MIRA INFORM REPORT
|
Report No. : |
329566 |
|
Report Date : |
26.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
FINOLEX INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Gate No.399, Village Urse, Taluka Maval, District Pune – 410506,
Maharashtra |
|
Tel. No.: |
91-2114-237251 |
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|
|
|
Country : |
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|
|
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Financials (as
on) : |
31.03.2015 |
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|
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Date of
Incorporation : |
28.03.1981 |
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|
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|
Com. Reg. No.: |
11-024153 |
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Capital
Investment / Paid-up Capital : |
Rs.1240.954 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40108PN1981PLC024153 |
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|
|
|
IEC No.: |
0388003812 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
KLPF00119A |
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|
|
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PAN No.: [Permanent Account No.] |
AAACF2634A |
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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 PVC Pipes and fittings. |
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|
|
|
No. of Employees
: |
1063 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (39) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. It was incorporated in 1981. Finolex Industries Limited (FIL) is India’s
largest rigid PVC pipes and fittings manufacturer and the second largest PVC
resin manufacturer. Rating takes into consideration good liquidity position supported by
strong operating margin and relatively low gearing. Rating also takes into consideration, cyclical demand in the PVC
industry, and fluctuations in forex rates. However, the subject company has been found under RBI Defaulters list.
Name of the Credit Grantors is Standard Chartered Bank and the amount charges
is Rs.540.200 Million. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. In the view of company’s established brand presence and larger dealer
network, the subject company can be considered for business dealings with
some caution. |
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 |
CRISIL |
|
Rating |
Long term rating= AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
07.10.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating= A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
07.10.2014 |
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 areas under:
|
Borrowers’ Name : |
Finolex Industries Limited |
|
Address : |
Gate No.399, Village Urse, Taluka Maval, District Pune – 410506,
Maharashtra, India |
|
Name of Individual : |
1. Dara Nadirshaw Damania 2. Kanaiyalal Naraindas Atmaramani 3. Prabhakar Dattatraya Karandikar 4. Prakash Pralhad Chhabria 5. Sanjay Khatau Asher 6. Sanjay Shankar Math 7. Saurabh Sarvottam Dhanorkar 8. Shrikrishna Narhar Inamdar 9. Sunil Umakant Pathak |
|
Name of Credit Grantors / Bank & Branch: |
Standard Chartered Bank |
|
Amount (Rs. In Millions) : |
Rs.540.200 Million |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Ms. Akshaya |
|
Designation : |
H. R. |
|
Contact No.: |
91-2114-237251 |
|
Date : |
22.06.2015 |
LOCATIONS
|
Registered Office / Factory 1 : |
Gate No.399, Village Urse, Taluka Maval, District Pune – 410506,
Maharashtra, India |
|
Tel. No.: |
91-2114-237251 |
|
Mobile No.: |
91-9371276569 (Mr. S Krishna Moorthy) |
|
Fax No.: |
91-2114-237252 |
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E-Mail : |
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|
Website : |
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Area: |
30 Acers |
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Location: |
Owned |
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|
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Factory 2 : |
Pawas Road, Pawas, Ratnagiri – 415612, Maharashtra, India |
|
Tel. No.: |
91-2352-238027 / 28 / 29 / 30 / 31 |
|
Fax No.: |
91-2352-238033 / 238045 |
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E-Mail : |
|
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|
|
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Factory 3 : |
D-1/10, MIDC, Chinchwad, Pune – 411019, Maharashtra, India. |
|
Tel. No.: |
91-20-27443706 |
|
Fax No.: |
Not Available |
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Branch office: |
Located at ·
Ahmedabad ·
Bangalore ·
Chennai ·
Cochin ·
Indore ·
Mumbai ·
New Delhi ·
Kolkata ·
Secunderabad ·
Coimbatore |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Prakash P. Chhabria |
|
Designation : |
Executive Chairman |
|
|
|
|
Name : |
Mr. Sanjay K. Asher |
|
Designation : |
Independent Director |
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|
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|
Name : |
Mr. Kanaiyalal N. Atmaramani |
|
Designation : |
Independent Director |
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|
Name : |
Mr. Dara N. Damania |
|
Designation : |
Independent Director |
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|
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|
Name : |
Mr. Saurabh S. Dhanorkar |
|
Designation : |
Managing Director (Effective 11th August, 2012) |
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|
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|
Name : |
Mr. Shrikrishna N. Inamdar |
|
Designation : |
Independent Director |
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|
Name : |
Mr. Prabhakar D. Karandikar |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr. Sanjay S. Math |
|
Designation : |
Director (Operations) |
|
|
|
|
Name : |
Dr. Sunil U. Pathak |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. S Krishna Moorthy |
|
Designation : |
General Manager Account and Finance
|
|
|
|
|
Name : |
Mr. Umesh M. Gosavi |
|
Designation : |
Company Secretary |
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|
|
Name : |
Ms. Akshaya |
|
Designation : |
H. R. |
SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
1376249 |
1.11 |
|
|
63737448 |
51.36 |
|
|
65113697 |
52.47 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
65113697 |
52.47 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5817735 |
4.69 |
|
|
25987 |
0.02 |
|
|
450 |
0.00 |
|
|
5946933 |
4.79 |
|
|
11791105 |
9.50 |
|
|
|
|
|
|
6654396 |
5.36 |
|
|
|
|
|
Individual shareholders holding nominal share capital up
to Rs. 0.100 Million |
24567382 |
19.80 |
|
Individual shareholders holding nominal share capital in
excess of Rs.0.100 Million |
14448507 |
11.64 |
|
|
1520294 |
1.23 |
|
|
337926 |
0.27 |
|
|
643258 |
0.52 |
|
|
498427 |
0.40 |
|
|
40683 |
0.03 |
|
|
47190579 |
38.03 |
|
Total Public shareholding (B) |
58981684 |
47.53 |
|
Total (A)+(B) |
124095381 |
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) |
124095381 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of PVC Pipes and fittings. |
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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 : |
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Products : |
Raw Material |
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Countries : |
China |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
L/C |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1063 (Approximately) |
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Bankers : |
·
Bank of India ·
ICICI Bank Limited ·
Bank of Baroda ·
Citibank N.A. ·
Bank of Maharashtra |
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Facilities : |
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Auditors : |
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|
Name : |
P. G. Bhagwat Chartered Accountants |
|
Address : |
Pune, Maharashtra, India |
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|
|
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Solicitors and Advocates: |
|
|
Name : |
Crawford Bayley and Company |
|
Address : |
Mumbai, Maharashtra, India |
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|
|
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Collaborators : |
Not Divulged |
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Membership : |
Not Divulged |
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|
|
Substantial
interest (As on 31.03.2014) : |
Pawas Port Limited |
|
|
|
|
Associate Company
(As on 31.03.2014) : |
Finolex Cables Limited Finolex Plasson Industries Limited |
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|
|
|
Enterprises over
which key management personnel or their relatives exercise significant
influence (As on 31.03.2014) : |
Finprop Advisory Services Limited Magnum Machine Technologies Limited Kaya Software Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital : Not Divulged
Issued, Subscribed & Paid-up Capital : Rs.1240.954 Million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs. 1500.000 Million |
|
|
Unclassified Shares |
|
Rs. 850.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 2350.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
124095381 |
Equity Shares |
Rs.10/- each |
Rs. 1240.954
Million |
|
|
Less : Amount in Arrears, other than from
Directors |
|
-- |
|
|
|
|
|
|
|
Total |
|
Rs. 1240.954 Million |
Reconciliation of
the Shares Outstanding:
|
|
31.03.2014 |
|
|
Equity Shares |
No.
of Shares |
Amount
|
|
At the beginning of the period |
124060235 |
1240.602 |
|
Add: Allotted during the period pursuant
to Section 81(1A) of the Companies Act, 1956. |
-- |
-- |
|
Outstanding
at the end of the period |
124095381 |
1240.954 |
Terms/ Rights
attached to equity shares:
The Company has only class of equity shares having a par value of Rs.10 per share. Each holder of the equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year ended March 31, 2014, the amount of per share dividend recognised as distributed to equity shareholders was Rs.7 (March 31, 2013 Rs.5.50).
In the event of liquidation of the company, the holders of equity shares are entitled to receive remaining assets of the company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Details of
shareholders holding more than 5% shares in the company:
|
|
31.03.2014 |
|
|
Details of
shareholders holding more than 5% shares in the company: |
No.
of Shares |
%
of Holding |
|
Equity shares of Rs. 10 each fully paid |
|
|
|
Finolex Cables Limited |
40192597 |
32.39% |
|
Orbit Electricals Private Limited |
23318901 |
18.80% |
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 |
1240.954 |
1240.954 |
1240.868 |
|
(b) Reserves & Surplus |
6633.045 |
6655.933 |
5970.759 |
|
(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) |
7873.999 |
7896.887 |
7211.627 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1836.580 |
2322.087 |
1397.087 |
|
(b) Deferred tax liabilities (Net) |
1107.775 |
1063.253 |
936.358 |
|
(c) Other long term
liabilities |
3.901 |
4.370 |
4.676 |
|
(d) long-term
provisions |
86.412 |
80.648 |
136.507 |
|
Total Non-current
Liabilities (3) |
3034.668 |
3470.358 |
2474.628 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
4034.014 |
4237.122 |
5709.220 |
|
(b) Trade
payables |
2000.010 |
1114.288 |
1841.180 |
|
(c) Other
current liabilities |
1341.716 |
1369.357 |
1973.186 |
|
(d) Short-term
provisions |
307.066 |
1021.778 |
796.745 |
|
Total Current
Liabilities (4) |
7682.806 |
7742.545 |
10320.331 |
|
|
|
|
|
|
TOTAL |
18591.473 |
19109.790 |
20006.586 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
8781.630 |
9038.873 |
8782.648 |
|
(ii)
Intangible Assets |
0.000 |
13.296 |
12.608 |
|
(iii)
Capital work-in-progress |
0.000 |
324.631 |
506.061 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1246.109 |
1274.040 |
1274.040 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
588.050 |
193.222 |
196.522 |
|
(e) Other
Non-current assets |
0.000 |
328.090 |
4.080 |
|
Total Non-Current
Assets |
10615.789 |
11172.152 |
10775.959 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
550.500 |
940.500 |
2322.046 |
|
(b)
Inventories |
5586.510 |
5059.466 |
4827.784 |
|
(c) Trade receivables |
487.044 |
409.867 |
387.210 |
|
(d) Cash
and cash equivalents |
123.002 |
209.189 |
90.484 |
|
(e)
Short-term loans and advances |
1228.628 |
1318.616 |
1603.103 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
7975.684 |
7937.638 |
9230.627 |
|
|
|
|
|
|
TOTAL |
18591.473 |
19109.790 |
20006.586 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
||
|
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SALES |
|
|
|
||
|
|
|
Income |
24761.493 |
24530.309 |
21448.214 |
|
|
|
|
Other Income |
202.358 |
436.804 |
333.701 |
|
|
|
|
TOTAL (A) |
24963.851 |
24967.113 |
21781.915 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
17790.748 |
17388.838 |
14596.092 |
|
|
|
|
Purchase of Stock-in-trade |
0.000 |
0.000 |
6.374 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
538.492 |
(629.153) |
(262.710) |
|
|
|
|
Employee Benefits Expenses |
739.730 |
717.124 |
719.105 |
|
|
|
|
Other Expenses |
3558.898 |
3087.349 |
2801.920 |
|
|
|
|
|
343.765 |
697.701 |
960.917 |
|
|
|
|
TOTAL (B) |
22971.633 |
21261.859 |
18821.698 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1992.218 |
3705.254 |
2960.217 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
597.670 |
663.717 |
514.489 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
1394.548 |
3041.537 |
2445.728 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
586.742 |
622.918 |
544.164 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
807.806 |
2418.619 |
1901.564 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
330.023 |
717.153 |
540.195 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
477.783 |
1701.466 |
1361.369 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1268.878 |
983.709 |
815.605 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
General reserve |
|
400.000 |
400.000 |
|
|
|
|
Proposed dividend |
|
868.667 |
682.525 |
|
|
|
|
Tax on dividend |
|
147.630 |
110.740 |
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1268.878 |
983.709 |
||
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|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw materials (inclusive of high seas purchases) |
|
13942.568 |
13192.146 |
|
|
|
|
Stores, spares and components |
|
29.260 |
25.672 |
|
|
|
|
Capital goods |
|
213.647 |
256.208 |
|
|
|
TOTAL IMPORTS |
NA |
14185.475 |
13474.026 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
38.51 |
13.71 |
10.97 |
||
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current
Maturities of Long term debt |
|
|
|
|
Debentures |
|
|
|
|
500 (500) 9.50% Secured Redeemable Non-convertible debentures of Rs.1000000 each. |
NA |
200.000 |
150.000 |
|
NIL (1000) 12.25% Secured Redeemable Non-convertible debentures of Rs.1000000 each. |
NA |
0.000 |
1000.000 |
|
Term loans from banks |
NA |
375.000 |
138.245 |
|
Interest accrued but not due on loans |
NA |
53.261 |
88.392 |
|
Unclaimed dividend |
NA |
44.956 |
35.128 |
|
TOTAL |
NA |
673.217 |
1411.765 |
|
|
|
|
|
|
Cash generated from operations |
NA |
2964.604 |
3133.964 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin PAT / Sales |
(%) |
1.93 |
6.94 |
6.35 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
8.05 |
15.10 |
13.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
4.66 |
13.81 |
10.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.31 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.75 |
0.92 |
1.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04 |
1.03 |
0.89 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.266.40/- |
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 |
1240.868 |
1240.954 |
1240.954 |
|
Reserves & Surplus |
5970.759 |
6655.933 |
6633.045 |
|
Net
worth |
7211.627 |
7896.887 |
7873.999 |
|
|
|
|
|
|
long-term borrowings |
1397.087 |
2322.087 |
1836.580 |
|
Short term borrowings |
5709.220 |
4237.122 |
4034.014 |
|
Total
borrowings |
7106.307 |
6559.209 |
5870.594 |
|
Debt/Equity
ratio |
0.985 |
0.831 |
0.746 |
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 |
21448.214 |
24530.309 |
24761.493 |
|
|
|
14.370 |
0.942 |
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
|
21448.214 |
24530.309 |
24761.493 |
|
Profit |
1361.369 |
1701.466 |
477.783 |
|
|
6.35% |
6.94% |
1.93% |
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 |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN:
|
Particulars |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
Long Term
Borrowings |
|
|
|
Sales tax deferral loan (Deferred sales tax loan is interest free and
payable in 10 yearly installments of various amounts starting from March
2020) |
|
197.087 |
|
|
|
|
|
Total |
NA |
197.087 |
LITIGATION
DETAILS:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10525450 |
03/04/2014 |
1,000,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, India |
C25483462 |
|
2 |
10382832 |
28/09/2012 |
1,000,000,000.00 |
Central Bank of India |
Jewel
of Pimpri, B Wing, 1st Floor, Kamla Cross Road, Opp. PCMC Bhavan, Pimpri,
Pune, Maharashtra - |
B60589355 |
|
3 |
10206653 |
06/03/2010 * |
500,000,000.00 |
Axis Trustee Services Limited |
Maker Towers 'F', 6th Floor, Cuffe Parade, Colaba, Mumbai, Maharashtra - 400005, India |
A82227877 |
|
4 |
90084424 |
31/03/2011 * |
13,957,500,000.00 |
Bank of India |
Pune Corporate Banking Branch 1162/6, Shivaji Nagar, University Road, Pune, Maharashtra - 411005, India |
B12105359 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
· Office Equipments
·
Furniture and Fixture
· Computer Software
·
Vehicles
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.63.61 |
|
|
1 |
Rs.99.79 |
|
Euro |
1 |
Rs.71.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
MNJ |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
39 |
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.