MIRA
INFORM REPORT
|
Report Date : |
09.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
BLUE STAR LIMITED |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
20.01.1949 |
|
|
|
|
Com. Reg. No.: |
11-6870 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L28920MH1949PLC006870 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB11714D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACB4487D |
|
|
|
|
Legal Form : |
A Public Limited
Liability Company. Company’s shares are listed on the Stock Exchanges |
|
|
|
|
Line of Business : |
Manufacturing, marketing
and contracting of centrifugal chillers, reciprocating chillers, vapour
absorption machines, air handling units, variable air volume systems,
prefabricated modular cold rooms, condensers, water coolers, window
air-conditioners, mini split air-conditioners and environmental test
chambers. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (56) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
|
|
|
|
|
Maximum Credit Limit : |
USD 20000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regularly Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
old, well established and reputed company and it is one of the largest
Central Air Conditioning and Commercial Refrigeration Companies in It 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Head Office/ Corporate
Office : |
|
|
Tel. No.: |
91-22-66654000 |
|
Fax No.: |
91-22-66654151 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
2nd |
|
Tel. No.: |
91-22-25346265 |
|
Fax No.: |
91-22-25345525 |
|
|
|
|
Factory 2 : |
Plot Nos. 4 and
5, GIDC Industrial Estate, Narmada Nagar Post, Bharuch - 392 015, |
|
Tel. No.: |
91-2642-246116 |
|
Fax No.: |
91-2642-246026 |
|
|
|
|
Factory 3 : |
Survey No. 265/2,
|
|
Tel. No.: |
91-260-2648617 /
618 |
|
Fax No.: |
91-260-2648503 |
|
|
|
|
Factory 4 : |
Nahan Road, |
|
|
|
|
Factory 5 : |
Village |
|
|
|
|
Regional Office: |
Ř Blue Star House, 9A, Mumbai - 400072 Tel No. 91-22-28523600 Fax No. 91-22-28522988 Ř Block 2-A, DLF Corporate Park, DLF Qutab
Enclave, Phase III, Gurgaon - 122 002,
Haryana Tel. No. 91-124-26359001-20 Fax No. 91-124-26359220 Ř 7, Tel. No. 91-33-22480131 Fax No. 91-33-22481599 Ř 133, Chennai - 600 034, Tamilnadu Tel. No. 91-44-28272056 Fax No. 91-44-28253121 |
|
|
|
|
Overseas
Office : |
·
·
U.A.E. ·
|
|
|
|
|
Sales & Services
Offices: |
Ř
Sahas,
414/2 Veer Savarkar Marg, Prabhadevi, Mumbai 400 025, Tel. No 91-22-56664000 Fax. No. 91-22-56664001 Ř Tel: 91-22-22843873 Ř Unit G-2, Shalimar Industrial Estate, Tel. No 91-22-24075356/57 Fax. No 91-22-24024644 Ř Unit 1 Prabhadevi Industrial Estate,
Prabhadevi, Mumbai 400025, Tel. No 91-22-24227305 Fax. No 91-22-24376041 Ř 201/A, Nityanand Complex, 247/ Tel. No 91-20-26127230 Fax. No 91-20-26121342 Ř Ramkrishna Chambers, Tel. No 91-265-2332022 Fax. No 91-265-2337516 Ř 219 Bajaj Nagar, 1st Floor, Tel. No. 91-712-2249301 / 2249304 Ř "Star Arcade", 2nd Floor, Plot
No. 165A and 166, Zone - I, Maharana Pratap Nagar, Tel. No 91-755-25273378 Ř 1st Floor, Flat No.1, Vaibhav Apartment,
Vidyanagar Colony, Tel. No. 91-832-2462756 Ř E-44/12, Okhla Industrial Area, Phase II, Tel. No 91-11-51494000 Fax. No 91-11-51494004 Ř T.C.IX/1490, Chandrika, Sasthamangalam,
Thiruvananthapuram - 695 010, Kerala Tel. No. 91-471-2720025 Ř 1, Madhya Marg, Sector 26, Tel. No 91-172-2791101/2792934 Fax. No 91-172-2791101 Ř B-140, Nirala Nagar, Tel. No 91-522-2789172 Ř A-19, First Floor, Main Sahakar Path, Nr.
Sahakar Bhavan, Jaipur, Rajasthan Tel. No 91-141-5179359/60 Ř 2nd Floor, New Tel. No. 91-361-2340619 Ř 3A, Satya Nagar, 2nd Floor, Tel. No 91-674-2508239 / 2508270 Ř Tel. No 91-44-28235531 / 28235534 Fax. No. 91-44-28235667 Ř 11 Tel. No 91-80-25584728 Fax. No. 91-80-25584599 Ř Meenakshi Mandiram, XXXIX/4080, Tel. No. 91-484-2361282 / 2367843 Ř Tel. No. 91-40-27842057 /
27842058 Fax. No. 91-40-27841445 Ř 47-12-6/7, 2nd Floor, Amaravathi Complex,
Dwarakanagar, Tel. No. 91-891-2748433 Fax. No. 91-891-2701041 |
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. Ashok M.
Advani |
|
Designation : |
Chairman and Managing Director |
|
Age: |
62 years |
|
Qualification: |
B. Sc., SB, MBA |
|
Experience: |
38 years |
|
Date of
Joining: |
01.07.1969 |
|
Previous
Employment: |
RCA INC., |
|
|
|
|
Name : |
Mr. Suneel M.
Advani |
|
Designation : |
Vice Chairman and Managing Director |
|
Age: |
60 years |
|
Qualification: |
SB, SB, LL.B., |
|
Experience: |
35 years |
|
Date of
Joining: |
17.03.1969 |
|
|
|
|
Name : |
Mr. T. G. S. Babu |
|
Designation : |
Deputy Managing Director |
|
Age: |
50 years |
|
Qualification: |
B. Tech., MBA |
|
Experience: |
28 years |
|
Date of
Joining: |
01.11.1995 |
|
Previous
Employment: |
MRF Limited,
Chennai, Tamilnadu – General Manager (1991-95) |
|
|
|
|
Name : |
Mr. Pradeep
Mallick |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Gurdeep Singh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Suresh N.
Talwar |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Nawshir H.
Mirzaq |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Satish Jamdar |
|
Designation : |
Deputy Managing Director |
|
|
|
|
Name : |
Mr. Shailesh
Haribhakti |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Nargis Advani |
|
Designation : |
Directors |
|
|
|
|
Name : |
Mr. Vir Advani |
|
Designation : |
Directors |
KEY EXECUTIVES
|
Name : |
Mr. K. P. T.
Kutty |
|
Designation : |
Company
Secretary |
|
Tel No.: |
91-22-66654040/
91-22-66654151 |
|
E-mail: |
|
|
|
|
|
Name : |
Mr. Arun Khorana |
|
Designation : |
Vice President – Electronic Division |
|
|
|
|
Name : |
Mr. Ranajit
Majumadar |
|
Designation : |
Vice President – Human
Resources and Quality |
|
|
|
|
Name : |
Mr. Avinash
Pandit |
|
Designation : |
Vice President – Packaged Airconditioning Division |
|
|
|
|
Name : |
Mr. H. Rajaram |
|
Designation : |
Vice President –
Finance |
|
|
|
|
Name : |
Mr. S. Sankaran |
|
Designation : |
Vice President – Airconditioning Project Division |
|
|
|
|
Name : |
Mr. B.
Thiagarajan |
|
Designation : |
Vice President -
Corporate Affairs and Communications |
|
|
|
|
Name : |
Mr. R. Arvindan |
|
Designation : |
Vice President –
Packaged Air conditioning Division |
|
|
|
|
Name : |
Mr. J. M.
Bhambure |
|
Designation : |
Vice President
– Dadra Plant |
|
|
|
|
Name : |
Mr. Michael
Fernandes |
|
Designation : |
Vice President
– Human Resources and Quality |
|
|
|
|
Name : |
Mr. A. Rakesh Rao |
|
Designation : |
Vice President
- Air conditioning and
Project Division |
|
|
|
|
Name : |
Mr. P. Venkat Rao |
|
Designation : |
Vice President 0
Room Air conditioner and Refrigeration Products Division |
|
|
|
|
Name : |
Mr. Ashok Advani |
|
Designation : |
Executive
Chairman |
|
|
|
|
Name : |
Mr. Suneel Advani |
|
Designation : |
Vice Chairman and
Managing Director |
|
|
|
|
Name : |
Mr. Satish Jamdar |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
T Gouri Sankara Babu |
|
Designation : |
Deputy Managing
Director |
|
|
|
|
Name : |
Mr. Vir S Advani |
|
Designation : |
President –
Corporate Affairs and special Projects |
|
|
|
|
Name : |
Mar. Avinash
Pandit |
|
Designation : |
President – Electro
Mechanical Projects Group |
|
|
|
|
Name : |
Mr. B Thiagarajan
|
|
Designation : |
President –
channel Business Group |
|
|
|
|
Name : |
Mr. J M Bhambure |
|
Designation : |
Executive Vice
President – Finance |
|
|
|
|
Name : |
Mr. Manek
Kalyaniwala |
|
Designation : |
Executive Vice
President – finance |
|
|
|
|
Name : |
Mr. Arun Khorana |
|
Designation : |
Executive vice
president |
|
|
|
|
Name : |
Mr. R Arvindan |
|
Designation : |
Vice President |
|
|
|
|
Name : |
Mr. Sumanta
Chudhuri |
|
Designation : |
Vice President |
|
|
|
|
Name : |
Mr. R G Devanani |
|
Designation : |
Vice President |
|
|
|
|
Name : |
Mr. Harish Govind |
|
Designation : |
Vice President |
|
|
|
|
Name : |
Mr. A Rakesh Rao |
|
Designation : |
Vice President |
|
|
|
|
Name : |
Mr. P Venkat Rao |
|
Designation : |
Vice President |
|
|
|
|
Name : |
Mr. D P Singh |
|
Designation : |
Vice President |
|
|
|
|
Name : |
Mr. K P Sukumar |
|
Designation : |
Vice President |
|
|
|
|
Key Management Personnel : |
Synergy Realtors and
Services Private Limited |
MAJOR SHAREHOLDERS
AS ON 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
21,517,804 |
23.93 |
|
|
24,231 |
0.03 |
|
|
14,000,711 |
15.57 |
|
|
14,000,711 |
15.57 |
|
|
35,542,746 |
39.52 |
|
|
|
|
|
|
543,075 |
0.60 |
|
|
543,075 |
0.60 |
|
Total shareholding of Promoter and Promoter Group (A) |
36,085,821 |
40.12 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
8,020,676 |
8.92 |
|
|
60,680 |
0.07 |
|
|
1,781,080 |
1.98 |
|
|
6,045,670 |
6.72 |
|
|
1,360,160 |
1.51 |
|
|
1,360,015 |
1.51 |
|
|
145 |
- |
|
|
17,268,266 |
19.20 |
|
|
|
|
|
|
5,308,236 |
5.90 |
|
|
|
|
|
|
20,725,299 |
23.04 |
|
|
9,232,602 |
10.27 |
|
|
1,315,881 |
1.46 |
|
|
12,827 |
0.01 |
|
|
375 |
- |
|
|
1,869 |
- |
|
|
21,750 |
0.02 |
|
|
1,279,060 |
1.42 |
|
|
36,582,018 |
40.68 |
|
Total Public shareholding (B) |
53,850,284 |
59.88 |
|
Total (A)+(B) |
89,936,105 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
89,936,105 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Trusts
BUSINESS DETAILS
|
Line of Business : |
Manufacturing,
marketing and contracting of centrifugal chillers, reciprocating chillers,
vapor absorption machines, air handling units, variable air volume systems, prefabricated
modular cold rooms, condensers, water coolers, window air-conditioners, mini
split air-conditioners and environmental test chambers. |
||||||
|
|
|
||||||
|
Product: |
|
PRODUCTION STATUS (As On 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Refrigeration and
Air conditioning Equipment |
Nos. |
625720 |
296958 |
|
Packaged Air
Conditioning |
Nos. |
107592 |
41315 |
|
Industrial
packaged chillers |
Nos. |
1500 |
1395 |
|
Air handling
units |
Nos. |
12912 |
5026 |
GENERAL INFORMATION
|
Customers : |
Ř
The Presidential Palaces
Complex, Ř
Ř
State Bank Ř
Taj Lanka Hotels, Ř
Kompleks Dami Ř
Ř
Ř
Grand Hyatt Hotel Ř
SHAR Space Centre Ř
Infosys Ř
Wipro Limited Ř
Satyam Ř
Sterlite Industries Ř
Sri Sailam Ř
Moser Baer Ř
Ř
Palm Court Ř
Ř
Nestle House, Gurgaon,
Haryana Ř
Imax Dome Theatre, Mumbai Ř
UTI Bank, Chennai, Tamilnadu Ř
Ř
Ebony Showroom, Ř
Amul Ř
Domino's Ř
Dinshaw Ř
Ř
Johnson and Johnson Ř
Kodak Ř
Le Meridien Ř
McDonalds Ř
Oberoi Hotel |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
Ř
The
Hongkong and Ř
State
Bank of Ř
Oriental
Bank of Commerce Ř
ABN
- AMRO Bank Ř
BNP
Paribas |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
K S Aiyar and
Company Chartered
Accountant |
|
|
|
|
Name : |
S R Batliboi and
Associates Chartered
Accountant |
|
|
|
|
Branch Auditor |
Ř
R
Venkatarama Aiyar and Company, Kolkata, Chartered Accountants Ř
Sharp
and Tanan, Chennai, Chartered Accountants Ř
Fraser
and Ross, Chennai, Chartered Accountants Ř
Mohinder
Puri and Company, |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
7.8% Cumulative Preference
shares |
Rs.100/- each |
Rs.1.000 Millions |
|
148700000 |
Equity shares |
Rs.2/- each |
Rs.297.400 Millions |
|
16000 |
Unclassified shares |
Rs.100/- each |
Rs.1.600 Millions |
|
|
Total |
|
Rs.300.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23391015 |
Equity Shares fully paid in cash |
Rs.2/- each |
Rs.46.782 Millions |
|
4645 |
Shares allotted as fully paid pursuant to a contract without payment
being received in cash |
Rs.2/- each |
Rs.0.009 Millions |
|
66526340 |
Shares allotted as fully paid up Bonus Shares by Capitalisation of Reserves
and Share Premium |
Rs.2/- each |
Rs.133.053 Millions |
|
14105 |
Shares allotted as fully paid shares on conversion of 425 - 7.8%
Cumulative Preference Shares of Rs. 100 each as per terms of the prospectus
dated June 24, 1969 |
Rs.2/- each |
Rs.0.028 Millions |
|
|
Total
|
|
Rs.179.872 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
179.872 |
179.872 |
179.872 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4736.884 |
3491.422 |
2455.590 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4916.756 |
3671.294 |
2635.462 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
89.266 |
272.822 |
362.920 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
2.456 |
|
|
TOTAL BORROWING |
89.266 |
272.822 |
365.376 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
6.171 |
35.878 |
|
|
|
|
|
|
|
|
TOTAL |
5006.022 |
3950.287 |
3036.716 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1976.569 |
1875.878 |
1377.328 |
|
|
Capital work-in-progress |
15.768 |
247.888 |
180.930 |
|
|
|
|
|
|
|
|
INVESTMENT |
42.033 |
43.823 |
45.679 |
|
|
DEFERREX TAX ASSETS |
14.666 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2580.084
|
2080.575
|
2734.915
|
|
|
Sundry Debtors |
6282.130
|
6086.371
|
4837.398
|
|
|
Cash & Bank Balances |
132.170
|
91.953
|
26.724
|
|
|
Other Current Assets |
3609.201
|
864.685
|
0.000
|
|
|
Loans & Advances |
1324.431
|
1255.233
|
2574.883
|
|
Total
Current Assets |
13928.016
|
10378.817
|
10173.920
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5530.783
|
3827.554
|
0.000
|
|
|
Current Liabilities |
4279.896
|
3693.852
|
6346.666
|
|
|
Provisions |
1160.351
|
1080.705
|
2408.654
|
|
Total
Current Liabilities |
10971.030
|
8602.111
|
8755.320
|
|
|
Net Current Assets |
2956.986
|
1776.706
|
1418.600
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
5.992 |
14.179 |
|
|
|
|
|
|
|
|
TOTAL |
5006.022 |
3950.287 |
3036.716 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
24984.486 |
25522.873 |
2221.867 |
|
|
|
Other Income |
576.664 |
217.511 |
485.065 |
|
|
|
TOTAL (A) |
25561.150 |
25740.384 |
22700.932 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales, Work Bills & Services |
18820.782 |
19497.344 |
16909.287 |
|
|
|
Employee Remuneration |
1848.727 |
1822.558 |
1544.064 |
|
|
|
Operating and General Expenses |
1833.200 |
1643.893 |
1532.073 |
|
|
|
TOTAL (B) |
22502.709 |
22963.795 |
19985.424 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3058.441 |
2776.589 |
2715.508 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
84.540 |
135.529 |
75.649 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2973.901 |
2641.060 |
2639.859 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
347.332 |
258.832 |
219.662 |
|
|
|
|
|
|
|
|
|
|
PROFIT ON |
139.649 |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2766.218 |
2382.228 |
2420.197 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
651.356 |
579.342 |
679.250 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2114.862 |
1802.886 |
1740.947 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1658.572 |
1192.231 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
800.000 |
600.000 |
NA |
|
|
|
Dividend |
719.489 |
629.553 |
NA |
|
|
|
Tax on Dividend |
119.498 |
106.992 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
2134.447 |
1658.572 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
983.042 |
2009.378 |
NA |
|
|
|
Commission Earnings |
276.722 |
305.242 |
NA |
|
|
|
Other Earnings |
34.465 |
251.370 |
NA |
|
|
TOTAL EARNINGS |
1294.229 |
2565.990 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3730.863 |
3944.910 |
NA |
|
|
|
Stores & Spares |
8.465 |
509.379 |
NA |
|
|
|
Capital Goods |
44.080 |
155.834 |
NA |
|
|
|
Others |
921.979 |
443.322 |
NA |
|
|
TOTAL IMPORTS |
4705.387 |
5053.445 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
23.52 |
20.04 |
19.36 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
6648.300 |
6947.500 |
6134.100 |
|
Total Expenditure |
6039.500 |
6275.300 |
5661.300 |
|
PBIDT (Excl OI) |
608.800 |
672.200 |
472.800 |
|
Other Income |
3.800 |
16.100 |
0.300 |
|
Operating Profit |
612.600 |
688.300 |
473.100 |
|
Interest |
20.000 |
48.700 |
79.100 |
|
Exceptional Items |
4.300 |
0.000 |
0.000 |
|
PBDT |
596.900 |
639.600 |
394.000 |
|
Depreciation |
75.500 |
78.900 |
80.400 |
|
Profit Before Tax |
521.400 |
560.700 |
313.600 |
|
Tax |
149.900 |
174.400 |
90.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.00 |
|
Profit After Tax |
371.500 |
386.300 |
223.600 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
371.500 |
386.300 |
223.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.27 |
7.00 |
7.66
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.07 |
9.33 |
108.92
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.39 |
17.83 |
20.95
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.56 |
0.65 |
0.91
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.24 |
2.72 |
3.46
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26 |
1.18 |
1.16
|
LOCAL AGENCY FURTHER INFORMATION
HISTROY
Subject
was founded in 1943, by Mohan T Advani, an entrepreneur of exemplary vision and
drive. The Company began as a modest 3-member team engaged in reconditioning of
air conditioners and refrigerators.
Within
three years, the Company secured the agency for US-based Melchoir Armstrong
Dessau's air conditioning equipment. Shortly after, the Company was selected by
An
expanding Subject then ventured into the manufacture of ice candy machines and
bottle coolers and also began the design and execution of central air
conditioning projects. Then came the manufacture of water coolers. In 1949, the
proprietorship company set its sights on bigger expansion, took on shareholders
and became Subject.
Ever
since, there has been a constant and profitable growth. Subject diversified and
took up agencies for Material Testing Machines and Business Machines. The
export arena beckoned and the Company began exporting water coolers to
The
sixties and the early seventies witnessed Subject continuing to expand and
thrive. A team of dedicated professionals aided Mohan T Advani in ever
furthering his vision of a profitable company dedicated to its ideals of
professionalism and success. Employee strength crossed the 1000 mark and the
company went public in 1969 to become Subject, as it continues to be called
today.
In
1970, the Company took up the all-India distributorship of Hewlett-Packard
products, a business relationship which continues today and has grown ever
stronger through the years. As the Company's reputation for delivering the
goods in the most challenging of air conditioning projects grew steadily, the
early seventies saw a series of prestigious projects being entrusted to Subject
- skyscrapers such as
As
its Indian presence reached greater heights, the Company began building
determinedly upon its existing overseas presence, Subject set up a joint
venture with Al Shirawi in
Always
moving with the times and ever on the lookout for business possibilities,
subject next set up a software export unit at Seepz, Mumbai in 1983. Then came
associations with more global leaders - a collaboration with York International
of USA for central air conditioning equipment and joint ventures with Motorola
and Yokogawa.
In
1984, Ashok M Advani and Suneel M Advani, the sons of Mohan T Advani, took over
the reins of the Company, after spending nearly 15 years within the Company
steadily climbing up the ladder. A renewed thrust was placed on the company's
core business areas - air conditioning and refrigeration and the distribution
of professional electronics equipment - and the company emerged a market leader
in these focus areas.
The
nineties witnessed
In
keeping with this focus, an advanced manufacturing facility was set up at Dadra
in 1997, in technical collaboration with
With
the advent of the much awaited new millennium in 2000, the action continued.
The software unit was spun off into a separate company, Subject InfoTech
Limited., the export of air conditioning products from the Dadra factory began
and contract manufacturing for local and foreign brands commenced. A new Corporate
Vision was developed - "To deliver a world-class customer
experience". Every employee is determined to follow this vision and keep
their organization a competitive and forward-looking one.
Subject
crossed the Rs. 5000.000 Millions milestone in 2000 and the Rs. 6000.000
Million milestone in 2002-03. With the boom in construction activity and
increased infrastructure investments, the Company leveraged its leadership
position to grow aggressively. In the following three years, the Company nearly
doubled its turnover, clocking Rs 11780.000 Millions in 2005-06.
Even
more than size, Subject enjoys an enviable reputation as an ethical
corporation, ever mindful of its obligations towards customers, shareholders,
dealers, business partners, employees and the environment in which it operates.
HIGHLIGHTS OF 2008-09: · Total Income grew by 13% to Rs. 25740.400 Millions.
· Profit after Tax increased moderately by 4% to Rs.1802.900 Millions because last year included a non-recurring boost due to exceptional income of Rs.353.200 Millions.
· Earnings per share were Rs.20.04 (face value of Rs.2.00) compared to Rs.19.36 in the previous year.
· A dividend of Rs.7.00 per share (same as last year) has been Recommended.
· Good cash flow reduced borrowings for the second year in succession to Rs. 236.000 Million at year-end from Rs. 365.400 Millions in the previous year.
OPERATING PERFORMANCE
The economic slowdown impacted the Company's
revenue growth during the year. While the Electro Mechanical Projects and
Packaged Air-conditioning segment showed marginal growth, Cooling Products and
Professional Electronics and Industrial Systems recorded a small decline.
However, on the profit front, Cooling Products and Professional Electronics and
Industrial Systems segments recorded positive growth which offset the small
reduction in the Electro Mechanical Projects and Packaged Air-conditioning
segment. This, together with an exceptional item of sale of investments,
increased the Profit After Tax by 17% during the year.
FINANCIAL PERFORMANCE
Effective cost control measures coupled with
lower cost of finance helped the Company to cope with flat revenues. Financial
expenses including interest cost reduced by over 50%. However, slow cash
collections and increased Sundry Debtors reduced the net cash flow from
operations. Nevertheless, good inventory management and suppliers' credit kept
overall borrowings under control - a marked reduction to Rs. 89.300 millions
from Rs. 272.800 millions in the previous year. The Company made additional
investments in fixed assets amounting to Rs. 474.700 millions during the year
which was financed entirely out of internal resources. The Earnings per share
increased by 17% to Rs. 23.52 per equity share of Rs. 2/- each.
INTRODUCTION
Blue Star is
BUSINESS SEGMENTS
Business
Segments
- Electro Mechanical Projects and
Packaged Airconditioning Systems
- Cooling Products
- Professional Electronics and Industrial
Systems
Blue Star primarily focuses on the corporate
and commercial markets.These include institutional, industrial and government
organizations as well as commercial establishments such as malls, multiplexes,
hotels, hospitals, showrooms, restaurants and boutiques. In accordance with the
nature of products and markets, business drivers, and competitive positioning,
the lines of business of Blue Star can be segmented as follows:
ELECTRO
MECHANICAL
This business segment covers the design,
manufacturing, installation, commissioning and maintenance of central
air-conditioning plants, packaged/ducted systems and VRF systems, as well as
contracting services in electrification, plumbing and fire fighting.
After-sales services such as revamp, retrofit and upgrades as well as energy
management and green building services are also included in this segment.
COOLING
PRODUCTS
Blue Star offers a wide variety of
contemporary and differentiated room airconditioners. It also manufactures and
markets a comprehensive range of commercial refrigeration products and cold
chain equipment.
PROFESSIONAL
ELECTRONIC AND INDUSTRIAL SYSTEMS
For over five decades, Blue Star has been
the exclusive distributor in
FINANCIAL HIGHLIGHTS
In spite of a subdued economic environment,
Blue Star performed reasonably well, mainly due to effective cost control and
favourable input costs. Total Income was Rs. 25561.100 millions for the year
ended March 31, 2010, compared to Rs. 25243.800 millions in FY09. Profit Before
Tax (excluding exceptional items) grew 10% to Rs. 2626.600 millions. Net Profit
at Rs. 2114.900 millions registered an increase of 17% over last year. Earnings
per share for FY10 (Face value of Rs. 2.00) stood at Rs. 23.52 vis-a-vis
Rs.20.05 in the previous year. Return on Capital Employed (ROCE) declined to
55.3% from 60.3%, while Return on Shareholders' Funds was 43.0% compared to
last year's figure of 49.1%.
CORPORATE OUTLOOK
In spite of the weak economic environment
that led to a slow start last year, Blue Star's profits continued to grow due
to effective cost control and favourable input costs, with the year ending on
an encouraging note. The worst of the slowdown seems to be behind us and
considering the healthy carry forward order book coupled with Blue Star's
expertise, leadership and credentials, the Company is confident of better
business prospects in the year ahead.
COMPANY PROFILE
Subject is
It fulfils the air conditioning
needs of a large number of corporate and commercial customers and has also
established leadership in the field of commercial refrigeration equipment
ranging from water coolers to cold storages. The Company has also started
offering Electrical Contracting and Plumbing and Fire Fighting Services.
Subject's other businesses include marketing and maintenance of hi-tech
professional electronic and industrial products.
Subject has business alliances with
world renowned technology leaders such as Rheem Mfg Co, USA; Hitachi, Japan;
Eaton - Williams, UK; Thales e-Security Limited.,
The Company has manufacturing
facilities at Thane, Dadra, Bharuch, Himachal and Wada which use state-of-the-art
manufacturing equipment to ensure that the products have consistent quality and
reliability.
Subject primarily focuses on the
corporate and commercial markets. These include institutional, industrial and
government organizations as well as commercial establishments such as
showrooms, restaurants, banks, hospitals, theatres, shopping malls and
boutiques. In accordance with the nature of products and markets, business
drivers, and competitive positioning, the lines of business of Subject can be segmented
as follows:
Electro Mechanical Projects and Packaged
Air conditioning Systems
This comprises central and packaged
air conditioning as well as electrical projects and plumbing and fire fighting
projects. The central and packaged air conditioning business involves design,
engineering, manufacturing, installation, commissioning and support of large
central air conditioning plants, packaged air conditioners and ducted split air
conditioners. In addition to this, Subject promotes after-sales service as a
business, by offering several value added services in the areas of upgrades and
enhancements, air management, water management, energy management and LEED
certification consultancy for Green Buildings.
The Company also executes building
electrification contracting projects and offers expertise in the areas of
electrical design and engineering, supply and installation of entire power
systems as well as liasioning, approvals, commissioning and asset management.
Subject has extended its mechanical
contracting offering to include plumbing and fire fighting projects. With this,
Subject has developed capabilities for executing integrated MEP (Mechanical,
Electrical and Plumbing) projects.
Cooling Products
Subject offers a wide range of
contemporary window and split air conditioners. The Company also manufactures
and markets a comprehensive range of commercial refrigeration products and
services that cater to the industrial, commercial and hospitality sectors.
These include water coolers, bottled water dispensers, deep freezers, cold
storages, bottle coolers, ice cube machines and supermarket refrigeration
products.
Professional Electronics and Industrial Systems
For over five decades, the
Electronics Division has been the exclusive distributor in
CONTINGENT LIABILITIES
(Rs. In Millions)
|
|
As On 31.03.2010 |
As On 31.03.2009 |
|
Claims against the Company not
acknowledged as debts |
6.644 |
8.674 |
|
Sales Tax demands under appeal |
520.532 |
14.474 |
|
Excise duty claims under appeal |
22.922 |
13.492 |
|
Service Tax - show cause notice |
352.957 |
10.298 |
|
Income Tax demands under appeal |
111.442 |
72.609 |
|
Corporate Guarantee given on behalf of Associates and other Companies |
356.991 |
320.950 |
FIXED ASSETS:
v
Land-
Freehold
v Land Leasehold
v Building Sheds and
Road
v Plant and Machinery
v Furniture, Fittings
and Equipments
v Vehicles
v Computers
v
Intangible
Assets- BAAN SYSTEM
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE YEAR ENDED
31.12.2010
(Rs. In Millions)
|
Particulars |
Quarter Ended 31.12.2010 |
Nine Months
Ended 31.12.2010 |
|
|
|
|
|
1. a) Net Sales/Income from Operations |
6068.300 |
19484.200 |
|
b) Other Operating Income |
65.800 |
245.800 |
|
Total Income |
6134.100 |
19730.000 |
|
2. Expenditure |
|
|
|
a) (Increase)/Decrease in Stock in Trade and work-in-progress |
[474.800] |
[936.000] |
|
b) Consumption of Raw Materials |
4669.400 |
14140.100 |
|
c) Purchase of traded Goods |
446.500 |
1783.600 |
|
d) Employees Cost |
519.500 |
1500.500 |
|
e) Depreciation |
80.400 |
234.900 |
|
f) Other Expenditure |
500.700 |
1484.900 |
|
Total
Expenditure |
5741.700 |
18208.000 |
|
|
|
|
|
3. Profit from Operations before Other Income, Interest and Foreign
Exchange Fluctuation on Term Loan Liability [1-2] |
392.400 |
1522.000 |
|
4. Other Income |
0.300 |
17.300 |
|
Profit before Interest and Foreign Exchange Fluctuation on Term Loan Liability [3+4] |
392.700 |
1539.300 |
|
6. Interest |
79.100 |
147.800 |
|
7.Profit after Interest but before Exceptional Items (5-6) |
313.600 |
1391.500 |
|
8. Exceptional Items |
0.000 |
4.300 |
|
9. Profit from ordinary activities before Tax [7-8] |
313.600 |
1395.800 |
|
10. Tax Expense |
90.000 |
414.300 |
|
11. Net Profit from ordinary activities after tax[9-10] |
223.600 |
981.500 |
|
12. Extra ordinary Items (net of tax expense) |
-- |
-- |
|
13. Net Profit/ Loss for the period(11-12) |
223.600 |
981.500 |
|
14. Paid up equity share capital (Face value per share Rs.2/-) |
179.900 |
179.900 |
|
15. Reserves Excluding Revaluation Reserves As Per Balance Sheet As On
31st March 2009 |
-- |
-- |
|
16. Earning Per Share (EPS) |
|
|
|
a) Basic and diluted EPS before
Extraordinary items |
2.49 |
10.91 |
|
b) Basic and diluted EPS after Extraordinary
items |
2.49 |
10.91 |
|
17. Public Shareholding |
|
|
|
Numbers of Shares |
53850284 |
53850284 |
|
Percentage of Shareholding |
59.88 |
59.88 |
|
18. Promoters and Promoters group shareholding |
|
|
|
a) Pledged/ Encumbered |
|
|
|
Number shares |
600000 |
600000 |
|
Percentage of shares (as % to total
shareholding of promoter and promoter group) |
1.66 |
1.66 |
|
Percentage of shares (as % to total share
capital of the company) |
0.67 |
0.67 |
|
b) Non Encumbered |
|
|
|
Number shares |
35485821 |
35485821 |
|
Percentage of shares (as % to total
shareholding of promoter and promoter group) |
98.34 |
98.34 |
|
Percentage of shares (as % to total share
capital of the company) |
39.45 |
39.45 |
UNAUDIATED
STANDALONE SEGMENT WISE REVENUE RESULTS AND CAPITAL EMPLOYED FOR THE QAUARTER
ENDED DECEMBER 31, 2010
(Rs. In Millions)
|
Particulars |
Quarter Ended 31.12.2010 |
|
I. SEGMENT
REVENUE |
|
|
i. Electro Mechanical Projects and Packaged Airconditioning Systems |
12812.700 |
|
ii. Cooling Products |
5226.300 |
|
iii. Professional Electronics and Industrial Systems |
1445.200 |
|
TOTAL SEGMENT
REVENUE |
19484.200 |
|
Less: Inter Segment Revenue |
-- |
|
Net Sales/ Income from Operations |
19484.200 |
|
II. SEGMENT
RESULTS PROFIT / LOSS BEFORE INTEREST AND TAX |
|
|
i. Electro Mechanical Projects and Packaged Airconditioning Systems |
1060.700 |
|
ii. Cooling Products |
614.600 |
|
iii. Professional Electronics and Industrial Systems |
341.600 |
|
TOTAL SEGMENT
RESULTS |
2016.900 |
|
Less: |
|
|
i. Financial Expenses |
147.800 |
|
ii. Other un-allocable Expenditure net of un-allocable income |
477.600 |
|
TOTAL PROFIT BEFORE
TAX AND EXCEPTIONAL ITEM |
1391.500 |
|
Add: Exceptional Item |
4.300 |
|
PROFIT/LOSS
BEFORE TAX |
1395.800 |
|
III. CAPITAL
EMPLOYED (segment assets-
Segment Liabilities) |
|
|
i. Electro Mechanical Projects and Packaged Air-conditioning Systems |
5256.200 |
|
ii. Cooling Products |
1112.900 |
|
iii. Professional Electronics and Industrial Systems |
637.900 |
|
TOTAL CAPITAL
EMPLOYED IN SEGMENTS |
7007.000 |
|
Add: Un-Allocable Corporate Assets Less Liabilities |
[1108.800] |
|
TOTAL CAPITAL EMPLOYED
IN COMPANY |
5898.200 |
Notes:
1. The above results have been reviewed by the Audit
Committee and approved at the meeting of the Board of Directors held on January
27, 2011 and have been subjected to Limited Review by the Statutory Auditors.
2. Exceptional Item represents profit on sale of
Investment.
3. Figures of the corresponding previous quarter and
year have been regrouped, wherever necessary, to conform to the figures of the
current quarter.
4. During the quarter ended December 31, 2010, the
company received an disposed of 14 investor companies. No complaints were
pending at the beginning and at the end of the qauarter.
5. The comparative amounts in the attached statements of
assets and liabilities as on December
31, 2010 have not been audited or reviewed by the statutory auditors.
AS PER WEBSITES
PRESS RELEASES
Financial Performance for the quarter
ended December 31, 2009 (Q3FY10)
·
Subject reported 5% growth of Total Income from
operations to Rs 5956.200 Millions for the quarter ended December 31, 2009, as
compared to Rs 5667.100 Millions in Q3FY09.
·
The Profit before Tax (PBT) excluding exceptional
items grew 18% to Rs 470.300 Millions for the quarter. PBT including
exceptional items recorded an increase of 39% over Q3FY09.
·
Net Profit at Rs 423.300 Millions registered growth
of 32% compared to Rs 321.900 Millions in Q3FY09.
·
Operating Margin was maintained at 9.1% compared to
Q3FY09 owing to tight control on operating costs.
·
Earnings per share for the quarter (Face value of
Rs 2.00) stood at Rs 4.71 vis-ŕ-vis Rs 3.58 in the corresponding quarter of the
previous year.
·
Carry Forward Order Book as on December 31, 2009
increased to Rs 18900.000 Millions compared to Rs 16260.000 Millions as at
December 31, 2008, representing a growth of 16%.
Financial Performance for the 9-month
period ended December 31, 2009
·
For the 9-month period ended December 31, 2009, the
Company reported Total Income from operations of Rs 16989.500 Millions, as
compared to Rs 18443.300 Millions over the same period in the previous year.
·
Net Profit at Rs 1329.400 Millions increased by 17%
compared to Rs 1135.500 Millions in the first nine months of the previous year.
Outlook
Ashok M. Advani, Executive Chairman,
says, “Subject has shown positive top line growth in Q3 after 2 quarters of
decline. Profit maintains its upward trend due to tight control of costs and
lower interest charges. Their future growth is largely dependent on general
economic revival, but uncertainties remain about how quickly this will happen.”
For
additional information, please contact: B Thiagarajan, President, Air
conditioning and Refrigeration Products Group, Subject, Bandbox House, 254D, Dr
Annie Besant Road, Worli, Mumbai – 400 030 email: bthiagarajan@bluestarindia.com
Telephone: 66544000.
Subject Q2 Net
Profit up 10%
FINANCIAL PERFORMANCE FOR THE QUARTER
ENDED SEPTEMBER 30, 2009 (Q2FY10)
- Central air conditioning and commercial
refrigeration major Subject reported Total Income of Rs 5635.200 Millions
for the quarter ended September 30, 2009, as compared to Rs 6465.800
Millions in 2FY09.
- Net Profit at Rs 494.400 Millions
registered growth of 10% compared to Rs 449.500 Millions in Q2FY09.
- Operating Margin increased to 11.5%
compared to 10.7% in Q2FY09 owing to tight control on operating costs and
cost of sales.
- Earnings per share for the quarter
(Face value of Rs 2.00) stood at Rs 5.50 vis-ŕ-vis Rs 5.00 in the
corresponding quarter of the previous year.
- Carry Forward Order Book as on
September 30, 2009 increased to Rs 18150.000 Millions compared to Rs
15550.000 Millions as at September 30, 2008, representing a growth of 17%.
FINANCIAL PERFORMANCE FOR THE HALF-YEAR
ENDED SEPTEMBER 30, 2009 (H1FY10)
- For the half-year ended September 30,
2009, the Company reported Total Income of Rs 11033.300 Millions, as
compared to Rs 12776.200 Millions over the same period in the previous
year.
- Net Profit at Rs 906.100 Millions
increased by 11% compared to Rs 813.600 Millions in H1FY09.
OUTLOOK
Ashok M. Advani, Executive Chairman,
says, “In spite of unexciting revenues due to the business slowdown, Subject
produced good results. They maintained record high operating margins by good
supply chain management and controlled operating expenses. Finance costs were
also substantially lower. There are some early signs that the worst of the
economic slowdown is behind us, but it is too early to predict the speed of the
recovery. Their carry forward order book is reasonably comfortable and the
Company remains lean and efficient, so I am confident about their ability to
capitalise on growth opportunities as they develop.”
For
additional information, please contact: B Thiagarajan, President, Air
conditioning and Refrigeration Products Group, Subject, Bandbox House, 254D, Dr
Annie Besant Road, Worli, Mumbai – 400 030 email: bthiagarajan@bluestarindia.com
Telephone: 66544000.
Subject launches innovative cooling solution for storage of seeds
Central air conditioning and
commercial refrigeration major, Subject, has announced the launch of an innovative
cooling solution for seeds called 'Precision Climate Seed Storage (PCSS)
System', at a Press Conference held in
Seeds are a precious resource and if
stored in ambient conditions deteriorate rapidly. Since seed consumption is not
always immediate, the excess seeds, when not stored in controlled conditions,
get wasted. Thus, there is a constant and rising demand for safe storage of
seeds in the interim.
Recognizing this need of the hour,
Subject has introduced a seed storage system which ensures the storage of the
seeds at precise temperatures and humidity levels thereby preserving them over
longer periods of time, reducing waste and increasing yield. Despite the fact
that agriculture forms a significant part of
Subject's PCSS system is a unique,
factory-fitted, integrated package that includes all elements essential for a
precision temperature and humidity control system – a built-in dehumidification
system, high-purity filters, and of course a state-of-the-art refrigeration
system, all controlled by a central microprocessor to ensure precise control.
Moreover, the system is highly
energy efficient as it does not add direct heat to dehumidify like the
conventional method, assuring a very low cost of ownership. The built-in
controller also automatically ensures run-time equalisation of units and
compressors, increasing reliability and reducing failure. Built robust, the
PCSS is designed to operate 24x7 as demanded by the industry. The PCSS is
modular in design and uses an open-architecture control protocol. It is
manufactured using state-of-the-art techniques in Subject's ISO-9001 certified
plant at Dadra.
Speaking to the Press at the launch,
Mr B Thiagarajan, President, Channel Business Group, said "The Indian seed
industry is estimated to be a Rs. 57000.000 Millions market with an expected
annual growth rate of 15%, well higher than the global average. It is
imperative to preserve seeds considering that they are a precious resource and
have the ability to boost the nation's economy. Subject has been a significant
player in the commercial refrigeration industry and is also a member of the
CII's National Task Force set up by the Government of India to enhance the cold
chain infrastructure in the country. The launch of their Precision Climate Seed
Storage system is yet another example of their commitment to preserve and
extend life of perishables."
ABOUT SUBJECT
Subject is
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 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 exist to
suggest that subject is or was the subject of any formal or informal
allegations, prosecutions or other official proceeding for making any
prohibited payments or other improper payments to government officials for
engaging in prohibited transactions or with designated parties.
3] Asset Declaration :
No records exist to suggest that the
property or assets of the subject are derived from criminal conduct or a
prohibited transaction.
4] Record on Financial Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of Anti-Corruption
Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No available information exist that suggest
that subject or any of its principals have been formally charged or convicted
by a competent governmental authority for any financial crime or under any
formal investigation by a competent government authority for any violation of
anti-corruption laws or international anti-money laundering laws or standard.
8] Affiliation with Government :
No record exists to suggest that any
director or indirect owners, controlling shareholders, director, officer or
employee of the company is a government official or a family member or close
business associate of a Government official.
9] Compensation Package :
Our market survey revealed that the amount
of compensation sought by the subject is fair and reasonable and comparable to
compensation paid to others for similar services.
10] Press Report :
No
press reports / filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM as
part of its Due Diligence do provide comments on Corporate Governance to
identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our Governance
Assessment focuses principally on the interactions between a company’s
management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject is not
known to have contravened any existing local laws, regulations or policies that
prohibit, restrict or otherwise affect the terms and conditions that could be
included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.03 |
|
|
1 |
Rs.72.98 |
|
Euro |
1 |
Rs.62.94 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
56 |
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.