MIRA INFORM REPORT
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Report No. : |
348611 |
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Report Date : |
13.11.2015 |
IDENTIFICATION DETAILS
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Name : |
FLEXITUFF INTERNATIONAL LIMITED |
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Formerly Known
As : |
NAVISHKA PACKAGING PRIVATE LIMITED |
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Registered
Office : |
C41-50, Sector No III, Special Economic Zone, Industrial Area, Pithampur – 454775, Madhya Pradesh |
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Tel. No.: |
91-7292-420200 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
08.04.1993 |
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Com. Reg. No.: |
10-034616 |
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Capital
Investment / Paid-up Capital : |
Rs. 248.830
Million |
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CIN No.: [Company Identification
No.] |
L25202MP1993PLC034616 |
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IEC No.: |
1194001645 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACN5986H |
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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 HD/PP Woven sacks and FIBC/Jumbo
Bags. |
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No. of Employees
: |
7500 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 11000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1993, having satisfactory track. For the year 2015, the company has achieved good sales turnover marked
by satisfactory profitability margin. Operational performance has improved as
compared to last year. The company possesses sound networth base marked by decent cash
accruals. Trade relations are fair. Business is active. Payments are usually
correct. 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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 BY
|
Name : |
Mr. Mahesh Sharma |
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Designation : |
Chief Executive Officer |
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Contact No.: |
91-7292-420200 |
|
Date : |
07.11.2015 |
LOCATIONS
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Registered Office / SEZ
Unit
: |
C41-50, Sector No III, Special Economic Zone, Industrial Area, Pithampur – 454775, Madhya Pradesh, India |
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Tel. No.: |
91-7292-420200 |
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Fax No.: |
91-7292-401684 |
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E-Mail : |
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Website : |
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DTA Unit : |
94, Industrial Area, Sector-I, Pithampur – 454775, District Dhar, Madhya Pradesh, India |
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Kashipur Unit : |
Khasra No. 672-728, Village-Mahuakhera, Aliganj Road, Kashipur, District Udhamsingh Nagar, Uttarakhand, India |
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Barwaha Unit : |
58/1, Jaimalpura, Maheshwar Road, Barwaha, District Khargone, Madhya Pradesh, India |
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Marketing Network : |
Located at: · Mumbai · Kolkata · Hyderabad · Bangalore · Indore · Chennai · Noida · Guwahati · Patna |
DIRECTORS
AS ON 31.03.2015
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Name : |
Mr. Anirudh Chittaranjan Sonpal |
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Designation : |
Director |
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Address : |
8-Pitamber Society, Old Padra Road,
Vadodara - 390020, Gujarat, India |
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Date of Birth/Age : |
03.02.1960 |
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Date of Appointment : |
09.12.2010 |
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DIN No.: |
03367049 |
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Name : |
Mr. Saurabh Kalani |
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Designation : |
Whole-time Director |
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Address : |
11, Tukoganj Main Road, Indore - 452001,
Madhya Pradesh, India |
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Date of Birth/Age : |
23.09.1962 |
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Date of Appointment : |
30.05.2012 |
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DIN No.: |
00699380 |
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Name : |
Mr. Sharat Anand |
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Designation : |
Director |
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Address : |
Flat # 502, Royale Retreat Apartments,
Charmwood Village, Surajkund Road, Faridabad - 121009, Haryana, India |
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Date of Birth/Age : |
16.10.1959 |
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Date of Appointment : |
08.04.2008 |
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DIN No.: |
00083237 |
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Name : |
Mr. Kevan John Upperdine |
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Designation : |
Director |
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Address : |
48 Wood Walk, Wombwell, England, S73 0NF,
Barnsley, 73, United Kingdom |
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Date of Birth/Age : |
20.08.1959 |
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Date of Appointment : |
18.11.2006 |
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DIN No.: |
01214264 |
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Name : |
Mr. Dinesh Kumar Sharma |
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Designation : |
Whole-time Director |
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Address : |
440-B, Kalani Nagar, Airport Road, Indore -
452005, Madhya Pradesh, India |
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Date of Birth/Age : |
12.12.1976 |
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Date of Appointment : |
12.08.2014 |
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DIN No.: |
00028152 |
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Name : |
Mr. Vishwarupe Narain |
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Designation : |
Director |
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Address : |
Flat No 09, 9th Floor, Tytan Co-operative
Housing Society Limited, Nepean Sea Road, Mumbai - 400036, Maharashtra, India |
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Date of Birth/Age : |
12.08.1974 |
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Date of Appointment : |
27.05.2013 |
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DIN No.: |
03394320 |
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Name : |
Mr. Ritesh Pandey |
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Designation : |
Director |
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Address : |
Bhatbhateni, 04 Kathmandu, Kathmandu,
000000, Nepal |
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Date of Appointment : |
12.02.2015 |
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DIN No.: |
07088000 |
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Name : |
Mrs. Alka Rajesh Sagar |
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Designation : |
Director |
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Address : |
68-B, Nyay Nagar Extension, Indore - 452001, Madhya Pradesh,
India |
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Date of Appointment : |
31.03.2015 |
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DIN No.: |
07138477 |
KEY EXECUTIVES
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Name : |
Mr. Rishabh Kumar Jain |
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Designation : |
Secretary |
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Address : |
G-1, Shlok Enclave, 9B, Sanchar Nagar Main,
Indore - 452016, Madhya Pradesh, India |
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Date of Appointment : |
04.11.2014 |
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PAN No.: |
AHYPJ1203B |
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Name : |
Mr. Mahesh Sharma |
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Designation : |
Chief Executive Officer |
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Address : |
128, Sri Nagar Extension, Indore - 452018,
Madhya Pradesh, India |
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Date of Appointment : |
27.05.2014 |
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PAN No.: |
AGOPS4910P |
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COMMITTEES OF
DIRECTOR : |
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Audit Committee : |
· Mr. Sharat Anand (Chairman) · Mr. Anirudh Sonpal · Mr. D.K. Sharma (From 12/08/2014) · Mr. Ritesh Pandey (From 12/02/2015) |
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Nomination and Remuneration Committee
(Formerly known as Compensation Committee) : |
· Mr. Sharat Anand (Chairman) · Mr. Anirudh Sonpal · Mr. Vishwarupe Narain · Mr. Kevan John Upperdine |
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CSR Committee : |
· Mr. Saurabh Kalani (Chairman) · Mr. Sharat Anand · Mrs. Alka Sagar (w.e.f. 28/05/2015) |
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Management
Committee : |
· Mr. Saurabh Kalani (Chairman) · Mr. D.K. Sharma (w.e.f. 12/8/14) |
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Stakeholders
Relationship Committee (formerly Known as Shareholders’ and Investors’
Grievance Committee) : |
· Mr. Sharat Anand (Chairman) · Mr. Anirudh Sonpal · Mr. D.K. Sharma (w.e.f. 12/8/14) |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
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|
8181603 |
32.88 |
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|
8181603 |
32.88 |
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Total shareholding of Promoter
and Promoter Group (A) |
8181603 |
32.88 |
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(B) Public Shareholding |
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|
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|
249 |
0.00 |
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|
1993388 |
8.01 |
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|
2585284 |
10.39 |
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|
4578921 |
18.40 |
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|
7002141 |
28.14 |
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Individual shareholders holding
nominal share capital up to Rs.0.100 million |
149897 |
0.60 |
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Individual shareholders holding
nominal share capital in excess of Rs.0.100 million |
512061 |
2.06 |
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|
4458183 |
17.92 |
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|
164776 |
0.66 |
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|
23989 |
0.10 |
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|
19000 |
0.08 |
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|
4250418 |
17.08 |
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|
12122282 |
48.72 |
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Total Public shareholding (B) |
16701203 |
67.12 |
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Total (A)+(B) |
24882806 |
100.00 |
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(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
24882806 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of HD/PP Woven sacks and FIBC/Jumbo
Bags. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
7500 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
Note: LONG TERM
BORROWING Nature of security on secured loans : 1. Term Loans are secured by equitable mortgage on all immovable fixed assets of the Company, hypothecation of the entire moveable machinery and other fixed assets (except specific equipment finance through GE Capital Services India) and a second charge on all current assets of the company. Above Term loans are further secured by Personal Guarantee of Shri Manish Kalani and corporate guarantee of M/S Kalani Industries Private Limited 2. Term Loan (m) is secured by equitable mortgage on all immovable fixed assets of the Company, hypothecation of the entire moveable machinery and other fixed assets (except specific equipment finance through GE Capital Services India) and a second charge on all current assets of the company. Above Term loans is further secured by Personal Guarantee of Shri Manish Kalani, Shri Saurabh Kalani and corporate guarantee of M/S Kalani Industries Private Limited 3. Term Loan (n) is secured by equitable mortgage on all immovable fixed assets of the Company, hypothecation of the entire moveable machinery and other fixed assets and a second charge on all current assets of the company (except specific equipment finance through GE Capital Services India). Above Term loan is further secured by Personal Guarantee of Shri Saurabh Kalani and corporate guarantee of M/S Kalani Industries Private Limited 4. In case of G E Capital Services India - (i) First and exclusive charge over Equipment financed through the Facility in accordance with the Deed of Hypothecation. (ii) Personal Guarantee of Mr. Manish Kalani. (iii) Corporate Guarantee of M/s Kalani Industries Private Limited. 5. Term Loan from GE Money Financial services Private Limited. is secured by equitable mortgage on all immovable fixed assets of the Company, hypothecation of the entire moveable machinery and other fixed assets (except specific equipment finance through GE Capital Services India) and a second charge on all current assets of the company. Above Term loans is further secured by Personal Guarantee of Shri Saurabh Kalani and corporate guarantee of M/S Kalani Industries Private Limited SHORT TERM
BORROWING The Working capital facilities are secured by First charge on all current assets viz .Raw Material Stores and Spares, Work-in-Progress, Finished Goods and Book Debts and Second charge on all fixed assets of the Company. working capital facilities are further secured by Personal Guarantee of Shri Manish Kalani, Shri Saurabh Kalani and corporate guarantee of M/S Kalani Industries Private Limited |
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Auditors : |
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Name :1 |
L.K. Maheshwari and Company Chartered Accountants |
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Address : |
324, Starlit Tower, 29, Y N Road, Indore – 452003, Madhya Pradesh,
India |
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Name :2 |
MZSK and Associates Chartered Accountants |
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Address : |
The Ruby – Level 9, NW Wing, Senaptai Bapat Marg, Dadar West, Mumbai –
400028, Maharashtra, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries : |
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Joint Entities: |
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CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs. 400.000 Million |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24882806 |
Equity Shares |
Rs.10/- each |
Rs. 248.830
Million |
|
|
|
|
|
Note:
|
Name of the Shareholder |
No. of Shares |
% Held |
|
Details of Shareholders holding more than 5% shares : |
|
|
|
Kalani Industries Private Limited |
3,621,730 |
14.56 |
|
Clearwater Capital Partners(Cyprus) Limited |
2,197,037 |
8.83 |
|
International Finance Corporation |
1,902,173 |
7.64 |
|
Saurabh Properties Private Limited |
1,637,905 |
6.58 |
|
Miscellani Global Private Limited |
1,359,163 |
5.46 |
|
|
|
|
|
The reconciliation of the number of shares
outstanding is set out below : |
|
|
|
Equity Shares at the beginning of the year |
24,882,806 |
|
|
Add : Shares issued in Initial Public Offer |
-- |
|
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Add: Conversion of Fully Convertible Debenture |
-- |
|
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Add: Conversion of Warrants into Equity Shares |
-- |
|
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Add: Allotment on Private placement basis |
-- |
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Add: Shares issued on exercise of Employee Stock Options |
-- |
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Equity Shares at the end of the year |
24,882,806 |
|
|
There are 335250 options pending under Employees Stock Option Scheme
2011 |
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
248.830 |
248.830 |
229.810 |
|
(b) Reserves & Surplus |
3492.010 |
3350.510 |
2851.350 |
|
(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) |
3740.840 |
3599.340 |
3081.160 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2837.510 |
2333.160 |
1274.490 |
|
(b) Deferred tax liabilities
(Net) |
369.700 |
446.750 |
374.250 |
|
(c) Other long term
liabilities |
6.910 |
1.660 |
2.330 |
|
(d) long-term provisions |
39.460 |
34.340 |
20.290 |
|
Total
Non-current Liabilities (3) |
3253.580 |
2815.910 |
1671.360 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2542.790 |
2157.270 |
1889.190 |
|
(b) Trade payables |
1519.900 |
1314.840 |
1312.120 |
|
(c) Other current liabilities |
1224.620 |
909.570 |
1035.030 |
|
(d) Short-term provisions |
55.150 |
71.140 |
100.410 |
|
Total
Current Liabilities (4) |
5342.460 |
4452.820 |
4336.750 |
|
|
|
|
|
|
TOTAL |
12336.880 |
10868.070 |
9089.270 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6552.960 |
4713.810 |
4109.370 |
|
(ii) Intangible Assets |
215.600 |
137.160 |
0.650 |
|
(iii) Capital work-in-progress |
44.980 |
997.140 |
336.630 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
12.850 |
12.620 |
104.720 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
28.250 |
26.150 |
23.900 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
6854.640 |
5886.880 |
4575.270 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1218.460 |
992.820 |
1083.270 |
|
(c) Trade receivables |
2631.440 |
2373.020 |
2154.350 |
|
(d) Cash and cash equivalents |
296.310 |
263.250 |
238.300 |
|
(e) Short-term loans and
advances |
1336.030 |
1352.100 |
1038.080 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
5482.240 |
4981.190 |
4514.000 |
|
|
|
|
|
|
TOTAL |
12336.880 |
10868.070 |
9089.270 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
10477.910 |
9662.580 |
8588.970 |
|
|
Other Income |
93.730 |
94.280 |
34.800 |
|
|
TOTAL
(A) |
10571.640 |
9756.860 |
8623.770 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
5071.700 |
4605.410 |
3737.250 |
|
|
Purchases of Stock-in-Trade |
1845.130 |
1670.320 |
1978.630 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(57.170) |
104.070 |
(226.270) |
|
|
Employees benefits expense |
1259.640 |
1077.300 |
884.430 |
|
|
Provision for Foreign Exchange
Fluctuation |
(28.350) |
91.460 |
83.750 |
|
|
Other expenses |
1237.700 |
1082.200 |
954.000 |
|
|
Extra Ordinary Items |
0.000 |
100.370 |
0.000 |
|
|
TOTAL
(B) |
9328.650 |
8731.130 |
7411.790 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
1242.990 |
1025.730 |
1211.980 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
670.250 |
563.530 |
630.250 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
572.740 |
462.200 |
581.730 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
452.170 |
262.000 |
213.610 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
120.570 |
200.200 |
368.120 |
|
|
|
|
|
|
|
Less |
TAX (H) |
(77.050) |
72.500 |
91.760 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
197.620 |
127.700 |
276.360 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed dividend on equity
shares & tax |
29.110 |
26.700 |
25.280 |
|
|
Equity dividend and tax of
earlier year |
0.000 |
0.000 |
0.020 |
|
|
Balance
Carried to the B/S |
168.510 |
101.000 |
251.060 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export Sales (F.O.B) |
6116.240 |
5403.610 |
4387.520 |
|
|
TOTAL
EARNINGS |
6116.240 |
5403.610 |
4387.520 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Value of Material Imported
(CIF) |
636.270 |
363.140 |
416.940 |
|
|
TOTAL
IMPORTS |
636.270 |
363.140 |
416.940 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
Basic |
7.94 |
5.44 |
12.67 |
|
|
Diluted |
5.86 |
3.94 |
12.38 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
480.200 |
480.000 |
677.800 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Cash from Operating Activity |
1317.920 |
550.360 |
741.300 |
|
Net Cash from Operating Activity |
1275.900 |
476.700 |
651.520 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
30.06.2015 1st
Quarter |
30.09.2015 Quarter |
|
Unaudited |
|
|
|
|
Net Sales |
|
2840.230 |
2907.530 |
|
Total Expenditure |
|
2425.100 |
2566.660 |
|
PBIDT (Excluding Other Income) |
|
379.130 |
340.870 |
|
Other Income |
|
12.620 |
52.260 |
|
Operating Profit |
|
391.750 |
393.130 |
|
Interest |
|
237.850 |
206.760 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
153.900 |
186.370 |
|
Depreciation |
|
152.050 |
172.780 |
|
Profit Before Tax |
|
1.850 |
13.590 |
|
Tax |
|
(12.600) |
(1.030) |
|
Provisions and contingencies |
|
NA |
NA |
|
Profit After Tax |
|
14.450 |
14.620 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
14.450 |
14.620 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.89 |
1.32 |
3.22 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
11.86 |
10.62 |
14.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.98 |
2.03 |
4.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.06 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.57 |
1.38 |
1.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
1.12 |
1.04 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.228.90/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
229.810 |
248.830 |
248.830 |
|
Reserves & Surplus |
2851.350 |
3350.510 |
3492.010 |
|
Net
worth |
3081.160 |
3599.340 |
3740.840 |
|
|
|
|
|
|
long-term borrowings |
1274.490 |
2333.160 |
2837.510 |
|
Short term borrowings |
1889.190 |
2157.270 |
2542.790 |
|
Current maturities of
long-term debts |
677.800 |
480.000 |
480.200 |
|
Total
borrowings |
3841.480 |
4970.430 |
5860.500 |
|
Debt/Equity
ratio |
1.247 |
1.381 |
1.567 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
8588.970 |
9662.580 |
10477.910 |
|
|
|
12.500 |
8.438 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
8588.970 |
9662.580 |
10477.910 |
|
Profit |
276.360 |
127.700 |
197.620 |
|
|
3.22% |
1.32% |
1.89% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
STATE OF COMPANY’S AFFAIRS
During the
period, on standalone basis, total revenue for the financial year 2014-15 at
Rs. 10571.630 Million was higher against the total revenue of Rs. 9756.860
Million in the previous year 2013-14. Company’s profit before interest,
depreciation and tax for the financial year 2014-15 stood at Rs. 1242.980
Million against Rs. 1126.090 Million in the previous year 2013-14.
On Consolidated
basis, total revenue for the financial year 2014-15 at Rs. 11821.160 Million
was higher against the total revenue of Rs. 10951.930 Million in the previous
year 2013-14. The profit before interest, depreciation and tax was Rs.1261.990
Million against that of Rs. 1205.720 Million in the previous year.
AWARDS AND
CERTIFICATIONS
During the year
British Retail Consortium Certificate (BRC), ISO 14001:2004 (for Environmental
Management), ISO 22000:2005 (for Food and Safety Management), OHSAS 18001:2007
(for Industrial Health and Safety) and ISO 9001:2008 (for Quality Management
System) certifications were renewed.
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC REVIEW
GLOBAL ECONOMY
The year
2014-15 witnessed a the global economy growing at a modest rate of 3.4%,
reflecting a pickup in growth in advanced economies relative to the
previous year and a slowdown in emerging market and developing
economies. Besides, there was a stress on major oil producing countries
as a direct result of sharp decline in energy prices, especially in the
second half of the year. US economy recovered quite stronger than expected,
while performance in Japan and Eurozone felt short of expectations resulting
in dollar appreciations. The currencies of commodity exporting countries
weakened due to fiscal and trade imbalances. It also increased risk
spreads in the emerging markets, making them vulnerable to global shocks.
Despite
unpredictable headwinds, the global economic recovery is gaining momentum.
These winds of positive change have masked the growth divergence among major
economies. According to IMF estimates, global growth is projected to
reach 3.5% and 3.7 % in 2015 and 2016, respectively. Growth in the advanced
economies and emerging markets is expected to remain moderate.
INDIAN ECONOMY
The Indian economy
is on track to return to its high-growth path, thanks to lower fiscal and
current account deficits, falling inflation, benign commodity prices combined
with structural reforms and strong Government Mandate to boost investments.
India’s macro-economic prospects have strengthened and the country is best
positioned among emerging market economies. According to a UN Survey, Indian
economy is pegged to grow at 8.1% in 2015-16
INDUSTRIAL
REVIEW
TECHNICAL
TEXTILE INDUSTRY OVERVIEW
OVERVIEW
Technical textiles
refer to textile materials and products used primarily for their technical
performance and functional properties rather than their aesthetic or decorative
characteristics. The segment encompasses diverse products and applications;
based on product characteristics, functional requirements and end-user
applications;
INDIAN TECHNICAL TEXTILE INDUSTRY
India is
emerging as a significant player in technical textiles. The fast-paced economic
growth leading to infrastructure creation as well as higher disposable income
has made India a key market for the technical textile products. Moreover, the
country has developed a foothold in the production of technical textiles owing
to its skilled and technical manpower as well as abundant availability of raw
material.
Technical
textiles are an important part of the textile industry and India is all set to
leverage the untapped potential of this industry. With the increase in
disposable income, the consumption of technical textiles is expected to rise
steadily. Based on past trends of growth and estimated end user segment growth,
the Working Group on Technical Textiles for 12th Five Year Plan (FYP) projected
the market size to reach INR 1585400.000 million by 2016-17 at a year-on-year
growth rate of 20% during the 12th Five Year Plan.
SEGMENTAL
GROWTH DRIVERS
Flexituff
International Limited is world’s second largest FIBC (Flexible intermediate
bulk container) manufacturing company and the largest FIBC and Geo-Textile
manufacturer in India. Besides, it also manufactures Reverse Printed BOPP
(Biaxially Oriented Polypropylene) Woven Bags (~50% market share in India),
Special PP (Polypropylene) Bags including Leno Bags, Polymer Compounds and
Drippers. The Company augurs to benefit out of the growth anticipated in the
related industries.
GEO TEXTILES
The global
geotextiles market is anticipated to grow at a CAGR of 10.3% between 2012-18
and reach USD 6.4 bn by 2018. Nonwoven, major type of geotextiles, accounted
for around 65% of the market in 2013, followed by Woven and other geotextile
product types. Geotextiles are a relatively new area in India. Considering the
infrastructural development boom over the next ten years, India will become one
of the largest markets for geosynthetics and technical fabrics globally.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Tpg Growth Ii Sf Pte. Limited, Singapore (5.44% Foreign Currency Convertible Bonds of USD 25.00 million) |
1564.750 |
1338.750 |
|
International Finance Corporation (IFC) : (5.34% Foreign Currency Convertible Bonds of USD 9.00 million) |
563.310 |
529.810 |
|
SHORT TERM
BORROWING |
|
|
|
Unsecured loans from others |
3.000 |
12.500 |
|
Total |
2131.060 |
1881.060 |
CONTINGENT
LIABILITIES: (AS ON 31.03.2015)
i. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 397.030 million (Previous Year Rs. 275.570 million).
ii. Guarantee given by Banks on behalf of the Company for Rs. 73.450 million (Previous year Rs. 47.060 million).)
iii. On account of Letter of Credit for Rs. 131.210 million (Previous year Rs. 40.360 million).
iv. Foreign Bills Discounted with Bank Rs. 287.040 million (Previous year Rs. 225.330 million).
v. Corporate Guarantee given by the Company is as under:
|
Sr. |
Given in favour of |
Given on behalf of |
Amount |
|
|
|
|
|
|
1 |
Governor of Uttarakhand |
Nanofil Technologies Private Limited, Kashipur |
Rs. 0.200 million (Previous Year Rs. 0.200 million) |
|
|
|
|
|
Outstanding of Taxes on account of disputes are as follows:
(a) The company filed appeal before CIT(A) / ITAT and contested Income Tax demand for the A.Y. 2004-05, 2005-06 and 2006-07 for Rs.26.190 million, Rs.22.620 million and Rs. 6.030 million respectively and also contested TDS demand for the A.Y.2005-06 to 2007-08 Rs. 0.710 million.
(b) The Income Tax department has filed an appeal before the M.P. High Court, challenging the order of ITAT passed in favor of Company for the A.Y.2003-04. The amount of tax and penalty is Rs. 6.570 million and Rs. 1.450 million respectively.
(c) The company has contested M.P.VAT/CST. demand for F.Y. 2006-07, 2007-08, 2008- 09, 2009-10, 2010-11,2011-12 and 2012-13 for Rs. 3.85 million, Rs. 1.960 million, Rs. 1.050 million, Rs. 4.380 million, Rs.0. 920 million, Rs. 0.650 million and Rs.0.990 million respectively and Entry Tax demand for F.Y. 2006-07, 2007-08, 2008-09, 2009-10 and 2010-11 for Rs. 2.420 million, Rs.2.770 million, Rs. 4.620 million, Rs. 3.720 million and Rs. 0.370 million respectively as per legal opinion obtained.
(d) The company has contested VAT/CST Demand for FY 2010-11, 2011-12, 2012-13, 2013-14 and 2014-15 for Rs 20.550 million, Rs 8.920 million, Rs. 6.810 million, Rs 4.000 million and Rs.2.000 million respectively at Kashipur unit.
UNAUDITED
STATEMENT OF STANDALONE RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER
2015
(Rs
In Million)
|
PARTICULARS |
QUARTER ENDED |
Year to date figure for current period ended |
|
|
|
30.09.2015 (Unaudited) |
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
|
|
|
|
|
Net Sales/Income from Operations |
2880.437 |
2724.305 |
5604.742 |
|
Other Operating Income |
27.090 |
48.196 |
75.286 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of materials
consumed |
1357.077 |
1494.909 |
2851.985 |
|
Purchases of Stock-in-Trade |
680.271 |
256.485 |
936.756 |
|
Changes in inventories
of finished goods, work in progress and stock in trade |
(187.453) |
(1.823) |
(189.276) |
|
Employee
benefit expenses |
371.328 |
368.814 |
740.142 |
|
Depreciation and amortization expenses |
172.777 |
152.049 |
324.826 |
|
Other Expenses |
345.439 |
337.428 |
682.867 |
|
Total Expenses |
2739.439 |
2607.862 |
5347.301 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
168.088 |
164.639 |
332.727 |
|
Other Income (including exchange fluctuation gain/(loss) ) |
52.261 |
75.057 |
127.318 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
220.349 |
239.696 |
460.045 |
|
Finance costs |
206.757 |
237.845 |
444.603 |
|
Profit/ Loss from Ordinary
Activities after Finance costs but Exceptional item |
13.592 |
1.850 |
15.442 |
|
Exceptional
item |
0.000 |
0.000 |
0.000 |
|
Profit/ Loss from Ordinary Activities
before tax |
13.592 |
1.850 |
15.442 |
|
Tax Expenses |
(10.290) |
(12.595) |
(13.624) |
|
Net Profit/ Loss from Ordinary Activities
after tax |
146.210 |
14.445 |
29.066 |
|
Extraordinary
Items |
-- |
-- |
-- |
|
Net Profit for the period |
146.210 |
14.445 |
29.066 |
|
Paid-up equity share capital (Face Value of the Share shall be indicated) |
248.828 |
248.878 |
248.878 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
-- |
-- |
|
Earnings per share (before extraordinary
items) (of Rs. 10/- each) (not annualized) - Basic |
0.59 |
0.58 |
0.40 |
|
- Diluted |
0.58 |
0.43 |
0.29 |
|
Earnings per share (after extraordinary items) (of Rs. 10/- each) (not
annualized) - Basic |
0.59 |
0.58 |
0.40 |
|
- Diluted |
0.58 |
0.43 |
0.29 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public shareholding |
|
|
|
|
Number of Shares |
16701203 |
16701203 |
16701203 |
|
Percentage of
Shareholding |
67.12 |
67.12 |
67.12 |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
6022681 |
6022681 |
6022681 |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
73.61 |
73.61 |
73.61 |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
24.20 |
24.20 |
24.20 |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of Shares |
2158922 |
2158922 |
2158922 |
|
- Percentage of Shares (as a % of the total shareholding of
promoter and promoter group) |
26.39 |
26.39 |
26.39 |
|
- Percentage of Shares (as a % of the total share capital of the
company) |
8.68 |
8.68 |
8.68 |
|
|
PARTICULARS |
Quarter
Ended 30.09.2015 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Received during the quarter |
NIL |
|
|
Disposed of during the quarter |
NIL |
|
|
Remaining unresolved at the end of the quarter |
NIL |
STANDALONE STATEMENT
OF ASSETS AND LIABILITIES:
|
PARTICULARS
|
30.09.2015 Unaudited |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
248.828 |
|
(b) Reserves & Surplus |
3521.086 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3769.914 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
2779.346 |
|
(b) Deferred tax liabilities
(Net) |
355.923 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) long-term provisions |
37.481 |
|
Total
Non-current Liabilities (3) |
3172.750 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
2946.702 |
|
(b) Trade payables |
1502.470 |
|
(c) Other current liabilities |
1236.061 |
|
(d) Short-term provisions |
64.114 |
|
Total
Current Liabilities (4) |
5749.347 |
|
|
|
|
TOTAL |
12692.011 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
7061.778 |
|
(ii) Intangible Assets |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
|
(b) Non-current Investments |
12.855 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
40.133 |
|
(e) Other Non-current assets |
0.000 |
|
Total
Non-Current Assets |
7114.766 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
1427.338 |
|
(c) Trade receivables |
2894.388 |
|
(d) Cash and cash equivalents |
271.815 |
|
(e) Short-term loans and
advances |
983.704 |
|
(f) Other current assets |
0.000 |
|
Total
Current Assets |
5577.245 |
|
|
|
|
TOTAL |
12692.011 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10550967 |
23/12/2014 |
250,000,000.00 |
BANK OF BARODA |
15/16 JAWAHAR MARG, SIYAGANJ ROAD, INDORE, MADHYA PRADESH - 452007, INDIA |
C44527794 |
|
2 |
10522337 |
24/09/2014 |
250,000,000.00 |
GE MONEY FINANCIAL SERVICES PRIVATE LIMITED |
401 402 4TH FLOORAGGARWAL MILLENIUM TOWER, E1 2 3 NETAJI SUBHASH PLACE, PITAMPURA DELHI - 110034, INDIA |
C22883714 |
|
3 |
10489566 |
08/04/2015 * |
250,000,000.00 |
CENTRAL BANK OF INDIA |
MID
CORPORATE BRANCH, PALIKA PLAZA, PHASE-I, SECOND FLOOR, M.T.H COMPOUND,
INDORE, MADHYA PRADESH - |
C51082592 |
|
4 |
10490127 |
28/03/2014 |
27,400,000.00 |
STATE BANK OF PATIALA |
MID CORPORATE BRANCH, ORBIT MALL, A.B ROAD, INDORE, MADHYA PRADESH - 452010, INDIA |
C03556321 |
|
5 |
10487129 |
29/04/2015 * |
10,400,000.00 |
SBER BANK |
UPPER GROUND FLOOR, GOPAL DAS BHAWAN, 28, BARAKHA MBA ROAD, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA |
C51683829 |
|
6 |
10383843 |
21/09/2013 * |
95,600,000.00 |
CENTRAL BANK OF INDIA |
SECOND FLOOR PALIKA PLAZA, PHASE -1, M.T.H. COMPOUND, INDORE, INDORE, MADHYA PRADESH - 452007, INDIA |
B85952604 |
|
7 |
10377138 |
24/12/2012 * |
250,000,000.00 |
GE CAPITAL SERVICES INDIA |
401, 402, 4TH FLOOR, AGGARWAL MILLENNIUM TOWER, E-1,2,3, NETAJI SUBHASH PLACE, WAZIRPUR,, NEW DELHI - 110034, INDIA |
B65217010 |
|
8 |
10370121 |
21/09/2013 * |
150,000,000.00 |
ING VYSYA BANK LIMITED |
22, M G ROAD,BANGALORE, BANGALORE, KARNATAKA - 560001, INDIA |
B86694130 |
|
9 |
10186893 |
08/10/2009 |
545,000,000.00 |
UCO BANK |
GRAM PIPLIAHANA, TILAK NAGAR BRANCH,, INDORE, MADHYA PRADESH - 452001, INDIA |
A73732075 |
|
10 |
10117541 |
16/10/2015 * |
515,000,000.00 |
UCO BANK |
GRAM PIPLIAHANA BRANCH, TILAK NAGAR, INDORE, MADHYA PRADESH - 452001, INDIA |
C67085969 |
|
11 |
10043512 |
19/03/2015 * |
4,962,000,000.00 |
UCO BANK |
GRAM PIPLIAHANA, TILAK NAGAR, INDORE, MADHYA PRADESH - 452018, INDIA |
C49728421 |
*Date of modification Charges
FIXED ASSETS
Tangible Assets
· Land (Lease Hold)
· Land (Free Hold)
· Factory Building
· Plant & Machinery
· Electric Installation
· Furniture and Fixtures
· Office Equipments
· Vehicles – Cars
· Vehicles – Others
· Computer
Intangible Assets
· Patent
· Development Assets
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 records 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.66.35 |
|
|
1 |
Rs.100.28 |
|
Euro |
1 |
Rs.71.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
AMR |
|
|
|
|
Report Prepared
by : |
NKT / KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
49 |
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.