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MIRA INFORM REPORT
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Report No. : |
516916 |
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Report Date : |
25.06.2018 |
IDENTIFICATION DETAILS
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Name : |
TIME TECHNOPLAST LIMITED [w.e.f. 01.05.2006] |
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Formerly Known
As : |
TIME PACKAGING LIMITED [w.e.f.1992] TIME PACKAGING PRIVATE LIMITED |
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Registered
Office : |
101, 1st Floor, Centre Point, Somnath Daman Road, Somnath,
Dabhel, Nani Daman-396210, Daman and Diu (U.T.) |
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Tel. No.: |
91-22-71119999/ 42119999/ 28039999 |
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Country : |
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Financials (as
on) : |
31.03.2018 |
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Date of
Incorporation : |
20.12.1989 |
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Capital
Investment / Paid-up Capital : |
INR 226.147 Million |
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CIN No.: [Company Identification
No.] |
L27203DD1989PLC003240 |
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IEC No.: [Import-Export Code No.] |
0390025941 |
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TIN No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACT2783J |
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GSTN : [Goods & Service Tax Registration
No.] |
05AAACT2783J1Z8 |
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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
: |
Subject is a multinational conglomerate involved in the
manufacturing of technology and innovation driven polymer and Composite
products. [Registered Activity and also Confirmed by management] |
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No. of Employees
: |
2138 (Approximately) |
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a part of “Time Group”. The company was incorporated in the year 1989. It is a manufacturer of Technology and Innovation Driven Polymer composite products. As per the financial records of 2018, the revenue of the company has increased by 13.25% along with average profit margin of 6.27% The healthy financial profile of the company marked by strong networth base along with negligible debt level. The rating continue to reflect the Time Group’s healthy business risk profile of Time and its subsidiaries and joint venture this is because all the entities collectively referred to as the time group. The company has its share price trading at around INR 127.60 against the Face Value (FV) of INR 01 on BSE as on 25th June, 2018. However, these rating strengths are partially offset by large investments for expanding geographical footprint in international and domestic markets in the past and exposure to intense competition in some of its product segments. Further, as per current press release The Economic Offences Wing (EOW) has filed an FIR against Mumbai-based Time Technoplast Limited on the basis of a complaint filed by London-based Aburi Composites. Aburi Composites is in the business of procurement and distribution of 'composite cylinders' which are supplied to various parts of the world. Aburi has alleged that Time Technoplast provided them 'substandard quality' cylinders worth INR 140.000 million. Business is active. Payment seems to be slow. 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 (31.12.2017) |
Current Rating (01.04.2018) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long Term=A+ |
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Rating Explanation |
Adequate degree of safety and low credit risk. |
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Date |
04.04.2018 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term=A1 |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
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Date |
04.04.2018 |
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
31-03-2018.
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 25.06.2018
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Murari |
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Designation : |
Finance Department |
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Contact No.: |
91-22-71119205 |
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Date : |
24.06.2018 |
LOCATIONS
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Registered Office : |
101, 1st Floor. Centre Point, Somnath Daman Road, Somnath, Dabhel,
Nani Daman-396210, Daman and Diu (U.T.), India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Industrial |
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Corporate / Regional/ Head Office : |
55, Corporate Avenue, 2nd Floor, Saki Vihar Road, Andheri (East), Mumbai - 400072, Maharashtra, India |
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Tel No.: |
91-22-71119999/ 71119000/ 42119999/ 28039999/ 28039700 |
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Fax No.: |
91-22-28575672 |
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Branch Office : |
Tex Center, C Wing, 2nd Floor, Off HDFC Compound, Chandivali, Andheri, Mumbai-400072, Maharashtra, India |
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Head Office : |
102, Todi Complex, 35, Saki Vihar Road, Andheri (East), Mumbai-400092, Maharashtra, India |
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Tel No.: |
91-22-28570302/ 0586 |
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Fax No.: |
91-22-28575672 |
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Regional Office 1 : |
Bangalore 128, Second Floor, R V Road, V V Puram, Bangalore – 560004, Karnataka, India |
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Tel No.: |
91-80-2660/ 8056 / 26608061/26677646 |
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Fax No.: |
91-80-41506743 |
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Email: |
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Regional Office 2 : |
Vadodara F-1, 7-A, Utkanth Society B-H, Alkapuri Club, R.C. Dutt Road Alkapuri, Vadodara – 390005, Gujarat, India |
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Tel No.: |
91-265-2320668 |
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Fax No.: |
91-265-2358742 |
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Email: |
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Regional Office 3 : |
Chandigarh SCO. 118, 119, 120, 4th Floor, Sector - 34 a, Chandigarh - 160 022, India |
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Tel No.: |
91-172-2646542 / 5076836 |
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Fax No.: |
91-172-2665518 |
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Email: |
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Regional Office 4 : |
Chennai New No: 12, (Old No: 167), Flat No: 204, 2nd Floor, Eldams Square, Eldams Road, Alwarpet, Chennai - 600 018, Tamilnadu, India |
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Tel No.: |
91-44-45010019, 45010029 |
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Fax No.: |
91-44-45010039 |
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Email: |
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Regional Office 5 : |
Hyderabad 508, 5th Floor, Meridian Plaza, 6-3-853 / 1, Green Lands Road Ameerpet Hyderabad - 500016, Telangana, India |
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Tel No.: |
91-40-23410003 |
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Fax No.: |
91-40-23410003 |
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Email: |
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Regional Office 6 : |
Indore 26/6 Nihalpura. Jawahar Marg, Near Ajay Medicals, Indore – 452001, Madhya Pradesh, India |
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Regional Office 7 : |
Kolkatta 14/B, Royd Street, 'Navras', 1st Floor, Park Street P.S., Kolkata - 700 016, West Bengal, India |
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Tel No.: |
91-33-6455 7566 / 6444 4795 |
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Fax No.: |
91-33-2226 4591 |
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Email: |
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Regional Office 8 : |
Sahibabad R.O. (Delhi) 606-607, Alpha Tower-1, Sector-9, Vasundhara, Ghaziabad - 201012, Uttar Pradesh, India (Land Mark - Kishan Chowk) |
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Tel No.: |
91-120-6699799 / 6699700 |
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Email: |
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Factory: |
Survey No. 325/1, 326/1/1, Dhodharpada Velugam - 396230, Silvassa, Dadra and Nagar Haveli, India |
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Manufacturing
Units: |
Located at:
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DIRECTORS
AS ON 31.03.2018
|
Name : |
Mr. Anil Jain |
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Designation : |
Managing Director |
|
Address : |
311-312, Magnum Towers, Lokhandwala Complex, 2nd X Lane, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Date of Appointment : |
17.10.1991 |
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DIN No.: |
00183364 |
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Name : |
Mr. Bharat Kumar Ratanlal Vageria |
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Designation : |
Whole Time Director |
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Address : |
101-102, Nandalaya Khandelwal Complex, Evershine Nagar, Malad (West), Mumbai – 400064, Maharashtra, India |
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Date of Appointment : |
21.03.1990 |
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DIN No.: |
00183629 |
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PAN No.: |
AAAPV6786A |
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Name : |
Mr. Naveen Mahendrakumar Jain |
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Designation : |
Whole Time Director |
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Address : |
RNA Royal Park, 1107C, M G Road Hindustan Naka, Kandivali (West), Mumbai – 400067, Maharashtra, India |
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Date of Appointment : |
20.12.1989 |
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DIN No.: |
00183948 |
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Name : |
Mr. Raghupathy Thyagarajan |
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Designation : |
Whole Time Director |
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Address : |
A-9/36, Sundar Nagar, Kalina, Santacruz (East), Mumbai - 400098, Maharashtra, India |
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Date of Appointment : |
21.03.1990 |
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DIN No.: |
00183305 |
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Name : |
Mr. Venkatasubramanian |
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Designation : |
Director |
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Address : |
D4/D5, Ashok Swetha 173, Avvai Shanmugam Road, Royapettah, Chennai -600014, Tamilnadu, India |
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Date of Appointment : |
14.12.2000 |
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DIN No.: |
00007392 |
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Name : |
Mr. Mahinderkumar Dayanand Wadhwa |
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Designation : |
Director |
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Address : |
204 A, Landsand, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Date of Appointment : |
01.06.1995 |
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DIN No.: |
00064148 |
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Name : |
Mr. Sanjaya Shrikrishna Kulkarni |
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Designation : |
Director |
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Address : |
A/12,Technocrat Society,Twin Tower Lane, Prabhadevi, Mumbai – 400025, Maharashtra, India |
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Date of Appointment : |
25.03.2003 |
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DIN No.: |
00102575 |
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Name : |
Mr. Triveni Gulab Makhijani |
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Designation : |
Director |
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Address : |
Dheeraj Gaurav Heights II Corporate, A Wing, Flat No. 405, Off New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Date of Appointment : |
13.02.2016 |
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DIN No.: |
07284192 |
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Name : |
Mr. Praveen Kumar Agarwal |
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Designation : |
Director |
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Address : |
C-109 Takshshila Apartments, Plot No- 57, I P Extension, Krishna Nagar, Trilokpuri, Delhi – 110092, India |
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Date of Appointment : |
13.02.2016 |
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DIN No.: |
07294581 |
KEY EXECUTIVES
|
Name : |
Mr. Bharat Kumar Ratanlal Vageria |
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Designation : |
Chief Executive Officer |
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Address : |
101-102, Nandalaya Khandelwal Complex, Evershine Nagar, Malad (West), Mumbai – 400064, Maharashtra, India |
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Date of Appointment : |
29.05.2014 |
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PAN No.: |
AAAPV6786A |
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Name : |
Mr. Niklank Kumar Jain |
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Designation : |
Company Secretary |
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Address : |
Flat No 22, B-4, Highway View Corporate Housing Society, Near Shantaram Talao, Malad (East), Mumbai – 400097, Maharashtra, India |
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Date of Appointment : |
14.02.2013 |
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PAN No.: |
ADAPJ0336P |
KEY EXECUTIVES
|
Name : |
Mr. Abhishek Jaiswal |
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Designation : |
Manager |
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|
Name : |
Mr. Murari |
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Designation : |
Finance Department |
SHAREHOLDING PATTERN
AS ON 31.03.2018
|
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 &
Promoter Group |
118547311 |
52.42 |
|
|
(B) Public |
107599439 |
47.58 |
|
|
Grand
Total |
226146750 |
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 |
17857440 |
7.90 |
|
|
Bharat Vageria |
4563750 |
2.02 |
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|
Naveen Mahendra Kumar
Jain |
4563750 |
2.02 |
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|
Raghupathy Thyagarajan |
4563750 |
2.02 |
|
|
Anil Jain |
4066250 |
1.80 |
|
|
Vishal Anil Jain |
99940 |
0.04 |
|
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Any Other (specify) |
100689871 |
44.52 |
|
|
Time Securities Services
Private Limited |
42177098 |
18.65 |
|
|
Vishwalaxmi Trading and Finance
Private Limited |
36102667 |
15.96 |
|
|
Time Exports Private
Limited |
22410106 |
9.91 |
|
|
Sub Total A1 |
118547311 |
52.42 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
118547311 |
52.42 |
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 |
|
|
Mutual Funds/ |
20374441 |
9.01 |
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Hdfc Trustee Company Limited
- HDFC Prudence Fund |
20331441 |
8.99 |
|
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Alternate Investment
Funds |
60481 |
0.03 |
|
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Foreign Portfolio
Investors |
43755408 |
19.35 |
|
|
Ntasain Discovery Master
Fund |
11840483 |
5.24 |
|
|
Kapitalforeningen
Investin Pro, Dalton Aktier Asien Ex Japan |
4641847 |
2.05 |
|
|
Abu Dhabi Investment
Authority - Lglinv |
4237100 |
1.87 |
|
|
Grandeur Peak
International Opportunities Fund |
2884734 |
1.28 |
|
|
Grandeur Peak Emerging
Markets Opportunities Fund |
2390721 |
1.06 |
|
|
Morgan Stanley Asia
(Singapore) Pte. |
2365701 |
1.05 |
|
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Financial Institutions/
Banks |
26642 |
0.01 |
|
|
Sub Total B1 |
64216972 |
28.40 |
|
|
B2) Central Government/
State Government(s)/ President of India |
0 |
0.00 |
|
|
Central Government/ State
Government(s)/ President of India |
1862 |
0.00 |
|
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Sub Total B2 |
1862 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital
upto INR 0.200 Million |
13901850 |
6.15 |
|
|
Individual share capital
in excess of INR 0.200 Million |
8569193 |
3.79 |
|
|
Ashish Kacholia |
2369086 |
1.05 |
|
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Any Other (specify) |
20909562 |
9.25 |
|
|
Trusts |
33150 |
0.01 |
|
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Foreign Nationals |
4075 |
0.00 |
|
|
HUF |
717201 |
0.32 |
|
|
Ntasian Discovery India
Fund |
16029000 |
7.09 |
|
|
Non-Resident Indian (NRI) |
285975 |
0.13 |
|
|
Non-Resident Indian (NRI) |
820258 |
0.36 |
|
|
Office Bearers |
48999 |
0.02 |
|
|
Clearing Members |
287960 |
0.13 |
|
|
Bodies Corporate |
2682944 |
1.19 |
|
|
Overseas Corporate Bodies |
16029000 |
7.09 |
|
|
Sub Total B3 |
43380605 |
19.18 |
|
|
B=B1+B2+B3 |
107599439 |
47.58 |
BUSINESS DETAILS
|
Line of Business : |
Subject is a multinational conglomerate involved in the
manufacturing of technology and innovation driven polymer and Composite
products. [Registered Activity and also Confirmed by management] |
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Products / Services
: |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
European Countries |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Advance Payment, L/C and Cheque, Others (NEFT/ RTGS) |
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Purchasing : |
Advance Payment, L/C and Cheque, Others (NEFT/ RTGS) |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
OEMs and Manufacturers
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No. of Employees : |
2138 (Approximately) |
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Bankers : |
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Facilities : |
Note: LONG TERM BORROWINGS The
Term Loans from Financial Institutions / Banks are secured by first charge
ranking pari passu on related immovable assets and hypothecation of related
movables (Save and Except Current Assets) of the company. SHORT TERM BORROWINGS: * Working capital facilities from Banks
are secured by hypothecation of stocks and book debts (both present and
future) of the Company. |
|
Auditors : |
|
|
Name : |
Raman
S. Shah and Associates Chartered
Accountants |
|
Address : |
102, Inder Darshan, A Wing, Borivali (West), Mumbai-400092,
Maharashtra, India |
|
Tel. No.: |
91-22-28337792/ 28338854 |
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E-Mail : |
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Memberships : |
Not Available |
|
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Collaborators : |
Not Available |
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Subsidiaries : (As on 31.03.2017) |
|
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Joint Venture: (As on 31.03.2017) |
|
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Other Related
Parties: (As on 31.03.2017) |
|
CAPITAL STRUCTURE
AS ON 31.03.2018
Authorised Capital: Not Available
Issued, Subscribed & Paid-up Capital:
INR 226.147 Million
AS ON 31.03.2017
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000000 |
Equity Shares |
INR 1/- each |
INR 300.000 Million |
|
2500000 |
Redeemable Preference Shares |
INR 10/- each |
INR 25.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 325.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
226146750 |
Equity Shares |
INR 1/- each |
INR 226.147 Million |
|
|
|
|
|
Note:
(I) 19905000 Shares were
allotted as fully paid-up pursuant to the Scheme of Amalgamation of erstwhile
Shalimar
Packaging P Limited and
Oxford Mouldings P Limited with the company without payment received in cash.
(II) 78525000 Shares were
allotted as fully paid-up by way of Bonus shares by capitalisation of Share
Premium Account and General Reserves.
(III) 852750 Shares were
allotted as fully paid-up under ESOP scheme.
(IV) The Equity Shares of
INR 10/- each of the Company have been sub divided into Equity Shares of INR 1
each with effect from 6th November 2008.
(V) 16029000 Shares were
allotted as fully paid-up under preferential issue to Non Promoter
Rights
of Equity Shareholders
The Company has only one
class of Equity Shares having par value of INR 1.each, holder of equity shares
is entitled to one vote per share. In the event of liquidation of the Company,
the holder of equity shares will be entitled to receive any of the remaining
assets of the Company.
Reconciliation of
the number of shares
[INR in Million]
|
Equity Shares |
Number
of Shares |
Amount
|
|
Shares outstanding at the beginning of the year |
210117750 |
210.118 |
|
Shares issued during the year |
16029000 |
16.029 |
|
Shares bought back during the year |
0.000 |
0.000 |
|
Shares
outstanding at the end of the year |
226146750 |
226.147 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Time Securities Services Private Limited |
42177098 |
18.65% |
|
Vishwalaxmi Trading and Finance Private Limited |
36102667 |
15.96% |
|
Time Exports Private Limited |
22410106 |
9.91% |
|
HDFC Trustee Company Limited - HDFC Equity and Prudence Fund |
18187996 |
8.04% |
|
Ntasian Discovery India fund |
16029000 |
7.09% |
|
American Funds Insurance Series Global Small Capitalization Fund |
11888000 |
5.26% |
|
Ntasian Discovery Master fund |
11555483 |
5.11% |
|
Morgan Stanley Asia (Singapore) Pte. |
8195448 |
3.62% |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
226.147 |
226.147 |
210.118 |
|
(b) Reserves &
Surplus |
12290.496 |
11334.352 |
9033.379 |
|
(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) |
12516.643 |
11560.499 |
9243.497 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2464.066 |
2263.256 |
1659.833 |
|
(b) Deferred tax
liabilities (Net) |
523.682 |
437.281 |
372.318 |
|
(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) |
2987.748 |
2700.537 |
2032.151 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3102.091 |
2783.538 |
2861.255 |
|
(b) Trade payables |
2552.337 |
1934.361 |
1878.735 |
|
(c) Other current
liabilities |
1224.749 |
1101.623 |
1231.546 |
|
(d) Short-term provisions |
27.552 |
119.040 |
109.090 |
|
Total Current Liabilities
(4) |
6906.729 |
5938.562 |
6080.626 |
|
|
|
|
|
|
TOTAL |
22411.120 |
20199.598 |
17356.274 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
8713.571 |
7533.975 |
6535.936 |
|
(ii) Intangible Assets |
4.540 |
4.389 |
6.807 |
|
(iii) Capital
work-in-progress |
570.715 |
595.837 |
483.294 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1598.107 |
1509.907 |
1353.269 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
119.860 |
88.587 |
80.626 |
|
Total Non-Current Assets |
11006.793 |
9732.695 |
8459.932 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3965.835 |
3457.793 |
2858.421 |
|
(c) Trade receivables |
4707.004 |
4184.804 |
3474.592 |
|
(d) Cash and cash
equivalents |
327.517 |
194.632 |
236.907 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
0.000 |
|
(f) Other current assets |
2403.971 |
2629.674 |
2326.422 |
|
Total Current Assets |
11404.327 |
10466.903 |
8896.342 |
|
|
|
|
|
|
TOTAL |
22411.120 |
20199.598 |
17356.274 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
18076.883 |
15961.436 |
13670.336 |
|
|
Other Income |
21.489 |
15.653 |
15.199 |
|
|
TOTAL |
18098.372 |
15977.089 |
13685.535 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
13028.317 |
11553.093 |
9940.814 |
|
|
Manufacturing and
Operating Costs |
0.000 |
756.854 |
635.248 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(138.961) |
(122.118) |
(117.060) |
|
|
Employees benefits
expense |
717.108 |
633.256 |
525.390 |
|
|
Extraordinary Items |
0.000 |
0.000 |
(339.763) |
|
|
Other expenses |
1561.909 |
663.303 |
571.928 |
|
|
TOTAL |
15168.373 |
13484.388 |
11216.557 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
2929.999 |
2492.701 |
2468.978 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
542.220 |
559.518 |
620.692 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
2387.779 |
1933.183 |
1848.286 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
851.955 |
663.748 |
548.476 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1535.824 |
1269.435 |
1299.810 |
|
|
|
|
|
|
|
Less |
TAX |
402.901 |
320.462 |
309.619 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
1132.923 |
948.973 |
990.191 |
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
|
|
|
|
Basic |
5.02 |
4.45 |
3.10 |
|
|
Diluted |
5.02 |
4.45 |
4.71 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Maturities of Long term debt |
NA |
669.180 |
823.919 |
|
Cash generated from operations |
NA |
1036.980 |
1227.798 |
|
Net Cash From Operating Activities |
NA |
719.862 |
1003.660 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
95.04 |
95.70 |
92.77 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.84 |
3.81 |
3.93 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
71.51 |
61.11 |
68.98 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.74 |
0.72 |
0.86 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.32 |
0.31 |
0.35 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.42 |
0.44 |
0.49 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.44 |
0.49 |
0.58 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.55 |
0.51 |
0.66 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.74 |
0.70 |
0.76 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
5.40 |
4.46 |
3.98 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
6.27 |
5.95 |
7.24 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
5.06 |
4.70 |
5.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
9.05 |
8.21 |
10.71 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.65 |
1.76 |
1.46 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.08 |
1.18 |
0.99 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.56 |
0.57 |
0.53 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
24.61 |
25.28 |
25.44 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.65 |
1.76 |
1.46 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 01.00/- |
|
Market Value |
INR 127.60/- |
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 |
210.118 |
226.147 |
226.147 |
|
Reserves & Surplus |
9033.379 |
11334.352 |
12290.496 |
|
Net
worth |
9243.497 |
11560.499 |
12516.643 |
|
|
|
|
|
|
Long-Term Borrowings |
1659.833 |
2263.256 |
2464.066 |
|
Short Term Borrowings |
2861.255 |
2783.538 |
3102.091 |
|
Total
borrowings |
4521.088 |
5046.794 |
5566.157 |
|
Debt/Equity
ratio |
0.489 |
0.437 |
0.445 |
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 |
13670.336 |
15961.436 |
18076.883 |
|
|
|
16.760 |
13.253 |
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
|
13670.336 |
15961.436 |
18076.883 |
|
Profit |
990.191 |
948.973 |
1132.923 |
|
|
7.24% |
5.95% |
6.27% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2018 |
31.03.2017 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
226.147 |
226.147 |
|
(b) Reserves &
Surplus |
|
14605.248 |
13038.686 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Non-controlling
Interest |
|
404.871 |
384.271 |
|
Total Shareholders’ Funds
(1) + (2) |
|
15236.266 |
13649.104 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
3301.655 |
2581.887 |
|
(b) Deferred tax
liabilities (Net) |
|
581.419 |
470.668 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
3883.074 |
3052.555 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
3548.884 |
3728.095 |
|
(b) Trade payables |
|
4370.193 |
3456.837 |
|
(c) Other current
liabilities |
|
1797.685 |
1656.381 |
|
(d) Short-term provisions |
|
83.319 |
170.385 |
|
Total Current Liabilities
(4) |
|
9800.081 |
9011.698 |
|
|
|
|
|
|
TOTAL |
|
28919.421 |
25713.357 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
11991.358 |
10998.757 |
|
(ii) Intangible Assets |
|
5.724 |
5.521 |
|
(iii) Capital work-in-progress |
|
940.647 |
869.240 |
|
(iv)Goodwill on
consolidation |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current
assets |
|
219.856 |
167.948 |
|
Total Non-Current Assets |
|
13157.585 |
12041.466 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
6408.829 |
5473.009 |
|
(c) Trade receivables |
|
6703.083 |
5781.832 |
|
(d) Cash and cash
equivalents |
|
740.093 |
656.161 |
|
(e) Short-term loans and
advances |
|
0.000 |
0.000 |
|
(f) Other current assets |
|
1909.831 |
1760.889 |
|
Total Current Assets |
|
15761.836 |
13671.891 |
|
|
|
|
|
|
TOTAL |
|
28919.421 |
25713.357 |
PROFIT
& LOSS ACCOUNT [CONSOLIDATED]
|
|
PARTICULARS |
|
31.03.2018 |
31.03.2017 |
|
|
SALES |
|
|
|
|
|
Income |
|
31027.422 |
27546.120 |
|
|
Other Income |
|
21.494 |
22.286 |
|
|
TOTAL |
|
31048.916 |
27568.406 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
21869.567 |
19297.697 |
|
|
Manufacturing and
Operating Costs |
|
0.000 |
1318.751 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(341.439) |
(103.652) |
|
|
Employees benefits
expense |
|
1450.906 |
1331.537 |
|
|
Other expenses |
|
3317.670 |
1659.464 |
|
|
TOTAL |
|
26296.704 |
23503.797 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
4752.212 |
4064.609 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
875.383 |
901.093 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
3876.829 |
3163.516 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
1372.480 |
1154.984 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
2504.349 |
2008.532 |
|
|
|
|
|
|
|
Less |
TAX |
|
651.589 |
494.095 |
|
|
|
|
|
|
|
|
Profit(Loss) for the period from continuing operations |
|
1852.760 |
1514.437 |
|
|
|
|
|
|
|
Add |
Minority Interest |
|
49.020 |
43.420 |
|
|
|
|
|
|
|
|
Profit For the Year (After adjustment for
Minority Interest) |
|
1803.740 |
1471.017 |
|
|
Profit/(Loss) from discontinuing operations |
|
0.000 |
0.000 |
|
|
Tax expense of discontinuing operations |
|
0.000 |
0.000 |
|
|
Profit/(Loss) from Discontinuing operations |
|
0.000 |
0.000 |
|
|
Profit/(Loss) for the period |
|
1803.740 |
1471.017 |
|
|
Other Comprehensive Income |
|
|
|
|
|
Item that will not be reclassified to
profit or Loss |
|
|
|
|
|
Remeasurement of post employment benefit
obligation |
|
|
(0.086) |
|
|
Item that may be reclassified to profit
& loss |
|
|
|
|
|
Gain & Losses arising from translating
the financial statements of foreign operation |
|
|
18.142 |
|
|
Other Comprehensive income of the year |
|
(42.626) |
18.056 |
|
|
Total Comprehensive income of the year |
|
1761.114 |
1489.073 |
|
|
|
|
|
|
|
|
Earnings/ (Loss) Per Share
(INR) |
|
|
|
|
|
Basic |
|
7.98 |
6.90 |
|
|
Diluted |
|
7.98 |
6.90 |
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 |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BACKGROUND (As on 31.03.2017)
Subject incorporated in India is a multinational conglomerate involved in the manufacturing of technology and innovation driven polymer and Composite products.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2018 INR
In Million |
31.03.2017 INR
In Million |
|
SHORT TERM
BORROWINGS |
|
|
|
From Bank |
N |
250.000 |
|
Deferral Sales tax Liability |
NA |
0.258 |
|
Total |
NA |
250.258 |
INDEX OF CHARGES:
|
Charges Registered |
|||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G82382409 |
100165268 |
IL&FS FINANCIAL SERVICES LIMITED |
09/02/2018 |
- |
450000000.0 |
II & FS FINANCIAL CENTREPLOT NO C-22 G BLOCKBANDRA KURLA COMPLEX BANDRA EMUMBAIMa400051IN |
|
2 |
G81096885 |
100163922 |
Bank of Bahrain & Kuwait B S C |
08/02/2018 |
- |
260000000.0 |
Unit 3 & 4, Ground Floor, Eros Corporate Tower,Nehru PalaceNew DelhiDL110019IN |
|
3 |
G76093129 |
100152547 |
Bank of Baroda |
24/12/2017 |
- |
768000000.0 |
P.O Box 1671, Sharjah BranchUnited Arab EmiratesSharjahNAZZZZZZZZAE |
|
4 |
G73789380 |
100147258 |
JM FINANCIAL PRODUCTS LIMITED |
22/12/2017 |
- |
750000000.0 |
7th Floor, Cnergy, Appasaheb Marathe MargPrabhadeviMumbaiMa400025IN |
|
5 |
G61663829 |
100109172 |
ADITYA BIRLA FINANCE LIMITED |
29/05/2017 |
11/10/2017 |
400000000.0 |
Indian Rayon Compound,VeravalGu362266IN |
|
6 |
G54723440 |
100099121 |
Export-Import Bank of India |
22/05/2017 |
25/09/2017 |
650000000.0 |
Centre One Building, Floor 21,World Trade Centre Complex, Cuffe ParadeMumbaiMH400005IN |
|
7 |
G31181373 |
100067907 |
The Saraswat Co-Operative Bank Limited |
30/11/2016 |
- |
500000000.0 |
20/A ,Lajpatnagar 4,Ring Road,New DelhiDL110024IN |
|
8 |
G42634758 |
100059216 |
HERO FINCORP LIMITED |
29/09/2016 |
27/03/2017 |
500000000.0 |
34, COMMUNITY CENTRE, BASANT LOKVASANT VIHARNEW DELHIDe110057IN |
|
9 |
G54593413 |
100060959 |
Bank of Baroda |
28/09/2016 |
16/09/2017 |
5025000000.0 |
Apple Heritage, Ground Floor, 54-CSir Mathurdas Vasanji Road, Chakala, Andheri (E)MumbaiMH400083IN |
|
10 |
G09215328 |
100043909 |
Bank of Baroda |
21/07/2016 |
- |
991700000.0 |
Apple Heritage, Ground Floor, 54-CSir Mathurdas Vasanji Road, Chakala Andheri (E)MumbaiMH400083IN |
CONTINGENT
LIABILITIES:
(INR in Million)
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
|
|
|
|
|
Disputed demands in respect of income –tax |
NA |
13.671 |
|
Disputed demand in respect of Excise /service tax/ Custom duty/ Sales tax |
NA |
1.129 |
|
Corporate Guarantees Given to Banks against Credit facilities extended to Subsidiaries and Joint venture companies |
NA |
2008.785 |
|
Guarantees Issued By Banks on behalf of the company |
NA |
147.495 |
FIXED ASSETS:
· Land
· Factory Buildings
· Office Premises
· Plant and Machinery
· Furniture and Fixtures
· Office Equipment’s
· Vehicles
· Computers
· Software
WEBSITE DETAILS
NEWS/ PRESS RELESES
UK FIRM ACCUSES
MUMBAI-BASED TIME TECHNOPLAST OF CHEATING, CASE IN ECONOMIC OFFENCES WING
09.05.2018
The Economic Offences Wing (EOW) has filed an FIR against Mumbai-based Time Technoplast Limited on the basis of a complaint filed by London-based Aburi Composites. Aburi Composites is in the business of procurement and distribution of 'composite cylinders' which are supplied to various parts of the world. Aburi has alleged that Time Technoplast provided them 'substandard quality' cylinders worth INR 140.000 Million.
An official from Andheri-based Time Technoplast, when contacted, told this reporter to call back on Wednesday.
The FIR, a copy of which is with DNA, has been filed under section 420 (cheating and dishonesty) 34 (common intent) of the Indian Penal Code against Time Technoplast and the directors, Anil Jain and Navin Jain at Khar police station.
According to Aburi Composites, the company had entered into a contract with Time Technoplast in January 2016 for the supply of composite cylinders which have no metal component, thereby making them substantially safer for domestic and commercial consumers.
"Although the Indian company had no requisite technology to make these cylinders, the accused company misled Aburi stating that it had the technology to supply cylinders which complied with the safety standards. Aburi has also filed a case against TUV Rhineland India representative making it as one of the parties along with the listed company," Aburi Composites alleged in their official statement.
Aburi placed an order for 245,376 cylinders with Time Technoplast on March 3, 2016 and had made a payment of INR 140.200 Million to Time Technoplast.
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 67.76 |
|
|
1 |
INR 89.95 |
|
Euro |
1 |
INR 78.85 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
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 |
YES |
|
--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.