MIRA
INFORM REPORT
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Report Date : |
14th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
KAJARIA CERAMICS LIMITED |
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Registered Office : |
A-27 and 28, Sikandrabad Industrial Area,
Sikandrabad, District Bulandshahr, Uttar Pradesh, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
20.12.1985 |
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Com. Reg. No.: |
20-7595 |
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CIN No.: [Company
Identification No.] |
L26924U1985PLC007595 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELK05579A |
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PAN No.: [Permanent
Account No.] |
AABCK1613R |
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Legal Form : |
Subject is a public limited company. The company’s shares are
listed on the stock exchanges. |
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Line of Business : |
Manufacturer of Tiles. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
4500000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. The company’s products which are sold under the brand KAJARIA
has been well received. Financial position is satisfactory. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
A-27 and 28, Sikandrabad Industrial Area,
Sikandrabad, District Bulandshahr, Uttar Pradesh, India |
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Tel. No.: |
91-11-26946409 |
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Fax No.: |
91-11-26946407/26949544 |
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E-Mail : |
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Website : |
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Head
Office / Corporate
Office : |
J-1/B-1 (Extn), Mohan Co-operative Industrial
Estate, Mathura Road, New Delhi-110044, India |
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Tel.
No.: |
91-11-26946409 |
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Fax
No.: |
91-11-26946407/26949544 |
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E-Mail
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Factory
1 : |
A-27 and 28, Sikandrabad Industrial Area,
Sikandrabad, District Bulandshahr, Uttar Pradesh, India |
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Factory
2 : |
19KM Stone, Bhiwadi-Alwar Road, Village Gailpur, District Alwar,
Rajasthan, India |
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Regional
Office : |
Mumbai No. 201-208, Bonanza, 2nd
Floor, Shri Mathuradas Vasanji Road, (Andheri-Kurla Road), JB Nagar, Andheri
(East), Mumbai-400059 Tel No : 91-22-28203506/28203507 Fax : 91-22-28203509 E-mail : mum@kajariaceramics.com
Kolkata Central Plaza, 2/6 Sarat Bose
Road, Flat No. 807, Kolkata-700020, West Bengal, India Tel No :
91-33-24754820/24762647/24763179 Fax No : 91-33-24748012 E-mail : kol@kajariaceramics.com
Ahmedabad 202,
Anand Mangal II, Behind Femina Town, C.G. Road, Navangpura, Ahmedabad,
Gujarat, India Tel :
91-79-26465515/26465516 Fax :
91-79-26566669 E-mail
: ahm@kajariaceramics.com
Chennai 28,
North Usman Road, T. Nagar, Chennai-600017, Tamilnadu, India Tel No
: 91-44-28144323/28144324 Fax No
: 91-44-28144323 E-mail
: chn@kajariaceramics.com
Cochin
No. 52,
2nd Floor, North Square, Paramara Temple Road, Ernakulam, Kerala,
India Tel No
: 91-484-2396433/2393364 Fax No
: 91-484-2396433 E-mail
: coc@kajariaceramics.com
Pune
601-A,
D.S.K. Gandharv Hights, Ganesh Khind Road, Shivaji Nagar, Pune-16,
Maharashtra, India Tel No.
: 91-20-4050462/4050463 Fax No
: 91-20-4050464 E-mail
: pune@kajariaceramics.com
ERNAKULAM OFFICE BHUBANESHWAR OFFICE
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DIRECTORS
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Name : |
Mr. A.K. Kajaria |
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Designation : |
Chairman and Managing Director |
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Date of Birth/Age : |
58
years |
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Qualification : |
B. SC.
BSME, California |
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Experience : |
30
years |
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Date of Appointment : |
01.01.1987 |
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Last Employments : |
Managing
Director – Kajaria Export Limited |
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Name : |
Mr. D.D. Rishi |
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Designation : |
Joint Managing Director |
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Name : |
Mr. R.P. Goyal |
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Designation : |
Director |
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Name : |
Mr. J.C. Mendiratta |
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Designation : |
Chairman
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Name : |
Mr. R.K. Bhargava |
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Designation : |
Director
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Name : |
Mr. R.R. Bagri |
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Designation : |
Director
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Name : |
Mr. Chetan Kajaria |
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Designation : |
Wholetime Director |
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Name : |
Mr. Rishi Kajaria |
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Designation : |
Director
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Name : |
Mr. Sonjoy Sethee |
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Designation : |
Nominee-IFCI |
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Name : |
Mr. R.C. Rawat |
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Designation : |
Vice President (F and A) and Company Secretary |
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MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of
Shares held |
% of
Shares |
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Promoter’s Holding |
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Indian Promoters |
3385409 |
23.00% |
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Foreign Promoters |
-- |
-- |
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Sub Total |
3385409 |
23.00% |
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Person Acting in concert |
3491714 |
23.73% |
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Non-Promoters Holding |
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Institutional Investors : |
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Mutual
Funds and UTI |
2432726 |
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Banks, Financial Institution, Insurance Companies
(Central/State Government Institutions/Non-government Institutions) |
230106 |
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FIIs |
1030795 |
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Sub Total |
3693627 |
25.10% |
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Others |
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Private Corporate Bodies |
2022245 |
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Indian Public |
2060187 |
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NRI’s/OCB’s |
63534 |
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Sub Total |
4145966 |
28.17% |
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Grand Total |
14716716 |
100.00% |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Tiles. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
1500 |
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Bankers : |
Ø
State Bank of India Ø
Canara Bank Ø
State Bank of Mysore Ø
Oriental Bank of Commerce Ø
HDFC Bank |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors : |
O. P. Bagla and Company Chartered Accountants |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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2,50,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 millions |
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10,00,000 |
Preference Shares |
Rs. 100/- each |
Rs. 100.000 millions |
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Total
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Rs. 350.000 millions |
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Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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1,47,16,716 |
Equity Shares |
Rs. 10/- each |
Rs. 147.170 millions |
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FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
147.170 |
147.167 |
147.155 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1037.740 |
841.592 |
756.537 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1184.910 |
988.759 |
903.692 |
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LOAN FUNDS |
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1] Secured Loans |
1401.660 |
1439.324 |
1501.103 |
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2] Unsecured Loans |
50.160 |
26.600 |
3.000 |
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TOTAL BORROWING |
1451.820 |
1465.924 |
1504.103 |
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DEFERRED TAX LIABILITIES |
449.820 |
412.955 |
404.894 |
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TOTAL |
3086.550 |
2867.638 |
2812.689 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2402.850 |
1861.989 |
1720.603 |
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Capital work-in-progress |
61.820 |
47.923 |
32.308 |
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INVESTMENT |
44.600 |
39.343 |
39.343 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
499.590
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457.631 |
478.933 |
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Sundry Debtors |
416.360
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502.186 |
449.709 |
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Cash & Bank Balances |
28.770
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30.353 |
30.014 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
268.870
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259.945 |
269.143 |
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Total Current Assets |
1213.590
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1250.115 |
1227.799 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
552.580
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268.528 |
179.496 |
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Provisions |
83.730
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63.204 |
27.868 |
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Total Current Liabilities |
636.310
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331.732 |
207.364 |
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Net Current Assets |
577.280
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918.383 |
1020.435 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3086.550 |
2867.638 |
2812.689 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover [including other income] |
2811.540 |
2463.990 |
2106.269 |
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Profit/(Loss)
Before Tax |
327.680 |
173.450 |
101.273 |
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Provision
for Taxation |
76.870 |
38.060 |
1.985 |
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Profit/(Loss)
After Tax |
250.810 |
135.390 |
99.288 |
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Export
Value |
182.910 |
149.370 |
209.391 |
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Import
Value |
592.830 |
357.120 |
137.992 |
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Total
Expenditure |
2483.860 |
2290.540 |
2004.996 |
SUMMARISED
RESULTS
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PARTICULARS |
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31.03.2006 |
|
Type |
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Full
Year |
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Sales Turnover |
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3308.500 |
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Other Income |
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|
08.100 |
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Total Income |
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3316.600 |
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Total Expenditure |
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2631.200 |
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Operating Profit |
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|
685.400 |
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Interest |
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|
142.800 |
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Gross Profit |
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|
542.600 |
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Depreciation |
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|
181.200 |
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Tax |
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|
44.700 |
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Reported PAT |
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|
281.700 |
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Dividend (%) |
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|
350.000 |
KEY
RATIOS
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Debt-Equity Ratio |
1.34 |
1.57 |
1.84 |
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Long Term Debt-Equity Ratio |
0.86 |
1.08 |
1.36 |
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Current Ratio |
0.86 |
1.09 |
1.19 |
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TURNOVER RATIOS |
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Fixed Assets |
0.92 |
0.97 |
0.90 |
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Inventory |
6.28 |
5.76 |
5.07 |
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Debtors |
6.54 |
5.67 |
5.12 |
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Interest Cover Ratio |
3.14 |
1.88 |
1.43 |
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Operating Profit Margin(%) |
20.23 |
18.60 |
19.49 |
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Profit Before Interest And Tax
Margin(%) |
15.28 |
13.72 |
14.05 |
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Cash Profit Margin(%) |
13.30 |
9.91 |
9.59 |
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Adjusted Net Profit Margin(%) |
8.35 |
5.02 |
4.15 |
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Return On Capital Employed(%) |
18.03 |
15.22 |
13.66 |
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Return On Net Worth(%) |
23.08 |
14.31 |
11.49 |
STOCK PRICES
|
Face
Value |
Rs.10.00/- |
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High |
Rs.47.50/- |
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Low |
Rs.46.00/- |
LOCAL AGENCY
FURTHER INFORMATION
Fixed assets
Ø
Land and Site Development
Ø
Building, Plant and Machinery
Ø
Furniture and Fixtures
Ø Vehicles
Its product range include :
- Glazed and Unglazed Tiles
- Listello Tiles
- Others
History
Kajaria
Ceramics, started by Mr. Ashok Kajaria, a technocrat from California University
in technical collaboration with Todagres, Spain (second-largest maker of tiles
in the world), is the largest manufacturer and exporter of floor and wall tiles
in India. It manufactures Glazed Tiles and Listello Tiles under the Kajaria
brand name. It uses the latest Monoporosa technology, which is available in
Europe, for producing the floor and wall tiles. It was imported in 1998.
KCL came out with a public issue in Sep.'88 to set up a factory at
Sikandrabad, Uttar Pradesh. The Commercial production of this unit is commenced
in Aug.'88.
KCL has expanded the capacity in stages all this years. Started with mere
12000 tpa in 1988, the total installed capacity (of both the units at
sikandrabad and Alwar) has jumped to 160000 tpa by 1999. In 1995 the company
has increased the total capacity of Sikandarabad unit to 80000 tpa and in
1998-99 the company completed the new unit for manufacturing floor and wall
tiles at Village Gailpur in Alwar District of Rajasthan at a cost of Rs.98
crores thus increasing the total capacity to 150000 tpa. Now in 2000-01, the total
capacity stood at 160000 tpa.
KCL becomes the first ceramic tile company in India to be accredited with
the ISO 9002. KCL which has won the prestigious Capexil Special Export award
(given for the highest export made in a year) three times in succession in
1992, 1993, 1994 & 1997 has also baged it again for the year 1999-2000. It
exports to the Europe, west Asia and SAARC countries and it has plans to tap
the export potential in Australia, South Africa, Vietnam, North America and
Singapore.
KCL is adopting an nowel strategy/ concept i.e. mock bathrooms, kitchens,
and living rooms in organized retailing. It has also pumped in Rs.25 million in
Kajaria Plus Ltd, thus making this marketing company of ceramic products it's
subsidiary. In Feb 2001, the company has also entered the Australian Market by
floating a subsidiary company in Australia, M/s Kajaria Ceramics (Aus) Pty Ltd
with an initial investment of Rs.10.86 Million.
The company has expanded the installed capacity of Ceramic Tiles during
the financial year 2003-04 by 2300000 SqM and with this expansion,the total
capacity has risen to 13800000 SqM.
PERFORMANCE REVIEW
The Company reported a good performance during the year under review, reflected in a 1 1 per cent increase in revenue to Rs. 3004 mn. This growth was derived from an additional 2.3 mn sq mtrs
of installed capacity, commissioned in February
2004. The Company maintained its trend of a
higher than 100 per cent capacity utilisation.
The Company manufactured 14.11 mn sq mtrs to ceramic tile against a rated
operational capacity of 13.80 mn sq mtrs for most part of the year. The Company
reported an increase in its F.BIDTA by Rs. 120.72 mn in 2004-05. Concurrently,
the Company reduced its interest outflow by 25.65 per cent . As a result,
profit before tax grew 80.27 per cent to Rs. 312.68" mn and profit after
tax grew1 1 5.48 per cent to Rs.254.89 mn
in 2004-05.
DIVIDEND
The Directors have recommended dividend on
equity shares at 35 per cent (Rs. 3.50 per equity share of a face value of Rs.
10 each) against a dividend of 20 per cent (Rs. 2.00 per equity share of a face
value of Rs. 10 each), declared during the
previous year. The total amount of dividend outgo (including dividend tax) will
be Rs. 59 million in 2004-05 as against Rs. 33 million in the previous year.
The
dividend, if approved, at the forthcoming Annual
General Meeting, will be paid to all those equity shareholders whose names
appear in the Register of the members as on September 24, 2005.
OUTLOOK
Essentially, the demand for ceramic tiles is directly linked to the
housing industry. Over the last couple of years, the housing sector has grown
phenomenally. They expect this trend to continue over the medium term, the
result of a direct and indirect thrust by the government.
But this alone has not contributed to the growth of the ceramic tile
industry. There are two other critical factors that have increased the
acceptance of ceramic tiles over competing products.
* The reducing cost differential between ceramic tiles and competing
products.
* The increased disposable income in the hands of the individual,
increasing homeowner aspirations and fuelling the demand for value-added
products.
In addition, the imposition of excise on the unorganised segment reduced
the price differential between the two segments, enabling the organised segment
to grow faster than the average industry growth.
It is estimated that the Indian ceramic tile industry is expected to show
an attractive growth over the medium term.
SUBSIDIARY COMPANIES
As required under Section 212 of the Companies Act, 1956, the audited
statement of accounts relating to the subsidiary companies, together with
enclosures, for the year ended 31st March, 2005 respectively are
enclosed.
CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing
Agreement with the stock exchanges, the Management Discussion and Analysis
Report and Corporate Governance Report are made as a part of this Annual
Report.
A certificate from the auditors of
the Company, regarding compliance of the conditions of Corporate Governance as
stipulated by Clause 49 of the Listing Agreement is attached to this report.
Mr. Ashok
Kajaria (Chairman & Managing Director)
India being one of the largest domestic market and an emerging Global center is
very well positioned to take the mantle of a Global manufacturing base. Kajaria
Ceramics Ltd has played its own role in achieving this goal. Since their
founding in mid 1988, they have been moving forward aggressively on many fronts
to capitalize on solid growth opportunities, to improve their operating
efficiency and to sharpen their business portfolio's focus. Today, as a result
of their internal growth initiatives and several strategic and innovative
initiatives, their business has grown for more than 18 folds in 17 years.
In the financial year gone by the performance of the company has been good.
The Company has an annual 18 mn sq mtr capacity distributed across two plants -
Sikandrabad at Uttar Pradesh (capacity 9.70 mn sq mtrs) and Gailpur at
Rajasthan (capacity 8.30 mn sq mtrs).
In the year to come they are strengthening their relationship with the dealers
and continue to support them in renovating their showrooms and upgrading the
display and presentation.
The Ceramic Tile industry is performing well because of growth in housing due
to a number of factors like rising income of middle class, easy access of
finance at lower cost and income tax benefits for housing.
The Company is expecting a high growth and even larger consumer satisfaction in
the years to come due to implementation of higher technologies and emphasis on
research and development in terms of quality and designs.
Translating vision into reality
Kajaria
Ceramics Ltd. aims at expanding itself to meet the growing demands. Its
manufacturing plants in Gailpur (Rajasthan) and Sikandrabad (UP) are the places
where global technology is applied to produce the finest Indian tiles.
Increased production from 12 million sq. mtrs. to 18 million sq. mtrs. of tiles
per annum has added to Kajaria's Output. With certificates like ISO 14001 for
environmental standards, ISO 9001 for quality and OHSAS 18001 for bench marking
safety systems (the first in India), these plants also fulfill international
norms.
Over the years,
Kajaria has become synonymous with innovation. New techniques are diligently
applied to create tiles that stand apart and speak the language of the soul.
Hence every year, they come up with exciting new concepts that voice new
emotions and keep up with current trends. It is a continuous process, which
allows us to express through tiles what words can't say and provide their
consumers with new and innovative options. The new range of tiles released this
year adds to the already impressive Kajaria Collection.
ISO 14001
ISO 9001
Social Accountability 8000:2001
OHSAS 18001
Kajaria has
exclusive showrooms dotted across the country that cater to the needs of the
consumers. These exclusive showrooms provide information and demonstration to
architects and interior designers as well.
Designed for an international shopping experience, the
showrooms are equipped with state-of-the-art designs and concepts.
The showrooms provide elaborate product display and offer pre and
post sales support to help customers decide on the right colour, size, design
and quantity
KAJARIA TILE CENTER
The tile Centres across the country are
display showrooms that showcase the most innovative and exciting products from
Kajaria. The Tile Centres offer a unique experience. Customers are invited to
browse through the products and concepts on display so that they can make an
informed decision before purchase.
DEALER / SUB-DEALER
SHOWROOMS
These showroom
showcase innovative products, panels and display various colour combinations
for customers to choose from. The display division of the marketing department
has done a remarkable job by upgrading 30 sub-dealer showrooms in Punjab and
100 sub-dealer showrooms across the country.
company has had a unique distinction of having received the President's
Award for achieving the highest exports in the industry.
Kajaria Ceramics has been winning national export awards
since its inception.
Mr. Chetan Kajaria with the National Export Award Presented by The Prime
Minister.
The company has also
won the CAPEXEL award for having the highest exports in India.
INTERNATIONAL
MARKETS :-
KAJARIA Ceramics exports to more than 20 countries round the Globe. The
International Marketing operations are organized by a specialist export
division that manages a network of international agents and distributors
supported by their exclusive office/showroom in Australia. Now in international
markets they enjoy a similar brand Recall as that of Domestic.
Their Brand “Kajaria Tile” has today become synonym of Quality,
service and innovation not only in the domestic market but even in the
international market. With increased capacity, increase in turnover and a
growing domestic and exports market, Kajaria Ceramics is set to emerge as a
leader in the international ceramic tiles market.
they would be very
happy to receive the inquiries, please contact:
due to their Packaging they are able to minimize the loss due to breakage in
transportation. Each box of tiles are packed in a Cartoon and then each box is
SHRINKED wrapped to ensure safety of the material. Then these boxes are loaded
on the pre designed EURO Pallets, secured heavily with Plastic straps. The
container stuffing is also done in the presence of experienced personnel, to
ensure best stuffing and maximum material can be loaded.
Now they have standardized the quantity,
which can be stuffed in a Container, which is listed below
Packaging Options
Dimensions in mm Thickness (In mm) Piece/Box (No.) Coverage Box (Sq.
Mt.) Wt./Sq. Mt. (Kg.) Loadability in 20 Ft
FCL No. of boxes in 20
Ft, FCL
300 x 300 F 7.7 15 1.35 15.65 1714.5 Sq. Mt. 1270
400 x 400 F 9.0 8 1.28 19.50 1228.8 Sq.Mt. 960
300 x 200 W 7.0 15 0.90 12.6 20.61 Sq.Mt. 2290
200 x 200 W 6.6 25 1.00 12.20 2150 Sq. Mt. 2150
(W=Wall Tile F=Floor Tile)
awards
- The company has had a unique
distinction of having received the President's
Award for achieving the highest exports in the
industry.
- Kajaria Ceramics has been
winning national export awards since its inception. With the National
Export Award Presented by The Prime Minister.
- The company has also won the
CAPEXEL award for
having the highest exports in India
- Kajaria has been awarded the
prestigious International accreditation of ISO 14001 for
environment-friendly, manufacturing practices and fulfilling all
aspects of environmental concerns, like safeguarding air, water and
protecting natural resources, flora and fauna.
The company has become the first tile manufacturer in India to receive the OHSAS 18001 honour for fulfilling International standard in Occupational Health and Safety Management System- Specification.
Particular
|
31.03.2006 (Rs in millions) |
|
|
|
|
Gross Sales / income form Operation |
3517.900 |
|
Less Excises duty on sales
|
209.400 |
|
Net Sales |
3308.500 |
|
Other Income |
8.100 |
|
Total |
3316.600 |
|
Total Expenditure |
|
|
Increase / Decrease in Stock in trade |
(140.500) |
|
Purchase |
504.400 |
|
Consumption of Raw materials |
966.200 |
|
Power and Fuel |
602.000 |
|
Staff cost |
208.000 |
|
Selling and distribution |
282.400 |
|
Other expenditure |
208.700 |
|
Profit before interest and Depreciation |
685.400 |
|
Interest |
142.800 |
|
Depreciation |
181.200 |
|
Profit before extraordinary item |
361.400 |
|
Extraordinary items |
00 |
|
Profit before tax |
|
|
Provision for tax |
|
|
Current tax |
40.100 |
|
Differed tax |
35.000 |
|
Fringe benefit tax |
4.600 |
|
Net profit after tax |
281.700 |
|
Paid up equity shares capital |
147.100 |
|
Reserve and surplus |
1209.000 |
|
Basic and diluted earning per shares (Rs) |
3.83 |
|
Aggregate of Non-promoter share holding |
|
|
Number of shares |
39189965 |
|
Percentages of shareholding |
53.25 % |
Notes :
The
above result, recommended by the audit committee, were taken on record at the
meeting of the board of directors held on 01.06.2006
The
board has recommended a dividend @ 35 % for the financial year ended 31.03.2006
on the equity shares subject to the approval of the shares holders in the
ensuring annual general meeting
The
board has also approved to issue GDR and FCCB up to US$ 50 millions to meet the company requirement
for future probable acquisition and other general corporate purpose subject to
approval of the shareholders,
The
expansion for increasing production capacity by 8.4 millions sq. mtrs. p.a.
Gailpur Rajasthan is expected to the completed by September, 2006, as schedule.
The aggregate capacity of company after this expansion would be 26.4 millions
sq. mter. P.a.
The
company’s business activity falls within a single business segment in term of
according standard on segmental reporting
There
was no investor complete pending at the beginning of the quarter. During the
quarter ended March 31 2006 , 41 complaints were reviewed and all complaint
ware disposed off No. complaint is lying unresolved at the end of the quarter.
The
company has sub divided the equity share of Rs. 10/- each into Rs. 2/- each
fully paid wef 26.10.2005 in view of the subdivision of shares, EPS of the
previous quarters period has been restated make it compared.
Figures
for the previous year in above audited consolidated financial result have not
been given as Kajaria Plus Limited become subsidiary only on 31.03.2005
Previous
year quarter months figures have been regrouped wherever necessary to make them
comparable.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.91 |
|
UK
Pound |
1 |
Rs.84.72 |
|
Euro |
1 |
Rs.57.92 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |