MIRA
INFORM REPORT
|
Report Date : |
09.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
WALCHANDNAGAR
INDUSTRIES LIMITED |
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Registered Office : |
3,
Walchand Terraces, Tardeo Road, Mumbai – 400034, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
30.09.2006 |
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Date of Incorporation : |
25.11.1908 |
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Com. Reg. No.: |
11-000291 |
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CIN No.: [Company
Identification No.] |
U74999MH1908PTC000291 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMW02073B |
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PAN No.: [Permanent
Account No.] |
AAACW0541M |
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Legal Form : |
Public
Limited Liability Company. Company’s shares are listed on the stock
exchanges. |
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Line of Business : |
Manufacturer of Sugar Mill Machinery,
High speed Centrifugals, Gear and gear Boxes, Cement Making Plant, Nucleur
and Chemical Machinery, Water Tube Boilers and Steam Accumulators. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors Walchandnagar Industries
Limitedl not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD
7900000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established and reputed company and a part of Walchand Group. The
company is progressing well. Directors are reported as experienced and
respectable businessmen. Trade relations are reported as fair. Business is
active. Payments are usually correct and as per commitments. Fundamentals
are strong and healthy. The
company can be considered normal for business dealings at usual trade terms
and conditions. The
company can be regarded as a promising business partner in a medium to
long-run. |
LOCATIONS
|
Registered Office : |
3, Walchand
Terraces, Tardeo Road, Mumbai – 400034, Maharashtra, India |
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Tel. No.: |
91-22-24938866
/ 24932931 |
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Marketing Division : |
Walchand
House, 15/1/B-2, Kothrud, Pune – 411038, Maharashtra, India |
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Tel. No.: |
91-20-25436655
/ 56 / 58 |
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Fax No.: |
91-20-2542070
/ 25451747 |
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Factory
1: |
Walchandnagar,
District Pune, Maharashtra, India |
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Tel.
No.: |
91-2118-252235
to 252239 |
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Fax
No.: |
91-2118-252358 |
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Factory
2: |
Satara
Road, District Satara, Maharashtra, India |
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Tel.
No.: |
91-2163-227201
/ 227204 |
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Fax
No.: |
91-2163-227205 |
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Factory
3: |
Attikola,
District Dharwad, Karnataka, India |
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Tel.
No.: |
91-836-448565 |
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Fax
No.: |
91-836-448508 |
DIRECTORS
|
Name : |
Mr
Chakor L Doshi |
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Designation : |
Chairman |
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Address : |
Neela House, 2nd Floor, M. L. Dahanukar Marg, Mumbai – 400026, Maharashtra |
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Date of Birth/Age : |
56 Years |
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Qualification : |
M.S., U.S.A |
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Experience : |
36 Years |
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|
Name : |
Mr P K
Basu |
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Designation : |
Director |
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Address : |
The Retreat, Bungalow No. 460, Sector 15A, Office New Delhi, Noida – 201301, Uttar Pradesh |
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Date of Birth/Age : |
72 Years |
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Qualification : |
B.A. (Economics), M.A., Ph.D. |
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Experience : |
50 Years |
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Name : |
Mr R M
Pande |
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Designation : |
Director |
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Address : |
3/456, Vishwas Khand, Gomti Nagar, Lucknow – 220 010, Uttar Pradesh, India |
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Date of Birth/Age : |
63 Years |
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Qualification : |
M.Com, L.L.B. |
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Experience : |
43 Years |
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Name : |
Mr
Dilip J Thakkar |
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Designation : |
Director |
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Address : |
12 Acropolis – B, Little Gibs Road,
Mumbai – 400 006, Maharashtra |
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Date of Birth/Age : |
67 Years |
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Qualification : |
Chartered Accountant |
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Experience : |
47 Years |
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|
|
|
Name : |
Mr A U
Rijusinghani |
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Designation : |
Director |
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Address : |
172-B Shivalik, Near Malviya Nagar, New
Delhi – 110 017 |
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Date of Birth/Age : |
72 Years |
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Qualification : |
Engineering Graduate with Post Graduation from IIT, USA |
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Experience : |
50 Years |
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|
Name : |
Mr J L
Deshmukh |
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Designation : |
Director |
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Address : |
185, Mahatma Housing Society, Kothrud, Pune – 400029, Maharashtra |
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Date of Birth/Age : |
55 years |
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Qualification : |
B.E. (Mechanical) |
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Experienced : |
35 Years |
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|
Name : |
Mr
Arati Vissanji |
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Designation : |
Director |
KEY EXECUTIVES
|
Name
: |
Mr R B
Jobanputra |
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Designation
: |
Company
Secretary |
MAJOR SHAREHOLDERS
Share Holding Pattern as on Quarter Ending
31.03.2005
|
Category
of Share Holders |
No of Shares |
Percentage of Share Holding |
|
A)
Promoters Holding |
|
|
|
1. Indian Promoters (Refer Annexure) |
1339928 |
44.60 |
|
Foreign Promoters |
85900 |
02.86 |
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2. Persons acting in Concert. |
- |
- |
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Sub
Total: |
1425828 |
47.46 |
|
B)
Non Promoters Holding |
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|
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3.Institutional Investors. |
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|
|
a) Mutual Funds & UTI (Refer Annexure) |
850 |
00.03 |
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b)
Banks Financial Institutions,Insurance
Companies,(Central/State Govt.Institutions/Non
Govt.Institutions.) (Refer Annexure) |
304961 |
10.14 |
|
c) F I I s |
3875 |
00.13 |
|
Sub
Total: |
309686 |
10.30 |
|
4.
Others |
|
|
|
a) Private Corporate Bodies |
439798 |
14.64 |
|
b) Indian Public |
823200 |
27.40 |
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c) N.R.I's /O.C.B's |
5994 |
00.20 |
|
d) Any Other: Director's & his Relatives (Independent
& are not in control of the company) |
- |
- |
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Sub
Total : |
1268992 |
42.24 |
|
GRAND
TOTAL : |
3004506 |
100.00 |
|
The above includes Total Foreign
Shareholdings. |
95769 |
03.19 |
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BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Sugar Mill Machinery,
High speed Centrifugals, Gear and gear Boxes, Cement Making Plant, Nucleur
and Chemical Machinery, Water Tube Boilers and Steam Accumulators. |
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Products : |
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Exports to : |
Subject
exports to Nigeria, Africa, Mauritius, Bangladesh, etc. |
GENERAL
INFORMATION
|
Customers : |
WIL's major
clients are Oswal Foods, Anand Agro, Indian Navy, etc. |
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No. of Employees : |
1335 |
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Bankers : |
v Bank of India, Mumbai v Syndicate Bank, Mumbai v United Bank of India, Mumbai v Global Trust Bank Limited |
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Banking Relations : |
Satisfactory |
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|
Auditors : |
K. S. Aiyar & Company Chartered Accountants |
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Address : |
4th Floor, Janma Bhoomi Bhavan, 24-26, Janma Bhoomi Marg, Fort, Mumbai – 400001, Maharashtra, India |
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Tel No.: |
91-22-2028252/2028229/2028262 |
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Membership : |
Confederation of Indian Industry |
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Subsidiaries : |
Walchand
Tandur Cement Company Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50,000 |
10% Cumulative Preference Shares. |
Rs 100/- each |
Rs. 5.000 millions |
|
50,000 |
Preference Shares |
Rs.
100/- each |
Rs. 5.000 millions |
|
24,000,000 |
Equity Shares |
Rs.
10/- each |
Rs. 240.000 millions |
|
|
Total |
|
Rs.
250.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
3,004,506 |
Equity shares |
Rs. 10/- each |
Rs. 30.045 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
30.09.2006 |
30.09.2005 |
30.09.2004 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
30.000 |
30.000 |
30.000 |
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
3] Reserves & Surplus |
1953.400 |
1929.700 |
1952.700 |
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH |
1983.400 |
1959.700 |
1982.700 |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
228.900 |
288.300 |
100.400 |
|
2] Unsecured Loans |
67.600 |
74.600 |
2.500 |
|
TOTAL BORROWING |
296.500 |
362.900 |
102.900 |
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
TOTAL |
2279.900 |
2322.600 |
2085.600 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1513.500 |
1440.000 |
1475.600 |
|
Capital work-in-progress |
66.600 |
54.500 |
45.100 |
|
|
|
|
|
|
INVESTMENT |
9.700 |
4.500 |
4.500 |
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
1231.300
|
616.100 |
554.600 |
|
Sundry Debtors |
1020.100
|
969.700 |
737.200 |
|
Cash & Bank Balances |
479.400
|
116.700 |
47.500 |
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
Loans & Advances |
622.000
|
571.600 |
527.400 |
|
Total Current Assets |
3352.800
|
2274.100 |
1866.700 |
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
Current Liabilities |
2551.900
|
1415.100 |
1273.400 |
|
Provisions |
110.800
|
35.400 |
33.200 |
|
Total Current Liabilities |
2662.700
|
1450.500 |
1306.600 |
|
Net Current Assets |
690.100
|
823.600 |
560.400 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL |
2279.900 |
2322.600 |
2085.600 |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
30.09.2006 |
30.09.2005 |
30.09.2004 |
|
Sales Turnover [including other income] |
4076.400 |
2760.800 |
2235.200 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
212.900 |
110.400 |
55.500 |
|
Provision
for Taxation |
80.000 |
33.200 |
15.600 |
|
Profit/(Loss)
After Tax |
132.900 |
77.200 |
39.900 |
|
|
|
|
|
|
Export
Value |
610.176 |
NA |
NA |
QUARTERLY
/ SUMMARISED RESULTS
|
PARTICULARS |
|
|
31.12.2006 1st Qtr |
|
Sales Turnover |
|
|
1242.800 |
|
Other Income |
|
|
12.400 |
|
Total Income |
|
|
1255.200 |
|
Total
Expenditure |
|
|
1126.200 |
|
Operating
Profit |
|
|
129.000 |
|
Interest |
|
|
5.500 |
|
Gross Profit |
|
|
35.200 |
|
Depreciation |
|
|
77.100 |
|
Tax |
|
|
|
|
Reported PAT |
|
|
|
200612
Quarter 1 --------------- Notes Expenditure Includes (Increase)/Decrease in
Stock in Trade Rs 1.50 million Raw Materials Stores & Spares Consumed Rs
882.00 million Staff Cost Rs 91.50 million Other Expenditure Rs 151.20 million
Tax Includes Provision for Taxation Rs 34.40 million Provision for FB Tax Rs
0.80 million Deferred Tax Rs 0.50 million EPS is Basic and Diluted Status of
Investor Complaints for the quarter ended December 31, 2006 Complaints Pending
at the beginning of the quarter Nil Complaints Received during the quarter 14
Complaints disposed off during the quarter 14 Complaints unresolved at the end
of the quarter Nil 1. The above result have been taken on record, reviewed by
the Audit committee and approved by the Board of Directors in its meeting held on
January 24, 2006. 2. Provision, if any, to company with the requirement of
revised Accounting Standard-15 on Employees Benefits issued by the ICAI
Walchandnagar Industries Limitedl be made at the year end. 3. Auditors'
qualification : No provision has been made in respect of invoked Bank
Guarantees. Equivalent Contingency Reserve is created. On the basis of legal
advices, no provision is considered necessary. The matter continues to be
sub-judice. The qualification Walchandnagar Industries Limitedl get removed on
decision by judiciary. 4. Other Income include Rs 11.00 million being profit on
sale of investments in a subsidiary Company. 5. The Company has received an
application money of Rs 19.020 million against 3 lakhs convertible warrants,
issued on preferential basis to Promoters, as approved by the shareholders at
EGM held on November 23, 2006. Pending utilisation for capital expenditure and
working capital this amount is temporarily invested in LIC Liquid Fund. 6.
Figures have been re-grouped for the previous period, wherever necessary
KEY
RATIOS
|
PARTICULARS |
|
30.09.2006 |
30.09.2005 |
30.09.2004 |
|
Debt-Equity Ratio |
|
0.38 |
0.30 |
0.13 |
|
Long Term
Debt-Equity Ratio |
|
0.15 |
0.07 |
0.01 |
|
Current Ratio |
|
1.24 |
1.33 |
1.35 |
|
TURNOVER RATIOS |
|
|
|
|
|
Fixed Assets |
|
1.39 |
1.06 |
0.90 |
|
Inventory |
|
4.14 |
4.60 |
4.21 |
|
Debtors |
|
3.85 |
3.16 |
3.51 |
|
Interest Cover Ratio |
|
4.72 |
4.62 |
4.26 |
|
Operating Profit
Margin(%) |
|
8.04 |
6.30 |
4.58 |
|
Profit Before
Interest And Tax Margin(%) |
|
7.06 |
5.23 |
3.35 |
|
Cash Profit
Margin(%) |
|
4.46 |
3.94 |
3.08 |
|
Adjusted Net Profit
Margin(%) |
|
3.47 |
2.86 |
1.85 |
|
Return On Capital
Employed(%) |
|
22.67 |
14.05 |
8.87 |
|
Return On Net
Worth(%) |
|
15.42 |
10.03 |
5.53 |
STOCK PRICES
|
Face
Value |
Rs.
10/- each |
|
High |
Rs.
1850.85 |
|
Low |
Rs.
1850.85 |
LOCAL AGENCY
FURTHER INFORMATION
Incorporated in 1960, Walchandnagar Industries (WALCHANDNAGAR INDUSTRIES
LIMITED) belonging to the Walchand group. Other group companies include --
Premier, Ravalgaon Sugar, Indian Hume Pipe, etc. It is mainly engaged in the
manufacture of sugar manufacturing machinery and engineering products like gear
boxes, heat exchangers, etc.
WALCHANDNAGAR INDUSTRIES LIMITED's major clients are Oswal Foods, Anand
Agro, Indian Navy, etc. WALCHANDNAGAR INDUSTRIES LIMITED has signed a MoU with
Onoda Engineering Company, Japan, for manufacturing cement clinker. It exports
goods to Nigeria, Africa, Mauritius, Bangladesh, etc. WALCHANDNAGAR INDUSTRIES
LIMITED is expanding into non-engineering areas like horticulture, the
financial services sector, housing and construction. The company's subsidiary is
Walchand Tandur Cement. WALCHANDNAGAR INDUSTRIES LIMITED was the first supplier
of indigenous 500 MW calandria for NPC.
The company received ISO-9001 certification for its operations at
Walchandnagar from Lloyds Register Quality Assurance.
In 1999-2000, the company has developed energy efficient equipments for
sugar manufacturing machinery and has tied up with M/s UBE of Japan for supply
of pregrinders and grinding mills for cement machinery with superior features.
During 2001 the company has commissioned two EPC projects for generation
of power from agricultural waste. The company made a diversification in 2001-02
by entering into hospitality business.
PERFORMANCE FOR THE YEAR IN RETROSPECT:
30.09.2006 30.09.2005
(Rs. In Millions)
Income:
3600.130 2614.689
Profit
before Depreciation and Interest
273.375 157.028
Less: -
Interest 22.582 17.581-
Depreciation 37.815 28.962
Profit
before Taxation 212.978 110.485
Less:
Provision for Taxation 80.035 33.246
Profit
after Tax 132.943 77.239-
Surplus
brought forward from the previous year 120.555 58.802-
Transferred
from Foreign Project Reserve -
2.516 2 53.498
138.557
Appropriations:-
General
Reserve 13.294 7.724-
Proposed
Dividend 13.520 9.014-
Income
Tax on Proposed Dividend
1.896 1.264
Surplus
carried to Balance Sheet 224.788 120.555
The turnover achieved during the year was Rs. 35.841 Millions as compared
to Rs. 25.280 Millions in the previous year registering a growth of
41.8%.
The profit before tax was at Rs. 213.0 Millions as against Rs. 110.5
Millions and profit after tax was Rs. 132.9 Millions as against Rs. 77.2
Millions of previous financial year.
CURRENT YEAR:
The order book position as at 1.10.2006 was at Rs. 1,0000 Millions
compared to Rs. 4500 Millions as at 1.10.2005. The order book position is very
good and the Company is confident to improve the performance as compared to
previous year.
The Company has also received orders for EPC projects in the field of
Mineral Processing. With improved market conditions, the Company is having good
orders for sugar plants, cement plants, steam generating plants and gear boxes.
The order book position for Space, Defence & Nuclear continues to be good.
Thrust is being given for on time completion of all projects by effective
project management.
EXPORTS:
The foreign exchange earnings for the year were Rs. 610.2 Millions as
against Rs. 300.4 Millions in the previous year. The export orders on hand as
or 1.10.2006 are at Rs. 774.7 Millions, compared to Rs. 635.9 Millions as at
1.10.2005. During the year, the Company has executed major portion of export
order for 1000 TPD Cement Plant for Zambezi Portland Cement Ltd., Zambia. The
Company has booked export orders worth Rs. 648.2 Millions from Konkola Copper
Mines PLC, Zambia and Kuwait Cement Company, Kuwait.
MANAGEMENT DISCUSSION & ANALYSIS:
Overview:
During the year ended 30th September, 2006, the Company has significantly
improved the turnover for sugar machinery, steam generating plants, cement plants,
planetary gear boxes and also for Space, Defence & Nuclear.
For on time completion of projects emphasis is given for creating strong
project execution teams and enhancing manufacturing capabilities.
Segment
Analysis and Review:
1] Heavy Engineering Product
Segment:
The segment achieved turnover of Rs. 3189.1 Millions (Previous Year Rs.
2216.8 Millions; accounting for 88.2% of Company's revenue The turnover
increased by 43.9% as compared to the previous year. The Division has achieved
Profit Before Tax of Rs. 252.6 Millions as compared to Rs. 131.7 Millions in
the previous year.
During the year, the Company achieved highest turnover for sugar
machinery, steam generating plants and cement machinery and gear boxes as
compared to achievement in earlier years. All the major businesses of the
Company reported improved performance during 2005-2006. The Company has
achieved major milestone for installation and aggregation of critical defence
equipments at site.
Outlook:
Improved Indian Economy has certainly had a favourable impact on
engineering industry and in particular to the Company. Company expect further
growth in sales and profit as compared to the previous year 2005-06.
The orders on hand for execution for sugar machinery, centrifugals, steam
generating plants, cement plants, gear boxes and critical equipments for Space,
Defence, Nuclear Power are very good and besides Company Walchandnagar
Industries Limitedl be executing turnkey projects for Mineral Processing with
overseas technical tie up.
Major thrust is being given for
achieving operational excellence through following initiatives:
1. Customer satisfaction 2. Engineering excellence3. Profitable growth4.
Supply base management5. Manufacturing excellence6. Financial discipline7.
Organizational development
To meet the increased demand the capacity enhancement programme is in
progress by procuring critical machines and up-gradation of existing
equipments.
2] Foundry & Machine Shop:
This segment has achieved revenue of Rs. 365 Millions as against
Rs. 273.2 Millions in the previous year. The sales and PBT have improved as
compared to the previous year, due to better demand for foundry business.
The profitability, however, could not be improved to the extent of
increase in sales, due to increase in power cost as the operations of new
medium frequency furnaces took more time for stabilization.
Outlook:
During the year modernization and upgradation of foundry has been
completed and the division is able to manufacture CI & SGI castings of
large dimensions. For improving the profitability, thrust is given for
optimization of power consumption and control on rejections by adopting
improved foundry practices. Considering current business environment, company
expect to improve the sales as compared to previous year.
Project Management:
The Company is executing large and medium size projects for various
clients. The profitable growth depends on management of inherent risks in
project business. The penalty for delayed delivery and shortfall in performance
has a bearing on profitability. Delayed recovery of retentions create a
pressure on management of working capital.
To mitigate these risks, the Company has given thrust on strong project
management with built in control system for accurate cost estimation before
submission of offers, proper contract management, monitoring delivery,
commissioning schedules and outstanding receivables. For this purpose
fortnightly reviews are held for initiating appropriate actions.
Competition:
Changing competition scenario has impact on Company's market share and
profitability. To mitigate the risk of competition the strategies and plans are
reviewed regularly.
Subsidiaries:
As on
30.09.2006, the company has a Subsidiary Company – Walchand Tandur Cement
Company Limited
Future Plan of Action :
Slide
show bearing for large size cement mills.
Philosophy of the Founder
The period was early 1930s. The Freedom movement had gained momentum under the leadership of Mahatma Gandhi. His philosophy of struggle through non-violence and peaceful means had gripped the whole country with an unheard of passion for freedom. Gandhiji's speeches evoked overwhelming response. He believed that India Walchandnagar Industries Limitedl never be able to gain independence in real terms if she did not move towards the goal of self-reliance. His words moved many a men of courage and vision, who took the task of making India economically independent.
One such man was Walchand
Hirachand who decided to contribute his might in helping
India become economically stronger.
Walchand Group
In his relentless pursuit to help India
gain economic independence, Seth Walchand
Hirachand, went on establishing Industry after industry around 1930
to 1940 & gave India her basic means of transportation be it Land, Sea or
Air. Premier Automobiles, Hindustan Aeronautics & Hindustan Shipyard were
all established by him against all odds & a very hostile British Empire.
He also ventured into agro-based industrial units particularly in rural areas
so as to provide employment opportunities to rural people. Much before his
forays into manufacturing cars and aeroplanes he had initiated establishing
industries in the remotest of rural areas. After making a successful beginning
at Ravalgaon, where he started a sugar factory, he further chose a barren,
undeveloped and practically uncultivated land at Kalamb village to start yet
another Sugar Factory. All these companies and factories were known as group
companies of Walchand
Group till late 1995.
Quality being the
watch-word and the prime objective, WALCHANDNAGAR INDUSTRIES LIMITED has kept
pace with the latest developments in the field and has been updating its
facilities over the years. Various jobs being manufactured at Walchandnagar have to
pass through very stringent Quality Control tests.
Because of the availability of excellent
in-house engineering capabilities built over the years and the support of its
technical collaborators, WALCHANDNAGAR INDUSTRIES LIMITED operates with full confidence
in the challenging arena of global competition. WALCHANDNAGAR INDUSTRIES
LIMITED has successfully executed projects in various countries some of them to
mention are :
Rehabilitation of
Lugazi Sugar Factory Uganda.
A Turnkey Project
for the National Sugar Works (Kinyala) Ltd.,Uganda.
Cement project at
Padang, Indonesia.
A Turnkey Plant for
Boiler & Sugar for the expansion scheme of the Metahara Sugar Company,
Sc.Ethiopia.
Two orders for the Rehabilitation Scheme of
Joint Sugar Project Units at Jatinoto and Semboro,Indonesia.
A Prestigious
Turnkey Sugar Complex at Kagera, Tanzania.
A Turnkey Project
for a Refinery of the Syrikat Gula NS (SON) Berhad, Malaysia.
1250 TCD Sugar
Plant for Sriram Sugar Mills Nepal.
An Expansion order
for a 5000 TCD Sugar Plant for Bacita Sugar Co.Ltd.,Nigeria.
Cement Plant at
Hetauda, Nepal.
Supply of Sugar
Machinery & Boilers to Vietnam
Besides this, WALCHANDNAGAR INDUSTRIES LIMITED
is having long list of customers in domestic market, and they are spread
through out the country from North to South & West to East.
Domestic customers of WALCHANDNAGAR INDUSTRIES
LIMITED include :
India Space Research Organisation
Indian Navy
Defence Research and Development Laboratory
Steel Authority of India Ltd.
Cement Corporation of India
Reliance Industries Ltd.
Indian Oil Corporation
Gujarat State
Fertilizer Corporation
Gandhar
Petrochemicals Complex Dahej, Gujarat.
ONGC Hazira Phase
IIIA Gujrarat
M/s Numaligarh
Refinery Ltd. Assam.
M/s Hindustan Zinc
Ltd. Udaipur.
Manglore Refineries
and Petrochemicals Manglore.
Bindal Agro
Chemicals Ltd.
M/s IOCL Haldia.
Techimont ICB ltd.
Haldia.
Chambal Fert. and
Chemicals Ltd. Gadepan -II
TATA Electric Co.
Ltd. Maharashtra.
Mawana Sugar Works Ltd. Mawana U.P
and many others
companies in private, public and Co-operative sector.
All these achievements are the result of a well
directed human action and effective contribution made by a committed workforce
consisting of about 350 officers and 1400 skilled staff and operatives. A full
fledged training set-up takes care of developmental needs of the officers and
workers as well.
Social Commitments
WALCHANDNAGAR INDUSTRIES LIMITED maintains a self-contained township at Walchandnagar,
135 Kms South-East of
Pune, a metropolitan set-up with all the modern urban
facilities makes it an unique Industrial Township which is free from pollution
and traffic jams.
Early 1950s was not an era when one
could boast of having a well-equipped hospital & health care centre
particularly in a remote place like Walchandnagar - home for
Walchandnagar Industries Ltd.(WALCHANDNAGAR INDUSTRIES LIMITED)
- situated about 135 kms.South-East of Pune.
But then WALCHANDNAGAR
INDUSTRIES LIMITED not only understood its social responsibilities but
also took bold initiatives in socially relevant projects. Establishing a
hospital in the year 1951, thus, was one such initiative as the need for
providing proper medical facilities not only to the employees but also to other
people inhabiting the surrounding villages, had been well recognised.
Known as Lalchand
Hirachand Medical Centre, this hospital today stands as a
testimony to the efforts made over the years and its transformation into a
modern 60 bedded hospital having 6 special rooms seems to be complete.
But this doesn’t mean that there is a
room for complacency as continuous improvement in service and health care is
the way of working. This Walchandnagar Industries Limitedl become quite evident
from the current level of activity and future plans detailed in the ensuing
pages.
Lalchand Hirachand Medical Centre
(LALCHAND HIRACHAND MEDICAL CENTRE)
Introduction
:
LALCHAND HIRACHAND MEDICAL CENTRE
a modern hospital, one of its kind in a radius of almost 100 kms. caters to the
needs of a population not less than 75,000 residing in and around Walchandnagar
and Indapur Taluka as well.
Headed by an M.S. as Chief Medical
Officer and General Surgeon, the team of in-house Doctors consists of a Gynaecologist,
Anaesthologist, Pathologist (M.D.), Dental Surgeon, Physician and a
couple of house officers Walchandnagar Industries Limitedling to offer 24 hrs.
quality services to one and all irrespective of the economic status. This team
is strengthened by a panel of visiting specialists which consists of
consultants in Orthopaedics, Dermatology, Opthalmology, Radiology &
Psychiatry.
An Intensive Care Unit equipped with
life saving equipment like Monitor, Defibrillators, Respirator, Pace
Maker & ECG etc. having capabilities to attend severe cases of
Cardiac problems has proved to be a boon for the needy. A modern Laboratory
having Autoanalyser, X-Ray Machine, Sonography, Incubator, Warmer,
Phototherapy Unit, Endoscope etc. makes LALCHAND HIRACHAND
MEDICAL CENTRE competitive in providing services wit any other
hospital in urban environment.
LALCHAND HIRACHAND MEDICAL CENTRE
also runs an ambulance service round the clock which caters to the need for
comfortable movement of the patients.
A.T.B./Immunisation
centre is being run with the help of Zilla Parishad.
In recognition of excellent facilities available at the centre it has been
recognised by Pune University for internship training. In addition it also
provides training to MBBS students in specialised fields.
More than 150 outdoor patients are being treated every day while at an average
10 patients are admitted for indoor treatment.
LALCHAND HIRACHAND MEDICAL CENTRE
also strives to discharge its social obligations in many ways some of which are
detailed here under:
Mobile
Clinic
Reacting positively to the demand of
times and also the often felt need to provide medical assistance at the door
steps of those who find it difficult to even reach the hospital, LALCHAND
HIRACHAND MEDICAL CENTRE took steps to introduce a Mobile
Clinic. Manned by a qualified doctor and para-medical staff this
clinic visits various surrounding villages like Reda, Khorochi, Kurvali
& Jamb. A population of about 10,000 people within a radius of 25
kms. no only avail the benefit of Mobile Clinic but also the
free medicines offered to the poor patients.
The door to door visits help find such
cases also which need hospitalisation or advanced treatment and the patients
are accordingly guided by the doctor. This also helps in creating awareness
about health related matters.
However, this facility can be extended
more effectively to a larger population by increasing the number of doctors and
by encompassing more villages. A proposal to this effect follows in this
project report.
Family
Planning Centre
LALCHAND HIRACHAND MEDICAL CENTRE
has also established a Family Planning Centre and each month
witnesses about 35 Family Planning Operations being performed. An independent
Family Planning co-ordinator is also appointed who co-ordinates with the District
Health Centre in conducting surveys etc.
Family Planning Centre
was started with the belief that if development has to bring fruitful results
than rural population has to understand the dire need for controlling
population. Efforts being made by the Family Planning Centre
in creating such awareness have been often recognised in the form of various
awards from the Govt.
Organising
Medical Camps
LALCHAND HIRACHAND MEDICAL CENTRE,
in collaboration with Social Welfare Department, of WALCHANDNAGAR
INDUSTRIES LIMITED organises Blood Donation Camps, Eye &
ENT Camps and immunisation drives etc. By educating
the villagers, LALCHAND HIRACHAND MEDICAL CENTRE also extends
help to organise such camps in the nearby villages. Experts from various fields
of medicine are invited for such camps and obviously, the response has always
been quite overwhelming.
LALCHAND HIRACHAND MEDICAL CENTRE
has often come forward for some bold endeavours like Cancer &
Leprosy Detection Camps which are generally conducted in association
with District Health Officers.
As mentioned earlier under the heading
Mobile Clinic, LALCHAND HIRACHAND MEDICAL CENTRE is
making all out efforts to contribute more effectively in the field of Health
& Care by extending the expertise to a larger population.
Human
Side of Business
In spite of myriad changes witnessed by
WALCHANDNAGAR INDUSTRIES LIMITED in its long history, one thing that has
withstood the tests of time, has been a deep concern for the well-being &
welfare of the employees. The spirit with which Walchand Hirachand had started
the company has been kept alive over the years. The infrastructural facilities
established way back in 1930s to take care of the basic needs of employees saw
continuous development consistent with changing needs. Today, these facilities
have got developed into a well maintained residential colony having all the
modern amenities and urban conveniences. The infrastructure consisting of
comfortable housing, schools, a well-equipped Hospital, play grounds facilities
for indoor games like B’minton, Squash & Table Tennis, clubs, gymnasiums,
library, a market catering to all the modern needs, banks, cable T.V. network
etc., has been the result of constant efforts made towards improving quality of
life at Walchandnagar.
This positive approach & deep
concern for human touch has been able to create an atmosphere of harmony. A
strong relationship based on mutual trust exists between the management and the
workers. In fact, WALCHANDNAGAR INDUSTRIES LIMITED has a long history of having
maintained very healthy industrial relations due to such an approach. Such an
approach has made WALCHANDNAGAR INDUSTRIES LIMITED today a company possessing
great inherent strengths - a sound technological base and a large committed and
motivate human capital.
"October 15,1994", the World looked on in awe. India’s D-2 Polar
Satellite Launch Vehicle lifted its head and soared higher &
higher piercing the skies, till it was out of sight of the millions of jubilant
eyes. A promise fulfilled. Another step taken by the Nation in pursuit of
technical excellence. Walchandnagar
Industries Limited(WALCHANDNAGAR INDUSTRIES LIMITED) once
again received accolades from ISRO and VSSC
for having successfully contributed in another colossal effort. WALCHANDNAGAR
INDUSTRIES LIMITED had manufactured and supplied first stage booster
motor castings along with nozzles for rocket which demanded highest degree of
precision and accuracy.
This was not the first time that WALCHANDNAGAR
INDUSTRIES LIMITED had proved its technical competence gained over the
years through unrelenting efforts and an enviable manufacturing infrastructure;
an infrastructure that boasts of having an area of 32,680 sq.meters under
crane, facilitating manufacture of any critical pressure vessel/heat exchanger
of thickness upto 125 mm weighing almost 125 tones.
Quality
being the prime objective, WALCHANDNAGAR INDUSTRIES LIMITED
has kept pace with the latest developments in the field and has been updating
the quality control facilities over the years. This ensures that the highest
standards of quality such as ISO,ISI,ASME,ASTM,DIN etc are met
effectively. To make the systems foolproof periodic quality audits are
conducted. Various jobs being manufactured at WALCHANDNAGAR INDUSTRIES LIMITED
have to pass through the stringent inspection criteria of agencies like LLOYDS,Bureau-Veritas,
Linde-Consortium, EIL,PDIL etc.
ISO 9001 Certifications
With elaborate quality and systems and
procedures established over for years, WALCHANDNAGAR INDUSTRIES LIMITED has
acqired the ISO 9001 accreditation from LLoyds Register of Quality
Assurance(LRQA)
WALCHANDNAGAR INDUSTRIES
LIMITED’s technological excellence is
supplemented through various collaborations with internationally renowned
companies for Sugar Machinery, Industrial
Boilers, Gears & Centrifugals
etc. In addition to successfully absorbing this international technology,
WALCHANDNAGAR INDUSTRIES LIMITED on its own also developed highly sophisticated
engineering capability to meet the growing needs of modern customers - Auto-Setting
Mill, patented World-wide was the result of such hi-tech
capability. And its recent tie-up with ONODA ENGINEERING CO.JAPAN
for up-to-date technical know-how to manufacture Cement Machinery
gives WALCHANDNAGAR INDUSTRIES LIMITED an edge as the newer opportunities
emerge. WALCHANDNAGAR INDUSTRIES LIMITED is ready to grab
them.
Having carved a niche and established
itself as a supplier of quality engineering products in the domestic market, it
was but natural that WALCHANDNAGAR INDUSTRIES LIMITED made forays in the
international market. It operates with full confidence in the challenging arena
of global competition. The successful execution of turnkey Sugar
Projects in Uganda, Malaysia, Tanzania and Cement Projects in
Indonesia and Nepal speaks volumes of the engineering excellence
achieved over the years.
Major project executed in Nigeria,
exports
continue to be the thrust area for the coming years. In pursuit of higher and
higher targets, WALCHANDNAGAR INDUSTRIES LIMITED has ambitious
plans for lateral as well as vertical expansion. Its 200 Crores turnover is
likely to grow manyfold in the next five years- thanks largely to an
established base of committed customers and ambitious plans to enter diverse
areas like Horticulture, Financial Services Sector, Sugar Production,
Construction etc.
Such gigantic engineering feats
achieved over the years would not have been possible but for the well directed
human action and effective contribution made by a truly committed workforce
consisting of 400 engineers and 1400 skilled staff & operatives. A
full-fledged training infrastructure takes care of the developmental needs for
various groups of employees all around the year. WALCHANDNAGAR
INDUSTRIES LIMITED provides a continuous learning atmosphere. With a
standing of about 50 years the Technical Library has built an enviable
storehouse of knowledge on myriad subjects related to Engineering and
Management.
WALCHANDNAGAR INDUSTRIES LIMITED
maintains a self-contained township at Walchandnagar, 135 Kms South-East
of Pune, a metropolitan set-up with all the modern urban facilities
makes it an unique Industrial Township which is free from pollution and traffic
jams.
Striving relentlessly to uphold the
tradition of Engineering Excellence set by the founder Seth Walchand Hirachand,
WALCHANDNAGAR INDUSTRIES LIMITED is poised to take on greater
challenges. The future, indeed,holds promise, as the Managing Director
rightly puts it -".....the period of growth has now begun".
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.44.18 |
|
UK
Pound |
1 |
Rs.86.36 |
|
Euro |
1 |
Rs.57.54 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
68 |
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 Walchandnagar Industries
Limitedl 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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|