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|
MIRA INFORM REPORT
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Report No. : |
494903 |
|
Report Date : |
06.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
IFGL REFRACTORIES LIMITED (w.e.f.25.10.2017) |
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Formerly Known
As : |
IFGL EXPORTS LIMITED |
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Registered
Office : |
Sector 'B', Kalunga
Industrial Estate, Kalunga Rourkela, District : Sundergarh-770031, Odisha |
|
Tel. No.: |
91-661-2660195 |
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|
|
|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
07.09.2007 |
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Com. Reg. No.: |
15-027954 |
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Capital
Investment / Paid-up Capital : |
INR 360.393 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51909OR2007PLC027954 |
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IEC No.: [Import-Export Code No.] |
Not Available |
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|
GSTIN : [Goods & Service Tax Registration No.] |
Not Divulged |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account No.] |
Not Available |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing, Trading
and Selling of Refractory items used in Steel plants. [Registered
Activity] |
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No. of Employees
: |
645 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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Maximum Credit Limit : |
USD 13540000 |
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Status : |
Excellent |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2007. The company is engaged in manufacturing, trading and selling of refractory items which are used in steel plants. As per the financial records of 2017, the company has achieved a massive growth in its revenue as compared to the previous year and has reported an average net profit margin of 4.65%. The rating takes into consideration the robust financial position marked by sound net worth base along with strong debt coverage indicator due to low debt balance sheet profile and acceptable liquidity position. The company has its share price trading at around INR 286.65 on BSE as on February 27, 2018 as against the Face Value (FV) of INR 10. Business is active. Payment seems to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. NOTE: Hon'ble National Company Law Tribunal, Kolkata Bench (Tribunal) by passing an Order on 3rd August 2017 under Sections 230 and 232 of the Companies Act, 2013 has sanctioned a Scheme for Amalgamation (Scheme) for merger of IFGL Refractories Limited (IFGL) with the IFGL Exports Limited on and from 1st April 2016 being the appointed date. Scheme has become effective from 5th August 2017 following filing of Order of Hon'ble Tribunal with the Ministry of Corporate Affairs (Registrar of Companies) by the Company and IFGL on that date. The Scheme has accordingly been given effect to in these Financial Statements. Subsequently on and from 25th October, 2017 IFGL Exports Limited has changed its name to IFGL Refractories Limited. |
NOTES : Any query related to this
report can be made on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 06.03.2018
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.
LOCATIONS
|
Registered Office/ Factory 1: |
Sector 'B', Kalunga
Industrial Estate, Kalunga Rourkela, District : Sundergarh-770031, Odisha,
India |
|
Tel. No.: |
91-661-2660195/
583/ 584 |
|
Fax No.: |
91-661-2660173 |
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E-Mail : |
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|
Website : |
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|
Head/ Corporate Office : |
McLeod
House, 3, Netaji Subhas Road, Kolkata-700001, West Bengal, India |
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Tel. No.: |
91-33-40106100/
22430886 |
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Fax No.: |
91-33-22430886 |
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|
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Factory 2 : |
Plot Nos. 638-644, Kandla Special Economic Zone,
P.O : Gandhidham District : Kutch - 370230, Gujarat, India |
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Tel. No.: |
91-2836-253900 |
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|
|
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Overseas Branch Offices : |
Located at; ·
RAS Al Khaimah FTZ ·
United Arab Emirates ·
Genoa ·
Italy |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Kanwar Satyabrata Sanyal |
|
Designation : |
Director |
|
Address : |
86 Ballygunge Place Apartment No 33, 4th Floor, Kolkata-700019, West Bengal, India |
|
Date of Appointment : |
30.03.2012 |
|
DIN No.: |
00009497 |
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|
Name : |
Mr. Sudhamoy Khasnobis |
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Designation : |
Director |
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Address : |
Flat No.1601/02, Raheja Princess S.K. Bole Road Prabhadevi, Mumbai-400025, Maharashtra, India |
|
Date of Appointment : |
05.08.2017 |
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DIN No.: |
00025497 |
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Name : |
Mr. Shishir Kumar Bajoria |
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Designation : |
Wholetime Director |
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Address : |
14/1a Burdwan Road, Kolkata-700027, West Bengal, India |
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Date of Appointment : |
07.09.2007 |
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DIN No.: |
00084004 |
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Name : |
Mr. Pradeep Bajoria |
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Designation : |
Managing Director |
|
Address : |
4/1 Alipore Park Road, Kolkata-700027, West Bengal, India |
|
Date of Appointment : |
07.09.2007 |
|
DIN No.: |
00084031 |
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|
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|
Name : |
Mr. Duraiswamy Gunaseela Rajan |
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Designation : |
Director |
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Address : |
'Chitra', 110, Chamiers Road, Chennai-600028, Tamilnadu, India |
|
Date of Appointment : |
14.08.2000 |
|
DIN No.: |
00303060 |
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|
Name : |
Debal Kumar Banerji |
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Designation : |
Director |
|
Address : |
11/2, Ballygunge Second Lane, Kolkata-700019, West Bengal, India |
|
Date of Appointment : |
05.08.2017 |
|
DIN No.: |
03529129 |
|
|
|
|
Name : |
Mr. Surendra Munshi |
|
Designation : |
Director |
|
Address : |
Flat No. 1d, Siddhashree 16 Udai Shankar Sarani, Tollygunge, Kolkata-700033, West Bengal, India |
|
Date of Appointment : |
05.08.2017 |
|
DIN No.: |
03558948 |
|
|
|
|
Name : |
Mr. Bharati Ray |
|
Designation : |
Director |
|
Address : |
6b, Sonali Apartments 8/2a, Alipore Park Road, Kolkata-700027, West Bengal, India |
|
Date of Appointment : |
05.08.2017 |
|
DIN No.: |
06965340 |
|
|
|
|
Name : |
Yuzo Kawatsu |
|
Designation : |
Additional Director |
|
Address : |
206-32-7 Betuin Moji-Ku Kitakyushu City, Fukuoka Japan Na JP |
|
Date of Appointment : |
11.05.2017 |
|
DIN No.: |
07818936 |
|
|
|
|
Name : |
Mr. Kamal Sarda |
|
Designation : |
Whole time Director and Chief Financial Officer |
|
Address : |
186, Charu Chandra Place East, Kolkata - 700033 West Bengal, India |
|
Date of Appointment : |
01.04.2012 |
|
DIN No : |
03151258 |
|
Name : |
Kiyotaka Oshikawa |
|
Designation : |
Additional Director |
|
Address : |
Mitsusadadai 1-1-1-714, Yahatanishi-Ku, Kitakyushu-City, Fukuoka Perfecture Kitakyushu - 8070805, Japan |
|
Date of Appointment : |
09.12.2017 |
|
DIN No : |
03515516 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Agarwal |
|
Designation : |
Company Secretary |
|
Address : |
Diamond Enclave, 113, Diamond Harbour Road, Kolkata – 700034, West Bengal, India |
|
Date of Appointment : |
05.08.2017 |
|
PAN No : |
AESPA6882N |
|
|
|
|
Name : |
Mr. Kamal Sarda |
|
Designation : |
Whole time Director and Chief Financial Officer |
|
Address : |
186, Charu Chandra Place East, Kolkata – 700033, West Bengal, India |
|
Date of Appointment : |
05.08.2017 |
|
PAN No : |
AIQPS2790D |
|
|
|
|
Name : |
Mr. Sikander Yadav |
|
Designation : |
Chief Finance Officer |
|
Address : |
171/1, Prince Anwar Shah Road, Saket Enclave, Flat - 36 Kolkata – 700033, West Bengal, India |
|
Date of Appointment : |
10.02.2018 |
|
PAN No : |
AALPY7838H |
MAJOR SHAREHOLDERS
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) Promoter & Promoter Group |
26104774 |
72.43 |
|
|
(B) Public |
9934538 |
27.57 |
|
|
Grand Total |
36039312 |
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 |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
2059995 |
5.72 |
|
|
SHISHIR KUMAR BAJORIA |
1481642 |
4.11 |
|
|
S K BAJORIA & OTHERS (HUF) |
314995 |
0.87 |
|
|
MIHIR BAJORIA |
218745 |
0.61 |
|
|
SMITA BAJORIA |
44613 |
0.12 |
|
|
Any Other (specify) |
18454623 |
51.21 |
|
|
BAJORIA HOLDINGS PVT LTD |
18454353 |
51.21 |
|
|
BAJORIA ENTERPRISES LIMITED |
270 |
0.00 |
|
|
Sub Total A1 |
20514618 |
56.92 |
|
|
A2) Foreign |
0.00 |
||
|
Any Other (specify) |
5590156 |
15.51 |
|
|
KROSAKI HARIMA CORPORATION |
5590156 |
15.51 |
|
|
Sub Total A2 |
5590156 |
15.51 |
|
|
A=A1+A2 |
26104774 |
72.43 |
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/ |
1842700 |
5.11 |
|
|
L & T MUTUAL FUND TRUSTEE LIMITED- L & T EMERGING BUSINESSES FUND |
642949 |
1.78 |
|
|
DSP BLACKROCK MICRO CAP FUND |
541935 |
1.50 |
|
|
Foreign Portfolio Investors |
20092 |
0.06 |
|
|
Financial Institutions/ Banks |
2605 |
0.01 |
|
|
Sub Total B1 |
1865397 |
5.18 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
|
Individual share capital upto INR 0.200 Million |
3962562 |
11.00 |
|
|
Individual share capital in excess of INR 0.200 Million |
980909 |
2.72 |
|
|
NBFCs registered with RBI |
1386 |
0.00 |
|
|
Any Other (specify) |
3124284 |
8.67 |
|
|
Bodies Corporate |
2512840 |
6.97 |
|
|
DHANLAKSHMI VYAPAAR PRIVATE LIMITED |
952142 |
2.64 |
|
|
SANTOSH TOUR & TRAVELS PVT LTD |
702038 |
1.95 |
|
|
Clearing Members |
95885 |
0.27 |
|
|
NRI |
157913 |
0.44 |
|
|
Investor Education and Protection Fund Authority |
357646 |
0.99 |
|
|
Sub Total B3 |
8069141 |
22.39 |
|
|
B=B1+B2+B3 |
9934538 |
27.57 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Trading
and Selling of Refractory items used in Steel plants. [Registered
Activity] |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
645 (Approximately) |
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Bankers : |
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Facilities : |
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Bengal
Intelligent Park Building Alpha, 1st
Floor, Block-EP and GP, Sector-V Salt Lake Electronics Complex, Kolkata-700091,
West Bengal, India |
|
Tel. No.: |
91-33-66121000 |
|
Mobile No.: |
91-33-66121001 |
|
|
|
|
Auditors 2 : |
Grant Thornton UK LLP Chartered Accountants |
|
|
|
|
Auditors 3 : |
Crowe Horwath LLP Chartered Accountants |
|
Internal Auditor : |
Rupa
and Company Chartered Accountants |
|
|
|
|
Cost Auditor : |
Mani
and Company Cost Accountants |
|
|
|
|
Secretarial Auditor : |
S M Gupta and Company Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Bajoria
Holdings Private Limited Erstwhile IFGL Refractories Limited |
|
|
|
|
Fellow Subsidiaries : |
·
Heritage Health TPA Private Limited ·
Bajoria Financial Services Private Limited ·
Ganges Art Gallery Private Limited ·
Bajoria Enterprises Limited |
|
|
|
|
Enterprises in which Key Management Personnel has significant
influence : |
·
Heritage Insurance Brokers Private Limited ·
Bajoria Service Providers LLP |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43,000,000 |
Equity Shares |
INR 10/- each |
INR 430.000 Million |
|
2,000,000 |
5% Redeemable Preference Shares |
INR 100/- each |
INR 200.000 Million |
|
|
Total |
|
INR 630.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,916,000 |
Equity Shares |
INR 10/- each |
INR 29.160 Million |
|
33,123,312 |
Equity Shares |
INR 10/- each |
INR 331.233 Million |
|
|
Total |
|
INR 360.393
Million |
Reconciliation of Number of Shares
|
Name of
shareholders |
As at 31 March 2017 |
|
|
|
Number of shares held |
IN Million |
|
Shares outstanding on 01.04.2016 |
2,160,000 |
21.600 |
|
Bonus Shares issued during the year |
756,000 |
7.560 |
|
Shares outstanding
on 31.03.2017 |
2,916,000 |
29.160 |
Terms/Rights attached to Equity Shares
The Company has only one class of Equity Shares having a face value of INR 10/- each. Each holder of Equity Shares is entitled to one vote per share. In the event of liquidation of the Company, the Equity Shareholders will be entitled to receive remaining Assets of the Company, after distribution of all preferential amounts, in proportion to their Shareholding. The Company in the General Meeting may declare Dividends, but no Dividend shall exceed the amount recommended by the Board.
Pursuant to the approval of the Shareholders in the Extra Ordinary
General Meeting held on 2nd August 2016 :
The Authorised Share Capital of the Company has increased from INR 25.000 Million to INR 30.000 Million divided into 3,000,000 Equity Shares of INR10/- each. It will increase further to INR 430.000 Million on account of amalgamation of IFGL Refractories Limited with the Company as detailed in Note 42.
The Company, on 6th August 2016, issued and allotted 756,000 Ordinary Shares of INR 10/- each, as fully paid up Bonus Shares in the proportion of 3.5 Bonus Shares of INR 10/- each for every existing 10 (ten) Equity Shares of INR 10/- each.
Equity Shares held by the Holding Company and Subsidiaries of the
Holding Company
|
Name of
shareholders |
As at 31 March 2017 |
|
|
|
Number of shares held |
% of holding |
|
Bajoria Holdings Private Limited |
133,380 |
4.57 |
|
IFGL Refractories Limited |
1,487,160 |
51.00 |
|
Bajoria Enterprises Limited |
270 |
0.01 |
Details of Shareholders holding more than 5% of aggregate shares in the
Company
|
Name of
shareholders |
As at 31 March 2017 |
|
|
|
Number of shares held |
% of holding |
|
IFGL Refractories Limited |
1,487,160 |
51.00 |
|
Shishir Kumar Bajoria |
710,910 |
24.38 |
|
Krosaki Harima CorporaƟon, Japan |
583,200 |
20.00 |
Share Capital Suspense
Pursuant to the Scheme of Amalgamation as detailed in Note 42, the Company shall be issuing and allotting 33,123,312 Equity Shares of INR 10/- each fully paid ignoring Equity Shares of the Company held by IFGL Refractories Limited. Pending allotment, corresponding amount has been kept under Share Capital Suspense and shall be transferred to Equity Share Capital of the Company on allotment of Shares. The record date fixed for the purpose is 15th September 2017.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
360.393 |
21.600 |
346.105 |
|
(b) Reserves & Surplus |
4380.753 |
239.649 |
1218.503 |
|
(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 |
4741.146 |
261.249 |
1564.608 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
44.049 |
47.195 |
0.549 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
24.298 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
2.617 |
0.209 |
2.340 |
|
Total Non-current
Liabilities |
46.666 |
47.404 |
27.187 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
613.042 |
124.251 |
493.413 |
|
(b) Trade
payables |
602.407 |
84.114 |
432.601 |
|
(c) Other
current liabilities |
86.441 |
66.683 |
56.454 |
|
(d) Short-term
provisions |
3.313 |
0.000 |
91.133 |
|
Total Current
Liabilities |
1305.203 |
275.048 |
1073.601 |
|
|
|
|
|
|
TOTAL |
6093.015 |
583.701 |
2665.396 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
712.405 |
310.646 |
346.338 |
|
(ii)
Intangible Assets |
2408.407 |
0.319 |
2.430 |
|
(iii)
Capital work-in-progress |
8.542 |
3.725 |
4.800 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
567.744 |
0.000 |
677.699 |
|
(c) Deferred tax assets (net) |
45.654 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
177.113 |
26.127 |
11.611 |
|
(e) Other Non-current
assets |
0.425 |
0.000 |
5.461 |
|
Total Non-Current
Assets |
3920.290 |
340.817 |
1048.339 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
110.000 |
0.000 |
0.000 |
|
(b)
Inventories |
442.908 |
45.432 |
398.278 |
|
(c) Trade
receivables |
1549.000 |
189.297 |
952.117 |
|
(d) Cash
and cash equivalents |
28.023 |
2.221 |
228.999 |
|
(e)
Short-term loans and advances |
21.290 |
4.441 |
17.598 |
|
(f) Other
current assets |
21.504 |
1.493 |
20.065 |
|
Total
Current Assets |
2172.725 |
242.884 |
1617.057 |
|
|
|
|
|
|
TOTAL |
6093.015 |
583.701 |
2665.396 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
3740.117 |
465.269 |
3346.790 |
|
|
Other Income |
16.466 |
0.410 |
34.921 |
|
|
TOTAL |
3756.583 |
465.679 |
3381.711 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1744.646 |
179.179 |
1543.091 |
|
|
Purchases of Stock-in-Trade |
172.915 |
1.806 |
308.812 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(74.654) |
3.255 |
(6.511) |
|
|
Employees benefits expense |
380.348 |
33.739 |
318.598 |
|
|
Other expenses |
1009.116 |
132.991 |
728.292 |
|
|
TOTAL |
3232.371 |
350.970 |
2892.282 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
524.212 |
114.709 |
489.429 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
39.354 |
16.100 |
18.919 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
484.858 |
98.609 |
470.510 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
371.089 |
33.083 |
55.410 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
113.769 |
65.526 |
415.100 |
|
|
|
|
|
|
|
Less |
TAX |
(60.098) |
0.000 |
146.466 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
173.867 |
65.526 |
268.634 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
2426.500 |
0.000 |
1128.387 |
|
|
TOTAL
EARNINGS |
2426.500 |
0.000 |
1128.387 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
716.580 |
0.000 |
678.484 |
|
|
Components and Stores parts |
0.000 |
0.000 |
8.579 |
|
|
Capital Goods |
0.000 |
0.000 |
5.939 |
|
|
TOTAL
IMPORTS |
716.580 |
0.000 |
693.002 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
4.82 |
22.47 |
7.54 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
54.034 |
62.925 |
27.497 |
|
Cash generated from operations |
43.227 |
120.566 |
387.351 |
|
Net cash flows from (used in) operating activity |
(69.634) |
108.348 |
246.879 |
QUARTERLY
RESULTS
|
Particulars |
(Unaudited) 30.06.2017 (1st
Quarter) |
(Unaudited) 30.09.2017 (2nd
Quarter) |
(Unaudited) 31.12.2017 (3rd
Quarter) |
|
|
|
|
|
|
Net Sales |
1060.100 |
1094.100 |
1091.600 |
|
Total Expenditure |
895.200 |
879.200 |
959.700 |
|
PBIDT (Excl OI) |
164.900 |
214.900 |
131.900 |
|
Other Income |
4.300 |
4.000 |
2.200 |
|
Operating Profit |
169.200 |
218.900 |
134.100 |
|
Interest |
9.800 |
8.300 |
9.200 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
159.400 |
210.600 |
124.900 |
|
Depreciation |
92.900 |
93.100 |
94.900 |
|
Profit Before Tax |
66.500 |
117.500 |
30.000 |
|
Tax |
5.400 |
51.000 |
28.300 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
61.100 |
66.500 |
1.700 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
61.100 |
66.500 |
1.700 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
151.17 |
148.50 |
103.84 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
2.41 |
2.46 |
3.52 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
114.67 |
169.64 |
85.26 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.18 |
2.52 |
1.23 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.17 |
0.36 |
1.38 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.23 |
0.66 |
0.41 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.15 |
0.90 |
0.33 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities
/ Net Worth) |
0.28 |
1.05 |
0.69 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.66 |
1.20 |
0.23 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
13.32 |
7.12 |
25.87 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
4.65 |
14.08 |
8.03 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
2.85 |
11.23 |
10.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
3.67 |
25.08 |
17.17 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.66 |
0.88 |
1.51 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.33 |
0.72 |
1.14 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.78 |
0.45 |
0.59 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
1.97 |
10.85 |
1.51 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.66 |
0.88 |
1.51 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 286.65/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
in Million) |
(INR
in Million) |
(INR
in Million) |
|
Share Capital |
346.105 |
21.600 |
360.393 |
|
Reserves & Surplus |
1218.503 |
239.649 |
4380.753 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1564.608 |
261.249 |
4741.146 |
|
|
|
|
|
|
long-term borrowings |
0.549 |
47.195 |
44.049 |
|
Short term borrowings |
493.413 |
124.251 |
613.042 |
|
Current maturities of
long-term debts |
27.497 |
62.925 |
54.034 |
|
Total
borrowings |
521.459 |
234.371 |
711.125 |
|
Debt/Equity
ratio |
0.333 |
0.897 |
0.150 |
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 |
3346.790 |
465.269 |
3740.117 |
|
|
|
(86.098) |
703.861 |
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 |
3346.790 |
465.269 |
3740.117 |
|
Profit |
268.634 |
65.526 |
173.867 |
|
|
8.03% |
14.08% |
4.65% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
|
31.03.2017 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
360.393 |
|
(b) Reserves & Surplus |
|
|
6484.172 |
|
(c) Money received against
share warrants |
|
|
0.000 |
|
Minority Interest |
|
|
0.305 |
|
(2) Share Application money
pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
6844.870 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
143.631 |
|
(b) Deferred tax liabilities
(Net) |
|
|
62.866 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
2.617 |
|
Total
Non-current Liabilities (3) |
|
|
209.114 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
613.042 |
|
(b) Trade payables |
|
|
1191.577 |
|
(c) Other current liabilities |
|
|
111.389 |
|
(d) Short-term provisions |
|
|
3.313 |
|
Total
Current Liabilities (4) |
|
|
1919.321 |
|
|
|
|
|
|
TOTAL |
|
|
8973.305 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
1270.762 |
|
(ii) Intangible Assets |
|
|
2429.612 |
|
(iii) Capital work-in-progress |
|
|
1104.959 |
|
(iv) Intangible assets under
development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
5.205 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
146.574 |
|
(e) Other Non-current assets |
|
|
0.425 |
|
Total
Non-Current Assets |
|
|
4957.537 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
110.000 |
|
(b) Inventories |
|
|
936.257 |
|
(c) Trade receivables |
|
|
2283.382 |
|
(d) Cash and cash equivalents |
|
|
560.394 |
|
(e) Short-term loans and
advances |
|
|
90.208 |
|
(f) Other current assets |
|
|
35.527 |
|
Total
Current Assets |
|
|
4015.768 |
|
|
|
|
|
|
TOTAL |
|
|
8973.305 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
|
31.03.2017 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
7655.712 |
|
|
Other Income |
|
|
26.954 |
|
|
TOTAL
|
|
|
7682.666 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
|
3098.158 |
|
|
Purchases of Stock-in-Trade |
|
|
671.727 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
|
|
(149.725) |
|
|
Employees benefits expense |
|
|
1253.857 |
|
|
Other expenses |
|
|
1836.236 |
|
|
Adjustment for items
capitalized |
|
|
-2.690 |
|
|
TOTAL |
|
|
6707.563 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
|
975.103 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
|
45.273 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
929.830 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
|
441.500 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
|
488.330 |
|
|
|
|
|
|
|
Less |
TAX |
|
|
46.490 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
|
441.840 |
|
|
|
|
|
|
|
Add |
Share
of losses attributable to minority interest |
|
|
0.082 |
|
|
|
|
|
|
|
PROFIT FOR THE YEAR
ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY |
|
|
441.922 |
|
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
|
12.26 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
No |
|
8] |
Designation of contact person |
No |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
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) |
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 |
No |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
Litigations that the firm/promoter
involved in |
-- |
|
32] |
Market information |
-- |
|
33] |
Payments terms |
Yes |
|
34] |
Negative Reporting by Auditors in the
Annual Report |
No |
GENERAL INFORMATION
The company is a Public Limited Company and was incorporated
under the Companies Act, 1956. With effect from 1st April 2016, IFGL Refractories
Limited has merged with the Company pursuant to a Scheme of Amalgamation
approved by the National Company Law Tribunal, Kolkata (as detailed at Note
42). The Company is primarily engaged in the manufacturing, trading and selling
of Refractory items used in Steel plants. Manufacturing facilities of the
Company are located in Kandla Special Economic Zone (SEZ), Gujarat and Kalunga
Industrial Estate near Rourkela, Odisha. The Company has operating Subsidiaries
in Asia (China), in Europe (Germany and United Kingdom) and in North America
(USA). The Company caters to both domestic and international markets.
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G06500086 |
100035678 |
DBS BANK
LTD. |
06/06/2016 |
- |
- |
297320000.0 |
4A,
NANDALAL BASU SARANIKOLKATAWB700071IN |
|
2 |
C63374797 |
10589439 |
ICICI BANK
LIMITED |
24/08/2015 |
- |
- |
650000.0 |
LANDMARK, RACE
COURCE CIRCLEVADODARAGJ390007IN |
|
3 |
C61453858 |
10585496 |
ICICI BANK
LIMITED |
20/07/2015 |
- |
- |
1640000.0 |
LANDMARK,
RACE COURCE CIRCLEALKAPURIVADODARAGJ390007IN |
|
4 |
G08754400 |
10105915 |
The Hongkong and
Shanghai Banking Corporation Limited |
09/06/2008 |
12/07/2016 |
- |
760031.0 |
31 B B D
Bagh, Credit ServicesHongkong HouseKolkataWB700001IN |
|
5 |
G05797816 |
80018266 |
State Bank of
India |
07/11/1992 |
02/06/2016 |
- |
530000000.0 |
SME BRANCHBISRA
CHOWK, DISTRICT: SUNDARGARHROURKELAOR769001IN |
|
6 |
C79865796 |
10291227 |
The Hongkong
and Shanghai Banking Corporation Limited |
06/06/2011 |
26/02/2015 |
23/02/2016 |
31250000.0 |
Hongkong
House31 B B D BaghKolkataWB700001IN |
STATEMENT
OF UNAUDITAED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 31st
DECEMBER, 2017
|
Particulars |
3
Months Ended |
9
Months Ended |
||
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
1 |
Income |
|
|
|
|
|
a) Income
from operations (Gross) |
1091.600 |
1094.100 |
3245.800 |
|
|
b) Other
operating income |
2.200 |
4.000 |
10.500 |
|
|
Total Income
from Operations (net) |
1093.800 |
1098.100 |
3256.300 |
|
|
|
|
|
|
|
2 |
Expenses |
|
|
|
|
|
a) Cost of
Materials Consumed |
527.200 |
473.800 |
1464.100 |
|
|
b) Purchases
of Stock-in-Trade |
56.000 |
57.800 |
173.200 |
|
|
c) Changes in inventories of finished goods, work-in-progress and traded goods |
(3.900) |
9.900 |
24.300 |
|
|
d) Excise
duty |
0.000 |
0.000 |
39.700 |
|
|
e) Employee
benefits expense |
94.200 |
99.100 |
299.200 |
|
|
f)
Depreciation and amortisation expense |
94.900 |
93.100 |
280.900 |
|
|
a) Finance Cost |
9.200 |
8.300 |
27.300 |
|
|
g) Other expenses |
286.200 |
238.600 |
733.600 |
|
|
Total
Expenses |
1063.800 |
980.600 |
3042.300 |
|
|
|
|
|
|
|
5 |
Profit/(Loss) before tax |
30.000 |
117.500 |
214.000 |
|
6 |
Tax
expense |
|
|
|
|
a) Current Tax |
0.200 |
0.100 |
0.400 |
|
|
b) Deferred Tax |
28.100 |
50.900 |
84.300 |
|
|
|
Income Tax
expense |
28.300 |
51.000 |
84.700 |
|
7 |
Net
Profit/(Loss) for the period |
1.700 |
66.500 |
129.300 |
|
8 |
Other
Comprehensive Income |
|
|
|
|
a) Items that will not be reclassified to
profit or Loss |
(0.040) |
(0.400) |
(1.100) |
|
|
b) Income Tax related to above |
0.000 |
0.000 |
0.000 |
|
|
c) Items that will be reclassified to
profit or Loss |
0.200 |
0.100 |
0.400 |
|
|
9 |
Total Other Comprehensive Income for the period |
1.500 |
66.400 |
128.900 |
|
10 |
Paid – up Equity Share Capital (Face Value Rs.10) |
360.4 |
360.4 |
360.4 |
|
11 |
Earning Per Share for the Period of Rs 10/- each |
|
|
|
|
Basic |
0.05 |
1.86 |
3.59 |
|
|
Diluted |
0.05 |
1.86 |
3.59 |
|
- Above unaudited financial statement have been reviewed by the Audit
Committee at its meeting held on 10th February 2018 and approved by the
Board of Directors at their meeting held on that date and these have been subject
to limited review by the Statutory Auditors of the company.
2. The above unaudited financial statement of
the Company have been prepared in accordance with Indian Accounting Standards
(Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015
as amended by the Companies (Indian Accounting Standards) (Amendment) Rules,
2016. The Company adopted Ind AS from 1st April, 2017 and accordingly, these
financial results (including for all the periods presented in accordance with
Ind AS 101- (First Time Adoption of Indian Accounting Standards)) have been
prepared in accordance with the recognition and measurement principles of Ind
AS 34- Interim Financial Reporting, prescribed under Section 133 of the
Companies Act, 2013 read with the relevant rules issued thereunder and the
other accounting principles generally accepted in India.
3. The Company is predominantly a manufacturer
and a trader of Specialised Refractories and Ceramics and is managed
organisationally as a single unit. Accordingly, the Company is a single
business segment. Sales include export sales (including through trading house)
as disclosed below:
4. Hon’ble National Company Law Tribunal,
Kolkata Bench (Tribunal) by passing an Order on 3rd August, 2017 under Sections
230 and 232 of the Companies Act 2013 sanctioned a Scheme of Amalgamation
("Scheme") for merger of IFGL Refractories Ltd (IFGL) with the
Company on and from 1st April, 2016, being the Appointed Date. Scheme became
effective from 5th August, 2017 following filing of Order of Hon’ble Tribunal
with the Ministry of Corporate Affairs (Registrar of Companies) by the Company
and IFGL on that date. Pursuant to the Scheme, the Company has inter alia :
a. accounted for amalgamation under the
"Purchase Method" as per Accounting Standard 14 – Accounting for
Amalgamation and Rs. 26,699 lacs, being the excess of the value of equity
shares to be issued by the Company over fair value of assets and liabilities of
IFGL transferred and or vested in the Company and cancellation of equity shares
of the Company held by IFGL, has been recognised as Goodwill.
b. useful life of said Goodwill has been
estimated to be 10 years and is being accordingly amortised
c. the Company has issued 3,46,10,472 Equity
Shares of Rs. 10/- fully paid up to the shareholders of IFGL on the Record Date
being 15th September, 2017.
d. Trading in Equity shares of the Company both
on BSE Limited and National Stock Exchange of India Ltd has commenced with
effect from 14th November, 2017.
e. Name of the Company changed to IFGL
Refractories Limited with effect from 25th October, 2017.
f. Registered Office of the Company shifted to
the state of Odisha on and from 24th November, 2017.
5. Reconciliation of the standalone financial results
to those reported by the erstwhile 'IFGL Refractories Limited' under previous
Generally Accepted Accounting Principles (GAAP) are summarised as follows:
6. (i) Exemptions applied at transition
Ind AS 101 (First- Time Adoption of Indian
Accounting Standards) provides a suitable starting point for accounting in
accordance with Ind AS and is required to be mandatorily followed by first-
time adopters. Ind AS 101 allows first- time adopters exemptions from the
retrospective application of certain requirements under Ind AS. The Company has
applied the following exemptions in its standalone financial results:
a. Property, Plant and Equipment were carried in
the statement of financial position prepared under Previous GAAP as at 31st
March, 2016. The Company has elected to regard such carrying amount as deemed
cost at the date of transition i.e. 1st April, 2016.
b. Under Previous GAAP, investment in
subsidiaries were stated at cost and provisions were made to recognise the
decline, other than temporary. Under Ind AS, the Company has elected to regard
such carrying amount as at 31st March, 2016 as deemed cost at the date of
transition.
(ii) Under previous GAAP, current investments
were stated at lower of cost and fair value. Under Ind AS, these financial
assets have been classified as FVTPL on the date of transition and fair value
changes after the date of transition has been recognised in profit or loss.
(iii) Under previous GAAP, the net mark to
market losses on derivative financial instruments, as at the Balance Sheet
date, were recognised in profit or loss, and the net gains, if any, were
ignored. Under Ind AS, such derivative financial instruments are to be
recognized at fair value and the movement is recognised in profit or loss.
7. Consequent to the introduction of Goods and
Service Tax (GST) with effect from 1st July, 2017, Central Excise, Value Added
Tax etc. have been subsumed into GST. In accordance with Ind-AS 18 on Revenue
and Schedule III of the Companies Act 2013, unlike Excise Duty levies like GST,
VAT etc. do not form part of Revenue. Accordingly the figures for the periods
upto 30 June, 2017 are not strictly relatable to those thereafter.
8. Figures for the previous periods have been re
- classified / re - arranged / re - grouped wherever necessary, to correspond
with the current period's classification disclosure.
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
i) Sales Tax matters under dispute relating to issues of
applicability and classification [related payments INR 21.05) |
6.293 |
0.00 |
|
ii) Income Tax matters under dispute relating to issues of
applicability and determination |
1.004 |
0.00 |
|
iii) Service Tax/Excise
Duty matters under dispute
relating to issues of
applicability and classification |
0.320 |
0.00 |
The Management believes that the ultimate outcome of these proceedings will not have a material adverse effect on the Company's financial position and result of operations.
The Company does not expect any reimbursements in respect of
the above Contingent Liabilities.
FIXED ASSETS
- Land
- Building
- Furniture and
Fixture
- Computer
- Plant and
Machinery
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 65.23 |
|
|
1 |
INR 89.70 |
|
Euro |
1 |
INR 79.50 |
INFORMATION DETAILS
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
TRUP |
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 |
NO |
|
--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.