL AREA-A, NEAR CHEEMA CHOWK, LUDHIANA - 141001, PUNJAB, INDIA |
B26801167 |
|
17 |
10298898 |
18/06/2011 |
2,300,000,000.00 |
CENTRAL BANK OF INDIA |
FOCAL POINT, LUDHIANA - 141010, PUNJAB, INDIA |
B17555046 |
|
18 |
10272484 |
07/03/2011 |
750,000,000.00 |
STATE BANK OF PATIALA |
CB, G.T.ROAD,, MILLERGANJ, LUDHIANA - 141001, PUNJAB, INDIA |
B08349698 |
|
19 |
10244730 |
17/09/2010 |
500,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, LUDHIANA - 141001, PUNJAB, INDIA |
A96866033 |
|
20 |
10247091 |
05/07/2013 * |
300,000,000.00 |
KARUR VYSYA BANK LIMITED |
BRAR COMPLEX, DUGRI ROAD, MODEL TOWN, LUDHIANA - 141001, PUNJAB, INDIA |
B83126748 |
|
21 |
10244546 |
08/09/2010 |
107,000,000.00 |
INDIAN BANK |
1601, KALSI NAGAR, LUDHIANA - 141003, PUNJAB, INDIA |
A96825682 |
|
22 |
10245504 |
02/09/2010 |
450,000,000.00 |
BANK OH MAHARASHTRA |
LINK ROAD, PREET NAGAR, LUDHIANA - 141001 , PUNJAB, INDIA |
A97109698 |
|
23 |
10237619 |
25/08/2010 |
500,000,000.00 |
PUNJAB & SIND BANK |
IFB, DHOLEWAL CHOWK, G.T.ROAD, LUDHIANA - 141001, PUNJAB , INDIA |
A94208105 |
|
24 |
10237603 |
13/08/2010 |
500,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
SME BRANCH, LUDHIANA - 141003, PUNJAB, INDIA |
A94185485 |
|
25 |
10236457 |
03/08/2010 |
1,000,000,000.00 |
STATE BANK OF TRAVANCORE |
COMMERCIAL
BRANCH, K. G. MARG, TRAVANCORE HOUSE, |
A93664571 |
|
26 |
10239136 |
03/08/2010 |
500,000,000.00 |
STATE BANK OF HYDERABAD |
74, JANPATH, NEW DELHI - 110001, INDIA |
A94785243 |
|
27 |
10227505 |
28/06/2010 |
300,000,000.00 |
UNITED BANK OF INDIA |
CLOCK TOWER, LUDHIANA - 141008, PUNJAB, INDIA |
A89210546 |
|
28 |
10208965 |
21/06/2012 * |
13,401,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, G.T. ROAD, MILLER GANJ, LUDHIANA - 141003, PUNJAB, INDIA |
B45414539 |
|
29 |
10187442 |
30/12/2011 * |
7,875,500,000.00 |
CENTRAL BANK OF INDIA |
FOCAL POINT, LUDHIANA - 141010, PUNJAB, INDIA |
B30479083 |
|
30 |
10181676 |
24/10/2009 |
500,000,000.00 |
PUNJAB & SIND BANK |
INDUSTRIAL FINANCE BRANCH, G.T. ROAD, DHOLEWAL, LUDHIANA - 141003, PUNJAB, INDIA |
A72111206 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Vehicle Loans |
|
|
|
From Banks |
0.436 |
10.865 |
|
Others |
|
|
|
Loans from Related Parties (Interest free loans repayable in 2023-24) |
679.600 |
679.600 |
|
|
|
|
|
Total |
680.036 |
690.465 |
CORPORATE INFORMATION
The company is a public company incorporated in India under the provisions of the Companies Act, 1956. Its shares are listed on the Bombay Stock Exchange and the National Stock Exchange. The Company is engaged in the manufacturing, processing & trading of yarn, fabric, readymade garments and towel.
BUSINESS
The Company is vertically integrated multi-product textile company, manufacturing various kinds of Knitted Garments, Terry Towels, Knitted and Processed Fabric and various kind of Yarn with production facilities located at Ludhiana and Nawan Sheher in Punjab, Baddi in Himachal Pradesh and Sehore in Madhya Pradesh.
STATE OF
COMPANY'S AFFAIRS
During the year, the company has achieved Revenue from Operations of Rs. 23257.847 million as compared to Rs. 29560.395 million in the previous year. After deducting Expenses and Exceptional Items there was Loss of Rs. 1331.330 million as compared to Loss of Rs. 3998.633 million during the previous year. After providing for taxes and other adjustments, the current year loss stood at Rs. 906.548 million as compared to loss of Rs. 2554.290 million during the previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENT
Rapid growth and urbanization have brought a sea change in the characteristics and preferences of India consumers. Indian population consists of an attractive age group with more than 40 million of its population falling under the age group of 15-35. The affluent youth population with a growing passion for fashion will drive the sales of apparels in the country. Fashion is increasingly seen as a form of self expression, and not just a functional purchase.
Increase in the amount of disposable income will also fuel the growth of the sector. Indian consumers, in the coming years will, naturally, tend to spend more than they wear. On an average; worldwide, people typically tend to spend around 6% of their income on clothes. Trends, both national and international, provide a strong tailwind to the textile and apparel sector.
Interest of global brands and retailers in the Indian market is likely to fuel the growth. India would attract more investments from global brands and retailers in the coming years. This is likely to spur the country's domestic demand and further enhance India's investment in supply chain processes.
The country's clothing and textile industry would become more competitive both at the domestic and global forefront. There would be diversification of the product mix thereby creating new opportunities for exports. Until 2005, Indian textile industry was driven by the availability of raw material, labor and Government policies. Till 2015 economists predict that the industry will be driven by manufacturing excellence, supply chain efficiency, and a various range of product mix. After 2015, the industry is expected to be product, brand, and process driven.
Changes that occur in the Indian textile and apparel industry will have far reaching implications among the manufacturers, retailers, and designers. Fruits of growth of Indian economy have trickled down to its people, which are evidenced with the rising per capita income. The whole Indian economy is on a growth trajectory with its obvious impact in its textile and apparel sector.
OUTLOOK: OPPORTUNITY,
THREATS, RISKS AND CONCERNS
The future looks bright for the Indian textile and apparel industry. There are positive drivers which indicate future growth opportunities. There is plenty of cotton with a good potential for higher yield. There is the chance to produce yarn instead of exporting cotton. There is growing export as well as domestic market demand. The Government supports modernization of the industry with a particular focus on closing the gaps in the textile value chain. Investment prospects depend on a business-friendly environment and good business expectations. The Government has taken several measures to create those positive impulses. But there are still some improvements possible. The industry waits for the proposed reforms in labor law, support to develop a skilled work force and programs to bind talents to be able to translate market needs into quality products.
Export means commitment to mutual free trade supported by excellent logistics based on strong infrastructure for power supply, transport and communication technology. Improvement in logistics is in particular for the textile industry where fashion has to meet strict deadlines. Being creative and flexible with short response times is as important as competitive pricing. For the textile and apparel industry the rising need in easy care necessitates a higher share of blends of synthetic fibers with cotton.
UNAUDITED
FINANCIAL RESULTS FOR QUARTER ENDED 30.09.2015
(Rs. In Million)
|
Particulars |
Quarter Ended (Unaudited) |
Quarter Ended (Unaudited) |
Year to date Ended (Unaudited) |
|
|
30.09.2015 |
30.09.2015 |
30.09.2015 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
5037.501 |
5258.425 |
10295.926 |
|
b) Other operating income |
0.000 |
0.000 |
0.000 |
|
Total
income from Operations(net) |
5037.501 |
5258.425 |
10295.926 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
2860.487 |
3231.577 |
6092.064 |
|
b) Purchases of stock in trade |
130.440 |
48.434 |
178.874 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
13.961 |
(34.799) |
(20.839) |
|
d) Employees benefit expenses |
274.525 |
290.108 |
564.634 |
|
e) Depreciation and amortization expenses |
713.772 |
706.921 |
1420.693 |
|
f) Other expenditure |
971.986 |
969.814 |
1941.000 |
|
Total expenses |
4965.172 |
5212.055 |
10177.227 |
|
3. Profit from operations before other income and financial
costs and exceptional items |
72.329 |
46.370 |
118.699 |
|
4. Other income |
174.907 |
141.930 |
316.837 |
|
5. Profit from ordinary activities before finance costs
and exceptional items |
247.236 |
188.300 |
435.536 |
|
6. Finance costs |
877.289 |
783.235 |
1660.524 |
|
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items |
(630.053) |
(594.935) |
(1224.988) |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax Expense: |
(630.053) |
(594.935) |
(311.651) |
|
10.Tax expenses |
(213.554) |
(179.838) |
(104.362) |
|
11.Net Profit / (Loss) from ordinary activities after tax (9-10) |
(416.499) |
(415.097) |
(207.289) |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
(416.499) |
(415.097) |
(207.289) |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
3313.470 |
3313.470 |
3313.470 |
|
15. Reserve excluding Revaluation Reserves |
|
|
|
|
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
B-(1.26) |
B-(1.25) |
B-(2.51) |
|
(b) Diluted |
D-(1.26) |
D-(1.25) |
D-(2.51) |
|
ii) Earnings per share (after extraordinary items) |
|
|
|
|
(a) Basic |
B-(1.26) |
B-(1.25) |
B-(2.51) |
|
(b) Diluted |
D-(1.26) |
D-(1.25) |
D-(2.51) |
|
|
|||
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
279071802 |
279071802 |
279071802 |
|
- Percentage of shareholding |
84.22% |
84.22% |
84.22% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
52275198 |
52275198 |
52275198 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
15.78% |
15.78% |
15.78% |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
B.
Investor Complaints |
3 Months ended 30.09.2015 |
|
Pending at the beginning of the quarter |
0 |
|
Receiving during the quarter |
5 |
|
Disposed of during the quarter |
5 |
|
Remaining unreserved at the end of the quarter |
0 |
|
NOTE: 1 The above results are reviewed by the Audit Committee and taken on record at the meeting of the Board of Directors on 10-11-2015
|
|
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Export Bills Discounted |
401.500 |
436.500 |
|
Estimated amount of capital contracts remaining to be executed net of advances |
558.700 |
415.100 |
|
Guarantees given by the Company on behalf of SEL TextilesLimited (Subsidiary Company) |
20132.600 |
14875.500 |
|
Income Tax* |
01.700 |
05.300 |
|
Performance Guarantees issued for export obligations |
179.800 |
4956.100 |
|
Others (Net of deposit of Rs. Nil million (Previous Year Rs. 0.700 million) |
0.000 |
0.700 |
|
|
|
|
|
NOTE: *includes demand from tax authorities for various matters. The Company/tax department has preferred appeals on these matters and the same are pending with various appellate authorities. Considering the facts of the matters, no provision is considered necessary by management. |
||
FIXED ASSETS
· Land
· Leasehold Land
· Building
· Road
· Plant and Machinery
· Furniture and Fixtures
· Vehicles
· Office Equipment’s
·
Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
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.66.42 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
14 |
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.