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|
MIRA INFORM REPORT
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Report No. : |
506808 |
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Report Date : |
03.05.2018 |
IDENTIFICATION DETAILS
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Name : |
MAHARASHTRA SEAMLESS LIMITED |
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Registered
Office : |
Pipe Nagar,
Village-Sukeli, N.H.17, B.K.G. Road, Roha, Raigad - 402126, Maharashtra |
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Tel. No.: |
91-2194-238511 |
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Country : |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
10.05.1988 |
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Com. Reg. No.: |
11-080545 |
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Capital
Investment / Paid-up Capital : |
INR 334.998 Million |
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CIN No.: [Company Identification
No.] |
L99999MH1988PLC080545 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent 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
: |
Manufacturer of Alloy Steel Seamless Pipes, ERW Steel, Castings Pipes and Tubes. The Company also Owns a Wind Power Mill. (Registered Activity) |
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No. of Employees
: |
1247 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was
incorporated in the year 1988 and it is an old and established company having
fine track. It is a
seamless pipes and tubes manufacturing company offering seamless pipes and
tubes which has applications in the oil and gas, automotive, hydrocarbon process,
bearing, hydraulic cylinder, boiler, railways, mechanical and structural
general engineering industries. For the
financial year 2017, the company has increased its revenue from operations as
compared to previous year and maintained decent profit margin of 9.30%. Rating
takes into consideration strong financial profile of the company marked by
healthy networth base along with negligible debt balance sheet. The ratings
draw strength from its market leadership position amongst the domestic pipe
manufacturers, its presence in large diameter seamless pipe segment
experience of the promoters and the management team. Share price
are quoted high on stock exchange (Share Price of INR 459 with face value of
INR 05). However,
ratings are constrained by cyclical and highly competitive nature of the
industry and currently challenging operating-environment in the seamless pipe
business and high competition from Chinese imports. Trade
relations are fair. Business is active. Payments are seems to be regular. In view of aforesaid, the company can be considered good for normal business dealings at usual trade and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Rating = AA- |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
03.07.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
03.07.2017 |
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 03.05.2018
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 BY
|
Name : |
Mr. Shiv Narayan Sharma |
|
Designation : |
Key Executive |
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Contact No.: |
91-9970199620 |
|
Date : |
28.04.2018 |
LOCATIONS
|
Registered Office/ Works : |
Pipe
Nagar, Village-Sukeli, N.H.17, B.K.G. Road, Roha, Raigad - 402126,
Maharashtra, India |
|
Tel. No.: |
91-2194-238511 |
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Mobile No.: |
91-9970199620 [Mr. Shiv Narayan Sharma] |
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Fax No.: |
91-2194-238513 |
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E-Mail : |
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Website : |
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Branch Office 1: |
302 Sarjan Plaza, 100 Dr. Annie Besant Road, Worli, Mumbai-400 018, Maharashtra, India |
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Branch Office 2: |
402, Sarjan Plaza, 100, Dr. Annie Besant Road, Opp. TELCO
Showroom, Worli, Mumbai - 400 018 |
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Branch Office 3: |
Sukhsagar Apartment, Flat No. 8A, 8th Floor, 2/5, Sarat Bose
Road, Kolkata - 700 020, West Bengal, India |
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Branch Office 4: |
3A, Royal Court, 44, Venkatanarayan Road, T. Nagar,
Chennai - 600 017, Tamilnadu, India |
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Branch Office 5: |
Solus 8 E & G, # 2, 1st Cross, J.C. Road, Bangalore - 560 027, Karnataka, India |
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Head Office : |
2nd Floor, 5 Pusa Road, New Delhi-110 005, India |
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Plants : |
Wind power: Village Nivkane, Taluka Patan, Dis. Satara, Maharashtra Solar Power : · Pokaran, District Jaisalmer, Rajasthan, India ·
Durjani, District Jodhpur, Rajasthan, India |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Uday Chand Aggarwal |
|
Designation : |
Director |
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Address : |
H. No. 72, Hig Duplex Complex Chander Nagar Ghaziabad – 201011, Uttar
Pradesh, India |
|
Date of Appointment : |
15.06.1990 |
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DIN No.: |
00012468 |
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|
Name : |
Pattamadai Natraja Sarma Vijay |
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Designation : |
Director |
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Address : |
80 Sector-15 A, Noida – 201301, Uttar Pradesh, India |
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Date of Appointment : |
08.08.2013 |
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DIN No.: |
00049992 |
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|
Name : |
Sanjeev Rungta |
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Designation : |
Director |
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Address : |
1.A, Gurusaday Road, P.O. Ballygunge, Kolkata 700019, West Bengal,
India |
|
Date of Appointment : |
03.08.2011 |
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DIN No.: |
00053602 |
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Name : |
Dharam Pal Jindal |
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Designation : |
Wholetime Director |
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Address : |
B-57, Greater Kailash, Part – I, New Delhi – 110048, India |
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Date of Appointment : |
10.05.1988 |
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DIN No.: |
00405579 |
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|
Name : |
Saket Jindal |
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Designation : |
Managing Director |
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Address : |
B-57, Greater Kailash, Part – I, New Delhi – 110048, India |
|
Date of Appointment : |
01.09.2001 |
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DIN No.: |
00405736 |
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|
Name : |
Santhanamarian Pithelis Raj |
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Designation : |
Wholetime Director |
|
Address : |
B2 Colony, M.S.L. Colony, Pipe Nagar, Raigad, Taluka Roha, Raigad –
402126, Maharashtra, India |
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Date of Appointment : |
20.10.2005 |
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DIN No.: |
00520481 |
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|
|
Name : |
Shiv Kumar Singhal |
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Designation : |
Wholetime Director |
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Address : |
16th Floor, 1604, Raheja Eternity, A Wing CTS No 168/6 Vil. Magathane,
Off Western EX. Highway, Borivli (East), Mumbai - 400066, Maharashtra, India |
|
Date of Appointment : |
01.01.2017 |
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DIN No.: |
00940261 |
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|
Name : |
Roma Kumar |
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Designation : |
Director |
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Address : |
B1.80, B-1 Block Janak Puri, New Delhi – 110058, India |
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Date of Appointment : |
06.08.2014 |
|
DIN No.: |
02194012 |
KEY EXECUTIVES
|
Name : |
Ashok Soni |
|
Designation : |
Chief Finance Officer |
|
Address : |
A 701 Vidyut Apartment 81 I.P. Extension, Delhi – 110092, India |
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Date of Appointment : |
10.12.2014 |
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PAN No.: |
ABPPS5079K |
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|
Name : |
Dinesh Chandra Gupta |
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Designation : |
Company Secretary |
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Address : |
69, Akash Ganga Apartment Plot No. 17, Sector-6, Dwarka, New Delhi
-110075, India |
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Date of Appointment : |
20.12.2009 |
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PAN No.: |
ACSPG1483D |
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Audit Committee: |
·
U.C. Agarwal, Chairman ·
D.P. Jindal ·
Sanjeev Rungta ·
P.N. Vijay |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2018
|
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 |
40589904 |
60.58 |
|
|
(B) Public |
26409722 |
39.42 |
|
|
Grand Total |
66999626 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
2892394 |
4.32 |
|
|
RACHNA JINDAL |
74035 |
0.11 |
|
|
D P JINDAL &
SONS |
66006 |
0.10 |
|
|
DHARAM PAL JINDAL |
169722 |
0.25 |
|
|
SAKET JINDAL |
2117618 |
3.16 |
|
|
RAGHAV JINDAL |
75778 |
0.11 |
|
|
RAGHAV JINDAL
(HUF) |
25872 |
0.04 |
|
|
SAKET JINDAL (HUF) |
45969 |
0.07 |
|
|
SAVITA JINDAL |
207154 |
0.31 |
|
|
SHRUTI RAGHAV
JINDAL |
36224 |
0.05 |
|
|
SHREEJA JINDAL |
34065 |
0.05 |
|
|
SHREEPRIYA JINDAL |
33951 |
0.05 |
|
|
DEVANSHI JINDAL |
6000 |
0.01 |
|
|
Any Other
(specify) |
37697510 |
56.27 |
|
|
BRAHMADEV HOLDING
AND TRADING LTD |
5755492 |
8.59 |
|
|
GLOBAL JINDAL FIN
INVEST LTD. |
5424944 |
8.10 |
|
|
HARYANA CAPFIN
LIMITED |
2852540 |
4.26 |
|
|
JINDAL GLOBAL FINANCE
AND INVESTMENT LTD. |
200 |
0.00 |
|
|
ODD AND EVEN
TRADES AND FINANCE LTD |
11688500 |
17.45 |
|
|
STABLE TRADING CO
LIMITED |
11577044 |
17.28 |
|
|
SWOT TRADING AND
SERVICES LLP |
205000 |
0.31 |
|
|
SUDHA APPARELS
LIMITED |
193790 |
0.29 |
|
|
Sub Total A1 |
40589904 |
60.58 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
40589904 |
60.58 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
5302055 |
7.91 |
|
|
L&T Mutual
Fund Trustee Limited- L&T Emerging Businesses Fund |
2271597 |
3.39 |
|
|
Reliance Capital
Trustee Company Limited A/C Reliance Growth Fund |
1485434 |
2.22 |
|
|
IDFC Sterling
Equity Fund |
734332 |
1.10 |
|
|
Foreign Portfolio
Investors |
2180290 |
3.25 |
|
|
Financial
Institutions/ Banks |
234521 |
0.35 |
|
|
Sub Total B1 |
7716866 |
11.52 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0.00 |
||
|
Central
Government/ State Government(s)/ President of India |
354467 |
0.53 |
|
|
Sub Total B2 |
354467 |
0.53 |
|
|
B3)
Non-Institutions |
0.00 |
||
|
Individual share
capital up to INR 0.200 million |
5339233 |
7.97 |
|
|
Individual share capital
in excess of INR 0.200 million |
3368635 |
5.03 |
|
|
Akash Bhanshali |
1239681 |
1.85 |
|
|
Lata Bhanshali |
1088254 |
1.62 |
|
|
NBFCs registered
with RBI |
64511 |
0.10 |
|
|
Any Other
(specify) |
9566010 |
14.28 |
|
|
Clearing Members |
190297 |
0.28 |
|
|
Bodies Corporate |
8017186 |
11.97 |
|
|
Non-Resident
Indian (NRI) |
157360 |
0.23 |
|
|
HUF |
1200267 |
1.79 |
|
|
Trusts |
900 |
0.00 |
|
|
AADI FINANCIAL
ADVISORS LLP |
868098 |
1.30 |
|
|
GVN FUELS LTD |
1383696 |
2.07 |
|
|
JHANJHARI HOLDINGS
PVT. LTD. |
1341891 |
2.00 |
|
|
PUSHPANJALI
INVESTRADE PVT. LTD. |
671492 |
1.00 |
|
|
SEMINARY TIE UP
PRIVATE LIMITED |
854459 |
1.28 |
|
|
Sub Total B3 |
18338389 |
27.37 |
|
|
B=B1+B2+B3 |
26409722 |
39.42 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Alloy Steel Seamless Pipes, ERW Steel, Castings Pipes and Tubes. The Company also Owns a Wind Power Mill. (Registered Activity) |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
|
|
|
|
Terms : |
|
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Selling : |
Not Divulged |
|
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|
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
· Indian Sugar & General Engg Corporation · Reliance Industries Limited · Indian Oil Corporation Limited · National Thermal Power Corporation · Larsen & Toubro · Bharat Heavy Electricals Limited · Oil India Limited · Oil And Natural Gas Corporation Limited · Gas Authority Of India Limited · Bharat Petroleum Corporation Limited · Thermax Limited · Chennai Petroleum Corporation Limited · Steel Authority Of India Limited · Indraprastha Gas Limited · Consolidated Construction Consortium Limited |
||||||||||||||
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||||||||||||||
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No. of Employees : |
1247 (Approximately) |
||||||||||||||
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||||||||||||||
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Bankers : |
· HDFC Bank Limited · IndusInd Bank Limited · Yes Bank · Standard Chartered Bank · ICICI Bank Limited · State Bank of India · Kotak Mahindra Bank · Axis Bank · DBS Bank Limited ·
Deutsche Bank |
|
|
|
|
Auditors : |
|
|
Name : |
Kanodia Sanyal and Associates Chartered Accountants |
|
Address : |
New Delhi, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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|
Joint Venture
Companies: |
· Gondkhari Coal Mining Limited ·
Dev Drilling Pte. Limited |
|
|
|
|
Subsidiary
Companies : |
· Maharashtra Seamless (Singapore) Pte. Limited · Maharashtra Seamless Finance Limited · Discovery Oil and Mines Pte. Limited |
|
|
|
|
Step Subsidiary
Companies*: |
· Internovia Natural Resources FZ LLC · Zircon Drilling Supplies & Trading FZE |
|
|
|
|
Associate
Companies: |
· Jindal Pipes (Singapore) Pte. Limited · Star Drilling Pte. Limited · Jindal Premium Connections Private Limited |
|
|
|
|
Common Controlled
Entity: |
Jindal Pipes Limited |
* Internovia Natural Resources FZ LLC is a step subsidiary
with direct holding of 5% & holding of 51% through Discovery Oil and Mines
Pte. Limited. Further Zircon Drilling Supplies and Trading FZE is 100%
subsidiary of Internovia Natural Resources FZ LLC.
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
INR 5/- each |
INR 400.000 Million |
|
20000000 |
Preference Shares |
INR 10/- each |
INR 200.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 600.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
66999626 |
Equity Shares |
INR 5/- each |
INR 334.998
Million |
|
|
|
|
|
Terms / Rights attached to Equity Share
The company has only one class of Equity Shares having a par
value of INR 5/-. Each holder of Equity Shares is entitled to one vote per
share. The company declares and pays dividends in Indian rupees. The dividend
proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting. In the event of liquidation
of the company, the holders of Equity Shares will be entitled to receive any of
the remaining assets of the company, after distribution of all preferential
amounts. However, no such preferential amounts exist currently. The
distribution will be in proportion to the number of Equity Shares held by the
shareholders
List of shareholders
holding more than 5% share
|
Name of the
Shareholders |
As At 31-03-2017 |
|
|
No. of Shares |
% of Holding |
|
|
Franklin Templeton Investment Funds |
-- |
-- |
|
Global Jindal Fin-Invest Limited |
5424944 |
8.10% |
|
Brahmadev Holding & Trading Limited |
5758992 |
8.60% |
|
Stable Trading Company Limited |
10943754 |
16.33% |
|
Odd & Even Trades & Finance Limited |
11690000 |
17.45% |
d) Aggregate number of bonus shares issued during the period of five years immediately preceding the reporting date: Nil
e) Aggregate number and class of shares allotted as fully
paid up pursuant to contract(s) without payment being received in cash during
the period of five years immediately preceding the reporting date: Nil
f) The company has bought back following Equity Shares during the last five years preceding the Balance Sheet date
|
Financial Year |
No. of Shares |
|
2013-14 |
2250298 |
|
2014-15 |
1283498 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
334.998 |
334.998 |
334.998 |
|
(b) Reserves & Surplus |
27793.384 |
26541.506 |
27685.467 |
|
(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) |
28128.382 |
26876.504 |
28020.465 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
112.000 |
0.000 |
7.928 |
|
(b) Deferred tax liabilities (Net) |
2366.260 |
2423.801 |
806.353 |
|
(c)
Other long term liabilities |
156.294 |
221.262 |
402.159 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
2634.554 |
2645.063 |
1216.440 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
63.123 |
69.348 |
0.336 |
|
(b)
Trade payables |
1385.208 |
1320.071 |
660.875 |
|
(c)
Other current liabilities |
521.890 |
432.307 |
879.039 |
|
(d)
Short-term provisions |
113.752 |
122.073 |
178.992 |
|
Total
Current Liabilities (4) |
2083.973 |
1943.799 |
1719.242 |
|
|
|
|
|
|
TOTAL |
32846.909 |
31465.366 |
30956.147 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
10857.950 |
11101.347 |
6262.003 |
|
(ii)
Intangible Assets |
1.486 |
2.122 |
3.250 |
|
(iii)
Capital work-in-progress |
1183.811 |
309.736 |
333.103 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(v)Revalued Assets |
0.000 |
0.000 |
5377.900 |
|
(vi)Silver Coins in Hand |
0.000 |
0.000 |
0.164 |
|
(b) Non-current
Investments |
4767.117 |
2661.481 |
3097.338 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
70.168 |
191.954 |
463.703 |
|
(e)
Other Non-current assets |
260.801 |
238.613 |
0.000 |
|
Total
Non-Current Assets |
17141.333 |
14505.253 |
15537.461 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
3588.710 |
3957.472 |
3107.231 |
|
(b)
Inventories |
4842.100 |
4989.144 |
4895.236 |
|
(c)
Trade receivables |
3086.249 |
2647.866 |
2979.193 |
|
(d)
Cash and cash equivalents |
57.567 |
33.058 |
156.508 |
|
(e)
Short-term loans and advances |
3494.443 |
4243.859 |
4074.346 |
|
(f)
Other current assets |
636.507 |
1088.714 |
206.172 |
|
Total
Current Assets |
15705.576 |
16960.113 |
15418.686 |
|
|
|
|
|
|
TOTAL |
32846.909 |
31465.366 |
30956.147 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
15699.149 |
11086.970 |
13551.646 |
|
|
|
Other Income |
850.065 |
946.360 |
828.131 |
|
|
|
TOTAL
|
16549.214 |
12033.330 |
14379.777 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
9128.370 |
7002.208 |
9874.695 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
80.313 |
393.301 |
(401.489) |
|
|
|
Employees benefits expense |
524.944 |
457.746 |
422.574 |
|
|
|
Other expenses |
2344.847 |
1936.006 |
2559.436 |
|
|
|
Excise Duty Paid |
1416.756 |
941.483 |
0.000 |
|
|
|
TOTAL |
13495.230 |
10730.744 |
12455.216 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3053.984 |
1302.586 |
1924.561 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
103.167 |
65.445 |
35.946 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2950.817 |
1237.141 |
1888.615 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
693.767 |
695.530 |
292.403 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
2257.050 |
541.611 |
1596.212 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
801.856 |
226.823 |
370.592 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1455.194 |
314.788 |
1225.620 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Physical / Deemed Exports |
851.423 |
236.959 |
113.881 |
|
|
|
Interest |
114.837 |
84.880 |
78.412 |
|
|
|
Others |
48.585 |
54.480 |
33.263 |
|
|
TOTAL EARNINGS |
1014.845 |
376.319 |
225.556 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
641.996 |
1475.347 |
2537.664 |
|
|
|
Stores & Spares |
58.727 |
29.365 |
54.658 |
|
|
|
Capital Goods |
14.593 |
32.515 |
106.429 |
|
|
TOTAL IMPORTS |
715.316 |
1537.227 |
2698.751 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
21.72 |
4.70 |
18.28 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
3415.123 |
414.531 |
(145.128) |
|
|
|
|
|
|
Net Cash Flow from / (used in) Operating Activities |
2613.267 |
188.420 |
(489.145) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
71.75 |
87.17 |
80.24 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.09 |
4.19 |
4.55 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
55.39 |
68.81 |
24.43 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.63 |
0.26 |
0.39 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.25 |
0.11 |
0.29 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.07 |
0.06 |
0.06 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.01 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.07 |
0.07 |
0.06 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.43 |
0.42 |
0.24 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
29.60 |
19.90 |
53.54 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
9.27 |
2.84 |
9.04 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
4.43 |
1.00 |
3.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
5.17 |
1.17 |
4.37 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
7.54 |
8.73 |
8.97 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
5.21 |
6.16 |
6.12 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.86 |
0.85 |
0.91 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.52 |
0.21 |
0.02 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
7.54 |
8.73 |
8.97 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 5.00/- |
|
|
|
|
Market Value |
INR 459.00/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
334.998 |
334.998 |
334.998 |
|
Reserves & Surplus |
27685.467 |
26541.506 |
27793.384 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
28020.465 |
26876.504 |
28128.382 |
|
|
|
|
|
|
long-term borrowings |
7.928 |
0.000 |
112.000 |
|
Short term borrowings |
0.336 |
69.348 |
63.123 |
|
Total
borrowings |
8.264 |
69.348 |
175.123 |
|
Debt/Equity
ratio |
0.000 |
0.003 |
0.006 |
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 |
13551.646 |
11086.970 |
15699.149 |
|
|
|
(18.187) |
41.600 |
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 |
13551.646 |
11086.970 |
15699.149 |
|
Profit/ (Loss) |
1225.620 |
314.788 |
1455.194 |
|
|
9.04% |
2.84% |
9.27% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
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 |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G52985264 |
10568952 |
AXIS BANK LIMITED |
15/05/2015 |
25/08/2017 |
- |
1280570000.0 |
9 RAFFLES PLACE, #48-01 REPUBLIC PLAZASINGAPORENA048619SG |
|
2 |
C51106722 |
90157124 |
STATE BANK OF PATIALA |
24/03/1999 |
05/09/2008 |
31/03/2015 |
2567500000.0 |
ATLANTA, IST FLOORNARIMAN POINTMUMBAIMH400021IN |
|
3 |
A57884868 |
90158678 |
STATE BANK OF PATIALA |
14/01/1993 |
17/09/1998 |
05/03/2009 |
954225000.0 |
ATLANTA; NARIMAN POINTBOMBAYMH400021IN |
|
4 |
A48597215 |
90156909 |
HDFC BANK LIMITED |
02/07/1998 |
06/12/2000 |
20/10/2008 |
145000000.0 |
HINDUSTAN TIMES HOUSE BRANCH18-20, K.G.MARG,NEW DELHIDL110001IN |
|
5 |
A38486924 |
90157740 |
STANDARD CHARTERED BANK |
30/05/2001 |
- |
14/05/2008 |
155000000.0 |
PARMIAMENT STREETNEW DELHIDL110001IN |
|
6 |
A38486544 |
90156933 |
ANZ GRINDLAYS BANK |
27/07/1998 |
07/07/2000 |
14/05/2008 |
122675000.0 |
H-BLOCKCONAUGHT CIRCUSNEW DELHIDL110001IN |
|
7 |
Y10256104 |
90156334 |
STATE BANK OF PATIALA |
20/05/1996 |
- |
22/03/2002 |
267900000.0 |
ATLANTA; NARIMAN POINTBOMBAYMH400021IN |
|
8 |
Y10255557 |
90155787 |
STATE BANK OF PATIALA |
24/12/1991 |
09/01/1996 |
22/03/2002 |
34000000.0 |
ATLANTANARIMAN POINTBOMBAYMH400021IN |
|
9 |
Y10255570 |
90155800 |
STATE BANK OF BIKANER & JAIPUR |
03/04/1992 |
13/09/1996 |
20/03/2002 |
17000000.0 |
SIR P.M. ROADFORTMUM BAIMH400002IN |
|
10 |
Y10256580 |
90156810 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
17/03/1998 |
- |
08/12/1998 |
27000000.0 |
IDBI TOWR; CUFFE PARADECOLABAMUMBAIMH400005IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Term Loan from Banks |
112.000 |
0.000 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Loans repayable on demand from banks |
15.123 |
69.348 |
|
Current Maturity of Borrowings from Banks |
48.000 |
0.000 |
|
|
|
|
|
Total |
175.123 |
69.348 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Letter of Credit |
635.555 |
115.451 |
|
Guarantees & SBLC: Bank & Others |
21011947 |
23295.911 |
|
Sales Tax Demand under Appeal |
0.465 |
0.465 |
|
Income Tax Demand under Appeal |
43.838 |
43.838 |
|
Excise Duty Demand under Appeal |
31.270 |
29.525 |
|
Indian Oil Corporation Ltd. (IOCL) had raised a claim of INR
179.848 Million during the financial year 2008-09 & against this claim a
performance bank guarantee of INR 85.279 Million was given to IOCL, which was
realized by them, and an equivalent amount is charged in the Profit &
Loss Account in financial year 2008-09. The matter is still under dispute and
arbitration proceeding is going on. Any further demand, if any, will be
provided for on the date of final settlement. |
||
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS YEAR ENDED 31.12.2017
(INR IN MILLION)
|
Particulars |
Six Months Ended 31.12.2017 |
Six Months Ended 30.09.2017 |
Nine Months Ended 31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Income
from operations |
|
|
|
|
Sales/ Income from
operations |
5621.900 |
4826.900 |
15245.900 |
|
Other Income |
14.700 |
12.800 |
45.600 |
|
Total
Income from operations |
5636.600 |
4839.700 |
15291.500 |
|
Other Income |
190.600 |
150.700 |
516.900 |
|
Total |
5827.200 |
4990.400 |
15808.400 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of Materials Consumed |
3582.500 |
3496.600 |
10271.800 |
|
Purchases of
Stock-in-Trade |
114.300 |
0.000 |
118.700 |
|
Changes in
inventories of finished goods, work-in-progress and Stock-in-Trade |
302.600 |
(200.100) |
(164.700) |
|
|
0.000 |
0.000 |
312.300 |
|
Employee benefits expense |
148.100 |
161.100 |
463.100 |
|
Finance Costs |
46.100 |
22.200 |
88.900 |
|
Depreciation and
amortisation expense |
186.400 |
186.300 |
552.600 |
|
Other expenditure |
878.800 |
781.700 |
2471.600 |
|
Total
Expenses |
5258.800 |
4447.800 |
14114.300 |
|
|
|
|
|
|
Profit
before tax (7-8) |
568.400 |
542.600 |
1694.100 |
|
Tax expense |
180.700 |
202.800 |
594.100 |
|
Net
Profit/ loss for the period |
387.700 |
339.800 |
1100.000 |
|
Other
comprehensive income |
|
|
|
|
Other comprehensive income not be reclassified to profit or loss in subsequent year |
-- |
-- |
-- |
|
Remeasurement of defined benefit plans [Net of Tax] |
5 |
4 |
13 |
|
Total
comprehensive income |
388.200 |
340.200 |
1101.300 |
|
Paid
- up Equity Share Capital (Face
value of INR 5/- per share) |
335.000 |
335.000 |
335.000 |
|
Earnings Per Share (EPS) |
|
|
|
|
a)
Basic and diluted EPS before exceptional Items for the period (INR) |
5.79 |
5.07 |
16.42 |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Particulars |
Six Months Ended 31.12.2017 |
Six Months Ended 30.09.2017 |
Nine Months Ended 31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
1]
Segment Revenue |
|
|
|
|
Steel
Pipes and tubes |
5571.300 |
4769.600 |
15106.100 |
|
Power
Electricity |
65.300 |
70.100 |
185.400 |
|
Others/
Unallocated |
190.600 |
150.700 |
516.900 |
|
Total Income |
5827.200 |
4990.400 |
15808.400 |
|
Less:
Inter segment revenue |
4.000 |
17.800 |
35.200 |
|
Total |
5823.200 |
4972.600 |
15773.200 |
|
2]
Segment Results |
|
|
|
|
Steel
Pipes and tubes |
387.600 |
368.400 |
1156.800 |
|
Power
Electricity |
36.300 |
45.700 |
109.300 |
|
Others/
Unallocated |
190.600 |
150.700 |
516.900 |
|
Total |
614.500 |
564.800 |
1783.000 |
|
Less:
Interest and Financial Charges |
46.100 |
22.200 |
88.900 |
|
Add:
Other Un-Allocable Expenditure |
0.000 |
0.000 |
0.000 |
|
Profit Before Tax |
568.400 |
542.600 |
1694.100 |
|
|
|
|
|
|
3] Capital Employed |
|
|
|
|
Steel
Pipes and tubes |
20247.100 |
21310.500 |
20247.100 |
|
Power
Electricity |
2238.600 |
2261.700 |
2238.600 |
|
Others/
Unallocated |
11172.200 |
10561.100 |
11172.200 |
|
Total |
33657.900 |
34133.300 |
33657.900 |
|
|
|
|
|
|
Segment Labilities |
|
|
|
|
Steel
Pipes and tubes |
2466.900 |
3288.800 |
2466.900 |
|
Power
Electricity |
22.500 |
20.900 |
22.500 |
|
Others/
Unallocated |
2342.100 |
2385.400 |
2342.100 |
|
Total |
4831.500 |
5695.100 |
4831.500 |
NOTES:
- The above financial results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 2nd February, 2018 and have undergone "Limited Review" by Statutory Auditors of the Company.
- Revenue from operations and excise duty for the quarter ended September 30, 2017 and December 31, 2017 and nine month ended December 31. 2017 are not comparable to the previous periods since sales for current period is net of GST whereas in previous year it was inclusive of excise duty.
- Tax Liability / Provision
written off is based upon the estimated tax computation for the whole year
and excess/short provision will be adjusted in the last quarter.
Tax expense comprise of current tax, deferred tax liabilities/assets and MAT credit entitlement, if any.
- Figures for the previous periods have been re-grouped / rearranged / recast to make them comparable with the figures of the current period.
RESULTS OFOPERATIONS
Revenue from operation during the year was INR 15699.100
million against INR 11087.000 million in the previous year, Profit before tax
for the year was INR 2257.100 million as against INR 541.600 million in the
previous year, Profit after tax for the year was INR 1455.200 million as
against INR 314.800 million in the previous year
MANAGEMENTDISCUSSION
AND ANALYSIS
GLOBAL
The world Economy grew at 3.1% in 2016 compared to 3.4% in 2015 .While growth in developed markets remained modest, emerging markets and developing economies have helped to mitigate the headwinds. We expect economy to bounce back to 3.5% in 2017. Increase in oil prices along with other commodities like iron ore and copper will add the recovery. While global growth was stable, market were focussed on emerging economies and geopolitical developments.
The US Federal Reserve continued with the interest rate
normalisation drive in 2016-17. The global low interest rate and strong
liquidity cycle is likely to normalise slowly. Advance economies are likely to
grow modestly to 1.8% in 2017 (from 1.6% in 2016). However with positive
reforms in several emerging economies, the growth of emerging economies is expected
to be at 4.5% in 2017 and 4.8 % in 2018 (from 4.1% in 2016)
INDIAN ECONOMY
On the domestic front, India remained the fastest growing
major economy in the world. The GDP growth rate was 7.1% for the FY2106-17
supported by strong consumption growth and government spending. Inflation eased
sharply facilitating a 50 basis point rate cut by RBI in FY2016-17. Government
demonetisations on move to counter the shadow economy and promote cashless
economy has boosted the digital payments in the country, bringing the much
needed liquidity in the system.
In the near short term, the India growth story is expected
to boost further with the implementation of key reforms viz GST and appropriate
fiscal and monetary policies. The reform process would further improve India's
position in the global arena with favorable terms of trade and diminishing
external vulnerabilities, India is expected to register GDP growth rate of7.2%
for2017-18
REVIEW OF OPERATIONS
AND BUSINESS OUTLOOK
The year under review has depicted revival in the operations. Imposition of An-Dumping Duty augurs well as it has helped in improving the capacity ulitisation as well as EBIDTA margins.
With our intense focus on improvement of operational efficiency and cost cutting exercise, we continue to maintain highest level of competitiveness and consolidate our leading position in seamless pipe industry
Quality is the hallmark of MSL. Strict adherence to the policy of “No compromise with Quality” is demonstrated by its stringent control over procurement of raw material, process control, streamlined distribution network and fast delivery of finished products. Our in house R & D activities and adherence to the stringent Quality standards using sophisticated inspection facilities have helped MSL to benchmark itself, amongst the best pipe manufacturer in the World.
Branding plays an important role in improving Sales and margins of a Company. The Company has taken various initiatives to make “MSL” and “Jindal Star” as a trusted brands in minds of customers. The Company has improved the brand value through presence in various trade expo in India as well as internationally. “Jindal Star “is honored as India's Most Trusted Brand Award 2016
FIXED ASSETS:
Tangible Assets:
- Freehold – Land
- Leasehold – Land
- Land Site and Development
- Shed and Building
- Plant and Machinery
- Office Equipment
- Computer
- Furniture and Fixtures
- Vehicles
Intangible Assets
- Software
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 66.66 |
|
UK Pound |
1 |
INR 90.66 |
|
Euro |
1 |
INR 80.01 |
INFORMATION DETAILS
|
Information
Gathered by : |
ARC |
|
|
|
|
Analysis Done by
: |
PRS |
|
|
|
|
Report Prepared
by : |
RUP |
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.