MIRA
INFORM REPORT
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Report Date : |
28.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
DCM SHRIRAM INDUSTRIES LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
21.02.1989 |
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Com. Reg. No.: |
55-035140 |
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Capital
Investment / Paid-up Capital : |
Rs.173.984
millions |
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CIN No.: [Company Identification
No.] |
L74899DL1989PLC035140 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELD06462B |
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PAN No.: [Permanent Account No.] |
AAACD0204C AAACD0229M |
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Legal Form : |
A Public Limited Liability Company. The Company's Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturing of Chemicals,
Sugar and Textile Products. |
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No. of Employees
: |
2481 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 9019000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of DCM Group. It is an established company having satisfactory track. The company has
incurred a loss in the current year i.e. 2010-2011. However, trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered/ Divisional Office
1 : |
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Tel. No.: |
91-11-23321413 (10 Lines)/ 23759300/
23759400 |
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Fax No.: |
91-11-23310765/ 23315424 |
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E-Mail : |
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Website : |
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Divisional Office 2 : |
1-89, Himalaya House, 23,
Kasturba Gandhi Marg, |
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Tel. No.: |
91-11-23318609 |
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Fax No.: |
91-11-23318605 |
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E-Mail : |
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Divisional Office 3 : |
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Tel. No.: |
91-11-23312267/ 2331413 |
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Fax No.: |
91-11-23313494/ 22351916/
23315424 |
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E-Mail : |
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Divisional Office 4 : |
204-205, |
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Tel. No.: |
91-11-23739311 |
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Fax No.: |
91-11-23739316 |
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Divisional Office 5: |
22-B, Himalaya House, 2nd Floor, 23 Kasturba Gandhi Marg New Delhi – 110 001, India |
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Tel. No.: |
91-11-23318609/
23759200 |
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Fax No.: |
91-11-23318605 |
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Email : |
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Corporate Office : |
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Tel. No.: |
91-11-23739311/ 23759250/
23312267 |
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Fax No.: |
91-11-23739316/ 23313494/
22351916 |
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E-Mail : |
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Regional Office 1 : |
208, Marine Charmers, Sir Vithaldas
Thackersey Marg, |
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Tel. No.: |
91-22-22011440/ 22051455 /
22059207/ 23318609/ 23759200 |
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Fax No.: |
91-22-22031570/ 23318605 |
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Email : |
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Regional Office 2 : |
Sir Vithaldas Chambers, 6th
Floor, 16 Bombay Samachar Marg, Fort Mumbai – 400 023, Maharashtra,
India |
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E-Mail : |
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Regional Office 3 : |
26-A, Wat Gange Street, Kolkata
– 700 023, West Bengal, India |
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Regional Office 4 : |
23/1A Giri Babu Lane, Kolkata –
700 012, West Bengal, India |
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Tel. No.: |
91-33-22373411 |
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Factory 1 : |
HRM Premises, Dasna, |
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Factory 2 : |
Daurala, Meerut District – 250 221, |
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Tel. No.: |
91-121-2588096
91-1237-230096/
230100/ 230086/ 230544
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Fax No.: |
91-123-2788131
91-1237-230131/
230149/ 230511
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Email : |
dsw@dcmsr.com
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Website: |
http://www.dauralaorganics.com
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Factory 3 : |
Shriram Nagar, |
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Tel. No.: |
91-744-2424401/
02/ 04
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Fax No.: |
91-744-2424403/
2480003/ 2481519
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E-Mail : |
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Factory 4 : |
Matsya Industrial Area, District
Alwar, |
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Tel. No.: |
91-144-2281053/
2811053
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Fax No.: |
91-144-2281253
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E-Mail : |
srrayons@jp1.dot.net.in
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Factory 5 : |
Daurala, Meerut District, Uttar Pradesh, India |
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Tel. No.: |
91-121-2288533
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Factory 6 : |
Daurala Sugar Works, Daurala,
Meerut District – 250 221,
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Tel. No.: |
91-1237-288096 – 99 |
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Fax No.: |
91-1237-288131 |
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E-Mail : |
dsw@dcmsr.com
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Factory 7: |
104, Pollivakkam Village, Thiruvallur – Sriperumpudur Road,
Thiruvallur District, Tamilnadu, India |
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Tel No.: |
91-44-22350500 |
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Fax No.: |
91-44-22353605 |
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Email : |
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Branch Office : |
Daurala
Organics 22-B, Himalya House, 2nd Floor, 23 Kasturba Gandhi Marg,
New Delhi, India
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DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Tilak Dhar |
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Designation : |
Chairman and Managing Director |
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Qualification : |
B. |
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Date of Appointment : |
08.09.1980 |
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Name : |
Mr. Alok B. Shriram |
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Designation : |
Deputy Managing Director |
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Qualification : |
B. Com. [Hons.] |
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Date of Appointment : |
01.01.1990 |
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Name : |
Mr. Madhav B. Shriram |
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Designation : |
Whole Time Director |
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Qualification : |
B. Com., MBA |
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Date of Appointment : |
22.05.1990 |
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Name : |
Mr. Anil Gujral |
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Designation : |
Director and Chief Executive Officer
(Chemicals and Alcohol) |
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Name : |
Mr. P.R. Khanna |
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Designation : |
Director |
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Name : |
Dr. V.L. Dutt |
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Designation : |
Director |
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Name : |
Mr. S.B. Mathur |
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Designation : |
Director |
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Name : |
Mr. Ravinder Narain |
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Designation : |
Director |
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Name : |
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Designation : |
IFCI Nominee |
KEY EXECUTIVES
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Name : |
Mr. B. P. Khandelwal |
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Designation : |
Company Secretary / Senior Executive Director) |
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Name : |
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Designation : |
President |
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Name : |
Mr. G. Kumar |
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Designation : |
Advisor to CMD |
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Name : |
K.N. Rao |
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Designation : |
Chief Operating Officer (Rayons) |
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Name : |
P.V. Bakre |
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Designation : |
Sr. Vice President |
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Name : |
N.K. Jain |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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286,234 |
1.65 |
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7,290,583 |
41.90 |
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7,576,817 |
43.55 |
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Total shareholding of Promoter and Promoter Group (A) |
7,576,817 |
43.55 |
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(B) Public Shareholding |
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5,267 |
0.03 |
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3,856 |
0.02 |
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1,379,814 |
7.93 |
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1,388,937 |
7.98 |
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5,529,552 |
31.78 |
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2,582,908 |
14.85 |
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190,229 |
1.09 |
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129,994 |
0.75 |
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83,741 |
0.48 |
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2,080 |
0.01 |
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1,060 |
0.01 |
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43,113 |
0.25 |
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8,432,683 |
48.47 |
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Total Public shareholding (B) |
9,821,620 |
56.45 |
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Total (A)+(B) |
17,398,437 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
17,398,437 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
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Line of Business : |
Manufacturing of Chemicals,
Sugar and Textile Products. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Installed
Capacity (a) |
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Sugar Cane |
Cane crushing Tonnes per day |
12500 |
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Alcohol |
K.L. per year |
45000 |
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Organic/Fine chemicals |
Tonnes per year |
16035 |
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Industrial fibres |
Tonnes per year |
16200 |
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Particulars |
Unit |
Actual
Production |
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Sugar Cane |
Tonnes |
138173 |
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Alcohol |
K.L. |
18324 |
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Organic/Fine chemicals |
Tonnes |
9223 (c) |
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Industrial fibres |
Tonnes |
6100 (d) (e) |
Notes:
(a) As certified by the management and relied upon by the
auditors being a technical matter.
(b) Licenced capacity in respect of product which requires
industrial licence:
|
Description |
Unit |
As at 31.03.2011 |
|
Alcohol |
K.L. per year |
45000 |
The licence transferred from DCM Limited pursuant to the Scheme
of Arrangement is yet to be transferred in the name of the Company.
(c) Production is net of internal transfers.
(d) Production is upto yarn stage only.
(e) Excludes material processed for third parties but
includes material processed by third parties.
GENERAL INFORMATION
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No. of Employees : |
2481 (Approximately) |
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Bankers : |
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Facilities : |
SECURED I. Debentures
8,98,000 (2009-10 - 8,98,000) privately
placed 12.50% secured redeemable non convertible debentures of Rs.100 each
allotted w.e.f. June 18, 2001, redeemable at par in 26 equal quarterly
installments commencing from April 15, 2005. The installments due for
redemption have been redeemed. Due within a year Rs.6.908 millions (2009-10 –
Rs.13.815 millions). These debentures are secured by a first mortgage over
all the immovable properties and a first charge by way of hypothecation of
all the movable properties of the Company excluding all assets of Daurala
Organics, a unit of the Company, both present and future (save and except
book debts), subject to prior charges created /to be created in favour of the
Company’s bankers for securing borrowings for working capital requirements,
the charges ranking pari-passu with the mortgages and charges created / to be
created in favour of existing first charge holders for their respective term
loans / debentures. These debentures are also secured by second charge on
current assets of the Company excluding those of Daurala Organics, a unit of
the Company. II. Banks a) Cash credits
are secured by hypothecation of stocks/stores, both present and future. Some
of these are further secured by hypothecation of book debts/ receivables and
also by way of second / third pari-passu mortgage and charge on the fixed
assets, both present and future. b) Rs.702.990
millions (2009-10 - Rs.334.338 millions) are secured by a first mortgage and
charge on all the immovable and movable properties of the Company excluding
all assets of Daurala Organics a unit of the Company, subject to prior
charges created / to be created in favour of the Company’s bankers for securing
the borrowings for working capital requirements, the charges ranking
pari-passu with the charges created/to be created in favour of existing first
charge holders for their respective term loans / debentures. Due within a
year Rs.183.448 millions (2009-10 – Rs.181.348 millions). c) Rs.87.262
millions (2009-10 - Rs.84.762 millions) secured by first charge on specific
movable assets of Shriram Rayons, a unit of the Company. Due within a year
Rs.30.500 millions (2009-10 - Rs.27.500 millions). d) Rs.44.692
millions (2009-10 – Rs.20.827 millions) secured / to be secured by first
mortgage and charge on specific immovable and movable assets of Shriram
Rayons, a unit of the Company. Due within a year Rs.10.920 millions (2009-10
– Rs.5.460 millions). e) Rs.56.100
millions (2009-10 – Rs.66.100 millions) are secured by a first mortgage and
charge on all the immovable and movable properties (save and except book
debts) of Daurala Organics, a unit of the Company, subject to prior charges
created / to be created in favour of the Company’s bankers for securing the
borrowings for working capital requirements, the charges ranking pari-passu
with the charges created/to be created in favour of existing first charge
holders for their respective term loans. Due within a year Rs.12.000 millions
(2009-10 – Rs.10.000 millions). f) Rs.96.247
millions (2009-10 – Rs.206.646 millions) are secured by residual charge on
fixed assets of sugar division of the Company. Due within a year Rs.96.247
millions (2009-10 - Rs.106.800 millions). g) Rs.0.719
million (2009-10 – Rs.2.458 millions) are secured by hypothecation of
specific assets. Due within a year Rs.0.719 million (2009-10 – Rs.1.610
millions). III. Others a) Rs.13.971 millions (2009-10 – Rs.42.015 millions) secured by a
first mortgage and charge on all the immovable and movable properties of the
Company excluding all assets of Daurala Organics, a unit of the Company,
subject to prior charges created / to be created in favour of the Company’s
bankers for securing the borrowings for working capital requirements, the
charges ranking pari-passu with the charges created/to be created in favour
of existing first charge holders for their respective term loans /
debentures. This is further secured by second charge on current assets of the
Company excluding those of Daurala Organics, a unit of the Company. Due
within a year Rs.13.971 millions (2009-10 – Rs.28.044 millions). b) Rs.198.244 millions (2009-10 – Rs.191.024 millions) secured by
exclusive second charge on immovable and movable assets of sugar factory at
Daurala Sugar Works, a unit of the Company. Due within a year Nil (2009-10 -
Nil). IV. Finance
Lease Nil (2009-10 – Rs.0.983 million) were secured by hypothecation of
specific assets. Due within a year Nil (2009-10 – Rs.0.983 million).
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
A.F. Ferguson and Company Chartered Accountants |
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Address : |
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Subsidiary : |
Daurala
Foods and Beverages Private Limited (DFBPL) |
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Associate : |
DCM Hyundai
Limited (DHL) |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
65000000 |
Equity shares |
Rs.10/- each |
Rs.650.000 millions |
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17398437 |
Equity shares |
Rs.10/- each |
Rs.173.984
millions |
|
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|
Of the issued, subscribed and fully paid-up capital,
following equity shares of Rs.10 each were allotted as fully paid-up without payment being received in cash:
(i) 57,55,076 equity shares allotted to shareholders of
erstwhile undivided DCM Limited in terms of Scheme of Arrangement.
(ii) 15,68,200 equity shares allotted to shareholders of
erstwhile Daurala Organics Limited in terms of Scheme of Amalgamation.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
173.984 |
173.984 |
173.984 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
2080.644 |
2178.229 |
1920.193 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
2254.628 |
2352.213 |
2094.177 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3013.750 |
2891.693 |
2837.567 |
|
|
2] Unsecured Loans |
111.640 |
97.111 |
101.687 |
|
|
TOTAL BORROWING |
3125.390 |
2988.804 |
2939.254 |
|
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DEFERRED TAX LIABILITIES |
435.594 |
479.499 |
337.001 |
|
|
|
|
|
|
|
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TOTAL |
5815.612 |
5820.516 |
5370.432 |
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APPLICATION OF FUNDS |
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|
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|
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|
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FIXED ASSETS [Net Block] |
2926.015 |
2756.877 |
2737.036 |
|
|
Capital work-in-progress |
136.258 |
286.389 |
197.642 |
|
|
|
|
|
|
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INVESTMENT |
71.377 |
72.573 |
87.142 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3712.161
|
3718.085 |
2895.214
|
|
|
Sundry Debtors |
696.716
|
634.364 |
688.575
|
|
|
Cash & Bank Balances |
67.091
|
123.611 |
132.311
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
446.025
|
446.032 |
383.919
|
|
Total
Current Assets |
4921.993
|
4922.092 |
4100.019
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1973.870
|
1858.266 |
1403.993 |
|
|
Other Current Liabilities |
167.072
|
201.781 |
187.516
|
|
|
Provisions |
99.089
|
157.368 |
159.898
|
|
Total
Current Liabilities |
2240.031
|
2217.415 |
1751.407
|
|
|
Net Current Assets |
2681.962
|
2704.677 |
2348.612
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5815.612 |
5820.516 |
5370.432 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8807.855 |
8376.225 |
7985.429 |
|
|
|
Other Income |
326.893 |
362.793 |
440.306 |
|
|
|
TOTAL (A) |
9134.748 |
8739.018 |
8425.735 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
8721.253 |
7743.524 |
7466.430 |
|
|
|
TOTAL (B) |
8721.253 |
7743.524 |
7466.430 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
413.495 |
995.494 |
959.305 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
311.992 |
232.824 |
351.983 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
101.503 |
762.670 |
607.322 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
198.267 |
190.726 |
171.002 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(96.764) |
571.944 |
436.320 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(41.753) |
182.671 |
148.534 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(55.011) |
389.273 |
287.786 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1101.045 |
825.361 |
659.317 |
|
|
|
|
|
|
|
|
|
|
Debenture redemption reserve written back |
13.815 |
27.808 |
18.969 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend : Interim |
0.000 |
26.098 |
0.000 |
|
|
|
Final proposed |
0.000 |
52.195 |
34.797 |
|
|
|
Corporate dividend tax |
0.000 |
13.104 |
5.914 |
|
|
|
General reserve |
0.000 |
50.000 |
100.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1059.849 |
1101.045 |
825.361 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
1860.552 |
1905.754 |
2206.446 |
|
|
TOTAL EARNINGS |
1860.552 |
1905.754 |
2206.446 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
837.342 |
973.004 |
924.394 |
|
|
|
Components and Spare parts |
31.498 |
14.842 |
15.673 |
|
|
|
Capital Goods |
0.000 |
26.344 |
38.229 |
|
|
TOTAL IMPORTS |
868.840 |
1014.190 |
978.296 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(3.16) |
22.37 |
16.54 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
2301.600 |
2202.900 |
|
Total Expenditure |
|
2084.100 |
2042.700 |
|
PBIDT (Excl OI) |
|
217.500 |
160.200 |
|
Other Income |
|
6.500 |
7.200 |
|
Operating Profit |
|
224.000 |
167.400 |
|
Interest |
|
108.300 |
93.200 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
115.700 |
74.200 |
|
Depreciation |
|
51.700 |
52.300 |
|
Profit Before Tax |
|
64.000 |
21.900 |
|
Tax |
|
20.800 |
6.800 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
43.200 |
15.100 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
43.200 |
15.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(0.60)
|
4.45 |
3.42
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.10)
|
6.83 |
5.46
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.23)
|
7.45 |
6.38
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04)
|
0.24 |
0.21
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.38
|
2.21 |
2.24
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.20
|
2.22 |
2.34
|
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject is a part of DCM Shriram group, promoted by Bansi Dhar, is a
diversified group with operations in Sugar, Alcohol, Organic and Inorganic Chemicals,
Drug Intermediates, Rayon Tyrecord, Shipping Containers and processed cotton
yarn.
The company has its manufacturing facilities located at Daurala and
Kota.Daurala Sugar Complex, situated at Daurala comprises of a cane sugar
plant, distillery with a capacity of 10000 canes crushing per day and an
aromatic chemicals unit. Shriram Rayons, situated at
DSIL has promoted DCM Hyundai Limited to manufacture marine freight containers
at Pollivakkam near Chennai and also Daurala Foods and Beverages Private
Limited
In 2003-2004, the company commenced production and supply of Anhydrous Alcohol
to the oil companies for admixing with petrol.
Daurala Organics Limited was amalgamated with the Company w.e.f January 1, 2005
pursuant to scheme of Amalgamation.
During 2005-2006, in sugar division the company implemented expansion of cane
crushing capacity and modernization by adding 2000 TCD capacity, taking the
expanded crushing capacity to 10000 TCD. The second phase of the project to add
another 2000 TCD crushing capacity. In Rayon division, Rayon operations were
upgraded with the addition of 500TPA capacity and installation of state of art
Airjet Looms for improving the Fabric quality. The Division has installed a 3.2
MW back pressure turbine and is taking steps to install a high efficiency
multi-fuel boiler.
The Companies production capacity of Sugarcane crushing per day expanded from
8000 TPD to 10000 TPD, capacity of Industrial Fibres expanded from 15700 TPA to
16200 TPA and capacity of Organic/Fine Chemicals expanded from 13114 TPA to
13874 TPA. The production capacity of Alcohol stood at 45000 KL per year.
FINANCIAL RESULTS
Turnover for the year including other income at Rs.9130.000 millions was
at an all time high against Rs.8740.000 millions in the previous year. There
was a gross profit of Rs.102.000 millions as compared to Rs.763.000 millions in
the previous year and net loss of Rs.55.000 millions as compared to net profit
after tax of Rs.389.000 millions in the previous year.
In view of the net loss for the year, the Directors have not recommended
any dividend for the year.
OPERATIONS
Sugar
During the year the Company achieved a sugar production of 1.38 lac MT
by crushing 15.10 lac MT of cane against 1.20 lac MT of sugar and 13.05 lac MT
of cane in the previous year. The crushing at the Unit was highest in the State
for the second consecutive year. The crushing capacity at the Unit was
increased by 500 TCD and it achieved a peak crush of 12,500 TCD during this
season. Additionally, a 15 MW TG Set was commissioned, so as to generate more
power with the same amount of fuel. With this, the peak export of the power to
the grid was around 23 MW, as against 19 MW last year.
The financial year 2010-11 has been a difficult year for the industry
because of low sugar prices and high cane prices. The year started with the
Government putting pressure and checks on institutional buyers, which drove
them to contracting large quantities of imported white sugar (equivalent to 8-9
months of their consumption). The State Government announced an SAP of
Rs.205/Qtl. of cane for the season 2010-11, which was relatively high in light
of market prices of sugar.
The lack of off-take by the institutional buyers through most of the
year impacted the sentiment and the prices remained sluggish and range-bound
with a negative bias. This was despite the international prices being high with
prices of white sugar touching an all time high of USD 800 per MT. The industry
made repeated representations to the Government to lift controls imposed on
institutional buyers and also to allow exports. The Government took some minor
steps in the later half but they were all too little and too late, to prevent
the year from being financially unsatisfactory for the industry. This was a
year, wherein the Indian sugar industry lost a golden opportunity to export
surplus sugar at attractive prices and recoup some of its losses considering
the shortage of sugar in international markets.
Overall, while the Unit’s operations were satisfactory, it suffered
losses due to the sugar industry’s environment. The set back was minimized through
appreciable showing in other areas such as power, alcohol and chemicals.
Alcohol
Due to higher availability of captive molasses, and consequently higher
production, the sales volumes of bulk alcohol more than doubled as compared to
the previous year. As a result, there was a substantial increase in
profitability of the alcohol business. The alcohol market remained relatively
stable due to resumption of the programme for blending of ethanol with petrol,
and slight revival of demand from the alcohol-based chemical industry.
Chemicals
While sales revenue of chemical business of the Company was broadly at
last year’s level, the profit was lower due to higher cost of raw materials on
the one hand, and lower selling prices arising out of intensified international
competition on the other.
To mitigate the impact of the above adverse factors, the Company is
working on cost reduction, productivity improvement, and product mix changes,
as also exploring development of new products.
Various initiatives at the Daurala complex towards conserving water,
electricity, fuel and numerous steps towards “going green” have been recognized
by various authorities. For their efforts in the direction of environment
protection, conservation of natural resources and its utilisation, they were
awarded “Frost and Sullivan’s – Green Manufacturing Excellence – Aspirants
Award 2011” in the large industry category. It is a matter of pride for us that
they are the first sugar complex to be given this recognition and award. This is
an achievement, which is the result of past and present efforts at being
environment friendly.
Rayon
The global recession continued to take its toll on the automobile
industry. This was further compounded by the problems in the European economies
in the first half of the year. Shriram Rayons, however, was able to improve the
export tonnage marginally. The selling prices were also increased, but the
Rupee realisations were affected due to adverse exchange movements.
The Unit’s efforts to get approval of the value added dipped fabric
materialized and it achieved substantial increase in the sale of dipped fabric.
Renewed efforts were made to widen the customer base by pursuing approvals from
new customers. The Unit has been successful in getting approval from two more
European Tyre Manufacturers and the supply of material has commenced. Shriram
Rayons also maintained consistent growth in sale of Nylon Chafer.
The prospects in the coming year appear favourable, and in view of
higher demand steps have been taken to technologically upgrade the textile
operations. These efforts will continue this year also.
SR maintained continued thrust on quality and reduction in wastages. The
Unit was accredited with Environmental Management System Certification (ISO
14001 : 2004) during the year. To control the energy cost and also promote
clean fuel usage, the Unit undertook modification of Power House. The Unit met
30% of energy requirement from renewable sources during the year.
Subsidiary
The bottling plant of Daurala Foods and Beverages Private Limited, which
was leased to the Company, having been relocated to the Company’s Distillery
for better control and economy, the Company has acquired the super structure
and some other equipments of DFBPL for alternate use.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Company’s business comprises of sugar, alcohol, power, chemicals and
rayon, with manufacturing facilities at Daurala (U.P.) and Kota (Rajasthan).
The industry situation and competitive scenarios for the various products
are given below:-
Sugar
The year 2010-11 began on a low key for the sugar industry with
Government imposing tough measures like weekly releases/ stock holding limits
etc. This resulted in institutional buyers contracting large quantity of
imported sugar and buying only small quantities domestically. The sugar prices
remained subdued during the year and kept hovering between Rs.2600-3000 per
quintal. The industry was saddled with high cost carryover sugar stocks which
impacted margins adversely.
During the year, the domestic production is estimated at around 24
Million MT as against 18 Million MT last year. During the year, except for
The operations of the Company’s sugar Unit during the period were
satisfactory with the Unit achieving highest crush of 15.10 lac MT in the State
for second consecutive year. The sugar recovery was low for the entire region
due to climatic conditions. During this period the Unit has increased its
crushing capacity by 500 TCD, which has helped in preventing diversion of cane
during peak period. The Unit has been making continuous efforts to optimize its
operations and co-generation is one of it’s key focus areas. Towards this, the
Company has commissioned a 15 MW turbine, which would help in increasing export
of power to grid on an ongoing basis.
Presently, there is a confidence deficit domestically with trade/ institutional
buyers wary of building inventory. The price uncertainty has been aggravated by
different/varying production estimates released by the Industry, Government and
Trade. The pressure on Government to rein in inflation is adding to sugar price
uncertainty. For the industry to remain viable, there is a need for confidence
building steps by all the stakeholders and the Government. The Government needs
to have a long term approach and not make arbitrary decisions like imposing
stock holding limits etc. and arbitrarily use release mechanism to control
prices.
An effective policy accepting the linkage of cane price to sugar prices
is a crying need of the day, as also an effective export import policy, aimed
at achieving the desired level of sugar / cane prices needs to be mandated.
Alcohol
With the revival of the alcohol based chemical industry, as well as
resumption of the programme for blending of petrol with ethanol, the demand for
alcohol out-stripped the increased availability in U.P., comparing to the
previous year. Consequently, the Company was able to sell larger volumes
resulting in a strong performance of the alcohol business.
During the year, the Company initiated exports of alcohol to overseas
markets, and it is the intention to develop sales to this segment further.
Additionally, the Company’s focus continues to be on the production of higher
value products, and improvement in efficiencies and productivity.
Chemicals
The lower profit of the chemical business, as compared to the previous
year, was mainly due to increase in cost of raw materials and intense
international competition.
In-house R and D and diversification in the segment have been the
mainstay of the Company’s operations and have helped in continuously upgrading
quality, improving efficiencies and introducing new products.
The Company’s ongoing focus areas are expansion and diversification
wherever viable, introduction of new products, productivity, cost reduction and
product mix.
Rayon
Shriram Rayons Unit is engaged in production and export of tyre cord
yarn and fabric to international tyre producers.
The effect of the continued global economic recession, further
aggravated by problems in European economies in the first half of the year,
affected the Automobile and
There has been a distinct trend in the market with the tyre
manufacturers interest to source dipped material in place of yarn and greige
fabric. Perceiving the same, SR had already upgraded its weaving and dipping
facilities. The Unit further enhanced the same by installation of two Picanol
Airjet looms in the year. In addition, steps are also being taken to increase
twisting capacity.
With approvals of the dipped material, SR was able to increase the sale
of value added dipped material substantially. The European Greige fabric
customers have completely switched over to dipped material, and the yarn
customers are also starting to take dipped fabric. The Unit has been actively
pursuing to widen its customer base. During the year SR was able to get
approvals from two European tyre manufacturers and they have now commenced off
take.
Sales of nylon chafer have been increasing consistently. Steps have been
taken to upgrade facilities for producing the same to improve quality and also
to reduce waste and costs.
The Unit maintained continued TQM thrust on quality and reduction in
wastages. SR was accredited with Environmental Management System Certification
(ISO 14001 : 2004) during the year.
As a measure of cost reduction and also to promote usage of clean fuel
the Unit took steps to modernise its Power House. SR met 30% of its energy
requirement from renewable sources during the year. To maintain consistent
supply of agro fuel at cheaper price the Unit also established off site husk
collection and storage facilities. The Unit also started usage of CNG in place
of Kerosene/ LPG. The Unit also has a large bank of Solar Panels to heat Boiler
Feed Water.
CONTINGENT LIABILITIES NOT PROVIDED FOR:-
|
Particulars |
31.03.2011 (Rs.
in millions) |
|
Income tax
matters* |
19.340 |
|
Excise / Service
tax / Customs Duty matters* |
92.861 |
|
Claims against the
Company not acknowledged as debts (excluding claims by
employees, where amount is not ascertainable)* |
108.851 |
|
Bills discounted |
142.250 |
* Matters are
subject to legal proceedings in the ordinary course of business. The legal
proceedings, when ultimately concluded will not, in the opinion of the management,
have a material effect on the results of the operations or financial position.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2011
(Rs.
in millions)
|
Particulars |
Three
months ended 30.09.2011 (Unaudited)
|
Six
months ended 30.09.2011 (Unaudited)
|
|
1. (a) Net Sales |
2084.100 |
4275.900 |
|
(b) Other Operating Income |
118.800 |
228.600 |
|
Total (1) |
2202.900 |
4504.500 |
|
2. Expenditure |
|
|
|
a) (Increase)/ decrease in stock in trade and work in progress |
522.500 |
1272.400 |
|
b) Consumption of raw materials |
647.900 |
1259.700 |
|
C) Purchase of traded goods |
164.900 |
288.400 |
|
d) Employee costs |
216.200 |
429.100 |
|
e) Depreciation |
52.300 |
104.000 |
|
f) Stores, Spares & Components |
124.700 |
237.000 |
|
g) Power & Fuel |
220.500 |
377.900 |
|
h) Other expenditure |
146.000 |
262.300 |
|
Total (2) |
2095.000 |
4230.800 |
|
3. Profit /(Loss) from Operations before Other income & interest
(1-2) |
107.900 |
273.700 |
|
4. Other income |
7.200 |
13.700 |
|
5. Profit/ (Loss) before interest (3+4) |
115.100 |
287.400 |
|
6. Interest |
93.200 |
201.500 |
|
7. Profit/ (Loss) from Ordinary Activities before tax (5-6) |
21.900 |
85.900 |
|
8. Tax expense/ (Credit) |
6.800 |
27.600 |
|
9. Net Profit/ (Loss) for the period (7-8) |
15.100 |
58.300 |
|
10. Paid-up equity share capital (Face value Rs.10/-) |
174.000 |
174.000 |
|
11. Reserves excluding revaluation reserves |
-- |
-- |
|
12. Basic and diluted earnings per share for the period (Rs.) |
0.87 |
3.35 |
|
13. Public shareholding |
|
|
|
- Number of Shares (000) |
9822 |
9822 |
|
- Percentage of Shareholding |
56.5% |
56.5% |
|
14. Promoters and promoter Group Shareholding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares (000) |
1659 |
1659 |
|
- % of the total shareholding of promoters and promoter group |
21.9% |
21.9% |
|
- % of the total share capital of the company |
9.5% |
9.5% |
|
b) Non-Encumbered |
|
|
|
- Number of Shares (‘000) |
5918 |
5918 |
|
- % of the total shareholding of promoters and promoter group |
78.1% |
78.1% |
|
- % of the total share capital of the company |
34.0% |
34.0% |
Notes:
1. In accordance with the accounting policy consistently followed by the
Company, offseason expenditure aggregating Rs.336.400 millions (corresponding
previous six months Rs.216.700 millions) has been deferred for inclusion in the
cost of sugar to be produced in the remainder of the year and is considered as
‘Inventory’ for these results.
2. The Company had paid and accounted for cane purchases for sugar
season 2007-08 at Rs.110 per qtl., as per the interim Order of the Hon’ble
Supreme Court, against the price of Rs.125 per qtl. fixed by the Uttar Pradesh
State Government. Necessary adjustments, if any, will be made as per the Orders
of the
3. Liabilities/ benefits, if any, out of reorganisation arrangement of
DCM Limited in 1990 will be accounted for, if and when these arise.
4. A Petition challenging the Preferential Issue of capital by the
Company filed by a shareholder before the Hon’ble Company Law Board is pending
since November 2007.
5. No investor complaint was pending at the beginning of the quarter
ended 30.09.2011. One complaint received during the quarter has been redressed.
6. Previous period figures have been regrouped/ recast, wherever
necessary.
Segment-wise Revenue, Results and Capital Employed
(Rs.
in millions)
|
Particulars |
Three
months ended 30.09.2011 (Unaudited)
|
Six
months ended 30.09.2011 (Unaudited)
|
|
1. Segment
Revenue |
|
|
|
(a) Sugar* |
1142.400 |
2315.500 |
|
(b) Industrial Fibres and related products |
500.900 |
1057.900 |
|
(c) Chemicals |
559.600 |
1131.100 |
|
Total |
2202.900 |
4504.500 |
|
(d) Less: Inter segment revenue |
-- |
-- |
|
Net sales / income from operations |
2202.900 |
4504.500 |
|
2. Segment
Results |
|
|
|
Profit / (Loss) before tax & interest |
|
|
|
(a) Sugar* |
94.200 |
174.200 |
|
(b) Industrial Fibres and related products |
38.400 |
132.000 |
|
(c) Chemicals |
20.200 |
43.700 |
|
Total |
152.800 |
349.900 |
|
(d) Less: (i) Interest |
93.200 |
201.500 |
|
(ii) Other Unallocable expenditure net of unallocable income |
37.700 |
62.500 |
|
Profit/(Loss) Before Tax |
21.900 |
85.900 |
|
3. Capital
Employed (Segment assets –
Segment liabilities) |
|
|
|
(a) Sugar* |
2760.900 |
2760.900 |
|
(b) Industrial Fibres and related products |
1245.800 |
1245.800 |
|
(c) Chemicals |
795.100 |
795.100 |
|
Total Segment
Capital Employed |
4801.800 |
4801.800 |
* Comprising of sugar, power and alcohol.
7. Statement of Assets and Liabilities is as under:
(Rs.
in millions)
|
Particulars |
Six
months ended 30.09.2011 (Unaudited)
|
|
Shareholder’s
Funds |
|
|
Capital |
174.000 |
|
Reserves and surplus |
2127.100 |
|
Loan Funds |
2398.500 |
|
Deferred Tax Liability (Net) |
457.200 |
|
Total |
5156.800 |
|
|
|
|
Fixed Assets |
3029.400 |
|
Investments |
100.400 |
|
Current Assets,
Loans and advances: |
|
|
Inventories (Note 1) |
2214.100 |
|
Sundry debtors |
558.000 |
|
Cash and bank balances |
81.200 |
|
Loans & Advances |
451.300 |
|
Less: Current
Liabilities and provisions |
|
|
Current liabilities |
1166.900 |
|
Provisions |
110.700 |
|
Total |
5156.800 |
Limited Review
The Limited Review, as required under Clause 41 of the Listing Agreement
has beer completed by the Statutory Auditors. The Limited Review Report for the
quarter and half year ended September 30, 2011 does not have any impact on the
above Results and Note in aggregate except in respect of matters explained in
Notes 1 and 3.
FIXED ASSETS
v Land
v Buildings
v Plant and Machinery
v Furniture and fixtures
v Vehicles
WEBISTE DETAILS:
BUSINESS DESCRIPTION
Subject is engaged in the business of sugar, alcohol, power, chemicals and rayon, with manufacturing facilities at Daurala (Uttar Pradesh) and Kota (Rajasthan). The Company operates in three business segments: sugar segment consisting of sugar, power and molasses based alcohols; industrial fibres and related products consist of rayon, synthetic yarn, cord, fabric, and chemicals segment consisting of organics and fine chemicals. The Company consists of five business operations, which include Daurala Sugar Complex consisting of a cane sugar plant, distillery and an aromatic chemicals unit; Shriram Rayons consisting of rayon tyrecord/yarn/fabric and nylon chafer/fabric plants; Daurala Organics is a manufacturing new generation drug intermediates; Daurala Foods and Beverages (Private) Limited is a manufacturing high-class liquors, and DCM Hyundai Limited is a manufacturing shipping containers. The Company's subsidiary is Daurala Foods and Beverages Private Limited For the six months ended 30 September 2008 Subject's revenue increased 38% to RS3.84B. Net income totaled Rs.101.000 millions, vs. a loss of Rs.74.200 millions. Revenues reflects an increase in sales for company's product and increased other income. Net income reflects a decrease in stock in trade. Subject is an India-based company. The Company has operations in sugar, alcohol, organic and organic chemicals, drug intermediates.
BOARD OF DIRECTORS
V. L. Dutt
Independent
Non-Executive Director
Dr. V. L. Dutt is Independent Non-Executive Director of Subject He is an industrialist of repute. He is Chairman and Managing Director of KCP Limited and past President of FICCI. Dr. V.L. Dutt has experience and knowledge in industry and business, especially sugar and cement. He is Chairman of the Remuneration Committee and Member of Audit Committee of the Company.
Prithvi Raj Khanna
Independent
Non-Executive Director
Shri. Prithvi Raj Khanna is Independent Non-Executive
Director of Subject He is a Chartered Accountant and was a partner of Khanna
and Annadhanam, Chartered Accountants. He has experience in the area of financial
management and auditing. He was a director of State Bank of
S.B. Mathur
Independent
Non-Executive Director
Shri. S. B. Mathur is Independent Non-Executive Director of
Subject He is FCA and ICWA (
Ravinder Narain
Independent
Non-Executive Director
Shri. Ravinder Narain is Independent Non-Executive Director of Subject He is a well known Lawyer practicing in the Supreme Court and High Courts. He was a senior partner of the Law Firm, J.B. Dadachanji, Ravinder Narain Mathur and Company He has set up his own law firm, M/s Ravinder Narain and Company His experience in the legal field spans over four decades. He is the Director of Nestle India Limited, DLF Limited, Shriram Pistons and Rings Limited, Shree Rajasthan Syntex Limited.
Alok B. Shriram
Deputy Managing
Director, Whole-time Director
Shri. Alok B. Shriram is the Deputy Managing Director, Whole-time Director of Subject He has 29 years of experience in various management positions. He has done his Graduation from Shriram College of Commerce. He is presently Dy. Managing Director of the Company and is looking after the Rayons Division. He is also Chairman and Mg. Director of DCM Hyundai Limited and member of the Audit Committee.
Madhav B. Shriram
Whole-Time Director
Shri. Madhav B. Shriram is Whole-Time Director of Subject He
has an MBA background. He has 20 years of experience at various levels in the
Company and is presently a Whole-time Director. He holds 15466 equity shares in
the Company. He is a director in Divine Investments Private Limited and Varuna
Overseas Private Limited.
PRESS RELEASES:
SUGAR
STOCKS GAIN ON EXPORT NOD
23 November 2011
The EGoM headed by finance minister Pranab Mukherjee allowed export of a million tonnes of sugar for the 2011-2012 crop marketing year that started in October and also lifted the stock holding limit on the sweetener from November 30.
The move, which came after a persistent demand from millers
in the wake of a sharp increase in cane prices, has been welcomed by
cooperative sugar millers in Maharashtra, big companies in Uttar Pradesh and
also the chief minister of
Meanwhile, the Empowered Group of Ministers (eGoM) on these subjects, also decided not to extend the stock holding limit on sugar beyond November 30. At present, any sugar trader is not allowed to hold more than 500 tonnes.
Among the individual stocks, DCM Shriram Industries is the top gainer, up nearly 20% at Rs.51. Upper Ganges Sugar and Industries has jumped 13% to Rs.46. Empee Sugars, Eastern Sugar, KCP Sugar and Industries, Rana Sugars, Dwarikesh Sugar, Sakthi Sugars, EID Parry, and Dhampur Sugar are also trading higher by 0.5-9% each.
CARE
REAFFIRMS RATINGS ASSIGNED TO DCM SHRIRAM'S BANK FACILITIES
12 March 2011
India, March 12 -- Credit rating agency, CARE has reaffirmed 'BBB' rating assigned to Rs.3694.200 millions long term bank facilities of DCM Shriram Industries. The rating agency has also reaffirmed 'PR3' rating assigned to Rs.871.800 millions short term bank facilities of the company. The ratings continue to factor in the long track record of the company, its diversified business profile and stable outlook for the sugar industry. However, the ratings are constrained by relatively high overall gearing, inherent cyclicality and regulatory risks associated with sugar business.DCM Shriram Industries is a part of Dr. Bansi Dhar Group, formed after the restructuring of the DCM Group in 1990. The company is currently engaged in manufacturing of sugar, alcohol, fine /organic chemicals and industrial rayon. The plants are ISO certified. It has two integrated manufacturing plants, Daurala Sugar Complex and Daurala Organics in Daurala, Meerut (U.P.).
DCM
SHRIRAM INDS POSTS RS.68.000 MILLIONS NET PROFIT FOR MARCH QUARTER
30 May 2011
Mumbai, May 30 (PTI) DCM Shriram Industries Limited (DSIL) has registered a net profit of Rs.68.000 millions for the quarter ended March 31, 2011.
The company had reported a net loss of Rs.102.300 millions in the year-ago period, it said in a filing to the Bombay Stock Exchange (BSE) today.
Net sales in the March quarter rose by seven per cent to
Rs.2236.400 millions
as compared to Rs.2086.200 millions in the corresponding period the previous year. DSIL's
operations are based predominantly in
The company shares today closed at Rs.62.90, down 2.71 per cent from its previous close at the BSE. PTI RNK (THROUGH ASIA PULSE) 30-05 2011.
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.52.89 |
|
|
1 |
Rs.82.71 |
|
Euro |
1 |
Rs.69.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.