MIRA
INFORM REPORT
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Report No. : |
345870 |
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Report Date : |
19.10.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
SCO 183, 1st Floor, Sector 26, Madhya Marg, |
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Tel. No.: |
91-172-5008300/ 301 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
19.11.1975 |
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Com. Reg. No.: |
003603 |
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Capital
Investment / Paid-up Capital : |
Rs. 122.600
Million |
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CIN No.: [Company Identification
No.] |
L24231CH1975PLC003603 |
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IEC No.: |
2288000988 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACP9904H |
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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
: |
Manufacturer
of Agro Chemicals, Speciality Chemicals and Bulk Drugs and its Intermediates. |
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No. of Employees
: |
818 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 547700 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an old company incorporated in 1975. The rating takes into consideration moderate financial risk profile of
the company marked by leveraged capital structure in FY15, however it has improved
against previous year. Further its minimal reserve level and the reduction in
the cash level act as a threat to the liquidity position of the company. However, management has reported improvement in its operational level
by earning acceptable profit in the year under consideration. Overall
financial condition of the company is improving. The company’s shares are listed on National Stock Exchange and has
been traded which the price of nearly Rs. 211/- as on the date 19th
October 2015. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealings with usual trade
terms and conditions. |
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DECLINED BY
|
Name : |
Mr. Punit Kumar Abrol |
|
Designation : |
Senior Vice President Finance |
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Contact No.: |
91-22-26747900 |
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Date : |
17.10.2015 |
LOCATIONS
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Registered Office : |
SCO 183, 1st Floor, Sector 26, Madhya Marg, Chandigarh – 160019, India |
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Tel. No.: |
91-172-5008300/ 301 |
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Fax No.: |
91-172-2790160 |
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E-Mail : |
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Website : |
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Corporate Office : |
Oberoi Chambers II, 5th Floor, 645/646, New Link Road, Andheri (West), Mumbai 400053, Maharashtra, India |
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Tel. No.: |
91-22-26747900 (30 Lines) |
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Fax No.: |
91-22-26736193/ 78 |
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E-Mail : |
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Factory 1 : |
Agro-Chemicals
Division Milestone-18, Ambala Kalka Road, P.O. Bhankharpur, District SAS Nagar, Mohali – 140201, Punjab, India |
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Tel. No.: |
91-1762-280086/ 280094/ 522253 |
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Fax No.: |
91-1762-280070 |
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E-Mail : |
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Factory 2 : |
Pharma Division -
Unit Alpha Drug Villages: Kolimajra and Samalheri, P.O.: Lalru, District SAS Nagar Mohali, Punjab, India |
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Tel. No.: |
91-1762-275519/ 506996 |
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Fax No.: |
91-1762-275308/ 506999 |
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E-Mail : |
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Other Factories : |
Located at: · Agro Chemicals Division - PCCPL, Derabassi Vadodara Tarapur Industrial Chemicals Division, Pune Chiplun |
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Marketing Offices : |
Located at: · New Delhi Ahmedabad Vadodara Hyderabad Chennai |
DIRECTORS
AS ON 31.03.2015
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Name : |
Ghattu Ramanna Narayan (w.e.f May 28, 2015) |
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Designation : |
Chairman Emeritus |
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Name : |
Mr. Mukesh Dahyabhai Patel |
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Designation : |
Chairman |
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Date of Appointment : |
28.05.2015 |
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Name : |
Shalil Shashikumar Shroff |
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Designation : |
Managing Director |
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Name : |
Capt. Surjit Singh Chopra (Retd.) |
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Designation : |
Director |
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Name : |
Mr. Vijay Dilbagh Rai |
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Designation : |
Director |
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Name : |
Sindhu Seth |
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Designation : |
Director |
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Name : |
Sheo Prasad Singh |
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Designation : |
Additional Director |
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Date of Birth/Age : |
28.04.1952 |
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Qualification : |
M sc., CAIIB, PGDFRM, PGDFA |
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Expertise in specific functional area : |
Commercial Banking including, Treasury, Direct/Indirect Taxation, management of Superannuation Funds |
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Date of Appointment : |
11.02.2015 |
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DIN No.: |
06493455 |
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Name : |
Mr. Avtar Singh |
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Designation : |
Director (Operations and Business Development) |
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Date of Birth/Age : |
04.10.1958 |
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Qualification : |
B. Sc |
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Expertise in specific functional area : |
He is a Whole Time Director and incharge of Agro Chemicals Division, Derabassi and Pharma Division, Lalru in District Mohali, Punjab. His expertise is in Research and development, production and marketing of chemicals. He is also involved in setting up and maintenance of plants in these sites. |
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Date of Appointment : |
14.11.1996 |
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DIN No.: |
00063569 |
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Other Directorship : |
Saurav Chemicals Limited |
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Name : |
Mr. Shivshankar Shripal Tiwari |
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Designation : |
Additional Director |
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Date of Birth/Age : |
30.08.1953 |
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Qualification : |
M.Sc., Post graduate Diploma-Business Management |
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Expertise in specific functional area : |
He is experienced in managing the chemical plants, production, manpower and domestic commercial market of chemicals. |
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Date of Appointment : |
28.05.2015 |
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DIN No.: |
00019058 |
KEY EXECUTIVES
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Name : |
Mr. Punit Kumar Abrol |
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Designation : |
Senior Vice President Finance and Company Secretary |
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Name : |
Mr. Vipul Joshi |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of Shareholder |
Total No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter
Group |
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|
891572 |
7.27 |
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|
4602295 |
37.53 |
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|
5493867 |
44.80 |
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Total shareholding of Promoter and Promoter
Group (A) |
5493867 |
44.80 |
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(B) Public Shareholding |
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|
6432 |
0.05 |
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|
4699 |
0.04 |
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|
122027 |
1.00 |
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|
15742 |
0.13 |
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|
3913 |
0.03 |
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|
152813 |
1.25 |
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|
3619393 |
29.52 |
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|
2176217 |
17.75 |
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|
361995 |
2.95 |
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|
457900 |
3.73 |
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|
324676 |
2.65 |
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|
56318 |
0.46 |
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|
76614 |
0.62 |
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|
292 |
0.00 |
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|
6615505 |
53.95 |
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Total Public shareholding (B) |
6768318 |
55.20 |
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Total (A)+(B) |
12262185 |
100.00 |
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(C) Shares held by Custodians and against
which Depository Receipts have been issued |
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|
0 |
0.00 |
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|
0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
12262185 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million 
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Agro Chemicals, Speciality Chemicals and Bulk Drugs and its Intermediates. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
818 (Approximately) |
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Bankers : |
· State Bank of India Bank of Baroda Export-Import Bank of India Allahabad Bank Union Bank of India Central Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Statutory Auditors : |
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Name : |
S R B C and Company LLP Chartered Accountants |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiaries : |
·
STS Chemicals (UK) Limited S D Agchem (Europe) NV Sintesis Quimica. S.A.I.C., Argentina |
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Joint venture
company : |
Stellar Marine Paints Limited |
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Enterprises over
which key management personnel & their relatives have significant
influence : |
· Hemsil Trading and Manufacturing Private Limited Salil Meta Chem L & L Products Shroff Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
19,800,000 |
Equity Shares |
Rs. 10/- each |
Rs. 198.000 Million |
|
20,000 |
9.8% Redeemable Cumulative Preference Shares |
Rs. 100/- each |
Rs. 2.000 Million |
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Total |
|
Rs. 200.000
Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
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|
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|
12,277,218 |
Equity Shares |
Rs. 10/- each |
Rs. 122.800
Million |
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Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,262,185 |
Equity Shares |
Rs. 10/- each |
Rs. 122.600
Million |
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|
Reconciliation of the shares outstanding at
the beginning and at the end of the reporting year
|
Equity shares |
31 March 2015 |
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Numbers |
Rs. in Million |
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|
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At
the beginning and at the end of the year |
1,22,62,185 |
122.600 |
Terms/rights attached to equity shares
The
company has only one class of equity shares having a par value of Rs. 10 per share.
Each holder of equity shares is entitled to one vote per share.
In
the event of liquidation of the company, the holders of the equity shares will
be entitled to receive remaining assets of the company, after distribution of
all preferential amounts. The distribution will be in proportion to the number
of equity shares held by the shareholders.
Aggregate number of bonus shares issued,
shares issued for consideration other than cash and shares bought back during
the period of five years immediately preceding the reporting date
|
|
31 March 2015 In numbers |
31 March 2014 In numbers |
|
|
|
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|
Equity
shares allotted as fully paid-up pursuant to a scheme of amalgamation for
consideration other than cash in 2011-12 |
69,293 |
69,293 |
Details of shareholders holding more than 5%
shares in the company
|
Name of the shareholders |
31 March 2015 |
|
|
Equity shares of
Rs. 10 each fully paid-up |
Numbers |
% holding |
|
Hem-sil
Trading and Manufacturing Private Limited |
40,17,318 |
32.76% |
|
Gowal
Consulting Services Private Limited |
30,00,000 |
24.47% |
As
per records of the company, including its register of shareholders/members and
other declarations received from shareholders regarding beneficial interest, the
above shareholding represents both legal and beneficial ownership of shares.
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 |
|
|
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|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
122.600 |
122.600 |
122.600 |
|
(b) Reserves & Surplus |
69.100 |
65.600 |
54.200 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
191.700 |
188.200 |
176.800 |
|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
1149.000 |
1641.500 |
1811.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
98.500 |
79.400 |
64.400 |
|
Total Non-current
Liabilities (3) |
1247.500 |
1720.900 |
1875.400 |
|
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|
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|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
947.200 |
1033.000 |
839.000 |
|
(b)
Trade payables |
602.000 |
705.500 |
626.400 |
|
(c)
Other current liabilities |
1138.700 |
977.900 |
803.600 |
|
(d) Short-term
provisions |
76.700 |
75.900 |
72.200 |
|
Total Current
Liabilities (4) |
2764.600 |
2792.300 |
2341.200 |
|
|
|
|
|
|
TOTAL |
4203.800 |
4701.400 |
4393.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2074.500 |
2186.600 |
2286.400 |
|
(ii)
Intangible Assets |
131.600 |
148.800 |
158.300 |
|
(iii)
Capital work-in-progress |
56.000 |
5.300 |
76.000 |
|
(iv)
Intangible assets under development |
11.500 |
6.600 |
6.300 |
|
(b) Non-current Investments |
34.800 |
33.800 |
34.300 |
|
(c) Deferred tax assets (net) |
302.600 |
190.400 |
199.400 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
45.800 |
55.900 |
34.700 |
|
Total Non-Current
Assets |
2656.800 |
2627.400 |
2795.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.300 |
0.000 |
0.000 |
|
(b)
Inventories |
571.900 |
658.400 |
482.800 |
|
(c)
Trade receivables |
586.600 |
682.100 |
688.600 |
|
(d) Cash
and cash equivalents |
64.700 |
238.200 |
81.900 |
|
(e)
Short-term loans and advances |
250.800 |
316.800 |
306.700 |
|
(f)
Other current assets |
72.700 |
178.500 |
38.000 |
|
Total
Current Assets |
1547.000 |
2074.000 |
1598.000 |
|
|
|
|
|
|
TOTAL |
4203.800 |
4701.400 |
4393.400 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
4097.100 |
4168.600 |
2006.100 |
|
|
|
Other Income |
105.700 |
162.800 |
38.000 |
|
|
|
TOTAL (A) |
4202.800 |
4331.400 |
2044.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2324.900 |
2325.500 |
1052.900 |
|
|
|
Purchases of Stock-in-Trade |
33.600 |
121.500 |
25.400 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
32.500 |
(138.400) |
50.500 |
|
|
|
Employees benefits expense |
438.400 |
471.000 |
200.800 |
|
|
|
Other expenses |
823.300 |
1033.000 |
563.600 |
|
|
|
Exceptional Items |
21.700 |
33.800 |
(73.700) |
|
|
|
TOTAL (B) |
3674.400 |
3846.400 |
1819.500 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
528.400 |
485.000 |
224.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
317.000 |
324.800 |
173.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
211.400 |
160.200 |
51.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
175.800 |
148.400 |
71.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
35.600 |
11.800 |
-20.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
35.600 |
11.800 |
-20.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods (FOB basis) |
2880.700 |
1687.200 |
260.000 |
|
|
|
Interest on overdue balances, loans, advances, etc. |
0.000 |
0.000 |
0.017 |
|
|
|
Processing charges received |
5.700 |
226.700 |
151.500 |
|
|
|
Technical support and development fees |
2.800 |
3.200 |
0.000 |
|
|
|
Others |
0.200 |
0.100 |
0.000 |
|
|
TOTAL EARNINGS |
2889.400 |
1917.200 |
411.517 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
645.200 |
520.300 |
132.900 |
|
|
|
Components and spare parts |
0.300 |
0.000 |
0.000 |
|
|
|
Traded goods |
11.500 |
9.300 |
0.000 |
|
|
|
Capital Goods |
0.000 |
0.300 |
0.700 |
|
|
TOTAL IMPORTS |
657.000 |
529.900 |
133.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.91 |
0.96 |
(1.69) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current maturities of Long term borrowings |
726.200 |
557.400 |
440.700 |
|
|
|
|
|
|
Cash generated from operations |
493.100 |
376.700 |
271.100 |
|
|
|
|
|
|
Net cash generated from operating activities |
484.400 |
360.400 |
240.200 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2015 |
|
Type |
1st
Quarter |
|
Net Sales |
666.100 |
|
Total Expenditure |
667.600 |
|
PBIDT (Excl OI) |
(1.500) |
|
Other Income |
44.200 |
|
Operating Profit |
42.700 |
|
Interest |
55.400 |
|
Exceptional Items |
0.000 |
|
PBDT |
(12.700) |
|
Depreciation |
41.700 |
|
Profit Before Tax |
(54.400) |
|
Tax |
0.000 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
(54.400) |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
(54.400) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.87 |
0.28 |
(1.03) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
12.90 |
11.63 |
11.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.94 |
0.26 |
(0.51) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.06 |
(0.12) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
14.72 |
17.17 |
17.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.56 |
0.74 |
0.68 |
STOCK
PRICES
|
Face Value |
Rs. 10/- |
|
|
|
|
Market Value |
Rs. 211.20/- [BSE] |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
122.600 |
122.600 |
122.600 |
|
Reserves & Surplus |
54.200 |
65.600 |
69.100 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
176.800 |
188.200 |
191.700 |
|
|
|
|
|
|
Long-term borrowings |
1811.000 |
1641.500 |
1149.000 |
|
Short term borrowings |
839.000 |
1033.000 |
947.200 |
|
Current maturities of Long term borrowings |
440.700 |
557.400 |
726.200 |
|
Total
borrowings |
3090.700 |
3231.900 |
2822.400 |
|
Debt/Equity ratio |
17.481 |
17.173 |
14.723 |
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 |
2006.100 |
4168.600 |
4097.100 |
|
|
|
107.796 |
-1.715 |
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 |
2006.100 |
4168.600 |
4097.100 |
|
Profit/ (Loss) |
(20.700) |
11.800 |
35.600 |
|
|
(1.03%) |
0.28% |
0.87% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners / Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
Case Details For Case CP-82-2013 |
|||
|
Diary Number |
1006038 |
District |
UT-CHANDIGARH |
|
Category |
21-COMPANY PETITIONS |
Main Case Detail |
-- |
|
Party Detail |
REPAR CORPORATION V/S PUNJAB CHEMICALS & CROP
PROTECTION LTD |
||
|
Advocate Name |
RAINA SABHARWAL THAKUR |
List Type |
LIQUIDATION |
|
Status |
PENDING |
Next date |
25-JAN-2016 |
|
Miscellaneous Applications |
|||
|
CA-168-2014 View
Order Dated 31-03-2014 |
IN CP-82-2013 |
||
|
CA-268-2013 |
IN CP-82-2013 |
||
|
CA-674-2014 View
Order Dated 16-01-2015 |
IN CP-82-2013 |
||
|
|
|||
|
Case Listing Details |
|||
|
Cause List Date |
List Type: Sr. No. |
Bench |
Order Link |
|
22-SEP-2015 |
LIQUIDATION:7 |
HON'BLE MR. JUSTICE RAJESH BINDAL |
View Interim Order |
|
26-MAY-2015 |
PROUNCEMENT: |
HON'BLE MR. JUSTICE AMIT RAWAL |
View Interim Order |
|
25-MAY-2015 |
LIQUIDATION:8 |
HON'BLE MR. JUSTICE AMIT RAWAL |
---- |
|
21-APR-2015 |
LIQUIDATION:12 |
HON'BLE MR. JUSTICE AMIT RAWAL |
---- |
|
13-FEB-2015 |
LIQUIDATION:12 |
HON'BLE MR. JUSTICE RAJESH BINDAL |
View Interim Order |
|
16-JAN-2015 |
LIQUIDATION:17 |
HON'BLE MR. JUSTICE RAJESH BINDAL |
View Interim Order |
|
11-NOV-2014 |
LIQUIDATION:12 |
HON'BLE MR. JUSTICE RAJESH BINDAL |
---- |
|
30-SEP-2014 |
LIQUIDATION:10 |
HON'BLE MR. JUSTICE RAJESH BINDAL |
View Interim Order |
|
14-JUL-2014 |
LIQUIDATION:7 |
HON'BLE MR. JUSTICE RAJIV NARAIN RAINA |
View Interim Order |
|
31-MAR-2014 |
LIQUIDATION:19 |
HON'BLE MR. JUSTICE RAJIV NARAIN RAINA |
View Interim Order |
|
27-JAN-2014 |
LIQUIDATION:15 |
HON'BLE MR. JUSTICE RAJIV NARAIN RAINA |
View Interim Order |
|
22-JAN-2014 |
LIQUIDATION:14 |
HON'BLE MR. JUSTICE RAJIV NARAIN RAINA |
---- |
|
26-SEP-2013 |
LIQUIDATION:22 |
HON'BLE MR. JUSTICE SURYA KANT |
---- |
|
29-MAY-2013 |
NA:110 |
HON'BLE MR. JUSTICE SURYA KANT |
View Interim Order |
|
Details of Copy Petition
Applied in CP-82-2013 |
|||
|
Petition Type/No |
Petition Date |
Applied By |
Petition Status |
|
|
|
|
|
|
:219885 |
30-MAY-2013 |
Advocate/Clerk |
Delivered |
|
:279224 |
03-OCT-2013 |
Advocate/Clerk |
Delivered |
|
Urgent:329960 |
28-JAN-2014 |
Advocate/Clerk |
Delivered |
|
Ordinary:555014 |
27-MAY-2015 |
Advocate/Clerk |
Delivered |
|
Judgment Details For Case: CP-82-2013 |
|||
|
Order Date |
Order Type |
Bench |
Judgment Link |
|
22-SEP-15 |
Interim Order |
HON'BLE MR. JUSTICE RAJESH BINDAL |
View Order |
|
26-MAY-15 |
Interim Order |
HON'BLE MR. JUSTICE AMIT RAWAL |
View Order |
|
13-FEB-15 |
Interim Order |
HON'BLE MR. JUSTICE RAJESH BINDAL |
View Order |
|
16-JAN-15 |
Interim Order |
HON'BLE MR. JUSTICE RAJESH BINDAL |
View Order |
|
30-SEP-14 |
Interim Order |
HON'BLE MR. JUSTICE RAJESH BINDAL |
View Order |
|
14-JUL-14 |
Interim Order |
HON'BLE MR. JUSTICE RAJIV NARAIN RAINA |
View Order |
|
31-MAR-14 |
Interim Order |
HON'BLE MR. JUSTICE RAJIV NARAIN RAINA |
View Order |
|
27-JAN-14 |
Interim Order |
HON'BLE MR. JUSTICE RAJIV NARAIN RAINA |
View Order |
|
29-MAY-13 |
Interim Order |
HON'BLE MR. JUSTICE SURYA KANT |
View Order |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10483096 |
21/08/2015 * |
202,100,000.00 |
STATE BANK OF
INDIA |
KORTE HERENTALSESTRAAT
3, 2018 ANTWERPEN 1, BELGIUM, - 0032, BELGIUM |
C64225501 |
|
2 |
10325860 |
21/08/2015 * |
3,556,400,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER TOWER,
'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
C64225790 |
|
3 |
10297302 |
28/06/2011 |
250,000,000.00 |
CENTRAL BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, CHANDER MUKHI, GROUND |
B16882680 |
|
4 |
10255054 |
25/09/2010 |
500,000,000.00 |
ALLAHABAD BANK |
GROUND FLOOR,37,
MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
A98852320 |
|
5 |
10242441 |
15/09/2010 |
2,802,800,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH SNEHAL CHEMBER, TELLI GALLI ,ANDHERI EAST, MUMBAI, MAHARASHTRA - 400069, INDIA |
A95633616 |
|
6 |
10242811 |
15/09/2010 |
2,130,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, SNEHAL CHAMBERS, TELLI |
A95961819 |
|
7 |
10213781 |
29/03/2010 |
500,000,000.00 |
ALLAHABAD BANK |
37, MUMBAI
SAMACHAR MARG, FORT BRANCH, MUMBAI, MAHARASHTRA - 400023, INDIA |
A83631200 |
|
8 |
10201437 |
17/02/2010 |
250,000,000.00 |
CENTRAL BANK OF
INDIA |
NARIMAN POINT BRANCH,CHANDRAMUKHI
BLD, GR FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A79116372 |
|
9 |
10182401 |
24/09/2009 |
250,000,000.00 |
UNION BANK OF
INDIA |
CORPORATE &
SME BRANCH, ADISHANKARACHARYA MARG,OPP. POWAI LAKE, POWAI, MUMBAI, MAHARASHTRA
- 400072, INDIA |
A71748602 |
|
10 |
10109569 |
03/04/2008 |
850,000,000.00 |
EXPORT- IMPORT
BANK OF INDIA |
FLOOR 21, CENTRE
ONE BUILDING, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI,
MAHARASHTRA - 400005, INDIA |
A40695124 |
|
11 |
10064334 |
20/07/2007 |
310,000,000.00 |
EXPORT IMPORT BANK
OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE |
A21555867 |
|
12 |
90160338 |
20/02/2004 * |
10,000,000.00 |
BANK OF BARODA |
INTERNATIONAL
BUSINESS BRANCH, GENERAL J BHOSALE |
- |
|
13 |
90160183 |
20/05/2003 |
18,400,000.00 |
ICICI BANK LIMITED |
ICICI BANK TOWAR,
BANDRA KURLA COMPLEX, MUMBAI, MAHARASHTRA - 400051, INDIA |
- |
|
14 |
90231073 |
24/03/2006 * |
100,000,000.00 |
BANK OF BARODA |
INTERNATIOANL
BUSINESS BRANCH, GENERAL J.BHOSALE |
- |
|
15 |
90159956 |
24/09/2000 |
10,000,000.00 |
BANK OF BARODA |
INTERNATIONAL BUSINESS
BRANCH, GENERAL J BHOSALE |
- |
|
16 |
90231059 |
13/03/2009 * |
1,203,000,000.00 |
BANK OF BARODA |
P.B. NO11745,
FORESHORE BUILDING, GEN. BHOSLE MARG, NR. SACHIVALAYA GYMKHANNA, NARIMAN
POINT MUMBAI, |
A61431425 |
|
17 |
90159921 |
30/12/2003 * |
10,000,000.00 |
BANK OF BARODA |
INTERMATIONAL
BUSINESS BRANCH, GENERAL J BHOSALE |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Inter-corporate deposits repayable on demand |
78.700 |
78.700 |
|
|
|
|
|
Total |
78.700 |
78.700 |
CORPORATE
INFORMATION
Subject
is engaged in business of manufacturing of agro chemicals, speciality chemicals
and bulk drugs and its intermediates. The Company has presence in both the
domestic and international markets.
STANDALONE
OPERATIONS:
The
operational results for the year have improved. The efforts of the company to
correct the situation, proved meaningful but because of the losses which have
to be absorbed due to the correction, the difference was marginal.
The
disposal of non-profitable businesses and non-core assets reduced the
operational and fixed expenses, reduced the debt burden and made the working
capital more relevant to the remaining businesses. The Company is now focused
on its core business of manufacturing technical agrochemicals.
Better
operations due to improved raw material efficiencies, implementation of cost
saving measures and better working capital management in the Agro Chemicals
Division have nurtured the Company back to a positive cash flow situation.
The
outcome of the efforts of the Management is evident from the results of the
financial year 2014-15. The total income on standalone basis during period
increased to Rs. 4202.800 Million against the total income of Rs. 391.89crores
(excluding income of sold out business and leased unit) in the previous year.
The net profit has risen to Rs. 35.600 Million from a marginal profit of Rs.
11.800 Million in the previous year.
It
may be noted that to restructure the manpower in the Agrochemicals unit at Derabassi,
the company offered "Voluntary Retirement Scheme" (VRS) to the
employees. 36 employees voluntarily opted for retirement and this reduced the
operation costs. The expense on this account has been booked under exceptional
item and the result of this onetime cost will be evident in the savings in the
years to come.
OUTLOOK:
The
global economic environment in recent years has been challenging with
uncertainty. It is believed that the growth engine for the global economy would
be shifted from west to China and India, the emerging manufacturing and
consumption hubs. However, any significant change will be a long drawn process.
Therefore,
in the given scenario, barring the uncertainties that loom over the industry,
the Company expects a good business performance in the agrochemicals sector in
the next year. The steps being taken by the government to give more impetus to
agriculture sector and promoting the manufacturing sector through "Make in
India" programme should further help the Company.
The
new opportunities of toll manufacturing of Pharma intermediates and other
specialized and general chemicals are being explored for both the divisions in
Punjab.
The
Management of the Company is optimistic about the current business prospects
and will take requisite steps as and when required.
FINANCE:
As
explained earlier, the Company has taken several measures to prune the overall
debt burden by entering into Corporate Debt Restructuring Scheme, disposing off
the non-profitable business and non-core assets and putting back the cash from
the inflows into making the operations of the Company more viable.
The
Company, during the period has paid the instalments and interest which was due
to the Banks, except Working Capital Demand Loan, which is partially paid from
the sale of few non-core assets. The Company has not raised any additional
borrowing during the year.
The
Company's proposal for One Time Settlement (OTS) with State Bank of India (SBI)
has been accepted by the bank. As per the terms of OTS, the Company has to pay
Rs. 455.000 Million and sale proceeds from 1,50,000 shares of the Company,
pledged exclusively with SBI by one of the promoters against total outstanding
dues of Rs. 948.500 Million (including interest). Out of the said amount, Rs.
113.800 Million has been paid by the Company before March 31, 2015. The said
OTS is subject to fulfilment of conditions. The necessary adjustment in the
books of account will be carried out after compliance of all conditions as
specified in said OTS.
MANAGEMENT
DISCUSSION AND ANALYSIS
BUSINESS
REVIEW:
BUSINESS
SEGMENT- AGRO CHEMICALS AND OTHER CHEMICALS
INDUSTRY
STRUCTURE AND DEVELOPMENT:
Economic
growth in the Country in the last few years has been depressed, mainly due to higher
inflation and depressed domestic demand. However, from this year, the business
sentiment has started to improve so also they expect better growth rate. The
commitment of the government for better fiscal management and working on macro
economic situation has brought positivity in the industrial sentiments.
Encouraged
by the greater economic stability, institutions like IMF and the World Bank
have presented the optimistic growth outlook for India for the year 2015 and
beyond. However, subdued demand conditions particularly in Europe and Japan,
recent slowdown in China and below normal agricultural growth are the few
challenges which may somewhat restrict the growth prospects of the Company.
As
per the estimates, agro and agro chemical sector is expected to witness good
growth in the year 2015. The focus of the Indian government is to achieve
higher contribution from agriculture sector to India's GDP growth. The west has
started shifting production capacities in the agro chemical segment to
developing countries like China and India, this too should bode well for India
and the Company.
FUTURE
PROSPECTS:
The
Company has a specialized and versatile product portfolio of agrochemicals and
industrial chemicals. In view of the growth potential of this Sector, the
Management of the Company continues to be positive about the business in
future. The Management, with its zeal and sincerity, has managed to establish
good business relations with various renowned multi-national Companies for
ensuring continuous markets for its products.
BUSINESS
SEGMENT- PHARMA
INDUSTRY
STRUCTURE AND DEVELOPMENT:
Despite
economic pressures in healthcare markets and the wider global economy, the
resilience shown by the pharmaceutical industry looks set to carry on through
2015. A recent report from Thomson Reuters indicates that global pharmaceutical
sales topped $1 trillion last year, following the high-water mark of $980
billion recorded the year before, and this trend is expected to continue.
The
Company entered into the Pharma business in 2003 after acquisition of erstwhile
Alpha Drug India Limited (ADIL), now merged with the Company. However, their
product line is restricted to only few bulk drugs, drug intermediates and
specialty chemicals at present.
PERFORMANCE
AND OUTLOOK:
As
stated above, the growth was slow mainly due to lack of working capital. The
Company is engaged in job work where the requirement of working capital is
less. This will continue to be their focus till working capital position
improves. Since the manufacturing facility has ISO 9001:2000 and ISO 14001:
2004 (which add value and confidence to companies seeking to manufacture) they
expect to find additional job work and better utilization of their facilities.
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED 30.06.2015
[RS.
IN MILLION]
|
PARTICULARS |
Quarter Ended
30.06.2015 |
|
|
(Unaudited) |
|
Income from Operations |
|
|
Gross Sales/ Income from Operations |
660.300 |
|
Less: Excise Duty |
28.100 |
|
Net Sales/Income from Operations |
632.200 |
|
Other Operating Income |
33.900 |
|
Total Income from
operations (net) |
666.100 |
|
|
|
|
Expenses |
|
|
(a) Cost of material consumed |
344.100 |
|
(b) Purchase of stock in trade |
0.000 |
|
(c) Changes in inventories of finished goods, work in progress
and stock in trade |
31.800 |
|
(d) Employee benefit expenses |
109.900 |
|
(e) Depreciation and amortization expenses |
41.700 |
|
(f) Other Expenses |
181.800 |
|
Total Expenses |
709.300 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
(43.200) |
|
Other Income |
44.200 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
1.000 |
|
Finance costs |
55.400 |
|
Profit/ Loss from Ordinary
Activities after Finance costs but Exceptional item |
(54.400) |
|
Exceptional
items [Voluntary Retirement Compensation] |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
(54.400) |
|
Tax Expenses |
-- |
|
Net Profit for the period |
(54.400) |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
122.600 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
|
Basic and
diluted earnings per share [Face value of Rs. 10/- each] |
|
|
- Basic and
Diluted |
(4.44) |
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
1. Public shareholding |
|
|
Number of
Shares |
6768318 |
|
Percentage of Shareholding |
55.20 |
|
|
|
|
2. Promoters and promoter group
shareholding |
|
|
a)
Pledged/Encumbered |
|
|
- Number of Shares |
4245910 |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
77.28 |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
34.62 |
|
|
|
|
Non - encumbered |
|
|
- Number of
Shares |
1247957 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter group) |
22.72 |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
10.18 |
|
|
Particulars |
Quarter
Ended 30.06.2015 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
1 |
|
|
Disposed of during the quarter |
1 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Particulars |
Quarter Ended
30.06.2015 |
|
|
(Unaudited) |
|
1. Segment Revenue |
|
|
a. Chemicals |
571.200 |
|
b. Bulk Drug and Intermediates |
101.700 |
|
Total |
672.900 |
|
Less: Intersegment Sales |
6.800 |
|
Total income from operations (net) |
666.100 |
|
|
|
|
2. Segment Results |
|
|
Profit/ (loss) before tax and interest |
|
|
a. Chemicals |
39.500 |
|
b. Bulk Drug and Intermediates |
(38.400) |
|
Total |
1.100 |
|
Less: Finance Costs |
55.400 |
|
Exceptional Items [Income]/ Expense |
0.000 |
|
Other un-allocable expenditure net off
Unallocable Income |
0.100 |
|
Total Profit Before Tax |
(54.400) |
|
|
|
|
3. Capital Employed |
|
|
(Segment Assets – Segment Liabilities) |
|
|
a. Chemicals |
1824.200 |
|
b. Bulk Drug and Intermediates |
614.300 |
|
Less: Unallocated |
(2301.400) |
|
Total Capital Employed |
137.100 |
NOTES:
1)
The above
standalone financial results were reviewed by the Audit Committee and approved
by the Board of Directors at its meeting held on August 11, 2015. The Statutory
Auditors have carried out the limited review of the above results.
2)
The Company’s proposal
for One Time Settlement (OTS) with State Bank of India (SBI) has been accepted
by the SBI. As per the terms of OTS, the Company has to pay Rs. 455.000 Million
and sale proceeds from the 150,000 shares of the Company, pledged exclusively
with SBI by one of the promoter against total outstanding dues of Rs. 948.500
Million (including interest). Out of the said amount, Rs. 403.400 Million have
been paid by the Company as at June 30, 2015. The said OTS is subject to
fulfillment of conditions. The necessary adjustment in the books of account
will be carried out after compliance of all conditions as specified.
3)
The figures for
the quarter ended March 31, 2015 are the balancing figures between the audited
figures for the full financial year 2014-15 and the unaudited published figures
up to December 31, 2014 being the end of the third quarter of the previous
financial year.
4)
Figures of the
previous period have been regrouped, wherever necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Claims against the
company not acknowledged as debts |
|
|
|
Excise duty matters in dispute or under appeal |
57.200 |
59.900 |
|
Income Tax matters in dispute or under appeal |
83.000 |
83.700 |
|
Demand raised by Sales Tax Authorities |
1.100 |
1.100 |
|
Labour laws matters in dispute or under appeal |
1.300 |
1.300 |
|
Demand raised by previous land owners |
57.400 |
49.900 |
|
Corporate guarantee given on behalf of the subsidiary companies (revalued at closing exchange rates) |
179.100 |
185.500 |
|
[Includes Corporate Guarantee given to State Bank of India of Rs. 179.100 Million (Previous year: Rs. 185.500 Million) which is also secured by way of charge on the current assets of the Company and charge on the fixed assets of Agro and Pharmaceutical division.] The Company is contesting the demands and the management, including its tax advisors, believe that its position will be likely be upheld in appellate process. No tax expense has been accrued in financial statements for the tax demand raised. The management believes that the ultimate outcome of the proceeding will not have a material adverse effect on the company's financial position and results of operations. The Company shall indemnify the damages to the Managing Director/Directors in case their personal guarantees are invoked in respect of loans, backed by their personal guarantees. |
||
FIXED ASSETS:
·
Land
Buildings
Plant and
Equipments
Electrical
Installations
Furniture,
fixture and equipments
Vehicles
Computer
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 64.97 |
|
|
1 |
Rs. 100.55 |
|
Euro |
1 |
Rs. 73.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
44 |
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.