MIRA
INFORM REPORT
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Report Date : |
05.09.2007 |
IDENTIFICATION DETAILS
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Name : |
IVP LIMITED |
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Registered Office : |
Shashikant N. Redij
Marg, Ghorupdeo, Mumbai - 400 033, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.07.1929 |
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Com. Reg. No.: |
001503 |
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CIN No.: [Company
Identification No.] |
L74999MH1929PLC001503 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUM104866B |
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PAN No.: [Permanent
Account No.] |
AAAC10992A |
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Legal Form : |
Subject is a public limited liability company. The company's shares are listed on the
Stock Exchanges |
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Line of Business : |
Manufacturing of Vanaspati and Vegetable Oils, Spark Plugs, Foundry Chemicals, Advanced Ceramics, etc. |
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 2000000 |
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Status : |
Satisfactory |
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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 having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payment are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions |
LOCATIONS
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Registered Office : |
Shashikant N. Redij Marg, Ghorupdeo, Mumbai - 400 033. |
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Tel No: |
91-22-2371 9631 - 34 |
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Fax No: |
91-22-2373 9064 |
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E-mail: |
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Website: |
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Factory 1 : |
Shashikant N. Redij Marg, Ghorupdeo, Mumbai - 400 033. Golmuri, 37-B, Adityapur Industrial Area, 28-B, Kumbalagudu, 1st Phase, KIADB Industrial Area, A-7/2, MIDC Area, Chikalthana, D-19/D-20, MIDC Area, Tarapur, Thane - 401 506. |
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Divisional sales
offices : |
Ahmedabad, |
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Representative
offices at : |
Asansol, Gurgaon, Hubli, |
DIRECTORS
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Name : |
Mr. A.R.J. Allana |
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Designation : |
Chairman |
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Name : |
Mr. A.B.K. Dubash |
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Designation : |
Director |
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Name : |
Mr. T. Vijayaraghavan |
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Designation : |
Director |
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Name : |
Mr. B. Mallik |
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Designation : |
Director |
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Address : |
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Name : |
Mr. M.S.I. Lakdawala |
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Designation : |
Director |
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Name : |
Mr. S.N. Bhatri |
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Designation : |
Director |
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Name : |
Mr. S.B. Jijina |
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Designation : |
Director |
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Name : |
Mr. Faisal F. Allana |
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Designation : |
Director |
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Name : |
Mr. |
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Designation : |
Director |
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Name : |
Mr. T.K. Gowrishankar |
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Designation : |
Director |
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Name : |
Mr. R.R. Kumar |
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Designation : |
Director |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters |
7693237 |
74.50 |
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Banks, Financial Insitutions, Insurance companies and Mutual Fund |
675776 |
6.54 |
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Public |
1957250 |
18.96 |
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Total |
10326263 |
100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Vanaspati and Vegetable Oils, Spark Plugs, Foundry Chemicals, Advanced Ceramics, etc. |
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Products : |
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Agencies Held : |
Ø
QIT-FER et Titane Ø
Simac Limited, Ø
Chemetall Ø
Ø
Feldmuhle Imcc Ceramiche Techniche, |
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Exports : |
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Products : |
:castor
oil and its derivatives. Soybean and Sunflower Extractions. Coffee. Processed
foods including Marine products. Onions,Foundry chemicals and industrial
Ceramic Products |
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Countries : |
USA, UK, West Germany, Italy, France and other countries
such as Poland, Czechoslovakia, Romania, Malaysia, UAE, and Saudi Arabia. |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Vanaspati |
Tonnes |
100 per day |
30,000 |
3,305 |
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Vegetable Oils |
Tonnes |
Not applicable |
110,000 |
5,043 |
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Minor Chemicals |
Tonnes |
450 |
450 |
47 |
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Plasticisers |
Tonnes |
1,200 |
1,500 |
1,880 |
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Foundry Chemicals |
Tonnes |
25,500 |
21,900 |
8,495 |
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Spark Plugs |
Tonnes |
12,000,000 |
2,250,000 |
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Industrial Ceramics |
Tonnes |
500 |
500 |
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High Alumina Powder |
Tonnes |
500 |
500 |
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By-products-Others |
Tonnes |
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GENERAL INFORMATION
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No. of Employees : |
About 500 |
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Bankers : |
Bank of Union Bank of Bank Limited, Mumbai. Vijaya Bank, Mumbai. State Bank of |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A.F. Ferguson & Co Chartered
Accountant. |
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Address : |
Mumbai |
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Collaborators : |
Ø
- For Technical Ceramics Ø
Magnetti Marelli s.p.a., - Spark Plugs Ø
London & Scandinavian Metallurgical
Company Limited, - For continuous casting products, ingots casting products and ladle casting products Ø
Cerasiv - For manufacturing of faucet discs and seal rings |
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Associates/Subsidiaries : |
Ø Allanasons Limited Allana
House, Tel. No. 91-22-287 4455 Fax No. 91-22-204 4821 E Mail : allana@vsnl.com Ø Frigorifico Allana Limited Ø Allana Frozen foods Limited Ø Allana Coffee Limited Ø Allana Investment & Trading Company Limited Ø Joosabbhoy A. Allana Ø Allana Cold Storage Limited Ø Frigerio Conserva Allana Limited Ø Indagro Foods Limited Ø Zam Zam Fisheries Private Limited Ø Allana Pharmachem Limited Ø Allana Oil Mills Limited Ø Anjaneya Cold Storage Limited |
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Ø
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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24500000 |
Equity shares |
Rs.10/- each |
Rs.245.000 Millions |
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500000 |
Preference Shares |
Rs.10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10326263 |
Equity Shares |
Rs.10/- each |
Rs.103.262
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
103.300 |
103.262 |
103.262 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
343.700 |
403.463 |
478.450 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
447.000 |
506.725 |
581.712 |
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LOAN FUNDS |
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1] Secured Loans |
17.800 |
11.417 |
70.685 |
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2] Unsecured Loans |
41.100 |
62.715 |
105.799 |
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TOTAL BORROWING |
58.900 |
74.132 |
176.484 |
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DEFERRED TAX LIABILITIES |
0.000 |
33.425 |
36.646 |
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TOTAL |
505.900 |
614.282 |
794.842 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
186.900 |
187.072 |
193.526 |
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Capital work-in-progress |
16.900 |
18.527 |
17.733 |
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INVESTMENT |
0.500 |
0.543 |
1.808 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
113.300
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157.194
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773.621 |
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Sundry Debtors |
204.700
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224.861
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265.940 |
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Cash & Bank Balances |
34.600
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51.892
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384.463 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
44.400
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52.654
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81.531 |
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Total
Current Assets |
397.000 |
486.601
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1505.555 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
93.400
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61.490
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894.440 |
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Provisions |
2.000
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16.971
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29.340 |
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Total
Current Liabilities |
95.400 |
78.461
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923.780 |
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Net Current Assets |
301.600 |
408.140
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581.775 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
505.900 |
614.828 |
794.842 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
630.000 |
1454.000 |
2194.300 |
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Other Income |
10.300 |
28.900 |
67.500 |
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Stock Adjustment |
(38.800) |
(426.000) |
(338.700) |
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Total Income |
601.500 |
1056.900 |
1923.100 |
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Profit/(Loss) Before Tax |
(59.200) |
(67.200) |
20.900 |
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Provision for Taxation |
(0.900) |
(5.000) |
4.700 |
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Profit/(Loss) After Tax |
(58.300) |
(61.700) |
16.200 |
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Earnings in Foreign Currency : |
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Export Earnings |
N.A. |
1.566 |
1.545 |
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Commission Earnings |
N.A. |
0.000 |
0.051 |
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Other Earnings |
N.A. |
0.001 |
0.025 |
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Total Earnings |
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1.567 |
1.621 |
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Imports : |
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Raw Materials |
N.A. |
85.604 |
220.868 |
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Stores & Spares |
N.A. |
0.274 |
0.251 |
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Capital Goods |
N.A. |
105.073 |
584.638 |
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Others |
N.A. |
0.000 |
0.000 |
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Total Imports |
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190.951 |
805.757 |
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Expenditures : |
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Manufacturing Expenses |
0.000 |
1427.496 |
2120.587 |
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Raw
Materials |
351.500 |
0.000 |
0.000 |
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Excise
Duty |
86.500 |
0.000 |
0.000 |
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Power
& Fuel Cost |
33.700 |
0.000 |
0.000 |
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Other
Manufacturing Expenses |
31.600 |
0.000 |
0.000 |
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Employee
Cost |
49.400 |
0.000 |
0.000 |
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Selling
and Administration Expenses |
25.600 |
0.000 |
0.000 |
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Miscellaneous
Expenses |
62.500 |
0.000 |
0.000 |
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Interest |
0.000 |
2.029 |
0.000 |
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Depreciation & Amortization |
0.000 |
16.955 |
17.189 |
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Other Expenditure |
0.000 |
1.522 |
1.720 |
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Total Expenditure |
640.800 |
1448.002 |
2139.496 |
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QUARTERLY /
SUMMARISED RESULTS
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PARTICULARS |
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|
30.06.2007 |
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Type |
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1st
Qtr |
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Sales Turnover |
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|
145.300 |
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Other Income |
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|
11.100 |
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Total Income |
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|
156.400 |
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Total Expenditure |
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|
136.600 |
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Interest |
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|
0.300 |
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Gross Profit |
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|
19.500 |
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Depreciation |
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|
3.700 |
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Tax |
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|
0.100 |
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Reported PAT |
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|
16.700 |
200706 Quarter 1 --------------- Notes Expenditure Includes
Consumption of Raw Material Rs 100.50 million Staff Cost Rs 9.70 million Other
expenditure Rs 26.40 million Tax Includes Provision for Deferred Tax Rs (1.0)
million Fringe Benefit Tax Rs 0.10 million EPS is Basic & Diluted Status of
Investor Complaints for the quarter ended June 30, 2007 Complaints Pending at
the beginning of the quarter Nil Complaints Received during the quarter Nil
Complaints disposed off during the quarter Nil Complaints unresolved at the end
of the quarter Nil 1. The above results were taken on record by the Board of
Directors at their meeting held on July 31, 2007. The statutory auditors of the
Company have certified a limited review of the above financial results. 2. In
the Audited accounts for the year ended March 31, 2007 the Auditors have
referred to the following in their Audit Report: (i) We are unable to express
an opinion on the financial impact, not ascertained by the company, that may
arise on account of impairment of Assets related to the discontinued
operations. (ii) further in respect of the discontinued operations, no
provision has been made with regard to: (a) overdue debts aggregating Rs
3,925,303 (and at June 30, 2007 Rs 1,861,610) and (b) an item of capital
work-in-progress/ advances of Rs 14,577,977. However, in opinion of the
management: (i) No provision for impairment of assets aforesaid segments has
been made an these assets taken as a whole will realise at least the value at
which they appear in the books in aggregate. (ii)The overdue debts and the item
of capital work-in- progress are considered good and have equivalent value on
relisation in the ordinary course of business. 3. In view of losses of
Industrial ceramics division, the Board of Directors has on June 11, 2007
approved the sale, lease, or disposal in any other manner of the Industrial
Ceramics division and the company has obtained by postal ballot the required
consent of the members under section 293(1) (a) of the companies Act,1956. 4.
Other income includes profit on sale of land at Nagpur Rs 8.3 million. 5.
Exceptional item relates to payment of legal dues made in the previous year to
employees of vegetable oil/ Plasticizer segment. 6. Previous period figures
have been regrouped / recast wherever necessary.
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KEY RATIOS
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity
Ratio |
0.15 |
0.24 |
0.41 |
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Long
Term Debt-Equity Ratio |
0.07 |
0.16 |
0.35 |
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Current
Ratio |
3.19 |
1.72 |
1.48 |
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TURNOVER
RATIOS |
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Fixed
Assets |
1.48 |
3.53 |
5.42 |
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Inventory |
4.66 |
3.12 |
2.52 |
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Debtors |
2.93 |
5.92 |
9.22 |
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Interest
Cover Ratio |
(12.16) |
(1.86) |
1.42 |
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Operating
Profit Margin(%) |
(6.24) |
(1.95) |
2.15 |
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Profit
Before Interest And Tax Margin(%) |
(8.68) |
(3.01) |
1.44 |
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Cash
Profit Margin(%) |
(6.81) |
(3.1) |
1.16 |
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Adjusted
Net Profit Margin(%) |
(9.25) |
(4.24) |
0.45 |
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Return
On Capital Employed(%) |
(10.59) |
(6.82) |
4.01 |
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Return
On Net Worth(%) |
(12.96) |
(11.96) |
1.78 |
STOCK PRICES
|
Face Value |
Rs.10.00 |
|
High |
Rs.28.70 |
|
Low |
Rs.27.65 |
LOCAL AGENCY FURTHER INFORMATION
Bio Data
Incorporated in 1929, IVP is a manufacturer of vanaspati,
vegetable oils, plasticisers, spark plugs, foundry chemicals, etc. Initially
known as Indian Vegetable Products, it was later taken over by the
In 1978, the company diversified into industrial ceramics and spark
plugs. It produces hi-alumina ceramic products like spray-dried hi-alumina
powder for spark plugs and ceramic industries, hi-alumina thread guides for use
in textile machinery and hi-alumina grinding media for the production of
refractories, paints, cement and pharmaceuticals. The hi-alumina thread project
was undertaken in collaboration with
In 1983, IVP made a breakthrough on the export front. Its overseas markets
include the
During 2001 the company made a buyback of shares of 1,03,26,263 equity shares
of Rs.10/- each at a price not exceeding Rs.22/- per Equity Share.
PERFORMANCE FOR THE YEAR :
During the year the Company achieved a turnover of
Rs.550.000 Millions, as against Rs.1380.000 Millions during the year 2005-06.
The low turnover was mainly due to closure of Oil / Vanaspati and Plasticizer
divisions at Company's
There is a Net Loss of Rs.13.300 Millions for the year as compared to a
Loss of Rs.61.700 Millions in the previous year. During the year the Company
had to incur an amount of Rs.45.000 Millions for payment of legal dues to the
workers of
In view of negative balance in profit and loss account The Directors have
not declared any Dividend for the year.
As
already reported last year, manufacturing operations for Refined Oil and
Vanaspati at Company's
Future Plan of Action:
Focus
will continue on product and process development in existing lines of
activities and in the newly identified products in new binder system Alkyd and
Phenolic Resins. Work will continue in the direction of import substitution and
reduced cost of energy.
MANAGEMENT DISCUSSION AND ANALYSIS
The
gross revenue of the Company for the year under review is Rs.630.000 Millions
as compared to Rs.1450.000 Millions in the previous year. The Company has incurred
loss of Rs.58.300 Millions (includes an
exceptional item of expenditure amounting to Rs.45.000 Millions on account of
legal dues paid to the workmen of Reay Road factory), as compared to the loss
of Rs.61.700 Millions in the last year. The loss is mainly due to trying and
difficult conditions, in the Edible Oil / Vanaspati division. The loss of
Rs.68.500 Millions (Previous year Rs.94.300 Millions in this division has been
the sole reason for depressed and unfavourable bottom line.
The Edible Oil / Vanaspati division has always in the past constituted a
major contributor to the turnover of the Company. Due to prevailing government
policies on import duty, locational disadvantage coupled with high labour and
other elements of costs, the manufacture of Refined Oil / Vanaspati was no
longer considered as a viable proposition resulting in the ultimate closing
down of the
Edible Oil unit having been closed, the Foundry Chemical Division is now
the most important business segment of the Company. Due to concerted management
efforts at wider market penetration, cost control and improved realiasation,
this division has shown improvement in the turnover and it is expected that in
the coming years this sector would show improved turnover and profitability as
the industries to which it caters have shown healthy growth figures. The
turnover of this division was at Rs.470.000 Millions during 2006-2007 as
against Rs.440.000 Millions in the previous year.
The Ceramic Division achieved a turnover of Rs.35.300 Millions as against Rs.34.200 millions in the previous
year. However the result of this division continues to be negative with the
loss of Rs.6.300 Millions during the year as against the loss of Rs.7.100
Millions in the previous year.
Looking to the trend, the Management has to seriously rethink about the
viability of this division as it is continuing to eat into the profits of the
other profitable division.
The management is fully aware of the present situation and is taking effective
steps and striving to reorganize and restructure the business of the Company,
so as to ensure better results.
The Company has an effective internal audit system which covers all areas
of the Company's operations and plays an important role in ensuring a sound
internal control system. The management is aware of the importance of internal
controls and steps are continuously taken up to upgrade the control systems.
The Company is currently concentrating on the Foundry Chemical division
which offers a better opportunity in terms of higher sales and profitability.
Oil trading business having become a losing proposition the Company has been
compelled to abandon this area of activity.
However, the performance of Foundry Chemicals manufacturing division also
faces the threat of local and international competition and fluctuations in
prices of Petroleum based raw materials which could affect its
performance.
The Company's exposure to Foreign Exchange is now limited to the import
of certain raw materials. However, adequate cover is taken to provide against
exchange rate fluctuations.
Fixed Assets:
Freehold land
Lease land
Buildings
Plant and machinery
Furniture, fitting and Equipments
Vehicles
As Per Web site:
Calendar of
milestones
1930
IVP commences operations. Production of hardened cooking fat.
1962
Establishment of Research and Development facilities at the Reay Road Factory.
1964
Beginning of the Foundry Chemicals Division.
1974
Establishment of the
1976
Establishment of Bangalore factory for Foundry Chemicals.
1976
Recognition of Research and Development Unit by the
Department Unit by the Department of Science and Technology, Government
of
1978
Diversification into Industrial Ceramics and Spark
plugs with factories at
1979
Establishment of a large capacity Tank Farm at the
1983
Establishment of a full fledged, modern factory at Tarapur in Maharshtra, for Foundry, Industrial and Speciality Chemicals.
1983
The management of IVP Ltd., changed from Forbes Forbes Campbell & Co. Ltd. to the House of Allana.
1984
Significant expansion in Foundry Chemical Division - Insulating Sleeves & Fluxes.
1985
A manufacturing unit for chemicals and other products for
the metal industry was acquired at
1986
Technical collaboration with
1987
Collaboration with Magnetti Marelli s.p.a.,
1990
Technical Collaboration with London & Scandinavian
Metallurgical Co. Ltd.,
1991
Collaboration with Cerasiv GmbH. W. Germany for manufacture of faucet discs and seal rings.
1992
Establishment of a full fledged, modern factory at
Kumbalagudu in
Company Profile :
Imagine
a company that started out with one pioneering venture... and soon pioneered a
host of others. A company that started with food products then diversified into
a vast array of fields. A company that has grown over the past 60 years to
become a name to be reckoned with in the industry.That company is IVP Limited,
an integral and vital part of Allana Group, a company that today is involved in
diverse fields like vanaspati and vegetables oils, foundry chemicals, advanced
ceramics and spark plugs. Plus various agencies offering products of world renowned
manufacturers.
IVP in the World of Exports
After
a breakthrough on the export front in 1983, there has been no looking
back for IVP. Today IVP exports a diverse products: castor oil and its
derivatives. Soybean and Sunflower Extractions. Coffee. Processed foods
including Marine products. Onions. Engineering goods. Foundry chemicals and
industrial Ceramic Products. IVP's overseas market includes USA, UK, West
Germany,Italy, France and other countries such as Poland, Czechoslovakia,
Romania, Malaysia, UAE, and Saudi Arabia.And the spectrum of products and
places continue to grow.
Offering the World to the Customer
To provide a broader
spectrum of products IVP has set up various agencies offering products of
leading manufacturers from all over the world.
QIT-FER et Titane GmbH.,
World leaders in the manufacture of high purity, low phosphorus, low
manganese iron - best suited for manufacture of SG Iron-'SORELMETAL'.
Simac Ltd. U. K.
World leaders in manufacture of spark plug machinery for two/four wheelers
and high energy ignitors.
Chemetall GmbH.,
World leaders in metal treatment additives like Inoculants.
Feldmuhle
World leaders in technical ceramic products. And pioneers in bio-ceramics.
Feldmuhle Imcc Ceramiche Techniche,
Internationally reputed manufacturers of high-tech ceramic filters for
foundry applications.
A Widespread Network
It is the widespread network of IVP that knits this company
engaged in diverse activities together. With their commitment to fulfil varied customer
needs with and efficiency, IVP has a widespread manufacturing and sales
network. This comprises of 7 factories, 11 divisional offices and 6
representative offices.
All these are manned by specialised persons offering our clients a gamut of
marketing and advisory services.
The agencies held by the company are as under :
Ø
QIT-FER et Titane
Ø
Simac Limited,
Ø
Chemetall
Ø
Ø
Feldmuhle Imcc Ceramiche Techniche,
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.94 |
|
|
1 |
Rs.81.26 |
|
Euro |
1 |
Rs.55.59 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|