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|
|
%20LIMITED%20-%20489500%2002-Feb-2018_files/image015.jpg){kind=small}
%20LIMITED%20-%20489500%2002-Feb-2018_files/image016.jpg)
%20LIMITED%20-%20489500%2002-Feb-2018_files/image018.gif)
MIRA INFORM REPORT
|
Report No. : |
489500 |
|
Report Date : |
02.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
SANGAM (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
Sangam House, Atun, Chittorgarh Road, Bhilwara - 311001, Rajasthan |
|
Tel. No.: |
91-1482-305000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
29.12.1984 |
|
|
|
|
Com. Reg. No.: |
17-003173 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 394.200 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17118RJ1984PLC003173 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
GST No.: |
Not Divulged |
|
|
|
|
TIN No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Divulged |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Textiles. [Registered Activity] |
|
|
|
|
No. of Employees
: |
3420 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 14110000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1984 having fine track record. It is engaged as manufacturer of PV yarn. As per the available financials of 2017, the revenue of the company has marginally increased as compared to its previous year but has shown a decline in its profitability margin during the year. Rating takes into consideration, the healthy financial risk profile marked by adequate net worth base and strong debt protection metrics. Rating continue to derive strength from its long and established track record of its business operation backed by its well experienced promoters in textile industry. The company is listed on BSE at the quoted price of INR 172.80 against is face value of INR 10. Further, as per quarterly results of 30 September 2017, the company has registered steady operating margins but has shown drop in its revenue base. However, rating strength is partially offset by the working capital intensive nature of operations and inherent risks related to textile industry, agro climatic risks and volatility of raw material prices. Payments seems to be regular. In view of 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.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
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
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
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.
LOCATIONS
Registered Office/ Weaving, Processing & Seamless Garment Unit :
|
Sangam House, Atun, Chittorgarh Road, Bhilwara - 311001, Rajasthan, India |
|
Tel. No.: |
91-1482-305000 / 305028 |
|
Fax No.: |
91-1482-304120 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Principal/ Head/
Corporate Office : |
B/306-309, Dynasty Business Park, Opposite Sangam Cinema, Andheri Kurla Road, J B Nagar Andheri (East), Mumbai-400059, Maharashtra, India |
|
Tel. No.: |
91-22-61115222/ 5200/ 28227861-64 |
|
Fax No.: |
91-22-28227865/ 61115265 |
|
|
|
|
Spinning Unit-I / Denim
Unit: |
Village Biliya Kalan, Chittorgarh Road, Bhilwara – 311001, Rajasthan, India |
|
Tel. No.: |
91-1482-249071 / 75 |
|
Fax No.: |
91-1482-249077 |
|
E-Mail : |
|
|
|
|
|
Spinning Unit-II: |
91, Km Stone, N.H No. 79, Village Sareri, Bhilwara – 311024, Rajasthan, India |
|
|
|
|
Spinning Unit-III : |
N.H. 79, Village Soniyana, Tehsil : Gangrar, Chittorgarh- 312 901, Rajasthan, India |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Achintya Karati |
|
Designation : |
Director |
|
Address: |
29/203, East End Apartments, Mayur Vihar, Phase – I, Extension, Delhi-110096, India |
|
Date of Appointment: |
26.12.2004 |
|
DIN No.: |
00024412 |
|
|
|
|
Name : |
Mr. Ramawatar Jaju |
|
Designation : |
Director |
|
Address : |
Adarsh, 37/1, South Tukoganj, Indore-452001, Madhya Pradesh, India |
|
Date of Appointment : |
30.09.1999 |
|
DIN No.: |
00083218 |
|
|
|
|
Name : |
Mr. Tapan Kumar Mukhopadhyay |
|
Designation : |
Director |
|
Address : |
204, 2nd Floor, The Salvation Apartment, NM Kale Marg, Dadar (West), Mumbai- 400028, Maharashtra, India |
|
Date of Appointment : |
07.02.2011 |
|
DIN No.: |
00239251 |
|
|
|
|
Name : |
Mr. Ram Pal Soni |
|
Designation : |
Wholetime Director |
|
Address : |
01, Main Sector, Shstri Nagar, Bhilwara-311001, Rajasthan, India |
|
Date of Appointment : |
31.12.1984 |
|
DIN No.: |
00401439 |
|
|
|
|
Name : |
Mr. Shri Niwas Modani |
|
Designation : |
Managing Director |
|
Address : |
B-81, Shstri Nagar, Bhilwara-311001, Rajasthan, India |
|
Date of Appointment : |
20.06.1989 |
|
DIN No.: |
00401498 |
|
|
|
|
Name : |
Mr. Vinod Kumar Sodani |
|
Designation : |
Whole Time Director |
|
Address: |
B-389, Shastri Nagar, Bhilwara-311001, Rajasthan, India |
|
Date of Appointment: |
21.12.2006 |
|
DIN No.: |
00403740 |
|
|
|
|
Name : |
Ms. Seema Srivastava |
|
Designation : |
Director |
|
Address: |
402, Malaxmi Heights, Plot 62-66, Sector-20 Kalamboli, Navi Mumbai-410218, Maharashtra, India |
|
Date of Appointment: |
30.03.2015 |
|
DIN No.: |
07142986 |
KEY EXECUTIVES
|
Name : |
Mr. Shri Niwas Modani |
|
Designation : |
Chief Executive Officer (KMP) |
|
Address : |
B-81 Shstri Nagar, Bhilwara-311001, Rajasthan, India |
|
Date of Appointment : |
30.04.2014 |
|
PAN No.: |
AEEPM7708P |
|
|
|
|
Name : |
Mr. Anil Jain |
|
Designation : |
Company Secretary/ Chief Financial Officer (KMP) |
|
Address: |
B-142, R. K. Colony, Bhilwara-311001, Rajasthan, India |
|
Date of Appointment: |
08.07.2004/ 30.04.2014 |
|
PAN No.: |
AAVPJ3532D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2017
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Promoter & Promoter
Group |
18667126 |
47.35 |
|
(B) Public |
20754433 |
52.65 |
|
|
|
|
|
Grand Total |
39421559 |
100.00 |
%20LIMITED%20-%20489500%2002-Feb-2018_files/image020.gif)
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 |
9,30,297 |
2.36 |
|
|
BADRILAL RAMPAL SONI HUF |
1,28,268 |
0.33 |
|
|
RAM PAL SONI HUF |
2,48,300 |
0.63 |
|
|
RAM PAL SONI |
4,53,950 |
1.15 |
|
|
SHRINIWAS MODANI |
99,779 |
0.25 |
|
|
Any Other
(specify) |
1,77,36,829 |
44.99 |
|
|
ANJANA SONI |
3,750 |
0.01 |
|
|
ANTIMA SONI |
46,050 |
0.12 |
|
|
ANURAG SONI |
16,45,397 |
4.17 |
|
|
ARCHANA SODANI |
60,774 |
0.15 |
|
|
MAMTA MODANI |
1,05,404 |
0.27 |
|
|
RADHADEVI SONI |
3,77,761 |
0.96 |
|
|
FINWORTH INVESTMENT PVT LTD |
4,75,260 |
1.21 |
|
|
HAWAMAHAL FINANCE PVT LTD |
23,35,500 |
5.92 |
|
|
NECCO SHIPPING CO PVT LTD |
2,82,450 |
0.72 |
|
|
NEELGAGAN COMMERCIAL COMPANY LTD |
14,00,000 |
3.55 |
|
|
NIKITA CREDITS PVT LTD |
3,58,200 |
0.91 |
|
|
PARK VIEW INVESTMENT PVT LTD |
2,26,065 |
0.57 |
|
|
SAHYOG FINANCE LIMITED |
1,72,750 |
0.44 |
|
|
SANGAM GRANITES PVT LTD |
1,20,815 |
0.31 |
|
|
SANGAM BUSINESS CREDIT LTD |
59,82,812 |
15.18 |
|
|
SANGAM FINCAP LIMITED |
22,16,145 |
5.62 |
|
|
SANGAM SUITING PVT LTD |
2,63,670 |
0.67 |
|
|
SARVODAYA HOLDING PVT LTD |
11,27,771 |
2.86 |
|
|
SORPIO CREDITS PVT LTD |
5,36,255 |
1.36 |
|
|
Sub Total A1 |
1,86,67,126 |
47.35 |
|
|
A2) Foreign |
0.00 |
|
|
|
A=A1+A2 |
1,86,67,126 |
47.35 |
|
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 |
|
|
Foreign
Portfolio Investors |
3177197 |
8.06 |
|
|
GMO EMERGING MARKETS FUND, A SERIES OF GMO
TRUST |
532104 |
1.35 |
|
|
GMO EMERGING DOMESTIC OPPORTUNITIES FUND,
A SERIES OF GMO TRUST |
1551471 |
3.94 |
|
|
ALBULA FUND INVESTMENT LTD |
600000 |
1.52 |
|
|
Financial
Institutions/ Banks |
32518 |
0.08 |
|
|
Insurance
Companies |
1078838 |
2.74 |
|
|
GENRAL INSURANCE CORPORATION OF INDIA |
647649 |
1.64 |
|
|
LIFE INSURANCE CORPORATION OF INDIA |
431189 |
1.09 |
|
|
Any Other (specify) |
7507 |
0.02 |
|
|
FII's |
7507 |
0.02 |
|
|
Sub Total B1 |
4296060 |
10.90 |
|
|
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 |
1902677 |
4.83 |
|
|
Individual share
capital in excess of INR 0.200 Million |
932316 |
2.36 |
|
|
Mishal Ashok Thakkar |
399216 |
1.01 |
|
|
NBFCs registered
with RBI |
10 |
0.00 |
|
|
Any Other
(specify) |
13623370 |
34.56 |
|
|
Bodies Corporate |
11990998 |
30.42 |
|
|
MENTOR CAPITAL LIMITED |
3918285 |
9.94 |
|
|
NIDHI MERCANTILE LIMITED |
4898833 |
12.43 |
|
|
ANANDI RATHI GLOBAL FINANCE LIMITED |
1164500 |
2.95 |
|
|
SHILPA STOCK BROKER PVT. LTD |
426623 |
1.08 |
|
|
Clearing Members |
227157 |
0.58 |
|
|
NRI – Non- Repat |
154455 |
0.39 |
|
|
NRI |
1248075 |
3.17 |
|
|
SATPAL KHATTAR |
1140000 |
2.89 |
|
|
NRI – Repat |
2685 |
0.01 |
|
|
Sub Total B3 |
16458373 |
41.75 |
|
|
B=B1+B2+B3 |
20754433 |
52.65 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Textiles. [Registered Activity] |
|
|
|
|
Products/ Services : |
Textiles |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
3420 (Approximately) |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India · Punjab National Bank · IDBI Bank Limited · Export Import Bank of India · Axis Bank Limited · Central Bank of India |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Auditors 1 : |
|
|
Name : |
R Kabra and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Auditor 2 : |
|
|
Name : |
B L Chordia and Company Chartered Accountants |
|
Address : |
Bhilwara, Rajasthan, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises over which Directors and
Relatives of such personnel exercise significant influence : |
Wholly Owned
Subsidiary Company Sangam Lifestyle Ventures Limited Group Companies · Sangam Business Credit Limited · Mahalaxmi TMT Private Limited · Raj Rajeshwar Enterprises Private Limited · Nikita Credits Private Limited · Fashion Funda.Com Private Limited |
|
|
|
|
Others Related
Parties : |
·
Shri R.P. Soni HUF ·
Badri Lal Soni Charitable Trust ·
Kesar Bai Soni Charitable Trust |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
64000000 |
Equity Shares |
INR 10/- each |
INR 640.000 Million |
|
18500000 |
Non – Cumulative Redeemable Preference Shares |
INR 10/- each |
INR 185.000 Million |
|
|
Total |
|
INR 825.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
39421559 |
Equity Shares |
INR 10/- each |
INR 394.200 Million |
|
|
|
|
|
The details of
Shareholders’ holding more than 5% shares:
|
Name of the
Shareholder |
As at 31st March, 2017 |
|
|
|
No. of Shares |
% held |
|
Sangam Business Credit Limited |
5982812 |
15.18 |
|
Nidhi Mercantiles Limited |
4898833 |
12.43 |
|
Mentor Capital Limited (formerly known as Pacific Corporate Services Limited) |
3153602 |
8.00 |
|
Hawamahal Finance Private Limited |
2335500 |
5.92 |
|
Sangam Fincap Limited |
2216145 |
5.62 |
|
TOTAL |
18586892 |
47.15 |
The reconciliation of
the number of shares outstanding is set out below:
|
Particulars |
As at 31st March, 2017 |
|
Equity Shares at the beginning of the year |
39421559 |
|
Add: Shares Issued During the year |
-- |
|
Equity Shares at the
end of the year |
39421559 |
Rights, Preferences
and Restrictions:
i. The Company has only one class of shares referred to as Equity Shares having par value of INR 10 Each holder of Equity Shares is entitled to one vote per share.
ii. In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the shareholders.
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 |
394.200 |
394.200 |
394.200 |
|
(b) Reserves & Surplus |
4544.300 |
3998.300 |
3322.800 |
|
(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) |
4938.500 |
4392.500 |
3717.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
3271.100 |
2813.400 |
2577.800 |
|
(b) Deferred tax liabilities (Net) |
509.800 |
420.500 |
403.500 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
3780.900 |
3233.900 |
2981.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
3199.100 |
3015.000 |
2769.300 |
|
(b)
Trade payables |
1021.600 |
764.700 |
750.500 |
|
(c)
Other current liabilities |
1357.800 |
1374.800 |
1428.300 |
|
(d)
Short-term provisions |
71.700 |
141.700 |
119.700 |
|
Total
Current Liabilities (4) |
5650.200 |
5296.200 |
5067.800 |
|
|
|
|
|
|
TOTAL |
14369.600 |
12922.600 |
11766.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
6537.600 |
5841.500 |
5622.000 |
|
(ii)
Intangible Assets |
6.400 |
5.900 |
5.400 |
|
(iii)
Capital work-in-progress |
109.800 |
142.000 |
29.500 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
59.000 |
58.500 |
58.500 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
180.600 |
197.100 |
145.100 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
6893.400 |
6245.000 |
5860.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3597.000 |
2944.900 |
2650.900 |
|
(c)
Trade receivables |
2581.400 |
2711.000 |
2517.100 |
|
(d)
Cash and cash equivalents |
54.700 |
36.100 |
39.100 |
|
(e)
Short-term loans and advances |
967.600 |
764.300 |
577.200 |
|
(f)
Other current assets |
275.500 |
221.300 |
121.300 |
|
Total
Current Assets |
7476.200 |
6677.600 |
5905.600 |
|
|
|
|
|
|
TOTAL |
14369.600 |
12922.600 |
11766.100 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
15936.400 |
15044.000 |
14686.600 |
|
|
|
Other Income |
233.400 |
246.500 |
110.200 |
|
|
|
TOTAL
|
16169.800 |
15290.500 |
14796.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
9067.600 |
8303.200 |
8306.400 |
|
|
|
Purchases of Stock-in-Trade |
464.600 |
124.900 |
247.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(417.200) |
(222.300) |
(73.700) |
|
|
|
Employees benefits expense |
1601.300 |
1399.000 |
1186.200 |
|
|
|
Other expenses |
1732.200 |
1597.200 |
1374.400 |
|
|
|
Power and Fuel |
1729.300 |
1579.200 |
1555.200 |
|
|
|
Provision for Doubtful Debts/ Advances |
4.500 |
3.500 |
3.500 |
|
|
|
TOTAL |
14182.300 |
12784.700 |
12599.000 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1987.500 |
2505.800 |
2197.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
635.900 |
639.600 |
672.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1351.600 |
1866.200 |
1525.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
725.800 |
761.900 |
804.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
625.800 |
1104.300 |
721.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
79.800 |
333.900 |
205.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
546.000 |
770.400 |
515.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
4192.000 |
4025.800 |
3247.200 |
|
|
TOTAL EARNINGS |
4192.000 |
4025.800 |
3247.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
185.600 |
141.000 |
142.000 |
|
|
|
Stores & Spares |
51.200 |
41.400 |
43.900 |
|
|
|
Capital Goods |
278.200 |
274.100 |
323.600 |
|
|
TOTAL IMPORTS |
515.000 |
456.500 |
509.500 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
13.85 |
19.54 |
13.08 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
612.400 |
660.100 |
821.000 |
|
|
|
|
|
|
Cash generated from operations |
1360.500 |
1711.300 |
1599.500 |
|
|
|
|
|
|
Net Cash Inflow / (Out Flow) from Operating Activities |
1370.000 |
1394.400 |
1356.900 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
59.12 |
65.77 |
62.56 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
6.17 |
5.55 |
5.83 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
39.12 |
33.12 |
32.03 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.55 |
0.85 |
0.83 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.30 |
0.42 |
0.39 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.66 |
0.68 |
0.72 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.43 |
1.48 |
1.66 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.14 |
1.21 |
1.36 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.35 |
1.36 |
1.52 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.13 |
3.92 |
3.27 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
3.43 |
5.12 |
3.51 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
3.80 |
5.96 |
4.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
11.06 |
17.54 |
13.87 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.32 |
1.26 |
1.17 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.69 |
0.70 |
0.64 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.34 |
0.34 |
0.32 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
17.97 |
16.46 |
15.65 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.32 |
1.26 |
1.17 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
|
|
|
Market Value |
INR 172.80/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
394.200 |
394.200 |
394.200 |
|
Reserves & Surplus |
3322.800 |
3998.300 |
4544.300 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3717.000 |
4392.500 |
4938.500 |
|
|
|
|
|
|
long-term borrowings |
2577.800 |
2813.400 |
3271.100 |
|
Short term borrowings |
2769.300 |
3015.000 |
3199.100 |
|
Current Maturities of Long
term debt |
821.000 |
660.100 |
612.400 |
|
Total
borrowings |
6168.100 |
6488.500 |
7082.600 |
|
Debt/Equity
ratio |
1.659 |
1.477 |
1.434 |
%20LIMITED%20-%20489500%2002-Feb-2018_files/image022.gif)
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 |
14686.600 |
15044.000 |
15936.400 |
|
|
|
2.434 |
5.932 |
%20LIMITED%20-%20489500%2002-Feb-2018_files/image024.gif)
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 |
14686.600 |
15044.000 |
15936.400 |
|
Profit |
515.700 |
770.400 |
546.000 |
|
|
3.51% |
5.12% |
3.43% |
%20LIMITED%20-%20489500%2002-Feb-2018_files/image026.gif)
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G73748931 |
100147152 |
PUNJAB NATIONAL BANK |
26/12/2017 |
- |
- |
510000000.0 |
MID Corporate BranchChamber Bhawan, M.I. Road,JAIPURRJ302001IN |
|
2 |
G73792798 |
100147272 |
PUNJAB NATIONAL BANK |
18/12/2017 |
- |
- |
400000000.0 |
MID Corporate BranchChamber Bhawan, M.I. Road,JaipurRJ302001IN |
|
3 |
G72163595 |
100143232 |
HDFC BANK LIMITED |
05/12/2017 |
- |
- |
550000.0 |
HDFC Bank HouseSenapati Bapat Marg, Lower Parel (W)MumbaiMH400013IN |
|
4 |
G70047691 |
100139839 |
ICICI BANK LIMITED |
17/11/2017 |
- |
- |
775000.0 |
Ground Floor, S.K.PlazaPur RoadBhilwaraRJ311001IN |
|
5 |
G52133808 |
100119946 |
ICICI BANK LIMITED |
19/08/2017 |
- |
- |
750000.0 |
Ground Floor, S.K.PlazaPur RoadBhilwaraRJ311001IN |
|
6 |
G50943679 |
100116997 |
ICICI BANK LIMITED |
27/07/2017 |
- |
- |
6591000.0 |
Ground Floor, S.K.PlazaPur RoadBhilwaraRJ311001IN |
|
7 |
G50831775 |
100116738 |
HDFC BANK LIMITED |
13/07/2017 |
- |
- |
5189676.0 |
HDFC Bank House, Senapati Bapat MargLower Parel (W)MumbaiMH400013IN |
|
8 |
G40219214 |
100088032 |
HDFC BANK LIMITED |
30/03/2017 |
- |
- |
450000.0 |
HDFC Bank House, Senapati Bapat MargLower Parel (W)MumbaiMH400013IN |
|
9 |
G35102136 |
100075878 |
Central Bank of India |
07/02/2017 |
- |
- |
1035000000.0 |
BijainagarDist. - AjmerBijainagarRJ305624IN |
|
10 |
G36161073 |
100077827 |
HDFC BANK LIMITED |
31/01/2017 |
- |
- |
7800000.0 |
HDFC Bank House, Senapati Bapat MargLower Parel (W)MumbaiMH400013IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Term Loans From
Banks |
|
|
|
Foreign Currency Loans (Buyers Credit) |
0.000 |
166.300 |
|
|
|
|
|
Total |
0.000 |
166.300 |
COMPANY OVERVIEW
Sangam (India) Limited, the flagship company of Sangam group, is a leading manufacturer of PV yarn in India. The company was promoted as a fabric manufacturing unit, under the name of Arun Synthetics Private Limited, by Mr R.P. Soni and Mr S.N. Modani. Sangam is among the largest polyester-viscose (PV) dyed yarn manufacturer with almost 25% market share in the domestic market. The company has emerged over the last decade as one of the most vertically-integrated textile players in the country.
The company took a strategic decision to backward integrate and foreyed into spinning in 1995 by installing 17,280 spindles for manufacturing PV dyed yarn. It has presence across the value chain, from spinning to weaving, processing and garmenting. The company is present in the Indian synthetic blended fabric and denim segments with brands such as Sangam Suitings and Sangam Denim. Sangam entered into branded seamless wear for women under its brand name “C9”, by floating a 100% subsidiary Sangam Lifestyle Ventures Limited in its retail business segment.
The company has a strong client base which includes S Kumar Nationwide, Banswara Syntex, Siyaram, BSN, Vimal, RSWM Limited, Arvind Limited, Trident Limited, Welspun India Limited, Reliance, Pantaloons, Being Human and Westside. As of FY 2016-17, the company has a spinning capacity of 2,38,608 spindles and 3,128 rotors, weaving capacity of 510 looms, fabric processing capacity of 53.40 Mn metres and garment processing capacity of 511 MTPA. It has a network of more than 100 dealers and 1,000 retailers across India. Sangam’s manufacturing facilities are in Bhiwara Distict and Chittorgarh District in Rajasthan.
OPERATIONAL RESULTS AND STATE OF AFFAIRS
The Company Revenue from Operations during 2016-17 was INR 15940.000 Million as against INR 15040.000 Million during 2015-16.
The profit before interest, depreciation and tax (PBIDT) is INR 1990.000 Million as against INR 2510.000 Million in previous year. The profit after tax of the Company is INR 550.000 Million as against INR 770.000 Million in previous year.
During the year, the Company had export revenue of INR 4240.000 Million as against INR 4070.000 Million in previous year. The exports constituted above 26% of the total revenue of the Company.
The basic and diluted EPS during the year is INR 13.85 as against INR 19.54 during 2015-16. There is no change in nature of Company’s business during the year.
OUTLOOK
The Indian Economy has favourable growth prospects over the medium-term owing to the implementation of key reforms, loosening of supply-side bottlenecks and appropriate fiscal and monetary policies. The economy activity will further gain momentum through lower borrowing costs, strong public-sector wage growth, increased purchasing power and fading impact of demonetization and implementation of GST.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF
YEAR ENDED 30.09.2017
(INR IN MILLION)
|
|
Particulars |
Quarter Ended 30.09.2017 |
Quarter Ended 30.06.2017 |
Half Year Ended 30.09.2017 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1. |
Income from operations |
|
|
|
|
|
Revenue from Operations |
3712.100 |
4320.000 |
8032.100 |
|
|
Other
Income |
35.100 |
79.100 |
114.200 |
|
|
Total Income |
3747.200 |
4399.100 |
8146.300 |
|
|
|
|
|
|
|
2. |
Expenses |
|
|
|
|
|
Cost
of materials consumed |
2285.700 |
2212.200 |
4497.900 |
|
|
Purchase
of traded goods |
14.100 |
261.900 |
276.000 |
|
|
Changes
in inventories of finished goods, work-in-progress
and traded goods |
(267.100) |
107.000 |
(160.100) |
|
|
Excise Duty on Sale of Goods |
--- |
109.900 |
109.900 |
|
|
Employee
benefits expense |
433.700 |
422.100 |
855.800 |
|
|
Finance
Costs |
160.800 |
162.900 |
323.700 |
|
|
Depreciation
and amortisation expense |
193.000 |
191.200 |
384.200 |
|
|
Power & Fuel |
557.400 |
536.200 |
1093.600 |
|
|
Other
expenses |
360.400 |
384.000 |
744.400 |
|
|
Total Expenses |
3738.000 |
4387.400 |
8125.400 |
|
|
|
|
|
|
|
3. |
Profit/(Loss) before Exceptional Items
& Tax |
9.200 |
11.700 |
20.900 |
|
4. |
Exceptional
Items |
--- |
--- |
--- |
|
5. |
Profit/(Loss) before Tax |
9.200 |
11.700 |
20.900 |
|
6. |
Tax
expense |
|
|
|
|
|
Current
tax |
(2.700) |
2.700 |
--- |
|
|
Deferred
tax |
7.700 |
(3.200) |
4.500 |
|
7. |
Profit/(Loss) after
tax from continuing operations |
4.200 |
12.200 |
16.400 |
|
8. |
Other comprehensive Income |
|
|
|
|
A. |
Item that will not be
reclassified to profit or loss |
|
|
|
|
|
Remeasurement of defined benefit plan |
(0.900) |
(0.900) |
(1.800) |
|
|
Tax on Remeasurement of defined benefit plan |
0.300 |
0.300 |
0.600 |
|
B. |
Item that will be reclassified
to profit or loss (net of tax) |
--- |
--- |
--- |
|
|
Total Other comprehensive income for the
period (Net of Tax)
|
(0.600) |
(0.600) |
(1.200) |
|
9. |
Total Other comprehensive income for the
period |
3.600 |
11.600 |
15.200 |
|
10. |
Paid - up Equity Share Capital (Face value of INR 10 per share) |
394.200 |
394.200 |
394.200 |
|
11. |
Earnings Per Share (EPS) |
|
|
|
|
|
a) Basic |
0.11 |
0.31 |
0.42 |
|
|
b) diluted |
0.11 |
0.31 |
0.42 |
NOTES:
1. Reconciliation of the standalone financial results reported under previous Indian Generally Accepted Accounting Principles (IGAAP) to total comprehensive income in accordance with Ind AS is summarised as below:-
|
Particulars |
Quarter Ended 30.09.2016 |
Half Year Ended 30.09.2016 |
|
|
(Unaudited) |
(Unaudited) |
|
Net Profit as per Previous GAAP(Indian GAAP) |
153.900 |
306.000 |
|
Adjustment due to Actuarial Gain/(Loss) recognised in OCI |
1.000 |
2.00 |
|
Tax Adjustment |
(0.400) |
(0.700) |
|
Net Profit as per Ind AS |
154.500 |
307.300 |
|
Other Comprehensive Income |
--- |
--- |
|
Adjustment due to Actuarial Gain/(Loss) recognised in OCI |
(1.000) |
(2.000) |
|
Tax Adjustment on OCI |
0.400 |
0.700 |
|
Total Comprehensive
Income as reported under Ind AS |
153.900 |
306.000 |
2. The above unaudited financial results for the quarter and half year ended 30th September 2017 have been prepared by the Company In accordance with Regulation 33 of SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015 (as amended) and were reviewed by the Audit Committee of the Board and thereafter were approved by the Board of Directors in their meeting held on December 13th, 2017. The Statutory Auditors have carried out a limited review of the above financial results.
3. The Company adopted Indian Accounting Standards ("Ind AS“) from 01st
April 2017 and accordingly the financial results have been prepared in
accordance with the Companies (Indian Accounting Standards) Rules. 2015 as amended
by the Companies (Indian Accounting Standards) (Amendment) Rules, 2016 as
prescribed under section 133 of the Companies Act, 2013 read with the relevant
rules issued thereunder and the other accounting principles generally accepted
in India.
4. The Ind AS financial results and financial information for the quarter and
half year ended September 30, 2016 have not been subjected to any limited
review and have been presented based on the information compiled by the
Management. However, the Management has exercised necessary due diligence to
ensure that financial results provide a true and fair view of its affairs.
5. The Company operates mainly in one segment i.e. Textiles.
6. The provision of current tax is net of MAT credit entitlement.
7. Up to 30th June, 2017, Revenue from Operations included applicable excise
duty on sales. However, post applicability of Goods & Service Tax (GST),
Revenue from Operations is disclosed net of GST in accordance with the
requirement of Ind As 18. Accordingly Revenue from Operations for the quarter
and half year ended 30th September, 2017 are not comparable with the previous
period.
8. The figures of the corresponding quarter have been regrouped/recasted
wherever necessary to confirm with the current period presentation.
STANDALONE
UNAUDITED STATEMENT OF ASSETS AND LIABILITIES
|
PARTICULARS
|
|
|
30.09.2017 |
|
|
|
|
(Unaudited) |
|
ASSETS |
|
|
|
|
Non-Current Assets |
|
|
|
|
Property Plant and equipment |
|
|
6544.600 |
|
Capital work in progress |
|
|
391.200 |
|
Other Intangible Assets |
|
|
6.800 |
|
Investment in subsidiary |
|
|
0.500 |
|
Financial Assets |
|
|
|
|
Investments |
|
|
58.500 |
|
Other Financial Assets |
|
|
60.600 |
|
Other Non-Current Assets |
|
|
149.700 |
|
Total |
|
|
7211.900 |
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
(a) Inventories |
|
|
3244.100 |
|
(b) Financial assets |
|
|
|
|
Trade receivables |
|
|
2876.000 |
|
Cash and cash equivalents |
|
|
16.000 |
|
Bank Balance (other than (ii) above) |
|
|
3.400 |
|
Other financial assets |
|
|
173.700 |
|
Other Current Assets (Net) |
|
|
79.600 |
|
Other Current Assets |
|
|
1051.600 |
|
Total Current
Assets |
|
|
7444.400 |
|
|
|
|
|
|
Total Assets |
|
|
14656.300 |
|
|
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
EQUITY |
|
|
|
|
(a) Equity Share Capital |
|
|
394.200 |
|
(b) Other Equity |
|
|
4464.700 |
|
Total
Equity |
|
|
4858.900 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Non-Current
Liabilities |
|
|
|
|
financial Liabilities |
|
|
|
|
Borrowing |
|
|
3279.500 |
|
Deferred Tax Liabilities (Net) |
|
|
447.700 |
|
Total |
|
|
3727.200 |
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
financial Liabilities |
|
|
|
|
Borrowings |
|
|
3252.700 |
|
Trade payables |
|
|
1045.900 |
|
Other Financial liabilities |
|
|
1603.100 |
|
Other Current liabilities |
|
|
75.000 |
|
Provisions |
|
|
93.500 |
|
Total Current
Liabilities |
|
|
6070.200 |
|
|
|
|
|
|
Total Equity and
liabilities |
|
|
14656.300 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
(A) Guarantees |
|
|
|
Outstanding Bank Guarantees |
91.200 |
95.100 |
|
(B) Other Money for which the Company is contingently liable |
|
|
|
(i) Liability in respect of bills discounted with Banks (including third party bills discounting) |
15.400 |
4.500 |
|
(ii) Stamp Duty case with respect to the merger of SPBL & Sangam India Limited pending with Rajasthan High Court, Jodhpur |
10.900 |
10.900 |
|
(iii) Various cases pending with Central Excise & Service Tax (Net of amount fully provided) |
31.800 |
2.700 |
|
(iv) Case pending with Rajasthan High Court, Jodhpur under Electricity Act, 2003 |
2.000 |
2.000 |
|
(v) Entry Tax matters for the year 2013-14 and 2014- 15 under dispute with regard to interest / penalty. |
2.800 |
8.500 |
|
(vi) Sales Tax case pending with Tax Board, Ajmer. The Demand raised for input tax credit not reversed properly. |
9.400 |
25.000 |
|
(vii) Sales Tax case pending with Tax Board, Ajmer. The demand raised for VAT with RIPS Incentive on export. |
34.100 |
34.100 |
|
(viii) Sales Tax case pending with D.C. (Appeals). The demand raised due to sales tax incentive benefit calculation procedure. |
3.500 |
3.500 |
|
(ix) Sales Tax case pending with D.C. (Appeals) for penalty levied for non-furnishing form VAT 47A |
0.600 |
0.200 |
|
(x) Disputes on the various tolls for which company is contingently liable |
24.300 |
15.200 |
FIXED ASSETS:
Tangible Assets
· Freehold Land
· Factory Building
· Office Building
· Plant and Machinery
· Wind Power Machines
· Electric Installation
· Water Supply Installation
· Furniture and Fixture
· Vehicle
· Office Equipment
· Computer
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 63.61 |
|
UK Pound |
1 |
INR 90.18 |
|
Euro |
1 |
INR 78.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.