MIRA INFORM REPORT
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Report No. : |
350474 |
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Report Date : |
24.11.2015 |
IDENTIFICATION DETAILS
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Name : |
JAGATJIT INDUSTRIES LIMITED |
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Registered
Office : |
Jagatjit Nagar, Dist. Kapurthala - 144802, Punjab, India |
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Tel. No.: |
91-11-26432641/ 91-181-2783112 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
09.08.1944 |
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Com. Reg. No.: |
19-001970 |
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Capital
Investment / Paid-up Capital : |
Rs. 461.500 Million |
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CIN No.: [Company Identification
No.] |
L15520PB1944PLC001970 |
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IEC No.: |
0588001112 |
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TAN No.: [Tax Deduction and
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACJ1525E |
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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
: |
The Company’s business
segments are as under:
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No. of Employees
: |
3500 (Approximately) |
RATING and COMMENTS
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MIRA’s Rating : |
B (32) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 7600000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject was established in the year 1944 and it is engaged in
manufacturing marketing of alcoholic and breweries. It manufactures whisky,
rum, gin and vodka. The company also manufactures and markets alcoholic
beverages, malt, malt extract, malted milk foods, milk powder, ghee and
glass. For the financial year ended 2015, company possesses moderate
operational performance and it has incurred losses from its operational
activities. Ratings continue to remain constrained by company’s presence in an
industry characterized by high duties and taxes along with high regulatory
risk as it is exposed to changes in state policies governing sale and pricing
of spirits. However, rating strength is partially offset by company’s established
brands with a pan India presence, strong distribution network and stable and
profitable income from job work under long term contract with Glaxo
Smithkline. Trade relations are reported as fair. Payments are reported to be slow
but correct. In view of aforesaid, the company can be considered for business
dealing with some caution. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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
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Rating Agency Name |
ICRA |
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Rating |
Fund Based Limits = BB |
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Rating Explanation |
Inadequate-credit-quality and high credit
risk |
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Date |
December 2014 |
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Rating Agency Name |
ICRA |
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Rating |
Non-Fund Based Limits = A4 |
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Rating Explanation |
Minimal degree of safety and very high
credit risk |
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Date |
December 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION PARTED BY (GENERAL DETAILS)
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Name : |
Mr. Lokesh Gulati |
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Designation : |
Account Manager |
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Contact No.: |
91-181-2783112 |
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Date : |
19.11.2015 |
LOCATIONS
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Registered Office : |
Jagatjit Nagar, District Kapurthala – 144802, Punjab,
India |
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Tel. No.: |
91-11-26432641/ 91-181-2783112 |
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Mobile No.: |
Not Available |
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Fax No.: |
91-11-26441850 |
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E-Mail : |
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Website : |
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Corporate Office : |
4th Floor, Bhandari House, 91, Nehru Place, New Delhi –
110019, India |
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Tel. No.: |
91-11-26432641-42 |
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Fax No.: |
91-11-26441850 |
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E-Mail : |
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Plants Location 1 : |
Jagatjit Nagar, District Kapurthala - 144802, Punjab,
India |
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Plants Location 2 : |
Site No. IV, Plot No. 17, Sahibabad Industrial Area,
Sahibabad - 201010, Uttar Pradesh, India |
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Plants Location 3 : |
C-35, Sector 57, Phase-III, Noida - 201301, Uttar Pradesh,
India |
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Plants Location 4 : |
Plot Nos. 4A-1/1 and 1/2, Sikandrabad Industrial Area,
Sikandrabad - 203205, Uttar Pradesh, India |
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Plants Location 5 : |
Plot No. SP 1-3, Sotanala, RIICO Industrial Area, Behror,
District Alwar -301701, Rajasthan,
India |
DIRECTORS
AS ON 31.03.2015
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Name : |
Mr. Narender Nath Sapra |
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Designation : |
Managing Director |
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Address : |
B-8, Soami Nagar, New Delhi, New Delhi - 110017, India |
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Date of Appointment : |
06.10.2008 |
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DIN No.: |
00200239 |
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Other Directorship:
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Name : |
Mr. Sudhir Avasthi |
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Designation : |
Additional Director |
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Address : |
H-34, Kailash Colony, New Delhi - 110048, India |
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Date of Appointment : |
10.07.2014 |
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DIN No.: |
00152375 |
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Other Directorship:
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Name : |
Mr. Ravi Manchanda |
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Designation : |
Whole Time Director |
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Address : |
59,Block V, FF, Eros Garden, Suraj Kund Road, Faridabad - 121009,
Haryana, India |
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Date of Appointment : |
06.10.2008 |
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DIN No.: |
00152760 |
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Other Directorship:
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Name : |
Mrs. Anjali Varma |
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Designation : |
Additional Director |
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Address : |
B-343, New Friends Colony, New Delhi - 110065, Delhi, India |
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Date of Appointment : |
21.04.2014 |
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DIN No.: |
01250881 |
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Other Directorship:
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Name : |
Peri Kameswara Sharma |
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Designation : |
Director |
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Address : |
223, Hauz Khas Apts, SFS Sri Aurobindo Marg, New Delhi - 110016, India |
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Date of Appointment : |
30.05.2013 |
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DIN No.: |
02316593 |
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Other Directorship:
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Name : |
Mr. Kiran Kapur |
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Designation : |
Director |
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Address : |
EG 1/9, Garden Estate, Gurgaon - 122002, Haryana, India |
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Date of Appointment : |
27.11.2008 |
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DIN No.: |
02491308 |
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Other Directorship:
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KEY EXECUTIVES
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Name : |
Mr. Anil Girotra |
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Designation : |
Chief Finance Officer |
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Address : |
125,Ram Vihar, I.P.Extension-2, Delhi - 110092, India |
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Date of Appointment : |
14.08.2014 |
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PAN No.: |
AADPG2183M |
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Name : |
Mr. Kewal Krishan Kohli |
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Designation : |
Secretary |
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Address : |
185, Second Floor, Sector-5, Vaishali, Ghaziabad - 201010, Uttar
Pradesh, India |
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Date of Appointment : |
06.06.1998 |
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PAN No.: |
AFZPK2156H |
SHAREHOLDING PATTERN
AS ON 30.09.2015
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Category of Shareholderssgory of Shareholder |
Total No. of Sharess |
Total Shareholding as a % of Total No. of Shares |
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As a % of (A+B+C) |
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(A) Shareholding of Promoter
and Promoter Group |
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606796 |
1.31 |
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14034769 |
30.41 |
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14641565 |
31.73 |
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1003800 |
2.18 |
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1003800 |
2.18 |
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Total shareholding of Promoter
and Promoter Group (A) |
15645365 |
33.90 |
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(B) Public Shareholding |
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1100 |
0.00 |
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2172 |
0.00 |
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200 |
0.00 |
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3472 |
0.01 |
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1589914 |
3.45 |
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1853733 |
4.02 |
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1609191 |
3.49 |
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236437 |
0.51 |
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236437 |
0.51 |
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5289275 |
11.46 |
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Total Public shareholding (B) |
5292747 |
11.47 |
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Total (A)+(B) |
20938112 |
45.37 |
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(C) Shares held by Custodians and
against which Depository Receipts have been issued |
0 |
0.00 |
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25210000 |
54.63 |
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Total (A)+(B)+(C) |
46148112 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company’s
business segments are as under:
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cheque and Credit |
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Purchasing : |
L/C, Cheque and Credit |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Retailers, End Users and OEM’s
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No. of Employees : |
3500 (Approximately) |
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Bankers : |
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Facilities : |
NOTE: LONG TERM
BORROWING:
2.
Terms of repayment for Long Term Unsecured Borrowings:
NOTE: Installments falling due in respect of all the above loans
up to 31.3.2016 have been grouped under “Current maturity of long-term debt”. |
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Auditors : |
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Name : |
Mittal Chaudhry and Company Chartered Accountants |
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Secretarial Auditor : |
Pranav Kumar and Associates Company Secretaries |
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Internal
Auditors : |
Lalit Kumar and Company Chartered Accountants |
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Collaborators : |
Not Divulged |
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Membership : |
Not Divulged |
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Subsidiary
Companies : |
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Enterprises over
which Major shareholders, Key Management Personnel and their relatives have significant
influence / control : |
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CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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75,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 750.000 Million |
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Issued, Subscribed and Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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46,148,112 |
Equity Shares |
Rs. 10/- each |
Rs. 46.150 Million |
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Detail of Equity
Shares Issued:
|
Particulars |
No.
of Shares |
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Equity Shares |
500,000 |
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Less : Equity Shares Forfeited due to non payment of calls |
170,492 |
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Add : Forfeited Equity Shares issued to existing share holders on pro-rata basis at Rs. 2.50 per share |
169,737 |
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Add: Total Bonus Equity Shares issued from 1970 to 1994-95 |
23,732,979 |
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Add : GDR issue |
25,210,000 |
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Add : Preferential allotment |
2,500,000 |
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Less : Shares repurchased (Buy- Back) |
5,794,112 |
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Total |
46148112 |
Changes In Share Capital
During Last Five Years:
5,794,112 Equity Shares of Rs. 10 each fully paid up were
bought back by the company in FY-2009-10 as directed by the Hon’ble Company Law
Board (CLB), vide their order dated 12.03.2009.
Reconciliation of
the number of shares
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Equity Shares |
Number
of Shares |
|
Shares outstanding at the beginning of the year |
46,148,112 |
|
Shares issued during the year |
-- |
|
Shares
outstanding at the end of the year |
46,148,112 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
The Bank of New York |
25,210,000 |
54.63 |
|
LPJ Holdings Private Limited |
7,418,648 |
16.08 |
|
LPJ Holdings Private Limited |
2,500,000 |
5.42 |
|
Total |
35,128,648 |
76.13 |
Terms/Rights Attached
to Equity Shares:
- 18,438,112 shares referred to as equity shares are having face value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share and dividend, if declared.
- 25,210,000 underlying Equity Shares of Rs.10/- each fully paid up ranking pari-passu with existing shares were issued in the name of the Depository, The Bank of New York, representing the Global Depository Receipt (GDR) issue. GDRs do not carry any voting rights until they are converted into underlying equity shares.
- 2,500,000 Equity Shares of Rs. 10/- each are held by LPJ Holdings Private Limited, fully paid up at a premium of Rs. 20/- per share, as a special series with differential rights to dividend and voting, were issued during the financial year 2004-05. These shares have no right to the dividend and each share carries twenty voting rights per share as compared to one voting right per existing equity share and were under the lock-in-period of three years from the date of allotment.
- The holders of all the above equity shares will be
entitled to receive remaining assets of the Company, after distribution of
all preferential amounts in event of liquidation of the Company.
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 |
461.500 |
461.500 |
461.500 |
|
(b) Reserves and Surplus |
2220.900 |
2725.000 |
3206.600 |
|
(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) |
2682.400 |
3186.500 |
3668.100 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1143.900 |
1058.600 |
1049.900 |
|
(b) Deferred tax liabilities (Net) |
78.400 |
219.900 |
194.200 |
|
(c) Other long term
liabilities |
194.600 |
208.800 |
239.900 |
|
(d) long-term
provisions |
209.900 |
84.800 |
40.400 |
|
Total Non-current
Liabilities (3) |
1626.800 |
1572.100 |
1524.400 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1119.000 |
783.900 |
720.800 |
|
(b) Trade
payables |
1518.700 |
1366.500 |
1383.500 |
|
(c) Other
current liabilities |
1178.900 |
988.200 |
1076.400 |
|
(d) Short-term
provisions |
45.400 |
45.200 |
65.400 |
|
Total Current
Liabilities (4) |
3862.000 |
3183.800 |
3246.100 |
|
|
|
|
|
|
TOTAL |
8171.200 |
7942.400 |
8438.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2967.400 |
3216.300 |
3402.600 |
|
(ii)
Intangible Assets |
1.300 |
1.600 |
1.900 |
|
(iii)
Capital work-in-progress |
5.500 |
58.300 |
23.900 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
115.000 |
120.600 |
129.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
425.100 |
431.600 |
419.500 |
|
(e) Other
Non-current assets |
211.100 |
163.600 |
156.100 |
|
Total Non-Current
Assets |
3725.400 |
3992.000 |
4133.500 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
3.300 |
2.300 |
2.300 |
|
(b)
Inventories |
1138.500 |
1169.500 |
1406.500 |
|
(c) Trade
receivables |
2352.400 |
2182.800 |
2230.800 |
|
(d) Cash
and cash equivalents |
89.300 |
104.700 |
212.900 |
|
(e)
Short-term loans and advances |
451.600 |
476.600 |
429.700 |
|
(f) Other
current assets |
410.700 |
14.500 |
22.900 |
|
Total
Current Assets |
4445.800 |
3950.400 |
4305.100 |
|
|
|
|
|
|
TOTAL |
8171.200 |
7942.400 |
8438.600 |
PROFIT
and LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
8261.700 |
9358.800 |
9934.000 |
|
|
|
|
Other Income |
80.100 |
35.300 |
66.900 |
|
|
|
|
TOTAL (A) |
8341.800 |
9394.100 |
10000.900 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
3886.800 |
3999.200 |
4178.500 |
|
|
|
|
Purchases of Stock-in-Trade |
475.100 |
855.600 |
797.100 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
19.100 |
345.600 |
(11.300) |
|
|
|
|
Employees benefits expense |
773.100 |
732.100 |
722.300 |
|
|
|
|
Other expenses |
3268.300 |
3416.900 |
4070.400 |
|
|
|
|
Exceptional expenses/(incomes) |
0.000 |
0.000 |
(128.700) |
|
|
|
|
TOTAL (B) |
8422.400 |
9349.400 |
9628.300 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(80.600) |
44.700 |
372.600 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
312.900 |
286.400 |
230.800 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
(393.500) |
(241.700) |
141.800 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
124.300 |
184.900 |
175.000 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(517.800) |
(426.600) |
(33.200) |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
(81.300) |
25.700 |
16.300 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(436.500) |
(452.300) |
(49.500) |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
1305.600 |
1255.100 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
84.500 |
81.200 |
57.600 |
|
|
|
TOTAL EARNINGS |
84.500 |
81.200 |
57.600 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
306.800 |
242.500 |
385.600 |
|
|
|
|
Stores and Spares |
0.000 |
0.000 |
6.200 |
|
|
|
TOTAL IMPORTS |
306.800 |
242.500 |
391.800 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
(8.96) |
(10.36) |
(1.16) |
||
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
378.200 |
335.600 |
328.000 |
|
Cash generated from operations |
83.200 |
128.900 |
(106.200) |
|
Net cash flow from (used in) operations |
NA |
NA |
NA |
|
Net cash flow from operating activities |
108.600 |
120.100 |
(244.400) |
QUARTERLY
RESULTS
(Rs. In Million)
|
Particulars |
|
30.09.2015 (Unaudited) |
30.06.2015 (Unaudited) |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net sales |
|
1768.400 |
1798.000 |
|
Total Expenditure |
|
1754.000 |
1721.400 |
|
PBIDT (Excluding Other Income) |
|
14.400 |
76.600 |
|
Other income |
|
1.700 |
5.800 |
|
Operating Profit |
|
16.100 |
82.400 |
|
Interest |
|
100.400 |
94.100 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
(84.300) |
(11.700) |
|
Depreciation |
|
31.400 |
32.500 |
|
Profit Before Tax |
|
(115.700) |
(44.200) |
|
Tax |
|
NA |
NA |
|
Profit after tax |
|
(115.700) |
(44.200) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin PAT / Sales |
(%) |
(5.28) |
(4.83) |
(0.50) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(0.98) |
0.48 |
3.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
(6.43) |
(5.49) |
(0.40) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.19) |
(0.13) |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.84 |
0.58 |
0.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15 |
1.24 |
1.33 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.44.15/- |
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 |
461.500 |
461.500 |
461.500 |
|
Reserves & Surplus |
3206.600 |
2725.000 |
2220.900 |
|
Net
worth |
3668.100 |
3186.500 |
2682.400 |
|
|
|
|
|
|
long-term borrowings |
1049.900 |
1058.600 |
1143.900 |
|
Short term borrowings |
720.800 |
783.900 |
1119.000 |
|
CURRENT MATURITIES OF LONG-TERM DEBTS |
328.000 |
335.600 |
378.200 |
|
Total
borrowings |
2098.700 |
2178.100 |
2641.100 |
|
Debt/Equity ratio |
0.572 |
0.684 |
0.985 |
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 |
9934.000 |
9358.800 |
8261.700 |
|
|
|
(5.790) |
(11.723) |
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
|
9934.000 |
9358.800 |
8261.700 |
|
Profit |
(49.500) |
(452.300) |
(436.500) |
|
|
(0.50%) |
(4.83%) |
(5.28%) |
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) |
Yes |
|
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION
DETAILS:
|
CASE DETAILS FOR CASE
CM-22077-CII-2010 |
|||
|
Diary Number |
501232 |
District |
NEW-DELHI |
|
Category |
- |
Main Case Detail |
STA-41-2010 |
|
Party Detail |
COMMISSIONER OF CENTRAL EXCISE COMM.
LUDHIANA V/S M/S JAGATJIT INDUSTRIES LIMITED |
||
|
Advocate Name |
SUKHDEV SHARMA |
List Type |
ORDINARY |
|
Status |
PENDING |
Next date |
|
|
|
|||
|
Case Listing Details |
|||
|
No Listing Data
Available |
|||
|
Judgment Details For Case: CM-22077-CII-2010 |
|||
|
Order Date |
Order Type |
Bench |
Judgment Link |
|
No Judgment/Order Found. |
|||
INDUSTRY OVERVIEW:
Alcoholic Beverage industry in India comprises of Indian
Made Foreign Liquor (IMFL) and Country Liquor. IMFL consists of Whisky, Brandy,
Rum, Gin and Vodka etc.. Whisky comprises of a large portion of IMFL market and
accounts for nearly 60% of the market followed by Brandy at around 20% and Rum
at around 15%. White spirits viz. Vodka, Gin and white Rum account for the
balance of 5% only. The total IMFL industry in India is presently estimated at
around 300.000 million cases growing @ around 8% per annum. The volume-wise
increase rate is much higher in the low–priced segment as compared to the upper
segment. Country Liquor segment is about 22 million cases per annum in the
state of Punjab and The company has around 10% share in this segment.
The Company has a market share of around 6% of IMFL industry
with ARISTOCRAT, ARISTOCRAT PREMIUM, AC BLACK, BONNIE SPECIAL, BINNIES and AC
SEKC as the leading brands available across the Country. The Company has
introduced new brands viz. ROYAL PRIDE , KING HENRY Scotch whisky in the
Bottled in India Scotch Whisky Segment and IICE Vodka in the premium Indian
vodka range in the previous years. All the brands are well accepted in the
market. Country liquor is manufactured and sold in the State of Punjab and The
Company has market share of around 10% in the state of Punjab. The Company also
manufactures Malted Milkfood on the Contract Manufacturing basis for the
leading manufacturers in this industry. The Company has installed a new plant
to enhance its production capacity to meet the increasing demand of the
manufacturers.
The Industry experienced the effect of the recessionary
trend during the previous years. Inflationary trend eroded the buying power of
the general public. However, the things are improving and the prices of main
raw materials viz. Mollasses, Grains and Spirit have stabilized. The Company is
focusing to increase the production and marketing of more contributory brands
which will increase the margins leading to higher profitability of The Company.
Further, the outlook of the liquor industry appears to promising. Vodka is a
fast growing IMFL segment in India growing @ 10- 12% per annum. The overall
industry is growing @ around 8% per annum and the growth is likely to continue
in near future. The consumption of liquor in India has been in an uptrend in
the past few years and is expected to improve further. The Glass Container
industry has suffered a slowdown during the year due to the increase in natural
gas prices and substantial increase of the capacity in north India. Being
unviable to continue the operations, the Glass division plant of the Company
has been shut down.
OUTLOOK:
The sales of Alcoholic Beverages (IMFL) declined around 9%
during the year. The Company incurred operational losses on account of closure
of Glass division, reduction of sales of IMFL in Andhra Pradesh due to
political instability and increase of expenses on sales promotion of various
IMFL brands. However, the Company foresees the increasing trend inline with the
industry in the current year and years to come. With introduction of new brands
and their acceptance in the market, The Company is hopeful to clock higher
sales during the current year. With the cost of raw materials expected to be
favorable and increasing sales turnover, The company is hopeful of posting
better results in the current year and maintain the same in the coming years.
The market scenario during the current year also appears to be encouraging and
the demand of liquor is improving constantly. To meet its production
requirements in IMFL, the Company has also entered into lease and bottling
agreements to augment its production capacity. To further improve the market
share and the profitability, the Company entered in the premium segment of
Alcoholic Beverages by launching the new brand ROYAL PRIDE which has got
encouraging response in the market. The Company has already launched KING HENRY
Scotch whisky in Bottled in India Scotch Whisky Segment and IICE Vodka in the
premium Indian Vodka segment and both the products have been well accepted by
the public. The Company had to incur substantial amount on the brand building
of the new brands introduced in the market. The Company expects that the
investment made in the brand building will start yielding results in the coming
years leading to higher sales and profits.
In view of the increased production capacity of the milkfood
products, the Company is expecting increase of production volumes of the malted
milkfood products being manufactured by it. This will increase the turnover and
the profitability of the Company. The profitability of the Glass division was
adversely affected due to the increase in natural gas prices and substantial
increase of the capacity in north India. The substantial increase in capacity
is the result of cheap natural gas being supplied in the Firozabad area in
Uttar Pradesh. Due to this, the production of Glass division became unviable
and the Company had to stop the production and the Glass division remained
inoperative during the year. The production activities of this division have
been formally discontinued during the year. This also resulted in the lower
sales turnover and incurring of losses by the Company during the year. Prices
of raw materials continued to put pressure on the margins during the year.
Effective measures are being taken regularly to reduce the overheads costs
coupled with optimum utilization of resources and better product mix.
UNSECURED LOAN:
|
Particulars |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
Long Term
Borrowings |
|
|
|
Fixed Deposits |
89.700 |
343.600 |
|
Fixed Deposits guaranteed by Directors |
64.200 |
141.900 |
|
Loans and advances from related parties |
5.900 |
5.900 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Fixed Deposits |
289.200 |
225.700 |
|
Fixed Deposits guaranteed by Directors |
72.900 |
59.400 |
|
Total |
521.900 |
776.500 |
CONTINGENT
LIABILITIES:
(Rs. Million)
|
Particulars |
31.03.2015 Rs.
In Million |
|
Particulars of
various claims against the Company not acknowledged as debts |
|
|
Claim by Punjab Government in respect of amount paid to
Mahalaxmi Sugar Mills pending before the ‘The Court of Civil Judge (Senior
Division), Kapurthala’ |
2.200 |
|
Claim in respect of case filed by ESI Corporation |
0.600 |
|
Employees related claims |
17.900 |
|
Liability in respect of notice received from GAIL (India) Limited on account of Annual Take or Pay Deficiency Claim |
174.600 |
|
There are certain claims against the Company relating to
usage of trade mark etc., which have not been acknowledged as debts. The
outcome of such claims is not ascertainable at this stage. |
|
|
|
|
|
Particulars of various
Excise and Service Tax demands under dispute: |
|
|
Demand of Service Tax and penalty in respect of wrong availment of Service Tax Cenvat Credit |
26.100 |
|
Demand of Excise Duty in respect of reversal of Cenvat Credit on Turbine |
7.400 |
|
Demand in respect of service tax, interest and penalty on income from Tie-up operations and royalty |
56.900 |
|
Demand of cess and penalty under Central Excise Act on manufacturing of corrugated paper board |
0.100 |
|
Demand of service tax on renting of immovable property |
12.700 |
|
Demand of service tax under service of supply of tangible goods |
6.200 |
|
Demand of service tax and penalty under management, maintenance and repair services |
4.800 |
|
Demand of Excise Duty in respect of clearance of broken glass generated during the handling of bottles used for IMFL and Country Liquor |
0.800 |
|
|
|
|
Particulars of
various Sales tax demands under dispute |
|
|
Demand of Sales Tax under Central Sales Tax Act on account of incomplete submission of sales tax forms |
0.600 |
|
Demand of Sales Tax under UP Sales Tax Act and Central Sales Tax Act |
0.000 |
|
|
|
|
Certain matters relating to various assessment years of Income
Tax are pending at the various levels of tax authorities and High Court. The
financial impact, if any, on the outcome of these matters is not determinable
at this stage. |
|
STANDALONE UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2015
(Rs. In Million)
|
Particulars |
3 Months Ended |
3 Months Ended |
Half Year Ended |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
UNAUDITED |
||
|
1. Income
from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
1701.700 |
1733.000 |
3434.700 |
|
b) Other operating income |
66.700 |
65.000 |
131.700 |
|
Total
income from Operations(net) |
17.68.400 |
1798.000 |
3566.400 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
821.800 |
824.000 |
1645.800 |
|
b) Purchases of stock in trade |
54.300 |
70.400 |
124.700 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(61.300) |
(52.500) |
(113.800) |
|
d) Employees benefit expenses |
174.800 |
187.900 |
362.700 |
|
e) Depreciation and amortization expenses |
31.400 |
32.500 |
63.900 |
|
f) Power and Fuel |
538.300 |
501.100 |
1039.400 |
|
g) Other expenditure |
226.100 |
190.500 |
416.600 |
|
Total expenses |
1785.400 |
1753.900 |
3539.300 |
|
3. Profit from operations before other income and
financial costs |
(17.000) |
(44.100) |
27.100 |
|
4. Other income |
1.700 |
5.800 |
7.500 |
|
5. Profit from ordinary activities before finance costs |
(15.300) |
49.900 |
34.600 |
|
6. Finance costs |
100.400 |
94.100 |
194.500 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(115.700) |
(44.200) |
(159.900) |
|
8. Exchange Currency Fluctuation Loss/ (Gain) |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
(115.700) |
(44.200) |
(159.900) |
|
10.Tax expenses |
|
|
|
|
-- Current Tax |
-- |
-- |
-- |
|
-- MAT (Credit) / Reversal |
-- |
-- |
-- |
|
-- Deferred Tax |
-- |
-- |
-- |
|
11.Net Profit / (Loss) from
ordinary activities after tax (9-10) |
(115.700) |
(44.200) |
(159.900) |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
(115.700) |
(44.200) |
(159.900) |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
461.500 |
461.500 |
461.500 |
|
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 |
(2.65) |
(1.01) |
(3.66) |
|
|
(2.65) |
(1.01) |
(3.66) |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
5292747 |
5292747 |
5292747 |
|
- Percentage of shareholding |
25.28 |
25.28 |
25.28 |
|
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 |
15645365 |
15645365 |
15645365 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
33.90 |
33.90 |
33.90 |
|
|
|||
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
|
Receiving during the quarter |
NIL |
|
|
|
Disposed of during the quarter |
NIL |
|
|
|
Remaining unreserved at the end of the quarter |
NIL |
|
|
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT FOR THE
QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2015
(Rs. In Million)
|
Particulars |
3
Months Ended |
3
Months Ended |
Half
Year Ended |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
UNAUDITED |
||
|
1. Segment
Revenue |
|
|
|
|
a)
Beverages |
1473.200 |
1473.200 |
2943.400 |
|
b)
Food |
258.200 |
276.500 |
534.700 |
|
c)
Packaging |
-- |
-- |
-- |
|
d)
Others |
37.000 |
37.000 |
88.300 |
|
Total segment
revenue |
1768.400 |
1798.000 |
3566.400 |
|
Less: Inter –
segment revenue |
-- |
-- |
-- |
|
Total income
from operations (net sales) |
1768.400 |
1798.000 |
3566.400 |
|
|
|
|
|
|
2. Segment
Results |
|
|
|
|
Profit/ (loss)
before tax and interest |
|
|
|
|
a)
Beverages |
40.400 |
96.200 |
136.600 |
|
b)
Food |
16.800 |
34.000 |
50.800 |
|
c)
Packaging |
-- |
-- |
-- |
|
d)
Others |
0.900 |
0.800 |
1.700 |
|
Total segment
results |
58.100 |
131.000 |
189.100 |
|
(Add)/Less:
Finance Costs |
98.700 |
88.300 |
187.000 |
|
Other
un-allocable expenditure net off un-allocable other operating income |
75.100 |
86.900 |
162.000 |
|
Total Profit
Before Tax |
(115.700) |
(44.200) |
(159.900) |
|
|
|
|
|
|
3. Capital
Employed |
|
|
|
|
(Segment Assets –
Segment Liabilities) |
|
|
|
|
a)
Beverages |
3052.800 |
3221.000 |
3052.800 |
|
b)
Food |
916.400 |
903.100 |
916.400 |
|
c)
Packaging |
-- |
-- |
-- |
|
d)
Others |
-- |
-- |
-- |
|
Add
: Unallocable Assets Less Liabilities |
689.100 |
529.000 |
689.100 |
|
|
|
|
|
|
Total
Capital Employed In the Company |
4658.300 |
4653.100 |
4658.300 |
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2015
Rs. In Million
|
SOURCES OF
FUNDS |
|
|
30.09.2015 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
461.500 |
|
(b) Reserves and Surplus |
|
|
2051.900 |
|
(c) Pending Call Money |
|
|
0.000 |
|
Sub-total Shareholders’ |
|
|
2513.400 |
|
|
|
|
|
|
(2) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
1665.000 |
|
(b) Deferred tax liabilities (Net) |
|
|
78.400 |
|
(c) Other long term liabilities |
|
|
175.800 |
|
(d) long-term provisions |
|
|
225.700 |
|
Sub-total of
Non-Current liabilities |
|
|
2144.900 |
|
|
|
|
|
|
(3)
Current liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
858.400 |
|
(b) Trade
payables |
|
|
1546.800 |
|
(c) Other
current liabilities |
|
|
1106.600 |
|
(d) Short-term
provisions |
|
|
46.200 |
|
Sub-total of Current liabilities |
|
|
3558.000 |
|
|
|
|
|
|
TOTAL |
|
|
8216.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
Tangible Assets |
|
|
2917.400 |
|
Intangible Assets |
|
|
1.200 |
|
Capital Work-in-progress |
|
|
7.900 |
|
(b)
Non-Current investments |
|
|
115.000 |
|
(c) Long
term loans and advances |
|
|
415.800 |
|
(d) Other
non-current assets |
|
|
170.600 |
|
Sub-total of
Non-Current Assets |
|
|
3627.900 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
1.500 |
|
(b)
Inventories |
|
|
1182.000 |
|
(c) Trade
receivables |
|
|
2257.200 |
|
(d) Cash
and cash equivalents |
|
|
131.200 |
|
(e)
Short-term loans and advances |
|
|
597.500 |
|
(f) Other
current assets |
|
|
419.000 |
|
Sub-total of
Current Assets |
|
|
4588.400 |
|
|
|
|
|
|
TOTAL |
|
|
8216.300 |
NOTES:
- The above results were reviewed by the audit Committee and approved by the board of directors at the meeting held on 14.11.2015 and have undergone “Limited Review” by the Statutory Auditors of the company.
- While computing Public Shareholding above (Number of Shares and Percentage of Shareholding), 25210000 underlying equity shares to the Global Depository Receipts (GDRs) have been excluded from the total paid up equity capital since GDRS do not carry voting rights.
- Segment revenue and results of Beverages segment for the current quarter and six months ended 30.06.2015 include rental income of Rs. 61.000 Million and Rs. 37.700 Million and Rs. 120.900 Million and Rs. 75.300 Million respectively from the surplus properties of the company.
- Unallocable expenditure net of unallocable income for the period ended 30.09.2015 includes income of Rs. 0.400 Million and expenses of Rs. 9.200 Million on account of discontinues operation of packaging business.
- The workers of one of the factories of the company situated at Jagatjit Nagar, District Kapurthala, Punjab, Went On Strike From 7th July, 2015 To 15th July 2015.
- Provision for deferred tax shall be accounted for at the end of the year.
- Figures of the previous period have been regrouped/ reclassified, wherever necessary to make them comparable.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10593348 |
04/09/2015 |
40,000,000.00 |
PUNJAB NATIONAL
BANK |
5, SANSAD MARG, NEW DELHI, DELHI - 110001,
INDIA |
C65357998 |
|
2 |
10586835 |
27/07/2015 |
666,000.00 |
KOTAK MAHINDRA
PRIME LIMITED |
27BKC, C 27, G BLOCK, BANDRA KURLA
COMPLEX, BANDRA (E),, MUMBAI, MAHARASHTRA - 400051, INDIA |
C62046883 |
|
3 |
10585222 |
16/07/2015 |
259,000.00 |
KOTAK MAHINDRA
PRIME LIMITED |
27BKC, C 27, G BLOCK, BANDRA KURLA
COMPLEX, BANDRA (E),, MUMBAI, MAHARASHTRA - 400051, INDIA |
C61317343 |
|
4 |
10585224 |
16/07/2015 |
450,000.00 |
KOTAK MAHINDRA
PRIME LIMITED |
27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX,
BANDRA (E),, MUMBAI, MAHARASHTRA - 400051, INDIA |
C61318218 |
|
5 |
10582969 |
29/06/2015 |
300,000.00 |
KOTAK MAHINDRA
PRIME LIMITED |
27BKC, C 27, G BLOCK, BANDRA KURLA
COMPLEX, BANDRA (E),, MUMBAI, MAHARASHTRA - 400051, INDIA |
C60173424 |
|
6 |
10582974 |
29/06/2015 |
1,332,000.00 |
KOTAK MAHINDRA
PRIME LIMITED |
27BKC, C 27, G BLOCK, BANDRA KURLA
COMPLEX, BANDRA (E),, MUMBAI, MAHARASHTRA - 400051, INDIA |
C60173929 |
|
7 |
10582970 |
29/06/2015 |
299,000.00 |
KOTAK MAHINDRA
PRIME LIMITED |
27BKC, C 27, G BLOCK, BANDRA KURLA
COMPLEX, BANDRA (E),, MUMBAI, MAHARASHTRA - 400051, INDIA |
C60174067 |
|
8 |
10582972 |
29/06/2015 |
450,000.00 |
KOTAK MAHINDRA
PRIME LIMITED |
27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX,
BANDRA (E),, MUMBAI, MAHARASHTRA - 400051, INDIA |
C60174240 |
|
9 |
10574354 |
31/05/2015 |
444,000.00 |
KOTAK MAHINDRA
PRIME LIMITED |
27BKC, C 27, G BLOCK, BANDRA KURLA
COMPLEX, BANDRA (E),, MUMBAI, MAHARASHTRA - 400051, INDIA |
C56145675 |
|
10 |
10574357 |
31/05/2015 |
592,000.00 |
KOTAK MAHINDRA
PRIME LIMITED |
27BKC, C 27, G BLOCK, BANDRA KURLA
COMPLEX, BANDRA (E),, MUMBAI, MAHARASHTRA - 400051, INDIA |
C56146509 |
*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,
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. 66.35 |
|
|
1 |
Rs. 100.66 |
|
Euro |
1 |
Rs. 70.47 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
SYL |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
32 |
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 |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.