|
|
|
MIRA INFORM REPORT
|
Report No. : |
504913 |
|
Report Date : |
21.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
PIONEER DISTILLERIES LIMITED |
|
|
|
|
Registered
Office : |
Roxana Towers, Ground Floor, M.No.7-1-24/1/RT/G1 and G2
Greenlands, Begumpet, Hyderabad – 500016, Telangana |
|
Mobile No.: |
91-80-39856905 (Mr. Ramanjane Yula) |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
25.11.1992 |
|
|
|
|
Com. Reg. No.: |
36-055108 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 134.194 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24116TG1992PLC055108 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is
engaged in the business of manufacturing and selling of Portable/Beverage
alcohol, spirits and related products. [Registered Activity] |
|
|
|
|
No. of Employees : |
169 (Approximately) |
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “United Spirite Limited” and was incorporated
in the year 1992. The company is engaged in the business of manufacturing and
selling of alcohol, spirits and related products. For the financial year 2017, the company has reported dip in its
revenue by 40.47% as compared to the previous year along with operational
loss. The moderate financial risk profile of the company is marked by eroded
net worth base due to continuous loss. Rating takes into consideration the subject’s negligible debt balance sheet
profile due to unsecured debt recorded in the books. As per the unaudited quarterly financials of December 2017, the
company has achieved revenue of INR 336.300 million but has incurred
operational loss. Payment seems to be slow and delayed. In view of aforesaid, dealing are recommended on safe and secured
terms. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
NOT AVAILABLE
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 21.04.2018
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 BY
|
Name : |
Mr. Ramanjane Yula |
|
Designation : |
Account Manager |
|
Contact No.: |
91-80-39856905 |
|
Date : |
19.04.2018 |
LOCATIONS
|
Registered Office : |
Roxana Towers, Ground Floor, M.No.7-1-24/1/RT/G1 and G2
Greenlands, Begumpet, Hyderabad – 500016, Telangana, India |
|
Tel. No.: |
91-80-39856905 91-40-29703391 |
|
Mobile No.: |
91-8039856905 (Mr. Ramanjane Yula) |
|
Fax No.: |
91-80-39856862 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate office : |
Level 6, UB Tower, #24, Vittal Mallya Road, Bangalore -560 001, Karnataka, India |
|
|
|
|
Factory : |
Balapur Village, Dharmabad Taluk, Nanded District –
431809, Maharashtra, India |
|
Tel. No.: |
91-2465-280695 |
|
Fax No.: |
91-2465-280688 |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Krishna Reddy Venkata Bommireddy |
|
Designation : |
Managing Director |
|
Address : |
12-2-823/C/306, SBI Colony, Mehadi Patnam
Hyderabad - 500028, Telangana, India |
|
Date of Appointment : |
01.10.2015 |
|
DIN No.: |
07293482 |
|
|
|
|
Name : |
Mamta Sundara |
|
Designation : |
Director |
|
Address : |
Flat-9, Seabird, 114, BJ Road, Bandstand,
Bandra West, Mumbai -400050, Maharashtra, India |
|
Date of Appointment : |
13.04.2015 |
|
DIN No.: |
05356182 |
|
|
|
|
Name : |
Ramanujam Krishnamurthy |
|
Designation : |
Director |
|
Address : |
9/18, 1st Cross, Akkamma Block Dinnur Main
Road, R T Nagar, Bangalore -560032, Karnataka, India |
|
Date of Appointment : |
13.07.2015 |
|
DIN No.: |
06940830 |
|
|
|
|
Name : |
Junia Sebastian |
|
Designation : |
Director |
|
Address : |
49/3, 1st Main 2nd Cross, Hosahalli,
Vijayanagar - 560040, Karnataka, India |
|
Date of Appointment : |
20.04.2016 |
|
DIN No.: |
06971903 |
|
|
|
|
Name : |
Ajay Kumar Goel |
|
Designation : |
Additional Director |
|
Address : |
Flat A303, Aishwarya Excellency Apartment,
OMR, Doorvaninagar Bangalore -560016, Karnataka, India |
|
Date of Appointment : |
07.03.2018 |
|
DIN No.: |
07642136 |
|
|
|
|
Name : |
Sanjeev Kumar Gupta |
|
Designation : |
Additional Director |
|
Address : |
Tower 3, Flat No. 603 Uniworld Garden,
Sohna Road, Sector 47, Gurugram -122001, Haryana, India |
|
Date of Appointment : |
07.03.2018 |
|
DIN No.: |
03643328 |
KEY EXECUTIVES
|
Name : |
Bhat Lakshminarayana Akshara |
|
Designation : |
Company Secretary |
|
Address : |
No 11, Sannidi, KVS Layout, Virupakshapura
Kodigehalli, Bangalore- 560097, Karnataka, India |
|
Date of Appointment : |
11.01.2018 |
|
PAN No.: |
ADUPA7723M |
|
|
|
|
Name : |
Sanjoy Sarkar |
|
Designation : |
Chief Finance Officer |
|
Address : |
58 Flat - 11C, T-1 Diamond City South
Mahatma Gandhi Road Kolkata 700041, West Bengal, India |
|
Date of Appointment : |
08.11.2017 |
|
PAN No.: |
AKMPS5588D |
|
|
|
|
Name : |
Mr. Ramanjane Yula |
|
Designation : |
Account Manager |
SHAREHOLDING PATTERN
AS ON 31.03.2018
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
10041150 |
75.00 |
|
(B) Public |
3347050 |
25.00 |
|
Grand Total |
13388200 |
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 |
|
Any Other
(specify) |
10041150 |
75.00 |
|
United Spirits
Limited |
10041150 |
75.00 |
|
Sub Total A1 |
10041150 |
75.00 |
|
A2) Foreign |
|
0.00 |
|
A=A1+A2 |
10041150 |
75.00 |
Statement showing shareholding pattern of the Public
shareholder
|
Category of Shareholder |
No.
of Shares |
Percentage
of Holding |
|
B1) Institutions |
|
0.00 |
|
Any Other
(specify) |
100000 |
0.75 |
|
Foreign Bodies
Corporate |
100000 |
0.75 |
|
Sub Total B1 |
100000 |
0.75 |
|
B2) Central Government/
State Government(s)/ President of India |
|
0.00 |
|
B3)
Non-Institutions |
|
0.00 |
|
Individual share
capital upto INR 0.200 Million |
1300786 |
9.72 |
|
Individual share
capital in excess of INR 0.200 Million |
475777 |
3.55 |
|
Any Other (specify) |
1470487 |
10.98 |
|
Bodies Corporate |
237899 |
1.78 |
|
Clearing Members |
68483 |
0.51 |
|
Philip thompra
antony |
198733 |
1.48 |
|
Balkrishna Ramji
Haribhai Devani |
664882 |
4.97 |
|
Non-Resident
Indian (NRI) |
1129414 |
8.44 |
|
IEPF |
34691 |
0.26 |
|
Sub Total B3 |
3247050 |
24.25 |
|
B=B1+B2+B3 |
3347050 |
25.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in the business of manufacturing and selling of Portable/Beverage
alcohol, spirits and related products. [Registered Activity] |
||||||
|
|
|
||||||
|
Products / Services
: |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Divulged |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Divulged |
||||||
|
|
|
||||||
|
Exports : |
Not Divulged |
||||||
|
|
|
||||||
|
Imports : |
Not Divulged |
||||||
|
|
|
||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
169 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||
|
Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
6,
Karim Chambers, 40, A. Doshi Marg, (Hamam Street), Mumbai 400 001,
Maharashtra, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
holding company: |
|
|
|
|
|
ultimate holding
company: |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17500000 |
Equity Shares |
INR 10/- each |
INR 175.000 Million |
|
2500000 |
Preference Shares |
INR 10/- each |
INR 25.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 200.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13388200 |
Equity Shares |
INR 10/- each |
INR 133.882 Million |
|
62400 |
Forfeited shares Equity Shares |
INR 5/- each |
INR 0.312 Million |
|
|
|
|
|
|
|
Total |
|
INR 134.194
Million |
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
Amount
|
|
Equity shares: |
|
|
|
Balance as at the beginning of the year |
13,388,200 |
133.882 |
|
Add: Shares issued during the year |
-- |
-- |
|
Balance as at the end of the year |
13,388,200 |
133.882 |
Rights, preferences and restrictions
attached to shares
The Company has one class of equity shares having a par value of INR 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Shares held by holding/ ultimate holding company and/or their subsidiaries/ associates
|
Name of
Shareholder |
|
|
|
Equity shares of INR 10 held by: |
|
|
|
Holding company 10,041,150 shares held by United Spirits Limited |
|
100,411,500 |
Details of equity shares held by shareholders holding more than 5% of the aggregate shares in the Company
|
Name of
Shareholder |
As at March 31, 2017 |
% holding |
|
|
|
|
|
United Spirits Limited |
10,041,150 |
75.00% |
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
134.194 |
134.194 |
|
(b) Reserves &
Surplus |
|
(582.729) |
(280.725) |
|
(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) |
|
(448.535) |
(146.531) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
127.939 |
158.718 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
1999.086 |
1877.374 |
|
(d) long-term provisions |
|
16.443 |
20.216 |
|
Total Non-current
Liabilities (3) |
|
2143.468 |
2056.308 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
796.863 |
27.649 |
|
(b) Trade payables |
|
228.664 |
126.615 |
|
(c) Other current
liabilities |
|
1912.423 |
1640.747 |
|
(d) Short-term provisions |
|
0.364 |
0.497 |
|
Total Current Liabilities
(4) |
|
2938.314 |
1795.508 |
|
|
|
|
|
|
TOTAL |
|
4633.247 |
3705.285 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1667.184 |
1641.748 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
1080.823 |
318.025 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
504.725 |
370.315 |
|
(d) Long-term Loan and Advances |
|
14.059 |
6.517 |
|
(e) Other Non-current
assets |
|
257.271 |
247.721 |
|
(f)Government grant |
|
186.096 |
136.969 |
|
Total Non-Current Assets |
|
3710.158 |
2721.295 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
544.288 |
126.917 |
|
(c) Trade receivables |
|
14.192 |
7.428 |
|
(d) Cash and cash
equivalents |
|
3.504 |
7.518 |
|
(e) Short-term loans and
advances |
|
0.000 |
0.000 |
|
(f) Other current assets |
|
206.685 |
109.995 |
|
(g)Government grant |
|
154.420 |
732.132 |
|
Total Current Assets |
|
923.089 |
983.990 |
|
|
|
|
|
|
TOTAL |
|
4633.247 |
3705.285 |
|
SOURCES OF FUNDS |
|
|
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
134.194 |
|
(b) Reserves &
Surplus |
|
|
(1049.986) |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
|
(915.792) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
322.418 |
|
(b) Deferred tax
liabilities (Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
1731.152 |
|
(d) long-term provisions |
|
|
0.000 |
|
Total Non-current
Liabilities (3) |
|
|
2053.570 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
136.368 |
|
(b) Trade payables |
|
|
282.088 |
|
(c) Other current
liabilities |
|
|
1908.530 |
|
(d) Short-term provisions |
|
|
22.169 |
|
Total Current Liabilities
(4) |
|
|
2349.155 |
|
|
|
|
|
|
TOTAL |
|
|
3486.933 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
1754.542 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital
work-in-progress |
|
|
395.894 |
|
(iv) Intangible assets
under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
0.000 |
|
(c) Deferred tax assets
(net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
355.620 |
|
(e) Other Non-current
assets |
|
|
2.654 |
|
Total Non-Current Assets |
|
|
2508.710 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
478.837 |
|
(c) Trade receivables |
|
|
3.235 |
|
(d) Cash and cash
equivalents |
|
|
20.977 |
|
(e) Short-term loans and
advances |
|
|
81.950 |
|
(f) Other current assets |
|
|
393.224 |
|
Total Current Assets |
|
|
978.223 |
|
|
|
|
|
|
TOTAL |
|
|
3486.933 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
1130.030 |
1898.284 |
1504.337 |
|
|
Other Income |
0.350 |
0.135 |
320.133 |
|
|
TOTAL |
1130.380 |
1898.419 |
1824.470 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
719.109 |
713.306 |
1432.925 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
19.306 |
62.551 |
(166.474) |
|
|
Employees benefits
expense |
128.052 |
112.861 |
82.849 |
|
|
Other expenses |
232.196 |
196.912 |
180.900 |
|
|
TOTAL |
1098.663 |
1085.630 |
1530.200 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
31.717 |
812.789 |
294.270 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
193.160 |
240.060 |
392.384 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(161.443) |
572.729 |
(98.114) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
273.281 |
255.276 |
238.673 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(434.724) |
317.453 |
(336.787) |
|
|
|
|
|
|
|
Less |
TAX |
(133.887 |
98.278 |
(120.335 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(300.837) |
219.175 |
(216.452) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(22.47) |
16.37 |
(16.17) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
96.000 |
169.000 |
|
Cash generated from operations |
423.586 |
509.711 |
779.307 |
|
Net cash generated from operating activities |
423.586 |
505.871 |
779.307 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
|
|
|
|
|
Net sales |
368.700 |
282.600 |
336.300 |
|
Total Expenditure |
442.700 |
286.300 |
352.400 |
|
PBIDT (Excluding Other Income) |
(74.000) |
(3.700) |
(16.100) |
|
Other income |
1036.700 |
154.400 |
18.900 |
|
Operating Profit |
962.700 |
150.700 |
2.800 |
|
Interest |
54.600 |
55.100 |
56.000 |
|
Exceptional Items |
0.000 |
NA |
NA |
|
PBDT |
908.100 |
95.600 |
(53.200) |
|
Depreciation |
79.200 |
80.500 |
82.300 |
|
Profit Before Tax |
828.900 |
15.100 |
(135.500) |
|
Tax |
257.400 |
0.300 |
(41.800) |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
571.500 |
14.800 |
(93.700) |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
571.500 |
14.800 |
(93.700) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
4.58 |
1.43 |
0.78 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
79.62 |
255.56 |
465.02 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
116.06 |
64.79 |
71.85 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.06 |
6.40 |
0.61 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.01 |
0.41 |
0.14 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.66 |
0.55 |
0.81 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
(2.06) |
(1.93) |
(0.69) |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
(6.55) |
(12.25) |
(2.57) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
(6.13) |
(13.37) |
(2.35) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.16 |
3.39 |
0.75 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(26.62) |
11.55 |
(14.39) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(6.49) |
5.92 |
(6.21) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
67.07 |
(149.58) |
23.64 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.31 |
0.55 |
0.42 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.13 |
0.48 |
0.21 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
(0.10) |
(0.04) |
(0.26) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
6.89 |
2.10 |
4.68 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.31 |
0.55 |
0.42 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 190.40/- |
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 |
134.194 |
134.194 |
134.194 |
|
Reserves & Surplus |
(1049.986) |
(280.725) |
(582.729) |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(915.792 |
(146.531 |
(448.535 |
|
|
|
|
|
|
Long-Term Borrowings |
322.418 |
158.718 |
127.939 |
|
Short Term Borrowings |
136.368 |
27.649 |
796.863 |
|
Current Maturities of Long term debt |
169.000 |
96.000 |
0.000 |
|
Total
borrowings |
627.786 |
282.367 |
924.802 |
|
Debt/Equity
ratio |
(0.686) |
(1.927) |
(2.062) |
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 |
1504.337 |
1898.284 |
1130.030 |
|
|
|
26.187 |
(40.471) |
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
|
1504.337 |
1898.284 |
1130.030 |
|
Profit |
(216.452) |
219.175 |
(300.837) |
|
|
(14.39%) |
11.55% |
(26.62%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
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 |
CORPORATE OVERVIEW:
Subject is a public company domiciled and headquartered in India. It is incorporated under the Companies Act, 1956 and its shares are listed on the BSE Limited and National Stock Exchange of India Limited (NSE). The Company is engaged in the business of manufacturing and selling of Portable/Beverage alcohol, spirits and related products. The Company is a subsidiary of United Spirits Limited (USL).
STATE OF COMPANY’S AFFAIRS
There have been no significant or material orders passed by the regulators or Courts or Tribunals impacting the going concern status and the company’s operations in future.
PERFORMANCE OF THE COMPANY
The Company has achieved a Turnover of INR 940.331 Million for the financial year ended March 31, 2017 against the Turnover of INR 1079.783 Million as on March 31, 2016. The Company has incurred a loss of INR 436.414 Million before tax.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMIC SCENARIO
Global economy: After a lackluster outturn in 2016, economic activity is projected to pick up pace in 2017 and 2018, especially in emerging market and developing economies. As per the International Monetary fund global growth for 2016 is now estimated at 3.1% and projected the global growth for 2017-18 to be 3.4% and 3.6% respectively.
Indian economy: With the recent government initiatives like demonetization of high denomination bank notes in order to eliminate black money and the growing menace of fake Indian currency notes, developments with the improvement in the economic scenario leading to various investments andnumerous steps taken under digital India will accelerate the India economy from current estimate of 7% growth for 2016-17 to 7.6% and 7.8% growth in 2017-18 and 2018-19 respectively.
INDUSTRY OVERVIEW
Indian Made foreign liquor (IMFL) segment is estimated to be valued at more than INR 3,000 Bn by 2026, expanding at a CAGR of 5.2% over the forecast period 2016-2026. IMFL segment in Indian alcohol market is expected to create absolute INR opportunity of close to INR 80 Bn in 2017 over 2016. Rapid increase in urban population is one of the key factors that is boosting the Indian alcohol market. Traditionally, brown spirits have been targeted at the urban consumer. Increasing urban population coupled with factors such as increasing disposable income and growing preference for whiskies is expected to create avenues for growth of the alcohol market in India. A change in outlook towards social consumption of alcohol, increasing alcohol consumption among women, growing prominence of “pub and cocktail culture” in urban cities and emergence of novel Food and Beverage formats has resulted in increasing demand for alcoholic beverages in the country. As of 2014, over half the country’s population (53%) was above the age of 25 years. Moreover, estimated median age of the country’s population for the same year was pegged at 27 years. Despite the slowdown, the country’s alcohol industry will still be the world’s fastest growing industry.
BUSINESS ANALYSIS
Company overview
Subject is a subsidiary of United Spirits Limited (USL) – A DIAGEO group company the largest spirits manufacturing company in India and the second largest (by volume) globally, with a strong portfolio of 140 popular and trusted brands across categories. In 2011-12, USL acquired PDL and is presently holding 75% shareholding in the Company.
Industry Structure and developments
The Company's business activity falls within a single primary business segment i.e., Potable Alcohol and related products. The Company is running a 160 Kilo Litres Per Day (KLPD) Extra Neutral Alcohol (ENA) manufacturing facility comprising of 100 KLPD of Molasses based ENA and 60 KLPD of Grain based ENA, 12 KLPD Fresh Malt Spirit and 4 Lac cases per month bottling facility at Balapur Village, Dharmabad Taluk, Nanded District, Maharashtra. The other products of the Company are Rectified Spirit / Special Denatured Spirit, commercial grade Carbon-di-Oxide and Distillery Dry Grain Soluble (DDGS) as a byproduct of the process. The Company has 14.275 Megawatt (MW) electricity generation facility, 9.55 MW generation from the steam turbine for captive consumption and 4.725 MW generation of unconventional electricity from Biogas Engines for sale to the Grid. All these facilities are supported by a state of the art pollution control equipment including a multiple effect evaporator followed by a Dryer suitable for a standalone Distillery to ensure zero pollution.
OUTLOOK
As the world’s fastest growing economy, with over 65 per cent population below 35 years, India’s growth opportunity in the near and mid-term is exciting and invigorating. India is currently one of the most attractive destinations for the alcobev industry in the world, with a growth forecast of 13% CAGR in value over the next 5 years. With such an attractive opportunity landscape to steer growth, the industry looks forward to support from the government in the form of relaxation in regulations and transformation of physical control systems at the State Excise Departments to digital, online processes. With the expected growth in IMFL industry the company’s production capacity including IMFL bottling plant is expected to be fully utilized. They have invested around Rs.200 Cr to enhance production, productivity and efficiency.
These investments will help to achieve the cost reduction, enhance quality, improve safety and reduces carbon foot print. The infrastructure of plant is being improved to meet global manufacturing standards. The investments will bring arbitrage between the produced cost and market rate.
Strengths
• Product portfolio and diversity: The Company’s product portfolio extends across GENA, MENA, Malt Sprit, IMFL Bottling and Power Generation.
• People Power: The Company’s success is led by an empowered and committed team of 169 employees, who are partnering it in the realization of its vision.
UNSECURED LOAN:
|
Particulars |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
LONG TERM BORROWINGS |
|
|
|
Sales tax deferment |
145.886 |
158.036 |
|
Less: Current maturities |
17.947 |
108.165 |
|
SHORT TERM BORROWINGS |
|
|
|
Working capital loan from a bank |
596.863 |
0.000 |
|
Short-term loan from a bank |
200.000 |
0.000 |
|
Total |
924.802 |
49.871 |
|
SHORT TERM BORROWINGS (a) Working capital and short term loan outstanding as at March 31, 2017 carries interest at 9.25% p.a. and 8.25% p.a. respectively. (b) United Spirits Limited, the holding company has given Corporate Guarantee to the bank for the loans outstanding as at March 31, 2017. (c) Loan outstanding as at March 31, 2016 and April 01, 2015 were secured by first charge over the entire current assets, i.e. raw materials, work-in-progress, finished goods, consumables and receivables, and second charge over the property, plant and equipment of the Company and issue of Corporate Guarantee by the holding Company, United Spirits Limited. |
||
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) |
336.300 |
282.600 |
987.600 |
|||
|
|
Other Income |
18.900 |
154.400 |
1210.000 |
|||
|
|
Total Income from
Operations (Net) |
355.200 |
437.000 |
2197.600 |
|||
|
|
Expenses |
|
|
|
|||
|
|
|
Cost of Materials consumed |
185.700 |
269.900 |
800.700 |
||
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
68.100 |
(82.900) |
(26.400) |
||
|
|
|
Excise Duty |
0.000 |
0.000 |
1.200 |
||
|
|
|
Employee benefit expenses |
22.500 |
28.000 |
75.100 |
||
|
|
|
Finance Costs |
56.00 |
55.100 |
165.800 |
||
|
|
|
Depreciation and amortization expense |
82.300 |
80.500 |
242.000 |
||
|
|
|
Other expenses |
76.100 |
71.300 |
230.800 |
||
|
|
Total Expenses |
490.700 |
421.900 |
1489.200 |
|||
|
|
|
Profit /(Loss)
before exceptional items and tax |
(135.500) |
15.100 |
708.400 |
||
|
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|||
|
|
|
Profit /(Loss)
before tax |
(135.500) |
51.100 |
708.400 |
||
|
|
Tax Expense |
|
|
|
|||
|
|
Current Tax |
(3.000) |
(5.000) |
12.000 |
|||
|
|
Deferred tax charge/credit |
(41.800) |
0.300 |
215.900 |
|||
|
|
MAT Credit Ultilised / Availed |
3.000 |
5.000 |
(12.000) |
|||
|
|
|
Profit /(Loss) after tax |
(93.700) |
14.800 |
492.500 |
||
|
|
Paid-up equity share capital (Face value INR 10/- per share) |
133.900 |
133.900 |
133.900 |
|||
|
|
Earnings per share (EPS)
(INR)(before extraordinary items) |
|
|
|
|||
|
|
Basic & Diluted |
(7.00) |
1.11 |
36.79 |
|||
NOTES:
1. Pioneer Distilleries Limited ('the Company') is primarily engaged in the business of Extra Neutral Alcohol, Malt Spirit, Indian Made Foreign Liquor ('IMFL') and allied products. Since all these segments meet the aggregation criteria as per the requirements of Ind AS 108 on 'Operating segments', the management considers these as a single reportable segment.
2. This statement has been prepared in accordance with the Companies (Indian
Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the
Companies Act, 2013 and other recognised accounting practices and policies to
the extent possible.
3. The Company is entitled to government grant from the State of Maharashtra
for setting up Projects in notified rural area in the form of refund of taxes
under Maharashtra Value Added Tax Act, 2002. During the quarter ended June 30,
2017, the Company had received Eligibility Certificate of INR 1188.000 Million
for Mega Subsidy Phase II Project from the Government of Maharashtra under
Package Scheme of Incentives, 2007. Consequently, Government Grant of INR Nil,
INR 151.400 Million and INR 1036.600 Million had been recognised during the
quarter ended December 2017, September 2017 and June 2017 respectively
representing VAT up to the period ended then. Similar grant recognised in
comparative period is INR Nil during the quarter ended December 2016, INR
165.500 Million for the nine months ended December 2016 and year ended March
2017.
4. The Company has entered into a tie-up manufacturing agreement with United
Spirits Limited ('USL'), the holding company. In terms of this agreement, the
Company manufactures, under USL's supervision, brands owned and marketed by
USL. Under the arrangement, the Company is entitled to bottling fees and other
risk and rewards of the activity rests with USL. Under Ind-AS on 'Revenue', the
Company has assessed its relationship with USL to be that of an agent and has
accordingly –
a. recorded the income under tie-up manufacturing agreement which is included in Revenue from operations as detailed below:
(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 of excise duty) |
177.700 |
14.100 |
42.300 |
b. Gross sales, excise duty and cost of goods sold (the net impact of which is
nil) as indicated below in the respect of these operations are not disclosed by
the Company.
(INR in million)
|
Particulars |
Quarter
Ended |
Nine months ended |
||
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
|
|
|
|
|
|
|
Gross sales |
1660.200 |
1252.200 |
3914.400 |
|
|
Excise duty |
(1404.100) |
(1060.200) |
(3312.200) |
|
|
Cost of Goods sold |
(256.100) |
(192.000) |
(602.200) |
|
|
Net impact |
-- |
--- |
-- |
5. The results for quarter and nine months ended December 31, 2016 and the previous
year ended March 31, 2017 have been reviewed/ audited respectively, by the
Company's previous statutory auditors.
6. Previous period's figures have been regrouped / reclassified to conform to
the current period's presentation for the purpose of comparability.
7. The above results have been reviewed by the Audit Committee and approved by
the Board of Directors at their meetings held on February 12, 2018.
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G13309281 |
80017671 |
STATE BANK OF
MYSORE |
14/06/1999 |
20/05/2014 |
15/09/2016 |
185000000.0 |
NO.18, MIDFORD
GARDENS ROADOFF M. G. ROADBANGALOREKA560001IN |
|
2 |
G13310479 |
10351186 |
STATE BANK OF
MYSORE |
20/03/2012 |
- |
15/09/2016 |
300000000.0 |
CORPORATE ACCOUNTS
BRANCH,NO.18,RAMANASHREE ARCADEOFF M.G.RAODBANGALOREKA560001IN |
|
3 |
G01897735 |
10079973 |
STATE BANK OF
MYSORE |
28/11/2007 |
27/11/2010 |
31/03/2016 |
280000000.0 |
6-3-865,
INDUSTRIAL FINANCE BRANCH,MY HOME JUPALLY, AMEERPETHYDERABADAP500016IN |
|
4 |
G01898352 |
10151499 |
STATE BANK OF
MYSORE |
09/04/2009 |
27/11/2010 |
31/03/2016 |
85000000.0 |
6-3-865,
INDUSTRIAL FINANCE BRANCHMY HOME JUPALLY, AMEERPETHYDERABADAP500016IN |
|
5 |
G01868934 |
10167801 |
STATE BANK OF
MYSORE |
02/07/2009 |
27/11/2010 |
30/03/2016 |
260000000.0 |
6-3-865,
INDUSTRIAL FINANCE BRANCHMY HOME JUPALLY, AMEERPETHYDERABADAP500016IN |
|
6 |
B00152298 |
10199903 |
INDIAN OVERSEAS
BANK |
18/12/2009 |
- |
12/11/2010 |
200000000.0 |
3-6-272, NYK
TOWERSNEAR HYDERABAD STOCK EXCHANGE, HIMAYAT NAGARHYDERABADAP500029IN |
|
7 |
A90564956 |
80017674 |
STATE BANK OF
MYSORE |
28/11/2005 |
- |
22/07/2010 |
140000000.0 |
INDUSTRIAL FINANCE
BRANCHAMEERPETHYDERABADAP500016IN |
|
8 |
A84900679 |
80017672 |
STATE BANK OF
MYSORE |
13/02/2002 |
- |
06/05/2010 |
26500000.0 |
INDUSTRIAL FINANCE
BRANCHAMEERPETHYDERABADAP500016IN |
|
9 |
A84900117 |
10160480 |
STATE BANK OF
MYSORE |
12/05/2009 |
- |
03/05/2010 |
20000000.0 |
6-3-865, MY HOME
JUPALLYAMEERPETHYDERABADAP500016IN |
|
10 |
A84901586 |
80017669 |
STATE BANK OF
MYSORE |
23/12/2004 |
- |
03/05/2010 |
48700000.0 |
INDUSTRIAL FINANCE
BRANCHAMEERPETHYDERABADAP500016IN |
Contingent liabilities
|
Particulars |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
Claims against the Company not acknowledged as debts |
|
|
|
Income tax liabilities that may arise in respect of disputed matters |
27.080 |
10.453 |
|
Service tax liability that may arise in respect of disputed matters* |
2.251 |
2.251 |
|
Commercial tax, cess and Non-agriculture tax that may arise in respect of disputed matters |
10.072 |
264.767 |
|
* The Company expects reimbursement in respect of service tax liability from customer. |
||
FIXED ASSETS:
- Freehold land
- Building
- Plant and equipment
- Furniture and fixtures
- Office equipment
- Computers
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 66.02 |
|
|
1 |
INR 92.73 |
|
Euro |
1 |
INR 81.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
RBY |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
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.