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MIRA
INFORM REPORT
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Report No. : |
489014 |
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Report Date : |
03.02.2018 |
IDENTIFICATION DETAILS
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Name : |
SHIVA TEXYARN LIMITED (w.e.f. 22.01.2004) |
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Formerly known
as: |
ANNAMALLAI FINANCE LIMITED |
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Registered
Office : |
252, Mettupalayam Road, Coimbatore - 641043, Tamilnadu |
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Tel. No.: |
91-422-2435555 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
28.05.1980 |
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Com. Reg. No.: |
18-000945 |
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Capital
Investment / Paid-up Capital : |
INR 216.045 Million |
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CIN No.: [Company Identification
No.] |
L65921TZ1980PLC000945 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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TIN No.: |
Not Divulged |
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PAN No.: [Permanent Account No.] |
Not Divulged |
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GST 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
: |
Manufacturing and Marketing of Cotton Yarn and Technical
Textile products viz. Coated & Laminated fabrics, Home Textile and other
value added products [Registered Activity] |
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No. of Employees
: |
1176 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 2840945 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 1980 having fine track records.
The company possesses sound financial profile marked by
healthy net worth base along with fair debt level and its long established
track record of business operations. Fundamentals of the company are strong and healthy. Trade relations are reported as fair. Business is active. Payments terms are seems to be regular and as per commitments. In view of the aforesaid, the company can be considered for business dealings at usual trade terms and conditions,
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long term Rating = BBB |
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Rating Explanation |
Moderate degree of safety and moderate credit risk |
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Date |
October, 2016 |
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Rating Agency Name |
CARE |
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Rating |
Short term Rating = A3+ |
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Rating Explanation |
Moderate degree of safety and higher credit risk |
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Date |
October, 2016 |
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
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Registered Office : |
252, Mettupalayam Road, Coimbatore - 641043, Tamilnadu, India |
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Tel. No.: |
91-422-2435555 |
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Fax No.: |
91-422-2434446 |
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E-Mail : |
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Website : |
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Branch Office 1: |
Royal Corner, 1st
Floor, Door No: 1, 2, Flat No.101, Lalbagh Road, |
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Tel. No.: |
91-802-2273207 |
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Branch Office 2: |
1109, 11th Floor, Antrish Bhawan, 22,
Kasturba Gandhi Marg, Cannught Place, New Delhi – 110001, India |
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Branch Office 3: |
No. 9 First Floor, DLF Industrial Area Kirti
Nagar, Delhi, India |
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Branch Office 4: |
115A, Kaveri Narayana, GU-Cooperate Nursing Society,
Shree Narayan Nagar, P L Lokhande Marg, Chembur [West], Mumbai, Maharashtra,
India |
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Administrative Office: |
Sri Vari Kikani Center, 3A, 3rd Floor,
Krishnaswamy Mudaliar Road, R S Puram, Coimbatore-641002, Tamilnadu, India |
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Tel No.: |
91-422-2544955 |
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Fax No.: |
91-422-2544755 |
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Factories: |
Spinning Unit Kodangipalayam Village Karadivavi Road, Paruvai Post Coimbatore District, Tamilnadu, India Processing Unit Factory E-16, P-11 SIPCOT Industrial Growth Estate Perundurai, Erode-638 052, Tamilnadu, India Lamination Unit S.F. No. 371/5, Karadivavi Road Paruvai Post, Karanampet Palladam - 641 658, Tamilnadu, India Bag Unit S.F No. 371/5, Karadivavi Road Paruvai Post, Karanampet, Palladam 641 658, Tamilnadu, India Knitting Unit Kodangipalayam Village Karadivavi Road, Paruvai Post Coimbatore District Tamilnadu, India Garment Division S.F No. 371/5, Karadivavi Road Paruvai Post, Karanampet, Palladam 641 658, Tamilnadu, India Windmills : · Munduvelampatti Village, Erode District, Tamilnadu, India · Gudimangalam Athukinathupatti & Uthukuli Villages Coimbatore District, Tamilnadu, India · Vagatholubu, Kongalnagaram, Virugalpatti, Tirupur District Tamilnadu, India |
DIRECTORS
AS ON: 31.03.2017
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Name : |
Mr. Sangampalayam Vedanayagam Alagappan |
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Designation : |
Director |
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Address : |
71-D, K.G. Layout Bharathi Park Cross, Road No.7, Coimbatore-641011, Tamilnadu, India |
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Date of Birth/ Age : |
75 Years |
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Qualification : |
B.Com., B.L. |
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Experience : |
He has more than 30 years of experience in Textile Industry |
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Date of Appointment : |
28.05.1980 |
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DIN No.: |
00002450 |
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Name : |
Mr. Sangampalayam Vedanayagam Arumugam |
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Designation : |
Director |
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Address : |
69 / 1 - 2, Bharathi Park Cross Road No.7 Coimbatore-641011, Tamilnadu, India |
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Date of Appointment : |
28.05.1980 |
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DIN No.: |
00002458 |
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Name : |
Mr. Sangampalayam Vedanayagam Kandasami |
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Designation : |
Director |
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Address : |
107/1, West Periasamy Road R.S.Puram Coimbatore-641002, Tamilnadu, India |
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Date of Birth/ Age : |
74 Years |
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Qualification : |
MBBS |
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Experience : |
50 Years |
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Date of Appointment : |
31.08.2017 |
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DIN No.: |
00002470 |
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Name : |
Mr. Sangampalayam Kandasami Sundararaman |
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Designation : |
Managing Director |
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Address : |
107-1, West Periyasamy Road R.S.Puram Coimbatore-641002, Tamilnadu, India |
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Date of Appointment : |
15.05.2006 |
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DIN No.: |
00002691 |
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Name : |
Mr. Csk Prabhu |
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Designation : |
Director |
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Address : |
D. No.2, Street No.2, Subramania Puram R S Puram Coimbatore-641002, Tamilnadu, India |
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Date of Appointment : |
26.05.2008 |
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DIN No.: |
00002913 |
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Name : |
Mr. Palaniswami Sennimalai Gounder |
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Designation : |
Director |
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Address : |
43-A, Alamu Nagar Sathy Road Coimbatore-641012, Tamilnadu, India |
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Date of Appointment : |
28.12.2005 |
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DIN No.: |
00007901 |
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Name : |
Mr. Kodumudi Narayanaswami Venkata Ramani |
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Designation : |
Director |
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Address : |
154- Kalidas Road Ramnagar Coimbatore-641009, Tamilnadu, India |
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Date of Appointment : |
26.05.2008 |
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DIN No.: |
00007931 |
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Name : |
Mr. Kugalur Ramaswamy Thillainathan |
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Designation : |
Director |
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Address : |
Mr. Pavadi Thottam Kugalur Post Erode-638313, Tamilnadu, India |
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Date of Appointment : |
28.12.2005 |
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DIN No.: |
00009400 |
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Name : |
Mr. Sennimalai Gounder Marysamy |
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Designation : |
Director |
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Address : |
104/8, Coimbatore Road Annur, Avinashi Tk Annur-641653, Tamilnadu, India |
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Date of Appointment : |
22.08.2006 |
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DIN No.: |
00610091 |
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Name : |
Mr. Sundararaman Sujana Abirami |
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Designation : |
Director |
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Address : |
No 107, West Periasamy Road R.S. Puram, Coimbatore-641002, Tamilnadu, India |
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Date of Birth/ Age : |
38 years |
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Qualification : |
B. Com. |
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Experience : |
10 Years |
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Date of Appointment : |
31.08.2017 |
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DIN No.: |
06939773 |
KEY EXECUTIVES
|
Name : |
Mr. Srinivasan Rajagopal |
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Designation : |
Company Secretary |
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Address : |
Mantralayam Site No 2b New Balaji Nagar Phase-1 Nggo Colony Post, Sengalipalayam Coimbatore-641022, Tamilnadu, India |
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Date of Appointment : |
31.08.2017 |
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PAN No.: |
BHJPS1850F |
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Name : |
Mr. Krishna Kumar Chennimalai Gounder |
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Designation : |
Chief Finanace officer |
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Address : |
2/3, Co Operative Colony, T V S Nagar Road Kovundampalayam Post Coimbatore, Coimbatore-641030, Tamilnadu, India |
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Date of Appointment : |
31.08.2017 |
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PAN No.: |
AQAPK9715C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2017
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter &
Promoter Group |
9713876 |
74.94 |
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(B) Public |
3248837 |
25.06 |
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Grand Total |
12962713 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
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Individuals/Hindu
undivided Family |
358410 |
2.76 |
|
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KANDASAMI S V
(HUF) |
11520 |
0.09 |
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ALAGAPPAN S V |
32670 |
0.25 |
|
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LEELAVATHI K |
2700 |
0.02 |
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LALITHA A |
810 |
0.01 |
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KANDASAMI S V |
304950 |
2.35 |
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SUNDARARAMAN S K |
540 |
0.00 |
|
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SHENBAGAM A |
5220 |
0.04 |
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Any Other
(specify) |
9355466 |
72.17 |
|
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VEDANAYAGAM
HOSPITAL LIMITED |
6305320 |
48.64 |
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ANNAMALLAI
RETRADING COMPANY PRIVATE LIMITED |
3050146 |
23.53 |
|
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Sub Total A1 |
9713876 |
74.94 |
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A=A1+A2 |
9713876 |
74.94 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
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Financial
Institutions/ Banks |
1269 |
0.01 |
|
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Any Other
(specify) |
2403 |
0.02 |
|
|
FOREIGN PORTFOLIO
INVERSTMENT-CORPORATES |
2403 |
0.02 |
|
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Sub Total B1 |
3672 |
0.03 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0.00 |
||
|
B3)
Non-Institutions |
0.00 |
||
|
Individual share
capital up to INR 0.200 Million |
2386374 |
18.41 |
|
|
Individual share
capital in excess of INR 0.200 Million |
416268 |
3.21 |
|
|
Any Other
(specify) |
442523 |
3.41 |
|
|
Director or
Director's Relatives |
2809 |
0.02 |
|
|
Bodies Corporate |
66611 |
0.51 |
|
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NRI – Non- Repat |
48448 |
0.37 |
|
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NRI – Repat |
137208 |
1.06 |
|
|
Clearing Members |
40854 |
0.32 |
|
|
HUF |
146593 |
1.13 |
|
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Sub Total B3 |
3245165 |
25.03 |
|
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B=B1+B2+B3 |
3248837 |
25.06 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Cotton Yarn and Technical
Textile products viz. Coated & Laminated fabrics, Home Textile and other
value added products [Registered Activity] |
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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 : |
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Selling : |
Not Available |
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Purchasing : |
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 : |
1176 (Approximately) |
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Bankers : |
· Canara Bank · Indian Overseas Bank · ICICI Bank Limited · UCO Bank · State Bank of India · Bank of Maharashtra · Bank of Baroda · Karur Vysya Bank · Axis Bank Limited ·
HDFC Bank Limited |
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Facilities : |
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Auditors : |
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Name : |
V K S Aiyer and Company
Chartered Accountants |
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Address : |
Coimbatore - 641011, Tamilnadu, India |
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Internal Auditors : |
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Name : |
B M & Associates Chartered Accountants |
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Address : |
Coimbatore - 641018, Tamilnadu, India |
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Cost Auditor : |
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Name : |
Sri M Nagarajan Cost Auditor |
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Address : |
Coimbatore - 641018, Tamilnadu, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding and
Subsidiary Companies : |
Shiva Mills Limited |
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Associates
(Investing Party) : |
Annamallai Retreading Company Private Limited |
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Companies in which
Key Managerial Personnel or their relatives having Significant Influence: |
· Anamallais Agencies Private Limited · Anamallais Automobiles Private Limited · Bannari Amman Spinning Mills Limited · Sakthi Murugan Transports Limited · Sundar Ram Enterprise Private Limited · Young Brand Apparel Private Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22000000 |
Equity Shares |
INR 10/- each |
INR 220.000 Million |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21604521 |
Equity Shares |
INR 10/- each |
INR 216.045
Million |
|
|
|
|
|
NOTES:
Reconciliation in
number and amount of Shares: Opening balance
|
PARTICULARS |
INR
in Million |
|
Opening Shares |
|
|
(Equity shares @
INR 10/- each) |
|
|
Number of shares |
21604521 |
|
Amount of shares |
-- |
|
Closing balance |
|
|
(Equity shares @
INR 10/- each) |
|
|
Number of shares |
21604521 |
|
Amount of shares |
-- |
Name of the
shareholders:
|
Vedanayagam
Hospital Limited |
|
|
Number of shares |
10110667 |
|
% of holding |
46.80% |
|
Annamallai
Retreading Company Private Limited |
|
|
Number of shares |
5083577 |
|
% of holding |
23.53% |
Rights, Preferences
and restrictions attaching to each class of shares including restrictions on
distribution of dividends and repayments of Capital:
The Company has only one class of equity shares having par value of INR 10/- each; each equity share carries one vote; the shares carry equal right with respect to payment of dividend and repayment of capital in any event.
Terms of any securities convertible into Equity/Preference Shares issued along with earliest date of conversion in descending order starting from earliest such date : Not applicable
Shares reserved for issue under option and Contract /
Commitments for the sale of shares / disinvestment including terms and amounts:
Not applicable
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
216.045 |
216.045 |
216.045 |
|
(b) Reserves & Surplus |
1415.164 |
1373.006 |
1293.284 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Demerger Adjustment Pending for Allocation |
(636.878) |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
994.331 |
1589.051 |
1509.329 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
578.584 |
874.011 |
948.977 |
|
(b) Deferred tax liabilities (Net) |
395.948 |
433.381 |
425.838 |
|
(c)
Other long term liabilities |
0.723 |
1.742 |
3.046 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
975.255 |
1309.134 |
1377.861 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
733.174 |
1158.569 |
965.776 |
|
(b)
Trade payables |
373.900 |
227.843 |
312.757 |
|
(c)
Other current liabilities |
430.599 |
480.101 |
436.609 |
|
(d)
Short-term provisions |
16.749 |
41.903 |
36.832 |
|
Total
Current Liabilities (4) |
1554.422 |
1908.416 |
1751.974 |
|
|
|
|
|
|
TOTAL |
3524.008 |
4806.601 |
4639.164 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2122.623 |
2889.688 |
2930.384 |
|
(ii)
Intangible Assets |
4.674 |
4.630 |
3.660 |
|
(iii)
Capital work-in-progress |
0.000 |
70.628 |
53.715 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
5.656 |
10.861 |
11.123 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
244.195 |
291.012 |
313.607 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
2377.148 |
3266.819 |
3312.489 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
640.591 |
917.424 |
789.032 |
|
(c)
Trade receivables |
363.191 |
392.233 |
348.613 |
|
(d)
Cash and cash equivalents |
57.140 |
78.878 |
66.407 |
|
(e)
Short-term loans and advances |
52.384 |
81.130 |
65.369 |
|
(f)
Other current assets |
33.554 |
70.117 |
57.254 |
|
Total
Current Assets |
1146.860 |
1539.782 |
1326.675 |
|
|
|
|
|
|
TOTAL |
3524.008 |
4806.601 |
4639.164 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
3870.390 |
4499.205 |
4652.888 |
|
|
|
Other Income |
22.531 |
8.676 |
8.346 |
|
|
|
TOTAL |
3892.921 |
4507.881 |
4661.234 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2332.053 |
2769.934 |
3104.138 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
14.089 |
1.215 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(9.522) |
(26.627) |
(81.353) |
|
|
|
Employees benefits expense |
345.415 |
306.736 |
251.820 |
|
|
|
Other expenses |
725.947 |
892.096 |
833.300 |
|
|
|
|
0.000 |
0.000 |
1.500 |
|
|
|
TOTAL |
3393.893 |
3956.228 |
4110.620 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
499.028 |
551.653 |
550.614 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
206.081 |
234.896 |
254.692 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
292.947 |
316.757 |
295.922 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
128.257 |
171.303 |
168.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
164.690 |
145.454 |
127.222 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
59.381 |
36.994 |
38.287 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
105.309 |
108.460 |
88.935 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
826.628 |
920.256 |
895.307 |
|
|
TOTAL EARNINGS |
826.628 |
920.256 |
895.307 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
245.805 |
374.665 |
161.931 |
|
|
|
Components and spare parts |
7.496 |
10.097 |
21.199 |
|
|
|
Capital Goods |
2.361 |
13.805 |
51.217 |
|
|
TOTAL IMPORTS |
255.662 |
398.567 |
234.347 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
8.12 |
5.02 |
4.12 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
348.654 |
413.222 |
381.601 |
|
|
|
|
|
|
Cash generated from operations |
995.352 |
304.394 |
944.394 |
|
|
|
|
|
|
Net cash flow from Operating Activities |
957.379 |
274.943 |
927.840 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
34.25 |
31.82 |
27.35 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
10.66 |
11.47 |
13.35 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
58.52 |
29.87 |
36.76 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.78 |
0.60 |
0.70 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.23 |
0.19 |
0.18 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.70 |
0.66 |
0.66 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.67 |
1.54 |
1.52 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.56 |
1.20 |
1.16 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
2.14 |
1.87 |
1.98 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.42 |
2.35 |
2.16 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
2.72 |
2.41 |
1.91 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
2.99 |
2.26 |
1.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
10.59 |
6.83 |
5.89 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.74 |
0.81 |
0.76 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.33 |
0.33 |
0.31 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.28 |
0.33 |
0.33 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
1.17 |
11.32 |
10.63 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.74 |
0.81 |
0.76 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
|
|
|
Market Value |
INR 622.00/- |
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 |
216.045 |
216.045 |
1415.164 |
|
Reserves & Surplus |
1293.284 |
1373.006 |
0.000 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Demerger Adjustment
Pending for Allocation |
0.000 |
0.000 |
-636.878 |
|
Net worth |
1509.329 |
1589.051 |
778.286 |
|
|
|
|
|
|
long-term borrowings |
948.977 |
874.011 |
578.584 |
|
Short term borrowings |
965.776 |
1158.569 |
733.174 |
|
Current Maturities of
Long term debt |
381.601 |
413.222 |
348.654 |
|
Total borrowings |
2296.354 |
2445.802 |
1660.412 |
|
Debt/Equity ratio |
1.521 |
1.539 |
2.133 |
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 |
4652.888 |
4499.205 |
3870.390 |
|
|
|
(3.303) |
(13.976) |
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 |
4652.888 |
4499.205 |
3870.390 |
|
Profit/ (Loss) |
88.935 |
108.460 |
105.309 |
|
|
1.91% |
2.41% |
2.72% |
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 |
Yes |
|
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 |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G69696839 |
100139122 |
THE KARUR VYSYA BANK |
31/10/2017 |
- |
- |
1350000.0 |
249-A, THIRUVENKATASAMY ROAD (EAST)R S PURAMCOIMBATORETN641002IN |
|
2 |
G68488279 |
100137121 |
THE KARUR VYSYA BANK |
04/10/2017 |
- |
- |
1000000.0 |
249-A, THIRUVENKATASAMY ROAD (EAST)R S PURAMCOIMBATORETN641002IN |
|
3 |
G51912855 |
100119521 |
THE KARUR VYSYA BANK LIMITED |
24/07/2017 |
- |
- |
775000.0 |
249-A, THIRUVENKATASAMY ROAD (EAST)R S PURAMCOIMBATORETN641002IN |
|
4 |
G50753706 |
100116518 |
THE KARUR VYSYA BANK LIMITED |
15/06/2017 |
- |
- |
750000.0 |
249-A, THIRUVENKATASAMY ROAD (EAST)R S PURAMCOIMBATORETN641002IN |
|
5 |
G49646516 |
100113606 |
KOTAK MAHINDRA PRIME LIMITED |
14/06/2017 |
- |
- |
1600000.0 |
27BKC, C 27, G BLOCKBANDRA KURLA COMPLEX, BANDRA (E),MUMBAIMA400051IN |
|
6 |
G47130513 |
100106135 |
THE KARUR VYSYA BANK LIMITED |
26/04/2017 |
- |
- |
1000000.0 |
249-A, THIRUVENKATASAMY ROAD (EAST)R S PURAMCOIMBATORETN641002IN |
|
7 |
G34678201 |
100074870 |
THE KARUR VYSYA BANK LIMITED |
02/01/2017 |
- |
- |
1000000.0 |
249-A, THIRUVENKATASAMY ROAD (EAST)R S PURAMCOIMBATORETN641002IN |
|
8 |
G36454957 |
100078754 |
VOLKSWAGEN FINANCE PRIVATE LIMITED |
27/12/2016 |
- |
- |
9000000.0 |
3RD FLOOR, WING - A, SILVER UTOPIACARDINAL GRACIOUS ROAD, CHAKALA, ANDHERIMUMBAIMA400099IN |
|
9 |
G36735470 |
100079336 |
THE KARUR VYSYA BANK LIMITED |
22/11/2016 |
- |
- |
150000000.0 |
249-A, THIRUVENKATASAMY ROAD (EAST)R S PURAMCOIMBATORETN641002IN |
|
10 |
G35302207 |
100076544 |
THE KARUR VYSYA BANK LIMITED |
08/09/2016 |
- |
- |
600000.0 |
249-A, THIRUVENKATASAMY ROAD (EAST)R S PURAMCOIMBATORETN641002IN |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF
YEAR ENDED 30.09.2017
(INR IN MILLION)
|
Particulars |
Quarter Ended 30.09.2017 |
Quarter Ended 30.06.2017 |
Half Year Ended 30.09.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Income from operations |
|
|
|
|
Revenue from operations |
1059.359 |
817.836 |
1877.195 |
|
Other Income |
2.232 |
0.810 |
3.042 |
|
Total Income |
1061.591 |
818.646 |
1880.237 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of Materials Consumed |
634.776 |
609.908 |
1244.684 |
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
51.450 |
(201.238) |
(149.788) |
|
Employee
benefits expense |
105.687 |
95.358 |
201.045 |
|
Finance
Costs |
52.962 |
48.809 |
101.771 |
|
Depreciation
and amortisation expense |
32.383 |
33.272 |
65.655 |
|
Other
expenditure |
144.942 |
188.106 |
333.048 |
|
Total Expenses |
1022.200 |
774.215 |
1796.415 |
|
|
|
|
|
|
Profit from ordinary activities after finance costs but before
exceptional Items (5-6) |
39.391 |
44.431 |
83.822 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
Profit from ordinary activities before tax
(7-8) |
39.391 |
44.431 |
83.822 |
|
Tax expense |
|
|
|
|
Current
Tax |
6.771 |
7.726 |
14.497 |
|
Deferred
Tax |
(0.753) |
(1.908) |
(2.661) |
|
Net profit/ loss for the year |
33.373 |
38.613 |
71.986 |
|
Other
comprehensive income |
1.854 |
(0.202) |
1.652 |
|
Total comprehensive income |
35.227 |
38.411 |
73.638 |
|
Paid - up Equity Share Capital (Face value of INR 10/- per share) |
129.627 |
129.627 |
129.627 |
|
Earnings Per Share (EPS) |
|
|
|
|
a) Basic and diluted |
2.57 |
2.98 |
5.55 |
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
|
SOURCES OF FUNDS |
30.09.2017 |
|
|
(Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
Equity |
|
|
Equity Share Capital |
216.045 |
|
Other Equity |
1492.634 |
|
Demerger Adjustment |
(636.878) |
|
Total
Shareholders’ Funds |
1071.801 |
|
|
|
|
Liabilities
|
|
|
Non-Current
Liabilities |
|
|
Financial
Liabilities |
|
|
Borrowing |
502.022 |
|
Trade Payables |
0.000 |
|
Other Financial Liabilities |
0.000 |
|
Provisions |
0.000 |
|
Differed tax liabilities |
393.287 |
|
Other Non-Current Liabilities |
0.225 |
|
Total Non-current Liabilities |
895.534 |
|
|
|
|
Current Liabilities |
|
|
Financial
Liabilities |
|
|
Borrowing |
940.735 |
|
Trade
payables |
394.487 |
|
Other Financial Liabilities |
348.226 |
|
Other
current liabilities |
57.660 |
|
Provisions |
14.631 |
|
Current tax Labilities |
13.683 |
|
Sub Total
Current Liabilities |
1769.422 |
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
3736.757 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
Property, plant and Equipments |
2095.945 |
|
Capital work in progress |
2.225 |
|
Investment Propriety |
0.735 |
|
Others Intangible assets |
3.062 |
|
Intangible assets Under Development |
0.000 |
|
Biological assets other than bearer plants |
0.000 |
|
(D)Financial Assets |
|
|
Investments |
10.433 |
|
Trade
Receivables |
0.000 |
|
Loans |
21.078 |
|
Other [to be specified] |
200.817 |
|
Deferred Tax Assets |
0.000 |
|
Other non-current assets |
31.397 |
|
Total Non-Current
Assets |
2365.692 |
|
|
|
|
(2) Current assets |
|
|
Inventories |
679.568 |
|
Financial Assets |
|
|
Investments |
0.000 |
|
Trade
Receivables |
507.047 |
|
Cash and
cash equivalents |
58.329 |
|
Bank Balance
Other than |
0.000 |
|
Loans |
0.000 |
|
Other [to be specified] |
85.641 |
|
current Tax Assets |
0.000 |
|
Other Current Assets |
40.480 |
|
Sub Total
Current Assets |
1371.065 |
|
|
|
|
TOTAL
ASSETS |
3736.757 |
NOTES:
1. The above Unaudited Financial Results were reviewed by the Audit Committee of Directors and taken on record by the Board of Directors at their meeting held on 16th November 2017.
2. The Company has only one business segment in operation. i.e. Textile Business. Hence segment wise reporting is not applicable.
3. Statutory Auditors of the Company have carried out “Limited Review” of the above financial results for the period/quarter ended September 30, 2017.
4. The Company Adopted Indian Accounting Standards (IND AS) from April 1st, 2017 and accordingly these financial results have been prepared in accordance with the recognition and measurement principles laid down in the IND AS 34 "Interim Financial Reporting" prescribed Under Sec. 133 of the Companies Act, 2013 read with the relevant rules issued there under and the other accounting principles generally accepted in India. Impact of IND AS 19 Employee benefits will be considered at the year end.
5. The Financial Results pertaining to the period/quarter ended September 30, 2016 as modified to comply with IND-AS were not subjected to Limited Review or Audit and have been presented based on the information compiled by the management. The management has exercised necessary due diligence to ensure that the financial results provide a true and fair view of its affairs in accordance with the IND AS.
6. National Company Law Tribunal, Chennai by their order dated 23.08.2017 have approved the Scheme of Arrangement of Demerger of Spinning unit I of the Company in favour of Shiva Mills Limited (formerly STYL Textile Ventures Limited), the wholly owned subsidiary with effect from 1st April 2015. Hence the previous quarter/period figure for 2016 given in the standalone results does not include the figures pertaining to the demerged business undertaking.
7. The consolidated results include the results of Shiva Mills Limited (formerly STYL Textile Ventures Limited), the Wholly Owned Subsidiary for the quarter ended June’ 2017, period/quarter ended September’ 2017 and for the corresponding period/quarter ended 30th September 2016.
8. Based on SEBI circular dt.05.07.2016, the Company has presented the results for the previous period under Ind-AS. Consequent to transition to Ind-AS, the reconciliation of Net Profit/(Loss) is given below in accordance with the requirements of paragraph 32 of Ind-AS
9. The results for the period/quarter ended September 30 2016 have been restated to comply with IND AS to make them comparable with the current period. Further previous period figures have been regrouped and reclassified wherever necessary.
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
11.500 |
11.500 |
|
|
|
|
|
Total |
11.500 |
11.500 |
SCHEME OF DEMERGER OF
SPINNING UNIT-1 WITH CONNECTED WIND MILLS:
The National Company Law Tribunal (NCLT) vide their
proceedings dated 24th August 2017 in Company Petition No.359 & 360 of
2016, renumbered as TCP/22 & 23/CAA/2017, approved the scheme for demerger
of the business of Spinning Unit - 1 along with connected wind mills, in favour
of Shiva Mills Limited (formerly known as STYL Ventures Limited), a wholly
owned subsidiary of Shiva Texyarn Limited (Demerged Company). The demerger
comes in to effect from 1st April 2015, the appointed day fixed under the Scheme.
In the accounts of the Company for the financial year 2016-17 accounting effect
has been given for the demerger, by exclusion of assets and liabilities, vested
in the resulting company as on the appointed day and for subsequent
transactions between your company and the Resulting Company carried out till
31st March 2017.
REVIEW OF OPERATIONS:
The Company, achieved the following performance from the business undertakings retained by the company as demerged company, as per Scheme of Demerger approved by the NCLT; hence to facilitate comparison, previous year figures given in brackets in the following paragraphs for review of performance pertain to the business undertakings retained by the company.
During the year, the spinning unit produced 12341.51 tonnes (12282.12 tonnes) of yarn, of which 2772.85 tonnes (1699.68 tonnes) was used to produce knitted fabrics. The spinning unit sold 9722.74 tonnes (10751.06 tonnes) of yarn out of which exports accounted for 2399.30 tonnes (3063.76 tonnes) and 2692.03 tonnes (1651.06 tonnes) of knitted fabrics. Further, during the year, the Company sold 3730.17 tonnes (3674.65 tonnes) of waste cotton, of which exports accounted for 770.2 tonnes (900.66 tonnes). The Wind Mills with aggregate installed capacity of 18.145 MW generated 277.68 lakh units of Wind Electricity as against 165.48 lakh units in the last year. The entire power generated by Wind Mills was utilized for captive consumption at the textile mill. Unlike in the earlier years, TANGEDCO was able to evacuate most of the wind energy generated by the Wind mills as a result of which the performance of the Windmills improved significantly during the year.
The performance of the Spinning Unit in terms of profitability was affected by steep fall in prices of yarn due to supply/demand mismatch in the second half of the year. However the significant improvement in Wind Electricity generated for captive use, helped the Company to achieve improved profit during the year.
The Company's Technical Textile divisions viz. Coating,
Lamination and Processing have stabilized their operations and have contributed
to the overall performance of the Company in a significant way. The Bag
division operating under the brands Wulf and Wulf Pro is improving its market
share gradually. The Company which started supplying Home Textiles to M/s Ikea
Distribution services during last year has improved its performance during the
year. Moreover the Company which obtained an order from the Ministry of Defence
for supply of Nuclear Biological Chemical (NBC) suits shipped the first
consignment during the year. The overall sales turnover of the Company from all
divisions aggregated to INR 3776.795 million (INR 3001.999 million) of which
exports including Merchant exports amounted to INR 769.747 million (INR 704.006
million), the exports contributing 20.38% (23.45%) of the overall sales of the
Company.
PROSPECTS FOR THE
CURRENT YEAR
The Spinning segment of Textile Industry continues to face mismatch of prices of yarn with reference to cost of raw material and other inputs. The prices of cotton is likely to remain low in the current season due to increase in domestic production. Hence with expected increase in demand for cotton yarn both in domestic and export markets, the performance of the Spinning unit is set to improve in the remaining part of the ensuing year.
The contribution from Technical Textile products is likely to improve significantly in the coming years as new markets are explored. The recently started divisions of Garments are also expected to contribute to the overall earnings and profits of the Company in the ensuing years and hence the overall performance of these divisions augur well for the Company in the years to come.
Considering the above, the overall performance of the Company as a whole is likely to be better in the years to come.
MANAGEMENT DISCUSSION
AND ANALYSIS
COMPANY'S BUSINESS
The Company's principal line of business is manufacturing
and marketing of Cotton Yarn and Technical Textile products viz. Coated &
Laminated fabrics, Home Textile and other value added products. The Company has
a spinning unit near Coimbatore with an installed capacity of 52416 spindles,
58 Windmills with an installed capacity of 18.145 MW, Lamination, Coating and
Garment units near Coimbatore and Processing unit at SIPCOT, Perundurai.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
India's textile industry has made a major contribution to
the nation's economy in terms of net foreign exchange earnings and contribution
to Gross domestic product. Textile's share in nation's GDP is about 6% and
about 13% in exports. The Indian Textiles Industry currently estimated at
around USD 108 billion is expected to reach USD 350 billion by 2025. Thus the
growth and all round development of this Industry has a direct bearing on the
improvement of the economy of the Country.
OUTLOOK
The outlook for Indian textile industry remains optimistic, as demand is expected to pick up on account of improving economic sentiments in both domestic and export markets. The Government has introduced Goods and Service Tax st (GST) effective 1 July 2017 which is expected to provide a level playing field for all classes of manufacturers and hence will have positive impact on the economy.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims against the Company not acknowledged as debt |
-- |
-- |
|
Guarantees |
-- |
-- |
|
Other money for
which the Company is contingently liable: |
|
|
|
Disputed demands from ESI Authorities pertaining to
Corporate office |
1.128 |
1.128 |
|
Disputed TNVAT demand in respect of which interim stay granted by Hon'ble High Court of Madras |
0.000 |
0.000 |
|
Disputed claims of Tanged co as part of energy supply Bill |
9.144 |
14.362 |
FIXED ASSETS:
Tangible
· Land
· Buildings
· Plant and equipments
· Furniture’s and fixtures
· Vehicles
· Office Equipments
· Computers and Data Processing Units:
Intangible assets
·
Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.08 |
|
UK Pound |
1 |
INR 91.34 |
|
Euro |
1 |
INR 80.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
RUP |
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.