|
|
|
MIRA INFORM REPORT
|
Report No. : |
510104 |
|
Report Date : |
21.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
PONDY OXIDES AND CHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
KRM Centre, 4th Floor, #2, Harrington Road, Chetpet, Chennai
– 600031, Tamilnadu |
|
Tel. No.: |
91-44-42965454 |
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|
|
|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
21.03.1995 |
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|
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Com. Reg. No.: |
18-030586 |
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Capital Investment
/ Paid-up Capital : |
INR 55.760 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24294TN1995PLC030586 |
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|
|
|
IEC No.: [Import-Export Code No.] |
2593000091 |
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|
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PAN No.: [Permanent Account No.] |
AAACP5102D |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection 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 the manufacture of Lead Metal, Alloys and Lead Compounds (Registered Activity) |
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|
No. of Employees
: |
266 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject was incorporated in the year 1995 and it is having fine track record. The subject is engaged as manufacturer of metallic oxides and plastic additives products. For the financial year 2017, the company has achieved top line growth in its revenue as compared to its previous year along with fair profit margin during the year. The company possesses healthy financial risk profile marked by adequate net worth base and strong debt protection metrics. Along with favourable gap between trade payables and trade receivables. Rating continue to derive strength from its long and established track record of its business operation and considerable experience of the promoters in the industry. The company has its share price trading at around INR 402.20 on BSE as on 19th May 2018 as against its face value of INR 10. As per quarterly results of December the company has achieved revenue of INR 238.071 million and has clocked a net profit margin of approximately 3% However, these rating strength is partially offset by low profitability and intense competition from highly fragmented market that limits the pricing flexibility. Payments are seems to be regular. In view of aforesaid, the company can be considered 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.
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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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 21.05.2018
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 BY
Management non-cooperative (Tel No.:91-44-42965455)
LOCATIONS
|
Registered
Office/Corporate Office : |
KRM Centre, 4th Floor, #2, Harrington Road, Chetpet,
Chennai – 600031, Tamilnadu, India |
|
Tel. No.: |
91-44-42965454 |
|
Fax No.: |
91-44-42965455 |
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E-Mail : |
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|
Website : |
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Factory Divisions
1: |
Smelter Division
[SMD] - I G-17 to G-19 and G-30 to G-32, SIPCOT Industrial Park, Mambakkam Village, Pondur Post, Sriperumbudhur, Kancheepuram-602105, Tamilnadu, India |
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|
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Factory Divisions
2: |
Smelter Division [SMD] –
II Plot # 78 B, Industrial
Park, Gajulamandyam Village, Renigunta Mandal, Chittoor-517520, Andhra
Pradesh, India |
|
|
|
|
Factory Divisions
3: |
Zinc
Refining Division [ZRD] G-1,
SIPCOT Industrial Park, Pondur Post, Sriperumbudhur, Kancheepuram-602105,
Tamilnadu, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Ashish Bansal |
|
Designation : |
Managing Director |
|
Address : |
L 136, L Block, Anna Nagar (East) Chennai- 600102, Tamilnadu, India |
|
Date of Appointment : |
30.07.2009 |
|
DIN No.: |
01543967 |
|
|
|
|
Name : |
Mr. Anil Kumar Bansal |
|
Designation : |
Whole-Time Director |
|
Address : |
L-136, Anna Nagar East, Chennai -600102,
Tamilnadu, India |
|
Date of Appointment : |
21.03.1995 |
|
DIN No.: |
00232223 |
|
|
|
|
Name : |
Mr. Rajendraprasad Bansal |
|
Designation : |
Whole-Time Director |
|
Address : |
Villa No. C 1-2, Tirupati Towers,
Co-Operative Housing Society Ltd., Thakur Complex, Kandivli-(East), Mumbai
-400101, Maharashtra, India |
|
Date of Appointment : |
21.03.1995 |
|
DIN No.: |
00232708 |
|
|
|
|
Name : |
Mr. Ramakrishnan Shoba |
|
Designation : |
Director |
|
Address : |
Flat - B Saraswathi Apartments No.2, Luz
Avenue Mylapore, Chennai- 600004, Tamilnadu, India |
|
Date of Appointment : |
01.04.2015 |
|
DIN No.: |
02773030 |
|
|
|
|
Name : |
Mr. Anilkumar Sachdev |
|
Designation : |
Director |
|
Address : |
16, 4th Lane, Nungambakkam High Road,
Chennai-600034, Tamilnadu, India |
|
Date of Appointment : |
02.09.1995 |
|
DIN No.: |
00043431 |
|
|
|
|
Name : |
Mr. Guruvayur Parameswaran Venkateswaran |
|
Designation : |
Director |
|
Address : |
Plot No.391, Door No.17/8, 8th East Kamaraj
Nagar, Thiruvanmiyur Chennai -600041, Tamilnadu, India |
|
Date of Appointment : |
12.11.2015 |
|
DIN No.: |
01509307 |
KEY EXECUTIVES
|
Name : |
Mr. Krishnamoorthi Kumaravel |
|
Designation : |
Company Secretary |
|
Address : |
6C/3, Anjugam Nagar, 3rd Street Ashok
Nagar, Chennai- 600083, Tamilnadu, India |
|
Date of Appointment : |
07.03.1996 |
|
PAN No.: |
AAPPK6422P |
|
|
|
|
Name : |
Usha Sankar |
|
Designation : |
Chief Finance Officer |
|
Address : |
89/10, Kasi Estates Jafferkhanpet, Chennai
600083, Tamilnadu, India |
|
Date of Appointment : |
14.11.2016 |
|
PAN No.: |
AAGPU7658E |
MAJOR SHAREHOLDERS
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 |
2576643 |
46.21 |
|
|
(B) Public |
2999350 |
53.79 |
|
|
Grand Total |
5575993 |
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 % |
|
|
A1) Indian |
|||
|
Individuals/Hindu undivided Family |
2576643 |
46.21 |
|
|
ASHISH BANSAL |
633086 |
11.35 |
|
|
ANIL KUMAR BANSAL |
622761 |
11.17 |
|
|
MANJU BANSAL |
512627 |
9.19 |
|
|
R.P. BANSAL |
497302 |
8.92 |
|
|
SAROJ BANSAL |
183175 |
3.29 |
|
|
PAWANKUMAR BANSAL |
123290 |
2.21 |
|
|
CHARU BANSAL |
2762 |
0.05 |
|
|
MEGA CHOUDHARI |
1640 |
0.03 |
|
|
Sub Total A1 |
2576643 |
46.21 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
2576643 |
46.21 |
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 % |
|
|
B1) Institutions |
|
||
|
B2) Central Government/ State
Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200
million |
2075708 |
37.23 |
|
|
Individual share capital in excess of INR
0.200 million |
288358 |
5.17 |
|
|
RAMESH SHANTILAL TOLAT |
77115 |
1.38 |
|
|
SUBRAMANIAN P |
145000 |
2.60 |
|
|
Any Other (specify) |
635284 |
11.39 |
|
|
Bodies Corporate |
167464 |
3.00 |
|
|
Clearing Members |
16246 |
0.29 |
|
|
Director or Director's Relatives |
1935 |
0.03 |
|
|
HUF |
99717 |
1.79 |
|
|
IEPF |
6359 |
0.11 |
|
|
Non-Resident Indian (NRI) |
343563 |
6.16 |
|
|
PADAM C BANSAL |
211457 |
3.79 |
|
|
Sub Total B3 |
2999350 |
53.79 |
|
|
B=B1+B2+B3 |
2999350 |
53.79 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacture of Lead Metal, Alloys and Lead Compounds (Registered Activity) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
266 (Approximately) |
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Bankers : |
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Facilities : |
NOTE:
|
|
Auditors : |
|
|
Name : |
L. Mukundan and Associates Chartered Accountants |
|
Address : |
Flat No.1,2, Kamala Arcade, 669, Mount Road, Thousandlights, Chennai –
600006, Tamilnadu, India |
|
Tel. No.: |
91-44-28291328 |
|
Mobile No.: |
91-9840145586 |
|
Email: |
|
|
|
|
|
Statutory
Auditors : |
|
|
Name : |
Jeeravla and Company Chartered Accountants |
|
Address : |
New # 27 (Old # 19A), 1st Floor, Barnaby Road, Kilpauk, Chennai - 600 010, Tamilnadu, India |
|
Tel. No.: |
91-44 - 26421022 |
|
|
|
|
Cost
Auditors: |
|
|
Name : |
Vivekanandan Unni and Associates Chartered Accountants |
|
Address : |
1-A, Vedammal Avenue, Dr. Subaraya Nagar Main Road, Behind Petrol Bunk, Kodambakkam, Chennai - 600024, Tamilnadu, India |
|
Tel. No.: |
91-44-2472 1760 |
|
|
|
|
Secretarial
Auditors |
|
|
Name : |
KSM
Associates Chartered Accountants |
|
Address : |
Office No. 40, TNHB
Complex, No. 180, Luz Church Road, Chennai - 600 004, Tamilnadu, India |
|
Tel. No.: |
91-44-
43535195 |
|
|
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Related enterprises: |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12400000 |
Equity Shares |
INR 10/- each |
INR 124.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5575993 |
Equity Shares |
INR 10/- each |
INR 55.760 Million |
|
|
|
|
|
|
Particular |
No. of Shares As at March 31, 2017 |
|
Shares out of the issued, subscribed and paid up share capital were alloted in the last five years pursuant to the various Schemes of amalgamation without payments being received in cash |
551250 |
The
details of Shareholders holding more than 5% shares:
|
Particular |
No. of Shares As at March 31, 2017 |
% Held |
|
Ashish Bansal |
633086 |
11.35 |
|
Anil
Kumar Bansal |
622761 |
11.17 |
|
Manju
Bansal |
512627 |
9.19 |
|
R.P.Bansal |
497302 |
8.92 |
Reconciliation
of the number of shares outstanding is set out below
|
Particular |
No. of Shares As at March 31, 2017 |
|
Equity shares at the beginning of the year |
5575993 |
|
Equity
shares at the end of the year |
5575993 |
The Company has only one class of equity
shares having a par value of INR10/- per share. Each holder of equity share is
entitled to one vote per share. The dividend proposed by the Board of Directors
is subject to the approval of the shareholders in the ensuing Annual General
Meeting.
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 |
55.760 |
55.760 |
55.760 |
|
(b) Reserves & Surplus |
604.595 |
345.433 |
262.311 |
|
(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) |
660.355 |
401.193 |
318.071 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
150.495 |
164.902 |
117.957 |
|
(b) Deferred tax liabilities (Net) |
4.145 |
6.571 |
1.745 |
|
(c) Other long term
liabilities |
1.800 |
0.400 |
2.000 |
|
(d) long-term
provisions |
8.195 |
9.021 |
6.890 |
|
Total Non-current
Liabilities (3) |
164.635 |
180.894 |
128.592 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
912.510 |
633.106 |
451.904 |
|
(b) Trade
payables |
33.852 |
172.082 |
146.749 |
|
(c) Other
current liabilities |
66.281 |
66.030 |
21.663 |
|
(d) Short-term
provisions |
186.797 |
70.785 |
48.054 |
|
Total Current
Liabilities (4) |
1199.440 |
942.003 |
668.370 |
|
|
|
|
|
|
TOTAL |
2024.430 |
1524.090 |
1115.033 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
242.488 |
259.635 |
153.383 |
|
(ii) Intangible
Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
30.625 |
5.595 |
108.880 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.328 |
0.500 |
0.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
10.489 |
4.337 |
4.318 |
|
(e) Other
Non-current assets |
8.496 |
35.370 |
1.452 |
|
Total Non-Current
Assets |
293.426 |
305.437 |
268.533 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
708.432 |
591.610 |
304.837 |
|
(c) Trade
receivables |
627.946 |
382.670 |
300.283 |
|
(d) Cash
and cash equivalents |
57.392 |
22.719 |
60.568 |
|
(e) Short-term
loans and advances |
253.630 |
152.817 |
144.384 |
|
(f) Other
current assets |
83.604 |
68.837 |
36.428 |
|
Total
Current Assets |
1731.004 |
1218.653 |
846.500 |
|
|
|
|
|
|
TOTAL |
2024.430 |
1524.090 |
1115.033 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
7590.656 |
4659.667 |
3729.610 |
|
|
Other Income |
9.869 |
7.071 |
20.726 |
|
|
TOTAL |
7600.525 |
4666.738 |
3750.336 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
6557.691 |
4221.078 |
3208.805 |
|
|
Purchases of
Stock-in-Trade |
216.059 |
102.138 |
146.031 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(23.457) |
(141.789) |
32.097 |
|
|
Employees benefits
expense |
75.705 |
58.317 |
44.904 |
|
|
Other expenses |
223.365 |
152.335 |
127.626 |
|
|
Exceptional item |
(26.307) |
0.000 |
0.000 |
|
|
TOTAL |
7023.056 |
4392.079 |
3559.463 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
577.469 |
274.659 |
190.873 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
96.915 |
75.760 |
69.862 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
480.554 |
198.899 |
121.011 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
40.714 |
38.859 |
23.956 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
439.840 |
160.040 |
97.055 |
|
|
|
|
|
|
|
Less |
TAX |
160.594 |
58.767 |
29.952 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
279.246 |
101.273 |
67.103 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
2740.837 |
1367.405 |
1251.029 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
6174.399 |
4054.120 |
2868.359 |
|
|
Capital Goods |
0.805 |
3.938 |
3.793 |
|
|
TOTAL IMPORTS |
6175.204 |
4058.058 |
2872.152 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
50.08 |
18.16 |
12.03 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
35.106 |
29.711 |
3.657 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operating activity |
(95.475) |
(99.687) |
448.462 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
2371.940 |
2200.640 |
2380.710 |
|
Total Expenditure |
2253.010 |
2066.910 |
2226.070 |
|
PBIDT (Excl OI) |
118.930 |
133.730 |
154.640 |
|
Other Income |
21.130 |
9.650 |
5.870 |
|
Operating Profit |
140.050 |
143.380 |
160.510 |
|
Interest |
21.980 |
27.520 |
25.620 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
118.070 |
115.860 |
134.890 |
|
Depreciation |
10.050 |
8.420 |
11.860 |
|
Profit Before Tax |
108.020 |
107.440 |
123.030 |
|
Tax |
37.680 |
36.880 |
42.620 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
70.330 |
70.560 |
80.410 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
70.330 |
70.560 |
80.410 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
30.20 |
29.98 |
29.39 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
12.09 |
12.18 |
12.42 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
1.82 |
14.53 |
15.97 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.82 |
0.46 |
0.63 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
2.11 |
1.04 |
0.73 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.68 |
0.75 |
0.71 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
1.66 |
2.06 |
1.80 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.82 |
2.35 |
2.10 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.41 |
0.66 |
0.82 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
5.96 |
3.63 |
2.73 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
3.68 |
2.17 |
1.80 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
13.79 |
6.64 |
6.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
42.29 |
25.24 |
21.10 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.44 |
1.29 |
1.27 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.85 |
0.67 |
0.81 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.33 |
0.26 |
0.29 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
19.69 |
14.84 |
10.29 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.44 |
1.29 |
1.27 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 402.20 |
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 |
55.760 |
55.760 |
55.760 |
|
Reserves & Surplus |
262.311 |
345.433 |
604.595 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
318.071 |
401.193 |
660.355 |
|
|
|
|
|
|
long-term borrowings |
117.957 |
164.902 |
150.495 |
|
Short term borrowings |
451.904 |
633.106 |
912.510 |
|
Current maturities of
long-term debts |
3.657 |
29.711 |
35.106 |
|
Total
borrowings |
573.518 |
827.719 |
1098.111 |
|
Debt/Equity
ratio |
1.803 |
2.063 |
1.663 |
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 |
3729.610 |
4659.667 |
7590.656 |
|
|
|
24.937 |
62.901 |
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 |
3729.610 |
4659.667 |
7590.656 |
|
Profit |
67.103 |
101.273 |
279.246 |
|
|
1.80% |
2.17% |
3.68% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
No |
|
8] |
Designation of contact person |
No |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
No |
|
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 |
General Information
Nature of Industry
The Company is engaged in the manufacture of Lead Metal, Alloys and Lead Compounds.
PERFORMANCE
OVERVIEW
The Company’s performance in the year 2016-17 was strong and the Company attained a commendable growth in terms of profits and volumes. Their total revenue for the financial year 2016-17 has increased from INR 4659.700 Million in the previous year to INR 7590.700 Million with a growth rate of 63%.
During the current year, the lead division recorded a turnover of INR 7283.800 Millions against INR 4465.000 Million in the previous year showing an increase of 63%.
The EBITDA for the year 2016-17 stands at INR 551.200 Million showing an increase of 101% from INR 274.700 Million of the previous year 2015-16 due to higher sales volume, efficiencies and increased capacity utilization.
The Profit After Tax (PAT) for the year stands at INR 279.200 million, increased by 175% from the last year’s PAT which was INR 101.300 million. The Earnings Per Share (EPS) for the year stands at INR 50.08 per share, which is the highest EPS attained by the Company from its inception. They continue to deliver stronger returns for all the stakeholders.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
GLOBAL ECONOMIC OVERVIEW
The global economy faced a
subdued growth owing to low commodity prices, low inflation rates, stagnant
growth in advanced economies and geopolitical and political uncertainties. The
global economic growth was at 3.1% and there was modest increase in commodity
prices, restrained global trade, bouts of financial market volatility and
weakening capital flows
Stronger activity,
expectations of more robust global demand, reduced deflationary pressures and
optimistic financial markets are all upside developments. But structural
impediments to a stronger recovery and a balance of risks that remains tilted
to the downside, especially over the medium term, remain important challenges.
Against the dismal global
conditions, the Indian economy’s expansion has been noteworthy. Despite the
decline in the growth rate owing to slowdown in manufacturing, decline in
budgetary capital expenditure and demonetisation, India continues to be a
fastest growing large economy.
INDIAN ECONOMIC OVERVIEW
During the financial year
2016-17, the Indian Economy continued to consolidate the gains achieved in
restoring macro-economic stability. Despite the continuing global sluggishness
and recent pick-up in petroleum prices, the economic growth has continued to be
robust and inflation has remained more or less stable in the current year,
while Fiscal Deficit and Current Account Deficit as percentage of GDP have
improved. The Growth Rate of the economy declined slightly from 7.6% in the
previous year to 7.1% for the financial year 2016-17.
The country’s economic
growth is facing challenges such as subdued manufacturing, lower exports of
services, and lower capital expenditure. However, during FY 2017-18, cheap
borrowing costs and fading impact of demonetisation could increase the private
consumption and thereby drive the economic growth. The implementation of Goods
and Services Tax (GST) is expected to improve tax compliance and governance an
might provide an impetus to the investments and growth in the country
Due to favourable
indicators such as moderate levels of inflation, reduced Current Account
Deficit (CAD), fiscal consolidation and transitory impact of demonetisation,
the country is currently characterised as a stable macroeconomic situation, the
Government expects India’s GDP to expand at a growth rate between 6.75–7.5 per
cent during 2017-18. Over the medium run, the implementation of the Goods and
Services Tax (GST), follow-up to demonetisation, and enacting other structural
reforms should take the economy towards its potential real GDP growth of 8 per
cent to 10 per cent.
INDUSTRY OVERVIEW
Global
Lead Industry
After
a good performance in the last financial year, demand for Lead from Europe could
flatten while Chinese demand could grow by 4-5%. The International Lead and
Zinc Study Group has reported that the global demand for refined lead metal
will be 11.39 Million tons with an increase of 2.3% during the year 2017. After
rising by 2.8% in 2016, world refined lead metal production is predicted to
increase by a further 2.2% to 11.39 million tons in 2017. This will be
primarily a consequence of higher output in China and India with smaller
increases forecast in Belgium and the United States where Aqua Metals recently
commissioned their new used
lead-acid battery recycling plant in Nevada.
After increasing by a
robust 9.8% in 2016, usage of lead metal in Europe is expected to remain
unchanged in 2017. A stable outlook is also foreseen in Japan and the Republic
of Korea. In both India and the United States modest growth of 1.5% is
predicted.
ILZSG forecasts negligible
surplus or deficit for the metal in the year 2017. The agency sees a balance
year for demand, supply and inventories
Lead price outlook in the
year 2017-18 will be broadly determined by growth outlook for China and value
of US Dollar. Lead prices rallied to $1,895 in March, dropped back to $1,626
and then rallied back to $1,882, which is around where they are now
consolidating. A push above the March high would look constructive – it would
confirm a base is in place and would open the way for prices to work higher.
Given production cuts, mine closures and a generally robust auto market,
especially in China and Europe, as well as strong growth in the industrial
battery market and relatively low stocks, the fundamental outlook for lead
looks sound. Prices have, however, been in no hurry to rally until recently.
Lead prices have climbed 22 percent and the market for the Lead remain bullish.
Chinese growth in 2017 has
exceeded expectations thus gaining back trust of the investors. Despite
discontinuance of tax credit on small cars from 01-Jan-2017, its car sales have
not showed any dramatic fall. Demand for metal in China remains good. On the
other hand, the trend of weakening US Dollar is supporting the metals. So as
far as US Central bank keeps the rate hike on slow path, US Dollar could remain
weak. Amid stable macro-economic outlook and weak dollar, Lead price could
remain in the range of $1900-2400 in the next financial year
Indian Lead Industry
Lead demand in India will
be strong for the next five years as sales of automobiles grow in the country,
BMI Research said in a report. Lead is a primary ingredient for automotive
batteries. The strong demand from the automotive sector and zinc-lead mine
shutdowns are responsible for the increase in demand. A unit of rating agency
Fitch, BMI forecasts the lead market will be minimally undersupplied this year
on the back of persistent supply cuts and growing demand from second-tier
consumer countries, but the shortfall could quadruple to 70,000 tonnes in 2021.
India seems to be potential
Lead consuming country as we foresee 10-12% per annum growth in Lead Acid
Battery market between 2012 to 2020.The share of new emerging uses of batteries
like Solar, E Bike, E Auto will be substantial. By 2020 India should surpass
Europe and will be the third largest consumer of Lead with expected demand of
over 2.2 million tones. Lead batteries industry in India is currently estimated
at INR 400000.000 million with 60% automotive and 40% industrial. Over
thousands of players continued recycling in India through recovery of lead from
telecom, uninterrupted power supply (UPS), invertors, renewable energy and other
related industries.
COMPANY OUTLOOK
POCL
is positive about its growth in
the upcoming years as India will lead the demand for lead for the next 5 years
as sales of Automobiles grow in the country and Lead is the primary raw
material for manufacture of Lead Acid Batteries. POCL increased its annual
production of Lead Metal and Alloys from 32,140 MT in the previous year to
46,636 MT in the financial year 2016-17 showing an increase of 45%. The
Company’s performance during the year 2016-17 was excellent. The pricing
strategies adopted by the Company, inventory management, process efficiency and
cost reduction measures lead to a substantial increase in the profitability.
With a strong but volatile outlook for the sector, the Company is focused on
future growth through expanded production, without losing sight of operational
efficiency and cost optimization. The Company forecasts to increase its
capacity utilization from 78% in the year 2016-17 to 95% in the year 2017-18.
Your Company is exploring to tap the Zinc & Zinc Oxides Market and is
likely to commence the production of Zinc and Zinc Oxides from August, 2017
UNSECURED LOAN
|
PARTICULAR |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Term loans from Related Party |
102.500 |
110.500 |
|
Less
: Shown under Current
Maturities of long term debt |
(35.106) |
(29.710) |
|
|
|
|
|
Short-term
borrowings |
|
|
|
From
Others |
|
|
|
Related
Party* |
64.657 |
13.554 |
|
Inter-Corporate
Deposit |
10.888 |
9.569 |
|
Others |
0.570 |
0.541 |
|
Total |
143.509 |
104.454 |
|
NOTE: Short-term
borrowings Working Capital loans are
secured by hypothecation of present and future stock of raw materials,
stock-in-process, finished goods, stores & spares, book debts, materials
in transit, etc., and guaranteed by promoter directors of the company. The
above working capital facilities availed from banks are additionally secured
by a charge / mortgage on all fixed assets of the company. *Represents
loan from Directors Inter-corporate
and other deposits carry interest @12% p.a payable annually, repayable as per
the terms of repayment agreed. |
||
STATEMENT
OF UNAUDITED FINANCIAL RESULT FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER,
31, 2017
|
PARTICULARS |
3 Months |
9 Months |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1. Income from Operations |
|
|
|
|
Revenue from operations |
2380.714 |
2200.642 |
6953.295 |
|
Other Operating Income |
5.865 |
2.204 |
29.194 |
|
Total income from operations (net) |
2386.579 |
2202.846 |
6982.489 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of materials consumed |
1911.948 |
2005.404 |
5901.168 |
|
Purchases of stock-in trade |
80.600 |
102.357 |
284.042 |
|
Changes in inventories of finished goods. work-in-progress and stock
in trade |
127.299 |
(133.107) |
(72.956) |
|
Employee benefits expense |
39.855 |
23.445 |
83.628 |
|
Depreciation and Amortization Expenses |
11.857 |
8.423 |
30.334 |
|
Other Expenses |
66.363 |
61.370 |
183.855 |
|
Finance Costs |
25.624 |
27.517 |
75.116 |
|
Excise Duty |
0.000 |
0.000 |
158.815 |
|
Total expenses |
2263.546 |
2095.409 |
6644.002 |
|
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items |
123.033 |
107.437 |
338.487 |
|
Exceptional items |
- - |
- - |
- - |
|
Profit/ (Loss) before tax |
123.033 |
107.437 |
338.487 |
|
Tax expenses |
42.620 |
36.880 |
117.184 |
|
Net Profit / (Loss) after tax |
80.413 |
70.557 |
221.303 |
|
Other Comprehensive Income |
|
|
|
|
Items that will not be reclassified to profit or loss |
0.185 |
0.192 |
0.565 |
|
Income tax relating to items that will not be reclassified to profit
and loss |
(0.064) |
(0.066) |
(0.195) |
|
Total Other Comprehensive
Income |
80.534 |
70.683 |
221.673 |
|
|
|
|
|
|
Paid up equity share capital (Face Value of INR 10/-each) |
55.760 |
55.760 |
55.760 |
|
Earnings per share (before extraordinary items) of INR 10/- each (not
annualized): |
|
|
|
|
(a) Basic |
14.42 |
12.65 |
39.69 |
|
(b) Diluted |
14.42 |
12.65 |
39.69 |
Note:
1. The above quarterly results for the quarter and nine months ended December 31, 2017 as reviewed and recommended by the Audit committee of the Board, has been approved by the Board of Directors at its meeting held on February 06, 2018.
2. The statement has been prepared in accordance with the Companies (Indian
Accounting Standards) Rules, 2015 (Ind AS) prescribed under section 133 of the
Companies Act, 2013 and other recognised accounting practices and policies to
the extent applicable. Beginning April 1, 2017, the Company has for the first
time adopted Ind AS with a transition date of April 1, 2016.
3. Post the applicability of Goods and Services Tax (GST) with effect from July 1, 2017, revenue from operations are required to be disclosed net of GST in accordance with the requirements of Ind AS. Accordingly, the revenue from operations for the quarter and nine months ended December 31, 2017 are not comparable with the corresponding previous year quarter and nine months in the above financial results which are reported inclusive of excise duty.
4. The Ind AS compliant financial results, pertaining to quarter ended December
31, 2016, nine months ended December 31, 2016 and for the year ended March 31,
2017 have not been subject to limited review or audit. However, the management
has exercised necessary due diligence to ensure that such financial results
provide a true and fair view of its affairs.
5. The format for unaudited quarterly results as prescribed in SEBI’s Circular
CIR/CFD/CMD/15/2015 dated November 30, 2015 has been modified to comply with
the requirements of SEBI’s circular dated July 5 2016, Ind AS and Schedule III (Part
II) to the Companies Act, 2013, which are applicable to companies that are
required to comply with Ind AS.
6. The business of the Company falls under a single primary segment i.e., Metal
in accordance with Ind AS 108 ’Operating Segments’ and hence no segment
reporting is applicable.
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G84870385 |
100161254 |
The Hongkong and Shanghai Banking Corporation Limited |
24/02/2018 |
24/02/2018 |
- |
100000000.0 |
RAJALAKSHMI NO 5, 7CATHEDRAL ROAD CHENNAI-600086 TAMILNADU, INDIA |
|
2 |
G32957771 |
100065385 |
Axis Bank Limited |
30/09/2016 |
18/10/2016 |
- |
30000000.0 |
192, KARUMUTHU NILAYAMANNA SALAI CHENNAI-600002 TAMILNADU, INDIA |
|
3 |
G12115929 |
10592971 |
Axis Bank Limited |
17/08/2015 |
23/02/2016 |
- |
50000000.0 |
CORPORATE BANKING BRANCH, GROUND FLOORKARUMUTHU NILAYAM, NO.192, ANNA SALAI CHENNAI-600002 TAMILNADU, INDIA |
|
4 |
G46687208 |
10592965 |
Axis Bank Limited |
17/08/2015 |
23/05/2017 |
- |
230000000.0 |
NO.192, KARUMUTTU NILAYAM,ANNA SALAI CHENNAI-600002 TAMILNADU, INDIA |
|
5 |
G79668620 |
10354164 |
HDFC BANK LIMITED |
12/04/2012 |
01/11/2017 |
- |
420000000.0 |
HDFC BANK HOUSE,SENAPATI BAPAT MARG LOWER PAREL W MUMBAI-400013 MAHARASHTRA INDIA |
|
6 |
G43238401 |
90287392 |
Canara Bank |
14/12/1995 |
21/03/2017 |
- |
770000000.0 |
ANNA NAGAR EASTCHENNAITN600102IN |
|
7 |
G13687652 |
10585424 |
HDFC BANK LIMITED |
27/05/2015 |
- |
09/09/2016 |
110000000.0 |
HDFC BANK HOUSE,SENAPATI BAPAT MARG LOWER PAREL W MUMBAI-400013 MAHARASHTRA INDIA |
|
8 |
G14041982 |
10584189 |
HDFC BANK LIMITED |
27/05/2015 |
- |
09/09/2016 |
30000000.0 |
HDFC BANK HOUSE,SENAPATI BAPAT MARG LOWER PAREL W MUMBAI-400013 MAHARASHTRA INDIA |
|
9 |
B71615553 |
90295123 |
CANARA BANK |
25/11/2004 |
25/11/2004 |
27/03/2013 |
7017300.0 |
ANNA NAGAREAST BRANCH CHENNAI-600102 TAMILNADU, INDIA |
|
10 |
B71614887 |
80036450 |
CANARA BANK |
14/10/2004 |
26/09/2007 |
27/03/2013 |
41000000.0 |
A12 & A13 IIND AVENUEANNA NAGAR EAST CHENNAI-600102 TAMILNADU, INDIA |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Money for which the
company is contingently liable : Liability in Respect of LC Opened. |
71.437 |
85.291 |
|
|
|
|
FIXED ASSETS
- Lease hold Land
- Free hold land
- Building
- Plant and machinery
- Furniture and Fittings
- Office Equipment
- Vehicles
- Lab Equipment’s
- Electrical fittings
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 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 67.52 |
|
|
1 |
INR 91.48 |
|
Euro |
1 |
INR 80.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
RKI |
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.