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|
|
MIRA INFORM REPORT
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Report No. : |
505975 |
|
Report Date : |
28.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
VISHNU CHEMICALS LIMITED (w.e.f. 2006) |
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|
|
Formerly Known
As : |
KEYSTONE INDUSTRIES LIMITED |
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|
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Registered
Office : |
H.No.8-2-293/ 82/ F/ 23-C, Plot No 23, Road No. 8,
Film Nagar, |
|
Tel. No.: |
91-40-66626680/81/82/83 |
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Country : |
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Financials (as
on) : |
31.03.2017 |
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|
|
|
Date of
Incorporation : |
15.01.1993 |
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|
|
|
Com. Reg. No.: |
36-046359 |
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|
|
Capital
Investment / Paid-up Capital : |
INR 594.460 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L85200TG1993PLC046359 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
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|
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PAN No.: [Permanent Account No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Production and Sales of chromium
and other speciality chemicals (Registered Activity) |
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|
|
|
No. of Employees
: |
Not Divulged |
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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exists |
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Comments : |
Subject was incorporated in the year 1993. The company is engaged in Production
and Sales of chromium and other speciality chemicals. As per the financial of 2017, the company has reported a decline in
its revenue as compared to the previous year but has managed to maintain an
average net profit margin of 2.73%. The company possesses sound financial position marked by healthy net
worth base along with acceptable debt balance sheet profile and average
liquidity position. The company has its share price trading at around INR 299 on BSE as on
April 24, 2018 as against the Face Value (FV) of INR 10. Business is active. Payment seems to be usually correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term loans : BB+ |
|
Rating Explanation |
Moderate risk default |
|
Date |
18.12.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term loans : A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk |
|
Date |
18.12.2017 |
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 28.04.2018
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 DECLINED
Management non-cooperative (Tel No.: 91-40-66626680/ 66626683/ 23314158
/ 66622225)
LOCATIONS
|
Registered Office/ Corporate Office : |
H.No.8-2-293/ 82/ F/ 23-C, Plot No 23, Road No. 8, Film Nagar, Hyderabad –500033, Telangana, India |
|
Tel. No.: |
91-40-66626680/81/82/83 |
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Fax No.: |
91-40-23396817 / 66622225 |
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E-Mail : |
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|
Website : |
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Factory 1 : |
Survey No.15, Gaddapotharam, Medak District – 502319, Telangana, India |
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Factory 2 : |
Survey No. 18-26, Industrial Estate, Nandini Road, Bhilai – 490026, Chhattisgarh, India |
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Factory 3 : |
Plot No. 57, Phase – III, IDA., Jeedimetla, Hyderabad - 500 055, Telangana, India |
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Factory 4 : |
Plot No. 29, IOCL Road, J.N. Pharma City, Parawada, District Vishakapatnam - 531 021, Andhra Pradesh, India |
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Factory 5 : |
Survey No. 27/1A, Urandur, Sri Kalahasti, Chittoor - 517 641, Andhra Pradesh, India |
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Tel. No.: |
91-8578-204217/18 |
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|
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Regional Offices : |
Locate At:
|
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Krishna Murthy Cherukuri |
|
Designation : |
Managing Director |
|
Address : |
Pushpam, 8-2-293/82/a/919/1, Road, No. 47, Jubli Hills, Hyderabad – 500033, Telangana, India |
|
Date of Birth/ Age: |
01.07.1957 |
|
Qualification: |
Post Graduate in Management |
|
Date of Appointment : |
02.01.2006 |
|
DIN No.: |
00030274 |
|
|
|
|
Name : |
Mr. Cherukuri Siddartha |
|
Designation : |
Managing Director |
|
Address : |
'Pusham', 8-2-293/82/A/919/1, Road No. 47, Jubilee Hills, Hyderabad - 500033, Telangana, India |
|
Date of Birth/ Age: |
12.05.1985 |
|
Qualification: |
B. Tech in industrial biotechnology, MS in biotechnology and has an MBA from United State |
|
Date of Appointment : |
02.01.2006 |
|
DIN No.: |
01250728 |
|
|
|
|
Name : |
Mrs. Tammineni Sanyasa Appa Rao |
|
Designation : |
Director |
|
Address : |
Plot No.109, Road No.72, Prashasan Nagar, Jubilee Hills, Hyderabad - 500033, Telangana, India |
|
Date of Appointment : |
19.03.2015 |
|
DIN No.: |
00412492 |
|
|
|
|
Name : |
Mr. Cherukuri Manjula |
|
Designation : |
Director |
|
Address : |
Plot No. 919, Road No. 47 Jubilee Hills, Hyderabad - 500033, Telangana, India |
|
Date of Birth/ Age: |
17.05.1966 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
02.01.2006 |
|
DIN No.: |
01546339 |
|
|
|
|
Name : |
Mr. Dileep Kumar Utukuri |
|
Designation : |
Director |
|
Address : |
Plot No. 13, 14, 15-105, Apsara Coop Apts Maruthi Nagar, Yella Reddy Guda, Hyderabad - 500073, Telangana, India |
|
Date of Appointment : |
31.01.2009 |
|
DIN No.: |
02519654 |
|
|
|
|
Name : |
Mr. Pradip Saha |
|
Designation : |
Director |
|
Address : |
Behind D"Mart, 1301, Glen Classic, Cliff Avenue, Hiranandani Gardens Powai Lit S.O, Mumbai-400076, Maharashtra, India |
|
Date of Appointment : |
10.11.2017 |
|
DIN No.: |
07677683 |
KEY EXECUTIVES
|
Name : |
Mr. Lakshmi Narayana Vuduta |
|
Designation : |
Chief Financial Officer |
|
Address : |
Flat No 301, Plot No - 135 Prabha Mansion, Kalyan Nagar Hyderabad 500038, Telangana, India |
|
Date of Appointment : |
28.08.2017 |
|
PAN No.: |
AAVPV7873K |
|
|
|
|
Name : |
Mr. Kishore Kathri |
|
Designation : |
Company Secretary |
|
Address : |
H. No. 1-4-27/72/77/1, Padmashali Colony Kavadiguda, Secunderabad Hyderabad 500080, Telangana, India |
|
Date of Appointment : |
14.09.2017 |
|
PAN No.: |
CJWPK5509F |
|
|
|
|
Name : |
Ms. Shruti Gupta |
|
Designation : |
Company Secretary |
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 |
8959506 |
75.00 |
|
|
(B) Public |
2986514 |
25.00 |
|
|
Grand Total |
11946020 |
100.00 |
Statement showing shareholding pattern of the Promoter and
Promoter Group
|
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 % |
|
|
A1) Indian |
|
|
|
|
Individuals/Hindu
undivided Family |
8959506 |
75.00 |
|
|
Ch krishna Murthy |
6219790 |
52.07 |
|
|
Ch Manjula |
1614048 |
13.51 |
|
|
Ch Siddartha |
1125668 |
9.42 |
|
|
Sub
Total A1 |
8959506 |
75.00 |
|
|
A2) Foreign |
|
0.00 |
|
|
A=A1+A2 |
8959506 |
75.00 |
Statement showing shareholding pattern of the Public
shareholder
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR,
1957 As a % |
|
|
B1)
Institutions |
|
|
|
|
Foreign
Portfolio Investors |
99039 |
0.83 |
|
|
Financial
Institutions/ Banks |
2255 |
0.02 |
|
|
Sub
Total B1 |
101294 |
0.85 |
|
|
B2)
Central Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto INR 0.200 Million |
1483793 |
12.42 |
|
|
Individual share capital in excess of INR 0.200 Million |
762073 |
6.38 |
|
|
Mr. Ashish Kacholia |
588793 |
4.93 |
|
|
NBFCs
registered with RBI |
1800 |
0.02 |
|
|
Any
Other (specify) |
637554 |
5.34 |
|
|
Bodies Corporate |
367186 |
3.07 |
|
|
Clearing Members |
93646 |
0.78 |
|
|
Non-Resident Indian (NRI) |
176722 |
1.48 |
|
|
Sub
Total B3 |
2885220 |
24.15 |
|
|
B=B1+B2+B3 |
2986514 |
25.00 |
BUSINESS DETAILS
|
Line of Business : |
Production and Sales of chromium
and other speciality chemicals (Registered Activity) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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||||
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
(Approximately) |
||||||||||||||||||||||||||||||
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|
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|
Bankers : |
· Union Bank of India, Secunderabad Branch, 1-2-163, LG -1, Bhuvana Towers, SD Road, Secunderabad-500003, Telangana, India Indian
Overseas Bank State
Bank of India Andhra Bank
|
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Facilities : |
|
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Auditors : |
|
|
Name : |
Jampani and Associates Chartered Accountants |
|
Address : |
G-5, Srinivasa Towers, Begumpet, Hyderabad – 500016, Telangana,
India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
N. V. S. Kapardhi Cost Accountants |
|
Address : |
SRT-148, GHMC No. 7-1-621/468, S. R. Nagar, Hyderabad – 500038,
Telangana, India |
|
|
|
|
Secretarial Auditors : |
L.D. Reddy and Company |
|
Address : |
Afzal Commercial Complex, Lakadikapool, Hyderabad – 500004, Telangana,
India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Wholly Owned Subsidiary : |
· Vishnu Hongkong Limited · Vishnu Barium Private Limited |
|
|
|
|
Entity in which key
management personnel are interested: |
· Vasantha Transport Corporation · KMS Infrastructure Limited · Vishnu Life Sciences Limited |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
INR 10/- each |
INR 150.00 Million |
|
60000000 |
7% Redeemable Preference Shares |
INR 10/- each |
INR 600.000 Million |
|
|
Total |
|
INR 750.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11946020 |
Equity Shares |
INR 10/-
each |
INR 119.460
Million |
|
47500000 |
7% Redeemable Preference Shares |
INR 10/- each |
INR 475.000
Million |
|
|
Total |
|
INR 594.460 Million |
All the equity shares carry equal rights and obligations including for dividend and with respect to voting rights.
7% Redeemable Preference Shares which are cumulative in nature, are liable to be redeemed after the expiry of ten years ending with March, 2018 (INR 400.000 million) and September, 2019 [INR 75.000 million]
Dividend on
Redeemable Preference Share Capital:
Dividends on the 7% Redeemable Preference Share Capital of INR 475.000 Million has not been provided for the year 2016-17. However as the Preference Shares are cumulative in nature, the amount payable as dividend for the year INR 33.250 Million (INR 3325.000 Million) is being shown as a Contingent liability."
Names of shareholders
holding more than 5% of the Share capital and their shareholding.
EQUITY SHARES
|
S. No. |
Name of shareholder |
No of Shares |
% held |
|
1. |
Ch. Krishna Murthy |
6219790 |
52.07 |
|
2. |
Ch. Manjula |
1614048 |
13.51 |
|
3. |
Ch. Sidhartha |
1125668 |
9.42 |
PREFERENCE SHARES
|
S. No. |
Name of shareholder |
No of Shares |
% held |
|
1. |
Ch. Krishna Murthy |
44100000 |
92.84 |
|
2. |
Ch. Manjula |
3250000 |
6.84 |
|
3. |
Ch. Sidhartha |
150000 |
0.32 |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
594.460 |
594.460 |
594.460 |
|
(b) Reserves & Surplus |
1134.889 |
1014.905 |
790.590 |
|
(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) |
1729.349 |
1609.365 |
1385.050 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1098.509 |
550.941 |
561.097 |
|
(b) Deferred tax liabilities
(Net) |
340.821 |
290.705 |
289.159 |
|
(c) Other long term
liabilities |
300.000 |
385.000 |
661.740 |
|
(d) long-term provisions |
19.414 |
12.200 |
6.712 |
|
Total
Non-current Liabilities (3) |
1758.744 |
1238.846 |
1518.708 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1239.186 |
1243.786 |
1046.535 |
|
(b) Trade payables |
1191.251 |
1129.452 |
587.295 |
|
(c) Other current liabilities |
506.211 |
508.402 |
299.616 |
|
(d) Short-term provisions |
127.681 |
88.223 |
87.512 |
|
Total
Current Liabilities (4) |
3064.329 |
2969.863 |
2020.958 |
|
|
|
|
|
|
TOTAL |
6552.422 |
5818.074 |
4924.716 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2705.535 |
1807.589 |
1860.058 |
|
(ii) Intangible Assets |
0.281 |
0.354 |
0.000 |
|
(iii) Capital work-in-progress |
541.091 |
616.799 |
440.914 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
15.902 |
15.902 |
3.121 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
270.985 |
148.527 |
62.775 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
3533.794 |
2589.171 |
2366.868 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1601.651 |
1636.292 |
1156.133 |
|
(c) Trade receivables |
858.874 |
1116.080 |
893.859 |
|
(d) Cash and cash equivalents |
127.268 |
107.474 |
117.529 |
|
(e) Short-term loans and
advances |
399.886 |
338.890 |
347.629 |
|
(f) Other current assets |
30.949 |
30.167 |
42.698 |
|
Total
Current Assets |
3018.628 |
3228.903 |
2557.848 |
|
|
|
|
|
|
TOTAL |
6552.422 |
5818.074 |
4924.716 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
4387.831 |
4632.704 |
4180.710 |
|
|
Other Income |
64.388 |
20.351 |
8.684 |
|
|
TOTAL
|
4452.219 |
4653.055 |
4189.394 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1904.990 |
2379.728 |
1948.468 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
142.280 |
(415.307) |
(110.061) |
|
|
Employees benefits expense |
198.554 |
184.641 |
163.924 |
|
|
Other expenses |
1562.119 |
1650.554 |
1407.399 |
|
|
Corporate Social
Responsibility Expenses |
3.201 |
1.979 |
0.936 |
|
|
TOTAL |
3811.144 |
3801.595 |
3410.666 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
641.075 |
851.460 |
778.728 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
317.773 |
327.919 |
314.771 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
323.302 |
523.541 |
463.957 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
133.161 |
117.490 |
122.180 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
190.141 |
406.051 |
341.777 |
|
|
|
|
|
|
|
Less |
TAX |
70.157 |
145.693 |
122.706 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
119.984 |
260.358 |
219.071 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
948.912 |
739.597 |
572.643 |
|
|
|
|
|
|
|
Less |
Capitalization of interest with
fixed assets during the construction project adjusted |
0.000 |
0.000 |
1.373 |
|
|
|
|
|
|
|
Less |
Depreciation
in respect of assets whose useful life expired |
0.000 |
21.597 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
15.000 |
21.907 |
|
|
Interim Dividend |
0.000 |
11.946 |
11.946 |
|
|
Tax on Dividend |
0.000 |
2.500 |
2.445 |
|
|
Proposed final dividend |
0.000 |
0.000 |
11.946 |
|
|
Tax on Final Dividend |
0.000 |
0.000 |
2.500 |
|
|
Total
|
0.000 |
29.446 |
50.744 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
1068.896 |
948.912 |
739.597 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1650.886 |
1707.894 |
1450.611 |
|
|
TOTAL
EARNINGS |
1650.886 |
1707.894 |
1450.611 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1421.623 |
1267.224 |
1462.878 |
|
|
Packing Material |
53.881 |
36.395 |
39.143 |
|
|
Consumable |
63.315 |
95.040 |
0.000 |
|
|
Capital Goods |
6.113 |
19.257 |
2.544 |
|
|
TOTAL
IMPORTS |
1544.932 |
1417.916 |
1504.565 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
6.69 |
18.43 |
14.97 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
196.700 |
166.700 |
155.200 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operating activities |
707.165 |
386.731 |
126.646 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1169.520 |
1295.930 |
1460.540 |
|
Total Expenditure |
1033.760 |
1164.680 |
1302.040 |
|
PBIDT (Excl OI) |
135.760 |
131.250 |
158.500 |
|
Other Income |
16.400 |
17.660 |
13.010 |
|
Operating Profit |
152.160 |
148.910 |
171.510 |
|
Interest |
90.060 |
91.590 |
97.310 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
62.100 |
57.320 |
74.200 |
|
Depreciation |
39.950 |
40.210 |
40.210 |
|
Profit Before Tax |
22.150 |
17.110 |
33.990 |
|
Tax |
17.740 |
2.480 |
17.180 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
4.420 |
14.630 |
16.810 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
4.420 |
14.630 |
16.810 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
71.45 |
87.93 |
78.04 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.11 |
4.15 |
4.68 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
228.25 |
173.23 |
110.02 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.40 |
0.52 |
0.67 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.20 |
0.35 |
0.34 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.67 |
0.63 |
0.56 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
1.47 |
1.22 |
1.27 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.77 |
1.85 |
1.46 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.88 |
1.51 |
1.66 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
2.02 |
2.60 |
2.47 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
2.73 |
5.62 |
5.24 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
1.83 |
4.47 |
4.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
6.94 |
16.18 |
15.82 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.99 |
1.09 |
1.27 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.46 |
0.54 |
0.69 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.26 |
0.28 |
0.28 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
4.26 |
3.30 |
2.97 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.99 |
1.09 |
1.27 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 299.00/- |
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 |
594.460 |
594.460 |
594.460 |
|
Reserves & Surplus |
790.590 |
1014.905 |
1134.889 |
|
Net
worth |
1385.050 |
1609.365 |
1729.349 |
|
|
|
|
|
|
long-term borrowings |
561.097 |
550.941 |
1098.509 |
|
Short term borrowings |
1046.535 |
1243.786 |
1239.186 |
|
Current maturities of
long-term debts |
155.200 |
166.700 |
196.700 |
|
Total
borrowings |
1762.832 |
1961.427 |
2534.395 |
|
Debt/Equity
ratio |
1.273 |
1.219 |
1.466 |
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 |
4180.710 |
4632.704 |
4387.831 |
|
|
|
10.811 |
(5.286) |
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 |
4180.710 |
4632.704 |
4387.831 |
|
Profit |
219.071 |
260.358 |
119.984 |
|
|
5.24% |
5.62% |
2.73% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
594.460 |
594.460 |
|
(b) Reserves & Surplus |
|
1201.280 |
1064.989 |
|
(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) |
|
1795.740 |
1659.449 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1177.842 |
648.941 |
|
(b) Deferred tax liabilities
(Net) |
|
340.821 |
290.705 |
|
(c) Other long term
liabilities |
|
329.000 |
385.231 |
|
(d) long-term provisions |
|
26.471 |
17.811 |
|
Total
Non-current Liabilities (3) |
|
1874.134 |
1342.688 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
1380.715 |
1318.781 |
|
(b) Trade payables |
|
1257.956 |
1240.061 |
|
(c) Other current liabilities |
|
526.678 |
549.260 |
|
(d) Short-term provisions |
|
127.962 |
93.033 |
|
Total
Current Liabilities (4) |
|
3293.311 |
3201.135 |
|
|
|
|
|
|
TOTAL |
|
6963.185 |
6203.272 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2895.162 |
2022.626 |
|
(ii) Intangible Assets |
|
0.281 |
0.354 |
|
(iii) Capital work-in-progress |
|
623.303 |
661.197 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
4.040 |
3.940 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
181.829 |
162.996 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
3704.615 |
2851.113 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1703.758 |
1729.242 |
|
(c) Trade receivables |
|
955.976 |
1153.700 |
|
(d) Cash and cash equivalents |
|
132.635 |
110.605 |
|
(e) Short-term loans and
advances |
|
429.758 |
327.675 |
|
(f) Other current assets |
|
36.443 |
30.937 |
|
Total
Current Assets |
|
3258.570 |
3352.159 |
|
|
|
|
|
|
TOTAL |
|
6963.185 |
6203.272 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
5068.621 |
4801.012 |
|
|
Other Income |
|
72.038 |
20.232 |
|
|
TOTAL
|
|
5140.659 |
4821.244 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
2139.457 |
2469.580 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
|
168.407 |
(456.568) |
|
|
Employees benefits expense |
|
247.879 |
211.836 |
|
|
Other expenses |
|
1869.960 |
1758.120 |
|
|
Corporate Social
Responsibility Expenses |
|
3.401 |
1.979 |
|
|
TOTAL |
|
4429.104 |
3984.947 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
711.555 |
836.297 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
346.297 |
344.250 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
365.258 |
492.047 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
158.883 |
133.785 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
206.375 |
358.262 |
|
|
|
|
|
|
|
Less |
TAX |
|
70.157 |
145.756 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
136.218 |
212.506 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
8.05 |
14.42 |
LEGAL
CASES
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
No |
|
8] |
Designation of contact person |
No |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
No |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
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 |
OPERATIONS
During the year the company had a negative growth in view of increased imports into the Country by Competitors from all over the world. In International Market also we faced stiff competition on account of currency fluctuations.
In order to counter dumping of products the Company has filed an anti-dumping application with Government of India. The Government of India after careful study accepted the damage to the Industry and our petition is admitted and is under investigation.
However we have completed the pending projects with a capital outlay of Rs.92 crores and commenced commercial production to face severe competition from foreign players. The results of new projects can be witnessed during the current financial year.
As far as the subsidiary company is concerned which is manufacturing barium products progressing well in terms of revenue from domestic and export markets.
FUTURE PLANS
The Management will henceforth concentrate on maximizing production/ sale of Value Added products and increase the share of export revenue vis-a-vis domestic revenue. Further the company will also develop local raw material sources to reduce the foreign exchange outgo. It enables the company to become strong net foreign exchange earner.
The Company will also approach banks to convert the Rupee term loans into Foreign currency loans in-order to reduce the finance cost. This is technically possible once the company increases its export revenue and reduces imports.
UNSECURED LOAN
|
PARTICULAR |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from related parties |
|
|
|
Loans from directors |
94.338 |
87.448 |
|
Short-term
borrowings |
|
|
|
From others |
|
|
|
Inter corporate loans |
0.000 |
1.632 |
|
Others |
48.109 |
33.098 |
|
Total |
142.447 |
122.178 |
INDEX
OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G80061187 |
100161145 |
Union Bank of India |
26/10/2017 |
20/03/2018 |
75000000.0 |
secunderabad Branch, 1-2-163, LG -1,Bhuvana Towers, SD RoadSecunderabadTG500003IN |
|
2 |
G49929961 |
100114447 |
Andhra Bank |
15/07/2017 |
- |
41100000.0 |
Specialised Corporate Finance Branch, Ground Floor6-3-891&892,Belvadere, RajBhavan Rd, SomajigudaHyderabadTG500082IN |
|
3 |
G30475248 |
100067075 |
Andhra Bank |
06/12/2016 |
- |
41000000.0 |
Specialised corporate finance Branch, Ground floor6-3-891 & 892, The Belvedere, Raj Bhavan roadHyderabadTG500082IN |
|
4 |
G09901562 |
100045705 |
Andhra Bank |
09/05/2016 |
- |
400000000.0 |
Specialised Corporate Finance Branch, 6-3-891 & 89The Belvedere, Raj Bhavan Road, SomajigudaHyderabadTG500082IN |
|
5 |
G03358306 |
100026071 |
State Bank of Hyderabad |
02/04/2016 |
- |
920000000.0 |
Industrial Finance Branch, Topaz Building,Amrutha Hills, PunjaguttaHyderabadTG500082IN |
|
6 |
C68258631 |
10598808 |
Andhra Bank |
09/10/2015 |
- |
41000000.0 |
Specialized Corporate Finance Branch, 6-3-891&892The Belvedere, Raj Bhavan Road, SomajigudaHyderabadTG500082IN |
|
7 |
C54304811 |
10570750 |
Andhra Bank |
14/05/2015 |
- |
50000000.0 |
Specialized Corporate Finance Branch, 6-3-891& 892, The Belvedere, Raj Bhavan Road, SomajigudaHyderabadTG500082IN |
|
8 |
C41126160 |
10544427 |
KOTAK MAHINDRA PRIME LIMITED |
30/12/2014 |
- |
4850000.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMH400051IN |
|
9 |
G30004360 |
10538166 |
State Bank of Hyderabad |
03/11/2014 |
07/12/2016 |
500000000.0 |
INDUSTRIAL FINANACE BRANCH, TOPAZ BUILDINGAMRUT AMRUHA HILLS, PUNJAGUTTA,HYDERABADTG500082IN |
|
10 |
G03349669 |
10365151 |
State Bank of Hyderaabd |
28/06/2012 |
02/04/2016 |
2143500000.0 |
Industrial Financial branch, Topaz Building,Amrutha Hills, PunjaguttaHyderabadTG500082IN |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims against company not acknowledge as debt |
62.892 |
67.199 |
|
Indemnity given by company to the banks for bank guarantees and
Letters of Credit. |
131.892 |
112.630 |
|
Commitments : |
|
|
|
Dividend on 7% Cumulative Redeemable Preference Shares including
Dividend Tax |
343.145 |
303.126 |
|
Capital Contracts pending |
122.914 |
79.326 |
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND
Nine MONTHS ENDED 31st DECEMBER 2017
(INR In Million)
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1.
Income |
|
|
|
|
Sales/ Income from operation |
1441.921 |
1279.136 |
3879.461 |
|
Other operating income |
18.620 |
16.798 |
46.527 |
|
Total
Revenue from operation (net of excise duty) |
1460.541 |
1295.934 |
3925.988 |
|
Other income |
13.009 |
17.658 |
47.066 |
|
Total
Income |
1473.550 |
1313.592 |
3973.054 |
|
|
|
|
|
|
2.Expenditure |
|
|
|
|
Cost of Materials Consumed |
835.840 |
681.917 |
2154.889 |
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(109.076) |
51.467 |
(224.759) |
|
Excise Duty on sales of goods |
0.000 |
0.000 |
78.059 |
|
Employees benefit expenses |
53.136 |
51.390 |
156.212 |
|
Finance Costs |
97.307 |
91.588 |
278.951 |
|
Depreciation and amortization expenses |
40.213 |
40.213 |
120.376 |
|
Other expenditure |
522.143 |
379.903 |
1336.072 |
|
Total expenses |
1439.563 |
1296.478 |
3899.800 |
|
Profit/(loss)
before exceptional items |
33.987 |
17.114 |
73.254 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Profit from ordinary
activities before tax Expense: |
33.987 |
17.114 |
73.254 |
|
Tax expenses |
|
|
|
|
Current Tax |
10.759 |
4.197 |
20.764 |
|
deferred Tax |
6.422 |
-1.711 |
16.639 |
|
Net
Profit / (Loss) for the period |
16.805 |
14.628 |
35.851 |
|
|
|
|
|
|
Other Comprehensive Income / (Expenses) (net of taxes) |
(0.684) |
(0.684) |
(2.053) |
|
|
|
|
|
|
Total Comprehensive Income |
16.121 |
13.943 |
33.798 |
|
|
|
|
|
|
Paid-up equity share capital (Nominal value INR 10/- per share) |
119.460 |
119.460 |
119.460 |
|
|
|
|
|
|
Earnings per share |
|
|
|
|
Basic and diluted |
1.41 |
1.22 |
3.00 |
Notes :
1. The auditors of the company have carried
out the limited review of the above unaudited financial results under
Regulation 33 of the SEBI (Listing and Other Disclosure Requirements)
Regulations, 2015. The above results have been reviewed by the Audit Committee
and taken on record by the Board of Directors in their meeting held on
09.02.2018.
2. Income for the period from 1st July 2016 to
31st December 2016 includes excise duty collected from Customers, whereas GST
collected during corresponding period during this year is not part of Income as
per the requirement of Indian Accounting Standard -18 on Revenue. Hence Income
of both the quarters is not comparable.
3. The Company has adopted Indian Accounting
Standards (Ind - AS) as notified by the Ministry of Corporate Affairs, which
are applicable to the Company with effect from 1st April 2017 and the
financials for the quarter ended 31st December 2017 are in compliance with
Ind-AS. Accordingly, results for the quarter ended 31st December 2016 are also
restated as per Ind- AS to make them comparable.
4. The Ind-AS financial results for the quarter
ended 31st December 2016 have not been subjected to limited review as per the
exemption given under SEBI Circular No. CIR/CFD/FAC/62/2016 dated 05th July
2016. However, the management has exercised necessary due diligence to ensure
that the financial results provide a true and fair view of its affairs. As per
the exemption given in the said circular, Ind-AS compliant financial results
for the previous year ended 31st March 2017 have not been submitted.
5. The company has two geographical revenue
segments i.e. (1) Domestic (2) Overseas. The breakup of Income is as
follows:
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
Domestic |
738.042 |
703.471 |
2124.156 |
|
Overseas |
703.879 |
575.665 |
1755.305 |
|
Total Sales |
1441.921 |
1279.136 |
3879.461 |
6. Corresponding Previous Period
figures have been regrouped / reclassified wherever necessary.
FIXED ASSETS
· Land
· Buildings
· Plant and Machinery
· Lab Equipment’s
· R and D Equipment
· Data Process Equipment
· Office Equipment
· Furniture and Fixtures
· Vehicles
· 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, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records 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 66.83 |
|
UK Pound |
1 |
INR 93.17 |
|
Euro |
1 |
INR 81.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
RUB |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.
·