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|
|
MIRA INFORM REPORT
|
Report No. : |
504250 |
|
Report Date : |
14.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
RAJOO ENGINEERS LIMITED (w.e.f. 11.05.1992) |
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Formerly Known
As : |
RAJOO ENGINEERS PRIVATE LIMITED |
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Registered Office
: |
Junagadh Road Highway, Manavadar, Junagadh - 362630, Gujarat |
|
Mobile No.: |
91-9712962704 (Mr. Praveen) |
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Country : |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
08.12.1986 |
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Com. Reg. No.: |
04-009212 |
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Capital
Investment / Paid-up Capital : |
INR 58.031 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27100GJ1986PLC009212 |
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IEC No.: [Import-Export Code No.] |
Not Available |
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GSTN : [Goods & Service Tax
Registration No.] |
2491000148 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account No.] |
AABCR3204M |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the manufacturing and selling a reputed brand of Plastic Processing Machineries and Post Extrusion Equipment’s. [Registered Activity] |
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No. of Employees
: |
267 (Approximately) |
|
MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 1200000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1986. It is engaged in manufacturing and selling of reputed Brand of Plastic Brand Processing Machineries and Post Extrusion Equipments. For the financial year 2017, the company achieved growth in its revenue by 4.22% as compared to the previous year along with an average profit margin of 5.76%. The sound financial profile of the company marked by adequate networth base along with strong debt coverage indicators due to low debt balance sheet profile. The company has its share price trading at around INR 53.50 against the Face Value (FV) of INR 01 on BSE as on April 14, 2018. The rating takes into consideration the subject’s long established track record of business operations along with extensive experience of its promoters. As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 469.732 million and has reported profit margin of 14.68%. Business is active. Payment seems to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
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 |
ICRA |
|
Rating |
Long term fund based term loan: BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
20.12.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term fund based export: A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
20.12.2017 |
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 14.04.2018
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.
LOCATIONS
|
Registered Office : |
Junagadh Road Highway, Manavadar, Junagadh - 362630, Gujarat, India |
|
Tel. No.: |
Not Available |
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Mobile No.: |
91-9712962704 (Mr. Praveen) |
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Fax No.: |
Not Available |
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E-Mail : |
|
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Website : |
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|
Factory/ Admin and
Marketing Office / Head Office : |
Survey No. 210, Plot No.1, Rajoo Avenue, Industrial Area,
Veraval (Shapar), Rajkot - 360024, Gujarat, India |
|
Tel. No.: |
91-97129-62704/52701/ 32706 |
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Fax No.: |
91-2827-252700 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Rajesh Nanalal Doshi |
|
Designation : |
Chairman and Managing Director |
|
Address : |
Shrutina, 10-C, Panchvati Society, Kalawad Road, Rajkot – 360001, Gujarat, India |
|
Date of Birth/Age : |
07.03.1961 |
|
Qualification : |
B.Sc. |
|
Experience : |
32 years of technical experience to convert market requirements into technical layout, and having thorough knowledge in manufacturing and Plastic Processing, which will be a great asset to the company. |
|
Date of Appointment : |
01.02.2013 |
|
DIN No.: |
00026140 |
|
Directorship held in
other Indian Companies (excluding Directorship in Rajoo Engineers Limited.): |
Rajoo Cotex Limited |
|
|
|
|
|
|
|
Name : |
Mr. Sunil B. Jain |
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Designation : |
Wholetime Director |
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Address : |
39/10, Shaktinagar, Delhi-110007, India |
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Date of Birth/Age : |
25.12.1955 |
|
Qualification : |
B. E Honours (Mechanical) |
|
Experience : |
Mr. Sunil Jain has vast experience in the field of flexible packaging and international marketing. |
|
Date of Appointment : |
30.06.2002 |
|
DIN No.: |
00043541 |
|
Directorship held in
other Indian Companies (excluding Directorship in Rajoo Engineers Limited.): |
|
|
|
|
|
Name : |
Ms. Khushboo Chandrakant Doshi |
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Designation : |
Wholetime Director |
|
Address : |
Dio, Rajan Park B/H Panchwati Hall, Near Gandhi Vidhyalaya, Rajkot – 360001, Gujarat, India |
|
Date of Birth/Age : |
24.07.1982 |
|
Qualification : |
B.Arch, M.I.P.D. and D.F.B.M. |
|
Experience : |
Initially started as head MarCom now looking after MarCom, HR, Customer Care, Trial & Testing and Accounts and Financial matters. |
|
Date of Appointment : |
17.08.2012 |
|
DIN No.: |
00025581 |
|
Directorship held in
other Indian Companies (excluding Directorship in Rajoo Engineers Limited): |
Avantgarde Design Studio Private limited |
|
|
|
|
Name : |
Mr. Ramesh Amrutlal Shah |
|
Designation : |
Director |
|
Address: |
Flat No. A-104, Mangal Darshan, Shivaji Road, Adajan, Surat-395009, Gujarat, India |
|
Date of Appointment : |
15.09.2003 |
|
DIN No.: |
00031928 |
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|
|
|
Name : |
Mr. Kirit Ratanashi Vachhani |
|
Designation : |
Director |
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Address: |
5 - Amrutnagar Society, "Arohi" B/H Central
School, Kalawad Road, Rajkot -360005, Gujarat, India |
|
Date of Birth/Age : |
23.02.1956 |
|
Date of Appointment : |
19.03.2015 |
|
DIN No.: |
07113088 |
|
|
|
|
Name : |
Mr. Utsav Kishor Doshi |
|
Designation : |
Director |
|
Address: |
Shrutina, 10-C, Panchvati Society, Kalawad Road, Rajkot-360005, Gujarat, India |
|
Date of Birth/Age : |
25.12.1985 |
|
Qualification : |
B.
E. in Mechanical |
|
Experience : |
Utsav Doshi has technical experience to convert market
requirements into technical layout, and having thorough knowledge in
manufacturing and Plastic Processing. |
|
Date of Appointment : |
13.05.2016 |
|
DIN No.: |
00174486 |
|
Directorship held in
other Indian Companies (excluding Directorship in Rajoo Engineers Limited.): |
|
|
|
|
|
Name : |
Mr. Rajendra Gokalbhai Vaja |
|
Designation : |
Director |
|
Address: |
Sardarnagar Society – 17, Manavadar-362630, Gujarat, India |
|
Date of Appointment : |
01.12.2011 |
|
DIN No.: |
05264701 |
|
|
|
|
Name : |
Mr. Laxman Rudabhai Ajagiya |
|
Designation : |
Director |
|
Address: |
Utsav, 2, Bombay Housing Society, Rajkot-360005, Gujarat, India |
|
Date of Birth/Age : |
24-08-1951 |
|
Date of Appointment : |
13.05.2016 |
|
DIN No.: |
07517935 |
KEY EXECUTIVES
|
Name : |
Jayantilal Tapubhai Jhalavadia |
|
Designation : |
Chief Financial Officer |
|
Address: |
Nirav Appt, Flat 6, Royal Park, KLV Road, Rajkot-360005, Gujarat, India |
|
Date of Appointment : |
14.08.2014 |
|
PAN No.: |
ABOPJ1358H |
|
|
|
|
Name : |
Mr. Vijay Raghuvirsinh Jadeja |
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Designation : |
Company Secretary |
|
Address: |
Village: Padvala, Talukha Kotda (Sangani) District Rajkot, Padvala-360024, Gujarat, India |
|
Date of Appointment : |
29.03.2014 |
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PAN No.: |
AUXPJ8908R |
|
|
|
|
Name : |
Mr. Praveen |
|
Designation : |
Senior Manager |
SHAREHOLDING PATTERN
AS ON 31.03.2018
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
40487440 |
65.80 |
|
(B) Public |
21043310 |
34.20 |
|
Grand Total |
61530750 |
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 |
40487440 |
65.80 |
|
Devyani C Doshi |
5862560 |
9.53 |
|
Khushboo Doshi |
4867042 |
7.91 |
|
Pallav Kishorbhai Doshi |
4826609 |
7.84 |
|
Rita Rajesh Doshi |
4513440 |
7.34 |
|
Nita Kishor Doshi |
3884600 |
6.31 |
|
Kruti Rajeshbhai Doshi |
3144132 |
5.11 |
|
Rajesh Nanalal Doshi |
2940200 |
4.78 |
|
Karishma Rajesh Doshi |
2933395 |
4.77 |
|
Utsav Kishorkumar Doshi |
2919372 |
4.74 |
|
Kishor Nanalal Doshi |
1443000 |
2.35 |
|
Utkarsh Rajesh Doshi |
1709090 |
2.78 |
|
Rajesh N Doshi |
660000 |
1.07 |
|
Chandrakant N Doshi |
460000 |
0.75 |
|
Kishor N Doshi |
324000 |
0.53 |
|
Sub Total A1 |
40487440 |
65.80 |
|
A2) Foreign |
|
0.00 |
|
A=A1+A2 |
40487440 |
65.80 |
Statement showing shareholding pattern of the Public
shareholder
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
B1) Institutions |
|
0.00 |
|
Mutual Funds/ |
3000 |
0.00 |
|
Foreign Portfolio Investors |
50769 |
0.08 |
|
Sub Total B1 |
53769 |
0.09 |
|
B2) Central Government/ State
Government(s)/ President of India |
|
0.00 |
|
B3) Non-Institutions |
|
0.00 |
|
Individual share capital upto INR 0.200
Million |
16555103 |
26.91 |
|
Individual share capital in excess of INR 0.200
Million |
1513985 |
2.46 |
|
Any Other (specify) |
2920453 |
4.75 |
|
HUF |
1117964 |
1.82 |
|
Non-Resident Indian (NRI) |
400880 |
0.65 |
|
Clearing Members |
505694 |
0.82 |
|
Bodies Corporate |
895915 |
1.46 |
|
Sub Total B3 |
20989541 |
34.11 |
|
B=B1+B2+B3 |
21043310 |
34.20 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacturing and selling a reputed brand of Plastic Processing Machineries and Post Extrusion Equipment’s. [Registered Activity] |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees
: |
267 (Approximately) |
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Bankers : |
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Facilities : |
|
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Statutory Auditors: |
|
|
Name : |
M. N. Manvar and Company Chartered Accountants |
|
Address : |
504, Star Plaza, Near Circuit House, Phulchhab Chowk, Rajkot – 360001,
Gujarat, India |
|
Tel. No.: |
91-281-6627070/ 2455750 |
|
E-Mail : |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Joint
Ventures: |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
77000000 |
Equity Shares |
INR 1/- each |
INR 77.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
58030750 |
Equity Shares |
INR 1/- each |
INR 58.031 Million |
|
|
|
|
|
Reconciliation of Number of shares
|
Equity Shares |
Number
of Shares |
Amount
|
|
Shares outstanding at the beginning of the year |
58030750 |
58.031 |
|
Add : Shares Issued during the year |
-- |
-- |
|
Less : Shares bought back during the year |
-- |
-- |
|
Shares
outstanding at the end of the year |
58030750 |
58.031 |
Details of more than
5% of total shares, held by each shareholder
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
|
|
|
|
Smt. Devyani Chandrakant Doshi |
5862560 |
10.10 |
|
Ms. Khushboo Chandrakant Doshi |
4867042 |
8.39 |
|
Shri Pallav Kishorbhai Doshi |
4826609 |
8.32 |
|
Smt. Rita Rajesh Doshi |
4513440 |
7.78 |
|
Smt. Nita Kishorbhai Doshi |
3884600 |
6.69 |
|
Ms. Kruti Rajeshbhai Doshi |
3144132 |
5.42 |
|
Shri Rajesh Nanalal Doshi |
2940200 |
5.07 |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
58.031 |
58.031 |
58.030 |
|
(b) Reserves & Surplus |
356.558 |
309.918 |
281.618 |
|
(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) |
414.589 |
367.949 |
339.648 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1.450 |
1.325 |
0.712 |
|
(b) Deferred tax liabilities
(Net) |
20.425 |
20.185 |
22.665 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
7.504 |
7.409 |
4.443 |
|
Total
Non-current Liabilities (3) |
29.379 |
28.919 |
27.820 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
66.435 |
67.424 |
41.470 |
|
(b) Trade payables |
238.346 |
157.779 |
149.012 |
|
(c) Other current liabilities |
233.838 |
114.067 |
120.304 |
|
(d) Short-term provisions |
64.880 |
41.816 |
58.218 |
|
Total
Current Liabilities (4) |
603.499 |
381.086 |
369.004 |
|
|
|
|
|
|
TOTAL |
1047.467 |
777.954 |
736.472 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
271.032 |
163.903 |
173.668 |
|
(ii) Intangible Assets |
13.894 |
18.023 |
22.140 |
|
(iii) Capital work-in-progress |
14.616 |
64.372 |
21.002 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
19.814 |
19.814 |
19.814 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3.405 |
11.144 |
2.160 |
|
(e) Other Non-current assets |
0.652 |
1.303 |
1.955 |
|
Total
Non-Current Assets |
323.413 |
278.559 |
240.739 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
10.817 |
50.073 |
|
(b) Inventories |
243.794 |
120.411 |
156.355 |
|
(c) Trade receivables |
239.305 |
127.405 |
188.348 |
|
(d) Cash and cash equivalents |
91.331 |
84.480 |
7.658 |
|
(e) Short-term loans and
advances |
148.556 |
108.313 |
92.258 |
|
(f) Other current assets |
1.068 |
47.969 |
1.041 |
|
Total
Current Assets |
724.054 |
499.395 |
495.733 |
|
|
|
|
|
|
TOTAL |
1047.467 |
777.954 |
736.472 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
1113.809 |
1068.637 |
1169.333 |
|
|
Other Income |
8.447 |
1.542 |
2.594 |
|
|
TOTAL
|
1122.256 |
1070.179 |
1171.927 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
705.142 |
696.110 |
679.697 |
|
|
Purchases of Stock-in-Trade |
0.000 |
14.162 |
34.542 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(52.239) |
(13.263) |
80.737 |
|
|
Employees benefits expense |
109.983 |
98.601 |
83.146 |
|
|
Other expenses |
227.495 |
174.482 |
185.860 |
|
|
TOTAL |
990.381 |
970.092 |
1063.982 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
131.875 |
100.087 |
107.945 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
9.202 |
4.440 |
2.115 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
122.673 |
95.647 |
105.830 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
25.260 |
25.572 |
28.426 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
97.413 |
70.075 |
77.404 |
|
|
|
|
|
|
|
Less |
TAX |
33.312 |
24.314 |
25.008 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
64.101 |
45.761 |
52.396 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
213.266 |
184.966 |
155.532 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend |
14.508 |
14.508 |
14.508 |
|
|
Dividend Tax |
2.953 |
2.953 |
2.901 |
|
|
General Reserve |
0.000 |
0.000 |
3.500 |
|
|
Depreciation Adjustment |
0.000 |
0.000 |
2.053 |
|
|
Balance
Carried to the B/S |
259.906 |
213.266 |
184.966 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export of Goods Calculated on
F.O.B. Basis |
408.835 |
354.655 |
253.621 |
|
|
TOTAL
EARNINGS |
408.835 |
354.655 |
253.621 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Material, Components and
Spare Parts |
109.994 |
79.640 |
99.354 |
|
|
TOTAL
IMPORTS |
109.994 |
79.640 |
99.354 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
1.10 |
0.79 |
0.90 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
118.985 |
198.544 |
53.984 |
|
Net Cash From Operating Activities |
92.191 |
171.428 |
22.691 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2nd Quarter |
3rd Quarter |
|
Net sales |
125.960 |
268.030 |
469.730 |
|
Total Expenditure |
111.300 |
229.130 |
374.130 |
|
PBIDT (Excluding Other Income) |
14.660 |
38.900 |
95.600 |
|
Other income |
1.370 |
5.940 |
3.650 |
|
Operating Profit |
16.030 |
44.840 |
99.250 |
|
Interest |
0.740 |
2.210 |
4.240 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
15.290 |
42.630 |
95.010 |
|
Depreciation |
5.750 |
11.170 |
3.340 |
|
Profit Before Tax |
9.540 |
31.460 |
91.670 |
|
Tax |
3.200 |
10.110 |
22.690 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
6.340 |
21.360 |
68.980 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
6.340 |
21.360 |
68.980 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
78.42 |
43.52 |
58.79 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.65 |
8.39 |
6.21 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
123.37 |
81.08 |
76.15 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.54 |
0.83 |
0.69 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.44 |
0.41 |
0.50 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.58 |
0.49 |
0.50 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.16 |
0.19 |
0.12 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.46 |
1.04 |
1.09 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.72 |
0.67 |
0.64 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
14.33 |
22.54 |
51.04 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
5.76 |
4.28 |
4.48 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
6.12 |
5.88 |
7.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
15.46 |
12.44 |
15.43 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.20 |
1.31 |
1.34 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.80 |
0.99 |
0.92 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.40 |
0.47 |
0.46 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
1.17 |
1.18 |
0.73 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.20 |
1.31 |
1.34 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 1/- |
|
Market Value |
INR 53.50/- |
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 |
58.030 |
58.031 |
58.031 |
|
Reserves & Surplus |
281.618 |
309.918 |
356.558 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
339.648 |
367.949 |
414.589 |
|
|
|
|
|
|
Long-Term Borrowings |
0.712 |
1.325 |
1.450 |
|
Short Term Borrowings |
41.470 |
67.424 |
66.435 |
|
Total
borrowings |
42.182 |
68.749 |
67.885 |
|
Debt/Equity
ratio |
0.124 |
0.187 |
0.164 |
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 |
1169.333 |
1068.637 |
1113.809 |
|
|
|
(8.611) |
4.227 |
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
|
1169.333 |
1068.637 |
1113.809 |
|
Profit |
52.396 |
45.761 |
64.101 |
|
|
4.48% |
4.28% |
5.76% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
58.031 |
58.031 |
|
(b) Reserves & Surplus |
|
380.291 |
325.458 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
438.322 |
383.489 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1.911 |
1.636 |
|
(b) Deferred tax liabilities
(Net) |
|
20.323 |
20.081 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
7.505 |
7.409 |
|
Total
Non-current Liabilities (3) |
|
29.739 |
29.126 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
66.435 |
67.424 |
|
(b) Trade payables |
|
242.829 |
192.724 |
|
(c) Other current liabilities |
|
257.756 |
151.785 |
|
(d) Short-term provisions |
|
69.452 |
46.454 |
|
Total
Current Liabilities (4) |
|
636.472 |
458.387 |
|
|
|
|
|
|
TOTAL |
|
1104.533 |
871.002 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
272.823 |
165.423 |
|
(ii) Intangible Assets |
|
13.894 |
18.023 |
|
(iii) Capital work-in-progress |
|
14.616 |
64.573 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.214 |
0.214 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
4.128 |
11.949 |
|
(e) Other Non-current assets |
|
0.652 |
1.303 |
|
Total
Non-Current Assets |
|
306.327 |
261.485 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
1.728 |
15.549 |
|
(b) Inventories |
|
283.860 |
160.713 |
|
(c) Trade receivables |
|
243.356 |
130.962 |
|
(d) Cash and cash equivalents |
|
103.982 |
132.746 |
|
(e) Short-term loans and
advances |
|
164.243 |
121.559 |
|
(f) Other current assets |
|
1.037 |
47.988 |
|
Total
Current Assets |
|
798.206 |
609.517 |
|
|
|
|
|
|
TOTAL |
|
1104.533 |
871.002 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
1246.114 |
1154.056 |
|
|
Other Income |
|
9.692 |
2.417 |
|
|
TOTAL
|
|
1255.806 |
1156.473 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
803.831 |
765.584 |
|
|
Purchases of Stock-in-Trade |
|
0.000 |
14.161 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
-51.172 |
-28.733 |
|
|
Employees benefits expense |
|
114.391 |
101.256 |
|
|
Other expenses |
|
244.043 |
190.503 |
|
|
TOTAL |
|
1111.093 |
1042.771 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
144.713 |
113.702 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
9.326 |
4.476 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
135.387 |
109.226 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
25.880 |
25.720 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
109.507 |
83.506 |
|
|
|
|
|
|
|
Less |
TAX |
|
37.212 |
28.663 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
72.295 |
54.843 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
1.25 |
0.95 |
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 |
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 |
CORPORATE INFORMATION
Subject is a
public company domiciled in India and incorporated under the provisions of the
Companies Act, 1956. The Company's shares are listed on Bombay stock exchange
in India. The company is mainly engaged in the manufacturing and selling a
reputed brand of Plastic Processing Machineries and Post Extrusion Equipments.
The company caters to both domestic and international markets.
INDUSTRY STRUCTURE AND ITS DEVELOPMENTS:
The Company is in
the capital goods sector, manufacturing plastic processing machines
specifically extrusion and post extrusion machines for producing films, sheets
and various thermoformed and vacuum formed products. The Company continues to
provide technologically advanced and affordable solutions to the plastics
industry, in the country and worldwide, “Excellence in extrusion”, thus
pervades each and every facet of the Company's operations and is a distinct
expression of the corporate vision and culture.
Plastics
represents one of the ubiquitous raw materials that finds use in a wide gamut
of industries ranging from packaging, construction, infrastructure,
instrumentation, automotive, industrial manufacturing equipment, to mechanical
engineering.. Plastics are visible in each and every walk of life in the modern
world and have transformed the quality of life. There is no human activity
where plastics do not play a key role from clothing to shelter to food, from
transportation to communication and from entertainment to health care.
Plastics, because of their diverse and versatile properties, such as
lightweight, high strength and ease of processing, ease of recycling, meets a
large share of the material needs of man, and that too at a comparatively lower
cost and without causing any environmental damage.
OUTLOOK
The global
plastics market is expected to reach 42,000 billion ( USD 654.38 billion) by
2020, according R to a new study by Grand View Research, Inc. Growth of major
end-use industries, such as packaging, construction and automotive particularly
in emerging markets of China, India and Brazil is expected to remain a key
driving factor for global plastics demand. Volatile raw material prices coupled
with growing environmental concerns regarding plastics disposal and
sustainability continues to pose as serious challenge to market participants.
Leading industry participants continue to develop bio-based alternatives to
conventional plastics. Global plastics demand was 233.75 million tons in 2013
and is expected to reach 334.83 million tons by 2020, growing at a CAGR of 5.3%
from 2014 to 2020. Asia pacific emerged as the largest regional market for
plastics and accounted for over 44.6% of total market volume Increasing
construction spending coupled with growth of the regional automotive industry
is expected to drive plastic demand is Asia Pacific. Central and South America
are expected to the fastest growing regional markets for plastics, at an
estimated CAGR of 6.3% from 2014 to 2020. Rise in disposable income coupled
with growth of major end use markets in Brazil and Argentina are expected to
drive demand over the next six years. North America and Europe are relatively
mature markets for plastics and are driven by new technology and innovation in
the field of bio-based and sustainable alternatives. North America plastics
demand is expected to grow at an estimated CAGR of 4.3% from 2014 to 2020.
The Indian
domestic polymer industry (like the global industry) is dominated by
Polyolefins ( PE and PP), representing about 73% of all commodity resins
consumed in 2013-14. After clocking a subdued growth in 2013-14, the polymer
industry growth in India was higher at 7%. Domestic demand is expected to
outpace domestic production.
Polymer import
dependency remained at 33% in 2014-15 and is expected to come down in next two
years to around 27%. Trade deficit rose to 2723 KT in 2015-16 and declined to
2019 KT in 2016-17. However, the demand for polymers grew at expected to
witness a double digit growth of around 13% in 2017-18.
As a result of the
technical collaboration with Hosokawa Alpine of Germany for blown film systems,
the Company continues to provide world class technology to the industry. The
company had introduced the concept of hybrid blown film lines wherein the
critical hot parts are supplied by Hosokawa Alpine, the automation systems are
also sourced from Europe and rest is supplied by the Company. The company has
successfully integrated these technologies and had supplied its first such
hybrid line.
The company had
also entered in a Joint Venture with Bausano of Italy to manufacture and supply
pipe and profile extrusion machines. This project was implemented in a separate
Company – Rajoo Bausano Extrusion Pvt. Ltd. The Company manufactures and
supplies many high technology parts to this Joint Venture.
The Company thus continues
its leadership position in the world market by offering world class technology
at affordable price levels.
With its strong
engineering skills and language advantage, similar to the IT and automobile
industry, India has become an outsourcing hub for supply of parts and
assemblies to the developed economies.
The Company has a
positive outlook for F.Y. 2017-18. The Company will leave no efforts to grab
each and every opportunity for growth – both organic and inorganic. The Company
also expects to derive a greater operating leverage out of its investments,
maximizing shareholders' wealth.
UNSECURED LOAN:
|
PARTICULARS |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
LONG TERM BORROWINGS |
|
|
|
Deposits Employees Security Deposit |
1.450 |
1.325 |
|
Total |
1.450 |
1.325 |
STATEMENT OF
UN-AUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017
(INR in million)
|
Particulars |
Quarter
Ended |
Period ended |
|||||
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|||||
|
Unaudited |
Unaudited |
Unaudited |
|||||
|
|
Income from
Operations |
|
|
|
|||
|
|
a) Net Sales/Income from Operations (net of excise duty) |
469.732 |
268.031 |
863.724 |
|||
|
|
b) Other Income |
3.647 |
5.938 |
10.959 |
|||
|
|
Total Income from
Operations (Net) |
473.379 |
273.969 |
874.683 |
|||
|
|
Expenses |
|
|
|
|||
|
|
a) |
Cost of Materials consumed |
464.026 |
235.604 |
776.490 |
||
|
|
b) |
Purchase of stock in-trade |
0.00 |
0.000 |
0.000 |
||
|
|
c) |
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(163.949) |
(84.360) |
(286.185) |
||
|
|
d) |
Employee benefit expenses |
35.020 |
32.788 |
97.406 |
||
|
|
e) |
Finance Costs |
4.240 |
2.208 |
7.186 |
||
|
|
f) |
Depreciation and amortization expense |
3.343 |
11.173 |
20.266 |
||
|
|
g) |
Other expenses |
39.034 |
45.093 |
126.856 |
||
|
|
Total Expenses |
381.714 |
242.506 |
742.019 |
|||
|
|
|
Profit /(Loss)
before exceptional items and tax |
91.665 |
31.463 |
132.664 |
||
|
|
Exceptional items |
-- |
-- |
-- |
|||
|
|
|
Profit /(Loss)
before tax |
91.665 |
31.463 |
132.664 |
||
|
|
Tax Expense |
22.689 |
3.196 |
35.991 |
|||
|
|
|
Profit /(Loss) after tax |
68.976 |
21.357 |
96.673 |
||
|
|
Other Comprehensive
Income |
|
|
|
|||
|
|
Item that will not be reclassified to profit or loss |
0.000 |
0.000 |
0.000 |
|||
|
|
Income tax relating to items that will not be reclassified to profit or loss |
0.000 |
0.000 |
0.000 |
|||
|
|
Item that will be reclassified to profit or loss |
1.469 |
0.443 |
1.912 |
|||
|
|
Other Comprehensive Income |
1.469 |
0.443 |
1.912 |
|||
|
|
Total Other Comprehensive Income for the year |
70.445 |
21.800 |
98.585 |
|||
|
|
Paid-up equity share capital (Face value INR 1/- per share) |
61.531 |
59.031 |
61.531 |
|||
|
|
Reserve excluding Revaluation Reserves as per balance sheet of
Previous accounting year |
|
|
|
|||
|
|
Earnings per share (EPS)
(INR)(before extraordinary items) |
|
|
|
|||
|
|
Basic |
1.12 |
0.36 |
1.57 |
|||
|
|
Diluted |
1.12 |
0.36 |
1.57 |
|||
Note:
1. The above results have been approved by the Board of Directors of the Company at its meeting held on 09.02.2018 . The figures for the quarter and nine months ended 31.12.2017 have been subjected to limited review by the Statutory Auditors. The Auditors have expressed an unmodified opinion on the limited review report for the quarter and nine months ended 31.12.2017
2. These financial results have been prepared in accordance with Indian
Accounting Standards (Ind AS) prescribed under Section 133 of the Companies
Act, 2013 read with the relevant rules made thereunder and in terms of
Regulation 33 of the SEBI ( Listing Obligations and Disclosure Requirements)
Regulations, 2015 and SEBI Circular dated 5th July, 2016.
3. The company operates exclusively in one segment of activity i.e.
manufacturing of Plastic Extrusion plant and machinery. As such, Accounting
Standard 17 dealing with "Segment Reporting" is not applicable to the
Company.
4. Pursuant to Regulation 47 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the aforesaid Financial Results may be
accessed on the company's website at www.rajoo.com and may also be accessed
5. The Corresponding figures of the previous year's /periods' have been
regrouped/rearranged, whenever required.
6. The reconcilliation of net profit or loss reported in accordance with Indian
GAAP to total comprehensive income in accordance with Ind AS is given below.
|
Particulars |
Quarter
Ended |
Period ended |
||
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
|
|
|
|
|
|
|
Profit /(Loss) as per previous (Indian GAAP) |
20.246 |
5.108 |
35.268 |
|
|
Add/(Less) |
|
|
|
|
|
Other Comprehensive Income |
0.433 |
(0.491) |
(0.491) |
|
|
Total Comprehensive Income for the year period |
20.680 |
4.616 |
34.777 |
FIXED ASSETS
Tangible Assets
- Land
- Site Development
- Approach Road
- Buildings
- Plant and Machineries
- Furniture and Fixtures
- Office Equipment
- Computer
- Fire Fighting Equipment
- Vehicles
- Electrication
Intangible Assets
- Goodwill, Trade Mark and Patents
- Goodwill on Merger
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 65.22 |
|
|
1 |
INR 92.77 |
|
Euro |
1 |
INR 80.34 |
INFORMATION DETAILS
|
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 |
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.