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MIRA INFORM REPORT
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Report No. : |
495914 |
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Report Date : |
08.03.2018 |
IDENTIFICATION DETAILS
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Name : |
GOKAK TEXTILES LIMITED (w.e.f. 23.01.2007) |
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Formerly Known
As : |
ANS TEXTILES (BANGALORE) LIMITED |
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Registered
Office : |
1, 2nd Floor, 12th Cross, Ideal Homes, Near Jayanna
Circle, Rajarajeshwari Nagar, Bangalore - 560 098, Karnataka |
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Tel. No.: |
91-80-29744077/29744078 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
27.03.2006 |
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Com. Reg. No.: |
08-038839 |
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Capital
Investment / Paid-up Capital : |
INR 65.000 Million |
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CIN No.: [Company Identification
No.] |
L17116KA2006PLC038839 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
Not Divulged |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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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
: |
The Company is in the business
of textile, manufacturing cotton yarn, blended yarn, industrial fabrics,
terry towels, t-shirts, polos, undergarments, sweaters, etc. (Registered Activity) |
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No. of Employees
: |
1526 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Maximum Credit Limit : |
USD 734000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Shapoorji Pallonji and Company Private Limited” incorporated in the year 2006. As per the available financial record of 2017, the company has reported a decline of 22.77% in its revenue as compared to its previous year and has incurred heavy losses during the year. The company possesses moderate financial risk profile marked by strained liquidity position and inadequate coverage metrics. Further rating gets constrained on account of continuous operational losses from its operations weakening the net worth base along with exposed to the volatility in cotton prices and limited pricing flexibility due to intense competition in the industry. However, these rating weakness gets partially offset by Strong parentage with demonstrated track record of regular support from its holding company. As per the quarterly results till December 2017, the company has achieved revenue of INR 441.200 million and has clocked a net loss of INR 94.400 million. Payments seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution. |
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 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Working Capital Limits : B+ |
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Rating Explanation |
Risk-prone-credit-quality and carries very high credit risk |
|
Date |
13.11.2017 |
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Rating Agency Name |
ICRA |
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Rating |
Unallocated Limits : A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk |
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Date |
13.11.2017 |
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 08.03.2018
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 DECLINED
Management non-cooperative (Tel No.: 91-22-28576009)
(Tel No.: 91-80-29744077/29744078
- Continuously Ringing)
LOCATIONS
|
Registered Office : |
1, 2nd Floor, 12th Cross, Ideal Homes, Near Jayanna
Circle, Rajarajeshwari Nagar, Bangalore - 560 098, Karnataka, India |
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Tel. No.: |
91-80-29744077/29744078 |
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Fax No.: |
91-80-29744066 |
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E-Mail : |
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Website : |
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Marketing Office/
Mills : |
Gokak Falls, District Belgaum - 591308, Karnataka, India |
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Tel. No.: |
91-8332-225004/225154/226973/225375/285366 |
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Fax No.: |
91-8332-225354 |
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E-Mail : |
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Corporate Office : |
503, Barton Centre, 5th Floor 84, Mahatma Gandhi Road,
Bangalore - 560 001, Karnataka, India |
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Knitwear Unit : |
Bagalkot Road, Village Marihal District Belgaum-591167,
Karnataka, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Ramesh Ramrao Patil |
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Designation : |
Managing Director |
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Address : |
Plot No 58. Govind Niwas, 1st Lane, D.V. Pradhan Road, Hindu Colony, Dadar (East), Mumbai*400014, Maharashtra, India |
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Date of Appointment : |
18.07.2016 |
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DIN No.: |
07568951 |
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Name : |
Roopa Vijay Tarkhad |
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Designation : |
Director |
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Address : |
F-57, Konkan Nagar, Lt. Kotnis Road, Mahim, Mumbai-400016, Maharashtra, India |
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Date of Birth : |
02.09.1979 |
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Date of Appointment : |
11.08.2017 |
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DIN No.: |
07879587 |
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Name : |
Mr. Kaiwan Dossabhoy Kalyaniwalla |
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Designation : |
Director |
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Address : |
Phirojshah Building, 3rd Floor, 70 C, Gowalia Tank Road, Mumbai-400036, Maharashtra, India |
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Date of Appointment : |
24.09.2010 |
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DIN No.: |
00060776 |
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Name : |
Mr. Pradip Narotam Kapadia |
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Designation : |
Director |
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Address : |
140, Princess Street, Mumbai-400002, Maharashtra, India |
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Date of Appointment : |
12.09.2008 |
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DIN No.: |
00078673 |
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Name : |
Mr. Govinda Prasad Dasu |
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Designation : |
Director |
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Address : |
A - 8, Madhura Nagar, Ameerpet, Hyderabad-500038, Telangana, India |
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Date of Appointment : |
28.05.2012 |
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DIN No.: |
00160408 |
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Name : |
Mr. Vasant Narayan Sanzgiri |
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Designation : |
Director |
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Address : |
701,Shree Niketan CHS Limited, Antony Church Road, Olps School, Chembur Mumbai 400071, Maharashtra, India |
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Date of Birth : |
12.09.1960 |
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Date of Appointment : |
22.05.2012 |
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DIN No.: |
01757117 |
KEY EXECUTIVES
|
Name : |
Mr. Vikram Vithaldas Nagar |
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Designation : |
Chief Financial Officer |
|
Address : |
F-35, Mangesh Krupa Apartments, P. No. 15, Nanawadi, Belgaum-590009, Karnataka, India |
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Date of Appointment : |
29.03.2016 |
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PAN No.: |
AEIPN1122N |
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Name : |
Mr. Rakesh Maheshkumar Nanwani |
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Designation : |
Company Secretary |
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Address : |
Plot No. 495, Khamla Colony, Nagpur 440025, Maharashtra, India |
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Date of Appointment : |
26.05.2017 |
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PAN No.: |
AOJPN2127G |
MAJOR SHAREHOLDERS
As on 31.12.2017
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares (calculated as per SCRR, 1957)As a % |
|
|
(A) Promoter & Promoter
Group |
4780845 |
73.56 |
|
|
(B) Public |
1718463 |
26.44 |
|
|
Grand Total |
6499308 |
100.00 |
Statement showing shareholding pattern of the Promoter and
Promoter Group
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % |
|
|
A1) Indian |
|||
|
Any
Other (specify) |
4780845 |
73.56 |
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|
Shapoorji Pallonji And Company
Private Limited |
4780845 |
73.56 |
|
|
Sub
Total A1 |
4780845 |
73.56 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
4780845 |
73.56 |
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 % |
|
|
B1)
Institutions |
0 |
0.00 |
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Mutual
Funds/ |
196 |
0.00 |
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Foreign
Portfolio Investors |
200635 |
3.09 |
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India Discovery Fund Limited |
200610 |
3.09 |
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Financial
Institutions/ Banks |
9773 |
0.15 |
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Insurance
Companies |
296057 |
4.56 |
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Life Insurance Corporation of
India |
295807 |
4.55 |
|
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Sub
Total B1 |
506661 |
7.80 |
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B2)
Central Government/ State Government(s)/ President of India |
0 |
0.00 |
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Central
Government/ State Government(s)/ President of India |
55221 |
0.85 |
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Sub
Total B2 |
55221 |
0.85 |
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B3) Non-Institutions |
0 |
0.00 |
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Individual
share capital upto INR 0.200 million |
841549 |
12.95 |
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Individual
share capital in excess of INR 0.200 million |
71844 |
1.11 |
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NBFCs
registered with RBI |
10 |
0.00 |
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Any
Other (specify) |
243178 |
3.74 |
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Neoworth Commercial Private
Limited |
95035 |
1.46 |
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Bodies Corporate |
139653 |
2.15 |
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Clearing Members |
88742 |
1.37 |
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NRI – Non- Repat |
10059 |
0.15 |
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NRI – Repat |
1944 |
0.03 |
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Enemy Property |
1670 |
0.03 |
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Overseas corporate bodies |
790 |
0.01 |
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Trusts |
320 |
0.00 |
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Sub
Total B3 |
1156581 |
17.80 |
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B=B1+B2+B3 |
1718463 |
26.44 |
BUSINESS DETAILS
|
Line of Business : |
The Company is in the business
of textile, manufacturing cotton yarn, blended yarn, industrial fabrics, terry
towels, t-shirts, polos, undergarments, sweaters, etc. (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
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Suppliers : |
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Customers : |
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No. of Employees : |
1536 (Approximately) |
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Bankers : |
· Punjab National Bank · Standard Chartered Bank · RBL Bank Limited |
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Facilities : |
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Statutory Auditors |
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Name : |
Kalyaniwalla and Mistry LLP Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Shapoorji Pallonji and Company Private Limited |
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Subsidiary : |
Gokak Power and Energy Limited |
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Fellow Subsidiaries
: |
· Forbes and Company Limited · Eureka Forbes Limited · Forval International Services Limited |
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Trusts : |
· Gokak Textiles Gratuity Fund · Gokak Falls Education and Medical Trust |
CAPITAL STRUCTURE
As on 26.09.2017
Authorised Capital : INR 1470.000 Million
Issued, Subscribed & Paid-up Capital : INR 1464.993
Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
INR 10/- each |
INR 70.000 Million |
|
105000000 |
Preference Shares |
INR 10/- each |
INR 1050.000 Million |
|
|
Total |
|
INR 1120.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6499308 |
Equity Shares |
INR 10/- each |
INR 65.000 Million |
|
|
|
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|
Rights, preferences
and restrictions attached to equity shares
The Company has only one class of equity shares having a par value of INR 10 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Details of shares
held by the holding company, its subsidiaries and associate
|
Particulars |
Fully paid ordinary shares (Numbers) 31.03.2017 |
|
Balance at the beginning of the period |
|
|
Shapoorji Pallonji and Company Private Limited, the
holding company |
4780845 |
Details of shares
held by each shareholder holding more than 5% shares
|
Particulars |
As on 31.03.2017 |
|
|
|
Number of shares held |
% holding in the class of shares |
|
Fully paid equity shares |
|
|
|
Shapoorji Pallonji and Company Private Limited, the
holding company |
4780845 |
73.56 |
The Company has not allotted any equity shares for consideration other than cash, bonus shares, nor have any shares been bought back during the period of five years immediately preceding the Balance Sheet date.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2017 (12
Months) |
31.03.2016 (6
Months) |
30.09.2015 (12
Months) |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
65.000 |
65.000 |
264.993 |
|
(b) Reserves & Surplus |
191.800 |
(59.200) |
(176.160) |
|
(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) |
256.800 |
5.800 |
88.833 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
414.100 |
634.700 |
280.616 |
|
(b) Deferred tax liabilities
(Net) |
13.900 |
38.100 |
29.218 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
63.500 |
67.200 |
19.615 |
|
Total
Non-current Liabilities (3) |
491.500 |
740.000 |
329.449 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
322.100 |
577.600 |
1046.860 |
|
(b) Trade payables |
215.500 |
269.000 |
471.070 |
|
(c) Other current liabilities |
472.400 |
515.500 |
483.881 |
|
(d) Short-term provisions |
23.700 |
4.600 |
4.311 |
|
Total
Current Liabilities (4) |
1033.700 |
1366.700 |
2006.122 |
|
|
|
|
|
|
TOTAL |
1782.000 |
2112.500 |
2424.404 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
852.100 |
921.500 |
968.060 |
|
(ii) Intangible Assets |
8.300 |
10.900 |
11.136 |
|
(iii) Capital work-in-progress |
1.700 |
1.100 |
0.800 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
250.000 |
250.000 |
249.953 |
|
(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 |
232.000 |
230.700 |
222.361 |
|
Total
Non-Current Assets |
1344.100 |
1414.200 |
1452.310 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
314.600 |
383.100 |
440.816 |
|
(c) Trade receivables |
66.500 |
117.200 |
125.021 |
|
(d) Cash and cash equivalents |
4.500 |
16.600 |
206.717 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
180.600 |
|
(f) Other current assets |
45.300 |
173.000 |
18.940 |
|
(g) Assets classified as held
for sale |
7.000 |
8.400 |
0.000 |
|
Total
Current Assets |
437.900 |
698.300 |
972.094 |
|
|
|
|
|
|
TOTAL |
1782.000 |
2112.500 |
2424.404 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 (12
Months) |
31.03.2016 (6
Months) |
30.09.2015 (12
Months) |
|
|
SALES |
|
|
|
|
|
Income |
775.800 |
1004.500 |
3244.576 |
|
|
Other Income |
129.000 |
48.700 |
71.274 |
|
|
TOTAL
|
904.800 |
1053.200 |
3315.850 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
436.700 |
581.200 |
1804.752 |
|
|
Purchases of Stock-in-Trade |
34.900 |
9.100 |
0.000 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
50.800 |
55.600 |
421.535 |
|
|
Employees benefits expense |
254.900 |
179.100 |
449.517 |
|
|
Other expenses |
258.800 |
330.300 |
825.056 |
|
|
TOTAL |
1036.100 |
1155.300 |
3500.860 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(131.300) |
(102.100) |
(185.010) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
166.800 |
97.600 |
219.489 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(298.100) |
(199.700) |
(404.499) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
71.100 |
35.500 |
75.940 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(369.200) |
(235.200) |
(480.439) |
|
|
|
|
|
|
|
Less |
TAX |
(30.900 |
8.200 |
(25.620 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(338.300) |
(243.400) |
(454.819 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
(52.05) |
(37.45) |
(69.98) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 (12
Months) |
31.03.2016 (6
Months) |
30.09.2015 (12
Months) |
|
Current Maturities of Long term debt |
307.000 |
256.600 |
69.750 |
|
Cash generated from operations |
(23.400) |
(197.100) |
196.598 |
|
Net cash (used in) / from operating activities |
(22.500) |
(198.700) |
197.544 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st Quarter |
2nd Quarter |
3rd
Quarter |
|
Net Sales |
389.300 |
445.300 |
441.200 |
|
Total Expenditure |
454.600 |
486.100 |
483.000 |
|
PBIDT (Excl OI) |
(65.300) |
(40.800) |
(41.800) |
|
Other Income |
6.900 |
3.800 |
3.400 |
|
Operating Profit |
(58.400) |
(37.000) |
(38.400) |
|
Interest |
34.600 |
35.600 |
32.700 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
(93.000) |
(72.600) |
(71.100) |
|
Depreciation |
17.000 |
15.400 |
16.300 |
|
Profit Before Tax |
(110.000) |
(88.000) |
(87.400) |
|
Tax |
(7.400) |
0.800 |
8.100 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
(102.600) |
(88.800) |
(95.500) |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
(102.600) |
(88.800) |
(95.500) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 (12
Months) |
31.03.2016 (6
Months) |
30.09.2015 (12
Months) |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
31.29 |
42.59 |
14.06 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
11.67 |
8.57 |
25.95 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
166.79 |
166.33 |
95.27 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
(0.42) |
(0.27) |
(0.42) |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
(0.15) |
(0.11) |
(0.19) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 (12
Months) |
31.03.2016 (6
Months) |
30.09.2015 (12
Months) |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.98 |
1.07 |
0.97 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
4.06 |
253.26 |
15.73 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
4.03 |
235.64 |
22.58 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
3.36 |
160.95 |
11.03 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
(0.79) |
(1.05) |
(0.84) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 (12
Months) |
31.03.2016 (6
Months) |
30.09.2015 (12
Months) |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(43.61) |
(24.23) |
(14.02) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(18.98) |
(11.52) |
(18.76) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(131.74) |
(4196.55) |
(511.99) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 (12
Months) |
31.03.2016 (6
Months) |
30.09.2015 (12
Months) |
|
Current Ratio (Current Assets / Current Liabilities) |
0.42 |
0.51 |
0.48 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.12 |
0.23 |
0.26 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.14 |
0.00 |
0.04 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
16.05 |
22.60 |
5.27 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.42 |
0.51 |
0.48 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 45.20/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
30.09.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In
Million |
INR
In Million |
INR
In Million |
|
Share Capital |
264.993 |
65.000 |
65.000 |
|
Reserves & Surplus |
(176.160) |
(59.200) |
191.800 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
88.833 |
5.800 |
256.800 |
|
|
|
|
|
|
long-term borrowings |
280.616 |
634.700 |
414.100 |
|
Short term borrowings |
1046.860 |
577.600 |
322.100 |
|
Current maturities of
long-term debts |
69.750 |
256.600 |
307.000 |
|
Total
borrowings |
1397.226 |
1468.900 |
1043.200 |
|
Debt/Equity
ratio |
15.729 |
253.259 |
4.062 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.09.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
3244.576 |
1004.500 |
775.800 |
|
|
|
(69.041) |
(22.768) |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.09.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
3244.576 |
1004.500 |
775.800 |
|
Profit/ (Loss) |
(454.819) |
(243.400) |
(338.300) |
|
|
(14.02%) |
(24.23%) |
(43.61%) |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 (12
Months) |
31.03.2016 (6
Months) |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
65.000 |
65.000 |
|
(b) Reserves & Surplus |
|
(500.600) |
(785.000) |
|
(c) Money received against share
warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
(3) Non-Controlling
Interest |
|
54.200 |
64.000 |
|
Total
Shareholders’ Funds |
|
(381.400) |
(656.000) |
|
|
|
|
|
|
(4) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
946.300 |
1252.900 |
|
(b) Deferred tax liabilities
(Net) |
|
13.900 |
38.100 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
65.200 |
69.100 |
|
Total
Non-current Liabilities |
|
1025.400 |
1360.100 |
|
|
|
|
|
|
(5) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
600.000 |
781.600 |
|
(b) Trade payables |
|
215.600 |
270.000 |
|
(c) Other current liabilities |
|
563.400 |
533.800 |
|
(d) Short-term provisions |
|
23.800 |
5.000 |
|
Total
Current Liabilities (4) |
|
1402.800 |
1590.400 |
|
|
|
|
|
|
TOTAL |
|
2046.800 |
2294.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1134.400 |
1214.200 |
|
(ii) Intangible Assets |
|
8.300 |
10.900 |
|
(iii) Capital work-in-progress |
|
3.100 |
3.300 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.100 |
0.100 |
|
(c) Deferred tax assets (net) |
|
78.400 |
33.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
230.300 |
229.400 |
|
Total
Non-Current Assets |
|
1454.600 |
1490.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
316.200 |
384.800 |
|
(c) Trade receivables |
|
74.000 |
118.500 |
|
(d) Cash and cash equivalents |
|
103.700 |
159.200 |
|
(e) Short-term loans and
advances |
|
0.000 |
0.000 |
|
(f) Other current assets |
|
91.300 |
132.700 |
|
(g) Assets classified as held
for sale |
|
7.000 |
8.400 |
|
Total
Current Assets |
|
592.200 |
803.600 |
|
|
|
|
|
|
TOTAL |
|
2046.800 |
2294.500 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 (12
Months) |
31.03.2016 (6
Months) |
|
|
SALES |
|
|
|
|
|
Income |
|
830.900 |
1015.300 |
|
|
Other Income |
|
129.700 |
43.100 |
|
|
TOTAL
|
|
960.600 |
1058.400 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
436.500 |
581.300 |
|
|
Purchases of Stock-in-Trade |
|
34.900 |
9.100 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
|
50.900 |
55.600 |
|
|
Employees benefits expense |
|
260.700 |
181.800 |
|
|
Other expenses |
|
224.600 |
316.400 |
|
|
TOTAL |
|
1007.600 |
1144.200 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
(47.000) |
(85.800) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
262.400 |
150.800 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(309.400) |
(236.600) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
81.500 |
40.700 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
(390.900) |
(277.300) |
|
|
|
|
|
|
|
Less |
TAX |
|
(76.200) |
(19.900) |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
(314.700) |
(257.400) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
(48.42) |
(39.59) |
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 |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three financial
years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three financial
years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The Company was incorporated under the Companies Act, 1956 under the name of ANS Textiles (Bangalore) Limited on March 27, 2006. The name was changed to Gokak Textiles Limited, with effect from January 23, 2007. As per the scheme of arrangement under the Companies Act, 1956, the Textile Division of erstwhile Forbes Gokak Limited (now known as Forbes and Company Limited) was transferred to Gokak Textiles Limited with effect from April 1, 2007. The Company is in the business of textile, manufacturing cotton yarn, blended yarn, industrial fabrics, terry towels, t-shirts, polos, undergarments, sweaters, etc.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT:
The Textiles industry currently contributes 5% to India's GDP and also 14% to the overall index of Industrial Production. Over the years Home Textile and Apparel sector have registered a Compound Annual Growth Rate (CAGR) of 11% and Technical Textile sector12%. With the current government's special policy thrust on textile industry it will find encouraging trend and will increase CAGR. Textile sector will account for one of the highest earning for the country but existing many of the spinning mills are struggling for survival due to higher input cost prevailing throughout the year
Textile industry is labour intensive also second largest employer of country next to agriculture. The Indian Textile Industry produces wide variety of products suitable to different markets both within India and across the globe hence the Government is providing special incentives for cotton growing are as.
Among the various areas the man-made fibre industry is playing a key role in Indian export contribution of 17% and further demand is increasing day-by-day.
At the global level this constitutes 70% of production while cotton accounts for only 30%.
However in our country the situation is reverse with 40% from man-made fibre and 60%contribution from cotton. However this year cotton cost remained higher compared to previous years.
Segment-wise
product-wise performance:
During the period the Company has developed several new products. Compact hosiery yam and weaving yam for export purpose and speciality products in Slub category fancy yam and melange yam. During the period under review the Company exported yam to many countries like Bangladesh Pakistan Portugal Chile China Sri Lanka Egypt Mexico and United Kingdom. Sale of dyed yam remains challenging due to scarcity of water.
Business outlook:
The Government of India introduced two major economic reforms during the year. The first is the Goods and Service Tax (GST) a destination based tax that will replace the existing Central and State indirect taxes which is to come in force from July12017 and the benefits of which would be visible by the end of FY 2017-18. The seconder form was the demonetization of all the existing 500 and 1000 rupee notes as legal tender and introduction of new 500 and 2000 rupee denomination notes. This in the long run is expected to result in significant benefits in the form of transition towards a cashless economy expansion of digital financial systems and extension of the tax net.
According to ICRA (formerly Investment Information and Credit Rating Agency of India Limited) the impact of the Goods and Services Tax (GST) is likely to be neutral to positive a cross segments in the Textile industry compared to the current tax regime.
The financial year 2017-18 is expected to be a good year for the Indian economy. The benefits of the important reforms to be implemented during 2017-18 will be seen during the year.
Mills Division
Since Company has main focus for the supply of cotton grey and dyed yam hence all efforts were on the production and marketing of these product mix for domestic as well as International market. The Company has also focused to sell more Terry Towels products which have been accepted by the market and proposes to introduce various varieties which would cater to different segments of the market. During the year the Company suffered due to industrial unrest till May 13 2016 and for an intermittent period till January' 2017which created significant impact on operations of the Mill it took time to stabilize the production and capacity utilization. Inspite of all the odd challenges the Mill has was able to utilize more than 55% of its capacity and has also exported its products.
Knitwear Division
The Company is in the process of revamping the business aspects and accordingly the Company is approaching its old and new customers. Management is optimistic that it will do good business this year. The Company has developed new products such as Yoga Mat Cotton Melange Blanket Acrylic Wool Blanket Multi-Purpose Cotton Shopping Bags Floor Mats Viscose Melange Coloured Ladies Knit Tops & Pants Woven Bermuda Men's Polo V neck and Round neck Tee Kids Undergarments Kids Vests Kids Woven Half pants School Uniform Melange Track Pants Cotton and Bamboo Towels & Napkins. The Company expects its products to do well in the market in near future and the response to new products was good.
UNSECURED LOAN
|
PARTICULAR |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Liability component of compound financial instruments |
130.200 |
43.900 |
|
Total |
130.200 |
43.900 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C79717203 |
10621456 |
RBL Bank Limited |
29/12/2015 |
- |
- |
650000000.0 |
SHAHUPUR, KOLHAPUR, KOLHAPUR MAHARASHTRA 416001 INDIA |
|
2 |
C43546902 |
10465839 |
RBL Bank Limited |
21/11/2013 |
21/01/2015 |
- |
500000000.0 |
SHAHUPURI, KOLHAPUR, KOLHAPUR MAHARASHTRA 416001 INDIA |
|
3 |
B23203359 |
10311949 |
NEW INDIA CO-OP. BANK LIMITED |
22/09/2011 |
- |
- |
230000000.0 |
NEW INDIA BHAVAN, ANANT VISHRAM NAGVEKAR MARG BABASAHEB WORLIKAR CHOWK, PRABHADEVI, MUMBAI MAHARASHTRA 400025 INDIA |
|
4 |
A60807328 |
10153693 |
PUNJAB NATIONAL BANK |
19/03/2009 |
- |
- |
1150000000.0 |
FORT BRANCH, P.N.B. HOUSE P. M. ROAD. MUMBAI MAHARASHTRA 400001 INDIA |
|
5 |
G32658676 |
10078186 |
EXPORT-IMPORT BANK OF INDIA |
26/10/2007 |
05/10/2010 |
19/12/2016 |
240000000.0 |
CENTRE ONE BUILDING, FLOOR 21,WORLD TRADE CENTRE COMPLEX, CUFFE PARADE MUMBAI MAHARASHTRA 400005 INDIA |
|
6 |
G25000928 |
10076294 |
Axis Bank Limited |
09/10/2007 |
01/02/2011 |
28/10/2016 |
115000000.0 |
CREDIT MANAGEMENT CENTRE, UNIT NO. 6.CORPORATE PARK, SION TROMBAY ROAD, CHEMBUR MUMBAI MAHARASHTRA 400071 INDIA |
|
7 |
G13457247 |
10078184 |
EXPORT-IMPORT BANK OF INDIA |
26/10/2007 |
05/10/2010 |
22/09/2016 |
240000000.0 |
CENTRE ONE BUILDING, FLOOR 21,WORLD TRADE CENTRE COMPLEX, CUFFE PARADE MUMBAI MAHARASHTRA 400005 INDIA |
|
8 |
C16226417 |
10078185 |
State Bank of India |
26/10/2007 |
- |
14/08/2014 |
240000000.0 |
N.G.N.VAIDYA MARG FORT, MUMBAI MAHARASHTRA 400023 INDIA |
|
9 |
B98261712 |
10374986 |
Export-Import Bank of India |
20/07/2012 |
- |
24/02/2014 |
44000000.0 |
CENTRE ONE BUILDING, FLOOR 21,WORLD TRADE CENTRE COMPLEX, CUFFE PARADE MUMBAI MAHARASHTRA 400005 INDIA |
|
10 |
B98262785 |
10104859 |
EXPORT-IMPORT BANK OF INDIA |
29/03/2008 |
05/10/2010 |
24/02/2014 |
150000000.0 |
CENTRE ONE BUILDING, FLOOR 21,WORLD TRADE CENTRE COMPLEX, CUFFE PARADE MUMBAI MAHARASHTRA 400005 INDIA |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Claims against the Company not acknowledged as debts |
|
|
|
Taxes in dispute |
|
|
|
- Special Entry tax |
11.500 |
11.500 |
|
- Excise Duty |
14.300 |
14.300 |
|
- Provident Fund |
2.800 |
2.800 |
|
Labour matters in dispute |
5.200 |
5.200 |
|
Bonds given by Company in favour of Customs Authorities |
462.900 |
464.800 |
|
Total |
496.700 |
498.600 |
|
The amounts included above, represent the best possible estimates
arrived at on the basis of available information. The uncertainties and
possible liabilities are dependent on the outcome of different legal
processes which have been invoked by the Company or the claimants as the case
may be and therefore cannot be predicted accurately. |
||
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
31.12.2017
(INR In Million)
|
PARTICULARS |
Standalone |
||
|
Quarter Ended |
Quarter Ended |
Quarter Ended |
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
Income From
Operations |
|
|
|
|
a. Revenue from operations |
441.200 |
445.300 |
1275.800 |
|
b. Other Income |
3.400 |
3.800 |
14.100 |
|
Total Income from
Operations (Net) |
444.600 |
449.100 |
1289.900 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
Cost of Materials Consumed |
293.500 |
296.400 |
880.700 |
|
Purchases of Stock-in-Trade |
(0.900) |
0.000 |
0.000 |
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(1.000) |
32.100 |
3.300 |
|
Employees Benefit Expenses |
78.400 |
66.500 |
217.700 |
|
Finance Cost |
32.700 |
35.600 |
102.900 |
|
Depreciation and Amortization Expenses |
16.300 |
15.400 |
48.700 |
|
Power and Fuel Expenses |
69.800 |
53.600 |
194.300 |
|
Other expenses |
43.200 |
37.500 |
127.700 |
|
Total Expenses |
532.000 |
537.100 |
1575.300 |
|
Profit / (Loss)
from operations before exceptional Items |
(87.400) |
(88.000) |
(285.400) |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Profit / (Loss)
from ordinary activities before tax |
(87.400) |
(88.000) |
(285.400) |
|
- Current Tax |
0.000 |
0.000 |
0.000 |
|
- Deferred Tax |
8.100 |
0.800 |
1.500 |
|
- Tax Expenses |
8.100 |
0.800 |
1.500 |
|
Net Profit / (Loss)
for the period |
(95.500) |
(88.800) |
(286.900) |
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
(i) Items that will not be reclassified to profit or loss |
1.600 |
2.000 |
(4.900) |
|
(ii) Income tax relating to items that will not be
reclassified to profit of loss |
(0.500) |
(0.600) |
1.500 |
|
|
|
|
|
|
(i) Items that will be reclassified to profit or loss |
0.000 |
0.000 |
0.000 |
|
(ii) Income tax relating to items that will be
reclassified to profit of loss |
0.000 |
0.000 |
0.000 |
|
Other comprehensive income, net of income tax |
(94.400) |
(87.400) |
(290.300) |
|
|
|
|
|
|
Total Other comprehensive income, net of income tax |
|
|
|
|
|
|
|
|
|
Paid- up
Equity Share Capital (share – INR 10) |
|
|
|
|
Other Equity (as per balance sheet of the previous
accounting year) |
65.000 |
65.000 |
65.000 |
|
Earnings Per Share (of INR 10 each) (not annualized) |
|
|
|
|
Basic and Diluted |
(14.69) |
(13.66) |
(44.14) |
Note :
a. The above standalone results which are published in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements), 2015 have been reviewed by the Audit Committee of the Board and subsequently taken on record by the Board of Directors of the Company at their meeting held on 07th February, 2018. The standalone financial results are in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013. These standalone financial results have been subjected to limited review by the statutory auditors of the Company.
b. The Company operates in one segment only, namely Textiles.
c. The Company has allotted 35000000, 11% Non-cumulative, Non-convertible,
Non-participating, Redeemable Preference Shares of INR10 each i.e. aggregate
face value INR 350000000 (Rupees Thirty Five Crores Only) on private placement
basis to Shapoorji Pallonji and Company Private Limited on December 30, 2017.
d. The figures for the corresponding periods have been regrouped and rearranged
wherever necessary, to make them comparable.
FIXED ASSETS
- Land - Freehold
- Building
- Plant and Machinery
- Furniture, fixtures
- Office Equipment
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.05 |
|
UK Pound |
1 |
INR 80.03 |
|
Euro |
1 |
INR 89.70 |
INFORMATION DETAILS
|
Information Gathered
by : |
SAV |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
JYTK |
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.
·