MIRA
INFORM REPORT
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Report No. : |
345579 |
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Report Date : |
21.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SARVESH REFRACTORIES LIMITED. |
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Registered
Office : |
AA 15, Civil Township, |
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Tel. No.: |
91-661-6633000 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
07.12.1992 |
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Com. Reg. No.: |
15-003209 |
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Capital Investment
/ Paid-up Capital : |
Rs.80.000 Million |
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CIN No.: [Company Identification
No.] |
U26999OR1992PLC003209 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAECS5602D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer, Process and trade of Refractories of all types and its
allied products, minerals and chemicals. |
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No. of Employees
: |
Information declined by the management
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RATING & COMMENTS
|
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 1500000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 1992. It
has satisfactory track. For the financial year ended 2014, the company has healthy scale of
operations marked by top line growth of 2.2% along with profitability margin
of 1.5%. The company has decent financial position backed by adequate networth
along with favorable gap between trade payables and receivables. Trade relations are fair.
Business is active payments are slow but correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DENIED
Management non cooperative (91-661-6633000)
LOCATIONS
|
Registered Office : |
AA 15, Civil Township, Rourkela – 769004, Orissa, India |
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Tel. No.: |
91-661-6633000 |
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Fax No.: |
91-661-2402136 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Kushal Agarwal |
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Designation : |
Managing Director |
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Address : |
Power House Road, Rourkela - 769001, Orissa, India |
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Date of Birth/Age : |
01.04.1987 |
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Date of Appointment : |
01.10.2014 |
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DIN No.: |
01420262 |
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PAN No.: |
AGZPA5751D |
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Other
Directorship:
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Name : |
Nand Kishore Agrawala |
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Designation : |
Director |
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Address : |
Power House Road, Rourkela - 769001, Orissa, India |
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Date of Birth/Age : |
31.07.1965 |
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Date of Appointment : |
16.08.2013 |
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DIN No.: |
00866951 |
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PAN No.: |
AAOPA1220E |
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Other
Directorship:
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Name : |
Debi Prasad Chakraborti |
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Designation : |
Director |
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Address : |
Qtr. No. 13b, Street - 20, Sec - 20, Bhilai Steel Township, Bhilai - 490001, Chhattisgarh, India |
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Date of Birth/Age : |
15.10.1950 |
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Date of Appointment : |
10.06.2014 |
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DIN No.: |
06877266 |
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MAJOR SHAREHOLDERS
AS ON 30.09.2014
Note: (SHAREHOLDING DETAILS FILE ATTACHED)
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Bodies corporate |
73.06 |
|
Directors or relatives of Directors |
26.94 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Process and trade of Refractories of all types and its
allied products, minerals and chemicals. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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 : |
Information declined by the management
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Bankers : |
· Small Industries Development Bank Of India, Hotel Nidhi, Power House Road, Rourkela, Orissa - 769001, India · State Bank of India, Sib Saifabad Branch, Hyderabad, Haca Bhavan, Oppodite Assembly,, Hyderabad- 500004, Telangana India
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Facilities : |
(Rs.
In Million)
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Financial
Institute: |
·
Orissa Statae Financial Corporation, OMP Square,
Cuttack, Orrisa, India · Tata Capital Limited, One Forbes, Dr V B Gandhi Marg, Fort, Mumbai- 400001, Maharashtra, India |
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Auditors : |
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Name : |
K.D.Lath and Comapny Chartered Accountants |
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Address : |
Uditnagar, Rourkela - 769012, Odisha, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AADFK6079L |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises which
are owned, or have significant influence of or are partners
with Key management
personnel and their relatives: |
· Rourkela Minerals and Company Limited, India · Raasi Refractories Limited, India |
CAPITAL STRUCTURE
After 30.09.2014
Authorised Capital : Rs.120.000 Million
Issued, Subscribed & Paid-up Capital : Rs.83.889
Million
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1200000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
800000 |
Equity Shares |
Rs.10/- each |
Rs.80.000
Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
80.000 |
80.000 |
72.825 |
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(b) Reserves & Surplus |
451.426 |
437.252 |
391.698 |
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(c) Money received against share
warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money
pending allotment |
26.800 |
0.000 |
46.650 |
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Total
Shareholders’ Funds (1) + (2) |
558.226 |
517.252 |
511.173 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
56.257 |
83.841 |
105.354 |
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(b) Deferred tax liabilities
(Net) |
2.997 |
6.092 |
1.981 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
1.248 |
3.496 |
7.332 |
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Total
Non-current Liabilities (3) |
60.502 |
93.429 |
114.667 |
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(4) Current Liabilities |
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|
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(a) Short term borrowings |
389.882 |
399.136 |
398.890 |
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(b) Trade payables |
92.292 |
116.795 |
129.294 |
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(c) Other current liabilities |
105.873 |
80.664 |
68.012 |
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(d) Short-term provisions |
35.031 |
31.616 |
30.424 |
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Total
Current Liabilities (4) |
623.078 |
628.211 |
626.620 |
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TOTAL |
1241.806 |
1238.892 |
1252.460 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
320.957 |
362.541 |
295.421 |
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(ii) Intangible Assets |
0.530 |
0.616 |
0.191 |
|
(iii) Capital work-in-progress |
1.866 |
8.476 |
131.758 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
29.808 |
29.776 |
28.585 |
|
(e) Other Non-current assets |
7.305 |
12.655 |
18.464 |
|
Total
Non-Current Assets |
360.466 |
414.064 |
474.419 |
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
267.942 |
258.903 |
219.101 |
|
(c) Trade receivables |
491.282 |
455.456 |
421.226 |
|
(d) Cash and cash equivalents |
51.951 |
45.104 |
71.994 |
|
(e) Short-term loans and
advances |
64.053 |
59.116 |
59.503 |
|
(f) Other current assets |
6.112 |
6.249 |
6.217 |
|
Total
Current Assets |
881.340 |
824.828 |
778.041 |
|
|
|
|
|
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TOTAL |
1241.806 |
1238.892 |
1252.460 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
833.464 |
822.872 |
802.779 |
|
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Other Income |
7.420 |
6.245 |
12.417 |
|
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TOTAL
(A) |
840.884 |
829.117 |
815.196 |
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|
|
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Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
374.601 |
391.891 |
399.905 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
24.708 |
(9.393) |
(24.119) |
|
|
Employees benefits expense |
60.744 |
73.589 |
72.094 |
|
|
Other expenses |
210.298 |
201.183 |
208.322 |
|
|
TOTAL
(B) |
670.351 |
657.270 |
656.202 |
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|
|
|
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Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
170.533 |
171.847 |
158.994 |
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
84.852 |
92.132 |
81.380 |
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|
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
85.681 |
79.715 |
77.614 |
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|
|
|
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Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
68.966 |
66.024 |
54.790 |
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|
|
|
PROFIT/ (LOSS) BEFORE
TAX (E-F) (G) |
16.715 |
13.691 |
22.824 |
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|
|
|
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|
Less |
TAX (H) |
2.691 |
7.603 |
7.912 |
|
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|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
14.024 |
6.088 |
14.912 |
|
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|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
17.53 |
8.36 |
20.48 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
36.887 |
46.079 |
41.396 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
122.459 |
90.387 |
37.301 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.68 |
0.74 |
1.86 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
20.46 |
20.88 |
19.81 |
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|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.35 |
1.11 |
2.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.03 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.87 |
1.02 |
1.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.41 |
1.31 |
1.24 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
72.825 |
80.000 |
80.000 |
|
Reserves & Surplus |
391.698 |
437.252 |
451.426 |
|
Share Application money pending allotment |
46.650 |
0.000 |
26.800 |
|
Net
worth |
511.173 |
517.252 |
558.226 |
|
|
|
|
|
|
long-term borrowings |
105.354 |
83.841 |
56.257 |
|
Short term borrowings |
398.890 |
399.136 |
389.882 |
|
Current maturities of
long-term debts |
41.396 |
46.079 |
36.887 |
|
Total
borrowings |
545.640 |
529.056 |
483.026 |
|
Debt/Equity
ratio |
1.067 |
1.023 |
0.865 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
802.779 |
822.872 |
833.464 |
|
|
|
2.503 |
1.287 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
802.779 |
822.872 |
833.464 |
|
Profit |
14.912 |
6.088 |
14.024 |
|
|
1.86% |
0.74% |
1.68% |
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 |
Yes |
|
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 |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the Annual
Report |
No |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Loans and advances from related parties [The unsecured loan is repayable as per terms and conditions] |
8.141 |
14.292 |
|
Other loans and advances [The unsecured loan is repayable as per terms and conditions] |
9.222 |
9.222 |
|
Total |
17.363 |
23.514 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10459409 |
23/09/2013 |
400,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B89228688 |
|
2 |
10437657 |
26/06/2013 |
780,000.00 |
ICICI BANK LIMITED |
ICICI BANK LIMITED, LAND MARK RACE COURCE CIRCLE, |
B79973939 |
|
3 |
10385604 |
01/11/2012 |
50,000,000.00 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA |
HOTEL NIDHI, POWER HOUSE ROAD, ROURKELA, ORISSA - |
B61770863 |
|
4 |
10387394 |
10/10/2012 |
3,171,000.00 |
ICICI BANK LIMITED |
ICICI BANK LIMITED, LAND MARK RACE COURCE CIRCLE, |
B62301593 |
|
5 |
10322749 |
26/11/2011 |
1,285,200.00 |
TATA CAPITAL LIMITED |
ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, MAHA |
B27713007 |
|
6 |
10138346 |
04/01/2013 * |
755,900,000.00 |
STATE BANK OF INDIA |
SIB SAIFABAD BRANCH, HYDERABAD, HACA BHAVAN, OPP. |
B68743202 |
|
7 |
90082089 |
17/09/2005 * |
90,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BARANCH, BISRA CHOWK, ROURKELA, ORISSA, INDIA |
- |
|
8 |
90081719 |
06/12/2001 * |
1,700,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, BISRA CHOWK, ROURKELA, ORISSA |
- |
|
9 |
90079163 |
12/08/2015 * |
593,200,000.00 |
STATE BANK OF INDIA |
SME BRANCH, ROURKELA, BISRA CHOWK, ROURKELA, ORISSA - 769001, INDIA |
C61696613 |
|
10 |
90080767 |
22/01/2004 * |
1,700,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, BISRA CHOWI, ROURKELA, ORISSA |
- |
* Date of charge modification
FIXED ASSETS
Tangible assets
· Land
· Buildings
· Plant and equipment
· Factory equipment’s
· Furniture and fixtures
· Vehicles
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 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 |
|
UK Pound |
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.73.99 |
INFORMATION DETAILS
|
Information Gathered
by : |
DIP |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
GEET |
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 |
4 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--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.