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|
MIRA INFORM REPORT
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Report No. : |
508785 |
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Report Date : |
12.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
RMG ALLOY STEEL LIMITED |
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Registered
Office : |
Plot No. 1, G.I.D.C Industrial Estate, Valia Road,
Jhagadia, Dist. Bharuch, Gujarat-393110 |
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Tel. No.: |
91-22-66136000/ 24908000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
29.12.1980 |
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Com. Reg. No.: |
04-020358 |
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Capital
Investment / Paid-up Capital : |
INR 1239.658 Million |
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CIN No.: [Company Identification
No.] |
L27100GJ1980PLC020358 |
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IEC No.: |
Not Available |
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GSTIN : |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in manufacture of steel and steel products such as seamless tubes and rolled products. (Registered Activity) |
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No. of Employees
: |
414 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1980 and it is engaged in business of steel and steel products such as seamless tubes and rolled products. As per financials of March 2017, the company has registered decline in its revenue as compared to its previous year’s revenue and has incurred losses. Rating takes into consideration the company’s continuous loss from its operations which has led to erosion of net worth along with high debt balance sheet and weak financial risk profile. Rating also takes into account the company’s ongoing delays in servicing of debt obligations due to its weak liquidity position. As per unaudited quarterly financials of December 2017, the company has achieved a revenue of INR 823.000 million but has incurred losses. Payments seems to be slow and delayed. In view of aforesaid, the company can be considered for business dealings at fully safe and secured trade terms and conditions. |
NOTES : Any query related to this
report can be made on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
CARE |
|
Rating |
Long Term Rating D |
|
Rating Explanation |
Lowest credit quality and low prospectus of
recovery |
|
Date |
06.04.2018 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating D |
|
Rating Explanation |
Lowest credit quality and low prospectus of
recovery |
|
Date |
06.04.2018 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2018.
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 12.05.2018
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 DENIED
|
Name : |
Mr. P. B. Shetty |
|
Designation : |
Marketing Head |
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Contact No.: |
91-9870937138 |
|
Date : |
11.05.2018 |
Management non-cooperative (Tel No.: 91-22-66136000/ 24908000)
LOCATIONS
|
Registered Office / Factory : |
Plot No. 1, G.I.D.C Industrial Estate, Valia Road,
Jhagadia, Dist. Bharuch, Gujarat-393110, India |
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Tel. No.: |
91-2645-619700 |
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Fax No.: |
91-2645-226841 |
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E-Mail : |
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Website : |
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Corporate Office : |
B/9, Trade World, Kamala City, S.B. Marg, Lower Parel,
Mumbai – 400013, Maharashtra, India |
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Tel. No.: |
91-22-66136000/ 24908000 |
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Fax No.: |
91-22-24908020 |
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|
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Marketing Offices : |
|
DIRECTORS
As on 31.03.2018
|
Name : |
Mr. Anuj Burakia |
|
Designation : |
Whole Time Director |
|
Address : |
C-28 Shakti Nagar Nu 10-B Gdm Gandhidham Nu 10b Shaktinagar Gandhidham Kachh -370201, Gujarat, India |
|
Date of Birth/Age : |
27.06.1979 |
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Date of Appointment : |
28.05.2015 |
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DIN No : |
02840211 |
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|
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|
Name : |
Mr. Hanuman Parshad Kanodia |
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Designation : |
Nominee Director |
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Address : |
402, Meenaxi Tower, Opposit Gokuldham High School, Gen. A. K. Vaidya Marg, Gokuldham, Goregaon (E), Mumbai - 400063, Maharashtra, India |
|
Date of Birth/Age : |
14.08.1962 |
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Date of Appointment : |
30.05.2013 |
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DIN No : |
00331178 |
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|
|
|
Name : |
Mr. Ashok Jain |
|
Designation : |
Director |
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Address : |
304, Riddhi Apartment Ashok Nagar, Near Shankar Enclave, Kandivali (East) Mumbai -400101, Maharashtra, India |
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Date of Birth/Age : |
26.08.1950 |
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Date of Appointment : |
06.02.2013 |
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DIN No : |
00007189 |
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|
Name : |
Mr. Atul Manubhai Desai |
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Designation : |
Director and Chairman |
|
Address : |
C/62, Vellard View 14, Tardeo Road, Haji Ali Mumbai - 400034, Maharashtra, India |
|
Date of Birth/Age : |
27.01.1950 |
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Date of Appointment : |
15.11.2008 |
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DIN No : |
00019443 |
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|
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Name : |
Ms. Amita Sachin Karia |
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Designation : |
Director |
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Address : |
A/24, Sneha Sadan, Jss Road Mangal Wadi, Girgaum, Mumbai – 400004, Maharashtra, India |
|
Date of Birth/Age : |
09.10.1987 |
|
Date of Appointment : |
31.03.2015 |
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DIN No : |
07068393 |
|
|
|
|
Name : |
Mr. Aneel Manoharlal Lasod |
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Designation : |
Director |
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Address : |
H-302, Panchavan Complex CHS Ltd, Behind Mary Immaculate School, I.C. Colony, Borivali, Mumbai - 400103, Maharashtra, India |
|
Date of Birth/Age : |
11.01.1964 |
|
Date of Appointment : |
14.02.2017 |
|
DIN No : |
07705157 |
KEY EXECUTIVES
|
Name : |
Mr. Narendra Kumar Bhandari |
|
Designation : |
Chief Finance Officer |
|
Address : |
E-1004, Ashok Gardens T.J. Road, Near Sewri Naka, Mumbai - 400015, Maharashtra, India |
|
Experience : |
AHFPB0570L |
|
Date of Appointment : |
12.02.2016 |
|
|
|
|
Name : |
Mr. Nilesh Narayanrao Javker |
|
Designation : |
Company Secretary |
|
Address : |
Ground Floor, Block No. 002, Shiv Shraddha Chs Limited, Pandurang Wadi Near Model English School, Dombivali Thane – 421202, Maharashtra, India |
|
Experience : |
AFEPJ4415P |
|
Date of Appointment : |
27.05.2015 |
|
Name : |
Mr. P. B. Shetty |
|
Designation : |
Marketing Head |
MAJOR SHAREHOLDERS
As on 19.04.2018
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957) |
|
|
(A) Promoter & Promoter Group |
81326879 |
75.00 |
|
|
(B) Public |
27108961 |
25.00 |
|
|
Grand Total |
108435840 |
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 |
1629 |
0.00 |
|
|
VISHWAMBHARLAL C SARAF |
916 |
0.00 |
|
|
RAJENDRA C SARAF |
501 |
0.00 |
|
|
MINAKSHI R SARAF |
151 |
0.00 |
|
|
RISHABH R SARAF |
40 |
0.00 |
|
|
ANUPAMA KASERA |
20 |
0.00 |
|
|
VANDANA V SARAF |
1 |
0.00 |
|
|
Any Other (specify) |
81325250 |
75.00 |
|
|
Welspun Steel Limited |
43247034 |
39.88 |
|
|
Widescreen Holding Private Limited |
11351353 |
10.47 |
|
|
Magnificent Trading Private Limited |
7012334 |
6.47 |
|
|
Calplus Trading Private Limited |
6114390 |
5.64 |
|
|
Vishwakarma Jobworks Limited |
2556545 |
2.36 |
|
|
Remi Finance And Investment Private Limited |
2460000 |
2.27 |
|
|
K K Fincorp Limited |
2313617 |
2.13 |
|
|
Remi Securities Limited |
2313600 |
2.13 |
|
|
Vayudoot Trading Limited |
1995492 |
1.84 |
|
|
Rajendra Finance Private Limited |
1960520 |
1.81 |
|
|
Bajrang Finance Ltd |
10 |
0.00 |
|
|
Vishwambhar C Saraf (On Behalf Of Fulidevi Saraf Family Trust) |
230 |
0.00 |
|
|
VISHWAMBHAR C SARAF (On Behalf Of Chiranjilal Saraf Family Trust) |
125 |
0.00 |
|
|
Sub Total A1 |
81326879 |
75.00 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
81326879 |
75.00 |
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 |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
16780 |
0.02 |
|
|
Financial Institutions/ Banks |
140 |
0.00 |
|
|
Any Other (specify) |
23761 |
0.02 |
|
|
Sub Total B1 |
40681 |
0.04 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200 Million |
7185580 |
6.63 |
|
|
Individual share capital in excess of INR 0.200 Million |
6515822 |
6.01 |
|
|
Mr. Chetan Rasiklal Shah |
1842760 |
1.70 |
|
|
Any Other (specify) |
13366878 |
12.33 |
|
|
Bodies Corporate |
7373708 |
6.80 |
|
|
Clearing Members |
3714008 |
3.43 |
|
|
Non-Resident Indian (NRI) |
1158082 |
1.07 |
|
|
Unclaimed or Suspense or Escrow Account |
121080 |
0.11 |
|
|
Trusts |
1000000 |
0.92 |
|
|
Arihant Capital Mkt. Ltd |
1401350 |
1.29 |
|
|
Kothari Ventures Llp |
2459139 |
2.27 |
|
|
Indian Clearing Corporation Limited |
1279198 |
1.18 |
|
|
Sub Total B3 |
27068280 |
24.96 |
|
|
B=B1+B2+B3 |
27108961 |
25.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacture of steel and steel products such as seamless tubes and rolled products. (Registered Activity) |
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Products : |
|
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|
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Brand Names : |
Not Available |
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|
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Agencies Held : |
Not Available |
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|
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Exports : |
Not Available |
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|
|
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Imports : |
Not Available |
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|
|
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Terms : |
Not Available |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : (From Indirect Sources) |
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No. of Employees : |
414 (Approximately) |
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Bankers : |
·
Bank of Baroda ·
Lakshmi Vilas Bank ·
Federal Bank ·
Corporation Bank |
||||||||||||||||||||||
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|
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Facilities : |
Long-term
Borrowings : a) Rupee loan of INR 3067.700 Million (Previous year INR 2960.400 Million) pari passu basis INR by way of:
ii. Hypothecation of movable fixed assets on first charge basis. iii. Second charge on current assets. Rupee loans carry interest at bank prime lending rate /base rate/ MCLR plus margin loans of i. INR 1628.800 Million (Previous year INR 1690.000 Million) are repayable in 30 quarterly installment starting from September 2016 and ending in April 2024.
ii.
INR 57.400 Million (Previous year INR 70.400
Million) are repayable in 20 quarterly installment starting from June 2014
and ending in March 2019.
iii.
INR 1381.500 Million (Previous year INR
1200.000) are repayable in 32 quarterly installments starting from June 2017
and ending in August 2025. b)
Rupee Term loans include installment of INR
13.204 Million (PreviousYear INR
1.350 Million) due on the balance sheet date Short Term
Loan i. Hypothecation of current assets on first charge basis. ii.
Hypothecation of movable fixed assets on
second charge basis. iii.
Equitable mortgage of immovable properties on
second charge basis Working Capital Loans carry interest, at bank prime
lending rate/base rate/ MCLR plus margin, ranging from 10.90% to 15.05%. |
|
Auditors : |
|
|
Name : |
Chaturvedi and Shah Chartered Accountants |
|
Address : |
Nariman Point, Mumbai – 400 021, Maharashtra, India |
|
|
|
|
Cost Auditors: |
Mr. Kiran J. Mehta Cost Accountant |
|
|
|
|
Secretarial Auditors: |
Mihen Halani and Associates |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates : |
WS Alloy Holding Private Limited (CIN
-U27100GJ2014PTC080182 |
|
|
|
|
Enterprise having
significant influence : |
|
CAPITAL STRUCTURE
After 26.09.2017
Authorised Capital : INR
1550.000 Million
Issued, Subscribed & Paid-up Capital : INR 1539.658 Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
110000000 |
Equity Shares |
INR 6/- each |
INR 660.000 Million |
|
64000000 |
Preference Shares |
INR 10/- each |
INR 640.000 Million |
|
Total |
INR 1300.000
Million |
||
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
108435840 |
Equity Shares |
INR 6/- each |
INR 650.600 Million |
|
58904271 |
Preference Shares |
INR 10/- each |
INR 589.100 Million |
|
|
Total |
|
INR 1239.700
Million |
a)
RECONCILIATION
OF THE NUMBER OF SHARES EQUITY SHARES
|
Particulars |
As at 31st March 2017 |
|
|
|
Number of shares |
INR in Million |
|
As at beginning of the
year |
108435840 |
650.600 |
|
Share issued during the
year |
- |
- |
|
Buyback/ forfeiture/ reduction
shares |
- |
- |
|
Outstanding at the end of the year |
108435840 |
650.600 |
b)
DETAILS
OF SHAREHOLDERS HOLDING MORE THAN 5% SHARES
|
Name of the Shareholders Equity Shares |
As at 31st March 2017 |
|
|
Number of shares |
% held |
|
|
WS Alloy Holding
Private Ltd (Demerged from Welspun Steel Limited w.e.f. 09.05.2015) |
43247034 |
39.88 |
|
Widescreen Holding
Private Limited |
24143333 |
22.27 |
|
Magnificent Trading
Private Limited |
7012334 |
6.47 |
|
Calplus Trading Private Limited |
6114390 |
5.64 |
|
12% CRPS |
|
|
|
WS Alloy Holding Private Ltd (Demerged from Welspun Steel Limited w.e.f. 09.05.2015) |
- |
- |
|
Welspun Fintrade Private Limited |
- |
- |
|
Right Growth Trading Private.Limited |
50904271 |
86.42 |
|
MGN Agro Properties Private.Limited |
8000000 |
13.58 |
c)
TERMS/
RIGHTS ATTACHED TO
Equity shares : The Company has 108435840 equity share having par value of INR 6/- each fully paid up. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends, if any, in Indian rupees. The dividend proposed if any, by the board of Directors is subject to the approval of the Shareholders in ensuing annual general meeting. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the share holders.
Preference Share : The CRPS carry dividend (cumulative) of 12% per annum. The CRPS 40242857 are redeemable with premium of INR 25 per share in three equal annual installments payable from the end of eight years to ten years from the date of allotment (i.e.19th February 2013), The CRPS 4285714 are redeemable with premium of INR 25 per share in three equal annual installments payable from the end of eight years to ten years from the date of allotment (i.e.11th February 2014), The CRPS 6375700 are redeemable with premium of INR 25 per share in three equal annual installments payable from the end of eight years to ten years from the date of allotment (i.e.11th November 2014) and The CRPS 8000000 are redeemable with premium of INR 25 per share in three equal annual installments payable from the end of eight years to ten years from the date of allotment (i.e.23rd October 2015).
FINANCIAL DATA
[all figures are
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 |
1239.700 |
1239.700 |
1159.700 |
|
(b) Reserves & Surplus |
(3627.800) |
(3042.500) |
(2641.800) |
|
(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 |
(2388.100) |
(1802.800) |
(1482.100) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2905.100 |
2914.400 |
2002.600 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
15.200 |
14.900 |
16.000 |
|
Total
Non-current Liabilities |
2920.300 |
2929.300 |
2018.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
743.600 |
578.400 |
1587.200 |
|
(b) Trade payables |
505.100 |
559.000 |
621.800 |
|
(c) Other current liabilities |
326.500 |
198.500 |
184.100 |
|
(d) Short-term provisions |
4.400 |
2.500 |
1.200 |
|
Total
Current Liabilities |
1579.600 |
1338.400 |
2394.300 |
|
|
|
|
|
|
TOTAL |
2111.800 |
2464.900 |
2930.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1111.400 |
1175.400 |
1225.600 |
|
(ii) Intangible Assets |
0.000 |
0.600 |
1.400 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
13.800 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
17.600 |
25.900 |
23.100 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1129.000 |
1201.900 |
1263.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
433.700 |
456.600 |
452.700 |
|
(c) Trade receivables |
416.500 |
652.300 |
664.700 |
|
(d) Cash and cash equivalents |
35.800 |
40.300 |
113.500 |
|
(e) Short-term loans and
advances |
95.400 |
112.200 |
428.800 |
|
(f) Other current assets |
1.400 |
1.600 |
7.200 |
|
Total
Current Assets |
982.800 |
1263.000 |
1666.900 |
|
|
|
|
|
|
TOTAL |
2111.800 |
2464.900 |
2930.800 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
2344.100 |
2681.600 |
3337.300 |
|
|
Other Income |
61.700 |
20.600 |
116.000 |
|
|
TOTAL
|
2405.800 |
2702.200 |
3453.300 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1345.300 |
1559.300 |
2136.300 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
14.000 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(6.200) |
6.900 |
96.200 |
|
|
Employees benefits expense |
163.500 |
166.500 |
160.600 |
|
|
Other expenses |
998.500 |
1078.000 |
1021.800 |
|
|
Exceptional Item |
(25.000) |
(32.100) |
(225.900) |
|
|
TOTAL |
2476.100 |
2778.600 |
3203.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(70.300) |
(76.400) |
250.300 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
449.100 |
458.000 |
498.800 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(519.400) |
(534.400) |
(248.500) |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
65.900 |
66.300 |
117.700 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(585.300) |
(600.700) |
(366.200) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(585.300) |
(600.700) |
(366.200) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(4515.100) |
(3914.400) |
(3258.300) |
|
|
|
|
|
|
|
Add |
Additional
depreciation pursuant to enactment of Schedule II of the Companies Act, 2013 |
0.000 |
0.000 |
(289.900) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(5100.400) |
(4515.100) |
(3914.400) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
7.100 |
10.600 |
8.700 |
|
|
TOTAL
EARNINGS |
7.100 |
10.600 |
8.700 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
21.700 |
67.600 |
201.600 |
|
|
Components and Stores parts |
21.500 |
0.000 |
30.700 |
|
|
Fixed Asset (Plant & Machinery) |
0.900 |
0.000 |
5.100 |
|
|
Finished Goods |
0.000 |
0.000 |
14.000 |
|
|
TOTAL
IMPORTS |
44.100 |
67.600 |
251.400 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
(6.05) |
(6.11) |
(3.90) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
204.200 |
98.000 |
57.600 |
|
Cash generated from operations |
176.900 |
251.400 |
(151.900) |
|
Net cash flows from (used in) operating activity |
174.000 |
248.600 |
(1.400) |
QUARTERLY
RESULTS
|
Particulars |
Quarter Ended 30.06.2017 |
Quarter Ended 30.09.2017 |
Quarter Ended 31.12.2018 |
|
|
|
|
|
|
|
|
Net Sales |
439.000 |
125.400 |
823.000 |
|
|
Total Expenditure |
433.300 |
208.200 |
838.600 |
|
|
PBIDT (Excl OI) |
5.700 |
(82.800) |
(15.600) |
|
|
Other Income |
21.200 |
2.000 |
2.300 |
|
|
Operating Profit |
26.900 |
80.800 |
(13.300) |
|
|
Interest |
148.900 |
148.900 |
144.400 |
|
|
Exceptional Items |
NA |
NA |
NA |
|
|
PBDT |
(122.000) |
(229.700) |
(157.700) |
|
|
Depreciation |
18.400 |
18.400 |
17.800 |
|
|
Profit Before Tax |
(140.400) |
(248.100) |
(175.500) |
|
|
Tax |
NA |
NA |
NA |
|
|
Provisions and
contingencies |
NA |
NA |
NA |
|
|
Profit After Tax |
(140.400) |
(248.100) |
(175.500) |
|
|
Extraordinary Items |
NA |
NA |
NA |
|
|
Prior Period Expenses |
NA |
NA |
NA |
|
|
Other Adjustments |
NA |
NA |
NA |
|
|
Net Profit |
(140.400) |
-248.100 |
(248.100) |
(175.500) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
64.85 |
88.79 |
72.70 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.63 |
4.11 |
5.02 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
137.04 |
130.85 |
105.55 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
(0.16) |
(0.17) |
0.55 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
(0.06) |
(0.06) |
0.20 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
2.22 |
1.77 |
1.52 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
(1.61) |
(1.99) |
(2.46) |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
(0.66 |
(0.74 |
(1.62) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
(0.47) |
(0.65) |
(0.84) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
(0.16) |
(0.17) |
0.50 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(24.97) |
(22.40) |
(10.97) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(27.72) |
(24.37) |
(12.49) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
24.51 |
33.32 |
24.71 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.62 |
0.94 |
0.70 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.35 |
0.60 |
0.51 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
(1.13) |
(0.73) |
(0.51) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
3.11 |
2.90 |
3.15 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.62 |
0.94 |
0.70 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 6.00/- |
|
Market Value |
INR 18.25/- |
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 |
1159.700 |
1239.700 |
1239.700 |
|
Reserves & Surplus |
(2641.800) |
(3042.500) |
(3627.800) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(1482.100) |
(1802.800) |
(2388.1000 |
|
|
|
|
|
|
long-term borrowings |
2002.600 |
2914.400 |
2905.100 |
|
Short term borrowings |
1587.200 |
578.400 |
743.600 |
|
Current maturities of
long-term debts |
57.600 |
98.000 |
204.200 |
|
Total
borrowings |
3647.400 |
3590.800 |
3852.900 |
|
Debt/Equity
ratio |
(2.461) |
(1.992) |
(1.613) |
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 |
3337.300 |
2681.600 |
2344.100 |
|
|
|
(19.648) |
(12.586) |
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 |
3337.300 |
2681.600 |
2344.100 |
|
Profit/ (Loss) |
(366.200) |
(600.700) |
(585.300) |
|
|
(10.97%) |
(22.40%) |
(24.97%) |
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 |
Yes |
|
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 |
Yes |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
No |
|
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 |
SEGMENT REPORTING
The Company operates in a single business segment i.e. manufacture of steel and steel products such as seamless tubes and rolled products and as such there are no primary and secondary segments as per the requirement of Accounting Standard (AS-17) on “Segment Reporting”. The Company has no reportable geographical segment.
INDIAN INDUSTRY
STRUCTURE SCENARIO & DEVELOPMENT
During calendar year 2015 and 2016, among the top six crude steel producers in the world, crude steel production of only India increased on a y-o-y basis. However, it grew marginally by 0.9% to 89.79 million tonnes during the year while it fell for the other five countries in the range of 1.9-5.1%.
In the current financial year 2016-17, production of these top five steel producing countries (excluding India) remained subdued even during April-December 2016 on a y-o-y basis. While crude steel output in China, Japan and Russia grew by mere 0.5- 3%, output in USA remained flat and that in Korea Republic (South) declined by 1.3%. In contrast, crude steel production in India rose by 8.8% to 72.35 million tonnes during this period. This was on account of higher output by the major Indian steel companies. The imposition of Minimum Import Price (MIP) encouraged the producers to increase their output.
Consumption of steel, on the other hand, grew by just 3.2% to 73.75 million tonnes during April-December 2016. Post demonetization, steel consumption continues to remain under pressure. This is because it is likely that the demand for steel from the user industries like construction, real estate will take some time to strengthen. However, government push towards infrastructure will compensate for this reduction in demand.
In the coming financial year 2017-18, steel production is
expected to remain higher. This will be backed by an expected revival in
consumption and demand. An increase in infrastructure allocation by the
government in the Union Budget 2017- 18 is expected to drive the pace of
construction and infrastructure in the country. Apart from this, the National
Steel Policy 2017 released by the government and other protective measures like
“Made in India” preference in Government buying, antidumping duties on steel
products etc. also aims to increase steel production. Thus, both production and
consumption of steel is expected to remain buoyant in 2017-18.
OPPORTUNITIES AND
THREATS
Though the overall steel demand will grow, alloy steel
sector particularly looks to be bullish due to expected strong growth in
Automotive and Engineering sectors during 2017-18. Having said that, Blast
Furnace route of making steel for its lower cost will continue to keep prices
under check. In this scenario which will be competitive by pricing but strong
by overall demand, your company will benefit due to its focus on niche segments
with lower competition.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Sales Tax Deferred Loan (Sales Tax Deferred Loan is repayable from April 2015 in
six equal annual installments.) |
31.200 |
41.600 |
|
Short Term
Borrowings |
|
|
|
Foreign Currency Loan : Buyer’s Credit (Buyers Credit carry interest at LIBOR plus margin (68 bps
to 100 bps) |
5.800 |
- |
|
Other Loan |
80.000 |
- |
|
Total |
117.000 |
41.600 |
INDEX
OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
AMOUNT |
ADDRESS |
|
1 |
G01852532 |
10588962 |
IDBI TRUSTEESHIP SERVICES LIMITED |
31/07/2015 |
29/03/2016 |
1450100000.0 |
ASIAN BUILDING GROUND FLOOR 17, R. KAMANI MARG, BALLARD ESTATE, NEAR CUSTOM HOUSE MUMBAIMH400023IN |
|
2 |
C37401197 |
10537591 |
IDBI TRUSTEESHIP SERVICES LIMITED |
08/12/2014 |
- |
1690000000.0 |
ASIAN BUILDING GROUND FLOOR 17, R. KAMANI MARG, BALLARD ESTATE, NEAR CUSTOM HOUSE MUMBAIMH400023IN |
|
3 |
C30957534 |
10528482 |
ANDHRA BANK |
13/10/2014 |
- |
50000000.0 |
16-B, EARNEST HOUSE, NCPA MARG NARIMAN POINT MUMBAI MH400021 |
|
4 |
C54762414 |
10571783 |
CORPORATION BANK |
30/09/2014 |
- |
464800000.0 |
104, BHARAT HOUSE, GROUND FLOOR, MUMBAI SAMACHAR MARG, FORT MUMBAIMH400023IN |
|
5 |
C11340783 |
10509078 |
ANDHRA BANK |
27/06/2014 |
- |
50000000.0 |
16-B, EARNEST HOUSE, NCPA MARGNARIMAN POINTMUMBAIMH400021IN |
|
6 |
B92989110 |
10469789 |
ANDHRA BANK |
18/12/2013 |
- |
50000000.0 |
16-B, EARNEST HOUSE, NCPA MARG NARIMAN POINTMUMBAIMH400021IN |
|
7 |
C44990919 |
10419282 |
IDBI TRUSTEESHIP SERVICES LIMITED |
16/03/2013 |
23/02/2015 |
880000000.0 |
ASIAN BUILDING GROUND FLOOR 17, R. KAMANI MARG, BALLARD ESTATE, NEAR CUSTOM HOUSE MUMBAIMH400023IN |
|
8 |
B69035905 |
10406620 |
ANDHRA BANK |
28/01/2013 |
- |
989200000.0 |
16-B, EARNEST HOUSE, NCPA MARG NARIMAN POINTMUMBAIMH400021IN |
|
9 |
B59499376 |
10380044 |
CORPORATION BANK |
14/09/2012 |
- |
100000000.0 |
104, BHARAT HOUSE, GROUND FLOOR, MUMBAI SAMACHAR MARG, FORTMUMBAIMH400023IN |
|
10 |
B45289311 |
10369505 |
BANK OF BARODA |
30/06/2012 |
- |
1352100000.0 |
CORPORATE FINANCIAL SERVICES BRANCH NO.3, WALCHAND HIRACHAND MARG, BALLARD PIER, MUMBAI MH400001IN |
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2017
|
Particulars |
Quarter Ended 31.12.2017 |
Quarter Ended 30.09.2017 |
Nine Month 31.12.2017 |
|
Net Sales |
823.000 |
125.400 |
1387.300 |
|
Other Income |
2.300 |
2.000 |
25.500 |
|
Total Income |
825.300 |
127.400 |
1412.800 |
|
Expenditure |
|
|
|
|
Cost of Materials Consumed |
517.900 |
34.900 |
816.300 |
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(22.800) |
48.300 |
(78.800) |
|
Excise Duty on Sale of Goods |
0.000 |
0.000 |
48.300 |
|
Employee benefit expense |
38.700 |
32.300 |
106.300 |
|
Depreciation and amortisation expense |
17.800 |
18.400 |
54.600 |
|
Power & Fuel |
182.200 |
52.300 |
370.200 |
|
Finance Costs |
122.600 |
40.400 |
217.900 |
|
Other Expenses |
144.400 |
148.900 |
442.100 |
|
Total Expenses |
1000.800 |
375.500 |
1976.900 |
|
Profit before tax |
(175.500) |
(248.100) |
(564.100) |
|
Tax expenses |
0.000 |
0.000 |
0.000 |
|
Net profit / (Loss)
for the period |
(175.500) |
(248.100) |
(564.100) |
|
Other comprehensive income |
|
|
|
|
Item that will not be reclassified |
(0.900) |
(0.800) |
(2.600) |
|
Total comprehensive
income for the period |
(176.400) |
(248.900) |
(566.700) |
|
Paid up share capital |
650.600 |
650.600 |
650.600 |
|
Earning per
share |
|
|
|
|
Basic |
(1.86) |
(2.45) |
(5.78) |
|
Diluted |
(1.86) |
(2.45) |
(5.78) |
On 1st April, 2017 the Company has adopted Indian Accounting Standard ("Ind AS") with effect from 1st April 2016. Accordingly, the financial results for the Quarter and Nine Months Ended 31st December, 2017 have been prepared in accordance with Ind AS, the recognition and measurement principles laid down under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and the other accounting principles generally accepted in India. The results for the comparative Quarter and Nine Months ended 31st December, 2016 have been restated as per Ind AS.
4. Deferred tax asset is more than deferred tax liability as computed in
accordance with the IND AS 12, specified under section 133 of Companies Act,
2013, read with the Companies (Indian Accounting Standards) Rules, 2015. The
Company, as a matter of prudence has not recognised deferred tax asset.
5. Earlier, the Company was engaged with Joint Lender’s Forum (JLF) to finalise
an overall debt resolution plan for the Company under the Strategic Debt
Restructuring Scheme (SDR Scheme) including conversion by lenders of debt into
equity and the Scheme has been invoked on October 24, 2017. Consequently,
standstill on the Company’s debt servicing obligations for a period of 18
months till April, 2019 had become effective. Pursuant to RBI Circular
No.RBI/2017-18/131 DBR.No.BP.BC.101/21.04.048/2017-18 dated February 12, 2018,
the SDR Scheme under RBI Regulations has been repealed. In view of this the Company
will explore various options for finalising the Resolution Plan in compliance
with the said RBI Circular. Further, the expected receipt of fiscal incentive
and arrangement of funds from various sources including from promoters group
will result in improvement in the liquidity of the company. Accordingly, the
financials results have been prepared on going concern basis. This matter has
been referred to by the Auditors in their Limited Review Report.
6. The Company entitled to the benefits as per eligibility certificate received
from industries commissioner. Accordingly, during the quarter ended 30th June
2017, the Company had accounted for the refund on the purchase tax (including
interest) an amount of Rs.169 lac and for the quarter ended 30 June, 2016 amounting
to INR 25.000 Million
7.The Statement does not include IND AS compliant results for the previous year
ended March 31, 2017 as the same is not mandatory as per SEBI's circular dated
July 5, 2016.
8. The reconciliation of net profit or loss reported in accordance with India
GAAP to total comprehensive income in accordance with IND AS is given with the
signed results.
9. The figures for the previous period have been regrouped / rearranged,
wherever necessary, to make them comparable.
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Capital Commitments not provided for (net of advances) |
- |
2.300 |
|
Bank Guarantees |
85.400 |
91.500 |
|
Bills Discounted |
126.400 |
66.800 |
|
Service Tax |
13.900 |
13.900 |
|
Excise Duty |
3.400 |
3.400 |
|
Disputed Sales Tax Demands |
2.000 |
2.000 |
|
Claim against the Company not acknowledged as debts |
50.100 |
44.200 |
|
Dividend on Cumulative Redeemable Preference Shares |
247.000 |
176.300 |
FIXED ASSETS
Tangible Assets
- Lease hold Land
- Free hold Land Building
- Plant and
Machinery
- Electrical Installation
- Buildings
- Office Equipment
- Furniture and
Fixture
- Vehicles
Intangible Assets
- Computer Software
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 67.22 |
|
|
1 |
INR 90.87 |
|
Euro |
1 |
INR 80.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHR |
|
|
|
|
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.