MIRA INFORM REPORT
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Report No. : |
313556 |
|
Report Date : |
23.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
SIGNET INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
308, Acme Plaza, Opposite Sangam Cinema, Andheri Kurla
Road, Andheri (East), Mumbai – 400059, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
29.01.1985 |
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Com. Reg. No.: |
11-035202 |
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Capital
Investment / Paid-up Capital : |
Rs. 341.870 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
L51900MH1985PLC035202 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing of Micro Irrigation System, Sprinkler Pipe/ PVC
Pipe and Agro Fittings and its Allied Products, all type of House Hold and
Plastic Moulded Furniture. |
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|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
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 : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial
risk profile and huge external borrowing taken by the company which acts as
threatening to the liquidity position of the company. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The 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: BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
14.11.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk |
|
Date |
14.11.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Ms. Mamta |
|
Designation : |
Account Manager |
|
Contact No.: |
91-22-30888064 |
|
Date : |
19.03.2015 |
|
|
|
|
Name : |
Mr. Tarun |
|
Designation : |
Account Manager |
|
Contact No.: |
91-22-30888064 |
|
Date : |
19.03.2014 |
LOCATIONS
|
Registered Office : |
308, Acme Plaza, Opposite Sangam Cinema, Andheri Kurla
Road, Andheri (East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-32448061-64 |
|
Fax No.: |
91-22-56941567 |
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E-Mail : |
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|
Website : |
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Administrative / Corporate Office : |
314/3, SDA Compound, Lasudia Mori, Dewas Naka, Indore – 452010, Madhya
Pradesh, India |
|
Tel. No.: |
91-731-4217800 |
|
Fax No.: |
91-731-4217867 |
|
E-Mail : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Mukesh Sangla |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Saurabh Sangla |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Nishtha Neema |
|
Designation : |
Director |
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Date of Birth/ Age: |
01.12.1980 |
|
Date of Appointment : |
13.08.2014 |
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Expertise in Specific Functional Area : |
Audit, Finance and Taxation |
|
|
|
|
Name : |
Mr. Murli Dhar Vashist |
|
Designation : |
Director |
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Date of Birth/ Age: |
10.06.1974 |
|
Date of Appointment : |
22.10.2009 |
|
Expertise in Specific Functional Area : |
Audit, Finance and Taxation |
KEY EXECUTIVES
|
Name : |
Ms. Mamta |
|
Designation : |
Account Manager |
|
|
|
|
Name : |
Mr. Tarun |
|
Designation : |
Account Manager |
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|
|
|
Name : |
Mrs. Preeti Singh |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
7029954 |
24.09 |
|
|
14381046 |
49.27 |
|
|
21411000 |
73.36 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
21411000 |
73.36 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
7348417 |
25.18 |
|
|
|
|
|
|
350598 |
1.20 |
|
|
71073 |
0.24 |
|
|
5912 |
0.02 |
|
|
3403 |
0.01 |
|
|
2509 |
0.01 |
|
|
7776000 |
26.64 |
|
Total Public shareholding (B) |
7776000 |
26.64 |
|
Total (A)+(B) |
29187000 |
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) |
29187000 |
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
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Shree Balaji Starch and
Chemicals Limited |
38,86,200 |
13.31 |
|
2 |
Swan Holding Private Limited |
28,91,700 |
9.91 |
|
3 |
Adroit Industries India Limited |
24,75,000 |
8.48 |
|
4 |
Mukesh Sangla |
15,44,382 |
5.29 |
|
5 |
Monika Sangla |
15,43,500 |
5.29 |
|
6 |
Saurabh Sangla |
15,12,000 |
5.18 |
|
7 |
Orinate Leasing and Finance |
10,94,400 |
3.75 |
|
8 |
Signate Leasing and Finance |
10,81,746 |
3.71 |
|
9 |
Mukesh Sangla HUF |
10,80,072 |
3.70 |
|
10 |
Signet Impex Private Limited |
9,84,000 |
3.37 |
|
11 |
Ornate Leasing and Finance
Private Limited |
9,84,000 |
3.37 |
|
12 |
Signate Leasing and Finance
Private Limited |
9,84,000 |
3.37 |
|
13 |
Avantika Sangla |
4,50,000 |
1.54 |
|
14 |
Mukesh Sangla |
3,00,000 |
1.03 |
|
15 |
Saurabh Sangla |
3,00,000 |
1.03 |
|
16 |
Monika Sangla |
3,00,000 |
1.03 |
|
|
Total |
2,14,11,000 |
73.36 |
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
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % |
|
|
1 |
Can India Overseas LLP |
1440000 |
4.93 |
|
|
2 |
Ava Enterprises LLP |
1439310 |
4.93 |
|
|
3 |
Pranay Trade Link Private
Limited |
1402200 |
4.80 |
|
|
4 |
Indore Dye Chem LLP |
1395905 |
4.78 |
|
|
5 |
Impulse Line Hospitals LLP |
1285756 |
4.41 |
|
|
|
Total |
6963171 |
23.86 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Micro Irrigation System, Sprinkler Pipe/
PVC Pipe and Agro Fittings and its Allied Products, all type of House Hold
and Plastic Moulded Furniture. |
|
|
|
|
Products : |
· Sprinkler Pipe/ PVC Pipe and Agro Fittings ·
House Hold and Plastic Moulded Furniture |
|
|
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
PRODUCTION STATUS:
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by management |
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Bankers : |
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Facilities : |
NOTE LONG TERM BORROWINGS Buyers Credit
from Banks are secured against Ist Charge on the Land and Building and
hypothecation of Plant and Machinery and other Movable Assets of the Drip
Irrigation Project of the Company (Both Existing and Future) at Pithampur by
way of equitable mortgage. SHORT TERM
BORROWINGS a.(i) Working
Capital Loans from Banks amounting to Rs. 802.818 Millions (Pre. Year Rs.
737.335 Millions) are secured against hypothecation of stock of raw
materials, work in process, finished goods, other current assets and charge
on book debts, second pari passu charge on the Fixed Assets (both present and
future) of the company, extension of equitable mortgage of the immovable
properties situated at Industrial Area Pithampur and Kelodhala, Dewas Naka,
Indore and personal guarantee of Mr. Mukesh Sangla and Mr. Saurabh Sangla,
Directors of the company and Mrs. Monika Sangla and Corporate Guarantee of
M/s Kamdeep Marketing Private Limited. (ii) Working
Capital Loan includes Demand Loans availed during the year, the said loans
outstanding as at 31st March 2014, was Rs. 100.323 Millions (Pre. Year Rs
34.742 Millions), is secured by lien on Fixed Deposits (included under banks
balances with banks in deposit accounts in note 16) for Rs. 111.5000 Millions
(Pr. Year Rs. 35.300 Millions). b. During the
year Company has availed buyer’s credit, the said facility outstanding as at
31st March 2014 includes Rs. 249.716 Millions (Pre. Year Rs 438.817
Millions), secured by lien on Fixed Deposits (included in balances with banks
in deposit accounts) and balance Rs. 280.590 Millions (Pre. Year Rs. 409.794
Millions) by earmarking the letter of credit facilities sanctioned by the
banks. c. Secured Short
Term Borrowings aggregating to Rs. 802.818 Millions (Pre. Year Rs. 737.335
Millions) are secured by Personal Guarantee of Directors Mukesh Sangla and
Saurabh Sangla and Mrs. Monika Sangla and corporate guarantee of Kamdeep Marketing Private Limited |
||||||||||||||||||||||||||||||||||||||||||
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ashok Khasgiwala and Company Chartered Accountants |
|
Address : |
317, Cnetar Centre Area, RNT Marg, Indore – 452001, Madhya Pradesh,
India |
|
Tel. No.: |
91-731-2517341 / 4069301 |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates : |
Adroit Industries (India) Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Millions |
|
5000000 |
5% Non-Cumulative Redeemable Preferences Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
TOTAL
|
|
Rs. 350.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
29187000 |
Equity Shares |
Rs.10/- each
|
Rs. 291.870
Millions |
|
5000000 |
5% Non-Cumulative Redeemable Preferences Shares |
Rs.10/- each |
Rs. 50.000
Millions |
|
|
TOTAL
|
|
Rs. 341.870 Millions |
Reconciliation of
number of Equity Shares and amount outstanding:
|
Particulars |
As at 31st March
2014 |
|
|
No. of Shares |
Amount |
|
|
Equity Shares at the beginning of the year |
29,187,000 |
Rs. 291.870 |
|
Add : Issued during the year |
- |
- |
|
Equity Shares at the end of the year |
29,187,000 |
Rs. 291.870 |
Reconciliation of number
of Preference Shares and amount outstanding:
|
Particulars |
As at 31st March
2014 |
|
|
No. of Shares |
Amount |
|
|
Preference Shares at the beginning of the year |
5,000,000 |
Rs. 50.000 |
|
Add : Issued during the year |
- |
- |
|
Preference Shares at the end of the year |
5,000,000 |
Rs. 50.000 |
Terms / Rights
attached to Equity Shares:
The company has
only one class of equity shares having a par value of Rs. 10 per share. Each shareholder
is eligible for one vote per share. The dividend proposed by the Board of
Directors is subject to the approval of shareholders in the ensuing Annual
General Meeting, except in case of interim dividend. In the event of
liquidation, the equity shareholders will be entitled to receive the remaining
assets of the Company after distribution of all preferential amounts in
proportion to their shareholding.
Terms / Rights
attached to Preference Shares :
Preference Shares
are Non-Convertible, Non-Cumulative, Redeemable and have a par value of Rs.10/-
per share. Each Preference Shareholder is eligible for one vote per share only
on resolution affecting their rights and interest. Shareholders are entitled to
dividend at the rate of 5% p.a. which is non-cumulative. In the event of
liquidation of the Company before redemption the holders of preference shares
will have priority over equity shares in the payment of dividend and repayment
of capital.
The Company has
allotted 50,00,000 ,5% Non-Convertible, Non-Cumulative, Redeemable Preference
Shares of Rs. 10/- each on 8th October 2012. These Preference Shares are
redeemable at par, not being after 20 years From the date of allotment, to be
decided by the Board of Directors.
Equity Shareholders holding more than 5% equity shares:
|
Particulars |
As at 31st March
2014 |
|
|
No. of Shares |
Percentage of Holding |
|
|
Balaji Starch and Chemicals Private Limited |
3,886,200 |
13.31% |
|
Swan Irrigation Private Limited |
2,891,700 |
9.91% |
|
Adroit Industries (India) Limited |
2,475,000 |
8.48% |
|
Mukesh Sangla |
1,844,382 |
6.32% |
|
Monika Sangla |
1,843,500 |
6.32% |
|
Saurabh Sangla |
1,812,000 |
6.21% |
|
Ornate Impex Private Limited |
2,078,400 |
7.12% |
|
Signet Tradelinks Private Limited |
2,065,746 |
7.08% |
Preference Shareholders holding more than 5% preference shares:
|
Particulars |
As at 31st March
2014 |
|
|
No. of Shares |
Percentage of Holding |
|
|
Avance Technologies Limited |
1,550,000 |
31.00% |
|
Asan Investments and Finance Limited |
1,000,000 |
20.00% |
|
Advance Corpcare (India) Private Limited |
600,000 |
12.00% |
|
Advance Fertilizers (India) Private Limited |
500,000 |
10.00% |
|
RSD Capital Market Private Limited |
350,000 |
7.00% |
The company has
allotted 27565500 equity shares as fully paid up Bonus shares during the period
of five years immediately preceding the date of Balance Sheet.
For the period of
five years immediately preceding the date at which the Balance Sheet is prepared
i.e. 31.03.2014, the company has not –
(i) allotted any
shares pursuant to contract(s) without payment being received in cash,
(ii) bought back any shares/class of shares
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 |
341.870 |
341.870 |
291.870 |
|
(b) Reserves & Surplus |
248.315 |
135.715 |
58.475 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
50.000 |
|
Total
Shareholders’ Funds (1) + (2) |
590.185 |
477.585 |
400.345 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
986.438 |
919.099 |
952.376 |
|
(b) Deferred tax liabilities (Net) |
115.706 |
104.519 |
83.445 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
2.438 |
1.840 |
1.129 |
|
Total Non-current
Liabilities (3) |
1104.582 |
1025.458 |
1036.950 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1438.447 |
1622.241 |
1419.154 |
|
(b) Trade
payables |
1523.807 |
1172.621 |
1145.556 |
|
(c) Other
current liabilities |
322.490 |
251.682 |
214.229 |
|
(d) Short-term
provisions |
83.524 |
19.443 |
17.031 |
|
Total Current
Liabilities (4) |
3368.268 |
3065.987 |
2795.970 |
|
|
|
|
|
|
TOTAL |
5063.035 |
4569.030 |
4233.265 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
817.376 |
779.244 |
754.939 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
1.034 |
0.000 |
39.362 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.809 |
76.946 |
76.946 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
101.736 |
81.212 |
73.557 |
|
(e) Other
Non-current assets |
22.054 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
943.009 |
937.402 |
944.804 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
876.728 |
729.142 |
673.723 |
|
(c) Trade
receivables |
2412.264 |
2031.064 |
1846.706 |
|
(d) Cash
and cash equivalents |
642.995 |
678.153 |
498.034 |
|
(e)
Short-term loans and advances |
161.500 |
172.336 |
204.369 |
|
(f) Other
current assets |
26.539 |
20.933 |
65.629 |
|
Total
Current Assets |
4120.026 |
3631.628 |
3288.461 |
|
|
|
|
|
|
TOTAL |
5063.035 |
4569.030 |
4233.265 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6124.664 |
5649.745 |
5124.034 |
|
|
|
Other Income |
40.712 |
24.508 |
4.355 |
|
|
|
TOTAL (A) |
6165.376 |
5674.253 |
5128.389 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1574.471 |
1520.558 |
948.484 |
|
|
|
Purchases of Stock-in-Trade |
3456.528 |
3234.383 |
3624.909 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
16.724 |
22.196 |
(113.577) |
|
|
|
Employees benefits expense |
96.608 |
76.489 |
59.536 |
|
|
|
Other expenses |
341.397 |
274.366 |
224.756 |
|
|
|
TOTAL (B) |
5485.728 |
5127.992 |
4744.108 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
679.648 |
546.261 |
384.281 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
403.090 |
309.945 |
258.586 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
276.558 |
236.316 |
125.695 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
64.370 |
60.593 |
45.191 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
212.188 |
175.723 |
80.504 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
55.687 |
56.374 |
41.254 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H) (I) |
156.501 |
119.349 |
39.250 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
119.106 |
44.849 |
22.560 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3.913 |
2.984 |
0.000 |
|
|
|
Proposed Dividend Preferences Shares |
2.500 |
1.199 |
0.000 |
|
|
|
Proposed Dividend Equity Shares |
35.024 |
0.000 |
14.594 |
|
|
|
Interim Dividend Equity Shares |
0.000 |
35.024 |
0.000 |
|
|
|
Tax on Dividend |
6.377 |
5.885 |
2.367 |
|
|
BALANCE CARRIED
TO THE B/S |
47.814 |
119.106 |
44.849 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
4.301 |
2.325 |
0.000 |
|
|
TOTAL EARNINGS |
4.301 |
2.325 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
953.701 |
1329.186 |
900.627 |
|
|
|
Store and Spare Parts |
0.431 |
1.277 |
0.304 |
|
|
|
Capital Goods |
24.963 |
12.603 |
13.915 |
|
|
TOTAL IMPORTS |
979.095 |
1343.066 |
914.846 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
5.26 |
4.04 |
1.34 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1610.900 |
1547.500 |
1684.100 |
|
Total Expenditure |
1451.200 |
1392.300 |
1537.900 |
|
PBIDT (Excl OI) |
159.700 |
155.200 |
146.300 |
|
Other Income |
10.000 |
8.800 |
9.500 |
|
Operating Profit |
169.700 |
164.000 |
155.800 |
|
Interest |
88.300 |
101.300 |
109.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
81.400 |
62.700 |
46.500 |
|
Depreciation |
15.100 |
17.600 |
16.200 |
|
Profit Before Tax |
66.200 |
45.100 |
30.300 |
|
Tax |
18.500 |
13.000 |
7.500 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
47.700 |
32.100 |
22.900 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Prior Period
Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
47.700 |
32.100 |
22.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
2.56 |
2.11 |
0.77 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
11.10 |
9.67 |
7.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.19 |
3.91 |
1.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36 |
0.37 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
4.11 |
5.32 |
5.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22 |
1.18 |
1.18 |
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 |
291.870 |
341.870 |
341.870 |
|
Reserves & Surplus |
58.475 |
135.715 |
248.315 |
|
Share Application money
pending allotment |
50.000 |
0.000 |
0.000 |
|
Net
worth |
400.345 |
477.585 |
590.185 |
|
|
|
|
|
|
long-term borrowings |
952.376 |
919.099 |
986.438 |
|
Short term borrowings |
1419.154 |
1622.241 |
1438.447 |
|
Total
borrowings |
2371.530 |
2541.340 |
2424.885 |
|
Debt/Equity
ratio |
5.924 |
5.321 |
4.109 |
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 |
5124.034 |
5649.745 |
6124.664 |
|
|
|
10.260 |
8.406 |
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 |
5124.034 |
5649.745 |
6124.664 |
|
Profit |
39.250 |
119.349 |
156.501 |
|
|
0.77% |
2.11% |
2.56% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
Current Maturities of Long Term Debts |
192.374 |
121.150 |
85.913 |
|
|
|
|
|
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
----- |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10494215 |
12/09/2013 |
4,100,000.00 |
INDIAN OVERSEAS BANK |
MID CORPORATE
BRANCH, SCHEME 54 SHRI SATYA SAI VI |
C04150967 |
|
2 |
10429090 |
06/02/2014 * |
110,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B96031596 |
|
3 |
10249650 |
19/04/2014 * |
2,700,000,000.00 |
UCO BANK |
UCO BANK, NEW PALASIA BRANCH, INDORE, MADHYA PRADESH - 452001, INDIA |
C02677797 |
|
4 |
10249654 |
23/09/2010 |
650,000,000.00 |
UCO BANK |
2/5, 3/5, GIRNAR TOWER, NEW PALASIA BRANCH, INDORE, MADHYA PRADESH - 452003, INDIA |
A97942387 |
|
5 |
10225833 |
03/06/2010 |
400,000,000.00 |
UCO BANK |
NEW PALASIA, 2/5, 3/5, GIRNAR TOWER, INDORE, MADHYA PRADESH - 452001, INDIA |
A88279708 |
|
6 |
10225832 |
03/06/2010 |
1,155,000,000.00 |
UCO BANK |
NEW PALASIA, 2/5, 3/5, GIRNAR TOWER, INDORE, MADHYA PRADESH - 452001, INDIA |
A88279336 |
|
7 |
10194509 |
26/12/2009 |
100,000,000.00 |
UCO BANK |
NEW PALASIA BRANCH, 2/5, 3/5, GIRNAR TOWER, INDORE, MADHYA PRADESH - 452001, INDIA |
A76372499 |
|
8 |
10093165 |
31/12/2009 * |
50,000,000.00 |
UCO BANK |
NEW PALASIA BRANCH, 3/5, GIRNAR TOWER, INDORE, MADHYA PRADESH - 452001, INDIA |
A76837335 |
|
9 |
10093164 |
31/12/2009 * |
1,075,000,000.00 |
UCO BANK |
NEW PALASIA,, 3/5, GIRNAR TOWER, INDORE, MADHYA PRADESH - 452001, INDIA |
A76837244 |
|
10 |
10007172 |
26/04/2006 |
27,000,000.00 |
UCO BANK |
NEW PALASIA BRANCH, INDORE, INDORE, MADHYA PRADESH - 452001, INDIA |
A01445931 |
|
11 |
90241429 |
15/03/2007 * |
770,000,000.00 |
UCO BANK |
6 DR R.S. BHANDARI MARG, NEW PALASIA, INDORE, MADHYA PRADESH - 452001, INDIA |
- |
|
12 |
90240773 |
15/07/2005 * |
88,000,000.00 |
UCO BANK |
NEW PALASIA, INDORE, MADHYA PRADESH, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Intercorporate Loans |
472.164 |
469.164 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Intercorporate Loans |
5.000 |
1.554 |
|
Total |
477.164 |
470.718 |
CORPORATE
INFORMATION
Subject was incorporated on January 29, 1985 under the Companies Act 1956, having its registered office in Mumbai. Company is engaged in Manufacturing of Micro Irrigation System (DRIP), Sprinkler Pipe/ PVC Pipe and Agro Fittings and its Allied Products, all type of House Hold and Plastic Moulded Furniture. The companys shares listed on The Stock Exchange, Mumbai, and Madhya Pradesh Stock Exchange, Indore. The equity shares of the company have been permitted for trading on the National Stock Exchange of India Limited. W.e.f. May 30, 2012, pursuant to circular No. 460/ 2012 dated May 28, 2012, issued by National Stock Exchange and same also traded on Bombay Stock Exchange.
BUSINESS REVIEW
The Company continued to maintain its upward trend by registering Sales of Rs. 6165.375 Millions as against Rs. 5674.253 Millions in the previous year. Profit before Finance Costs, Depreciation, and Tax has increased from Rs.546.262 Millions to Rs. 679.648 Millions. After providing for finance costs and Depreciation amounting to Rs. 467.460 Millions and Rs. 370.538 Millions respectively, the Profit before Tax for the year has amounted to Rs. 212.188 Millions as compared to Rs 175.723 Millions in the previous year. Net profit After Tax for the year has increased to Rs. 156.501 Millions as compared to Rs 119.349 Millions in the previous year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
OVERVIEW
India is
expected to record 6.1 per cent gross domestic product (GDP) growth in the
current fiscal, The growth is expected to increase further to 6.7 per cent In
2014-15, according to the World Bank’s latest
India Development Update, a bi-annual report on the Indian economy,
While, the Prime Minister s Economic Advisory Panel expects the economic growth
rate to increase to 6.4 per cent In- 2013-14 from 5 percent during 2012-13, on
back of improvement in performance of
agriculture and manufacturing sectors.
Despite berg
among the fastest growth markets globally, India’s per capita plastic
consumption (PE, PP and PVC) at 6.6 Kg remains far behind those of the US (67.3
Kg), China (36.7 Kg) and Brazil (24.6 Kg). However, it is advancing at 2.5
times its GDP growth. Besides, the subcontinents surging industrialization and
increasingly powerful economy holds immense untapped growth potential.
.
Polymer
consumption in India’s is polsed to grow multifold, with the help of new
developments in packaging applications, infrastructure growth, modernization of
agriculture sector, improved healthcare facilities, improved lifestyle and
disposable incomes, automobile demand and rural penetration .
PVC finds
application in irrigation pipes, drinking water supply, sewerage schemes,
profiles for the building industry wires and cables. Pipes and fittings
continue to account for 74% of the domestic PVC demand, India’s PVC consumption
was estimated to be 2.24 MMT in FY 2012-21013, growing by 14% over the previous
year.
Looking towards the growing competition and demand of their products in the market, the company has also started producing various high-quality fittings and accessories in relation to micro irrigation and sprinkler irrigation systems, in order to reduce its dependence upon bought out components and to increase its profitability. The company has also set up its own R&D and design division to create a competitive edge over its competitor.
Company has successfully tied up to CPVC compound with on Sriram Axiall Private Limited for launching Cpvc Pipes and fittings used in hot and cold water transportation. This is one of the best available compounds available in the world. More importantly, this in in acute shortage, they expect their company to progress faster with this new world-class product.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Outstanding Bank Guarantee |
92.736 |
75.970 |
|
Income Tax/ Sales Tax/ Excise Duty Demand disputed in appeal (Net of Amount paid) |
331.856 |
3.542 |
|
Corporate guarantee given on behalf of others |
100.000 |
100.000 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER, 2014
|
Sr. No |
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
|
|
|
||
|
1. |
Income from
Operation |
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
1676.445 |
1542.748 |
4823.058 |
|
|
b. Other Operating Income |
7.670 |
4.786 |
19.436 |
|
|
Total Income from
Operations (Net) |
1684.115 |
1547.534 |
4842.494 |
|
2 |
Expenses |
|
|
|
|
|
a. Cost of material Consumed |
372.476 |
455.197 |
1352.448 |
|
|
b. Purchase of Stock-in trade |
971.123 |
989.324 |
2773.897 |
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
73.789 |
(160.361) |
(96.323) |
|
|
d. Employees Benefit Expenses |
31.409 |
29.429 |
88.342 |
|
|
e. Depreciation and Amortisation Expenses |
16.172 |
17.581 |
48.870 |
|
|
f. Other expenses |
89.068 |
78.734 |
262.992 |
|
|
Total Expenses |
1554.037 |
1409.904 |
4430.226 |
|
3 |
Profit from Operations
before Other Income, finance cost and Exceptional Items |
130.078 |
137.630 |
412.268 |
|
4 |
Other Income/ (Loss) |
-- |
0.015 |
0.044 |
|
5 |
Profit/ (Loss) from
ordinary activities before finance cost & exceptional items |
130.078 |
137.645 |
412.312 |
|
6 |
Finance Costs |
99.770 |
92.523 |
270.652 |
|
7 |
Profit/ (Loss) from
ordinary activities after finance costs & exceptional items |
30.308 |
45.122 |
141.660 |
|
8 |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit/ (Loss) from
ordinary activities before tax |
30.308 |
45.122 |
141.660 |
|
10 |
Tax Expense |
7.450 |
13.026 |
38.994 |
|
11 |
Excess/ Short Provision for earlier years |
-- |
-- |
-- |
|
12 |
Net Profit/ (Loss)
from ordinary activity after tax |
22.858 |
32.096 |
102.666 |
|
13 |
Extraordinary Items (Net of Tax Expense) |
-- |
-- |
-- |
|
14 |
Net Profit/ (Loss)
for the period |
22.858 |
32.096 |
102.666 |
|
15 |
Paid-up equity capital (face value of Rs.10 per share) |
291.870 |
291.870 |
291.870 |
|
16 |
Reserves excluding Revaluation Reserve (As per balance sheet of pre accounting Year) |
-- |
-- |
-- |
|
17 |
Basic and Diluted EPS (Not Annualised) |
0.78 |
1.10 |
3.52 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
- No. of shares |
7776000 |
7776000 |
7776000 |
|
|
- Percentage of shareholding |
26.64 |
26.64 |
26.64 |
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- No. of shares |
-- |
-- |
-- |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
-- |
-- |
-- |
|
|
b) Non-encumbered |
|
|
|
|
|
- No. of shares |
21411000 |
21411000 |
21411000 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
73.36 |
73.36 |
73.36 |
|
|
Particulars |
Quarter ended
31.12.2014 |
|
B |
Investor Complaints (Noss.) |
|
|
|
Pending at the beginning of the quarter |
-- |
|
|
Received during the quarter |
-- |
|
|
Disposed off during the quarter |
-- |
|
|
Remaining unresolved at the end of the
quarter |
-- |
1. The above results were reviewed by the Audit Committee and approved at the meeting of the Board of Directors held on 14th February, 2015. The auditors have carried out "Limited Review" of the above results.
2. Consequent to enactment of new Companies Act 2013 and as per the Schedule II
of the Companies Act, 2013 with effect from 1st April 2014 company
has revised the useful life of fixed Assets for providing depreciation on it.
Accordingly, carrying amount as on 01/04/2014 has been depreciated over the
remaining revised useful life of the fixed assets. Due to this change the
depreciation for 9 Months Ended on 31/12/2014 is lower by Rs. 6.515 Millions
and the quarter ended 31/12/2014 is lower by Rs. 2.378 Millions and profit
before tax for 9 Months Ended on 31/12/2014 is higher to the extent of Rs.
6.515 Millions and the quarter ended 31/12/2014 is higher by Rs. 2.378
Millions. In accordance with transitional provision in respect of assets whose
useful life is already exhausted as on April 01, 2014, depreciation (Net of
deferred tax) has been recognised in the opening balance of retained earnings
in accordance with the requirements of Schedule II of the Act.
3. Consignment sales of Rs. 1257.074 Millions for the 9 Months Ended on
31.12.2014 is not included in the above sales.
4. Income from Interest received amounting to Rs. 28.299 Millions
(Corresponding Previous 9 Months: Rs. 32.005 Millions) for the 9 Months Ended
on 31.12.2014 and Rs. 9.519 Millions (Corresponding Previous Quarter: Rs. 7.102
Millions) for the quarter ended on 31st December 2014 has been
netted off against Interest Expense.
5. The figures for the Quarter Ended 31st December, 14 are the balancing
figures between unaudited figures in respect of 9 Months Ended on 31st
December, 14 and the published year to date unaudited figures upto 30th
September, 14.
6. Previous year figures have been regrouped/rearranged wherever necessary.
SEGMENT WISE REVENUE, RESULTS AND CAPITAL
EMPLOYED
|
Particulars |
Quarter Ended |
Nine Months
Ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
a.
Information about Primary Business Segments |
|
|
|
|
1.
Segment Revenue |
|
|
|
|
Manufacturing |
630.172 |
502.092 |
1894.515 |
|
Windmill |
1.122 |
4.600 |
9.388 |
|
Trading |
1052.822 |
1040.845 |
2938.623 |
|
Unallocable |
-- |
0.013 |
0.013 |
|
Total |
1684.116 |
1547.550 |
4842.539 |
|
Segment Results |
|
|
|
|
Manufacturing |
115.909 |
105.980 |
347.552 |
|
Windmill |
(0.492) |
2.928 |
4.554 |
|
Trading |
21.071 |
32.111 |
73.581 |
|
Unallocable |
(6.410) |
(3.373) |
(13.375) |
|
|
|
|
|
|
Less: |
|
|
|
|
Interest |
99.770 |
92.523 |
270.652 |
|
Unallocable Expenditure |
-- |
-- |
-- |
|
Total Profit Before Tax Capital Employed (asets less liabilities) |
30.308 |
45.123 |
141.660 |
|
|
|
|
|
|
Manufacturing |
2079.529 |
2135.509 |
2079.529 |
|
Windmill |
81.912 |
85.781 |
81.912 |
|
Trading |
630.675 |
653.970 |
630.675 |
|
Unallocable |
(2093.614) |
(2199.614) |
(2093.614) |
|
Total |
698.502 |
675.646 |
698.502 |
FIXED ASSETS
· Land – Freehold
· Land – Leasehold
· Building
· Plant and Machinery
· Windmill
· Furniture and Fixtures
· Office Equipments
· Vehicle
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.62.49 |
|
|
1 |
Rs.92.26 |
|
Euro |
1 |
Rs.66.80 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.