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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

506424

Report Date :

27.04.2018

 

 

IDENTIFICATION DETAILS

 

Name :

PIDILITE INDUSTRIES LIMITED (w.e.f 21.02.1990)

 

 

Formerly Known As :

PDI CHEMICALS PRIVATE LIMITED

 

 

Registered Office :

Regent Chambers, 7th Floor, 208, Nariman Point, Mumbai – 400021, Maharashtra

Tel. No.:

91-22-28357000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

28.07.1969

 

 

Com. Reg. No.:

11-014336

 

 

Capital Investment / Paid-up Capital :

INR 512.700 Million

 

 

CIN No.:

[Company Identification No.]

L24100MH1969PLC014336

 

 

IEC No.:

[Import-Export Code No.]

0388024208

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACP4156B

 

 

GSTN :

[Goods & Service Tax Registration No.]

27AAACP4156B1ZS

 

 

TIN No.:

27950318216

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer of Adhesives and Glues including Rubber based Glues and Adhesives. (Registered Activity)

 

 

No. of Employees :

5247 (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++

Minimum Risk

Business dealings permissible with minimum risk of default

 

Maximum Credit Limit :

USD 97000000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exists

 

 

Comments :

Subject commenced operations in 1969 with two main divisions: pigment emulsions and adhesives. Over the years, the company has diversified into branded consumer and bazaar products, and industrial specialty chemicals.

 

Besides the mother brand, Fevicol, Pidilite's prominent brands include Steelgrip, Dr. Fixit, M-seal, Fevicryl, Fevikwik, Fevistik, Fevilite, Fevibond, and Acron. To diversify its revenue stream and facilitate global reach, Pidilite has subsidiaries in Brazil, the US, Thailand, the UAE, Bangladesh, Indonesia, and Egypt.

 

As per the financials of March 2017, the company has registered a growth of 4.65% in its revenue as compared to previous revenue and it has maintain decent profitability margin at 14.84% during the year under review.

 

Rating takes into consideration the company’s established track record of business operations marked by healthy financial profile along with zero balance sheet and strong net worth base.

 

Rating also takes into account the leadership position of the company in the consumer adhesive and sealant segments, strong brands backed by extensive marketing, diversified distribution network.

 

Share are quoted very high on Stock Exchanges. (Share are traded at a price of INR 1091.80 against its face value of INR 1.)

 

However, rating strengths is partially offset by competition in the industrial chemicals segment and the below average performance of overseas subsidiaries.

 

As per unaudited financials of December 2017, the company has achieved a revenue of INR 13,757.7 million and has reported good profit margin of 17.37%.

 

Payments are reported to be regular and as per commitment. 

 

In view of aforesaid, the company can be considered good for normal 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 = AAA

Rating Explanation

Highest degree of safety and carry lowest credit risk.

Date

29.12.2017

 

 

Rating Agency Name

CRISIL

Rating

Short Term Rating = A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

29.12.2017

 

 

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 31-03-2018.

 

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 27.10.2017

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

INFORMATION DECLINED

 

Management non-cooperative (Tel No.:91-22-22822708/67697949)

 

LOCATIONS

 

Registered Office :

Regent Chambers, 7th Floor, 208, Nariman Point, Mumbai - 400021, Maharashtra, India

Tel. No.:

91-22-28357000

Fax No.:

91-22-28216007

E-Mail :

investor.relations@pidilite.co.in

csc@pilmail.com

Website :

www.pidilite.com  

 

 

Corporate / Head office: 

Ramkrishna Mandir Road, Office Mathuradas Vasanji Road, Andheri (East), Mumbai – 4000059, Maharashtra, India

Tel. No.:

91-22-28216007

Fax No.:

91-22-28216007

 

 

Factory:

Located at:

 

  • Nalagarh, Himachal Pradesh

 

 

Branch Office:

6th Floor, Vikas Deep, Laxmi Nagar District Centre, Vikas Marg, New Delhi- 110092, India

 

DIRECTORS

 

AS ON 2017

 

Name :

Mr. Bharat Tilakraj Puri

Designation :

Managing Director

Address :

Flat No.3301- 3401, Terra Planet Godrej Simplex Mills Compound, 30, Keshavrao Khadye Marg, Mahal, Mumbai – 400011, Maharashtra, India

Date of Birth:

14.06.1961

Date of Appointment :

28.05.2008

DIN No.:

02173566

 

 

Name :

Mr. Ajay Balvantray Parekh

Designation :

Whole Time Director

Address :

15, Usha Kiran 15, Carmichael Road, Mumbai – 400026, Maharashtra, India

Date of Birth:

23.06.1957

Date of Appointment :

26.06.1985

DIN No.:

00035317

 

 

Name :

Ms. Apurva Narendrakumar Parekh

Designation :

Whole Time Director

Address :

603/A, Gazdar Apartments, Juhu Tara Road, Mumbai – 400049, Maharashtra, India

Date of Birth:

16.08.1971

Date of Appointment :

01.07.2015

DIN No.:

00111366

 

 

Name :

Mr. Sabyaschi Patnaik

Designation :

Whole Time Director

Address :

2602, Octavious Towers, Hiranandini Gardens, Mumbai – 400076, Maharashtra, India

Date of Birth:

01.01.1963

Date of Appointment :

19.05.2015

DIN No.:

07183784

 

 

Name :

Mr. Madhukar Balvantray Parekh

Designation :

Whole Time Director

Address :

41, Landmark Carmichael Road, Mumbai – 400026, Maharashtra, India

Date of Birth:

26.08.1946

Date of Appointment :

31.08.1972

DIN No.:

00180955

 

 

Name :

Mr. Bansidhar Sunderlal Mehta

Designation :

Director

Address :

5th Floor, Maheshwari Mansion, 34-Napean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth:

19.09.1935

Date of Appointment :

25.07.2000

DIN No.:

00035019

 

 

Name :

Mr. Uday Chander Khanna

Designation :

Director

Address :

Centrum Towers, Flat 182, Centrum Co-Operative Society Limited, Barkat Ali Road, Wadala, Mumbai – 400037, Maharashtra, India

Date of Birth:

01.12.1949

Date of Appointment :

03.04.2014

DIN No.:

00079129

 

 

Name :

Mr. Narendrakumar Kalyanji Parekh

Designation :

Director

Address :

Gazdar Apartments, A/603 Juhu Tara Road, Mumbai – 400049, Maharashtra, India

Date of Birth:

17.04.1938

Date of Appointment :

28.07.1969

DIN No.:

00111518

 

 

Name :

Mr. Vinod Kumar Dasari

Designation :

Director

Address :

No.1, 2nd Cross Street Dhandayudhapani Nagar, Kotturpuram, Chennai -600085, Tamilnadu, India

Date of Birth:

28.06.1966

Date of Appointment :

01.09.2015

DIN No.:

00345657

 

 

Name :

Mr. Sanjeev Aga

Designation :

Director

Address :

1301, Kavita Kunj Co-Operative Housing Society Limited, Satguru Sanskar, Plot No 19, TPS IV, 3rd Road, Near Almeida Park, Ban, Mumbai – 400050, Maharashtra, India

Date of Birth:

01.02.1952

Date of Appointment :

01.09.2015

DIN No.:

00022065

 

 

Name :

Ms. Meera Shankar

Designation :

Director

Address :

Tower 34, Flat No. 202 Commonwealth Games Village, Delhi – 110092, India

Date of Birth:

09.10.1950

Date of Appointment :

30.07.2014

DIN No.:

06374957

 

KEY EXECUTIVES

 

Name :

Mr. Savithri Parekh

Designation :

Company Secretary

Address :

51, Kaveri Building Kishore Kumar Ganguli Marg, Mumbai – 400049, Maharashtra, India

Date of Appointment :

01.11.2010

DIN No.:

AEMPP1916N

 

 

Name :

Mr. Ganesh Padmanabhan

Designation :

Company Finance Officer 

Address :

51, Kaveri Building Kishore Kumar Ganguli Marg, Mumbai – 400049, Maharashtra, India

Date of Appointment :

01.11.2010

DIN No.:

AEMPP1916N

 

 

MAJOR SHAREHOLDERS

 

AS ON March, 2018

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a %

(A) Promoter & Promoter Group

354341237

69.78

(B) Public

153469093

30.22

Grand Total

507810330

100.00

 

 

Statement showing shareholding pattern of the Promoter and Promoter Group

 

Category of shareholder

Total nos. shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a %

A1) Indian

 

 

Individuals/Hindu undivided Family

256055088

50.42

Ankit Metal & Power Ltd (ONF)

52762286

10.39

Narendrakumar Kalyanji Parekh

54273688

10.69

Ajay Balvantray Parekh

47433489

9.34

Sushil Kumar Kalyanji Parekh

41817646

8.23

Mala Madhukar Parekh

9598618

1.89

Bharati Narendrakumar Parekh

5772323

1.14

Kalpana Apurva Parekh

6593592

1.30

Darshana Bimal Mody

5741535

1.13

Ami Ajay Parekh

5550120

1.09

Himatlal Kalyanji Parekh

166

0.00

Jasna Raoul Thackersey

3576765

0.70

Apurva Narendrakumar Parekh

3076918

0.61

Kanta Balvantray Parekh

3349487

0.66

Mrudula Sushilkumar Parekh

1547527

0.30

Rashmikant Himatlal Parekh

7133538

1.40

Harish Himatlal Parekh

2059182

0.41

Amrita Ajay Parekh

1947130

0.38

Parul Harish Parekh

1204029

0.24

Kamalini Rashmikant Parekh

1076726

0.21

Purvee Apurva Parekh

793299

0.16

Anuja Ankur Shah

187670

0.04

Malay Rashmikant Parekh

160241

0.03

Pareet D Sanghavi

95600

0.02

Jimeet D Sanghavi

91054

0.02

Panna Deepak Sanghavi

79414

0.02

Harshada Harvadan Vakil

51452

0.01

Harvadan

41930

0.01

Urvi Malay Parekh

39663

0.01

Any Other (specify)

98286149

19.35

Devkalyan Sales Private Ltd

26224280

5.16

Ishijas Chemicals Private Limited

24730038

4.87

Harton Private Limited

12357634

2.43

The Vacuum Forming Company Pvt Ltd

11462186

2.26

Pidichem Pvt Ltd

8363916

1.65

Kalva Marketing And Services Ltd

1382628

0.27

Parkem Dyes & Chemicals Pvt Ltd

1436510

0.28

Parekh Marketing Limited

796700

0.16

Trivenikalyan Trading Pvt Ltd

463040

0.09

Prakash Shah Trustee of SANMP Private Beneficiary Trust

8200000

1.61

Prakash Dharshibhai Shah Trustee of I M Family Trust

2869217

0.57

Sub Total A1

354341237

69.78

A2) Foreign

 

0.00

A=A1+A2

354341237

69.78

 

Statement showing shareholding pattern of the Public shareholder

 

Category & Name of the Shareholders

Total no. shares held

Shareholding % calculated as per SCRR, 1957 As a %

 

 

 

 

 

 

 

 

 

B1) Institutions

 

 

Mutual Funds/

22541409

4.44

Axis Multicap Fund

13656695

2.69

Alternate Investment Funds

643235

0.13

Foreign Portfolio Investors

52640421

10.37

Government Pension Fund Global

5528932

1.09

The Genesis Group Trust for Employee Benefit Plans

5095724

1.00

Financial Institutions/ Banks

120429

0.02

Insurance Companies

22893156

4.51

LIC of INIDA Child fortune plus balanced fund

19127980

3.77

Sub Total B1

98838650

19.46

B2) Central Government/ State Government(s)/ President of India

 

0.00

Central Government/ State Government(s)/ President of India

387995

0.08

Sub Total B2

387995

0.08

B3) Non-Institutions

 

0.00

Individual share capital upto INR 0.200 million

37688036

7.42

Individual share capital in excess of INR 0.200 million

5773189

1.14

NBFCs registered with RBI

2007

0.00

Any Other (specify)

10779216

2.12

Non-Resident Indian (NRI)

1211309

0.24

Trusts

116369

0.02

Unclaimed or Suspense or Escrow Account

62060

0.01

HUF

1329481

0.26

Clearing Members

861544

0.17

Bodies Corporate

6501895

1.28

LLP

307827

0.06

Director or Director's Relatives

132314

0.03

IEPF

256417

0.05

Sub Total B3

54242448

10.68

B=B1+B2+B3

153469093

30.22

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Adhesives and Glues including Rubber based Glues and Adhesives. (Registered Activity)

 

 

Products / Services :

NIC Code No

Description Products

20295

Adhesives and Glues, including Rubber based Glues and Adhesives

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

5247 (Approximately)

 

 

Bankers :
  • Indian Overseas Bank
  • Corporation Bank
  • ICICI Bank Limited
  • HDFC Bank Limited
  • Citibank N A
  • Standard Chartered Bank PLC.

 

 

Facilities :

(INR In Million)

SECURED LOAN

As on

31.03.2017

As on

31.03.2016

SHORT TERM BORROWING

 

 

Secured Working Capital Loan

0.000

11.200

Total

0.000

11.200

 

NOTE:

These loans are repayable on demand and bearing an interest rate of 10-12% p.a. as at 31st March 2016 and 1st April 2015. Working Capital Loan from Banks (Cash Credit Accounts) are secured by way of first charge on the stock of Raw Material, Finished Goods, Packing Material, Stock in Process, Bills Receivable and Book Debts and by way of second charge on the entire Plant and Machinery of the Company including Stores and Spares. Further, these loans are secured by way of an Equitable Mortgage on the Land and Building of the Company’s unit at Kondivita, Mumbai.

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountant

Address :

Tower 3, 27th – 32nd Floor, Indiabulls Finance Centre, Elphinstone Mill Compound, Senapati Bapat Marg, Elphinstone (West), Mumbai – 400013, Maharashtra, India

Tel. No.:

91-22-61854000

Fax No.:

91-22-61854501 / 4601

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiary Companies :
  • Nitin Enterprises
  • Fevicol Company Limited
  • Bhimad Commercial Company Private Limited
  • Madhumala Traders Private Limited
  • Pagel Concrete Technologies Private Limited
  • Building Envelope Systems India Limited
  • Percept Waterproofing Services Limited
  • Hybrid Coatings
  • Nina Waterproofing Systems Private Limited
  • Pidilite International Pte Limited
  • Pidilite Middle East Limited
  • Pulvitec do Brasil Industria e Comercio de Colas e Adesivos Ltda
  • Pidilite USA Inc
  • Pidilite MEA Chemicals L.L.C
  • PT Pidilite Indonesia
  • Pidilite Speciality Chemicals Bangladesh Private Limited
  • Pidilite Innovation Centre Pte Limited
  • Pidilite Industries Egypt SAE
  • Pidilite Bamco Limited
  • Bamco Supply and Services Limited
  • PIL Trading (Egypt) Company
  • Pidilite Industries Trading (Shanghai) Company Limited
  • Pidilite Chemical PLC
  • Pidilite Lanka Private Limited
  • ICA Pidilite Private Limited (formerly known as Wood Coat Private Limited)
  • Building System Solution Trading Limited Liability Company
  • Nebula East Africa Private Limited
  • Nina Lanka Construction Technologies Private Limited

 

 

Associate:
  • Vinyl Chemicals (India) Limited

 

 

Joint Venture:

·         Plus Call Technical Services L.L.C

 

 

Significant Influence :

·         Parekh Marketing Limited

·         Kalva Marketing and Services Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.08.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

700000000

Equity Shares

INR 1/- each

INR 700.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital : INR 512.810 Million

 

AS ON 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

700000000

Equity Shares

INR 1/- each

INR 700.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

512675330

Equity Shares

INR 1/- each

INR 512.700 Million

 

a) Reconciliation of the no. of shares and amount outstanding at the beginning and at the end of the reporting period

 

Particulars

As at 31st March 2017

Number of Shares

INR In Million

Equity Shares

512682730

512.700

 

*Issue of equity shares under Employee Stock Option Scheme 2012 amounts to 12500 during the year 2015-16 and 7400 during the year 2016-17.

 

b) Terms/ Rights attached to equity shares

 

The Company has only one class of equity shares having a par value of 1 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

 

In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in the proportion of their shareholding.

 

The Board of Directors at its meeting held on 18th May 2017 declared a final dividend of 4.75 per equity share of 1 each, subject to approval of the shareholders at the ensuing Annual General Meeting

 

During the year ended 31st March 2015, the Company paid the Final Dividend of 2.90 per equity share of 1 each for the financial year 2014-15.

 

During the year ended 31st March 2016, the Company had paid an Interim Dividend of 3.65 per equity share of 1 each and Final Dividend of 0.50 per equity share of 1 each for the financial year 2015-16.

 

c) Details of shareholders holding more than 5% shares in the Company:

 

Particulars

As at 31st March 2017

Number of Shares

% of Holdings

Shri Madhukar Balvantray Parekh

53327568

10.40

Shri Narendrakumar Kalyanji Parekh

51732178

10.09

Shri Ajay Balvantray Parekh

47922844

9.35

Shri Sushilkumar Kalyanji Parekh

42358636

8.26

Genesis Indian Investment Company Limited - General Sub fund

-

--

Devkalyan Sales Private Limited

26224280

5.12

 

d) Aggregate number of bonus shares issued, share issued for consideration other than cash and shares bought back during the period of five years, immediately preceding the reporting date:

 

Particulars

As at 31st March 2017

Number of Shares

Equity Shares

 

Allotted as fully paid bonus shares (in 2009-10)

--

Allotted on Conversion of FCCB (In 2011-12 and 2012-13)

6507718

 

e) The Company had issued on 6th December 2007, 400 Foreign Currency Convertible Bonds (FCCB) of US$100,000 each, which were convertible into Equity shares at any time upto 1st December 2012. The due date for redemption of FCCBs was 7th December 2012. As on 7th December 2012, the balance outstanding FCCBs aggregating 205 Bonds were redeemed by the Company.

 

f) Equity Shares reserved for issuance under Employee Stock Option Scheme, 2012:

 

Particulars

As at 31st March 2017

Number of Shares

Equity Shares of INR 1/- each

259600

Equity shares of 1 each under Employee Stock Option Plan 2016

4500000

 

 

FINANCIAL DATA

[all figures are INR Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2017

31.03.2016

31.03.2015

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

512.700

512.700

512.660

(b) Reserves & Surplus

33480.800

25993.200

22981.810

(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)

33993.500

26505.900

23494.470

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

836.300

753.600

544.890

(c) Other long term liabilities

16.800

22.500

 

(d) long-term provisions

249.700

218.600

177.300

Total Non-current Liabilities (3)

1102.800

994.700

722.190

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

11.200

57.800

(b) Trade payables

3284.700

3163.300

2940.390

(c) Other current liabilities

4446.700

3902.600

3409.810

(d) Short-term provisions

128.100

92.400

2045.920

Total Current Liabilities (4)

7859.500

7169.500

8453.920

 

 

 

 

TOTAL

42955.800

34670.100

32670.580

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

6686.600

6430.400

5496.040

(ii) Intangible Assets

861.100

861.100

2782.270

(iii) Capital work-in-progress

1265.700

1516.800

4603.050

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

4402.300

5338.900

4213.240

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

44.000

70.900

1015.350

(e) Other Non-current assets

3038.900

2822.200

67.800

Total Non-Current Assets

16298.600

17040.300

18177.750

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

13531.800

5688.700

2791.650

(b) Inventories

5562.500

4942.000

5347.180

(c) Trade receivables

6076.500

5507.100

5145.830

(d) Cash and cash equivalents

504.700

722.500

480.950

(e) Short-term loans and advances

184.800

155.300

675.350

(f) Other current assets

796.900

614.200

51.870

Total Current Assets

26657.200

17629.800

14492.830

 

 

 

 

TOTAL

42955.800

34670.100

32670.580

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

48653.700

47310.300

43980.740

 

Other Income

1101.000

706.200

427.690

 

TOTAL

49754.700

48016.500

44408.430

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

20258.200

20595.100

22688.130

 

Purchases of Stock-in-Trade

2442.200

2046.700

1661.090

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(79.000)

180.400

(67.800)

 

Employees benefits expense

5074.500

4571.600

4093.860

 

Other expenses

8709.000

8721.100

7999.470

 

Exceptional Item

943.400

270.000

176.050

 

TOTAL

37348.300

36384.900

36550.800

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

12406.400

11631.600

7857.630

 

 

 

 

 

Less

FINANCIAL EXPENSES

56.800

58.400

95.050

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

12349.600

11573.200

7762.580

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

902.400

878.200

1077.200

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

11447.200

10695.000

6685.380

 

 

 

 

 

Less

TAX

3709.300

3227.800

1666.790

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

7737.900

7467.200

5018.590

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

4490.000

4340.000

4173.000

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

 

 

 

Basic

15.09

14.57

9.79

 

Diluted

15.09

14.56

9.78

 

 

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

11691.600

12076.500

72686.500

Net cash flows from (used in) operations

809.100

9071.800

55200.400

 

QUARTERLY RESULTS

 

Particulars

 

30.06.2017

 (Unaudited)

30.09.2017

 (Unaudited)

31.12.2017

 (Unaudited)

 

 

 

 

Net Sales

14863.200

13638.300

13757.700

Total Expenditure

11800.900

9909.000

10177.800

PBIDT (Excl OI)

3062.300

3729.300

3579.900

Other Income

354.400

349.200

190.600

Operating Profit

3416.700

4078.500

3770.500

Interest

14.600

15.100

14.600

Exceptional Items

NA

NA

NA

PBDT

3402.100

4063.400

3755.900

Depreciation

228.400

231.000

227.100

Profit Before Tax

3173.700

3832.400

3528.800

Tax

1002.900

1222.900

1138.800

Provisions and contingencies

NA

NA

NA

Profit After Tax

2170.800

2609.500

2390.000

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

2170.800

2609.500

2390.000

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

45.59

42.49

42.71

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

8.01

8.59

8.55

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

52.81

50.99

44.08

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

2.23

2.35

1.47

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

1.41

1.32

0.61

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.18

0.21

0.26

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.00

0.00

0.00

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.23

0.27

0.36

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.26

0.33

0.55

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

218.42

199.17

82.67

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

15.90

15.78

11.41

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

18.01

21.54

15.36

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

22.76

28.17

21.36

 

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

3.39

2.46

1.71

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

2.68

1.77

1.08

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.79

0.76

0.72

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

0.00

0.02

0.11

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

3.39

2.46

1.71

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

STOCK PRICES

 

Face Value

INR 1/-

Market Value

INR 1091.80/-

 

 

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

512.660

512.700

512.700

Reserves & Surplus

22981.810

25993.200

33480.800

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

23494.470

26505.900

33993.500

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

57.800

11.200

0.000

Total borrowings

57.800

11.200

0.000

Debt/Equity ratio

0.002

0.000

0.000

 

 

 

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

43980.740

47310.300

48653.700

 

 

7.570

2.840

 

 

 

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

43980.740

47310.300

48653.700

Profit

5018.590

7467.200

7737.900

 

11.41%

15.78%

15.90%

 

 

ABRIDGED BALANCE SHEET (CONSOLIDATED)

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

512.700

512.700

(b) Reserves & Surplus

 

34196.400

25867.200

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

1273.200

433.800

Total Shareholders’ Funds (1) + (2)

 

35982.300

26813.700

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

48.500

55.300

(b) Deferred tax liabilities (Net)

 

914.700

803.900

(c) Other long term liabilities

 

244.500

73.800

(d) long-term provisions

 

327.800

292.700

Total Non-current Liabilities (3)

 

1535.500

1225.700

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

926.600

744.900

(b) Trade payables

 

3903.200

3739.900

(c) Other current liabilities

 

5252.900

4543.800

(d) Short-term provisions

 

141.400

121.700

Total Current Liabilities (4)

 

10224.100

9150.300

 

 

 

 

TOTAL

 

47741.900

37189.700

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

7891.200

7557.400

(ii) Intangible Assets

 

4861.300

3817.200

(iii) Capital work-in-progress

 

1477.100

1580.700

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

532.900

1366.600

(c) Deferred tax assets (net)

 

37.600

50.900

(d)  Long-term Loan and Advances

 

84.300

95.500

(e) Other Non-current assets

 

1517.600

1210.200

Total Non-Current Assets

 

16402.000

15678.500

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

13898.100

5688.800

(b) Inventories

 

7208.600

6274.300

(c) Trade receivables

 

7685.400

7015.900

(d) Cash and cash equivalents

 

999.400

1317.600

(e) Short-term loans and advances

 

130.300

117.700

(f) Other current assets

 

1418.100

1096.900

Total Current Assets

 

31339.900

21511.200

 

 

 

 

TOTAL

 

47741.900

37189.700

 

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

 

 

PARTICULARS

 

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Income

 

56167.900

53611.700

 

Other Income

 

1122.500

778.300

 

TOTAL

 

57290.400

54390.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

22704.300

22954.200

 

Purchases of Stock-in-Trade

 

3998.600

2659.900

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

(307.300)

232.700

 

Employees benefits expense

 

6452.700

5721.500

 

Other expenses

 

10721.700

10308.600

 

Share of profit in associate

 

(35.300)

(32.500)

 

Share of Profit in Joint Venture

 

(17.700)

0.500

 

TOTAL

 

43517.000

41844.900

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

13773.400

12545.100

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

139.300

132.700

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

13634.100

12412.400

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

 

1151.400

1004.700

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

12482.700

11407.700

 

 

 

 

 

Less

TAX

 

3850.500

3335.400

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

 

8632.200

8072.300

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

16.77

15.66

 

LEGAL CASES

 

LEGAL CASES DETAILS FILE ATTACHED

 

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

No

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

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

CORPORATE INFORMATION

 

Since inception, Pidilite Industries Limited, together with its subsidiaries has been a pioneer in consumer and industrial speciality chemicals in India. The equity shares of the Company are listed on BSE Ltd (BSE) and National Stock Exchange of India Limited (NSE).

 

The address of its registered office is Regent Chambers, 7th Floor, Jamnalal Bajaj Marg, 208, Nariman Point, Mumbai 400 021. The address of principal place of business is Ramkrishna Mandir Road, Off Mathuradas Vasanji Road, Andheri (East), Mumbai 400059.

 

OUTLOOK

During the year 2017-18, it is expected that Goods and Service Tax (GST) will be implemented. The prices of raw materials and packing materials have firmed up.

 

One manufacturing unit in Himachal Pradesh will be completing its income tax holiday period in the financial year 2017-18. One manufacturing unit in Assam enjoys exemption from excise duty and income tax. The newly set up unit at Himachal Pradesh will continue to enjoy excise benefit.

 

Domestic subsidiaries are largely represented by Nina Waterproofing Systems Pvt Ltd., Percept Waterproofing Services Limited and ICA Pidilite Pvt Ltd (ICA). During the financial year 2016-17, ICA commenced operations in the wood finish business. The major subsidiaries in India are in the nascent stages of operation. These companies are taking initiatives to increase their presence in the market.

 

The Company’s major international subsidiaries are in USA, Brazil, Thailand, Egypt, Dubai and Bangladesh. The business environment in some of these countries remain subdued. However, the management is taking various steps to improve the performance of these subsidiaries.

 

INDEX OF CHARGE:

 

Sno

Srn

Charge id

Charge holder name

Date of creation

Date of modification

Date of satisfaction

Amount

Address

1

Y10350052

90242415

INDIAN OVERSAES BANK

05/03/2003

09/03/2005

-

954900000.0

BHAKTAWARGROUND FLOOR; NARIMAN POINT MUMBAI, MAHARASHTRA, INDIA

2

C45140902

90218500

INDIAN OVERSEAS BANK

05/03/2003

11/02/2015

-

1769900000.0

INDIAN OVERSEAS BANK (LEAD BANK), BAKHTAWARGROUND FLOOR, NARIMAN POINT MUMBAI-400021, MAHARASHTRA, INDIA

3

Y10318786

90216221

INDUSTRIAL DEVELOPMENT BANK OF INDIA

05/12/1995

-

-

50000000.0

IDBI TOWERSCUFFE PARADE;COLABA, MUMBAI- 400005, MAHARASHTRA, INDIA

4

Y10490475

90362717

THE MAHARASHTRA STATE FINANCIAL CORPORATION

05/09/1984

-

-

150000.0

A.K. NAYAK MARG FORT MUMBAI, MAHARASHTRA, INDIA

5

B93702041

10144101

IDBI TRUSTEESHIP SERVICES LIMITED

24/02/2009

-

26/12/2013

750000000.0

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAI-400001, 400001, MAHARASHTRA, INDIA

6

B38623849

90218057

CORPORATION BANK

06/01/1997

-

27/04/2012

20000000.0

INDUSTRIAL FINANCE BRANCH; BHARATHOUSEGROUND FLOOR; NO-104; B.S. MARG, MUMBAI-400001, MAHARASHTRA, INDIA

7

B35358084

90216256

INDIAN OVERSEAS BANK

08/06/1998

-

28/02/2012

210000000.0

NARIMAN POINT BRANCH MUMBAI -400021, MAHARASHTRA, INDIA

8

B23514763

10058193

ABN Amro Bank N.V.

19/06/2007

-

14/10/2011

700000000.0

BRADY HOUSEVEER NARIMAN ROAD MUMBAI -400020, MAHARASHTRA, INDIA

9

B17225079

90216459

INDIAN OVERSEAS BANK

31/01/1967

14/09/1989

12/07/2011

150000.0

INDUSTRIALFINANCE BRANCH MUMBAI -400038, MAHARASHTRA, INDIA

10

B17225483

90362298

INDIAN OVERSEAS BANK

13/06/1980

-

12/07/2011

1500000.0

MANDVI BRANCH MUMBAI, MAHARASHTRA, INDIA

 

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017

(INR in Million)

 

 

PARTICULARS

Standalone

Standalone

Standalone

Quarter Ended

Nine Months Ended

31.12.2017

30.09.2017

31.12.2017

 

 

Unaudited

Income From Operations

 

 

 

a. Revenue from operations

13757.700

13638.300

42173.300

b. Other Income

190.600

349.200

894.200

Total Income from Operations (Net)

13948.300

13987.500

43067.500

Expenditure

 

 

 

Cost of material Consumed

5949.000

5022.100

16845.400

Purchase of Stock-in trade

659.500

587.500

2047.700

Changes in inventory of finished Goods, work- in-progress and Stock-in-trade

(166.500)

733.600

488.900

Excise Duty expenses

-

-

1365.600

Employees Benefit Expenses

1393.200

1472.800

4310.900

Finance Cost

14.600

15.100

44.300

Depreciation and Amortization Expenses

227.100

231.000

686.500

Other expenses

2342.600

2093.000

6743.300

Total Expenses

10419.500

10155.100

32532.600

 

 

 

 

Profit / (Loss) before tax

3528.800

3832.400

10534.900

Tax Expense

 

 

 

- Current Tax

1093.400

1188.400

3224.700

- Deferred Tax

45.400

34.500

139.900

Period For The Period

2390.000

2609.500

7170.300

Other comprehensive income

(13.900)

(5.000)

(23.900)

Total Other comprehensive income

2376.100

2604.500

7146.400

Paid- up Equity Share Capital (share – INR 1)

512.800

512.800

512.800

Other Equity

 

 

 

Earnings Per Share (of INR 10 each) (not annualized)

 

 

 

Basic

4.66

5.09

13.98

Diluted

4.66

5.09

13.98

 

CONTINGENT LIABILITIES:

(INR in Million)

 

PARTICULARS

31.03.2017

A) Contingent liabilities not provided for:

 

1 Claims against the Company not acknowledged as debts comprise of:

 

a) Income tax demand against the Company not provided for and relating to issues of deduction and allowances in respect of which the Company is in appeal

200.410

b) Excise duty claims disputed by the Company relating to issues of classifications.

92.400

c) Sales tax claims disputed by the Company relating to issues of declaration forms and classifications.

1693.800

d) Other Matters (relating to disputed electricity duty, Gram Panchayat Tax, open access charges, etc.)

27.300

2 a) Guarantees given by Banks in favour of Government and others

294.400

b) Guarantees given by Company*

 

Pidilite USA Inc

--

Pulvitec do Brasil Industria e Comercio de Colas e Adesivos Ltda

155.500

Pidilite Bamco Limited

27.900

Pidilite MEA Chemicals LLC (Formerly known as Jupiter Chemicals LLC)

352.900

Pidilite Lanka (Private) Limited

156.200

Bamco Supply and Services Limited

9.400

Pidilite Industries Egypt SAE

25.900

 

FIXED ASSETS:

 

Tangible Assets

 

  • Freehold land
  • Leasehold land
  • Buildings
  • Plant and Machinery
  • Vehicles
  • Furniture
  • Office Equipment’s

 

Intangible Assets

 

  • Goodwill
  • Trademarks
  • Computer Software
  • Copyrights
  • Technical Knowhow Fees
  • Non-Compete Fees

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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

UK Pound

1

INR 92.77

Euro

1

INR 80.34

 

 

INFORMATION DETAILS

 

Information Gathered by :

KAM

 

 

Analysis Done by :

VIV

 

 

Report Prepared by :

RKI

 

 

SCORE FACTORS

 

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

YES

--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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.