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MIRA INFORM REPORT
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Report No. : |
489840 |
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Report Date : |
02.02.2018 |
IDENTIFICATION DETAILS
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Name : |
EMMBI INDUSTRIES LIMITED |
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Formerly Known
As : |
EMMBI POLYARNS LIMITED |
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Registered
Office : |
99/2/1 and 9, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi
Village, Silvassa – 396230, U.T. of Dadra and Nagar Haveli |
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Tel. No.: |
91-22-67845555 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
29.11.1994 |
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Com. Reg. No.: |
54-000387 |
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Capital
Investment / Paid-up Capital : |
INR 176.900 Million |
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CIN No.: [Company Identification
No.] |
L17120DN1994PLC000387 |
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IEC No.: |
0303054930 |
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TIN No: |
27130738289 |
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GSTIN: |
27AAACE3423G1Z1 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME02122B |
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PAN No.: [Permanent Account No.] |
AAACE3423G |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of Manufacturing and Trading of HDPE and PP - Woven Polymer Based Products. (Registered Activity) |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 1994 and it is having good track records. It is engaged in the manufacturing of flexible intermediate bulk container (FIBC) / jumbo bags, woven sacks and various woven polymer-based packaging products. For the financial year 2017, the company has increased its revenue from operation as compared to previous year but maintained decent profitability margin of 5.56%. Rating takes into consideration sound financial profile of the company marked by healthy networth base and low debt balance sheet. Further, rating also derives strength from its experience of the promoters in polymer-based packaging products with wide geographic presence as well as clientele base and improvement in the revenue and profitability profile during the year. However, these strengths are partially offset by fragmented nature of the polymer industry and working capital intensive nature of operations. Trade relations are reported as fair. Business is active. Payments terms are seem to be regular. In view of the aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long Term Rating=BBB+ |
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Rating Explanation |
Moderate degree of safety and moderate credit risk. |
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Date |
15.03.2017 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Rating =A3+ |
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Rating Explanation |
Moderate degree of safety and higher credit risk. |
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Date |
15.03.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 02.02.2018
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
91-22-67845555/ 91-260-3200948 (Management non cooperative)
LOCATIONS
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Registered Office : |
99/2/1 and 9, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi
Village, Silvassa – 396230, U.T. of Dadra and Nagar Haveli, India |
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Tel. No.: |
91-260-3200948 |
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Fax No.: |
91-22-67845506 |
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E-Mail : |
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Website : |
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Corporate Office : |
Valecha Chambers, 3rd Floor, Opposite Infiniti Mall, New Link Road, Andheri (West), Mumbai - 400053, Maharashtra, India |
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Tel. No.: |
91-022-67845555 |
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Fax No.: |
91-022-67845506 |
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Unit 1 : |
191/2/4, Masat
Village, Meghwad Road, U.T. of Dadra and Nagar Haveli, Silvassa – 396230, U.T. of Dadra
and Nagar Haveli, India |
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Unit 2 : |
99/2/1, Madhuban Industrial
Estate, Madhuban Dam Road, Rakholi Village, U.T. of Dadra and Nagar Haveli,
Silvassa – 396230, U.T. of Dadra and Nagar Haveli, India |
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Unit 3 : |
99/2/9, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi Village, U.T. of Dadra and Nagar Haveli, Silvassa – 396230, U.T. of Dadra and Nagar Haveli, India |
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Unit 4 : |
Survey No. 87, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi Village, U.T. of Dadra and Nagar Haveli, Silvassa – 396230, U.T. of Dadra and Nagar Haveli, India |
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Unit 5 : |
Survey No. 28A and 42, Masat Industrial Estate, Rakholi Village, U.T. of Dadra and Nagar Haveli, Silvassa – 396230, U.T. of Dadra and Nagar Haveli, India |
DIRECTORS
As on 31.03.2016
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Name : |
Mr. Makrand Moreshwar Appalwar |
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Designation : |
Managing Director |
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Address : |
Flat No.703-704, Building No. 14, Indra Darshan II, New Link Road, Oshiwara, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Date of Birth/ Age : |
21.11.1969 |
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Qualification : |
B. E. (Electronics and Telecommunications) |
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Expertise in
specific functional area : |
Development of Production Systems and Production Planning along with product development. |
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Date of Appointment : |
01.04.2012 |
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DIN No.: |
00171950 |
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Name : |
Ms. Rinku Makrand Appalwar |
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Designation : |
Whole-time Director |
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Address : |
Flat No.703-704, Building No. 14, Indra Darshan II, New Link Road, Oshiwara, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Date of Appointment : |
01.04.2009 |
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DIN No.: |
00171976 |
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Name : |
Mr. Venkatesh Ganpatrao Joshi |
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Designation : |
Director |
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Address : |
Sangli Sahyog Sahakari Society Plot No.37, Flat No. 4, Opposite Status Hotel, Gorai Borivali (West), Mumbai – 400091, Maharashtra, India |
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Date of Appointment : |
11.12.2010 |
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DIN No.: |
01234871 |
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Name : |
Mr. Prashant Kailashchandra Lohiya |
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Designation : |
Director |
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Address : |
Opposite Vidyut Bhavan, Ratanlal Plots, Akola Tq. and District: Akola – 444001, Maharashtra, India |
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Date of Appointment : |
31.05.2010 |
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DIN No.: |
02990858 |
KEY EXECUTIVES
|
Name : |
Ms. Rinku Makrand Appalwar |
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Designation : |
Chief Financial Officer |
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Address : |
Flat No.703-704, Building No. 14, Indra Darshan II, New Link Road, Oshiwara, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Date of Appointment : |
01.04.2015 |
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PAN No.: |
ADPPA2152H |
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Name : |
Mr. Kaushal Rajnikant Patvi |
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Designation : |
Company Secretary |
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Address : |
B/18, Devendra Apartments, Flat No.204, Sector 7, Shanti Nagar, Mira Road (East), Thane – 401107, Maharashtra, India |
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Date of Appointment : |
10.11.2012 |
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PAN No.: |
AMBPP1354P |
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Name : |
Mr. Makrand Moreshwar Appalwar |
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Designation : |
Chairman |
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Name : |
Ms. Monika |
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Designation : |
Office Executive |
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BOARD COMMITTEES |
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Audit Committee |
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Nomination and
Remuneration Committee : |
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Committee of
Directors Committee : |
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Corporate Social
Responsibility Committee : |
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Stakeholders
Relationship Committee : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on December 2017
|
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 % of |
|
|
(A) Promoter and Promoter Group |
10222021 |
57.78 |
|
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(B) Public |
7468229 |
42.22 |
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Grand Total |
17690250 |
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 % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
7497721 |
42.38 |
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MAKARAND MORESHWAR APPALWAR |
3825150 |
21.62 |
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RINKU MAKRAND APPALWAR |
2297360 |
12.99 |
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MAITHILI APPALWAR |
1065250 |
6.02 |
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MITRAVINDA MORESHWAR APPALWAR |
238311 |
1.35 |
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AVINASH R LADDHA |
53950 |
0.30 |
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PRASHANT KAILASHCHANDRA LOHIYA |
6250 |
0.04 |
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KAILASHCHANDRA BALCHAND LOHIA |
4550 |
0.03 |
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SARLA KAILASHCHANDRA LOHIA |
3000 |
0.02 |
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SANJAY RAMPRASAD RATHI |
2100 |
0.01 |
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SANGEETA SANJAY RATHI |
1050 |
0.01 |
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SUSHILADEVI RAMPRASAD RATHI |
750 |
0.00 |
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Any Other (specify) |
2724300 |
15.40 |
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EMMBI LABORATORIES PRIVATE LIMITED |
1663100 |
9.40 |
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MAITHILI AGROTECH PRIVATE LIMITED |
1061200 |
6.00 |
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Sub Total A1 |
10222021 |
57.78 |
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A2) Foreign |
0.00 |
||
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A=A1+A2 |
10222021 |
57.78 |
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 % of (A+B+C2) |
|
|
B1) Institutions |
0 |
0.00 |
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Foreign Portfolio Investors |
1291710 |
7.30 |
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HIDDEN CHAMPIONS FUND |
1267058 |
7.16 |
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Financial Institutions/ Banks |
14334 |
0.08 |
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Sub Total B1 |
1306044 |
7.38 |
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B2) Central Government/ State
Government(s)/ President of India |
0 |
0.00 |
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B3) Non-Institutions |
0 |
0.00 |
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Individual share capital upto
INR 0.200 Million |
4022816 |
22.74 |
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Individual share capital in
excess of INR 0.200 Million |
1089517 |
6.16 |
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Any Other (specify) |
1049852 |
5.93 |
|
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NRI – Repat |
115605 |
0.65 |
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NRI – Non- Repat |
167369 |
0.95 |
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Trusts |
6436 |
0.04 |
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Clearing Members |
17142 |
0.10 |
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Bodies Corporate |
742425 |
4.20 |
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Any Other |
875 |
0.00 |
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Sub Total B3 |
6162185 |
34.83 |
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B=B1+B2+B3 |
7468229 |
42.22 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of Manufacturing and Trading of HDPE and PP - Woven Polymer Based Products. (Registered Activity) |
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Products : |
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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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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
LONG TERM BORROWINGS Term Loans are secured by way of deposit of the title deeds in respect of immovable properties of the Company including Land & Building situated at Survey No. 191/2/4, Masat Village, Meghwad Road, U.T. of Dadra & Nagar Haveli, Silvassa - 396230, Survey No.99/2/1 & 9, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi Village, U.T. of Dadra & Nagar Haveli, Silvassa - 396230 and at Survey No. 87, Madhuban Industrial Estate, Madhuban Dam Road, Rakholi Village, U.T. of Dadra & Nagar Haveli, Silvassa -396230, Survey No. 28A & 42, Masat Industrial Estate, U.T. of Dadra & Nagar Haveli, Silvassa - 396230 First pari passu charge on entire fixed assets of the company, present and future, with existing bankers and by way of Second pari passu charge on entire current assets of the company present and future with existing bankers. Other Loans and Advances are secured by way of hypothecation of Cars and Transport Vehicles purchased under Hire Purchase Scheme There is no default in repayment of principal loan or interest thereon REPAYMENT SCHEDULE
SHORT TERM BORROWINGS Working Capital Loans : Working Capital Loans are secured by way of First pari
passu charge on entire current assets of the company, present and future, with
existing bankers and by way of Second pari passu charge on entire fixed
assets of the company, present and future, with the existing bankers - Punjab
National Bank, ICICI Bank, Axis Bank. |
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Statutory Auditors : |
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|
Name : |
K. J. Shah and Associates Chartered Accountants |
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Address : |
Shop
No. D-11, Sai Darshan - B, Ram Baug Lane, Opposite Mulji Nagar, Borivali
(West), Mumbai – 400092, Maharashtra, India |
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Tel. No.: |
91-22-28646766/28065318 |
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Mobile No.: |
91-9821280470 |
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E-Mail : |
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Auditors : |
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Name : |
R. Daliya and Associates Chartered Accountants |
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Address : |
127, Linkway Estate, Link Road, Malad (West), Mumbai – 400064,
Maharashtra, India |
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Tel. No.: |
91-22-28787880 |
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Fax. No.: |
91-22-28754913 |
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E-Mail : |
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Secretarial
Auditors |
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Name : |
Sanjay Dholakia and Associates Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18000000 |
Equity Shares |
INR 10/- each |
INR 180.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17690250 |
Equity Shares |
INR 10/- each |
INR 176.900
Million |
|
|
|
|
|
The Reconciliation of the
number of shares outstanding is set out below
|
Particulars |
2016-17 No. of Shares |
|
Equity Shares at the beginning of the year |
17690250 |
|
Equity Shares at the end of the year |
17690250 |
The Details of Shareholders
Holding more than 5% Shares
|
Name of Shareholder |
2016-17 |
|
|
No. of Shares |
% Held |
|
|
Makrand Moreshwar Appalwar* |
3.82 |
21.62% |
|
Rinku Makrand Appalwar |
2.29 |
12.98% |
|
Maithili Appalwar |
1.06 |
6.02% |
|
Emmbi Laboratories Private Limited |
1.66 |
9.40% |
|
Maithili Agrotech Private Limited |
1.06 |
6.00% |
Terms / Rights
attached to the Equity Shares
The company has only one class of equity shares having a par value of INR 10.00 per share (previous year INR 10.00 per share) each holder of the equity share is entitled to one vote per share
FINANCIAL DATA
[all figures are
in 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 |
176.900 |
176.900 |
176.900 |
|
(b) Reserves &
Surplus |
679.940 |
552.680 |
457.370 |
|
(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) |
856.840 |
729.580 |
634.270 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
151.500 |
52.240 |
70.650 |
|
(b) Deferred tax liabilities
(Net) |
66.310 |
57.320 |
49.600 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
78.210 |
70.110 |
40.770 |
|
Total Non-current
Liabilities (3) |
296.020 |
179.670 |
161.020 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
595.210 |
538.630 |
695.720 |
|
(b) Trade payables |
174.660 |
124.750 |
8.370 |
|
(c) Other current
liabilities |
85.900 |
67.160 |
56.530 |
|
(d) Short-term provisions |
1.790 |
11.240 |
6.810 |
|
Total Current Liabilities
(4) |
857.560 |
741.780 |
767.430 |
|
|
|
|
|
|
TOTAL |
2010.420 |
1651.030 |
1562.720 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
856.360 |
588.920 |
534.830 |
|
(ii) Intangible Assets |
0.000 |
28.970 |
19.950 |
|
(iii) Capital
work-in-progress |
0.000 |
8.180 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3.470 |
3.470 |
2.990 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
63.810 |
52.960 |
32.290 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.020 |
|
Total Non-Current Assets |
923.640 |
682.500 |
590.080 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
632.870 |
569.990 |
546.840 |
|
(c) Trade receivables |
383.680 |
321.180 |
334.320 |
|
(d) Cash and cash equivalents |
4.340 |
10.460 |
32.890 |
|
(e) Short-term loans and
advances |
65.890 |
66.890 |
58.540 |
|
(f) Other current assets |
0.000 |
0.010 |
0.050 |
|
Total Current Assets |
1086.780 |
968.530 |
972.640 |
|
|
|
|
|
|
TOTAL |
2010.420 |
1651.030 |
1562.720 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
2290.700 |
2079.350 |
1838.230 |
|
|
Other Income |
0.880 |
13.070 |
5.550 |
|
|
TOTAL |
2291.580 |
2092.420 |
1843.780 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1298.710 |
1168.230 |
1189.250 |
|
|
Purchases of
Stock-in-Trade |
282.770 |
257.240 |
183.110 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(21.850) |
(27.880) |
(69.330) |
|
|
Employees benefits
expense |
73.690 |
78.000 |
62.430 |
|
|
Other expenses |
358.800 |
347.200 |
276.120 |
|
|
TOTAL |
1992.120 |
1822.790 |
1641.580 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
299.460 |
269.630 |
202.200 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
82.650 |
90.170 |
88.890 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
216.810 |
179.460 |
113.310 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
41.660 |
36.670 |
30.590 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
175.140 |
142.790 |
82.720 |
|
|
|
|
|
|
|
Less |
TAX |
47.860 |
36.840 |
23.070 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
127.280 |
105.950 |
59.650 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
280.030 |
184.730 |
132.370 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Adjustment relating to
fixed assets |
0.020 |
0.000 |
0.920 |
|
|
Proposed Dividend |
0.000 |
8.850 |
5.310 |
|
|
Distribution tax on
Dividend |
0.000 |
1.800 |
1.060 |
|
|
Total |
0.020 |
10.650 |
7.290 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
407.300 |
280.030 |
184.730 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1035.490 |
1053.330 |
962.500 |
|
|
TOTAL EARNINGS |
1035.490 |
1053.330 |
962.500 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
24.330 |
27.770 |
23.730 |
|
|
TOTAL IMPORTS |
24.330 |
27.770 |
23.730 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
7.20 |
5.99 |
3.37 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
38.700 |
32.710 |
38.590 |
|
Cash generated from operations |
239.780 |
383.900 |
92.930 |
|
Net cash flow from operating activity |
201.490 |
366.490 |
78.970 |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 (Standalone) |
30.09.2017 (Standalone) |
|
Unaudited |
1st Quarter |
2nd Quarter |
|
Net Sales |
630.160 |
677.190 |
|
Total Expenditure |
550.750 |
593.930 |
|
PBIDT (Excl OI) |
79.410 |
83.260 |
|
Other Income |
0.110 |
0.430 |
|
Operating Profit |
79.530 |
83.690 |
|
Interest |
18.870 |
21.690 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
60.660 |
62.000 |
|
Depreciation |
11.710 |
12.820 |
|
Profit Before Tax |
48.950 |
49.180 |
|
Tax |
13.380 |
11.730 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
35.570 |
37.450 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
35.570 |
37.450 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
61.14 |
56.38 |
66.38 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.97 |
6.47 |
5.50 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
40.31 |
31.94 |
2.23 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.47 |
0.47 |
0.37 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.35 |
0.43 |
0.36 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.52 |
0.50 |
0.56 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.92 |
0.85 |
1.27 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.00 |
1.02 |
1.21 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.00 |
0.86 |
0.87 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
3.62 |
2.99 |
2.27 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
5.56 |
5.10 |
3.24 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
6.33 |
6.42 |
3.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
14.85 |
14.52 |
9.40 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.27 |
1.31 |
1.27 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.53 |
0.54 |
0.55 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.43 |
0.44 |
0.41 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
4.44 |
3.53 |
4.55 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.27 |
1.31 |
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 213/- |
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 |
176.900 |
176.900 |
176.900 |
|
Reserves & Surplus |
457.370 |
552.680 |
679.940 |
|
Net
worth |
634.270 |
729.580 |
856.840 |
|
|
|
|
|
|
long-term borrowings |
70.650 |
52.240 |
151.500 |
|
Short term borrowings |
695.720 |
538.630 |
595.210 |
|
Current maturities of
long-term debts |
38.590 |
32.710 |
38.700 |
|
Total
borrowings |
804.960 |
623.580 |
785.410 |
|
Debt/Equity
ratio |
1.269 |
0.855 |
0.917 |
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 |
1838.230 |
2079.350 |
2290.700 |
|
|
|
13.117 |
10.164 |
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 |
1838.230 |
2079.350 |
2290.700 |
|
Profit |
59.650 |
105.950 |
127.280 |
|
|
3.24% |
5.10% |
5.56% |
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 |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The Company
is a public limited company and is listed on Bombay Stock Exchange (BSE) and
National Stock Exchange (NSE). The Company is engaged in the business of
Manufacturing and Trading of HDPE and PP - Woven Polymer Based Products.
OPERATIONS
During the year, the Company has achieved Revenue from Operations and the Income aggregating to INR 2291.590 million as against INR 2092.420 million during the previous year, registering an increase of about 9.52% over the previous year. Profit after providing for taxes is INR 127.280 million as against INR 105.950 million during the previous year, registering an increase of about 20.13% over the previous year. There is no change in the nature of business of the Company.
EXPORTS
Value of Exports during the year were INR 1080.870 million as against INR 1086.290 million. Exports in the current financial year contributed to 47.18% in the net sales. Company has expanded its presence in 52 countries which has resulted healthy growth in the territory of operation.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMY AND OUTLOOK
Global GDP growth in 2016 was at 3.00% as per IMF world economic outlook – January 2017, and is expected to rise to 3.50% in 2017, and 3.60% in 2018. Amongst the OECD economies, despite the easy monetary policy, growth in US contracted, however the major countries in the EU had modest improvements. Japan was flat, whist Canada showed a smart improvement, whilst the UK also experienced a visible drop in growth. China was flat, while the Latin American Giant, Brazil contracted for a second year in a row. Growth in both oil and non-oil exporters remained mixed with geo-political factors weighing down heavily in the Middle East and Turkey. At the Global level, there was a visible improvement in both consumer durables, and capital goods, in the second half of year. The main factors for this was a recovery in investments, driven by infrastructure, and real estate investments in China offsetting the drag in the commodity prices, and end of inventory cycle in the US. The growth in world merchandise trade was poor at 1.30% in 2016, however has been forecasted to rise between 1.80% and 3.00%.
Trade has the potential to grow if movements of goods and services across borders flow freely, however policy makers attempts to address job losses, and placing restrictions on imports can affect the recovery. The outlook for the years ahead is likely to be influenced by three factors (1) US monetary and tax policies. (2) Political uncertainty in middle-east economies (3) China’s structural changes to a consumption based economy.
INDIAN ECONOMY AND
OUTLOOK
The Indian economy grew at close to 7%, and became one of the fastest growing nation in the G20. In fiscal ’17 the Government consumption acted as a as the catalyst for India’s growth, and so did exports. However private capital formation and imports of goods declined. A good monsoon compared to the previous two years, ensured availability of crops, agricultural income, and rural spending. Growth was also aided by private consumption in urban areas buoyed by higher public wages and consumption.
Disruption in trade under demonetization had a temporary effect in last quarter of CY16. Due to exchange of old currency notes of higher denomination of INR 500/- and INR 1,000/- with new currency notes, the cash economy was impacted the most. The organised economy had some impact but was short lived and business could adapt to the requirements in shortest possible time. As a net importer of commodities the country also benefited from lower commodity prices particularly crude oil, that along with the above factors helped control inflation and lower the current account deficit.
Challenges remain in 2017-18, on account of the subdued manufacturing, slower growth of exports, and lower capital expenditure by private sector. Going forward lower borrowing costs, and the fading effects of demonetisation are expected to override the negatives. The implementation of the GST is expected to not only lower logistics cost, and improve tax collections, however send a positive signal to both domestic and international investors. Other favourable indicators include a moderate level of inflation, lower Current Account Deficit (CAD), fiscal consolidation and the transitory impact of demonetisation and a stable macro-economic environment. IMF in its latest world economic outlook report indicates that India’s GDP will grow by ~7.2% for fiscal ‘17-’18 and by ~7.7% in fiscal ‘18-’19.
SECTOR PERFORMANCE
The world is witnessing an exponential growth in the usage and consumption of polymers. Production that used to range at 340 million tons p.a. in 2010 is expected to cross 540 tons by 2020 (Source: Global Polymer News), a compounded annual growth of nearly 10%. The completely man-made nature of polymers makes innovation and creation of new materials virtually limitless. The Polymer sector in India is estimated at over $33 billion ($30 billion in 2015), (Source: Global Polymer News) and this is expected to grow at upwards of 8% over the next five years. Despite being the world’s third largest market behind the US and China, India lags in the per capita consumption of polymers at just over 10kgs (World Average 30kgs) as per FICCI report on plastic industry 2017. With increased sales of automobiles, the government’s initiatives of lining canals, ponds etc., and demand for packing material increasing on account of retail growth this sector is slated to grow at double digits in the coming years.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Term Loans |
|
|
|
From Corporates |
52.260 |
38.390 |
|
|
|
|
|
Total |
52.260 |
38.390 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G45244241 |
100100623 |
Axis Bank Limited |
17/03/2017 |
05/05/2017 |
- |
15000000.0 |
12 -Mittal Tower, 1st FloorA Wing, Nariman PointMumbaiMH400021IN |
|
2 |
G45986858 |
100100625 |
ICICI BANK LIMITED |
17/03/2017 |
24/03/2017 |
- |
50000000.0 |
ICICI Bank Tower, Near Chakli Circle,Old Padra RoadVadodaraGu390007IN |
|
3 |
G45244076 |
100030473 |
Axis Bank Limited |
31/03/2016 |
05/05/2017 |
- |
30000000.0 |
12 -Mittal Tower, 1st FloorA Wing, Nariman PointMumbaiMH400021IN |
|
4 |
G45307618 |
10617308 |
ICICI BANK LIMITED |
05/01/2016 |
18/03/2017 |
- |
350000000.0 |
ICICI Bank Tower, Near Chakli Circle,Old Padra RoadVadodaraGu390007IN |
|
5 |
G47318753 |
10619649 |
Punjab National Bank |
27/10/2015 |
18/03/2017 |
- |
55000000.0 |
Goregaon (East) Branch, 8, Cama Industrial EstateWal Bhat Road, Goregaon (East)MumbaiMH400063IN |
|
6 |
G47318050 |
10407001 |
Punjab National Bank |
12/02/2013 |
18/03/2017 |
- |
10000000.0 |
Goregaon (East) Branch, 8, Cama Industrial EstateWal Bhat Road, Goregaon (East)MumbaiMH400063IN |
|
7 |
G45245297 |
10373999 |
Axis Bank Limited |
14/08/2012 |
05/05/2017 |
- |
290000000.0 |
12 -Mittal Tower, 1st FloorA Wing, Nariman PointMumbaiMH400021IN |
|
8 |
G47317995 |
10041394 |
Punjab National Bank |
13/12/2006 |
18/03/2017 |
- |
432500000.0 |
Goregaon (East) Branch, 8, Cama Industrial EstateWal Bhat Road, Goregaon (East)MumbaiMH400063IN |
|
9 |
G69197705 |
10532348 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
26/09/2014 |
- |
05/12/2017 |
4150750.0 |
130, PANDURANG BUDHKAR MARG,WORLIMUMBAIMH400018IN |
|
10 |
G46073185 |
10403195 |
Punjab National Bank |
20/12/2012 |
26/09/2016 |
14/06/2017 |
775000000.0 |
Goregaon (East) Branch, 8, Cama Industrial EstateWal Bhat Road, Goregaon (East)MumbaiMH400063IN |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2017
(INR In Million)
|
|
|
Particulars |
Quarter Ended 30.09.2017 |
Quarter Ended 30.06.2017 |
Half Year Ended 30.09.2017 |
|
|
|
Income from
Operations |
|
|
|
|
|
|
Sales/Income from Operations (Net of Excise Duty) |
602.300 |
630.160 |
1232.460 |
|
|
|
b) Other Operating Income |
0.430 |
0.110 |
0.540 |
|
|
Total Income from
Operations (Net) |
568.750 |
602.720 |
630.280 |
|
|
|
Expenses |
|
|
|
|
|
|
|
Cost of materials consumed |
354.270 |
357.050 |
711.320 |
|
|
|
Purchases of stock-in trade |
47.810 |
57.470 |
105.280 |
|
|
|
Changes in inventories of finished goods. work-in-progress
and stock in trade |
0.500 |
(18.180) |
(17.680) |
|
|
|
Employee benefits expense |
28.480 |
25.070 |
53.560 |
|
|
|
Depreciation and Amortization Expenses |
12.820 |
11.710 |
24.520 |
|
|
|
Other Expenses |
87.960 |
91.470 |
179.430 |
|
|
|
Finance Costs |
21.690 |
11.710 |
24.520 |
|
|
|
Excise Duty |
0.000 |
37.870 |
37.870 |
|
|
Total Expenses |
553.540 |
581.330 |
1134.870 |
|
|
|
|
|
|
|
|
|
|
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items |
49.180 |
48.950 |
98.130 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
|
|
Profit /(Loss) from
ordinary activities before tax |
49.180 |
48.950 |
98.130 |
|
|
|
Tax Expense |
11.730 |
13.380 |
25.110 |
|
|
|
Net Profit /(Loss)
from ordinary activities after tax |
37.450 |
35.570 |
73.020 |
|
|
|
Paid up equity share capital (Eq. shares of INR 10/- each) |
176.900 |
176.900 |
176.900 |
|
|
|
Reserve excluding revaluation reserves |
-- |
-- |
-- |
|
|
|
|
Earnings per share (before/after extraordinary items) of INR 10/- each |
|
|
|
|
|
|
(a) Basic |
2.12 |
2.01 |
4.13 |
|
|
|
(b) Diluted |
2.12 |
2.01 |
4.13 |
Notes:
ASSETS AND LIABILITIES
(INR
In Million)
|
SOURCES OF FUNDS |
30.09.2017 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
176.900 |
|
(b) Reserves &
Surplus |
742.320 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
919.220 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
160.990 |
|
(b) Deferred tax liabilities
(Net) |
70.540 |
|
(c) Other long term
liabilities |
84.360 |
|
(d) long-term provisions |
35.340 |
|
Total Non-current
Liabilities (3) |
351.230 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
691.790 |
|
(b) Trade payables |
296.750 |
|
(c) Other current
liabilities |
61.900 |
|
(d) Short-term provisions |
2.800 |
|
Total Current Liabilities
(4) |
1053.240 |
|
|
|
|
TOTAL |
2323.690 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
863.030 |
|
(ii) Intangible Assets |
46.850 |
|
(iii) Capital
work-in-progress |
77.840 |
|
(iv) Intangible assets
under development |
0.000 |
|
(b) Non-current
Investments |
3.830 |
|
(c) Deferred tax assets
(net) |
0.000 |
|
(d) Long-term Loan and Advances |
7.070 |
|
(e) Other Non-current
assets |
5.530 |
|
Total Non-Current Assets |
1004.150 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
687.740 |
|
(c) Trade receivables |
456.910 |
|
(d) Cash and cash
equivalents |
25.500 |
|
(e) Short-term loans and
advances |
0.000 |
|
(f) Other current assets |
149.400 |
|
Total Current Assets |
1319.550 |
|
|
|
|
TOTAL |
2323.690 |
Note:
- The Financial Results have been reviewed and recommended by Audit Committee and approved by the Board of Directors in its meeting held on 14th November, 2017. The auditors of the Company have carried out a "Limited Review" of the financial results for the Quarter and Half year ended 30th September, 2017 in terms of Regulation 33 of the SEBI (LODR) Regulations, 2015 and have expressed their unqualified opinion.
- The Company has adopted Indian Accounting Standard find AS") notified by the Ministry of Corporate Affairs w.e.f. 1st April, 2017 and accordingly these financial results have been prepared in accordance with the recognition and measurement principles laid down in Ind AS - 34 Interim Financial Reporting, prescribed under section 133 of the Companies Act, 2013 read with relevant rules thereunder. The date of transition is 1st April, 2016.
- Figures for the Previous period /quarter have been rearranged/re-grouped wherever necessary, to confirm with the figures for the current year/quarter.
- Post the applicability of Goods and Service Tax (GST) with effect from 1st July, 2017, revenue from operations are disclosed net of GST, whereas Excise duty formed part of other expenses in previous periods/ year. Accordingly, the revenue from operations and other expenses for the quarter and six month ended 30 September, 2017 are not comparable with the previous periods/ year presented in the results.
- Other Income includes 99.99% Share of Profit from Emmbi Watcon LLP amounting to INR 0.308 million.
- The entire operation of the Company relate to only one segment viz. Polymer based multiple products. Hence, Ind AS -108 is not applicable.
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Guarantees |
|
|
|
Guarantee by Banks to Electricity Department (Silvassa) |
7.100 |
7.120 |
|
Warranty against Sale of Retail Water Conservation products for 5 years |
1.810 |
0.000 |
FIXED ASSETS
Tangible Fixed Assets
- Freehold Land
- Building
- Compound Wall
- Plant And Machinery
- Electrical Installation
- Furniture & Fixtures
- Crates
- Office Equipment
- Other Equipment
- Vehicles
Intangible Fixed
Assets
- Brand Development Expenses
- Knowledge Development Expenses
- Foreign Trade Fair Expenses
- Research And Development Expenses
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 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 63.61 |
|
|
1 |
INR 90.18 |
|
Euro |
1 |
INR 78.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPY |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
MTN |
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 |
NO |
|
--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.