|
|
|
%20LIMITED%20-%20490383%2005-Feb-2018_files/image015.jpg){kind=small}
%20LIMITED%20-%20490383%2005-Feb-2018_files/image016.jpg)
%20LIMITED%20-%20490383%2005-Feb-2018_files/image018.gif)
MIRA INFORM REPORT
|
Report No. : |
490383 |
|
Report Date : |
05.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
ELECTROTHERM (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
A–1, Skylark Apartment, Satellite Road, Satellite, Ahmedabad – 380015,
Gujarat |
|
Tel. No.: |
91-79-26768844 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
29.10.1986 |
|
|
|
|
Com. Reg. No.: |
04-009126 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 247.700 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29249GJ1986PLC009126 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
GSTIN : |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Divulged |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The Company is engaged in the Manufacturing of Electronic furnaces and other capital equipments, Sponge and PIG Iron, Ferrous and Non-ferrous Billets/Bars/Ingots, Duct Iron Pipes, Battery operated vehicles, Electric Power Generation and services relating to Electric furnaces, other capital equipments and battery operated vehicles. (Registered Activity) |
|
|
|
|
No. of Employees
: |
2122 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
D |
|
Credit Rating |
Explanation |
Rating Comments |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated on 29th October 1986 and it is engaged in manufacturing of electronic furnaces and other capital equipments, sponge and pig iron, ferrous and non-ferrous billets/bars/ingots, duct iron pipes, battery operated vehicles, electronic power generation and services relating to electric furnaces, other capital equipments and battery operated vehicles. For the financial record of 2017, the company has achieved revenue of 9.17% but has incurred operational losses. The moderate financial profile of the company is reflected by negative networth due to huge accumulated losses along with average debt coverage indicators. Rating is constrained as the company has been found under RBI defaulter’s list, the name of credit grantor is Syndicate Bank and the amount charged is INR 240.178 million as on 31-12-2016 Vijaya Bank and the amount charged is INR 598.951 million as on 30-06-2017, UCO Bank and the amount charged is INR 487.000 million as on 31-03-2017. Furthermore, the management has registered case (Case No. 29/2014) with Board for Industrial and Financial Reconstruction (BIFR) under Sick Industrial Companies Act, 1985 and status for the order of rehabilitation proposal is shown as pending determination of sickness as on 8th July, 2016. Payments seems to be slow and delayed. In view of aforesaid, we do not recommended any business dealings with the subject. |
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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under:
Suit-filed
accounts of INR 2.500 million and above
Borrowers
details
|
BORROWER NAME |
ELECTROTHERM (INDIA) Limited |
|
ADDRESS |
A-1, SKYLARK APARTMENT, SATELITTE AHMEDABAD -
380 015 |
Name
of Directors Reported by Credit Grantors Filing the Suit:
|
Sr.
No. |
Directors
Reported by Credit Grantors |
DIN
Number |
|
UCO BANK |
|
|
|
1 |
AVINASH BHANDARI |
|
|
2 |
MADHUSUDAN SOMANI |
|
|
3 |
MUKESH BHANDARI |
|
|
4 |
NARENDRA DALAI |
|
|
5 |
NILESH DESAI |
|
|
6 |
PRODIP KRISHNA PRASAD |
|
|
7 |
RAVI KUMAR TREHAN |
|
|
8 |
SAILESH BHANDARI |
|
|
9 |
SUDHIR KAPOOR |
|
List
of Credit Grantors to which Electrotherm (India) Limited is a defaulter:
|
Names
of Credit Grantors |
Branch |
Amount |
|
UCO BANK |
MCU AHMEDABAD |
487.000 |
|
|
TOTAL |
487.000 |
Suit-filed
accounts of INR 10.000 million and above
Borrowers
details
|
BORROWER NAME |
ELECTROTHERM (INDIA) LIMITED |
|
ADDRESS |
A-1 SKYLARK APPARTMENT NEAR BIMA NAGAR
SATELLITE ROAD AHMEDABAD GUJARAT |
Name of
Directors Reported by Credit Grantors Filing the Suit:
|
Sr.
No. |
Directors
Reported by Credit Grantors |
DIN
Number |
|
|
|||
|
SYNDICATE BANK |
|||
|
1 |
MUKESH BHANDARI - DIR |
|
|
|
2 |
SHAILESH BHANDARI - DIR |
|
|
List of Credit Grantors to which Electrotherm (India)
Limited is a defaulter:
|
Names
of Credit Grantors |
Branch |
Amount |
|
SYNDICATE BANK |
ASHRAM ROAD AHMEDABAD |
240.178 |
|
|
TOTAL |
240.178 |
Suit-filed
accounts of INR 10.000 million and above
Borrowers
details
|
BORROWER NAME |
ELECTROTHERM (INDIA) LIMITED |
|
ADDRESS |
A-1 SKYLARK APPARTMENT NEAR BIMA NAGAR
SATELLITE ROAD AHMEDABAD GUJARAT |
Name of
Directors Reported by Credit Grantors Filing the Suit:
|
Sr.
No. |
Directors
Reported by Credit Grantors |
DIN
Number |
|
|
|||
|
VIJAYA BANK |
|||
|
1 |
AVINASH PRAKASHCHANDRA BHANDARI |
58986 |
|
|
2 |
CHAITANYAPRATAP HARISH SHARMA |
7067095 |
|
|
3 |
FAGESHKUMAR RAMESHBHAI SONI-BNSPS6825B |
|
|
|
4 |
KRUTITUSHAR SHUKLA |
7298899 |
|
|
5 |
MUKESH BHANWARLAL BHANDARI |
14511 |
|
|
6 |
PAWAN SHRRAMAUTAR BHAROWAJ
GAUR-BITPG8518F |
||
|
7 |
RAM SINGH |
59026 |
|
|
8 |
SHAILESH BHANWARLAL BHANDARI |
58866 |
|
List of Credit Grantors to which Electrotherm (India)
Limited is a defaulter:
|
Names
of Credit Grantors |
Branch |
Amount |
|
VIJAYA BANK |
I F B, AHMEDABAD |
598.951 |
|
|
TOTAL |
598.951 |
Suit-filed
accounts of INR 2.500 million and above
Borrowers
details
|
BORROWER NAME |
ELECTROTHERM (INDIA) LIMITED L29249GJ198PLC00912 |
|
ADDRESS |
A-1 SKYLARK APPARTMENT NEAR BIMA NAGAR
SATELLITE ROAD AHMEDABAD GUJARAT |
Name of
Directors Reported by Credit Grantors Filing the Suit:
|
Sr.
No. |
Directors
Reported by Credit Grantors |
DIN
Number |
|
|
|||
|
CENTRAL BANK OF
INDIA |
|||
|
1 |
BRIG PRADIPKRISHNA PRASAD PAN AEFPP2560K |
59004 |
|
|
2 |
AVINASH BHANDARI PAN ABRPB0303P |
58986 |
|
|
3 |
MUKESH BHANDARI PAN AALPB1974B |
14511 |
|
|
4 |
NILESH DESAI PAN ACMPD1404F |
58890 |
|
|
5 |
RAM SINGH PAN ALIPS3069E |
59026 |
|
|
6 |
SHAILESH BHANDARI PAN AALPB1973G |
58866 |
|
List of Credit Grantors to which Electrotherm (India)
Limited is a defaulter:
|
Names
of Credit Grantors |
Branch |
Amount |
|
CENTRAL BANK OF INDIA |
MCB AHMEDABAD |
3852.600 |
|
|
TOTAL |
3852.600 |
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’
list as of 31-03-2016.
|
ENTITY |
PERSON |
COMPETENT AUTHORITY |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
|
ELECTROTHERM (INDIA) LIMITED |
BANKS |
WILFUL DEFAULTER |
SUIT FILED- INR
3852.600 Million |
||
|
ELECTROTHERM (INDIA) LIMITED |
BANKS |
WILFUL DEFAULTER |
SUIT FILED- INR
487.000 Million |
NOT APPEARING IN THE LIST FOR THE QUARTER ENDED
30-JUNE-2017 |
|
|
ELECTROTHERM (INDIA) LIMITED |
BANKS |
WILFUL DEFAULTER |
SUIT FILED- INR
514.400 Million |
NOT APPEARING IN THE LIST FOR THE QUARTER ENDED
30-JUNE-2017 |
|
|
ELECTROTHERM (INDIA) LIMITED |
BANKS |
WILFUL DEFAULTER |
SUIT FILED- INR
1167.299 Million 30-JUN-2016 |
NOT APPEARING IN THE LIST FOR THE QUARTER ENDED
30-SEPTEMBER-2016 |
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is listed as a Sick Unit in the
publicly available BIFR (Board for Industrial & Financial Reconstruction)
list as of 08.07.2016
|
Case No. |
Company Name |
Address |
Status |
Date of Last
Order |
|
29/2014 |
ELECTROTHERM (INDIA) LIMITED |
Survey No. 72, Village : Palodia, (Via Thaltej), Taluka Kalol,
Gandhinagar |
Pending Determination of Sickness |
08.07.2016 |
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 DECLINED
Management non-cooperative (Tel No.: 91-2717-660750/ 91-79-26768844)
LOCATIONS
|
Registered Office : |
A–1, Skylark Apartment, Satellite Road, Satellite, Ahmedabad – 380015,
Gujarat, India |
|
Tel. No.: |
91-79-26768844 |
|
Mobile No.: |
91-9825159296 (Mr. Shailesh Bhandari) |
|
Fax No.: |
91-79-26768855 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3500 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Head Office / Factory 1 : |
Engineering and Projects Division Survey No. 72, Village
: Palodia, (Via Thaltej), Ahmedabad– 382115, Gujarat, India |
|
Tel. No.: |
91-2717-234553 / 7 / 660750 |
|
Fax No.: |
91-2717-234866 |
|
|
|
|
Factory 2 : |
Special Steel, DI Pipe and Electric Vehicle
Division Survey No. 325, Village : Samakhiyali, National Highway No. 8A, 310 KM Stone, Near Toll Naka, Taluka : Bhachau, District : Kutch - 370140, Gujarat, India |
|
|
|
|
Factory 3 : |
Wind Farm Project Village : Dhank, Taluka : Upleta, District : |
|
|
|
|
Factory 4 : |
Village : Juni Jithardi, Taluka : Karjan, District : Vadodara,
Gujarat, India |
|
|
|
|
Other Offices : |
Located At : ·
Angul ·
Bangalore ·
Bangladesh ·
Bellary ·
Chennai ·
Coimbatore ·
Delhi ·
Ghaziabad ·
Goa ·
Hyderabad ·
Jaipur ·
Jalna ·
Jalandhar ·
Jamnagar ·
Jamshedpur ·
Kanpur ·
Koderma ·
Kolhapur ·
Kolkata ·
Ludhiana ·
Mandi Gobindgarh ·
Mumbai ·
Nagpur ·
Nasik ·
Panaji ·
Pune ·
Raipur ·
Raigarh ·
Rajkot ·
Rourkela ·
Sambalpur |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Mukesh Bhanwarlal Bhandari |
|
Designation : |
Managing Director |
|
Address : |
A-1, Skylark Apartment, Satellite Road, Satellite, Ahmedabad-380015, Gujarat, India |
|
Date of Appointment : |
01.02.2009 |
|
DIN No.: |
00014511 |
|
|
|
|
Name : |
Mr. Shailesh Bhanwarlal Bhandari |
|
Designation : |
Managing Director |
|
Address : |
A-1, Skylark Apartment, Satellite Road, Ahmedabad-380015, Gujarat, India |
|
Date of Birth/Age : |
56 Years |
|
Qualification : |
B.Sc.(Economics) |
|
Date of Appointment : |
29.03.2007 |
|
DIN No.: |
00058866 |
|
|
|
|
Name : |
Mr. Avinash Prakashchandra Bhandari |
|
Designation : |
Managing Director |
|
Address : |
24, Someshwar Complex, Satellite Road, Ahmedabad-380015, Gujarat, India |
|
Date of Birth/Age : |
51 Years |
|
Qualification : |
B.E. (Electronics),M.S. (U.S.A.), M.B.A. (Finance)(U.S.A.) |
|
Date of Appointment : |
08.10.2003 |
|
DIN No.: |
00058986 |
|
|
|
|
Name : |
Mr. Siddharth Mukesh Bhandari |
|
Designation : |
Whole-time Director |
|
Address : |
A/1, Skylark Apartment. Satellite, Navrangpura, Ahmedabad – 380015, Gujarat, India |
|
Date of Appointment : |
26.04.2017 |
|
DIN No.: |
01404674 |
|
|
|
|
Name : |
Mr. Madhu Aravind Menon |
|
Designation : |
Director |
|
Address : |
B/504, Sanskar Flats, Opposite Karnavati Club, Near Shalby Hospital, S G Highway, Ahmedabad-380051, Gujarat, India |
|
Date of Birth/Age : |
44 Years |
|
Qualification : |
Graduate in Business Administration and Ad. Marketing |
|
Date of Appointment : |
05.09.2017 |
|
DIN No.: |
00950279 |
|
|
|
|
Name : |
Mr. Pratap Mohan |
|
Designation : |
Director |
|
Address : |
C-30, Samatva, O7 Club Road, Shela, Taluka Sanand, Ahmedabad-380058, Gujarat, India |
|
Date of Birth/Age : |
56 years |
|
Qualification : |
MBA from IIM, Calcutta & B. Tech. (Chem) from IIT (BHU), Varansi |
|
Date of Appointment : |
05.09.2017 |
|
DIN No.: |
03536047 |
|
|
|
|
Name : |
Mr. Dinesh Shankar Mukati |
|
Designation : |
Director |
|
Address : |
101-A, Paramount Residency, 168 Sunrise Park, Vastrapur Ahmedabad- 380015, Gujarat, India |
|
Date of Birth/Age : |
59 Years |
|
Qualification : |
B.Com |
|
Date of Appointment : |
05.09.2017 |
|
DIN No.: |
07909551 |
KEY EXECUTIVES
|
Name : |
Mr. Pawan Shrramautar Bharowaj Gaur |
|
Designation : |
Chief Financial Officer |
|
Address : |
E-502, Chinmay Crystal Towers, Opposite Vastrapur Lake, Vastrapur, Ahmedabad-380015, India |
|
Date of Appointment : |
07.07.2014 |
|
PAN No.: |
BITPG8518F |
|
|
|
|
Name : |
Mr. Fageshkumar Rameshbhai Soni |
|
Designation : |
Company Secretary |
|
Address : |
G-202, 2nd Floor, Shukan Glory Near. Viswas City 5, New Prahalad Nagar, G Ota Cross, Ahmedabad-382481, India |
|
Date of Appointment : |
01.10.2015 |
|
PAN No.: |
BNSPS6825B |
MAJOR SHAREHOLDERS
As on 31.12 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 |
3863175 |
30.32 |
|
|
(B) Public |
8879639 |
69.68 |
|
|
Grand Total |
12742814 |
100.00 |
%20LIMITED%20-%20490383%2005-Feb-2018_files/image020.gif)
Statement showing shareholding pattern of the Promoter and
Promoter Group
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % |
|
|
A1) Indian |
|||
|
Individuals/Hindu
undivided Family |
2375675 |
18.64 |
|
|
Shailesh Bhandari |
848275 |
6.66 |
|
|
Mukesh Bhandari |
809500 |
6.35 |
|
|
Ritu Bhandari |
243025 |
1.91 |
|
|
Nagesh Bhandari |
233125 |
1.83 |
|
|
Mukesh Bhanwarlal Bhandari |
60000 |
0.47 |
|
|
Indubala Bhandari |
51500 |
0.40 |
|
|
Narendra Dalal |
34500 |
0.27 |
|
|
Jyoti Bhandari |
375 |
0.00 |
|
|
Reema Bhandari |
275 |
0.00 |
|
|
Suraj Bhandari |
81100 |
0.64 |
|
|
Anurag Mukesh Bhandari |
14000 |
0.11 |
|
|
Any
Other (specify) |
975000 |
7.65 |
|
|
Western India Speciality
Hospital Limited |
975000 |
7.65 |
|
|
Sub
Total A1 |
3350675 |
26.29 |
|
|
A2) Foreign |
0.00 |
||
|
Individuals
(NonResident Individuals/ Foreign Individuals) |
512500 |
4.02 |
|
|
Bhandari Rakesh |
512500 |
4.02 |
|
|
Sub
Total A2 |
512500 |
4.02 |
|
|
A=A1+A2 |
3863175 |
30.32 |
Statement showing shareholding pattern of the Promoter and
Promoter Group
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR,
1957 As a % |
|
|
B1)
Institutions |
|
|
|
|
Mutual
Funds/ |
9800 |
0.08 |
|
|
Foreign
Portfolio Investors |
474188 |
3.72 |
|
|
Aspire Emerging Fund |
474188 |
3.72 |
|
|
Financial
Institutions/ Banks |
100 |
0.00 |
|
|
Sub
Total B1 |
484088 |
3.80 |
|
|
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 |
1191644 |
9.35 |
|
|
Individual
share capital in excess of INR 0.200 million |
1187394 |
9.32 |
|
|
Jagdishkumar Amrutlal Akhani |
789015 |
6.19 |
|
|
Any
Other (specify) |
6016513 |
47.21 |
|
|
HUF |
82358 |
0.65 |
|
|
Overseas corporate bodies |
2000000 |
15.70 |
|
|
Castleshine Pte Limited |
1000000 |
7.85 |
|
|
Leadhaven Pte Limited |
1000000 |
7.85 |
|
|
NRI |
111630 |
0.88 |
|
|
Clearing Members |
144092 |
1.13 |
|
|
Bodies Corporate |
3678433 |
28.87 |
|
|
Edelweiss Asset Reconstruction
Company Limited |
1085000 |
8.51 |
|
|
Web Businesses.Com Global
Limited |
297599 |
2.34 |
|
|
Froid Finance and Investment
Private Limited |
247565 |
1.94 |
|
|
Lavish Packagers Limited |
190594 |
1.50 |
|
|
Highland Finances and
Investments Private Limited |
219162 |
1.72 |
|
|
Dhanvarsha Finvest Limited |
200000 |
1.57 |
|
|
Vardhman Infracon Private
Limited |
186139 |
1.46 |
|
|
Arjun Leasing And Finance
Private Limited |
220129 |
1.73 |
|
|
Passim Share Trade LLP |
200000 |
1.57 |
|
|
S J Infratech Private Limited |
143638 |
1.13 |
|
|
Sub
Total B3 |
8395551 |
65.88 |
|
|
B=B1+B2+B3 |
8879639 |
69.68 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the Manufacturing of Electronic furnaces and other capital equipments, Sponge and PIG Iron, Ferrous and Non-ferrous Billets/Bars/Ingots, Duct Iron Pipes, Battery operated vehicles, Electric Power Generation and services relating to Electric furnaces, other capital equipments and battery operated vehicles. (Registered Activity) |
||||||
|
|
|
||||||
|
Products / Services
: |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Available |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Available |
||||||
|
|
|
||||||
|
Exports : |
Not Divulged |
||||||
|
|
|
||||||
|
Imports : |
Not Divulged |
||||||
|
|
|
||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
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|
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Customers : |
|
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|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
2122 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Corporation Bank · Dena Bank · Union Bank of India · Standard Chartered Bank · Central Bank of India · Indian Overseas Bank · Vijya Bank · UCO Bank · Syndicate Bank |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Financial Institutions |
· Edelweiss Asset Reconstruction Company Limited · Invent Assets Securitisation and Reconstruction Private Limited · International Finance Corporation |
||||||||||||||||||||||||||||||||||||||||||||||||
|
Statutory Auditor : |
|
|
Name : |
Mehta Lodha and Co Chartered Accountants |
|
|
|
|
Secretarial Auditor
: |
Bharat Prajapati and Co. Company Secretaries |
|
|
|
|
Cost Auditor : |
V. H. Savaliya and Associates Cost Accountants |
|
|
|
|
Internal Auditor : |
RSM Astute Consulting (Guj.) Private Limited |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries : |
· Jinhua Indus Enterprises Limited · Jinhua Jahari Enterprises Limited · Bhaskarpara Coal Company Limited · ET Elec-Trans Limited · Hans Ispat Limited · Shree Ram Electro Cast Limited · Shree Hans Paper Limited ·
Electrotherm Mali SARL* (Ceased to be
subsidiary w.e.f. 27th March 2017) |
|
|
|
|
Enterprises owned or
significantly influenced by key management personnel or their
relatives*(Except foreign companies) |
· Ahmedabad Aviation and Aeronautics Limited · Western India Speciality Hospital Limited · E-Motion Power Limited · Indus Elec-Trans Private Limited · Jayshri Petro-Yarn Private Limited · Adroit Trading and Investment Co. · EIL Hospitality Private Limited · EIL Software Services Offshore Private Limited · EIL Technology Private Limited · Electrotherm Engineering and Projects Limited · Western India Institute of Aeronautics Private Limited (Formerly Kappa Consultancy Private Limited ) · Electrotherm Foundation · Gujarat Mint Alloys Limited · Etain Electric Vehicles Limited (Formerly Electra Transformer Private Limited) · Airfones Innovatives Private Limited · BNB Real Estate Private Limited · ETAIN Energy Holdings Limited (Formerly Electrotherm Energy Holdings Limited ) · Electrotherm Solar Limited · Palace Solar Energy Private Limited · SBRB Real Estate Private Limited · Bhandari Real Estate Private Limited · ETAIN Renewables Limited (Formerly ETAIN Immodo Renewables Limited ) · Arjun Ceramics and Carbon Private Limited · Indus Chargers and Controllers Private Limited · Arjun Solar One Private Limited · Arjun Green Power Private Limited · Arjun Raj Solar One Private Limited · Bhandari Charitable Trust · Head Spring Energy Tech Private Limited (Formerly Arjun Raj Solar Five Private Limited ) |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
INR 10/- each |
INR 250.000 Million |
|
25000000 |
6% Non-Cumulative Redeemable Preference Shares |
INR 10/- each |
INR 250.000 Million |
|
28590000 |
Partially Convertible Partially Redeemable Preference Shares |
INR 10/- each |
INR 285.900 Million |
|
|
Total |
|
INR 785.900
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12742814 |
Equity Shares |
INR 10/- each |
INR 127.400
Million |
|
12000000 |
6% Non-Cumulative Redeemable Preference Shares |
INR 10/-
each |
INR 120.000
Million |
|
|
Total |
|
INR 247.400 Million |
(a) A reconciliation
of the number of shares outstanding at the beginning and at the end of the
reporting period.
|
Equity Shares |
As at 31.03.2017 |
|
No. of Shares |
|
|
Shares outstanding at the beginning of the year |
11476374 |
|
Add : Shares Issued during the year |
1266440 |
|
Shares outstanding at the end of the year |
12742814 |
|
6% Non-Cumulative
Redeemable Preference Shares |
As at 31.03.2017 |
|
No. of Shares |
|
|
Shares outstanding at the beginning of the year |
12000000 |
|
Add : Shares Issued during the year |
-- |
|
Shares outstanding at the end of the year |
12000000 |
|
Partially Convertible
Partially Redeemable Preference Shares |
As at 31.03.2017 |
|
No. of Shares |
|
|
Shares outstanding at the beginning of the year |
28590000 |
|
Add : Shares Issued During the Year |
-- |
|
Less : Shares Converted into equity during the year |
28590000 |
|
Shares outstanding at the end of the year |
-- |
(b) Rights,
preference and restriction attached to Equity Shares
(i) The face value of the Equity shares is INR 10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian Rupees. During the year, the company has not declared any dividend.
(ii) The shareholders are not entitled to exercise any voting right either personally or proxy at any meeting of the Company in cases calls or other sums payable have not been paid.
(iii) In the event of liquidation of the company, holder of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
(C) Rights,
preference and restriction attached to Preference Shares
(i) The face value of the Preference shares is INR 10/- per share. The Preference share holder does not have any voting rights. During the year, the company has not declared any dividend.
(ii) In the event of liquidation of the company, the preference shareholders will have priority over equity shares in the payment of dividend and repayment of capital.
(d) Rights, preference
and restriction attached to Partially Convertible Partially Redeemable
Preference Shares (PCPRPS)
(i) The face value of the Partially Convertible Partially Redeemable Preference Shares is INR 10/- per share. The Preference share holder does not have any voting rights. During the year, the company has not declared any dividend.
(ii) In the event of liquidation of the company, the preference shareholders will have priority over equity shares in repayment of capital.
(iii) The Equity Shares arising upon conversion of the PCPRPS shall rank pari passu with the existing Equity Shares of the Company in all respects, including dividend.
(e) There were no shares reserved at the year-end for issue under options and contracts / commitments for the sale of shares / disinvestment.
(f) Shareholders
holding more than 5% of the Shares in the Company:
|
Name of Shareholder |
As at 31.03.2017 |
|
|
No. of Shares |
% of Holdings |
|
|
Edelweiss Asset Reconstruction Company Limited |
1266440 |
9.94 |
|
Castleshine Pte. Limited |
1000000 |
7.85 |
|
Leadhaven Pte. Limited |
1000000 |
7.85 |
|
Western India Specialty Hospital Limited |
975000 |
7.65 |
|
Shailesh Bhandari |
848275 |
6.66 |
|
Mukesh Bhandari |
809500 |
6.35 |
|
Jagdishkumar Amrutlal Akhani |
692249 |
5.43 |
6% Non-Cumulative
Redeemable Preference Shares
|
Name of Shareholder |
As at 31.03.2017 |
|
|
No. of Shares |
% of Holdings |
|
|
Highland Finance and Investments Private Limited |
3240000 |
27.00 |
|
Web Businesses.com Global Limited |
2730000 |
22.75 |
|
Lavish Packagers Limited |
2580000 |
21.50 |
|
Froid Finance and Investments Private Limited |
1200000 |
10.00 |
|
Shailesh Bhandari |
1200000 |
10.00 |
|
Ahmedabad Aviation and Aeronautics Limited |
1050000 |
8.75 |
Partially Convertible
Partially Redeemable Preference Shares
|
Name of Shareholder |
As at 31.03.2017 |
|
|
No. of Shares |
% of Holdings |
|
|
Edelweiss Asset Reconstruction Company Limited |
28590000 |
100.00 |
(h) The Company have calls in arrears / unpaid calls of INR Nil (Previous Year INR Nil)
(i) Details of share allotted as fully paid up
pursuant to contract(s) without payment being received in cash. (During 5 years
immediately preceeding 31st March 2017)
As per the terms and conditions of the settlement with Edelweiss Asset Reconstruction Company Limited (EARC), the company has issued and allotted 28590000 Partially Convertible Partially Redeemable Preference Shares (PCPRPS) to EARC on 2nd August 2015.
(J) During the year company has allotted 1266400 equity
share of INR 10/- each at the price of INR 225.75 per equity share (inclusive
of premium amount of INR 215.75 per equity shares). On conversion of 28590000
Partially Convertible Partially Redeemable Preference Shares (PCPRPS) TO EARC
and the balance / fraction amount of INR 1170 arising on conversion of PCPRPS
was recorded as loan by EARC
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
247.400 |
520.700 |
234.800 |
|
(b) Reserves & Surplus |
(12485.700) |
(12548.100) |
(10365.000) |
|
(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) |
(12238.300) |
(12027.400) |
(10130.200) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
18306.300 |
16820.200 |
12214.100 |
|
(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 |
86.600 |
54.000 |
75.800 |
|
Total
Non-current Liabilities (3) |
18392.900 |
16874.200 |
12289.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2044.400 |
2676.500 |
18418.900 |
|
(b) Trade payables |
3325.200 |
2313.800 |
1882.100 |
|
(c) Other current liabilities |
10297.400 |
11608.100 |
1103.900 |
|
(d) Short-term provisions |
82.100 |
83.300 |
41.000 |
|
Total
Current Liabilities (4) |
15749.100 |
16681.700 |
21445.900 |
|
|
|
|
|
|
TOTAL |
21903.700 |
21528.500 |
23605.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
10250.400 |
11489.900 |
12763.900 |
|
(ii) Intangible Assets |
4.600 |
5.400 |
9.400 |
|
(iii) Capital work-in-progress |
203.400 |
112.200 |
104.500 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
486.900 |
487.100 |
1273.900 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
313.300 |
299.700 |
449.400 |
|
(e) Other Non-current assets |
145.100 |
325.400 |
321.100 |
|
Total
Non-Current Assets |
11403.700 |
12719.700 |
14922.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2867.900 |
2409.700 |
2744.400 |
|
(c) Trade receivables |
4179.300 |
3091.100 |
3435.100 |
|
(d) Cash and cash equivalents |
466.300 |
680.800 |
468.800 |
|
(e) Short-term loans and advances |
2964.900 |
2608.900 |
2029.500 |
|
(f) Other current assets |
21.600 |
18.300 |
5.600 |
|
Total
Current Assets |
10500.000 |
8808.800 |
8683.400 |
|
|
|
|
|
|
TOTAL |
21903.700 |
21528.500 |
23605.600 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
20329.500 |
18622.100 |
18292.100 |
|
|
Other Income |
60.300 |
44.500 |
40.500 |
|
|
TOTAL
|
20389.800 |
18666.600 |
18332.600 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
13370.100 |
12480.100 |
13645.900 |
|
|
Purchases of Stock-in-Trade |
79.600 |
16.700 |
327.200 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(370.700) |
371.100 |
1260.000 |
|
|
Employees benefits expense |
1212.800 |
1034.100 |
881.200 |
|
|
Preliminary Expenses Written
Off |
0.400 |
0.400 |
0.800 |
|
|
Exceptional and extraordinary
items |
144.500 |
0.000 |
0.000 |
|
|
Other expenses |
5050.500 |
5506.300 |
5105.700 |
|
|
TOTAL |
19487.200 |
19408.700 |
21220.800 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
902.600 |
(742.100) |
(2888.200) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
41.000 |
10.400 |
63.700 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
861.600 |
(752.500) |
(2951.900) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
1441.000 |
1430.600 |
1461.800 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(579.400) |
(2183.100) |
(4413.700) |
|
|
|
|
|
|
|
Less |
TAX |
1.700 |
0.000 |
(8.600) |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(581.100) |
(2183.100) |
(4405.100) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(17984.100) |
(15833.300) |
(11460.800 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
(33.400) |
(32.300) |
(32.600) |
|
|
Total
|
(33.400) |
(32.300) |
(32.600) |
|
|
|
|
|
|
|
|
BALANCE
CARRIED TO THE B/S |
(18531.800) |
(17984.100) |
(15833.300) |
|
|
|
|
|
|
|
|
Value Of Imports Calculated On CIF Basis |
|
|
|
|
|
Raw Materials
(including high seas purchase) |
2463.100 |
3155.200 |
207.15 |
|
|
Stores |
336.600 |
322.100 |
28.44 |
|
|
Total |
2799.700 |
3477.300 |
235.590 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
|
|
|
|
Basic
|
(50.04) |
(190.17) |
(384.49) |
|
|
Diluted
|
(50.04) |
(178.23) |
(384.49) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
9081.000 |
10763.800 |
1599.000 |
|
Cash generated from operations |
532.000 |
312.100 |
727.400 |
|
Net Cash Generated from Operating activities |
526.200 |
305.100 |
721.300 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
|
|
1st Quarter |
2nd Quarter |
|
Net Sales |
|
6123.400 |
4600.400 |
|
Total Expenditure |
|
5873.300 |
4397.000 |
|
PBIDT (Excl OI) |
|
250.100 |
203.400 |
|
Other Income |
|
7.400 |
5.100 |
|
Operating Profit |
|
257.500 |
208.500 |
|
Interest |
|
5.600 |
7.400 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
251.900 |
201.100 |
|
Depreciation |
|
351.400 |
359.800 |
|
Profit Before Tax |
|
(99.500) |
(158.700) |
|
Tax |
|
NA |
NA |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
(99.500) |
(158.700) |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
(99.500) |
(158.700) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
75.04 |
60.59 |
68.54 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
4.86 |
6.02 |
5.33 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
90.24 |
67.58 |
49.16 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.31 |
(0.31) |
(1.05) |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.09 |
(0.06) |
(0.22) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
1.97 |
2.06 |
1.49 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
(2.40) |
(2.52) |
(3.18) |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
(1.29) |
(1.39) |
(2.12) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
(0.85) |
(0.97) |
(1.27) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
22.01 |
(71.36) |
(45.34) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(2.86) |
(11.72) |
(24.08) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets)
* 100) |
% |
(2.65) |
(10.14) |
(18.66) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
4.75 |
18.15 |
43.48 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.67 |
0.53 |
0.40 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.48 |
0.38 |
0.28 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
(0.56) |
(0.56) |
(0.43) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
118.96 |
58.12 |
137.27 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.67 |
0.53 |
0.40 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 151.15/- |
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 |
234.800 |
520.700 |
247.400 |
|
Reserves & Surplus |
(10365.000) |
(12548.100) |
(12485.700) |
|
Net
worth |
(10130.200) |
(12027.400) |
(12238.300) |
|
|
|
|
|
|
long-term borrowings |
12214.100 |
16820.200 |
18306.300 |
|
Short term borrowings |
18418.900 |
2676.500 |
2044.400 |
|
Current maturities of
long-term debts |
1599.000 |
10763.800 |
9081.000 |
|
Total
borrowings |
32232.000 |
30260.500 |
29431.700 |
|
Debt/Equity
ratio |
(3.182) |
(2.516) |
(2.405) |
%20LIMITED%20-%20490383%2005-Feb-2018_files/image022.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
18292.100 |
18622.100 |
20329.500 |
|
|
|
1.804 |
9.169 |
%20LIMITED%20-%20490383%2005-Feb-2018_files/image024.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
18292.100 |
18622.100 |
20329.500 |
|
Profit/ (Loss) |
(4405.100) |
(2183.100) |
(581.100) |
|
|
(24.08%) |
(11.72%) |
(2.86%) |
%20LIMITED%20-%20490383%2005-Feb-2018_files/image026.gif)
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
247.400 |
520.700 |
|
(b) Reserves & Surplus |
|
(12847.000) |
(12676.100) |
|
(c) Money received against
share warrants |
|
24.900 |
24.900 |
|
(d) Minority Interest |
|
61.100 |
61.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
(12513.600) |
(12069.500) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
18880.600 |
17445.800 |
|
(b) Deferred tax liabilities
(Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.300 |
0.300 |
|
(d) long-term provisions |
|
93.300 |
61.600 |
|
Total
Non-current Liabilities (3) |
|
18974.200 |
17507.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
2347.100 |
2979.200 |
|
(b) Trade payables |
|
3668.000 |
2614.900 |
|
(c) Other current liabilities |
|
10627.200 |
11883.800 |
|
(d) Short-term provisions |
|
84.700 |
86.600 |
|
Total
Current Liabilities (4) |
|
16727.000 |
17564.500 |
|
|
|
|
|
|
TOTAL |
|
23187.600 |
23002.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
11118.800 |
12457.200 |
|
(ii) Intangible Assets |
|
751.600 |
752.400 |
|
(iii) Capital work-in-progress |
|
296.600 |
205.700 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.800 |
0.900 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
381.800 |
365.400 |
|
(e) Other Non-current assets |
|
156.700 |
347.600 |
|
Total
Non-Current Assets |
|
12706.300 |
14129.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
1.000 |
16.000 |
|
(b) Inventories |
|
3067.200 |
2707.200 |
|
(c) Trade receivables |
|
3810.200 |
2634.100 |
|
(d) Cash and cash equivalents |
|
566.700 |
814.600 |
|
(e) Short-term loans and
advances |
|
2996.500 |
2663.300 |
|
(f) Other current assets |
|
39.700 |
38.300 |
|
Total
Current Assets |
|
10481.300 |
8873.500 |
|
|
|
|
|
|
TOTAL |
|
23187.600 |
23002.700 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
23286.500 |
21006.900 |
|
|
Other Income |
|
139.300 |
81.100 |
|
|
TOTAL
|
|
23425.800 |
21088.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
15600.100 |
13703.300 |
|
|
Purchases of Stock-in-Trade |
|
79.600 |
211.400 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(327.700) |
608.800 |
|
|
Employees benefits expense |
|
1295.900 |
1117.900 |
|
|
Preliminary Expenses Written
Off |
|
4.400 |
4.400 |
|
|
Exceptional and extraordinary
items |
|
144.800 |
0.000 |
|
|
Other expenses |
|
5853.900 |
5682.300 |
|
|
TOTAL |
|
22651.000 |
21328.100 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
774.800 |
(240.100) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
43.900 |
14.400 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
730.900 |
(254.500) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
1541.300 |
1544.100 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
(810.400) |
(1798.600) |
|
|
|
|
|
|
|
Less |
TAX |
|
0.400 |
0.100 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
(810.800) |
(1798.700) |
|
|
|
|
|
|
|
Less/
Add |
Share of Loss transferred to Minority Interest |
|
(0.100) |
0.100 |
|
|
|
|
|
|
|
Less/
Add |
Prior Period Adjustments |
|
(3.500) |
0.000 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
|
(814.400) |
(1798.600) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
|
|
|
|
Basic
|
|
(70.13) |
(156.68) |
|
|
Diluted
|
|
(70.13) |
(146.84) |
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 |
Yes |
|
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 |
No |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The Company is a listed public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in the Manufacturing of Electronic furnaces and other capital equipments, Sponge and PIG Iron, Ferrous and Non-ferrous Billets/Bars/Ingots, Duct Iron Pipes, Battery operated vehicles, Electric Power Generation and services relating to Electric furnaces, other capital equipments and battery operated vehicles.
STATE OF THE
COMPANY'S AFFAIRS AND OPERATIONS:
The Company is engaged in the business of manufacturing induction furnaces TMT Bars Ductile Iron Pipes Electric Two Wheelers and Electric Three Wheelers etc.
During the year ended on 31st March 2017 the total revenue of the Company was INR 20389.800 Million compared to INR 18666.600 Million of previous financial year. The net loss for the current financial year was INR 581.100 Million compared to INR 2183.100 Million of previous financial year.
UNSECURED LOAN
|
PARTICULAR |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Term loan from
financial institutions |
|
|
|
Foreign currency term loan |
565.900 |
0.000 |
|
Short-term
borrowings |
|
|
|
Loans and Advances
repayable on demand from |
|
|
|
Related Parties (Including Body Corporates) |
19.200 |
19.400 |
|
Other Body Corporates |
3.400 |
3.400 |
|
Directors |
11.700 |
7.000 |
|
Total |
600.200 |
140.200 |
INDEX
OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
B29228582 |
10327606 |
CENTRAL BANK OF INDIA |
29/12/2011 |
- |
- |
4628600000.0 |
MID CORPORATE FINANCE BRANCHCENTRAL BANK BUILDING , LAL DARWAJA AHMEDABAD GUJARAT 380001 INDIA |
|
2 |
B25413303 |
10317944 |
INDIAN OVERSEAS BANK |
18/11/2011 |
- |
- |
2000000000.0 |
ASHRAM ROAD BRANCH, SHARAD SHOPPING CENTREOPP. HANDLLOM HOUSE, ASHRAM ROAD AHMEDABAD GUJARAT 380009 INDIA |
|
3 |
B25415217 |
10317950 |
INDIAN OVERSEAS BANK |
18/11/2011 |
- |
- |
1000000000.0 |
ASHRAM ROAD BRANCH, SHARAD SHOPPING CENTREOPP. HANDLLOM HOUSE, ASHRAM ROAD AHMEDABAD GUJARAT 380009 INDIA |
|
4 |
C48530992 |
10321481 |
Edelweiss Asset Reconstruction Company Limited |
12/11/2011 |
26/06/2014 |
- |
2784700000.0 |
EDELWEISS HOUSE, OFF. C.S.T ROAD, KALINA, MUMBAI MAHARASHTRA 400098 INDIA |
|
5 |
C48668230 |
10323332 |
Edelweiss Asset Reconstruction Company Limited |
24/10/2011 |
30/06/2014 |
- |
1810000000.0 |
EDELWEISS HOUSE, OFF. C.S.T ROAD, KALINA, MUMBAI MAHARASHTRA 400098 INDIA |
|
6 |
G52303880 |
10318007 |
RAYTHEON ASSET RECONSTRUCTION PRIVATE LIMITED |
03/10/2011 |
18/03/2017 |
- |
540000000.0 |
203 GALA ARGOS, BESIDE HARIKPURA TOWER,NEAR ELLISBRIDGE GYMKHANA GUJARAT COLLEGE ROAD AHMEDABAD GUJARAT 380007 INDIA |
|
7 |
C61258471 |
10314943 |
INVENT ASSETS SECURITISATION AND RECONSTRUCTION PRIVATE LIMITED |
29/09/2011 |
29/06/2015 |
- |
698647911.9 |
107, JOLLY MAKER CHAMBERS NO.2225, NARIMAN POINT MUMBAI MAHARASHTRA 400021 INDIA |
|
8 |
C33197732 |
10314939 |
Edelweiss Asset Reconstruction Company Limited |
28/09/2011 |
26/03/2014 |
- |
36000000.0 |
EDELWEISS HOUSE, OFF. C.S.T ROAD, KALINA, MUMBAI MAHARASHTRA 400098 INDIA |
|
9 |
B21281084 |
10307836 |
INDIAN OVERSEAS BANK |
22/09/2011 |
- |
- |
1000000000.0 |
ASHRAM ROAD BRANCH, SHARAD SHOPPING CENTREOPP. HANDLLOM HOUSE, ASHRAM ROAD AHMEDABAD GUJARAT 380009 INDIA |
|
10 |
G05443098 |
10307708 |
INVENT ASSETS SECURITISATION AND RECONSTRUCTION PRIVATE LIMITED |
26/08/2011 |
27/04/2016 |
- |
442000000.0 |
107, JOLLY MAKER CHAMBERS NO.2225, NARIMAN POINT MUMBAI MAHARASHTRA 400021 INDIA |
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED
30.09.2017
(INR In Million)
|
PARTICULARS |
Standalone |
||
|
Quarter Ended |
Quarter Ended |
Half Year Ended |
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
|
|
|
|
|
Revenue from operations |
4600.400 |
6123.400 |
10723.800 |
|
Other Income |
5.100 |
7.400 |
12.500 |
|
Total Income |
4605.500 |
6130.800 |
10736.300 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
Cost of material Consumed |
3433.600 |
3815.800 |
7249.400 |
|
Purchase of Stock-in trade |
66.300 |
54.600 |
120.900 |
|
Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(585.900) |
230.700 |
(355.200) |
|
Excise Duty expenses |
0.000 |
377.000 |
377.000 |
|
Employees Benefit Expenses |
309.800 |
340.800 |
650.600 |
|
Finance Cost |
7.400 |
5.600 |
13.000 |
|
Depreciation and Amortization Expenses |
359.800 |
351.400 |
711.200 |
|
Other expenses |
1173.200 |
1054.400 |
2227.600 |
|
Total Expenses |
4764.200 |
6230.300 |
10994.500 |
|
Profit / (Loss)
before exceptional items and tax |
(158.700) |
(99.500) |
(258.200) |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit / (Loss)
before tax |
(158.700) |
(99.500) |
(258.200) |
|
Tax Expense |
|
|
|
|
- Current Tax |
0.000 |
0.000 |
0.000 |
|
- Deferred Tax |
0.000 |
0.000 |
0.000 |
|
- Total |
0.000 |
0.000 |
0.000 |
|
Net Profit After
Tax |
(158.700) |
(99.500) |
(258.200) |
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
Items that will not be reclassified to profit or loss |
|
|
|
|
Remeasurement gain/(Loss) on defined benefit plans |
(2.500) |
(3.000) |
(2.500) |
|
Deferred Tax on above Items |
0.000 |
0.000 |
0.000 |
|
Total Other comprehensive income, net of income tax |
(2.500) |
(3.000) |
(2.500) |
|
|
|
|
|
|
Profit/(Loss) Before interest, Deprecation,
tax exceptional Items |
(161.200) |
(102.500) |
(263.700) |
|
|
|
|
|
|
Paid- up
Equity Share Capital (share – INR 10) |
127.400 |
127.400 |
127.400 |
|
Other Equity (as per balance sheet of the previous
accounting year) |
|
|
|
|
Earning Per Share (of INR 10 each) (not annualized) |
|
|
|
|
Before exceptional Items |
(12.46) |
(7.81) |
(22.24) |
|
After exceptional Items |
(12.46) |
(7.81) |
(22.24) |
STANDALONE SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR
THE QUARTER AND HALF YEAR ENDED 30.09.2017
(INR In million)
|
Particulars |
Standalone |
||
|
Quarter Ended |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Segment Revenues |
|
|
|
|
Engineering and Projects Division |
1233.700 |
1295.300 |
2529.000 |
|
Special
Steel Division |
3359.200 |
4788.200 |
8147.400 |
|
Electric
Vehicle Division |
73.600 |
71.800 |
145.400 |
|
Total |
4666.500 |
6155.300 |
10821.800 |
|
Less: Inter - Segment Revenue |
66.100 |
31.900 |
98.000 |
|
Gross Sales/
Revenue from operations |
4600.400 |
6123.400 |
10723.800 |
|
|
|
|
|
|
Segment Results
Profit/ (Loss) (Before finance costs and tax) |
|
|
|
|
Engineering and Projects Division |
72.900 |
(103.100) |
(30.200) |
|
Special
Steel Division |
(239.700) |
60.200 |
(179.500) |
|
Electric
Vehicle Division |
14.400 |
(51.000) |
(36.600) |
|
Others |
0.000 |
0.000 |
0.000 |
|
Total |
(152.400) |
(93.900) |
(246.300) |
|
Less: (i) Finance Costs |
7.400 |
5.600 |
13.000 |
|
Less: (ii) Other Unallocable Expense net of Unallocable Income |
0.000 |
0.000 |
0.000 |
|
Add : iii) Finance Income |
1.100 |
0.000 |
1.100 |
|
Less: iv) Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Total Profit/
(Loss) before Tax |
(158.700) |
(99.500) |
(258.200) |
|
|
|
|
|
|
Segment Assets |
|
|
|
|
Engineering and Projects Division |
4784.000 |
4566.400 |
4784.000 |
|
Special
Steel Division |
17330.600 |
16416.500 |
17330.600 |
|
Electric
Vehicle Division |
666.600 |
767.800 |
666.600 |
|
Total |
22781.200 |
21750.700 |
22781.200 |
|
|
|
|
|
|
Segment Liabilities |
|
|
|
|
Engineering and Projects Division |
6604.700 |
6264.000 |
6604.700 |
|
Special
Steel Division |
28801.400 |
27917.100 |
28801.400 |
|
Electric
Vehicle Division |
131.300 |
262.000 |
131.300 |
|
Total |
35537.400 |
34443.100 |
35537.400 |
Based on the "management approach" as defined in Ind AS 108 - Operating Segments, the Chief Operating Decision Marker evaluates the Company's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along these business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments.
Notes:
(1) The Company adopted Indian Accounting Standards ("Ind AS") from 1st April, 2017. The above financial result have been prepared in accordance with the recognition and measurement principles laid down in the applicable Ind AS prescribed under section 133 of the Companies Act, 2013, read with relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular No. CIR/CFD/FAC/62/2016 dated 5th July, 2016. The figures of the previous period have been accordingly rearranged, regrouped, reclassified and recasted.
(2) Consequent to the introduction of Goods and Services Tax (GST) with effect
from 1st July,2017, Central Excise Duty Value Added Tax (VAT), etc. have been
subsumed into GST, In accordance with Indian Accounting Standards- 18, Revenue
and Schedule III to the Companies Act, 2013, unlike Excise Duties, levies like
GST, VAT, etc. are not part of Revenue from Operations. Accordingly, the
reported revenue for periods upto 30 June 2017 are not entirely comparable to
those thereafter. Thus, revenue for the quarter ended 30 September, 2017, are
net of GST. However, revenue for the quarter ended 30 June, 2017, the quarter
and half year ended 30 September, 2016 are inclusive of excise duties.
(3) The results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meeting held on 11th December 2017. Limited review of these results has been carried out by the Auditors. The Ind AS compliant Financial Results, pertaining to Half year and Quarter ended September 30' 2016 has not been subject to limited review or audit. However, the management has exercised necessary due diligence to ensure that the financial results provide a true and fair view of its affairs.
(4) In the opinion of the Management, the current assets, financial asset and
advances are approximately of the value stated, if realised in the ordinary
course of business. Some of the bank balances shown in the books are subject to
confirmation and reconciliation. The amount of the inventories are as taken by
the management and are subject to physical verification by the auditor.
(5) The bank accounts of the company were classified as Non Performing Assets
and therefore provision for interest on corporate loan and working capital loan
have not been provided for in the books of account and to that extent loss and
bank liability has been under stated. The amount of the same is not
determinable. No provision for interest has been made for the loans which have
been transferred to ARC or otherwise settled.
(6) Claims and rebate in respect taxes/duties of the government are accounted
as and when they are admissible under the respective laws.
(7) The Company is reviewing the accounting policies or its use of exemptions
and accordingly, the changes in accounting treatment and disclosures, if any,
will be considered in financial results of subsequent accounting period as
provided in Ind AS 101.
STATEMENT OF ASSETS AND LIABILITIES AS ON 30.09.2017
(INR In million)
|
SOURCES
OF FUNDS |
|
|
30.09.2017 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
127.400 |
|
(b) Reserves & Surplus |
|
|
(12943.500) |
|
(c) Money received against
share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
(12816.100) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
17682.100 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
86.600 |
|
Total
Non-current Liabilities (3) |
|
|
17768.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
2135.300 |
|
(b) Trade payables |
|
|
4583.100 |
|
(c) Other current liabilities |
|
|
11114.200 |
|
(d) Short-term provisions |
|
|
142.100 |
|
Total
Current Liabilities (4) |
|
|
17974.700 |
|
|
|
|
|
|
TOTAL |
|
|
22927.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
9927.800 |
|
(ii) Intangible Assets |
|
|
4.500 |
|
(iii) Capital work-in-progress |
|
|
137.800 |
|
(iv) Intangible assets under
development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
489.200 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
145.500 |
|
(e) Other Non-current assets |
|
|
305.300 |
|
Total
Non-Current Assets |
|
|
11010.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
3540.500 |
|
(c) Trade receivables |
|
|
4020.300 |
|
(d) Cash and cash equivalents |
|
|
370.600 |
|
(e) Short-term loans and
advances |
|
|
0.000 |
|
(f) Other current assets |
|
|
3985.800 |
|
Total
Current Assets |
|
|
11917.200 |
|
|
|
|
|
|
TOTAL |
|
|
22927.300 |
FIXED ASSETS
· Freehold Land
· Leasehold Land
· Building
· Plant and Machinery
· Computer
· Furniture and Fixture
· Office Equipment
· Vehicles
· 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
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
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 |
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.
·