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MIRA INFORM REPORT
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Report No. : |
495519 |
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Report Date : |
03.03.2018 |
IDENTIFICATION DETAILS
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Name : |
PAGE INDUSTRIES LIMITED (w.e.f. 06.09.2006) |
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Formerly Known
As : |
PAGE INDUSTRIES PRIVATE LIMITED (w.e.f. 23.08.2006) PAGE APPRAEL MANUFACTURING PRIVATE LIMITED |
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Registered
Office : |
Cessna Business Park, Umiya Business Bay-Tower-1, 7th Floor, Umiya Business Bay, Kadubeesanahalli, Varthur Hobli, Outer Ring Road, Bangalore – 560103, Karnataka |
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Tel. No.: |
91-80-49454545 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
15.11.1994 |
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Com. Reg. No.: |
08-016554 |
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Capital
Investment / Paid-up Capital : |
INR 111.540 Million |
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CIN No.: [Company Identification
No.] |
L18101KA1994PLC016554 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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TIN No.: |
29970116121 |
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GSTN : [Goods & Service Tax
Registration No.] |
29AABCP2630D1ZS |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCP2630D |
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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
: |
Manufacture of all types of textile garments and clothing accessories. [Registered Activity] |
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No. of Employees
: |
21103 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A++ |
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1994. It is a manufacturer and distributor of Innerwear and Leisurewear for men’s and women under the brand name of “Jockey”. For the financial year 2017, the revenue of the company has increased by 18.69% along with fair profit margin of 12.49%. The robust financial profile of the company is marked by healthy networth base along with negligible debt level. The company has favourable Earning Per Share (EPS) of INR 238.74 against a face value (FV) of INR 10. The rating takes into consideration the subject’s long track record of business operations along with extensive experience of its promoters. The company has its share prices trading at around INR 21874.95 against the Face Value (FV) of 10 on BSE as on 3rd March, 2018. As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 6210.320 million and has reported profit margin of 13.42%. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long Term = AA |
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Rating Explanation |
High degree of safety and very low credit
risk. |
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Date |
28.02.2018 |
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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 |
28.02.2018 |
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
31-03-2016.
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 03.03.2018.
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.:91-80-49454545)
LOCATIONS
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Registered Office/ Corporate Office : |
Cessna Business Park, Umiya Business Bay-Tower-1, 7th Floor, Umiya Business Bay, Kadubeesanahalli, Varthur Hobli, Outer Ring Road, Bangalore – 560103, Karnataka, India |
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Tel. No.: |
91-80-49454545 |
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Fax No.: |
91-80-49465700 |
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E-Mail : |
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Website : |
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Head Office : |
Cessna Business Park, 3rd Floor, Umiya Business Bay-Tower-1, Kadubeesanahalli, Varthur Hobli, Outer Ring Road, Bangalore – 560103, Karnataka, India |
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Tel No.; |
91-80-49464646 |
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Factories : |
· Abbaiah Reddy Industrial Area, Jockey Campus, 6/2 and 6/4, Hongasandra, Begur Hobli, Bangalore – 560068, Karnataka, India · Plot No.13A, Bommasandra Industrial Area, S.No.270 of Bommasandra Village, AttibeleHobli, Anekal , Bangalore- 560099, Karnataka, India · No.543/6, S.No.62/1, Katha No.442, Devarachikkanahalli Road, Bommanahalli, Bangalore-560 068, Karnataka, India · Survey No.103/2&3, Khata No.190, Kodichikanahalli Main Road, Hongasandra, Bangalore-560068, Karnataka, India · No. 39, Chikkathogur, Begur Hobli, Bangalore-560100, Karnataka, India · No.63/3, Bommanahalli, Begur Hobli,Bangalore-560068, Karnataka, India · No. 180/1, Old Manganapalya Road, Bommanagalli, Hosur Road, Bangalore-560068, Karnataka, India · Plot No.251-2A, Bommsandra Industrial Area, Bangalore-560099, Karnataka, India · Plot No.121 and 122-P, Growth Centre Industrial Area, Bommanayakanahalli, Hobli Kasaba, Hassan, Karnataka, India · Site 25B, III State Subrub industrial area, Khill E Mohalla Fort, Mysore – 570008, Karnataka, India · IP-20 and IP-21,Gowribidanur Industrial Area, Kasaba Hobli, Gowribidanur, Chikkaballapura Dist-561 208, Karnataka, India ·
Survey No. 123, Khata No. 126/215, Koppa
Village, Kasaba Hobli, Hindiskere Gate Tiptur, Karnataka,
India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Pradeep Jaipuria |
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Designation : |
Chairman |
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Address : |
165A, 9th Main, Rajamahalvilas Extension, Bangalore – 560080, Karnataka, India |
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Date of Appointment : |
14.08.2014 |
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DIN No.: |
00121685 |
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Name : |
Mr. Sunder Genomal |
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Designation : |
Managing Director |
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Address : |
Page Apparels Manufacturing Private Limited, 53, Begur Road, Bommanahalli Bangalore – 560068, Karnataka, India |
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Date of Appointment : |
01.04.2009 |
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DIN No.: |
00109720 |
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Name : |
Mr. Vedji Ticku |
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Designation : |
Director |
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Address : |
203, Prosper Lakeshore, 41st Main, 4th Cross, BTM Layout 2nd Stage, Bangalore-560068, Karnataka, India |
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Date of Appointment : |
25.05.2017 |
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DIN No.: |
07822283 |
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Name : |
Mr. Shamir Genomal |
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Designation : |
Director |
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Address : |
Flat # 206, Summer Block Four Seasons Apartments, 16 Brunton Road, Bangalore – 560025, Karnataka, India |
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Date of Appointment : |
01.06.2014 |
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DIN No.: |
00871383 |
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Name : |
Mr. Venkatasubramaniyam Ganesh |
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Designation : |
Director |
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Address : |
C-1012 Sobha Eternia, Harlur Village Road, Off Sarjapur Road, Bangalore- 560102, Karnataka, India |
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Date of Appointment : |
25.05.2017 |
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DIN No.: |
07822261 |
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Name : |
Mr. Prabhakar Chandrashekharaiah Bhoopalam |
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Designation : |
Director |
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Address : |
No.2276, 22nd Cross, Off K R Road, Banashankari II, Stage, Bangalore – 560070, Karnataka, India |
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Date of Appointment : |
13.09.2012 |
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DIN No.: |
00040052 |
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Name : |
Mr. Vikram Gamanlal Shah |
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Designation : |
Director |
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Address : |
275, Jashvanti Villa, III A Cross Road, Domlur, II Stage Extension, Bangalore – 560071, Karnataka, India |
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Date of Appointment : |
28.05.2015 |
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DIN No.: |
00119565 |
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Name : |
Mr. Gururaj Purushottam Albal |
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Designation : |
Director |
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Address : |
Flat No. 19, Durwankur No. 3, S. No. 36/1/IC/1, Pashan, Pune – 411008, Maharashtra, India |
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Date of Appointment : |
30.10.2006 |
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DIN No.: |
00185820 |
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Name : |
Mr. Nari Genomal |
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Designation : |
Director |
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Address : |
C/O Page Apparel Manufacturing Private Limited, Jockey Campus, 53, Begur Road, Bommanaha, Bangalore – 560068, Karnataka, India |
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Date of Appointment : |
10.11.2004 |
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DIN No.: |
00568562 |
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Name : |
Mr. Timothy Ralph Wheeler |
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Designation : |
Director |
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Address : |
5150, Beech Bluff, Dr. Morganton, North Carolina 0028655 US |
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Date of Appointment : |
29.09.2006 |
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DIN No.: |
00863237 |
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Name : |
Mr. Ramesh Genomal |
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Designation : |
Director |
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Address : |
C/O Page Apparel Manufacturing Private Limited, Jockey Campus, 53, Begur Road, Bommanaha, Bangalore – 560068, Karnataka, India |
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Date of Appointment : |
15.11.1994 |
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DIN No.: |
00931277 |
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Name : |
Mrs. Rukmani Menon |
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Designation : |
Director |
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Address : |
Flat No.005, Building No.8, Shanthi Park Apartment, 9th Block, Jaynagar Bangalore – 560069, Karnataka, India |
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Date of Appointment : |
01.10.2014 |
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DIN No.: |
02370521 |
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Name : |
Mr. Sandeep Kumar Maini |
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Designation : |
Director |
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Address : |
G-101, Lyndhurst, No.3, Walton Road Museum Road, Cobbon Park, Bangalore- 560001, Karnataka, India |
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Date of Appointment : |
28.05.2015 |
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DIN No.: |
01568787 |
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Name : |
Mr. Pulapre Venugopal Menon |
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Designation : |
Alternate Director |
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Address : |
14, Model Enclave Apartments, 1A, Main Road, Vignana Nagar, Bangalore – 560095, Karnataka, India |
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Date of Appointment : |
15.12.2006 |
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DIN No.: |
00229907 |
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Name : |
Mr. Sivadas Vellur |
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Designation : |
Alternate Director |
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Address : |
321, Sai Poorna Heights,28/3, Haralukunte Village Somasundarapalaya, HSR Extention, Bangalore-560034, Karnataka, India |
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Date of Appointment : |
15.12.2006 |
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DIN No.: |
01241967 |
KEY EXECUTIVES
|
Name : |
Mr. Murugesh C |
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Designation : |
Company Secretary |
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Address : |
Abbaiah Reddy Industrial Area, Jockey Campus 6/2 and 6/4, Hongasandra, Begur Hobli, Bangalore – 560068, Karnataka, India |
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Date of Appointment : |
12.02.2016 |
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PAN No.: |
AUHPM0221E |
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Name : |
Vedji Ticku |
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Designation : |
Chief Executive Officer |
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Address : |
203, Prosper Lakeshore, 41 Main 4 Cross, BTM Layout, II Stage, Bangalore – 560068, Karnataka, India |
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Date of Appointment : |
12.02.2016 |
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PAN No.: |
ABPPT6863N |
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Name : |
Mr. Suresh |
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Designation : |
General Manager |
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Management Team : |
· Mr. Vedji Ticku, Chief Operating Officer · Mr. V S Ganesh, Senior Vice President - Manufacturing and Operations · Mrs. Shelagh Margaret Commons, Head – Product Development · Mr. Minor Ganesan, Vice President - Human Resources |
SHAREHOLDING PATTERN
AS ON DECEMBER 2017
|
Category of
shareholder |
Total nos.
shares held |
Shareholding as
a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter & Promoter Group |
5466289 |
49.01 |
|
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(B) Public |
5687585 |
50.99 |
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Grand Total |
11153874 |
100.00 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER
GROUP
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
A2) Foreign |
0.00 |
||
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Individuals (NonResident Individuals/ Foreign Individuals) |
5466289 |
49.01 |
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|
Nari Genomal |
1822336 |
16.34 |
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Ramesh Genomal |
1821753 |
16.33 |
|
|
Sunder Genomal |
1821480 |
16.33 |
|
|
Sanjeev Naraindas Genomal |
200 |
0.00 |
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|
Shahendar Ramesh Genomal |
200 |
0.00 |
|
|
Shamir Genomal |
200 |
0.00 |
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|
Madhuri Genomal |
120 |
0.00 |
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Sub Total A2 |
5466289 |
49.01 |
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A=A1+A2 |
5466289 |
49.01 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR,
1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
571643 |
5.13 |
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Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Long Term Equity Fund |
266069 |
2.39 |
|
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Alternate Investment Funds |
6660 |
0.06 |
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Foreign Portfolio Investors |
4100594 |
36.76 |
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Nalanda India Fund Limited |
1110735 |
9.96 |
|
|
Cartica Capital Limited |
862721 |
7.73 |
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|
Steadview Capital Mauritius Limited |
409120 |
3.67 |
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ABG Capital |
166373 |
1.49 |
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Smallcap World Fund, Inc |
162500 |
1.46 |
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LTR Focus Fund |
144782 |
1.30 |
|
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Financial Institutions/ Banks |
4324 |
0.04 |
|
|
Sub Total B1 |
4683221 |
41.99 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
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Central Government/ State Government(s)/ President of India |
15 |
0.00 |
|
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Sub Total B2 |
15 |
0.00 |
|
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B3) Non-Institutions |
0.00 |
||
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Individual share capital upto INR 0.200 million |
711293 |
6.38 |
|
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Any Other (specify) |
293056 |
2.63 |
|
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Trusts |
883 |
0.01 |
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|
HUF |
30580 |
0.27 |
|
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NRI – Non- Repat |
28484 |
0.26 |
|
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NRI – Repat |
36054 |
0.32 |
|
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Clearing Members |
10277 |
0.09 |
|
|
Bodies Corporate |
186778 |
1.67 |
|
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Sub Total B3 |
1004349 |
9.00 |
|
|
B=B1+B2+B3 |
5687585 |
50.99 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of all types of textile garments and clothing accessories. [Registered Activity] |
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Products / Services
: |
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Brand Names : |
“JOCKEY” |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
21103 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
S.R. Batliboi and Associates LLP Chartered Accountants |
|
Address : |
12th and 13th Floor, UB City, Canberra Block, Bangalore-560001, Karnataka, India |
|
Tel. No.: |
91-80-67275000 |
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Fax No.: |
91-80-22106000 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises in
which key managerial personnel (KMP) or their relatives have significant
influence : |
Page Garment Exports Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
INR 10/- each |
INR 120.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11153874 |
Equity Shares |
INR 10/- each |
INR 111.540 Million |
|
|
|
|
|
Reconciliation of the Shares outstanding and amounts at the beginning and at the end of the reporting period
|
Particulars |
31st March 2017 |
|
Equity Shares |
Number |
|
Outstanding at the beginning of the year |
11153874 |
|
Shares Issued during the year |
-- |
|
Shares bought back during the year |
-- |
|
Outstanding at the
end of the year |
11153874 |
Terms / rights
attached to equity shares
The Company has only one class of equity shares having a par value of INR 10 per share. Each shareholder is entitled to one vote per share. The final 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 residual assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
The Company does not have any holding company or subsidiary company.
Details
of Shareholders holding more than 5% Shares in the Company
|
Name of
Shareholder |
31st March 2017 |
|
|
|
No. of Shares held |
% of Holding |
|
Nari Genomal |
1822336 |
16.34% |
|
Ramesh Genomal |
1821753 |
16.33% |
|
Sunder Genomal |
1821480 |
16.33% |
|
Nalanda India Fund Limited |
1110735 |
9.96% |
|
Cartica Capital Limited |
862721 |
7.73% |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
111.540 |
111.540 |
111.539 |
|
(b) Reserves &
Surplus |
6546.270 |
5187.160 |
3756.077 |
|
(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) |
6657.810 |
5298.700 |
3867.616 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
397.840 |
242.990 |
345.373 |
|
(b) Deferred tax
liabilities (Net) |
111.560 |
79.060 |
114.209 |
|
(c) Other long term
liabilities |
115.680 |
77.080 |
556.125 |
|
(d) long-term provisions |
0.000 |
0.000 |
229.612 |
|
Total Non-current
Liabilities (3) |
625.080 |
399.130 |
1245.319 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
274.820 |
491.340 |
998.622 |
|
(b) Trade payables |
1112.270 |
941.190 |
820.495 |
|
(c) Other current
liabilities |
2673.940 |
2230.140 |
1028.408 |
|
(d) Short-term provisions |
169.030 |
100.070 |
274.304 |
|
Total Current Liabilities
(4) |
4230.060 |
3762.740 |
3121.829 |
|
|
|
|
|
|
TOTAL |
11512.950 |
9460.570 |
8234.764 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2333.910 |
2131.270 |
2153.631 |
|
(ii) Intangible Assets |
27.000 |
35.500 |
18.998 |
|
(iii) Capital
work-in-progress |
241.280 |
3.620 |
1.080 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
454.133 |
|
(e) Other Non-current
assets |
606.990 |
453.720 |
0.000 |
|
Total Non-Current Assets |
3209.180 |
2624.110 |
2627.842 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
521.090 |
0.000 |
0.000 |
|
(b) Inventories |
6228.630 |
5408.080 |
4434.506 |
|
(c) Trade receivables |
1099.130 |
24.920 |
878.433 |
|
(d) Cash and cash
equivalents |
205.770 |
86.460 |
44.179 |
|
(e) Short-term loans and
advances |
28.960 |
1024.360 |
155.023 |
|
(f) Other current assets |
220.190 |
292.640 |
94.781 |
|
Total Current Assets |
8303.770 |
6836.460 |
5606.922 |
|
|
|
|
|
|
TOTAL |
11512.950 |
9460.570 |
8234.764 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
21320.610 |
17962.430 |
15434.396 |
|
|
Other Income |
243.390 |
98.160 |
81.916 |
|
|
TOTAL |
21564.000 |
18060.590 |
15516.312 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
7354.230 |
6657.990 |
6570.660 |
|
|
Purchases of
Stock-in-Trade |
2232.880 |
974.720 |
131.533 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(964.190) |
(776.430) |
(711.789) |
|
|
Employees benefits
expense |
3756.220 |
3126.920 |
2585.428 |
|
|
Excise duty on sale of
goods |
19.270 |
6.440 |
0.000 |
|
|
Other expenses |
4789.990 |
4220.950 |
3664.329 |
|
|
TOTAL |
17188.400 |
14210.590 |
12240.161 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4375.600 |
3850.000 |
3276.151 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
180.190 |
177.950 |
166.623 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
4195.410 |
3672.050 |
3109.528 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
247.180 |
241.200 |
176.429 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
3948.230 |
3430.850 |
2933.099 |
|
|
|
|
|
|
|
Less |
TAX |
1285.410 |
1115.660 |
972.855 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
2662.820 |
2315.190 |
1960.244 |
|
|
|
|
|
|
|
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
4035.250 |
2819.750 |
1822.966 |
|
|
|
|
|
|
|
|
Re-measurement
gains/(losses) on defined benefit plans |
(14.950) |
(12.300) |
(24.352) |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
Final dividend |
267.690 |
223.080 |
223.078 |
|
|
Dividend distribution tax
(DDT) on final dividend |
54.500 |
45.410 |
0.000 |
|
|
Interim dividend |
803.080 |
680.390 |
580.001 |
|
|
DDT on interim dividend |
163.490 |
138.510 |
155.216 |
|
|
Transfer to general
reserve |
0.000 |
0.000 |
196.400 |
|
|
Total (M) |
1288.760 |
1087.390 |
1154.695 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
5394.360 |
4035.250 |
2604.163 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
158.000 |
90.462 |
101.740 |
|
|
TOTAL EARNINGS |
158.000 |
90.462 |
101.740 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Stock- in-trade |
NA |
67.657 |
42.691 |
|
|
Capital goods |
NA |
98.526 |
153.558 |
|
|
Raw materials |
NA |
691.797 |
400.646 |
|
|
Others |
NA |
134.635 |
27.221 |
|
|
TOTAL IMPORTS |
NA |
992.615 |
624.116 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
238.74 |
207.57 |
175.75 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
204.150 |
214.620 |
228.804 |
|
Cash generated from operations |
4133.020 |
3238.010 |
2636.419 |
|
Net cash from operating activities |
2735.850 |
2191.650 |
1669.924 |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2017 1st
Quarter |
30.09.2017 2nd
Quarter |
31.12.2017 3rd
Quarter |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Net Sales |
6968.940 |
6257.060 |
6210.320 |
|
Total Expenditure |
5603.840 |
4972.690 |
4921.570 |
|
PBIDT (Excluding Other Income) |
1365.100 |
1284.370 |
1288.750 |
|
Other Income |
40.160 |
48.920 |
53.130 |
|
Operating Profit |
1405.260 |
1333.290 |
1341.880 |
|
Interest |
44.510 |
36.270 |
41.240 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
1360.740 |
1297.030 |
1300.640 |
|
Depreciation |
66.530 |
67.930 |
69.890 |
|
Profit Before Tax |
1294.210 |
1229.100 |
1230.750 |
|
Tax |
441.230 |
388.540 |
396.770 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
852.980 |
840.560 |
833.990 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
852.980 |
840.560 |
833.990 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors
/ Income * 365) |
18.82 |
0.51 |
20.77 |
|
|
|
|
|
|
Account Receivables Turnover (Income /
Sunday Debtors) |
19.40 |
720.80 |
17.57 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
42.35 |
45.01 |
44.68 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.70 |
0.71 |
0.74 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.68 |
1.77 |
1.51 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.42 |
0.45 |
0.45 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.13 |
0.18 |
0.41 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.64 |
0.71 |
0.81 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.39 |
0.41 |
0.56 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
24.28 |
21.64 |
19.66 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
% |
12.49 |
12.89 |
12.70 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
23.13 |
24.47 |
23.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
40.00 |
43.69 |
50.68 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.96 |
1.82 |
1.80 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.49 |
0.38 |
0.38 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.58 |
0.56 |
0.47 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
7.86 |
8.51 |
14.10 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.96 |
1.82 |
1.80 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 21874.95/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
111.539 |
111.540 |
111.540 |
|
Reserves & Surplus |
3756.077 |
5187.160 |
6546.270 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
3867.616 |
5298.700 |
6657.810 |
|
|
|
|
|
|
long-term borrowings |
345.373 |
242.990 |
397.840 |
|
Short term borrowings |
998.622 |
491.340 |
274.820 |
|
Current Maturities of
Long term debt |
228.804 |
214.620 |
204.150 |
|
Total borrowings |
1572.799 |
948.950 |
876.810 |
|
Debt/Equity ratio |
0.407 |
0.179 |
0.132 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
15434.396 |
17962.430 |
21320.610 |
|
|
|
16.379 |
18.696 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
15434.396 |
17962.430 |
21320.610 |
|
Profit |
1960.244 |
2315.190 |
2662.820 |
|
|
12.70% |
12.89% |
12.49% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The Company was incorporated in the year 1995 with the key objective of bringing the innerwear brand “JOCKEY” to India. The core values of the brand include youthfulness, fun, quality, value, confidence and innovation. The Company has introduced a wide range of quality products for men, women and children as well as innovative marketing concepts such as display modules aimed at enhancing the consumer’s involvement with the purchase.
The Company commenced operations in the year 1995 in Bangalore with the manufacturing, distribution and marketing of Jockey products. The Company has added to its profile by entering into license with “SPEEDO”, globally known International brand for swim wear. The Company is a public company domiciled in India and is incorporated under the provisions of the Companies Act applicable in India. The registered office of the Company is located at Cessna Business Park, Kadubeesanahalli, Varthur Hobli, Bangalore. Its shares are listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
The financial statements are approved for issue by the Company’s Board of Directors on 25 May 2017.
FINANCIAL HIGHLIGHTS
AND PERFORMANCE
During the financial year ended 31st March, 2017 the revenue from operations of the Company increased from INR 17962.000 million to INR 21321.000 million registering a growth of 18.70%. The profit before tax for the year has increased to INR 3948.000 million from INR 3431.000 million of last year, which is an increase of 15.07%. The net profit stood at INR 2663.000 million as against INR 2315.000 million of the previous year representing a growth of 15.03%.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMIC OVERVIEW
Global growth was projected to slowdown to 3.1 percent in 2016 before recovering to 3.4 percent in 2017. The forecast, revised down by 0.1 percentage point for 2016 and 2017 relative to April, reflects a more subdued outlook for advanced economies following the June U.K. vote in favor of leaving the European Union (Brexit) and weaker-than-expected growth in the United States. These developments have put further downward pressure on global interest rates, as monetary policy is now expected to remain accommodative for longer. Although the market reaction to the Brexit shock was reassuringly orderly, the ultimate impact remains very unclear, as the fate of institutional and trade arrangements between the United Kingdom and the European Union is uncertain.
Financial market sentiment toward emerging market economies has improved with expectations of lower interest rates in advanced economies, reduced concern about China’s near-term prospects following policy support to growth, and some firming of commodity prices. But prospects differ sharply across countries and regions, with emerging Asia in general and India in particular showing robust growth and sub-Saharan Africa experiencing a sharp slowdown. In advanced economies, a subdued outlook subject to sizable uncertainty and downside risks may fuel further political discontent, with antiintegration policy platforms gaining more traction. Several emerging markets and developing economies still face daunting policy challenges in adjusting to weaker commodity prices. These worrisome prospects make the need for a broad-based policy response to raise growth and manage vulnerabilities more urgent than ever.
The macro-economic stability of the Indian economy improved in the first half of the current year, weathering global headwinds. Economic growth remained robust, current account balance improved despite continuing sluggishness in global demand, fiscal trends remained attuned to the consolidation plans and inflation remained broadly within the corridor. Economic growth was supported by good monsoon rains and better crop production, and, the expansion in Government expenditure due to payouts on account of the Seventh Pay Commission.
Various new initiatives were undertaken in this year as part of the economic reforms of the Government which include: the passage of Goods and Service Tax bill, the merger of railway budget with the general budget to allow for holistic planning and budgeting of transport infrastructure, advancing of the budget cycle by close-to-a-month, passage of the Insolvency and Bankruptcy Code 2016, formalization of theMonetary Policy Committee and instituting inflation targeting, changes in FDI policy regime with putting a large number of sectors on automatic route for FDI.
As per the First Advanced Estimates released by the Central Statistics Office, the economy is estimated to grow at 7.1 per cent in 2016-17, as compared to the growth of 7.6 per cent achieved in 2015-16.
Inflation remained under control for the third successive financial year. The average Consumer Price Index (CPI) inflation declined from 5.9 per cent in 2014-15 to 4.9 per cent in 2015-16. In the current financial year till December, CPI inflation averaged 4.8 per cent and eased to 3.4 per cent in December 2016 backed by sharp fall in food prices.
The prospects for Indian economy for the year 2017- 18 need to be assessed in the light of emerging global and domestic developments. Indications are that global economic growth is gradually picking up. This augers well for Indian exports which are highly responsive to the dynamics of global economic activity. On the other hand, the increasing global prices of oil and other key commodities may exercise an upward pressure on the value of imports.
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G61458147 |
100132996 |
ICICI BANK LIMITED |
17/10/2017 |
- |
300000000.0 |
ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara-390007, Gujarat, India |
|
2 |
G39700208 |
100086898 |
The Hongkong and Shanghai Banking Corporation Limited |
16/03/2017 |
- |
1045100000.0 |
No. 7 M G Road, Bangalore-560001, Karnataka, India |
|
3 |
G32517872 |
100070148 |
HDFC BANK LIMITED |
25/11/2016 |
- |
110000000.0 |
HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India |
|
4 |
G46749800 |
100060034 |
The Hongkong and Shanghai Banking Corporation Limited |
07/11/2016 |
19/06/2017 |
445100000.0 |
No. 7 M G Road, Bangalore-560001, Karnataka, India |
|
5 |
C11415767 |
10509173 |
HDFC BANK LIMITED |
05/06/2014 |
- |
360000000.0 |
HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India |
|
6 |
C36440063 |
10495818 |
The Hongkong and Shanghai Banking Corporation Limited |
26/05/2014 |
01/12/2014 |
700000000.0 |
No. 7 M G Road, Bangalore-560001, Karnataka, India |
|
7 |
G41189762 |
10378072 |
HDFC BANK LIMITED |
07/09/2012 |
16/03/2017 |
850000000.0 |
HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India |
|
8 |
B42077040 |
10361726 |
CITI BANK N.A. |
12/06/2012 |
- |
250000000.0 |
506-507, Level 5, Prestige Meridian 2, No.30, M G Road, Bangalore-560001, Karnataka, India |
|
9 |
B89445779 |
10333775 |
CITIBANK N. A. |
23/01/2012 |
22/10/2013 |
250000000.0 |
2nd Floor, No.5, M. G. Road, Bangalore-560001, Karnataka, India |
|
10 |
A86491826 |
10220657 |
HDFC BANK LIMITED |
05/04/2010 |
- |
50000000.0 |
HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India |
|
CONTINGENT
LIABILITIES: (INR in million)
* The Hon’ble High Court of Karnataka, based on a preliminary hearing of writ petition filed by the Karnataka Employers’ Association, of which, the Company is a Member, on 2 February 2016, has stayed the retrospective applicability of The Payment of Bonus (Amendment) Act, 2015 from 1 April 2014. The Hon’ble High Court has further ordered that the amended provision shall be implemented effective from FY 2015-16 pending disposal of the writ petition. Consequent to the above, the Company has not recorded the differential liability of bonus payable for the year ended 31 March 15 aggregating to INR 118.18 million in its books. The Company has assessed that it is only possible, but not probable, that outflow of economic resources will be required. Future cash outflows in respect of the above matters are determinable only on receipt of judgments/ decisions pending at various forums/authorities. |
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER, 2017
(INR In Million)
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
6210.320 |
6257.063 |
19436.321 |
|
Other Income |
53.130 |
48.917 |
142.199 |
|
Total
Income from Operations |
6263.450 |
6305.980 |
19578.52 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
1747.851 |
1891.365 |
5619.942 |
|
Purchase of Stock in Trade |
741.905 |
782.888 |
1547.458 |
|
Changes in inventories of finished goods and
work-in-progress |
270.289 |
(22.991) |
651.795 |
|
Excise duty |
0.000 |
0.000 |
6.594 |
|
Employee benefits expense |
1002.466 |
1067.331 |
3079.586 |
|
Depreciation and Amortization expenses |
69.892 |
67.927 |
204.351 |
|
Finance costs |
41.244 |
36.271 |
122.026 |
|
Other Expenditure |
1159.049 |
1254.093 |
3813.605 |
|
Total
Expenses |
5032.696 |
5076.884 |
15824.457 |
|
Profit / (Loss) before Tax |
1230.754 |
1229.096 |
3754.063 |
|
Tax Expense |
396.767 |
388.543 |
1226.540 |
|
Profit
/ (Loss) after Tax |
833.987 |
840.553 |
2527.523 |
|
Other
comprehensive income not to be reclassified to profit or loss in subsequent
periods: |
|
|
|
|
Re-measurement gains/ (losses) on defined benefit plans |
(6.000) |
(6.000) |
(17.716) |
|
Income tax effect |
2.076 |
2.076 |
6.130 |
|
Other
comprehensive income (net of tax) |
(3.924) |
(3.924) |
(11.586) |
|
Total
comprehensive income (net of tax) |
830.063 |
836.629 |
2515.937 |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
111.539 |
111.539 |
111.539 |
|
Earnings
per Share (EPS) - INR |
74.77 |
75.36 |
226.60 |
NOTES:
1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on February 8, 2018. The statutory auditors have carried out limited review of the same.
2. The financial results have been prepared in accordance with the recognition
and measurement principles laid down in the applicable Indian Accounting
Standards ("Ind AS') prescribed under Section 133 of the Companies Act,
2013, read with relevant rules thereunder and in terms of Regulation 33 of
theSEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and
SEBI Circular No. Cl R/CFD/FAC/62/2016 dated July 5, 2016.
3. The Company is primarily engaged in the business of manufacturing,
distribution and marketing of garments. These, in the context of Ind - AS 108
on Operating Segments Reporting are considered to constitute one segment and
hence, the Company has not made any additional segment disclosures.
4. The Hon'ble High Court of Karnataka, based on a preliminary hearing of writ
petition filed by the Karnataka Employers'Association, of which, the Company is
a Member, on February 02, 2016, has stayed the retrospective applicability of
The Payment of Bonus (Amendment) Act, 2015 from April 01, 2014. The Hon'ble
High Court has further ordered that the amended provision shall be implemented
effective from 2015-16 pending disposal of the writ petition. Consequent to the
above, the Company has not recorded the differential liability of bonus payable
for the year 2014-15 aggregating INR 118.200 million in its books.
5. For the current financial year 2017-18, the Board of Directors at their
meetings held on May 25, 2017 and November 9, 2017 have declared 1st and 2nd
interim dividend of INR 26 and INR 35 per share on an equity share
respectively. Further, the Board has at their meeting held on February 8, 2018,
declared 3rd interim dividend of INR 35 per share on an equity share.
6. The previous period figures have been rearranged/regrouped, wherever
necessary to confirm to current period classifications.
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Furniture and Fittings
- Computer
- Office equipment
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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 65.23 |
|
UK Pound |
1 |
INR 89.71 |
|
Euro |
1 |
INR 79.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
BHG |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.