MIRA INFORM REPORT
|
Report No. : |
351038 |
|
Report Date : |
24.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
MORARJEE TEXTILES LIMITED |
|
|
|
|
Registered
Office : |
2, Peninsula Spenta, Mathuradas Mills Compound, Senapati Bapat Marg,
Lower Parel, Mumbai – 400013, Maharashtra |
|
Tel. No.: |
91-22-66154651/52/53 |
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|
|
|
Country : |
India |
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|
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Financials (as
on) : |
31.03.2015 |
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|
|
|
Date of
Incorporation : |
14.07.1995 |
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|
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Com. Reg. No.: |
11-090643 |
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Capital
Investment / Paid-up Capital : |
Rs. 504.326 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L52322MH1995PLC090643 |
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|
|
|
IEC No.: |
0395033853 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account No.] |
AAACM2725R |
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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
: |
Subject is engaged in manufacture of textile products. |
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|
|
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No. of Employees
: |
1475 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 3808000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Morarjee Textiles Limited, belongs to Ashok Piramal group, a diversified business group having presence in real estate, textile, engineering and renewable energy. The rating takes consideration on company’s consistent growth in operations, healthy profitability margin, strong financial profile marked by low leverage and comfortable debt protection metrics. Rating further takes into account on company’s established brand name with promoter’s long experienced in textile industries and strong reputation of the group. However, the rating is constrained by company susceptibility into its profitability margin due to raw material prices and competitive textile industry. Trade relations are fair. Business is active. Payments terms are reported to be regular as per commitment. In view of aforesaid, the company can be considered good
for business dealings with its usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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 PARTED BY
|
Name : |
Mr. Subhashchandra Madanlal Kashimpuria |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-22-66154651 |
|
Date : |
23.11.2015 |
LOCATIONS
|
Registered Office : |
2, Peninsula Spenta, Mathuradas Mills Compound, Senapati Bapat Marg,
Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-66154651/52/53 |
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Fax No.: |
91-22-66154593/66154607/66154608 |
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E-Mail : |
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Website : |
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Manufacturing
Facilities : |
|
|
Fabric : |
Unit 1- Shirting
Division : G – 2, MIDC Industrial Estate, Post Salaidhaba, Butibori, Nagpur – 441108,
Maharashtra, India |
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Tel. No.: |
91-7104-305100 |
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Fax No.: |
91-7104-265703/508 |
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E-Mail : |
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Garments : |
Fabritex Exports Compound, Krishna Reddy Industrial Estate, Kudlu Gate, 7th Mile, Hosur Road, Bangalore - 560068, Karnataka, India |
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Tel. No.: |
91-80-40523000 |
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Fax No.: |
91-80-40523110 |
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E-Mail : |
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Overseas Sales Office : |
Corso Italia, 62-20025 Legnano (Mi) – |
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Tel. No.: |
39-331-455028 |
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Fax No.: |
39-331-545026 |
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E-Mail : |
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Processing Unit: |
Plot No. 101/102, 19th Street, MIDC Area, Satpur,
Nashik-422007, Maharashtra, India |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Rajendar Kumar Rewari |
|
Designation : |
Managing Director |
|
Address : |
House No. 220, Sector - 2, Panchkula-134112, Haryana, India |
|
Date of Birth/Age : |
58 years |
|
Date of Appointment : |
01.02.2010 |
|
DIN No.: |
00619240 |
|
Other Directorship : |
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|
|
|
|
Name : |
Mr. Harshvardhan Ashok Piramal |
|
Designation : |
Whole-Time Director |
|
Address : |
61 Piramal House, Pochkhanwala Road, Worli, Mumbai-400025, Maharashtra, India |
|
Date of Birth/Age : |
41 Years |
|
Qualification : |
Graduate in science and has done his LLB and post-graduate degree in Buisness Management from Kurukshetra University in Haryana. |
|
Date of Appointment : |
01.06.2004 |
|
DIN No.: |
00044972 |
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Other Directorship : |
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|
Name : |
Mr. Mahesh Shrikrishna Gupta |
|
Designation : |
Director |
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Address : |
402 Ashok House, Beach House Chs, Gandhigram Road, Juhu, Mumbai-400049, Maharashtra, India |
|
Date of Birth/Age: |
30.06.1956 |
|
Qualification : |
B.Com, Chartered Accountant, Company Secretary and Law Graduate |
|
Date of Appointment : |
19.01.2006 |
|
DIN No.: |
00046810 |
|
Other Directorship : |
|
|
|
|
|
Name : |
Ms. Urvi Ashok Piramal |
|
Designation : |
Director |
|
Address : |
61 Piramal House, Pochkhanwala Road, Worli, Mumbai-400025, Maharashtra, India |
|
Date of Birth/Age : |
62 years |
|
Date of Appointment : |
01.02.2005 |
|
DIN No.: |
00044954 |
|
Other Directorship : |
|
|
|
|
|
Name : |
Mr. Ranjan Surajprakash Sanghi |
|
Designation : |
Director |
|
Address : |
Flat No 21, Mistry Court, 4th Floor, Dinshaw Vachha Road, Mumbai-400020, Maharashtra, India |
|
Date of Birth/Age : |
71 years |
|
Date of Appointment : |
01.02.2005 |
|
DIN No.: |
00275842 |
|
Other Directorship : |
|
|
|
|
|
Name : |
Mr. Aditya Harshavadan Mangaldas |
|
Designation : |
Director |
|
Address : |
12 B, Ocean View, 100, Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age: |
16.09.1963 |
|
Qualification : |
Mechanical Engineer from L.D. College of Engineering, MBA from Babson
College USA |
|
Date of Appointment : |
18.02.2007 |
|
DIN No.: |
00032233 |
|
Other Directorship : |
|
|
|
|
|
Name : |
Mr. Shobhan Madhukant Thakore |
|
Designation : |
Director |
|
Address : |
Flat No. B-114, Floor 11, Plot 696b, Somerset House, 61-G, Off Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
67 years |
|
Date of Appointment : |
19.01.2006 |
|
DIN No.: |
00031788 |
|
Other Directorship : |
|
|
|
|
|
Name : |
Mr. Ranjan Pant |
|
Designation : |
Director |
|
Address : |
Portion-B, 10-A, Kasturba Gandhi Marg, New Delhi-110001, India |
|
Date of Birth/Age : |
56 years |
|
Date of Appointment : |
01.08.2014 |
|
DIN No.: |
00005410 |
|
Other Directorship : |
|
KEY EXECUTIVES
|
Name : |
Mr. Sanjeev Singh Ganesh Sengar |
|
Designation : |
Secretary |
|
Address : |
D/103, Gaurav Residency, Phase II, Beverly Park, Mira Road, Thane-401107, Maharashtra, India |
|
Date of Appointment : |
01.09.2015 |
|
PAN No.: |
AWOPS7431F |
|
|
|
|
Name : |
Mr. Subhashchandra Madanlal Kashimpuria |
|
Designation : |
Chief Financial Officer and Compliance Officer |
|
Address : |
3/39, Rishikesh Bhawan, A-1, Mai Merwanji Street, Parel, Mumbai-400012, Maharashtra, India |
|
Date of Appointment : |
23.05.2014 |
|
PAN No.: |
AACPK3556B |
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|
|
|
Name : |
Mr. S.C. Kashimpuria |
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Designation : |
Head Finance and Accounts |
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|
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|
Name : |
Ms. Karina Vaz |
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Designation : |
Deputy Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
104551 |
0.29 |
|
|
23102106 |
63.59 |
|
|
23102106 |
63.59 |
|
|
23206657 |
63.87 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
23206657 |
63.87 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
2711 |
0.01 |
|
|
3061 |
0.01 |
|
|
1709644 |
4.71 |
|
|
1135 |
0.00 |
|
|
1716551 |
4.72 |
|
|
|
|
|
|
1894716 |
5.21 |
|
|
|
|
|
|
4979956 |
13.71 |
|
|
4278212 |
11.78 |
|
|
256257 |
0.71 |
|
|
244974 |
0.67 |
|
|
11283 |
0.03 |
|
|
11409141 |
31.40 |
|
Total Public shareholding (B) |
13125692 |
36.13 |
|
Total (A)+(B) |
36332349 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
36332349 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacture of textile products. |
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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 : |
Not Available |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash / L/C / Cheque/ Credit |
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Purchasing : |
Cash / L/C / Cheque/ Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesaler
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No. of Employees : |
1475 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Shah and Company Chartered Accountants |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiary
Companies : |
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Joint Ventures : |
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Enterprises over
which Directors/Key Management personnel exercise significant influence : |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000000 |
Equity Shares |
Rs.7/- each |
Rs. 315.000 Million |
|
2500000 |
Redeemable Cumulative Non-Convertible Preference Shares |
Rs.100/- each |
Rs. 250.000 Million |
|
|
Total |
|
Rs. 565.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,63,32,349 |
Equity Shares |
Rs.7/- each |
Rs. 254.326
Million |
|
10,00,000 |
5% Redeemable Cumulative Non- Convertible Preference
Shares |
Rs.100/- each |
Rs. 100.000
Million |
|
15,00,000 |
9% Redeemable Cumulative Non- Convertible Preference
Shares |
Rs.100/- each |
Rs. 150.000
Million |
|
|
Total |
|
Rs. 504.326 Million |
A) The reconcilition
of the number of shares outstanding is given below:
|
Particulars |
No. of shares |
|
a) Equity Shares |
|
|
Equity Shares at the beginning of the year |
36,332,349 |
|
Equity Shares at the end of the year |
36,332,349 |
|
b) Preference
Shares |
|
|
5% Preference Shares at the beginning of the year |
1,000,000 |
|
5% Preference Shares at the end of the year |
1,000,000 |
|
|
|
|
9% Preference Shares at the beginning of the year |
1,500,000 |
|
Preference Shares at the end of the year |
1,500,000 |
|
Total Preference
Shares at the end of the year |
2,500,000 |
B)
Shareholders holding more than 5% shares of the
Company
|
Particulars |
31.03.2015 |
|
a) Equity Shareholder |
|
|
Ashok Piramal Group Textile Trust through its trustee, |
|
|
Mrs. Urvi A Piramal |
|
|
Nos. of Shares |
21,590,112 |
|
% age of holding |
59.42 |
|
b) Preference Shareholder |
|
|
Ashok Piramal Group Textile Trust through its trustee, |
|
|
Mrs. Urvi A Piramal |
|
|
Nos. of Shares |
2,500,000 |
|
% age of holding |
100.00 |
C) Terms / rights
attached to Equity Shares
Each Equity shares of Company has a par value of Rs. 7/- as at 31st March, 2015 (Previous year Rs. 7/- per share). Each holder of equity shares is entitled to one vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
D) Terms / rights
attached to Preference Shares
1. 5% Redeemable Cumulative Non- Convertible Preference Shares of Rs. 100/- each, redeemable anytime between 15th November, 2014 and 15th November, 2019 at the option of the Company. The holders of the said Preference Shares shall not have any right to vote in any manner before the Company at any meeting except on resolutions placed before the Company at any meeting which directly affects their rights.
2. 9% Redeemable Cumulative Non- Convertible Preference Shares of Rs.100/- each, redeemable anytime between 4th June, 2012 and 3rd December, 2015 at the option of the Company. The holders of the said Preference Shares shall not have any right to vote in any manner before the Company at any meeting except on resolutions placed before the Company at any meeting which directly affects their rights.
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 |
504.326 |
504.326 |
504.326 |
|
(b) Reserves & Surplus |
828.534 |
724.070 |
567.964 |
|
(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) |
1332.860 |
1228.396 |
1072.290 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
891.828 |
836.144 |
418.721 |
|
(b) Deferred tax liabilities (Net) |
178.893 |
62.058 |
0.000 |
|
(c) Other long term
liabilities |
11.385 |
10.437 |
11.039 |
|
(d) long-term
provisions |
31.611 |
20.420 |
23.254 |
|
Total Non-current
Liabilities (3) |
1113.717 |
929.059 |
453.014 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
884.731 |
867.737 |
773.600 |
|
(b) Trade
payables |
379.030 |
377.240 |
449.044 |
|
(c) Other
current liabilities |
199.599 |
335.817 |
877.093 |
|
(d) Short-term
provisions |
346.424 |
370.127 |
354.312 |
|
Total Current
Liabilities (4) |
1809.784 |
1950.921 |
2454.049 |
|
|
|
|
|
|
TOTAL |
4256.361 |
4108.376 |
3979.353 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2153.237 |
2207.974 |
2309.174 |
|
(ii)
Intangible Assets |
16.217 |
13.094 |
32.019 |
|
(iii)
Capital work-in-progress |
149.202 |
89.380 |
24.006 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
6.500 |
7.061 |
7.061 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
238.623 |
172.170 |
24.325 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
71.934 |
|
Total Non-Current
Assets |
2563.779 |
2489.679 |
2468.519 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
79.556 |
79.556 |
79.556 |
|
(b)
Inventories |
788.038 |
739.535 |
680.856 |
|
(c) Trade
receivables |
639.672 |
612.550 |
576.364 |
|
(d) Cash
and cash equivalents |
4.451 |
7.016 |
6.930 |
|
(e)
Short-term loans and advances |
152.182 |
172.284 |
157.177 |
|
(f) Other
current assets |
28.683 |
7.756 |
9.951 |
|
Total
Current Assets |
1692.582 |
1618.697 |
1510.834 |
|
|
|
|
|
|
TOTAL |
4256.361 |
4108.376 |
3979.353 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3652.291 |
3919.415 |
3640.707 |
|
|
|
Other Income |
3.513 |
0.371 |
0.452 |
|
|
|
TOTAL (A) |
3655.804 |
3919.786 |
3641.159 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Consumed |
1456.052 |
1579.999 |
1508.007 |
|
|
|
Changes in Inventories of work in progress & Finished
Goods |
(51.138) |
(49.467) |
(62.556) |
|
|
|
Manufacturing and Other Expenses |
1036.737 |
1012.436 |
975.019 |
|
|
|
Employment Cost |
328.269 |
315.392 |
264.932 |
|
|
|
Administrative, Selling and Other Expenses |
285.820 |
257.682 |
265.217 |
|
|
|
Net Loss on Foreign Currency Transactions &
Translations |
(9.996) |
45.545 |
36.961 |
|
|
|
TOTAL (B) |
3045.744 |
3161.587 |
2987.580 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
610.060 |
758.199 |
653.579 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
190.481 |
254.891 |
272.566 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
419.579 |
503.308 |
381.013 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
95.584 |
159.358 |
141.605 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
323.995 |
343.950 |
239.408 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
116.824 |
62.058 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
207.172 |
281.892 |
239.408 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
182.079 |
54.173 |
-15.054 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
20.800 |
28.200 |
24.000 |
|
|
|
Dividend Distribution Tax |
12.944 |
15.128 |
10.806 |
|
|
|
Proposed Dividend on Equity Shares |
63.582 |
89.014 |
63.582 |
|
|
|
Dividend Distribution Tax |
3.766 |
3.144 |
10.429 |
|
|
|
Proposed Dividend on Preference Shares |
18.500 |
18.500 |
61.364 |
|
|
BALANCE CARRIED
TO THE B/S |
269.659 |
182.079 |
54.173 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
1687.841 |
2045.396 |
2144.218 |
|
|
TOTAL EARNINGS |
1687.841 |
2045.396 |
2144.218 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
113.117 |
124.358 |
90.478 |
|
|
|
Consumables |
12.510 |
15.802 |
15.843 |
|
|
|
Capital Goods |
19.797 |
5.069 |
74.769 |
|
|
TOTAL IMPORTS |
145.424 |
145.229 |
181.090 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (Rs.) |
5.09 |
7.16 |
5.99 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
168.642 |
291.984 |
839.172 |
|
Cash From Operating Activities |
546.115 |
613.958 |
940.103 |
|
Net Cash From Operating Activities |
476.539 |
546.418 |
902.445 |
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2015 |
30.09.2015 |
|
Audited / Unaudited |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
812.800 |
876.300 |
|
Total Expenditure |
|
708.900 |
719.700 |
|
PBIDT (Excl OI) |
|
103.900 |
156.600 |
|
Other Income |
|
5.500 |
0.600 |
|
Operating Profit |
|
109.400 |
157.200 |
|
Interest |
|
59.300 |
55.600 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
50.100 |
101.600 |
|
Depreciation |
|
24.300 |
24.400 |
|
Profit Before Tax |
|
25.800 |
77.200 |
|
Tax |
|
14.500 |
32.000 |
|
Provisions and contingencies |
|
NA |
NA |
|
Profit After Tax |
|
11.300 |
45.200 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
11.300 |
45.200 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
5.67 |
7.19 |
6.58 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
16.70 |
19.34 |
17.95 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.90 |
8.57 |
6.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.28 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.46 |
1.62 |
1.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.94 |
0.83 |
0.62 |
STOCK
PRICES
|
Face Value |
Rs.7.00 |
|
Market Value |
Rs.41.95 |
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 |
504.326 |
504.326 |
504.326 |
|
Reserves & Surplus |
567.964 |
724.070 |
828.534 |
|
Net
worth |
1072.290 |
1228.396 |
1332.860 |
|
|
|
|
|
|
long-term borrowings |
418.721 |
836.144 |
891.828 |
|
Short term borrowings |
773.600 |
867.737 |
884.731 |
|
Current maturities of
long-term debts |
839.172 |
291.984 |
168.642 |
|
Total
borrowings |
2031.493 |
1995.865 |
1945.201 |
|
Debt/Equity
ratio |
1.895 |
1.625 |
1.459 |
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 |
3640.707 |
3919.415 |
3652.291 |
|
|
|
7.655 |
(6.815) |
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 |
3640.707 |
3919.415 |
3652.291 |
|
Profit |
239.408 |
281.892 |
207.172 |
|
|
6.58% |
7.19% |
5.67% |
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 |
Yes |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
No |
|
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 |
||||||
|
Bench:- Bombay |
||||||
|
Presentation
Date:- 21/10/2013 |
||||||
|
Lodging No. : |
ITXAL/1781/2013 |
Failing Date:- |
21/10/2013 |
Reg. No.:- |
ITXA/738/2014 |
|
|
Reg. Date:- |
03/04/2014 |
|
|
|
|
|
|
Petitioner:- |
COMMISSIONER OF INCOME TAX-6 |
Respondent:- |
MORARJEE TEXTILES LIMITED. |
|||
|
Petn.Adv:- |
SURESH KUMAR (I2100) |
|
|
|||
|
District:- |
MUMBAI |
|||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
|||
|
Status:- |
Pre-Admission |
Stage:- |
FOR REJECTION [ORIGINAL SIDE MATTERS] |
|||
|
Next Date:- |
24/11/2015 |
Stage:- |
-- |
|||
|
Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
|
|
|||
|
Act. : |
Income Tax Act, 1961 |
Under Section: |
226 |
|||
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Term Loan from Bank |
100.000 |
700.000 |
|
Short-term
borrowings |
|
|
|
Bodies Corporate |
22.249 |
104.749 |
|
Cash Credit / Packing Credit from Bank |
223.684 |
147.714 |
|
Total |
345.933 |
952.463 |
OPERATIONS HIGHLIGHTS
On a Standalone basis the Total Income for the year ended 31st March, 2015 was Rs. 3655.800 Million as against Rs. 3919.800 Million for the corresponding year ended 31st March, 2014. The Company had earned a profit from ordinary activities before tax of Rs. 324.000 Million for the year ended 31st March, 2015 as against profit of Rs. 344.000 Million for the year ended 31st March, 2014. After providing for tax, the Company reported a net profit of Rs. 207.200 Million for the year ended 31st March, 2015 as against profit of Rs. 281.900 Million for the year ended 31st March, 2014.
MANAGEMENT DISCUSSION
AND ANALYSIS
Global Economy
The global economy is still struggling to gain momentum. Global growth in 2014, was lower than initially expected. Growth picked up only marginally in June 2014, to 2.6 percent, from 2.5 percent in 2013.
2015 present a higher risk for the global economy as result of greater volatility and uncertainty. The rapid decline in oil prices and quick adjustments in exchange rates with the US dollar appreciating and weakening of most other currencies, notably the euro are just a few examples of the economic factors at play. In addition, there is increased geopolitical uncertainty related to the Middle East conflicts, as well as increased concern about the economic and political future of the Euro Area and European Union.
Overall, global growth is expected to rise moderately to 3% in 2015. The sharp decline in oil prices since mid-2014 will support global activity and help offset some of the headwinds to the growth in oil-importing developing economies. However, it will dampen growth prospects for oil-exporting countries, with significant regional repercussions.
International trade in textiles and clothing has showed more dynamic growth in terms of trends which has resulted in the transfer of production to developing countries. Developing countries, especially those from the Asian region, are the world’s leading textile exporters, which is one of the key levers of their rapid economic growth. This initiated the greater involvement of this industrial branch in international trade flows, with the constant strengthening of the exporting position of the new leaders in the production, which, again, led to major changes in the regional distribution of exports and imports of textile products.
Indian Textile
Market:
India’s textiles sector is one of the mainstays of the national economy.
There is an air of recovery, despite slowdown in the export of cotton and yarn to China. China used to import nearly 45% of its cotton and Yarn requirements from India. Cotton prices have now estabilised, resulting in more utilisation of the fibre in the domestic market.
But the exporters have been hit hard after the recent drop in the euro currency’s exchange rates. The Euro tumbled against the dollar. Concerns for the Euro zone economy is not new, but the currency’s sudden plunge from December 2014 and now has caught the exporter unaware.
There has been a striking turn around in India’s macro-economy and investor sentiment since the new government took over at the centre. India, the story that is waiting to be told on the world forum will soon turn into the biggest success India has even seen after IT. The major challenge that the textile and apparel industry is facing is rising production costs, arising out of rising wages, power and interest costs.
However what has helped the Indian textile industry, is the fact that neighbouring countries like China and Bangladesh, who are significant players in the same sector facing structural challenges to the extent that it has affected their export capabilities.
India’s increasing efficiency in the sector along with 100% FDI allowed in the industry, is helping Indian textile firms consolidate their export positions. With the US economy being slightly on the revival mode and India’s aggressive campaigning with the Prime Minister Modi’s ‘Make In India’ tagline, textile sector is out to see much better days ahead than in the recent past.
A free trade agreement with European Union can seriously turn things around for India that is looking at enhancing its textile potential within and outside the country.
India being the third largest exporter is looking at all possible ways of taking over the space left vacant by China. Tapping new markets, while working in its own space to meet the challenges seem to be the two roads ahead of the Indian textile sector which is awaiting the government’s booster dose to get its yarns into the looms.
Morarjee Textiles
The overall volume of buisness activity in the Company’s major product i.e. Yarn Dyed shirting and printed voiles were adversely affected during the year 2014–2015, primarily on account of subdued market conditions, lower demand growth, volatile geopolitical conditions in the Middle East and decline in oil prices.
The Revenue for the year declined by 7% at Rs. 36558 Million as against Rs. 3919.800 Million in the previous year
The company continues to maintain a strong foothold in the domestic retail market, with 30% growth over last year. The company also augmented its product basket with the introduction of Viscose cotton – georgette, Viscose crape and cotton linen, as well as introduced superfine shirting fabric made from “Supima” cotton to the market.
Morarjee’s culture of world-class quality is inculcated in every employee through continuous training, Lean Six Sigma projects and Quality Circles. This year skills of around 1,475 employees were enhanced with around 4280 man hours of training.
Morarjee is a company with a deep commitment to the environment. The company continues to optimize energy use and other resources. We are reviewing and changing our processes and input streams to cut down on demand for energy, which in turn will boost competitiveness. The company was able to reduce 51 litters of water/ kg of yarn dyed, steam and heat by 1.5% and electricity by 3%.During the year, the company also successfully reduced wastage in several areas.
Outlook
While global environment still remains challenging, the future for the Indian textile industry looks promising. The domestic textile and apparel industry in India is estimated to reach USD 100 Billion by 2016-2017 from USD 67 Billion in 2013-2014.
Looking ahead the outlook in the near term for the industry will be buoyed by both strong domestic consumption as well as export demand. On the exports front, there are both positive and negative factors. Positive factors include decreasing cost competitiveness of China which are likely to a give positive impetus to the Indian Exports. At the same time slower recovery and uncertainty of the global markets, volatile foreign exchange rates are likely to negatively affect the growth of textile exports. On the domestic front with consumerism and disposable income on the rise, the retail sector has experienced a rapid growth in the past decade with the entry of several international players like Marks and Spencer, Guess and Next into the Indian market.
The growing young middle-class population is a source of great potential and provides immense opportunities to spur growth in the industry going forward.
The company is looking to grow cautiously and selectively for maximum capital efficiency as well as derisked business model. It is moving steadily towards a backward vertical setup of fabric manufacturing which will offer much better returns along with a more robust manufacturing and business model.
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10575658 |
28/05/2015 |
970,000,000.00 |
ALLBANK FINANCE LIMITED |
Allahabad Bank Building, 2nd Floor, 37 Mumbai Samachar Marg, Fort, Mumbai
400 023, Mumbai, Maharashtra - 400023, INDIA |
C56822547 |
|
2 |
10575661 |
28/05/2015 |
2,885,000,000.00 |
ALLBANK FINANCE LIMITED |
Allahabad Bank Building, 2nd Floor, 37 Mumbai Samachar Marg, Fort, Mumbai
400 023, Mumbai, Maharashtra - 400023, INDIA |
C56824055 |
|
3 |
10521372 |
23/09/2014 |
250,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
C21916580 |
|
4 |
10515564 |
21/08/2014 |
750,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
C16943011 |
|
5 |
10338304 |
04/01/2012 |
46,000,000.00 |
Saraswat Co-operative Bank Limited |
Ground Floor, Ganesh Bhuvan, Plot No.135, Swami Vallabhdas Road, Jain
Society, Sion(W), Mumbai, Maharashtra - 400022, INDIA |
B33292541 |
|
6 |
10338307 |
04/01/2012 |
139,000,000.00 |
Saraswat Co-operative Bank Limited |
Ground Floor, Ganesh Bhuvan, Plot No.135, Swami Vallabhdas Road, Jain
Society, Sion(W), Mumbai, Maharashtra - 400022, INDIA |
B33293762 |
|
7 |
10285024 |
18/03/2011 |
120,000,000.00 |
IDBI Bank Limited |
224-A, Mittal Court,, A Wing, Nariman Point, MUMBAI, Maharashtra -
400021, INDIA |
B11985173 |
|
8 |
10246742 |
06/10/2010 |
120,000,000.00 |
IDBI Bank Limited |
224-A, Mittal Court, A Wing, Nariman Point, MUMBAI, Maharashtra -
400021, INDIA |
A96778261 |
|
9 |
80039010 |
28/09/2007 * |
376,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, LHO COMPOUND, ST. MARK'S ROAD, B |
A27218932 |
|
10 |
90213047 |
30/07/2007 * |
450,000,000.00 |
Allahabad Bank |
Industrial Finance Branch,, Mumbai Samachar Marg, Fort, Mumbai,
Maharashtra - 400023, INDIA |
A21454228 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
A) Contingent Liability
not provided for in respect of |
|
|
|
(i) Contingent Liability for bill discounted |
23.775 |
98.161 |
|
(ii) The Excise & Sales Tax department has raised
claims on the company The company has disputed the same with the appropriate
authority. |
253.997 |
257.046 |
|
(iii) Claim against the company not acknowledged as debts |
134.440 |
134.440 |
|
B) Commitments |
|
|
|
(i) Bank Guarantees |
68.548 |
85.305 |
|
(ii) Estimated amount of contracts remaining to be executed
on capital accounts and not provided |
431.147 |
7.920 |
|
(iii) Open Letters of credit |
11.681 |
21.817 |
FIXED ASSETS
- Land - Leasehold
- Building
- Plant & Machinery
- Computer
- Furniture, Fixture
- Office Equipments
- Motor Vehicles
- Designs and Archives
- Computer Software
UNAUDITED
FINANCIAL RESULT FOR THE QUARTER / HALF YEAR ENDED 30.09.2015
(Rs. Million)
|
|
Particulars |
Quarter ended |
Half year ended |
|
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
1 |
Income from operation |
|
|
|
|
|
(a) Income from operation (Net of Excise Duty) |
876.300 |
812.800 |
1689.100 |
|
|
(b) Other Operating Income |
-- |
-- |
-- |
|
|
Total Income |
876.300 |
812.800 |
1689.100 |
|
|
|
|
|
|
|
2 |
Expenses |
|
|
|
|
|
Cost of materials consumed |
283.100 |
296.000 |
579.100 |
|
|
Changes in inventories of finished goods, work in progress
and stock in trade |
25.100 |
10.500 |
35.600 |
|
|
Dyes and chemical |
78.600 |
82.500 |
161.100 |
|
|
Staff cost |
84.700 |
84.400 |
169.100 |
|
|
Power and fuel |
91.400 |
86.400 |
177.800 |
|
|
Depreciation and amortization expenses |
24.400 |
24.300 |
48.700 |
|
|
Forex loss / gain |
0.600 |
(5.500) |
(4.900) |
|
|
Other expenses |
156.200 |
149.100 |
305.300 |
|
|
Total expenses |
744.100 |
727.700 |
1471.800 |
|
|
|
|
|
|
|
3 |
Profit from Operations before other Income & finance cost |
132.200 |
85.100 |
138.000 |
|
|
|
|
|
|
|
4 |
Other Income |
0.600 |
0.000 |
0.600 |
|
|
|
|
|
|
|
5 |
Profit before finance cost |
132.800 |
85.100 |
217.900 |
|
|
|
|
|
|
|
6 |
Finance Costs |
55.600 |
59.300 |
114.900 |
|
|
|
|
|
|
|
7 |
Profit after Finance Costs but before tax |
77.200 |
25.800 |
103.000 |
|
|
|
|
|
|
|
8 |
Provision for Tax |
|
|
|
|
|
Current tax (Minimum Alternate Tax) |
17.400 |
6.400 |
23.800 |
|
|
Deferred tax |
32.000 |
14.500 |
46.500 |
|
|
MAT Credit Entitlement |
(17.400) |
(6.400) |
(23.800) |
|
|
|
|
|
|
|
9 |
Net Profit After Tax |
45.200 |
11.300 |
56.500 |
|
|
|
|
|
|
|
10 |
Paid Up Equity Share Capital (Face Value of Rs.7/-Per Share) |
254.300 |
254.300 |
254.300 |
|
|
|
|
|
|
|
11 |
Reserves excluding Revaluation Reserves as per Balance Sheet of
Previous Accounting Year |
-- |
-- |
-- |
|
|
|
|
|
|
|
12 |
a) Basic and diluted EPS before extraordinary items for the period,
for the year to date & for the previous year (not annualised) |
1.09 |
1.09 |
1.25 |
|
|
|
|||
|
A |
Particulars of Shareholding |
|||
|
1 |
Public Shareholding |
|||
|
|
Number of Shares |
13,125,692 |
13,125,692 |
13,125,692 |
|
|
% of Share holding |
36.13% |
36.13% |
36.13% |
|
|
|
|||
|
2 |
Promoters and promoter group. |
|||
|
|
Shareholding |
|||
|
|
a) Pledged/Encumbered |
|||
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as a % of the total shareholding
of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as a
% of the total share capital of the company) |
Nil |
Nil |
Nil |
|
|
|
|||
|
|
b) Non-encumbered |
|||
|
|
- Number of shares |
23,206,657 |
23,206,657 |
23,206,657 |
|
|
- Percentage of shares (as a % of the total
shareholding of promoter and
promoter group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of shares (as a
% of the total share capital of
the company) |
63.87% |
63.87% |
63.87% |
|
Particulars |
Quarter Ended 30.09.2015 |
|
Pending at the beginning of the quarter |
-- |
|
Received during the quarter |
-- |
|
Disposed of during the quarter |
-- |
|
Remaining unresolved at the end of the
quarter |
-- |
STATEMENT OF
ASSETS AND LIABILITIES AS ON 30.09.2015
(Rs. In Million)
|
SOURCES
OF FUNDS |
30.09.2015 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
504.300 |
|
(b) Reserves & Surplus |
885.000 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1389.300 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
918.500 |
|
(b) Deferred tax liabilities
(Net) |
225.400 |
|
(c) Other long term
liabilities |
11.800 |
|
(d) long-term provisions |
37.300 |
|
Total
Non-current Liabilities (3) |
1193.000 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
1133.700 |
|
(b) Trade payables |
348.500 |
|
(c) Other current liabilities |
197.000 |
|
(d) Short-term provisions |
286.800 |
|
Total
Current Liabilities (4) |
1966.000 |
|
|
|
|
TOTAL |
4548.300 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
2430.700 |
|
(ii) Intangible Assets |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
|
(b) Non-current Investments |
6.500 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
366.800 |
|
(e) Other Non-current assets |
0.000 |
|
Total
Non-Current Assets |
2804.000 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
79.600 |
|
(b) Inventories |
727.600 |
|
(c) Trade receivables |
575.500 |
|
(d) Cash and cash equivalents |
87.300 |
|
(e) Short-term loans and
advances |
258.800 |
|
(f) Other current assets |
15.500 |
|
Total
Current Assets |
1744.300 |
|
|
|
|
TOTAL |
4548.300 |
Notes :
1. The
above unaudited financial result for the quarter 1 Half year ended 30
septemb2e0r1 5 have been reviewed by the audit committee and approved by the
Board of Directors respectively at their meeting held on 2nd
November, 2015.
The statutory auditors of the Company have carried out a limited review.
2. The Company has only one reportable segment - Textile Product
3. The Company is in the process of implementing backward integration cum expansion project at estimated cost of Rs.3000.00 Million at existing Nagpur plant, the project implementation is on and is expected to be commissioned in phased manner by FY 2016-2017.
4. Corresponding figures of the previous periods 1 year have been regrouped wherever necessary.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs66.38 |
|
|
1 |
Rs.101.45 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
57 |
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.