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MIRA INFORM REPORT
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Report No. : |
496006 |
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Report Date : |
07.03.2018 |
IDENTIFICATION DETAILS
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Name : |
D AND H INDIA LIMITED (w.e.f. 31.03.2012) |
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Formerly known
as : |
D AND WELDING ELECTRODES (INDIA) LIMITED |
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Registered
Office : |
A-204, Kailash Esplande, Opposite Shreyas Cinema, L.B.S. Marg, Ghatkopar (West), Mumbai- 400 086 – Maharashtra |
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Tel. No.: |
91-22-25006441 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
30.03.1985 |
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Com. Reg. No.: |
11-035822 |
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Capital
Investment / Paid-up Capital : |
INR 74.000 Million |
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CIN No.: [Company Identification
No.] |
L28900MH1985PLC035822 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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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
: |
Subject is engaged in Manufacturing business primarily dealing in Welding Electrodes and Consumables, CO2 Wire, M Core Wire, Flux Powder, Flux cored Wire, Stainless Steel Wire and other similar activities. (Registered activity) |
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No. of Employees
: |
144 (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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
USD 830000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1985. It is a manufacturer of
Fabricated Metal products. For the financial year 2017, the company has reported decline in its
revenue as compared to previous year but has managed to maintain low profit
margin of 0.59%. The satisfactory financial profile of the company is marked by
sufficient networth base along with negligible debt level. 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 price trading at around INR 24.25 against
the Face Value (FV) of INR 10 on BSE as on 6th March, 2018. As per the unaudited quarterly financials of December 2017, the
company has achieved revenue of INR 179.278 million and has reported profit
margin of 0.24%. Business is active. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
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 |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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Date |
Not Available |
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 07.03.2018
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.:
91-731-6633501
LOCATIONS
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Registered Office : |
A-204, Kailash Esplande, Opposite Shreyas Cinema, L.B.S. Marg, Ghatkopar (West), Mumbai- 400 086 – Maharashtra, India |
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Tel. No.: |
91-22-25006441 |
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Fax No.: |
Not Available |
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E-Mail : |
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Administrative
Office / Head Office and Work : |
The Secretarial Deptt. Plot A, Sector A, Industrial Area Sanwer Road,
Indore –
452015, Madhya Pradesh, India |
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Tel. No.: |
91-731-6633501-511 |
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Fax No.: |
91-731-6633500 |
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E-Mail : |
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Website : |
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Unit ll: |
Village Sejvaya, Dhar Road, Ghatabillod, District Dhar, Madhya Pradesh, India |
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Tel. No.: |
91-7292-277030 |
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Unit III: |
Plot No.115 – 116, Borai Industrial Estate, Rasmada District. Durg, – 491001, Chattisgarh |
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Tel. No.: |
91-788-2617283 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Madhusudan Jain |
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Designation : |
Wholetime Director |
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Address : |
370-AE, Scheme No. 74-C, Indore – 452010, Madhya Pradesh,
India |
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Date of Appointment : |
24.01.2004 |
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PAN No.: |
ABBPJ7263Q |
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DIN No.: |
00145329 |
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Name : |
Mr. Harsh Vora |
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Designation : |
Managing Director |
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Address : |
20/2, Yeshwan Niwas Road, Indore – 452001, Madhya Pradesh,
India |
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Date of Birth / Age : |
55 Y ear |
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Qualification: |
Commerce graduate |
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Expertise/
Experience : |
More than 32 Year Experience in Management Planning and new Developments |
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Date of Appointment : |
06.12.1990 |
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PAN No.: |
AACHH9099A |
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DIN No.: |
00149287 |
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Name : |
Mr. Jagdish Chand Kapur |
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Designation : |
Director |
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Address : |
Bunglow No. 19, Aditya Nagar, A. B. Road, Indore – 452017,
Madhya Pradesh, India |
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Date of Appointment : |
11.08.2005 |
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DIN No.: |
00155290 |
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Name : |
Mr. Sushil Rawka |
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Designation : |
Director |
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Address : |
171, Netaji Subhash Marg, Indore – 452004, Madhya Pradesh,
India |
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Date of Birth / Age : |
65 Year |
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Qualification: |
Commerce graduate |
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Expertise/
Experience : |
He has experience in the field of Taxation |
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Date of Appointment : |
01.04.2005 |
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PAN No.: |
ABTPR3447A |
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DIN No.: |
00156990 |
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Name : |
Eshanya Biharielall Guppta |
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Designation : |
Director |
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Address : |
Sector No. 1 and 7, Wigh P – 5, Flat No. 802, Empire
Estate, Pimpri, Pune – 411018, Maharashtra, India |
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Date of Appointment : |
15.05.2015 |
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DIN No.: |
01727743 |
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Name : |
Mr. Saurabh Harsh Vora |
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Designation : |
Wholetime Director |
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Address : |
20/7, Yashwant Niwas Road, Indore – 452001, Madhya
Pradesh, India |
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Date of Birth / Age : |
30 Year |
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Qualification: |
B Tech |
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Expertise/
Experience : |
He has rich Experience in production |
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Date of Appointment : |
01.10.2014 |
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PAN No.: |
AFVPV2793P |
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DIN No.: |
02750484 |
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Name : |
Atithi Vora |
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Designation : |
Director |
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Address : |
20/2, Yashwant Niwas Road, Near Central Bank, Indore –
452003, Madhya Pradesh, India |
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Date of Birth / Age : |
29 Year |
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Qualification: |
CA |
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Expertise/
Experience : |
She has experience in the field of Taxation & finance |
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Date of Appointment : |
01.10.2014 |
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PAN No.: |
BFIPB8733D |
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DIN No.: |
06899964 |
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Name : |
Mr. Sunil Kathariya |
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Designation : |
Director |
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Address : |
1 Main, 6 Cross, Gandhi Colony, Hospet District Bellary –
583201, Karnataka, India |
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Date of Appointment : |
15.05.2015 |
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DIN No.: |
07155856 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Sen |
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Designation : |
Company Secretary |
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Address : |
41, Manbhavan Nagar, Kanadia Road, Indore – 452016, Madhya
Pradesh, India |
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Date of Appointment : |
04.08.2017 |
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PAN No.: |
ARJPS6754M |
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Name : |
Mr. Sanat Kumar Jain |
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Designation : |
Chief Finance Officer |
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Address : |
457 Kalani Nagar, Aerodrum Road, Indore – 452005, Madhya
Pradesh, India |
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Date of Appointment : |
01.04.2014 |
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PAN No.: |
ABGPJ2407B |
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Audit Committee |
1. Mr. Surjit Singh : Independent Director- Chairman (up to 07.02.2017) 2. Mr. Sunil Kathariya : Independent Director- Chairman (from 07.02.2017) 3. Mr. Jagdish Chand Kapur : Independent Director- Member 4 Mr. Sushil Rawka : Non Executive Director – Member 5. Mr. Eshanya B Gupta : Independent Director – Member 6. Mrs. Atithi Vora : Whole-time Director – Member |
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Stakeholders'
Relationship Committee |
1. Mr. Sushil Rawka : Non Executive Director - Chairman 2. Mr. Jagdish Chand Kapur : Independent Director- Member 3. Mr. Madhusudan Jain : Whole-time Director – Member 4. Mr. Sunil Kathariya : Independent Director- Member |
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Nomination And
Remuneration Committee |
1. Mr. Surjit Singh : Independent Director- Chairman (up to 07.02.2017) 2. Mr. Jagdish Chand Kapur : Independent Director- Chairman (from 07.02.2017) 3. Mr. Basant Singh Johari : Independent Director- Member (up to 13.02.2017) 4. Mr. Eshanya B Gupta : Independent Director- Member 5. Mr. Sunil Kathariya : Independent Director- Member |
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Risk Management
Committee |
1. Mr. Surjit Singh : Independent Director- Chairman (up to 07.02.2017) 2. Mr. Jagdish Chand Kapur : Independent Director- Chairman (from 07.02.2017) 3. Mr. Basant Singh Johari : Independent Director- Member (up to 13.02.2017) 4. Mr. Sunil Kathariya : Independent Director- Member 5. Mr. Eshanya B Gupta : Independent Director- Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on December 2017
|
Category of shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares |
|
|
(A) Promoter & Promoter Group |
3491430 |
47.18 |
|
|
(B) Public |
3908570 |
52.82 |
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Grand
Total |
7400000 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category
of shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares |
|
|
A1) Indian |
0.00 |
|
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Individuals/Hindu
undivided Family |
2685430 |
36.29 |
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HARSH KUMAR VORA |
673600 |
9.10 |
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SUCHITA KAKRECHA |
537085 |
7.26 |
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PRIYA KAKRECHA |
317500 |
4.29 |
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HARSH VORA |
311745 |
4.21 |
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KIRAN VORA |
193300 |
2.61 |
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SAURABH H. VORA |
163600 |
2.21 |
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MADHUSUDAN JAIN |
100500 |
1.36 |
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SOMU KAKRECHA |
90000 |
1.22 |
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SUSHIL RATANLAL RAWKA |
63300 |
0.86 |
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SATISH RAWKA |
53600 |
0.72 |
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ATITHI VORA |
50000 |
0.68 |
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SUHANI VORA |
50000 |
0.68 |
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VENUS RAWKA |
36500 |
0.49 |
|
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SIDDHARTH RAWKA |
24400 |
0.33 |
|
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SAROJ RAWKA |
20300 |
0.27 |
|
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Any Other
(specify) |
806000 |
10.89 |
|
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CORNA INFRA LIMITED |
806000 |
10.89 |
|
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Sub Total A1 |
3491430 |
47.18 |
|
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A2) Foreign |
0.00 |
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A=A1+A2 |
3491430 |
47.18 |
|
Statement showing shareholding pattern of the Public
shareholder
|
Category
& Name of the Shareholders |
No.
of fully paid up equity shares held |
Shareholding
% calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0 |
0.00 |
|
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Foreign Venture
Capital Investors |
2415 |
0.03 |
|
|
Sub Total B1 |
2415 |
0.03 |
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B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
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B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share
capital upto INR 0.200 million |
2073625 |
28.02 |
|
|
Individual share
capital in excess of INR 0.200 million |
997104 |
13.47 |
|
|
Any Other
(specify) |
835426 |
11.29 |
|
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Sub Total B3 |
3906155 |
52.79 |
|
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B=B1+B2+B3 |
3908570 |
52.82 |
|
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Manufacturing business primarily dealing in Welding Electrodes and Consumables, CO2 Wire, M Core Wire, Flux Powder, Flux cored Wire, Stainless Steel Wire and other similar activities. (Registered activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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 : |
144 (Approximately) |
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Bankers : |
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Facilities : |
LONG-TERM BORROWINGS Nature of Security
and terms of repayment for secured borrowings:
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Auditors : |
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Name : |
ABN and
Company Chartered Accountants |
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Address : |
223, Milinda Manor II Floor, 2 RNT Marg, Opposite Central Mall, Indore-452001, Madhya Pradesh, India |
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Name : |
M.S. Dahiya and Company Chartered Accountants |
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Address : |
101-A, “Press House” 22-Press Complex, A.B. Road, Indore – 452008, Madhya Pradesh, India |
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Tel. No.: |
91-731-4072754 / 2571451 |
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Email : |
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Internal Auditor: |
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Name : |
Basant Jain and Company Chartered Accountant |
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Address : |
84, Kailash Park Colony Near Geeta Bhawan, Indore-452001, Madhya Pradesh, India |
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Secretarial
Auditors : |
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Name : |
D. K. Jain and Company. Company Secretaries |
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Address : |
401, Silver Ark Plaza, 20/1, New Palasia, Indore-452001, Madhya Pradesh, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries : |
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Associates: |
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Enterprises Over
which Key Managerial Person are able to Exercise Significant Influence : |
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CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
INR 10/- each |
INR 100.000 Million |
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7400000 |
Equity Shares |
INR 10/- each |
INR 74.000
Million |
|
|
|
|
|
Reconciliation of
number of Sharers Equity Shares :
|
Particulars |
As at 31.03.2017 |
|
|
No. of Shares |
|
Balance as at the beginning of the year |
74,00,000 |
|
Add : Shares Issued During the period |
-- |
|
Balance As at the end of the year |
74,00,000 |
Terms/Rights attached
to equity Shares
Equity Shares: The company has one class of equity shares having par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Details of shares
held by shareholders holding more than 5% of the aggregate shares in the
Company
|
Particulars |
As at 31.03.2017 |
|
|
equity Shares : |
No. of Shares |
% |
|
1. Corna Infra Limited |
806,000 |
(10.89%) |
|
2 . Harsh Vora (HUF) |
673,600 |
(9.10%) |
|
3 . Suchita Kakrecha |
537,085 |
(7.26%) |
Nil Equity Shares were issued in the last 5 years under the Employee Stock Options Plan as consideration for services rendered by employees.
FINANCIAL DATA
[all figures are
in 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 |
74.000 |
74.000 |
74.000 |
|
(b) Reserves & Surplus |
217.692 |
214.118 |
210.122 |
|
(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) |
291.692 |
288.118 |
284.122 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
24.660 |
38.839 |
25.325 |
|
(b) Deferred tax liabilities
(Net) |
16.880 |
16.264 |
15.637 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
41.540 |
55.103 |
40.962 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
103.421 |
80.160 |
56.344 |
|
(b) Trade payables |
89.878 |
91.057 |
95.278 |
|
(c) Other current liabilities |
40.242 |
41.373 |
49.810 |
|
(d) Short-term provisions |
24.979 |
20.981 |
24.776 |
|
Total
Current Liabilities (4) |
258.520 |
233.571 |
226.208 |
|
|
|
|
|
|
TOTAL |
591.752 |
576.792 |
551.292 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
198.416 |
208.368 |
214.713 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
1.379 |
1.379 |
1.049 |
|
(b) Non-current Investments |
17.482 |
17.482 |
20.180 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
5.155 |
5.150 |
4.877 |
|
Total
Non-Current Assets |
222.432 |
232.379 |
240.819 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
204.258 |
174.883 |
176.021 |
|
(c) Trade receivables |
124.998 |
137.271 |
108.340 |
|
(d) Cash and cash equivalents |
10.994 |
13.336 |
8.790 |
|
(e) Short-term loans and
advances |
29.070 |
18.923 |
17.322 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
369.320 |
344.413 |
310.473 |
|
|
|
|
|
|
TOTAL |
591.752 |
576.792 |
551.292 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
601.010 |
623.755 |
655.878 |
|
|
Other Income |
0.746 |
3.071 |
6.898 |
|
|
TOTAL
|
601.756 |
626.826 |
662.776 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
414.639 |
418.917 |
423.907 |
|
|
Purchases of Stock-in-Trade |
0.737 |
2.547 |
27.856 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(36.301) |
(10.946) |
(13.083) |
|
|
Employees benefits expense |
78.710 |
87.569 |
81.774 |
|
|
Prior Period Adjustments |
0.490 |
0.398 |
-0.926 |
|
|
Other expenses |
104.445 |
91.394 |
101.320 |
|
|
TOTAL |
562.720 |
589.879 |
620.848 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
39.036 |
36.947 |
41.928 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
16.263 |
13.391 |
9.712 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
22.773 |
23.556 |
32.216 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
17.433 |
17.733 |
16.173 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
5.340 |
5.823 |
16.043 |
|
|
|
|
|
|
|
Less |
TAX |
1.766 |
1.827 |
4.277 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
3.574 |
3.996 |
11.766 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
108.833 |
104.837 |
103.741 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend on Equity
shares for the year |
0.000 |
0.000 |
3.700 |
|
|
Dividend distribution Tax on proposed
dividend on Equity Shares |
0.000 |
0.000 |
0.753 |
|
|
Transfer to General Reserve |
0.000 |
0.000 |
3.000 |
|
|
Adjustment Relating to Fixed
Assets |
0.000 |
0.000 |
3.217 |
|
|
Total
(M) |
0.000 |
0.000 |
10.670 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
112.407 |
108.833 |
104.837 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1.870 |
1.970 |
0.000 |
|
|
TOTAL
EARNINGS |
1.870 |
1.970 |
0.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
25.047 |
94.275 |
35.995 |
|
|
Capital Goods |
0.000 |
0.000 |
3.614 |
|
|
Trading Goods |
0.096 |
0.000 |
12.551 |
|
|
TOTAL
IMPORTS |
25.143 |
94.275 |
52.160 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
0.48 |
0.54 |
1.59 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
15.931 |
15.917 |
16.634 |
|
Cash generated from operations |
24.566 |
(5.423) |
19.859 |
|
Net cash flow from operating activity |
2.876 |
(9.322) |
12.685 |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
|
1ST Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
146.280 |
155.030 |
179.280 |
|
Total Expenditure |
135.730 |
147.240 |
170.840 |
|
PBIDT (Excl OI) |
10.550 |
7.790 |
8.440 |
|
Other Income |
0.260 |
0.540 |
0.530 |
|
Operating Profit |
10.810 |
8.330 |
8.970 |
|
Interest |
4.350 |
3.750 |
3.810 |
|
Exceptional Items |
(0.310) |
(0.030) |
(0.330) |
|
PBDT |
6.150 |
4.560 |
4.830 |
|
Depreciation |
4.630 |
4.050 |
4.230 |
|
Profit Before Tax |
1.520 |
0.510 |
0.600 |
|
Tax |
0.270 |
0.400 |
0.060 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
1.250 |
0.110 |
0.540 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
1.250 |
0.110 |
0.540 |
0
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
75.91 |
80.33 |
60.29 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
4.81 |
4.54 |
6.05 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
78.98 |
78.86 |
76.98 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.19 |
0.21 |
0.24 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.20 |
0.18 |
0.19 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.51 |
0.50 |
0.49 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability /
Networth) |
0.49 |
0.47 |
0.35 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.89 |
0.81 |
0.80 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.68 |
0.73 |
0.76 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
2.40 |
2.76 |
4.32 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
0.59 |
0.64 |
1.79 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
0.60 |
0.69 |
2.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
1.23 |
1.39 |
4.14 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.43 |
1.47 |
1.37 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.64 |
0.73 |
0.59 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.49 |
0.50 |
0.52 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
1.95 |
1.82 |
1.33 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.43 |
1.47 |
1.37 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 24.25/- |
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 |
74.000 |
74.000 |
74.000 |
|
Reserves & Surplus |
210.122 |
214.118 |
217.692 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
284.122 |
288.118 |
291.692 |
|
|
|
|
|
|
Long Term borrowings |
25.325 |
38.839 |
24.660 |
|
Short Term borrowings |
56.344 |
80.160 |
103.421 |
|
Current Maturities of Long term debt |
16.634 |
15.917 |
15.931 |
|
Total
borrowings |
98.303 |
134.916 |
144.012 |
|
Debt/Equity
ratio |
0.346 |
0.468 |
0.494 |
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
|
655.878 |
623.755 |
601.010 |
|
|
|
(4.898) |
(3.646) |
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
|
655.878 |
623.755 |
601.010 |
|
Profit |
11.766 |
3.996 |
3.574 |
|
|
1.79% |
0.64% |
0.59% |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
74.000 |
74.000 |
|
(b) Reserves & Surplus |
|
224.485 |
221.576 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
298.485 |
295.576 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
26.590 |
40.968 |
|
(b) Deferred tax liabilities
(Net) |
|
17.195 |
16.388 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
43.785 |
57.356 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
103.421 |
80.285 |
|
(b) Trade payables |
|
89.879 |
91.057 |
|
(c) Other current liabilities |
|
40.292 |
41.470 |
|
(d) Short-term provisions |
|
25.223 |
21.143 |
|
Total
Current Liabilities (4) |
|
258.815 |
233.955 |
|
|
|
|
|
|
TOTAL |
|
601.085 |
586.887 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
199.927 |
210.044 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
|
1.626 |
1.626 |
|
(v) Goodwill on Consolidated |
|
6.888 |
6.888 |
|
(b) Non-current Investments |
|
0.191 |
0.187 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1.075 |
1.414 |
|
(e) Other Non-current assets |
|
6.841 |
6.458 |
|
Total
Non-Current Assets |
|
216.548 |
226.617 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
209.985 |
181.449 |
|
(c) Trade receivables |
|
133.317 |
145.867 |
|
(d) Cash and cash equivalents |
|
14.439 |
16.528 |
|
(e) Short-term loans and
advances |
|
26.796 |
16.426 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
384.537 |
360.270 |
|
|
|
|
|
|
TOTAL |
|
601.085 |
586.887 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
602.261 |
625.627 |
|
|
Other Income |
|
1.506 |
3.273 |
|
|
TOTAL
|
|
603.767 |
628.900 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
414.646 |
419.127 |
|
|
Purchases of Stock-in-Trade |
|
0.737 |
2.547 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
|
(35.346) |
(9.544) |
|
|
Employees benefits expense |
|
79.699 |
88.597 |
|
|
Prior Period Adjustment |
|
0.505 |
0.398 |
|
|
Other expenses |
|
104.736 |
91.684 |
|
|
TOTAL |
|
564.977 |
592.809 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
38.790 |
36.091 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
16.270 |
13.396 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
22.520 |
22.695 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
17.659 |
17.959 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
4.861 |
4.736 |
|
|
|
|
|
|
|
Less |
TAX |
|
1.957 |
1.826 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
2.904 |
2.910 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
0.39 |
0.39 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
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 |
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 |
No |
|
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 |
GENERAL INFORMATION
Subject is engaged in Manufacturing business primarily dealing in Welding Electrodes and Consumables, CO2 Wire, M Core Wire, Flux Powder, Flux cored Wire, Stainless Steel Wire and other similar activities. The company has manufacturing plants in India and sales primarily in India.
The company is a public limited company incorporated and domiciled in India and has its registered office at Mumbai, Maharashtra, India. Its shares are listed on the Bombay Stock Exchange Limited (BSE).
FINANCE
Cash and cash equivalent as at 31 March, 2017 was INR 10.994 Million (Previous year INR 13.336 Million). The Company continues to focus on judicious management of its working capital. Receivables, inventories and other working capital parameters were kept under strict check through continuous monitoring.
ECONOMIC SCENARIO AND
OUTLOOK
The low economic growth appears to have bottomed out and a gradual increase in economic activity is expected in 2017. The medium term to long term growth prospects look positive in view of the Government's determination to bring in reforms. For the year 2017, the economy is expected to grow at a higher rate than in 2016. The long term prospect for the economy is optimistic.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
From Directors |
3.599 |
8.058 |
|
From Others |
8.175 |
10.911 |
|
Total |
11.774 |
18.969 |
|
||
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
C64735806 |
10592056 |
20/08/2015 |
- |
- |
30000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
|
2 |
G60816105 |
10263805 |
11/10/2010 |
04/09/2017 |
- |
223790000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
|
3 |
B19867944 |
80034632 |
03/06/2004 |
- |
23/08/2011 |
12500000.0 |
Regd.Off.172, Maker Towers , F.WingCuffe ParadeMumbaiMH400005IN |
|
|
4 |
A62298963 |
90235595 |
09/02/1994 |
07/12/1995 |
14/05/2009 |
26500000.0 |
INDUSTRIAL ESTATE BRANCHINDOREMP452016IN |
|
|
5 |
Z00153962 |
80034631 |
30/03/2001 |
- |
12/10/2004 |
7000000.0 |
A.B.RoadIndoreMP452016IN |
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER 2017
INR
IN MILLION
|
|
|
Particulars |
quarter ended |
quarter ended |
Nine months ended |
|
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
1 |
|
Income from
Operations |
|
|
|
|
|
|
Sales/Income from Operations (Gross) |
179.278 |
155.029 |
480.587 |
|
|
|
b) Other Operating Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income from
Operations (Net) |
179.278 |
155.029 |
480.587 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
110.304 |
110.590 |
340.125 |
|
|
b) |
Purchase of Stock-in-trade |
0.000 |
0.000 |
0.000 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
18.784 |
0.885 |
(13.025) |
|
|
d) |
Employee benefit expenses |
21.859 |
20.789 |
62.796 |
|
|
e) |
Finance Costs |
3.811 |
3.754 |
11.918 |
|
|
f) |
Depreciation and amortization expense |
4.234 |
4.045 |
12.907 |
|
|
G) |
Other expenses |
19.896 |
14.988 |
63.907 |
|
|
Total Expenses |
178.888 |
155.031 |
478.628 |
|
|
|
|
|
|
|
|
|
7 |
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items |
0.924 |
0.537 |
3.291 |
|
|
8 |
Exceptional Items |
(0.333) |
(0.027) |
(0.666) |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
0.591 |
0.510 |
2.625 |
|
|
10 |
Tax Expense: |
|
|
|
|
|
|
Current Tax |
0.200 |
0.200 |
0.900 |
|
|
|
Differed Tax |
(0.146) |
0.198 |
(0.178) |
|
|
11 |
Net Profit /(Loss) from
ordinary activities after tax |
0.537 |
0.112 |
1.903 |
|
|
|
Other Comprehensive
Income: |
|
|
|
|
|
|
Other Comprehensive
Income: |
|
|
|
|
|
|
A. Items that will not be reclassified to profit or loss |
0.000 |
0.000 |
0.000 |
|
|
|
Income tax relating to items that will be reclassified to profit or loss |
0.000 |
0.000 |
0.000 |
|
|
|
B. Items that will be reclassified to profit or loss |
0.000 |
0.000 |
0.000 |
|
|
|
Income tax relating to items that will be reclassified to profit or loss |
0.000 |
0.000 |
0.000 |
|
|
|
Total Other
Comprehensive Income for the period |
0.537 |
0.112 |
1.903 |
|
|
|
|
|
|
|
|
|
12 |
Paid up equity share capital (Eq. shares of INR 10/- each) |
74.000 |
74.000 |
74.000 |
|
|
14 |
|
Earnings per share (before/after extraordinary items) of INR 10/- each |
|
|
|
|
|
|
Basic & Diluted |
0.07 |
0.02 |
0.26 |
|
|
|
|
|
|
|
|
|
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
|
Public Shareholding |
|
|
|
|
|
|
- No. of Shares |
3491430 |
3491430 |
3491430 |
|
|
|
- Percentage of Shareholding |
47.18 |
47.18 |
47.18 |
|
|
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number of shares |
0.00 |
0.00 |
0.00 |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
0.00 |
0.00 |
0.00 |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
0.00 |
0.00 |
0.00 |
|
|
|
b) Non- encumbered |
|
|
|
|
|
|
- Number of shares |
3908570 |
3908570 |
3908570 |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
52.82 |
52.82 |
52.82 |
Note:
1. The above results have been reviewed by Audit Committee than taken on record by the Board of Directors of the Company at their meeting held on 14th February, 2018.
2. Promoters and promoters group shareholding information is based on
information received from Registrar and Shares Transfer Agent of the Company
M/s Ankit Consultancy Private Limited.
3. EPS for the year ended 31st March 2017, is for the whole year, whereas for
the quarter/year ended period is only for that quarter/year period.
4. The Company is mainly engaged in the business of welding consumables, All
the other activities of the Company revolve around the main business and as
such there is no separate reportable business segment.
5. The above results are subject to the 'Limited Review' by the Statutory
Auditors of the Company.
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Guarantees given on behalf of the company |
2.906 |
3.009 |
|
CST Demand (in appeal) |
4.758 |
5.244 |
|
VAT Demand (in appeal) |
0.000 |
1.180 |
|
Entry Tax Demand (in appeal) |
0.481 |
0.368 |
|
Some of the cases are pending before the Hon'ble courts
but management believes that the ultimate outcome of these proceedings will
not have a material adverse effects on the Company's financial position and
results of operation. |
||
FIXED ASSETS
- Lease Hold Land
- Free Hold Land
- Office Building
- Factory Building
- Plant & Machinery
- Electric Installation
- Laboratory Equip.
- Vehicles
- Furniture and Fixtures
- Office Equipment
- Computers
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 65.05 |
|
|
1 |
INR 89.69 |
|
Euro |
1 |
INR 80.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.