MIRA INFORM REPORT
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Report No. : |
333159 |
|
Report Date : |
23.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
ESSEL PROPACK LIMITED |
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|
|
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Registered
Office : |
P. O. Vasind, Taluka Shahapur, Thane-421604, Maharashtra |
|
Tel. No.: |
91-22-24819000 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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|
|
Date of
Incorporation : |
22.12.1982 |
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Com. Reg. No.: |
11-028947 |
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Capital
Investment / Paid-up Capital : |
Rs. 314.167 Million |
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|
|
CIN No.: [Company Identification
No.] |
L74950MH1982PLC028947 |
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|
|
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IEC No.: |
0388111569 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACE1568L |
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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 and Seller of Composite Laminated Collapsible
Tubes, Laminates and Plastic Films. |
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|
|
|
No. of Employees
: |
945 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (59) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company incorporated during the year
1982 having a fine track record. For the financial year 2015, the company possesses strong operational
activity marked by impressive sales turnover along with profitability margin
of 7.4%. Further the company has decent market position marked by good
financial risk profile along with healthy net worth position and good gap
between trade payables and receivables. Trade relations are reported as fair. Business is active. Payment terms
are reported to be regular and as per commitment. In view of long business track record and good liquidity profile, the
company can be considered normal 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE Rating |
|
Rating |
Non-Convertible Debentures (A) |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
05.11.2015 |
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
31-03-2013.
INFORMATION DECLINED BY
|
Name : |
Ms. Sujoti |
|
Contact No.: |
91-22-24819000 |
|
Date : |
21.07.2015 |
LOCATIONS
|
Registered Office : |
P. O. Vasind, Taluka Shahapur, Thane-421604, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
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Corporate Office: |
Top Floor, Times Tower,
Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai - 400013, Maharashtra,
India |
|
Tel. No.: |
91-22-24819000/ 9200 |
|
Fax No.: |
91-22-24963137 |
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|
|
|
Factories : |
Located at: ·
Vasind ·
Murbad ·
Wada ·
Chakan ·
Goa ·
Silvassa · Nalagarh |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Dr.
Subhash Chandra |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
65
Years |
|
Qualification : |
He is one of the founder Members
and associated with the Company since 1982 as Chairman. He has a wealth of
experience in the industry in various sectors such as Packaging, Media,
Entertainment, etc. He is also serving as a Director on the Board of various
reputed Companies. |
|
Experience : |
He is awarded the 2011
International Emmy Directorate Award at the Emmy Awards night. He is the
first Indian to receive a Directorate Award recognizing excellence in
television programming outside the Unites States. He is also the founder Chairman
of Global Foundation for Civilization Harmony (India), an Eastern Initiative
for conflict avoidance and also a partner of the United Nations Alliance
of Civilization. |
|
|
|
|
Name : |
Mr.
Tapan Mitra |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr.
Boman Moradian |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr.
Mukund M. Chitale |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Ms.
Radhika Pereira |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr.
Atul Goel |
|
Designation : |
Director |
|
Date of Birth/Age : |
38
Years |
|
Qualification : |
He
is an alumnus of the American Graduate School of International Management at
Thunderbird, USA. |
|
Experience : |
He leads E-City Ventures and
has over 15 years experience. He has pioneering
experience in developing and managing malls and multiplexes on a Pan India
scale. He has also steered the
business of leasing of digital cinema equipment to cinema exhibitors for over
10 Years now. |
|
|
|
|
Name : |
Mr.
Ashok Goel |
|
Designation : |
Vice Chairman and Managing Director |
|
Date of Birth/Age : |
53
Years |
|
Qualification : |
B
Com |
|
Experience : |
33 Years |
KEY EXECUTIVES
|
Name : |
Mr.
A. V. Ganapathy |
|
Designation : |
Chief
Financial Officer - Global |
|
|
|
|
Name : |
Mr.
Ajay N. Thakkar |
|
Designation : |
Company
Secretary and Head – Legal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
334750 |
0.21 |
|
|
88593243 |
56.39 |
|
|
88927993 |
56.61 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
88927993 |
56.61 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5200092 |
3.31 |
|
|
103477 |
0.07 |
|
|
1702679 |
1.08 |
|
|
9633346 |
6.13 |
|
|
4898024 |
3.12 |
|
|
4898024 |
3.12 |
|
|
21537618 |
13.71 |
|
|
|
|
|
|
22574132 |
14.37 |
|
|
|
|
|
|
16213056 |
10.32 |
|
|
6639576 |
4.23 |
|
|
1208910 |
0.77 |
|
|
1186912 |
0.76 |
|
|
940 |
0.00 |
|
|
21058 |
0.01 |
|
|
46635674 |
29.69 |
|
Total Public shareholding (B) |
68173292 |
43.39 |
|
Total (A)+(B) |
157101285 |
100.00 |
|
(C) Shares held by Custodians and against which
Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
157101285 |
100.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl. No. |
Name of the Shareholders |
No. of Shares held |
As a % |
|
1 |
Goel Ashok Kumar |
3,20,760 |
0.20 |
|
2 |
Kavita Goel |
10,990 |
0.01 |
|
3 |
Nand Kishore |
3,000 |
0.00 |
|
4 |
Whitehills Advisory Services Private Limited |
8,65,77,843 |
55.11 |
|
5 |
Ganjam Trading Company Private Limited |
19,90,100 |
1.27 |
|
6 |
Rupee Finance And Management Private Limited |
100 |
0.00 |
|
7 |
Pan India Paryatan Private Limited |
25,200 |
0.02 |
|
|
Total |
8,89,27,993 |
56.61 |
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
|
Sl. No. |
Name of the Shareholders |
No. of Shares held |
As a % |
|
1 |
Warburg Value Fund |
5919464 |
3.77 |
|
2 |
Clareville Capital
Opportunities Master Fund |
4786948 |
3.05 |
|
3 |
Gagandeep Credit
Capital Private Limited |
3476686 |
2.21 |
|
4 |
Sudarshan Securities
Private Limited |
2376329 |
1.51 |
|
5 |
Uti - Childrens Career
Balanced Plan |
2123096 |
1.35 |
|
6 |
Dsp Blackrock Micro Cap
Fund |
2439660 |
1.55 |
|
7 |
Veena Investment
Private Limited |
1884255 |
1.20 |
|
8 |
Zee Entertainment Enterprises Limited |
1822000 |
1.16 |
|
9 |
General Insurance Corporation
Of India |
1702679 |
1.08 |
|
10 |
L N Minerals LLP |
1884255 |
1.20 |
|
|
Total |
28415372 |
18.09 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Composite Laminated Collapsible
Tubes, Laminates and Plastic Films. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
945 (Approximately) |
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Bankers : |
·
Axis Bank Limited ·
DBS Bank Limited ·
Kotak Mahindra Bank Limited ·
Yes Bank Limited ·
State Bank of India ·
The Ratnakar Bank Limited · IDBI Bank Limited |
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Facilities : |
SHORT TERM BORROWINGS a) Of the total secured
short-term borrowings Rs. 262.154 Million (Rs. 200.347 Million) are secured
by first pari-passu charge on current assets and second pari-passu charge on
all fixed assets of the company (except all fixed assets situated at chakan).
Out of this, loan Rs. 79.200 Million (` Nil) is further secured by security
provided and guarantee issued by other related party*. Rs. 8.214 Million (` Nil)
is secured by first pari-passu charge on current assets of the company. *Other
related party i.e. Aqualand (India) Limited |
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
MGB
and Company LLP Chartered Accountants |
|
|
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Memberships : |
-- |
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|
|
|
Collaborators : |
-- |
|
|
|
|
Ultimate Holding Company: |
Rupee
Finance and Management Private Limited |
|
|
|
|
Holding Company: |
·
Rupee Finance and Management Private
Limited ·
Whitehills Advisory Services Private
Limited |
|
|
|
|
Subsidiary Companies: |
·
Lamitube Technologies (Cyprus) Limited ·
Packaging India Private Limited ·
Essel Packaging (Nepal) Private Limited ^^ ·
EP Lamitubes Limited@ ·
Lamitube Technologies Limited ** ·
Arista Tubes Inc. * |
|
|
|
|
Step Down Subsidiary: |
·
Lamitube Hong Kong Trading Company Limited
^^^ ·
Essel Packaging (Guangzhou) Limited ·
Essel Packaging (Jiangsu) Limited ^^^ ·
Essel Propack Philippines, Inc ·
Packtech Limited ·
Arista Tubes Limited ·
Essel Propack UK Limited |
|
|
|
|
Fellow Subsidiary: |
Whitehills
Advisory Services Private Limited |
|
|
|
|
Other Related Parties: |
·
Aqualand (India) Limited ·
Ayepee Lamitubes Limited ·
Continental Drug Company Private Limited ·
Ganjam Trading Company Private Limited ·
Pan India Paryatan Private Limited ·
Rama Associates Limited ·
Zee Entertainment Enterprises Limited ·
Sprit Textiles Private Limited ·
ITZ Cash Card Limited ·
Shrotra Enterprises Private Limited ·
The Egyptian Indian
Company for Modern Packaging S.A.E.^ 75% (75%) Egypt ·
Essel Propack MISR for Advanced Packaging S.A.E. ·
Essel de Mexico, S.A. de C.V. ·
Tubo pack de Colombia S.A. ·
Essel Propack LLC ·
Essel Propack Polska Sp. Z.O.O. ·
Essel Propack America, LLC ·
Essel Propack Philippines, Inc ·
MTL de Panama S.A. |
|
|
|
|
Joint Venture: |
·
Essel Deutschland GmbH and Company,KG
Dresden ·
Essel Deutschland Management GmbH ·
P.T. Lamipak Primula |
|
|
|
|
Associate : |
P.T. Lamipak Primula ^ |
*
7.35% (7.35%) is held through Lamitube Technologies (Cyprus) Limited
^^
Wound up during the year (Refer note 29)
**
Direct Subsidiary w.e.f 1 April 2014 (Refer note 30)
@
Merged with the Company with effect from 1 April 2014
^
Subsidiary has discontinued its operations and is under liquidation
^^^
Incorporated during the year
^
No adjustment is made for difference in accounting policy of inventories valued
on First In First Out (FIFO) basis.
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs. 2/- each |
Rs. 400.000 Million |
|
|
|
|
|
Issued Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
157101285 |
Equity Shares |
Rs. 2/- each |
Rs. 314.203 Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
157044165 |
Equity Shares |
Rs. 10/- each |
Rs. 314.088
Million |
|
|
Add: Forfeited Shares |
|
Rs. 0.079
Million |
|
|
Total |
|
Rs. 314.167 Million |
a) Reconciliation of number of shares outstanding
|
Particulars |
31.03.2015 |
|
|
|
Number
of Equity Shares |
Rs. In million |
|
At the beginning of the year |
157101285 |
314.202 |
|
Less: Shares forefeited during the year |
57120 |
0.114 |
|
Outstanding at the end of the year |
157044165 |
314.088 |
b) Terms / rights
attached to equity shares
The Company has only one class of equity shares having a par value of Rs. 2 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company, after distribution of preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholders.
c) Calls in arrears
|
Particulars |
31.03.2015 |
|
|
|
Number
of Equity Shares |
Rs. In million |
|
Aggregate amount of calls unpaid - others |
0.000 |
0.000 |
|
|
|
|
d) Details of shares held by holding company
|
Name of
Shareholders |
31.03.2015 |
|
|
|
Number
of Equity Shares |
Percentage
of holding |
|
Whitehills
Advisory Services Private Limited * |
86,577,843 |
55.11% |
|
Rupee
Finance and Management Private Limited * |
100 |
0.00% |
*
The aforesaid change is pursuant to reorganisation of promoter companies
shareholding.
e) Details of shareholder holding more than 5% equity shares
|
Name of
Shareholders |
31.03.2015 |
|
|
|
Number of Equity Shares |
Percentage of holding |
|
Whitehills
Advisory Services Private Limited |
86,577,843 |
55.11% |
|
Rupee
Finance and Management Private Limited |
100 |
0.00% |
|
Warburg
Value Fund |
5919464 |
3.77% |
f) Employees Stock Option Scheme (ESOPS):
During the year, the
Company has instituted an Essel Employee Stock Option Scheme 2014 (“the
Scheme”) as approved by the Board of Directors for issuance of stock options to
the eligible employees of the Company and of its subsidiaries, other than
directors, promoters or person belonging to promoter group.
Pursuant to the said
scheme, stocks options convertible into 29,53,000 equity shares of Rs. 2 each
were granted to eligible employees at an exercise price of Rs. 121.65, being
the market price as defined in the Securities and Exchange Board of India
(Share Based Employee Benefits) Regulation, 2014 (SEBI Regulation). In view of
there being no intrinsic value on the date of the grant (being the excess of
market price of share under the Scheme over the exercise price of the option),
the Company is not required to account for the value of options as per the SEBI
Regulations.
Subject to terms and
conditions of the Scheme, the said options will vest on each of 1 July 2016, 1
July 2017 and 1 July 2018 to the extent mentioned in the letter of grant and
can be exercised within a maximum period of four years from the date of
vesting.
g) No bonus shares have been issued and no shares bought
back during five years preceding 31 March 2015.
h) 5,00,155 equity shares of Rs. 2 each fully paid up
were allotted on 14 September 2012 for consideration other than cash, pursuant
to the Scheme of merger of Ras Propack Lamipack Limited and Ras Extrusions
Limited with the Company.
i) During the year, the Company issued demand cum
forfeiture notice to 129 shareholders holding 71,650 partly paid equity shares
{Refer 3(c) above}. Subsequently, the Company has received balance call amount due
alongwith interest from 13 shareholders holding 35,925 partly paid equity
shares; and shareholders holding the balance 35,725 partly paid equity shares
have failed to pay the balance due call amount along with interest and the
Board in its meeting held on 29 January 2015 approved forfeiture of the said
35,725 partly paid equity shares alongwith 21,395 bonus share entitlement,
aggregating to 57,120 equity shares (Refer 3 {a} above). The amount of Rs.
78,515 (representing 35,725 partly paid-up equity shares and 21,395 fully
paid-up bonus shares) will be transferred to reserves upon cancellation /
re-issue of these shares.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
314.167 |
314.131 |
314.131 |
|
(b) Reserves & Surplus |
4484.357 |
7010.856 |
6696.062 |
|
(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) |
4798.524 |
7324.987 |
7010.193 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
2749.676 |
2652.572 |
2312.215 |
|
(b) Deferred tax liabilities (Net) |
223.764 |
227.635 |
224.226 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
75.732 |
61.436 |
150.588 |
|
Total
Non-current Liabilities (3) |
3049.172 |
2941.643 |
2687.029 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
409.646 |
299.177 |
1129.059 |
|
(b)
Trade payables |
330.347 |
479.028 |
319.356 |
|
(c)
Other current liabilities |
1036.001 |
1344.185 |
1264.519 |
|
(d)
Short-term provisions |
335.524 |
261.468 |
171.975 |
|
Total
Current Liabilities (4) |
2111.518 |
2383.858 |
2884.909 |
|
|
|
|
|
|
TOTAL |
9959.214 |
12650.488 |
12582.131 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3172.243 |
2983.813 |
2582.189 |
|
(ii)
Intangible Assets |
58.995 |
74.067 |
49.585 |
|
(iii)
Capital work-in-progress |
34.210 |
62.469 |
11.608 |
|
(iv) Intangible assets under development |
38.476 |
24.651 |
12.851 |
|
(b) Non-current
Investments |
2907.948 |
5699.563 |
5635.346 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
467.706 |
442.062 |
348.902 |
|
(e)
Other Non-current assets |
22.985 |
19.819 |
27.440 |
|
Total
Non-Current Assets |
6702.563 |
9306.444 |
8667.921 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
673.221 |
727.806 |
638.277 |
|
(c)
Trade receivables |
1093.298 |
899.363 |
1012.657 |
|
(d)
Cash and cash equivalents |
14.921 |
54.993 |
145.973 |
|
(e)
Short-term loans and advances |
1297.508 |
1320.218 |
1616.885 |
|
(f)
Other current assets |
177.703 |
341.664 |
500.418 |
|
Total
Current Assets |
3256.651 |
3344.044 |
3914.210 |
|
|
|
|
|
|
TOTAL |
9959.214 |
12650.488 |
12582.131 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7546.135 |
6660.186 |
5791.282 |
|
|
|
Other Income |
208.840 |
262.062 |
344.796 |
|
|
|
TOTAL |
7754.975 |
6922.248 |
6136.078 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3791.094 |
3367.566 |
2737.645 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
27.637 |
(69.207) |
2.304 |
|
|
|
Employees benefits expense |
640.188 |
570.586 |
568.850 |
|
|
|
Other expenses |
1676.149 |
1493.314 |
1332.228 |
|
|
|
TOTAL |
6135.068 |
5362.259 |
4641.027 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1619.907 |
1559.989 |
1495.051 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
409.323 |
450.092 |
549.897 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1210.584 |
1109.897 |
945.154 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
457.486 |
366.452 |
330.847 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX |
753.098 |
743.445 |
614.307 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL
ITEMS (NET) |
0.000 |
12.904 |
47.349 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
753.098 |
756.349 |
661.656 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
187.800 |
211.456 |
163.232 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
565.298 |
544.893 |
498.424 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales
excluding deemed exports of Rs. 294.425 Million (Rs. 331.479 Million) |
703.083 |
557.494 |
456.785 |
|
|
|
Plant
and machinery |
0.000 |
3.829 |
137.495 |
|
|
|
Royalty
/ service charges |
159.066 |
137.757 |
106.366 |
|
|
|
Interest |
0.000 |
17.533 |
71.960 |
|
|
|
Miscellaneous
income |
42.853 |
46.441 |
34.879 |
|
|
TOTAL EARNINGS |
905.002 |
763.054 |
807.485 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2012.652 |
1653.932 |
1413.011 |
|
|
|
Stores & Spares |
76.289 |
74.071 |
48.913 |
|
|
|
Capital Goods |
453.791 |
484.394 |
392.284 |
|
|
TOTAL IMPORTS |
2542.732 |
2212.397 |
1854.208 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.60 |
3.47 |
3.17 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term Borrowings |
717.066 |
970.933 |
1002.712 |
|
|
|
|
|
|
Cash Generated from Operations |
1117.316 |
1588.515 |
1166.659 |
|
|
|
|
|
|
Net Cash Flow from operating activities |
946.356 |
1399.930 |
1058.464 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
7.49 |
8.18 |
8.61 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
21.47 |
23.42 |
25.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.79 |
11.02 |
9.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.10 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.81 |
0.54 |
0.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54 |
1.40 |
1.36 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
STOCK
PRICES
|
Face Value |
Rs. 2.00/- |
|
|
|
|
Market Value |
Rs. 148/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
314.131 |
314.131 |
314.167 |
|
Reserves & Surplus |
6696.062 |
7010.856 |
4484.357 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
7010.193 |
7324.987 |
4798.524 |
|
|
|
|
|
|
Long-term borrowings |
2312.215 |
2652.572 |
2749.676 |
|
Short term borrowings |
1129.059 |
299.177 |
409.646 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
1002.712 |
970.933 |
717.066 |
|
Total
borrowings |
4443.986 |
3922.682 |
3876.388 |
|
Debt/Equity
ratio |
0.634 |
0.536 |
0.808 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
5791.282 |
6660.186 |
7546.135 |
|
|
|
15.004 |
13.302 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
5791.282 |
6660.186 |
7546.135 |
|
Profit |
498.424 |
544.893 |
565.298 |
|
|
8.61% |
8.18% |
7.49% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS:
HIGH
COURT OF BOMBAY
|
Bench:- Bombay |
|||||||
|
Presentation Date:- 16/02/2015 |
|||||||
|
Lodging No:- |
ITXAL/189/2015 |
Filing Date:- |
16/02/2015 |
Reg. No.:- |
ITXA/641/2015 |
Reg. Date:- |
25/06/2015 |
|
Petitioner:- |
THE PR. COMMISSIONER OF INCOME TAX-6 |
Respondent:- |
M/S. ESSEL PROPACK LIMITED.- |
||||
|
Petn. Adv.: |
A R MALHOTRA (I3164) |
|
|||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
DIVISION |
||||||
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
||||
|
Next Date:- |
29/07/2015 |
Stage:- |
|||||
|
Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
|
|||||
|
Act:- |
Income Tax Act, 1961 |
Under Section:- |
260A |
||||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10550657 |
09/02/2015 |
900,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR,
BOMBAY DYEING MILLS COMPOUND, |
C43385434 |
|
2 |
10541520 |
16/12/2014 |
132,500,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI- 400005, MAHA |
C39712815 |
|
3 |
10542189 |
16/12/2014 |
520,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA,, DR. |
C40024143 |
|
4 |
10515470 |
24/07/2014 |
440,000,000.00 |
ING VYSYA BANK LIMITED |
ING VYSYA HOUSE,
C/12, BLOCK - G, BANDRA KURLA CO |
C16796260 |
|
5 |
10464529 |
15/11/2013 |
500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR,, 17, R. KAMANI MARG |
B91272872 |
|
6 |
10453557 |
16/09/2013 |
679,800,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLOOR,
C-2, WADIA INTERNATIONAL C |
B86876083 |
|
7 |
10385859 |
15/11/2013 * |
550,000,000.00 |
THE RATNAKAR BANK LIMITED |
1ST LANE, SHAHUPURI, KOLHAPUR, KOLHAPUR-- 416001, MAHARASHTRA, INDIA |
B91423053 |
|
8 |
10352152 |
17/10/2012 * |
500,000,000.00 |
GE CAPITAL SERVICES INDIA |
401, 402, 4TH
FLOOR, AGGARWAL MILLENNIUM TOWER,, |
B63591341 |
|
9 |
10334405 |
17/10/2012 * |
500,000,000.00 |
Axis Bank Limited |
TRISHUL 3RD FLOOR
OPP SAMARTHESHWAR TEMPLE, LAW G |
B62278817 |
|
10 |
10309485 |
17/10/2012 * |
200,000,000.00 |
DBS Bank Ltd |
5TH FLOOR, FORT
HOUSE, DR. DN ROAD, FORT,, MUMBAI-400001 |
B62627377 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Buyers
credit from banks |
164.382 |
85.609 |
|
Term
loan from others |
8.138 |
15.351 |
|
Deferred
sales tax loan |
149.425 |
197.382 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
|
|
|
|
Working
capital loan from banks |
28.111 |
40.540 |
|
Buyers
credit from banks |
111.167 |
58.290 |
|
Total |
461.223 |
397.172 |
CORPORATE INFORMATION
Essel Propack Limited (hereinafter
referred to as ‘EPL’ or ‘the Company’) is a producer of plastic packaging
material in the form of multilayer collapsible tubes and laminates used
primarily for packaging of toothpaste, personal care, cosmetics,
pharmaceuticals, household and industrial products.
INDIA STANDALONE RESULTS:
Total revenue grew by 12%
over the previous year, with Sales and Operating income growing by 13.3% year
over year. In fact, the Sales and Operating income grew by a high 18% during the
first half year, which was partly offset by a weak 8% growth during the second
half in the wake of a sluggish Indian economy. New capacity investment made
early in the year thus could not ramp up as envisaged. With a higher operating
cost and the depreciation charge attributable to new capacity which could not
be ramped up on account of weakness in demand beginning middle of the year, the
India Standalone posted Net profit for the year of Rs. 565.000 Million as
against Rs. 545.000 Million in the previous year.
REVIEW
OF BUSINESS AND OPERATIONS
The Company is a leading
manufacturer globally of Laminated and Plastic Collapsible tubes and laminates.
Its products are extensively used in packaging of products across categories
such as Beauty and Cosmetics, Pharma and Health, Foods, Home and Oral care. The
FMCG and Pharma industry which consume the Company’s products has been a high
growth industry and is expected to sustain growth in future. In the so called
mature markets of Europe, USA and Japan, the FMCG is witnessing introduction of
new Beauty care products such as Anti Ageing, Beauty Balms, Complexion
Correction creams, Hair colorants, cosmetic and therapeutic toothpastes etc
which brings new growth opportunity for your Company in the emerging markets of
India, China, Latin America, Middle and Far East. The FMCG usage is expanding
helped by increasing disposable income, growing youth population, expansion of
modern retail/ etail and increasing awareness and demand to look and feel good
in the emerging markets. The Pharma demand too is buoyed by increasing life
expectancy, growth of generics and “health for all” policies pursued globally
by governments and the NGOs. The Company as an established player providing
innovative packaging solutions for products in paste/cream/gel forms, is in a
sense firmly embedded in the FMCG / Pharma space. In addition to benefitting
from growth in the brands traditionally in the tube form, the Company is also
actively involved in replacing packaging forms such as bottles, jars and
aluminum tubes for a number of brands, leveraging the inherent advantage of
laminated tubes and the technological improvement your Company has been able to
bring about.
INDIA STANDALONE
India Standalone accounts
for 32.5% of the Company’s Consolidated Sales. The Company enjoys a massive
franchise in India, having pioneered the laminated tubes over three decades.
The Customer portfolio encompassing reputed FMCG and Pharma brands - Indian and
MNC, mass and niche, established and new, continues to grow. The second half of
the year witnessed a distinct slow down in customer off-take reflective of the
state of economy. This impacted the ramp up of new capacity invested early in
the year impacting the operating margin. The Company continued to pursue opportunity
in Pharma packaging and help change of other packaging form to laminated tube.
Several efficiency improvement measures too were implemented at the factories.
A new clean room for pharma packaging was commissioned in another unit. The
unit at Nallagarh is undergoing expansion to support new customers located
nearby. Exports to markets in South Asia, Middle East and Africa continue to be
a focus area. The Directors are of the view that India growth story remains
intact, notwithstanding the recent sluggishness. The oral care category in the
country, even though large, is far from mature even in comparison to ASEAN or
China, and therefore will continue to drive growth for the Company. The non
oral care category powered by increasing aspirations of growing young
population and expanding modern retail, presents the Company with exciting
opportunity to pursue growth. The Company already derives 52.38% of its sales
from the non oral care category. The Directors are of the view that as the
country’s per capita GDP increases to mid to high range, demand for
sophisticated packaging will drive medium to long term value growth.
ACCOUNTS
The merger of EP Lamitubes
Limited with the Company approved by the Shareholders and confirmed by the
Hon’ble Bombay High court has been given effect as provided in the Approved
Scheme under the Pooling of interests method from the appointed date of April
1, 2014. A sum of ` 2750 mio being the difference between the net assets taken
over after cancellation of inter-company investment and the merger expenses has
been charged to the Share premium account as provided by the approved Scheme
and explained in the note 30 to the accounts. The Companies Act 2013 has
mandated depreciation to be provided with reference to useful life for various
assets as detailed in Schedule 2. The same has been given effect to in the
year’s accounts as detailed in note 11 to the Stand alone accounts in
accordance with the provisions of the Act.
MANAGEMENT DISCUSSION AND ANALYSIS
BUSINESS
OVERVIEW
Eminently
suited for packing viscous products such as pastes, gels and creams. Like any
packaging material, they protect the product from elements and preserve
freshness, flavor and fragrance. As a packaging form they additionally offer
superior value proposition in terms of ease of dispensing the product, hygienic
storage in a multiple usage situation and excellent brand visibility on the
retail shelf.
The Company pioneered
laminated tubes in India. Over the last 33 years, the Company has transformed into
a leading global player in laminated tubes, selling over 6.5 billion tubes and
having manufacturing presence in eleven countries through subsidiaries, Joint
Venture and Associate. Its supplies reach many more countries through export of
tubes, either directly by the Company or by the customers after filling in
their product. In this sense, your Company’s tubes touch the lives of billions
of consumers in countries across the world. One in every three of the laminated
tubes supplied across the world today for oral care application is manufactured
by your Company. Tubes account for 89% of the Company’s consolidated sales. The
flexible laminate manufactured only in India constitutes the balance. The
Company’s key strengths include a strong domain knowledge of polymers and
plastic structures, proven Research and Development capability, global customer
network, multi-country presence, scale and a vertically integrated
manufacturing model, all of which help thec
Company to respond to market needs speedily. The world market for tubes
is huge, about 36 billion in the markets the Company operates. Of this, oral
care tubes account for 14 billion, Beauty and Cosmetics account for 12 billion
and Pharma, Health and others account for 10 billion. Tubes for Beauty and Cosmetics
applications are pre-dominantly extruded Plastic tubes, and those for Pharma
are pre-dominantly Aluminium tubes. Beauty and Cosmetics as a category is
largest in Europe, USA and Japan. This category is witnessing introduction of
several new products such as Anti-ageing creams, Beauty Balms, Complexion
creams, Hair Colorants etc. Even the existing product range is getting
re-launched with more efficacious formulations. The industry is looking for
packaging which can resonate the product’s functionality in terms of look and
feel, can provide barrier for long term efficacy and freshness, and reduce
carbon footprint. The Company has been able to address these very emerging
needs through its new generation laminate structures and decoration capability.
This is finding traction in driving the Company’s business in the developed
markets.
In the case of
pharmaceuticals, use of aluminium tubes for packaging is going out of favour
for reasons of concerns on product safety. The Company over the years has perfected
laminate structures that are efficacious for various pharma actives. Coupled
with innovation in tamper evidence, anti counterfeit and dispensing
technologies, your Company is now able to offer comprehensive packaging
solution to Pharma, both OTC and prescription drugs. This is seeing traction in
emerging markets like India and Egypt. India is growing as a large pharma tube
manufacturing hub for both local and multinational brands. This experience is
capable of replicating at other Units.
The use of tubes is now
seen to extend to other categories such as Foods and Home care, for a range of
products such as condensed milk, Wasabi sauce, cheese spread, glue / adhesives
etc. Besides, a number of products hitherto packed in other packaging forms
such as bottles and jars find tubes more attractive and value enhancing for
their brands.
The
Company therefore sees a huge market in the non oralcare category where it can
deploy its new generation laminated tubes and continue to grow in the years to
come.
INFORMATION
TECHNOLOGY (IT)
The Company strongly
believes in the power of IT to empower its people, for planning and controlling
the business processes efficiently and effectively, and integrating the
processes. Hence, it continues to invest in state of art IT architecture and
applications in areas which will benefit the business most. Under
implementation currently is a state of the art Advance Planning Optimizer
solution (APO) which will improve your Company’s Demand Planning and Production
scheduling capabilities. Also implemented are online training and simulation
modules for learning and self-development of people. The Company closely
monitors the ERP usage effectiveness through carefully created indexes and
drives businesses and functions to continuously improve their performance on
this measure. Independent ERP system audit was conducted to further strengthen
governance process. Analytics and Dashboard systems are being implemented to
provide more insights into business for better decision making. A Steering
Committee comprising of the Corporate Leadership Team supervises the IT
initiatives and IT effectiveness through regular monthly reviews.
OUTLOOK
The performance in the
recent years of the Company’s business has been satisfying. The strategy for
growth is clear. The non oral-care category globally offers immense potential
for the Company to sustain a profitable growth, and all the necessary building
blocks are well in place across the Units. The Company has been fast re-shaping
its processes and aligning its people to this Vision and Mission of creating
long term shareholder value. Global customers are seen to consolidate their
sourcing and partner with global suppliers like the Company. Even more exciting
is the long term growth opportunity presented by the cosmetics, hair and
personal care FMCG brands moving from other packaging forms into laminated
tubes. With its large scale, global presence, innovation capability and
motivated Human capital , the Company is well set to take on the task of
delighting all its stakeholders.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
Unexpired
letters of credit (net of liability provided). |
122.512 |
17.041 |
|
Guarantees and counter guarantees
given by the Company [includes Rs. 5997.576 Million (Rs. 5294.214 Million)]
for loans taken by subsidiaries]. Loans outstanding against these guarantees
are Rs. 4015.510 Million (Rs. 4233.114 Million) |
5997.576 |
5297.214 |
|
Disputed
indirect taxes * |
225.335 |
185.689 |
|
Disputed
direct taxes ^ |
80.620 |
83.356 |
|
Claims
not acknowledged as debts |
4.997 |
4.997 |
|
Deferred
Sales Tax liability assigned |
68.605 |
68.605 |
|
Duty
benefit availed under EPCG scheme, pending export obligations |
263.739 |
181.208 |
|
Total |
|
|
* Does not include
disputed excise duty of Rs. 115.429 Million (Rs. 115.429 Million) for alleged
undervaluation in inter unit transfer of web, for captive consumption as it does
not have significant impact on profits of the Company since excise duty paid by
one unit is admissible as Cenvat credit at other unit. Further, the appeal
filed by Excise Department against the decision (in Company’s favour) of High
Court is pending before the Hon’ble Supreme Court.
^ Without considering
relief granted by the Appellate Authorities in favour of the Company, tax
effect Rs. 33.423 Million (Rs. 35.347 Million) (approx.), which is pending with
relevant authority.
FIXED ASSETS:
Tangible Assets
·
Freehold Land
·
Leasehold Land
·
Leasehold Improvements
·
Buildings
·
Plant and Machinery
·
Furniture and fixtures
·
Vehicles
Intangible Assets
· Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No 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. 63.53 |
|
|
1 |
Rs. 99.19 |
|
Euro |
1 |
Rs. 69.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
IND |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
59 |
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.