MIRA INFORM REPORT
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Report No. : |
338871 |
|
Report Date : |
03.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
DHUNSERI PETROCHEM LIMITED |
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Formerly Known
As : |
DHUNSERI PETROCHEM AND TEA LIMITED |
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Registered
Office : |
Dhunseri House, 4-A, Woodburn Park, Kolkata - 700020, West Bengal |
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Tel. No.: |
91-33-22836128 / 33 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
11.05.1916 |
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Com. Reg. No.: |
002697 |
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Capital
Investment / Paid-up Capital : |
Rs.350.300 Million |
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CIN No.: [Company Identification
No.] |
L15492WB1916PLC002697 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction and
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of manufacturing
and trading of polyethylene terephthalate (PET) resins. |
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No. of Employees
: |
Information declined by the management. |
RATING and COMMENTS
|
MIRA’s Rating : |
A (57) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial and operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Dhunseri Petrochem and Tea Limited incorporated on 11th
May, 1916 it is a well-established company having fine track. The company has reported decline into its sales turnover and profit margin
during FY 15. The rating reflects company’s healthy operational risk profile marked
by adequate financial base and sound profitability margins of the company. The above ratings continue to draw strength from the established long
track record of the company and relevant experience of the promoters and the
management team in the petrochem sector. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal 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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
CARE |
|
Rating |
Long Term Bank Facilities (Term Loan) = A |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
October 16, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term bank Facilities (Non-Fund Based) = A1 |
|
Rating Explanation |
Very Strong degree of safety and carry lowest credit risk. |
|
Date |
October 16, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE
CONTACT NO.: 91-22-22836128
LOCATIONS
|
Registered Office : |
Dhunseri House, 4-A, |
|
Tel. No.: |
91-33-22821950 / 22836128 – 33 |
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Fax No.: |
91-33-22878350 / 22801956 / 22834216 / 22836056 |
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E-Mail : |
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Website : |
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PET RESIN PLANT |
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Unit I : |
JL-126, Mouza-
Basudevpur, PS Durgachak, Haldia, District Midnapore (East) - 721602, West
Bengal, India |
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Unit II : |
JL-126, Mouza - Basudevpur,
PS Durgachak and JL-145 Mouza - Paranchak, PS Bhabanipur, Haldia, District:
Midnapore (East) - 721 602, West Bengal, India |
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Tea Estates/
Factories : |
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Tea Blending/ Packeting Unit |
SP-534-A,
Sitapura Industrial Area, Jaipur, Rajasthan. Dhunseri
Tea Estate, P.O. Mazbat, Assam, Pin: 784507, India |
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|
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ITSEZ |
Dhunseri
IT Park, Kolkata IT Park, SEZ, Kolkata Leather Complex Bantala, South 24
Paraganas, West Bengal, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. P K Khaitan |
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Designation : |
Director |
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Name : |
Mr. J P Kundra |
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Designation : |
Director |
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Name : |
Dr. B Sen |
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Designation : |
Director |
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Name : |
Mr. Y F Lombard |
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Designation : |
Director |
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Name : |
Mr. A Bagaria |
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Designation : |
Director |
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Name : |
Mr. R N Bhardwaj |
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Designation : |
Director |
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Name : |
Mr. D P Jindal |
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Designation : |
Director |
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Name : |
M Bhanuka |
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Designation : |
Vice Chairman and Managing Director |
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Name : |
Mr. B Chattopadhyay |
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Designation : |
Managing Director and CEO |
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Name : |
Mr. R K Sharma |
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Designation : |
Executive Director (Finance) |
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Name : |
Ms. S.Mookim |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. K V Balan |
|
Designation : |
Company Secretary and Compliance
Officer |
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Name : |
Mr. V. Goel |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. C. K. Dhanuka |
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Designation : |
Executive Chairman |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
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||
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(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
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|
907383 |
2.59 |
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|
22658299 |
64.69 |
|
|
23565682 |
67.28 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
23565682 |
67.28 |
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(B) Public Shareholding |
||
|
|
|
|
|
|
1200 |
0.00 |
|
|
4345 |
0.01 |
|
|
1175 |
0.00 |
|
|
2181113 |
6.23 |
|
|
2308641 |
6.59 |
|
|
2308641 |
6.59 |
|
|
4496474 |
12.84 |
|
|
|
|
|
|
1642101 |
4.69 |
|
|
|
|
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Individual shareholders
holding nominal share capital up to Rs. 0.100 Million |
4280032 |
12.22 |
|
Individual shareholders holding
nominal share capital in excess of Rs. 0.100 Million |
823746 |
2.35 |
|
|
216719 |
0.62 |
|
|
1355 |
0.00 |
|
|
105174 |
0.30 |
|
|
1348 |
0.00 |
|
|
1134 |
0.00 |
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|
107708 |
0.31 |
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|
6962598 |
19.88 |
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Total Public shareholding
(B) |
11459072 |
32.72 |
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Total (A)+(B) |
35024754 |
100.00 |
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(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
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) |
35024754 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of
manufacturing and trading of polyethylene terephthalate (PET) resins. |
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Products : |
Polyethylene Terephthalate (PET) resins |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
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 : |
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Facilities : |
Note : Long-term
Borrowings
Short-term
borrowings Nature of Security Other Loans from
Banks/Loans Repayable on demand from Banks (i) To the extent of Rs.6706.100 Million (Previous Year- Rs.8996.900 Million): First charge by way of hypothecation ranking pari-passu over all present and future inventories, consumables, stores and spares, book debts and all other movables of Petrochem Division. Secured/to be secured by joint mortgage on pari-passu second charge basis on all the immovable properties of the PET Plant I and II situated at JL-126, Mouza- Basudevpur, PS Durgachak and JL-145, Mouza Paranchak, PS Bhabanipur, Haldia, Midnapore (East), West Bengal together with all the buildings and structures thereon including fixed plant and machinery and fixtures and fittings permanently fastened to the earth or fastened to anything attached to the earth. (ii) To the extent of Rs. Nil (Previous Year- Rs.80.100 Million): Secured by a first hypothecation charge on the current assets of the Company’s erstwhile Tea Division, viz. stock of raw materials, stock-in-process, semi-finished and finished goods, stores and spares not relating to plant and machinery, bills receivable, book debts and all other movables, both present and future, wherever situated. Secured by a first hypothecation charge on the movable fixed assets of the Tea Division of the Company and equitable mortgage over the immovable properties by deposit of title deeds of tea estates. (iii) To the extent of Rs. Nil (Previous Year- Rs.490.000 Million): Secured by way of lien against fixed deposit with bank. |
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Auditors : |
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Name : |
Lovelock and Lewes Chartered Accountants |
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Cost Auditors : |
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Name : |
Mani and Company Cost Accountants |
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Secretarial
Auditor: |
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Name : |
Mamta Binani Practising Company Secretary |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiary
Companies: |
(1) Egyptian Indian Polyester Company S.A.E. (2) Dowamara Tea Company Private. Limited (up to 20.03.2014) (3) Dhunseri Petrochem and Tea Pte Limited (up to 31.03.2014) (4) Dhunseri Tea and Industries Limited (up to 31.03.2014) (5) Dhunseri Infrastructure Limited (acquired during the year ended 31.03.2014) |
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Subsidiaries of
Dhunseri Petrochem and Tea Pte Ltd. |
(1) Makandi Tea and Coffee Estates Limited (up to 31.03.2014) (2) Kawalazi Estate Company Limited (up to 31.03.2014) |
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|
Group Companies (i.e.
Companies in which Key Management Personnel is able to exercise significant
influence) : |
(1) Naga Dhunseri Group Limited (2) Trimplex Investments Limited (3) Mint Investments Limited (4) Dhunseri Investments Limited (5) Dhunseri Tea and Industries Limited (w.e.f 01.04.2014) (6) Dhunseri Petrochem and Tea Pte Limited (w.e.f 01.04.2014) |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
351,220,000 |
Equity Shares |
Rs.10/- each |
Rs.3512.200 Million |
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35,024,754 |
Equity Shares |
Rs.10/- each |
Rs.350.200 Million |
|
|
Add: Shares Forfeited |
|
Rs.0.100 Million |
|
|
Total |
|
Rs.350.300
Million |
a)
Reconciliation of the number of shares
|
Equity Shares |
Number of Shares |
Rs. In Million |
|
Balance as at the beginning of the year |
35,024,754 |
350.200 |
|
Balance as at the end of the year |
35,024,754 |
350.200 |
b) The Company has one class of equity share having a par value of Rs.10/- each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in the case of interim dividend. In the event of liquidation the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
c) List of
shareholders holding more than 5% of Issued, Subscribed and Paid-up share.
|
Name of
Shareholder |
Number of Shares |
% holding |
|
Dhunseri Investments Limited |
12,438,778 |
35.51% |
|
Naga Dhunseri Group Limited |
3,078,759 |
8.79% |
|
Yves Lombard Asset Management A G |
3,795,054 |
10.84% |
|
International Finance Corporation |
2,308,641 |
6.59% |
d) Shares allotted as fully paid pursuant to contracts without payment being received in cash (during five years immediately preceding 31st March, 2015) During the year 2010-11- 23,313,859 Equity Shares of Rs.10/- each were issued as fully paid up, issued pursuant to the scheme of arrangement without payment being received in cash.
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 |
350.300 |
350.300 |
350.300 |
|
(b) Reserves and Surplus |
5387.500 |
8058.400 |
7545.100 |
|
(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) |
5737.800 |
8408.700 |
7895.400 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
5049.900 |
4290.700 |
4001.500 |
|
(b) Deferred tax
liabilities (Net) |
982.300 |
978.800 |
841.700 |
|
(c) Other long term
liabilities |
0.300 |
5.300 |
5.000 |
|
(d) long-term provisions |
42.000 |
29.200 |
22.800 |
|
Total Non-current
Liabilities (3) |
6074.500 |
5304.000 |
4871.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
7022.900 |
11508.300 |
10992.600 |
|
(b) Trade payables |
1410.000 |
2250.700 |
2530.400 |
|
(c) Other current
liabilities |
1897.400 |
1422.300 |
936.800 |
|
(d) Short-term provisions |
174.400 |
198.200 |
212.400 |
|
Total Current Liabilities
(4) |
10504.700 |
15379.500 |
14672.200 |
|
|
|
|
|
|
TOTAL |
22317.000 |
29092.200 |
27438.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7040.600 |
8771.400 |
8753.000 |
|
(ii) Intangible Assets |
13.800 |
14.200 |
14.800 |
|
(iii) Capital
work-in-progress |
279.600 |
1291.400 |
1175.900 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
2108.700 |
2630.800 |
2244.400 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
17.800 |
95.700 |
256.000 |
|
(e) Other Non-current
assets |
561.000 |
50.300 |
51.500 |
|
Total Non-Current Assets |
10021.500 |
12853.800 |
12495.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
380.600 |
362.900 |
330.000 |
|
(b) Inventories |
3126.700 |
4630.500 |
4626.600 |
|
(c) Trade receivables |
1668.100 |
4718.400 |
5260.000 |
|
(d) Cash and cash
equivalents |
4183.500 |
2715.300 |
1874.200 |
|
(e) Short-term loans and
advances |
1866.300 |
1956.800 |
1420.900 |
|
(f) Other current assets |
1070.300 |
1854.500 |
1431.300 |
|
Total Current Assets |
12295.500 |
16238.400 |
14943.000 |
|
|
|
|
|
|
TOTAL |
22317.000 |
29092.200 |
27438.600 |
PROFIT
and LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
27741.000 |
38815.300 |
22550.200 |
|
|
Other Income |
386.600 |
302.400 |
211.700 |
|
|
TOTAL |
28127.600 |
39117.700 |
22761.900 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
22641.300 |
32487.700 |
20087.300 |
|
|
Purchases of
Stock-in-Trade |
169.100 |
50.100 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
426.300 |
208.400 |
(1460.200) |
|
|
Employees benefits
expense |
279.600 |
240.500 |
197.500 |
|
|
Other expenses |
2985.700 |
4278.600 |
2512.300 |
|
|
TOTAL |
26502.000 |
37265.300 |
21336.900 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1625.600 |
1852.400 |
1425.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
594.600 |
595.600 |
331.200 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1031.000 |
1256.800 |
1093.800 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
364.400 |
431.200 |
325.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
666.600 |
825.600 |
768.500 |
|
|
|
|
|
|
|
Less |
TAX |
289.400 |
78.500 |
-0.900 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
377.200 |
747.100 |
769.400 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
1748.800 |
1261.700 |
752.500 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
37.700 |
74.900 |
77.000 |
|
|
Dividend |
140.100 |
157.600 |
157.600 |
|
|
Tax on Dividend |
28.500 |
27.500 |
25.600 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
1919.700 |
1748.800 |
1261.700 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Exports on FOB Basis |
11071.900 |
20288.300 |
9065.400 |
|
|
Miscellaneous Claims |
1.600 |
10.300 |
0.000 |
|
|
Service Charges Received |
0.000 |
2.500 |
0.000 |
|
|
TOTAL EARNINGS |
11073.500 |
20301.100 |
9065.400 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
8135.400 |
12491.800 |
7128.800 |
|
|
Capital Goods |
5.200 |
0.000 |
149.400 |
|
|
Stores and Spares |
363.400 |
395.300 |
42.400 |
|
|
Traded Goods |
169.100 |
50.100 |
0.000 |
|
|
TOTAL IMPORTS |
8673.100 |
12937.200 |
7320.600 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
10.77 |
21.33 |
21.97 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
840.700 |
818.500 |
439.300 |
|
Cash generated from operations |
6299.700 |
911.700 |
(6724.100) |
|
Net Cash from Operating Activities |
6250.800 |
668.400 |
(6850.200) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.36 |
1.92 |
3.41 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
5.86 |
4.77 |
6.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.34 |
3.28 |
3.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.10 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.25 |
1.98 |
1.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17 |
1.06 |
1.02 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.80.00/- |
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 |
350.300 |
350.300 |
350.300 |
|
Reserves and Surplus |
7545.100 |
8058.400 |
5387.500 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
7895.400 |
8408.700 |
5737.800 |
|
|
|
|
|
|
long-term borrowings |
4001.500 |
4290.700 |
5049.900 |
|
Short term borrowings |
10992.600 |
11508.300 |
7022.900 |
|
Current maturities of
long term debt |
439.300 |
818.500 |
840.700 |
|
Total borrowings |
15433.400 |
16617.500 |
12913.500 |
|
Debt/Equity ratio |
1.955 |
1.976 |
2.251 |
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 |
22550.200 |
38815.300 |
27741.000 |
|
|
|
72.128 |
-28.531 |
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 |
22550.200 |
38815.300 |
27741.000 |
|
Profit |
769.400 |
747.100 |
377.200 |
|
|
3.41% |
1.92% |
1.36% |
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 |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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 |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
Loan Repayable on demand from Banks [includes Rs.80.900 Million (Previous Year Rs.570.000 Million) on account of bills discounted]. |
316.800 |
1671.100 |
|
Other Loans from Banks |
0.000 |
270.200 |
|
Total |
316.800 |
1941.300 |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
a) Claims against the Company not acknowledged as debts |
|
|
|
(i) Customs Demand - matter under dispute |
-- |
@ |
|
(ii) Service Tax Demand - matter under dispute |
2.700 |
1.800 |
|
(iii) Income Tax-matter under dispute |
-- |
8.300 |
|
(iv) Entry Tax -matter under dispute |
201.800 |
117.600 |
|
It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolution of the respective proceedings. |
|
|
|
(b) Standby Letters of Credit issued in connection with loan taken by Dhunseri Petrochem and Tea Pte Limited, a related party, from a bank, in connection with its acquisition of two subsidiary companies. (Restricted to outstanding balance of related exposure) |
652.900 |
793.300 |
|
(c) Bank Guarantee |
44.500 |
23.300 |
|
(d) The Company does not expect any reimbursements in respect of the above contingent liabilities |
|
|
|
@ Amount is below the rounding off norm adopted by the Company. |
||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10564046 |
31/03/2015 |
750,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, 2ND FLOOR, RELIA |
C51103240 |
|
2 |
10541902 |
22/12/2014 |
750,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ |
C39827084 |
|
3 |
10435851 |
06/08/2015 * |
1,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, 2ND FLOOR, RELIA |
C62261078 |
|
4 |
10397937 |
19/07/2013 * |
564,749,000.00 |
DBS BANK LTD. (ACTING AS AN SECURITY AGENT) |
4A, LITTLE RUSSEL STREET,, KOLKATA, WEST BENGAL - |
B79791737 |
|
5 |
10383354 |
17/10/2012 |
275,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, 2ND FLOOR, RELIA |
B60831567 |
|
6 |
10345927 |
20/12/2013 * |
3,980,000,000.00 |
BANK OF BARODA |
CAMAC STREET BRANCH, 3B CAMAC STRRET, KOLKATA, WE |
B92340231 |
|
7 |
10306896 |
20/09/2011 * |
1,728,000,000.00 |
STATE BANK OF INDIA |
CAG BRANCH, 34, J L NEHRU ROAD, RELIANCE HOUSE, K |
B20935292 |
|
8 |
10307463 |
20/09/2011 * |
720,000,000.00 |
STATE BANK OF INDIA |
CAG BRANCH, 34 J L NEHRU ROAD, RELIANCE HOUSE, KO |
B21175831 |
|
9 |
10308746 |
29/06/2013 * |
190,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH, 1 SHAKESPEARE SARANI, A |
B82666728 |
|
10 |
10246346 |
13/06/2012 * |
160,000,000.00 |
UNITED BANK OF INDIA |
CALCUTTA BRANCH, 4, N. C. DUTTA SARANI, KOLKATA, |
B45124542 |
* Date of charge modification
OPERATIONS
The production of PET resin decreased from 412038 MT in 2013-14 to 349263 MT in 2014-15 partially due to shutdown of Plant I as decided by the Board after considering demand and supply situation. Production was also affected due to irregular availability of the main raw material (PTA).
The domestic sales volume increased from 172732 MT in 2013-14 to 193983 MT in 2014-15 i.e. an increase by 12%.
The export sales volume decreased from 241454 MT in 2013- 14 to 154422 MT in 2014-15 i.e. a decrease by 36%.
As was informed in the last year’s report, in view of EC’s review of Anti-dumping and subsequent withdrawal of Anti-dumping duty on PET resin, exports from the Company stopped in the end of FY 2013-14. Hence there were no exports to European Union in the FY 2014-15. This also added to lower offtake.
The bottom line of the Company was impacted due to the provisional Anti-dumping duty imposed on PTA which resulted in a higher raw material procurement cost for the Company and sudden crash in crude oil prices resulted in reduced margin.
The Directors wish to inform that the Company has invested Rs.3792.500 Million in Fixed Deposits (FDs) with Banks and Rs.380.600 Million in Mutual Fund schemes as at March 31, 2015. These investments are classified as current assets. These two together constitute 18.70% of the total assets of the Company as on the said date. The Company earned an interest of Rs. 235.500 Million on the FDs and profit on sale of current investments of Rs.18.200 Million during the FY 2014-15. These two nature of treasury investments have grown over the period and become a major component of the business operations of the Company. The risks and returns in the said treasury investment operations are different from the Company’s Polyester chips manufacturing business activity. Hence, the Company intends to show the said treasury investment operations as a separate primary business segment with effect from April 1, 2015.
MANAGEMENT DISCUSSION
AND ANALYSIS
GLOBAL ECONOMY AND
OUTLOOK
The year 2014-15 was witness to a slowdown in the global economy. The emerging economies of China and India experienced moderated economic growth while the advanced economies of the US and the eurozone witnessed an improving recovery from the recession that started in 2010. The year remained fraught with crude oil price volatility, slowdown in the Chinese economy, trade protection among others.
The advanced nations of the US and the UK improved their economic outlook aided by accommodative monetary policies and significantly lower energy costs. Chinese GDP growth was 7.4% during 2014 and is expected to slow significantly in 2015 to around 7%. The Chinese Government aims to reduce the impact from this slowdown by reducing focus on exports and growing domestic consumption.
As per World Bank estimate, it is expected that global growth should increase at around 2.80% in 2015 and accelerate to touch around 3.20% by 2017.
INDIAN ECONOMY AND
OUTLOOK
The macroeconomic scenario in India witnessed an improvement in the year 2014-15 as compared to the previous year. There was a decline in both wholesale and retail inflation, rising domestic demand, increased capital expenditure, stable exchange rates and sharply reduced outflows on account of oil imports. The previous few years were marked by sharply rising inflation, widening fiscal deficit, stagnating demand, current account imbalances and fluctuations in the value of the rupee against the dollar.
The decline in inflation was further aided by the sharp fall in prices of crude oil to the extent of over 40% and also declines in major industrial commodities towards the end of 2014.
The latest estimates of national income indicate that growth revival, which had commenced in 2013-14, continued into 2014-15.
As per the Economic Survey 2015, India grew by an estimated 7.4% in 2014-15 as against 6.9% in 2013-14. The forecasts of the World Bank and IMF expect the Indian GDP growth rate to remain approximately 7.5% during 2015-16 and reach approximately 8% in 2017-18. Possibilities abound for the Indian GDP growth to sharply accelerate in the next five years by capitalising on investment-led growth, economic reforms and favourable demographics.
PET RESIN INDUSTRY
SECTORAL OVERVIEW
PET resin is a thermoplastic polyester produced by reacting two raw materials, PTA and MEG, is used in manufacture of PET bottles and packaging film. PET bottles represent preferred packaging material for a range of beverages and edibles because of durability, high clarity, low permeability and freshness retention.
The global PET packaging consumption is expected to grow at a CAGR of 5.4% between 2014 and 2019 driven by the burgeoning demand from emerging and transitional economies in the Asia Pacific, South America as well as Central and Eastern Europe.
Benefits of PET over
other packaging media
PET has several advantages over other forms of packaging. Packaging made of PET is strong as well as lightweight, flexible yet near-unbreakable. PET packaging is normally inert in atmospheric conditions and does not react with its contents and is also resistant to microorganisms. The energy intensity of PET is also considered to be considerably lower than other forms of packaging such as glass and aluminium for bottling.
Factors driving
demand for the use of PET resin
Expanding middle class; rise in disposable incomes: For the first time in history, a global middle class is expected to emerge. By 2030, the global middle class could double from 2 billion people today to 4.9 billion. This expansion is expected to be led primarily by the rapid growth of China, India, Indonesia, Thailand, Vietnam and Malaysia. Asia’s share of the new global middle class could double from the present 30%. Brookings Institution predicts that by 2030, Asia could host over 60% of the global middle class and account for over 40% of the global middle class consumption. This phenomenon could cause a substantial increase in disposable incomes and a consequential rise in purchasing power. The PET resin industry is expected to emerge as a major beneficiary of this phenomenon.
Durable: Bottles made from PET are more durable and lighter. PET packaging provides a better barrier properties when compared with other media with a lower tendency to allow odourous elements through the bottle walls. These properties have expanded the market for PET packaging and PET is now being used for the packaging of dairy and alcoholic beverages (beer and liquor).
Hygienic: PET-based packaging provides high resistance to attacks from microorganisms; it does not react with foods and beverages. PET bottles and packaging are easy to clean, break-resistant, shatterproof under extreme impact punishment, heat-resistant and odourless. It is for these reasons that PET packaging is preferred over other media (glass and aluminium packaging) for foods and beverages.
Cost-effective: PET-based packaging is one of the most economical media for packaging and transportation of food and beverages. PET-based packaging is light while at the same time durable and robust that prevents loss from transit damage and breakage. This property has prompted food and beverage manufacturers to shift from other forms of packaging to PET.
Transparent: PET-based packaging has high transparency similar to glass, thereby allowing its contents to be clearly visible. This property is driving the demand for PET based packaging as it provides visual appeal to buyers and allows them to see the condition of packaged items.
Rapidly expanding
FMCG and packaging
Market: A population of 1.25 billion Indians is rapidly expanding and driving the Indian FMCG market growth to an estimated $49 billion in 2016. The growth of the packaging industry rides the growth of the FMCG sector. The FMCG markets in India’s neighbouring countries (Bangladesh, Nepal and Bhutan) also continue to grow rapidly, riding the increasing number of people graduating out of poverty.
Indian PET resin
industry
The Indian PET resin industry derives its growth from the rapidly expanding FMCG packaging industry. The annual growth of the Indian packaging sector is estimated at about 15%. McKinsey has predicted that there could be a ten old increase in India’s middle-class population by 2025 leading to a sharp increase in disposable incomes, the Indian FMCG packaging market size and therefore PET consumption.
The Indian PET resin market is estimated to be around $1billion and is expected to grow at a CAGR of approximately 8.6% between 2014 and 2019. The market witnessed robust growth over five years on account of increasing demand from downstream packaging and bottling industries.
International PET
resin industry
It is expected that the Asia-Pacific region will be the major consumer of PET resin from 2015 leading to 2019. The Asia Pacific continues to be the largest market for PET resin (value and volume). The emerging markets of China and the Indian subcontinent are expected to drive PET resin demand in the bottling and food packaging segments. The Asia Pacific PET packaging consumption is expected to report a CAGR of approximately 6.3% upto 2019. The major players in the global PET resin market are Indorama Ventures Public Company (Thailand), M and G Chemicals (Luxembourg), Jiangsu Sanfangxiang Group (China), Far Eastern New Century Corporation (Taiwan), Alpex (Mexico) and DAK Americas, the US.
Global outlook for
the PET resin industry
The global PET packaging consumption is expected to grow at a CAGR of 5.4% between 2014 and 2019 due to the advantages that PET offers as a packaging material over alternatives such as glass, paper and metal. Globally, the end-use of PET resin is dominated by the bottle, food and container packaging segments, which account for approximately 65% of the market share.
OUTLOOK
The growth rate of the Indian packaging sector is projected to be close to 15% over the next 10 years and is expected to mirror the rise in the FMCG sector in India. India’s current demographic profile shows that half of the Indian population is currently under the age of 25 years and an increasing number of Indians are joining the workforce with rising disposable incomes. The sharp rise in disposable incomes along with the increased propensity to consume will trigger a sharp rise in the Indian FMCG markets and PET packaging is expected to be a significant beneficiary of this trend.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30.06.2015
(Rs. in million)
|
|
|
Particulars |
|
Quarter Ended |
|
|
|
|
|
|
|
30.06.2015 [Unaudited] |
|
1 |
Income from Operations |
|
|
|
|
|
|
|
Sales/Income from Operations (Gross) |
|
|
6417.200 |
|
|
|
Less: Excise Duty |
|
|
- |
|
|
a) Net Sales/Income from Operations (net of excise duty) |
|
|
6417.200 |
|
|
|
b) Other Operating Income |
|
|
139.900 |
|
|
|
Total Income from Operations (Net) |
|
|
6557.100 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
|
|
5140.400 |
|
|
b) |
Purchase of stock in-trade |
|
|
0.000 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
|
|
(108.100) |
|
|
d) |
Employee benefit expenses |
|
|
86.600 |
|
|
e) |
Depreciation and amortization expense |
|
|
104.500 |
|
|
f) |
Other
expenses |
|
|
735.700 |
|
|
g) |
Foreign
exchange gain / loss on monetary items |
|
|
126.700 |
|
|
Total Expenses |
|
|
6085.800 |
|
|
3 |
|
Profit
/(Loss) from operations before other income, finance costs and exceptional
items (1-2) |
|
|
471.300 |
|
4 |
Other
Income |
|
|
74.900 |
|
|
5 |
|
Profit
/(Loss) from ordinary activities before finance costs and exceptional items
(3+4) |
|
|
546.200 |
|
6 |
Finance
Costs |
|
|
(170.100) |
|
|
7 |
|
Profit /(Loss)
from ordinary activities after finance costs but before exceptional items
(5-6) |
|
|
376.100 |
|
8 |
Exceptional
Items |
|
|
0.000 |
|
|
9 |
Profit /(Loss) from ordinary activities
before tax |
|
|
376.100 |
|
|
10 |
Tax
Expense |
|
|
|
|
|
|
Current
Tax |
|
|
(80.000) |
|
|
|
Adjustment
for earlier year |
|
|
-- |
|
|
|
Deferred
Tax |
|
|
(30.000) |
|
|
11 |
Net Profit /(Loss) from ordinary activities
after tax (9-10) |
|
|
266.100 |
|
|
12 |
Extraordinary
items (net of tax expense) |
|
|
-- |
|
|
13 |
Net Profit /(Loss) for the period (11-12) |
|
|
266.100 |
|
|
14 |
Paid up
equity share capital (Eq. shares of
Rs.10/- each) |
|
|
350.300 |
|
|
15 |
Reserve
excluding revaluation reserves |
|
|
-- |
|
|
16 |
|
Earnings per
share (before/after extraordinary items) of
Rs.10/- each |
|
|
|
|
|
|
Basic |
|
|
7.60 |
|
|
|
Diluted |
|
|
7.60 |
|
|
|||||
|
A |
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of
Shares |
|
|
11459072 |
|
|
|
-
Percentage of Shareholding |
|
|
32.72 |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number
of shares |
-- |
-- |
-- |
|
|
|
- Percentage
of shares ( as a % of the total shareholding of the promoter and promoter
group) |
-- |
-- |
-- |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
-- |
-- |
-- |
|
|
|
b) Non-
encumbered |
|
|
|
|
|
|
- Number
of shares |
|
|
23565682 |
|
|
|
-
Percentage of shares ( as a % of the total shareholding of the promoter and
promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
|
|
67.28 |
|
|
Particulars |
Quarter ended
30.06.2015 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Received during the quarter |
Nil |
|
|
|
Disposed during the quarter |
Nil |
|
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENTWISE
REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED ON 30.06.2015
|
Particulars |
|
Quarter Ended |
|
|
|
|
|
30.06.2015 [Unaudited] |
|
Segment Revenue (Sales and Other Operating
Income) |
|
|
|
|
Polyester Chips |
|
|
6466.900 |
|
Treasury operations |
|
|
90.200 |
|
Net Sales / Income and interdivisional transfers |
|
|
6557.100 |
|
Less: Inter-segment transfers |
|
|
-- |
|
Net Sales / Income from operation |
|
|
6557.100 |
|
Segment Results: |
|
|
|
|
[Profit/ (Loss)
before tax and interest from each segment] |
|
|
|
|
Polyester Chips |
|
|
442.200 |
|
Treasury operations |
|
|
90.100 |
|
TOTAL |
|
|
532.300 |
|
Less: Financial Cost |
|
|
(170.100) |
|
Other
unallocable expenditure, net of unallocable income |
|
|
13.900 |
|
Total Profit/
Loss –before tax |
|
|
376.100 |
|
Capital Employed: |
|
|
|
|
Polyester Chips |
|
|
12514.600 |
|
Treasury operations |
|
|
4173.100 |
NOTE
1. Pursuant to the Scheme of Arrangement (the Scheme), duly sanctioned by the Honble High Court at Calcutta at the hearing held on 7th August, 2014, with effect from the appointed date i.e. 1st April 2014, the "Tea Division" of the Company engaged in the business of cultivation, production and marketing of tea, together with ail its assets, liabilities etc. stands transferred as a going concern by way of demerger to Dhunseri Tea and Industries Limited (DTIL) and the "IT SEZ Division" engaged in the business of providing infrastructure facilities in the Information Technology/ Information Technology Enabled Services units with Special Economic Zone status together with all its assets, liabilities etc. stands reorganized and transferred as a going concern to Dhunseri Infrastructure Limited (DIL). Upon filing of the certified copy of the Court Order with the Registrar of Companies on 1st September, 2014, the Scheme has become operative on and from the said date and accordingly results for the corresponding quarter ended 30th June, 2014 (duly recast after giving effect to the Scheme with retrospective effect from 1st April, 2014) relates to the existing business of the Company.
2. The Plant II of the Company at Haldia was taken under shutdown from 11th June, 2015 for adverse market condition/increased import of PET into India and accordingly the performance for the current quarter has been impacted.
3. a) Upto the previous year ended 31st March, 2015, the Company's business was organized as a single business segment. However, pursuant to reorganization of its business operations and related internal reporting/monitoring system with effect from the current quarter, the Company has identified primary business segments namely "Polyester Chips" and 'Treasury Operations" and has disclosed segment information accordingly. As the Company was organized as a single business segment upto the previous quarter, it is not practicable to ascertain the comparative figures for previous periods. Previous period figures have been regrouped/ rearranged wherever necessary.
4. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 7th August, 2015.The statutory auditors of the Company have also carried out limited review of the results.
5. The figures for the quarter ended 31st March. 2015 are balancing figures between audited figures in respect of full financial year ended and the published year to date figures up to the third quarter ended 31st December, 2014.
FIXED ASSETS
Tangible Assets
- Leasehold Land
- Freehold Land
- Land and Estate Development
- Buildings
- Plant and Equipment
- Office Equipment
- Furniture and Fixtures
- Vehicles
Intangible Assets
- Computer Software
- Technical Know-how
CMT REPORT (Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.66.16 |
|
|
1 |
Rs.101.22 |
|
Euro |
1 |
Rs.74.61 |
INFORMATION DETAILS
|
Information Gathered
by : |
KMN |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
57 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial and operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.