MIRA INFORM REPORT

 

Report No. :

348079

Report Date :

06.11.2015

 

IDENTIFICATION DETAILS

 

Name :

SYMPHONY LIMITED (w.e.f. 11.03.2010)

 

 

Formerly Known As :

SYMPHONY COMFORT SYSTEMS LIMITED

 

 

Registered Office :

Symphony House, Third Floor, FP-12, TP-50, Off S.G. Highway, Bodakdev, Ahmedabad – 380 054, Gujarat

Tel. No.:

91-79-66211111/30130111

 

 

Country :

India

 

 

Financials (as on) :

31.06.2015

 

 

Date of Incorporation :

05.02.1988

 

 

Com. Reg. No.:

04-010331

 

 

Capital Investment / Paid-up Capital :

Rs. 69.957 Million

 

 

CIN No.:

[Company Identification No.]

L32201GJ1988PLC010331

 

 

IEC No.:

0889002835

 

 

TAN No.:

[Tax Deduction and Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AACCS6739B

 

 

Legal Form :

A Public Limited Liability Company. The company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturing, Importing and Exporting of Home Appliances

 

 

No. of Employees :

146 (Approximately)

 

 

RATING and COMMENTS

 

MIRA’s Rating :

A (66)

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

Financial and operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

Maximum Credit Limit :

USD 8200000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject was incorporated on 5th February, 1988. It is engaged into business of manufacturing, importing and exporting of home appliances. It has fine track record.

 

The company possesses a healthy financial profile marked by strong networth base, zero debt, good profitability and fair liquidity.

 

The ratings also takes into consideration, an acceptable share price of Rs. 2017.80/- recorded by the company as against a face value of Rs. 2.00/- as on November 3, 2015.

 

Trade relations are reported as fair. Business is active. Payment are regular and as per commitment.

 

The company can be considered for business dealings at usual trade terms and conditions.

 

 

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Not Available

 

 

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 31-03-2015.

 

 

INFORMATION DENIED

 

MANAGEMENT NON-CO-OPERATIVE

91-79-66211111

91-79-30130111

 

LOCATIONS

 

Registered Office :

Symphony House, Third Floor, FP-12, TP-50, Off S.G. Highway, Bodakdev, Ahmedabad – 380 054, Gujarat, India

Tel. No.:

91-79-66211111/30130111

Mobile No.:

Not Available

Fax No.:

91-79-66211140

E-Mail :

Corporate@symphonylimited.com 

Website :

http://www.symphonylimited.com

http://www.symphony-usa.com

http://www.symphonylimited.com

www.facebook.com/symphonylimited

www.linkedin.com/company/symphonylimited-ahmedabad-india

www.twitter.co/symphonylimited

 

 

Factory :

703/704, Sanad Kadi Highway, Village Thol, Taluka Kadi, District Mehsana - 382728, Gujarat, India

 

 

SEZ Units 1 :

Plot No. 177, 178, 201 and 202, Surat Special Economic Zone Sachin, District Surat - 394230, Gujarat, India

 

 

SEZ Units 2 :

Plot No. 1/4 Sector-III of Kandla Special Economic Zone, Gandhigham Kutch – 370230, Gujarat, India

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Achal Bakeri

Designation :

Chairman and Managing Director and founder

Address :

415, Opposite Nehru Foundation, Bodakdev, Ahmedabad - 380054, Gujarat, India

Qualification :

Architect, MBA (University of Southern California)

Experience :

He has 29 years of experience in varied functions of the Company. He contributes to policy formation, strategy and provides overall direction to the Board and the management team in achieving aggressive corporate objectives.

DIN No.:

00397573

 

Name :

Mr. Nrupesh Shah

Designation :

Executive Director

Address :

26, Prakrutikunj Society, NearManekbag Ambawadi, Ahmadabad - 380015, Gujarat, India

Qualification :

B.Com., FCA and CS

Experience :

He looks after overall corporate affairs, strategy, finance, M.I.S., treasury etc. He has around 27 years of experience in varied corporate functions. He has been with the Company since 1993.

DIN No.:

00397701

 

Name :

Jonaki Bakeri

Designation :

Non-Executive Director

Date of Birth/Age :

29 years

Qualification :

B.A.

Experience :

She has an experience spanning 10 years in various business functions namely marketing, service, accounts, finance, legal and product development.

Date of Appointment :

August 20, 2014

DIN No.:

06950998

Other Directorship :

Oras Investments Private Limited

 

Name :

Mr. Dipak Palkar

Designation :

Independent Director

Address :

22-A- Saujanya Society, Opposite Bhavans School, Makarpura Road, Vadodara - 390009, Gujarat, India

Qualification :

B.Com., DTP and DBM

Experience :

He has about 35 years of experience in HR, marketing, business promotion and international sales.

DIN No.:

00475995

 

Name :

Mr. Himanshu Shah

Designation :

Independent Director

Address :

9, Arun Society, Anand Nagar, Paldi, Ahmedabad - 380007, Gujarat, India

Qualification :

B.Com. and MBA (Marketing)

Experience :

He has about 27 years of experience in sales, marketing and business promotion.

DIN No.:

02644454

 

Name :

Mr. Satyen Kothari

Designation :

Independent Director

Address :

25 Silver Sands Society, Juhu Tara Road, Juhu, Mumbai - 400049, Maharashtra, India

Qualification :

Masters in Engineering

Experience :

He has a working experience of 19 years in the field of strategy and user experience with several leading global companies like Apple, First Data Corp., Frog Design in the Silicon Valley.

DIN No.:

01817020

 

Name :

Mr. Naishadh Parikh

Designation :

Independent Director

Address :

Krishnakunj, Shahibaug, Ahmedabad - 380004, Gujarat, India

Date of Birth/Age :

60 years

Qualification :

B. Sc. and MBA

Experience :

He has rich experience of more than 30 years in performing various roles at corporate level of diverse sectors and expertise in strategy formulation and implementation for new businesses and market entries.

DIN No.:

00009314

Other Directorship :
  • Amtrex Ambience Limited
  • Equinox Solutions Limited
  • Avikal Tradelink Private Limited
  • Suvik Electronics PrivateLimited
  • Perfect Connections Limited
  • Amol Dicalite Limited
  • Confederation of Indian Textile Industry
  • Arvind Accel Limited
  • CEPT Research and Development Foundation
  • Ahmedabad University Support Foundation,
  • Apparel Made-ups and Home Furnishing Sector Skill Council
  • The Cotton Textiles Export Promotion Council.

 

Name :

Mr. Darshan Patel

Designation :

Director

Address :

19, Royal Cresent, Near Asopalav Banglows, Thaltej, Ahmedabad - 380059, Gujarat, India

Date of Birth/Age :

53 years

Qualification :

B.Sc. and M. Chem

Experience :

He has more than 25 years’ rich experience of marketing, brand building and creating new categories in OTC, Wellness and Personal Care in both domestic and international markets.

Date of Appointment :

13.08.2015

DIN No.:

00068650

Other Directorship :
  • Vini Foods Private Limited
  • Vini Investments Private Limited
  • Vini Wellness Private Limited
  • Vini Cosmetics Private Limited
  • Vini Healthscience Private Limited
  • Vini Hygrade Food Products Private Limited

 

 

KEY EXECUTIVES

 

MANAGEMENT TEAM :

Name :

Mr. Falgun Shah

Designation :

Chief Innovation Officer

Qualification :

BE (Mech), M. Tech, and MBA (Finance)

Experience :

He has a varied work experience of over 29 years across diverse functions. He is responsible for technical and product development initiatives for coolers.

 

 

Name :

Mr. Vijay R. Joshi

Designation :

Chief Operating Officer

Qualification :

BE (Mech), Diploma in Business Management

Experience :

He has over 28 years of experience and holds overall responsibility for operations including development of new products, materials management and production.

 

 

Name :

Mr. Bhadresh Mehta

Designation :

Chief Financial Officer

Address :

12, Heavan Park, Ramdevnagar, Satelite, Ahmedabad - 380015, Gujarat, India

PAN No.:

ABFPM0258A

Qualification :

B.Com., ACA, ACS, AICWA, IFRS and DISA

Experience :

He is a finance and audit professional with 32 years of experience. He is responsible for finance, audit, accounts, costing, taxation and infotech functions.

 

 

Name :

Mr. Chandrakant Gandhi

Designation :

Company Secretary and Head - Legal

Address :

16-B, Swagat Society,, Ghatlodia, Ahmedabad - 380061, Gujarat, India

PAN No.:

AAWPG3430A

Qualification :

M.Com., LLB, FCS

Experience :

He has more than 33 years of experience and looks after secretarial and legal functions.

 

 

Name :

Mr. Ramendra Sahai

Designation :

Vice President – Central Air Cooling Solutions

Qualification :

BE (Mechanical), MBA (Marketing)

Experience :

He has over 24 years of experience in the field of sales and marketing. He is responsible for Industrial and Commercial Air Coolers Sales division of the organisation.

 

 

Name :

Mr. Jayesh Gupta

Designation :

Associate Vice President – Sales

Qualification :

B.Com.

Experience :

He has over 32 years of experience in the field of sales. He is responsible for all India domestic sales, logistics and commercial functions.

 

 

Name :

Mr. Rajesh Mishra

Designation :

Associate Vice President – Marketing – Domestic and International Markets

Qualification :

BE (Mechanical)

Experience :

He has over 20 years of experience in the field of sales and marketing. He is responsible for all marketing functions in the Company’s domestic and international business.

 

 

Name :

Mr. Madhu Mohan

Designation :

Associate Vice President – International Markets

Qualification :

BE (Mech.), MBA (International Business)

Experience :

He has over 22 years of experience in international business.

 

 

Name :

Mr. Juan Bendeck

Designation :

General Director

Qualification :

BS Industrial Engineering, MBA

Experience :

He has over 28 years of experience in Sales, Marketing, Quality, Manufacturing and General Management. He oversees Finance, Sales and Marketing, Operations, Engineering, Industrial Relations and Procurement.

 

 

Name :

Mr. Javier Reza

Designation :

Residential Sales Director,

Qualification :

Associate Degree in Business

 

 

Name :

Mr. Edgar Moneta

Designation :

Industrial Sales Director

Qualification :

BS in Mechanical Engineering, Master in Manufacturing and Management

 

 

Name :

Mr. Arturo Silva

Designation :

Head – Finance and Accounts

Qualification :

BS in Business Administration

 

 

Name :

Nelda O. Jauregui

Designation :

Human Resource Manager

Qualification :

BA in Teaching, MBA

 

 

Name :

Mr. Jose Carmen Contreras

Designation :

Supply Procurement Director

Qualification :

BS Industrial Engineering

 

 

Name :

Mr. Alvaro Trevino

Designation :

Engineering Manager

Qualification :

BS in Mechanical and Administrative Engineering, Master in Material Sciences

 

 

Name :

Mr. Alejandro de la Cerda

Designation :

Operations Manager

Qualification :

BS in Mechanical and Administrative Engineering, MBA

 

 

Name :

Mr. Lilia Chavez

Designation :

Head – Marketing

Qualification :

BS in Marketing, MBA

 

 

USA (SYMPHONY USA INC.)

MANAGEMENT TEAM :

 

Name :

Mr. Bill Hobson

Designation :

Vice President

 

 

Name :

Mr. Jaime Enriquez

Designation :

Finance and Administration Director

 

 

Name :

Mr. Iram Galvan

Designation :

Head – Operations

 

 

Name :

Dianna Olivas

Designation :

Head – Sales

 

 

SHAREHOLDING PATTERN

 

AS ON 30.09.2015

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

As a % of (A+B+C)

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

18412910

52.64

http://www.bseindia.com/include/images/clear.gifBodies Corporate

6241600

17.84

http://www.bseindia.com/include/images/clear.gifSub Total

24654510

70.48

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals (Non-Residents Individuals / Foreign Individuals)

1579360

4.52

http://www.bseindia.com/include/images/clear.gifSub Total

1579360

4.52

Total shareholding of Promoter and Promoter Group (A)

26233870

75.00

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

1028204

2.94

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

23052

0.07

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

2047894

5.85

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

775098

2.22

http://www.bseindia.com/include/images/clear.gifForeign Portfolio Investments Corporation

775098

2.22

http://www.bseindia.com/include/images/clear.gifSub Total

3874248

11.08

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

1735327

4.96

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

2569227

7.35

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

61356

0.18

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

504472

1.44

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

207455

0.59

http://www.bseindia.com/include/images/clear.gifTrusts

2520

0.01

http://www.bseindia.com/include/images/clear.gifClearing Members

7527

0.02

http://www.bseindia.com/include/images/clear.gifOthers

286970

0.82

http://www.bseindia.com/include/images/clear.gifSub Total

4870382

13.92

Total Public shareholding (B)

8744630

25.00

Total (A)+(B)

34978500

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

34978500

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing, Importing and Exporting of Home Appliances.

 

 

Products :

Item Code No.

Product Description

27900

Air Coolers

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

Not Available

 

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Company Name :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

 

Customers :

Company Name :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

 

No. of Employees :

146 (Approximately)

 

 

Bankers :

Banker Name :

Corporation Bank

Branch :

IFB, Rangolee Complex, 1st Floor, Ashram Road, Ellisbridge, Ahmedabad – 380006, Gujarat, India

Person Name (With Designation) :

Not Available

Contact Number :

Not Available

Name of Account Holder :

Not Available

Account Number :

Not Available

Account Since (Date/Year of Account Opening) :

Not Available

Average Balance Maintained :

Not Available

Credit Facilities Enjoyed (CC/OD/Term Loan) :

Not Available

Account Operation :

Not Available

Remark :

Not Available

 

  • IDBI Bank Limited, India
  • Vijaya Bank Limited, India

 

 

Facilities :

--

 

Auditors :

 

Name :

Shah and Dalal

Chartered Accountants

 

 

Collaborators :

Not Available

 

 

Membership :

Not Available

 

 

Subsidiaries :
  • Symphony Aircoolers Inc, USA
  • Sylvan Holdings Pte. Limited, Singapore

 

Subsidiary of Subsidiary :
  • IMPCO S DE RL DE CV, Mexico
  • Symphony USA INC., USA

 

 

Enterprise in which Director has significant influence :
  • Oras Investments Private Limited
  • Paratam Investments Private Limited
  • Scarlet Living Private Limited
  • Bakeri Projects Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

75,000,000

Equity Shares

Rs. 2/- each

Rs. 150.000 Million

 

 

 

 

 

Issued, Subscribed and Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

34,978,500

Equity Shares

Rs. 2/- each

Rs. 69.957 Million

 

 

 

 

 

The Company has only one class of shares referred to as equity shares having a par value of Rs. 2/-, rank pari passu in all respects including voting rights and entitlement to dividend.

 

The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of Interim Dividend.

 

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive assets of the Company remaining after settlement of all liabilities. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

 

Details of equity shares held by shareholders holding more than 5% shares:

 

Name of Shareholder

Number of Shares

% holding

Mr. Achal A. Bakeri

14,631,800

41.83%

Oras Investments Private Limited

3,221,800

9.21%

Paratam Investments Private Limited

3,019,800

8.63%

Total

20,873,400

59.67%

 

 

Reconciliation of the number of shares

 

Equity Shares

Number of Shares

Shares outstanding at the beginning of the year

34,978,500

Shares issued during the year

--

Shares outstanding at the end of the year

34,978,500

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.06.2015

31.06.2014

31.06.2013

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

69.957

69.957

69.957

(b) Reserves and Surplus

2831.958

2257.414

1800.713

(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)

2901.915

2327.371

1870.670

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

18.592

5.292

4.443

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

1.421

2.135

2.133

Total Non-current Liabilities (3)

20.013

7.427

6.576

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

329.964

274.810

148.046

(c) Other current liabilities

101.258

92.692

109.521

(d) Short-term provisions

489.091

529.514

335.716

Total Current Liabilities (4)

920.313

897.016

593.283

 

 

 

 

TOTAL

3842.241

3231.814

2470.529

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

591.464

311.168

292.453

(ii) Intangible Assets

2.774

1.794

0.538

(iii) Capital work-in-progress

0.000

82.163

35.975

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

1546.845

1618.720

318.387

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

11.987

26.854

15.367

(e) Other Non-current assets

0.000

0.000

0.970

Total Non-Current Assets

2153.070

2040.699

663.690

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

1096.682

576.298

901.048

(b) Inventories

245.528

216.437

181.928

(c) Trade receivables

66.014

98.334

51.640

(d) Cash and cash equivalents

69.271

35.223

432.324

(e) Short-term loans and advances

132.832

238.246

201.867

(f) Other current assets

78.844

26.577

38.032

Total Current Assets

1689.171

1191.115

1806.839

 

 

 

 

TOTAL

3842.241

3231.814

2470.529

 

 

PROFIT and LOSS ACCOUNT

 

 

PARTICULARS

31.06.2015

31.06.2014

31.06.2013

 

SALES

 

 

 

 

Income

5157.186

4515.021

3087.086

 

Other Income

299.384

148.697

164.138

 

TOTAL INCOME

5456.570

4663.718

3251.224

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

246.002

254.697

156.324

 

Purchases of Stock-in-Trade

1981.066

1700.011

1278.725

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(55.195)

(16.077)

(62.888)

 

Employees benefits expense

303.272

255.499

210.313

 

Other expenses

1337.012

1101.834

730.262

 

TOTAL

3812.157

3295.964

2312.736

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

1644.413

1367.754

938.488

 

 

 

 

 

Less

FINANCIAL EXPENSES

5.741

0.537

3.199

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

1638.672

1367.217

935.289

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

21.249

11.467

13.053

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

1617.423

1355.750

922.236

 

 

 

 

 

Less

TAX

453.232

367.049

295.398

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

1164.191

988.701

626.838

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

529.688

556.751

343.023

 

Interest Income

0.996

10.097

13.374

 

Other Income

7.574

10.635

9.338

 

TOTAL EARNINGS

538.258

577.483

365.735

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

54.831

133.327

66.364

 

Components and Stores parts

 0.000

 0.000

 0.000

 

Capital Goods

39.363

23.020

3.934

 

TOTAL IMPORTS

94.194

156.347

70.298

 

 

 

 

 

 

EARNINGS / (LOSS) PER SHARE (RS.)

33.28

28.27

17.92

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.06.2015

31.06.2014

31.06.2013

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

1674.318

1278.027

833.308

Cash generated from (Used) operations

NA

NA

NA

Cash generated from Operating Activities

1182.967

904.437

599.856

 

 

QUARTERLY RESULTS

 

Particulars

 

 

30.09.2015

(UNAUDITED)

Net Sales

 

1145.100

Total Expenditure

 

804.800

PBIDT (Excl OI)

 

340.300

Other Income

 

71.800

Operating Profit

 

412.100

Interest

 

0.100

Exceptional Items

 

NA

PBDT

 

412.000

Depreciation

 

7.300

Profit Before Tax

 

404.700

Tax

 

117.100

Provisions and contingencies

 

NA

Profit After Tax

 

287.600

Extraordinary Items

 

NA

Prior Period Expenses

 

NA

Other Adjustments

 

NA

Net Profit

 

287.600

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.06.2015

31.06.2014

31.06.2013

Net Profit Margin

(PAT / Sales)

(%)

22.57

21.90

20.31

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

31.89

30.29

30.40

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

70.46

88.56

43.58

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.56

0.58

0.49

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.00

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.84

1.33

3.05

 

 

STOCK PRICES

 

Face Value

Rs. 2.00/-

Market Value

Rs. 2017.80/-

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.06.2013

31.06.2014

31.06.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

69.957

69.957

69.957

Reserves and Surplus

1800.713

2257.414

2831.958

Net worth

1870.670

2327.371

2901.915

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

0.000

0.000

0.000

Total borrowings

0.000

0.000

0.000

Debt/Equity ratio

0.000

0.000

0.000

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.06.2013

31.06.2014

31.06.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

3087.086

4515.021

5157.186

 

 

46.255

14.223

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.06.2013

31.06.2014

31.06.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

3087.086

4515.021

5157.186

Profit

626.838

988.701

1164.191

 

20.31%

21.90%

22.57%

 

 

 

 

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

No

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

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

No

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

 

Note: Registered office of the company has been shifted from Saumya Bakeri, Navrangpura, Ahmedabad – 380014, Gujarat, India to the present address.

 

 

LITIGATION DETAILS:

 

 

HIGH COURT OF GUJARAT

 

TAX APPEAL No. 442 of 2008

Status : PENDING

( Converted from : ST/401/2008 )

CCIN No : 001092200800442

 

HIGH COURT OF GUJARAT

TAX APPEAL No. 442 of 2008

Status : PENDING

( Converted from : ST/401/2008 )

CCIN No : 001092200800442

 

S.NO.

Name of the Petitioner

Advocate On Record

1

THE COMMISSIONER OF INCOME TAX-IV

MR NITIN K MEHTA for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

S.NO.

Name of the Respondant

Advocate On Record

1

SYMPHONY COMFORT SYSTEMS LIMITED

MRS SWATI SOPARKAR for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

Presented On

: 11/02/2008

Registered On

: 11/02/2008

Bench Category

: DIVISION BENCH

District

: AHMEDABAD

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 5 times

Stage Name:

: FOR FINAL HEARING

 

Classification

·         DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA

Act

·         INCOME-TAX ACT, 1961

 

 

 

OFFICE DETAILS

 

S. NO.

FILING DATE

DOCUMENT NAME

ADVOCATE NAME

COURT FEE ON DOCUMENT

DOCUMENT DETAILS

1

15/08/2008

VAKALATNAMA

MRS SWATI SOPARKAR ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

MRS SWATI SOPARKAR:1

2

15/08/2008

VAKALATNAMA

MS PAURAMIB SHETH ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

MS PAURAMI B SHETH:1

3

02/09/2008

VAKALATNAMA

MRS SWATI SOPARKAR ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

MRS SWATI SOPARKAR:1

4

15/03/2014

APPEARANCE NOTE

MR NITIN K MEHTA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

MR NITIN K MEHTA(3286) for P:1

 

 

 

COURT PROCEEDINGS

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

13/08/2008

12

-

FOR FINAL HEARING - TAX MATTERS

RULE/ADMIT

·         HONOURABLE MR.JUSTICE K.A.PUJ 

·         HONOURABLE MR.JUSTICE BANKIM.N.MEHTA

2

19/08/2015

7

38

WARNED LIST - TAX APPEAL

NEXT DATE

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MR.JUSTICE A.G.URAIZEE

3

25/08/2015

7

73

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MR.JUSTICE A.G.URAIZEE

4

15/09/2015

7

99

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MR.JUSTICE A.G.URAIZEE

5

27/10/2015

7

83

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MR.JUSTICE A.G.URAIZEE

6

25/01/2016

7

-

FOR FINAL HEARING

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MR.JUSTICE A.G.URAIZEE

 

 

 

AVAILABLE ORDERS

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

Download

1

TAX APPEAL/442/2008

·         HONOURABLE MR.JUSTICE K.A.PUJ 

·         HONOURABLE MR.JUSTICE BANKIM.N.MEHTA

14/08/2008

N

ORDER

-

Y

Download

 

CERTIFIED COPY

 

S. No.

Applicant

name

Application

type

Application Date

Uol Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

1

MR MANISH R BHATT

ORDINARY

20/08/2008

O/25879/2008

14/08/2008

25/08/2008

26/08/2008

Delivered

-

 

 

GLOBAL ECONOMIC OUTLOOK:

 

The year 2014-15 saw the emerging economies of China and India experiencing higher rate of growth compared to the advanced economies like the US and those of the Eurozone. The advanced economies also witnessed an improvement in terms of their economic outlook and continued to recover from the recession that had hit them in 2010. This was largely aided by accommodative monetary policies and a significant lowering of energy costs. However in the near term, the eurozone is expected to witness a slowdown following the fall in aggregate demand and concerns over Greek bankruptcy.

 

However, the year remained fraught with crude oil price volatility, a slowdown in the Chinese economy towards the later part of the year and trade protection issues, among others. Chinese GDP growth was pegged at 7.4% during 2014 and is expected to slow down to around 7% by end-2015. The Chinese Government aims to reduce the impact from this slowdown by reducing focus on exports and increasing domestic consumption. As per World Bank data, global growth should expand at around 2.80% in 2015 and accelerate to touch around 3.20% by 2017.

 

 

INDIAN ECONOMIC OUTLOOK:

 

The macroeconomic scenario in India witnessed an improvement during FY2014-15 as compared to the previous year. Wholesale and retail inflation declined, domestic demand rose, capital expenditure increased, exchange rates stabilised and currency outflows reduced considerably on account of falling oil imports. This was in sharp contrast with the scenario prevalent during the previous few years which were marked by rising inflation, widening fiscal deficit, stagnating demand, current account imbalances and fluctuations in the value of the rupee against the dollar.

 

The decline in inflation was further aided by a close to 40% fall in crude oil prices as well as a decline in the prices of major industrial commodities towards the end of the year. The tight monetary policy stance adopted by the Reserve Bank of India helped contain any recurrence of inflationary trends, and cushioned India from potential risks arising from external contingencies. Favourable macroeconomic developments stabilised the value of the rupee against major foreign currencies.

 

The latest estimates of national income indicate that the revival in growth, which had commenced in 2013-14, has continued into 2014-15. (Source: Central Statistics Office). As per the Economic Survey 2015, India grew by an estimated 7.3% during FY2014-15 as against 6.9% during FY2013-14. World Bank and IMF expect the Indian GDP growth rate to remain around 7.5% during 2015-16 and reach around 8% during 2017-18. Thus, Indian GDP growth is projected to accelerate over the next five years on the back of investmentled growth, economic reforms and favourable demographics.

 

 

OPERATIONS REVIEW:

 

During the year The Company on standalone basis registered a gross turnover of Rs. 5153.100 Million in 2014-15, a growth of 14% over Rs. 4512.400 Million in 2013-14. During the year 2014- 15, The Company continued to expand its domestic presence by widening its marketing network of distributors and dealers throughout the country with adequate warehousing infrastructure in all strategic locations in various parts of the country. The Company has taken steps to revitalise the organisational structure of the marketing function to enable better penetration into the local market. The Company has also initiated steps to strengthen its after sales service by appointing service franchisees and introducing a single nationwide customer care number. This will enable prompt and efficient provision of after sales service, particularly to strategic locations in the country.

 

The Company strengthened its leadership position in the air cooler industry through a consistent focus on new product development and innovation, making it possible to offer a wide range of air coolers with a variety of new features. Nearly 11 new models of air coolers with variety of features were introduced during the year. As a result of these measures, The Company now offers 40 models of air coolers to meet the requirements of a variety of customers.

 

To stimulate demand, The Company introduced aggressive advertisement and promotional campaigns over print, electronic and digital media. The intensity of the campaign can be seen from the 56% increase in the advertising spend over the previous year. The campaign aimed at bringing in new set of consumers who are currently fan users. This year’s television campaigns generated 81% share of voice to Symphony in air cooler category. The Company accounted for 69% of share of expenditure in print media in the air cooler category. Apart from this, the Company carried out successful radio campaign in around 40 cities in India, inshop branding activities on a pan India basis in around 5000 retail outlets and deputed inshop demonstrators in key retail outlets across the country. In addition, The Company also conducted 23 dealer meets across the country. As a result of these initiatives, the visibility of Symphony in retail stores in the domestic market increased significantly.

 

Consequently, The Company was able to consolidate its leadership position by registering impressive growth both in terms of volumes and value of sales. The Company continues to evaluate options to enlarge its capacity at present locations and also by tying up with new original equipment manufacturers at strategic locations in order to keep pace with growing demand. R and D initiatives are continued as an on-going process by The Company for introducing improved and new models with added features. The Company together with its subsidiaries offers a complete range of air cooling solutions for all segments of customers.

 

 

CONTINGENT LIABILITIES:

 

(Rs. in millions)

PARTICULARS

31.03.2015

Claims against the company not acknowledged as debt.

1.334

Demand on account of sales tax matters raised against the company for the various years but the same is not acknowledged as debt hence,

not provided for. Appeals are pending.

7.717

Income Tax matters not acknowledged as debts

1.076

Demand under disputed central excise matter, Appeals are being filed.

10.150

Estimated amount of contracts remaining to be executed on capital

account and not provided for

13.457

Total

33.734

 

Note:

The Income- Tax assessments of the Company have been completed up to Assessment Year 2011-12. The Company has filed appeal against the demand of Rs. 1.076 Million raised for Assessment Year 2011-12. Based on the decisions of the Appellate authorities and the interpretations of other relevant provisions, the Company has been legally advised that the demand is likely to be either deleted or substantially reduced and accordingly no

Provision has been made.
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2015

 

 (Rs. In Million)

Particulars

3 Months Ended

(UNAUDITED)

 

30.09.2015

1. Income from operations

 

a) Net sales/ Income from operation (net of excise duty)

1144.200

b) Other operating income

0.900

Total income from Operations(net)

1145.100

2.Expenditure

 

a) Cost of material consumed

10.400

b) Purchases of stock in trade

479.800

c) Changes in inventories of finished goods, work-in-progress and stock-in-trade

62.000

d) Employees benefit expenses

92.600

e) Depreciation and amortization expenses

7.300

f) Other expenditure

160.000

Total expenses

812.100

3. Profit from operations before other income and financial costs

333.000

4. Other income

71.800

5. Profit from ordinary activities before finance costs

404.800

6. Finance costs

0.100

7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items

404.700

8. Exchange Currency Fluctuation Loss/ (Gain)

0.000

9. Profit from ordinary activities before tax Expense:

404.700

10.Tax expenses

 

-- Current Tax

115.600

-- Provisions

0.000

-- Deferred Tax

1.500

11.Net Profit / (Loss) from ordinary activities after tax (9-10)

287.600

12.Extraordinary Items (net of tax expense)

 

13.Net Profit / (Loss) for the period (11 -12)

287.600

14.Paid-up equity share capital (Nominal value Rs.10/- per share)

70.000

15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year

 

16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):

 

(a) Basic and diluted

8.22

 

 

A. Particulars of shareholding

 

1. Public Shareholding

 

- Number of shares

8,744,630

- Percentage of shareholding

25%

2. Promoters and Promoters group Shareholding-

 

a) Pledged /Encumbered

 

Number of shares

-

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

-

Percentage of shares (as a % of total share capital of the company)

-

 

 

b) Non  Encumbered

 

Number of shares

26,233,870

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

100%

Percentage of shares (as a % of total share capital of the company)

75%

 

 

B. Investor Complaints

 

Pending at the beginning of the quarter

NIL

Receiving during the quarter

6

Disposed of during the quarter

6

Remaining unreserved at the end of the quarter

NIL

 

 

NOTES:

  1. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on October 23, 2015.
  2. The Statutory auditors of the company have carried out limited review of the financial results for the quarter ended September 30, 2015.
  3. Net sales / income from operations as reported in these financial results have been presented net of VAT/CST as against the earlier practice of presenting the same on gross basis and presenting VAT/CST amounts as Selling and Distribution expense as stated here in below:

Particulars

3 Months ended

Year Ended

 

30.09.2015

30.06.2015

30.09.2014

30.06.2015

VAT / CST

1,459

1,320

1,077

5,303

 

  1. The Company has entered into an agreement for equity transfer on August 13, 2015 with M/S Munters AB, Sweden to buy 100% stake in Munters Keruilai Air Treatment Equipment (Gungdong) Co. Limited, China at an agreed consideration of RMB 1.5 million (equivalent to approx. Rs. 0.155 Million) against which part payment of RMB 0.5 million (equivalent to Rs. 5.145 Million) has been made. Other terms and details for effecting the equity transfer are under progress. On completion of the equity transfer, the transaction will be accounted for in the respective period.
  2. Previous period figures have been rearranged/regrouped wherever necessary to make them comparable with the figures of the current period.

 

 

 

 

 

 

 

 

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT FOR THE QUARTER ENDED 30TH SEPTEMBER 2015

 

PRIMARY SEGMENTWISE REVENUE AND RESULTS

 

 (Rs. In Million)  

Particulars

3 Months Ended

 

30.09.2015

1. Segment Revenue

 

a)  Home Appliances

1173.500

b)  Corporate Funds

43.400

Total segment revenue

1216.900

 

 

2. Segment Results

 

Profit/ (loss) before tax and interest

 

a)  Home Appliances

361.600

b)  Corporate Funds

43.200

Total segment results

404.800

Less: Finance Costs

0.100

Less : Taxes

117.100

Total Profit After Tax

287.600

 

 

3. Capital Employed

 

(Segment Assets – Segment Liabilities)

 

a)  Home Appliances

428.000

b)  Corporate Funds

2761.500

Total Capital Employed

3189.500

 

4. Segment Profit (PBIT) % on Capital Employed (Annualised)

 

a)  Home Appliances

293.81%

b)  Corporate Funds

6.78%

 

Notes:

 

  1. The company has two primary segments namely Home Appliances and Corporate Funds.
  2. Segment Profit (PBIT) % on Capital Employed has been calculated on average monthly Capital Employed.
  3. Investment of Corporate Funds includes investment in Growth Mutual Funds and Fixed Maturity Plans, income of which is accounted on maturity / distribution of dividend.

 

 

 

 

 

 

 

 

SECONDARY SEGMENTWISE REVENUE AND RESULTS

 

(Rs. In Million)  

Particulars

 

3 Months Ended

 

30.09.2015

1. Segment Revenue

 

a)  India

1097.300

b)  Rest of the world

46.900

Total income from operations (net sales)

1144.200

 

 

2. Segment Results

 

Profit/ (loss) before tax and interest

 

a)  India

397.600

b)  Rest of the world

7.200

Total segment results

404.800

Less: Finance Costs

0.100

Less : Taxes

117.100

Total Profit After Tax

287.600

 

Notes:

Secondary Segment Capital Employed:

Fixed assets used in the company’s business and liabilities contracted have not been identified with any of the reportable segments, as the fixed assets and services are used interchangeably between segments. The company believes that it is not practical to provide segment disclosures relating to Capital employed.

 

 

INDEX OF CHARGES:

 

Sr. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10585512

22/07/2015

200,000.00

CORPORATION BANK

IFB, RANGOLEE COMPLEX, 1ST FLOOR,, ASHRAM ROAD, ELLISBRIDGE,, AHMEDABAD, GUJARAT - 380006, INDIA

C61462552

2

10554486

14/02/2015

222,970.00

CORPORATION BANK

RANGOLEE COMPLEX, ASHRAM ROAD,, ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA

C46362760

3

10554484

23/09/2015 *

74,330.00

CORPORATION BANK

RANGOLEE COMPLEX, ASHRAM ROAD,, ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA

C67474650

 

*Date of modification Charges

 

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Computer

·         Vehicles

·         Furniture and Fixture

 

 

CMT REPORT (Corruption, Money Laundering and Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 65.68

UK Pound

1

Rs. 101.02

Euro

1

Rs. 71.35

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

SYL

 

SCORE and RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILITY

1~10

8

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

8

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--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

 

66

 

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 and 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

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.