MIRA INFORM REPORT
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Report No. : |
301172 |
|
Report Date : |
08.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
INDO COUNT INDUSTRIES LIMITED |
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|
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|
Registered Office
: |
Office No. 1, Plot No.266, Village Alte, Kumbhoj Road, Taluka
Hatkanangale, Kolhapur – 416109, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
07.11.1988 |
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Com. Reg. No.: |
11-068972 |
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Capital
Investment / Paid-up Capital : |
Rs. 379.816 Millions |
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|
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CIN No.: [Company Identification
No.] |
L72200PN1988PLC068972 |
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IEC No.: |
Not Available |
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|
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TAN No.: [Tax Deduction & Collection
Account No.] |
KLPI00337B |
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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
: |
Subject is engaged in the manufacture and export of cotton, yarn, grey
knitted fabrics etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7800000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track. Trade relations seem to be fair. Business is active. Payment terms are
reported as usually correct. The company can be considered for business dealings at usual 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
CARE |
|
Rating |
Long term bank facilities = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
August 18, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities = A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
August 18, 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
31-03-2014.
LOCATIONS
|
Registered Office : |
Office No. 1, Plot No.266, Village Alte, Kumbhoj Road, Taluka
Hatkanangale, Kolhapur – 416109, Maharashtra, India |
|
Tel No. : |
91-230-2483145 / 2483105 |
|
Fax No.: |
91-230-2483275 |
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E-Mail : |
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Website : |
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Spinning and Electronic Units : |
D-1, MIDC Industrial Area, Gokul Shirgaon, |
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Tel No. : |
91-231-2672291 / 92 |
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Fax No.: |
91-231-2672161 |
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|
|
|
Home Textile and Consumer Durable Goods Units : |
T - 3, Kagal - Hatkanangle, Five Star MIDC Area, At Post : Talandge,
Taluka : Hatkanangale Kolhapur - 416 216, |
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|
|
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Head Office : |
301 and 1101, |
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Tel. No.: |
91-22-43419500/41511800/56306024/22856534 |
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Fax No.: |
91-22-22823098/22041028 |
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|
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Marketing Office : |
# 23-25, Vardhaman Industrial Complex, Gokul Nagar, Thane (West) -
400601, |
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Tel. No.: |
91-22-41511800/21720121 |
|
Fax No.: |
91-22-41511883/41511866 |
DIRECTORS
As on 23.08.2014
|
Name : |
Mr. Anil Kumar Jain |
|
Designation : |
Chairman and Managing Director |
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Name : |
Mr. R. N. Gupta |
|
Designation : |
Joint Managing Director |
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Name : |
Mr. K. R. Lalpuria |
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Designation : |
Executive Director |
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Name : |
Mr. Kamal Mitra |
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Designation : |
Director (Works) |
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Name : |
Mr. R. Anand |
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Designation : |
Director |
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Name : |
Mr. Dilip Thakkar |
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Designation : |
Director |
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Name : |
Mr. P. N. Shah |
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Designation : |
Director |
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Name : |
Mr. Sushil Kumar Jiwrajka |
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Designation : |
Director |
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Name : |
Mr. Prem Malik |
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Designation : |
Director |
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Name : |
Mr. Nadeem Panjetan |
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Designation : |
Director |
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Name : |
(Mrs) Vaijayanti Pandit |
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Designation : |
Director |
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KEY EXECUTIVES
|
Name : |
Mr. R. Sundaram |
|
Designation : |
Company Secretary and Chief finance officer |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
|
|
897448 |
2.45 |
|
|
7001601 |
19.14 |
|
|
7899049 |
21.59 |
|
|
|
|
|
|
12400491 |
33.90 |
|
|
12400491 |
33.90 |
|
Total shareholding of Promoter and
Promoter Group (A) |
20299540 |
55.49 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
715643 |
1.96 |
|
|
7470 |
0.02 |
|
|
2717161 |
7.43 |
|
|
3440274 |
9.40 |
|
|
|
|
|
|
5145401 |
14.07 |
|
|
|
|
|
|
4381315 |
11.98 |
|
|
3031360 |
8.29 |
|
|
283744 |
0.78 |
|
|
107971 |
0.30 |
|
|
175773 |
0.48 |
|
|
12841820 |
35.10 |
|
Total Public shareholding (B) |
16282094 |
44.51 |
|
Total (A)+(B) |
36581634 |
100.00 |
|
(C) Shares held by Custodians and
against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
36581634 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacture and export of cotton, yarn, grey
knitted fabrics etc. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
Not Available |
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Bankers : |
·
Union Bank of India ·
Bank of ·
Bank of ·
Canara Bank ·
Exim Bank of India ·
Axis Bank of ·
State Bank of ·
State Bank of ·
State Bank of ·
ICICI Bank Limited ·
IDBI Bank Limited |
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Facilities : |
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Auditors : |
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|
Name : |
B. K. Shroff and Company Chartered Accountants |
|
Address : |
3/7-B, |
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Tel. No.: |
91-11-23271407 / 23284825 / 23284826 |
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Fax No.: |
91-11-23270362 |
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E-Mail : |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries Company
: |
Plot 266, Village Alte, Kumbhoj
Road, Taluka Hatkanangale, Kolhapur, 416109,Maharashtra, India ·
Indo Count
Global Inc. (USA) Suite
1019, The Textile Building 295 Fifth Avenue, New York, NY 10016 |
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|
|
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Associates: |
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CAPITAL STRUCTURE
As on 23.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55000000 |
Equity Shares |
Rs.10/- each |
Rs. 550.000 Millions |
|
5000000 |
Preference shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
Total |
|
Rs. 600.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35481634 |
Equity Shares |
Rs.10/- each |
Rs.354.816
Millions |
|
2500000 |
At the beginning of the period |
Rs. 10/-
each |
Rs. 25.000
Millions |
|
|
Total |
|
Rs. 379.816 Millions |
* 4 %
Cumulative Preference shares redeemable on or before 12-09-2021 at par.
Terms / rights attached to equity shares
i.
The Company has only one class of equity shares
having a par value of Rs.10 per share. Each
holder of equity shares is entitled to one vote per share; The Company declares
and pays dividends in Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting.
ii.
In the event of liquidation of the Company, the
holders of equity shares will be entitled to receive remaining assets of the
Company, after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the shareholders.
Details of equity shares in the company held by each
shareholder holding more than 5% of shares are as under:
|
Equity Shares |
31.03.2014 No.
of Shares |
%
of Shares |
|
Indocount Securities Limited |
5270777 |
14.85 |
|
Sandridge Investments Limited |
12400491 |
34.95 |
|
Elm Park Fund Limited |
2717161 |
7.66 |
Details
of preference shares in the company held by each
shareholder holding more than 5% of shares are as under:
|
Preference shares |
31.03.2014 No.
of Shares |
%
of Shares |
|
|
|
|
|
Tozai Enterrprises
Private Limited |
2500000 |
100 |
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
379.816 |
379.816 |
379.816 |
|
(b) Reserves &
Surplus |
2320.416 |
1399.945 |
1240.186 |
|
(c) Money received
against share warrants |
12.500 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
11.000 |
11.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
2723.732 |
1790.761 |
1620.002 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
972.331 |
1358.628 |
1754.424 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.071 |
13.952 |
28.092 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
972.402 |
1372.580 |
1782.516 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2686.260 |
2285.302 |
1410.424 |
|
(b) Trade payables |
1891.855 |
1826.074 |
1074.590 |
|
(c) Other current
liabilities |
867.337 |
811.404 |
682.602 |
|
(d) Short-term provisions |
267.596 |
43.177 |
0.034 |
|
Total Current Liabilities
(4) |
5713.048 |
4965.957 |
3167.650 |
|
|
|
|
|
|
TOTAL |
9409.182 |
8129.298 |
6570.168 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3154.937 |
3305.393 |
3370.482 |
|
(ii) Intangible Assets |
20.558 |
17.889 |
0.000 |
|
(iii) Capital
work-in-progress |
3.262 |
17.663 |
48.602 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
188.032 |
194.694 |
195.394 |
|
(c) Deferred tax assets
(net) |
97.867 |
169.129 |
202.434 |
|
(d) Long-term Loan and Advances |
46.853 |
19.134 |
30.739 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3511.509 |
3723.902 |
3847.651 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2571.242 |
1960.038 |
1289.864 |
|
(c) Trade receivables |
1669.197 |
1276.082 |
680.847 |
|
(d) Cash and cash
equivalents |
117.960 |
75.735 |
59.142 |
|
(e) Short-term loans and
advances |
752.266 |
514.874 |
498.198 |
|
(f) Other current assets |
787.008 |
578.667 |
194.466 |
|
Total Current Assets |
5897.673 |
4405.396 |
2722.517 |
|
|
|
|
|
|
TOTAL |
9409.182 |
8129.298 |
6570.168 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
14103.314 |
11394.899 |
7492.510 |
|
|
Other Income |
301.619 |
302.411 |
275.276 |
|
|
TOTAL |
14404.933 |
11697.310 |
7767.786 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
8967.336 |
7701.526 |
5157.162 |
|
|
Purchases of
Stock-in-Trade |
87.886 |
23.385 |
67.252 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(164.638) |
(410.072) |
(21.711) |
|
|
Employees benefits
expense |
583.342 |
480.797 |
366.756 |
|
|
Other expenses |
3132.325 |
2760.951 |
1541.298 |
|
|
TOTAL |
12606.251 |
10556.587 |
7110.757 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1798.682 |
1140.723 |
657.029 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
489.714 |
496.185 |
350.116 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1308.968 |
644.538 |
306.913 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
188.290 |
177.596 |
176.859 |
|
|
|
|
|
|
|
Less |
EXCEPTIONAL ITEMS |
0.000 |
156.885 |
123.490 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1120.678 |
310.057 |
6.564 |
|
|
|
|
|
|
|
Less |
TAX |
71.262 |
38.987 |
5.299 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
1049.416 |
271.070 |
1.265 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
11048.033 |
8571.394 |
4968.966 |
|
|
TOTAL EARNINGS |
11048.033 |
8571.394 |
4968.966 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
362.432 |
167.722 |
2.606 |
|
|
Components and Stores
parts |
148.422 |
20.585 |
41.598 |
|
|
Capital Goods |
28.971 |
138.389 |
1.714 |
|
|
TOTAL IMPORTS |
539.825 |
326.696 |
45.918 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
29.58 |
7.64 |
0.04 |
QUARTERLY /
SUMMARISED RESULTS
|
Particulars
(Rs.In Million) |
Jun 2014 |
Sep 2014 |
|
Audited / UnAudited |
UnAudited |
UnAudited |
|
Net Sales |
3163.800 |
4788.300 |
|
Total Expenditure |
2644.100 |
3989.600 |
|
PBIDT (Excl OI) |
519.700 |
798.700 |
|
Other Income |
0.000 |
0.000 |
|
Operating Profit |
519.700 |
798.700 |
|
Interest |
139.000 |
179.100 |
|
Exceptional Items |
0.000 |
0000 |
|
PBDT |
380.700 |
619.600 |
|
Depreciation |
35.700 |
36.600 |
|
Profit Before Tax |
345.000 |
583.000 |
|
Tax |
95.900 |
158.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
249.100 |
425.000 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
249.100 |
425.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
7.44
|
2.37 |
0.01 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
12.75
|
10.01 |
8.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.29 |
4.00 |
0.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41 |
0.17 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.34 |
2.03 |
1.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
0.89 |
0.86 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
379.816 |
379.816 |
379.816 |
|
Reserves & Surplus |
1240.186 |
1399.945 |
2320.416 |
|
Share Application money pending
allotment |
0.000 |
11.000 |
11.000 |
|
Net worth |
1620.002 |
1790.761 |
2711.232 |
|
|
|
|
|
|
long-term borrowings |
1754.424 |
1358.628 |
972.331 |
|
Short term borrowings |
1410.424 |
2285.302 |
2686.260 |
|
Total borrowings |
3164.848 |
3643.930 |
3658.591 |
|
Debt/Equity ratio |
1.954 |
2.035 |
1.349 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
7492.510 |
11394.899 |
14103.314 |
|
|
|
52.084 |
23.769 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
7492.510 |
11394.899 |
14103.314 |
|
Profit |
1.265 |
271.070 |
1049.416 |
|
|
0.02% |
2.38% |
7.44% |
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS:
|
CASE DETAILS |
|||
|
Bench:- Bombay |
|||
|
Lodging No. : |
MVXAL/12/2014 |
Failing Date:- |
31.10.2014 |
|
Petitioner:- |
THE ADDITIONAL COMMISSIONER OF SALES TAX |
Respondent:- M/S INDO COUNT
INDUSTRIES LIMITED |
|
|
Petn.Adv:- |
GOVERNMENT PLEADER ORIGINAL SIDE |
||
|
District:- |
MUMBAI |
||
|
Bench:- |
DIVISION |
Category: - Maharashtra Value Added Tax Appeal |
|
|
Status:- |
Pre-Admission |
||
|
Act. : |
Maharashtra Value Added Tax Under Section 27 |
||
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10467578 |
11/12/2013 |
1,460,600,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, UNION BANK BHAVAN, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
B92517366 |
|
2 |
10451484 |
06/08/2013 |
100,000,000.00 |
CANARA BANK |
CANARA BANK BUILDING, C-14, G BLOCK, BANDRA KURLA COMPLEX, MUMBAI, Maharashtra - 400051, INDIA |
B85918407 |
|
3 |
10191652 |
23/11/2011 * |
8,700,000.00 |
STATE BANK OF HYDERABAD |
INDUSTRIAL FINANCE BRANCH, TOPAZ, AMRUTA HILLS, PANJAGUTTA, HYDERABAD, Andhra Pradesh - 500082, INDIA |
B28253060 |
|
4 |
10191649 |
23/11/2011 * |
27,700,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE, C-2, WADIA INTERNATIONAL CENTRE, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, Maharashtra - 400025, INDIA |
B28260735 |
|
5 |
10191651 |
23/11/2011 * |
47,400,000.00 |
BANK OF BARODA |
MANGALDAS MARKET BRANCH, 375/382, KITCHEN GARDEN LANE, 1ST FLOOR, MUMBAI, Maharashtra - 400002, INDIA |
B29082872 |
|
6 |
10191642 |
23/11/2011 * |
111,400,000.00 |
CANARA BANK |
OVERSEAS BRANCH, 211, DALAMAL TOWERS, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
B28626158 |
|
7 |
10191653 |
23/11/2011 * |
136,200,000.00 |
BANK OF INDIA |
ANDHERI CORPORATE BANKING BRANCH, MDI BUILDING, 1ST FLOOR, 28, S V ROAD, ANDHERI WEST, MUMBAI, Maharashtra - 400058, INDIA |
B29961240 |
|
8 |
10191648 |
23/11/2011 * |
155,300,000.00 |
ICICI BANK LIMITED |
BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, Maharashtra - 400051, INDIA |
B28043453 |
|
9 |
10191654 |
23/11/2011 * |
207,300,000.00 |
IDBI BANK LIMITED |
IDBI TOWERS, 5TH FLOOR, WTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B28625291 |
|
10 |
10188543 |
12/02/2013 * |
1,313,400,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, UNION BANK BHAVAN, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
B70165428 |
BUSINESS
OPERATIONS OVERVIEW AND OUTLOOK
The fiscal year ‘14 was a period of relative stability. The Group
generated significant part of the revenue from exports from developed economies
and hence the results are affected by the state of these economies. USA was
stable during the past year while the European economies were under continued
stress and have started showing signs of revival.
Under these economic conditions, the consolidated revenues grew by 23.1%
to Rs.14979.100 Millions, EBIDTA grew by 57.5% to Rs.1891.000 Millions and the
net profit grew by 274.1% to Rs.1103.900 Millions.
The consumer spending in USA is expected to be stable during the current
year. The large retail chains prefer vertically integrated players like your
company, due to better product development capabilities and control over supply
chains which consequently ensures higher service levels. The Group has a strong
in-house capabilities to manage product development and manufacturing.
AWARDS/RECOGNITION:
The Directors are privileged to share that your Company is:
- The 3rd largest manufacturer/exporter
of bed sheets from India
- The 4th largest supplier of bed sheets
from across the globe to USA
- The 14th largest supplier of Home
Textiles across the globe to USA.
SEGMENT
The Company is engaged in the manufacture and export of cotton yarn, grey knitted fabrics and made ups, which are governed by the same set of risks and returns and as such are in the same segment.
MANAGEMENT DISCUSSION
AND ANALYSIS
Economic Overview
Since the financial crisis of 2008, the global economy has been facing strong headwinds, leading to slowdown and recession in the key developed economies of the World. After a mild recovering in 2012, growth remained subdued in 2013. According to the World Economic Outlook published by the International Monetary Fund in April, 2013, the world output grew by a moderate 3 per cent in 2013 compared to 3.2 percent in 2012. There was a marked improvement in growth from all key regions of the world during the latter half of the year which continued into the first quarter of 2014 as well.
Company
and Performance Review
The Company is one of India’s leading vertically integrated textile companies. It has integrated the entire value chain of textiles from spinning to weaving to processing, cutting and sewing. In addition to the core manufacturing processes, the Company has integrated procurement, design, and packaging to ensure a total end-to-end solution for its clients.
The Company has 3 manufacturing units in Kolhapur. Company had acquired Pranavaditya Spinning Mills Limited (PSML) in 2007. The Company has a total of 80,016 spindles (including spindles at PSML) producing around 14,000 tonnes of cotton yarn annually.
The Company is the third largest manufacturer exporter of bed sheets with a global footprint spanning 16 countries across 4 continents. The Company has its own showroom on the prestigious Fifth Avenue in New York to exclusively cater to its US customers. The Company’s clientele includes some of the top global retailers and renowned international brands. The current product range of the Company is one of the most diversified in the industry ranging from 100 per cent cotton to blended yarns.
Outlook
According to the Cotton Textile Export Promotion Council (TEXPROCIL), the outlook for the industry for the year 2014-15 seems to be “cautious but stable”. The projected value of the India’s exports in the Home-textiles segment is estimated to US$ 6 billion. Improvements in key markets of the USA, Europe and the UK are definite positive signals for the industry. The industry projection for exports of cotton textiles for the year is estimated to be US$ 15 billion for the year 2014-15.
STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER & HALF
YEAR ENDED 30TH SEPTEMBER, 2014
(RS. IN MILLIONS)
|
Particular |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
Income from operations |
|
|
|
|
Net Sales/Income from Operations |
4545.600 |
3033.700 |
7579.300 |
|
Other Operating Income |
242.700 |
127.100 |
369.800 |
|
Total Income from
operations (net) |
4788.300 |
3160.800 |
7949.100 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of material sold |
2610.900 |
2203.200 |
4814.100 |
|
(b) Purchase of stock in trade |
--- |
3.800 |
3.800 |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
267.200 |
(410.500) |
(143.300) |
|
(d) Employee benefit expenses |
179.500 |
159.100 |
338.700 |
|
(e) Depreciation and amortization expenses |
36.600 |
35.700 |
72.300 |
|
(f) Consumption of Fuel, Power & Water |
145.800 |
138.300 |
284.100 |
|
(g) Other expenses |
786.200 |
547.200 |
1333.400 |
|
Total Expenses |
4026.200 |
2676.800 |
6703.100 |
|
Earnings before
interest, depreciation, tax and amortization (EBIDTA) |
798.700 |
519.700 |
1318.300 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
762.100 |
484.000 |
1246.000 |
|
Other Income |
--- |
--- |
--- |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
762.100 |
484.000 |
1246.000 |
|
Finance costs |
179.100 |
139.000 |
318.000 |
|
Profit/ Loss from Ordinary
Activities after Finance costs but Exceptional item |
583.000 |
345.000 |
928.000 |
|
Exceptional
item |
--- |
--- |
--- |
|
Profit/ Loss from Ordinary Activities
before tax |
583.000 |
345.000 |
928.000 |
|
Tax Expenses: |
|
|
|
|
Current Income
Tax |
122.200 |
72.500 |
194.700 |
|
Deferred Tax |
163.000 |
95.900 |
259.000 |
|
MAT Credit
Entitlement |
(122.200) |
(72.500) |
(194.700) |
|
MAT Credit
Entitlement of earlier years |
(5.000) |
--- |
(5.000) |
|
Net Profit/ Loss from Ordinary Activities
after tax |
425.000 |
249.100 |
674.000 |
|
Extraordinary
Items |
--- |
--- |
--- |
|
Net Profit for the period |
425.000 |
249.100 |
674.000 |
|
|
|
|
|
|
CASH PROFIT |
497.400 |
308.200 |
805.600 |
|
|
|
|
|
|
Paid- up
Equity Share Capital (Face value Rs. 2/- per share) |
365.800 |
365.800 |
365.800 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
--- |
--- |
--- |
|
Earnings per Share
: a) Basic and diluted EPS before extra-ordinary items for the period, for
the year to date and for the previous year (not annualized) |
11.62 |
6.81 |
18.43 |
|
b) Basic and
diluted EPS after extra-ordinary items for the period, for the year to date and
for the previous year (not annualized) |
11.62 |
6.81 |
18.43 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
16282094 |
16282094 |
16282094 |
|
Percentage of Shareholding |
44.51% |
44.51% |
44.51% |
|
|
|
|
|
|
2. Promoters and promoter group
shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of
Shares |
7232995 |
6295495 |
7232995 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter group) |
35.63% |
31.01% |
35.63% |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
19.77% |
17.21% |
19.77% |
|
|
|
|
|
|
b) Non - encumbered |
|
|
|
|
- Number of
Shares |
13066545 |
14004045 |
13066545 |
|
- Percentage of
Shares (as a % of
the total shareholding of promoter and promoter
group) |
64.37% |
68.99% |
64.37% |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
35.72% |
38.28% |
35.72% |
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
1. Segment Revenue |
|
|
|
|
a) Textiles |
4307.400 |
2781.800 |
7089.200 |
|
b) Consumer
Durable Goods/Electronics |
238.200 |
251.900 |
490.100 |
|
Total |
4545.600 |
3033.700 |
7579.300 |
|
|
|
|
|
|
2. Segment Results |
|
|
|
|
Profit/ (loss) before tax and interest |
|
|
|
|
a) Textiles |
758.000 |
477.400 |
1233.800 |
|
b) Consumer
Durable Goods/Electronics |
4.100 |
6.600 |
12.200 |
|
Total |
762.100 |
484.000 |
1246.000 |
|
Less: i) Interest |
179.100 |
139.00 |
318.000 |
|
ii) Exceptional Items |
--- |
--- |
--- |
|
Total Profit Before Tax |
583.000 |
345.000 |
928.000 |
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
|
a) Textile |
2920.300 |
2589.300 |
2920.300 |
|
b) Consumer
Durable Goods/Electronics |
373.100 |
369.000 |
373.100 |
|
Total |
3293.400 |
2958.300 |
3293.400 |
STATEMENT OF ASSETS AND LIABILITIES
(RS. IN MILLION)
|
Particulars |
|
|
As at 30.09.2014 |
|
|
|
|
(Unaudited) |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
390.800 |
|
(b) Reserves &
Surplus |
|
|
2919.500 |
|
Sub-total-Shareholder’s
funds |
|
|
3310.300 |
|
(2) Share Application
money pending allotment |
|
|
--- |
|
|
|
|
|
|
(3) Warrant Application
Money Pending Allotment-(Optionally fully convertible warrants) |
|
|
12.500 |
|
(4) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
923.100 |
|
(b) Deferred tax
liabilities (Net) |
|
|
156.800 |
|
(c) Other long term
liabilities |
|
|
0.500 |
|
Total Non-current
Liabilities |
|
|
1080.400 |
|
|
|
|
|
|
(5) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
1970.900 |
|
(b) Trade payables |
|
|
1573.600 |
|
(c) Other current
liabilities |
|
|
1505.200 |
|
(d) Short-term provisions |
|
|
461.100 |
|
Total Current Liabilities
|
|
|
5510.800 |
|
|
|
|
|
|
TOTAL |
|
|
9914.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
3439.500 |
|
(b) Non-current
Investments |
|
|
188.000 |
|
(c) Deferred tax assets
(net) |
|
|
--- |
|
(d) Long-term Loan and Advances |
|
|
47.900 |
|
Total Non-Current Assets |
|
|
3675.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Inventories |
|
|
2696.900 |
|
(b) Trade receivables |
|
|
1488.400 |
|
(c) Cash and cash
equivalents |
|
|
221.600 |
|
(d) Short-term loans and
advances |
|
|
874.100 |
|
(e) Other current assets |
|
|
957.700 |
|
Total Current Assets |
|
|
6238.600 |
|
|
|
|
|
|
TOTAL |
|
|
9914.000 |
Note:
1. The Statutory Auditors of the Company have carried out the "Limited Review" of the above financial results. The said financial results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors on 12.11.2014.
2. Effective 1st April, 2014, the company has revised its estimated useful life of fixed assets, wherever appropriate, on the basis of useful life specified in Schedule II of the Companies Act, 2013. The carrying amount as on 1st April, 2014 is depreciated over the revised remaining useful life. As a result of these changes, the depreciation charged for the period ended 30th September, 2014 is lower by Rs. 21.587 Millions and the effect relating to the period prior to 1st April, 2014 is Rs. 8.851 Millions (net of deferred tax asset of Rs.4.251 Millions ) which has been adjusted against opening balance of retained earnings, where the remaining useful life of the asset in nil.
3. The Company has changed the method of valuation of raw materials of spinning division from FIFO (first in first out) basis to weighted average method. The difference in value due to change in method is not significant.
4. Previous period / year's figures have been regrouped/rearranged wherever necessary.
FIXED ASSETS
- Land
- Building
- Plant and
Machinery
- Furniture and
Fixtures
- Factory and
Office Equipments
- Vehicles
WEBSITE DETAILS:
PRESS RELEASES:
EXIM BANK WITHDRAWS NOMINATION
OF NADEEM PANJETAN FROM INDO COUNT INDUSTRIES BOARD
Dec 11, 2014
Indo Count Industries has informed that Export-Import Bank of India (EXIM) had appointed Mr. Nadeem Panjetan as its Nominee on the Board of Directors of the Company on May 02, 2011. EXIM Bank vide its letter dated December 01, 2014 has withdrawn its nomination from the Board of Directors of the Company.
TO EXIT CDR BY
FY15-END, REPAY DEBT IN 2YRS: INDO COUNT
Dec 03, 2014
With the textile sector seeing green shoots backed by stable raw material
prices and growth in exports, companies such as Indo Count Industries
are proposing an exit from the corporate debt restructuring (CDR)
mechanism they had entered into a few years ago. Indo Count, a bed linen and
towel manufacturer, is considering exiting the CDR mechanism by the end of this
fiscal. Over the time, it has reduced debt to Rs 1100.000 Millions from Rs
2800.000 Millions plus, says company ED Kailash R Lalpuria in an interview to
CNBC-TV18. Going ahead, Indo Count hopes to pay back debt and finance working
capital through accruals within two years, he adds.
Below is the verbatim transcript of the
interview:
Q: It has been a roller coaster ride and I believe that in Q3 i.e. the current quarter, you are looking to get out of that CDR, progress on track and what about the promoters? They have been hiking stake in compliance with the CDR regulations but will you all be looking to hike stake further from these levels?
A: Yes we are exiting the CDR and we are discussing with our bankers currently and by this financial year end we should be able to exit the CDR. So it removes the constraints for our growth and provide us an impetus for good image of our company because when we went into CDR, everybody had written us off.
Q: Can you give us a sense in terms of what the total debt figures stand at for the company and how much would you like to reduce it by and how much have you reduced it by since the time you entered CDR as well?
A: See when we went into CDR we had a total debt of around Rs 2800.000 Millions plus. Thereafter we have reduced gradually our debt by making repayments to the bankers on time. As on date, our long-term debt is around Rs 1100.000 Millions which we intend to pay back in the next two years time and our working capital is around Rs 2000.000 Millions plus. So fairly we have small capital like base, we are repaying on time, and we intend to do so in the coming years because we have decent internal accruals in the company. So we intend to pay back the debt and use some of our reserves in the working capital in the times to come.
Q: The first half of this year has been quite good for you all. What is the outlook for this year itself, are you going to deliver a revenue growth of around 10-15 percent or thereabouts and also are margins at 16.6 percent sustainable? Are you going to do better than that?
A: Yes, we are going to maintain our topline and bottomline both. We intend to do so and we are working hard towards it. We are able to utilise our capacities upto 90 percent. We have currently a capacity of 45 million meters that we are utilising well and we are growing into other product mix and clientele mix and we are also enhancing our geographical reach by opening up offices in the UK as well as Australia to tap new markets. So that will bring in the growth for the company both in top-line and bottom-line.
CRISIL ASSIGNS
VALUATION GRADE OF 2/5 TO INDO COUNT INDUSTRIES
Nov 26, 2014
CRISIL Research's
report on Indo Count Industries
Indo Count Industries' (Indo Count's) Q2FY15 results were in line with CRISIL
Research's expectations. Revenues, adjusted for forex gain, grew 7% y-o-y to Rs
4,599 mn driven by 19% y-o-y revenue growth in home textiles. EBITDA margin
expanded by 535 bps y-o-y to 16.7%; adjusted for foreign exchange gain of Rs
190.000 Millions on forward cover hedges, margins expanded by 190 bps y-o-y.
Due to a healthy revenue growth and operating margin expansion, PAT increased
65% y-o-y to Rs 4200.000 Millions. We expect the growth traction in home
textiles to sustain ahead and maintain our fundamental grade of 3/5. The
company's planned expansion of 23 mn meters of bed sheet capacity to 68 mn
meters is on schedule and is expected to get operational by Q4FY15. In
addition, the management continues to negotiate with the lenders and expects to
come out of CDR by Q3FY15. We have broadly maintained our FY15 and FY16 revenue
and PAT estimates. We continue to value Indo Count by the DCF method and roll
over our valuation from FY16 to FY17. We also lower our cost of equity by 100
bps and improved margin profile considered in the long term. As a result, we
arrive at a fair value estimate of Rs 320 per share. At the current market
price of Rs 371, our valuation grade is 2/5.
Disclaimer: This report (Report) has been commissioned by the Company/Investor/Exchange and prepared by CRISIL. The report is based on data publicly available or from sources considered reliable by CRISIL (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. Opinions expressed herein are CRISIL's opinions as on the date of this Report. The Data / Report are subject to change without any prior notice. Nothing in this Report constitutes investment, legal, accounting or tax advice or any solicitation, whatsoever. The Report is not a recommendation to buy / sell or hold any securities of the Company. CRISIL especially states that it has no financial liability, whatsoever, to the subscribers / users of this Report. This Report is for the personal information of the authorized recipient only. This Report should not be reproduced or redistributed or communicated directly or indirectly in any form to any other person or published or copied in whole or in part especially outside India, for any purpose.
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.63.39 |
|
|
1 |
Rs.96.72 |
|
Euro |
1 |
Rs.75.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
46 |
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.