MIRA INFORM REPORT
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Report No. : |
302290 |
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Report Date : |
10.01.2015 |
IDENTIFICATION DETAILS
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Name : |
GARWARE POLYESTER LIMITED |
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Registered
Office : |
Naigaon, Post Waluj, Aurangabad – 431133, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
06.06.1957 |
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Com. Reg. No.: |
11-010889 |
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Capital Investment
/ Paid-up Capital : |
Rs.777.131 Millions |
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CIN No.: [Company Identification
No.] |
L10889MH1957PLC010889 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKG01359B |
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PAN No.: [Permanent Account No.] |
AAACG0571D |
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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 of flexible packaging, shrink labels, electrical
motor and cable insulation, sequin, TV screen, magnetic media, imaging,
metallic yarn, laminated films for glass tint, safety application etc. |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 a satisfactory track record. There is dip in the profit of the company during 2014. However,
general financial position seems to be good. Trade relations are reported to be fair. Business is active. Payment
terms reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. Note : The subject company of Mumbai Branch has been found under RBI
Defaulter list. Name of the Credit Grantors is UTI Mutual Fund and the amount
charged is Rs. 127.332 Millions |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
BBB+ (Long Term Bank Facilities) |
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Rating Explanation |
Have moderate degree of safety and carry
moderate credit risk. |
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Date |
07.07.2014 |
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Rating Agency Name |
CARE |
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Rating |
A3+ (Short Term Bank Facilities) |
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Rating Explanation |
Have moderate degree of safety and carry
higher credit risk. |
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Date |
07.07.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under :
Suit-filed accounts
(Willful Defaulters) of Rs. 2.500 Millions
and above as on 26-Jan-2015
Borrowers details
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Borrower name |
GARWARE POLYESTER LIMITED |
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D&B D-U-N-S® Numbers |
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Address |
NAIGAON, POST WALUJ, AURANGABAD - 431133, MAHARASHTRA |
Name of Directors Reported by Credit Grantors Filing the Suit:
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Sr.No. |
Directors Reported by Credit Grantors |
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1 |
||
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2 |
A M NAIK |
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3 |
B MORADIAN |
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4 |
GAUTAM DOSHI |
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5 |
||
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6 |
N P CHAPALGAONKAR |
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7 |
PRASENJIT GUHA |
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8 |
S B GARWARE |
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9 |
S N BAHETI |
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10 |
S S GARWARE |
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11 |
SARITA GARWARE |
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List of Credit Grantors to which GARWARE POLYESTER LIMITED is a
defaulter :
|
Names of Credit
Grantors |
Branch |
Amount |
|
UTI MUTUAL FUND |
MUMBAI |
127.332 |
|
|
Total |
127.332 |
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE (TEL. NO.: 91-22-66988000 / 91-240-2554427)
LOCATIONS
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Registered Office/ Factory 1 : |
Naigaon, Post Waluj, |
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Tel. No.: |
91-240-2554427 |
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Mobile No.: |
91-9820190665 (Mr. H. M. Desai) |
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Fax No. : |
91-240-2554672 |
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E-Mail : |
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Website: |
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Area: |
Owned |
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Corporate/ Head Office/ Factory 2 : |
Garware House, 50-A, Swami Nityanand Marg, Western
Express Highway, Vile Parle (East), Mumbai- 400 057, Maharashtra, India |
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Tel. No.: |
91-22-66988000 |
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Fax No.: |
91-22-28248155/ 28248199 |
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E-Mail : |
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Factory 3 : |
Polyester Film Plant, L-5 and L-6, Chikalthana, Industrial Area, Dr.
Abasaheb Garware Marg, |
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Tel. No.: |
91-240-2485465/ 2485466 |
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Fax No.: |
91-240-2484179/ 2484262/ 2486002 |
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E-Mail : |
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Factory 4 : |
A-1 and A-2, MIDC, Ambad, Nasik- 422 010, Maharashtra,
India |
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Tel. No.: |
91-253-2382781 to 85 |
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Fax No.: |
91-253-2382410 |
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Marketing Offices
1 / Branch Office 1: |
403, Madarn Bhikaji Cama Bhawan, 11, Bhikaji Cama Place, New Delhi- 110 066, India |
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Tel. No.: |
91-11-26715091 to 96 |
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Fax No.: |
91-11-26715098 |
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Marketing
Offices 2 / Branch Office 2 : |
37/1 B, Hazra Road, Kolkata 700 029, West Bengal, India |
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Tel. No.: |
91-33-24746823 / 24761350 |
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Fax No.: |
91-33-24749100 |
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Marketing
Offices 3 : |
Old No.37, New No.55, Ambercrest, 4th Floor, Pantheon Road Lane,
Egmore, Chennai – 600008, Tamilnadu, India |
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Tel. No.: |
91-44-28420939 |
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Fax No.: |
91-44-28593924 |
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Branch Office 3
: |
204, DLF Tower B, Near Apollo Hospital, Jasola, New Delhi- 110 025, India |
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Overseas Office
1 : |
Global Pet films
Inc 9050 Pines Blvd., Suite #425, Pembroke Pines, Florida 33024 U.S.A. |
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Tel. No.: |
9544997990 |
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Fax No.: |
9544997992 |
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E-Mail : |
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Overseas Office
2 : |
Garware Polyester
Limited Unit 2-17, The Plaza, 535 Kings Road, London SW10 0SZ, U.K. |
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Tel. No.: |
+44 20 7376 3931 |
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Fax No.: |
+44 20 7376 3932 |
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E-Mail : |
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Overseas Branch Office
: |
Unit 2-17, The Plaza, 535, Kings Road, London - SW10 0SZ. |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Shashikant B. Garware |
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Designation : |
Chairman and Managing Director |
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Address : |
Flat No.L-1, 12th Floor, Eden Hall, |
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Name : |
Mrs. Sheela S. Garware |
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Designation : |
Director |
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Address : |
Flat No.L-1, 12th Floor, Eden Hall, |
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Name : |
Mrs. Monika Garware Modi |
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Designation : |
Vice Chairperson and Jt. Managing Director |
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Address : |
Flat No.L-1, 12th Floor, Eden Hall, |
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Date of Birth/Age : |
04.06.1963 |
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Qualification : |
M.B.A. (U.S.A.) |
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Date of Appointment : |
31.03.1989 |
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Expertise in specific functional areas : |
Finance and Marketing |
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Directorship held in other public
companies : |
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Name : |
Ms. Sarita Garware |
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Designation : |
Jt. Managing Director |
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Address : |
Flat No.L-1, 12th Floor, Eden Hall, |
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Name : |
Ms. Sonia Garware |
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Designation : |
Director |
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Address : |
Flat No.L-1, 12th Floor, Eden Hall, |
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Date of Birth/Age : |
24.07.1971 |
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Qualification : |
M.B.A. (U.S.A.) |
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Date of Appointment : |
31.01.2007 |
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Expertise in specific functional areas : |
Finance, Marketing and Strategic Management |
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Directorship held in other public
companies : |
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Name : |
Mr. Mohan S. Adsul |
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Designation : |
Director – Technical |
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Address : |
Plot No.10, N-5, A1 Parijat Nagar, CIDCO, |
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Date of Birth/ Age : |
01.06.1955 |
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Date of Appointment : |
31.07.2007 |
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Qualification : |
B. Sc. (Tech) in Plastics and DBM |
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Expertise in specific functional areas : |
Product Development and Production |
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Directorship held in other public
companies : |
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Memberships/ Chairmanships of
Committees across public companies |
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Name : |
Mr. Boman Moradian |
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Designation : |
Director |
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Address : |
M. |
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Name : |
Mr. Narendra P. Chapalgaonkar |
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Designation : |
Director |
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Address : |
13, Jaynagar, Near Dashmeshnagar, |
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Date of Birth/ Age : |
10.04.1937 |
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Appointment Date : |
23.10.2003 |
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Qualification : |
M.A. and L .L.B |
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Expertise in specific functional areas : |
Retd. Judge of Bombay High Court |
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Name : |
Mr. Dilip J. Thakkar |
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Designation : |
Director |
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Address : |
Little |
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Date of Birth/ Age : |
01.10.1936 |
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Appointment Date : |
30.04.2007 |
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Qualification : |
Chartered Accountant |
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Expertise in specific functional areas : |
Taxation and Foreign Exchange Regulation |
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Directorship held in other public
companies : |
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Memberships/ Chairmanships of
Committees across public companies |
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Name : |
Dr. Mahesh C. Agarwal |
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Designation : |
Director |
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Address : |
705, Manisha
Apartments, |
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Date of Birth/ Age : |
23.10.1946 |
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Appointment Date : |
29.04.2009 |
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Qualification : |
Masters in Psychology. Ph. D |
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Name : |
Mr. Ramesh P. Makhija |
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Designation : |
Director |
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Address : |
Flat No.61, Ashoka Apartment, 6th Floor, Nepeansea Road, Mumbai
– 400006, Maharashtra, India |
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Date of Birth/ Age : |
19.08.1950 |
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Appointment Date : |
12.11.2009 |
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Qualification : |
L.L.B. Attorney – at - Law |
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Expertise in specific functional areas : |
Law |
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Directorship held in other public
companies : |
I-flex Solutions Trustee Company Limited |
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Name : |
Mr. A. B. Bhalerao |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Koul |
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Designation : |
Company Secretary and Senior General Manager |
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Name : |
T. M. Parikh |
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Designation : |
Company Secretary and senior General Manager |
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Name : |
S.C. Nanda |
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Designation : |
Chief Financial Officer |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
1873623 |
8.04 |
|
|
1336391 |
5.73 |
|
|
10595401 |
45.44 |
|
|
10595401 |
45.44 |
|
|
13805415 |
59.21 |
|
|
|
|
|
|
268595 |
1.15 |
|
|
268595 |
1.15 |
|
Total shareholding of Promoter and Promoter Group (A) |
14074010 |
60.36 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
15076 |
0.06 |
|
|
3305 |
0.01 |
|
|
853956 |
3.66 |
|
|
3855 |
0.02 |
|
|
6011 |
0.03 |
|
|
6011 |
0.03 |
|
|
882203 |
3.78 |
|
|
|
|
|
|
1135336 |
4.87 |
|
|
|
|
|
|
3732774 |
16.01 |
|
|
3227983 |
13.85 |
|
|
262844 |
1.13 |
|
|
67599 |
0.29 |
|
|
175813 |
0.75 |
|
|
19432 |
0.08 |
|
|
8358937 |
35.85 |
|
Total Public shareholding (B) |
9241140 |
39.64 |
|
Total (A)+(B) |
23315150 |
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) |
23315150 |
100.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Name
of the Shareholder |
Details
of Shares held |
|
|
No.
of Shares held |
As a
% |
|
|
Shashikant Bhalchandra Garware |
11,63,001 |
4.99 |
|
Sheela Shashikant Garware |
1,75,465 |
0.75 |
|
Monika Garware Modi |
2,67,504 |
1.15 |
|
Sarita Garware |
2,67,653 |
1.15 |
|
Sonia Shashikant Garware |
2,68,595 |
1.15 |
|
S B Garware Family Trust |
1,05,92,401 |
45.43 |
|
B D Garware Research Centre |
10,67,216 |
4.58 |
|
Great View Real Estates
Private Limited |
2,69,175 |
1.15 |
|
Monika Garware Modi Benefit
Trust |
1,000 |
0 |
|
Sarita Garware Benefit Trust |
1,000 |
0 |
|
Sonia Garware Benefit Trust |
1,000 |
0 |
|
Total |
1,40,74,010 |
60.36 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Name
of the Shareholder |
No.
of Shares held |
Shares
as % of Total No. of Shares |
|
|
Bharat J Patel |
1084238 |
4.65 |
|
|
Life Insurance Corporation of India |
853956 |
3.66 |
|
|
Hardik B Patel |
553544 |
2.37 |
|
|
Dalal and Broacha Stock Broking Private Limited |
278485 |
1.19 |
|
|
PAT Financial Consultants Private Limited |
236299 |
1.01 |
|
|
Total |
3006522 |
12.9 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of flexible packaging, shrink labels, electrical
motor and cable insulation, sequin, TV screen, magnetic media, imaging,
metallic yarn, laminated films for glass tint, safety application etc. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information Decline by the management |
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Bankers : |
· Indian Overseas Bank · Dena Bank · The Federal Bank Limited ·
State Bank of ·
Bank of India |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
Shah and Company Chartered Accountants |
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Address : |
Mumbai, |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary : |
Garware Polyester International Limited |
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Enterprises over which key managerial person are able to exercise
significant influence : |
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CAPITAL STRUCTURE
As on 25.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
6000000 |
Preference Shares |
Rs.100/- each |
Rs.600.000 Millions |
|
|
Total |
|
Rs.1000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23315150 |
Equity Shares |
Rs.10/- each |
Rs.233.152
millions |
|
|
Less: Unpaid Allotment Call Money |
|
Rs.0.621
Million |
|
5446000 |
0.01% Cumulative Redeemable Preference
Shares |
Rs.100/-
each |
Rs.544.600
Millions |
|
|
Total |
|
Rs.777.131 Millions |
Out of
the above:
(i) 2,00,000 Equity Shares of Rs.10/- each
were allotted as fully paid-up to various schemes operating under UTI Assets
Management Company Limited at a premium
of Rs. 22.67 per Share on 23rd December, 2008 as per arrangement (Previous Year
200,000).
(ii) 2,54,764 Equity Shares of Rs. 10/- each
fully paid-up issued to the shareholders of Garware Chemicals Limited (GCL) as
per scheme of arrangement under Section
391 to 394 of the Companies Act, 1956 on 14th November, 2011. (Previous Year 2,
54,764)
(iii) 54,46,000 0.01% Cumulative Redeemable
Preference Shares of Rs. 100/- each were allotted as fully paid-up to IDBI at
par (49,54,000 on 7th November, 2007 and
4,92,000 on 19th June, 2008) as per arrangement. (Previous Year 54, 46,000)
Terms
/ Rights attached to Shares
Equity
Shares :
The company has only one class of equity
shares having a par value of Rs. 10/- per share. Each equity
shareholder 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 approval of Shareholders in the ensuing Annual General Meeting.
As per the companies Act, 1956 the holders
of equity shares will be entitled to receive remaining assets of the company,
after distribution of all preferential
amounts in the event of Liquidation of the company. The distribution will be in
proportion to the number of equity shares held by the shareholder.
Preference
Shares :
The preference shares amounting to Rs.
4,9.540 Millions allotted on 07.11.2007 are redeemable in 3 equal installments
from 1st April, 2014 to 1st April, 2016 and Rs. 49.200 Millions allotted on
19.06.2008 shall be redeemed in single installment on 1st April, 2016. These
preference shares carry a fixed cumulative dividend of 0.01% per annum.
a. Reconciliation of
the Number of Shares Outstanding at the beginning and at the end of the year
|
|
31.03.2014 |
|
|
Equity Shares |
No. of Shares |
Rs. In Millions |
|
At the beginning of the period |
23315150 |
2331.52 |
|
Issued during the year |
000 |
0.000 |
|
Outstanding at the
end of the year |
23315150 |
2331.52 |
|
|
|
|
|
Preference Shares |
|
|
|
At the beginning of the year |
5446000 |
5446.00 |
|
Issued during the year |
000 |
0.000 |
|
Outstanding at the end
of the year |
5446000 |
5446.00 |
b. Details of
Shareholders holding more than 5% Equity Shares in the company
|
|
31.03.2014 |
|
|
Name of the
Shareholders |
No. of Shares |
% of Holding |
|
IDBI Bank Limited |
5446000 |
100.0 |
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 |
777.131 |
777.131 |
777.131 |
|
(b) Reserves & Surplus |
5287.277 |
5173.450 |
4344.357 |
|
(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) |
6064.408 |
5950.581 |
5121.488 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
731.478 |
745.361 |
326.724 |
|
(b) Deferred tax liabilities (Net) |
243.097 |
211.365 |
369.96 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
44.838 |
40.862 |
82.174 |
|
Total Non-current
Liabilities (3) |
1019.413 |
997.588 |
778.858 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2739.917 |
1931.804 |
1792.48 |
|
(b) Trade
payables |
436.711 |
344.792 |
242.835 |
|
(c) Other
current liabilities |
491.598 |
393.986 |
337.048 |
|
(d) Short-term
provisions |
85.222 |
86.728 |
102.893 |
|
Total Current
Liabilities (4) |
3753.448 |
2757.310 |
2475.256 |
|
|
|
|
|
|
TOTAL |
10837.269 |
9705.479 |
8375.602 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
5607.043 |
5534.333 |
4786.611 |
|
(ii)
Intangible Assets |
8.613 |
11.452 |
452.547 |
|
(iii) Capital
work-in-progress |
861.938 |
390.855 |
41.947 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
20.694 |
21.446 |
21.446 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
839.713 |
944.262 |
612.195 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
7338.001 |
6902.348 |
5914.746 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1455.575 |
921.428 |
1193.048 |
|
(c) Trade
receivables |
589.424 |
451.131 |
193.998 |
|
(d) Cash
and cash equivalents |
912.603 |
985.615 |
574.334 |
|
(e)
Short-term loans and advances |
514.719 |
428.812 |
487.306 |
|
(f) Other
current assets |
26.947 |
16.145 |
12.170 |
|
Total
Current Assets |
3499.268 |
2803.131 |
2460.856 |
|
|
|
|
|
|
TOTAL |
10837.269 |
9705.479 |
8375.602 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8351.859 |
7759.956 |
7883.628 |
|
|
|
Other Income |
116.302 |
81.375 |
189.108 |
|
|
|
TOTAL (A) |
8468.161 |
7841.331 |
8072.736 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5316.121 |
4150.315 |
4471.644 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
44.183 |
283.144 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(292.878) |
207.392 |
(253.611) |
|
|
|
Employees benefits expense |
584.694 |
510.289 |
554.364 |
|
|
|
Other expenses |
2071.452 |
2178.619 |
1979.547 |
|
|
|
Exceptional Items |
(62.216) |
(55.614) |
(13.400) |
|
|
|
TOTAL (B) |
7617.173 |
7035.184 |
7021.688 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
850.988 |
806.147 |
1051.048 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
369.474 |
294.632 |
283.275 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
481.514 |
511.515 |
767.773 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
334.751 |
393.144 |
417.088 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
146.763 |
118.371 |
350.685 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
32.997 |
(158.694) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
113.766 |
277.065 |
350.685 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
4529.697 |
4560.294 |
3672.875 |
|
|
|
Dividend Income |
19.918 |
0.000 |
45.595 |
|
|
TOTAL EARNINGS |
4549.615 |
4560.294 |
3718.470 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
628.260 |
514.141 |
378.199 |
|
|
|
Components and Stores parts |
15.266 |
15.682 |
1.945 |
|
|
|
Packing Material |
5.102 |
10.275 |
34.83 |
|
|
|
Capital Goods |
244.674 |
182.336 |
71.355 |
|
|
TOTAL IMPORTS |
893.302 |
722.434 |
486.329 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.88 |
11.88 |
15.04 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.76 |
1.53 |
4.45 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDIT/Sales) |
(%) |
10.19 |
10.39 |
13.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.47 |
1.27 |
4.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.02 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.57 |
0.45 |
0.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93 |
1.02 |
0.99 |
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 |
777.131 |
777.131 |
777.131 |
|
Reserves & Surplus |
4344.357 |
5173.450 |
5287.277 |
|
Net
worth |
5121.488 |
5950.581 |
6064.408 |
|
|
|
|
|
|
long-term borrowings |
326.724 |
745.361 |
731.478 |
|
Short term borrowings |
1792.480 |
1931.804 |
2739.917 |
|
Total
borrowings |
2119.204 |
2677.165 |
3471.395 |
|
Debt/Equity
ratio |
0.414 |
0.450 |
0.572 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
7883.628 |
7759.956 |
8351.859 |
|
|
|
(1.569) |
7.628 |
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 |
7883.628 |
7759.956 |
8351.859 |
|
Profit |
350.685 |
277.065 |
113.766 |
|
|
4.45% |
3.57% |
1.36% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT = NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
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 |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LATIGATION DETAILS
Case
Details
Bench:
Bombay
Presentation
Date: - 29.05.2013
|
Lodging No:- |
ITXAL/797/2013 |
Filing Date:- |
29/05/2013 |
Reg. No.:- |
ITXA/1434/2013 |
Reg. Date:- |
29/07/2013 |
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX – 8, |
Respondent:- |
M/S GARWARE POLYSTER LIMITED |
|
Petn.Adv.:- |
ARVIND PINTO (|1982) |
Res. Adv:- |
ATUL K. JASANI (0) |
|
District:- |
MUMBAI |
|
|
|
Bench:- |
DIVISION |
|
|
|
Status:- |
Pre-Admission |
Category:- |
Tax Appeals |
|
Next Date:- |
28/01/2015 |
Stage:- |
FOR ADMISSION |
|
Coram:- |
HON’BLE SHRI JUSTICE S. C. DHARMADHIKARI HON’BLE SHRI JUSTICE A.A. SAYED |
|
|
|
Act :- |
Income Tax Act, 1961 |
Under Section:- |
260A |
UNSECURED
LOAN
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Interest Free Sales tax / VAT Deferral Loan of SICOM |
120.346 |
120.346 |
|
Total |
120.346 |
120.346 |
OPERATIONS
The year 2013-14 has ended with marginal improvement over the year 2012-13
with increase in sales by about 8% due to higher sales volume of Industrial
Products. The average sales realization was also better compared to previous
year due to better product mix. This was achieved irrespective of increase in
Raw material and interest costs for the term loans. The Company is making
efforts to divert the spare capacity of Consumer Products Division for exports
which capacity has become spare due to the ban on use of Sun control film on
motor car windows in Indian market on account of the order of the Hon’ble
Supreme Court of India
FUTURE
OUTLOOK
The overcapacity situation persists in the Polyester film manufacturing
Industry in Indian Market as well as in International Market. The prices remain
under pressure due to competition and oversupply situation. The Company has
shifted its focus to the Specialty films and already developed some new
products for the market such as digital printable films, Films for solar back
sheet application and films with high Infrared heat rejection for Automobiles.
These films will cater to the export market.
AWARDS AND
RECOGNITIONS
During this year, the Company has been honoured with eight Safety Awards
at National as well as State Levels by various Government Authorities, viz. National
Safety Council of India (NSCI), and Maharashtra State Chapter of National
Safety Council (NSC – MC). Out of these eight awards, three awards were won by
the Company’s employees for their contribution in State Level Safety Slogan
Competition
COMPANY OVERVIEW
AND ECONOMIC ENVIRONMENT
Subject is the pioneer and one of the largest exporters of polyester
films in India. The Company manufactures Bi-axially oriented polyethylene
terephthalate (BOPET) / Polyester Films, Sun Control Films and Specialty
Polyester films of high quality for a variety of end applications. GPL also
manufactures the premium grade heat rejection films based on the latest ‘Nano
Technology’ developed in its in-house R&D facility centre. GPL is the only
manufacturer in India and one out of the two manufacturers of dyed polyester
films in the world and possesses patented technology for the same.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Polyester films has wide applications in a host of industries engaged in
the manufacture of flexible packaging, shrink labels, electrical motor and
cable insulation, sequin, TV screen, magnetic media, imaging, metallic yarn,
laminated films for glass tint, safety application etc. Sun Control films cater
to the automobile and real estate sector. The Company has a well-developed
marketing network throughout the world, some of the major regions being Europe,
USA, Far East, Middle East, Africa, South America etc. The Company has
developed a wide network of dedicated customers in Europe, USA, Far East, Middle
East, Brazil, Australia, China,
Russia, New Zealand, Eastern Europe, Mexico and Africa. In order to
expand the business and offer better services to the customers of Consumer
products in overseas market, the Company has Subsidiary Companies / Branch office
situated in USA and UK. The quality of GPL products is rated amongst the best
in the world and the Company pays special attention on customer service and
satisfaction due to which the customer base is consistent and increasing.
OUTLOOK EXPORTS
Plain Film:
The Company has maintained its record of being the top exporter of
polyester films and bagged the top exporter award from Plexconcil. With the
introduction of variety and high quality product offerings, the Company is
fully confident of maintaining its strong position in exports. Presently
Company products are being successfully sold in China, Europe, Eastern Europe,
USA, South America, Africa, Middle East, Far-East, Australia, New Zealand etc.
Sun Control Film:
The Company has successfully launched multiple brands, new products and
with aggressive and innovative marketing strategies. The Company has introduced
Infrared rejection films which can reduce infrared heat up to 92% apart from UV
reduction of 95%. The Company has also introduced technology based films. The
Company has also developed the film to filter the mobile tower radiation. The
growth in Sun Control films is expected to be sustained during the coming
years. Sun Control films are presently being marketed throughout the world and
our consistent high-class quality and better customer orientation are highly
valued in the market. The Company plans to market window films in the Realty
Sector aggressively and the thrust will continue to be for exports. The
Consumer Products Division of the Company are marketed in Europe through its
Branch in UK and in the USA market by Global Pet Films Inc. (GPF), a wholly
owned subsidiary of GPIL. The aim is to expand export base and through the
above Branch / Subsidiary catapult international operations into a major growth
driver.
Thermal Film:
With variety and high quality product offerings in thermal lamination
films, the Company is fully confident of growing its share in the export
market. With setting up the BOPP plant, the input films for thermal Lamination
will be available within. GPL has developed Gold & Feather feel films at
this division and focusing on increasing exports volume for these specialty
products.
Domestic Market:
Growing Retail sector, increasing preference towards packaged items,
liberalization and rising middleclass is expected to increase in consumption of
Polyester Films thereby adding to growth of this segment in the domestic
market. Increased usage of window films in offices, commercial buildings and
malls will continue to add to the growth of the Company’s business in the
premium segment of window films
CONTINGENT LIABILITIES
CONTINGENT LIABILITIES NOT PROVIDED FOR -
(Rs. In Millions)
|
|
As at 31.03.2014 |
|
Disputed Matters in
appeal/contested in respect of |
|
|
Income
Tax |
148.764 |
|
Excise
Duty and Service Tax |
47.716 |
|
Sales
Tax |
90.096 |
|
Local
Body Tax |
38.306 |
|
Maharashtra
State Electricity Board (MSEB) |
2.772 |
|
Total |
327.645 |
Notes :
1.
The Company has given
counter-guarantees for Rs. 518.257 Millions
(Previous Year Rs. 343.691 Millions) to Banks in respect of guarantees
given by the Banks to third parties for purchase of equipment, supply of goods,
clearance of goods from Customs, Excise Bonds, etc.
2.
Letters of Credit opened on behalf of the
Company by Banks for purchase of materials and equipment amount to Rs. 2590.460
Millions (Previous Year Rs. 1707.895 Millions).
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2014
(Rs. In Millions)
|
Sr. No |
Particulars |
For the Quarter Ended 30.09.2014 (Unaudited) |
For the Quarter Ended 30.06.2014 (Unaudited) |
|
1 |
Income from
Operations |
|
|
|
|
a) Net Sales /
Income from Operations |
2316.900 |
2197.000 |
|
|
(Net of Excise Duty) |
|
|
|
|
b) Other Operating Income |
38.300 |
42.500 |
|
|
Total Income from
operations (net) |
2355.200 |
2239.500 |
|
2 |
Expenses |
|
|
|
|
a) Cost of Materials Consumed |
1562.000 |
1263.200 |
|
|
b) Purchase of stock-in-trade |
0.000 |
0.000 |
|
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(126.800) |
35.200 |
|
|
d) Employee benefit expense |
162.300 |
157.100 |
|
|
e) Depreciation and amortisation expense |
38.300 |
31.800 |
|
|
f) Power & Fuel |
218.100 |
222.000 |
|
|
g) Other expense |
352.900 |
346.100 |
|
|
Total Expenses |
2206.800 |
2055.400 |
|
3 |
Profit/ (Loss) from
Operations before other Income, Finance cost and exceptional items (1-2) |
148.400 |
184.100 |
|
4 |
Other Income |
20.700 |
23.200 |
|
5 |
Profit/(Loss) from
ordinary activities before finance cost and exceptional items (3+4) |
169.100 |
207.300 |
|
6 |
Finance Cost |
106.200 |
92.600 |
|
7 |
Profit/(Loss) from ordinary
activities after finance cost but before exceptional items (5-6) |
62.900 |
114.700 |
|
8 |
Exceptional Items |
0.000 |
0.000 |
|
9 |
Profit / (Loss)
from Ordinary activities before tax (7-8) |
62.900 |
114.700 |
|
10 |
Tax Expenses |
|
|
|
|
Current Tax |
12.000 |
22.800 |
|
|
Less: MAT Credit Entitlement |
(12.000) |
(22.800) |
|
|
Deferred Tax( includes Rs. 776 Lakhs of previous year). |
22.300 |
36.200 |
|
|
(Excess) / Short Provision for Tax of Earlier Years (Net) |
0.000 |
0.000 |
|
|
Total Tax Expense |
22.300 |
36.200 |
|
11 |
Net Profit / (Loss)
from Ordinary activities after tax (9-10) |
40.800 |
78.500 |
|
12 |
Extraordinary Items (Net of tax expenses) |
0.000 |
0.000 |
|
13 |
Net Profit / (Loss)
for the period (11-12) |
40.800 |
78.500 |
|
14 |
Paid-up Equity Share Capital ( Face value |
2325 |
2325 |
|
|
Rs. 10/- each) |
|
|
|
15 |
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
16 |
Earning per share
(EPS) in Rs. |
|
|
|
|
a. Basic and Diluted EPS before Extraordinary Items for the period (Not annualised) |
1.74 |
3.37 |
|
|
b. Basic and Diluted EPS after Extraordinary Items for the period (Not annualised) |
1.74 |
3.37 |
|
Part II |
30.09.2014 |
30.06.2014 |
|
|
A |
|
(Unaudited) |
(Unaudited) |
|
1 |
Public shareholding |
|
|
|
|
- Number of shares |
9256441 |
9256441 |
|
|
-Percentage of Shareholding |
39.70 |
39.70 |
|
2 |
Promoter and
Promoter group Shareholding |
|
|
|
|
a) Pledged/
Encumbered |
|
|
|
|
-Number of shares |
Nil |
Nil |
|
|
-Percentage of shares (as a % of the total shareholding of promoter and promoter |
Nil |
Nil |
|
|
-Percentage of shares (as a % of the total share capital of the company) |
Nil |
Nil |
|
|
b) Non-encumbered |
|
|
|
|
-Number of shares |
14058709 |
14058709 |
|
|
-Percentage of shares (as a % of the total shareholding of promoter and promoter |
100 |
100 |
|
|
-Percentage of shares (as a % of the total |
60.30 |
60.30 |
|
|
Particulars |
Quarter Ended on
30.09.2014 |
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
24 |
|
|
Disposed of during the quarter |
24 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Notes:
- The above results have been reviewed by the Audit Committee and approved and taken on record by the Board of Directors of the Company at their respective meetings held on July 31, 2014
- The Company operates in one segment only i.e. Polyester Films.
- Exceptional item represents the sales tax amount expensed out in prior year, now written back as per the opinion obtained by the Company.
- The figures of the last quarter ended are the balancing figures between the audited figures in respect of full financial year ended March 31, 2014 and the published year to date figures upto the 3rd quarter ended December 31, 2013.
- Previous period figures have been regrouped and reclassified to make them comparable with the figures of the current period.
- Precious period figure have been regrouped and reclassified to make them comparable with the figures of the current period.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10490002 |
25/04/2014 |
704,000,000.00 |
BANK OF INDIA |
BANK OF INDIA, 92-93 FREE PRESS HOUSE 215, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
C03761665 |
|
2 |
10418501 |
14/03/2014 * |
454,400,000.00 |
INDIAN OVERSEAS BANK |
NEW MARINE LINES BRANCH, MERCHANT CHAMBERS, GROUND FLOOR, OPP.SNDT COLLEGE, MUMBAI, MAHARASHTRA - 400020, INDIA |
C05346192 |
|
3 |
10384547 |
28/09/2012 |
220,000,000.00 |
INDIAN OVERSEAS BANK |
NEW MARINELINES BRANCH,
MERCHANT CHAMBER, GROUND |
B61404307 |
|
4 |
10374082 |
14/03/2014 * |
375,000,000.00 |
DENA BANK |
INDUSTRIAL FINANCE
BRANCH, 1ST FLOOR, 17, HORNIM |
C08887614 |
|
5 |
10338310 |
14/03/2014 * |
367,000,000.00 |
INDIAN OVERSEAS BANK |
NEW MARINE LINES BRANCH, MERCHANT CHAMBERS, GROUND FLOOR, OPP.SNDT COLLEGE, MUMBAI, MAHARASHTRA - 400020, INDIA |
C05342555 |
|
6 |
10306368 |
10/10/2013 * |
352,500,000.00 |
INDIAN OVERSEAS BANK |
NEW MARINELINES
BRANCH, MERCHANT CHAMBER, GROUND |
B88496500 |
|
7 |
10248201 |
08/10/2010 |
25,100,000.00 |
TATA CAPITAL LIMITED |
ONE FORBES, DR V B
GANDHI MARG,FORT, MUMBAI, MAHA |
A97296578 |
|
8 |
90222741 |
22/08/2014 * |
5,849,500,000.00 |
INDIAN OVERSEAS BANK |
NEW MARINE LINES BRANCH,
MERCHANT CHAMBERS, GROUND FLOOR, OPP.SNDT COLLEGE, MUMBAI, MAHARASHTRA - 4 |
C21020078 |
* Date of charge modification
FIXED ASSETS
·
Land
(Freehold)
·
Land
(Leasehold)
·
Buildings
·
Plant
and Machinery
·
Electrical
Installations
·
Mould
·
Laboratory
Equipments
·
Furniture
and Fixtures
·
Office
Equipment
·
Vehicles
·
Data
Processing Equipments
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. 62.39 |
|
|
1 |
Rs. 94.16 |
|
Euro |
1 |
Rs. 73.61 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
ASH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
YES |
|
--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.