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MIRA INFORM REPORT
|
Report No. : |
499262 |
|
Report Date : |
23.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
VERITAS (INDIA) LIMITED (w.e.f 04.06.2009) |
|
|
|
|
Formerly Known
As : |
DUROFLEX ENGINEERING LIMITED |
|
|
|
|
Registered
Office : |
Veritas House, 3rd Floor, 70 Mint Road, Fort,
Mumbai – 400001, Maharashtra |
|
Tel. No.: |
91-22-22755555 / 61840000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
21.03.1985 |
|
|
|
|
Com. Reg. No.: |
11-035702 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 26.810 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L23209MH1985PLC035702 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0308000358 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAACD1654J1ZQ |
|
|
|
|
TIN No.: |
27900583393 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACD1654J |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
|
|
|
|
Line of Business
: |
The Company is in the business of International Trade and Distribution of Polymers, Paper and Paper Boards, Rubber, Heavy Distillates, Chemicals, Development of software, Manufacture of Ceramics products etc. The Company is also engaged in generation of wind energy. [Registered Activity] |
|
|
|
|
No. of Employees
: |
35 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1985. It is a trader and distributer of bulk chemicals, rubber, and metals For the financial year 2017, the revenue of the company has increased by 18.17% along with average profit margin of 1.47%. The sound financial profile of the company is marked by healthy networth base along with negligible debt level. The rating takes into consideration the subject’s long established track record of business operations along with extensive experience of its promoters. The company has its share price trading at around INR 172.25 against the Face Value (FV) of INR 01 on BSE as on 21st March, 2018. As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 1782.700 million and has reported low profit margin of 0.45%. However, these rating strengths are partially offset by unfavourable gap between trade payables and trade receivables. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered for good 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
23.01.2018 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term = A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
23.01.2018 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 23.03.2018.
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.:91-22-22755555)
LOCATIONS
|
Registered Office/ Corporate Office : |
Veritas House, 3rd Floor, 70 Mint Road, Fort,
Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-22755555 / 61840000 |
|
Fax No.: |
91-22-22824440 / 61840001 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Network: |
Existing Office
Proposed Office:
|
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Saurabh Dipak Sanghvi |
|
Designation : |
Whole-time Director |
|
Address : |
66, Kamal Building, 69, Walkeshwar Road, Mumbai - 400006, Maharashtra, India |
|
Date of Appointment : |
05.12.2007 |
|
DIN No.: |
02000411 |
|
|
|
|
Name : |
Mr. Nitinkumar Dindayal Didwania |
|
Designation : |
Director |
|
Address : |
172, Kshitij, 47, Nepeansea Road, Mumbai - 400036, Maharashtra, India |
|
Date of Birth/Age : |
23.06.1974 |
|
Qualification : |
M.Com |
|
Date of Appointment : |
05.12.2007 |
|
DIN No.: |
00210289 |
|
|
|
|
Name : |
Mrs. Alpa Mayank Parekh |
|
Designation : |
Director |
|
Address : |
1103/104 Ankur 1AL, PS III, 7TH Lane, Borivali (West), Mumbai - 400092, Maharashtra, India |
|
Date of Appointment : |
01.04.2014 |
|
DIN No.: |
01299418 |
|
|
|
|
Name : |
Mr. Shafi Sayeed Parkar |
|
Designation : |
Director |
|
Address : |
1002, Avanti Apartment, L.R. Papan Marg, Off. Dr. E. Moses Road , K. Gandhi Nagar, Worli, Mumbai - 400018, Maharashtra, India |
|
Date of Appointment : |
01.04.2014 |
|
DIN No.: |
02661621 |
|
|
|
|
Name : |
Mrs. Kamala Rahul Aithal |
|
Designation : |
Director |
|
Address : |
C/5/2, Kripa Nagar, S. V. Road Irla, Vile Parle (West), Mumbai-400056, Maharashtra, India |
|
Date of Appointment : |
25.05.2017 |
|
DIN No.: |
07832519 |
KEY EXECUTIVES
|
Name : |
Mr. Prasad Oak |
|
Designation : |
Company Secretary |
|
Address : |
506, Anil Apartment Cooperative Housing Society Limited, Off Mithagar Road Near VPM School, Mulund (East) Mumbai – 400081, Maharashtra, India |
|
Date of Appointment : |
27.05.2013 |
|
PAN. No: |
ACTPT5373L |
|
|
|
|
Name : |
Mr. Rajaram Satyendra Shanbhag |
|
Designation : |
Chief Financial Officer |
|
Address : |
A-10, Kanika Cooperative Housing Society Limited, Dr. Radhakrishnan Cross Road, Andheri (East), Mumbai - 400069, Maharashtra, India |
|
Date of Appointment : |
30.05.2014 |
|
PAN. No: |
AMFPS6518N |
SHAREHOLDING PATTERN
AS ON DECEMBER 2017
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of
shares (calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter & Promoter Group |
16213100 |
60.47 |
|
|
(B) Public |
10596900 |
39.53 |
|
|
Grand Total |
26810000 |
100.00 |
%20LIMITED%20-%20499262_MIRA%2023-Mar-2018_files/image019.gif)
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER
GROUP
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of
shares (calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
15963100 |
59.54 |
|
|
Niti Nitinkumar Didwania |
6713100 |
25.04 |
|
|
Nitin Didwania |
9250000 |
34.50 |
|
|
Any Other (specify) |
250000 |
0.93 |
|
|
Groupe Veritas Limited |
250000 |
0.93 |
|
|
Sub Total A1 |
16213100 |
60.47 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
16213100 |
60.47 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR,
1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
|
Foreign Portfolio Investors |
2600000 |
9.70 |
|
|
Latitude Consultants Limited |
2600000 |
9.70 |
|
|
Sub Total B1 |
2600000 |
9.70 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200 Million |
957112 |
3.57 |
|
|
Individual share capital in excess of INR 0.200 Million |
1558570 |
5.81 |
|
|
Agarwal Sanjay |
544000 |
2.03 |
|
|
Aman Bhatia |
400000 |
1.49 |
|
|
Neeti Bhatia |
350000 |
1.31 |
|
|
Any Other (specify) |
5481218 |
20.44 |
|
|
Clearing Members |
1170 |
0.00 |
|
|
Bodies Corporate |
1477786 |
5.51 |
|
|
Kamalasini Tradel Link Private Limited |
1471300 |
5.49 |
|
|
NRI – Repat |
155 |
0.00 |
|
|
NRI – Non- Repat |
240 |
0.00 |
|
|
HUF |
1867 |
0.01 |
|
|
Foreign Corporate Bodies |
4000000 |
14.92 |
|
|
Aventia Global Limited |
1000000 |
3.73 |
|
|
Onix Assets Limited |
3000000 |
11.19 |
|
|
Sub Total B3 |
7996900 |
29.83 |
|
|
B=B1+B2+B3 |
10596900 |
39.53 |
BUSINESS DETAILS
|
Line of Business : |
The Company is in the business of International Trade and Distribution of Polymers, Paper and Paper Boards, Rubber, Heavy Distillates, Chemicals, Development of software, Manufacture of Ceramics products etc. The Company is also engaged in generation of wind energy. [Registered Activity] |
||||
|
|
|
||||
|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
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|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
35 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
Note: LONG TERM BORROWINGS The above term loan exclude INR 3.903 Million (P.Y. INR 9.944 Million) falling due for payment within one year. SHORT TERM BORROWINGS Primary Security Exclusive charge on the Current Assets of the Company. Collateral Personal Guarantee of the Director Mr. Nitin Kumar Didwania. |
|
Auditor 1 : |
|
|
Name : |
Shabbir and Rita Associates LLP Chartered Accountant |
|
|
|
|
Auditor 2 : |
|
|
Name : |
M. P. Chitale and Company Chartered Accountant |
|
Address : |
Hamam House, Ambala Doshi Marg, Fort, Mumbai-400001, Maharashtra,
India |
|
Tel. No.: |
91-22-22651186 / 22653023 / 24 |
|
Fax No.: |
91-22-22655334 |
|
E-Mail : |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary
Companies including step down subsidiary : |
|
|
|
|
|
Enterprise over which
Key Managerial Personnel are able to exercise significant influence : |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
INR 1/- each |
INR 100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26810000 |
Equity Shares |
INR 1/- each |
INR 26.810
Million |
|
|
|
|
|
i) Reconciliation of the number of shares and amount outstanding at the
beginning and at the end of the reporting period:
|
Sr. No. |
Particulars |
Opening Balance |
Fresh Issue |
Closing Balance |
|
(A) |
Equity shares with voting rights |
|
|
|
|
|
Year ended 31st March, 2017 |
|
|
|
|
|
Number of shares |
26810000 |
-- |
26810000 |
|
|
Amount ( INR in Million) |
26.810 |
-- |
26.810 |
|
|
|
|
|
|
|
|
Year ended 31st March, 2016 |
|
|
|
|
|
Number of shares |
24210000 |
2600000 |
26810000 |
|
|
Amount ( INR in Million) |
24.210 |
2.600 |
26.810 |
ii) Details of shares held
by each shareholder holding more than 5% shares:
|
Sr. No. |
Class of shares
/ Name of shareholder |
As at 31st march, 2017 |
|
|
|
|
Number of shares |
% Holding |
|
|
Equity shares of INR 1/ - each fully paid – up with voting rights |
|
|
|
1 |
Nitin Kumar Didwania |
9250000 |
34.50 |
|
2 |
Niti Didwania |
67131000 |
25.04 |
|
3 |
Onix Assets Limited |
3000000 |
11.19 |
|
4 |
Aattitude Consultants Limited |
2600000 |
9.70 |
|
5 |
Kamalasini Tradelink Private Limited |
1471300 |
5.49 |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
26.810 |
26.810 |
24.210 |
|
(b) Reserves &
Surplus |
1513.463 |
1429.422 |
1098.064 |
|
(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) |
1540.273 |
1456.232 |
1122.274 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
4.095 |
11.588 |
|
(b) Deferred tax
liabilities (Net) |
12.859 |
14.913 |
19.520 |
|
(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) |
12.859 |
19.008 |
31.108 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
167.947 |
243.146 |
176.069 |
|
(b) Trade payables |
432.045 |
185.720 |
434.421 |
|
(c) Other current
liabilities |
32.814 |
20.561 |
51.668 |
|
(d) Short-term provisions |
5.237 |
5.602 |
18.105 |
|
Total Current Liabilities
(4) |
638.043 |
455.029 |
680.263 |
|
|
|
|
|
|
TOTAL |
2191.175 |
1930.269 |
1833.645 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
74.808 |
77.355 |
66.950 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
10.395 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
313.497 |
302.098 |
26.709 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
9.477 |
7.616 |
6.559 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
397.782 |
387.069 |
110.613 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
247.161 |
1.032 |
232.559 |
|
(c) Trade receivables |
1017.352 |
804.793 |
1038.931 |
|
(d) Cash and cash
equivalents |
127.332 |
132.356 |
146.942 |
|
(e) Short-term loans and
advances |
401.048 |
604.059 |
130.667 |
|
(f) Other current assets |
0.500 |
0.960 |
173.933 |
|
Total Current Assets |
1793.393 |
1543.200 |
1723.032 |
|
|
|
|
|
|
TOTAL |
2191.175 |
1930.269 |
1833.645 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
5340.176 |
4519.226 |
5059.501 |
|
|
Other Income |
50.711 |
32.550 |
78.510 |
|
|
TOTAL |
5390.887 |
4551.776 |
5138.011 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
5455.018 |
4131.972 |
5135.033 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(246.129) |
231.527 |
(218.112) |
|
|
Employees benefits
expense |
26.673 |
34.547 |
30.450 |
|
|
Operation and Other
expenses |
30.007 |
36.973 |
59.676 |
|
|
TOTAL |
5265.569 |
4435.019 |
5007.047 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE INTEREST,
TAX, DEPRECIATION AND AMORTISATION |
125.318 |
116.757 |
130.964 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
22.309 |
22.556 |
16.267 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
103.009 |
94.201 |
114.697 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
6.539 |
6.459 |
5.808 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
96.470 |
87.742 |
108.889 |
|
|
|
|
|
|
|
Less |
TAX |
17.772 |
12.417 |
21.206 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
78.698 |
75.325 |
87.683 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
377.674 |
303.716 |
217.294 |
|
|
|
|
|
|
|
Add |
Credit for Tax on
Dividend |
0.274 |
0.248 |
0.198 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Final Dividend
on Equity Shares INR 0.05 per share (P.Y. INR 0.05) |
1.341 |
1.341 |
1.211 |
|
|
Tax on Dividend |
0.261 |
0.274 |
0.248 |
|
|
Total (M) |
1.602 |
1.615 |
1.459 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
455.044 |
377.674 |
303.716 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
77.467 |
97.793 |
362.897 |
|
|
Dividend |
17.113 |
17.865 |
11.845 |
|
|
LC Commission from
Subsidiary |
5.674 |
11.608 |
0.000 |
|
|
Interest from Subsidiary |
11.060 |
2.662 |
0.000 |
|
|
TOTAL EARNINGS |
111.314 |
129.928 |
374.742 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Traded Goods |
0.000 |
0.000 |
179.420 |
|
|
TOTAL IMPORTS |
0.000 |
0.000 |
179.420 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
2.94 |
2.81 |
3.62 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
3.903 |
9.944 |
9.944 |
|
Cash generated from operations |
99.604 |
(29.921) |
(87.116) |
|
Net Cash Used In Operating Activities |
77.517 |
(60.663) |
(98.304) |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2017 1st
Quarter |
30.09.2017 2nd
Quarter |
31.12.2017 3rd
Quarter |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Net Sales |
1299.400 |
1322.790 |
1782.700 |
|
Total Expenditure |
1280.050 |
1286.890 |
1774.820 |
|
PBIDT (Excluding Other Income) |
19.350 |
35.900 |
7.880 |
|
Other Income |
5.720 |
5.710 |
5.700 |
|
Operating Profit |
25.070 |
41.610 |
13.500 |
|
Interest |
2.670 |
5.100 |
1.130 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
22.400 |
36.510 |
12.450 |
|
Depreciation |
1.500 |
1.500 |
1.530 |
|
Profit Before Tax |
20.910 |
35.010 |
10.920 |
|
Tax |
5.090 |
7.860 |
2.890 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
15.810 |
27.160 |
8.030 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
15.810 |
27.160 |
8.030 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors
/ Income * 365) |
69.54 |
65.00 |
74.95 |
|
|
|
|
|
|
Account Receivables Turnover (Income /
Sunday Debtors) |
5.25 |
5.62 |
4.87 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
28.91 |
16.41 |
30.88 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.51 |
113.14 |
0.56 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.68 |
1.51 |
1.69 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.29 |
0.24 |
0.38 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.11 |
0.18 |
0.18 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.41 |
0.31 |
0.61 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.05 |
0.05 |
0.07 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
5.62 |
5.18 |
8.05 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
% |
1.47 |
1.67 |
1.73 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
3.59 |
3.90 |
4.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
5.11 |
5.17 |
7.81 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.81 |
3.39 |
2.53 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current Liabilities) |
2.42 |
3.39 |
2.19 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.70 |
0.75 |
0.61 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
6.41 |
9.59 |
8.16 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.81 |
3.39 |
2.53 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 1.00/- |
|
Market Value |
INR 172.25/- |
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 |
24.210 |
26.810 |
26.810 |
|
Reserves & Surplus |
1098.064 |
1429.422 |
1513.463 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1122.274 |
1456.232 |
1540.273 |
|
|
|
|
|
|
Long-term borrowings |
11.588 |
4.095 |
0.000 |
|
Short term borrowings |
176.069 |
243.146 |
167.947 |
|
Current Maturities of
Long term debt |
9.944 |
9.944 |
3.903 |
|
Total borrowings |
197.601 |
257.185 |
171.850 |
|
Debt/Equity ratio |
0.176 |
0.177 |
0.112 |
%20LIMITED%20-%20499262_MIRA%2023-Mar-2018_files/image021.gif)
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 |
5059.501 |
4519.226 |
5340.176 |
|
|
|
(10.678) |
18.166 |
%20LIMITED%20-%20499262_MIRA%2023-Mar-2018_files/image023.gif)
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 |
5059.501 |
4519.226 |
5340.176 |
|
Profit |
87.683 |
75.325 |
78.698 |
|
|
1.73% |
1.67% |
1.47% |
%20LIMITED%20-%20499262_MIRA%2023-Mar-2018_files/image025.gif)
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
26.810 |
26.810 |
|
(b) Reserves &
Surplus |
|
11774.360 |
11130.768 |
|
(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) |
|
11801.170 |
11157.578 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
4902.621 |
2547.270 |
|
(b) Deferred tax liabilities
(Net) |
|
12.885 |
14.969 |
|
(c) Other long term
liabilities |
|
2445.284 |
1656.349 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
7360.790 |
4218.588 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
1537.255 |
1528.550 |
|
(b) Trade payables |
|
1325.782 |
1005.856 |
|
(c) Other current
liabilities |
|
40.028 |
24.172 |
|
(d) Short-term provisions |
|
5.237 |
5.601 |
|
Total Current Liabilities
(4) |
|
2908.302 |
2564.179 |
|
|
|
|
|
|
TOTAL |
|
22070.262 |
17940.345 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
8579.188 |
8565.818 |
|
(ii) Intangible Assets |
|
1.261 |
1.681 |
|
(iii) Capital
work-in-progress |
|
7296.924 |
3860.771 |
|
(iv) Intangible assets
under development |
|
0.136 |
0.136 |
|
(b) Non-current
Investments |
|
10.998 |
10.998 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
21.368 |
7.616 |
|
(e) Other Non-current
assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
15909.875 |
12447.020 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
340.496 |
3.417 |
|
(c) Trade receivables |
|
5099.876 |
4169.264 |
|
(d) Cash and cash
equivalents |
|
485.011 |
869.170 |
|
(e) Short-term loans and
advances |
|
234.504 |
450.515 |
|
(f) Other current assets |
|
0.500 |
0.959 |
|
Total Current Assets |
|
6160.387 |
5493.325 |
|
|
|
|
|
|
TOTAL |
|
22070.262 |
17940.345 |
PROFIT
& LOSS ACCOUNT [CONSOLIDATED]
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
16484.792 |
14557.855 |
|
|
Other Income |
|
22.442 |
0.414 |
|
|
TOTAL |
|
16507.234 |
14558.269 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
|
15947.526 |
13565.282 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(337.079) |
231.527 |
|
|
Employees benefits
expense |
|
27.769 |
35.009 |
|
|
Operation and Other
expenses |
|
35.936 |
44.346 |
|
|
TOTAL |
|
15674.152 |
13876.164 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
833.082 |
682.105 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
93.473 |
60.451 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
739.609 |
621.654 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
7.059 |
6.999 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
732.550 |
614.655 |
|
|
|
|
|
|
|
Less |
TAX |
|
17.696 |
12.336 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
714.854 |
602.319 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
26.66 |
22.47 |
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 years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE
INFORMATION:
The Company is in the business of International Trade and Distribution of Polymers, Paper and Paper Boards, Rubber, Heavy Distillates, Chemicals, Development of software, Manufacture of Ceramics products etc. The Company is also engaged in generation of wind energy. During the year the Company has incorporated two new subsidiaries namely M/S Veritas Infra LLP (for infra project) and M/S Veritas Agricom LLP (for Agri Project).
PERFORMANCE
HIGHLIGHTS:
Following are the figures and comparison of the operations of the Company for the financial year ended 31st March, 2017:
Standalone revenue from operations increased to INR 5340.176 Million as compared to previous year’s revenue of INR 4519.226 Million.
Standalone Profit after Tax increased to INR 78.698 Million as compared to previous year’s profit after tax of INR 75.325 Million.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENT
The Company is engaged in the business of import, export, trading and distribution of chemicals, metals, rubber and other commodities. The Company is also engaged in the generation of wind energy.
CHEMICAL INDUSTRY
Indian chemical industry is amongst top ten in the world. Chemicals have become essential part of modern day life as those are widely used in a variety of products. Indian Chemical Industry is the 6th largest in world and the 3rd largest in Asia. Indian Chemical Industry is expected to double its share in global chemical industry to 5-6% by 2021 registering growth of 8-9% in next decade. Their Country exports about half of its chemical products to major foreign markets such as the U.S.A., Canada, Western Europe, Japan and China.
India is currently one of the largest consumer of polymers and the largest producer of agrochemicals. Chemical Industry in India has graduated from manufacturing principal chemicals in a highly regulated market to being a mature industry in a liberalized economy. In India, the chemical industry is among one of the fastest growing Industry. The bulk of chemicals produced in India comprise either upstream products or intermediates, which go into a variety of manufacturing applications including fertilizers, pharmaceuticals, textiles, plastics, agrochemicals, soaps, paints and dyes.
With Asia’s growing contribution to the global chemical industry, India has emerged as one of the focused destinations for chemical companies worldwide.
Further, the Indian sub-continent has established itself as the most exciting and dynamic emerging market in the world and is one full of potential and investment opportunities. With one of the highest population but with a polymer demand less than 20%, the region is expected to enjoy the fastest growth in polymer demand anywhere in the world over the next five years; outstripping China and other emerging economies. According to a recently published study by Applied Market Information Ltd (AMI Consulting), there is now massive investment occurring in the region’s petrochemical, polymer production and downstream plastic processing industries, driving strong growth in polymer demand. AMI forecasts that at the region’s current rate of growth its thermoplastics market will surpass 20 million tons by 2020. The market in the region is dominated by India on account of its huge population and high GDP.
The Company also has a well-developed and robust logistic and marketing network which offers the buyers multiple choices of chemical products at reasonably competitive rates.
WIND ENERGY
Over the period of time people across the world are slowly but consistently understanding the importance of pollution free environment. Alarming rate of global warming is also a cause of growing concern. People are now opting/preferring alternate fuel resources than conventional ones. Alternative fuels which are available at a cheaper rate can meet growing demands for such alternative fuels. Wind energy is one of such resource which is a viable option to achieve sustainable development and also to conserve traditional energy resources, supply of which is limited. Continuous growing population of the world would require huge energy resources at reasonable/competitive prices.
The largest component of renewable generation capacity is wind power. Wind energy not only offers both a power source that completely avoids the emission of carbon dioxide, the main Green House Gas (GHG), but also produces none of the other pollutants associated with either fossil fuel or nuclear generation.
The Government is also considering benefits of wind power generation and is promoting the same directly/indirectly.
OUTLOOK
The management is quite confident that the market and business would be stable/positive in the coming financial year. India’s existing good business relations with foreign countries and efforts for developing relations with the few other foreign countries would prove beneficial in the interest of various industries including chemical industry.
The Company is open for new opportunities and may grow sizably in the coming future.
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
C28971034 |
10235087 |
Axis Bank Limited |
28/07/2010 |
19/09/2014 |
1302500000.0 |
Corporate Banking Branch, Axis House, Ground Floor, Bombay Dyeing Mills Compound, P. B. Marg, Worli, Mumbai-400025, Maharashtra, India |
|
2 |
A83053827 |
10218208 |
PUNJAB NATIONAL BANK |
19/03/2010 |
- |
42300000.0 |
Foreshore Road Branch, 1st Floor, Raheja Chambers, Nariman Point, Mumbai-400021, Maharashtra, India |
|
3 |
A83054155 |
10211900 |
PUNJAB NATIONAL BANK |
19/03/2010 |
- |
42300000.0 |
Foreshore Road Branch, 1st Floor, Raheja Chambers, Nariman Point, Mumbai-400021, Maharashtra, India |
|
4 |
A69467884 |
10175240 |
PUNJAB NATIONAL BANK |
22/08/2009 |
- |
44300000.0 |
Foreshore Road Branch, 1st Floor, Raheja Chambers, Nariman Point, Mumbai-400021, Maharashtra, India |
|
5 |
A69468478 |
10175241 |
PUNJAB NATIONAL BANK |
21/08/2009 |
- |
44300000.0 |
Foreshore Road Branch, 1st Floor, Raheja Chambers, Nariman Point, Mumbai-400021, Maharashtra, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Corporate Guarantee /Stand by letter of Credit |
4451.200 |
4477.275 |
|
Income Tax demand pending Appeal & Rectification |
0.000 |
18.957 |
|
Sale Tax Demand Pending Appeal (F.Y. 2008-2009) |
0.160 |
0.209 |
|
Total |
4451.360 |
4496.441 |
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST
DECEMBER, 2017
(INR In Million)
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
INCOME FROM OPERATIONS |
|
|
|
|
Revenue from operations |
1782.700 |
1322.789 |
4404.892 |
|
Other Income |
5.698 |
5.707 |
17.128 |
|
Total
Income from Operations |
1788.398 |
1328.496 |
4422.020 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Purchase of Stock in Trade |
1849.562 |
1272.972 |
4145.317 |
|
Changes in inventories of finished goods and
work-in-progress |
(88.183) |
3.527 |
158.586 |
|
Employee benefits expense |
7.172 |
6.992 |
21.104 |
|
Finance cost |
1.134 |
5.102 |
8.903 |
|
Depreciation and Amortization expenses |
1.532 |
1.504 |
4.540 |
|
Other Expenditure |
6.262 |
3.385 |
16.732 |
|
Total
Expenses |
1777.479 |
1293.482 |
4355.183 |
|
Profit
/ (Loss) before Tax |
10.919 |
35.014 |
66.838 |
|
Tax Expense |
2.889 |
7.858 |
15.843 |
|
Profit
/ (Loss) after Tax |
8.030 |
27.156 |
50.995 |
|
Basic
and Diluted EPS (in INR) |
0.30 |
1.01 |
1.90 |
UNAUDITED SEGMENT WIE REVENUE, RESULTS AND
CAPITAL EMPLOYED
(INR In Million)
|
Particulars |
Quarter Ended |
Nine Months
ended |
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1.
Segment Revenue |
|
|
|
|
(Net
Sales/Income from each segment) |
|
|
|
|
a)
Segment A- (Distribution and
Development) |
1781.898 |
1317.221 |
4396.847 |
|
b)
Segment B- (Power
Generation) |
0.802 |
5.568 |
8.045 |
|
c)
Unallocated |
0.000 |
0.000 |
0.000 |
|
Total |
1782.700 |
1322.789 |
4404.892 |
|
Less : Inter Segment Revenue |
-- |
-- |
-- |
|
Net
Sales |
1782.700 |
1322.789 |
4404.892 |
|
|
|
|
|
|
2.
Segment Result |
|
|
|
|
(Profit
before tax and interest from each segment) |
|
|
|
|
a)
Segment A- ( Distribution and
Development ) |
5.916 |
29.610 |
53.411 |
|
b)
Segment B- (Power Generation) |
0.437 |
4.858 |
5.202 |
|
c)
Unallocated |
5.700 |
5.649 |
17.128 |
|
Total |
12.053 |
40.117 |
75.741 |
|
i.
Less : Interest |
1.134 |
5.103 |
8.903 |
|
ii.
Other Un-allocable Expenditure
net off |
-- |
-- |
-- |
|
iii.
Un-allocable income
|
-- |
-- |
-- |
|
Total |
10.919 |
35.014 |
66.838 |
|
|
|
|
|
|
3. Capital
Employed (Segment Assets-Segment Liabilities) |
|
|
|
|
Segment
assets- Segment Liabilities |
|
|
|
|
a)
Segment A- ( Distribution and
Development ) |
1488.042 |
1478.351 |
1488.042 |
|
b)
Segment B- (Power
Generation) |
60.754 |
62.522 |
60.754 |
|
c)
Unallocated |
-- |
-- |
-- |
|
Total |
1548.796 |
1540.873 |
1548.796 |
NOTES:
a) The financial Results of the company for the quarter and nine months ended 31st December, 2017 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors of the company at its meeting held on 12th February, 2018. The Statutory Auditors of the Company have carried out limited Review of these results.
(b) The Financial Result of the Company have been prepared in accordance with
Indian Accounting Standard (Ind As) notified under the Companies (Indian
Accounting standards) (Amendment) Rules,2016. The Company has adopted Ind As
from 1st April, 2017, and accordingly, these Financial Results (including for
the previous period presented in accordance with Ind As 101- First-time
Adoption of the Indian Accounting standards) have been prepared.
(c) The format for unaudited quarterly results is as prescribed in SEBI
Circular No. CIR/CFD/CMD/15/2015 dated November 30, 2015 modified to the
Companies Act 2013 applicable to Companies that are required to comply with Ind
As.
Further, In Terms of the above circular, the statement does not include Ind AS
compliant result for the previous year end 31st March, 2017.
(d) The Ind As compliant corresponding figures for the Period ended 31
December, 2016 have not been subjected to review/audit. However, the management
has exercised due diligence to ensure that financial results provide a true and
fire view of thereof.
(e) Figure of the previous period have been regrouped / rearranged, wherever
necessary.
(f) The financial results are available on the company’s website
http://www.veritasindia.net and Bombay Stock Exchange website.
“www.bseindia.com”
FIXED ASSETS:
- Land
- Plant and Machinery
- Computer Systems
- Software Licence
- Furniture and Fixture
- Motor Car
- Computer
- Office Equipments
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 65.06 |
|
UK Pound |
1 |
INR 92.06 |
|
Euro |
1 |
INR 80.37 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKY |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
BHG |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.