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MIRA INFORM REPORT
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Report No. : |
494153 |
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Report Date : |
26.02.2018 |
IDENTIFICATION DETAILS
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Name : |
VIDHI SPECIALITY FOOD INGREDIENTS LIMITED (w.e.f.25.08.2016) |
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Formerly Known
As : |
VIDHI DYESTUFFS MANUFACTURING LIMITED (w.e.f.06.03.1995) VIDHI DYESTUFFS MANUFACTURING PRIVATE LIMITED (w.e.f.29.07.1994) VIDHI INTERNATIONAL PRIVATE LIMITED |
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Registered
Office : |
E/27, Commerce Center, 78, Tardeo Road, Mumbai - 400034, Maharashtra |
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Tel. No.: |
91-22-61406666 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
19.01.1994 |
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Com. Reg. No.: |
11-076156 |
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Capital
Investment / Paid-up Capital : |
INR 50.020 Million |
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CIN No.: [Company Identification
No.] |
L24110MH1994PLC076156 |
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IEC No.: [Import-Export Code No.] |
0394075331 |
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TIN No.: |
27690375492 |
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GSTIN : [Goods & Service Tax Registration No.] |
27AAACV3565G1Z9 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACV3565G |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing and Trading of Synthetic Food Colors and Chemicals.
[Registered Activity] |
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No. of Employees : |
53 (Approximately) (Including KMPs) |
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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
USD 1850000 |
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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 was incorporated in the year 1994 and it is engaged in manufacturing and trading of synthetic food colors. It also trades in chemicals. As per financials of March 2017, the company has registered growth of 3.40% in its revenue as compared to its previous year’s revenue and has reported good profit margin of 7.81% under review. Rating takes into consideration the company’s established track record of business operations marked by sound net worth base along with comfortable debt coverage indicators and good liquidity position. Rating also takes into account the established position in the synthetic food-colors segment and above average financial risk profile. Share are quoted high on Stock Exchanges. (Share are traded at a price of INR 86.70 against its face value of INR 10.) However, rating strength is partially offset by working capital requirement, and susceptibility of profitability to volatility in raw material prices and foreign currency exchange rates. As per unaudited quarterly financials of December 2017, the company has achieved a revenue of INR 471.72 million and has reported profit margin of 8.10%. Payments seems to be regular. In view of aforesaid, the company can be considered for business operations at usual trade terms and conditions. |
NOTES : Any query related to this
report can be made on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 |
CRISIL |
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Rating |
Long Term Rating=BBB |
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Rating Explanation |
Moderate degree of safety and moderate
credit risk |
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Date |
08.09.2017 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Rating=A3+ |
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Rating Explanation |
Moderate degree of safety and higher credit
risk |
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Date |
08.09.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 26.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
LOCATIONS
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Registered Office : |
E/27, Commerce Center, 78, Tardeo Road, Mumbai - 400034, Maharashtra,
India |
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Tel. No.: |
91-22-61406666 (100 Lines) |
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Fax No.: |
91-22-23521980 |
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E-Mail : |
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Website : |
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Corporate Office : |
E/28 and 29, Commerce Centre, 78, Tardeo Road, Mumbai – 400034,
Maharashtra, India |
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Tel. No.: |
91-22-61406615 |
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Factory 1 : |
Plot No. 59/B, MIDC Dhatav, Roha, District: Raigad – 402116,
Maharashtra, India |
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Factory 2 : |
Plot No. 68, MIDC Dhatav, Roha, District: Raigad – 402116,
Maharashtra, India |
DIRECTORS
AS ON 31.03.2017
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Name : |
Mr. Bipin Madhavji Manek |
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Designation : |
Managing Director |
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Address : |
Flat No.12, Somerset House, Off. Bhulabhai Desai Road,
Warden Road, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
07.06.1956 |
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Qualification : |
B. Com |
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Nature of Expertise or experience : |
Rich experience of over 30 years in the field of Imports & Exports in food color industries and management of business. |
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Date of Appointment : |
19.01.1994 |
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DIN No.: |
00416441 |
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Name : |
Mrs. Pravina Bipin Manek |
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Designation : |
Director |
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Address : |
Flat No.12, Somerset House , 1st Floor, Near Sophia
College , Warden Road, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
29.02.1956 |
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Qualification : |
B.A. |
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Nature of Expertise or experience : |
15 years of vast experience and expertise in the business of food color |
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Date of Appointment : |
19.01.1994 |
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DIN No.: |
00416533 |
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Name : |
Mr. Vijay Krishnaswamirao Atre |
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Designation : |
Director |
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Address : |
54, Jaivijay Society Western Express Highway, Vile Parle
(E), Mumbai-400099, Maharashtra, India |
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Date of Birth/Age : |
06.04.1925 |
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Qualification : |
M. SC |
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Date of Appointment : |
05.03.2007 |
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DIN No.: |
00416853 |
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Name : |
Mr. Praful Anantlal Shah |
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Designation : |
Director |
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Address : |
4, Apsara Apartment, Kishorkumar Ganguli Marg, 14c Juhu
Tara Road, Mumbai- 400049, Maharashtra, India |
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Date of Appointment : |
06.01.2003 |
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DIN No.: |
00417022 |
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Name : |
Mr. Mihir Bipin Manek |
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Designation : |
Managing Director |
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Address : |
Flat No.12, Somerset House, 1st Floor, Near Sophia
College, Warden Road, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
08.03.1982 |
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Qualification : |
B.Sc (Industrial Chemistry) |
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Nature of Expertise or experience : |
10 years of experience in the business of procurement of imported raw materials and distribution of various chemicals |
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Date of Appointment : |
31.07.2006 |
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DIN No.: |
00650613 |
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Name : |
Mr. Anil Kumar Dhar |
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Designation : |
Director |
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Address : |
Near Lokmanya Hospital, C 1002 Sarve No 3876 Queenstown
Station Road Chinchwad, Pune City, Pune-411033, Maharashtra, India |
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Date of Birth/Age : |
10.09.1952 |
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Qualification : |
1977 batch Indian Revenue Services (IRS) |
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Nature of Expertise or experience : |
Over 36 years of experience in Indirect Taxation & Foreign Trade Laws |
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Date of Appointment : |
16.09.2015 |
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DIN No.: |
01524239 |
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Name : |
Mr. Nirenbhai Dinkerrai Desai |
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Designation : |
Director |
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Address : |
22/2, Navrang Building, Pedder Road, Mumbai-400026, Maharashtra,
India |
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Date of Appointment : |
06.01.2003 |
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DIN No.: |
01978382 |
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Name : |
Mr. Chetan Prabhudas Bavishi |
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Designation : |
Director |
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Address : |
4/2, Loyalka Apt, Chowpatty Band Stand, Malabar Hill,
Mumbai-400006, Maharashtra, India |
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Date of Appointment : |
06.01.2003 |
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DIN No.: |
01978410 |
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Name : |
Mr. Rahul Chakradhar Berde |
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Designation : |
Director |
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Address : |
31/B, Bhimdiwala Building, L. N. Road Matunga,
Mumbai-400019, Maharashtra, India |
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Date of Appointment : |
30.09.2014 |
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DIN No.: |
06981981 |
KEY EXECUTIVES
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Name : |
Mr. Mitesh Dinesh Manek |
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Designation : |
Chief Financial Officer (KMP) |
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Address : |
61a Sea Lord Cuffe Parade Opposite President Hotel,
Mumbai-400005, Maharashtra, India |
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Age : |
39 years |
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Qualification : |
M.Com |
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Date of Appointment : |
09.02.2016 |
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PAN No.: |
ALDPM9178K |
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Name : |
Mrs. Kalika Vasant Dabholkar |
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Designation : |
Company Secretary |
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Address : |
A/302, Sai Mangal Chs, Eksar Road, Borivali (West),
Mumbai-400091, Maharashtra, India |
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Date of Appointment : |
09.02.2016 |
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PAN No.: |
BBFPD1471F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2017
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoter & Promoter Group |
32101000 |
64.27 |
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Public |
17844000 |
35.73 |
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Grand Total |
49945000 |
100.00 |
STATEMENT SHOWING
SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
A1) Indian |
0.00 |
||
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Individuals/Hindu
Undivided Family |
32101000 |
64.27 |
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Bipin M Manek |
14110333 |
28.25 |
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Pravina B Manek |
17990667 |
36.02 |
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Sub Total A1 |
32101000 |
64.27 |
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A2) Foreign |
0.00 |
||
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A=A1+A2 |
32101000 |
64.27 |
STATEMENT SHOWING
SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category & Name
of the Shareholders |
Total no. shares
held |
Shareholding %
calculated as per SCRR, 1957 As a % of |
|
|
B1) Institutions |
0.00 |
||
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Foreign Portfolio Investors |
360175 |
0.72 |
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Financial Institutions/ Banks |
51632 |
0.10 |
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Sub Total B1 |
411807 |
0.82 |
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B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
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B3) Non-Institutions |
0.00 |
||
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Individual share capital upto INR 0.200 Million |
12214265 |
24.46 |
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Individual share capital in excess of INR 0.200 Million |
1682944 |
3.37 |
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Ajay Upadhyaya |
740000 |
1.48 |
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NBFCs registered with RBI |
6450 |
0.01 |
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Any Other (specify) |
3528534 |
7.06 |
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Bodies Corporate |
1640083 |
3.28 |
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Clearing Members |
598736 |
1.20 |
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HUF |
529151 |
1.06 |
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NRI – Non- Repat |
161538 |
0.32 |
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NRI – Repat |
598925 |
1.20 |
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Overseas corporate bodies |
101 |
0.00 |
|
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Sub Total B3 |
17432193 |
34.90 |
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B=B1+B2+B3 |
17844000 |
35.73 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Trading of Synthetic Food Colors and Chemicals.
[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 Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
53 (Approximately) (Including KMPs) |
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Bankers : |
· HDFC Bank Limited · Vijaya Bank · HSBC Bank |
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Facilities : |
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Auditors : |
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Name : |
Bhuta Shah and Company, LLP Chartered Accountants |
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Address : |
901/902, Regent Chambers, Nariman Point, Mumbai – 400021, Maharashtra,
India |
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Tel. No.: |
91-22-43439191/ 22832626 |
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Fax No.: |
91-22-22832727 |
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E-Mail : |
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Internal Auditors : |
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Name : |
A. R. Ruwala and Company Chartered Accountants |
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Secretarial Auditors : |
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Name : |
Hemanshu Kapadia and Associates Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises over which key management personnel have significant
influence : |
· Arjun Food Colorants Manufacturing Private Limited · Trident Colours & Chemicals (Proprietor:- Amee Manek) |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
INR 1/- each |
INR 60.000 Million |
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Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50034000 |
Equity Shares |
INR 1/- each |
INR 50.034 Million |
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Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
49945000 |
Equity Shares |
INR 1/- each |
INR 49.945 Million |
|
|
Add: Forfeited Shares |
|
INR 0.075 Million |
|
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Total |
|
INR 50.020
Million |
Rights of Equity Shareholders
The Company has only one class of equity shares having a par value of INR 1 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.
In the event of liquidation of the Company, the holders 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.
The Shareholders have all other rights as available to equity shareholders as per the provisions of the Companies Act, 2013, read together with the Memorandum of Association and Articles of Association of the Company, as applicable.
The reconciliation of the number of shares outstanding is set out below:
|
Particulars |
As at 31st
March, 2017 |
|
|
Nos. |
INR in Million |
|
|
Shares outstanding
at the beginning of the year |
|
|
|
At the beginning of the year |
49945000 |
49.945 |
|
Shares outstanding
at the end of the year |
49945000 |
49.945 |
Shares held by each shareholder holding more than 5% of the shares
|
Particulars |
As at 31st
March, 2017 |
|
|
Nos. |
% |
|
|
Bipin M. Manek |
14110333 |
28.25 |
|
Pravina B. Manek |
17990667 |
36.02 |
FINANCIAL DATA
[all figures are in
Indian Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
50.020 |
50.020 |
50.020 |
|
(b) Reserves & Surplus |
598.547 |
501.134 |
402.182 |
|
(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) |
648.567 |
551.154 |
452.202 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
30.048 |
48.627 |
19.823 |
|
(b) Deferred tax liabilities (Net) |
27.597 |
19.955 |
12.056 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
57.645 |
68.582 |
31.879 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
581.578 |
427.212 |
441.632 |
|
(b)
Trade payables |
270.219 |
133.647 |
286.196 |
|
(c)
Other current liabilities |
29.442 |
32.517 |
53.565 |
|
(d)
Short-term provisions |
48.065 |
14.692 |
43.315 |
|
Total
Current Liabilities (4) |
929.304 |
608.068 |
824.708 |
|
|
|
|
|
|
TOTAL |
1635.516 |
1227.804 |
1308.789 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
299.853 |
309.567 |
170.036 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
87.030 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.443 |
1.256 |
1.256 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
12.365 |
10.350 |
11.679 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
312.661 |
321.173 |
270.001 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
406.527 |
280.733 |
384.011 |
|
(c)
Trade receivables |
606.429 |
391.069 |
470.070 |
|
(d)
Cash and cash equivalents |
52.866 |
102.332 |
68.090 |
|
(e)
Short-term loans and advances |
228.822 |
109.401 |
104.021 |
|
(f)
Other current assets |
28.211 |
23.096 |
12.596 |
|
Total
Current Assets |
1322.855 |
906.631 |
1038.788 |
|
|
|
|
|
|
TOTAL |
1635.516 |
1227.804 |
1308.789 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Revenue from operations |
1865.588 |
1804.173 |
1830.021 |
|
|
Other operating income |
60.479 |
42.488 |
57.707 |
|
|
Other Income |
8.082 |
12.688 |
8.013 |
|
|
TOTAL
|
1934.149 |
1859.349 |
1895.741 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
566.421 |
643.297 |
710.872 |
|
|
Purchases of Stock-in-Trade |
876.548 |
530.623 |
811.353 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(106.103) |
95.033 |
(160.177) |
|
|
Employees benefits expense |
41.888 |
37.554 |
28.501 |
|
|
Other expenses |
258.396 |
249.718 |
230.195 |
|
|
Exceptional items |
0.000 |
0.000 |
4.89 |
|
|
TOTAL |
1637.150 |
1556.225 |
1625.634 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
296.999 |
303.124 |
270.107 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
39.208 |
56.065 |
61.078 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
257.791 |
247.059 |
209.029 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
22.587 |
21.606 |
16.298 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
235.204 |
225.453 |
192.731 |
|
|
|
|
|
|
|
Less |
TAX |
89.475 |
78.131 |
68.502 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
145.729 |
147.322 |
124.229 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
442.474 |
364.466 |
288.021 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
14.573 |
20.943 |
17.573 |
|
|
Interim Dividend |
29.967 |
29.967 |
12.486 |
|
|
Proposed Final Dividend |
9.989 |
9.989 |
12.561 |
|
|
Dividend Distribution Tax |
6.271 |
6.282 |
2.556 |
|
|
Dividend Distribution Tax on Proposed Final Dividend |
2.090 |
2.091 |
2.557 |
|
|
Interest on Dividend Distribution Tax |
0.000 |
0.042 |
0.051 |
|
|
Total
|
62.890 |
69.314 |
47.784 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
525.313 |
442.474 |
364.466 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
959.594 |
1005.134 |
1084.906 |
|
|
TOTAL
EARNINGS |
959.594 |
1005.134 |
1084.906 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
366.368 |
362.867 |
348.464 |
|
|
Trading Purchases of Chemicals |
648.973 |
460.609 |
773.210 |
|
|
TOTAL
IMPORTS |
1015.341 |
823.476 |
1121.674 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
2.91 |
2.95 |
2.49 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
11.000 |
16.518 |
5.405 |
|
|
|
|
|
|
Cash Generated from Operations |
(23.241) |
282.405 |
221.840 |
|
|
|
|
|
|
Net cash provided by operating activities |
(82.814) |
172.323 |
171.956 |
QUARTERLY
RESULTS
|
Particulars |
(Unaudited) Quarter Ended
30.06.2017 |
(Unaudited) Quarter Ended
30.09.2017 |
(Unaudited) Quarter Ended
31.12.2017 |
|
|
|
|
|
|
Net Sales |
633.990 |
493.750 |
471.720 |
|
Total Expenditure |
560.530 |
413.950 |
395.130 |
|
PBIDT (Excl OI) |
73.460 |
79.800 |
76.590 |
|
Other Income |
0.650 |
1.850 |
0.800 |
|
Operating Profit |
74.110 |
81.650 |
77.390 |
|
Interest |
14.100 |
13.940 |
10.560 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
60.010 |
67.710 |
66.830 |
|
Depreciation |
6.160 |
6.320 |
6.290 |
|
Profit Before Tax |
53.850 |
61.390 |
60.520 |
|
Tax |
17.660 |
21.180 |
22.300 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
36.190 |
40.200 |
38.220 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
36.190 |
40.200 |
38.220 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
118.65 |
79.12 |
93.76 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
3.08 |
4.61 |
3.89 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
68.35 |
41.55 |
68.62 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.73 |
1.08 |
0.70 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.99 |
0.98 |
1.05 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.59 |
0.55 |
0.65 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.96 |
0.89 |
1.03 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.43 |
1.10 |
1.82 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.46 |
0.56 |
0.57 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
7.57 |
5.41 |
4.42 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
7.81 |
8.17 |
6.79 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
8.91 |
12.00 |
9.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
22.47 |
26.73 |
27.47 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.42 |
1.49 |
1.26 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.99 |
1.03 |
0.79 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.40 |
0.45 |
0.35 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
12.45 |
9.84 |
9.33 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.42 |
1.49 |
1.26 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 1.00/- |
|
|
|
|
Market Value |
INR 86.70/- |
FINANCIAL DATA
[all figures are
in Indian Rupees 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 |
50.020 |
50.020 |
50.020 |
|
Reserves & Surplus |
402.182 |
501.134 |
598.547 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
452.202 |
551.154 |
648.567 |
|
|
|
|
|
|
long-term borrowings |
19.823 |
48.627 |
30.048 |
|
Short term borrowings |
441.632 |
427.212 |
581.578 |
|
Current Maturities of Long
term debt |
5.405 |
16.518 |
11.000 |
|
Total
borrowings |
466.860 |
492.357 |
622.626 |
|
Debt/Equity
ratio |
1.032 |
0.893 |
0.960 |
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 |
1830.021 |
1804.173 |
1865.588 |
|
|
|
(1.412) |
3.404 |
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 |
1830.021 |
1804.173 |
1865.588 |
|
Profit |
124.229 |
147.322 |
145.729 |
|
|
6.79% |
8.17% |
7.81% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G01618594 |
100020310 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED |
21/03/2016 |
- |
- |
100000000.0 |
52/60, Mahatma
Gandhi Road,FortMumbaiMH400001IN |
|
2 |
C62738463 |
10588271 |
Vijaya Bank |
06/04/2015 |
- |
- |
55000000.0 |
OVERSEAS BRANCH,
MAKER CHAMBERS-IVNAIRMAN POINT MUMBAIMH400021IN |
|
3 |
B26618587 |
10204274 |
HDFC BANK LIMITED |
05/02/2010 |
22/10/2011 |
- |
165000000.0 |
HDFC BANK
HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
4 |
Y10267990 |
90166743 |
VIJAYA BANK |
22/03/2002 |
- |
- |
55500000.0 |
OVERSEAS BR. MAKER
CHAMBER-5 NARIMAN POINTMUMBAI-400021IN |
|
5 |
C19974567 |
90163471 |
Vijaya Bank |
26/12/1996 |
20/08/2014 |
- |
606500000.0 |
OVERSEAS BRANCH,
MAKER CHAMBERS-IVNAIRMAN POINT MUMBAIMH400021IN |
|
6 |
A78078771 |
90167107 |
SICOM LTD. |
09/03/2000 |
- |
28/01/2010 |
12500000.0 |
NIRMAL 1ST FLOOR NARIMAN
POINT MUMBAIMH400021IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Repayable on demand
- from banks |
|
|
|
Standard Chartered Bank (Loan from Standard Chartered bank is secured by personal assets of a director) |
64.712 |
37.138 |
|
Total |
64.712 |
37.138 |
COMPANY OVERVIEW:
The Company was incorporated on 19th January, 1994 and is engaged in the business of manufacturing and trading in synthetic food colors and trading in chemicals.
FINANCIAL
PERFORMANCE, OPERATIONS AND STATE OF THE COMPANY’S AFFAIRS:
The Company successfully retained its position as one of the eminent food color manufacturing Company in the manufacturing of food colors and preservative Industry. During the year, total income of the Company has been increased by 3.99% from INR 1859.349 Million during the previous year to INR 1934.149 Million. However, the profit after tax was decreased by 1.09 % to INR 145.729 Million from INR 147.322 Million in previous year.
The income from operations during the year has increased to INR 1865.588 Million from INR 1804.173 Million. The Company’s profit before tax has gone up from INR 225.453 Million in previous year to INR 235.204 Million in current year registering growth of 4.33%.
The financial performance is discussed in detail in the Management Discussion and Analysis Report which forms part of the Annual Report.
The Company has manufactured 2514.05 MT Food colors against
2776.43 MT in the previous year. Your Directors assure to maintain the growth
momentum in coming years and strive for bright future for your Company
MANAGEMENT DISCUSSION
& ANALYSIS
Global Economic
Overview:
Global economic activity is picking up with a long awaited cyclical recovery in investment, manufacturing and trade. Stronger activity and expectations of more robust global demand, coupled with agreed restrictions on oil supply, have helped commodity prices recover from their troughs in early 2016. Economic activity gained some momentum in the second half of 2016, especially in advanced economies. Growth picked up in the United States as firms grew more confident about future demand and inventories started contributing positively to growth. Growth also remained solid in the United Kingdom, where spending proved resilient in the aftermath of the June 2016 referendum in favor of leaving the European Union (Brexit). Activity surprised on the upside in Japan thanks to strong net exports, as well as in euro area countries, such as Germany and Spain, as a result of strong domestic demand.
Economic performance across emerging market and developing economies has remained mixed. Whereas China’s growth remained strong, reflecting continued policy support, activity has slowed in India because of the impact of the currency exchange initiative, as well as in Brazil, which has been mired in a deep recession. Activity remained weak in fuel and nonfuel commodity exporters more generally, while geopolitical factors held back growth in parts of the Middle East and Turkey.
Domestic Economic
Overview:
India’s economy has grown at a strong pace in recent years owing to the implementation of critical structural reforms, favorable terms of trade and lower external vulnerabilities. The growth in GDP during 2016-17 is estimated at 7.1% as compared to the growth rate of 7.6% in 2015-16. In 2016-17, the government’s final consumption expenditure emerged as the major driver of GDP growth with an increase of over 23% as against 2.2% in 2015-16. The anticipated growth of real GVA at basic prices in 2016-17 is 7% against 7.2% in 2015-16.
The world economy faced considerable uncertainty, in the aftermath of major economic and political developments leading to declaration of growth. As per the current indications, macro-economic policy is expected to be more expansionary in certain large economies. Growth in a number of emerging economies is expected to lower in 2017.
Amidst all these developments, India stands out as a bright spot in the world economic landscape. India’s macro-economic stability continues to be the foundation of economic success. There were two policy initiatives, namely, passage of the Constitution Amendment Bill got Goods and Services Tax (GST) and the progress for its implementation; and demonetization of high denomination bank notes. Even though demonetization initially impacted industrial growth in the last two quarters of 2016-17, it is expected to give a boost to GDP in the current year. GST, on the other hand is expected to be a game changer and deliver manifold benefits such as spur in growth, increasing competitiveness and ushering in indirect tax simplification and bringing in greater transparency in tax management and administration. These along with measures initiated to push for more digitalization in economic transactions are positive signs and point to an optimistic outlook for the current year.
Industry Structure
& Development:
Food Colors are a part of every aspect of human life. Products from the food color have altered the quality of life world over and have contributed significantly to everyone’s day-to-day requirements through breakthrough innovations. The food color industry is critical for the economic development of any country, providing products and enabling solutions. With Asia’s increasing contribution to the global food color industry, India emerges as one of the focused destinations for food color Companies worldwide. Strong economic growth and rise in per-capital income has caused steady increases in demand and for food colors. The industry has moved from a low-growth and regulated environment to an increasingly mature core industry.
Vidhi is one of the leaders in the manufacture and export of food colors worldwide. This results in intense price competition in the commodity segments market. The China factor also continues to affect the food color industry.
Overview of Vidhi’s Business
and its Position in Food Color Manufacturing Industry :
Vidhi is a globally renowned player in the food color industry and a leading manufacturer of Superior Synthetic and Natural Food Grade Colors including Synthetic water soluble colors, Aluminum lakes, D&C Colors, Iron Oxides and FD&C Certified Lakes. Its business is manufacturing and trading of food colors and trading in chemicals. The colors are being distributed and consumed in over 80 countries across 6 continents. The manufacturing facilities of the Company are spread over an area of 1,76,000 square feet, located in Dhatav Village of Raigad District in the State of Maharashtra - India. The manufacturing facilities have been audited and found satisfactory by the U.S. FDA. All the products carry Halal and Kosher certification. The Company has also set up an ultra modern R & D Facility at Dhatav Village of Raigad District in the State of Maharashtra – India. Vidhi has built up on technical services, marketing capabilities and production in bulk quantities to face competition from domestic as well as global markets. In this way, Vidhi enjoys a position of one of the leaders in food color manufacturing industry.
The relevant industry for your Company is food colors, which occupies an important position in the Indian economy. Stronger growth in end user segments coupled with the initiatives from the government and industry to enhance manufacturing has brought the focus on the food color manufacturing segment. Simultaneously, improved competiveness of Indian manufacturers and an interest in India from global players is likely to result in significant growth of the diverse food colors segment.
OUTLOOK:
The country’s economic growth is facing challenges such as subdued manufacturing, lower exports of services, etc. However, it is expected that in financial year 2017-18 cheap borrowing costs and fading impact of demonetization could increase the private consumption and thereby drive economic growth. The implementation of GST is expected to improve tax compliance and governance and might provide an impetus to the investments and growth in the country. Due to favorable indicators such as moderate levels of inflation, reduced current account deficit, fiscal consolidation and transitory impact of demonetization, the country is currently characterized as a stable macroeconomic situation, the Government expects India’s GDP to expand at a growth rate between 6.75%-7.5% during the financial year 2017-18.
The Company is gearing itself for sustaining its market position
by adjusting to the market environment through improved service levels and
continuous emphasis on cost management. The Company’s globalization plans and
its strong base in the Foreign and Indian market provides a great opportunity
for growth.
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Central Sales Tax (FY 2005-2006) |
0.868 |
0.868 |
|
Central Sales Tax (FY 2006-2007 |
- |
0.092 |
|
Maharashtra VAT (FY 2009-2010) |
- |
0.115 |
|
Central Sales Tax (FY 2009-2010) |
- |
0.101 |
STATEMENT OF
UNAUDTED FINANCIAL RESULT FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER 2017
(INR
in Million)
|
Particulars |
Unaudited 31.12.2017 |
Unaudited 30.09.2017 |
Unaudited 31.12.2017 |
|
Income from Operations |
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
471.718 |
493.751 |
1599.454 |
|
(b) Other Operating Income |
0.798 |
1.848 |
3.296 |
|
Total income from operations (net) |
472.516 |
495.599 |
1602.750 |
|
Expenses |
|
|
|
|
Cost of materials consumed |
156.007 |
176.580 |
504.758 |
|
Purchases of stock-in trade |
140.454 |
113.939 |
504.585 |
|
Changes in inventories of finished goods. work-in-progress
and stock in trade |
14.687 |
40.963 |
44.617 |
|
Excise duty on sales |
0.000 |
0.000 |
44.522 |
|
Employee benefits expense |
15.124 |
13.346 |
41.328 |
|
finance charges |
10.563 |
13.943 |
38.610 |
|
Depreciation and Amortization Expenses |
6.296 |
6.317 |
18.776 |
|
Other Expenses |
68.863 |
69.127 |
229.907 |
|
Total
expenses |
411.994 |
434.215 |
1427.103 |
|
Profit/ (Loss) before exceptional items |
60.522 |
61.384 |
175.647 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from before tax |
60.522 |
61.384 |
175.647 |
|
Tax expenses |
|
|
|
|
Current year |
20.186 |
20.790 |
59.476 |
|
Earlier year |
1.252 |
0.000 |
1.252 |
|
Deferred Tax |
0.866 |
0.393 |
0.384 |
|
Net Profit / (Loss) from ordinary activities after tax |
22.304 |
21.183 |
61.112 |
|
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) for the period |
38.218 |
40.201 |
114.535 |
|
Other Comprehensive Income |
|
|
|
|
items that will not be
reclassified to profit or loss |
0.000 |
0.000 |
0.011 |
|
Total Other Comprehensive Income |
0.000 |
0.000 |
0.011 |
|
Total Other Comprehensive Income for the period |
38.218 |
40.201 |
114.535 |
|
Paid up equity share capital (Face Value of INR 1/-each) |
49.945 |
49.945 |
49.945 |
|
Earnings per share (before extraordinary items) |
|
|
|
|
(a) Basic |
0.77 |
0.80 |
2.29 |
|
(b) Diluted |
0.77 |
0.80 |
2.29 |
Notes:
- The above results,
published in accordance with Regulation 33 of the SEBI (Listing Obligation
& Disclosure Requirements), 2015, have been reviewed by the Audit
Committee and taken on record by the Board of Directors at their meeting
held on 14th February, 2018. The current quarter results have been
subjected to a limited review by the Statutory Auditors of the
company.
- As per requirements of SEBI (Listing Obligations & Disclosure Requirements) Regulation 2015 and Indian Accounting Standards ('IND AS'), revenue for the corresponding preceding previous quarters and nine months ended 31st December 2016 are grossed up for central excise duty. With introduction of Goods and Services Tax ("GST") with effect from 1st July 2017 central excise ceased to exist from that date. As mandated by IND AS 18 on Revenue and Schedule III of Companies Act 2013, GST is not a part of revenue and hence quarter and nine months ended 31st December 2017 are not comparable. To facilitate comparison the following additional information is being provided :
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Income from Operations |
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
471.718 |
493.751 |
1599.454 |
|
(b) Excise duty include above |
- |
- |
44.522 |
|
Income from operations (net) |
471.718 |
493.751 |
1554.932 |
- The Company adopted Ind-AS from 1st April, 2017 and accordingly:
a) The Financial Results have been prepared in accordance with the recognition
and measurement principles laid down in Indian Accounting Standards ("Ind
AS") - 34 on Interim Financial Reporting 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.
(b) The Company has opted to avail relaxation provided by SEBI vide the
aforesaid circular 5th July 2016 in respect of the disclosures for
corresponding figure of earlier periods. Accordingly, the figures for the
quarter and year ended 31st March, 2017 have not been presented. The reserves
as per the balance sheet of the previous accounting year, not being mandatory,
have not been presented.
(c) Pursuant to the SEBI circular CIR/CFD/FAC/62/2016 dated 5th July,2016, the
figures for quarter and nine months ended 31st December, 2016 have been recast
to Ind AS, to the extent, applicable and have been prepared in accordance with
the Companies (Indian Accounting Standard) Rules, 2015 and have not been
subjected to limited review or audit. However, the company's Management has
exercised necessary due diligence to ensure that such financial results provide
a true and fair view of its affairs.
4. The company operates in single business segment namely manufacturing and
trading of food colors and chemicals.
Hence, no separate disclosure as per "Ind AS-108" is required for the
business segment.
- The Board of Directors at its meeting held on Wednesday, February 14, 2018 has declared Interim Dividend of INR 0.20/- per equity share of INR 1/- each fully paid up, (i.e. 20%), for the Financial Year 2017-18 aggregating INR 9.989 Million.
- The Statutory Auditors have put qualification in the financial statements for the year ended 31st March, 2017 with regard to non provision of liability for employee benefits on the basis of actuarial valuation. The Company is in the process of getting the actuarial valuation done and based on same, to provide liability for employee benefits.
- As a part of long term strategic investment/for future expansion, the Board of Directors of the Company in its meeting held on Wednesday, February 14, 2018 has decided to acquire Arjun Food Colorants Manufacturing Private Limited, a promoter group Company, at an arm’s length price, subject to shareholders’ approval.
- Previous period's figures have been regrouped / reclassified, wherever necessary to make them comparable with the current year.
FIXED ASSETS:
Tangible Assets
·
Land
· Administrative Buildings
·
Furniture and Fixtures
·
Office Equipment
·
Computer
·
Plant and Machinery
· Electrical Installation
·
Vehicle
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 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
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.32 |
|
|
1 |
INR 83.86 |
|
Euro |
1 |
INR 74.23 |
INFORMATION DETAILS
|
Information Gathered
by : |
KMN |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
IND |
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 |
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.