|
|
|
MIRA INFORM REPORT
|
Report No. : |
512748 |
|
Report Date : |
01.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
APCOTEX INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Plot No.3/1, M I D C Industrial Area, Taloja, Raigad - 410208, Maharashtra |
|
Tel. No.: |
91-22-27403500 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2018 |
|
|
|
|
Date of
Incorporation : |
12.03.1986 |
|
|
|
|
Com. Reg. No.: |
11-039199 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 104.080 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1986PLC039199 |
|
|
|
|
TIN No.: |
27290000128 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0391159411 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA11171G |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAACA3427G1Z1 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA3427G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
(Registered activity) |
|
|
|
|
No. of Employees
: (As on
31.03.2017) |
419 (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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 5900000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1986 and it is engaged in manufacturing and marketing of two main product segments viz. Synthetic rubber and synthetic latexes. Synthetic rubber finds application in footwear, automotive components, v-belts, conveyor belts and hoses, while the synthetic latexes are used in the industries like textiles, paper and paperboard coating and construction. As per the financial of 2018, the company has achieved a satisfactory growth of 38.48% in its revenue as compared to the previous year’s revenue and has reported a fair net profit margin of 7.18%. The company possesses sound financial position marked by strong net worth base along with negligible debt balance sheet profile and favourable liquidity position. The strong financial position of the company is marked by healthy net worth base along with low debt balance sheet profile and satisfactory liquidity position. Rating take into account the strong promoter background with long standing experience of more than three decades in the industry, dominant market position of the company in the Synthetic Rubber and Synthetic Rubber Latex segment in the domestic market, its reputed clientele and sizable market share in most of the industries to which it caters. However, rating strength is partially offset by vulnerability of company’s margins to adverse volatility in raw material prices with limited bargaining power with supplier along with small size of the industry leads to stiff competition amongst existing players thereby restricting pricing flexibility. The company has its share price trading at around INR 529.30 on BSE as on May 31, 2018 as against the Face Value (FV) of INR 5. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions. NOTE: The Scheme of Amalgamation of wholly owned subsidiary viz. Apcotex Solutions India Private Limited with the Company was approved by the Honorable High Court, judicature at Bombay on 27th October 2016 and was made effective from 1st December 2016 with appointed date as 31st March 2016, by filing the High Court order with Ministry of Corporate Affairs (MCA). The Board of Directors in their meeting held on 24th February 2018 have allotted 10724300 equity shares of INR 5 each fully paid up to the shareholders of Saldhar Investments and Trading Company Private Limited (Saldhar) (transferor company) in the proportion of their holding in Saldhar pursuant to scheme of Amalgamation as approved by the Hon’ble National Company Law Tribunal, Mumbai Bench (‘NCLT’) on 1st February 2018. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
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 |
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 01.06.2018
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
MANAGEMENT NON-COOPERATIVE: Tel. No.:
91-22-27403500
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No.3/1, M I D C Industrial Area, Taloja, Raigad - 410208,
Maharashtra, India |
|
Tel. No.: |
91-22-27403500 |
|
Fax No.: |
91-22-27412052 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
NK Mehta International House, 178 Backbay Reclamation,
Babubhai M Chinnai Marg, Mumbai – 400020, Maharashtra, India |
|
Tel. No.: |
91-22-22838302 / 04 |
|
Fax No.: |
91-22-22838291 |
|
E-Mail : |
|
|
|
|
|
Factory 2: |
Village – Dungri, Tal- Valia, Ankleshwar - 393135. District- Bharuch, Gujarat, India |
DIRECTORS
As on 2018
|
Name : |
Mr. Yashodhan Bhargao Gadgil |
|
Designation : |
Whole-time Director |
|
Address : |
104 Sonakshi, Plot No. R- 16 Sudarshan Nagar, Dombivli
East – 421203, Maharashtra, India |
|
Date of Birth / Age : |
57 years |
|
Qualification : |
Bachelor of Chemical Engineering |
|
Experience : |
36 Years |
|
Date of Appointment : |
06.02.2016 |
|
DIN No.: |
07353169 |
|
|
|
|
Name : |
Mr. Amit Champaklal Choksey |
|
Designation : |
Director |
|
Address : |
Geetanjali Co-Operative Housing Society
Limited, 9,N Gamadia Road, Off Pedder Road, Mumbai- 400026, Maharashtra,
India |
|
Date of Birth/Age : |
14.10.1954 |
|
Qualification : |
Bachelor Of
Commerce |
|
Date of Appointment : |
21.11.1997 |
|
DIN No.: |
00001470 |
|
|
|
|
Name : |
Mr. Manubhai Gokalbhai Patel |
|
Designation : |
Director |
|
Address : |
13, Sahyog, Sardar Patel Nagar, Behind Navrang,
Pura Telephone Exchange, Ellisbridge, Ahmedabad- 380006, Gujarat, India |
|
Date of Appointment : |
31.09.1992 |
|
DIN No.: |
00001662 |
|
|
|
|
Name : |
Mr. Atul Champaklal Choksey |
|
Designation : |
Chairman |
|
Address : |
Geetanjali, 9 N Gamadia Road, Off Peddar
Road, Mumbai - 400026, Maharashtra, India |
|
Date of Appointment : |
23.01.1991 |
|
DIN No.: |
00002102 |
|
|
|
|
Name : |
Mr. Abhiraj Atul Choksey |
|
Designation : |
Managing Director |
|
Address : |
Geetanjali, 9 N Gamadia Road, Off Pedder
Road, Mumbai - 400026, Maharashtra, India |
|
Date of Birth / Age : |
39 years |
|
Qualification : |
Bachelor of Science in Economics from Wharton Business School and Bachelor of Science in Engineering from the Engineering School, both of University of Pennsylvania in U.S.A |
|
Experience : |
16 years |
|
Date of Appointment : |
26.11.2002 |
|
DIN No.: |
00002120 |
|
|
|
|
Name : |
Mr. Shailesh Shankarlal Vaidya |
|
Designation : |
Director |
|
Address : |
801, Sumer Heights,, K.M. Munshi Marg,
Chowpatty, Mumbai - 400007, Maharashtra, India |
|
Date of Appointment : |
21.01.2012 |
|
DIN No.: |
00002273 |
|
|
|
|
Name : |
Dr. Swaminathan Sivram |
|
Designation : |
Director |
|
Address : |
Apartment No. 10 , Gulmohar Glory-5,
Gulmohar Park ITI Road Aundh, Pune- 411007, Maharashtra, India |
|
Date of Appointment : |
27.03.1996 |
|
DIN No.: |
00009900 |
|
|
|
|
Name : |
Mr. Kamlesh Shivji Vikamsey |
|
Designation : |
Director |
|
Address : |
194, Kalpataru Habitat, Tower- A, Dr .S.S
Rao Road ,Parel, Mumbai - 400012, Maharashtra, India |
|
Date of Appointment : |
25.01.2013 |
|
DIN No.: |
00059620 |
|
|
|
|
Name : |
Mr. Girish Champaklal Choksey |
|
Designation : |
Director |
|
Address : |
Geetanjali, 9 Gamadia Cross Road,
Gamdevi, Mumbai - 400026, Maharashtra, India |
|
Date of Appointment : |
25.11.1992 |
|
DIN No.: |
00246196 |
|
|
|
|
Name : |
Mrs. Priyamvada Ashesh Bhumkar (w.e.f.
31.10.2014) |
|
Designation : |
Director |
|
Address : |
Vasant Vihar Complex, Row House, 33/34,,
Pokhran Road No.2, Majiwade, Thane - West, Mumbai - 400601, Maharashtra,
India |
|
Date of Birth/Age : |
02.07.1962 |
|
Qualification : |
Graduation In Chemicals, MBA From Mumbai University, |
|
Date of Appointment : |
31.10.2014 |
|
DIN No.: |
00726138 |
KEY EXECUTIVES
|
Name : |
Mr. Anand Venkatesh Kumashi |
|
Designation : |
Secretary |
|
Address : |
C-01, Guruchintan Apartment, Near Adarsh Vidya
Mandir, Kulgaon, Badlapur- 421503, Maharashtra, India |
|
Date of Appointment : |
01.09.1998 |
|
PAN No.: |
AAGPK5070J |
|
|
|
|
Name : |
Mr. Rohit Ravindra Mahakal |
|
Designation : |
Chief Finance Officer |
|
Address : |
Plot No. 5, Road No. 1, Sector-01, New Panvel, Navi Mumbai
– 410206, Maharashtra, India |
|
Date of Appointment : |
01.04.2015 |
|
PAN No.: |
AMJPM7320C |
|
|
|
|
Audit
Committee : |
|
|
|
|
|
Nomination and Remuneration Committee: |
|
|
|
|
|
Stakeholder Relationship Committee: |
|
|
|
|
|
Corporate Social Responsibility Committee: |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on March 2018
|
Category of
shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares |
|
|
(A) Promoter & Promoter Group |
12010408 |
57.92 |
|
|
(B) Public |
8727576 |
42.08 |
|
|
Grand
Total |
20737984 |
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 (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
765354 |
3.69 |
|
|
Abhiraj Atul Choksey |
109888 |
0.53 |
|
|
Rita Ashok Parekh |
106380 |
0.51 |
|
|
Parul Atul Choksey |
72770 |
0.35 |
|
|
Atul Champaklal Choksey |
71398 |
0.34 |
|
|
Amit Champaklal Choksey |
68910 |
0.33 |
|
|
Namrata Amit Choksey |
57076 |
0.28 |
|
|
Ankita Amit Choksey |
54088 |
0.26 |
|
|
Priti Amit Choksey |
47134 |
0.23 |
|
|
Amit Champaklal Choksey HUF |
41140 |
0.20 |
|
|
Biyash Abhiraj Choksey |
36000 |
0.17 |
|
|
Devanshi Anant Veer Jalan |
21353 |
0.10 |
|
|
Girish Champaklal Choksey |
17800 |
0.09 |
|
|
Abhiraj Atul Choksey HUF |
14217 |
0.07 |
|
|
Ankur Girish Choksey |
13600 |
0.07 |
|
|
Prashant Girish Choksey |
13200 |
0.06 |
|
|
Sunita Girish Choksey |
9200 |
0.04 |
|
|
Devaki Ashok Parekh |
6400 |
0.03 |
|
|
Janaki Ashok Parekh |
4800 |
0.02 |
|
|
Any
Other (specify) |
11245054 |
54.22 |
|
|
Saldhar Investments And Trading
Company Private Limited |
10724300 |
51.71 |
|
|
Abhiraj Trading And Investment
Private Limited |
116468 |
0.56 |
|
|
Apco Enterprises Limited |
112352 |
0.54 |
|
|
Bhuvantray Investments And
Trading Company Private Limited |
99784 |
0.48 |
|
|
Aquamarine Trading &
Investments Private Limited |
98800 |
0.48 |
|
|
Gauriputra Investments And
Trading Company Private Limited |
52400 |
0.25 |
|
|
Hmp Minerals Private Limited |
19324 |
0.09 |
|
|
Forest Hills Trading And
Investment Private Limited |
8600 |
0.04 |
|
|
Haridwar Trading And
Investments Private Limited |
8600 |
0.04 |
|
|
Colortek India Limited |
4150 |
0.02 |
|
|
Choksey Chemicals Private
Limited |
276 |
0.00 |
|
|
Sub
Total A1 |
12010408 |
57.92 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
12010408 |
57.92 |
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 (A+B+C2) |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
2678 |
0.01 |
|
|
Foreign
Portfolio Investors |
608 |
0.00 |
|
|
Financial
Institutions/ Banks |
49573 |
0.24 |
|
|
Any Other
(specify) |
1092 |
0.01 |
|
|
Foreign Bank |
892 |
0.00 |
|
|
UTI |
200 |
0.00 |
|
|
Sub Total B1 |
53951 |
0.26 |
|
|
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 |
6130707 |
29.56 |
|
|
Individual share
capital in excess of INR 0.200 Million |
1138808 |
5.49 |
|
|
Mita Dipak Shah |
208594 |
1.01 |
|
|
Vijay Kishanlal Kedia |
231814 |
1.12 |
|
|
Any Other
(specify) |
1404110 |
6.77 |
|
|
IEPF |
18182 |
0.09 |
|
|
Trusts |
3732 |
0.02 |
|
|
HUF |
197346 |
0.95 |
|
|
Non-Resident Indian (NRI) |
356516 |
1.72 |
|
|
Clearing Members |
37115 |
0.18 |
|
|
Bodies Corporate |
791219 |
3.82 |
|
|
Sub Total B3 |
8673625 |
41.82 |
|
|
B=B1+B2+B3 |
8727576 |
42.08 |
|
BUSINESS DETAILS
|
Line of Business : |
(Registered activity) |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Divulged |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Divulged |
||||||
|
|
|
||||||
|
Exports : |
Not Divulged |
||||||
|
|
|
||||||
|
Imports : |
Not Divulged |
||||||
|
|
|
||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||
|
|
|
||||||||||||||
|
Customers : |
|
||||||||||||||
|
|
|
||||||||||||||
|
No. of Employees : (As on 31.03.2017) |
419 (Approximately) |
||||||||||||||
|
|
|
||||||||||||||
|
Bankers : |
|
||||||||||||||
|
|
|
||||||||||||||
|
Facilities : |
NOTE: (As on
31.03.2017) Loan from a bank
secured by hypothecation of stock, book debts on parri passu basis and
exclusive charge on land and building and second parri passu charge on plant
and machinery. The Cash Credit carrys interest rate in range of 9.00% p.a. to
11.00% p.a. Default in terms
of repayment of principal and interest – NIL. Balance as
at 31st Mar 16 includes INR 1.725 Million on account of merger of Apcotex
Solutions India Private Limited with Apcotex Industries Limited. |
|
Auditors : |
|
|
Name : |
Kalyaniwalla and Mistry LLP Chartered Accountants |
|
Address : |
Kalpataru Heritage, 127 Mahatma Gandhi Road, Mumbai – 400001,
Maharashtra, India |
|
Tel. No.: |
91-22-61587200 / 61586200 |
|
Fax No.: |
91-22-22673964 / 61586275 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises
directly control by the Company (Subsidiary Company) merge with the Company
w.e.f. 31st March 2016: (As on
31.03.2017) |
Apcotex Solutions India Private Limited |
|
|
|
|
Enterprises directly
controlling the company( holding company w.e.f 23 Nov. 2016): (As on
31.03.2017) |
Saldhar Investments and Trading Company Private Limited |
|
|
|
|
Enterprises over
which the Company’s Directors Exercise significant influence: (As on
31.03.2017) |
|
CAPITAL STRUCTURE
As on 31.03.2018
Authorised Capital : Not Available
Issued, Subscribed and Paid-up Capital : INR 104.080
Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29940000 |
Equity Shares |
INR 5/- each |
INR 149.700 Million |
|
500 |
Preference Shares |
INR 100/- each |
INR 0.050
Million |
|
50000 |
Unclassified Shares |
INR 5/- each |
INR 0.250
Million |
|
|
Total
|
|
INR 150.000
Million |
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20737984 |
Equity Shares (1,03,68,992 Equity Shares of INR 5/-) each fully paid. (Including INR 0.390 lacs towards 78,051 shares forfeited at INR 5/- each) |
INR 5/- each |
INR 104.080
Million |
|
|
|
|
|
Note:
a) The Company
had vide resolution passed through postal ballot on 12th September 2015, approved
the issue of one bonus shares for every one equity share held in the company
having face value of INR 5/-
each fully paid to the shares holders existing on record date i.e 24th
September 2015. The shares were alloted in board meeting held on 25th September
2015.
b) Reconciliation of
the number of Equity Shares outstanding at the beginning and at the end of the
year
|
Equity Shares |
As at 31st March 2017 |
|
|
|
No. of Shares |
INR In Million |
|
At the beginning of
the year |
2,07,37,98 |
104.080 |
|
Add : Increase in the no. of shares on subdivision of each share of INR 10 each into 2 equity share of INR 5 each during the year |
-- |
-- |
|
Outstanding at the
end of the year |
2,07,37,984 |
104.080 |
c) Details of Shareholders
holding more than 5% equity shares in the company
|
Equity Shares of INR 10/- Each |
As at 31st March 2017 |
|
|
|
No. of Equity Shares |
% Holding |
|
Saldhar Investment and Trading Company Private Limited ( Holding Company wef 23rd November 2016 |
10598300 |
51.11 |
|
Trivikram
Investment & Trading Company Limited |
-- |
-- |
|
Dhumraketu
Investment & Trading Company Private Limited |
23888 |
0.12 |
|
Atul Champaklal Choksey |
71398 |
0.34 |
|
Note: Dhumraketu
Investment and Trading Co Private Limited is merged with Saldhar Investment and Trading Company Private
Limited w.e.f 6th September
2016. Saldhar Investment and Trading Company Private Limited is in process of transferring 23,888
Equity Shares of Dhumraketu Investment and Trading Co Private Limited in its name. |
||
d) Rights,
Preferences and Restrictions attached to Equity Shares:
The Company
has one class of share having a par value of INR 5 per share. Each Shareholder is eligible for one vote per share held.
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, the equity shareholders are eligible to receive the remaining
assets of the company after distribution of all preferencial amounts, in
proportion to their shareholding.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
|
(Post-Merger) |
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
104.080 |
104.080 |
104.080 |
|
(b) Reserves & Surplus |
2359.789 |
1958.988 |
1768.088 |
|
(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) |
2463.869 |
2063.068 |
1872.168 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
18.085 |
34.260 |
0.000 |
|
(c) Other long term
liabilities |
80.435 |
31.406 |
26.006 |
|
(d) long-term provisions |
21.964 |
26.136 |
19.882 |
|
Total
Non-current Liabilities (3) |
120.484 |
91.802 |
45.888 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
173.677 |
222.440 |
170.509 |
|
(b) Trade payables |
480.890 |
221.841 |
341.349 |
|
(c) Other current liabilities |
248.220 |
220.436 |
306.293 |
|
(d) Short-term provisions |
3.524 |
2.671 |
144.375 |
|
Total
Current Liabilities (4) |
906.311 |
667.388 |
962.526 |
|
|
|
|
|
|
TOTAL |
3490.664 |
2822.258 |
2880.582 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
781.646 |
871.284 |
895.421 |
|
(ii) Intangible Assets |
3.650 |
6.585 |
3.106 |
|
(iii) Capital work-in-progress |
91.242 |
59.571 |
48.855 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
500.206 |
236.383 |
178.067 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
67.296 |
|
(d) Long-term Loan and Advances |
0.000 |
86.206 |
106.199 |
|
(e) Other Non-current assets |
209.078 |
21.094 |
60.520 |
|
Total
Non-Current Assets |
1585.822 |
1281.123 |
1359.464 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
493.041 |
445.024 |
433.385 |
|
(c) Trade receivables |
982.435 |
781.848 |
838.408 |
|
(d) Cash and cash equivalents |
327.436 |
61.863 |
98.108 |
|
(e) Short-term loans and
advances |
0.000 |
191.252 |
74.058 |
|
(f) Other current assets |
101.930 |
61.148 |
77.159 |
|
Total
Current Assets |
1904.842 |
1541.135 |
1521.118 |
|
|
|
|
|
|
TOTAL |
3490.664 |
2822.258 |
2880.582 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
|
|
(Post-Merger) |
|
|
|
|
SALES |
|
|
|
|
|
Income |
5382.480 |
3886.686 |
2670.027 |
|
|
Other Operating Revenue |
0.000 |
14.755 |
13.485 |
|
|
Other Income |
71.341 |
82.507 |
73.525 |
|
|
TOTAL
|
5453.821 |
3983.948 |
2757.037 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
3594.150 |
2626.493 |
1777.680 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
11.668 |
65.712 |
(22.415) |
|
|
Employees benefits expense |
338.342 |
293.452 |
152.163 |
|
|
Excise Duty |
120.686 |
0.000 |
0.000 |
|
|
Exceptional Items |
14.340 |
0.000 |
0.000 |
|
|
Other expenses |
679.758 |
626.487 |
401.688 |
|
|
TOTAL |
4758.944 |
3612.144 |
2309.116 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
694.877 |
371.804 |
447.921 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
15.698 |
28.631 |
24.201 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
679.179 |
343.173 |
423.720 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
121.424 |
121.002 |
89.444 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
557.755 |
222.171 |
334.276 |
|
|
|
|
|
|
|
Less |
TAX |
171.391 |
31.272 |
87.565 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
386.364 |
190.899 |
246.711 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
447.474 |
393.083 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
NA |
40.000 |
80.000 |
|
|
Proposed Dividend |
NA |
0.000 |
93.322 |
|
|
Dividend Distribution Tax |
NA |
0.000 |
18.998 |
|
|
Total
(M) |
NA |
40.000 |
192.320 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
NA |
598.373 |
447.474 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
399.726 |
340.091 |
|
|
TOTAL
EARNINGS |
NA |
399.726 |
340.091 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
887.132 |
340.592 |
|
|
Components and Stores parts |
NA |
8.342 |
0.164 |
|
|
TOTAL
IMPORTS |
NA |
895.474 |
340.756 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
5.82 |
9.21 |
11.90 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Maturities of Long term debt |
NA |
0.000 |
83.656 |
|
Cash generated from operations |
NA |
295.821 |
(573.916) |
|
Net cash flow from operating activity |
NA |
226.611 |
(644.210) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
66.62 |
73.42 |
114.61 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.48 |
4.97 |
3.18 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
48.84 |
30.83 |
70.09 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.41 |
0.84 |
1.03 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.79 |
0.40 |
0.47 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.26 |
0.24 |
0.33 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.07 |
0.11 |
0.09 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.37 |
0.32 |
0.51 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.36 |
0.45 |
0.51 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
44.27 |
12.99 |
18.51 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
7.18 |
4.91 |
9.24 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
11.07 |
6.76 |
8.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
15.68 |
9.25 |
13.18 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Ratio (Current Assets / Current Liabilities) |
2.10 |
2.31 |
1.58 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.56 |
1.64 |
1.13 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.71 |
0.73 |
0.65 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
1.67 |
2.14 |
1.64 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
2.10 |
2.31 |
1.58 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 5.00/- |
|
Market Value |
INR 529.30/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
104.080 |
104.080 |
104.080 |
|
Reserves & Surplus |
1768.088 |
1958.988 |
2359.789 |
|
Net
worth |
1872.168 |
2063.068 |
2463.869 |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
170.509 |
222.440 |
173.677 |
|
Total
borrowings |
170.509 |
222.440 |
173.677 |
|
Debt/Equity
ratio |
0.091 |
0.108 |
0.070 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
2670.027 |
3886.686 |
5382.480 |
|
|
|
45.567 |
38.485 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
2670.027 |
3886.686 |
5382.480 |
|
Profit |
246.711 |
190.899 |
386.364 |
|
|
9.24% |
4.91% |
7.18% |
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 |
Litigations that the firm/promoter
involved in |
-- |
|
32 |
Market information |
-- |
|
33 |
Payments terms |
No |
|
34 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
NOTE ON BUSINESS ACTIVITY (As on 31.03.2017)
Subject is one
of the leading producers of Synthetic Lattices (VP Latex, Acrylic Latex,
Nitrile Latex) and Synthetic
Rubber (HSR,
POLYBLEND, NBR, PNBR, SBR) in India. The Company has one of the broadest ranges
of products based on STYRENE – BUTADIENE CHEMISTRY available in the
market today. Company’s product range is used, among other
applications, for TYRE CORD DIPPING, PAPER/PAPER BOARD COATING, CONCRETE
MODIFICATION/WATER PROOFING, PAINT EMULSIONS, TEXTILE FINISHING etc. The
various grades of Synthetic Rubber find application in products such as
Footwear, Automotive components, V-belts, Conveyor belts and hoses.
MANAGEMENT DISCUSSION AND ANALYSIS (As on 31.03.2017)
CURRENT SCENARIO
The Company is one of the leading producers of emulsion polymer products namely, Synthetic Latexes (Vinyl Pyridine Latex, Carboxylated Styrene Butadiene Latex, Styrene Acrylic Latex, Nitrile Latex, etc.) and Synthetic Rubber (High Styrene Rubber, Nitrile Butadiene Rubber, NBR Powder, and Nitrile Polyblends) in India. The Company has one of the broadest ranges of products in the industrial segments and caters to a wide range of industries. The Company’s Synthetic Latex products are used, among other applications, for tyre cord dipping, paper and paperboard coating, carpet backing, concrete modification/water proofing, non-wovens, textile finishing, paints, etc. Various grades of Synthetic Rubber find application in products such as footwear, automotive components, rice rolls, moulded items, v-belts, conveyor belts, hoses, etc.
The Company’s major raw materials are petrochemical products and its business could be vulnerable to high volatility in the prices of crude oil and its downstream products.
Over the years, a number of steps have been taken by the management to improve the operational efficiency of the Company in different functions like marketing, human resource development, production process, utilities etc.
The Company’s plant at Taloja is recipient of Total Productive Maintenance (TPM) Excellence in Consistent TPM Commitment Award - Category A by the Japan Institute of Plant Maintenance (JIPM). TPM has helped the company significantly in improving efficiencies in the plant and in operations and rationalizing costs. The Taloja plant has successfully completed re-certification of the integrated ISO 9001, ISO 14001 and OHSAS 18001. It has also successfully completed recertification by Indian Chemical Council (ICC) to use the “Responsible Care” logo.
The above initiatives are also being implemented at the recently acquired plant at Valia, Ankleshwar, Gujarat.
OPERATIONS DURING THE
FINANCIAL YEAR 2016-17. (As on 31.03.2017)
After amalgamation of wholly owned subsidiary viz. Apcotex Solutions India Private Limited, which was made effective from 1st December 2016, the Company achieved Gross Value Sales of INR 4316.343 Million during the financial year, compared to INR 2977.238 Million in the preceding year on standalone basis. The company exported its products worth INR 401.400 Million during the financial year. The sales of Synthetic Latex products were lower during the financial year due to strike of unionized workmen at Taloja plant for almost 2 months and intermittent stoppages of production at one of their major customer’s plant.
There was a continuous thrust from the management to develop a strong research and development and technical service team to develop new products for export markets, explore new applications and understand better the changing customer needs.
Profits before
tax were lower by 33% to INR 222.171 Million as compared to INR 334.275 Million during the previous year due to strike at Taloja Plant and
intermittent stoppages of production at one of their major customer’s plant.
Due to the recently acquired company, there were some one time post-acquisition
and merger expenses which also put some pressure on the bottom line. The
Company was also successful in turning around a loss-making asset in a very
short period of time. In spite of the challenging year, EBITDA decreased by
only 17% from INR 447.920 Million in the previous year to INR 371.804 Million during the financial year 2016-17.
Profit after
tax stood at INR 190.900 Million as compared to INR 246.710 Million in the previous year.
The Balance Sheet of the Company is also quite healthy with zero debt, reasonable working capital cycle and cash/liquid Investments valued at about INR 350.000 Million based on NAV as on 31st March, 2017. The Directors consider Company’s performance as satisfactory.
NEW LOGO
The Company is proud to inform that the management has adopted a new logo for the Company as a part of the ongoing evolution of business.
Over the last few years, the company has grown and changed dramatically and during FY 2015-16 the Company acquired Omnova Solutions India Private Limited, which immensely helped to expand the product basket. It was a perfect time to evaluate their company’s brand and logo to ensure it is in sync with who they are and where they are heading. After careful consideration, the Company chose a new logo the shape of which not onlyrepresents the letter “A” but also the upwardly mobile nature of the Company. At the same time, the curved stroke and colours used in gradient depict flexibility and adaptability which is essential for success. The colours green and blue symbolizes the importance of the eco-system and environment for their Company. They have also retained the same font and red colour of “apcotex” in the logo to ensure that they remember their roots and values.
MERGER
The Scheme of Amalgamation of wholly owned subsidiary viz. Apcotex Solutions India Private Limited with the Company was approved by the Honorable High Court, judicature at Bombay on 27th October 2016 and was made effective from 1st December 2016 with appointed date as 31st March 2016, by filing the High Court order with Ministry of Corporate Affairs (MCA).
The Board of Directors of the Company on 31st March 2017 has approved the Scheme of Amalgamation of Saldhar Investment and Trading Company Private Limited, the holding company of Apcotex Industries Limited (holding 51.10% paid-up share capital) with the Company from 31st March 2017. The Company is in process of making an application to Stock exchanges for their consent, before filing petition before National Company Law Tribunal (NCLT), Mumbai Bench
OUTLOOK (As on 31.03.2017)
In light of the acquisition of Omnova Solutions India Private Limited in Financial Year (FY) 2015-16 and subsequent merger in 2016-17, the Company expects FY 2017-18 to be an exciting year in spite of a few challenges. The Company will explore introducing new products and focusing on exports as short term future growth drivers for the Company. In the medium to long term the Company is exploring adding new capacities for current products, new adjacent businesses as well as opportunities for inorganic growth.
With the Company’s continuous endeavour to enhance efficiencies at all levels and functions, the Directors view the prospects for the financial year 2017-18 with cautious optimism.
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G51257251 |
100117868 |
Citi Bank N.A. |
06/04/2017 |
- |
- |
300000000.0 |
First International Financial Centre,9th FloorPlot No. C-54 & 55, BKC, Bandra (E)MumbaiMH400051IN |
|
2 |
G36272516 |
90147088 |
State Bank of India |
25/09/1996 |
19/01/2017 |
- |
635400000.0 |
Commercial branch at N. G. N. Vaidya Marg,Horniman Circle, FortMumbaiMH400001IN |
|
3 |
G54899489 |
10355785 |
Standard Chartered Bank |
24/04/2012 |
24/08/2016 |
28/09/2017 |
100000000.0 |
Crescenzo, 3A/F, Plot no.C-38 & C-39G Block Bandra Kurla Complex, Bandra EastMumbaiMH400051IN |
|
4 |
G41817032 |
100016381 |
Standard Chartered Bank |
16/03/2016 |
- |
19/04/2017 |
500000000.0 |
NARAIN MANZIL,23, BARAKHAMBA ROAD,NEW DELHIDL110001IN |
|
5 |
G37326618 |
10474614 |
Standard Chartered Bank |
23/12/2013 |
- |
27/02/2017 |
310000000.0 |
Narain Manzil23, Barakhamba RoadDelhiDL110001IN |
|
6 |
C03951324 |
10346396 |
Standard Chartered Bank |
28/03/2012 |
- |
06/05/2014 |
243600000.0 |
NARAIN MANZIL23, BARAKHAMBA ROADDELHIDL110001IN |
|
7 |
B27772201 |
10240388 |
IDBI Bank Limited |
16/08/2010 |
- |
16/12/2011 |
46000000.0 |
IDBI TOWERWTC COMPLEXCUFFE PARADEMUMBAIMH400005IN |
CONTINGENT
LIABILITIES: (As on 31.03.2017)
(INR in million)
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
|
Income tax liability on account of disputed liability |
NA |
92.197 |
|
Excise duty, Service Tax and Customs |
NA |
26.305 |
|
Show Cause notices / Demands under MVAT disputed by the apcotex |
NA |
-- |
|
Professional Tax |
NA |
0.229 |
|
Open Letters
of Credit |
NA |
6.475 |
|
Bank
Guarantees |
NA |
56.586 |
|
Note: Income Tax
liability of INR 65.610 Million (Previous Year INR 65.610 Million) is in
respect of certain disallowances/ Transfer Pricing adjustments by Income Tax Authorities,
and INR 23.037 Million (Previous Year INR 23.037 Million) is in respect of
certain disallowances for R & D by Income Tax Authorities, both disputed
by the Management. Customs
authorities have raised vide notice dated 22-07-2005 a demand and penalty of
INR 14.209 Million each for a dispute regarding high sea sales. The Company
has paid the demand of INR 142.09 Million in the year 2011-12 and has claimed
the same as deduction in the year financial year 2011-12. Balance penalty
amount of INR 14.209 Million has been disclosed as contingent. |
||
FIXED ASSETS
Tangible Assets:
- Freehold Land
- Leasehold Land
- Buildings
- Plant and Equipment
- Scientific Research Equipments
- Furnitures and office equipments
- Vehicles
- Electric and Pipe Fittings
- Wind Turbine Generator
Intangible Assets:
- Goodwill
- Computer Softwares
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 67.62 |
|
|
1 |
INR 89.70 |
|
Euro |
1 |
INR 78.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVT |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
SUJ |
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.