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|
MIRA INFORM REPORT
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Report No. : |
502640 |
|
Report Date : |
09.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
YASH PAPERS LIMITED |
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Registered
Office : |
Flat No.202, 3A/172, Azad Nagar, Kanpur – 208002, Uttar
Pradesh |
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Tel. No.: |
91-5278-258174 |
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Country : |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
05.05.1981 |
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Com. Reg. No.: |
20-005294 |
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Capital
Investment / Paid-up Capital : |
INR 323.100 Million |
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CIN No.: [Company Identification
No.] |
L24231UP1981PLC005294 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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TAN No.: [Tax Deduction & 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
: |
Manufactures and sells kraft and poster paper products primarily for packaging purpose in India and internationally. It offers pouch base products, poster release base products, poster bakery bags, wrapping posters, natural shade posters, poster chromo base products, and eco posters, as well as kraft bag plain, kraft antirust, glass plain, kraft gum tape, and plain and ribbed paper products. The company also provides plain and ribbed brown bags, and plain golden paper products, as well as ribbed orange, yellow, and golden posters; and bleached and unbleached agro pulp products. (Registered Activity and also from indirect source) |
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No. of Employees
: |
Information declined by the management |
|
MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Maximum Credit Limit : |
USD 1600000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1981. As per indirect sources subject is engaged in manufacturing of machine glazed agro based 30 ~ 100 GSM paper of unbleached Kraft, bleached Kraft and colored Kraft varieties. For the financial year 2017, there has been slight increase in its revenue by 0.27% along with average profit margin of 3.68%. The moderate financial profile of the company is marked by low reserve base as compared to its capital along with average debt coverage indicators.
The company has its share price trading at around INR 80.20 against the Face Value (FV) of INR 10 on BSE as on 6th April, 2018. As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 501.133 million and has reported profit margin of 10.09%. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution. Note: subject has been found under RBI defaulter’s list, the name of credit grantor is ICICI Bank Limited and the amount charged is INR 16.600 million dated 31-12-2011 and the same updated information about the same is not available. |
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit
risk. |
|
Date |
04.12.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
04.12.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under :
Suit-filed accounts of INR 10.000 Million and above as on 09-April-2018
Borrowers details
|
Borrowers’ Name : |
Yash Papers Limited |
|
Address : |
Yash Nagar, P.O. Darshan Nagar, Faizabad- 224135 |
|
Name of Individual : |
|
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Name of Credit Grantors / Bank & Branch: |
ICICI Bank Limited, Faizabad, Uttar Pradesh, India |
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Amount (INR In Million) : |
INR 16.600 Million |
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
31-03-2018.
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 09.04.2018
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 DENIED
Management Non Co-Operative (91-5278-258174)
91-5278-208900/901 – Not Working
LOCATIONS
|
Registered Office : |
Flat No.202, 3A/172, Azad Nagar, Kanpur – 208002, Uttar
Pradesh, India |
|
Tel. No.: |
91-5278-258174 |
|
Fax No.: |
Not Available |
|
E-Mail : |
Paper - sales@yash-papers.com Moulded Product - sales@switch2chuk.com Pulp - sm@yash-papers.com Job - hr@yash-papers.com General enquiries - info@yash-papers.com |
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Website : |
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Works and Corporate
Office: |
Yash Nagar, Faizabad
-224135, Uttar Pradesh, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Ved Krishna |
|
Designation : |
Managing Director |
|
Address : |
Yash Nagar, Faizabad -224135, Uttar
Pradesh, India |
|
Date of Appointment : |
30.05.1999 |
|
DIN No.: |
00182260 |
|
|
|
|
Name : |
Jagdeep Hira |
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Designation : |
Managing Director |
|
Address : |
House Number 1177, Sector 9, Sector 7,
Faridabad -121006, Haryana, India |
|
Date of Appointment : |
21.07.2017 |
|
DIN No.: |
07639849 |
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|
|
|
Name : |
Narendra Kumar Agrawal |
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Designation : |
Wholetime Director |
|
Address : |
Vill-Parakhan Post-Darshan Nagar, District
Faizabad – 224135, Uttar Pradesh, India |
|
Date of Appointment : |
10.05.2012 |
|
DIN No.: |
05281887 |
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|
|
|
Name : |
Imanul Haque |
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Designation : |
Director |
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Address : |
A-501, Swati Versova Chsl Panchmarg,
Versova, Andheri-West, Mumbai -400061, Maharashtra, India |
|
Date of Appointment : |
06.02.2016 |
|
DIN No.: |
00001284 |
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|
|
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Name : |
Gyanendra Nath Gupta |
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Designation : |
Director |
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Address : |
D-902, Surya Vihar Village Doondahera,
District Gurugram- 122016, Haryana, India |
|
Date of Appointment : |
16.05.1984 |
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DIN No.: |
00027502 |
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|
|
|
Name : |
Manjula Jhunjhunwala |
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Designation : |
Director |
|
Address : |
Vishnupuri, Civil Lines, Faizabad- 224001,
Uttar Pradesh, India |
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Date of Appointment : |
17.06.1981 |
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DIN No.: |
00192901 |
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|
|
|
Name : |
Kaikobad Dorab Pudumjee |
|
Designation : |
Director |
|
Address : |
B-1, Doongursee Park 22, Bund Road, Pune
-411001, Maharashtra, India |
|
Date of Appointment : |
30.06.2007 |
|
DIN No.: |
01594401 |
|
|
|
|
Name : |
Atul Kumar Gupta |
|
Designation : |
Director |
|
Address : |
H. No. 1/73, Vipul Khand, Gomti Nagar, Lucknow-
226001, Uttar Pradesh, India |
|
Date of Appointment : |
15.05.2014 |
|
DIN No.: |
01734070 |
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|
|
|
Name : |
Kimberly Ann Mcarthur |
|
Designation : |
Director |
|
Address : |
1607 D St Ne Washington DC Na United States |
|
Date of Appointment : |
13.02.2012 |
|
DIN No.: |
05206436 |
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|
|
|
Name : |
Indroneel Banerjee |
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Designation : |
Director |
|
Address : |
721, Rekabganj, Faizabad- 224001, Uttar
Pradesh, India |
|
Date of Appointment : |
11.08.2012 |
|
DIN No.: |
06404397 |
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|
|
|
Name : |
Jaideep Narain Mathur |
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Designation : |
Director |
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Address : |
A-1, Sapru Marg Lucknow - 226001, Uttar
Pradesh, India |
|
Date of Appointment : |
23.03.2013 |
|
DIN No.: |
06560639 |
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|
|
|
Name : |
Srinivas Vishnubhatla |
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Designation : |
Additional Director |
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Address : |
102, Sri Ramas Hermitage, Sivaramakrishna
Colony Sarvesuralayam, Secunderabad -500026, Telangana, India |
|
Date of Appointment : |
01.12.2017 |
|
DIN No.: |
07274232 |
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|
|
|
Name : |
Pradeep Vasant Dhobale |
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Designation : |
Additional Director |
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Address : |
Lodha Bellezza, Benecia (5A)-1200 Eden
Square, Phase-IV, KPHB Colony, Kukatpally, Hyderabad- 500072, Telangana,
India |
|
Date of Appointment : |
02.09.2017 |
|
DIN No.: |
00274636 |
KEY EXECUTIVES
|
Name : |
Sachin Kumar Srivastava |
|
Designation : |
Company Secretary |
|
Address : |
540/2, Rekabganj Faizabad -224001, Uttar
Pradesh, India |
|
Date of Appointment : |
28.03.2016 |
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PAN No.: |
BDCPS5460E |
|
|
|
|
Name : |
Anil Kumar Gupta |
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Designation : |
Chief Finance Officer |
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Address : |
HIG - 50, Kaushal Puri Colony, Faizabad
-224001, Uttar Pradesh, India |
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Date of Appointment : |
02.05.2015 |
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PAN No.: |
ACGPG0304F |
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|
|
|
Name : |
Jagdeep Hira |
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Designation : |
Chief Executive Officer |
|
Address : |
House Number 1177, Sector 9, Sector 7,
Faridabad -121006, Haryana, India |
|
Date of Appointment : |
22.10.2016 |
|
PAN No.: |
AAZPH8476N |
SHAREHOLDING PATTERN
AS ON 31.12.2017
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
15877456 |
45.06 |
|
(B) Public |
19362544 |
54.94 |
|
Grand Total |
35240000 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
A1) Indian |
|
0.00 |
|
Individuals/Hindu
undivided Family |
16000 |
0.05 |
|
KK Jhunjhunwala
HUF |
16000 |
0.05 |
|
Any Other
(specify) |
15861456 |
45.01 |
|
Manjula
Jhunjhunwala |
548366 |
1.56 |
|
Ved Krishna |
11009950 |
31.24 |
|
Satori Global
Limited |
3334500 |
9.46 |
|
Yash Agro
Products Limited |
968640 |
2.75 |
|
Sub Total A1 |
15877456 |
45.06 |
|
A2) Foreign |
|
0.00 |
|
A=A1+A2 |
15877456 |
45.06 |
Statement showing shareholding pattern of the Public
shareholder
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
B1) Institutions |
|
0.00 |
|
Mutual Funds/ |
1000 |
0.00 |
|
Sub Total B1 |
1000 |
0.00 |
|
B2) Central
Government/ State Government(s)/ President of India |
|
0.00 |
|
B3)
Non-Institutions |
|
0.00 |
|
Individual share capital
upto INR 0.200 Million |
9661407 |
27.42 |
|
Individual share
capital in excess of INR 0.200 Million |
6738488 |
19.12 |
|
Subramanian P |
1696390 |
4.81 |
|
Ankur Jalan |
1232500 |
3.50 |
|
Saurabh Jalan |
418854 |
1.19 |
|
Any Other
(specify) |
2961649 |
8.40 |
|
Trusts |
182500 |
0.52 |
|
Director or
Director's Relatives |
51494 |
0.15 |
|
NRI |
527211 |
1.50 |
|
Clearing Members |
277735 |
0.79 |
|
HUF |
664099 |
1.88 |
|
Bodies Corporate |
1258610 |
3.57 |
|
Sub Total B3 |
19361544 |
54.94 |
|
B=B1+B2+B3 |
19362544 |
54.94 |
BUSINESS DETAILS
|
Line of Business
: |
Manufactures and sells kraft and poster paper products primarily for packaging purpose in India and internationally. It offers pouch base products, poster release base products, poster bakery bags, wrapping posters, natural shade posters, poster chromo base products, and eco posters, as well as kraft bag plain, kraft antirust, glass plain, kraft gum tape, and plain and ribbed paper products. The company also provides plain and ribbed brown bags, and plain golden paper products, as well as ribbed orange, yellow, and golden posters; and bleached and unbleached agro pulp products. (Registered Activity and also from indirect source) |
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Products / Services
: |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
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Facilities : |
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Current Statutory
Auditors: |
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|
Name : |
Kapoor Tandon and Company Chartered Accountants |
|
Address : |
24/57, Birhana Road, Kanpur – 208 001, Uttar Pradesh, India |
|
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Proposed Statutory
Auditors: |
|
|
Name : |
CNK and Associates LLP Chartered Accountants |
|
Address : |
Narain
Chambers, 5th Floor, M.G Road, Vile Parle
(East), Mumbai – 400057, Maharashtra, India |
|
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Secretarial
Auditor: |
|
|
Name : |
Adesh Tandon and Associates Company Secretary |
|
Address : |
‘Kan Chambers’, Room No. 811 14/113, Civil Lines, Kanpur - 208 001, Uttar Pradesh, India |
|
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Cost Auditors: |
|
|
Name : |
Mr. Rakesh Misra Cost Accountant |
|
Address : |
122/314, Shastri Nagar, Kanpur – 208 005, Uttar Pradesh, India |
|
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|
Legal Advisor: |
|
|
Name : |
Mr. Madan Mohan Pandey |
|
Address : |
Additional Advocate General - U.P. Balrampur House, Rekabganj, Faizabad 224001, Uttar Pradesh, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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|
Entities over which
KMP or relatives of KMP are able to exercise significant influence: |
(a) Yash Agro Products Limited (b) Satori Global Limited (c) Yash Skills Limited (d) Yash Ecoenergy Limited (e) Jingle Bell Nursery School Society (f ) K K Charitable Foundation |
CAPITAL STRUCTURE
AS ON 02.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
56000000 |
Equity Shares |
INR 10/- each |
INR 560.000 Million |
|
400000 |
Preference Shares |
INR 100/- each |
INR 40.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 600.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35240000 |
Equity Shares |
INR 10/- each |
INR 352.400 Million |
|
|
|
|
|
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
56000000 |
Equity Shares |
INR 10/- each |
INR 560.000 Million |
|
400000 |
Preference Shares |
INR 100/- each |
INR 40.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 600.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32310000 |
Equity Shares |
INR 10/- each |
INR 323.100 Million |
|
|
|
|
|
Reconciliation of the shares outstanding at
the beginning and at the end of the year:
|
Equity Shares |
Number
of Shares |
Amount
|
|
Shares outstanding at the beginning of the year |
298.30 |
298.300 |
|
Shares issued during the year |
24.80 |
24.800 |
|
Shares
outstanding at the end of the year |
323.10 |
323.100 |
Term/rights attached to equity shares
The company has only one class of equity shares having a par value of INR 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Bonus Shares/Shares issued for consideration other than cash/Buy Back of shares during preceding five years: (NIL)
Shares held by holding/ultimate holding company and/or their subsidiary/associate: (NIL)
Details of
shareholders holding more than 5% shares in the company:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Mr. Ved Krishna |
80.45 |
24.90% |
|
Satori Global Limited |
33.35 |
10.32% |
|
Subramanian P |
17.13 |
5.30% |
Money received
against Share Warrants
The Share holder in its Extra-ordinary General Metting (EGM) held on 18th December, 2015 has approved preferential allottment of 75.40 lacs Warrants of INR 15 each, convertible into equal number of Equity Shares ranking pari-pasu with the existing Equity Shares to Mr Ved Krishna, Managing Director (the promoter) in pursuance of the relevant SEBI Guidlines read with relevant provisions of the Companies Act, 2013. As required, Mr Ved Krishna has paid 25% upfront money for the allotment within 15 days of the EGM. The Warrants were alloted on 31.03.2016 on receiving ‘in principle’ approval from the BSE Limited, the Stock Exchange, on 30.03.2016. The Board of Directors have subsequently alloted 21.30 Lacs Equity Shares of INR 10/- each at a premium of INR 5/- per share on 31st March, 2016 on conversion of 21.30 lacs Warrants out of aforesaid 75.40 lacs Warrants. Further allotment of 24.80 lacs equity shares of INR 10/- each at a security premuim of INR 5/- each was made on 23rd April, 2016 against 24.80 lacs warrants out of above mentioned 75.40 lacs warrrants. The Warrant amount of INR 109.88 lacs received and pending conversion of 29.30 lacs Warrants into equal number of Equity Shares has been disclosed as “Money Received against Share Warrants” in the Balance Sheet.(Previous year INR 481.88 lacs).
FINANCIAL DATA
[all figures are
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 |
323.100 |
298.300 |
277.000 |
|
(b) Reserves &
Surplus |
224.908 |
148.615 |
110.946 |
|
(c) Money received
against share warrants |
10.988 |
48.188 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
558.996 |
495.103 |
387.946 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
722.852 |
495.726 |
563.489 |
|
(b) Deferred tax
liabilities (Net) |
16.368 |
4.459 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
739.220 |
500.185 |
563.489 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
525.421 |
419.124 |
417.572 |
|
(b) Trade payables |
101.367 |
113.937 |
122.629 |
|
(c) Other current
liabilities |
167.067 |
167.621 |
229.691 |
|
(d) Short-term provisions |
12.677 |
10.031 |
13.713 |
|
Total Current Liabilities
(4) |
806.532 |
710.713 |
783.605 |
|
|
|
|
|
|
TOTAL |
2104.748 |
1706.001 |
1735.040 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
922.146 |
915.026 |
923.064 |
|
(ii) Intangible Assets |
3.537 |
4.823 |
0.762 |
|
(iii) Capital
work-in-progress |
109.137 |
1.900 |
2.020 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
4.631 |
|
(b) Non-current
Investments |
0.006 |
0.006 |
0.006 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
10.197 |
|
(d) Long-term Loan and Advances |
228.219 |
45.400 |
22.244 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
1.506 |
|
Total Non-Current Assets |
1263.045 |
967.155 |
964.430 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
590.025 |
492.406 |
573.141 |
|
(c) Trade receivables |
118.886 |
162.385 |
127.184 |
|
(d) Cash and cash
equivalents |
79.619 |
46.082 |
27.461 |
|
(e) Short-term loans and
advances |
49.380 |
34.792 |
36.803 |
|
(f) Other current assets |
3.793 |
3.181 |
6.021 |
|
Total Current Assets |
841.703 |
738.846 |
770.610 |
|
|
|
|
|
|
TOTAL |
2104.748 |
1706.001 |
1735.040 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
1738.071 |
1733.323 |
1722.682 |
|
|
Other Income |
21.765 |
12.020 |
16.493 |
|
|
TOTAL |
1759.836 |
1745.343 |
1739.175 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
879.937 |
813.034 |
842.803 |
|
|
Purchases of
Stock-in-Trade Kraft & Poster Paper |
3.651 |
15.970 |
12.717 |
|
|
Decrease/(Increase) in
Inventories of Finished Goods and Work-in-Process |
30.006 |
59.478 |
(55.403) |
|
|
Employees benefits
expense |
139.990 |
130.577 |
119.028 |
|
|
Other expenses |
394.163 |
468.413 |
550.272 |
|
|
Exceptional Items |
7.304 |
0.000 |
0.000 |
|
|
Extraordinary Items |
0.000 |
0.000 |
154.759 |
|
|
TOTAL |
1455.051 |
1487.472 |
1624.176 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
304.785 |
257.871 |
114.999 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
141.923 |
148.172 |
159.831 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
162.862 |
109.699 |
(44.832) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
66.803 |
66.148 |
41.615 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
96.059 |
43.551 |
(86.447) |
|
|
|
|
|
|
|
Less |
TAX |
32.166 |
15.026 |
(19.812) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
63.893 |
28.525 |
(66.635) |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
(3.370) |
(31.895) |
38.701 |
|
|
|
|
|
|
|
Adjustment relating to
Fixed Assets |
0.000 |
0.000 |
(3.961) |
|
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
60.523 |
(3.370) |
(31.895) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Export of goods calculated
on FOB basis |
183.010 |
291.085 |
338.680 |
|
|
TOTAL EARNINGS |
183.010 |
291.085 |
338.680 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
119.834 |
92.088 |
150.002 |
|
|
Chemicals, Stores and
Spares |
14.100 |
6.922 |
7.163 |
|
|
TOTAL IMPORTS |
133.934 |
99.010 |
157.165 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
Basic |
1.99 |
1.03 |
(2.41) |
|
|
Diluted |
1.94 |
1.03 |
(2.41) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
113.611 |
105.496 |
115.679 |
|
Cash generated from operations |
188.170 |
221.295 |
232.919 |
|
Net cash from operating activities |
190.406 |
223.385 |
234.420 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
|
|
|
|
|
Net sales |
466.360 |
533.510 |
501.130 |
|
Total Expenditure |
376.580 |
440.680 |
406.050 |
|
PBIDT (Excluding Other Income) |
89.780 |
92.830 |
95.080 |
|
Other income |
6.530 |
4.720 |
8.550 |
|
Operating Profit |
96.310 |
97.550 |
103.630 |
|
Interest |
37.420 |
25.110 |
28.520 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
58.890 |
72.440 |
75.110 |
|
Depreciation |
14.010 |
14.190 |
14.360 |
|
Profit Before Tax |
44.880 |
58.250 |
60.750 |
|
Tax |
15.510 |
17.150 |
10.140 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
29.380 |
41.100 |
50.610 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
29.380 |
41.100 |
50.610 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
24.97 |
34.19 |
26.95 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
14.62 |
10.67 |
13.54 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
41.87 |
50.17 |
52.32 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.52 |
0.52 |
0.20 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.29 |
0.28 |
0.12 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.78 |
0.77 |
0.84 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
2.44 |
2.06 |
2.83 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.44 |
1.44 |
2.02 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.85 |
1.86 |
2.40 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.15 |
1.74 |
0.72 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
3.68 |
1.65 |
-3.87 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
3.04 |
1.67 |
-3.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
11.43 |
5.76 |
-17.18 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.04 |
1.04 |
0.98 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.31 |
0.35 |
0.25 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.27 |
0.29 |
0.22 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
4.22 |
3.42 |
3.96 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.04 |
1.04 |
0.98 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 80.20/- |
FINANCIAL ANALYSIS
[all figures are
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 |
277.000 |
298.300 |
323.100 |
|
Reserves & Surplus |
110.946 |
148.615 |
224.908 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
387.946 |
446.915 |
548.008 |
|
|
|
|
|
|
Long-Term Borrowings |
563.489 |
495.726 |
722.852 |
|
Short Term Borrowings |
417.572 |
419.124 |
525.421 |
|
Current Maturities of Long term debt |
115.679 |
105.496 |
113.611 |
|
Total
borrowings |
1096.740 |
1020.346 |
1361.884 |
|
Debt/Equity
ratio |
2.827 |
2.283 |
2.485 |
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 |
1722.682 |
1733.323 |
1738.071 |
|
|
|
0.618 |
0.274 |
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
|
1722.682 |
1733.323 |
1738.071 |
|
Profit |
-66.635 |
28.525 |
63.893 |
|
|
-3.87% |
1.65% |
3.68% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
FINANCIAL RESULTS:
REVIEW OF OPERATIONS
The Company has
achieved a production of paper 35,794 MT (Kraft Paper 18,446 MT and Poster
Paper 17348 MT) and salable pulp of 5,088 MT during the year ended 31st March,
2017 against a production of paper 35,981 MT (Kraft Paper 18,446 MT and Poster
Paper 17,348 MT) and salable pulp of 4,553 MT in the previous year ended 31st
March, 2016.
The Company has
achieved sales of paper 36,077 MT (Kraft Paper of 18,798 MT, Poster Paper of
17,279 MT) and salable pulp of 5,015 MT during the year ended 31st March, 2017
against sales of paper 37,664 MT (Kraft Paper of 20,194 MT, Poster Paper of
17,470 MT) and salable pulp of 4,553 MT in the previous year ended 31st March,
2016.
The Company has
achieved purchase and sales of March, 2017 against INR 1820.300 Million in the
previous year. Reserves as on 31st March, 2017 stood at INR 224.900 Million as
compared to INR 148.600 Million of the preceding year 31st March, 2016.
OUTLOOK
The organization
has increased focus on cost reduction measures as well as production of value
added products. It is expected that the current year 2017-18, the Company shall
demonstrate better bottom line performance for value addition for the
investors.
MANAGEMENT DISCUSSION AND ANALYSIS
GLOBAL ECONOMIC OVERVIEW
Global
GDP growth slowed marginally to 3.1% year-on-year, as deceleration in key
emerging and developing economies overshadowed a modest recovery in major
developed countries. This deceleration was accompanied by modest increase in
commodity prices, subdued global trade, bouts of financial market volatility,
and weakening capital flows. Global industrial production (IP) growth slowed to
1.5% year-on-year in 2016, after growing by 1.8% in 2015.
Challenges:
Recent political developments highlight a fraying consensus about
the benefits of cross-border economic integration. A potential widening of
global imbalances coupled with sharp exchange rate movements, should those
occur in response to major policy shifts, could further intensify protectionist
pressures. Increased restrictions on global trade and migration would hurt
productivity and incomes, and take an immediate toll on market sentiment.
Promise:
Consistently good economic news since the summer of 2016 is starting
to add up to a brightening global outlook. With buoyant financial markets and a
long-awaited cyclical recovery in manufacturing and trade under way, world
growth is projected to rise to 3.5 percent in 2017 and 3.6 percent in 2018.
Activity is projected to pick up markedly in emerging markets and developing
economies because the conditions leading to commodity exporters experiencing
macroeconomic strains are gradually expected to improve, supported by the
partial recovery in commodity prices.
Indian economic overview
The
Indian economy has been growing at an accelerated pace since 2014, supported by
favorable government reforms and stringent fiscal regime that reigned in
inflation. During 2016-17, the Indian economy sustained a macro-economic environment of
relatively lower inflation, fiscal discipline and moderate current account
deficit coupled with broadly stable rupee-dollar exchange rate. Despite this
reality and a robust economic growth in the first half of 2016-17 (7.2%), the
nation’s GDP growth declined to 7.1% in 2016-17 against 7.9% in 2015-16
-largely owing to policy initiatives (demonetisation) resulting in
"temporary disruptions".
Growth in gross
fixed capital formation, which is a proxy for investment demand in the economy,
slowed sharply in FY17 to 2.4% from 6.5% a year ago. Private final consumption
grew 8.7% in FY17 against 6.1% a year ago.
The industrial
sector growth remained lackluster with the Index of Industrial Production
(IIP), a measure of industrial performance, registering a growth of 5% during
2016-17, against 3.4% during 2015-16. The halving of global oil prices that
began in late 2014, boosted economic activity in India, further improved the
external current account and fiscal positions and helped lower inflation in the
past.
Challenges: A key concern for
the country is the health of the banking system, which continues to battle with
rising bad loans and heightened corporate vulnerabilities in certain key
sectors of the economy.
Outlook: India’s economic
growth is expected to improve in 2017-18. This optimism is based on two
critical realities:
• The adoption of
the Goods and Service Tax (GST) promises to create a single national market
which will enhance efficiency of the movement of goods and services.
• The Union Budget
2017-18, Agenda to Transform, Energise and Clean India (TEC India) puts an
unprecedented thrust on rural infrastructure development which will have a
multi-sector cascading impact.
Estimates: Credit rating agency
Moody’s Investors Service has projected India’s economy to accelerate to grow
at 7.5% in 2017-18 and 7.7% in 2018-19. The World Bank expects the Indian
economy to grow at 7.2% in FY18 and gradually gather pace to touch 7.7% by
FY20.
The paper industry
has had its ups and downs over the past few decades, with the advent of digital
technology, ‘going paperless,’ and environmental concerns about overusing
forests.
UNSECURED LOAN:
|
PARTICULARS |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
LONG TERM BORROWINGS |
|
|
|
Loan from related parties from Directors (interest free) |
61.125 |
15.325 |
|
from Others (interest free) |
2.500 |
2.500 |
|
from a Company |
31.500 |
7.500 |
|
Total |
95.125 |
25.325 |
STATEMENT OF
UN-AUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2017
(INR in million)
|
Particulars |
Quarter
Ended |
Nine months ended |
||||
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
||||
|
Unaudited |
Unaudited |
Unaudited |
||||
|
|
Income from
Operations |
|
|
|
||
|
|
Net Sales/Income from Operations (net of excise duty) |
501.133 |
533.507 |
1500.999 |
||
|
|
Other Income |
8.547 |
4.724 |
19.804 |
||
|
|
Total Income from
Operations (Net) |
509.680 |
538.231 |
1520.803 |
||
|
|
Expenses |
|
|
|
||
|
|
|
Cost of Materials consumed |
250.885 |
250.745 |
728.573 |
|
|
|
|
Purchase of stock in-trade |
0.000 |
0.000 |
0.000 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(27.160) |
(0.475) |
(45.772) |
|
|
|
|
Employee benefit expenses |
48.185 |
49.126 |
139.624 |
|
|
|
|
Finance Costs |
28.516 |
25.112 |
91.049 |
|
|
|
|
Depreciation and amortization expense |
14.356 |
14.194 |
42.556 |
|
|
|
|
Power and Fuel |
79.579 |
90.760 |
232.053 |
|
|
|
|
Other expenses |
54.570 |
50.517 |
168.836 |
|
|
|
Total Expenses |
448.931 |
479.979 |
1356.919 |
||
|
|
|
Profit /(Loss)
before tax |
60.749 |
58.252 |
163.884 |
|
|
|
Tax Expense |
10.142 |
17.148 |
42.796 |
||
|
|
|
Profit /(Loss) after tax |
50.607 |
41.104 |
121.088 |
|
|
|
Other Comprehensive
Income |
|
|
|
||
|
|
Item that will not be reclassified to profit or loss |
|
|
|
||
|
|
Remeasurements of benefit plans |
(0.837) |
(0.269) |
(1.926) |
||
|
|
Income tax relating to items that will not be reclassified to profit or loss |
(0.277) |
(0.089) |
(0.637) |
||
|
|
Other Comprehensive Income |
(1.114) |
(0.358) |
(2.563) |
||
|
|
Total Other Comprehensive Income for the year |
49.493 |
40.746 |
118.525 |
||
|
|
Paid-up equity share capital (Face value INR 10/- per share) |
352.400 |
352.400 |
352.400 |
||
|
|
Earnings per share (EPS)
(INR)(before extraordinary items) |
|
|
|
||
|
|
Basic |
1.49 |
1.23 |
3.56 |
||
|
|
Diluted |
1.49 |
1.23 |
3.56 |
||
NOTES:
The above Unaudited financial results have been reviewed by the Audit Committee in its meeting held on 9th February, 2018 and approved by the Board of Directors at their meeting held on 10th February, 2018.
The Company has adopted Indian Accounting Standards (Ind-AS) with the
transition date of April 1, 2016. Accordingly, the financial results for
quarters/ nine months ended 31st December, 2016 and 31st December, 2017 have
been prepared in accordance with the recognition and measurement principles
laid down in Ind AS 34 "Interim Financial Reporting" prescribed under
Section 133 of the Companies Act, 2013 read with the relevant rules thereunder
and in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and SEBI Circular dated 5th July, 2016.
Revenue from operations for periods upto 30th June, 2017 includes excise duty,
which is discontinued with effect from 1st July, 2017 upon implementation of
Goods and Service Tax (GST) in India. In accordance with 'Ind AS 18 - Revenue
Recognition' GST in not included in revenue from operations. In view of the
aforesaid restructuring of indirect taxes, revenue from operations for the
quarter / nine months ended 31st December, 2017 is not comparable with previous
period.
The Company's Tableware Unit has started its Commercial Production with effect
from 2nd January, 2018.
During the reporting period, the Company has only one reportable primary
business segment i.e. Paper.
Figures for the previous period are re-classified/ re-grouped, wherever
necessary, to correspond with the current period's classification and
disclosures.
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G79115499 |
100159637 |
UCO BANK |
17/02/2018 |
- |
- |
346100000.0 |
H-46,CONNAUGHT
CIRCUS,NEW DELHIDL110001IN |
|
2 |
G36980100 |
100079822 |
UCO BANK |
31/01/2017 |
- |
- |
150000000.0 |
H-46, CONNAUGHT
PLACENEW DELHIDL110001IN |
|
3 |
G40154379 |
100087867 |
UNITED BANK OF
INDIA |
25/01/2017 |
- |
- |
255000000.0 |
4, AMINABAD
PARKLUCKNOWUP226018IN |
|
4 |
G55870653 |
90280922 |
UNITED BANK OF
INDIA |
14/05/2005 |
18/09/2017 |
- |
1602600000.0 |
4, AMINABAD
PARKAMINABAD,LUCKNOWUP226018IN |
|
5 |
C76115120 |
10135309 |
UNITED BANK OF
INDIA |
06/11/2008 |
- |
28/12/2015 |
42244860.0 |
LUCKNOW BRANCH4, AMINABAD
PARKLUCKNOWUP226018IN |
|
6 |
C76116557 |
10215628 |
UNITED BANK OF
INDIA |
19/04/2010 |
- |
28/12/2015 |
47000000.0 |
LUCKNOW BRANCH4,
AMINABAD PARKLUCKNOWUP226018IN |
|
7 |
C76114057 |
10048369 |
UNITED BANK OF
INDIA |
30/04/2007 |
08/05/2007 |
28/12/2015 |
160000000.0 |
LUCKNOW BRANCH4,
AMINABAD PARK,LUCKNOWUP226018IN |
|
8 |
C76117266 |
10274293 |
UNITED BANK OF
INDIA |
31/01/2011 |
17/09/2011 |
28/12/2015 |
37500000.0 |
LUCKNOW BRANCH4,
AMINABAD PARKLUCKNOWUP226018IN |
|
9 |
C64163512 |
80019352 |
STATE BANK OF
INDIA |
20/12/2000 |
17/09/2011 |
01/09/2015 |
210000000.0 |
COMMERCIAL
BRANCH6A, WAY ROAD, GOKHLEY MARG,LUCKNOWUP226001IN |
|
10 |
C64096522 |
10045950 |
STATE BANK OF
INDIA |
27/02/2007 |
- |
01/09/2015 |
202500000.0 |
COMMERCIAL BRANCH6A,
WAY ROAD, GOKHALE MARGLUCKNOWUP226001IN |
CONTINGENT LIABILITIES
|
PARTICULARS |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
Claim against the company not acknowledged as debt (net of amounts paid): |
|
|
|
Excise duty |
30.055 |
30.128 |
|
Income Tax |
2.543 |
2.543 |
|
Others |
106.986 |
24.978 |
|
Guarantee given by Banks |
7.000 |
6.200 |
|
Letter of Credits |
19.070 |
37.525 |
FIXED ASSETS:
Tangible
- Land Free Hold (incl. Site Development)
- Land Lease Hold
- Factory Building
- Non Factory Building
- Plant and Machinery
- Electric Installation and Fittings
- Furniture and Fittings
- Office Equipment
- Motor Car and Other Vehicles
Intangible
- Computer Software
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 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 64.99 |
|
|
1 |
INR 90.96 |
|
Euro |
1 |
INR 79.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
NO |
|
--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.