BUSINESS INFORMATION REPORT
1. Summary Information
|
|
|
Country |
|
|
Company Name |
KSB PUMPS LIMITED |
Principal Name 1 |
MR. G. SWARUP |
|
Status |
GOOD |
Principal Name 2 |
W. SPIEGEL |
|
|
|
Registration # |
11-011635 |
|
Street Address |
126, MAKER
CHAMBERS – III, NARIMAN POINT, MUMBAI – 400 021, |
||
|
Established Date |
11.04.1960 |
SIC Code |
-- |
|
Telephone# |
91-22-66588787 |
Business Style 1 |
MANUFACTURER |
|
Fax # |
91-22-66588788 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
POWER DRIVEN PUMPS |
|
|
# of employees |
13300 (APPROXIMATELY) |
Product Name 2 |
INDUSTRIAL VALVES |
|
Paid up capital |
RS.174,039,220/- |
Product Name 3 |
|
|
Shareholders |
PROMOTER AND PROMOTER GROUP-66.80% PUBLIC SHAREHOLDING-33.20% |
Banking |
CENTRAL BANK OF |
|
Public Limited Corp. |
YES |
Business Period |
51 YEARS |
|
IPO |
YES |
International Ins. |
-- |
|
Public |
YES |
Rating |
A (67) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
SUBSIDIARY COMPANY |
--
|
POFRAN SALES AND AGENCY LIMITED |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.12.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,770,713,000 |
Current Liabilities |
1,873,652,000 |
|
Inventories |
1,585,005,000 |
Long-term Liabilities |
137,273,000 |
|
Fixed Assets |
1,513,261,000 |
Other Liabilities |
422,279,000 |
|
Deferred Assets |
46,903,000 |
Total Liabilities |
2,433,204,000 |
|
Invest& other Assets |
150,534,000 |
Retained Earnings |
3,459,173,000 |
|
|
|
Net Worth |
3,633,212,000 |
|
Total Assets |
6,066,416,000 |
Total Liab. & Equity |
6,066,416,000 |
|
Total Assets (Previous Year) |
5,373,986,000 |
|
|
|
P/L Statement as of |
31.12.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
6,085,427,000 |
Net Profit |
515,796,000 |
|
Sales(Previous yr) |
5,638,684,000 |
Net Profit(Prev.yr) |
664,329,000 |
MIRA
INFORM REPORT
|
Report Date : |
29.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
KSB PUMPS LIMITED |
|
|
|
|
Registered
Office : |
126, Maker Chambers – III, Nariman Point, Mumbai – 400 021, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation
: |
11.04.1960 |
|
|
|
|
Com. Reg. No.: |
11-011635 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.174.039
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29120MH1960PLC011635 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMK11971B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACK5918J |
|
|
|
|
Legal Form : |
Public Limited
Liability Company. The company’s shares are listed on the stock exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of Power Driven Pumps and
Industrial Valves. |
|
|
|
|
No. of Employees
: |
13300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
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 14533000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well - established and a reputed company having fine
track records. Financial position of the company appears to be sound. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
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 – 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 : |
126, Maker Chambers III, Nariman Point, Mumbai – 400 021, |
|
Tel. No.: |
91-22-66588787 |
|
Fax No.: |
91-22-66588788 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Zonal Offices : |
|
|
North : |
Noida |
|
Offices : |
|
|
|
|
|
East : |
Kolkata |
|
Offices : |
Bhubaneshwar, |
|
|
|
|
West : |
Mumbai |
|
Offices : |
Ahmedabad, |
|
|
|
|
South : |
Chennai |
|
Offices : |
|
|
|
|
|
Factory 1 : |
Pimpri, Pune - 411 018, |
|
|
|
|
Factory 2 : |
D II Block, MIDC, Chinchwad, Pune - 411 019, |
|
|
|
|
Factory 3 : |
Vambori, District Ahmednagar - 413 704, |
|
|
|
|
Factory 4 : |
151, |
|
|
|
|
Factory 5 : |
Plot No. E3 and E4, MIDC, Sinnar ( |
|
|
|
|
Irrigation and Process Division (IPD) : |
|
DIRECTORS
As on 31.12.2010
|
Name : |
Mr. G. Swarup |
|
Designation : |
Chairman |
|
|
|
|
Name : |
W. Spiegel |
|
Designation : |
Managing Director |
|
Date of Birth/ Age : |
59 Years |
|
Qualification |
Graduate Mechanical Engineer |
|
Date of Appointment : |
01.01.2002 |
|
|
|
|
Name : |
Mr. A.R. Broacha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D.N. Damania |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. N.N. Kampani |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. A. Lee |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. W. Schmitt |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pradip Shah |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. M.A. Mehta |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Alekar P.S. |
|
Designation : |
General Manager – Quality Management |
|
|
|
|
Name : |
Dikshit S. D. |
|
Designation : |
Director - Marketing and Sales |
|
|
|
|
Name : |
Joshi P.S. |
|
Designation : |
General Manager - Dealer Business |
|
|
|
|
Name : |
Kulkarni S.K. |
|
Designation : |
Director - H.R.D. (Corporate) |
|
|
|
|
Name : |
Paranjape N.B. |
|
Designation : |
Director - Operations |
|
|
|
|
Name : |
Pichamoorthy S. |
|
Designation : |
General Manager (Marketing) - Valves |
|
|
|
|
Name : |
Puturjunan P. |
|
Designation : |
General Manager – Operations (Valves) |
|
|
|
|
Name : |
|
|
Designation : |
General Manager - Budgeting and Controlling |
|
|
|
|
Name : |
Watve P.V. |
|
Designation : |
General Manager – Purchase (Corporate) |
|
|
|
|
Name : |
Verghese Oommen |
|
Designation : |
Director - Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
284,658 |
0.82 |
|
|
8,855,752 |
25.44 |
|
|
9,140,410 |
26.26 |
|
|
|
|
|
|
14,110,848 |
40.54 |
|
|
14,110,848 |
40.54 |
|
Total shareholding of Promoter and Promoter Group (A) |
23,251,258 |
66.80 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3,287,840 |
9.45 |
|
|
2,390 |
0.01 |
|
|
238,603 |
0.69 |
|
|
3,040 |
0.01 |
|
|
1,000 |
- |
|
|
2,040 |
0.01 |
|
|
3,531,873 |
10.15 |
|
|
|
|
|
|
2,766,077 |
7.95 |
|
|
|
|
|
|
4,089,994 |
11.75 |
|
|
820,678 |
2.36 |
|
|
347,964 |
1.00 |
|
|
22,221 |
0.06 |
|
|
292,039 |
0.84 |
|
|
33,200 |
0.10 |
|
|
504 |
- |
|
|
8,024,713 |
23.05 |
|
Total Public shareholding (B) |
11,556,586 |
33.20 |
|
Total (A)+(B) |
34,807,844 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
34,807,844 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Foreign Financial InstitutionsBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Power Driven Pumps and Industrial
Valves. |
||||||||
|
|
|
||||||||
|
Products : |
Pumps and valves, services and systems
|
PRODUCTION STATUS (AS ON 31.12.2010)
|
Particulars |
Licensed
capacity on the basis of maximum utilisation of plant and machinery |
Installed
capacity (on triple shift basis) as certified by the Management and not verified
by the auditors as this is a technical matter |
|
Power Driven Pumps |
Not applicable * |
150,500 Nos. |
|
Industrial Valves |
Not applicable * |
186,000 Nos. |
|
Carbon Steel, Alloy Steel, and Alloy Iron Castings |
9000 ** Tonnes |
9,000 Tonnes |
|
Non Ferrous Castings |
200 ** Tonnes |
200 Tonnes |
* Under a notification dated July 25,1991 issued by the Ministry of
Industry, the Company’s industrial undertakings are exempt from the licensing provisions
of the Industries (Development and Regulation) Act,1951.In accordance with the
said notification memoranda have been filed with the Department of Industrial
Development (Secretariat of Industrial Approvals).
** Represents registered capacity, with the Department of Industrial
Development.
|
Particulars |
Actual
Production (Nos.) |
|
Power Driven Pumps |
152,793 |
|
Industrial Valves |
143,655 |
|
Castings Carbon Steel, Alloy Steel and Alloy Iron Castings |
153,126 kgs |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
13300 (Approximately) |
||||||||||||||||||
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|
|
||||||||||||||||||
|
Bankers : |
v
Central Bank of v
Deutsche Bank AG v
Standard Chartered Bank |
||||||||||||||||||
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|
|
||||||||||||||||||
|
Facilities : |
|
|
|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
Cost Auditors : |
Dhananjay V. Joshi and Associates |
|
|
|
|
Collaborators : |
KSB |
|
|
|
|
Controlling
Company : |
v
KSB AG v
Canadian Kay Pump Limited v
Klein Pumpen GmbH |
|
|
|
|
Subsidiary
Company : |
v
Pofran Sales and Agency Limited |
|
|
|
|
Associate
Company : |
v
MIL Controls Limited |
|
|
|
|
Common Control : |
v
KSB v
KSB Inc., v
KSB Pumps ( v
KSB v
KSB Chile S.A. v
KSB v
KSB Limited, Hongkong v
KSB Pumps Company Limited, v
P.T. KSB., v
KSB v
KSB Limited, v
KSB v
KSB v
KSB v
KSB v
DP Industries B.V., v
KSB Pumps Arabia Limited v
KSB Limited, v
KSB v
KSB Pompa v
KSB Shanghai Pump Company Limited, v
KSB Valves ( v
Mercantile-KSB v
KSB v
Delian KSB Amri Valves Company Limited, v
Bombas ITUR S.A., v
KSB TESMA S.A., Griechenland v
KSB Tech. Private Limited, v
GIW Industries Inc., v
KSB Middle East FZE, v
KSB Pumpy + Armatury spol. sr. o, Czech v
KSB Service LLC v
KSB Pompy Armatura v
KSB Compania Sudamericana v
KSB Belgium SA v
KSB v
KSB Pumps and Valves v
KSB Finanz SA v
KSB AMV SA v
KSB v
KSB v
KSB v
KSB |
|
|
|
|
Enterprises over
which individuals having significant influence over the reporting enterprise
exercise significant influence : |
v
The Industrial and Prudential Investment Company
Limited v
New Holding and Trading Company Limited v
Paharpur Cooling Towers Limited |
CAPITAL STRUCTURE
As on 07.04.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
34807844 |
Equity Shares |
Rs.10/- each |
Rs.348.078
millions |
|
|
|
|
|
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17403922 |
Equity Shares |
Rs.10/- each |
Rs.174.039
millions |
|
|
|
|
|
Notes:
1 Of the above shares,
16,544,488 shares are allotted as fully paid-up bonus shares by way of
capitalisation of share premium and general reserve.
2 Out of the above
shares, 890 shares have been issued pursuant to the Scheme of Amalgamation with
erstwhile Grade-O-Castings Limited without payment being received in cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
174.039 |
174.039 |
174.039 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves and Surplus |
3459.173 |
3145.743 |
2738.458 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3633.212 |
3319.782 |
2912.497 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
136.161 |
73.302 |
309.628 |
|
|
2] Unsecured Loans |
1.112 |
1.957 |
3.522 |
|
|
TOTAL BORROWING |
137.273 |
75.259 |
313.150 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3770.485 |
3395.041 |
3225.647 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1513.261 |
1244.839 |
1058.963 |
|
|
Capital work-in-progress |
60.605 |
296.876 |
245.543 |
|
|
Capital Advances |
26.379 |
37.464 |
92.186 |
|
|
|
|
|
|
|
|
INVESTMENT |
63.550 |
63.567 |
63.969 |
|
|
DEFERRED TAX ASSETS |
46.903 |
19.557 |
10.600 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS and ADVANCES |
|
|
|
|
|
|
Inventories |
1585.005 |
1163.447 |
1332.188 |
|
|
Sundry Debtors |
1126.987 |
1040.520 |
1373.269 |
|
|
Cash and Bank Balances |
990.969 |
975.163 |
485.764 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans and Advances |
652.757 |
532.553 |
413.422 |
|
Total
Current Assets |
4355.718 |
3711.683 |
3604.643 |
|
|
Less : CURRENT
LIABILITIES and PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1435.307 |
1257.387 |
1243.359 |
|
|
Other Current Liabilities |
438.345 |
314.908 |
349.033 |
|
|
Provisions |
422.279 |
406.650 |
257.865 |
|
Total
Current Liabilities |
2295.931 |
1978.945 |
1850.257 |
|
|
Net Current Assets |
2059.787 |
1732.738 |
1754.386 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3770.485 |
3395.041 |
3225.647 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
6085.427 |
5638.684 |
5969.130 |
|
|
|
Other Income |
184.272 |
114.438 |
95.864 |
|
|
|
TOTAL (A) |
6269.699 |
5753.122 |
6064.994 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
3021.602 |
2553.616 |
2930.274 |
|
|
|
Payments to and provisions for employees |
917.606 |
797.879 |
773.990 |
|
|
|
Other Expenses |
1388.532 |
1183.647 |
1237.480 |
|
|
|
Amount Capitalised, etc. |
(13.255) |
(11.438) |
(15.866) |
|
|
|
TOTAL (B) |
5314.485 |
4523.704 |
4925.878 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
955.214 |
1229.418 |
1139.116 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
5.345 |
18.237 |
22.535 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
949.869 |
1211.181 |
1116.581 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
207.419 |
203.409 |
130.218 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
742.450 |
1007.772 |
986.363 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
226.654 |
343.443 |
347.573 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
515.796 |
664.329 |
638.790 |
|
|
|
|
|
|
|
|
|
Add |
Excess / (Short) provision for current taxation in
respect of earlier years |
(0.119) |
(2.522) |
8.520 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend : |
|
|
|
|
|
|
- Interim |
34.808 |
34.808 |
34.808 |
|
|
|
- Final (proposed) |
139.231 |
182.741 |
60.914 |
|
|
|
Tax on interim dividend [net of Rs.0.704 million]; (Previous year Rs.
Nil) excess provision written back with respect to previous year) |
5.083 |
5.916 |
5.916 |
|
|
|
Tax on proposed final dividend |
23.125 |
31.057 |
10.352 |
|
|
|
Transfer to General Reserve |
55.000 |
70.000 |
70.000 |
|
|
BALANCE CARRIED
TO THE B/S |
258.430 |
337.285 |
465.320 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at FOB value |
632.935 |
781.607 |
826.236 |
|
|
|
Recovery of packing and forwarding charges |
4.475 |
4.552 |
3.374 |
|
|
|
Service charges |
4.792 |
2.238 |
2.666 |
|
|
|
Technical services |
6.558 |
7.481 |
4.325 |
|
|
|
Commission |
61.606 |
16.522 |
25.446 |
|
|
|
Others |
1.577 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
711.943 |
812.400 |
862.047 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials and components |
198.898 |
302.300 |
268.148 |
|
|
|
Stores, spares and tools |
0.489 |
0.902 |
0.937 |
|
|
|
Capital Goods |
66.366 |
124.698 |
206.483 |
|
|
|
Items imported for resale |
31.254 |
19.805 |
22.234 |
|
|
TOTAL IMPORTS |
297.007 |
447.705 |
497.802 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
29.63 |
38.03 |
37.19 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
31.03.2011 |
30.06.2011 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1661.500 |
1882.200 |
|
Total Expenditure |
|
1509.500 |
1738.200 |
|
PBIDT (Excl OI) |
|
152.000 |
144.000 |
|
Other Income |
|
22.400 |
63.100 |
|
Operating Profit |
|
174.400 |
207.100 |
|
Interest |
|
3.500 |
3.400 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
170.900 |
203.700 |
|
Depreciation |
|
52.800 |
53.800 |
|
Profit Before Tax |
|
118.100 |
149.900 |
|
Tax |
|
39.500 |
34.100 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
78.600 |
115.800 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
78.600 |
115.800 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
8.23
|
11.55
|
10.53 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.20
|
17.87
|
16.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.65
|
20.33
|
21.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.30
|
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.67
|
0.62
|
0.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.90
|
1.88
|
1.95 |
LOCAL AGENCY FURTHER INFORMATION
GENERAL REVIEW
Working:
During the year,
the Company has earned lower profit before tax compared to the previous year
even though there has been an increase in the sales. As reported last year, execution
of the project orders which were obtained earlier with lower margin affected
results considerably. Further costs push inflation increased the input costs
significantly, mainly materials, which could not be passed on to the customers.
Some of the large orders could not be executed as customers did not take
delivery of pumps and valves on account of project delay at their end.
Global crisis
continued to affect the exports which further declined during the year from
Rs.782 millions to Rs 633 millions.
The contribution
from valves division has further declined substantially during the year due to
global recession and increased competition from domestic and foreign suppliers
and entry of new players.
The Company
continues its efforts to maintain the growth in this economic downturn and face
new challenges.
The Board of
Directors have declared issue of 1,74,03,922 bonus shares in the proportion of
one new Equity share for every one existing Equity share. This is subject to
approval of members, stock exchanges where the shares of the Company are listed
and such other approvals as may be necessary.
Fixed Deposits:
The Company has no
unpaid deposits except those unclaimed after the period of maturity. As on 31st
December, 2010, 3 depositors (Rs.0.030) million had not claimed their deposits
on the due dates.
Transfer to Investor Education and Protection Fund:
During the year,
in accordance with section 205C of the Companies Act, 1956, an amount of
Rs.0.031 million being unclaimed fixed deposits and interest and, an amount of
Rs.0.176 million, being unclaimed dividends upto the year 31.12.2003, were
transferred to the Investor Education and Protection Fund established by the
Central Government.
Subsidiary and Associate:
Annual Accounts
for the year ended 31st December, 2010 of Pofran Sales and Agency
Limited (the Company’s wholly owned subsidiary) which show a profit before tax
of Rs.16.4 millions (previous year Rs.14.2 millions) for business upto the
date.
The Associate Company,
MIL Controls Limited (MIL) has made a profit before tax of Rs.279.1 millions
for the year ended 31st December, 2010 (previous year Rs.208.7
millions).
MANAGEMENT
DISCUSSION and ANALYSIS REPORT
Introduction
The Company is
engaged in the business of manufacture of power driven pumps and industrial
valves. Castings are mainly produced for captive consumption.
INDUSTRY STRUCTURE AND DEVELOPMENT
General
Year 2010 began
with optimism of sustained economic growth as a result of recovery in the
global economy in the fourth quarter of 2009. The projections for global output
for 2010 suggested consolidate recovery, led by the Emerging Market Economies
(EMEs). However, risk of large public debt in advanced economies, high
unemployment rates, impaired financial systems and premature exit from the
policy stimulus forced concern for reduction in output.
For
Output growth in
2010-11 is expected to be higher than in 2009-10. However, sluggish private
consumption, fragile global recovery and exit from fiscal stimulus and growth
supporting monetary policy would have impact on the growth process.
Industrial
production had registered double digit growth for the first straight eight
months of 2010. But declined to single digit in subsequent two months. Some
core sector industries showed negative growth. However, overall growth is
expected to be 8.5% as per estimate of Reserve Bank of
The benefits of
growth have been affected by inflationary trend both in food and nonfood items.
In the advanced economy recovery has been affected by uncertainty in Euro area
such as crisis in
Recent crisis in
Like in past
Indian economy continues to face challenges of upgrading infrastructure,
promoting growth of industrial sector, containing deficit, promoting exports
amidst global recession and overall containing inflation.
Pumps and Valves Industries
The pumps and
valves industries in
The scenario has
changed with the globalization in the country where there are large and medium
scale manufacturers and thousands of small scale manufacturers. After globalization
the entry of foreign manufacturers has changed the equation. The competition
has become severe. After financial turmoil and recession in advanced countries
from 2007-08, foreign players have been looking for entry into Indian domestic
market. With their aggressive price strategy Indian manufacturers’ margins have
been severely affected. The situation has been further aggravated by cost push
inflation.
The project
business of oil, energy and water and sewage has witnessed significant drop in the
margins of domestic manufacturers. Though there is a growth in the business,
domestic inflation and uncertainty of recovery in global market will affect
profitability of the domestic manufacturers.
SEGMENTWISE PERFORMANCE
During the year,
143674 nos. pumps (previous year 121398 nos.) were sold representing sales
value of Rs.4352 millions (previous year Rs.4210 millions). Pumps manufactured
were 152793 (nos.). During the year 131966 nos. valves (previous year 98727
nos.) were sold representing a sales value of Rs.1011 millions (previous year
Rs. 839 millions). 143655 (nos.) valves were produced during the year.
EXPORT
Global recession
also had effect on the export earnings of the Company. During the year, exports
of pumps and valves declined from Rs.782 millions to Rs.633 millions Earnings
in agency commission increased from Rs.16.5 millions to Rs.61.6 millions.
OUTLOOK
The global
economic crisis and its influences on the Indian economy is affecting the
Operations of the Company. However the Company is taking effective steps to
look for new business opportunities. The growth in order in take in 2011 is
expected to be moderate.
Program of
production harmonization at various manufacturing locations is progressing
satisfactorily. The Company continues its focus on innovation to meet the ever
changing requirements of the customer.
DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO
OPERATIONAL EFFICIENCY
Inspite of lower
profits the Company has not faced liquidity problem which is evident from
increase in cash and bank balance coupled with reduction in the interest cost.
Increase in inventory is partly on account of delay in lifting of pumps and
valves by customers.
CONTINGENT
LIABILITIES NOT PROVIDED IN RESPECT OF: (31.12.2010)
(i) Taxation matters in dispute pending at various stages of appeal
Rs.42.271 millions
(ii) Claims against the Company not acknowledged as debts Rs.5.481
millions
(iii) Bills discounted/cheques purchased with banks Rs.20.281 millions
(iv) Excise matters - Rs.49.976 millions
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED ON 30TH JUNE, 2011
(Rs. in millions)
|
Particulars |
3 months ended
on 30.06.2011 (Unaudited) |
Year to date
figures for the current period ended on 30.06.2011 (Unaudited) |
|
1. (a) Net Sales /Income from Operations |
1869.000 |
3517.300 |
|
(b) Other Operating Income |
13.200 |
26.400 |
|
Total Revenue |
1882.200 |
3543.700 |
|
2. Expenditure : |
|
|
|
a) (Increase)/decrease in Stock in Trade and Work in Progress |
(78.700) |
(300.600) |
|
b) Consumption of Raw Materials |
1039.600 |
2106.100 |
|
c) Purchase of traded goods |
27.000 |
56.600 |
|
c) Employees Cost |
277.900 |
526.400 |
|
d) Depreciation |
53.800 |
106.600 |
|
e) Other Expenditure |
472.400 |
859.200 |
|
f) Total |
1792.000 |
3354.300 |
|
3. Profit/ (Loss) from Operations before Other Income, Interest and Exceptional Items (1-2) |
90.200 |
189.400 |
|
4. Other Income |
63.100 |
85.500 |
|
5. Profit/ (Loss) before Interest and Exceptional Items (3+4) |
153.300 |
274.900 |
|
6. Interest (Net) |
3.400 |
6.900 |
|
7. Profit/ (Loss) after Interest but before Exceptional Items (5-6) |
149.900 |
268.000 |
|
8. Exceptional Items |
-- |
-- |
|
9. Profit / (Loss) from Ordinary Activities before tax (7+8) |
149.900 |
268.000 |
|
10.Tax expense |
34.100 |
73.600 |
|
11. Net Profit / (Loss) from Ordinary Activities after tax (9-10) |
115.800 |
194.400 |
|
12. Extraordinary Items (net of tax expenses) |
-- |
-- |
|
13. Net Profit / (Loss) for the period (11-12) |
115.800 |
194.400 |
|
14. Paid-up equity share capital (Face Value - Rs.10/- per share) |
348.100 |
348.100 |
|
15. Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year |
-- |
-- |
|
16. Earnings Per Share (EPS) (Note 2) |
|
|
|
(a) Basic EPS before Extraordinary items for the period, for the years to date and for the previous year (not to be annualized) |
3.33 |
5.58 |
|
(b) Diluted EPS after Extraordinary items for the period, for the years to date and for the previous year (not to be annualized) |
3.33 |
5.58 |
|
17. Public shareholding : |
|
|
|
- Number of shares |
11556586 |
11556586 |
|
- Percentage of Shareholding |
33.20 |
33.20 |
|
19. Promoters and promoter group Shareholding : |
|
|
|
a) Pledged/Encumbered |
Nil |
Nil |
|
- Number of shares |
Nil |
Nil |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
|
- Percentage of shares (as a % of the total share capital of the company) |
|
|
|
b) Non-encumbered |
|
|
|
- Number of Shares |
23251258 |
23251258 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
|
- Percentage of shares (as a % of the total share capital of the company) |
66.80 |
66.80 |
Notes:
1. The results have been approved by the Board
of Directors at Its meeting held on 29th July, 2011
2. The Company has issued bonus shares in the
ratio of 1:1 in its Extra Ordinary General meeting held on 5th
April, 2011. These bones shores were allotted on 20th April, 2011.
The EPS figures for the quarter/ period/ year have been reworked to give effect
of this allotment of bonus shares, as required by the Accounting Standard (AS)
20- “Earnings per share”.
3. Details of Investor complaints (Nos.): Nos.
Opening Balance as at 1st April,
2011: --
Complaints received during the quarter: 39
Complaints disposed off during the quarter: 39
Closing Balance as at 30th June,
2011: --
4. Segment Information is annexed.
5. A statement of Assets and liabilities as at
30th June, 2011 (Unaudited) is enclosed.
6. Figures for previous quarter/ period/ year
have been regrouped/ restated, wherever necessary.
SEGMENT
INFORMATION
(Rs. in millions)
|
Particulars |
3 months ended
on 30.06.2011 (Unaudited) |
Year to date
figures for the current period ended on 30.06.2011 (Unaudited) |
|
1. Segment Revenue |
|
|
|
(a) Pumps |
1506.800 |
2824.300 |
|
(b) Valves |
360.600 |
690.900 |
|
(c) Others |
139.200 |
237.800 |
|
Total |
2006.600 |
3753.000 |
|
|
|
|
|
Less: Inter Segment Revenue |
137.600 |
235.700 |
|
|
|
|
|
Net Sales/ Income prom Operations |
1869.000 |
3517.300 |
|
|
|
|
|
2. Segment Results |
|
|
|
(a) Pumps |
82.100 |
170.000 |
|
(b) Valves |
18.100 |
45.800 |
|
(c) Others |
(0.900) |
(2.700) |
|
Total |
99.300 |
213.100 |
|
|
|
|
|
Less: Interest |
3.400 |
6.900 |
|
Add: Other unallocable income net of unallocable expenditure |
54.000 |
61.800 |
|
Profit Before Tax |
149.900 |
268.000 |
|
|
|
|
|
3. Capital Employed |
|
|
|
(a) Pumps |
1983.200 |
1983.200 |
|
(b) Valves |
644.000 |
644.000 |
|
(c) Others |
221.500 |
221.500 |
|
Total |
2848.700 |
2848.700 |
STATEMENT OF
ASSETS AND LIABILITIES AS AT 30TH JUNE, 2011
(Rs. in millions)
|
Particulars |
6 months ended 30.06.2011 (As at 30.06.2011) (Unaudited) |
|
SHAREHOLDERS FUNDS |
|
|
(a) Share Capital |
348.100 |
|
(b) Reserves & Surplus |
3479.500 |
|
LOAN FUNDS |
181.400 |
|
|
|
|
TOTAL |
4009.000 |
|
|
|
|
FIXED ASSETS |
1572.500 |
|
|
|
|
INVESTMENT |
63.600 |
|
|
|
|
DEFERRED TAX BALANCE |
55.500 |
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
(a) Inventories |
1971.700 |
|
(b) Sundry Debtors |
1237.800 |
|
(c) Cash & Bank Balances |
945.000 |
|
(d) Loans & Advances |
678.700 |
|
(e) Income accrued on Investments |
0.000 |
|
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
(a) Current Liabilities |
(2200.700) |
|
(b) Provisions |
(315.100) |
|
|
|
|
Miscellaneous Expenditure (Not written off or adjusted) |
-- |
|
|
|
|
PROFIT AND LOSS ACCOUNT |
-- |
|
TOTAL |
4009.000 |
Fixed Assets
Tangible Assets:
v
v
v Buildings
v Plant and Machinery
v Furniture and fixtures
v Development of property
v Vehicles
v Lease Assets – Vehicles
Intangible Assets:
(Other than internally generated)
v Software
v Rights, techniques, process and technical know-how
website details:
HISTORY:
1871
The "Frankenthaler Maschinen- and Armatur-Fabrik Klein, Schanzlin and
Becker" (Machine and Valve Factory) is established.
1896
KSB sets up a British subsidiary, its first venture outside
1941
1953
The foundation of a Pakistani subsidiary marks a move into the Asian-Pacific
market, where KSB today has 15 Group companies.
1960
1984
KSB sets up a company in
1986
The leading French pump manufacturer, Paris-based Pompes Guinard S.A., joins
the KSB Group.
1987
1988
KSB acquires a majority interest in
1989
Acquisition of Amri S.A., Paris, the world's second-largest manufacturer of
butterfly valves.
1991
KSB takes over Pumpenwerk Halle and converts it into an environmental
engineering centre.
1994
The company acquires a majority stake in KSB Shanghai Pumps Company
1996
KSB becomes 100% shareholder in GIW (Georgia Ironworks).
1997
Acquisition of MIL Controls Limited,
BUSINESS DESCRIPTION:
Subject is an India-based company. It is engaged in the business of manufacture of power driven pumps and industrial valves. Castings are produced for captive consumption. The Company’s pumps and valves provide and distribute water to private, public and industrial buildings. It solves heating and air-conditioning problems. Chemical, petrochemical and many other companies use them to transport aggressive, corrosive, explosive, solids-laden and viscous liquids. The Company’s products deal with industrial and municipal waste water. The Company operates in three segments: pumps, valves and others. Pumps segment includes manufacturing / trading of all types of pumps like industrial, submersible, effluent treatment, etc and spares and services in respect thereof. Valves segment consists basically of manufacturing and trading of industrial valves and spares and services in respect thereof. The others segment represents manufacture of castings. For the fiscal year ended 31 December 2010, subject revenues increased 9% to RS6.25B. Net income decreased 18% to RS583.9M. Revenues reflect an increase in income from pumps and Valves segments, higher interest income, rise in exchange gains, net and increased other income. Net income was offset by an increase in cost of materials, rise in employees cost, increased depreciation and amortization charge and higher other expenses.
SERVICES:
For any process cycle to satisfy all applicable criteria at once, all of its components must work together smoothly.
Knowing this, KSB has always gone beyond the engineering of state-of-the-art pump and valve technology, striving to provide an airtight array of service around pumps and valves.
That means KSB stands by its customers all along, through the entire implementation phase of a project and also provides continuous after-sales service. It also means that KSB service specialists are available anywhere, anytime, all around the globe.
Their service capabilities are so recognised that they even
spared their trained service personnel to be employed internationally in
They are geared up for the prompt supply of spares for their range of manufacture and also extend all help to their customers to import spares, if required.
They undertake a variety of service contracts and energy audits to provide optimum and cost effective solutions. All this is in line with their long-term objective of increasing their service presence worldwide.
Last but not the least, they help their esteemed customers having problems with pumps and valves of other makes, both imported and indigenous, and offer all possible assistance.
BOARD OF DIRECTORS:
Gaurav Swarup
Chairman
Mr. Gaurav Swarup serves as Non-Executive Chairman of the Board of subject. He has experience in the engineering industry. His other Directorships includes Paharpur Cooling Towers Limited, Hastera Private Limited, Paharpur Industries Limited, The Industrial and Prudential Investment Company Limited, Swadeshi Polytex Limited, Upper Ganges Sugar and Industries Limited, Indo-US Mim Tec Private Limited, Tractors India Limited
A. R. Broacha
Independent
Non-Executive Director
Mr. A. R. Broacha serves as Independent Non-Executive Director of subject. He is an Advocate and Solicitor. He has experience in the corporate legal field. His other Directorships includes The Industrial and Prudential Investment Company Limited and New Holding and Trading Company Limited
W. Spiegel
Managing Director,
Executive Director
Mr. W. Spiegel serves as Managing Director, Executive Director of subject. He is a Mechanical Engineer. He has experience in Engineering industry. His other Directorship includes MIL Controls Limited and KSB Tech Private Limited
NEWS:
APPOINTMENT
OF COMPANY SECRETARY AND ASSISTANT COMPANY SECRETARY
02 August 2011
NFEH
ANNOUNCES 8TH ENVIRONMENT EXCELLENCE AWARD
26 July 2011
KARACHI, July 26 -- National Forum for Environment and
Health (NFEH) announced results of 8th Annual Environment Excellence Awards
(AEEA) for best performance of 2010-11.This was announced by Chairman Dr.
Kaiser Waheed and President NFEH M. Naeem Qureshi during the final meeting of
jury held at a local hotel. Dr. Shaikh Kaiser Waheed said the award has been
instituted to recognize and promote the organizations which make an outstanding
contribution to sustainable development. They aim to highlight policies, practices,
processes and products from all sectors of business in the country, which help
achieve economic and social development without harming the environment and
natural resources. In this year over 148 companies and organization has
submitted their nominations. According to decision 3 members jury have
finalized the name of following 68 companies for 8th AEEA-2011:ICI Pakistan,
Packages, Engro Power Gen, Lal Pir Power, NRL, Nestle Pakistan, OGDC, Qarshi
Industries, Siddiq Leather Works, Rafhan Maize Products, Siemens Pakistan,
Engro Fertilizers, Environmental Management Consultants, Cafe Student Biryani,
Pepsi Cola, PRL, Total Atlas Lubricants, Aga Khan University Hospital, Getz
Pharma, Bestway Cement, Presson Descon International, Syngenta Pakistan, GSK, Lucky
Cement, Dalda Foods, Attock Cement, IIL, Roots School System, SSGC, KSB Pumps,
Sapphire Textile, PICT, Novartis Pharma, Pakistan Cables, National Cleaner
Production Centre Foundation, Dawood Hercules Chemical, KAPCO, Tourism
Promotion Services Pakistan, M. Muhammad Shafi and Co, PTCL, Dr. Essa's
Laboratory, Crescent Bahuman, DADA Enterprises, Fauji Cement, Master Textile,
BHP Petroleum, Abbott Laboratories, Engro Corporation, Dawlance Group, Pak Arab
Refinery, United Marine Agencies, Lahore Compost, D.G. Cement, BOC Pakistan,
Prime Cables, Procter and Gamble, Pak Suzuki Motor, Interdesign FMC, Landirenzo
Pakistan, Descon Engineering, KESC, Prime Liquid, Habib Oil Mills, AVM
Chemical, Imtiaz Enterprize, Port Qasim Authority and M.Com Advertisement Company.
The jury comprises of environment experts including Dr. Sami uz Zaman, CEO
Global Environment Lab, Shamsul Haq Memon, Consultants Sindh Coastal Authority,
Zaheer Beg, EVP, National Bank of
A
LEADING PRODUCER OF PUMPS, VALVES AND RELATED SYSTEMS, BY KSB PUMPS, A FEATURE
OF "INDUSTRY TODAY" ON INDUSTRIALINFO.COM
16 May 2011
The global distributor and dealership network maintained by KSB provides the right support, with engineered pump solutions to offer qualified services for each client's most demanding needs. The team of 2,500 highly trained service engineers employed by KSB has expertise in industry, energy and environmental applications, with ongoing special training programs to continuously enhance their skills.
The KSB team of experts' goal is to bring people, products and services together. Many plant owners have a process or system that is not performing up to their expectations. The KSB teams help plant owners analyze system performance, with the goal of increasing product reliability and quality through the implementation of optimal pump and/or valve solutions.
The products on offer by KSB are complemented by the company's extensive range of services, including on-site inspections, preventative maintenance programs, and an extensive stock of inventory for rapid replacement of worn or failed components. These services are designed to safeguard the value of an installation and to provide fast assistance in emergencies.
Join Michael Blundell, the president of KSB Pumps, to learn more about the innovative pump and valve technology engineered and manufactured by KSB.
Industrial Info Resources (IIR), with world headquarters in
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] 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.49.91 |
|
|
1 |
Rs.76.53 |
|
Euro |
1 |
Rs.66.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
67 |
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.