MIRA INFORM REPORT
|
Report No. : |
339671 |
|
Report Date : |
08.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
RAMA PHOSPHATES LIMITED |
|
|
|
|
Registered
Office : |
812, Raheja Chambers, Nariman Point, Mumbai – 400 021, Maharashtra |
|
Tel. No.: |
91-22-22834123 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
03.09.1984 |
|
|
|
|
Com. Reg. No.: |
11-033917 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.176.743 million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24110MH1984PLC033917 |
|
|
|
|
TIN No.: |
Not Available |
|
|
|
|
IEC No.: |
0388131721 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMR15092A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR7191Q |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of phosphatic
fertilizers such as powder and granulated single super phosphates; and
various grades of mixed fertilizers, including NPK, as well as industrial
chemicals comprising sulphuric acid, oleum, etc. and Soya Oil and Chemicals. |
|
|
|
|
No. of Employees
: |
545 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit: |
USD 3300000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in 1984, is promoted by the Ramsinghani family,
it is established company having a moderate track record. The company faced significant pressure on sales in 2013-2014 and
2014-15, which has curtailed its pricing flexibility and hence its
profitability. The revenue of the company contracted, which coupled with a
steep decline. In operating profitability resulted in company cash accruals
declining. The significant decline in cash accruals generated is expected to
put pressure on liquidity. The company ratings continue to be driven by its strong capital
structure backed by long track record and experience promoter in the
industry. However, trade relations are reported to be fair. Business is active.
Payment terms are reported to be slow correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BB |
|
Rating Explanation |
Inadequate credit quality and high credit
risk |
|
Date |
03.12.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
03.12.2014 |
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
31-03-2014.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 BY
|
Name : |
Ms. Archana |
|
Designation : |
H.R. Assistant |
|
Contact No.: |
91-22-22834123 |
|
Date : |
04.09.2015 |
LOCATIONS
|
Registered Office : |
812, Raheja Chambers, Nariman Point, Mumbai – 400 021, Maharashtra,
India |
|
Tel. No.: |
91-22-22833355/ 22834182 |
|
Fax No.: |
91-22-22049946 |
|
E-Mail : |
rama@ramagroup.co.in |
|
Website : |
|
|
|
|
|
Corporate Office : |
51-52, Free Press House, Nariman Point, Mumbai – 400 021, Maharashtra,
India |
|
Tel. No.: |
91-22-22833355/ 22834182 |
|
Fax No.: |
91-22-22049946 |
|
E-Mail : |
|
|
|
|
|
FERTILIZER AND
CHEMICAL DIVISION : |
|
|
|
|
|
Pune Office cum Factory 1 |
At P.O. Loni Kalbhor, Pune Solapur Road, Taluka
Haveli, District Pune – 412 201, Maharashtra,
India |
|
Tel. No.: |
91-20-26914642 |
|
Fax No.: |
91-20-26913479 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
20/4 KM Stone, Indore - Ujjain
Road (Dharampuri), District Indore – 453 557, Madhya Pradesh, India |
|
Tel. No.: |
91-7321-226566 / 226401 |
|
Fax No.: |
91-7321-226401 / 226216 |
|
|
|
|
Factory 3 : |
4807/11 Umra Village, Jamarkotra
Road, Tehsil Girwa, District Udaipur – 313 901, Rajasthan, India |
|
Tel. No.: |
91-294-2342074/ 2342026 |
|
Fax No.: |
91-294-2342070 |
|
E-Mail : |
|
|
|
|
|
SOYA OIL DIVISION :
|
|
|
|
|
|
Factory 4 : |
20/6 KM Stone, Indore - Ujjain
Road (Dharampuri), District Indore – 453 557, Madhya Pradesh, India |
|
Tel. No.: |
91-7321-226566 / 226401 |
|
Fax No.: |
91-7321-226401 / 226216 |
|
|
|
|
Indore Office : |
100, Chetak Centre, R.N.T. Marg,
Indore – 452 001, Madhya Pradesh, India |
|
Tel. No.: |
91-731-2520302-304 |
|
Fax No.: |
91-731-2520301 |
|
E-Mail : |
|
|
|
|
|
Udaipur Office : |
106, 1st Floor, 4-A,
Vinayak Complex, Opposite St. Mary’s School, New Fatehpura, Udaipur – 313
004, Rajasthan, India |
|
Tel. No.: |
91-294-6452218 |
|
|
|
|
Pune Office: |
P.O Loni Kalbhor, Tal,
Haveli, Pune - 412201, Maharashtra, India
|
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Daulat Jaisingh Ramsinghani |
|
Designation : |
Chairman and Managing Director |
|
Address : |
84, NCPA Residential Apartments, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
|
Date of Appointment : |
20.11.1987 |
|
DIN No.: |
00013633 |
|
|
|
|
Name : |
Mr. Haresh Ramsinghani |
|
Designation : |
Director |
|
Address : |
Bunglow No.4, Chancellor Court, Carmichael Road, Mumbai – 400 006,
Maharashtra, India |
|
Date of Appointment : |
31.10.2008 |
|
DIN No.: |
00035416 |
|
|
|
|
Name : |
Mr. Deonath Singh |
|
Designation : |
Director |
|
Address : |
301, Mahatma Phule Bhavan,, Sector 17, Vashi, Navi Mumbai – 400 705,
Maharashtra, India |
|
Date of Appointment : |
01.04.2000 |
|
DIN No.: |
00021741 |
|
|
|
|
Name : |
Mr. Kailasam Raghuraman |
|
Designation : |
Director |
|
Address : |
B - 1, First Floor,, Green Park Extension,, New Delhi – 110 016, India |
|
Date of Appointment : |
17.05.2013 |
|
DIN No.: |
00320507 |
|
|
|
|
Name : |
Shanmugam Muthuswamy |
|
Designation : |
Nominee Director Bank
of India |
|
Address : |
Flat No.201, Nav Regency, Navratan Bagh, 9.3, Manoramaganj, Indore –
452 001, Madhya Pradesh, India |
|
Date of Appointment : |
01.01.2014 |
|
DIN No.: |
06919321 |
|
|
|
|
Name : |
Asis Kumar Thakur |
|
Designation : |
Director |
|
Address : |
Flat No.402, Nav Durga, Govandi Station Road, Deonar ,Chembur, Mumbai
– 400 088, Maharashtra, India |
|
Date of Appointment : |
12.08.2014 |
|
DIN No.: |
00031778 |
|
|
|
|
Name : |
Nilanjana Haresh Ramsinghani |
|
Designation : |
Additional Director |
|
Address : |
Unit 4, Chancellor Court Co-Operative Housing Society,
Peddar Road, Mumbai – 400 026, Maharashtra, India |
|
Date of Appointment : |
31.03.2015 |
|
DIN No.: |
01327609 |
KEY EXECUTIVES
|
Name : |
Mr. Jambu Kumar Parakh |
|
Designation : |
Chief Financial Officer |
|
Address : |
C-603,
Gokul Heaven, Thakur Complex, Kandivali (East), Mumbai – 400 101,
Maharashtra, INDIA |
|
Date of Appointment : |
13.02.2015 |
|
PAN No.: |
AADPP7949L |
|
|
|
|
Name : |
Kiran Prakash Jain |
|
Designation : |
Company Secretary |
|
Address : |
501, Pranav Apartment, Yoginagar, Eksar Road, Borivali (West), Mumbai – 400 092, Maharashtra, India |
|
Date of Appointment : |
13.02.2015 |
|
PAN No.: |
AGFPJ9741G |
SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1507248 |
8.52 |
|
|
60 |
0.00 |
|
|
60 |
0.00 |
|
|
1507308 |
8.52 |
|
|
|
|
|
|
10049755 |
56.80 |
|
|
1712691 |
9.68 |
|
|
1712691 |
9.68 |
|
|
11762446 |
66.48 |
|
Total shareholding of Promoter and Promoter Group (A) |
13269754 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5320 |
0.03 |
|
|
6320 |
0.04 |
|
|
11640 |
0.07 |
|
|
|
|
|
|
1513927 |
8.56 |
|
|
|
|
|
|
2096536 |
11.85 |
|
|
689799 |
3.90 |
|
|
111557 |
0.63 |
|
|
75784 |
0.43 |
|
|
35773 |
0.20 |
|
|
4411819 |
24.94 |
|
Total Public shareholding (B) |
4423459 |
25.00 |
|
Total (A)+(B) |
17693213 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
17693213 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of phosphatic
fertilizers such as powder and granulated single super phosphates; and various
grades of mixed fertilizers, including NPK, as well as industrial chemicals
comprising sulphuric acid, oleum, etc. and
Soya Oil and Chemicals. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
||||||||||
|
|
|
||||||||||
|
Brand Names : |
|
||||||||||
|
|
|
||||||||||
|
Agencies Held : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Exports : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Imports : |
Not Divulged |
||||||||||
|
|
|
||||||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
545(Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
Long Term Borrowings Terms and
Conditions of Borrowings Term Loan of Rs. 173.150 Million (Previous year Rs. 230.612 Million) including current maturity from bank is secured by Exclusive and specific charge on the assets acquired for new GSSP plant at Udaipur. The loan is further collaterally secured with first pari-passu charge along with working capital lender over movable and immovable property situated at Fertiliser division Indore, Udaipur and first pari passu charges along with working capital and other term lenders over movable and immovable property situated at Pune. The said loan is further secured by second charge along with working capital lenders on pari-passu basis over movable and immovable property situated at Oil division Indore. The above loan is further secured along with working capital lenders by first pari-passu charge on Fixed Deposit Receipt of Rs. 10.529 Million (previous year Rs. 9.804 Million) along with equitable mortgage of the property situated at Mumbai owned by another company and guaranteed by personal guarantee of Promoters and corporate guarantee by another company. The Interest on the loan is payable @13.85% p.a (Previous year 13.95% p.a.) as at the year end. The Loan is repayable in 24 quarterly installments starting from May-2012 (Read note no. 7 d). Vehicle loans of Rs. 0.456 Million (Previous year Rs.1.082 Million) including current maturity from Bank are secured by way of Hypothecation of vehicles. Interest on the loans are payable @ 10.50% p.a. (Previous year 10.50% p.a.) as at year end. Loans are repayable in 36 monthly installments starting from February-2013 Vehicle loan of Rs. 3.618 Million (Previous year Rs. Nil) including current maturity from Bank are secured by way of Hypothecation of vehicles. Interest on the loans are payable @ 11.32% p.a. (Previous year Nil) as at year end. Loans are repayable in 60 monthly installments starting from June-2015. Term Loans of Rs. 3.241 Million (Previous year Rs. 25.238 Million) from others are secured by way of first pari-passu charge along with working capital and term loan from banks over movable and immovable properties situated at Pune. Said term loans are further secured by way of first pari-passu charge over immovable property situated at Indore Oil Division. The Interest on the loan is payable @ 9% p.a. (Previous year 9% p.a.) as at year end. The Loan is repayable in 36 quarterly installments starting from April-2009. Short Term Borrowings Terms and Conditions of Borrowings Working Capital facilities from Banks are secured against hypothecation of raw material, stock in process, finished goods, stores and spares, Books debts, Subsidy and first pari-passu charge along with Bank term lender over movable and immovable properties of fertiliser division situated at Indore, Udaipur and first pari passu charges with other term lenders over movable and immovable properties situated at Pune. This is further secured by second charge alongwith term loan from bank, on pari-passu basis over movable and immovable properties of Oil division situated at Indore. The above working capital facilities are further secured along with bank term lender by first pari-passu on Fixed Deposit Receipts of Rs. 10.529 Million (Previous Year Rs. 9.804 Million) along with equitable mortgage of the property situated at Mumbai owned by another Company and guaranteed by personal guarantee of Promoters and Corporate guarantee by another company. The working capital facility carries interest @ 13.35% p.a. on Rs. 3,27.951 Million (Previous year Interest @ 13.45% p.a. on Rs. 3,17.112 Million) @ 14.50% p.a. on Rs. 88.770 Million (Previous year Interest @ 14.50% p.a. on Rs. 86.946 Million), and @13.50% p.a. on Rs. 100.897 Million (Previous year Interest @ 15.50% p.a. on Rs. 23.629 Million). Inter Corporate Deposits are bearing interest @18% p.a. The amounts repayable are Rs. 20.000 Million on 19-04-2015,Rs. 10.000 Million on 30-06- 2015 and Rs. 5.000 Million on 19.07.2015 (Previous year Rs. 50.000 Million bearing interest @18%, repayable up to March-15) |
|
|
|
|
Auditors : |
|
|
Name : |
Dayal and Lohia Chartered Accountants |
|
Address : |
Kamanwala Chmabers, Office No.6 and 7, Sir P.M. Road, Fort, Mumbai – 400 001, Maharashtra, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprise that directly or indirectly through one or
more intermediaries, control, or are controlled by, or under common control
with the reporting enterprise : |
·
NRI Investors Inc. |
|
|
|
|
Enterprises over which any person is able to exercise
significant influence, and with whom transactions have taken place during the
year : |
·
Rama Industries Limited ·
Rama Capital and Fiscals Service Private
Limited ·
Rama Petrochemicals Limited ·
Rainbow Denim Limited ·
Rainbow Agri Industries Limited · Nova Gelicon Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
31000000 |
Equity Shares |
Rs.10/- each |
Rs.310.000 Million |
|
10000000 |
Preference Shares |
Rs.10/- each |
Rs.100.000 Million |
|
|
Total
|
|
Rs.410.000
Million |
|
|
|
|
|
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17693213 |
Equity Shares |
Rs.10/- each |
Rs.176.932 Million |
|
|
Less: Calls Unpaid
(From Others) |
|
Rs.0.189 Million |
|
|
Total
|
|
Rs.176.743
Million |
|
|
|
|
|
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
Rs. In Million |
|
|
31.03.2015 |
|
|
Shares outstanding at the beginning of the year |
17693213 |
176.932 |
|
Shares outstanding at the end of the year |
17693213
|
176.932 |
Details of the rights
preferences and restrictions attaching to each class of shares including restrictions
on the distribution of dividends and the repayment of capital
Equity Shares
The Company has only one
class of Equity shares having a par value of
Rs.10/-. Each holder of
equity shares is entitled to one vote per share. Dividend is payable in the
proportion to the Capital Paid up. In the event of liquidation of the Company
the holders of equity shares will be entitled to receive any of the 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.
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
|
31.03.2015 |
|
|
NRI
Investors Inc. |
9543895 |
53.94% |
|
Pooja
Ramsinghani |
1712691 |
9.68% |
|
Jupiter
Corporate Services Private Limited |
1506696 |
8.52% |
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 |
176.743 |
176.743 |
176.722 |
|
(b) Reserves & Surplus |
979.701 |
1093.975 |
1125.388 |
|
(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) |
1156.444 |
1270.718 |
1302.110 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
16.784 |
43.007 |
129.781 |
|
(b) Deferred tax liabilities (Net) |
1.970 |
50.315 |
63.600 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
5.004 |
4.431 |
23.765 |
|
Total Non-current
Liabilities (3) |
23.758 |
97.753 |
217.146 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
552.618 |
477.687 |
493.070 |
|
(b) Trade
payables |
853.144 |
785.201 |
1031.154 |
|
(c) Other
current liabilities |
172.884 |
220.367 |
273.340 |
|
(d) Short-term
provisions |
26.414 |
33.250 |
64.119 |
|
Total Current
Liabilities (4) |
1605.060 |
1516.505 |
1861.683 |
|
|
|
|
|
|
TOTAL |
2785.262 |
2884.976 |
3380.939 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
321.717 |
341.296 |
364.801 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
57.114 |
59.426 |
28.184 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.250 |
1.249 |
1.249 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
53.446 |
54.865 |
22.401 |
|
(e) Other
Non-current assets |
4.031 |
4.227 |
1.997 |
|
Total Non-Current
Assets |
437.558 |
461.063 |
418.632 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
943.854 |
1203.541 |
913.609 |
|
(c) Trade
receivables |
553.904 |
581.293 |
870.978 |
|
(d) Cash
and cash equivalents |
38.621 |
55.755 |
57.905 |
|
(e)
Short-term loans and advances |
54.683 |
63.129 |
44.307 |
|
(f) Other
current assets |
756.642 |
520.195 |
1075.508 |
|
Total
Current Assets |
2347.704 |
2423.913 |
2962.307 |
|
|
|
|
|
|
TOTAL |
2785.262 |
2884.976 |
3380.939 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
3989.839 |
5317.682 |
6172.851 |
|
|
|
Other Income |
13.255 |
92.887 |
30.692 |
|
|
|
TOTAL |
4003.094 |
5410.569 |
6203.543 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2790.770 |
4528.925 |
4782.201 |
|
|
|
Purchases of Stock-in-Trade |
9.638 |
10.429 |
37.054 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
240.136 |
(318.581) |
(164.793) |
|
|
|
Excise Duty |
(0.672) |
3.035 |
0.590 |
|
|
|
Employees benefits expense |
163.648 |
157.921 |
133.516 |
|
|
|
Other expenses |
796.069 |
924.173 |
909.890 |
|
|
|
TOTAL |
3999.589 |
5305.902 |
5698.458 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3.505 |
104.667 |
505.085 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
102.465 |
96.285 |
111.242 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(98.960) |
8.382 |
393.843 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
37.285 |
41.054 |
42.993 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(136.245) |
(32.672) |
350.850 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(38.558) |
(11.577) |
94.549 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(97.687) |
(21.095) |
256.301 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
357.902 |
389.347 |
149.497 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on equity shares |
0.000 |
8.847 |
14.155 |
|
|
|
Tax on Dividend |
0.000 |
1.503 |
2.296 |
|
|
BALANCE CARRIED
TO THE B/S |
260.215 |
357.902 |
389.347 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials |
778.509 |
100.191 |
833.788 |
|
|
|
TOTAL
IMPORTS |
778.509 |
100.191 |
833.788 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(5.52) |
(1.19) |
14.49 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
7.846 |
6.925 |
6.830 |
|
Cash generated from operations |
143.100 |
284.821 |
339.200 |
|
Net cash flow from operating activity |
143.100 |
238.930 |
145.093 |
QUARTERLY RESULTS
|
Particulars |
30.06.2015 |
|
Unaudited |
Unaudited |
|
Net Sales |
936.360 |
|
Total Expenditure |
891.790 |
|
PBIDT (Excl OI) |
44.570 |
|
Other Income |
NA |
|
Operating Profit |
44.570 |
|
Interest |
20.860 |
|
Exceptional Items |
NA |
|
PBDT |
23.710 |
|
Depreciation |
8.630 |
|
Profit Before Tax |
15.080 |
|
Tax |
NA |
|
Provisions and contingencies |
NA |
|
Profit After Tax |
15.080 |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
15.080 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(2.45) |
(0.40) |
4.15 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
0.09 |
1.97 |
8.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.00) |
(1.16) |
10.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.12) |
(0.03) |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.50 |
0.42 |
0.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.46 |
1.60 |
1.59 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.25.00/- |
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 |
176.722 |
176.743 |
176.743 |
|
Reserves & Surplus |
1125.388 |
1093.975 |
979.701 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1302.110 |
1270.718 |
1156.444 |
|
|
|
|
|
|
long-term borrowings |
129.781 |
43.007 |
16.784 |
|
Short term borrowings |
493.070 |
477.687 |
552.618 |
|
Current maturities of
long-term debts |
6.830 |
6.925 |
7.846 |
|
Total
borrowings |
629.681 |
527.619 |
577.248 |
|
Debt/Equity
ratio |
0.484 |
0.415 |
0.499 |
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 |
6172.851 |
5317.682 |
3989.839 |
|
|
|
(13.854) |
(24.970) |
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 |
6172.851 |
5317.682 |
3989.839 |
|
Profit |
256.301 |
(21.095) |
(97.687) |
|
|
4.15% |
(0.40)% |
(2.45)% |
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 |
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 |
|
|
|
Inter
Corporate Deposit |
|
|
|
From Others |
35.000 |
50.000 |
|
Total |
35.000 |
50.000 |
REVIEW OF OPERATIONS
The Company produces Single Super Phosphate (SSP) fertilizer along with Mixed NPK fertilizer under the brands of “Girnar” and Suryaphool” from Indore, Udaipur and Pune units. The company recently launched value added fertilizer, Boronated Single Super Phosphate from Udaipur unit in the month of January, 2015 and produced about 4000 MT within three months period. The company’s another division Soya seed crushing and refining unit is operated from Indore. The Chemicals division of the company involved in manufacture of Sulphuric Acid and Oleum is based at Indore and Pune.
Fertilizer Division:
The overall production of SSP increased in the country significantly after changes in SSP policy during 2008-09 and implementation of NBS policy from 2010-11. During 2009-10, 2010-11 and 2011-12 the production of SSP recorded high growth rate of 22%, 20%, 17%, respectively over the previous years. Subsequently, the momentum of growth in production slowed down in 2012-13 at 2.60% and turned negative in 2013-14 and 2014-15. The industry average capacity utilization during the current year stands @ 45.20% and produced Rs.4.200 Million MT as against 48.5% with production of Rs. 4.174 lac MT achieved during the last year. Whilst there is no change in subsidy amount payable to SSP industry during the year, at the same time the industry witnessed capacity expansion by Rs. 0.729 Million MT to reach Rs. 10.252 Million MT of installed capacity. Hence, all out efforts should be made by the Govt., for promoting SSP consumption in the country in line with “Make in India” campaign and also reduce outflow of foreign currency. As per the ICRA report, aggregate revenue growth of 11 listed fertilizer companies slowed from an average of 22% in six years 2011-12 to 2-4% in the last three fiscal years. Unless the weather situation worsens, sales will likely to grow in low single digits in the current fiscal year too.
In spite of such grim situation, your company achieved an overall 70% capacity utilization and produced 3,35,081 MT during the current year under review as against 80% (3,80,328 MT production) achieved during the previous year. As per the FAI Annual Report, only 2 plants in the country including your Pune unit have achieved more than 90% capacity utilization out of 85 operating industries during this year. The excess availability of material in the channel subsequent to drought-like situation in Western Maharashtra and other major parts of Madhya Pradesh due to paucity of rain restricted the Management to optimize its production capacities.
Company could marginally improve its Mixed fertilizer NPK capacity utilization to 22% during the current year against 17% in the previous year. During the year, the Chemicals division of Sulphuric Acid & Oleum at Pune was operated at full capacity due to better market demand.
Your company achieved market share of 8.43% against all-India sale of 42.27 lacs MT during the current year against 11.46% on 39.70 lac MT in the previous year. The Fertilizer division reported improved turnover by Rs. 23.673 MIllion at Rs. 35,01.310 MIllion in 2014-15 as against Rs. 34,77.637 Million achieved in 2013-14. This could be made possible due to increase in sales quantity by keeping a strict monitoring on selling and distribution
expenses and also selling in economic zone coupled with reduction in outward freight
Oil Division:
There was steep drastic reduction in crushing activity at our Indore unit and that we could crush 12686 MT of Soya seed during this year against 47219 MT crushed in the previous year. There was huge disparity in seed prices and thus Management took conscientious decision to restrict seed crush and reduce subsequent losses.
OUTLOOK
There is no change in the prevailing NBS policy and that
company’s operation is well insulated.
Environment Clearances for capacity enhancement at Indore and Udaipur units have been received from the Ministry and the company is in the process of obtaining CTO from the respective State Pollution Board authorities.
It is reported that area coverage during Kharif 2015 is higher by 67.49 lac hectares compared to corresponding period of Kharif 2014 as on 1st week of July as reported by Solvent Extractors Association of India. This is a very good and encouraging sign for the Soya Division.
Company also intends to venture in trading of value-added products in low volume with high margin in non-subsidised segment. We intend to produce Sulphur Dust and Magnesium Sulphate and de-risk the company. On ,the similar line, the company intends to launch such new products in the coming years
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
a.
Contingent Liabilities not provided for |
|
|
|
i. Royalty on rock phosphates |
11.609 |
11.609 |
|
ii. Contingent liability
due to reduction in brought forward losses on account of completed
assessments having a bearing on current taxable income |
93.157 |
69.119 |
|
iii. Custom duty, Excise duty, Demurrage, Sales tax and others |
45.721 |
48.533 |
|
iv. Wages |
3.517 |
1.285 |
|
v.
Right to Recompense under Corporate Debt Restructure to lenders |
76.400 |
76.400 |
|
b.
Claims against the company not acknowledged as debt |
|
|
|
i.
Electricity duty |
4.338 |
4.338 |
|
ii.
Railway Claim |
17.023 |
12.718 |
|
c.
Guarantees |
|
|
|
Amount
of Letters of Credit and Bank Guarantee issued by banks. |
17.028 |
17.787 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED
30th JUNE 2015
(Rs. In Million)
|
Particulars |
Quarter Ended |
|
30.06.2015 |
|
|
1. Income
from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
934.976 |
|
b) Other operating income |
1.384 |
|
Total
income from Operations(net) |
936.360 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
608.389 |
|
b) Purchases of stock in trade |
16.625 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
29.800 |
|
d) Employees benefit expenses |
38.335 |
|
e) Selling and distribution expenses |
114.847 |
|
f) Depreciation and amortization expenses |
8.625 |
|
e) Other expenditure |
83.796 |
|
Total expenses |
900.417 |
|
3. Profit from operations before other income and
financial costs |
35.943 |
|
4. Other income |
- |
|
5. Profit from ordinary activities before finance costs |
35.943 |
|
6. Finance costs |
20.862 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
15.081 |
|
8. Exceptional item |
- |
|
9. Profit from ordinary activities before tax
Expense: |
15.081 |
|
10.Tax expenses |
- |
|
11.Net
Profit / (Loss) from ordinary activities after tax |
15.081 |
|
12.Extraordinary Items (net of tax expense) |
- |
|
13.Net Profit / (Loss) for the period |
15.081 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
1767.43 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
16.i) Earnings per share (before extraordinary items)
of Rs.10/- each) (not annualised): |
|
|
(a) Basic |
0.85 |
|
(b) Diluted |
0.85 |
|
Particulars |
Quarter Ended |
|
30.06.2015 |
|
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
4423459 |
|
- Percentage of shareholding |
25.00 |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
9023539 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
68.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
51.00 |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
4246215 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
32.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
24.00 |
|
Particulars
|
Quarter
Ended 30.06.2015 |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
0 |
|
Receiving during the quarter |
4 |
|
Disposed of during the quarter |
4 |
|
Remaining unreserved at the end of the quarter |
0 |
UNAUDITED SEGMENT
WISE REVENUE CAPITAL EMPLOYED
(Rs. In
Million)
|
Particulars |
Quarter Ended |
|
30.06.2015 |
|
|
1. Segment Revenue |
|
|
Fertilizers and Chemicals |
924.506 |
|
Soya |
20.824 |
|
Less: Inter Segment Revenue |
(10.354) |
|
Net
Sales / Income from operations |
934.976 |
|
|
|
|
2. Segment Result (Profit after depreciation but before
interest and taxation) |
|
|
Fertilizers and Chemicals |
48.303 |
|
Soya |
(3.856) |
|
Total |
44.447 |
|
Less : (i) Interest |
(20.862) |
|
(ii) Other un-allocable expenditure net |
(8.504) |
|
Profit before Tax |
15.081 |
|
|
|
|
3. Capital Employed (Segment assets and Segment liabilities)
|
|
|
Fertilizers and Chemicals |
1296.219 |
|
Soya |
18.288 |
|
Total |
|
Noes:
1.
The above result have been reviewed by the Audit Committee
and were taken on the record by the Board at their Board meeting held on 24th
July 2015. The statutory Auditor have carried out a Limited Review of the
Unaudited Financial Result for the quarter ended 30th June 2015.
2.
Deferred tax liability/assets if any, will be accounted at
the year end.
3.
Figures of the
previous quarter/period have been regrouped/rearranged, wherever necessary to
make them comparable
INDEX OF CHARGES:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10399427 |
30/11/2012 |
725,000.00 |
SYNDICATE BANK |
227, NARIMAN BHAVAN, GROUND FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B66701723 |
|
2 |
10399788 |
30/11/2012 |
1,100,000.00 |
SYNDICATE BANK |
227, NARIMAN BHAVAN, GROUND FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B66704479 |
|
3 |
10322470 |
23/11/2011 * |
48,000,000.00 |
BANK OF INDIA |
PALASIA BRANCH, 575/1, M.G. ROAD, INDORE, MADHYA PRADESH - 452001, INDIA |
B27875509 |
|
4 |
90218392 |
23/11/2011 * |
70,000,000.00 |
VRUSHABH TRADING COMPANY PRIVATE LIMITED |
B - 15, LAVANYA CO-OP. HOUSING SOCIETY LTD, GURUKRUPA NAGAR, NAHUR VILLAGE ROAD, MULUND (WEST), MUMBAI, MAHARASHTRA - 400080, INDIA |
B27930924 |
|
5 |
90218289 |
23/11/2011 * |
50,000,000.00 |
VRUSHABH TRADING COMPANY PRIVATE LIMITED |
B - 15, LAVANYA CO-OP. HOUSING SOCIETY LTD, GURUKRUPA NAGAR, NAHUR VILLAGE ROAD, MULUND (WEST), MUMBAI, MAHARASHTRA - 400080, INDIA |
B27932094 |
|
6 |
90218245 |
23/11/2011 * |
77,000,000.00 |
NOVA GELICON PRIVATE LIMITED |
2587, SECTOR 40 -C, CHANDIGARH - 160036, INDIA |
B29368230 |
|
7 |
90218222 |
23/11/2011 * |
100,000,000.00 |
VRUSHABH TRADING COMPANY PRIVATE LIMITED |
B - 15, LAVANYA CO-OP. HOUSING SOCIETY LTD, GURUKRUPA NAGAR, NAHUR VILLAGE ROAD, MULUND (WEST), MUMBAI, MAHARASHTRA - 400080, INDIA |
B27933746 |
|
8 |
90218148 |
23/11/2011 * |
70,000,000.00 |
NOVA GELICON PRIVATE LIMITED |
2587, SECTOR 40 -C, CHANDIGARH - 160036, INDIA |
B29484797 |
|
9 |
90218144 |
23/11/2011 * |
95,000,000.00 |
NOVA GELICON PRIVATE LIMITED |
2587, SECTOR 40 -C, CHANDIGARH - 160036, INDIA |
B29377223 |
|
10 |
90218128 |
23/11/2011 * |
55,000,000.00 |
VRUSHABH TRADING COMPANY PRIVATE LIMITED |
B - 15, LAVANYA CO-OP. HOUSING SOCIETY LTD, GURUKRUPA NAGAR, NAHUR VILLAGE ROAD, MULUND (WEST), MUMBAI, MAHARASHTRA - 400080, INDIA |
B27932565 |
|
11 |
80059552 |
23/11/2011 * |
85,000,000.00 |
VRUSHABH TRADING COMPANY PRIVATE LIMITED |
B - 15, LAVANYA CO-OP. HOUSING SOCIETY LTD, GURUKRUPA NAGAR, NAHUR VILLAGE ROAD, MULUND (WEST), MUMBAI, MAHARASHTRA - 400080, INDIA |
B27933241 |
|
12 |
90217838 |
23/11/2011 * |
720,000,000.00 |
BANK OF INDIA |
PALASIA BRANCH, 575/1, M.G. ROAD, INDORE, MADHYA PRADESH - 452001, INDIA |
B27878628 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report : No
press reports / filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.74 |
|
|
1 |
Rs.101.36 |
|
Euro |
1 |
Rs.74.27
|
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KSH |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
-- PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
30 |
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.