|
|
|
MIRA INFORM REPORT
|
Report No. : |
487968 |
|
Report Date : |
25.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
KAMADGIRI FASHION LIMITED (w.e.f. 18.10.2010) |
|
|
|
|
Formerly Known As
: |
KAMADGIRI SYNTHETICS LIMITED |
|
|
|
|
Registered
Office : |
B-104, The Qube, Off M.V. Road, Behind Taj Flight Kitchen, Marol,
Andheri (East), Mumbai-400059, Maharashtra |
|
Tel. No.: |
91-22-71613131 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
04.02.1987 |
|
|
|
|
Com. Reg. No.: |
11-042424 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 58.694 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17120MH1987PLC042424 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
GSTIN : |
27AAACK1654P1Z7 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACK1654P |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
|
|
|
|
Line of Business
: |
The company is engaged in the manufacturing and job work in textile industry. [Registered Activity] |
|
|
|
|
No. of Employees
: |
1422 (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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
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Comments : |
Subject was incorporated in the year 1987 having satisfactory track record. As per the financial record of March 2017, the company has achieved marginal growth in its revenue as compared to its previous year along with fair profit margin during the year. Rating takes into consideration, the satisfactory financial risk profile marked by adequate net worth base and ideal debt protection metrics. Rating continue to derive strength from its long and established track record of its business operations backed by its well experienced promoters in textile industry. Further the company has strategic tie up with “Future Group” which has built established relations with reputed clients rendering a wide range in terms of market presence. The company is listed on BSE and NSE. Price quoted at BSE is held at 145.50 against its face value of INR 10. Moreover, as per quarterly result till September 2017, the company has registered steady operating margins and fair growth in revenues. However, these rating strengths gets partially offset by intense competition from local and other large international players in the retail garments and fabric industry. Payments are reported to be usually correct. In view of 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 |
ICRA |
|
Rating |
Fund Based Limits = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
03.11.2017 |
|
|
|
|
Rating Agency Name |
ICRA |
|
Rating |
Non-Fund Based Limits = A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk |
|
Date |
03.11.2017 |
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 25.01.2018
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. Dhandapani |
|
Designation : |
Branch Head |
|
Contact No.: |
91-9311055505 |
|
Date : |
24.01.2018 |
Management Non-Cooperative (Tel. No.:
91-22-71613131)
LOCATIONS
|
Registered Office : |
B-104, The Qube, Off M.V. Road, Behind Taj Flight Kitchen, Marol,
Andheri (East), Mumbai-400059, Maharashtra, India |
|
Tel. No.: |
91-22-71613131 |
|
Fax No.: |
91-22-71613199 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
S.F.No.54/A, Chettiurai Thottam, Karaipudhur Village, Veerapandi Post,
Tirupur-641605, Tamilnadu, India |
|
|
|
|
Factory 1 : |
43/2, 42/1, Ganga Devi Road, Umbergaon, District Valsad-396171, Gujarat, India |
|
Tel. No.: |
91-260-3255468 |
|
Fax No.: |
91-260-2562070 |
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|
|
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Factory 2 : |
C-4/2/2, MIDC, Tarapur, District Palghar-401506, Maharashtra, India |
|
|
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Factory 3 : |
J-72/1, MIDC, Tarapur, District Palghar-401506, Maharashtra, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Pradip Kumar Narayan Prasad Goenka |
|
Designation : |
Chairman and Managing Director |
|
Address : |
502, Raheja Princess Apartments, Sk Bole Road, Near Siddhivinayak Temple, Prabhadevi, Mumbai-400025, Maharashtra, India |
|
Date of Birth/Age : |
57 Years |
|
Qualification : |
Pre-University |
|
Experience : |
30 Years |
|
Date of Appointment : |
26.08.2015 |
|
DIN No.: |
00516381 |
|
|
|
|
Name : |
Mr. Anil Laxminarayan Biyani |
|
Designation : |
Director |
|
Address : |
305, Jeevan Vihar, Manav Mandir Road, Malabhar Hill, Mumbai-400006, Maharashtra, India |
|
Date of Appointment : |
29.05.2012 |
|
DIN No.: |
00005834 |
|
|
|
|
Name : |
Mr. Rahul Narendra Mehta |
|
Designation : |
Director |
|
Address : |
121, Rewa Apartments, Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India |
|
Date of Appointment : |
14.02.2011 |
|
DIN No.: |
00165521 |
|
|
|
|
Name : |
Mr. Lalit Goenka |
|
Designation : |
Director |
|
Address : |
III Floor Gautam Building, Ramnagar Near Joker Talkies, Kalyan, Thane-421301, Maharashtra, India |
|
Date of Appointment : |
04.02.1987 |
|
DIN No.: |
01792275 |
|
|
|
|
Name : |
Mr. Sanjeev Krishna Gopal Maheshwari |
|
Designation : |
Director |
|
Address : |
622, Giri Centre, J.B.Nagar, Andheri (East), Mumbai-400059, Maharashtra, India |
|
Date of Appointment : |
14.02.2011 |
|
DIN No.: |
02431173 |
|
|
|
|
Name : |
Mr. Bindu Darshan Shah |
|
Designation : |
Director |
|
Address : |
Panchsheel 3A/101, Raheja Township, Rani Sati Marg, Malad (East), Mumbai- 400097, Maharashtra, India |
|
Date of Appointment : |
21.03.2015 |
|
DIN No.: |
07131459 |
KEY EXECUTIVES
|
Name : |
Mr. Jagdish Prasad Ghisulal Dave |
|
Designation : |
Company Financial Office (KMP) |
|
Address : |
D-25/306, Yogi Nagar Eksar Road, Borivali (West), Mumbai-400092, Maharashtra, India |
|
Date of Appointment : |
12.11.2014 |
|
PAN No.: |
AAEPD1682D |
|
|
|
|
Name : |
Mr. Abhay Kumat |
|
Designation : |
Chief Executive Officer |
|
Date of Birth/Age : |
57 Years |
|
Qualification : |
M.Com |
|
Experience : |
36 Years |
|
|
|
|
Name : |
Mr. Siddhant Singh |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Dhandapani |
|
Designation : |
Branch Head |
SHAREHOLDING PATTERN
AS ON 31.12.2017
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of
shares (calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter & Promoter Group |
1814480 |
30.91 |
|
|
(B) Public |
4054891 |
69.09 |
|
|
Grand Total |
5869371 |
100.00 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER
GROUP
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
1346080 |
22.93 |
|
|
Lalit Goenka |
1607 |
0.03 |
|
|
Tilak Pradip Goenka |
496102 |
8.45 |
|
|
Asha Devi Goenka |
199171 |
3.39 |
|
|
Pradip Kumar Goenka |
649200 |
11.06 |
|
|
Any Other (specify) |
468400 |
7.98 |
|
|
Ananddeep Consultancy Services Private Limited |
436800 |
7.44 |
|
|
Jagruti Synthetics Limited. |
31600 |
0.54 |
|
|
Sub Total A1 |
1814480 |
30.91 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
1814480 |
30.91 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR,
1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
870 |
0.01 |
|
|
Sub Total B1 |
870 |
0.01 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
|
Central Government/ State Government(s)/ President of India |
13605 |
0.23 |
|
|
Sub Total B2 |
13605 |
0.23 |
|
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200 Million |
530429 |
9.04 |
|
|
Individual share capital in excess of INR 0.200 Million |
287644 |
4.90 |
|
|
Subramanian P |
63070 |
1.07 |
|
|
Abhay Jaswant Singh Kumat |
130742 |
2.23 |
|
|
Jyoti Abhay Kumat |
72752 |
1.24 |
|
|
Any Other (specify) |
3222343 |
54.90 |
|
|
Loyal Apparels Private Limited |
135500 |
2.31 |
|
|
Tritoma Hotels Private Limited |
325000 |
5.54 |
|
|
Surplus Finvest Private Limited |
569000 |
9.69 |
|
|
Suhani Trading And Investment Consultants Private Limited |
1645389 |
28.03 |
|
|
Srinarayan Rajkumar Merchants Private Limited |
59000 |
1.01 |
|
|
Quality Synthetic Industries Limited |
69200 |
1.18 |
|
|
Counseled Mercantile Private Limited |
199905 |
3.41 |
|
|
Bodies Corporate |
3088918 |
52.63 |
|
|
Clearing Members |
49496 |
0.84 |
|
|
HUF |
76922 |
1.31 |
|
|
NRI – Non- Repat |
707 |
0.01 |
|
|
NRI – Repat |
6300 |
0.11 |
|
|
Sub Total B3 |
4040416 |
68.84 |
|
|
B=B1+B2+B3 |
4054891 |
69.09 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the manufacturing and job work in textile 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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|
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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 : |
1422 (Approximately) |
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Bankers : |
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Facilities : |
Note: LONG TERM BORROWINGS i) Term Loan from bank amounting of INR 37.500 million sanctioned during the FY 2015-2016 and end on FY 2020-2021. The Same is repayable in 60 Monthly installments of INR 0.625 million each along with interest. The Loan is secured by equitable mortgage of Factory Land and Building and hypothecation of Plant and Machineries. Term Loan from bank amounting of INR 40.000 million sanctioned during the FY 2014-2015 and end on FY 2018-2019. The Same is repayable in 60 Monthly installments of INR 0.667 million each along with interest. The Loan is secured by equitable mortgage of Factory Land and Building and hypothecation of Plant and Machineries. Term Loan from bank amounting of INR 60.000 million sanctioned during the FY 2014-2015 and end on FY 2018-2019. The Same is repayable in 60 Monthly installments of INR 1.000 million each along with interest. The Loan is secured by equitable mortgage of Factory Land and Building and hypothecation of Plant and Machineries. The rate of interest on the above mentioned Term Loans ranges between 12.50 % p.a to 12.75 % p.a.. ii) Vehicle loans taken from Toyata Financial Services India Limited was carried interest @ 9.50%. The loan is repayable in 49 instalments of INR 32302 including the interest, from the proceeding month of the approval letter, the loan is secured by hypothecation of specific vehicle. SHORT TERM BORROWINGS Cash credit and FCDL from banks is secured by hypothecation of present and future stock of raw materials, stock in process, finished goods, stores and spares, book debts, outstanding monies, receivable and carries interest @ 12.00% p.a to 13.50% p.a and the same is repayable on demand. |
|
Auditors : |
|
|
Name : |
Haribhakti and Company LLP Chartered Accountants |
|
Address : |
702, Leela Business Park, Andheri-Kurla Road, Andheri (East),
Mumbai-400059, Maharashtra, India |
|
Tel. No.: |
91-22-66729999 |
|
Fax No.: |
91-22-66729777 |
|
Membership No.: |
034828 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises having
significant influence in the company : |
PIL Industries Limited |
|
|
|
|
Other Related
Parties (Enterprises – KMP having significant influence/Owned by Major
Shareholders) |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
INR 10/- each |
INR 200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5869371 |
Equity Shares |
INR 10/- each |
INR 58.694 Million |
|
|
|
|
|
a) Reconciliation of the
number of shares outstanding at the beginning and at the end of the reporting
period:
|
Particulars |
As on 31.03.2017 |
|
|
Number
of Shares |
INR
in Million |
|
|
At the beginning of the period |
5439866 |
54.399 |
|
Issued during the period |
429505 |
4.295 |
|
Outstanding at the
end of the period |
5869371 |
58.694 |
b) Shareholders
holding more than 5 percent shares in the Company:
|
Name of
Shareholder |
As on 31.03.2017 |
|
|
Number
of Shares |
% holding |
|
|
Ananddeep Consultancy Services Private Limited |
436800 |
7.44% |
|
PIL Industries Limited |
1645389 |
28.03% |
|
Tritoma Hotels Private Limited |
325000 |
5.54% |
|
Surplus Finvest Private Limited |
569000 |
9.69% |
|
Pradip Kumar Goenka |
649200 |
11.06% |
|
Tilak Pradip Goenka |
496102 |
8.45% |
c) Aggregate number of bonus shares issued, share issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date - NIL (PY - NIL)
d) Terms/rights
attached to Equity shares:
The company has only one class of Equity shares having a par value of INR 10 per share. Each holder of equity share is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of Equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
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 |
58.694 |
54.399 |
50.649 |
|
(b) Reserves &
Surplus |
286.140 |
261.214 |
210.187 |
|
(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) |
344.834 |
315.613 |
260.836 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
51.839 |
78.344 |
96.169 |
|
(b) Deferred tax
liabilities (Net) |
21.043 |
30.711 |
34.183 |
|
(c) Other long term
liabilities |
40.852 |
41.848 |
39.983 |
|
(d) long-term provisions |
26.782 |
16.314 |
11.410 |
|
Total Non-current
Liabilities (3) |
140.516 |
167.217 |
181.745 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
409.373 |
459.649 |
431.397 |
|
(b) Trade payables |
318.129 |
338.105 |
393.924 |
|
(c) Other current
liabilities |
170.126 |
146.241 |
139.076 |
|
(d) Short-term provisions |
4.605 |
12.606 |
10.927 |
|
Total Current Liabilities
(4) |
902.233 |
956.601 |
975.324 |
|
|
|
|
|
|
TOTAL |
1387.583 |
1439.431 |
1417.905 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
278.454 |
297.674 |
267.319 |
|
(ii) Intangible Assets |
1.557 |
1.884 |
2.376 |
|
(iii) Capital
work-in-progress |
3.562 |
0.366 |
0.013 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
18.264 |
18.002 |
23.036 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
301.837 |
317.926 |
292.744 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
535.024 |
562.755 |
543.483 |
|
(c) Trade receivables |
516.123 |
517.912 |
519.790 |
|
(d) Cash and cash
equivalents |
6.222 |
12.243 |
31.353 |
|
(e) Short-term loans and
advances |
21.232 |
19.789 |
22.777 |
|
(f) Other current assets |
7.145 |
8.806 |
7.758 |
|
Total Current Assets |
1085.746 |
1121.505 |
1125.161 |
|
|
|
|
|
|
TOTAL |
1387.583 |
1439.431 |
1417.905 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
3099.415 |
3002.381 |
2596.675 |
|
|
Other Income |
2.078 |
3.826 |
0.220 |
|
|
TOTAL |
3101.493 |
3006.207 |
2596.895 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1461.774 |
1329.577 |
981.566 |
|
|
Purchases of
Stock-in-Trade |
323.559 |
376.908 |
463.668 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(4.730) |
3.388 |
20.741 |
|
|
Employees benefits
expense |
340.960 |
291.552 |
246.165 |
|
|
Other expenses |
815.448 |
852.772 |
720.197 |
|
|
TOTAL |
2937.011 |
2854.197 |
2432.337 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
164.482 |
152.010 |
164.558 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
83.729 |
82.717 |
94.036 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
80.753 |
69.293 |
70.522 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
43.494 |
37.273 |
34.896 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
37.259 |
32.020 |
35.626 |
|
|
|
|
|
|
|
Less |
TAX |
12.332 |
13.006 |
13.903 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
24.927 |
19.014 |
21.723 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
117.346 |
109.104 |
101.616 |
|
|
|
|
|
|
|
Add |
Additional
Depreciation net off tax INR 1.923 million) pursuant to enactment of schedule
II of the Company Act 2013 |
0.000 |
0.000 |
(4.005) |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transferred to General
Reserve |
0.000 |
0.951 |
1.086 |
|
|
Proposed dividend |
0.000 |
8.160 |
7.597 |
|
|
Tax on proposed dividend |
0.000 |
1.661 |
1.547 |
|
|
Total |
0.000 |
10.772 |
10.230 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
142.273 |
117.346 |
109.104 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
6.055 |
4.284 |
4.569 |
|
|
TOTAL EARNINGS |
6.055 |
4.284 |
4.569 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Stores and Spares parts |
3.656 |
1.535 |
2.194 |
|
|
Capital Goods |
9.369 |
2.936 |
15.035 |
|
|
TOTAL IMPORTS |
13.025 |
4.471 |
17.229 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic |
4.25 |
3.68 |
4.29 |
|
|
Diluted |
4.25 |
3.60 |
4.29 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
27.791 |
27.663 |
22.213 |
|
Cash generated from operations |
209.730 |
84.372 |
104.760 |
|
Net cash generated from operating activities |
187.908 |
75.697 |
99.567 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
30.06.2017 1st
Quarter |
30.09.2017 2nd
Quarter |
|
|
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Net Sales |
|
734.970 |
831.660 |
|
Total Expenditure |
|
686.420 |
780.160 |
|
PBIDT (Excluding Other Income) |
|
48.550 |
51.500 |
|
Other Income |
|
0.230 |
1.620 |
|
Operating Profit |
|
48.780 |
53.120 |
|
Interest |
|
15.910 |
16.630 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
32.870 |
36.490 |
|
Depreciation |
|
11.110 |
10.960 |
|
Profit Before Tax |
|
21.760 |
25.530 |
|
Tax |
|
10.140 |
8.840 |
|
Provisions and contingencies |
|
NA |
NA |
|
Profit After Tax |
|
11.620 |
16.700 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
11.620 |
16.700 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors
/ Income * 365) |
60.78 |
62.96 |
73.06 |
|
|
|
|
|
|
Account Receivables Turnover (Income /
Sunday Debtors) |
6.01 |
5.80 |
5.00 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
65.04 |
72.32 |
99.49 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.31 |
0.27 |
0.30 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.58 |
0.51 |
0.61 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.71 |
0.74 |
0.77 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.42 |
1.79 |
2.11 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
2.62 |
3.03 |
3.74 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.82 |
0.95 |
1.03 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.96 |
1.84 |
1.75 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
% |
0.80 |
0.63 |
0.84 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.80 |
1.32 |
1.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
7.23 |
6.02 |
8.33 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.20 |
1.17 |
1.15 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.61 |
0.58 |
0.60 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.25 |
0.22 |
0.18 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
8.33 |
10.40 |
10.85 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.20 |
1.17 |
1.15 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 145.50/- |
FINANCIAL ANALYSIS
[all figures are
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 |
50.649 |
54.399 |
58.694 |
|
Reserves & Surplus |
210.187 |
261.214 |
286.140 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
260.836 |
315.613 |
344.834 |
|
|
|
|
|
|
long-term borrowings |
96.169 |
78.344 |
51.839 |
|
Short term borrowings |
431.397 |
459.649 |
409.373 |
|
Current Maturities of
Long term debt |
22.213 |
27.663 |
27.791 |
|
Total borrowings |
549.779 |
565.656 |
489.003 |
|
Debt/Equity ratio |
2.108 |
1.792 |
1.418 |
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 |
2596.675 |
3002.381 |
3099.415 |
|
|
|
15.624 |
3.232 |
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 |
2596.675 |
3002.381 |
3099.415 |
|
Profit |
21.723 |
19.014 |
24.927 |
|
|
0.84% |
0.63% |
0.80% |
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 |
COMPANY OVERVIEW
The company is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on BSE in India. The company is engaged in the manufacturing and job work in Textile Industry.
OPERATIONS
During the year, the Company has achieved a turnover of INR 3099.415 million as compared to INR 3002.381 million in the previous year. Accordingly, there was a growth of 3.23%. The Profit after tax for the financial year 2016-17 was INR 24.927 million as compared to INR 19.014 million during the previous year which resulted in a growth of 31.10%.
The Company has been working on various measures to reduce cost and increase the efficiency.
FUTURE PLANS
The Company continues to concentrate on its core strength of weaving, manufacturing and trading of ‘value for money’ category of fabrics and ready-made apparels through its distribution networks, also sale of fabrics to garment manufacturers and also contract manufacturing of readymade garments to brands. The Company has embarked upon modernisation and expansion plan to improve overall efficiency. During the current financial year, the Company proposes to replace 24 Sulzer Looms with high speed 20 Rapier Looms and Automatic Drawing Machines from Staubli. This will help in improving efficiency with less manpower requirements. Further, the Company proposes to increase its garmenting division capacity to 4000 pieces per day by adding new space for cutting and finishing work and outsourcing stitching job to third parties. These initiatives will ensure more output with reduced cost and increased efficiency.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
Textile sector is considered to be the oldest and largest sector of modern India as it is one of the largest contributors towards Country’s exports. It has a formidable presence in the national economy and thus plays a key role by way of significant contribution to GDP, manufacturing output, employment generation and export earnings. The textile industry continues to be one of the largest source of employment generation in the country. The global focus is shifting to India due to cost and stability factors in Textile industry.
The encouragement for manufacturing through “Make in India programme”, development of infrastructure for textile through scheme for integrated textile parks, technology upgradation fund schemes, skill development scheme and various other initiatives of Government are expected to boost textile industry in the Country. Development in the sector will eventually lead to more employment generation to unskilled or semi-skilled labour and this would help to improve GDP and overall development of the society at large.
PRODUCT AND
PERFORMANCE:
Textile weaving unit continues to show good performance and ‘True Linen’ linen fabric brand of the Company is now established brand and has a good recall value with the customers. The business of readymade garmenting unit of the Company is showing improvement.
OUTLOOK:
The Company expects to improve its performance in weaving and fabric business. In view of the better outlook for economy and in expectation of increase in overall consumption for consumer goods, the Company expects its readymade garmenting business to contribute better returns for the current financial year.
UNSECURED LOANS:
|
Unsecured Loan |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
Long-term
Borrowings |
|
|
|
From Related Parties (Enterprises having significant influence in the company) |
10.000 |
10.000 |
|
|
|
|
|
Short-term Borrowings |
|
|
|
Loans repayable on
demand |
|
|
|
Compulsorily Convertible Debentures |
0.000 |
4.295 |
|
Total |
10.000 |
14.295 |
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G53097267 |
100121968 |
Bank of Baroda |
02/06/2017 |
- |
25000000.0 |
36, Crystal, Kemps Corner, Altmount Road Branch, Mumbai-400026, Maharashtra, India |
|
2 |
C82099490 |
10627077 |
Bank of Baroda |
11/03/2016 |
- |
37500000.0 |
36, Crystal, Kemps Corner, Altmount Road Branch, Mumbai-400026, Maharashtra, India |
|
3 |
C51892248 |
10566040 |
Bank Of Baroda |
14/01/2015 |
- |
40000000.0 |
36, Crystal, Kemps Corner, Altmount Road Branch, Mumbai-400026, Maharashtra, India |
|
4 |
B69539849 |
10407809 |
Bank of Baroda |
17/01/2013 |
- |
60000000.0 |
36, Crystal, Kemps Corner, Altmount Road Branch, Mumbai-400026, Maharashtra, India |
|
5 |
G10486645 |
10294332 |
Bank of Baroda |
11/05/2011 |
09/06/2016 |
690800000.0 |
36, Crystal, Kemps Corner, Altmount Road Branch, Mumbai-400026, Maharashtra, India |
|
6 |
C37616323 |
10194674 |
State Bank of Hyderabad |
31/12/2009 |
25/11/2014 |
590000000.0 |
C-11, Mittal TowerNariman PointMumbaiMH400021IN |
|
7 |
A24079311 |
10102638 |
BANK OF BARODA |
28/11/2006 |
- |
3000000.0 |
36, Crystal, Kemps Corner, Altmount Road Branch, Mumbai-400026, Maharashtra, India |
|
8 |
Y10335080 |
90232289 |
STATE BANK OF HYDERABAD |
02/08/2004 |
27/01/2006 |
65000000.0 |
Nariman Point Branch, Mumbai-400021, Maharashtra, India |
|
9 |
Y10316019 |
90214120 |
STATE BANK OF HYDERABAD |
02/08/2004 |
- |
65000000.0 |
Nariman Point Branch, Mumbai-400021, Maharashtra, India |
|
10 |
A61884540 |
90237608 |
BANK OF BARODA |
26/03/2004 |
29/04/2009 |
86322000.0 |
36, Crystal, Kemps Corner, Altmount Road Branch, Mumbai-400026, Maharashtra, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against the company not acknowledged as debt |
15.337 |
14.309 |
|
Guarantees |
3.590 |
5.056 |
|
Bonus Payable (As Per Revised Bonus Act) F.Y 2014-15 |
2.364 |
2.364 |
|
Total |
21.291 |
21.729 |
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND SIX MONTHS ENDED
SEPTEMBER 30, 2017
(INR In Million)
|
Particulars |
Quarter ended |
Six months ended |
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
831.661 |
722.671 |
1554.332 |
|
Other Operating Income |
1.622 |
12.522 |
14.144 |
|
Total
Income from Operations |
833.283 |
735.193 |
1568.476 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
426.754 |
372.693 |
799.446 |
|
Purchase of Stock in Trade |
103.890 |
107.010 |
210.900 |
|
Changes in inventories of finished goods and
work-in-progress |
(27.626) |
(53.575) |
(81.201) |
|
Employee benefits expense |
91.727 |
91.000 |
182.727 |
|
Finance costs |
16.634 |
15.905 |
32.539 |
|
Depreciation and Amortization expenses |
10.956 |
11.106 |
22.062 |
|
Job charges |
97.564 |
73.787 |
171.352 |
|
Excise duty |
0.000 |
5.447 |
5.447 |
|
Other Expenditure |
87.852 |
90.061 |
177.914 |
|
Total
Expenses |
807.751 |
713.434 |
1521.187 |
|
Profit
/ (Loss) before Tax |
25.532 |
21.759 |
47.289 |
|
Tax Expense |
8.834 |
10.137 |
18.971 |
|
Profit
/ (Loss) after Tax |
16.698 |
11.622 |
28.318 |
|
Other
comprehensive income |
|
|
|
|
Items that will not be reclassified to profit or loss |
(1.369) |
(1.369) |
(2.738) |
|
Income tax relating to items that will not be reclassified
to profit or loss |
0.453 |
0.453 |
0.905 |
|
Total
comprehensive income for the period (Comprising profit (loss) and other
comprehensive income for the period) |
15.781 |
10.706 |
26.485 |
|
Earnings
per Share (EPS) - INR |
|
|
|
|
Basic
|
2.84 |
1.98 |
4.82 |
|
Diluted |
2.84 |
1.98 |
4.82 |
STANDALONE STATEMENT
OF ASSTES AND LIABILITIES
(INR In Million)
|
SOURCES OF FUNDS |
|
|
30.09.2017 (Unaudited) |
|
Asset |
|
|
|
|
Non-current assets |
|
|
|
|
Property, plant and equipment |
|
|
252.722 |
|
Intangible assets |
|
|
2.107 |
|
Capital work-in-progress |
|
|
18.566 |
|
Investment property |
|
|
4.176 |
|
Financial assets |
|
|
|
|
Other Financial Assets |
|
|
11.103 |
|
Income tax recoverable |
|
|
0.000 |
|
Other non – current assets |
|
|
14.403 |
|
Total Non-current assets |
|
|
303.077 |
|
|
|
|
|
|
Current assets |
|
|
|
|
Inventories |
|
|
591.834 |
|
Financial assets |
|
|
|
|
Trade receivables |
|
|
597.501 |
|
Cash and cash equivalent |
|
|
1.794 |
|
Other bank balance |
|
|
2.654 |
|
Loans |
|
|
1.335 |
|
Others |
|
|
2.263 |
|
Other current Assets |
|
|
17.147 |
|
|
|
|
1214.528 |
|
|
|
|
|
|
Total Asset |
|
|
1517.605 |
|
|
|
|
|
|
B Equity and
liabilities |
|
|
|
|
Equity |
|
|
|
|
Equity share capital |
|
|
58.694 |
|
Other equity |
|
|
307.500 |
|
Total equity |
|
|
366.194 |
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
Financial Liabilities |
|
|
|
|
Long term borrowing |
|
|
48.550 |
|
Other financial liabilities |
|
|
42.457 |
|
Provision |
|
|
30.122 |
|
Deferred tax liability (net) |
|
|
16.517 |
|
Other non – current liabilities |
|
|
5.616 |
|
Total non – current liabilities |
|
|
143.262 |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Financial Liabilities |
|
|
|
|
Short term borrowing |
|
|
456.279 |
|
Trade payables |
|
|
363.764 |
|
Other financial liabilities |
|
|
160.654 |
|
Current income tax liabilities |
|
|
16.667 |
|
Provisions |
|
|
1.585 |
|
Other current liabilities |
|
|
9.200 |
|
Total current liabilities |
|
|
1008.149 |
|
|
|
|
|
|
Total equity and
liabilities |
|
|
1517.605 |
NOTES:
1. The above results were reviewed by the Audit Committee and were taken on record by the Board of Directors at their meeting held on December 13, 2017 and reviewed by Auditors.
2. The financial results of the Company have been prepared in accordance with
Indian Accounting Standards (Ind AS) notified under the Companies (Indian
Accounting Standards) Rules, 201S as amended The Company has adopted Ind AS
from April 1, 2017, with transition date of April 1, 2016. These financial
results have been prepared in accordance with the recognition and measurement
principles stipulated under Ind AS 34 - Interim Financial Reporting and other
accounting principles generally accepted in India. The corresponding previous
quarter presented has been restated to comply with the requirements of Ind AS
and to make it comparable with that of the quarter and six months ended
September 30, 2017.
3. The Ind-AS financial result and financial information for the quarter and
six months ended September 30, 2016 have not been subjected to limited review
or audit as per exemption given in SEBI Circular No. CIR/CFD/FAC/62/2016 dated
July 5, 2016. However the management has exercised necessary due diligence to
ensure that the financial results provide a true and fair view of the results
in accordance with Ind-AS. The Ind-AS complied financial results for the
previous year ended March 31, 2017 have not been provided as per the exemption
given in the above referred circulars.
4. There is a possibility that these quarterly financial results may require
adjustment before constituting the final Ind-AS financial statements as of and
for the year ending March 31, 2018 due to changes in financial reporting
requirements arising from new or revised standards or interpretations issued by
MCA or changes in the use of one or more optional exemptions from full
retrospective application as permitted under Ind-AS 101.
5. Goods and Service Tax"(GST)'' has been implemented with effect from 1st
July, 2017 and therefore, revenue from operation for the quarter and six month
ended 30th September, 2017 are net of GST. Revenue from operations and expenses
for the previous period inclusive of excise duty are not comparable with
corresponding figures of quarter and six months ended 30th September, 2017.
6. The Company is engaged only in Textile business and there is no separate
reportable segment as per IND AS 108.
7. Previous year's/ period's figures have been regrouped/rearranged wherever considered
necessary to make them comparable with current year's figure
FIXED ASSETS:
Tangible Asset:
- Land
- Building
- Plant and Equipment
- Electrical Installation
- Furniture and Fixture
- Computer
- Office equipment
- Vehicles
Intangible Asset:
- Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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 63.64 |
|
UK Pound |
1 |
INR 89.32 |
|
Euro |
1 |
INR 78.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
BHG |
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.