|
|
|
MIRA INFORM REPORT
|
Report No. : |
501412 |
|
Report Date : |
02.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
VIP CLOTHING LIMITED (w.e.f.18.10.2016) |
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|
|
|
Formerly Known
As : |
MAXWELL INDUSTRIES LIMITED |
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Registered Office
: |
C-6, Road No.22, M.I.D.C. Marol, Andheri (East), Mumbai – 400093, Maharashtra |
|
Tel. No.: |
91-22-28257624 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
14.01.1991 |
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|
|
|
Com. Reg. No.: |
11-059804 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 132.154 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L18101MH1991PLC059804 |
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|
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IEC No.: |
0392032686 |
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GST No.: |
27AABCM1549A1ZX |
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|
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TIN No.: |
27540001688 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCM1549A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
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Line of Business
: |
Manufacturer, Exporter, Marketing and Distribution of Men's, Women's Inner Wears and Socks. [Registered Activity] |
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|
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|
No. of Employees
: |
2233 (Approximately) [344 Employees + 1889 Workers] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
VIP Clothing Limited was incorporated on 14th January, 1991. The company
is engaged in manufacturing, marketing and distributing of men’s, women’s
innerwear and socks. The company sells its products under the following brand name-
Frenchie, Feelings, Leader and Eminence. Currently the group has a dealer network of 550 and 110,000 retail
outlets in India alone with scope for further growth, which the group is
intent on exploiting. VIP Clothing Ltd. today boasts of six regional offices
with a sales force of over 150 individuals marketing the products throughout
the major towns. As per the quarterly financial of December 2017, the company has
achieved sales turnover of INR 462.13 million. For the financial year ended 2017, the company has earned a fair
growth of 19.35% in its revenue as compared to the previous year’s revenue
but it has incurred operational losses. The overall financial position of the company seems to be healthy
marked by sound net worth base along with comfortable debt level. Rating takes into consideration the company’s established position in
the innerwear segment backed by strong brand position. The company has its share price trading at around INR 55.65 on BSE as
on March 31, 2018 as against the Face Value (FV) of INR 2. Business is active. Payment seems to be usually correct. In view of subject’s long established track records and strong brand
position, the company can be considered good for normal business dealings at
usual trade terms and condition. |
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 Loans=BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
01.03.2018 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Loans=A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk |
|
Date |
01.03.2018 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 02.04.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED BY
|
Name : |
Mr. Jayant |
|
Designation : |
Finance Department |
|
Contact No.: |
91-7666111278 |
|
Date : |
30.03.2018 |
LOCATIONS
|
Registered/ Head/ Branch
Office : |
C-6, Road No.22, M.I.D.C. Marol, Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-28257624/ 27/ 33/ 40209000 |
|
Mobile No.: |
91-7666111278 [Mr. Jayant] |
|
Fax No.: |
91-22-28371023/ 24 |
|
Email : |
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|
Website : |
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|
PLANT LOCATIONS : |
|
|
Factory 1 : |
Knitting Unit: 360/13, Ganesh Industrial Estate. Village Kachigam, Nani Daman, Daman-396210, Daman and Diu (U.T.), India |
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|
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Factory 2 : |
Stitching Units: 92/94, New GIDC, Umbergaon – 396171, Gujarat, India |
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Factory 3 : |
Stitching Units: SF-125/126/127, Appachimarmadam, Thingalur, Erode – 638055, Tamilnadu, India |
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Wind Mill : |
Chinnakkully Village, Pappampatty Panchayat, Coimbatore - 641016, Tamilnadu, India |
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|
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Other Branch Offices: |
Located at: · 28, B.T. Road, Agarpara, 24 Parganas (N)- 700058, West Bengal , India · 95 – DSIGC Shed, II floor, Okhla Industrial Area, Phase - I, New Delhi - 110020, India · No 180/C, 5th Cross, 3rdMain Road, Prakash Nagar, Bangalore – 560021, Karnataka, India. |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Robin Banerjee |
|
Designation : |
Director |
|
Address : |
1st Floor, 102/103 Ashok Garden, Tower 1, Wing C, 180/188 T J Road, Sewree, Mumbai – 400015, Maharashtra, India |
|
Date of Appointment : |
25.09.2006 |
|
DIN No.: |
00008893 |
|
|
|
|
Name : |
Mr. Gopal Krishan Sehjpal |
|
Designation : |
Director |
|
Address : |
A/3, Kherwadi CHS, R.T.O. Road, Andheri West, Mumbai – 400053, Maharashtra, India |
|
Date of Appointment : |
23.09.2002 |
|
DIN No.: |
00175975 |
|
|
|
|
Name : |
Mr. Sunil Jaykumar Pathare |
|
Designation : |
Managing Director |
|
Address : |
Sai Kunj, Thangepath Sindhigate, Murbad Road, Kalyan – 421301, Maharashtra, India |
|
Brief Profile : |
Mr. Sunil Jaykumar Pathare, aged 45 years, is the Promoter and the Chairman and Managing Director of our Company. He holds a Bachelor's degree in Commerce from University of Mumbai obtained in July, 1991. He looks after the overall management of the day to day affairs of the Company. He has been awarded the “Entrepreneurship Excellence Award” by the Small and Medium Business Development Chamber of India in 2007. |
|
Date of Birth/Age : |
17.07.1971 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
29.09.1992 |
|
DIN No.: |
00192182 |
|
|
|
|
Name : |
Mr. Chetan Dolatrai Sheth |
|
Designation : |
Director |
|
Address : |
11, Bhatruchhaya Niwas CHS, 83-A, Gokhale Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India |
|
Date of Appointment : |
30.01.2004 |
|
DIN No.: |
00202723 |
|
|
|
|
Name : |
Mr. Kapil Jaykumar Pathare |
|
Designation : |
Whole Time Director |
|
Address : |
Sai Kunj, Thangepath Sindhigate, Murbad Road, Kalyan – 421301, Maharashtra, India |
|
Date of Appointment : |
15.09.2002 |
|
DIN No.: |
01089517 |
|
|
|
|
Name : |
Mr. Meher Bruno Castelino |
|
Designation : |
Director |
|
Address : |
54, Deepak, 6th Floor, Pedder Road, Mumbai – 400026, Maharashtra, India |
|
Date of Appointment : |
24.03.2015 |
|
DIN No.: |
07121874 |
KEY EXECUTIVES
|
Name : |
Mr. Ashish Manubhai Mandaliya |
|
Designation : |
Chief Finance Officer (KMP)/ Company Secretary |
|
Address : |
A-403, Raj Hill, Datta Pada Road, Borivali (East), Mumbai – 400066, Maharashtra, India |
|
Date of Appointment : |
06.06.2015 |
|
PAN No.: |
AIEPM6753A |
|
|
|
|
Name : |
Mr. Jayant |
|
Designation : |
Finance Department |
|
|
|
|
Name : |
Mr. Yogesh Tiwari |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. Devendra Vyas |
|
Designation : |
Chief Finance Controller |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2017
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoter & Promoter Group |
43502574 |
52.67 |
|
Public |
39093945 |
47.33 |
|
|
|
|
|
Total |
82596519 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category
of shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares (calculated as per SCRR, 1957)As a % of
(A+B+C2) |
|
|
A1) Indian |
0.00 |
|
|
|
Individuals/Hindu
undivided Family |
4,35,02,574 |
52.67 |
|
|
Sunil Jaykumar Pathare |
1,67,42,008 |
20.27 |
|
|
Kapil J Pathare |
1,48,15,548 |
17.94 |
|
|
Lalita Jaykumar Pathare |
1,03,07,937 |
12.48 |
|
|
Heena S Pathare |
8,34,443 |
1.01 |
|
|
Ashwini Kapil Pathare |
6,87,138 |
0.83 |
|
|
Jaykumar Khanderao Pathare |
1,15,500 |
0.14 |
|
|
Sub Total A1 |
4,35,02,574 |
52.67 |
|
|
A2) Foreign |
0.00 |
|
|
|
A=A1+A2 |
4,35,02,574 |
52.67 |
|
Statement showing shareholding pattern of the Public shareholder
|
Category
& Name of the Shareholders |
No.
of fully paid up equity shares held |
Shareholding
% calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
|||
|
|||
|
|||
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
875 |
0.00 |
|
|
Foreign
Portfolio Investors |
358262 |
0.43 |
|
|
Financial
Institutions/ Banks |
125131 |
0.15 |
|
|
Sub Total B1 |
484268 |
0.59 |
|
|
B2) Central Government/
State Government(s)/ President of India |
0 |
0.00 |
|
|
Central
Government/ State Government(s)/ President of India |
389330 |
0.47 |
|
|
Sub Total B2 |
389330 |
0.47 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share
capital upto INR 0.200 Million |
12912577 |
15.63 |
|
|
Individual share
capital in excess of INR 0.200 Million |
5877924 |
7.12 |
|
|
Ashish Agarwal |
2197643 |
2.66 |
|
|
Madhulika Agarwal |
1559132 |
1.89 |
|
|
Any Other
(specify) |
19429846 |
23.52 |
|
|
HUF |
922166 |
1.12 |
|
|
NRI – Non- Repat |
392671 |
0.48 |
|
|
NRI – Repat |
308098 |
0.37 |
|
|
Clearing Members |
1961379 |
2.37 |
|
|
Subhkam Properties LLP |
9500000 |
11.50 |
|
|
Suryavanshi Commotrade Private Limited |
2107787 |
2.55 |
|
|
Bodies Corporate |
15845532 |
19.18 |
|
|
Sub Total B3 |
38220347 |
46.27 |
|
|
B=B1+B2+B3 |
39093945 |
47.33 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter, Marketing and Distribution of Men's, Women's Inner Wears and Socks. [Registered Activity] |
|
|
|
|
Brand Names : |
· VIP · Frenchie · Feelings · Leader · Eminence |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
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Imports : |
Not Divulged |
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|
|
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Terms : |
|
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Selling : |
Not Divulged |
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|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
2233 (Approximately) [344 Employees + 1889 Workers] |
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|
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Bankers : |
· State Bank of India · IDBI Bank Limited · HDFC Bank Limited · RBL Bank Limited |
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Facilities : |
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Statutory Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Ravindra Annexe, 194, Churchgate Reclamation, Dinshaw Vachha Road,
Mumbai – 400 020, Maharashtra, India |
|
Tel. No.: |
91-22-22047722/ 23/ 66338343-47 |
|
Fax No.: |
91-22-66338352 |
|
E-Mail : |
|
|
|
|
|
Internal Auditors : |
|
|
Name : |
Haribhakti and Company LLP Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates : |
· Maxwell Ventures Private Limited · Maxwell Capital Management Private Limited · Maxwell Entertainment Private Limited · Maxwell Retails Private Limited · Maxwell Health and Hygiene Private Limited · HYBO Hindustan * · PAKO Hindustan * · Pats Treasures * · Unnati Ventures · Kanishk Capital Partners · K. 3 Realtors · Global Construction · Pathare Agro Farms · Shogun Chemicals Private Limited * Transactions with Related Parties. |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
INR 2/- each |
INR 300.000 Million |
|
4500000 |
Redeemable Preference Shares |
INR 100/- each |
INR 450.000 Million |
|
|
|
|
INR 750.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
66077215 |
Equity Shares |
INR 2/- each |
INR 132.154
Million |
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the
reporting period:
|
Particular |
AS AT 31 March, 2017 |
|
|
|
Number of shares |
Amount |
|
Equity Shares of
INR 2/- each fully paid up |
|
|
|
Opening |
66077215 |
132.154 |
|
Add/(Less): Issued/(bought back) of shares |
|
|
|
Closing |
66077215 |
132.154 |
|
5% Redeemable
preference shares of INR 100/- each |
|
|
|
Opening |
394982 |
39.498 |
|
Add/(Less): Issued/(redeemed) during the year |
(394982) |
(39.498) |
|
Closing |
-- |
-- |
Details of shares
held by each shareholder holding more than 5% shares:
|
Particular |
As at 31 March, 2017 |
|
|
|
Number of shares |
% Held |
|
Equity Shares |
|
|
|
Sunil J. Pathare |
16110925 |
24.38% |
|
Kapil J. Pathare |
14184465 |
21.47% |
|
Jaykumar K. Pathare |
5420625 |
8.20% |
|
Lalita J. Pathare |
5002812 |
7.57% |
Rights,
Preference and Restriction attached to Shares.
The Company has one class of Equity shares having par value of INR 2/- per share. Each equity sharehareholder is entitled to one vote per share held. In the event of liquidation of the Company, the holder of equity shareholders will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholder.
The Company does not have any holding company or subsidiary company, Hence disclosure of shares held by holding company and subsidiary company does not arise.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
132.154 |
132.154 |
199.852 |
|
(b) Reserves & Surplus |
743.198 |
801.157 |
794.360 |
|
(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) |
875.352 |
933.311 |
994.212 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
122.025 |
126.185 |
123.857 |
|
(c)
Other long term liabilities |
46.610 |
43.400 |
39.237 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
168.635 |
169.585 |
163.094 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
852.982 |
939.729 |
942.608 |
|
(b)
Trade payables |
331.019 |
340.166 |
316.882 |
|
(c)
Other current liabilities |
56.452 |
47.917 |
100.208 |
|
(d)
Short-term provisions |
4.736 |
2.553 |
28.740 |
|
Total
Current Liabilities (4) |
1245.189 |
1330.365 |
1388.438 |
|
|
|
|
|
|
TOTAL |
2289.176 |
2433.261 |
2545.744 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
334.848 |
477.019 |
546.793 |
|
(ii)
Intangible Assets |
133.824 |
138.274 |
118.965 |
|
(iii)
Capital work-in-progress |
0.000 |
1.452 |
18.505 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.115 |
0.115 |
0.115 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
78.516 |
73.417 |
150.748 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
547.303 |
690.277 |
835.126 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1033.167 |
1155.608 |
923.406 |
|
(c)
Trade receivables |
664.649 |
550.362 |
756.210 |
|
(d)
Cash and cash equivalents |
38.222 |
29.115 |
25.413 |
|
(e)
Short-term loans and advances |
5.835 |
7.899 |
5.589 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1741.873 |
1742.984 |
1710.618 |
|
|
|
|
|
|
TOTAL |
2289.176 |
2433.261 |
2545.744 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
2320.975 |
1944.602 |
2610.961 |
|
|
|
Other Income |
9.120 |
5.846 |
5.030 |
|
|
|
TOTAL |
2330.095 |
1950.448 |
2615.991 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1313.539 |
1346.850 |
1409.392 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
101.264 |
(196.250) |
148.803 |
|
|
|
Employees benefits expense |
172.142 |
157.038 |
166.433 |
|
|
|
Advertisement & Publicity Expenses |
32.610 |
107.791 |
16.448 |
|
|
|
Exceptional items |
72.064 |
(79.116) |
0.000 |
|
|
|
Other expenses |
530.760 |
529.689 |
591.542 |
|
|
|
TOTAL |
2222.379 |
1866.002 |
2332.618 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
107.716 |
84.446 |
283.373 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
121.860 |
125.997 |
125.421 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(14.144) |
(41.551) |
157.952 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
35.766 |
38.674 |
49.065 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(49.910) |
(80.225) |
108.887 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(4.160) |
4.626 |
39.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(45.750) |
(84.851) |
69.887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Inward Remittance |
169.870 |
195.637 |
190.134 |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
(579.64) |
(993.18) |
1.08 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.292 |
0.853 |
0.935 |
|
|
|
|
|
|
Cash Generated From Operations |
158.478 |
35.210 |
135.768 |
|
|
|
|
|
|
Net Cash Flow from / (used in) Operating Activities |
99.654 |
99.704 |
123.071 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
557.250 |
647.230 |
463.120 |
|
Total Expenditure |
556.530 |
578.460 |
430.210 |
|
PBIDT (Excl OI) |
0.720 |
68.770 |
32.910 |
|
Other Income |
1.050 |
6.370 |
1.480 |
|
Operating Profit |
1.780 |
75.140 |
34.390 |
|
Interest |
29.900 |
28.580 |
31.460 |
|
Exceptional Items |
0.000 |
0.000 |
(3.540) |
|
PBDT |
(28.120) |
46.560 |
(0.610) |
|
Depreciation |
8.550 |
8.640 |
8.250 |
|
Profit Before Tax |
(36.670) |
37.920 |
(8.860) |
|
Tax |
(1.050) |
(0.6100) |
(0.570) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(35.620) |
38.530 |
(8.290) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(35.620) |
38.530 |
(8.290) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
104.52 |
103.30 |
105.71 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.49 |
3.53 |
3.45 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
91.98 |
92.19 |
82.07 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.10 |
0.07 |
0.31 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.23 |
0.14 |
0.41 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.54 |
0.55 |
0.55 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.97 |
1.01 |
0.95 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.42 |
1.43 |
1.40 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.54 |
0.66 |
0.69 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.88 |
0.67 |
2.26 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(1.97) |
(4.36) |
2.68 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(2.00) |
(3.49) |
2.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(5.23) |
(9.09) |
7.03 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.40 |
1.31 |
1.23 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.57 |
0.44 |
0.57 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.38 |
0.38 |
0.39 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
6.46 |
7.12 |
4.72 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.40 |
1.31 |
1.23 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
|
|
|
Market Value |
INR 55.65/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
199.852 |
132.154 |
132.154 |
|
Reserves & Surplus |
794.360 |
801.157 |
743.198 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
994.212 |
933.311 |
875.352 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
942.608 |
939.729 |
852.982 |
|
Current Maturities of Long
term debt |
0.935 |
0.853 |
0.292 |
|
Total
borrowings |
943.543 |
940.582 |
853.274 |
|
Debt/Equity
ratio |
0.949 |
1.008 |
0.975 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
2610.961 |
1944.602 |
2320.975 |
|
|
|
(25.522) |
19.355 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
2610.961 |
1944.602 |
2320.975 |
|
Profit/(Loss) |
69.887 |
(84.851) |
(45.750) |
|
|
2.68% |
(4.36%) |
(1.97%) |
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 |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
C32620791 |
10529641 |
HDFC BANK LIMITED |
20/10/2014 |
- |
- |
50000000.0 |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG,LOWER PAREL, WESTMUMBAIMH400013IN |
|
2 |
G09992496 |
10257726 |
STATE BANK OF
INDIA |
16/11/2010 |
26/08/2016 |
- |
1234000000.0 |
IFB, NATRAJ
BUILDING, 102, 1ST FLOOR, 194,SIR M V ROAD WESTERN EXPRESS HIGHWAY, ANDHERI (E),MUMBAIMH400069IN |
|
3 |
A75084392 |
10192187 |
STATE BANK OF
INDIA |
08/12/2009 |
- |
- |
640200000.0 |
MID CORPORATE LOAN
ADMINISTRATION UNIT,R.T.O. LANE, ANDHERI (WEST),MUMBAIMH400053IN |
|
4 |
A49515273 |
90243250 |
STATE BANK OF
INDIA |
07/08/1995 |
17/10/2008 |
- |
643200000.0 |
MID CORPORATE LOAN
ADMINISTRATION UNITR.T.O LANE, ANDHERI WESTMUMBAIMH400053IN |
|
5 |
Y10350736 |
90243099 |
STATE BANK OF
INDIA |
02/11/1991 |
- |
- |
34900000.0 |
SAKINAKA
BRNACHMUMBAIMH400072IN |
|
6 |
G75532127 |
10580938 |
RBL BANK LIMITED |
25/06/2015 |
- |
31/01/2018 |
50000000.0 |
SHAHUPURI,KOLHAPUR,KOLHAPURMH416001IN |
|
7 |
C55364822 |
10508682 |
KOTAK MAHINDRA
BANK LIMITED |
03/07/2014 |
- |
04/06/2015 |
20000000.0 |
27BKC, C 27, G BLOCKBANDRA
KURLA COMPLEX, BANDRA (E),MUMBAIMH400051IN |
|
8 |
C41696600 |
10153499 |
IDBI BANK LIMITED |
23/03/2009 |
16/12/2010 |
29/01/2015 |
150000000.0 |
47 OPUS
CENTERCENTRAL RAOD,MIDC,ANDHERI EASTMUMBAIMH400093IN |
|
9 |
C28443455 |
10430429 |
KOTAK MAHINDRA
BANK LIMITED |
13/05/2013 |
- |
19/09/2014 |
50000000.0 |
36-38A, NARIMAN
BHAVAN, 227,D,NARIMAN POINT,MUMBAIMH400021IN |
|
10 |
B26673095 |
10088197 |
BARCLAYS BANK PLC |
30/01/2008 |
09/03/2010 |
22/11/2011 |
227500000.0 |
601/603, CEEJAY HOUSE,
SHIVSAGAR ESTATEDR. ANNIE BESANT ROAD, WORLIMUMBAIMH400018IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Loan from Directors |
15.000 |
37.106 |
|
|
|
|
|
Total |
15.000 |
37.106 |
CORPORATE INFORMATION
VIP Clothing Limited (Formerly known as Maxwell Industries Limited) (‘Company’) was incorporated on 14th January, 1991. The Company’s Identification no is L18101MH1991PLC059804. The Company is a leading Manufacturer, Marketing and distribution of Men’s, Women’s inner wears and Socks under brand name VIP, Frenchie and feelings. The Company’s Equity Shares are listed on Bombay Stock Exchange Limited (BSE) and National Stock Exchange Limited (NSE).
OPERATIONS
Revenue from operations for the financial year 2016-17 stood to INR 2321.000 million as against INR 1944.600 million in the previous financial year 2015-16. There is increase in sales by 19% as compared to the previous year. The basic reason for increase in revenue of the Company is mainly on account of certain decisions taken by the management in the last year, such as implementation of SAP system, re-focused on product mix and improvised supply chain, which has positive impact on the total revenue of the Company.
The Earnings before Interest Depreciation and Amortisation (EBIDTA) during the year stood around 7.22% as against the 0.06% in the last year.
The Net Profit before tax from operation stood INR 99 million for the FY 2016-17 as against the loss of INR 173.800 million as compared to the previous financial year. There is marginal improvisation in profit as compared to previous financial year.
MANAGEMENT DISCUSSION
AND ANALYSIS
Indian Economy:
The Economic Survey 2016-17, estimates the GDP growth rate for 2016-17 is to be 7.0% much lower than 7.6% achieved in previous year 2015-16. The Survey forecasts a growth rate of 6.75 to 7.5 per cent for 2017-18, as compared to the expected growth rate of 6.5 per cent in 2016-17. Over the medium run, the implementation of the Goods and Services Tax (GST), follow-up to demonetisation, and enacting other structural reforms should take the economy towards its potential real GDP growth of 8 per cent to 10 per cent.
Worryingly though, the slowdown in manufacturing, coupled with the abysmally low rates of capital formation, spell long-term stagnation.
The activities have finally begun to rise in battling the tidal wave of non-performing loans and stressed assets swamping our banking system. The Finance Ministry seems to believe that monetary policy, that is, the easing of interest rates, will kick-start the economy.
A good monsoon would provide the comfort to RBI to give rate cut of 25bps by end of 2017 based on Central Government's commendable commitment to fiscal consolidation and its use of effective measures to check supply side food inflations levels.
Industry structure and development:
India's textiles sector is one of the oldest industries in Indian economy dating back several centuries. Even today, textiles sector is one of the largest contributors to India's exports with approximately 11 per cent of total exports. The new propose textile policy aims to achieve US$300 billion (over Rs 20 lakh crore) worth of textile exports by 2024-25 and create an additional 35 million jobs as the textiles industry is labour intensive and is one of the largest employers. The textile industry has two broad segments. First, the unorganised sector consists of handloom, handicrafts and sericulture, which are operated on a small scale and through traditional tools and methods. The second is the organised sector consisting of spinning, apparel and garments segment which apply modern machinery and techniques such as economies of scale.
The close linkage of the textile industry to agriculture (for raw materials such as cotton) and the ancient culture and traditions of the country in terms of textiles make the Indian textiles sector unique in comparison to the industries of other countries. The Indian textile industry has the capacity to produce a wide variety of products suitable to different market segments, both within India and across the world.
Market Size:
The Indian textiles industry, currently estimated at around US$ 108 billion, is expected to reach US$ 223 billion by 2021. The industry is the second largest employer after agriculture, providing employment to over 45 million people directly and 60 million people indirectly. The Indian Textile Industry contributes approximately 5 per cent to India's gross domestic product (GDP) and 14 per cent to overall Index of Industrial Production (IIP).
The growth implies domestic sales to rise to US$ 315 billion from currently US$ 68 billion. At the same time, exports are implied to increase to US$ 185 billion from approximately US$ 41 billion currently.
Market overview textile and apparel:
The size of the Indian Innerwear market is INR 15,870 crore (USD 2.6 billion); the category is also growing at an impressive CAGR of 12% and is expected to reach INR 279000.000 million (USD 4.6 billion) by 2020. The women's innerwear market, which is driven by value-added innerwear products, contributes around 60% to the market.
The men's innerwear market, worth INR 6,330 crore (USD 1.1 billion) is characterized by the presence of numerous Indian and international brands catering to different segments of the market. Though many fashion/apparel players have extended their existing brand labels in menswear to men's innerwear as well, but the product recall of players with focus solely on innerwear products is comparatively higher. On the basis of product pricing, this market is further subdivided into super premium, premium, medium, and economy segments. The economy segment contributes around 50% to the market, while the mid-price segment makes up 36%, the remaining 14% comes from premium and super premium segments.
The women's innerwear market, worth INR 95400.000 million (USD 1.6 billion), is one of the fastest growing categories within women's apparel.
This category is growing at a CAGR of 14%, and is expected to reach INR 183800.000 million (USD 3.06 billion) by 2020. When it comes to price-wise segmentation, the women's innerwear market is dominated by products of mid-price and economy segment. These segments together contribute 80% of the market, while the remaining 20% comes from the premium and super premium segments.
Outlook on Weakness and Threats:
The industry is highly fragmented but growing at very higher pace and it mainly dependent on the availability of skilled labour. The prices of raw materials are highly fluctuating specially the cotton and it depends upon the monsoon and export policies of the government, which has impact on the manufacturing industry. The Competition with domestic and international player in the industry is very high and it has been growing the years to come.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE
MONTHS ENDED 31.12.2017
(INR IN MILLION)
|
|
Particulars |
Quarter Ended 31.12.2017 |
Quarter Ended 30.09.2017 |
Nine Months Ended 31.12.2017 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
|
1. |
Income from operations |
|
|
|
|
|
Net Sales (Net or Excise Duty) |
462.129 |
643.213 |
1656.525 |
|
|
Other operating Income |
0.986 |
4.020 |
10.807 |
|
|
Other Income |
1.481 |
6.365 |
9.168 |
|
|
Total Income from operations (Net) |
464.596 |
653.598 |
1676.500 |
|
|
|
|
|
|
|
2. |
Expenses |
|
|
|
|
|
Cost of Materials Consumed |
237.542 |
420.023 |
1048.712 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
16.560 |
(60.043) |
(85.701) |
|
|
Employee
benefits expense |
44.587 |
39.169 |
124.163 |
|
|
Finance
costs |
31.466 |
28.583 |
89.947 |
|
|
Depreciation
and amortisation expense |
8.254 |
8.517 |
25.324 |
|
|
Advertisement and publicity expenses |
22.156 |
17.997 |
56.913 |
|
|
Other
expenditure |
109.358 |
161.313 |
421.094 |
|
|
Total Expenses |
469.923 |
615.554 |
1680.452 |
|
|
|
|
|
|
|
3. |
Profit from before exceptional Items and
tax |
(5.327) |
38.044 |
(3.952) |
|
|
|
|
|
|
|
4. |
Exceptional
Items |
(3.539) |
0.000 |
(3.539) |
|
|
|
|
|
|
|
5. |
Profit from before tax |
(8.866) |
38.044 |
(7.4191) |
|
|
|
|
|
|
|
6. |
Tax expense |
(0.568) |
(0.612) |
(2.230) |
|
|
Current
tax |
0.000 |
0.000 |
0.000 |
|
|
Deferred tax |
(0.568) |
(0.612) |
(2.230) |
|
|
|
|
|
|
|
7. |
Net profit/(Loss) from the period from
continuing operations |
(8.298) |
38.656 |
(5.261) |
|
|
|
|
|
|
|
8. |
Profit(Loss) from discounted operations |
(0.307) |
(0.126) |
(0.433) |
|
|
|
|
|
|
|
9. |
Tax expenses of discounted operations |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
10. |
Profit/(Loss) of discounted
operations (after tax) |
(0.307) |
(0.126) |
(0.433) |
|
|
|
|
|
|
|
11. |
Profit/(Loss) for the period |
(8.605) |
38.530 |
(5.694) |
|
|
|
|
|
|
|
12. |
Other Comprehensive income |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
13. |
Total comprehensive income for the period |
(8.605) |
38.530 |
(5.694) |
|
|
|
|
|
|
|
14 |
Paid - up Equity Share Capital (Face value of INR 2/- per share) |
165.193 |
132.154 |
165.193 |
|
|
|
|
|
|
|
15. |
Earnings Per Share (EPS) (for continuously operation) |
|
|
|
|
|
a) Basic |
(0.11) |
0.50 |
(0.08) |
|
|
b) diluted |
0.00 |
0.000 |
0.00 |
|
|
|
|
|
|
|
16. |
Earnings Per Share (EPS) (for continuously operation) |
|
|
|
|
|
a) Basic |
(0.00) |
(0.00) |
(0.01) |
|
|
b) diluted |
0.00 |
0.000 |
0.00 |
|
|
|
|
|
|
|
17. |
Earnings Per Share (EPS) (for continuously and discounting operation) |
|
|
|
|
|
a) Basic |
(0.11) |
0.50 |
(0.09) |
|
|
b) diluted |
0.00 |
0.00 |
0.00 |
NOTES:
1) The Company adopted Indian Accounting Standards ('Ind AS') from 1st April 2017 as prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and other accounting principles generally accepted in India. The Company has adopted applicable accounting standards under Ind AS and the adoptions were carried out in accordance with Ind AS 101 - First-time adoption of Indian Accounting Standards.
2) Reconciliation
between financial results as previously reported under Indian GAAP and Ind
AS.
|
Particulars |
Quarter Ended 31.12.2016 |
Nine Months Ended 31.12.2016 |
Year Ended 31.03.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Net Profit / (Loss) as per Previous GAAP |
(12.456) |
(69.064) |
(57.968) |
|
Reclassification of Lease |
(0.012) |
(0.032) |
(0.044) |
|
Employee Benefit Expenses |
(0.013) |
(0.041) |
(0.051) |
|
Expected Credit Loss on Receivables |
-- |
(16.890) |
(16.890) |
|
Finance Costs |
(0.161) |
0.017 |
(0.123) |
|
Net Profit / (Loss) before OCI as per IND AS |
(12.642) |
(86.010) |
(75.076) |
3) Reconciliation between financial
results as previously reported under Indian GAAP and Ind AS.
|
Particulars |
Year Ended 31.03.2017 |
|
|
(Unaudited) |
|
Equity as per Previous GAAP |
875.352 |
|
Effect of measuring financial instruments as fair value |
(0.199) |
|
Valuation of Land |
125.810 |
|
Expected credit loss on receivables |
(137.558) |
|
Valuation of Land |
1120.746 |
|
Deferred Tax Impact |
(421.377) |
|
Others |
(0.479) |
|
Equity as per IND AS |
1562.295 |
4) The above Audited Results were reviewed by the Audit Committtee and
were approved by the Board of Directors at their meeting held on 14th February
2018. The Limited review of the financial results for the nine month ended
December 2017, pursuant to regulation 33(c) (i) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulation, 2015 has been carried out
by the statutory auditors. The quarter ended 30th September 2016, nine month
ended 31st December 2016 and year ended 31st March 2017 have not been subjected
to limited review / audit. However, the management has exercised necessary due
diligence to ensure that the financial results provide a true and fair view of
its affairs.
5) On December 21, 2017, the company allotted 1,65,19,304 Equity shares of face
value of INR 2/- each, at a price of INR 26/- per equity share (including a
premium of INR 24/- per share), aggregating to INR 429.502 million to the
existing shareholders on a "rights" basis in the ratio of 1 Equity
share for every 4 equity shares held by equity shareholders. Earning per share
for the quarter ended September 30, 2017, quarter and nine months December 31,
2016 and year ended March 31, 2017 have been retrospectively adjusted for the
bonus element in respect of the Right issue.
6) The Rights issue has resulted in an increase of INR 33.038 million in Share
Capital and INR 396.463 million (net off issue expenses amounting to INR 0.165
million) in Securities Premium account.
7) Status of Utilisation of
rights issue proceeds :
|
Particulars |
Total projected utilization as per letter
of offer |
Actual utilization upto 31.12.2017 |
|
|
|
|
|
Augmenting working capital |
300.000 |
300.000 |
|
General corporate purposes |
106.137 |
106.137 |
|
Issue expenses |
23.365 |
18.912 |
|
Funds utilised |
429.502 |
425.049 |
|
Un-utilised rights issue proceeds |
0.000 |
4.453 |
|
|
429.502 |
429.502 |
8) Company had completed it's sale transaction of knitting unit at Daman on 17.11.2017 and realised the sale consideration of INR 15.000 million and incurred the capital loss of Rs.3.539 million on the transaction.
9) Total net loss from continue operation is INR 3.952 million and loss of discontunue
operation is INR 0.433 million total net loss of the nine month ended is INR
4.385 million.
10) Company has only one reporting segment that is Hosiery and others.
11) Previous year figures have been regrouped/rearranged, wherever necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Guarantees given by Bank |
2.047 |
2.047 |
|
Claims against the company not acknowledged as debts - Cotton Corporation of India |
3.383 |
3.383 |
|
Income Tax Liability in Appeal by IT department |
117.553 |
117.553 |
|
Letter of Credits |
85.112 |
63.065 |
FIXED ASSETS:
TANGIBLE ASSETS
· Land (Feeehold)
· Land (Leasehold)
· Building (Warehouse)
· Building (Factory)
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
·
Office Equipment
·
Electrical Installation
·
Boiler
·
Effluent Treatment Plant
·
Computers and Accessories
INTANGIBLE
ASSETS
·
Computers Software
·
Goodwill and Other Right
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.04 |
|
UK Pound |
1 |
INR 92.28 |
|
Euro |
1 |
INR 80.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.