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MIRA INFORM REPORT
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Report No. : |
491020 |
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Report Date : |
10.02.2018 |
IDENTIFICATION DETAILS
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Name : |
SORIL INFRA RESOURCES LIMITED (w.e.f. 21.12.2016) |
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Formerly Known
As : |
STORE ONE RETAIL INDIA LIMITED (w.e.f. 30.09.2009) INDIABULLS RETAIL SERVICES LIMITED (w.e.f. 22.05.2008) PYRAMID RETAIL LIMITED |
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Registered
Office : |
M - 62 and 63, First Floor, Connaught Place, New Delhi – 110001 |
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Tel. No.: |
91-22-61891225 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
18.03.2005 |
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Com. Reg. No.: |
55-181536 |
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Capital
Investment / Paid-up Capital : |
INR 305.735 Million |
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CIN No.: [Company Identification
No.] |
L52190DL2005PLC181536 |
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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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PAN No.: [Permanent Account No.] |
Not Available |
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GSTIN/UIN : |
Not Divulged |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The Company is in the business of management and
maintenance services, equipment renting, LED lighting, construction advisory
and other related services. (Registered Activity) |
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No. of Employees
: |
188 (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 6960000 (INR 486994200) |
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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 2005 and it
is having good track records. For the financial year 2017, the company has registered decrease in
its revenue from operation as compared to previous year and maintained decent
profitability margin of 16.23%. Rating takes into consideration sound financial profile of the company
marked by healthy networth base and low debt balance sheet. Further, rating also reflects from its established track records
business operations. However, rating strength is partially by declined in the revenue as
well as profitability profile during the year. Trade relations are reported as fair. Business is active. Payments
terms are seem to be regular. In view of the aforesaid, the company can be considered for business
dealings at usual terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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
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Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 10.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
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Name : |
Mr. Rahul |
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Designation : |
Accounts Department |
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Contact No.: |
91-22-61891225 |
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Date : |
07.02.2018 |
LOCATIONS
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Registered Office : |
M - 62 and 63, First Floor, Connaught Place, New Delhi – 110001, India |
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Tel. No.: |
91-11-30252900 |
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Fax No.: |
91-11-30252901 |
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E-Mail : |
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Website : |
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Head Office/ Corporate Office 1 : |
Indiabulls House, Plot No.448-451, Udyog Vihar, Phase-V, Gurugram – 122016, Haryana, India |
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Tel. No.: |
91-124-6681199 |
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Fax No.: |
91-124-6681111/ 6681240 |
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Corporate Office 2 : |
Indiabulls House, Indiabulls Finance Center, Tower 1, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400013, Maharashtra, India |
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Tel. No.: |
91-22-61891225 |
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Branch Office : |
Indiabulls Finance Centre, C/S 612/613, Elphinstone, Mumbai - 400013,
Maharashtra, India |
DIRECTORS
As on 31.03.2017
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Name : |
Ms. Pia Johnson |
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Designation : |
Whole-time Director |
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Address : |
Flat No. 2502, 25th Floor, Vivarea Tower B, Jacob Circle, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
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Date of Appointment : |
28.09.2015 |
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DIN No.: |
00722403 |
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Other Directorship:
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Name : |
Mr. Shamsher Singh Ahlawat |
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Designation : |
Director |
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Address : |
96A, Eastern Avenue, Sainik Farm, Khanpur, New Delhi – 110062, India |
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Date of Appointment : |
05.09.2008 |
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DIN No.: |
00017480 |
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Other Directorship:
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Name : |
Mr. Prem Prakash
Mirdha |
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Designation : |
Director |
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Address : |
Mirdha Farm, Sirsi Road, Jaipur – 302012, Rajasthan, India |
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Date of Appointment : |
02.01.2008 |
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DIN No.: |
01352748 |
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Other Directorship:
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Name : |
Mr. Surinder Singh
Kadyan |
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Designation : |
Additional Director |
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Address : |
H. No.L-255, Nar Vihar Part-2, Sector-34, Noida – 201307, Uttar Pradesh, India |
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Date of Appointment : |
28.09.2017 |
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DIN No.: |
03495880 |
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Other Directorship:
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Name : |
Mr. Joginder Singh
Kataria |
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Designation : |
Additional Director |
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Address : |
H.No. 949, Sector-4, District: Gurugram – 122001, Haryana, India |
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Date of Appointment : |
28.09.2017 |
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DIN No.: |
05202673 |
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Other Directorship:
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KEY EXECUTIVES
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Name : |
Mr. Vikas Khandelwal |
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Designation : |
Company Secretary |
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Address : |
Flat No. I-702, Edta Bhoomi Gardens, I and II Co-operative Housing Society Limited, Dattapada Road, Boriwali (East), Mumbai – 400092, Maharashtra, India |
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Date of Appointment : |
03.01.2008 |
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PAN No.: |
AHAPK3225G |
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Name : |
Mr. Vijay Agrawal |
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Designation : |
Chief Financial Officer |
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Address : |
A20, Southend Floor, Sector 48-49, Guruguram – 122018, Haryana, India |
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Date of Appointment : |
23.04.2014 |
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PAN No.: |
ACWPA1837D |
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Name : |
Mr. Rahul |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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 % of |
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(A) Promoter and Promoter
Group |
20383310 |
73.85 |
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(B) Public |
7216690 |
26.15 |
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Grand
Total |
27600000 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of
shareholder |
No. of fully
paid up equity shares held |
Shareholding as a
% of total no. of shares (calculated as per SCRR, 1957)As a % of |
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A1) Indian |
0.00 |
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Any Other (specify) |
20383310 |
73.85 |
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SORIL HOLDINGS AND
VENTURES LIMITED (formerly INDIABULLS WHOLESALE SERVICES LIMITED) |
20383310 |
73.85 |
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Sub Total A1 |
20383310 |
73.85 |
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A2) Foreign |
0.00 |
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A=A1+A2 |
20383310 |
73.85 |
Statement showing
shareholding pattern of the Public shareholder
|
Category &
Name of the Shareholders |
No.
of fully paid up equity shares held |
Shareholding
% calculated as per SCRR, 1957 As a % of |
No.
of Shares Underlying Outstanding convertible securities (including Warrants) |
Total
shareholding , as a % assuming full conversion of convertible securities ( as
a percentage of diluted share capital) |
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B1) Institutions |
0 |
0.00 |
0.00 |
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Foreign Portfolio
Investors |
26222 |
0.10 |
0.08 |
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Financial Institutions/
Banks |
71636 |
0.26 |
0.22 |
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Sub Total B1 |
97858 |
0.35 |
0.30 |
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B2) Central Government/ State
Government(s)/ President of India |
0 |
0.00 |
0.00 |
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B3) Non-Institutions |
0 |
0.00 |
0.00 |
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Individual share capital
upto INR 0.200 Million |
4014275 |
14.54 |
4500000 |
26.52 |
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Individual share capital
in excess of INR 0.200 Million |
1541391 |
5.58 |
4.80 |
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NBFCs registered with RBI |
10400 |
0.04 |
0.03 |
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Any Other (specify) |
1552766 |
5.63 |
4.84 |
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NRI |
105172 |
0.38 |
0.33 |
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Clearing Members |
129357 |
0.47 |
0.40 |
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Bodies Corporate |
1318237 |
4.78 |
4.11 |
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Sub Total B3 |
7118832 |
25.79 |
4500000 |
36.20 |
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B=B1+B2+B3 |
7216690 |
26.15 |
4500000 |
36.50 |
BUSINESS DETAILS
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Line of Business : |
The Company is in the business of management and maintenance
services, equipment renting, LED lighting, construction advisory and other
related services. (Registered Activity) |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
188 (Approximately) |
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Bankers : |
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Facilities : |
Notes: Long-term
Borrowings Repayment
terms (including current maturities) and security details of secured loans: (INR In Million)
Short-term
borrowings Working
Capital Loan: Working capital term loans
from bank amounting to INR 199.609 Million (Previous year - INR Nil) having
an interest rate of 10% per annum and repayable on demand. The above loan is
secured against (i) first charge on all current assets includs book debts,
inventory and others assets (booth present and future) of the Company other
than those assets exclusively charged to other lenders. (ii) Further Secured
by corporate guarantee given by holding company SORIL Holding and Ventures
Limited (Formerly Known as Indiabulls Wholesale Services Limited Repayment
terms of unsecured loans: (INR In Million)
|
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Statutory Auditors |
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Name : |
Agarwal Prakash and Company Chartered Accountants |
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Address : |
508, Indra Prakash, 21, Barakhamba Road, New Delhi - 110 001, India |
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Tel. No.: |
91-11-23730880/1 |
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Fax No.: |
91-11-43516377 |
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E-Mail : |
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Internal Auditors |
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Name : |
MRKS and Associates Chartered Accountants |
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Address : |
QU-35B, Pitampura, New Delhi-110088, India |
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Secretarial Auditors |
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Name : |
NP Gupta and Associates Company Secretaries |
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Address : |
E7/12, LGF, Malviya Nagar, New Delhi – 110017, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company “ |
SORIL Holding and Ventures Limited (Formerly Known as Indiabulls Wholesale Services Limited) |
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Fellow Subsidiary
Company* : |
* With whom transactions entered during the year |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28000000 |
Equity Shares |
INR 10/- each |
INR 280.000 Million |
|
4000000 |
Preference Shares |
INR 10/- each |
INR 40.000 Million |
|
|
Total
|
|
INR 320.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27600000 |
Equity Shares |
INR 10/- each |
INR 276.000 Million |
|
2973450 |
Preference Shares |
INR 10/- each |
INR 29.735 Million |
|
|
Total
|
|
INR 305.735
Million |
Reconciliation of
number of shares and amount outstanding at the beginning and at the end of the
year
Equity
Shares
|
Particulars |
As on 31.03.2017 |
|
|
Number of Shares |
Amount In Million |
|
|
At
the beginning of the year |
27600000 |
276.000 |
|
Add:-
Issued during the year |
-- |
-- |
|
Balance
at the end of the year |
27600000 |
276.000 |
Preference
Shares
|
Particulars |
As on 31.03.2017 |
|
|
Number of Shares |
Amount In Million |
|
|
At
the beginning of the year |
2973450 |
29.735 |
|
Add:-
Issued during the year |
-- |
-- |
|
Balance
at the end of the year |
2973450 |
29.735 |
Rights,
preferences and restrictions attached to equity shares
The holders of equity
shares are entitled to receive dividends as declared from time to time, and are
entitled to one vote per share at meetings of the Holding Company. In the event
of liquidation of the Holding Company, all preferential amounts, if any, shall
be discharged by the Holding Company. The remaining assets of the Holding
Company shall be distributed to the holders of equity shares in proportion to
the number of shares held to the total equity shares outstanding as on that
date. In the event of distributing dividends by the holding company and winding
up, the preference shareholders will be preferred over the equity shareholders.
The holders of preference shares are entitled to receive dividends, but they do
not have any voting rights except for in the conditions mentioned in the
Companies Act, 2013. All shares rank equally with regard to the holding
company’s residual assets, except that holders of preference shares participate
only to the extent of the face value of the shares.
Details
of shareholder holding more than 5% share capital in the Holding Company
|
Particulars |
As on 31.03.2017 |
|
|
No. of Shares held |
Amount In Million |
|
|
SORIL
Holding and Ventures Limited (Formerly Known as Indiabulls Wholesale Services
Limited), Holding Company |
|
|
|
Equity
shares of face value INR 10 each |
20383310 |
203.833 |
|
Preference
shares of face value INR 10 each |
1979500 |
19.795 |
|
Albasta
Wholesale Services Limited, Fellow Subsidiary Company |
|
|
|
Preference
shares of face value INR 10 each |
993950 |
9.940 |
Shares
reserved for issue under options
There
were no shares reserved under options as at 31st March, 2017.
FINANCIAL DATA
[all figures are
in 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 |
305.735 |
305.735 |
305.735 |
|
(b) Reserves & Surplus |
2129.236 |
1811.608 |
1264.996 |
|
(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) |
2434.971 |
2117.343 |
1570.731 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
338.364 |
485.820 |
656.110 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
14.454 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
12.643 |
8.725 |
6.966 |
|
Total Non-current
Liabilities (3) |
365.461 |
494.545 |
663.076 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
199.609 |
0.000 |
0.000 |
|
(b) Trade
payables |
158.537 |
384.750 |
260.111 |
|
(c) Other
current liabilities |
342.334 |
5852.722 |
318.231 |
|
(d) Short-term
provisions |
1.019 |
3.450 |
3.408 |
|
Total Current
Liabilities (4) |
701.499 |
6240.922 |
581.750 |
|
|
|
|
|
|
TOTAL |
3501.931 |
8852.810 |
2815.557 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1421.136 |
1520.366 |
1630.224 |
|
(ii)
Intangible Assets |
9.757 |
8.702 |
6.121 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.500 |
0.500 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
261.106 |
222.170 |
498.829 |
|
(e) Other Non-current
assets |
0.100 |
0.100 |
0.200 |
|
Total Non-Current
Assets |
1692.599 |
1751.838 |
2135.374 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
8.247 |
5.410 |
3.866 |
|
(c) Trade
receivables |
290.067 |
340.001 |
586.051 |
|
(d) Cash
and cash equivalents |
208.810 |
42.074 |
30.765 |
|
(e)
Short-term loans and advances |
1301.185 |
6713.427 |
59.438 |
|
(f) Other
current assets |
1.023 |
0.060 |
0.063 |
|
Total
Current Assets |
1809.332 |
7100.972 |
680.183 |
|
|
|
|
|
|
TOTAL |
3501.931 |
8852.810 |
2815.557 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
1956.457 |
2595.250 |
1343.642 |
|
|
Other Income |
195.091 |
10.022 |
2.803 |
|
|
TOTAL |
2151.548 |
2605.272 |
1346.445 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Material and
Services |
1394.805 |
1627.664 |
5.215 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Employees benefits
expense |
149.407 |
118.468 |
91.978 |
|
|
Other expenses |
81.133 |
55.414 |
827.388 |
|
|
TOTAL |
1625.345 |
1801.546 |
924.581 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
526.203 |
803.726 |
421.864 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
66.010 |
110.585 |
62.391 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
460.193 |
693.141 |
359.473 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
142.565 |
140.401 |
126.842 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
317.628 |
552.740 |
232.631 |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.199 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
317.628 |
552.740 |
232.432 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
(1990.219) |
(2539.739) |
(2768.254) |
|
|
|
|
|
|
|
Less |
Adjustments due to
depreciation |
0.000 |
0.000 |
0.705 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed dividend on
preference shares |
0.000 |
2.676 |
2.676 |
|
|
Corporate dividend tax
thereon |
0.000 |
0.544 |
0.536 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
(1672.591) |
(1990.219) |
(2539.739) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
11.51 |
19.91 |
8.40 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
215.732 |
228.472 |
236.129 |
|
Cash generated from operations |
1480.053 |
497.575 |
(291.333) |
|
Net cash flow from operating activity |
1472.156 |
349.842 |
(296.826) |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
|
Unaudited |
1st Quarter |
2nd Quarter |
|
Net Sales |
371.520 |
378.500 |
|
Total Expenditure |
278.540 |
379.690 |
|
PBIDT (Excl OI) |
92.980 |
-1.190 |
|
Other Income |
31.240 |
42.440 |
|
Operating Profit |
124.220 |
41.250 |
|
Interest |
31.270 |
48.120 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
92.950 |
(6.870) |
|
Depreciation |
36.230 |
36.730 |
|
Profit Before Tax |
56.72 |
(43.600) |
|
Tax |
(4.510) |
4.540 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
61.230 |
(48.140) |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
|
|
Net Profit |
61.230 |
(48.140) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
54.12 |
47.82 |
159.20 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
6.74 |
7.63 |
2.29 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
41.49 |
86.28 |
18205.28 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
63.81 |
148.56 |
109.12 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.37 |
0.53 |
0.26 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.36 |
0.79 |
0.52 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.31 |
0.34 |
0.57 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.29 |
2.95 |
0.37 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.59 |
0.72 |
1.04 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
7.97 |
7.27 |
6.76 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
16.23 |
21.30 |
17.30 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
9.07 |
6.24 |
8.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
13.04 |
26.11 |
14.80 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.58 |
1.14 |
1.17 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
2.57 |
1.14 |
1.16 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.70 |
0.24 |
0.56 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
2.47 |
2.34 |
2.92 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.58 |
1.14 |
1.17 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 212.00/- |
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 |
305.735 |
305.735 |
305.735 |
|
Reserves & Surplus |
1264.996 |
1811.608 |
2129.236 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1570.731 |
2117.343 |
2434.971 |
|
|
|
|
|
|
long-term borrowings |
656.110 |
485.820 |
338.364 |
|
Short term borrowings |
0.000 |
0.000 |
199.609 |
|
Current Maturities of
Long term debt |
236.129 |
228.472 |
215.732 |
|
Total borrowings |
892.239 |
714.292 |
753.705 |
|
Debt/Equity ratio |
0.568 |
0.337 |
0.310 |
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 |
1343.642 |
2595.250 |
1956.457 |
|
|
|
93.150 |
(24.614) |
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 |
1343.642 |
2595.250 |
1956.457 |
|
Profit/(Loss) |
232.432 |
552.740 |
317.628 |
|
|
17.30% |
21.30% |
16.23% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
305.735 |
305.735 |
|
(b) Reserves &
Surplus |
|
2125.363 |
1810.563 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
2431.098 |
2116.298 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
338.364 |
507.320 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
14.454 |
0.000 |
|
(d) long-term provisions |
|
13.147 |
9.644 |
|
Total Non-current
Liabilities (3) |
|
365.965 |
516.964 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
199.609 |
0.000 |
|
(b) Trade payables |
|
158.536 |
384.750 |
|
(c) Other current
liabilities |
|
345.438 |
5854.091 |
|
(d) Short-term provisions |
|
1.043 |
3.557 |
|
Total Current Liabilities
(4) |
|
704.626 |
6242.398 |
|
|
|
|
|
|
TOTAL |
|
3501.689 |
8875.660 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1437.270 |
1538.649 |
|
(ii) Intangible Assets |
|
9.757 |
8.702 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
239.698 |
222.195 |
|
(e) Other Non-current
assets |
|
0.100 |
0.100 |
|
Total Non-Current Assets |
|
1686.825 |
1769.646 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
8.247 |
5.410 |
|
(c) Trade receivables |
|
292.609 |
343.405 |
|
(d) Cash and cash
equivalents |
|
208.851 |
43.364 |
|
(e) Short-term loans and
advances |
|
1305.154 |
6713.775 |
|
(f) Other current assets |
|
0.003 |
0.060 |
|
Total Current Assets |
|
1814.864 |
7106.014 |
|
|
|
|
|
|
TOTAL |
|
3501.689 |
8875.660 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
1971.015 |
2599.027 |
|
|
Other Income |
|
194.075 |
10.022 |
|
|
TOTAL |
|
2165.090 |
2609.049 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
1394.805 |
1624.863 |
|
|
Purchases of
Stock-in-Trade |
|
0.000 |
0.000 |
|
|
Employees benefits
expense |
|
162.787 |
122.471 |
|
|
Other expenses |
|
81.173 |
58.258 |
|
|
TOTAL |
|
1638.765 |
1805.592 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
526.325 |
803.457 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
66.810 |
110.644 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
459.515 |
692.813 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
144.715 |
141.117 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
314.800 |
551.696 |
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
314.800 |
551.696 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
11.41 |
19.87 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners / Directors |
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 |
COMPANY OVERVIEW
SORIL Infra Resources Limited (formerly known as Store One Retail India Limited) was incorporated as Pyramid Retail Limited on March 18, 2005. The name of the company was subsequently changed to Indiabulls Retail Services Limited on 22nd May, 2008 and then changed to Store One Retail India Limited on 30th September, 2009 and now further changed to SORIL Infra Resources Limited on 21st December, 2016 . The company received fresh certificate of incorporation consequent upon the change of name, from the Registrar of Companies, National Capital Territory of Delhi and Haryana.
The Company is in the main business of Equipment renting services, Management and maintenance services and
Construction, advisory and other related activities.
SORIL Holding and Ventures Limited (Formerly Known as Indiabulls Wholesale Services Limited) Holding Company of the Company, erstwhile Subsidiary of Indiabulls Real Estate Limited, completed the acquisition of 63.92% of the outstanding Equity Share Capital of the Company from the then existing promoters in terms of the Share Purchase Agreement dated December 08, 2007 and Public Announcement dated December 09, 2007. In the open offer, which concluded on April 10, 2008, IBWSL purchased 310 shares from the general public.
During the previous year, the Company had invested into a wholly owned subsidiary "Store One Infra Resorces Limited" of INR 0.500 Million dated November 20, 2015.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMY OVERVIEW
The macro economic conditions in the Country have significantly improved over past couple of years. The markets have begun to respond to this favorable change, with the national indices hitting all time high. India’s GDP grew by more than 7% in FY 2016-17, making it one of the world’s fastest growing major economies. The Government of India has taken a number of measures/initiatives / steps to build confidence and growth in economy. The Central Government along with Reserve Bank of India (RBI) has announced several legislative and policy reforms, which have resulted in improvements on the macro-economic front, reflecting in acceleration of India’s GDP growth. The country remained on moderate growth radar owing to positive policy initiatives, low interest rates, declining fiscal deficit and moderate inflation. The demonetization had temporarily impacted the Gross Value Added (GVA) in the third as well as fourth quarter of 2016-17 due to cash crunch, however the surplus liquidity in the banking system, created by demonetization, has reduced borrowing costs and increased access to credit, which in turn is expected to boost economic activity with multiplier effects.
The long-awaited and transformational Goods and services Tax (GST) amendment was rolled out on July 1st, 2017. GST will create a common Indian market and is widely expected to improve tax compliance, boost investment and growth, and improve supply chain efficiency.
BUSINESS OVERVIEW
The Company is in the business of management and maintenance services, equipment renting, LED lighting, construction advisory and other related services. The directors believe that these businesses have huge potential and scope for further development. The combination of their rental fleet and property management services, coupled with their experienced management team will enable the Company to achieve a sustained growth ahead of the market.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2015 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans from related parties |
0.000 |
206.500 |
|
Loans from others |
270.000 |
120.000 |
|
Total |
270.000 |
326.500 |
INDEX
OF CHARGES
|
Charges Registered |
|||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G49705585 |
100113789 |
HDFC BANK LIMITED |
05/04/2017 |
- |
10768604.0 |
HDFC BANK HOUSE, Senapati Bapat Marg, Lower Parel (West) Mumbai MAHARASHTRA 400013 INDIA |
|
2 |
G72144637 |
100065539 |
RBL BANK LIMITED |
25/10/2016 |
29/11/2017 |
300000000.0 |
SHAHUPURI, KOLHAPUR, KOLHAPUR MAHARASHTRA 416001 INDIA |
|
3 |
G11946936 |
100050105 |
KOTAK MAHINDRA BANK LIMITED |
06/09/2016 |
- |
63977600.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra (EAST), Mumbai MAHARASHTRA 400051 INDIA |
|
4 |
G28542280 |
100064083 |
HDFC BANK LIMITED |
29/07/2016 |
- |
95090000.0 |
HDFC BANK HOUSE, Senapati Bapat Marg, Lower Parel (West) Mumbai MAHARASHTRA 400013 INDIA |
|
5 |
G06275200 |
100034873 |
ICICI BANK LIMITED |
31/05/2016 |
- |
15060000.0 |
LANDMARKRACE COURCE CIRCLE ALKAPURI BARODA GUJARAT 390015 INDIA |
|
6 |
C82157165 |
10627170 |
ICICI BANK LIMITED |
26/02/2016 |
- |
40500000.0 |
LANDMARKRACE COURCE CIRCLE ALKAPURI BARODA GUJARAT 390015 INDIA |
|
7 |
G02000081 |
100025113 |
HDFC BANK LIMITED |
03/02/2016 |
- |
105815000.0 |
HDFC BANK HOUSE, Senapati Bapat Marg, Lower Parel (West) Mumbai MAHARASHTRA 400013 INDIA |
|
8 |
C41109018 |
10544395 |
Axis Bank Limited |
23/12/2014 |
- |
5104800.0 |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE LAW GARDEN ELLISBRIDGE AHMEDABAD GUJARAT 380006 INDIA |
|
9 |
C40892200 |
10543998 |
Axis Bank Limited |
03/12/2014 |
- |
21462400.0 |
TRISHUL 3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGE AHMEDABAD GUJARAT 380006 INDIA |
|
10 |
C37313699 |
10537239 |
HDFC BANK LIMITED |
27/11/2014 |
- |
7250000.0 |
HDFC BANK HOUSE, Senapati Bapat Marg, Lower Parel (West) Mumbai MAHARASHTRA 400013 INDIA |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2017
(INR in
million)
|
Particulars |
3 Months ended September 30, 2017 |
Preceding 3 Months ended June 30,
2017 |
Year to
date figures for current period ended September 30, 2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
INCOME FROM OPERATIONS |
|
|
|
|
Revenue From Operations |
378.499 |
371.520 |
750.019 |
|
Other Income |
42.443 |
31.237 |
73.680 |
|
Total
Income from Operations |
420.942 |
402.757 |
823.699 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of Material Consumed |
203.504 |
197.563 |
401.067 |
|
Employee benefits expense |
81.181 |
56.694 |
137.875 |
|
Finance Cost |
48.121 |
31.266 |
79.387 |
|
Depreciation and Amortization expenses |
36.727 |
36.225 |
72.952 |
|
Other expenses |
95.011 |
24.294 |
119.305 |
|
Total
Expenses |
464.544 |
346.042 |
810.586 |
|
|
|
|
|
|
Profit/
(Loss) before tax |
(43.602) |
56.715 |
13.113 |
|
Tax
Expense |
|
|
|
|
-Current Tax |
0.019 |
0.000 |
0.019 |
|
-Deferred Tax |
4.519 |
(4.519) |
0.000 |
|
Profit/
(Loss) after tax |
(48.140) |
61.234 |
13.094 |
|
Other
Comprehensive Income |
|
|
|
|
Items that will not be reclassified to profit or loss |
(0.662) |
(0.335) |
(0.997) |
|
Income tax relating to items that will not be reclassified
to profit or loss |
0.229 |
0.116 |
0.345 |
|
Other
Comprehensive Income |
(0.433) |
(0.219) |
(0.652) |
|
Total
Other Comprehensive Income |
(48.573) |
61.015 |
12.442 |
|
Earnings
per Share (EPS) – INR 10/- |
|
|
|
|
Basic
and Diluted |
(1.74) |
2.10 |
0.36 |
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30TH SEPTEMBER
2017
|
Particulars |
3 Months ended September 30, 2017 |
Preceding 3 Months ended June 30,
2017 |
Year to
date figures for current period ended September 30, 2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Segment revenue |
|
|
|
|
Management and maintenance services |
217.639 |
202.414 |
420.053 |
|
Equipment renting services |
96.604 |
142.604 |
239.208 |
|
Construction, advisory and other related activities |
7.940 |
12.204 |
20.144 |
|
Unallocated |
56.316 |
14.298 |
70.614 |
|
Total |
378.499 |
371.520 |
750.019 |
|
Less: Inter segment revenue |
0.000 |
0.000 |
0.000 |
|
Income from
Operation |
378.499 |
371.520 |
750.019 |
|
|
|
|
|
|
Segment results |
|
|
|
|
Management and maintenance services |
93.615 |
50.042 |
143.657 |
|
Equipment renting services |
(20.367) |
30.640 |
10.273 |
|
Construction, advisory and other related activities |
7.042 |
10.977 |
18.019 |
|
Total |
80.290 |
91.659 |
171.949 |
|
Less: Interest |
38.455 |
20.827 |
59.282 |
|
Less: Unallocable expenditure net off unallocable income |
85.437 |
14.117 |
99.554 |
|
Total Profit/
(Loss) before tax |
(43.602) |
56.715 |
13.113 |
|
|
|
|
|
|
Segment Assets |
|
|
|
|
Management and maintenance services |
110.832 |
62.134 |
110.832 |
|
Equipment renting services |
1640.731 |
1699.538 |
1640.731 |
|
Construction, advisory and other related activities |
0.000 |
0.000 |
0.000 |
|
Unallocated |
1595.182 |
1041.235 |
1595.182 |
|
Total Segment
Assets |
3346.745 |
2802.907 |
3346.745 |
|
|
|
|
|
|
|
|
|
|
|
Segment Assets |
|
|
|
|
Management and maintenance services |
175.741 |
225.460 |
175.741 |
|
Equipment renting services |
339.052 |
533.189 |
339.052 |
|
Construction, advisory and other related activities |
1.976 |
2.152 |
1.976 |
|
Unallocated |
3001.957 |
688.436 |
3001.957 |
|
Total Segment
Liabilities |
3518.726 |
1449.237 |
3518.726 |
Notes:
- The standalone financial results of SORIL Infra Resources Limited (formerly known as Store One Retail India Limited) ('SORIL',"the Company") for the quarter and half year ended September 30, 2017 have been reviewed by the Audit Committee at its meeting held on December 8, 2017 and approved by the Board of Directors ("the board') at its meeting held on December 8, 2017.These results have been subjected to limited review by the Statutory Auditors of the Company.
- The Company has adopted Indian Accounting Standards ('IND AS') from April 1, 2017 and accordingly, these financial results have been prepared in accordance with the recognition and measurement principals laid down in the IND AS 34 Interim Financial Reporting prescribed under section 133 of the Companies Act 2013, read with relevant rules issued thereunder. The date of transition to IND AS is April 1, 2016. The impact of transition has been accounted for in opening reserves and the comparative period results has been restated accordingly. The opening balance sheet as at April 1, 2016 and the results for the subsequent periods would be finalised and subjected to audit at the time of annual financial statements for the year ending March 31, 2018.
- The financial results for the quarter and half year ended September 30, 2016 are also Ind AS compliant. The management has exercised necessary due diligence to ensure that the financial results give a true and fair view. This information has not been subjected to limited review or audit.
- During the current quarter, the Company has, under "SORIL Infra Resources Limited ESOS -2009" and “SORIL Infra Resources Limited ESOS -2009(II)”, granted an aggregate of 45,00,000 Stock Options representing an equal number of equity shares of face value of INR 10/- each in the Company, at an exercise price of INR 168.30 per equity share.
- Figures for the prior periods have been regrouped and/or reclassified wherever considered necessary.
STATEMENT OF ASSETS AND LIABILITIES AS ON 30.09.2017
(INR In Million)
|
SOURCES OF FUNDS |
30.09.2017 (Unaudited) |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
276.000 |
|
(b) Reserves &
Surplus |
(447.981) |
|
(c) Money received
against share warrants |
0.000 |
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
(171.981) |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
2645.920 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
|
(c) Other long term
liabilities |
20.513 |
|
(d) long-term provisions |
16.675 |
|
Total Non-current
Liabilities (3) |
2683.108 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
249.196 |
|
(b) Trade payables |
121.635 |
|
(c) Other current
liabilities |
463.588 |
|
(d) Short-term provisions |
1.199 |
|
Total Current Liabilities
(4) |
835.618 |
|
|
|
|
TOTAL |
3346.745 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
1355.214 |
|
(ii) Intangible Assets |
9.607 |
|
(iii) Capital
work-in-progress |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
|
(b) Non-current
Investments |
107.505 |
|
(c) Deferred tax assets
(net) |
0.809 |
|
(d) Long-term Loan and Advances |
25.525 |
|
(e) Other Non-current
assets |
9.526 |
|
Total Non-Current Assets |
1508.186 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
14.651 |
|
(c) Trade receivables |
477.701 |
|
(d) Cash and cash
equivalents |
28.328 |
|
(e) Short-term loans and
advances |
1205.014 |
|
(f) Other current assets |
112.865 |
|
Total Current Assets |
1838.559 |
|
|
|
|
TOTAL |
3346.745 |
CONTINGENT
LIABILITIES: (As on 31.03.2017)
Bank Guarantees: *Bank Guarantees of INR 0.125 Million (Previous Year INR 0.125 Million) issued in favour of VAT Authorities.
Claims (Excluding interest) against the Company not acknowledged as debts: INR 140.603 Million (Previous Year: INR 14.803 Million).
Contingent liabilities in respect of income-tax demands for which appeals have been filed INR 1.689 Million (previous year INR 16.515 Million) and VAT for which appeals have been filed INR Nil (previous year : INR 11.164 Million)
There are legal cases against the Company in the ordinary course of business. Management has evaluated the same and depending upon the facts and after due evaluation of legal aspects of each case, adequate amounts have been provided in respect of the claims made against the Company under these cases. Company does not expect any further liability and these litigations /lawsuits and claims may, individually or in aggregate, will not have any material adverse effect on the financial position of the Company.
FIXED ASSETS
Tangible assets
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Computers
- Office equipment
- Temporary building
Intangible assets
- Computer softwares
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 64.36 |
|
|
1 |
INR 89.71 |
|
Euro |
1 |
INR 78.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHL |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
SUD |
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.