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MIRA INFORM REPORT
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Report No. : |
484330 |
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Report Date : |
06.01.2018 |
IDENTIFICATION DETAILS
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Name : |
FINEOTEX CHEMICAL LIMITED (w.e.f 01.03.2011) |
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Formerly Known
As : |
FINEOTEX CHEMICAL PRIVATE LIMITED |
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Registered
Office : |
42/43, Manorama Chambers, 4th Floor, S V Road, Bandra (West), Mumbai – 400050, Maharashtra |
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Tel. No.: |
91-22-26559174/75/76/77 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of Incorporation
: |
30.01.2004 |
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Com. Reg. No.: |
11-144295 |
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Capital
Investment / Paid-up Capital : |
INR 222.600 Million |
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CIN No.: [Company Identification
No.] |
L24100MH2004PLC144295 |
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IEC No.: |
0300031688 |
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GSTIN: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACF8360M |
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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 engaged in the business of manufacturing and trading of chemicals for textiles, construction, water-treatment, fertilizer, leather and paint industry. (Registered Activity) |
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No. of Employees
: |
72 (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 2731000 |
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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 2004 and it is engaged in manufacturing and trading of chemicals. As per financials of March 2017, the company has registered a growth of 10.53% in its revenue as compared to its previous year’s revenue and has reported good profit margin of 21.07% under review. Rating takes into consideration the company’s established track record of business operations marked by healthy net worth base along with low solvency indicators and good liquidity position. Share price are quoted high on Stock Exchanges. (Share are traded at a price of INR 95.95 against its face value of INR 2 on BSE). As per quarterly financials of September 2017, the company has achieved a sales turnover of INR 348.6 million and has reported good profit margin of 18.84%. Payments are reported to be regular. In view of aforesaid, the company can be considered good for business dealings at normal 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 (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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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 06.01.2017
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Ms. Vineeta |
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Designation : |
Not Divulged |
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Contact No.: |
91-22-26559174 |
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Date : |
04.01.2018 |
LOCATIONS
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Registered / Head Office : |
42-43, Manorama Chambers, S V Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
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Tel. No.: |
91-22-26559174/75/76/77 |
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Fax No.: |
91-22-26559178 |
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E-Mail : |
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Website : |
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Factory : |
Plot No.A-699/700, TTC Industrial Area, MIDC, Mahape, Navi Mumbai – 400710, Maharashtra, India |
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Overseas Plant : |
Lot 71, Jalan P10/21, Selaman Industrial Park 43650
Bandar Baru Bangi |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Surendra Deviprasad Tibrewala |
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Designation : |
Managing Director |
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Address : |
42/43, Valancia, 11, Juhu Tara Road, Juhu, Mumbai, 400049, Maharashtra, India |
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Date of Birth/Age : |
10.06.1956 |
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Date of Appointment : |
25.06.2007 |
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DIN No.: |
00218394 |
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Other Directorship:
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Name : |
Mr. Sanjay Surendra Tibrewala |
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Designation : |
Whole-Time Director |
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Address : |
42, Valencia, Juhu Tara Road, Juhu, Mumbai - 400049, Maharashtra, India |
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Date of Birth/Age : |
22.05.1981 |
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Date of Appointment : |
25.06.2007 |
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PAN No.: |
ACQPT0742E |
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DIN No.: |
00218525 |
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Other Directorship:
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Name : |
Mr. Manmohan Ranjitsingh Mehta |
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Designation : |
Director |
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Address : |
102-A, Oberoi Garden, Thakurvillage Kandivali (East), Mumbai - 400101, Maharashtra, India |
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Date of Birth/Age : |
28.08.1968 |
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Date of Appointment : |
31.12.2012 |
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DIN No.: |
00391964 |
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Other Directorship:
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Name : |
Mr. Alok Shashikant Dhanuka |
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Designation : |
Director |
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Address : |
B/16, Dattani Apartment No 4, Parekh Nagar, S V Road, Kandivili (West), Mumbai - 400067, Maharashtra, India |
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Date of Appointment : |
27.09.2013 |
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DIN No.: |
06491610 |
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Name : |
Mr. Ritu Aditya Gupta |
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Designation : |
Director |
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Address : |
42/43, Valancia, 11, Juhu Tara Road, Juhu, Mumbai - 400049, Maharashtra, India |
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Date of Appointment : |
23.09.2014 |
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DIN No.: |
00218561 |
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Other Directorship:
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Name : |
Mr. Navin Bhimsen Mittal |
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Designation : |
Director |
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Address : |
B-1602, Oberoi Garden, Ali Yayar Jung Marg, Kandivili (East), Mumbai - 400101, Maharashtra, India |
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Date of Appointment : |
31.12.2012 |
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DIN No.: |
03555295 |
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KEY EXECUTIVES
|
Name : |
Mr. Sanjay Surendra Tibrewala |
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Designation : |
Chief Financial Officer |
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Address : |
42, Valancia, Juhu Tara Road, Juhu, Mumbai - 400049, Maharashtra, India |
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Date of Appointment : |
30.05.2014 |
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PAN No.: |
ACQPT0742E |
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Name : |
Raina Vincent Dsilva |
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Designation : |
Secretary |
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Address : |
Akal Co-Operative Housing Society, B1-101, J.B Nagar, Andheri East, Mumbai - 400059, Maharashtra, India |
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Date of Appointment : |
10.11.2015 |
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PAN No.: |
ASKPD5206F |
MAJOR SHAREHOLDERS
As on 30.09.2017
|
Category of shareholder |
No. of fully paid
up equity shares held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % |
|
|
(A) Promoter & Promoter Group |
80537020 |
72.36 |
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(B) Public |
30762980 |
27.64 |
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Grand Total |
111300000 |
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 |
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Individuals/Hindu
undivided Family |
76509020 |
68.74 |
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SURENDRA
TIBREWALA |
845500 |
0.76 |
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SURENDRAKUMAR
DEVIPRASAD TIBREWALA |
69155830 |
62.13 |
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KANAKLATA
TIBREWALA |
3281700 |
2.95 |
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SANJAY
TIBREWALA |
3213990 |
2.89 |
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RITU
ADITYA GUPTA |
11000 |
0.01 |
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NIDHI
TIBREWALA |
1000 |
0.00 |
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Sub
Total A1 |
76509020 |
68.74 |
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A2) Foreign |
0.00 |
||
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Any
Other (specify) |
4028000 |
3.62 |
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KAMAL
CHEMICALS PRIVATE LIMITED |
2954500 |
2.65 |
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PROTON
BIOCHEM PRIVATE LIMITED |
1073500 |
0.96 |
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Sub
Total A2 |
4028000 |
3.62 |
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A=A1+A2 |
80537020 |
72.36 |
Statement showing shareholding pattern of the Public
shareholder
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR, 1957 As a % |
|
|
B1) Institutions |
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Foreign Portfolio Investors |
19999 |
0.02 |
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Financial Institutions/ Banks |
38993 |
0.04 |
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Sub Total B1 |
58992 |
0.05 |
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B2) Central Government/ State
Government(s)/ President of India |
0 |
0.00 |
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B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto INR 0.200
million |
15331272 |
13.77 |
|
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Individual share capital in excess INR
0.200 million |
5145757 |
4.62 |
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Any Other (specify) |
10226959 |
9.19 |
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Sub Total B3 |
30703988 |
27.59 |
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B=B1+B2+B3 |
30762980 |
27.64 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of manufacturing and trading of chemicals for textiles, construction, water-treatment, fertilizer, leather and paint industry. (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 : |
72 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
UKG and Associates Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprise under
significant influence of Key Management Personnel or their relatives: |
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Subsidiaries: |
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CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
115000000 |
Equity Shares |
INR 2/- each |
INR 230.000 Million |
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
111300000 |
Equity Shares |
INR 2/- each |
INR 222.600 Million |
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Details of
Shareholding as at March 31, 2017
Shareholders holding
more than 5 % of Equity Shares
|
Name of the
Shareholder |
March 31, 2017 |
|
|
|
No. of Shares |
% held |
|
Surendra Tibrewala |
70001330 |
62.89% |
Reconciliation of the
number of Equity Shares outstanding
|
Particulars |
March 31, 2017 No. of Shares |
|
Number of shares at the beginning of the year |
112298110 |
|
Add : Additions on account of sub division of shares |
- |
|
Less : Buy Back of shares |
998110 |
|
Number of shares at the end of year |
111300000 |
Pursuant to approval of the Board of Directors of Company vide resolution dated 14th November, 2016, the Company has bought back 998110 equity shares of INR 2/- each from the open market at an average price of INR 29.69/-. The Company has paid a total amount of INR 29.264 million for the said buyback of shares.
Pursuant to shareholders’ approval dated 28th May, 2015, the Equity Shares of INR 10/- each of the Company were sub-divided into 5 Equity Shares of INR 2/- per share w.e.f. 12th June, 2015.
The Company had allotted 11229811 fully paid-up equity shares of face value INR 10/- each during the year ended 31st March, 2015 pursuant to the bonus issue approved by the shareholders through postal ballot by capitalisation of Securities Premium. Bonus equity shares were issued in proportion of 1:1 i.e. 1 (one) equity share of INR 10/- each fully paid up for every one share held.
The Company has only one type of equity share. Each equity share is entitled to one voting right only.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all the preferential amounts. The distribution would be in proportion of the number of equity shares held by the equity shareholders.
LISTING DETAILS:
|
|
BSE : 533333 NSE : FCL ISIN: INE045J01026 |
|
Stock Exchange Place : |
Bombay Stock Exchange Limited, Phiroze Jeejeebhoy Towers, Mumbai Dalal Street, Mumbai-400 023, Maharashtra, India National Stock Exchange of India Limited BKC, Bandra (East), Mumbai 400051, Maharashtra, India |
|
Listed Date : |
-- |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
222.600 |
224.596 |
224.596 |
|
(b) Reserves & Surplus |
733.385 |
612.308 |
482.723 |
|
(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) |
955.985 |
836.904 |
707.319 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short
term borrowings |
9.626 |
30.448 |
10.149 |
|
(b) Trade
payables |
113.025 |
97.746 |
95.644 |
|
(c) Other
current liabilities |
4.050 |
3.431 |
11.640 |
|
(d) Short-term
provisions |
0.996 |
1.274 |
23.315 |
|
Total Current
Liabilities (4) |
127.697 |
132.899 |
140.748 |
|
|
|
|
|
|
TOTAL |
1083.682 |
969.803 |
848.067 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
163.347 |
120.532 |
105.209 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.263 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
531.693 |
483.731 |
385.217 |
|
(c) Deferred tax assets (net) |
3.956 |
5.006 |
4.850 |
|
(d) Long-term Loan and Advances |
74.397 |
68.898 |
88.137 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
773.393 |
678.167 |
583.676 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
65.340 |
57.292 |
47.481 |
|
(c) Trade
receivables |
207.627 |
191.631 |
168.460 |
|
(d) Cash
and cash equivalents |
17.425 |
27.923 |
27.098 |
|
(e) Short-term
loans and advances |
16.272 |
13.520 |
12.121 |
|
(f) Other
current assets |
3.625 |
1.270 |
9.231 |
|
Total
Current Assets |
310.289 |
291.636 |
264.391 |
|
|
|
|
|
|
TOTAL |
1083.682 |
969.803 |
848.067 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
756.987 |
684.856 |
649.921 |
|
|
Other Income |
43.570 |
41.213 |
48.144 |
|
|
TOTAL |
800.557 |
726.069 |
698.065 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
415.255 |
392.461 |
429.382 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
5.200 |
(1.844) |
5.136 |
|
|
Employees benefits
expense |
34.075 |
24.425 |
21.753 |
|
|
Other expenses |
110.039 |
83.295 |
81.036 |
|
|
TOTAL |
564.569 |
498.337 |
537.307 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
235.988 |
227.732 |
160.758 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
2.841 |
2.656 |
2.242 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
233.147 |
225.076 |
158.516 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5.885 |
5.182 |
4.410 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
227.262 |
219.894 |
154.106 |
|
|
|
|
|
|
|
Less |
TAX |
67.786 |
68.589 |
42.098 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
159.476 |
151.305 |
112.008 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
489.202 |
360.357 |
260.873 |
|
|
|
|
|
|
|
Add |
Additional Depreciation
(net of tax) pursuant to |
0.000 |
0.000 |
(0.155) |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Dividend on equity shares
|
11.130 |
22.460 |
11.230 |
|
|
Tax on Dividend |
0.000 |
0.000 |
1.139 |
|
|
Total |
11.130 |
22.460 |
12.369 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
637.548 |
489.202 |
360.357 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Sales |
156.533 |
128.273 |
125.826 |
|
|
Dividend from Subsidiary |
13.547 |
26.434 |
5.633 |
|
|
TOTAL EARNINGS |
170.080 |
154.707 |
131.459 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
65.699 |
35.670 |
45.821 |
|
|
TOTAL IMPORTS |
65.699 |
35.670 |
45.821 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
1.42 |
1.35 |
1.00 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
7.624 |
|
Cash generated from operations |
178.189 |
170.595 |
179.265 |
|
Net cash flows from (used in) operating activity |
105.434 |
91.842 |
136.340 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
|
|
1st Quarter |
2nd
Quarter |
|
Net Sales |
|
321.610 |
348.600 |
|
Total Expenditure |
|
253.950 |
268.380 |
|
PBIDT (Excl OI) |
|
67.660 |
80.220 |
|
Other Income |
|
10.090 |
19.470 |
|
Operating Profit |
|
77.750 |
99.680 |
|
Interest |
|
1.120 |
1.250 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
76.620 |
98.430 |
|
Depreciation |
|
1.560 |
1.550 |
|
Profit Before Tax |
|
75.060 |
96.880 |
|
Tax |
|
19.100 |
31.220 |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
55.960 |
65.660 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
55.960 |
65.660 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
100.11 |
102.13 |
94.61 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
3.65 |
3.57 |
3.86 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
99.35 |
90.91 |
81.30 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
3.61 |
3.97 |
3.39 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
1.44 |
1.89 |
1.52 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.12 |
0.14 |
0.17 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.01 |
0.04 |
0.03 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.13 |
0.16 |
0.20 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.17 |
0.14 |
0.15 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
83.07 |
85.74 |
71.70 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
21.07 |
22.09 |
17.23 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
14.72 |
15.60 |
13.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
16.68 |
18.08 |
15.84 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
2.43 |
2.19 |
1.88 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.92 |
1.76 |
1.54 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.88 |
0.86 |
0.83 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.04 |
0.14 |
0.08 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
2.43 |
2.19 |
1.88 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 2/- |
|
Market Value |
INR 95.95 (BSE) |
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 |
224.596 |
224.596 |
222.600 |
|
Reserves & Surplus |
482.723 |
612.308 |
733.385 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
707.319 |
836.904 |
955.985 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
10.149 |
30.448 |
9.626 |
|
Total
borrowings |
10.149 |
30.448 |
9.626 |
|
Debt/Equity
ratio |
0.014 |
0.036 |
0.010 |
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 |
649.921 |
684.856 |
756.987 |
|
|
|
5.375 |
10.532 |
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 |
649.921 |
684.856 |
756.987 |
|
Profit |
112.008 |
151.305 |
159.476 |
|
|
17.23% |
22.09% |
21.07% |
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
222.600 |
224.596 |
|
(b) Reserves &
Surplus |
|
837.841 |
688.300 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Minority Interest |
|
71.912 |
48.201 |
|
Total Shareholders’ Funds
(1) + (2) |
|
1132.353 |
961.097 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
9.636 |
30.458 |
|
(b) Trade payables |
|
183.830 |
130.438 |
|
(c) Other current
liabilities |
|
6.131 |
5.080 |
|
(d) Short-term provisions |
|
0.996 |
14.827 |
|
Total Current Liabilities
(4) |
|
200.593 |
180.803 |
|
|
|
|
|
|
TOTAL |
|
1332.946 |
1141.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
172.610 |
131.156 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
437.871 |
389.809 |
|
(c) Deferred tax assets
(net) |
|
3.731 |
4.806 |
|
(d) Long-term Loan and Advances |
|
68.143 |
59.552 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
(f) Goodwill on
consolidated |
|
61.386 |
61.385 |
|
Total Non-Current Assets |
|
743.741 |
646.708 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
129.671 |
114.714 |
|
(c) Trade receivables |
|
300.394 |
253.939 |
|
(d) Cash and cash
equivalents |
|
129.090 |
94.557 |
|
(e) Short-term loans and
advances |
|
26.367 |
30.711 |
|
(f) Other current assets |
|
3.683 |
1.271 |
|
Total Current Assets |
|
589.205 |
495.192 |
|
|
|
|
|
|
TOTAL |
|
1332.946 |
1141.900 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
|
|
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
1280.676 |
|
|
Other Income |
|
|
39.589 |
|
|
TOTAL |
|
|
1320.265 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
|
588.463 |
|
|
Purchases of
Stock-in-Trade |
|
|
173.851 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
|
-3.205 |
|
|
Employees benefits
expense |
|
|
46.413 |
|
|
Other expenses |
|
|
173.018 |
|
|
TOTAL |
|
|
978.540 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
|
341.725 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
|
3.908 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
|
337.817 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
6.298 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
|
331.519 |
|
|
|
|
|
|
|
Less |
TAX |
|
|
92.538 |
|
|
|
|
|
|
|
|
Profit/ (Loss) After Tax
for the year before profits attributable to minority interest |
|
|
238.981 |
|
|
|
|
|
|
|
|
Less: Profit attributable
to minority interest |
|
|
32.635 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
|
206.346 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
1.84 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
Yes |
|
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 |
Yes |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
No |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The Company is a public limited Company domiciled in India and incorporated under the Companies Act, 1956 with a Company Identification Number of L24100MH2004PLC144295. The Company was incorporated in 2004 and is listed on Bombay Stock Exchange Limited and the National Stock Exchange of India Limited. The Company is engaged in the business of manufacturing and trading of Chemicals. The Company is one of the leading manufacturers of chemicals for textiles, construction, water-treatment, fertilizer, leather and paint industry.
HIGHLIGHTS
Standalone Profit After Tax for the year was INR 159.476 million as against INR 151.305 million for 2015-16 an increase of 5.6% Earnings per share of INR 2 was INR 1.42 for the year as against INR 1.35 for 2015-16 an increase of 6.00 %
COMPANY OPERATIONS
Subject is one of India’s largest and most progressive specialty textile chemical manufacturers. The Company has a unique in-house development technical expertise is production of specialty Chemical with over several decades of experience. The Company manufactures over 400 specialty chemicals and enzymes to Textile, Garment, Construction, Leather, Agrochemicals, Adhesive and Water Treatment.
The Company has manufacturing facilities in India, located at Mahape, Navi Mumbai and Malaysian Facility located at Bander Baru Bangi with combined production capacity of 22,000MT/p.a. The Company has a global presence across 33 counties and caters to well known companies in India and overseas. The Company has received Star Export House recognition with its increase in exports. Majority of our revenues are coming from the Textile segment, we undertake manufacturing of entire range of products for Pretreatment, Dyeing, Printing and Finishing process. Our product and process innovations pertaining to the textile segment would include few of the
innovative products which bring in efficiency.
The main competitive
advantage includes:
•
High Entry Barriers
•
Sticky Customer Profile
•
Customer doesn’t focus on pricing but on reliability and technical superiority.
•
The Fineotex brand is well established since 3 decades and known for its
superior quality
•
Network of 68 distributors pan-India, offering higher returns to them to ensure
better market share
•
Products catering to the entire value chain in textile manufacturing process
•
Products are unique and efficient concentrated products with low dosage,
transport and storage costs. Having built a solid reputation for quality and
reliability and shipping to different countries, their Company success is based
on Quality, Continuity, Flexibility, Reliability, Competitive Pricing,
Technology Upgradation and New Product Development.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE AND DEVELOPMENTS
Global Specialty
chemicals
Globally, specialty chemicals are driven by extensive product R&D and innovation, which is a significant over the commoditized chemical industry. However, in the Indian context, this line of emarcation is almost non-existent due to the “genericized” nature of the specialty industry. This also leads to a visible difference in margin structure of global and Indian specialty chemical companies. Specialty chemicals can be sub-divided based on end-user industries. In addition to end-use driven segments, there are a few categories of specialty chemicals which are used across several end-user segments for similar applications. Their whitepaper breaks down the specialty chemicals industry into a mix of end-use driven segments (agrochemicals, personal care ingredients, polymer additives, water chemicals, textile chemicals and construction chemicals) and application-driven segments (surfactants, flavours and fragrances and dyes and pigments). These are the largest constituents of the specialty chemicals industry and cumulatively constitute over 80% of the specialty chemicals universe. Segments within specialty chemicals vary in attractiveness and witness varying levels of competitive intensity, margin profiles, defensibility against raw material cost movements, and growth (including growth of the end-user segment in many cases)
Textile Chemicals
The global market for Textile Chemicals is estimated to be USD 20.3 bn, and is expected to reach USD 24.3 bn in 2019. The market for textile chemicals is driven by the growth of apparels and technical textiles. The textile chemicals market is expected to grow at a CAGR of 3.6% for the next 5 years. Coating and sizing chemicals are closely followed by colorant auxiliaries with 29% of the market. These chemicals enable dyeing or printing to be carried out more effectively and help give effects like colour deepening. Finishing agents constitutes 19% of the market, though the share is expected to increase in future years. Finishing refers to the method whereby deficiencies in textiles are corrected or specific properties are introduced. Surfactants, desizing agents, bleaching agents and yarn lubricants together form the remaining 22%. The Indian textile chemicals market is estimated at USD 1.1 bn in 2014. It is expected to reach USD 1.9 bn by 2019, growing at 11.9% p.a. Growth is driven by domestic demand and exports of high quality textiles. The latter has been growing at a CAGR of 11.6%. Increasing penetration of solutions such as negative ion therapy, stain releases, anti-microbial effect (growing at 20% CAGR over FY11 to 17) are additionally driving market growth.
OUTLOOK
A large domestic demand for textiles, growth in branded apparel, strength in exports and opportunities for technical specialty textiles, together provide a large and growing market for textile specialty chemicals. They do not foresee any major shifts in the near future. Due to the commoditization of existing textile chemicals, major players as well as a few scaled up Indian players, they are focusing on innovation in eco-friendly nontoxic solution for Mosquito outbreak.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER
2017
(INR In Million)
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
UNAUDITED |
||
|
Income
from operations |
|
|
|
|
a) Net sales/ Income from operation |
218.073 |
225.051 |
443.124 |
|
b) Other operating income |
19.307 |
9.245 |
28.552 |
|
Total
income from Operations(net) |
237.380 |
234.296 |
471.676 |
|
Expenditure |
|
|
|
|
Cost of material consumed |
114.29 |
114.65 |
228.94 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(3.087) |
(5.985) |
(9.072) |
|
Excise duty paid |
0.000 |
18.118 |
18.118 |
|
Employees benefit expenses |
10.578 |
9.595 |
20.173 |
|
Finance costs |
0.944 |
0.781 |
1.726 |
|
Depreciation and amortization expenses |
1.424 |
1.44 |
2.863 |
|
Other expenditure |
31.065 |
35.847 |
66.912 |
|
Total expenses |
155.214 |
174.446 |
329.660 |
|
Profit/(Loss) exceptional items |
82.166 |
59.850 |
142.015 |
|
Exceptional Items |
- |
- |
- |
|
Profit before tax |
82.166 |
59.850 |
142.015 |
|
Tax expenses |
27.911 |
16.307 |
44.218 |
|
Profit / (Loss) after tax |
54.255 |
43.543 |
97.798 |
|
Other comprehensive income |
- |
- |
- |
|
Total comprehensive income
for the period |
54.255 |
43.543 |
97.798 |
|
Paid equity share capital (face value INR 2 each ) |
222.600 |
222.600 |
222.600 |
|
Earnings per share (before extraordinary items) of
INR2/- each) (not annualised): |
|
|
|
|
Basic and Diluted |
0.49 |
0.39 |
0.88 |
STATEMENT OF ASSETS
AND LIABILITIES
(INR In Million)
|
Particular |
30.09.2017 |
|
Assets |
|
|
Non-current assets |
|
|
Property, Plant & Equipment |
160.832 |
|
Capital work in Progress |
0.458 |
|
Investment Property |
109.576 |
|
Investment in subsidiaries |
93.821 |
|
Financial Assets |
|
|
Investments |
513.327 |
|
Loans and Advances |
64.703 |
|
Sub Total |
942.718 |
|
Current Assets |
|
|
Inventories |
90.471 |
|
Financial Assets |
|
|
Trade Receivable |
223.001 |
|
Cash and Cash Equivalent |
23.168 |
|
Loans and Advances |
25.378 |
|
Other Current Assets |
4.234 |
|
Sub Total |
366.251 |
|
Total Assets |
1308.969 |
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
|
EQUITY |
|
|
Equity Share Capital |
222.600 |
|
Other Equity |
900.976 |
|
Total Equity |
1123.576 |
|
|
|
|
Non-current Liabilities |
|
|
Deferred Tax Liabilities (net) |
0.086 |
|
|
|
|
Current Liabilities |
|
|
Financial Liabilities |
|
|
Borrowings |
57.990 |
|
trade Payables |
110.906 |
|
Other Current Liabilities |
14.348 |
|
Provisions |
2.062 |
|
Sub Total |
185.306 |
|
|
|
|
Total Equity and Liabilities |
1308.969 |
Note:
1. The above results were reviewed and recommended by the Audit Committee and approved at the meeting of the Board of Directors of the Company held on December 12, 2017. The above results have been subjected to limited review by the Statutory Auditors of the Company.
2. These financial results together with the results of previous period have
been prepared in accordance with the recognition and measurement principles
laid down in IND AS 34 Interim Financial Reporting prescribed under section 133
of the companies Act, 2013 read with relevant rules issued thereunder and other
accounting principles generally accepted in India.
3. The Ind AS Compliant figures for the quarter ended 30th June 2016 are not
required for limited review or an audit in line with SEBI circular dated 5th
July 2016. However, the management has exercised necessary due diligence to
ensure that such financial results provide a true and fair view.
4. Reconciliation of Net Profit as reported under previous Generally Accepted
Accounting Principles C Previous GAAP') and as per IND AS
5. The statement does not include Ind AS compliant results for the preceding
quarter and previous year ended 31st March 2017 as the same are not mandatory
as per SEBI's circular dated 5th July 2016.
6. There is a possibility that these quarterly financial results may require
adjustments before constituting the final IND AS financial statements as of and
for the year ending 31st March 2018 due to changes in financial reporting
requirement arising from new or revised standards or interpretations issued by
MCA on changes in the use of one or more optional exemption from full
retrospective application of certain IND AS as permitted under IND AS 101.
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
C54213897 |
10297232 |
EXPORT IMPORT BANK OF INDIA LIMITED |
22/07/2011 |
- |
20/05/2015 |
64800000.0 |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE MUMBAI-400005, MAHARASHTRA, INDIA |
|
2 |
A87999728 |
10115042 |
INDIAN BANK |
11/07/2008 |
- |
31/05/2010 |
39600000.0 |
288, S.V.ROADBANDRA WEST MUMBAI-400050, MAHARASHTRA, INDIA |
|
3 |
A50508407 |
10071192 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION |
28/08/2007 |
- |
12/11/2008 |
12500000.0 |
APJ CHAMBERS, GROUND FLOOR,3 WALLACE STREET, FORT MUMBAI-400001, MAHARASHTRA, INDIA |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Guarantees given by bank |
1.153 |
1.714 |
|
Claims against the Company not acknowledged as debts (Income Tax) |
1.920 |
0.215 |
FIXED ASSETS
- Freehold Land
- Leasehold Land
- Building
- Renovation on Lease Premises
- Plant and Machinery
- Electric Fittings
- Furniture and Fixtures
- Computers
- Vehicles
- Office Equipments
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
|
INR |
|
US Dollar |
1 |
INR 63.48 |
|
|
1 |
INR 86.40 |
|
Euro |
1 |
INR 76.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
PUJ |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
RKI |
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.