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|
MIRA INFORM REPORT
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Report No. : |
490121 |
|
Report Date : |
03.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
GULSHAN POLYOLS LIMITED |
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Registered
Office : |
9th KM, Jansath Road, Muzaffarnagar - 251001, Uttar Pradesh |
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Tel. No.: |
91-131-3295880 |
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Country : |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
20.10.2000 |
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Com. Reg. No.: |
20-034918 |
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Capital
Investment / Paid-up Capital : |
INR 149.417 million |
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CIN No.: [Company Identification
No.] |
L24231UP2000PLC034918 |
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IEC No.: |
0501036431 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCG3954F |
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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
: |
Manufacturer and suppliers of chemicals. Subject provides
starch sugar products, such as sorbitol 70% solution, dextrose monohydrate, malto
dextrine powder, and liquid glucose, as well as rice fructose syrups, brown
rice syrups, and rice syrup solids; organic sweeteners; and activated,
precipitated, and ground calcium carbonate products. (Registered Activity and also From
Indirect Sources) |
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|
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|
No. of Employees
: |
Not Available |
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 7630000 |
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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 engaged in manufacturing of chemicals. The company was
incorporated in the year 2000 and is based in Uttar Pradesh, India. It is an
established company having fine track record. For the financial years ended 2017, the company has witnessed a growth
in its revenue and has achieved profit margin 5.64% (approximately). Available financial indicates strong financial risk profile marked by
healthy net worth base along with low debt level and favorable gap between
trade payables to its trade receivables. The company also derives strength from its long established track
record of business operation. Fundamentals of the company are strong and healthy. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitment. In view of long track record and strong financial base, the company
can be considered normal 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
|
Rating Agency Name |
CARE |
|
Rating |
Long term rating: A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
07.11.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term rating: A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
07.11.2017 |
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 03.02.2018
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/ Factory 1 : |
9th KM, Jansath Road, Muzaffarnagar - 251001, Uttar
Pradesh, India |
|
Tel. No.: |
91-131-3295880/ 3295888/ 3201231 |
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Fax No.: |
91-131-2661378 |
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E-Mail : |
nishagupta@gulshanindia.com |
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Website : |
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Location : |
Owned |
|
Locality : |
Commercial |
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Corporate Office: |
G-81, Preet Vihar, Delhi – 110092, India |
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Tel. No.: |
91-11-49999200 |
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Fax No.: |
91-11-49999202 |
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Branch Office : |
112, Shri Balaji Darshan, Tilak Marg, Santacruz (West), Mumbai – 400054, Maharashtra, India |
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Tel. No.: |
91-22-32535659/ 39533597 |
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Fax No.: |
91-22-26461428 |
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E-Mail : |
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Factory 2 : |
MANUFACTURING
UNIT Plot No 762, G.I.D.C. Industrial Estate, Jhagadia, District Bharuch - 393110, Gujarat, India |
|
Tel. No.: |
91-2645-226044/ 226265 |
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Fax No.: |
91-2645-226045 |
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Factory 3 : |
ALCOHOL UNITS 9, 10 and 11, Industrial Area, Boregaon, District Chhindwara, Madhya Pradesh, India |
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Tel. No.: |
91-7165-226020 |
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Factory 4 : |
Plot No. 769/2, G.I.D.C. Industrial Estate, District Bharuch – 393110, Gujarat, India |
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Factory 5 : |
Village Rampur Majri, Dhaula Kuan, District Sirimour - 173001, Himachal Pradesh, India |
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Factory 6 : |
E-21 and 22, RIICO Growth Centre Phase-II, Abu Road, District Sirohi, Rajasthan, India |
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Factory 7 : |
On-site Plant of PCC, Patiala, Punjab, India |
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Factory 8 : |
On-site Plant of PCC, Hooghly, West Bengal, India |
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Factory 9 : |
On-site Plant of PCC at Orient Paper Mills, Amlai, Madhya Pradesh, India |
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Marketing Offices : |
Located at: · Mumbai, India · Delhi, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Chandra Kumar Jain |
|
Designation : |
Managing Director |
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Address : |
N-142, Panchsheel Park, New Delhi – 110017, India |
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Date of Appointment : |
01.04.2012 |
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DIN No.: |
00062221 |
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Name : |
Mr. Suresh Kumar Tewari |
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Designation : |
Wholetime Director |
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Address : |
G-102, Siddh Apartments, 107, IP Extention, Patparganj, New Delhi – 110092, India |
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Date of Appointment : |
01.04.2011 |
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DIN No.: |
00062373 |
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Name : |
Ms. Ashwani Kumar Vats |
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Designation : |
Wholetime Director |
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Address : |
A-10 Surajmal Vihar, New Delhi – 110092, India |
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Date of Appointment : |
01.04.2012 |
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DIN No.: |
00062413 |
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Name : |
Aditi Pasari |
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Designation : |
Wholetime Director |
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Address : |
S - 319 Greater Kailash - Ii New Delhi 110048, India |
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Date of Appointment : |
01.01.2010 |
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DIN No.: |
00120753 |
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|
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|
Name : |
Ms. Arushi Jain |
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Designation : |
Whole time Director |
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Address : |
S- 237, 2nd Floor Panchsheel Park New Delhi – 110017, India |
|
Date of Appointment : |
01.01.2010 |
|
DIN No.: |
00764520 |
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|
|
|
Name : |
Mr. Jeewan Jyoti Bhagat |
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Designation : |
Director |
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Address : |
E - 75, Greater Kailash – 2, New Delhi – 110048, India |
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Date of Appointment : |
02.08.2014 |
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DIN No.: |
00007743 |
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Name : |
Mr. Ajay Jain |
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Designation : |
Director |
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Address : |
R-160, Greater Kailash – I, Delhi – 110046, India |
|
Date of Appointment : |
05.10.2005 |
|
DIN No.: |
00062146 |
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|
|
|
Name : |
Mr. Kailash Chandra Gupta |
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Designation : |
Director |
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Address : |
F-502, G/F, Pocket-F, Sarita Vihar, New Delhi 110076, India |
|
Date of Appointment : |
28.05.2016 |
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DIN No.: |
01649210 |
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|
|
|
Name : |
Mr. Rakesh Kumar Gupta |
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Designation : |
Director |
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Address : |
2B- 358, Vasundhara, Ghaziabad 201012, Uttar Pradesh, India |
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Date of Appointment : |
02.08.2014 |
|
DIN No.: |
06909233 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Kumar Agarwal |
|
Designation : |
Chief Financial Officer |
|
Address : |
SJ - 43,Shastir Nagar, Ghaziabad – 201002, Uttar Pradesh, India |
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Date of Appointment : |
02.08.2014 |
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PAN No. : |
ADUPA2824K |
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|
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|
Name : |
Ms. Nisha Gupta |
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Designation : |
Company Secretary |
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Address : |
A-89, Sanjay Nagar, Gali No. 5 Delhi 110033, India |
|
Date of Appointment : |
13.04.2009 |
|
PAN No. : |
AGWPN1473A |
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|
Name : |
Ms. Ashwani Kumar Vats |
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Designation : |
Chief Executive Officer |
|
Address : |
A-10, Surajmal Vihar, Delhi - 110092, India |
|
Date of Appointment : |
28.05.2014 |
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PAN No. : |
AAEPV2385D |
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Audit Committee : |
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|
Name : |
Mr. Ajay Jain |
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Designation : |
Chairman |
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Name : |
Mr. A. K. Maheshwari |
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Designation : |
Member |
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Name : |
Dr. C. K. Jain |
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Designation : |
Member |
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Nomination and
Remuneration Committee : |
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|
Name : |
Mr. Ajay Jain |
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Designation : |
Chairman |
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Name : |
Mr. A. K. Maheshwari |
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Designation : |
Member |
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|
Name : |
Mr. Rakesh Kumar Gupta |
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Designation : |
Member |
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Corporate Social Responsibility
Committee: |
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|
|
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|
Name : |
Mr. Ajay Jain |
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Designation : |
Chairman |
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|
Name : |
Ms. Arushi Jain |
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Designation : |
Member |
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Name : |
Ms. Aditi Pasari |
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Designation : |
Member |
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STAKEHOLDERS RELATIONSHIP
COMMITTEE: |
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|
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|
Name : |
Mr. A. K. Maheshwari |
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Designation : |
Chairman |
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|
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|
Name : |
Mr. Ajay Jain |
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Designation : |
Member |
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|
|
Name : |
Ms. Aditi Pasari |
|
Designation : |
Member |
SHAREHOLDING PATTERN
AS ON DECEMBER 2017
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
27629100 |
58.89 |
|
(B) Public |
19287920 |
41.11 |
|
Grand Total |
46917020 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
A1) Indian |
|
0.00 |
|
Individuals/Hindu undivided Family |
8748065 |
18.65 |
|
Chandra Kumar Jain |
4846990 |
10.33 |
|
Mridula Jain |
1560105 |
3.33 |
|
Arushi Jain |
1024060 |
2.18 |
|
Aditi Jain |
611605 |
1.30 |
|
Anubha Jain |
705305 |
1.50 |
|
Any Other (specify) |
18881035 |
40.24 |
|
Gulshan Holdings Pvt. Ltd. |
18881035 |
40.24 |
|
Sub Total A1 |
27629100 |
58.89 |
|
A2) Foreign |
|
0.00 |
|
A=A1+A2 |
27629100 |
58.89 |
Statement showing shareholding pattern of the Public
shareholder
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
B1) Institutions |
|
0.00 |
|
Foreign Portfolio Investors |
2175000 |
4.64 |
|
ANTARA INDIA EVERGREEN FUND LTD |
2175000 |
4.64 |
|
Financial Institutions/ Banks |
23509 |
0.05 |
|
Sub Total B1 |
2198509 |
4.69 |
|
B2) Central Government/ State
Government(s)/ President of India |
|
0.00 |
|
B3) Non-Institutions |
|
0.00 |
|
Individual share capital upto INR 0.200
Million |
11371417 |
24.24 |
|
NBFCs registered with RBI |
2200 |
0.00 |
|
Any Other (specify) |
5715794 |
12.18 |
|
Antara India Evergreen Fund LTd. |
2500000 |
5.33 |
|
Sub Total B3 |
17089411 |
36.42 |
|
B=B1+B2+B3 |
19287920 |
41.11 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and suppliers of chemicals. Subject provides starch
sugar products, such as sorbitol 70% solution, dextrose monohydrate, malto
dextrine powder, and liquid glucose, as well as rice fructose syrups, brown
rice syrups, and rice syrup solids; organic sweeteners; and activated,
precipitated, and ground calcium carbonate products. (Registered Activity and also From
Indirect Sources) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Shahid and Associates Chartered Accountants |
|
Address : |
Muzaffarnagar, Uttar Pradesh, India |
|
|
|
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Cost Auditors: |
|
|
Name : |
Rahul Jain and Associates, Cost Accountants |
|
Address : |
Delhi, India |
|
|
|
|
Secretarial
Auditors: |
|
|
Name : |
Mr. Sanjay Chugh Practicing Company Secretaries |
|
Address : |
Delhi, India |
|
|
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|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Corporate entities
over which key management personnel are able to exercise significant
influence: |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
225000000 |
Equity Shares |
INR 1/- each |
INR 225.000 Million |
|
250000 |
0% Redeemable Preference Shares |
INR 10/- each |
INR 2.500 Million |
|
1450000 |
8% Redeemable Preference Shares |
INR 100/- each |
INR 145.000 Million |
|
|
Total |
|
INR 372.500
Million |
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
46917020 |
Equity Shares |
INR 1/- each |
INR 46.917 Million |
|
1025000 |
8% Redeemable Preference Shares |
INR 100/- each |
INR 102.500 Million |
|
|
Total |
|
INR 149.417 Million |
Terms of Authorised Preference Share Capital has been changed in the Annual General meeting held on 25.09.2010 in which Dividend rate varying from 0% to 10% and redemption period varing from 3rd year to maximum 15th year from the date of the issue
Reconciliation of Number of shares
outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
Number
of Shares |
Amount
|
|
Opening balance |
46304210 |
46304210 |
|
Add: Issued during the year |
612810 |
612810 |
|
Closing balance |
46917020 |
46917020 |
|
Preference shares |
|
|
|
Opening balance |
1025000 |
102500000 |
|
Less: Redeemed during the year |
-- |
-- |
|
Closing balance |
1025000 |
102500000 |
Rights, Preferences and restriction
attached to shares
(i) Equity shares
During the year, Face value of equity shares subdivided from INR 5 to INR 1 each w.e.f. 28.12.2016. The Company has one class of equity shares having a par value of INR 1 each. Each shareholder is eiligible for one vote per share held. During the year, The Company has allotted 1,22,562 equity shares of INR 5 each fully paid up at a premuim of INR 170 each upon conversion of 1,22,562 convertible warrants to a non promoter shareholder namely Antara India
Evergreen Fund Limited.
(ii) Preference shares
Redeemable Preference shares carried a fixed rate of dividend of 8% per annum effective from 1st April, 2011.
During the year, terms of redemption of 10,25,000 issued Preference Share @ INR 100 each has been revised, the period of redemption will be 15th year from the date of its issue.
Details of shares
held by shareholders holding more than 5% of the aggregate shares in the
Company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Gulshan Holdings Private Limited |
18881035 |
40.24% |
|
Dr. C . K. Jain |
4846990 |
10.33% |
|
Antara India Evergreen Fund Limited |
4675000 |
9.96% |
|
Reliance Capital Trustee Co |
3084500 |
6.57% |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
149.417 |
148.804 |
146.917 |
|
(b) Reserves &
Surplus |
2521.128 |
2270.589 |
1949.828 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
21.875 |
|
|
|
|
|
|
(2) Convertible Warrant
Application Money |
0.000 |
21.448 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
2670.545 |
2440.841 |
2118.620 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
646.928 |
864.634 |
325.267 |
|
(b) Deferred tax
liabilities (Net) |
87.831 |
59.373 |
64.120 |
|
(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) |
734.759 |
924.007 |
389.387 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
593.139 |
285.610 |
434.827 |
|
(b) Trade payables |
460.213 |
216.701 |
166.799 |
|
(c) Other current
liabilities |
418.250 |
307.082 |
174.572 |
|
(d) Short-term provisions |
189.574 |
181.321 |
200.254 |
|
Total Current Liabilities
(4) |
1661.176 |
990.714 |
976.452 |
|
|
|
|
|
|
TOTAL |
5066.480 |
4355.562 |
3484.459 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2015.572 |
1446.765 |
1416.297 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
969.277 |
972.200 |
65.773 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
9.148 |
69.403 |
47.916 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
55.856 |
71.293 |
55.108 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3049.853 |
2559.661 |
1585.094 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
58.980 |
0.000 |
401.061 |
|
(c) Trade receivables |
789.956 |
419.439 |
635.721 |
|
(d) Cash and cash
equivalents |
893.605 |
736.597 |
692.813 |
|
(e) Short-term loans and
advances |
41.981 |
447.251 |
169.770 |
|
(f) Other current assets |
232.105 |
192.614 |
0.000 |
|
Total Current Assets |
2016.627 |
1795.901 |
1899.365 |
|
|
|
|
|
|
TOTAL |
5066.480 |
4355.562 |
3484.459 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
4948.553 |
4341.818 |
3983.203 |
|
|
Other Income |
124.552 |
115.995 |
68.204 |
|
|
TOTAL |
5073.105 |
4457.813 |
4051.407 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2628.234 |
1987.721 |
1686.568 |
|
|
Purchases of
Stock-in-Trade |
0.705 |
1.091 |
2.653 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(149.003) |
19.867 |
(6.186) |
|
|
Manufacturing expenses |
1169.446 |
1067.688 |
1077.911 |
|
|
Employees benefits
expense |
204.811 |
171.107 |
144.768 |
|
|
Other expenses |
578.030 |
556.344 |
575.664 |
|
|
TOTAL |
4432.223 |
3803.818 |
3481.378 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
640.882 |
653.995 |
570.029 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
51.908 |
38.505 |
26.445 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
588.974 |
615.490 |
543.584 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION
|
280.015 |
237.344 |
225.437 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
308.959 |
378.146 |
318.147 |
|
|
|
|
|
|
|
Less |
TAX |
29.859 |
73.205 |
63.382 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
279.100 |
304.941 |
254.765 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
1499.408 |
1272.811 |
1095.194 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Interim dividend on
equity shares |
18.766 |
15.546 |
15.546 |
|
|
Interim dividend on
Preference Shares |
0.000 |
8.200 |
0.000 |
|
|
Final dividend on equity
shares |
14.075 |
16.421 |
15.546 |
|
|
Final Dividend on
redeemable preference shares |
8.200 |
0.000 |
8.200 |
|
|
Dividend tax |
8.355 |
8.177 |
7.856 |
|
|
Transfer to General
Reserve |
30.000 |
30.000 |
30.000 |
|
|
Balance Carried to the
B/S |
1699.112 |
1499.408 |
1272.811 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
738.788 |
614.932 |
769.971 |
|
|
TOTAL EARNINGS |
738.788 |
614.932 |
769.971 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials, Stores and
Components |
51.393 |
1.206 |
3.044 |
|
|
Capital Goods |
32.321 |
101.717 |
0.663 |
|
|
TOTAL IMPORTS |
83.714 |
102.923 |
3.707 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
Basic |
5.74 |
6.37 |
27.57 |
|
|
Diluted |
5.74 |
6.29 |
27.57 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
290.432 |
228.965 |
138.131 |
|
Cash generated from operations |
462.960 |
628.251 |
563.537 |
|
Net Cash generated/ (used) - Operating Activities |
410.740 |
553.947 |
497.917 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
|
|
1st
Quarter |
2nd Quarter |
|
Net sales |
|
1609.260 |
1399.660 |
|
Total Expenditure |
|
1473.620 |
1260.090 |
|
PBIDT (Excluding Other Income) |
|
135.640 |
139.570 |
|
Other income |
|
1.800 |
0.970 |
|
Operating Profit |
|
137.440 |
140.540 |
|
Interest |
|
20.870 |
24.100 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
116.570 |
116.440 |
|
Depreciation |
|
81.680 |
87.410 |
|
Profit Before Tax |
|
34.890 |
29.030 |
|
Tax |
|
(5.840) |
5.470 |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit after tax |
|
40.730 |
23.560 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
40.730 |
23.560 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
58.27 |
35.26 |
58.25 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
6.26 |
10.35 |
6.27 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
63.90 |
39.77 |
36.04 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
10.87 |
0.00 |
1.42 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.21 |
0.27 |
0.38 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.51 |
0.48 |
0.41 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.57 |
0.57 |
0.42 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.62 |
0.41 |
0.46 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.12 |
0.99 |
0.70 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
12.35 |
16.98 |
21.56 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
5.64 |
7.02 |
6.40 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
5.51 |
7.00 |
7.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
10.45 |
12.49 |
12.03 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.21 |
1.81 |
1.95 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.18 |
1.81 |
1.53 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.53 |
0.56 |
0.61 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
10.24 |
9.27 |
6.11 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.21 |
1.81 |
1.95 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 1/- |
|
Market Value |
INR 81/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
146.917 |
148.804 |
149.417 |
|
Reserves & Surplus |
1949.828 |
2270.589 |
2521.128 |
|
Share Application money pending
allotment |
0.000 |
21.448 |
0.000 |
|
Net
worth |
2096.745 |
2440.841 |
2670.545 |
|
|
|
|
|
|
Long-Term Borrowings |
325.267 |
864.634 |
646.928 |
|
Short Term Borrowings |
434.827 |
285.610 |
593.139 |
|
Current Maturities of Long term debt |
138.131 |
228.965 |
290.432 |
|
Total
borrowings |
898.225 |
1379.209 |
1530.499 |
|
Debt/Equity
ratio |
0.428 |
0.565 |
0.573 |
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 |
3983.203 |
4341.818 |
4948.553 |
|
|
|
9.003 |
13.974 |
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
|
3983.203 |
4341.818 |
4948.553 |
|
Profit |
254.765 |
304.941 |
279.100 |
|
|
6.40% |
7.02% |
5.64% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
RESULTS OF OPERATIONS
The Financial Year 2016-17 was a challenging year on multiple fronts, and the Company has delivered a resilient performance. The performance in FY 2016-17 should be viewed in light of the several challenges faced.
In the year 2016-17, Net revenue at INR 4948.500 Million increased by 13.97 % primarily driven by new business of starch powder and HFRS commercial production at Muzaffarnagar plant. During the year, the Company faced margin pressure resulting in EBIDTA dropped by 200 bps due to input cost mainly raw material prices on higher side in compare to previous year. Profit Before Tax decreased to INR 309.000 Million from INR 378.100 Million due to higher depreciation and interest.
During the year the business and affairs of the Company have been carried out in its normal course and no significant events have taken place, which are harmful.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
1. FORWARD-LOOKING STATEMENT
The report contains forward-looking statements, identified by words like 'expects', 'will', 'foresee', 'hopes', 'confident', 'competent', 'believes', 'projects, 'estimates' and so on all statement that address expectations or projections about the future, but not limited to the Company's strategy for growth, product development, market position, expenditures and financial results, are forward-looking statements. Since these are based on certain assumptions and expectations of future events, the Company cannot guarantee that these are accurate or will be realized. The Company's actual results, performance or achievements could thus differ from those projected in any forward-looking statements.
Industry Structure and Development.
The Country witnessed historic changes in terms of the passage of Goods and Services Tax (GST) Bill and demonetization during the year which altered the landscape of the industry and outlook of the economy. Coupled with the Government's focus on digitization.
The overall GDP witnessed moderation during the year, and the second half of the year witnessed a pronounced effect in this regard. While the year began on an optimistic note, and the growth rates continued to be scaled down particularly following the demonetization and the low credit offtake.
India's economic growth slowed for the fourth consecutive quarter in the three months ended March 2017, clearly showing the scars of demonetization on the economy. Gross domestic product (GDP) growth slowed to 6.1% in the fiscal fourth quarter from 7% in the third quarter.
Indian agriculture is highly dependent on monsoon. Not surprising then that two consecutive years (2014 and 2015) of deficit rainfall has been the single most important factor impacting the growth of the agriculture and other allied sectors for the period. The rising demand for maize from the feed and starch industry, increased usage of hybrid seeds and rise in export demands has led to steady growth in the production of maize. The Minimum Support Prices (MSP) for maize have significantly increased in the last few years to encourage farmers to enhance maize farming.
Agricultural growth accelerating to 4.1% as farms recovered from two consecutive years of drought. Higher growth in agriculture sector is not surprising as the monsoon rains were much better in the current year than the previous two years. Since major portion of raw material consumed by the company comprised of agro materials such as maize /corn and rice. The rise in input costs which were observed in preceding year is expected to be under control during this year.
The Calcium Carbonate industry which is produced from lime stone is dominated by the unorganized sector which are producing low grade of Calcium Carbonate. The Company is market leader in the organized sector contributing almost 25% of national production of Calcium Carbonate and is focusing on producing premium grades of it, delivering better margins in revenue of the Company.
The Company: Overview and recent
developments
Gulshan Polyols Limited (GPL) is a multi location, multi product manufacturing company and has become a market leader in most of its products in India with global presence in 42 countries, across 3 continents. Its business portfolio covers Starch Sugars, Calcium Carbonate; Alcohol business; Agro based Animal Feed, and On-site PCC plants with production facilities at Muzaffarnagar in Uttar Pradesh, Bharuch in Gujarat, Dhaula Kuan in Himachal Pradesh, Abu Road in Rajasthan, Patiala in Punjab, Tribeni in West Bengal and Amlai in Madhya Pradesh.
Gulshan Polyols Limited. caters to wide range of industry and niche markets in core sector encompassing pharmaceuticals, personal care products, footwear, tyres, rubber and plastics, paints, alcohol, value added paper, agrochemicals, food and agro products. It caters to leading industrial units of the country such as Hindustan Unilever Limited, Dabur, Asian Paints and ITC etc.
The Company has consistently been exporting its products and is recognized by Government of India as STAR EXPORT HOUSE.
During the year, the Company has commenced commercial production of Native Starch, High Fructose Rice Syrup and Brown Rice Syrup by using corn / rice as raw material at the location of Muzaffarnagar (UP). As stated in the last year Annual Report, the Company is setting up a grain based distillery for manufacturing potable alcohol in Borgaon industrial area in Chhindwara (M.P.). The construction and erection of plant is going on and is expected to be operational by end of second quarter of current Fy18.
UNSECURED LOAN:
|
Particulars |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
LONG TERM BORROWINGS |
|
|
|
Loans and Advances from Related Parties |
80.191 |
0.000 |
|
Total |
80.191 |
0.000 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G30183511 |
100066571 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED |
29/11/2016 |
- |
- |
400000000.0 |
25, BARAKHAMBA
ROADNEW DELHINEW DELHIDL110001IN |
|
2 |
G37823853 |
100052500 |
CITI BANK N.A. |
21/09/2016 |
20/02/2017 |
- |
260000000.0 |
JEEVAN BHARTI
BUILDING, 4TH FLOOR124 CONNAUGHT CIRCUS, CONNAUGHT PLACENEW DELHIDL110001IN |
|
3 |
C70784269 |
10589222 |
CITI BANK N.A. |
02/09/2015 |
19/10/2015 |
- |
760000000.0 |
JEEVAN BHARTI
BUILDING, 4TH FLOOR,124 CONNAUGHT CIRCUS, CONNAUGHT PLACENEW DELHIDL110001IN |
|
4 |
G37824877 |
10491421 |
CITI BANK N.A. |
14/05/2014 |
20/02/2017 |
- |
200000000.0 |
JEEVAN BHARTI BUILDING,
4TH FLOOR124 CONNAUGHT CIRCUS, CONNAUGHT PLACENEW DELHIDL110001IN |
|
5 |
Y10181842 |
90095242 |
BANK OF BARODA |
27/09/2001 |
27/08/2005 |
- |
43500000.0 |
CORPORATE BANKING
BRANCH16; SANSAD MARGNEW DELHIDL110001IN |
|
6 |
G51781888 |
90095669 |
BANK OF BARODA |
27/09/2001 |
03/08/2017 |
- |
755600000.0 |
PARLIAMENT
STREETNEW DELHIDL110001IN |
|
7 |
Y10385680 |
90269093 |
BANK OF BARODA |
28/06/1997 |
06/01/1999 |
- |
69000000.0 |
INDUSTRIAL FINANCE
BRANCH16; SANSAD MARGNEW DELHIDL110001IN |
|
8 |
A48753065 |
90279183 |
BANK OF BARODA |
28/06/1997 |
08/10/2008 |
- |
95000000.0 |
16, PARLIAMENT
STREET, GROUND FLOORPARLIAMENT STREET BRANCH,DELHIDL110001IN |
|
9 |
G33929498 |
10290400 |
BANK OF BARODA |
02/05/2011 |
18/06/2013 |
30/12/2016 |
127000000.0 |
PARLIAMENT
STREETMAIN BRANCHNEW DELHIDL110001IN |
|
10 |
G09726027 |
10436439 |
BANK OF BARODA |
18/06/2013 |
- |
03/08/2016 |
367000000.0 |
PARLIAMENT
STREETMAIN BRANCHNEW DELHIDL110001IN |
CONTINGENT LIABILITIES IN RESPECT OF:
i) Corporate guarantee (in the form of counter guarantee) extended to Gujarat Industrial Development Corporation (GIDC) for INR 0.739 Million (Previous year INR 0.739 Million) on account of Bharuch Eco Infrastructure Limited, for proportionate share of financial assistance pertaining to the company extended to GIDC by Industrial Development Finance Corporation (IDFC) for laying the common pipe line for treated water from industrial units.
ii) Bank guarantees for INR 8.786 Million in favour of Government Departments.
iii) Estimated amount of contracts remaining to be executed on capital account and not provided for IINR 89.815 Million (Previous year INR 230.918 Million).
STATEMENT OF UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2017
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30.09.2017
(INR
IN MILLION)
|
Particulars |
Quarter ended |
Half
year |
|
|
|
30.09.2017 (Unaudited) |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
Income from Operations |
|
|
|
|
Net sales/income from operations (Net of excise duty) |
1373.480 |
1592.766 |
2966.246 |
|
Other Operating Income |
26.181 |
16.497 |
42.673 |
|
Other Income |
0.971 |
1.797 |
2.768 |
|
Total income from
operations (net) |
1400.632 |
1611.060 |
3011.687 |
|
Expenses |
|
|
|
|
Consumption of raw materials (Including excise) |
717.646 |
900.627 |
1618.274 |
|
Changes in inventories of finished goods. work-in-progress and stock
in trade |
25.685 |
(28.093) |
(2.406) |
|
Employee benefits expenses |
52.348 |
49.424 |
101.772 |
|
Finance Cost |
24.096 |
20.871 |
44.970 |
|
Depreciation |
87.412 |
81.675 |
169.088 |
|
Manufacturing expenses |
338.397 |
382.824 |
721.219 |
|
Other Expenses |
126.015 |
168.839 |
294.853 |
|
Total expenses |
1371.599 |
1576.167 |
2947.770 |
|
Profit/ (Loss) before tax |
29.033 |
34.893 |
63.917 |
|
Tax expenses |
|
|
|
|
Current tax |
10.487 |
2.900 |
13.387 |
|
Deferred tax |
(5.015) |
(8.737) |
(13.752) |
|
Total Tax expenses |
5.472 |
(5.837) |
(0.365) |
|
Net Profit / (Loss) for the period |
23.561 |
40.730 |
64.282 |
|
Other comprehensive income /(expenses) net of taxes |
|
|
|
|
Items that will be reclassified to profit or loss |
0.982 |
2.146 |
3.128 |
|
Income tax relating to items that will be reclassified to profit or loss |
(0.625) |
(0.458) |
(1.083) |
|
Fair Value of instruments through other |
1.317 |
0.000 |
1.317 |
|
Income tax related to the items no |
0.000 |
0.000 |
0.000 |
|
Other comprehensive income for the year net of tax |
1.674 |
1.688 |
3.362 |
|
Total comprehensive income for the year net of tax |
25.235 |
42.418 |
67.644 |
|
Paid up equity share capital (Face Value of INR 1/-each) |
46.917 |
46.917 |
46.917 |
|
Earnings per share |
|
|
|
|
(a) Basic |
0.54 |
0.90 |
1.44 |
|
(b) Diluted |
0.54 |
0.90 |
1.44 |
STATEMENT OF ASSETS
OF LIABILITIES
|
SOURCES OF FUNDS |
30.09.2016 (Unaudited) |
|
ASSETS |
|
|
Non-current
assets |
|
|
Property, plant and
equipment |
2113.799 |
|
Capital work in progress |
939.908 |
|
Investment property |
13.180 |
|
|
|
|
Financial
Assets |
|
|
-
Investments |
11.773 |
|
-
Other financial assets |
27.139 |
|
Non current tax assets
(net) |
4.396 |
|
Other non-current assets |
17.159 |
|
|
|
|
Current
assets |
|
|
Inventories |
718.403 |
|
Financial
Assets |
|
|
-
Investments |
72.350 |
|
-
Trade receivables |
1031.115 |
|
-
Cash and bank balances |
18.668 |
|
Other current assets |
190.085 |
|
|
|
|
TOTAL |
5157.975 |
|
|
|
|
EQUITY AND LIABILITIES |
|
|
Shareholders'
Funds |
|
|
Share Capital |
46.917 |
|
Other equity |
2601.403 |
|
|
|
|
Non-Current
Liabilities |
|
|
Borrowings |
669.530 |
|
Other financial liabilities |
0.000 |
|
Deferred tax liabilities |
74.080 |
|
Non current tax liabilities
(net) |
0.000 |
|
|
|
|
Current
Liabilities |
|
|
Borrowings |
908.022 |
|
Trade payables |
382.841 |
|
Other current liabilities |
326.148 |
|
Provision |
149.034 |
|
|
|
|
TOTAL |
5157.975 |
1. Post the applicability of GST with effect from 1st July, 2017, Sales are required to be disclosed net of GST. Accordingly , the Gross sales figures for the quarter and half year ended 30th September 2017 are not comprable with the previous periods presented in the results.
2. The above Standalone Unaudited Financial Results have been reviewed by the
Audit Committee of the Board at its meeting held on 13th November,2017 and
approved and taken on record by the Board of Directors of the company at its
meeting held on 13th November, 2017. Further, in accordance with the requirment
of Regulation 33 of the SEBI (Listing Obligattion and Disclosure Requirment)
Regulations, 2015 , with the Stock Exchange, The Statutory Auditors have
carried out Limited Review and the Review Report has been aproved by the Board.
3. The financial results has been prepared in accordance with the Companies
(Indian Accounting Standards) Rules, 2015 (IND-AS) prescribed under section 133
of the Companies Act, 2013 and other accounting principles generally accepted
in india. Beginning 1st April, 2017, the Copmany has for the first time
adaopted IND -AS with a transition date of 1st April, 2016,
4. The Financial results does not include IND -AS complaint results for the
previous year ended 31st March, 2017 as it is not mandatory as per SEBI"s
circular No. CIR/CFD/FAC/62/2016 dated 5th July, 2016.
5. The Ind - AS compliant corresponding figures for the quarter and six months
ended 30th September,2016 have not been subjected to limited review or audit.
However, the Company's management has excercised necessary due diligence to
ensure that such financial results provide a true and fair view of its affairs.
6. Figures for the previous period have been regrouped/ rearranged wherever
necessary to make them comparable with current figure.
|
Particulars |
Quarter ended |
Half
year |
|
|
|
30.09.2017 (Unaudited) |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
|
|
|
|
|
Segment revenue (sales
and other operating income) |
|
|
|
|
Mineral Processing |
277.548 |
336.767 |
614.309 |
|
Grain Processing |
1122.112 |
1272.496 |
2394.609 |
|
Others |
0.000 |
0.000 |
0.000 |
|
Total Segment revenue |
1399.660 |
1609.263 |
3008.918 |
|
|
|
|
|
|
Segment results (profit
from ordinary activities before tax and interest) |
|
|
|
|
Mineral Processing |
40.629 |
55.109 |
95.250 |
|
Grain Processing |
14.606 |
5.379 |
20.468 |
|
Others |
(2.106) |
(4.724) |
(6.830) |
|
Total Segment results |
53.129 |
55.764 |
108.888 |
|
|
|
|
|
|
Less: Finance Cost |
24.096 |
20.871 |
44.970 |
|
Total profit before tax
from ordinary activities |
29.033 |
34.893 |
63.918 |
|
|
|
|
|
|
Segment Assets |
|
|
|
|
Mineral Processing |
788.166 |
744.098 |
788.166 |
|
Grain Processing |
3122.739 |
2965.401 |
3122.739 |
|
Others |
265.960 |
337.909 |
265.960 |
|
Total |
4176.865 |
4047.408 |
4176.865 |
|
|
|
|
|
|
Segment Liabilities |
|
|
|
|
Mineral Processing |
59.109 |
113.361 |
59.109 |
|
Grain Processing |
1441.253 |
415.473 |
1441.253 |
|
Others |
274.242 |
98.826 |
274.242 |
|
Total |
1774.604 |
627.660 |
1774.604 |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures and Equipments
·
Vehicles and Aircraft
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 64.08 |
|
|
1 |
INR 91.34 |
|
Euro |
1 |
INR 80.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.