MIRA INFORM REPORT
|
Report No. : |
351970 |
|
Report Date : |
28.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
ALPS INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
B-2, |
|
Tel. No.: |
91-20-2657649 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
11.05.1972 |
|
|
|
|
Com. Reg. No.: |
20-003544 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.3070.431 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51109UP1972PLC003544 |
|
|
|
|
IEC No.: |
0588004014 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA7569D |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and use of Natural Dyes for Dyeing of
Textile Fibres, Conversion of Dyed Fibres into Yarns, Fabrics, Home
Furnishing and other Allied Textile Products. |
|
|
|
|
No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Sick Company |
|
|
|
|
Payment Behaviour : |
-- |
|
|
|
|
Litigation : |
-- |
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|
|
|
Comments : |
Subject company has been declared as a sick industrial company under section 3 (I) (O) of the Sick Industrial Company Act by the BIFR (Board For Industrial and Financial Reconstruction) which is set by the Government of India. The company was registered as on 31st March 2010 vide case no. 32/2010 with the BIFR due to the erosion of its total net worth. It is also to be noted that the company has been listed with RBI defaulter and defaulted hefty amount with syndicate bank. Therefore, any business dealings with the subject company should be on fully safe and secured terms only. |
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 has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under :
|
Borrowers’ Name : |
ALPS Industries Limited |
|
Address : |
B-2, Loni Road, Industrial Area, Ghaziabad |
|
Name of Individual : |
Mr. K K Agrawal Mr. Sandeep Agrawal |
|
Name of Credit Grantors / Bank & Branch: |
Syndicate Bank, CFB Delhi, India |
|
Amount (Rs. In Million) : |
Rs. 240.878 Million |
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 DECLINED BY
|
Name : |
Mr. Anuj |
|
Designation : |
Accountant |
|
Contact No.: |
91-7520470319/17 |
|
Date : |
26.11.2015 |
LOCATIONS
|
Registered Office : |
B-2, Loni Road
Industrial Area, Opposite Mohan
Nagar, District Ghaziabad - 201 007, Uttar Pradesh, India |
|
Tel. No.: |
91-20-2657649 |
|
Mobile No.: |
91-7520470319/17 (Mr. Anuj) |
|
Fax No.: |
91-20-2657540 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office / Sales Office / Share Department / Factory 1 : |
57/2, Site IV,
Industrial Area, Sahibabad, |
|
Tel. No.: |
91-20-4161700 |
|
Fax No.: |
91-20-2895299/2896041 |
|
Product Enquiry No: |
91-9560556655 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Eco-Friendly
Yarn Spinningand Dying Mil Plot
No. 1A, Sector 10, I.I.E, SIDCUL, Haridwar, Uttarakhand- 249403, India |
|
Tel. No.: |
91-1334-239169 |
|
Fax No.: |
91-1334-239170 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
High
Quality Compact Yarn Spinning Mill Plot
No. 1B, Sec. 10, I.I.E., SIDCUL, Haridwar, Uttarakhand- 249403, India |
|
E-Mail : |
|
|
|
|
|
Factory 4 : |
Automotive,
Technical And Cotton Fabric Weaving and Processing Project Village
–Aminagar, Bhoor Baral, Meerut Delhi Road, Meerut – 250103 Uttar Pradesh,
India |
|
E-Mail : |
|
|
|
|
|
Factory 5 : |
Vista
Window Covering Division B -
160-161, Industrial Estate, Mettupalayam, Puducherry – 605 009, India |
|
|
|
|
Factory 6 : |
Showroom
B-2,
Loni Road Industrial Area, Opp. Mohan Nagar, Ghaziabad – 201 007, Uttar
Pradesh, India |
|
Tel. No.: |
91-20-2657
649 |
|
Fax No.: |
91-20-2657
540 |
|
E-Mail : |
|
|
|
|
|
Factory 7 : |
Vista
Window Covering Division B
- 160-161, Industrial Estate, Mettupalayam, Puducherry – 605 009, India |
|
|
|
|
Factory 8 : |
Vista Window Covering,
Awnings and Floor Covering Division A2-A-3,
Loni Road Industrial Area, Opposite Mohan Nagar, Ghaziabad –
201 007, Uttar Pradesh, India |
|
|
|
|
Factory 9 : |
Home Furnishing Made UPS
Division 57/2
and 58/1, Site – IV, Industrial Area, Sahibabad, Ghaziabad – 201010, Uttar
Pradesh, India |
|
|
|
|
Factory 10 : |
Yarn and Fabric Marketing
Office 57/2, Site – IV, Industrial Area, Sahibabad, Ghaziabad – 201010, Uttar Pradesh, India |
|
Tel No.: |
91-120-4161700/22 |
|
|
|
|
R and T Agency
: |
Alankit
Assignment Limited, Alankit House, 2E/21, Jhandewalan Extension, New
Delhi-110 055, India |
|
Tel No.: |
91-11-4154
0061-63 |
|
Fax No.: |
91-11-4154
0064, 4254 1201 |
|
Email.: |
|
|
|
|
|
Regional and Marketing Offices : |
Located at :
|
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. K. K. Agarwal |
|
Designation : |
Non-Executive Chairman |
|
DIN No.: |
00139252 |
|
|
|
|
Name : |
Mr. Sandeep Agarwal |
|
Designation : |
Managing Director |
|
DIN No.: |
00139439 |
|
|
|
|
Name : |
Mr. Pramod Kumar Rajput |
|
Designation : |
Executive Director |
|
|
00597342 |
|
DIN No.: |
|
|
Name : |
Mr. Prabhat Krishna |
|
Designation : |
Independent Director |
|
DIN No.: |
02569624 |
|
|
|
|
Name : |
Mr. Tilak Raj Khosla |
|
Designation : |
Independent Director |
|
DIN No.: |
02724242 |
|
|
|
|
Name : |
Mr. Pradyuman Kumar Lamba |
|
Designation : |
Independent Director |
|
DIN No.: |
02843166 |
|
|
|
|
Name : |
Mr. Mohan Lal Sharma |
|
Designation : |
Special Director |
|
DIN No.: |
03110692 |
|
|
|
|
Name : |
Ms. Deepika Shergill |
|
Designation : |
Independent Director |
|
DIN No.: |
07093795 |
KEY EXECUTIVES
|
Name : |
Mr. Anuj |
|
Designation : |
Accountant |
|
|
|
|
Name : |
Mr. Ajay Gupta |
|
Designation : |
Secretary |
|
Address: |
B-111, 1st Floor, Victoria Apartment, Shalimar Garden Ext. - II, Ghaziabad - 201005, Uttar Pradesh, India |
|
Date of Appointment: |
08.08.996 |
|
PAN No.: |
AALPG6886H |
|
|
|
|
Name : |
Mr. Ashok Kumar Singhal |
|
Designation : |
Chief Finance Officer |
|
Address: |
4/2519, Gali No. 12, Bihari Colony, Delhi - 110032, India |
|
Date of Appointment: |
11.11.2014 |
|
PAN No.: |
AMXPS7797R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2906028 |
7.43 |
|
|
7679990 |
19.63 |
|
|
10586018 |
27.06 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
10586018 |
27.06 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
300 |
0.00 |
|
|
200 |
0.00 |
|
|
1000000 |
2.56 |
|
|
1000500 |
2.56 |
|
|
|
|
|
|
4217411 |
10.78 |
|
|
|
|
|
|
21375919 |
54.65 |
|
|
1118561 |
2.86 |
|
|
815691 |
2.09 |
|
|
815691 |
2.09 |
|
|
27527582 |
70.38 |
|
Total Public shareholding (B) |
28528082 |
72.94 |
|
Total (A)+(B) |
39114100 |
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) |
39114100 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and use of Natural Dyes for Dyeing of
Textile Fibres, Conversion of Dyed Fibres into Yarns, Fabrics, Home Furnishing
and other Allied Textile Products. |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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||||||||||||||||||||||
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No. of Employees : |
Information declined by the management
|
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Bankers : |
|
||||||||||||||||||||||
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|
||||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
P. Jain and Company Chartered Accountant |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Wholly Owned Company : |
·
Alps USA Incorporation |
|
|
|
|
Entities controlled by subsidiaries, key managerial personnel and their
relatives |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Million |
|
305000000 |
Preference
Shares |
Rs. 10/- each |
Rs. 3050.000 Million |
|
|
Total |
|
Rs. 3450.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
39114100 |
Equity Shares |
Rs. 10/- each |
Rs. 391.141 Million |
|
111094047 |
1 %
Cumulative Redeemable Preference Shares |
Rs. 10/- each |
Rs. 1110.940 Million |
|
156835012 |
6%
Cumulative Redeemable Preference Shares |
Rs. 10/- each |
Rs. 1568.350 Million |
|
|
Total |
|
Rs. 3070.431
Million |
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 |
3070.431 |
3070.431 |
3070.431 |
|
(b) Reserves & Surplus |
(7072.325) |
(6764.954) |
(5591.393) |
|
(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) |
(4001.894) |
(3694.523) |
(2520.962) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6972.590 |
6937.396 |
6862.917 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
2304.059 |
2305.616 |
1366.672 |
|
(d) long-term provisions |
34.356 |
29.026 |
29.200 |
|
Total
Non-current Liabilities (3) |
9311.005 |
9272.038 |
8258.789 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3831.841 |
4015.157 |
3935.128 |
|
(b) Trade payables |
520.132 |
647.644 |
611.740 |
|
(c) Other current liabilities |
669.875 |
684.518 |
632.432 |
|
(d) Short-term provisions |
3.226 |
3.664 |
2.301 |
|
Total
Current Liabilities (4) |
5025.074 |
5350.983 |
5181.601 |
|
|
|
|
|
|
TOTAL |
10334.185 |
10928.498 |
10919.428 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4581.381 |
4989.437 |
5373.021 |
|
(ii) Intangible Assets |
1.581 |
3.736 |
4.995 |
|
(iii) Capital work-in-progress |
3.666 |
10.501 |
20.084 |
|
(iv) Intangible assets under
development |
18.832 |
10.208 |
0.000 |
|
(b) Non-current Investments |
95.856 |
95.856 |
95.856 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
127.002 |
116.088 |
132.790 |
|
(e) Other Non-current assets |
53.686 |
120.969 |
121.090 |
|
Total
Non-Current Assets |
4882.004 |
5346.795 |
5747.836 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2.500 |
2.500 |
2.500 |
|
(b) Inventories |
3845.487 |
3775.550 |
3555.837 |
|
(c) Trade receivables |
931.975 |
1155.766 |
1105.401 |
|
(d) Cash and cash equivalents |
308.709 |
477.504 |
355.821 |
|
(e) Short-term loans and advances |
268.748 |
75.277 |
90.456 |
|
(f) Other current assets |
94.762 |
95.106 |
61.577 |
|
Total
Current Assets |
5452.181 |
5581.703 |
5171.592 |
|
|
|
|
|
|
TOTAL |
10334.185 |
10928.498 |
10919.428 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
6426.829 |
8058.239 |
7007.271 |
|
|
Other Income |
71.171 |
106.914 |
61.886 |
|
|
TOTAL
(A) |
6498.000 |
8165.153 |
7069.157 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
4098.305 |
5406.199 |
4802.867 |
|
|
Purchases of Stock-in-Trade |
90.907 |
132.494 |
52.389 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(8.454) |
1.290 |
(278.078) |
|
|
Employees benefits expense |
693.302 |
729.053 |
638.598 |
|
|
Other expenses |
1429.246 |
1478.508 |
1428.232 |
|
|
TOTAL
(B) |
6303.306 |
7747.544 |
6644.008 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
194.694 |
417.609 |
425.149 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
42.022 |
1144.466 |
1012.002 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
152.672 |
(726.857) |
(586.853) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
447.542 |
449.704 |
449.517 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(294.870) |
(1176.561) |
(1036.370) |
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
116.614 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(294.870) |
(1176.561) |
(1152.984) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(9260.777) |
(8084.216) |
(6931.232) |
|
|
|
|
|
|
|
Add |
Retained
earing on change in useful life of fixed assets |
(12.501) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(9568.148) |
(9260.777) |
(8084.216) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
2172.424 |
2742.981 |
1764.779 |
|
|
TOTAL
EARNINGS |
2172.424 |
2742.981 |
1764.779 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
206.633 |
239.978 |
132.106 |
|
|
Capital Goods |
6.450 |
22.821 |
3.118 |
|
|
Components and Spare Parts |
63.840 |
29.669 |
26.551 |
|
|
TOTAL
IMPORTS |
276.923 |
292.468 |
161.775 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(10.78) |
(33.23) |
(32.39) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
0.000 |
0.097 |
0.716 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activities |
(294.870) |
(1176.561) |
(1152.984) |
QUARTERLY
RESULTS
|
PARTICULARS |
|
30.06.2015 1st
Quarter |
30.09.2015 2nd
Quarter |
|
Audited
/ UnAudited |
|
|
|
|
|
|
|
|
|
Net Sales |
|
1593.950 |
1552.190 |
|
Total Expenditure |
|
1599.030 |
1610.380 |
|
PBIDT (Excl OI) |
|
(5.080) |
(58.190) |
|
Other Income |
|
68.210 |
17.900 |
|
Operating Profit |
|
63.130 |
(40.290) |
|
Interest |
|
9.450 |
8.850 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
53.680 |
(49.140) |
|
Depreciation |
|
101.930 |
101.540 |
|
Profit Before Tax |
|
(48.250) |
(150.680) |
|
Tax |
|
NA |
NA |
|
Provisions and contingencies |
|
NA |
NA |
|
Profit After Tax |
|
(48.250) |
(150.680) |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
(48.250) |
(150.680) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(4.59) |
(14.60) |
(16.45) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
3.03 |
5.18 |
6.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.89) |
(10.88) |
(9.59) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.32 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(2.70) |
(2.96) |
(4.28) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08 |
1.04 |
1.00 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.4.38/- |
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 |
3070.431 |
3070.431 |
3070.431 |
|
Reserves & Surplus |
(5591.393) |
(6764.954) |
(7072.325) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(2520.962) |
(3694.523) |
(4001.894) |
|
|
|
|
|
|
long-term borrowings |
6862.917 |
6937.396 |
6972.590 |
|
Short term borrowings |
3935.128 |
4015.157 |
3831.841 |
|
Current maturities of
long-term debts |
0.716 |
0.097 |
0.000 |
|
Total
borrowings |
10798.761 |
10952.650 |
10804.431 |
|
Debt/Equity
ratio |
(4.284) |
(2.965) |
(2.700) |
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 |
7007.271 |
8058.239 |
6426.829 |
|
|
|
14.998 |
(20.245) |
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 |
7007.271 |
8058.239 |
6426.829 |
|
Profit |
(1152.984) |
(1176.561) |
(294.870) |
|
|
(16.45%) |
(14.60%) |
(4.59%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATING SCENARIO
At Macro Level -
Domestic and Exports
During the year, low export demand from China has been weighing heavily on cotton till now. But prices are expected to move northwards in the near to medium term as the minimum support price (MSP) for kharif crops are likely to be revised and a deficient monsoon will affect sowing of cotton. Cotton prices had touched the four-year low as they dipped to Rs 13,990 per bale in the third week of January. Prices had seen a high of Rs 21,440 per bale in May 2014. In 2014-15, cotton prices have been falling continuously and trading on a negative note because of higher production and lower export demand from China. The off take by China, which used to buy 50 per cent of Indian cotton, came down to 10 per cent this time. Against 11.79 million bales of cotton exported in 2013-14, only 4.5 million bales have been exported till now in 2014-15. As the price of kapas or raw cotton fell below MSP, the Cotton Corporation of India hiked the procurement of cotton from farmers. CCI has procured over 86 lakh bales of cotton in 2014-15 against 40,800 bales in the previous year. The global tender will be one of the factors that will support the prices in the near to medium term. Further, the Government is expected to revise MSP of most kharif crops in shortly. Once kapas prices are revised, it will have a bearing on the prices of ginned cotton as well. The other cause of current distress is high volatility, either coming from vagaries of nature or tumbling prices. Today, it is not only unseasonal rains and hailstorms, but also crash in prices of several Agri-commodities, be it potatoes or corn or cotton. Their tumbling prices have slashed farmers'' incomes substantially, and the MSP system is benefiting less than 10% of the farmers. It is the efforts of Indian companies to take the initiative of the Trans-Pacific Partnership [TPP] trade deal which will offer a boost to the local garment and textile industry.
Man-made fibre yarn as well as woven and knitted fabrics, in addition to Garments, have been extended a 2 percent incentive (in the form of fully transferable duty scrips) in the EU, the US, Canada and Japan. However, sops in these markets do not help yarn and fabric producers, as they export very little to these markets. The Merchandise Export Incentive Scheme (MEIS), however, ignores markets such as China, Bangladesh, Sri Lanka, Turkey, Vietnam and South Korea, which are major destinations for yarn and fabric from India. India''s only major hope in textiles now is as supplier of raw cotton. But that would imply it getting confined to the upstream and lower end of the textile value chain. Exports of raw cotton during April-February 2015 have declined by 41.32 per cent in quantity terms and 46.6 per cent in value terms as compared to same period 201314. As exports account for a substantial share of India''s production of cotton, the decline in exports has resulted in a surplus for the domestic market and has impacted the cotton growers. Unseasonal rains in central parts of the country including Gujarat, Maharashtra and Madhya Pradesh has resulted in loss of about five lakh bales (of 170 kg each) of cotton this season to September.
Technology should be evaluated on a cost-benefit basis. At present, the Indian spinning industry is essentially paying for the RandD done abroad. Unless this scenario changes, this arrangement cannot be in the best interest of their nation. But technology is such an extremely powerful tool that every new development has to be evaluated for its merits. Ignoring key technological developments is extremely dangerous. Embracing any bought-out technology far ahead too early or far behind too late the pack will be monetarily disadvantageous. Textile exporters are feeling let down by the new foreign trade policy (FTP), which they said has ignored the cotton yarn sector. The estimated exports for the Textileand Clothing sector during the previous fiscal year (2014-2015) is approximately US$ 35.96 billion against US$ 34.29 billion in fiscal 2013-2014 marking a growth of 4.88%.
AT MICRO LEVEL-
OVERALL PERFORMANCE
During the period, the impact on the financial performance of the company due to consolidation its operations during the previous year, has been reflected marginally but which will be improve during the coming years.
In the fabric export segment, the current fiscal year has shown improvement due to the consolidation in various markets for "fabric by roll" exports. In "fabric by roll'', focus is always on quantity as well as quality to serve the customers in best possible way. The last year''s performance was better as compared to past years, in terms of Values, Quality etc. US market has been developing well, both on the residential fabric and contract business viz. hotel and hospitality industry. Middle East has shown significant jump on the volumes. The company has spread its wings in most of the markets now, like US, UK, South East Asia, Australia, NZ and Middle East. It was planned to avoid Europe and Latin America for sometime till the worst is over there. The company has emerged as a prominent supplier of blackouts cotton and natural upholstery fabrics, in last few years. They expect an upward trend in export business in coming years. The Company has also introduced some new products in export segment like multi-head embroidered fabrics which has higher value proposition, outdoor fabrics etc. This range is expected to have lesser competition, is highly technical with a higher value addition.
Overall Furnishing industry globally has been under a lot of pressure for past couple of years. This year US market has shown significant improvement in terms of retail sales. Hence exports has picked up in USA also. In the range of cotton and blackouts products, the company has been able to penetrate further in these categories globally also. Indian market has shown tremendous growth for both fabrics and readymade products in the past year. In the efforts to gain wide reach to valuable customers, E-commerce has also become a part of channel through big home furnishing online retailers domestically and globally. It looks promising for coming years as well. In one of the most important and major segment i.e. yarn, the company is focusing on some ofthe key markets like domestic, South America and China. To penetrate the market with only sizeable buyers, the market friendly terms of supply are being offered. The company is also taking various steps to strengthen the buyer base, domestic as well as overseas. Efforts are also made to introduce various variety of value added yarn. The company has also added more value added yarn like Core Spun Lycra, Slub Yarn, Multi Fold and Multi Count Yarn etc. in the product range. They are also striving to take a balanced approach towards all premium paying markets, increasing the share in most contributing count. Besides above, the company has also to expand the export of yarn. One of the segments of the company i.e. Vista, in domestic market, has earned an enviable reputation and is the market leader in window dressing range of products, which are well known in the domestic market for its world class quality and continuous innovations in the segment. Under this product range, which are crafted with absolute focus towards customer''s needs and desire, company has introduced various new products like Carpet tiles, Hospital Curtains, New Gallery and window blinds, Mellee, Medley and Milange for residential sectors, new shades in Naturons, S-contour and Sheer dimout blinds , New mechanism called "Top Down Bottom
Up" have been introduced in cellular blinds range, roller blinds etc. apart from various other customer-friendly services like after sale services to the buyers, free home deliveries, arranging for spare parts and its installation at the door ofthe customers, to boost the market share. The Carpet tiles are emerging trends in floor covering. Owing to its ease of maintenance the trend is gripping up in commercial as well as in residential sectors. Its maintenance includes regular vacuuming only. Vista Carpet tiles are available in two base materials; PP and Nylon in different shades to choose from. The range encompasses Bendable Curtain Track, Decorative Curtain Track, Hospital Curtain tracks and many more. Their range of curtains is appreciated for their smooth and noiseless movement, longer functional life and easy installation. These products find application in hospitals, hotels, houses, offices etc. Vista laminated flooring, capturing design, appeal and elegance with special attention to physical texture. Vista Laminate flooring consists of full textural coverage. With continuous urge of giving the bestto the consumer, vista has made a mark in the market for its classy, elegance and durability. The natural variations and randomness found in flooring is indicative of perfection.
To maintain the market share in domestic Market in Made ups Segments, company has introduced various new products/range in its CMT divisions and fabric. The company is catering to almost all big retailers related to above segment by introducing various range in the product line like Curtains, Cushions, Pillows, Bed Linen and Table Cloth etc. It is their endeavor to increase the business by meeting the demands of the market timely. The company is targeting to be a leading name in the field of home textiles, for which networking for direct supply to leading international customers, implementation of SAP and introducing the new segment e-business on domestic and exports. During the period the company could not maintain the EBITDA which drops to Rs.194.69 millions in comparison to Rs 417.61 million in previous year due to various unavoidable factors. Company has incurred a net loss of Rs 294.87 millions in comparison to net loss of Rs. 1176.560 millions in the previous year showing the increase, inspite of meeting the various operational challenges in the production and marketing front, like decrease in the margin of yarn, uptrend in cotton prices and consolidation/merging and closing of some of its units on economical viability grounds during the previous year but having the financial impact during the current year. The impact of measures for improvement in the performance will be reflected in the current year''s financial parameters.
FUTURE
OUTLOOK-TECHNICAL FRONT
In view of the economical, technical and financial viability and to centralize the production and marketing activities, the company had consolidated/closed down the operation at various units of the company during previous year. The impact of the these efforts has been shown for whole year during this financial year and resulted to reduce the losses. At the yarn manufacturing units located at Haridwar, some major technical contribution has been carried out by inducting machineries or manufacturing of soft yarn which is in good demand in the Rugs segment. Unit has also planned comprehensive modernization of technical support to improve the quality as well as quantity.
The Weaving and Processing units manufacture Furnishing and Automotive Fabric for export and domestic segments. There has been a significant growth of market share in US, UK, Middle East, South East Asia, Australia, New Zealand and Japan during the fiscal year 2014-15, parallel to the same trend as compared to previous year. The competition has intensified but the pace with which this segment has been growing due to the novelty and uniqueness of designs/patterns. The economic scenario in Europe/US is showing signs of revival and resultant, the demand for fabric in these regions will go up. Due to recent pick up in the export demand and the offering of variety, the turnover is expected to increase in the coming years. To strengthen the market, the company introduced various new products in residential and contract business segments. The unit has been able to create a niche at market place by way of new product offerings in different fiber blends, which are unique from other players. The unit had launched new product range in decorative curtain fabrics which includes Fire Resistant Coated Fabric, which has been very well accepted in the international market. New products like Embroidery, Laminated, Cotton Dyed and Peached in bigger widths have also been introduced. There is a continuous effort on product innovation as well as cost optimization in operations. Under the Automotive Fabric Segment range, the unit is continuing to cater the demands of various fabrics for OEM and Non OEM consumers. For OEM fabric supply to international car makers, company has made arrangements for Technical and Marketing tie-ups with some of the leading companies to cater to the OEM reputed consumers. It will boost the turnover in the coming years significantly. For Non OEM Fabric, the focus is mainly on "after sale market" for Car and Bus segment. The unit is exploring the opportunities in overseas market for Car, Bus, Railway Projects and Automotive Seating Fabrics Segment with Japanese technology which requires high performance fabrics with good level of aesthetics. Due to the best quality management, the division has, in a short span of over three years, secured the business from highly quality oriented OEM consumers. Beside these OEM consumers, the other products contribute "after markets" of various other reputed car makers. The unit is targeting to enter some more OEMs and international market to increase the volumes.
The unit is also focusing on technically special PU coated fabric and TPU membrane lamination, which provides excellent water proof and moisture vapor transmission. These fabrics having high technicality involved to fulfill the demands of Indian Defence and also useful for high altitude temperature.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Loans and advances from related parties |
236.775 |
208.000 |
|
Loans and advances from others |
35.210 |
0.000 |
|
Total |
271.985 |
208.000 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER
(SRN) |
|
1 |
10347454 |
28/03/2012 |
26,900,000.00 |
HDFC BANK LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B36937415 |
|
2 |
10247812 |
20/09/2010 |
14,500,000.00 |
STANDARD CHARTERED BANK |
CREDIT RISK
CONTROL, H-2, CONNAUGHT CIRCUS,, NEW |
A98061401 |
|
3 |
10254614 |
20/09/2010 |
21,700,000.00 |
SYDICATE BANK |
CORPORATE FINANCE
BRANCH,, DELHI TAMIL SANGAM BUI |
A98347354 |
|
4 |
10251334 |
20/09/2010 |
4,300,000.00 |
IDBI BANK LIMITED |
INDIAN RED CROSS
SOCIETY BUILDING, 1, RED CROSS R |
A98352107 |
|
5 |
10248533 |
25/08/2011 * |
53,760,000.00 |
ICICI BANK LIMITED |
NBCC PLACE, BHISHMA
PITAMAH MARG, PRAGATI VIHAR,, |
B21620208 |
|
6 |
10184695 |
19/03/2014 * |
2,745,000,000.00 |
EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED |
EDELWEISS HOUSE,
OFF. C.S.T ROAD,, KALINA,, MUMBA |
C39316922 |
|
7 |
10184701 |
19/03/2014 * |
36,000,000.00 |
EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED |
EDELWEISS HOUSE,
OFF. C.S.T ROAD,, KALINA,, MUMBA |
C39545447 |
|
8 |
10177608 |
27/06/2014 * |
52,900,000.00 |
EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED |
EDELWEISS HOUSE,
OFF. C.S.T ROAD,, KALINA,, MUMBA |
C46036711 |
|
9 |
10177886 |
27/06/2014 * |
42,800,000.00 |
EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED |
EDELWEISS HOUSE,
OFF. C.S.T ROAD,, KALINA,, MUMBA |
C46261293 |
|
10 |
10137794 |
24/06/2011 * |
366,000,000.00 |
PUNJAB NATIONAL BANK |
MOHAN NAGAR,
GHAZIABAD, UTTAR PRADESH - 201007, IN |
B18078188 |
* Date of charge modification
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND PERIOD
ENDED ON 30TH SEPTEMBER 2015
(Rs. In Million)
|
Particulars |
Quarter Ended ( Unaudited) |
Year to date for the current period ended |
|
|
30.09.2015 |
30.09.2015 |
|
1.
Income form operations |
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
1471.843 |
2982.346 |
|
b) Other operating income |
80.351 |
163.797 |
|
Total
income from Operations(net) |
1552.194 |
3146.143 |
|
2.Expenditure |
|
|
|
a) Cost of material consumed |
978.523 |
2041.871 |
|
b) Purchases of stock in trade |
9.524 |
21.512 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
92.584 |
72.644 |
|
d) Employees benefit expenses |
170.314 |
343.550 |
|
e) Depreciation and amortization expenses |
101.536 |
203.466 |
|
f) Other expenditure |
359.433 |
729.829 |
|
Total expenses |
1711.914 |
3412.872 |
|
3. Profit from operations before other income and
financial costs |
(159.720) |
(266.729) |
|
4. Other income |
17.897 |
86.108 |
|
5. Profit from ordinary activities before finance costs |
(141.823) |
(198.923) |
|
6. Finance costs |
8.853 |
18.302 |
|
7. Net profit/(loss) from
ordinary activities after finance costs but before exceptional items |
(150.676) |
(198.923) |
|
8. Exceptional
item |
0.000 |
0.000 |
|
9. Profit from ordinary
activities before tax Expense: |
(150.676) |
(198.923) |
|
10.Tax expenses |
0.000 |
0.000 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
(150.676) |
(198.923) |
|
12.Extraordinary Items (net
of tax expense) |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for
the period (11 -12) |
(150.676) |
(198.923) |
|
14.Paid-up equity share
capital (Face value Rs. 10/- each) |
391.141 |
391.141 |
|
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 |
NA |
NA |
|
ii) Earnings per share
(after extraordinary items) |
|
|
|
(a) Basic and diluted |
NA |
NA |
|
Particulars |
Quarter Ended ( Unaudited) |
Year to date for the current period ended |
|
|
30.09.2015 |
30.09.2015 |
|
A.
Particulars of shareholding |
|
|
|
|
|
|
|
1. Public Shareholding |
|
|
|
- Number of shares |
28528082 |
28528082 |
|
- Percentage of shareholding |
72.94 |
72.94 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
a) Pledged /Encumbered |
|
|
|
Number of shares |
7586018 |
7586018 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
71.66 |
71.66 |
|
Percentage of shares (as a % of total share capital of the
company) |
19.39 |
19.39 |
|
|
|
|
|
b) Non Encumbered |
|
|
|
Number of shares |
3000000 |
3000000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
28.34 |
28.34 |
|
Percentage of shares (as a % of total share capital of the
company) |
7.67 |
7.67 |
|
|
|
|
|
B.
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
|
1 |
|
Receiving during the quarter |
|
NIL |
|
Disposed of during the quarter |
|
1 |
|
Remaining unreserved at the end of the quarter |
|
NIL |
UNAUDITED SEGMENT WIE REVENUE, RESULTS AND
CAPITAL EMPLOYED
(Rs. In Million)
|
Particulars |
Quarter
Ended (
Unaudited) |
Year
to date for the current period ended |
|
|
30.09.2015 |
30.09.2015 |
|
1.
Segment Revenue |
|
|
|
a. Home furniture and fashion
accessories |
511.556 |
958.894 |
|
b. Yarn |
998.408 |
2094.117 |
|
c. Architectural Projects |
86.048 |
186.541 |
|
Total |
1596.012 |
3239.552 |
|
Less : Inter Segment Revenue |
43.818 |
93.409 |
|
Income From Operations |
1552.194 |
3146.143 |
|
|
|
|
|
2. Segment
Result (Profit before Interest and Tax from each segment) |
|
|
|
a. Home furniture and fashion
accessories |
(54.648) |
(120.122) |
|
b. Yarn |
(106.675) |
(151.439) |
|
c. Architectural Projects |
1.603 |
4.832 |
|
Total |
(159.720) |
(266.729) |
|
Less
: (i) Interest |
8.853 |
18.302 |
|
(ii) Other un-allocable
expenditure net off un-allocable income. |
-- |
-- |
|
Iii) un-allocable expenditure |
17.897 |
86.108 |
|
Profit
before Tax |
(150.676) |
(198.923) |
|
3. Capital
Employed (Segment Assets – Segment Liabilities) |
|
|
|
a. Home furniture and fashion
accessories |
1278.704 |
1278.704 |
|
b. Yarn |
3196.573 |
3196.573 |
|
c. Architectural Projects |
53.518 |
53.518 |
|
d. Un-allocable |
491.908 |
491.908 |
|
Total |
5020.702 |
5020.702 |
ASSETS AND
LIABILITIES THE HALF YEAR ENDED ON SEPTEMBER 30, 2015
|
SOURCES
OF FUNDS |
30.09.2015 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
|
|
Equity Shares |
391.141 |
|
1 % Cumulative Redeemable Preference Shares |
1110.940 |
|
6% Cumulative Redeemable Preference Shares |
1568.350 |
|
(b) Reserves & Surplus |
(7271.247) |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
(4200.816) |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
6918.387 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
|
(c) Other long term
liabilities |
2295.156 |
|
(d) long-term provisions |
36.473 |
|
Total
Non-current Liabilities (3) |
9250.016 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
3836.590 |
|
(b) Trade payables |
526.344 |
|
(c) Other current liabilities |
761.847 |
|
(d) Short-term provisions |
3.226 |
|
Total
Current Liabilities (4) |
5128.007 |
|
|
|
|
TOTAL |
10177.207 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
|
|
(ii) Intangible Assets |
|
|
(iii) Capital work-in-progress |
|
|
(iv) Intangible assets under
development |
|
|
(b) Non-current Investments |
95.855 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
129.250 |
|
(e) Other Non-current assets |
53.686 |
|
Total
Non-Current Assets |
4688.562 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
2.500 |
|
(b) Inventories |
3746.960 |
|
(c) Trade receivables |
981.629 |
|
(d) Cash and cash equivalents |
312.046 |
|
(e) Short-term loans and
advances |
374.509 |
|
(f) Other current assets |
71.001 |
|
Total
Current Assets |
5488.645 |
|
|
|
|
TOTAL |
10177.207 |
FIXED ASSETS:
- Leasehold
Land
- Free Hold
Land
- Building
- Plant and
Machinery
- Furniture and
Fixture
- Vehicles
- Office
equipments
- Computers
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.75 |
|
UK Pound |
1 |
Rs.100.68 |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KVT |
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.