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|
|
MIRA INFORM REPORT
|
Report No. : |
485044 |
|
Report Date : |
08.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
DAMODAR INDUSTRIES LIMITED (w.e.f. 22.01.2013) |
|
|
|
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Formerly Known
As : |
DAMODAR THREADS LIMITED |
|
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Registered
Office : |
A1/202, Centre Point, 243-A, N.M. Joshi Marg, Lower Parel (East),
Mumbai – 400 013, Maharashtra |
|
Tel. No.: |
91-22-66610301 |
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|
|
|
Country : |
India |
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|
Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
11.12.1987 |
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|
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Com. Reg. No.: |
11-045575 |
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Capital
Investment / Paid-up Capital : |
INR 111.258 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17110MH1987PLC045575 |
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IEC No.: |
0396033318 |
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TIN No.: |
27420346201 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
AAACD3850G |
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GSTIN/UIN : |
Not Divulged |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing and Processing of Cotton Yarn and Fancy Yarn. (Registered Activity) |
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No. of Employees
: |
429 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 2700000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 1987 and it
is having fine track. For the financial year 2017, the company has increased its revenue
from operation as compared to previous year and maintained average
profitability margin of 1.26%. Rating takes into consideration sound financial profile of the company
marked by healthy networth base and average debt balance sheet. Further, rating also derives strength from its established track
records of business operation in the fancy yarn manufacturing industry,
strong relationships with reputed customers and suppliers and decent improvement
in the revenue profile during the year. However, rating strength is partially offset by volatility in raw
material prices and intense competition from the industry. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular. In view of the aforesaid, the company can be considered for business
dealings 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 (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating=BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
28.09.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating=A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
28.09.2017 |
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 08.01.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Mr. Rahul |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-66610302 |
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-66610301)
LOCATIONS
|
Registered/ Head Office : |
A1/202, Centre Point, 243-A, N.M. Joshi Marg, Lower Parel (East),
Mumbai – 400 013, Maharashtra, India |
|
Tel. No.: |
91-22-66610301-2/ 23001199 |
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Fax No.: |
91-22-66610308 |
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E-Mail : |
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Website : |
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Factory: |
Survey No. 265/10/1, 2 and 3, Demni Road, Dadra Village, Silvassa – 396230, Dadra and Nagar Haveli (U.T.), India |
|
Tel. No.: |
91-260-3264788/ 3253390 |
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Fax No.: |
91-260-2668929 |
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|
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|
Factory 2 : |
Plot No. 165/ 67/ 68, Dabhel Industries, Co-operative
Society, Dabhel, Nani Daman – 396210, Daman and Diu (U.T.), India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Ajay Damodar Biyani |
|
Designation : |
Managing Director |
|
Address : |
1704, B-2, 17th Floor, Sumer Trinity New Prabhadevi Road, Prabhadevi, Mumbai-400025, Maharashtra, India |
|
Date of Appointment : |
25.04.2014 |
|
DIN No.: |
00014896 |
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|
|
|
Name : |
Mr. Arunkumar Biyani |
|
Designation : |
Whole-time Director |
|
Address : |
1702 Sumer Trinity Tower 1 New Prabhadevi Road Prabhadevi, Mumbai-400025, Maharashtra, India |
|
Date of Birth : |
20.01.1956 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.04.2010 |
|
DIN No.: |
00016519 |
|
|
|
|
Name : |
Mr. Anil Damodarlal Biyani |
|
Designation : |
Whole-time Director |
|
Address : |
1804, Tower 2 B, Sumer Trinity Tower, New Prabhadevi Road, Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Appointment : |
28.03.1992 |
|
DIN No.: |
00016554 |
|
|
|
|
Name : |
Mr. Ashok Kumar Kishorilal Damani |
|
Designation : |
Director |
|
Address : |
83, Mistry Park Co Op Society, 77, Bhulabhai Desai Road, Breach Candy, Mumbai-400026, Maharashtra, India |
|
Date of Appointment : |
09.01.2004 |
|
DIN No.: |
00069143 |
|
|
|
|
Name : |
Mr. Girdharlal Sunderlal Daga |
|
Designation : |
Director |
|
Address : |
31, Seventh Floor, Gita Smruti Building Pt Ramabai Road, Gandevi, Mumbai-400007, Maharashtra, India |
|
Date of Appointment : |
05.07.1994 |
|
DIN No.: |
00115772 |
|
|
|
|
Name : |
Mr. Srinivas Raghavan |
|
Designation : |
Director |
|
Address : |
E 203 Vatika Township, Near Model Town, Dumbhal, Surat-395010, Gujarat, India |
|
Date of Appointment : |
13.02.2015 |
|
DIN No.: |
07090385 |
|
|
|
|
Name : |
Ms. Farida Bomi Jambusarwalla |
|
Designation : |
Director |
|
Address : |
495 Homiyar Villa, Daulat Nagar, Vapi Daman Road, Chala, Vapi-396191, Gujarat, India |
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
07139945 |
KEY EXECUTIVES
|
Name : |
Mr. Subodh Kumar Soni |
|
Designation : |
Company Secretary and Compliance Officer |
|
Address : |
Prakalp CHS Limited, Room No 79 Building No.1 4th Floor Old MHB Colony Gorai Road, Borivali (West), Mumbai-400091, Maharashtra, India |
|
Date of Appointment : |
01.10.2012 |
|
PAN No.: |
BKXPS3368F |
|
|
|
|
Name : |
Mr. Ramamoorthy Kumar Iyer |
|
Designation : |
Chief Finance Officer |
|
Address : |
E-9, Sumati Dham, Off L.B.S. Marg, 8, Veena Nagar, Phase II, Mulund (West), Mumbai – 400080, Maharashtra, India |
|
Date of Appointment : |
29.05.2017 |
|
PAN No.: |
AACPI7528K |
|
|
|
|
Name : |
Mr. Rahul |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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 % of |
|
|
(A) Promoter and Promoter
Group |
7698500 |
69.19 |
|
|
(B) Public |
3427312 |
30.81 |
|
|
Grand
Total |
11125812 |
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 |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
7090000 |
63.73 |
|
|
Ajay D Biyani |
1700000 |
15.28 |
|
|
Anil D. Biyani |
1475000 |
13.26 |
|
|
Arun Kumar Biyani |
1325000 |
11.91 |
|
|
Manju Biyani |
670000 |
6.02 |
|
|
Kanta Biyani |
370000 |
3.33 |
|
|
Arun Kumar Biyani (HUF) |
355000 |
3.19 |
|
|
Sanju A. Biyani |
325000 |
2.92 |
|
|
Aditya Biyani |
160000 |
1.44 |
|
|
Aman Biyani |
135000 |
1.21 |
|
|
Akshay Anil Biyani |
125000 |
1.12 |
|
|
Bhawna A. Biyani |
95000 |
0.85 |
|
|
Ajay D. Biyani (HUF) |
90000 |
0.81 |
|
|
Abhishek A. Biyani |
85000 |
0.76 |
|
|
Damodarlal Biyani (HUF) |
70000 |
0.63 |
|
|
Savitridevi Damodar Lal
Biyani |
55000 |
0.49 |
|
|
Payal A Biyani |
30000 |
0.27 |
|
|
Radhika A Biyani |
25000 |
0.22 |
|
|
Any Other (specify) |
608500 |
5.47 |
|
|
Css Mercantile Private
Limited |
250000 |
2.25 |
|
|
Suam Overseas Private
Limited |
235000 |
2.11 |
|
|
Panna Yarn Private
Limited |
123500 |
1.11 |
|
|
Sub Total A1 |
7698500 |
69.19 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
7698500 |
69.19 |
Statement showing
shareholding pattern of the Public shareholder
|
Category &
Name of the Shareholders |
No. of fully
paid up equity shares held |
Shareholding %
calculated as per SCRR, 1957 As a % of |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Financial Institutions/
Banks |
875 |
0.01 |
|
|
Sub Total B1 |
875 |
0.01 |
|
|
B2) Central Government/
State Government(s)/ President of India |
0 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto
INR 0.200 Million |
1709366 |
15.36 |
|
|
Individual share capital
in excess of INR 0.200 Million |
947623 |
8.52 |
|
|
Dilipkumar H Parmar |
116344 |
1.05 |
|
|
Any Other (specify) |
769448 |
6.92 |
|
|
HUF |
321753 |
2.89 |
|
|
Omkarnath Damodar Malpani
Huf |
120000 |
1.08 |
|
|
NRI – Repat |
2887 |
0.03 |
|
|
NRI – Non- Repat |
16152 |
0.15 |
|
|
Clearing Members |
98358 |
0.88 |
|
|
Bodies Corporate |
330298 |
2.97 |
|
|
Dindayal Biyani Equities
Private Limited |
125000 |
1.12 |
|
|
Sub Total B3 |
3426437 |
30.80 |
|
|
B=B1+B2+B3 |
3427312 |
30.81 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Processing of Cotton Yarn and Fancy Yarn. (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
|
Suppliers : |
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Customers : |
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No. of Employees : |
429 (Approximately) |
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Bankers : |
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Facilities : |
Notes: Long-term
Borrowings The Term Loans of INR 112.135 Million are secured by first pari passu
charge on land and building situated at Dadra and Nani Tambadi, all the
tangible movable machinery and plant together with spares tools and
accessories and other movables, both present and future at Dadra and personal
gurantees of three Directors. Term Loan of INR 9.339 Million are secured by
hypothecation of vehicles. Current maturities on long term borrowings
are included under note no 7 in Other Current Liabilities. There are no defaults in repayment of loan
and interest thereon as on March 31, 2017 for the loan under this head. Maturity
Profile of Secured Loan (Non Current Portion):
Short-term borrowings Working capital loans are secured by hypothecation of present and
future stock of raw materials ,stock in process, finished goods, stores and
spares, packing materials, book debts and personal gurantees of three
directors. |
|
Auditors : |
|
|
Name : |
Jitendra Mishra and Company Chartered Accountants |
|
Address : |
E-103, Joy Homes, Near Dena Bank, L B S Marg, Bhandup (West),
Mumbai-400078, Maharashtra, India |
|
Tel. No.: |
91-22-25945410 |
|
Mobile No.: |
91-9820483969 |
|
E-Mail : |
|
|
|
|
|
Cost
Auditors |
|
|
Name : |
Dilip M. Bathija Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
INR 10/- each |
INR 150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11125812 |
Equity Shares |
INR 10/- each |
INR 111.258
Million |
|
|
|
|
|
|
Reconciliation of the Shares outstanding at the beginning and at the end of the reporting period Equity
Shares |
31-03-2017 Nos. |
|
At the beginning of the period |
11125812 |
|
Issued during the period - Bonus Shares |
-- |
|
Outstanding at the end of the period |
11125812 |
Terms/Rights
attached to equity shares
The company has only one class of equity share having a par value of INR
10 per share. Each holder of equity shares is entitled to one vote per share.
The company declares and pays dividends in Indian Rupees. The dividend proposed
by the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting.
During the year ended 31st March 2017, the amount of per share dividend
recognized as distributions to equity shareholders was INR 2.80 (31st March
2016 INR 2.70).
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 proportion to the number
of equity shares held by the shareholders.
Details of
shareholders holding more than 5% share in the company
|
Equity shares: |
31.03.2017 |
|
|
Equity shares: |
% held |
|
|
Equity
shares of inr 10/- each fully paid |
|
|
|
Name of
Shareholders |
|
|
|
Arunkumar
Biyani - Director |
1325000 |
11.91% |
|
Ajay
D. Biyani - Director |
1700000 |
15.28% |
|
Anil
D. Biyani - Director |
1475000 |
13.26% |
|
Manju
Biyani |
670000 |
6.02% |
As per records of the company, including its register of
shareholders/members and other declarations received from shareholders regarding
beneficial interest, the above shareholding represents both legal and
beneficial ownerships of shares.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
111.258 |
111.258 |
89.007 |
|
(b) Reserves & Surplus |
825.337 |
774.178 |
728.643 |
|
(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) |
936.595 |
885.436 |
817.650 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
179.291 |
183.684 |
217.155 |
|
(b) Deferred tax liabilities (Net) |
43.177 |
52.853 |
66.210 |
|
(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) |
222.468 |
236.537 |
283.365 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
805.791 |
714.287 |
825.747 |
|
(b) Trade
payables |
46.444 |
75.913 |
88.744 |
|
(c) Other
current liabilities |
84.093 |
79.245 |
83.714 |
|
(d) Short-term
provisions |
44.665 |
20.275 |
25.130 |
|
Total Current
Liabilities (4) |
980.993 |
889.720 |
1023.335 |
|
|
|
|
|
|
TOTAL |
2140.056 |
2011.693 |
2124.350 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
657.746 |
684.213 |
808.126 |
|
(ii)
Intangible Assets |
2.530 |
3.528 |
4.276 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.004 |
0.004 |
0.004 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
10.748 |
13.464 |
5.768 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
671.028 |
701.209 |
818.174 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
628.550 |
512.560 |
479.532 |
|
(c) Trade
receivables |
742.522 |
711.333 |
672.219 |
|
(d) Cash and
cash equivalents |
23.696 |
19.457 |
23.038 |
|
(e)
Short-term loans and advances |
74.260 |
67.134 |
131.387 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1469.028 |
1310.484 |
1306.176 |
|
|
|
|
|
|
TOTAL |
2140.056 |
2011.693 |
2124.350 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
7042.746 |
6209.457 |
5930.448 |
|
|
Other Income |
4.510 |
4.223 |
2.953 |
|
|
TOTAL |
7047.256 |
6213.680 |
5933.401 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2620.716 |
2540.685 |
2615.234 |
|
|
Purchases of
Stock-in-Trade |
3298.844 |
2440.544 |
2049.85 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(4.938) |
62.219 |
(40.095) |
|
|
Employees benefits
expense |
180.022 |
201.454 |
204.772 |
|
|
Other expenses |
572.180 |
557.736 |
605.415 |
|
|
TOTAL |
6666.824 |
5802.638 |
5435.176 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
380.432 |
411.042 |
498.225 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
125.252 |
130.048 |
192.536 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
255.180 |
280.994 |
305.689 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
118.705 |
127.797 |
124.955 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
136.475 |
153.197 |
180.734 |
|
|
|
|
|
|
|
Less |
TAX |
47.822 |
49.256 |
61.757 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
88.653 |
103.941 |
118.977 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
455.084 |
429.549 |
359.595 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
20.000 |
42.252 |
20.000 |
|
|
Interim Dividend @ 15% |
0.000 |
16.689 |
13.351 |
|
|
Proposed Final Dividend @
28 % |
31.152 |
13.351 |
8.900 |
|
|
Corporate Dividend Tax |
6.342 |
6.114 |
4.449 |
|
|
Depreciation
Adjustment as per new Rule of Companies Act 2013 |
0.000 |
0.000 |
2.323 |
|
|
Balance Carried to the
B/S |
486.243 |
455.084 |
429.549 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
4096.390 |
3285.299 |
2795.498 |
|
|
TOTAL EARNINGS |
4096.390 |
3285.299 |
2795.498 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw materials and Stock
-in-Trade |
246.445 |
51.185 |
32.706 |
|
|
Stores & Spares |
3.015 |
4.941 |
3.741 |
|
|
TOTAL IMPORTS |
249.460 |
56.126 |
36.447 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
7.97 |
9.34 |
13.37 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
71.261 |
76.656 |
79.666 |
|
Cash generated from operations |
180.952 |
361.166 |
599.030 |
|
Net cash flow from operating activity |
125.631 |
285.435 |
536.577 |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
|
Unaudited |
1st Quarter |
2nd Quarter |
|
Net Sales |
1529.830 |
1508.410 |
|
Total Expenditure |
1445.760 |
1424.070 |
|
PBIDT (Excl OI) |
84.070 |
84.340 |
|
Other Income |
1.940 |
0.590 |
|
Operating Profit |
86.010 |
84.930 |
|
Interest |
25.950 |
22.490 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
60.060 |
62.440 |
|
Depreciation |
20.410 |
20.610 |
|
Profit Before Tax |
39.650 |
41.830 |
|
Tax |
13.720 |
12.700 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
25.930 |
29.130 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
25.930 |
29.130 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
38.48 |
41.81 |
41.37 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
9.48 |
8.73 |
8.82 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
2.86 |
5.56 |
6.94 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.61 |
0.80 |
1.04 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.58 |
0.60 |
0.61 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.58 |
0.57 |
0.62 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.13 |
1.10 |
1.37 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.05 |
1.00 |
1.25 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.70 |
0.78 |
0.99 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.04 |
3.16 |
2.59 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
1.26 |
1.67 |
2.01 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
4.14 |
5.17 |
5.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
9.47 |
11.74 |
14.55 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.50 |
1.47 |
1.28 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.86 |
0.90 |
0.81 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.44 |
0.44 |
0.38 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
9.49 |
8.76 |
12.61 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.50 |
1.47 |
1.28 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 138.00/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
89.007 |
111.258 |
111.258 |
|
Reserves & Surplus |
728.643 |
774.178 |
825.337 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
817.650 |
885.436 |
936.595 |
|
|
|
|
|
|
long-term borrowings |
217.155 |
183.684 |
179.291 |
|
Short term borrowings |
825.747 |
714.287 |
805.791 |
|
Current Maturities of
Long term debt |
79.666 |
76.656 |
71.261 |
|
Total borrowings |
1122.568 |
974.627 |
1056.343 |
|
Debt/Equity ratio |
1.373 |
1.101 |
1.128 |
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 |
5930.448 |
6209.457 |
7042.746 |
|
|
|
4.705 |
13.420 |
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 |
5930.448 |
6209.457 |
7042.746 |
|
Profit/(Loss) |
118.977 |
103.941 |
88.653 |
|
|
2.01% |
1.67% |
1.26% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
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 |
MANAGEMENT DISCUSSION
AND ANALYSIS
Historically India has a burly textile-industrial culture and a well-developed and grown-up textile industry that has been the back-bone of the economy. India is now a fast emerging market inching to reach half a billion middle income population by 2030. The Indian textile industry in the long run are set for strong growth, buoy by strong domestic consumption as well as export demand.
With the rise of strong textile exports over the last three decades, India is today among the leading producers of textiles in the world. However, despite this growth, India is not the lowest cost producer of textiles and lacks the benefit of scale economies especially when compared to china, Bangladesh and other Asian countries. In an environment of volatility and intensified global competition, price continues to dominate, Due to high inflation, high
interest rates and high labour cost profitability of Indian textile industries.
India’s growing middle Income group population has been a key driver of textile consumption growth in the country. Changing lifestyle, rising incomes and increasing demand for quality products are set to fuel demand for Indian Textile products across the globe. Textile sector contributes 14% of industrial production, 4% of India's Gross Domestic Product (GDP) and constitutes 15% of the country's export earnings. Textile sector is the second largest employment provider in the country employing nearly 51 million people directly and 68 million people indirectly. The textiles industry is also labour intensive and is one of the largest employers. It not only generates jobs in its own industry, but also opens up scopes for the other ancillary sectors as per Textile Reviews.
COTTON
SCENARIO – INDIA
India’s cotton production, during the crop year 2016-17, is estimated to
be 351.00 lakh bales, as per the Cotton Association of India (CAI). In this
current year land under cotton cultivation is said to be increased.
REVIEW AND
FUTURE OUTLOOK OF THE COMPANY
The Company is continuously trying to accomplish the desired results.
Steps have been taken for cost diminution and manufacturing quality products by
various installed machineries of the Company. After the said expansion
Company's Spindale capacity stands to 36,720 spindles and 13,260 TFOS. Various
aspects of working conditions of workers, health related issues, minimizing
risk of accidents at work place etc. are being taken care of by the Company and
by way of various cost cutting techniques and optimum utilization of various
resources of the Company.
The Company is going for an expansion by setting up an Automised fancy
yarn spinning unit at Amravati, (MIDC), Maharashtra. This will be a mega
project at cost of Rs.140 Crores. This plant is expected to start commercial
production from the year 2018. Annual sale from this plant is expected to be
around INR 2500.000 Million.
REVIEW OF
PERFORMANCE
The Company has delivered another year of strong performance in the
financial year 2016-17 in a competitive market environment. On the standalone
basis, the Company recorded total sales of INR 7042.746 Million with a growth
of 13.41% over INR 6209.456 Million of the last fiscal. Total Export Turnover
of the Company was INR 4377.144 Million in the year 2016-17. The profit after
tax for the financial year is INR 88.653 Million and during the previous year
it was INR 103.941 Million.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Unsecured
Loans* (* as stated by Directors
taken on long term basis) |
26.800 |
70.928 |
|
Fixed
Deposits from public |
74.457 |
54.980 |
|
Total |
101.257 |
125.908 |
Note: Unsecured Loans includes INR 11.700 Million from Directors and 15100000 from
Inter Corporates.
INDEX
OF CHARGES
|
Charges Registered |
|||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G46999421 |
100105937 |
Axis Bank Limited |
16/03/2017 |
- |
1098400.0 |
TRISHUL 3RD FLLOR OPP TO SAMARTHESHWAR TEMPLELAW GARDEN ELLIS BRIDGE AHMEDABAD GUJARAT 380006 INDIA |
|
2 |
C59628719 |
10581576 |
KOTAK MAHINDRA BANK LIMITED |
18/05/2015 |
- |
272100000.0 |
SHOP NO.1, AUM SAHEEL TOWER, KASHINATH DHURUCOMPOUND, OPP. KAMALA MILLS, S B MARG, LOWER PAREL MUMBAI MAHARASHTRA 400013 INDIA |
|
3 |
B96760152 |
10478464 |
Bank of Baroda |
22/01/2014 |
- |
90000000.0 |
Mumbai Main Branch,10/12, Mumbai Samachar Marg, Fort, Mumbai MAHARASHTRA 400001 INDIA |
|
4 |
B40545717 |
10357973 |
ING VYSYA BANK LIMITED |
29/05/2012 |
- |
182500000.0 |
SHOP NO.1, AUM SAHEEL TOWER, KASHINATH DHURUCOMPOUND, OPP. KAMALA MILLS, S B MARG, LOWER PAREL MUMBAI MAHARASHTRA 400013 INDIA |
|
5 |
B37708419 |
10350097 |
State Bank of India |
28/03/2012 |
- |
50000000.0 |
Industrial Finance Branch, The Arcade, 2nd Floor World Trade Centre, Cuffe Parade Mumbai MAHARASHTRA 400005 INDIA |
|
6 |
G38247458 |
10034689 |
State Bank of India |
08/01/2007 |
10/03/2017 |
1412800000.0 |
Industrial Finance Branch, The Arcade, 2nd Floor World Trade Centre, Cuffe Parade Mumbai MAHARASHTRA 400005 INDIA |
|
7 |
G38246880 |
10037231 |
State Bank of India |
19/12/2006 |
10/03/2017 |
1290000000.0 |
Industrial Finance Branch, The Arcade, 2nd Floor World Trade Centre, Cuffe Parade Mumbai MAHARASHTRA 400005 INDIA |
|
8 |
A08819443 |
10033172 |
BANK OF BARODA |
16/12/2006 |
- |
300000000.0 |
MUMBAI MAIN BRANCH 10/12, M. S. MARG, MUMBAI MAHARASHTRA 400001 INDIA |
|
9 |
A08927006 |
10032834 |
STATE BANK OF INDIA |
12/12/2006 |
- |
300000000.0 |
STATE BANK BHAVAN,MADAME CAMA ROAD, NARIMAN POINT, MUMBAI MAHARASHTRA 400021 INDIA |
|
10 |
Y10350834 |
90243197 |
BANK OF BARODA |
12/07/1994 |
- |
18000000.0 |
IFB BRANCHBAROODA HOUSE; CP STREET; FORT MUMBAI MAHARASHTRA 400001 INDIA |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30.09.2017
(INR In Million)
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2017 (Unaudited) |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
Income from
Operations |
|
|
|
|
Net Sales/Income from Operations |
1508.412 |
1529.828 |
3038.240 |
|
Other Income |
0.594 |
1.936 |
2.530 |
|
Total Income from
Operations (Net) |
1509.006 |
1531.764 |
3040.770 |
|
Expenses |
|
|
|
|
(Increase)/ Decrease in stock
in process and finished goods |
8.588 |
(38.657) |
(30.069) |
|
Raw Material Consumed |
559.302 |
621.103 |
1180.405 |
|
Goods Traded |
694.087 |
698.237 |
1392.324 |
|
Job Work |
9.126 |
10.258 |
19.384 |
|
Finance Costs |
22.488 |
25.947 |
48.435 |
|
Employees cost |
48.925 |
41.458 |
90.383 |
|
Depreciation and amortization expense |
20.613 |
20.411 |
41.024 |
|
Other expenses |
104.056 |
113.354 |
217.410 |
|
Total expenses |
1467.185 |
1492.111 |
2959.296 |
|
|
|
|
|
|
Profit from
operations before exceptional |
41.821 |
39.653 |
81.474 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Profit /(Loss) from
ordinary activities before tax |
41.821 |
39.653 |
81.474 |
|
Tax Expense |
12.690 |
13.723 |
26.413 |
|
Profit /(Loss) from
ordinary activities after tax |
29.131 |
25.930 |
55.061 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Net Profit/Loss for
the period |
29.131 |
25.930 |
55.061 |
|
Other Comprehensive
Income |
|
|
|
|
-Items that will not be reclassified to profit or loss |
|
|
|
|
-Items that will be reclassified subsequently to profit or loss |
|
|
|
|
MTM Gain (loss) on derivative instrument (net) |
(10.554) |
19.096 |
8.542 |
|
Other Comprehensive income, net of tax |
(10.554) |
19.096 |
8.542 |
|
Total comprehensive
income for the period |
18.577 |
45.026 |
63.603 |
|
Paid up equity share capital (Face value of INR 10/- each) |
111.258 |
111.258 |
|
|
Reserve excluding evaluation reserve |
-- |
-- |
-- |
|
Earnings per share |
|
|
|
|
-Basic & Diluted EPS (IN INR) |
2.62 |
2.33 |
4.95 |
STATEMENT OF ASSETS AND LIABILITIES AS ON 30.09.2017
(INR In Million)
|
SOURCES OF FUNDS |
30.09.2017 (Unaudited) |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
111.258 |
|
(b) Reserves &
Surplus |
888.940 |
|
(c) Money received
against share warrants |
0.000 |
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
1000.198 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
207.599 |
|
(b) Deferred tax
liabilities (Net) |
43.177 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) long-term provisions |
0.000 |
|
Total Non-current
Liabilities (3) |
250.776 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
583.786 |
|
(b) Trade payables |
29.510 |
|
(c) Other current
liabilities |
47.420 |
|
(d) Short-term provisions |
14.442 |
|
Total Current Liabilities
(4) |
675.158 |
|
|
|
|
TOTAL |
1926.132 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
655.960 |
|
(ii) Intangible Assets |
9.444 |
|
(iii) Capital
work-in-progress |
5.440 |
|
(iv) Intangible assets
under development |
|
|
(b) Non-current
Investments |
0.004 |
|
(c) Deferred tax assets
(net) |
|
|
(d) Long-term Loan and Advances |
|
|
(e) Other Non-current
assets |
17.691 |
|
Total Non-Current Assets |
688.539 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
|
|
(b) Inventories |
370.409 |
|
(c) Trade receivables |
721.269 |
|
(d) Cash and cash
equivalents |
32.024 |
|
(e) Short-term loans and
advances |
|
|
(f) Other current assets |
113.891 |
|
Total Current Assets |
1237.593 |
|
|
|
|
TOTAL |
1926.132 |
Notes:
- The above results for the quarter ended September 30, 2017 were reviewed and recommended by the Audit Committee and subsequently approved by the Board of Directors in its Meeting held on November 11th, 2017 and same were also subject to Limited Review by statutory auditors of the Company.
- The company has adopted Indian Accounting Standards (IND-AS)notified by the Ministry of Corporate Affairs with effect from April 01, 2017 and accordingly the financial results have been prepared in accordance with the recognized and measurement principles laid down in IND AS 34 "lnterim Financial Reporting" prescribed under Section l33 of Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, 2015 & other relevant Rules issued there Under.
- The Statements does not include IND-AS compliant results for the preceding quarter ended March 31,2017 as the same is not mandatory as per SEBI's circular dated July 05, 2016.
- The IND- AS compliant corresponding figures for the quarter ended September 30,2016 have not been subjected to Limited Review or audit. However, the management of the Company has exercised necessary due diligence to ensure that the financial results provide a true and fair view of its affairs.
- The business activity of the Company falls within a single primary business segment viz "Textile Goods" and hence there is no other reportable segme
- Provision for Deferred Tax will be made at the end of the financial year.
- The figures for the previous financial period/year figures have been re-classified/re-arranged/re-grouped wherever necessary to make them comparable.
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Counter Gurantees given to Banks |
27.256 |
25.675 |
|
Letter of Credit/Bill Discounting with
Banks |
306.672 |
357.886 |
|
DEPB Entitlement Refund Claim by DGFT |
8.118 |
8.118 |
|
Central Sales Tax Dues under Appeal |
0.000 |
7.438 |
|
Maharashtra Value Added Tax Dues under
Appeal |
0.000 |
4.291 |
FIXED ASSETS
Tangible Assets:
·
Free hold Land
·
Residential Flats
·
Buildings
·
Electrical Installation
·
Furniture and Fixtures
·
Vehicles
·
Air Conditioners
·
Generators
·
Weighing Scale
·
Other Equipments
·
Computers
Intangible Assets:
·
Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 63.38 |
|
|
1 |
INR 86.02 |
|
Euro |
1 |
INR 76.50 |
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.