MIRA INFORM REPORT
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Report
Date : |
07.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
H AND R JOHNSON INDIA LIMITED |
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Registered
Office : |
“Rahejas”, 3rd Floor, Corner of Main Avenue & V P
Road, Santacruz (West), Mumbai – 400 054, Maharashtra |
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Country
: |
India |
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Financials
(as on) : |
31-03-2005 |
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Date
of Incorporation : |
25.01.1958 |
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Com.
Reg. No.: |
11-11013 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
BPLH00027G |
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Legal
Form : |
A closely held public limited liability
company |
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Line
of Business : |
Manufacturing and Marketing of ceramic glazed
wall and floor tiles and fully vitrified granite tiles / Porcelain (glazed /
unglazed) tiles. |
RATING & COMMENTS
|
MIRA’s
Rating : |
Ba |
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
6800000 |
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Status
: |
Satisfactory |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
The company is now under the new management of
Rahejas, India’s largest property developers and hotel owners. They acquired
controlling interest from Pedders about 2 years back. Aggregate means of
Raheja’s are very large. Their trade relations are fair. Payments are usually
correct and as per commitments. The company can be considered normal for
business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
“Rahejas”, 3rd Floor, Corner of Main Avenue & V P
Road, Santacruz (West), Mumbai – 400 054, Maharashtra, India |
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Tel.
No.: |
91-22-26001291/26001292/26055160/26001293/ 26001294/26057975 |
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Fax
No.: |
91-22-26001286 |
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E-Mail
: |
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Website
: |
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Area : |
4200 sq. ft. |
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Location : |
Owned - Commercial Area |
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Corporate
Office : |
Windsor, 7th Floor, C. S. T. Road, Kalina,
Santacruz [East], Mumbai – 400098, Maharashtra, India |
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Tel. No. : |
91-22-26547300 / 30647300 |
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Fax No. : |
91-22-30647400 |
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Factory
1 : |
v Pen, District Raigad –
400 107, Maharashtra, India v Dewas, Madhya Pradesh,
India v Karaikal, Tamilnadu,
India v Kunigal, Karnataka,
India |
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Area : |
1,20,000 sq. mtrs. |
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Location : |
Owned |
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Branches
: |
˜
105, 1st Floor, Harikrupa Shopping Centre, Near City
Gold Cinema, Ashram Road, Ahmedabad – 380 009, Gujarat, India ˜
C/o. J. L. Agencies, N. S. Road, Fatashil, Opp. Glass Factory,
Guwahati – 781 009, Assam, India ˜
48 Lalbagh Road, Bangalore – 560 027, Karnataka, India ˜
Door No. 14/51F, Bismi Tower, Kallai Road, Calicut – 670 001,
Kerala, India ˜
Show Room No. 57, Sector 26, Chandigarh – 160 026, India ˜
645, Mount Road, Chennai – 600 006, Tamilnadu, India ˜
Door No. 61, Part and 62, D.E. F. Thiruvenkadasamy Road (West),
R. S. Puram, Coimbatore – 641 002, India ˜
86 Ripon Street, Kolkata – 700 016, West Bengal, India ˜
40/937, P. T. Usha Road, Ernakulam – 682 011, Kerala, India ˜
Plot No. 1, Basement of Ram Palace, New Arya Nagar, New Delhi,
Meerut Road, Ghaziabad, Uttar Pradesh, India ˜
Ground Floor, Green Garden Cross, Gokul Road, Hubli – 580 030,
Karnataka, India ˜
1st Floor of Building No. 1-10-73/2, Lumbini Arcade,
Begumpet Main Road, Hyderabad – 500 016, Andhra Pradesh, India ˜
555-GA-81, Bara Birwa, Alambagh, Lucknow – 226 005, Uttar
Pradesh, India ˜
101 & 102, Mamta Tower, 1/1, Manoramgauj, Indore, Madhya
Pradesh, India ˜
173, Heera Nagar, Ajmer Road, Jaipur – 302 024, Rajasthan, India
˜
Door No. 9B, P. T. R. Road, Behind Vadamalayam, Madurai – 570
002, Tamilnadu, India ˜
“Surya Kiran”, Flat No.
501, 19, Kasturba Gandhi Marg, New Delhi – 110 001, India ˜
Shop 2-3-4-5, “Gulistan”, Cantonment House No. 2390-B, K. B.
Hidayatullah Road, New Modikhana, Pune, Maharashtra, India ˜
76-5-13, Bhavanipuram, Bhagwat Singh Road, Vijayawada – 520 012,
Andhra Pradesh, India ˜
50-93-23/5/A, Plot No. 2, Block No. 5, Santipuram, Sethannapet,
Vishakhapatnam – 520 016, Andhra Pradesh, India |
DIRECTORS
|
Name : |
Mr. Rajan B. Raheja |
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Designation
: |
Chairman |
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Address
: |
Rahejas, 87/1, G. B. Marg, Juhu, Mumbai – 400 049, Maharashtra,
India |
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Name : |
Mr. Vijay Aggarwal |
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Designation
: |
Managing Director |
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Address
: |
4th Floor, “Sterling Diamond”, 24, Mount Mary Road,
Bandra (West), Mumbai – 400 050, Maharashtra, India |
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Qualification
: |
B. Tech., PGDBM |
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Previous Employment: |
Hathway Investment Limited – Manager |
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Name : |
Mrs. Suman R. Raheja |
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Designation
: |
Director |
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Address
: |
“Rahejas”, 87/1 G. B. Marg, Juhu, Mumbai – 400 049, Maharashtra,
India |
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Name : |
Mr. Joseph Mathews |
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Designation
: |
Director |
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Address
: |
Bar House, Bar Road, Baslow, Derbyshire, DE 45 ISS, U.K. |
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Name : |
Mr. Aziz Parpia |
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Designation
: |
Director |
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Address
: |
Blooming Heights, Pali Hill, Bandra, Mumbai – 400 050,
Maharashtra, India |
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Name : |
Mr. Rajesh Kapadia |
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Designation
: |
Director |
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Address
: |
240 Walkeshwar Road, Malabar Hill, Mumbai – 400 006,
Maharashtra, India |
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Name : |
Mr. Anil Shridhar
Supanekar |
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Designation
: |
Director |
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Address
: |
694/2, Swami Kripa, Market Yard Road, Pune – 411 037,
Maharashtra, India |
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Name : |
Mr. Akshay Raheja |
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Designation
: |
Director |
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Address
: |
“Rahejas”, 87/1 G. B. Marg, Juhu, Mumbai – 400 049, Maharashtra |
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Name : |
Mr. Rajnish Sacheti |
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Designation
: |
Company Secretary |
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Name : |
Mr. K. K. Rathi |
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Designation
: |
President - Finance |
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Name : |
Mr. Anil Shridhar Supanekar |
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Designation
: |
Director (IDBI Nominee) |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
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No. of Shares |
|
Mrs. Manjula D. Shah |
|
7068 |
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Mr. Ranjan B. Raheja |
|
810 |
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Mr. Suman R. Raheja |
|
810 |
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Mr. Akshay R. Raheja |
|
180 |
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Mr. Viren R. Raheja |
|
180 |
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Varahagiri Investment and Financial Private Limited |
|
102240 |
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Matsyagandha Investment and Financial Private Limited |
|
111636 |
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Manali Investment and Finance Private Limited |
|
191340 |
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Ceronet Investment Private Limited |
|
226080 |
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Gokul Construction Company Private Limited |
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148000 |
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H & R Johnson (Overseas) Limited |
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281534 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturing and Marketing of ceramic glazed
wall and floor tiles and fully vitrified granite tiles / Porcelain (glazed /
unglazed) tiles. |
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Brand
Names : |
“SPECTRUM H & R J and JOHNSON GRANITO” |
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Exports
to : |
Africa, Middle East, Far East, Europe and
U.S.A. |
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Imports
from : |
U.K., Germany, Nepal and Bangladesh |
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Terms
: |
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Selling : |
Contract (30 days) or L/C terms |
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Purchasing : |
Cash, L/C and Credit (30 days) |
GENERAL INFORMATION
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Suppliers
: |
Al-Karmiee Est., Bharain Binatwala Ceramics, Mumbai, Maharashtra, India K. Raheja and Company (Private) Limited, Mumbai, Maharashtra,
India Kukreja Builders Limited, Mumbai, Maharashtra, India City, Italy Larson & Toubro Limited, Mumbai, Maharashtra, India Industrial Minerals and Plastics Limited, Mumbai, Maharashtra,
India Birla Cement Limited, Rajasthan, Gujarat, India Nesettice, Italy Travancore Minerals Limited, Quilon |
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Customers
: |
Government bodies, wholesalers and retailers |
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No. of
Employees : |
2055 |
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Bankers
: |
Indian Overseas Bank, Tembi Naka, Opposite Town Hall, Thane –
400 601, Maharashtra Vijaya Bank State Bank of Bikaner & Jaipur The British Bank of the Middle East Syndicate Bank ICICI Bank Limited |
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Banking Relations : |
Satisfactory |
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Auditors
: |
Borkar & Muzumdar Chartered Accountants, 235-37, Dr. D. N. Road, Fort, Mumbai – 400
001, Maharashtra, India |
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Tel.
No.: |
91-22-22613766/22696359/26451340/26426849 |
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Fax
No.: |
91-22-22615241 |
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E-Mail
: |
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Associates/Subsidiaries
: |
v Varahagiri Investment
& Finance Private Limited v Coronet Investments
Private Limited v Manali Investment and
Finance Private Limited v Matsyagandha
Investment and Finance Private Limited v Gokul Construction
Company Private Limited v Peninsula Estates
Private Limited v Bloomingdale
Investment and Finance Private Limited v Finance Private
Limited v Raheja Builders v Raheja Brothers v Raheja Housing and
Financing v Arjuna Agencies
Private Limited v Sri Krishna Agencies
Private Limited v Prism Cements Limited v Supreme Petrochem
Limited v Indus Hotel
Corporation Limited v Asianet Communication
Limited v Out Look v Indian Council of Ceramic Tiles
and Sanitaryware (ICCTAS) v Indian Ceramic Society v Indian Merchants Chambers (IMC) v Bombay Chamber of Commerce &
Industry (BCCI) v Confederation of Commerce and
Industry (FICCI) v Employers Federation of India
(EFI) v Construction Industry Development
Council (CIDC) v Chemical & Allied Products
Export Promotion Council (CAPEXIL) |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
20,00,000 |
Equity shares |
Rs.100/- each |
Rs. 200.000 millions |
|
20,00,000 |
Preference shares |
Rs.100/- each |
Rs. 200.000 millions |
|
|
TOTAL |
|
Rs.
400.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
1392000 |
Equity shares |
Rs.100/- each |
Rs. 139.200 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
139.200 |
156.700 |
226.700 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
1559.200 |
1548.900 |
1273.500 |
|
|
4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
1698.400 |
1705.600 |
1500.200 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
1774.500 |
2051.300 |
1743.100 |
|
|
2]
Unsecured Loans |
1204.600 |
790.700 |
598.900 |
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TOTAL
BORROWING
|
2979.100 |
2842.000 |
2342.000 |
|
|
DEFERREX TAX LIABILITY |
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|
|
|
|
|
|
|
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TOTAL
|
4677.500 |
4547.600 |
3842.200 |
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block]
|
3946.300 |
3782.300 |
3105.300 |
|
Capital work-in-progress
|
|
|
|
|
|
|
|
|
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INVESTMENT
|
284.400 |
280.600 |
54.600 |
|
DEFERREX TAX ASSETS
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
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|
Inventories
|
1180.500
|
937.600 |
856.700 |
|
|
Sundry Debtors
|
235.900
|
268.800 |
283.100 |
|
|
Cash & Bank Balances
|
99.700
|
140.600 |
34.700 |
|
|
Other Current Assets
|
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances
|
513.200
|
488.900 |
736.400 |
Total Current Assets
|
2029.300
|
1835.900 |
1910.900 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
1500.100
|
1292.200 |
1255.500 |
|
|
Provisions
|
147.600
|
110.700 |
47.900 |
Total Current Liabilities
|
1647.700
|
1402.900 |
1303.400 |
|
Net
Current Assets
|
381.600
|
433.000 |
607.500 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
65.200 |
51.700 |
74.800 |
|
|
|
|
|
|
|
TOTAL
|
4677.500 |
4547.600 |
3842.200 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
5658.500 |
4835.300 |
4142.500 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
450.800 |
902.800 |
362.100 |
Provision for Taxation
|
153.300 |
224.800 |
133.500 |
Profit/(Loss) After Tax
|
297.500 |
678.000 |
228.600 |
|
|
|
|
|
Total Expenditure
|
4782.500 |
3559.700 |
3293.900 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
5.26
|
14.02 |
5.52 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
7.97
|
18.67 |
8.74 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
7.54
|
16.06 |
7.22 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.27
|
0.53 |
0.24 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
2.72
|
2.49 |
2.43 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
1.23
|
1.31 |
1.47 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
A
flagship of Raheja group company, H&R Johnson is being managed by Mr. Vijay
Aggarwal as the Managing Director.
The company set up its fifth manufacturing facility in Andhra Pradesh at a cost
of Rs. 700 millions besides it is also increasing capacity of Mumbai plant at a
cost of Rs. 800 millions. Both the projects are expected to be completed by
February, 2004. It has also opened an exclusive H&R Johnson display centre
in Kolkata.
OPERATIONS
During the year under report the company had
made major strides in strengthening its position as market leader in the
ceramic tile industry. The net sales value had grown by 9.8% while sales
volumes (in tonnage) had grown by 1.3% over the previous year. The profit after
tax stood at Rs. 175 millions recording a growth of 250% over the previous
year. The operating profit (profit before interest, depreciation, exceptional
items and tax) had shown a growth of 35.5% over previous year signifying the
success of the operational strategies adopted by the management of the company.
This was again in the backdrop of the intense competition from imports and
unorganized sector as well as rising fuel prices.
The company had launched some innovative
products during the year. Some of these products with larger formats and
innovative designs and applications had captured the imagination of the
discerning customers. During the year under report, the company has again made
history by launching Joint Free ‘Porselano’, a rectified glazed white body
porcelain tile as premium flooring tile. This is the first time such a product
has been launched in India. The response, both from the trade and the end
customers, has been quite encouraging.
Another path breaking product launched in the
previous year 2000-01, namely, Endura, is now well established in the market.
All the plants of the company had performed
satisfactory. Negotiations are going on for wage agreement with the labour
unions at the Karaikal and Pen plant.
CERTIFICATION AND RECOGNITION
All the four plants of the company has been
accredited with ISO 14001 certification signifying compliance with stringent
international norms on environment management. Kunigal plant has also secured
certification for OHSAS 18001 for complying with Health and Safety standards.
The other plants of the company are also making efforts to secure this recognition
as well. All the plants already certified for ISO 9002 : 1994 are now working
toward rolling over to new quality standards under ISO 9001 : 2000.
FINANCE
The company continues to restructure its long
term debts in order to bring down its cost of funds. Further efforts are being
made to take advantage of the present soft interest rate regime and easy
liquidity to finance further plan and also to bring down the cost of funds of
the existing borrowings.
The company has fully tied up its working
capital requirements for the current year and has a prudent mix of Foreign
Institutional Investors foreign currency loan, commercial paper and cash credit
facility for this purpose.
FUTURE OUTLOOK
The year under report, was a challenging one
with global as well as Indian economy continuing to decelerate following the
tech melt down across the world. Additionally, the horrific events of
September, 11 in the USA further delayed the much-expected revival. In India
the impact was limited and Indian Economy steel grew by about 5%.
The Ceramic Tile industry could grow by about
10% but still leaving significant capacities in organized sector unutilized and
putting pressure on margins. The company expects another round of consolidation
in the ceramic tile industry to begin soon.
The situation is further exacerbated by
continuous dumping of tiles, particularly polished vitrified/glazed porcelain
tiles. An application was filed by the domestic tile manufacturers including
company to impose anti dumping duty on imports from China and UAE. The central
government, after detailed investigation, had imposed provisional anti dumping
duty on such imports in May, 2002. Although this will provide some relief to
the domestic manufacturers, further attempts to circumvent such duties by
unscrupulous importers can be ruled out.
The company expect that the threat of dumping
will continue to exist in some form or the other and will need closed
monitoring. On the other hand, the unorganized sector continues to thrive on
the back of special benefits available to them from the State and also because
of the non-compliance of tax law. The company has been preparing itself for
this kind of onslaught from imports and unfair competition from the unorganized
sector by putting greater emphasis on product differentiation, customer
service, strong distribution network and continuous cost reduction.
The company has joint venture with BAL Endura
Adhesives Private Limited and H. R. Johnson (Overseas) Limited.
The company's fixed assets of important value
include goodwill, freehold and leasehold land, roads and buildings, plant &
machinery, furniture and air conditioners, etc.
WEBSITE DETAILS
Company Profile :
They Are...
H. & R. Johnson (India) Limited is India's No. 1 tile
company offering a wide range of wall and floor tile products across various
segments viz. wall, floor, vitrified, exterior applications and industrial
applications. The company also caters to customer needs in sanitary ware and
bathroom accessories segments.
As a member of Johnson Ceramics International, UK, the
global leader in the international tile industry, they have access to the
latest trends and designs prevalent in the international market. With a vast
portfolio comprising 5 well-known brands in India (Johnson, Marbonite,
Porselano, Endura & Milano) the company provides the most innovative
products meeting international standards.
They have state-of-the-art machinery at their manufacturing
plants located at Dewas, Pen, Kunigal and Karaikal. All their plants are ISO
compliant with both 9001, 14001 certifications, as well as OHSAS 18001, which
is given for excellence in safety standards.
Their Management Focus
At H. & R. Johnson (India) Limited, they believe that
sustainable growth comes only with a powerful product and to create that
product it is necessary to have synergy between the people and the process.
They have established such a synergetic environment, where empowerment arises
through the principles of trust, transparency and team spirit.
Their core management team is an Executive Committee
comprising the Managing Director and Presidents of various functions. This
committee meets at regular intervals to formulate company policies and review
performance. In effect, this committee strives to constantly innovate and apply
global standards to provide excellent products and services to their customers.
They strive to continuously excel, grow and create more
value to all our customers.
Their Commitment To
Supply
Their key focus has been to make their products available
across the length and breadth of India. They try to cater to all types of
customer needs and requirements. This has been achieved by expanding the
capacities of their plants so that supply does not fall short of customer
demands. As a result of which, they have been able to further consolidate their
leadership position in the market.
IT
Initiative
They have implemented a
comprehensive ERP/CRM software to integrate over 2000 SKUs across different
qualities, manufacturing locations, 22 branch offices/ warehouses and 5 brands.
This helps us to improve efficiency in production planning and better inventory
and financial management.
They have harnessed their production
facilities, branch offices and corporate office with a top-of-the-line IT product,
SAP-R3, with an investment of over Rs.100 Million.
This technological advancement has
made us future-ready and helped the entire business operation get swift, strong
and streamlined. Various critical areas like Enterprise Resource Planning
(ERP), Supply Chain Management (CSM) and Customer Relationship Management (CRM)
were the prime focus of this project. This technological advancement has
enabled them to improve their services to customers by networking of all 4
plants, 22 branches, 11000-strong dealer network, thus, enabling them to
optimize better resource mobilization and quick delivery.
Affiliations
Their integral involvement in the
issues concerning the overall Indian economy is reflected through the intense
support they provide to these organizations.
Their Managing Director is currently the Chairman of The Indian Council of
Ceramic Tiles & Sanitaryware (ICCTAS), the apex council of the Indian
ceramic tile industry. Likewise, some of their Presidents are part of the
various committees of various industry organizations to which they are
affiliated.
Presence
Countrywide Presence
Growing exponentially, they reach
their customers through their display centers and strong sales force.
Their distribution network is the largest in the country comprising 1200
dealers and 15,000 sub-dealers spread across the length and breadth of the
country. In addition, they also have 22 branches and warehouses that give them
a tremendous reach in the marketplace.
Worldwide
Presence
Their association with Johnson
Ceramic International ensures that consumers can find their tiles across the
world. Their products are sold internationally and they take pride that the
Johnson name is globally associated with high quality design-led products.
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
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. 44.06 |
|
UK Pound |
1 |
Rs. 86.34 |
|
Euro |
1 |
Rs. 57.46 |
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 |