|
|
|
MIRA INFORM REPORT
|
Report No. : |
504839 |
|
Report Date : |
19.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
ETERNIS
FINE CHEMICALS LIMITED (w.e.f.15.12.2014) |
|
|
|
|
Formerly Known
As : |
HINDUSTAN POLYAMIDES AND FIBRES LIMITED |
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Registered
Office : |
1004, Peninsula Tower, Peninsula Corporate Park, Ganpatrao Kadam
Marg, Off. Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra |
|
Tel. No.: |
91-22-66513412/ 66513400 |
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|
|
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Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2017 |
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|
|
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Date of
Incorporation : |
25.02.1965 |
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|
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Com. Reg. No.: |
11-015806 |
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|
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Capital
Investment / Paid-up Capital : |
INR 0.830 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
U17120MH1965PLC015806 |
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|
|
|
IEC No.: [Import-Export Code No.] |
0388201142 |
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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.] |
AAACH3757J |
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|
|
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GSTN : [Goods & Service Tax
Registration No.] |
27AAACH3757J1ZE |
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TIN No.: |
27890410108 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
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No. of Employees
: |
50 (Approximately) |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 6000000 |
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|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1965 and it is a manufacturer of aroma chemicals. As per financials of March 2017, the company has registered a marginal growth in its revenue and has reported good profit margin of 7.08% under review. Rating takes into consideration the company’s established track record of business operations marked by sound net worth base along with comfortable debt coverage indicators and good liquidity position. Rating continues to reflect the company’s established position in the aroma chemicals industry, strong clientele, robust manufacturing infrastructure and demonstrated research and development (R&D) capability. Further, the company has reported a healthy earnings per share of INR 40438.86 against its face value of INR 100. However, rating strength is partially offset by significant customer and product concentration in revenue and susceptibility to volatility in foreign exchange (forex) rates. Payments are reported to be regular. In view of aforesaid, the company can be considered good 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 (30.09.2017) |
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 |
CRISIL |
|
Rating |
Long term rating= A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
19.05.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A1 |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
19.05.2017 |
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
31-03-2018.
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 19.04.2018
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 PARTED BY
|
Name : |
Mr. Ganesh |
|
Designation : |
Admin Department |
|
Contact No.: |
91-22-66513412 |
|
Date : |
19.04.2018 |
LOCATIONS
|
Registered Office/Factory : |
1004, Peninsula Tower, Peninsula Corporate Park, Ganpatrao Kadam
Marg, Off. Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-66513412/ 66513400 |
|
Fax No.: |
91-22-66513435/ 66513434 |
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E-Mail : |
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|
Website : |
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Location: |
Owned |
|
Locality: |
Commercial |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Rajendra Kishore Mariwala |
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Designation : |
Managing Director |
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Address : |
601, Floor-5/6, Plot-711, Raheja Anchorage, Dr. Annie Besant Road, Near Samudra Point, Worli, Mumbai -400018 , Maharashtra, India |
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Date of Birth/Age : |
04.09.1962 |
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Qualification : |
B. Tech, Masters in Chemical Engineering |
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Date of Appointment : |
01.04.1995 |
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Voter ID No.: |
MT/04/024/384733 |
|||||||||||||||||||||||||||||||||||||||||
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PAN No.: |
AADPM3840R |
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DIN No.: |
00007246 |
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Other
Directorship:
|
||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Arun Madhav Bewoor |
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Designation : |
Director |
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Address : |
20, Gilchrist Avenue, Harrington Road, Chetpet, Chennai – 600031, Tamilnadu,
India |
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Date of Birth/Age : |
06.09.1942 |
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Qualification : |
Bachelor of Science |
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Date of Appointment : |
22.09.2012 |
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DIN No.: |
00024276 |
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Other
Directorship:
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|||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Ravindra Kishore Mariwala |
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Designation : |
Director |
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Address : |
8 – B, Sahil, 14 Altamount Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
01.06.1966 |
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Qualification : |
Phd, Bachelor of Science (B.S.), Chemical Engineering |
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Date of Appointment : |
31.08.2013 |
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PAN No.: |
AADPM3839J |
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DIN No.: |
00032825 |
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Other
Directorship:
|
||||||||||||||||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Kishore V. Mariwala |
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|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||
|
Address : |
31, Mont Blanc Co-Operative Housing Society Limited, Dadayseth Hills, August Kranti Marg, Mumbai 400036, Maharashtra, India |
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Date of Birth/Age : |
14.02.1935 |
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Qualification : |
BE. Chem |
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Date of Appointment : |
25.02.1965 |
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PAN No.: |
AADPM3838K |
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DIN No.: |
00036150 |
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Other
Directorship:
|
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|||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Milind Shripad Sarwate |
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Designation : |
Director |
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Address : |
E-201/202, Sita Vihar, Near Damani Estate, LBS Marg, Naupada, Thane
(West) – 400602, Maharashtra, India |
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Date of Birth/Age : |
23.09.1959 |
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Qualification : |
B.Com, CA, CWA, CS |
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Date of Appointment : |
01.02.2006 |
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Voter ID No.: |
MT/10/053/1021021 |
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DIN No.: |
00109854 |
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Other
Directorship:
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|||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Harsh Charandas Mariwala |
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Designation : |
Director |
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Address : |
2nd Floor, 7th on the hill, Auxilium Convent Road, Rajendra Kumar Chowk, Pali Hill, Bandra (West), Mumbai 400050 , Maharashtra, India |
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Date of Birth/Age : |
14.05.1951 |
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Qualification : |
B.Com |
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Date of Appointment : |
21.07.2003 |
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Voter ID No.: |
MT/04/024/384774 |
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DIN No.: |
00210342 |
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Other
Directorship:
|
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|
|||||||||||||||||||||||||||||||||||||||||
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Name : |
Ms. Anita Belani |
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Designation : |
Director |
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|
Address : |
3502-A, 35th Floor, Lodha Bellissimo Apollo Mills Compound,
N M Joshi Marg, Mumbai – 400011, Maharashtra, India |
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|
Date of Appointment : |
01.07.2015 |
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DIN No.: |
01532511 |
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Other
Directorship:
|
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KEY
EXECUTIVE
|
Name : |
Mr. Ganesh |
|
Designation : |
Admin Department |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Aquarius Family Trust, India |
|
1830 |
|
Gemini Family Trust, India |
|
1830 |
|
Taurus Family Trust, India |
|
1830 |
|
Valentine Family Trust |
|
1830 |
|
The Bombay Oil Industries Private Limited, India |
|
994 |
|
Ravindra Mariwala |
|
01 |
|
Rajendra Mariwala |
|
01 |
|
Harsh Mariwala |
|
01 |
|
Total |
|
8317 |
Equity Share Break up (Percentage of Total Equity)
AS ON 02.06.2017
|
Category |
Percentage |
|
Promoters [Individual/Hindu Undivided
Family (Indian)] |
0.04 |
|
Public/Other than promoters [Body corporate] |
99.96 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
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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 Divulged |
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||||
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Imports : |
Not Divulged |
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|
||||
|
Terms : |
|||||
|
Selling : |
L/C, Advance Payment and RTGS / NEFT |
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|
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|
||||
|
Purchasing : |
L/C, Advance Payment and RTGS / NEFT |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
|
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai, Maharashtra, India |
|
PAN No.: |
AAFFP3698A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary
Companies : |
· Arctic Investment and Trading Company Private Limited · HPFL B.V. · Eternis UK Limited (Formerly HPFL (U.K.) Limited) ·
Eternis USA LLC. (Incorporated during the
year) |
CAPITAL STRUCTURE
AS ON 02.06.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000 |
Equity Shares |
INR 100/- each |
INR 7.500 Million |
|
250000 |
Preference Shares |
INR 10/- each |
INR 2.500 Million |
|
|
Total |
|
INR 10.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8317 |
Equity Shares |
INR 100/- each |
INR 0.830 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in 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 |
0.830 |
0.830 |
0.830 |
|
(b) Reserves and Surplus |
2114.650 |
1761.470 |
1507.790 |
|
(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) |
2115.480 |
1762.300 |
1508.620 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
250.200 |
370.590 |
156.620 |
|
(b) Deferred tax liabilities (Net) |
117.910 |
94.160 |
79.870 |
|
(c) Other long-term
liabilities |
5.670 |
5.670 |
5.670 |
|
(d) long-term
provisions |
8.950 |
6.720 |
4.980 |
|
Total Non-current
Liabilities (3) |
382.730 |
477.140 |
247.140 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
832.500 |
548.600 |
700.850 |
|
(b) Trade
payables |
688.690 |
628.510 |
603.940 |
|
(c) Other
current liabilities |
310.940 |
288.350 |
223.690 |
|
(d) Short-term
provisions |
31.110 |
50.500 |
46.860 |
|
Total Current
Liabilities (4) |
1863.240 |
1515.960 |
1575.340 |
|
|
|
|
|
|
TOTAL |
4361.450 |
3755.400 |
3331.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1518.570 |
1289.890 |
1204.370 |
|
(ii)
Intangible Assets |
6.450 |
9.530 |
1.470 |
|
(iii) Tangible assets
capital work-in-progress |
47.160 |
45.320 |
6.930 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
378.430 |
182.920 |
80.620 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
31.390 |
37.130 |
54.320 |
|
(e) Other
Non-current assets |
250.910 |
62.240 |
21.340 |
|
Total Non-Current
Assets |
2232.910 |
1627.030 |
1369.050 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
324.100 |
197.770 |
105.000 |
|
(b)
Inventories |
822.900 |
547.350 |
470.540 |
|
(c) Trade
receivables |
645.290 |
853.610 |
961.640 |
|
(d) Cash and bank
balances |
112.870 |
370.560 |
88.160 |
|
(e)
Short-term loans and advances |
141.170 |
127.590 |
297.850 |
|
(f) Other
current assets |
82.210 |
31.490 |
38.860 |
|
Total
Current Assets |
2128.540 |
2128.370 |
1962.050 |
|
|
|
|
|
|
TOTAL |
4361.450 |
3755.400 |
3331.100 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
4748.030 |
4619.010 |
4512.870 |
|
|
Other Income |
195.330 |
144.010 |
119.390 |
|
|
TOTAL |
4943.360 |
4763.020 |
4632.260 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3186.470 |
3010.830 |
3208.390 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(235.090) |
(35.260) |
(104.500) |
|
|
Employee benefit expense |
376.920 |
284.150 |
203.180 |
|
|
CSR expenditure |
3.250 |
2.000 |
1.600 |
|
|
Other expenses |
907.730 |
898.140 |
903.380 |
|
|
TOTAL |
4239.280 |
4159.860 |
4212.050 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
704.080 |
603.160 |
420.210 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
42.310 |
56.440 |
45.550 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
661.770 |
546.720 |
374.660 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
221.720 |
179.080 |
192.480 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
440.050 |
367.640 |
182.180 |
|
|
|
|
|
|
|
Less |
TAX |
103.720 |
117.180 |
23.350 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
336.330 |
250.460 |
158.830 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
3547.660 |
3589.630 |
3491.240 |
|
|
TOTAL EARNINGS |
3547.660 |
3589.630 |
3491.240 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
2334.73 |
2286.020 |
2294.640 |
|
|
Components and spare
parts |
0.000 |
3.830 |
3.560 |
|
|
TOTAL IMPORTS |
2334.730 |
2289.850 |
2298.200 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
40438.86 |
30114.22 |
19097.03 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
130.760 |
146.380 |
152.930 |
|
Net cash flows from (used in) operations |
637.520 |
639.260 |
354.640 |
|
Net cash flows from (used in) operating activities |
518.350 |
566.170 |
305.420 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
49.61 |
67.45 |
77.78 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
7.36 |
5.41 |
4.69 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
78.89 |
76.19 |
68.71 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.86 |
1.10 |
0.89 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.45 |
0.45 |
0.35 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.51 |
0.54 |
0.57 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.57 |
0.60 |
0.67 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.88 |
0.86 |
1.04 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.74 |
0.76 |
0.80 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
16.64 |
10.69 |
9.23 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
7.08 |
5.42 |
3.52 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
7.71 |
6.67 |
4.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
15.90 |
14.21 |
10.53 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.14 |
1.40 |
1.25 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.70 |
1.04 |
0.95 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.49 |
0.47 |
0.45 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
1462.00 |
1283.82 |
1217.35 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.14 |
1.40 |
1.25 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
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 |
0.830 |
0.830 |
0.830 |
|
Reserves & Surplus |
1507.790 |
1761.470 |
2114.650 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1508.620 |
1762.300 |
2115.480 |
|
|
|
|
|
|
Long-term borrowings |
156.620 |
370.590 |
250.200 |
|
Short term borrowings |
700.850 |
548.600 |
832.500 |
|
Current maturities of
long-term debts |
152.930 |
146.380 |
130.760 |
|
Total
borrowings |
1010.400 |
1065.570 |
1213.460 |
|
Debt/Equity
ratio |
0.670 |
0.605 |
0.574 |
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 |
4512.870 |
4619.010 |
4748.030 |
|
|
|
2.352 |
2.793 |
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 |
4512.870 |
4619.010 |
4748.030 |
|
Profit/ (Loss) |
158.830 |
250.460 |
336.330 |
|
|
3.52
% |
5.42
% |
7.08
% |
BALANCE
SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
0.830 |
0.830 |
|
(b) Reserves and Surplus |
|
2099.260 |
1954.520 |
|
(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) |
|
2100.090 |
1955.350 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
250.200 |
370.730 |
|
(b) Deferred tax liabilities (Net) |
|
117.910 |
94.160 |
|
(c) Other long-term
liabilities |
|
5.670 |
5.670 |
|
(d) long-term
provisions |
|
8.950 |
6.720 |
|
Total Non-current
Liabilities (3) |
|
382.730 |
477.280 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
832.500 |
548.600 |
|
(b) Trade
payables |
|
665.900 |
614.660 |
|
(c) Other
current liabilities |
|
320.770 |
292.710 |
|
(d) Short-term
provisions |
|
32.060 |
50.570 |
|
Total Current
Liabilities (4) |
|
1851.230 |
1506.540 |
|
|
|
|
|
|
TOTAL |
|
4334.050 |
3939.170 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
1518.660 |
1289.950 |
|
(ii)
Intangible Assets |
|
31.740 |
32.330 |
|
(iii) Tangible assets
capital work-in-progress |
|
47.200 |
45.300 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
272.480 |
199.390 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
|
31.390 |
37.130 |
|
(e) Other
Non-current assets |
|
260.410 |
116.840 |
|
Total Non-Current
Assets |
|
2161.880 |
1720.940 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
324.100 |
197.770 |
|
(b)
Inventories |
|
822.900 |
547.350 |
|
(c) Trade
receivables |
|
645.290 |
853.610 |
|
(d) Cash
and bank balances |
|
155.550 |
459.680 |
|
(e)
Short-term loans and advances |
|
141.580 |
127.610 |
|
(f) Other
current assets |
|
82.750 |
32.210 |
|
Total
Current Assets |
|
2172.170 |
2218.230 |
|
|
|
|
|
|
TOTAL |
|
4334.050 |
3939.170 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
4748.030 |
4619.010 |
|
|
Other Income |
|
262.730 |
211.600 |
|
|
TOTAL |
|
5010.760 |
4830.610 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
3186.470 |
3010.830 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(235.090) |
(35.260) |
|
|
Employee benefit expense |
|
426.660 |
305.800 |
|
|
Other expenses |
|
875.500 |
880.070 |
|
|
Exceptional items before tax |
|
254.530 |
0.000 |
|
|
TOTAL |
|
4508.070 |
4161.440 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
502.690 |
669.170 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
42.310 |
56.490 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
460.380 |
612.680 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
225.680 |
182.190 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
234.700 |
430.490 |
|
|
|
|
|
|
|
Less |
TAX |
|
106.810 |
117.510 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
127.890 |
312.980 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (INR) |
|
15376.94 |
37631.37 |
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 |
Yes |
|
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 |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
COMPANY’S BACKGROUND
The company is closely held and is engaged in the manufacture and sale of Aroma chemicals. The company has global leadership in several products in its portfolio and hence enjoys strong customer franchise with the Flavor and Fragrance companies worldwide.
OPERATIONS:
During the year, the Company’s revenue has increased from INR 4763.020 Million to INR 4943.360 Million, indicating a growth of 3.8 % over previous year, Cash Operating Profit (EBIDTA) has increased by 16.73 % from INR 603.150 Million in the previous year to INR 704.070 Million in the current year.
As a result, Profit after tax has increased from INR 250.460 Million in the previous year to INR .336.320 Million in the current year.
The Company continued to invest for growth and accordingly invested INR 449.160 (300.860) Million in fixed assets during the year.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
LONG TERM BORROWINGS |
|
|
|
Other loans and advances |
4.620 |
7.480 |
|
|
|
|
|
Total |
4.620 |
7.480 |
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G05415740 |
10608448 |
Citi Bank N.A. |
28/08/2015 |
05/05/2016 |
- |
350000000.0 |
FIRST INTERNATIONAL FINANCIAL CENTRE, 9TH FLOOR PLOT NO.C-54, C-55, G-BLOCK, BANDRA KURLA COMPLEX MUMBAI-400051, MAHARASHTRA, INDIA |
|
2 |
G58603614 |
10505346 |
YES BANK LIMITED |
17/05/2014 |
27/09/2017 |
- |
350000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI, MUMBAI-400018, MAHARASHTRA, INDIA |
|
3 |
B93299162 |
10469609 |
DBS BANK LTD |
12/12/2013 |
- |
- |
224000000.0 |
3RD FLOOR, FORT HOUSE, 221,DR. D N ROAD, FORT MUMBAI-400001, MAHARASHTRA, INDIA |
|
4 |
G15471857 |
10505334 |
YES BANK LIMITED |
12/12/2013 |
05/05/2016 |
- |
250000000.0 |
NEHRU CENTRE, 8TH CENTRE,DISCOVERY OF INDIA, DR. A.B. ROAD,MUMBAI-400018, MAHARASHTRA, INDIA |
|
5 |
A95935664 |
10243447 |
KOTAK MAHINDRA BANK LIMITED |
18/08/2010 |
- |
- |
240000000.0 |
36-38A, NARIMAN BHAVAN, 227,D,NARIMAN POINT,MUMBAI-400021, MAHARASHTRA, INDIA |
|
6 |
G08020331 |
10186127 |
KOTAK MAHINDRA BANK LIMITED |
29/10/2009 |
05/05/2016 |
- |
350000000.0 |
27BKC, C 27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI-400051, MAHARASHTRA, INDIA |
|
7 |
G08707184 |
10164371 |
DBS Bank Ltd |
25/06/2009 |
05/05/2016 |
- |
300000000.0 |
3RD FLOOR, FORT HOUSE221, DR. D N ROAD, FORT MUMBAI-400001, MAHARASHTRA, INDIA |
|
8 |
C58205899 |
10076081 |
Standard Chartered Bank |
07/11/2007 |
11/06/2015 |
- |
350000000.0 |
CRESCENZO, 3A/F, PLOT NO C-38 & C-39,G BLOCK , BANDRA KURLA COMPLEX MUMBAI-400051, MAHARASHTRA, INDIA |
|
9 |
Y10345754 |
90238117 |
CITI BANK NA |
26/12/2003 |
27/05/2005 |
- |
87500000.0 |
BANDRA KURLA COMPLEX BANDRA EAST MUMBAI-400051, MAHARASHTRA, INDIA |
|
10 |
G05416649 |
90165518 |
Citi Bank N.A. |
26/12/2003 |
05/05/2016 |
- |
465000000.0 |
FIRST INTERNATIONAL FINANCIAL CENTRE, 9TH FLOORPLOT NO.C-54, C-55, G-BLOCK, BANDRA KURLA COMPLEX MUMBAI-400051, MAHARASHTRA, INDIA |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Equipment
·
Other plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Motor Vehicles
·
Office Equipment
·
Computer Equipments
·
Other Equipments
·
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 65.22 |
|
|
1 |
INR 92.77 |
|
Euro |
1 |
INR 80.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHR |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
RKI |
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.