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|
|
MIRA INFORM REPORT
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Report No. : |
489480 |
|
Report Date : |
03.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
HEMANG RESOURCES LIMITED (w.e.f. 12.03.2015) |
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Formerly Known
As : |
BHATIA INDUSTRIES AND INFRASTRUCTURE LIMITED (w.e.f. 2007) BCC FINANCE LIMITED |
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Registered
Office : |
Plot No. 4, 6th Avenue, Harington Road,
Chetpet, Chennai- 600031, Tamilnadu |
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Tel. No.: |
91-44-45590053, 28362127 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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|
Date of
Incorporation : |
08.07.1993 |
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Com. Reg. No.: |
18-101885 |
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Capital
Investment / Paid-up Capital : |
INR 212.000 Million |
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|
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CIN No.: [Company Identification
No.] |
L65922TN1993PLC101885 |
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IEC No.: |
Not Divulged |
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GSTIN : |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
Not Divulged |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The Company is mainly engaged in
Trading of all type of Coal, Stevedoring, Logistic services and Trading in
land (Registered Activity) |
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|
|
No. of Employees
: |
38 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1993. The company is engaged in trading of all type of coal, stevedoring, logistic services and land. As per the financial records of 2017, the company has reported a decline of 42.64% in its revenue as compared to the previous year’s revenue and has incurred operational losses. The company possesses moderate financial position marked by low reserve base. The rating is constrained on account of liquidity issues being faced by the company, which has driven multiple instances of letter of credit (LC) devolvement during the past few months. The liquidity has deteriorated as the company’s trading volumes and contribution margins have remained under pressure during the past one year, which has adversely impacted its profitability, debt metrics and cash flow from operations. Business is active. Payment seems to be slow. In view of aforesaid, the company can be considered for business dealings on safe and secured trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
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 |
ICRA |
|
Rating |
Long term Loans : D |
|
Rating Explanation |
Lowest-credit-quality and very low prospects of recovery |
|
Date |
03.08.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term Loans : D |
|
Rating Explanation |
Lowest-credit-quality and very low prospects of recovery |
|
Date |
03.08.2017 |
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.
INFORMATION DENIED BY
|
Name : |
Mr. Balaji Rao |
|
Designation : |
Accountant |
|
Contact No.: |
91-9500037220 |
|
Date : |
01.02.2018 |
LOCATIONS
|
Registered Office : |
Plot No. 4, 6th Avenue, Harington Road,
Chetpet, Chennai- 600031, Tamilnadu, India |
|
Tel. No.: |
91-44-45590053, 28362127 |
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Mobile No.: |
91-9500037220 (Mr. Balaji Rao) |
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Fax No.: |
91-44-45590057 |
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E-Mail : |
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Website : |
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Head Office : |
A2 04, Prakrati Corporates, 18/2 Y. N. Road, Indore – 452001, Madhya Pradesh, India |
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E-Mail : |
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Branch Office 1: |
BCC House 8/5, Manoramaganj, Navratnabag Main Road, Indore – 452001,
Madhya Pradesh, India |
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Branch Office 2 : |
Unit No. 01, Prathmesh Leela, Off link Road, Don Bosco Square, Borivali (West), Mumbai – 400091, Maharashtra, India |
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Branch Office 3 : |
H. No. 1/151, Third Floor, Near Library Muthukur, Nellore- 524344, Andhra Pradesh, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Deepak Tiwary |
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Designation : |
Whole-Time Director |
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Address : |
1603/ 04-B Wing, Highland Building-1, Lokhwandwala Township, Kandivali
(East), Mumbai-400101, Maharashtra, India |
||||||||||||
|
Date of Appointment : |
30.05.2017 |
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PAN No.: |
AAMPT6005A |
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DIN No.: |
06605701 |
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|
||||||||||||
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Name : |
Mr. Prem Prakash Agarwal |
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Designation : |
Director |
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Address : |
No. A 3-303, White House Apartments, 6th Main, 15th Cross, R T Nagar,
Bangalore-560032, Karnataka, India |
||||||||||||
|
Date of Appointment : |
09.07.2015 |
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DIN No.: |
00038545 |
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Other
Directorship :
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Name : |
Mr. Shashikant Vyankatesh Chaoji |
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Designation : |
Director |
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|
Address : |
902, A-1, Kalpataru Enclave D. P. Road, Aundh, Pune- 411007,
Maharashtra, India |
||||||||||||
|
Date of Appointment : |
28.10.2014 |
||||||||||||
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DIN No.: |
03464544 |
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Other
Directorship :
|
|||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Deepak Tiwary |
|
Designation : |
Chief Executive Officer |
|
Address : |
1603/ 04-B Wing, Highland Building-1, Lokhwandwala Township, Kandivali (East), Mumbai-400101, Maharashtra, India |
|
Date of Appointment : |
14.11.2016 |
|
PAN No.: |
AAMPT6005A |
|
|
|
|
Name : |
Mr. Malathkar Subramania Balajirao |
|
Designation : |
Chief Financial Officer |
|
Address : |
Plot No. 321, Door No. 4A, 5th Main Road, AGS Colony, Velachery, Chennai - 600042, Tamilnadu, India |
|
Date of Appointment : |
11.08.2014 |
|
PAN No.: |
AEZPB2939J |
|
|
|
|
Name : |
Mr. Ankur Pareek |
|
Designation : |
Company Secretary |
|
Address : |
298, Palhar Nagar, Aerodrome Road, Indore-452005, Madhya Pradesh, India |
|
Date of Appointment : |
15.11.2017 |
|
PAN No.: |
DCEPP0767E |
MAJOR SHAREHOLDERS
As on December
2017
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares (calculated as per SCRR, 1957)As a % |
|
|
(A) Promoter & Promoter
Group |
8402576 |
63.66 |
|
|
(B) Public |
4797424 |
36.34 |
|
|
Grand Total |
13200000 |
100.00 |
Statement showing shareholding pattern of the Promoter and
Promoter Group
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % |
|
|
A1) Indian |
|||
|
Individuals/Hindu
undivided Family |
6830680 |
51.75 |
|
|
SURENDER SINGH BHATIA |
1858840 |
14.08 |
|
|
INDERJEET KAUR BHATIA |
659600 |
5.00 |
|
|
GURVINDER SINGH BHATIA |
659320 |
4.99 |
|
|
GURVINDER KAUR BHATIA |
659240 |
4.99 |
|
|
MANJEET SINGH BHATIA |
659240 |
4.99 |
|
|
VEENA BHATIA |
658840 |
4.99 |
|
|
GURVINDER SINGH KRIPAL SINGH
BHATIA |
658000 |
4.98 |
|
|
SURENDER SINGH KRIPAL SINGH
BHATIA (HUF) |
650400 |
4.93 |
|
|
M. S. BHATIA |
366360 |
2.78 |
|
|
KRIPAL SINGH BHATIA |
840 |
0.01 |
|
|
Any
Other (specify) |
1571896 |
11.91 |
|
|
ISHHAR OVERSEAS LIMITED |
1051896 |
7.97 |
|
|
ASIAN NATURAL RESOURCES
(INDIA) LIMITED |
520000 |
3.94 |
|
|
Sub
Total A1 |
8402576 |
63.66 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
8402576 |
63.66 |
Statement showing shareholding pattern of the Public
shareholder
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR,
1957 As a % |
|
|
B1) Institutions |
0 |
0.00 |
|
|
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 |
1539660 |
11.66 |
|
|
Individual
share capital in excess of INR 0.200 million |
2440948 |
18.49 |
|
|
J. S. Bhatia |
200000 |
1.52 |
|
|
Jasvindar Singh Bhatia |
542000 |
4.11 |
|
|
Kulwant Singh Bhatia |
622900 |
4.72 |
|
|
Nariender Kaur Bhatia |
600100 |
4.55 |
|
|
Any
Other (specify) |
816816 |
6.19 |
|
|
HUF |
63076 |
0.48 |
|
|
NRI |
1610 |
0.01 |
|
|
Clearing Members |
17575 |
0.13 |
|
|
Bodies Corporate |
734555 |
5.56 |
|
|
Shreyash Securities and
Finance Limited |
209200 |
1.58 |
|
|
Singhal Leasing and
Construction Private Limited |
136000 |
1.03 |
|
|
Sub Total
B3 |
4797424 |
36.34 |
|
|
B=B1+B2+B3 |
4797424 |
36.34 |
BUSINESS DETAILS
|
Line of Business : |
The Company is mainly engaged in
Trading of all type of Coal, Stevedoring, Logistic services and Trading in
land (Registered Activity) |
||||
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Products / Services
: |
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||||
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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||||
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Exports : |
Not Available |
||||
|
|
|
||||
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Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
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No. of Employees : |
38 (Approximately) |
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|
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|
Bankers : |
· Bank of India · Central Bank of India |
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|
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Facilities : |
|
|
Auditors : |
|
|
Name : |
Jain and Thakkar Chartered Accountants |
|
Address : |
63/2, Perianna Street, 2nd Floor, Periamet, Chennai –
600003, Tamilnadu, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
INR 10/- each |
INR 150.000 Million |
|
800000 |
2% Cumulative Redeemable Preference Shares |
INR 100/- each |
INR 80.000 Million |
|
|
Total |
|
INR 230.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13200000 |
Equity Shares |
INR 10/- each |
INR 132.000 Million |
|
800000 |
2% Cumulative Redeemable Preference Shares |
INR 100/- each |
INR 80.000 Million |
|
|
Total |
|
INR 212.000
Million |
1. The Company has two types of shares referred to as Equity shares having a face value of INR 10/- each & Preference Shares having a face value of INR 100/- each.
2. The Equity share holder is eligible for one voting Right per share held.
3. Preference Shares hold preferential right of Dividend at fixed rate of 2% and preferential repayment of principal amount at the time of Redemption. Due for redemption during the Financial Year 2021-22.
4. In the F.Y. 2011-12 The Company had issued 9,900,000 Fully paid up Bonus Equity Shares of INR 10/- each in the ratio of 3:1.
5. Shareholder
holding more than 5% of shares are :-
|
Name |
No. of Shares |
% of Holding |
|
Equity Shares @ INR 10/- each |
|
|
|
Surinder Singh Bhatia |
1858840 |
14.08% |
|
Ishhar Overseas Limited |
1051896 |
7.97% |
|
Name |
No. of Shares |
% of Holding |
|
Preference Shares @ INR 10/- each |
|
|
|
Gurvinder Singh Bhatia |
400000 |
50.00% |
|
Surinder Singh Bhatia |
400000 |
50.00% |
Reconciliation of
Equity Shares :
|
Particulars |
No. of Shares |
Amount (INR in Million) |
|
Opening Shares |
13200000 |
132.000 |
|
Add: Addition during the year |
-- |
-- |
|
Closing Shares |
13200000 |
132.000 |
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 |
212.000 |
212.000 |
212.000 |
|
(b) Reserves & Surplus |
202.309 |
212.189 |
199.269 |
|
(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) |
414.309 |
424.189 |
411.269 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
360.957 |
103.959 |
274.902 |
|
(b) Trade payables |
731.877 |
1595.873 |
1523.893 |
|
(c) Other current liabilities |
29.539 |
27.314 |
62.748 |
|
(d) Short-term provisions |
12.168 |
25.396 |
46.029 |
|
Total
Current Liabilities (4) |
1134.541 |
1752.542 |
1907.572 |
|
|
|
|
|
|
TOTAL |
1548.850 |
2176.731 |
2318.841 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1.130 |
0.572 |
0.395 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2.075 |
0.918 |
8.598 |
|
(c) Deferred tax assets (net) |
5.729 |
0.880 |
0.213 |
|
(d) Long-term Loan and Advances |
0.147 |
7.363 |
7.363 |
|
(e) Other Non-current assets |
31.450 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
40.531 |
9.733 |
16.569 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
225.523 |
243.899 |
303.514 |
|
(c) Trade receivables |
904.152 |
1556.523 |
1687.901 |
|
(d) Cash and cash equivalents |
203.111 |
141.063 |
170.983 |
|
(e) Short-term loans and
advances |
169.268 |
220.527 |
134.012 |
|
(f) Other current assets |
6.265 |
4.986 |
5.862 |
|
Total
Current Assets |
1508.319 |
2166.998 |
2302.272 |
|
|
|
|
|
|
TOTAL |
1548.850 |
2176.731 |
2318.841 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
2495.970 |
4351.735 |
6277.861 |
|
|
Other Income |
47.688 |
35.742 |
21.448 |
|
|
TOTAL
|
2543.658 |
4387.477 |
6299.309 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of Stock-in-Trade |
2357.507 |
4086.227 |
6066.363 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
17.441 |
65.739 |
(63.117) |
|
|
Employees benefits expense |
35.159 |
35.158 |
22.513 |
|
|
Other expenses |
45.391 |
72.642 |
111.189 |
|
|
Net Loss on Foreign Exchange
Translation |
0.000 |
1.943 |
1.061 |
|
|
TOTAL |
2455.498 |
4261.709 |
6138.009 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
88.160 |
125.768 |
161.300 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
102.701 |
107.724 |
75.537 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(14.541) |
18.044 |
85.763 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
0.161 |
0.089 |
0.029 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(14.702) |
17.955 |
85.734 |
|
|
|
|
|
|
|
Less |
TAX |
(4.822) |
5.035 |
28.204 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(9.880) |
12.920 |
57.530 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
150.766 |
143.560 |
93.664 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Capital Redemption Reserve |
5.714 |
5.714 |
5.714 |
|
|
Proposed Dividend on
Preference Shares |
0.000 |
0.000 |
1.600 |
|
|
Dividend Distribution Tax |
0.000 |
0.000 |
0.320 |
|
|
Total
|
5.714 |
5.714 |
7.634 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
135.172 |
150.766 |
143.560 |
|
|
|
|
|
|
|
|
Value of Import on C.I.F. basis |
922.349 |
1011.523 |
2102.676 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
(0.75) |
0.98 |
4.21 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net Cash From Operating Activities |
(124.771) |
191.922 |
263.010 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
|
|
1st Quarter |
2nd
Quarter |
|
Net Sales |
|
354.800 |
321.29 |
|
Total Expenditure |
|
377.460 |
336.610 |
|
PBIDT (Excl OI) |
|
(22.660) |
(15.320) |
|
Other Income |
|
6.12 |
8.850 |
|
Operating Profit |
|
(16.540) |
(6.470) |
|
Interest |
|
17.980 |
28.740 |
|
Exceptional Items |
|
|
|
|
PBDT |
|
(34.520) |
(35.210) |
|
Depreciation |
|
0.060 |
0.050 |
|
Profit Before Tax |
|
(34.580) |
(35.260) |
|
Tax |
|
NA |
NA |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
(34.580) |
(35.260) |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
(34.580) |
(35.260) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
132.22 |
130.55 |
98.14 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
2.76 |
2.80 |
3.72 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
113.31 |
142.55 |
91.69 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.39 |
0.52 |
0.53 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
78.02 |
219.87 |
408.35 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.73 |
0.81 |
0.82 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.87 |
0.25 |
0.67 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
2.74 |
4.13 |
4.64 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
0.86 |
1.17 |
2.14 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(0.40) |
0.30 |
0.92 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(0.64) |
0.59 |
2.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(2.38) |
3.05 |
13.99 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.33 |
1.24 |
1.21 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.13 |
1.10 |
1.05 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.27 |
0.19 |
0.18 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
1.70 |
0.49 |
1.30 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.33 |
1.24 |
1.21 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 10.00 |
|
Market Value |
INR 10.00 |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
212.000 |
212.000 |
212.000 |
|
Reserves & Surplus |
199.269 |
212.189 |
202.309 |
|
Net
worth |
411.269 |
424.189 |
414.309 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
274.902 |
103.959 |
360.957 |
|
Total
borrowings |
274.902 |
103.959 |
360.957 |
|
Debt/Equity
ratio |
0.668 |
0.245 |
0.871 |
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 |
6277.861 |
4351.735 |
2495.970 |
|
|
|
(30.681) |
(42.644) |
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 |
6277.861 |
4351.735 |
2495.970 |
|
Profit/ (Loss) |
57.530 |
12.920 |
(9.880) |
|
|
0.92% |
0.30% |
(0.40%) |
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 |
Yes |
|
8] |
Designation of contact person |
Yes |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11] |
Pan Card No. of Proprietor / Partners |
Yes |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
No |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The Company having CIN L65922TN1993PLC101885 was incorporated on 08/07/1993 under laws of Republic of India. The Company is mainly engaged in Trading of all type of Coal, Stevedoring, Logistic services and Trading in land.
PERFORMANCE REVIEW
During the year, the Company has posted Turnover of INR
2543.658 Million as compared to the turnover of INR 4387.447 Million in
previous year and Profit after tax of INR (9.880) Million as compared to the
Profit after tax of INR 12.920 Million in previous year. There is downfall in
the revenue of the company as compared to previous year due to increase in the
margin by banks against non fund based limits and credit provided by the
suppliers was earlier was not available during the year due to the change in their
business policies.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
COAL INDUSTRY
India is endowed with large quantum of coal resources (308 BT), of which around 90% comprises non-coking coal. It is the third largest coal producer in the world after China and the US. The total coal production in India was around 626 MT in FY 2016, which has increased to 724 MT in FY 2017. India imported a total of 212 MT of coal in FY 2015, 193 MT in FY 2016 and 160 MT in FY 2017 which is equivalent to around 22% of the domestic coal consumption in the country based on tonnage.
In FY 2017, total coal imports by India fell by 33 MT, though still constituting nearly 24% of the total coal consumption in the year based on tonnage. In order to satisfy the coal demand, the Indian coal industry needs more investment and private players to raise their production level. Government has taken initiatives by making Statutory Acts, with an object to ensure continuity in coal mining operations and production of coal and to promote optimum utilization of coal resources consistent with the requirement of industry. Better infrastructure by road enable fast movement of coal among various locations in the Country, infrastructure section in India is getting better by way of various projects undertaken by the Government.
REAL ESTATE INDUSTRY
The world sees India as a land of opportunity for business and investment. The Indian real estate sector has been a major beneficiary of the strong economic growth witnessed in India since the year 2000. The growth in sector, supported by series of reforms has not only resulted in significant residential and commercial real estate, but also complemented the development of physical and social infrastructure of the country.
While the whole economy was going through the policy reform, real estate sector remained in headlines due to many policy level changes. Real Estate (Regulation and Development) Act 2016 (RERA), Benami Transaction Prohibition (Amendment) Act 2016, amendments in Real Estate Investment Trusts (REITs) regulations, Goods and Services Tax (GST) and Demonetisation, were the ones that were considered to have the potential to change the way real estate sector work. Besides these, a couple of announcements seemed to be made in the passing but is extremely crucial to this sector. These were the intent to digitise land records, change in arbitration norms for construction industry and setting up of a government committee to look into the strategic sale of government assets that include land and manufacturing units. All these changes are perceived to be the game changers for the industry in coming years.
OUTLOOK
COAL INDUSTRY
India is the third largest coal producer in the world after China and the US. The total coal production in India was around 626 MT in FY 2016, which has increased to 724 MT in FY 2017. The total coal demand in the country is expected to be around 1.5 BT. Supported by government reforms and strong growth in outputs from Coal India, Indian coal production will rise to 1.01 billion ton in 2020. Despite the challenges, then, the future of coal in India appears positive. “We expect coal to retain its primacy in India over the coming years and energy poverty remains a key concern.” The Indian coal market is set to witness great boost in near future because of the rising government initiatives.
The power sector accounts for more than 70 per cent of India’s coal use and supported a five-fold increase in coal use in electricity generation over the past few decades. As such, the power sector is clearly central to the coal outlook in India. The coal demand has been rising constantly in India due to growth & high demand from major coal consuming sectors, including power. We estimate that coal production will grow in anticipation to the demand for thermal coal and coking coal by power and steel sectors, respectively, will gain momentum in near future.
REAL ESTATE INDUSTRY
The Indian real estate market size is expected to touch US$ 180 billion by 2020. Although it’s hard to forecast the real estate market that is highly sentiment driven in India, several factors will drive the future trend. Recent demonetisation that became the front-page news and a most debatable topic of the year is one of the major factors that may drive the short- term trends. While everybody agreed that the measure would help the economy in the long term, the short-term consequences were harsh for the residential real estate sector as the overall transaction volume come to a halt.
The commercial market which is so far un-impacted by the
demonetisation drive may also see an impact in the form of shortage of supply
and increase in rents. Transaction volume in the residential sector will remain
constrained, but the current oversupply in the market will be mitigated in the
coming quarters, as very limited new projects are being launched. Yet, things
are looking up in the coming year, with end users may start looking the market
again. Having said that, I am a firm believer of the positive impact of all
these reforms and believe that these are just small hurdles and the overall
property markets should come on the edge of recovery shortly.
UNSECURED LOAN
|
PARTICULAR |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short -term
Borrowings |
|
|
|
Inter Corporate
Deposit |
|
|
|
Bhatia Global Trading Limited |
5.694 |
20.166 |
|
Total |
5.694 |
20.166 |
INDEX
OF CHARGES
|
SN o |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
B56408602 |
10199405 |
Bank of India |
29/01/2010 |
18/08/2012 |
- |
990000000.0 |
Mid-Corporate Branch, Airen Heights, Plot No. 14PU-3, Scheme No. 54 Indore Madhya Pradesh 452010 India |
|
2 |
A56290562 |
10039890 |
BANK OFINDIA |
13/02/2007 |
17/03/2008 |
20/01/2009 |
335000000.0 |
KANCHAN BAGH BRANCH13B, RATLAM KOTHI INDORE Madhya Pradesh 452001 India |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Contingent Liability not provided for: |
|
|
|
Bills Discounted with Banks. |
43.300 |
617.812 |
|
Bank Guarantees |
71.806 |
72.128 |
|
Corporate Guarantee Given to Union Bank of India on Behalf
of Bhatia Global Trading Limited |
1816.600 |
1816.600 |
|
b. The Deputy Commissioner of Commercial Taxes, Surat, has passed an assessment order along with demand notice for INR 3.667 Million for financial year 2006-07 under Gujarat VAT Act, 2003. The Company has filed an appeal with Joint Commissioner of Commercial Tax, Surat against the above order which is pending for order. The Management is of the opinion that no provision is required for such liability. Meanwhile the company has paid R 8.00 Million being part payment towards above pending demand. c. The Deputy Commissioner of Sales Tax, Surat has passed Assessment order along with demand notice for the financial year 2012-13 under Gujarat VAT Act, 2003 & CST Act, 2003 for INR 103.342 Million. The A.O. has charged tax on other income and disallow Highseas Sale, also calculated Interest u/s 42(6) and Penalty under section 34(12) of Gujarat Vat Act, 2003. The Company has not accepted the above demand and filed a Writ Petition against the order before Gujarat High Court, Ahmedabad. However there is no provision required as per the management. d. The Deputy Commissioner of Sales Tax, Chandrapur, M.H. has issued Penalty order of INR 0.038 Million under section 61 (2) of MVAT Act towards late submission of VAT Audit report for the financial year 2007-08. The Company did not accept the above demand and filed an appeal before Joint Commissioner of Sales Tax (Appeal), Nagpur, M.H. The appeal is pending before the Joint Commissioner. Against the said demand, the Company has paid a sum of INR 0.010 Million, being part payment towards pending demand. However there is no provision required as per the management. e. The Assistant Commissioner of Sales Tax, Chandrapur, M.H. has passed Assessment order on dated 31.07.2014 and issued demand notice for INR 5.271 Million towards Sales Tax and Interest U/S 30 (3) of MVAT for F.Y 2010-11. The Company did not accept the above demand and filed an appeal before Joint Commissioner of Sales Tax (Appeal), Nagpur, M.H. The appeal is pending before the Joint Commissioner. Against the said demand, the Company has paid a sum of INR 0.500 Million being Pre-deposit of pending demand. However there is no provision required as per the management. f. Income Tax Department has raised a demand of INR 0.110 Million for the assessment year 1996-97. The Company has filed an appeal before appropriate authorities against above demand. The Management is of the opinion that no provision is required for such liability. g. The Customs department has passed order and demanded differential duty, Interest and penalty on the ground of fake certificate of country of origin was produced based on which benefit of exemption has taken of R 81.91 Million . The Company has not accepted the above order and filed an appeal. The Company has already paid Bank Guarantee of INR 7.500 Million with self-renewal clause. Against this demand, the company has paid a sum of INR 0.199 Million, being Pre-deposit of pending demand. However there is no provision required as per the management. h. The Customs department has passed an order and demanded differential duty, interest and penalty amounting to INR 27.754 Million on the ground of classification of Coal i.e. Bituminous Coal, whose GCV moist mineral matter free basis more than 5833 Kcal/kg. The Company did not accepted the above order and filed an appeal, the company has paid a sum of INR 2.230 Million being Pre-deposit of pending demand. However there is no provision required as per the management. i. The Customs department has passed order and demanded differential duty and Interest amounting to INR 6.361 Million on the ground of classification of Coal i.e. Lignite coal, whose GCVmoist mineral matter free basis less than 4614Kcal/Kg. The Company did not accepted the above orders and filed appeal before CESTAT, Bangalore. Against the said demand, the Company has paid a sum of INR 1.113 Million being Pre-deposit of pending demand. However there is no provision required as per the management. j. An Execution Petition No. 240/2011 filed by Vitol against Asian Natural Resources India Ltd. (ANRIL) is pending before the Bombay High Court. During pendency of the said execution petition 54300 MT of coal was imported by Sharp Corp in the vessel named MV Vishva Ekta which was discharged at Tuticorin Port. Hemang Resources Ltd. (HRL) entered into two HSS agreement with Sharp Corp for purchase of 34300 MT coal. At the instance of Vitol, Bombay High Court vide Judges order no. 215/2014 issued precept to Tuticorin Court for attachment of entire quantity of 54300 MTcoal. Tuticorin Court vide order dated 22.12.2014 passed in EA No. 159/2014 attached the coal. Later on the Tuticorin court vide order dated 10.12.2015 released 20000 MT coal owned by Sharp Corp and the remaining quantity of 34300 MT coal remained attached. On attachment of coal of HRL, HRL approached Bombay High Court for releasing the coal on the ground that, they are not party to the Execution Petition hence the coal owned by them cant not be attached. However the court dismissed their application against which they went in appeal. The Bombay High Court vide order dated 06.09.2016 passed in Appeal No. 794/2015 held that, “ on account of various factors such as common directorships, interlocking shareholding HRL is not only part of ANRIL/BILgroup, but are alter-egos” hence the attachment of coal was upheld. That out of 34300 MT 17300 MT coal was auctioned to Global Coal Ventures Pvt. Ltd. in compliance to the order dated 16.11.2016 passed by Tuticorin Court and the balance coal of 17000 MT was also auctioned by the Court Receiver appointed by the Bombay High Court to Global Coal Ventures Pvt. Ltd. for a sum of INR 31.450 million which was deposited with the Court Receiver. HRL had filed an application under Order 21 Rule 58 of Civil Procedure Code before Tuticorin Court claiming his title over the 34300 MT and also filed an application for transferring the said amount INR 31.450 million to Tuticorin Court. But both the said applications were returned back to HRL holding that the applications are not maintainable. Against this order the management is in the process of filing petition before the Madurai High Court. The Management is hopeful of favorable orders from the higher courts and hence no provision has been made |
||
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30th
SEPTEMBER 2017
(INR In Million)
|
PARTICULARS |
Standalone |
||
|
Quarter Ended |
Half year ended |
||
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
Income From
Operations |
|
|
|
|
Revenue from operations |
321.288 |
354.801 |
676.089 |
|
Other Income |
8.848 |
6.118 |
14.966 |
|
Total Income from
Operations (Net) |
330.136 |
360.919 |
691.055 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
Cost of Materials Consumed |
|
|
|
|
Purchases of Stock-in-Trade |
317.631 |
347.275 |
664.906 |
|
Increase/ (Decrease) in inventories of Stock in trade |
0.277 |
7.068 |
7.345 |
|
Employees Benefit Expenses |
6.960 |
6.239 |
13.199 |
|
Finance Cost |
28.743 |
17.978 |
46.721 |
|
Depreciation and Amortization Expenses |
0.049 |
0.062 |
0.111 |
|
Net Loss on Foreign Exchange Translation |
2.471 |
1.436 |
3.907 |
|
Other expenses |
9.267 |
15.441 |
24.708 |
|
Total Expenses |
365.398 |
395.499 |
760.897 |
|
Profit / (Loss)
before exceptional and extraordinary items and tax |
(35.262) |
(34.580) |
(69.842) |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Profit / (Loss)
before extraordinary items and tax |
(35.262) |
(34.580) |
(69.842) |
|
Extraordinary items |
0.000 |
0.000 |
0.000 |
|
Profit / (Loss)
before tax |
(35.262) |
(34.580) |
(69.842) |
|
Tax Expense |
|
|
|
|
- Current Tax |
0.000 |
0.000 |
0.000 |
|
- Deferred Tax |
0.000 |
0.000 |
0.000 |
|
Net Profit After
Tax |
(35.262) |
(34.580) |
(69.842) |
|
|
|
|
|
|
Other comprehensive income, net of income tax |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Total comprehensive income for the period |
(35.262) |
(34.580) |
(69.842) |
|
|
|
|
|
|
Paid- up
Equity Share Capital (share – INR 10) |
132.000 |
132.000 |
132.000 |
|
Earnings Per Share
(of INR 10 each) (not annualized) |
|
|
|
|
Basic |
(2.67) |
(2.62) |
(5.29) |
|
Diluted |
(2.67) |
(2.62) |
(5.29) |
Notes :
1. The above results, duly reviewed by the Audit Committee, have been approved by the Board of Directors in its meeting held on 14th November, 2017. The statutory auditors have carried out limited review audit of the result for the period ended on September 30, 2017.
2.
The company has not received any complaint from investor during the quarter
ended 30th September, 2017. There is no complaint pending at the end of
September 30, 2017.
3. These financial statements are company's first Ind AS Financial Statements. The Company has adopted Ind AS Standard effective from April 01, 2017 and these financial results have been prepared in accordance with recoginition and measurment principle laid down in Ind As 34.
4.
The Statement does not include Ind AS complaint results for previous year ended
March 31, 2017, as it is not mandatory as per the SEBI Circulate drated 05 July
2016.
5.
The Company has operations under two divisions i.e, Coal Trading &
Infrastructure/Trading in land.
"Previous period/year figures have been rounded off/regrouped/recasted
wherever necessary to make it comparable with current period/Year."
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND
HALF YEAR ENDED 30TH
SEPTEMBER 2017
|
PARTICULARS |
Standalone |
|||
|
Quarter Ended |
Half year ended |
|||
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
Segment Revenue |
|
|
|
|
a)Coal Trading Segment |
321.288 |
354.801 |
676.089 |
|
b) Infrastructure Segment |
0.000 |
0.000 |
0.000 |
|
Total |
321.288 |
354.801 |
676.089 |
|
Less: Inter Segment Revenue |
-- |
-- |
-- |
|
Net Sales/Income
from Operations |
321.288 |
354.801 |
676.089 |
|
|
|
|
|
|
Segment Results |
|
|
|
|
Profit/(Loss) before Tax .Exceptional items and Interest |
|
|
|
|
from each segment |
|
|
|
|
a)Coal Trading Segment |
(23.573) |
(29.824) |
(53.397) |
|
b) Infrastructure Segment |
|
|
|
|
Total |
(23.573) |
(29.824) |
(53.397) |
|
Less: i) Interest Expenses (Net) |
11.689 |
4.756 |
16.445 |
|
II) Unallocable Expenses / (Income) |
|
|
|
|
Total Profit /
(Loss) before Tax |
(35.262) |
(34.580) |
(69.842) |
|
|
|
|
|
|
Capital Employed |
|
|
|
|
(Segment assets - Segment Liabilities) |
|
|
|
|
a)Coal Trading Segment |
240.106 |
275.369 |
240.106 |
|
b) Infrastructure Segment |
104.361 |
104.361 |
104.361 |
|
Total |
344.467 |
379.730 |
344.467 |
FIXED ASSETS
- Computers and Printers
- Network and Server
- Furniture and Fixtures
- Office Equipments
- Vehicles
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 90.17 |
|
Euro |
1 |
INR 78.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.
·