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|
MIRA INFORM REPORT
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Report No. : |
507722 |
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Report Date : |
07.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
SIYARAM SILK MILLS LIMITED |
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Registered
Office : |
H-32 / MIDC, A - Road, Tarapur Boisar, District: Palghar – 401506,
Maharashtra |
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Tel. No.: |
91-22-30400700 |
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Country : |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
29.06.1978 |
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Com. Reg. No.: |
11-020451 |
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Capital
Investment / Paid-up Capital : |
INR 93.740 Million |
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CIN No.: [Company Identification
No.] |
L17116MH1978PLC020451 |
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IEC No.: |
0388215747 |
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GSTIN : [Goods & Service Tax Registration No.] |
27AAACS6995D1Z2 |
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TIN No : |
27830298979 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACS6995D |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
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Line of Business
: |
Manufacturing
and sale of fabrics and Readymade Garments. [Registered Activity] |
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No. of Employees
: |
6864 (Approximately) |
|
MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1978 and it is a part of “Poddar Group.” It is a manufacturer of fabrics (suiting and shirting), home fabrics and garments in addition to dyeing yarn. As per the financials of March 2017, the company has registered decline in its revenue as compared to its previous year’s revenue and has reported a good profit margin of 5.78%. Rating takes into consideration the company’s established track record of business operations marked by healthy net worth base along with strong debt coverage indicators and good liquidity position. Rating also takes into account its group's established brands, strong distribution network, and presence across the textile value chain and benefits derived from its partial outsourcing model. Share are quoted high on Stock Exchanges. (Shares are traded at a price of INR 650.65 against its face value of INR 2.) However, rating strengths are partially offset by susceptibility to volatility in the price of raw material, economic downturns, and intense industry competition. As per unaudited financials of December 2017, the company has achieved a revenue of INR 3,936 million and has reported a good profit margin of 5.70%. Payments seems to be regular as per commitments. In view of aforesaid, the company can be considered good for business dealings at usual trade terms and conditions. |
NOTES: Any query related to this
report can be made on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: A- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
23.10.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
23.10.2017 |
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
31-03-2018.
INFORMATION DENIED BY
|
Name : |
Mr. Mukesh Shukla |
|
Designation : |
Not Divulged |
|
Contact No.: |
91-9769328520 |
|
Date : |
03.05.2018 |
Tel No : 91-22-30400700/ 2525329910
(Ringing)
LOCATIONS
|
Registered Office/ Factory 1: |
H-3/2 / MIDC, A - Road, Tarapur, Boisar, District Palghar – 401506,
Maharashtra, India |
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Tel. No.: |
91-2525-329910 |
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Fax No.: |
91-2525-272475 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Commercial |
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Corporate Office : |
B-5, Trade World, |
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Tel. No.: |
91-22-30400500 |
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Fax No.: |
91-22-30400599 |
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E-Mail : |
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|
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Factory 2 : |
Weaving Division D-
23/1, MIDC, Tarapur, Plot No.722,Dabhel, Boisar, District, Thane – 401506,
Daman, Maharashtra |
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Factory 3 : |
E/125, MIDC, Tarapur, Boisar, Dist. Thane – 401506,
Maharashtra, India |
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Factory 4 : |
Survey No.367, P.O. Sailly, Silvassa – 396 230, U.T. of Dadra and |
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Factory 5 : |
J-177,
178, 193, G-81 and 82, MIDC, Tarapur, Boisar, District Thane – 401506,
Maharashtra, India |
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Factory 6 : |
H-3/2, MIDC, A- Road, Tarapur, Boisar, District Palghar – 401 506, Maharashtra, India |
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Factory 7 : |
Yarn Division G-1/1, MIDC, Tarapur, Boisar, District Thane - 401 506, |
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Factory 8 : |
Readymade
Garments Division 481/1-2, Dabhel, Daman, Daman and Diu (U.T.) - 396210, India |
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Factory 9: |
Plot No.722,Dabhel, Daman and Diu (U.T.) – 396210, India |
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Factory 10: |
Cutting and Packing G -4/1, MIDC, Tarapur, Boisar, Dist. Palghar – 401506, Maharashtra, India |
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Factory 11: |
Building No. AD, Shree Rajlaxmi Commercial Complex, Kalher Village, Agra Road, Taluka Bhiwandi, District, Thane – 421306, Maharashtra, India |
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Factory 12: |
Dyeing H 3/1, MIDC ‘A’ Raod, Tarapur, Boisar, District Palghar – 401 506, Maharashtra, India |
DIRECTORS
AS ON 31.03.2018
|
Name : |
Ramesh Kumar Poddar |
|
Designation : |
Managing Director |
|
Address : |
1002, Napean House Nepeansea Road, Mumbai - 400026, Maharashtra, India |
|
Date of Appointment : |
24.01.1989 |
|
DIN No.: |
00090104 |
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|
|
Name : |
Pawan Kumar Poddar |
|
Designation : |
Managing Director |
|
Address : |
1001, Napean House Napeansea Road, Mumbai- 400026, Maharashtra, India |
|
Date of Appointment : |
24.01.1989 |
|
DIN No.: |
00090521 |
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|
|
|
Name : |
Shrikishan Poddar |
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Designation : |
Wholetime Director |
|
Address : |
85, Mount Unique 62 A, G Deshmukh Road, Mumbai - 400026, Maharashtra,
India |
|
Date of Appointment : |
27.10.1989 |
|
DIN No.: |
00160323 |
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|
|
|
Name : |
Asha Devi Poddar |
|
Designation : |
Wholetime Director |
|
Address : |
1002, Napean House Napean Sea Road, Mumbai - 400026, Maharashtra,
India |
|
Date of Appointment : |
01.08.2014 |
|
DIN No.: |
00169841 |
|
|
|
|
Name : |
Ashok Kumar Jalan |
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Designation : |
Wholetime Director |
|
Address : |
B-401,Raghav Bldg,Vasant Vally Complex Filmcity Road, Malad East,
Mumbai- 400097, Maharashtra, India |
|
Date of Appointment : |
30.01.2007 |
|
DIN No.: |
00456869 |
|
|
|
|
Name : |
Gaurav Poddar |
|
Designation : |
Wholetime Director |
|
Address : |
52, Mount Unique 62, A Peddar Road, Mumbai - 400026, Maharashtra,
India |
|
Date of Appointment : |
01.08.2012 |
|
DIN No.: |
03230539 |
|
|
|
|
Name : |
Shailesh Shankarlal Vaidya |
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Designation : |
Director |
|
Address : |
801, Sumer Heights, K.M. Munshi Marg, Chowpatty Mumbai -400007,
Maharashtra, India |
|
Date of Appointment : |
31.10.2005 |
|
DIN No.: |
00002273 |
|
|
|
|
Name : |
Harish Narendra Motiwalla |
|
Designation : |
Director |
|
Address : |
186/7 Enterprise Apartments Forjett Hill Road, Tardeo Mumbai -400036,
Maharashtra, India |
|
Date of Appointment : |
21.05.2011 |
|
DIN No.: |
00029835 |
|
|
|
|
Name : |
Ashokkumar Nathmal Garodia |
|
Designation : |
Director |
|
Address : |
4, Piramal Industrial Estate, S.V. Road, Goregaon (West) Mumbai –
400062, Maharashtra, India |
|
Date of Appointment : |
29.05.2008 |
|
DIN No.: |
00206017 |
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|
|
|
Name : |
Pramod Kumar Jalan |
|
Designation : |
Director |
|
Address : |
1501, Lilium Mahindra Gardens, SV Road, Goregaon (West), Mumbai-
400062, Maharashtra, India |
|
Date of Appointment : |
30.01.2009 |
|
DIN No.: |
00215144 |
|
|
|
|
Name : |
Mangesh Dhondu Teli |
|
Designation : |
Director |
|
Address : |
Plot No 8, C Wing,202 Rajkamal CHS Tilak Nagar, Chembur, Mumbai -
400089, Maharashtra, India |
|
Date of Appointment : |
08.06.2004 |
|
DIN No.: |
00218899 |
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|
|
|
Name : |
Dileep Himmatrao Shinde |
|
Designation : |
Director |
|
Address : |
C-5, Kalindi Apartment, Behind Samarpan Flats, Gulbai Tekra, Ahemdabad
- 380006, Maharashtra, India |
|
Date of Appointment : |
30.01.2009 |
|
DIN No.: |
00270687 |
|
|
|
|
Name : |
Tarun Kumar Govil |
|
Designation : |
Director |
|
Address : |
1001, Olive Building 10th Floor, Opposite Sona Hospital Shivaji Nagar,
Road, Santacruz – East, Mumbai -
400055, Maharashtra, India |
|
Date of Appointment : |
30.07.2014 |
|
DIN No.: |
06924673 |
KEY EXECUTIVES
|
Name : |
Surendra Sanjeeva Shetty |
|
Designation : |
Chief Finance Officer |
|
Address : |
401, Om Priyanka CHS Limited, Pratap Rao Gujjar Marg Mulund (Mulund)
Mumbai - 400081, Maharashtra, India |
|
Date of Appointment : |
30.07.2014 |
|
PAN No.: |
AAUPS1238C |
|
|
|
|
Name : |
William Vincent Fernandes |
|
Designation : |
Company Secretary |
|
Address : |
Serenity CHS Limited, Plot No. 43, B Wing,3rd Floor Flat No. 8,
Gorai-2, Borivali (West), Mumbai - 400092, Maharashtra, India |
|
Date of Appointment : |
10.06.2008 |
|
PAN No.: |
AAFPF0383G |
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|
|
|
Name : |
Mr. Nilesh |
|
Designation : |
Accounts Department |
SHAREHOLDING PATTERN
AS ON MARCH 2018
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Promoter & Promoter Group |
31434515 |
67.07 |
|
(B) Public |
15435565 |
32.93 |
|
Grand Total |
46870080 |
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 |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
20312690 |
43.34 |
|
|
ASHA DEVI PODDAR |
3227055 |
6.89 |
|
|
VIBHA PODDAR |
2159555 |
4.61 |
|
|
GAURAV PODDAR |
1952000 |
4.16 |
|
|
ANKIT PODDAR |
1952000 |
4.16 |
|
|
RAMESH KUMAR PODDAR |
1669495 |
3.56 |
|
|
ANURAG PODDAR |
1649495 |
3.52 |
|
|
AVNISH PODDAR |
1649495 |
3.52 |
|
|
SHRIKISHAN PODDAR |
1537000 |
3.28 |
|
|
SANGEETA PODDAR |
992550 |
2.12 |
|
|
Madhudevi Pawankumar Poddar |
815800 |
1.74 |
|
|
PAWAN KUMAR PODDAR |
781760 |
1.67 |
|
|
Geetadevi Dharaprasad Poddar |
622495 |
1.33 |
|
|
HARSHIT S PODDAR |
600000 |
1.28 |
|
|
Abhishek S Poddar |
599995 |
1.28 |
|
|
Dharaprasad Ramrikhdas Poddar |
99995 |
0.21 |
|
|
Shyamlata Sureshkumar Poddar |
1500 |
0.00 |
|
|
ARVIND KUMAR PODDAR |
1000 |
0.00 |
|
|
Rishabh Sureshkumar Poddar |
500 |
0.00 |
|
|
Rajiv A Poddar |
500 |
0.00 |
|
|
Vijaylaxmi Arvindkumar Poddar |
500 |
0.00 |
|
|
Any Other (specify) |
11121825 |
23.73 |
|
|
PKP ENTERPRISES LLP |
11118935 |
23.72 |
|
|
HSP Enterprises LLP |
625 |
0.00 |
|
|
DPP Enterprises LLP |
580 |
0.00 |
|
|
GPP Enterprises LLP |
500 |
0.00 |
|
|
RAP Enterprises LLP |
500 |
0.00 |
|
|
TMP Enterprises LLP |
125 |
0.00 |
|
|
VKP Enterprises LLP |
125 |
0.00 |
|
|
AKP Enterprises LLP |
125 |
0.00 |
|
|
S P Investrade (India) Limited |
55 |
0.00 |
|
|
Sanchna Trading & Fin. Ltd. |
55 |
0.00 |
|
|
Balgopal Holding & Traders Ltd |
50 |
0.00 |
|
|
Poddar Brothers Investment Private Limited |
50 |
0.00 |
|
|
Vishal Furnishings Ltd |
50 |
0.00 |
|
|
S P Finance And Trading Ltd |
50 |
0.00 |
|
|
Sub Total A1 |
31434515 |
67.07 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
31434515 |
67.07 |
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/ |
4001313 |
8.54 |
|
|
DSP BLACKROCK SMALL CAP FUND |
2504015 |
5.34 |
|
|
RELIANCE CAPITAL TRUSTEE CO. LTD-A/C RELIANCESMALL CAP FUND |
1264513 |
2.70 |
|
|
Alternate Investment Funds |
410100 |
0.87 |
|
|
Foreign Portfolio Investors |
770336 |
1.64 |
|
|
Financial Institutions/ Banks |
4217 |
0.01 |
|
|
Insurance Companies |
500 |
0.00 |
|
|
Sub Total B1 |
5186466 |
11.07 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200 Million |
7872592 |
16.80 |
|
|
Individual share capital in excess of INR 0.200 Million |
629020 |
1.34 |
|
|
NBFCs registered with RBI |
910 |
0.00 |
|
|
Any Other (specify) |
1746577 |
3.73 |
|
|
Non-Resident Indian (NRI) |
139408 |
0.30 |
|
|
IEPF |
248085 |
0.53 |
|
|
HUF |
208068 |
0.44 |
|
|
Clearing Members |
194156 |
0.41 |
|
|
Bodies Corporate |
829335 |
1.77 |
|
|
LLP |
127525 |
0.27 |
|
|
Sub Total B3 |
10249099 |
21.87 |
|
|
B=B1+B2+B3 |
15435565 |
32.93 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and sale of fabrics and Readymade Garments. [Registered Activity] |
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Products / Services
: |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
6864 (Approximately) |
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Bankers : |
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Facilities : |
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Statutory Auditors : |
|
|
Name : |
Jayantilal Thakkar and Company Chartered Accountants |
|
Address: |
111 (A), Mahatma Gandhi Road, Fort, Mumbai – 400023, Maharashtra, India |
|
Tel No.: |
91-22-22658800/22658900 |
|
Fax No.: |
91-22-22658989 |
|
Email: |
|
|
|
|
|
Internal Auditors : |
|
|
Name : |
K. M. Garg and Company Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Bhuta and Associates Cost Accountants |
|
|
|
|
Secretarial Auditors : |
|
|
Name : |
M/s. J. H. Fatehchandka and Company Company Secretaries |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Other Related
Parties (Enterprises - KMP having significant influence / Owned by Major
Shareholders): |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11000000 |
Equity Shares |
INR 10/- each |
INR 110.000 Million |
|
25000 |
11% Redeemable Cumulative Preference Shares |
INR 100/- each |
INR 2.500 Million |
|
750000 |
Redeemable Preference Shares |
INR 10/- each |
INR 7.500 Million |
|
|
|
|
|
|
|
Total |
|
INR 120.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9374016 |
Equity Shares |
INR 10/- each |
INR 93.740 Million |
|
|
|
|
|
Note:
Reconciliation of the number of shares
outstanding at the beginning and at the end of the reporting period :
|
Equity Shares |
Number
of Shares |
Amount
|
|
At the beginning of the year |
9374016 |
93.740 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
9374016 |
93.740 |
Terms/rights
attached to equity :
The company has issued only one class of equity shares having a par value of INR 10 per share. Each holder of equity share is entitled to one vote per share. The company declares and pays dividend 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, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholdings.
Shareholder’s holding
more than 5 % shares in the Company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
|
|
|
|
DPP Enterprises LLP |
116 |
-- |
|
GPP Enterprises LLP |
100 |
-- |
|
HSP Enterprises LLP |
125 |
-- |
|
PKP Enterprises LLP |
2223787 |
23.72% |
|
DSP Blackrock Micro Cap Fund |
491825 |
5.25% |
|
Smt. Ashadevi Rameshkumar Poddar |
645411 |
6.89% |
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 |
93.740 |
93.740 |
93.740 |
|
(b) Reserves & Surplus |
5872.340 |
4967.644 |
4255.761 |
|
(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) |
5966.080 |
5061.384 |
4349.501 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
638.880 |
567.750 |
577.654 |
|
(b) Deferred tax liabilities
(Net) |
197.641 |
202.800 |
186.104 |
|
(c) Other long term
liabilities |
459.290 |
393.332 |
313.364 |
|
(d) long-term provisions |
111.919 |
97.942 |
66.979 |
|
Total
Non-current Liabilities (3) |
1407.730 |
1261.824 |
1144.101 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2034.965 |
3082.111 |
2226.951 |
|
(b) Trade payables |
1401.639 |
1774.089 |
1410.143 |
|
(c) Other current liabilities |
749.098 |
749.989 |
541.615 |
|
(d) Short-term provisions |
29.363 |
24.751 |
133.039 |
|
Total
Current Liabilities (4) |
4215.065 |
5630.940 |
4311.748 |
|
|
|
|
|
|
TOTAL |
11588.875 |
11954.148 |
9805.350 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3816.719 |
3801.092 |
3299.966 |
|
(ii) Intangible Assets |
35.114 |
54.551 |
18.411 |
|
(iii) Capital work-in-progress |
360.508 |
45.916 |
71.108 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
2.458 |
|
(v) Goodwill |
96.514 |
128.639 |
0.000 |
|
(b) Non-current Investments |
139.509 |
144.092 |
2.127 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
22.081 |
25.233 |
148.602 |
|
(e) Other Non-current assets |
316.864 |
252.414 |
0.000 |
|
Total
Non-Current Assets |
4787.309 |
4451.937 |
3542.672 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
4.756 |
0.000 |
|
(b) Inventories |
3155.726 |
3306.959 |
2382.659 |
|
(c) Trade receivables |
3045.488 |
3631.765 |
3352.401 |
|
(d) Cash and cash equivalents |
46.315 |
58.414 |
45.735 |
|
(e) Short-term loans and
advances |
32.286 |
28.216 |
480.316 |
|
(f) Other current assets |
521.751 |
472.101 |
1.567 |
|
Total
Current Assets |
6801.566 |
7502.211 |
6262.678 |
|
|
|
|
|
|
TOTAL |
11588.875 |
11954.148 |
9805.350 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
15739.334 |
16089.107 |
|
|
Other Income |
|
254.973 |
168.425 |
|
|
TOTAL
|
|
15994.307 |
16257.532 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
5810.128 |
5964.118 |
|
|
Purchases of Stock-in-Trade |
|
1523.192 |
2938.629 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
|
52.780 |
(702.386) |
|
|
Employees benefits expense |
|
1686.030 |
1528.402 |
|
|
Other expenses |
|
4699.880 |
4427.987 |
|
|
TOTAL |
|
13772.010 |
14156.750 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
2222.297 |
2100.782 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
316.982 |
313.619 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
1905.315 |
1787.163 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
545.456 |
516.028 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
1359.859 |
1271.135 |
|
|
|
|
|
|
|
Less |
TAX |
|
449.722 |
430.418 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
910.137 |
840.717 |
|
|
|
|
|
|
|
|
Remeasurement of defined benefit Plan |
|
(8.321) |
(12.830) |
|
|
Income Tax related to items no. (i) above |
|
2.880 |
4.440 |
|
|
|
|
|
|
|
|
Other Comprehensive Income/(Expenses) (OCI), net of tax
expenses |
|
(5.441) |
(8.390) |
|
|
|
|
|
|
|
|
Total Comprehensive Income/(Expenses) for the year |
|
904.696 |
832.327 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
|
NA |
993.253 |
|
|
Insurance |
|
NA |
8.218 |
|
|
TOTAL
EARNINGS |
|
NA |
1001.471 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
|
NA |
356.558 |
|
|
Finished Goods |
|
NA |
22.833 |
|
|
Components and Stores parts |
|
NA |
39.668 |
|
|
Capital Goods |
|
NA |
329.732 |
|
|
TOTAL
IMPORTS |
|
NA |
748.791 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
97.09 |
89.69 |
|
|
PARTICULARS |
|
|
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
15102.984 |
|
|
Other Income |
|
|
162.346 |
|
|
TOTAL |
|
|
15265.330 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
|
5606.529 |
|
|
Purchases of
Stock-in-Trade |
|
|
2380.590 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
|
(45.023) |
|
|
Employees benefits
expense |
|
|
1232.699 |
|
|
Other expenses |
|
|
4186.372 |
|
|
TOTAL |
|
|
13361.167 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
|
1904.163 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
|
305.714 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
|
1598.449 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
|
408.962 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
|
1189.487 |
|
|
|
|
|
|
|
Less |
TAX |
|
|
401.588 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
|
787.899 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
|
|
1615.601 |
|
|
|
|
|
|
|
Add |
Earlier year excess
proposed dividend and dividend distribution tax |
|
|
(0.800) |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
|
|
1750.000 |
|
|
Adjustment relating to
Fixed Assets |
|
|
21.100 |
|
|
Proposed Dividend |
|
|
93.700 |
|
|
Tax on Dividend |
|
|
19.100 |
|
|
Total |
|
|
1883.900 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
|
|
518.800 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
|
|
1028.046 |
|
|
Insurance |
|
|
8.106 |
|
|
TOTAL EARNINGS |
|
|
1036.152 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
|
|
185.666 |
|
|
Finished Goods |
|
|
11.581 |
|
|
Components and Stores
parts |
|
|
31.100 |
|
|
Capital Goods |
|
|
31.349 |
|
|
TOTAL IMPORTS |
|
|
259.696 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
83.97 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
372.329 |
427.329 |
289.321 |
|
Cash generated from operations |
2029.471 |
807.518 |
595.709 |
|
Net cash flow from (used in) operations |
NA |
NA |
NA |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2nd Quarter |
3rd Quarter |
|
|
|
|
|
|
Net sales |
3206.300 |
4226.200 |
3936.000 |
|
Total Expenditure |
2875.600 |
3583.000 |
3432.300 |
|
PBIDT (Excluding Other Income) |
330.700 |
643.200 |
503.700 |
|
Other income |
41.900 |
56.000 |
78.100 |
|
Operating Profit |
372.600 |
699.200 |
581.800 |
|
Interest |
62.000 |
66.300 |
91.800 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
310.600 |
632.900 |
490.000 |
|
Depreciation |
149.300 |
153.200 |
148.000 |
|
Profit Before Tax |
161.300 |
479.700 |
342.000 |
|
Tax |
57.800 |
172.400 |
117.700 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
103.500 |
307.300 |
224.300 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
103.500 |
307.300 |
224.300 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
70.63 |
82.39 |
81.02 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.17 |
4.43 |
4.51 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
69.76 |
72.74 |
64.44 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.70 |
0.64 |
0.80 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.52 |
0.52 |
0.56 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.45 |
0.55 |
0.53 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.51 |
0.81 |
0.71 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.71 |
1.11 |
0.99 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.72 |
0.80 |
0.78 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
7.01 |
6.70 |
6.23 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
5.78 |
5.23 |
5.22 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
7.85 |
7.03 |
8.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
15.26 |
16.61 |
18.11 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.61 |
1.33 |
1.45 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.86 |
0.75 |
0.90 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.51 |
0.42 |
0.44 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
32.50 |
43.49 |
33.01 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.61 |
1.33 |
1.45 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 02.00/- |
|
Market Value |
INR 650.65/- |
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 |
93.740 |
93.740 |
93.740 |
|
Reserves & Surplus |
4255.761 |
4967.644 |
5872.340 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4349.501 |
5061.384 |
5966.080 |
|
|
|
|
|
|
Long-Term Borrowings |
577.654 |
567.750 |
638.880 |
|
Short Term Borrowings |
2226.951 |
3082.111 |
2034.965 |
|
Current Maturities of Long term debt |
289.321 |
427.329 |
372.329 |
|
Total
borrowings |
3093.926 |
4077.190 |
3046.174 |
|
Debt/Equity
ratio |
0.711 |
0.806 |
0.511 |
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 |
15102.984 |
16089.107 |
15739.334 |
|
|
|
6.529 |
(2.174) |
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
|
15102.984 |
16089.107 |
15739.334 |
|
Profit |
787.899 |
840.717 |
910.137 |
|
|
5.22% |
5.23% |
5.78% |
LEGAL
CASE
LEGAL FILE ATTCHACHED
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
MANAGEMENT DISCUSSION AND ANALYSIS:
ECONOMIC OVERVIEW
Current Year Global Economic Overview Stagnant global trade, subdued investment and heightened policy uncertainty marked another difficult year for the world economy. The year witnessed a set of tumultuous international development viz Brexit and political changes in advanced countries which resulted in lackluster growth. Global growth in 2016 was estimated at 3.1%.
CURRENT YEAR INDIAN ECONOMIC OVERVIEW
On the domestic front, two radical policy actions viz demonetization and the momentum gained in the implementation of the Goods and Service Tax Act resulted in slower than expected growth during the year. Despite this the Indian Economy has been a bright spot in the global landscape. India remained the fastest growing economy, after surpassing China as the fastest growing major economy in the world. This was aided by strong consumption growth and Government’s policy decisions ensuring fiscal consolidation and controlling inflation.
INDIAN TEXTILE INDUSTRY OVERVIEW
The Indian textile industry is one of the largest employment generator and is even today one of the largest contributor to India’s exports. The Indian Textile Industry continued to reel under pressure on account of
the near shut down due to demonetization as well as international market conditions.
These factors resulted in a dip in the Company’s top-line, however introduction of value added products and well anticipated policy changes resulted in the Company’s bottom line yet gain touching a new high.
GLOBAL ECONOMIC FUTURE OUTLOOK
Global Economic activity is expected to pick-up with the long-awaited cyclical recovery in investment, manufacturing and trade. Expectation of robust global demand, reduced deflationary pressures and optimistic financial markets are other upside developments expected in future. Downside risks to global growth include increasing policy uncertainty in major advanced economies, financial market disruptions and weakening potential.
INDIAN ECONOMIC FUTURE OUTLOOK
The Indian Economy with the on going economic reforms, other government initiatives and lower inflation looks to move on the path of a modest growth. The reform process through the implementation of Goods and Service Tax (GST) constitutional amendment bill expects to boost India’s position in the global arena.
TEXTILE INDUSTRY OUTLOOK
With the expectation of good monsoon, early implementation of GST and strong domestic consumption the future of Indian Textile Industry looks promising. The Company with the newly acquired Dyeing unit, resilient marketing network, strong brand image, quality products, introduction of value added products as well as premium products and establishing of newly acquired brands like CADINI, expects to continue its march to newer heights.
INTERNAL FINANCIAL CONTROL SYSTEM
The Company has in place an adequate internal financial control system, commensurate with the size and complexity of its operations. Necessary checks and controls are in place to ensure that all assets are safeguarded to detect and prevent errors and frauds and that the transactions are properly verified, adequately authorized, correctly recorded and properly reported.
The Internal Auditors of the Company conduct Audit of various departments to ensure that internal controls
are in place and submit quarterly Reports to the Audit Committee. The Audit Committee regularly reviews these Reports and the Company when needed takes corrective actions.
The Company has appointed a consultancy firm to audit the effectiveness of the Company’s internal financial control and report on the inefficiencies, if any, in the system.
UNSECURED LOAN:
|
PARTICULARS |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
LONG TERM BORROWINGS |
|
|
|
From Government of Maharashtra (Interest free Sales
Tax Loan) |
8.194 |
9.932 |
|
SHORT TERM BORROWINGS |
|
|
|
Short Term Loans from Banks (Including commercial Paper) |
1010.700 |
1822.500 |
|
Short Term Loans from Others $ |
0.000 |
10.000 |
|
Total |
1018.894 |
1842.432 |
|
Note: SHORT TERM BORROWINGS $ Inter Corporate Deposit received from related parties: S.P. Finance & Trading Co. Limited |
||
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED DECEMBER 2017
(INR In Million)
|
Particulars |
Quarter ended |
Nine month ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
3936.000 |
4226.200 |
11368.500 |
|
Other Operating Income |
78.100 |
56.000 |
176.000 |
|
Total
Income from Operations |
4014.100 |
4282.200 |
11544.500 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
1554.100 |
1941.400 |
5053.500 |
|
Purchase of Stock in Trade |
276.300 |
465.600 |
1147.900 |
|
Changes in inventories of finished goods and
work-in-progress |
(198.000) |
(584.100) |
(1458.700) |
|
Employee benefits expense |
471.900 |
465.500 |
1380.700 |
|
Processing and Labour Charges |
349.500 |
448.700 |
1132.200 |
|
Depreciation and Amortization expenses |
148.000 |
153.200 |
450.500 |
|
Other Expenditure |
978.500 |
845.900 |
2635.300 |
|
Finance Cost |
91.800 |
66.300 |
220.100 |
|
Total
Expenses |
3672.100 |
3802.500 |
10561.500 |
|
Profit
/ (Loss) before Tax |
342.000 |
479.700 |
983.000 |
|
Tax Expense |
117.700 |
172.400 |
347.900 |
|
Profit
/ (Loss) after Tax |
224.300 |
307.300 |
635.100 |
|
|
|
|
|
|
Other
Comprehensive income |
|
|
|
|
Item that will not be classified to profit and loss |
|
|
|
|
Re measurement of defined benefit plan |
(2.500) |
(3.600) |
(7.500) |
|
Income Tax related to items |
0.900 |
1.200 |
2.600 |
|
Other
Comprehensive income (Net of tax) |
(1.600) |
(2.400) |
(4.900) |
|
Total
Comprehensive income |
222.700 |
304.900 |
630.200 |
|
Paid-up Equity Share Capital (Face value INR 02/- per
share) |
93.700 |
93.700 |
93.700 |
|
Earnings per Share (EPS) - INR |
4.79 |
6.56 |
13.55 |
Note:
- The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 29th January, 2018. The Statutory Auditors have carried out a Limited Review of the above financial results.
2. The results have been prepared in accordance with the Indian Accounting
Standard (Ind AS) as prescribed under Section 133 of the Companies Act, 2013
with relevant rules issued thereunder.
3. The Company is engaged only in Textile business and there are no separate
reportable segments as per Ind AS 108.
4. Revenue from Operations for period upto 30.06.2017 are inclusive of excise
duty in accordance with requirements of Ind AS. Effective 01.07.2017 with the
implementation of Goods and Service Tax (GST), the revenue from operation for
the quarter ended 30.09.2017 and quarter ended 31.12.2017 are exclusive of GST.
Hence, the revenue from operations for the quarter and nine months ended
31.12.2017 are not comparable with the amounts reported in the corresponding
previous periods/year end.
5. As approved by the members of the Company in the last Annual General
Meeting, the Equity Share of the Face value of Rs. 10/- each has been
sub-divided into 5 Equity shares of Rs. 2/- each with effect from record date
i.e. 26th October, 2017. The Earning per Share figures for the year ended 31st
March 2017, quarter/nine months ended 31st December, 2016 and previous quarter
ended 30th September, 2017 have been restated to give effect to sub division of
the shares as required by Ind AS 33.
6. There were no exceptional / extraordinary items.
7. The previous period figures have been regrouped /reclassified wherever
necessary.
CONTINGENT
LIABILITIES
|
PARTICULARS |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
|
|
|
|
Guarantees given by the Company’s bankers on behalf of the Company |
91.510 |
93.151 |
|
Disputed claims for excise,sales tax and property tax |
87.162 |
76.912 |
|
Income tax Demand, interest & penalty under dispute |
0.126 |
0.126 |
|
|
|
|
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G76659655 |
100153930 |
Corporation Bank |
10/11/2017 |
- |
256726091.0 |
Corporate Banking Branch, 104 Bharat House, Ground Floor, Mumbai samachar Marg, Fort, Mumbai-400023IN |
|
2 |
G02747111 |
100024249 |
CORPORATION BANK |
04/12/2015 |
- |
44000000.0 |
Corporate Banking Branch, 104 Bharat House, Ground Floor, Mumbai samachar Marg, Fort, Mumbai-400023IN |
|
3 |
C53702528 |
10569579 |
Corporation Bank |
02/05/2015 |
- |
720000000.0 |
Corporate Banking Branch, 104 Bharat House, Ground Floor, Mumbai samachar Marg, Fort, Mumbai-400023IN |
|
4 |
C50329010 |
10453480 |
BANK OF BARODA |
17/09/2013 |
21/03/2015 |
1800000000.0 |
Corporate Banking Branch, 104 Bharat House, Ground Floor, Mumbai samachar Marg, Fort, Mumbai-400023IN |
|
5 |
B69646776 |
10408106 |
Corporation Bank |
08/02/2013 |
- |
205000000.0 |
Corporate Banking Branch, 104 Bharat House, Ground Floor, Mumbai samachar Marg, Fort, Mumbai-400023IN |
|
6 |
B69724102 |
10329243 |
Corporation Bank |
21/12/2011 |
08/02/2013 |
1600000000.0 |
Corporate Banking Branch, 104 Bharat House, Ground Floor, Mumbai samachar Marg, Fort, Mumbai-400023IN |
|
7 |
B10751626 |
10282360 |
Corporation Bank |
30/03/2011 |
- |
200000000.0 |
Industrial Finance Branch, 104, Bharat HouseB. S. Marg,MumbaiMH400001IN |
|
8 |
B13398367 |
10300882 |
Corporation Bank |
28/07/2010 |
- |
205000000.0 |
Industrial Finance Branch, 104, Bharat House,Mumbai Samachar Marg, Fort,MumbaiMH400023IN |
|
9 |
B71649834 |
10195953 |
Corporation Bank |
29/12/2009 |
07/03/2013 |
260000000.0 |
Corporate Banking Branch, 104 Bharat House, Ground Floor, Mumbai samachar Marg, Fort, Mumbai-400023IN |
|
10 |
C17438151 |
10136992 |
Corporation Bank |
20/12/2008 |
30/07/2014 |
305000000.0 |
Corporate Banking Branch, 104 Bharat House, Ground Floor, Mumbai samachar Marg, Fort, Mumbai-400023IN |
FIXED ASSETS:
- Freehold Land
- Leasehold Land
- Building
- Plant and Machinery
- Electrical Installation
- Furniture and Equipments
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 67.10 |
|
|
1 |
INR 90.85 |
|
Euro |
1 |
INR 80.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHL |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
TRUP |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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.