1. Summary Information
|
|
|
Country |
|
|
Company Name |
TELCO
CONSTRUCTION EQUIPMENT COMPANY LIMITED |
Principal Name 1 |
MR.
RANAVEER SINHA |
|
Status |
GOOD |
Principal Name 2 |
MR.
KAMALESH CHANDRA DEWAN WAZIRCHAND MEHRA |
|
|
|
Registration # |
08-024588 |
|
Street Address |
|
||
|
Established Date |
30.12.1998 |
SIC Code |
-- |
|
Telephone# |
91-80-25588026 |
Business Style 1 |
MANUFACTURING |
|
Fax # |
91-80-25583343 |
Business Style 2 |
SELLING |
|
Homepage |
Product Name 1 |
EXCAVATORS AND RELATED SPARES |
|
|
# of employees |
1055 (APPROXIMATELY) |
Product Name 2 |
-- |
|
Paid up capital |
RS.1,000,000,000/- |
Product Name 3 |
-- |
|
Shareholders |
FOREIGN HOLDINGS -60.00% BODIES CORPORATE – 40.00% |
Banking |
STATE BANK OF |
|
Public Limited Corp. |
NO |
Business Period |
14 YEARS |
|
IPO |
NO |
International Ins. |
-- |
|
Public |
NO |
Rating |
A (64) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
ASSOCIATE |
|
TELCON ECO ROAD RESURFACES PRIVATE
LIMITED |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
10,720,800,000
|
Current Liabilities |
8,020,700,000
|
|
Inventories |
5,137,100,000
|
Long-term Liabilities |
5,127,100,000 |
|
Fixed Assets |
6,740,800,000 |
Other Liabilities |
5,791,700,000
|
|
Deferred Assets |
0,000 |
Total Liabilities |
18,939,500,000 |
|
Invest& other Assets |
3,284,300,000 |
Retained Earnings |
5,943,300,000 |
|
|
|
Net Worth |
6,943,500,000 |
|
Total Assets |
25,883,000,000 |
Total Liab. & Equity |
25,883,000,000 |
|
Total Assets (Previous Year) |
23,393,900,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
24,504,800,000 |
Net Profit |
952,000,000 |
|
Sales(Previous yr) |
19,515,300,000 |
Net Profit(Prev.yr) |
1,036,700,000 |
MIRA
INFORM REPORT
|
Report Date : |
01.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
TELCO
CONSTRUCTION EQUIPMENT COMPANY LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
30.12.1998 |
|
|
|
|
Com. Reg. No.: |
08-024588 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.1000.000
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110KA1998PLC024588 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRT02428G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT9077B |
|
|
|
|
Legal Form : |
A
Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Selling excavators and related spares. |
|
|
|
|
No. of Employees
: |
1055
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 27780000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well
established and reputed company having fine track. There appears some dip in
the profitability of the company. However, available information indicates
high financial responsibility of the company. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can
be considered good for normal 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
LAA- (Fund based/Non-fund based facilities) |
|
Rating Explanation |
High credit quality rating and low credit risk |
|
Date |
January, 2011 |
|
Rating Agency Name |
ICRA |
|
Rating |
A1+ (Commercial Paper/ Short term debt) |
|
Rating Explanation |
Stronger credit quality |
|
Date |
January, 2011 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered
Office : |
|
|
Tel. No.: |
91-80-25588026/
25583345/ 46/ 53/ 66953301/ 02/ 03/ 04/ 05 |
|
Fax No.: |
91-80-25583343/
66953309/ 25325792 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
15000
sq. ft |
|
Location : |
Leased |
|
|
|
|
Administrative
Office: |
27th
Floor, Centre I, World Trade Centre, Cuffe Parade, Mumbai – 400 005, |
|
Tel. No.: |
91-22-22160871 |
|
Fax No.: |
91-22-22185747 |
|
|
|
|
Zonal
Offices : |
Located at : v Ahmedabad v
v
v Bilaspur v
v Chennai v
v Dhanbad v
v
v Guwahati v Hospet v
v Jaipur v
v
v
v
v Pune v
v
v
v Vijaywada v Vizag |
|
|
|
|
Overseas
Office: |
Located at: v
v
v
|
|
|
|
|
Factory 1 : |
C/O Tata Motors, Telco Works, |
|
|
|
|
Factory 2 : |
KIADB, Block
No:2, Belur Industrial Estate, Mummigatti, Dharwad – 580 007, |
|
|
|
|
|
|
|
Branch Office
: |
Located at: v
v Kolkata v
v Mumbai v
v
|
DIRECTORS
As on 27.06.2011
|
Name : |
Mr. Ranaveer
Sinha |
|
Designation : |
Managing
Director |
|
Address : |
G5, |
|
Date of
Birth/Age : |
09.07.1954 |
|
Qualification
: |
PGDBM, BE (IIT Kharagpur), MS ( |
|
Date of
Appointment : |
01.01.2008 |
|
DIN No.: |
00103398 |
Other
Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U85110KA1998PLC024588 |
TELCO
CONSTRUCTION EQUIPMENT COMPANY LIMITED |
Managing
director |
1/1/2008 |
22/12/2002 |
- |
Active |
NO |
|
2 |
U45203KA2003PTC032752 |
TELCON
ECOROAD RESURFACES PRIVATE LIMITED |
Nominee
director |
17/10/2003 |
17/10/2003 |
- |
Active |
NO |
|
3 |
L74210JH1962PLC000700 |
TRF
LIMITED |
Director |
18/03/2004 |
18/03/2004 |
- |
Active |
NO |
|
Name : |
Mr. Kamalesh
Chandra Dewan Wazirchand Mehra |
|
Designation : |
Non
Executive Director |
|
Address : |
Flat # 11,
Volkart House, 63 Westfield Lane, Bhulabai Desai Road, Mumbai – 400 021,
Maharashtra, India |
|
Date of
Birth/Age : |
20.09.1939 |
|
Qualification
: |
Hon. Graduate in Arts |
|
Date of
Appointment : |
29.09.1999 |
|
DIN No.: |
00005685 |
Other
Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
L17110MH1919PLC000628 |
FORBES
AND COMPANY LIMITED |
Managing
director |
1/4/2007 |
1/4/1997 |
31/03/2008 |
Active |
NO |
|
2 |
L24202MH1920PLC000825 |
KANSAI
NEROLAC PAINTS LIMITED |
Director |
12/6/1997 |
12/6/1997 |
30/01/2007 |
Active |
NO |
|
3 |
U85100MH1946GAP005082 |
BREACH
CANDY HOSPITAL TRUST |
Director |
31/07/1997 |
31/07/1997 |
3/4/2008 |
Active |
NO |
|
4 |
U25209TZ1995PLC015238 |
NYPRO
FORBES PRODUCTS LIMITED |
Director |
18/09/1997 |
18/09/1997 |
1/12/2008 |
Active |
NO |
|
5 |
U55100MH1977PLC019660 |
FORVOL
INTERNATIONAL SERVICES LIMITED |
Director |
19/08/1998 |
19/08/1998 |
- |
Active |
NO |
|
6 |
U27109WB1931PLC007010 |
EUREKA
FORBES LIMITED |
Director |
28/05/1999 |
28/05/1999 |
25/06/2008 |
Active |
NO |
|
7 |
U85110KA1998PLC024588 |
TELCO
CONSTRUCTION EQUIPMENT COMPANY LIMITED |
Director |
29/09/1999 |
29/09/1999 |
- |
Active |
NO |
|
8 |
U67120MH1974PLC017434 |
FORBES
CAMPBELL HOLDINGS LIMITED |
Director |
27/03/2001 |
27/03/2001 |
- |
Amalgamated |
NO |
|
9 |
U70200MH2003PLC139672 |
NUEVO
CONSULTANCY SERVICES LIMITED |
Director |
28/03/2003 |
28/03/2003 |
31/07/2007 |
Active |
NO |
|
10 |
L29130MH1961PLC011980 |
SKF
INDIA LIMITED |
Director |
24/04/2003 |
24/04/2003 |
- |
Active |
NO |
|
11 |
U24232PN2003PTC017981 |
SOVEREIGN
PHARMA PRIVATE LIMITED |
Director |
28/05/2003 |
28/05/2003 |
12/2/2009 |
Active |
NO |
|
12 |
U63090MH1920PLC000808 |
VOLKART
FLEMING SHIPPING AND SERVICES LIMITED |
Director |
27/02/2004 |
27/02/2004 |
31/03/2008 |
Active |
NO |
|
13 |
U22100MH2004PLC149173 |
NEXT
GEN PUBLISHING LIMITED |
Director |
31/01/2005 |
31/01/2005 |
- |
Active |
NO |
|
14 |
U29290MH1991PLC062425 |
FORBES
TECHNOSYS LIMITED |
Director |
28/07/2005 |
28/07/2005 |
31/07/2007 |
Active |
NO |
|
15 |
U72900MH2005PLC157375 |
FORBES
EDUMETRY LIMITED |
Director |
19/12/2005 |
19/12/2005 |
3/11/2008 |
Active |
NO |
|
16 |
U61100MH2006PLC163149 |
SCI FORBES
LIMITED |
Director |
18/07/2006 |
18/07/2006 |
4/9/2007 |
Active |
NO |
|
17 |
L17116KA2006PLC038839 |
GOKAK
TEXTILES LIMITED |
Director |
29/11/2006 |
29/11/2006 |
9/8/2007 |
Active |
NO |
|
Name : |
Mr.
Shoji Iino |
|
Designation : |
Nominee
Director |
|
Address : |
4-1-33
Shibasakidai, Abiko-Shi, |
|
Date of
Birth/Age : |
11.07.1957 |
|
Qualification
: |
Graduate in Science and Technology, |
|
Date of
Appointment : |
01.04.2011 |
|
DIN No.: |
01680590 |
Other
Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U85110KA1998PLC024588 |
TELCO
CONSTRUCTION EQUIPMENT COMPANY LIMITED |
Nominee
director |
1/4/2011 |
3/5/2005 |
- |
Active |
NO |
|
2 |
U74991WB2011PTC161572 |
TORO
PROCESSORS INDIA PRIVATE LIMITED |
Director |
29/08/2011 |
26/07/2011 |
- |
Active |
NO |
|
Name : |
Mr.
Prakash Manjanath Telang |
|
Designation : |
Nominee
Director |
|
Address : |
Flat
# D – 211 |
|
Date of
Birth/Age : |
21.06.1947 |
|
Qualification
: |
BE (Mech.), MBA (IIM, Ahmedabad) |
|
Date of
Appointment : |
30.06.2006 |
|
DIN No.: |
00012562 |
Other
Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U34101JH1993PLC005546 |
TATA
CUMMINS LIMITED |
Director |
1/9/2000 |
1/9/2000 |
- |
Active |
NO |
|
2 |
U29113PN1994FLC139153 |
CUMMINS
TECHNOLOGIES INDIA LIMITED |
Director |
7/3/2001 |
7/3/2001 |
27/02/2007 |
Active |
NO |
|
3 |
L35911GA1980PLC000400 |
AUTOMOBILE
CORPORATION OF GOA LIMITED |
Director |
30/07/2002 |
30/07/2002 |
- |
Active |
NO |
|
4 |
U29100PN2000PLC130290 |
TAL
MANUFACTURING SOLUTIONS LIMITED |
Director |
17/07/2006 |
26/04/2004 |
- |
Active |
NO |
|
5 |
U85110KA1998PLC024588 |
TELCO
CONSTRUCTION EQUIPMENT COMPANY LIMITED |
Nominee
director |
25/01/2012 |
30/06/2006 |
- |
Active |
NO |
|
6 |
U34101MH2006PLC164771 |
TATA
MARCOPOLO MOTORS LIMITED |
Nominee
director |
25/06/2007 |
20/09/2006 |
- |
Active |
NO |
|
7 |
L28920MH1945PLC004520 |
TATA
MOTORS LIMITED |
Managing
director |
2/6/2009 |
18/05/2007 |
21/06/2012 |
Active |
NO |
|
8 |
U34100MH2000PLC124874 |
TML
DRIVELINES LIMITED |
Director |
22/05/2008 |
22/08/2007 |
14/07/2009 |
Active |
NO |
|
9 |
U29130MH2000PLC124872 |
HV
TRANSMISSIONS LIMITED |
Director |
22/05/2008 |
22/08/2007 |
15/07/2009 |
Amalgamated |
NO |
|
10 |
U28900PN1997PLC130940 |
FIAT
INDIA AUTOMOBILES LIMITED |
Director |
20/12/2011 |
19/03/2008 |
- |
Active |
NO |
|
11 |
U63000MH2008PLC180593 |
TML
DISTRIBUTION COMPANY LIMITED |
Director |
25/08/2009 |
11/7/2008 |
- |
Active |
NO |
|
12 |
U72900AP2006PLC077939 |
TATA
ADVANCED SYSTEMS LIMITED |
Director |
16/09/2009 |
29/07/2009 |
- |
Active |
NO |
|
13 |
L72300PN1990PLC056696 |
PERSISTENT
SYSTEMS LIMITED |
Director |
18/07/2011 |
19/08/2010 |
- |
Active |
NO |
|
14 |
U85300DL2008NPL181612 |
NATIONAL
SKILL DEVELOPMENT CORPORATION |
Director |
26/09/2011 |
29/07/2011 |
- |
Active |
NO |
|
15 |
U29268AP2010PLC077940 |
TATA
LOCKHEED MARTIN AEROSTRUCTURES LIMITED |
Director |
20/09/2011 |
10/8/2011 |
- |
Active |
NO |
|
16 |
U74990AP2008PLC077969 |
TARA
AEROSPACE SYSTEMS LIMITED |
Director |
20/09/2011 |
1/9/2011 |
- |
Active |
NO |
|
Name : |
Mr.
Hiroaki Isshiki |
|
Designation : |
Alternate
Director |
|
Address : |
3-13-8
|
|
Date of
Birth/Age : |
23.04.1958 |
|
Qualification
: |
Graduate- Foreign Studies, |
|
Date of
Appointment : |
27.04.2012 |
|
DIN No.: |
02107087 |
Other
Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U85110KA1998PLC024588 |
TELCO
CONSTRUCTION EQUIPMENT COMPANY LIMITED |
Alternate
director |
27/04/2012 |
24/03/2008 |
- |
Active |
NO |
|
2 |
U45203KA2003PTC032752 |
TELCON
ECOROAD RESURFACES PRIVATE LIMITED |
Nominee
director |
7/8/2008 |
7/8/2008 |
- |
Active |
NO |
|
Name : |
Motohiro
Narao |
|
Designation : |
Alternate
director |
|
Address : |
1-39-7,
Sakashita, Itabashi-ku, |
|
Date of
Birth/Age : |
18.11.1962 |
|
Date of
Appointment : |
18.10.2006 |
|
DIN No.: |
01680806 |
|
Name : |
Mr. Yoshimi Iwase |
|
Designation : |
Nominee
Director |
|
Address : |
3251-3,
Mitsukaidousuwa-cho, Jousou-city, |
|
Date of
Birth/Age : |
12.03.1951 |
|
Qualification
: |
Science Graduate ( |
|
Date of
Appointment : |
30.03.2010 |
|
DIN No.: |
03041650 |
KEY EXECUTIVES
|
Name : |
Mr.
Azhagesan Ayyamperumal |
|
Designation : |
Company
Secretary |
|
Address : |
Tulip
002, Rakesh Fantasy garden 118, Kasturinagar, 2nd Main Road, OMBR
Layout, Banaswadi, Bangalore – 560 043, Karnataka, India |
|
Date of Birth
: |
27.09.1963 |
|
Date of
Appointment : |
09.01.2001 |
|
PAN No.: |
AACPA0275H
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.06.2011
|
Names
of Shareholders |
No. of Shares |
|
Tata Motors
Limited, |
39749994 |
|
Tata Motors
Limited jointly with C. Ramakrishnan |
1 |
|
Tata Motors
Limited jointly with Hoshang K. Sethna |
1 |
|
Hitachi
Construction Machinery Company Limited, |
60008000 |
|
Sheba Properties
Limited, |
250000 |
|
Tata Motors Limited
jointly with Ranaveer Sinha |
1 |
|
Tata Motors
Limited jointly with G. Mani |
1 |
|
Tata Motors
Limited jointly with Manav Kohli |
1 |
|
Tata Motors
Limited jointly with N. Venkatakrishnan |
1 |
|
GreenARM Company
Limited |
8000 |
|
IVRCL Limited |
4800 |
|
Total |
100020800 |
As on 27.06.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
|
Percentage |
|
Foreign holdings (Foreign institutional investor (s), Foreign companie
(s) Foreign financial institution (s), Non-resident Indian (s) or Overseas
corporate bodies or Others) |
|
60.00 |
|
Bodies Corporate |
|
40.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturing and Selling excavators and related spares. |
||||
|
|
|
||||
|
Products : |
v Hydraulic Excavators v Crawler Cranes v Wheel Loader v Backhoe Loader v Agency Products |
PRODUCTION STATUS (AS
ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Earthmoving Machinery including bull-dozers, dumpers, scrapers, loaders, shovels and draglines (excluding walking draglines) |
Nos. |
NA |
15388 |
5052 |
GENERAL INFORMATION
|
No. of
Employees : |
1055
(Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
v State Bank of India, Corporate Accounts Group Branch, Express Towers, Nariman Point, Mumbai – 400 021, Maharashtra, India v
Standard Chartered Bank, 26-27, v
Bank of v
Corporation Bank, v
HDFC Bank Limited, v
DBS Bank Limited, Salarpuria Windsor, No.3, v The Bank of Tokyo Mitsubishi UFJ Limited, Mumbai Branch, Hoechst House, 15 Floor, 193, Vinay K Shah Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India v
Citibank N.A., UB City, v
Standard Chartered Bank, 26,27, v
Axis Bank Limited, No.9, |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
Notes : Out of the above, buyer's credit
facilities amounting to Rs.1563.600 millions (Previous year Rs.1182.300
millions) and Working capital loan from Bank's for Rs.299.100 millions
(Previous year Rs.500.000 Millions) are secured by hypothecation of
inventories and sundry debtors. Foreign Currency loan and Term Loan are
secured by hypothecation of Fixed Assets.
|
|
|
|
|
Banking Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte
Haskins and Sells Chartered
Accountants |
|
Address: |
Deloitte
Centre, |
|
Tel No : |
91-80-66276000 |
|
Fax No : |
91-80-66276011 |
|
PAN No.: |
AAAFS7376P |
|
|
|
|
Collaborators
: |
v
John Deere Industrial Equipment Company, v
|
|
|
|
|
Holding
Company : |
Hitachi Construction Machinery Company Limited |
|
|
|
|
Subsidiaries: |
v
Serviplem v
Comoplesa lebrero v
Tata
Motors Limited |
|
|
|
|
Associate : |
Telcon Ecoroad Resurfaces
Private Limited (TERPL), CIN No.: U45203KA2003PTC032752 |
|
|
|
|
Fellow Subsidiaries
|
v Hitachi Sumitomo Heavy Industries Construction Crane (shanghai) Company Limited(HSS) v
v
v
Pt. Hitachi Construction Machinery v
v Hitachi Construction Truck Manufacturing Limited(HTM) v Hitachi Construction Machinery Camino Company Limited v
|
|
|
|
|
Fellow Subsidiaries
TML : |
v Tal Manufacturing Solutions Limited v Tata Technologies Limited v HV Transmissions Limited v Sheeba Properties Limited v Tata Finance Limited v Tata Motors Financial Services Limited v HV Axles Limited v Concorde Motors India Limited |
CAPITAL STRUCTURE
As on 27.06.2011
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100020800 |
Equity
Shares |
Rs.10/-
each |
Rs.1000.208
Millions |
|
|
|
|
|
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100020800 |
Equity
Shares |
Rs.10/-
each |
Rs.1000.208
Millions |
|
|
|
|
|
As on 31.03.2011
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000000 |
Equity
Shares |
Rs.10/-
each |
Rs.1000.000
millions |
|
|
|
|
|
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000000 |
Equity
Shares |
Rs.10/-
each |
Rs.1000.000
millions |
|
|
|
|
|
Note:
Of the above 60000000 Ordinary Shares of Rs.10
each held by Hitachi Construction Machinery Limited, the holding company.
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
1000.000 |
1000.000 |
1000.000 |
|
|
2] Share
Application Money |
0.200 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
5943.300 |
6250.100 |
5679.800 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
6943.500 |
7250.100 |
6679.800 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4853.600 |
3007.100 |
4007.800 |
|
|
2] Unsecured
Loans |
273.500 |
1088.100 |
785.500 |
|
TOTAL BORROWING
|
5127.100 |
4095.200 |
4793.300 |
|
|
DEFERRED TAX
LIABILITIES |
323.600 |
249.500 |
125.200 |
|
|
|
|
|
|
|
TOTAL
|
12394.200 |
11594.800 |
11598.300 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
6740.800 |
5131.800 |
2747.500 |
|
Capital work-in-progress
|
1495.600 |
1832.100 |
2526.500 |
|
|
|
|
|
|
|
INVESTMENT
|
1788.700 |
2596.100 |
2581.700 |
|
DEFERRED TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
5137.100
|
5179.500
|
7052.800
|
|
|
Sundry Debtors
|
2757.400
|
2184.800
|
2469.700
|
|
|
Cash & Bank Balances
|
792.200
|
423.300
|
2.100
|
|
|
Other Current Assets
|
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances
|
7171.200
|
6044.700
|
5120.400
|
Total Current Assets
|
15857.900
|
13832.300
|
14645.000
|
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Sundry Creditors
|
4812.500
|
3966.000
|
3620.200
|
|
|
Other Current Liabilities
|
3208.200
|
2730.500
|
3157.500
|
|
|
Provisions
|
5468.100
|
5102.600
|
4148.200
|
Total Current Liabilities
|
13488.800
|
11799.100
|
10925.900
|
|
Net Current Assets
|
2369.100
|
2033.200
|
3719.100
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
1.600 |
23.500 |
|
|
|
|
|
|
|
TOTAL
|
12394.200 |
11594.800 |
11598.300 |
|
PROFIT &
LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
24504.800 |
19515.300 |
19366.900 |
|
|
|
Other Income |
84.700 |
459.200 |
129.000 |
|
|
|
TOTAL (A) |
24589.500 |
19974.500 |
19495.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changes Inventories |
18677.600 |
14913.000 |
|
|
|
|
Manufacturing Service Costs |
723.600 |
566.500 |
|
|
|
|
Contract Cost |
51.200 |
0.000 |
|
|
|
|
Employee Related Expenses |
1261.000 |
1053.600 |
|
|
|
|
Administrative Selling Other Expenses |
1878.900 |
1295.700 |
|
|
|
|
TOTAL (B) |
22592.300 |
17828.800 |
17605.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1997.200 |
2145.700 |
1890.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
262.900 |
308.500 |
286.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1734.300 |
1837.200 |
1604.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
379.200 |
263.400 |
241.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1355.100 |
1573.800 |
1363.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
403.100 |
537.100 |
516.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
952.000 |
1036.700 |
847.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4523.200 |
4057.400 |
3880.800 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
104.500 |
85.400 |
|
|
|
Interim Dividend |
|
0.000 |
500.000 |
|
|
|
Tax on Interim Dividend |
|
0.000 |
85.000 |
|
|
|
Proposed Dividend |
|
400.000 |
0.000 |
|
|
|
Tax on Proposed Dividend |
|
66.400 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
4943.000 |
4523.200 |
4057.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
113.300 |
106.900 |
321.100 |
|
|
|
Commission Earnings |
32.000 |
17.000 |
22.500 |
|
|
|
Other Earnings |
13.200 |
5.100 |
1.500 |
|
|
TOTAL EARNINGS |
158.500 |
129.000 |
345.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
6227.500 |
3647.900 |
5317.800 |
|
|
|
Spares |
1185.400 |
1121.800 |
953.200 |
|
|
|
Capital Goods |
94.500 |
127.400 |
195.900 |
|
|
|
Machines |
435.600 |
902.300 |
3063.100 |
|
|
TOTAL IMPORTS |
7943.000 |
5799.400 |
9530.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.52 |
10.37 |
8.47 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
PAT / Total Income
|
(%)
|
3.87
|
5.19
|
4.34
|
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
5.53
|
8.06
|
7.04
|
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
6.00
|
8.30
|
7.84
|
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.20
|
0.22
|
0.20
|
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
2.68
|
2.19
|
2.35
|
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
1.18
|
1.17
|
1.34
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
PAN of Director, if
available |
No |
|
32] |
Passport No of Director,
if available |
No |
|
33] |
Voter ID No of Director,
if available |
No |
LITIGATION AGAINST
TELCO CONSTRUCTION EQUIPMENT COMPANY LIMITED
September 29, 2008
1. 36 cases have been filed by
various customers of Telco Construction Equipment Company Limited in different District
Consumer Forum, against Telco Construction Equipment Company Limited, alleging
defects in various products. The aggregate amount of the claims in these cases
is Rs.100.010 millions. The matters are currently pending.
2. Seven cases have been filed
by various customers in different State Consumer Commissions, against Telco
Construction Equipment Company Limited, alleging defects in various products.
The customers have claimed compensation from Telco Construction Equipment
Company Limited. The aggregate amount of the claims in these cases is
Rs.142.340 millions. The matters are currently pending.
3. Six cases have been filed by
various customers before the MRTP,
FINANCIAL RESULTS:
During the year
2010-11, the Company achieved gross revenue of Rs.26230.000 millions, a 26%
increase from the previous year. The increase was mainly due to quick recovery
of the economy and increased infrastructure spending.
INDUSTRY OVERVIEW:
The country’s economic growth
story that began with a quick revival after the upheaval of 2008-09 continued
this year with an estimated GDP growth of 8.6%. The flow of credit to the
Construction Equipment (CE) Industry continued, though there were some
calibrated rate increases announced by the Government to keep a check on
inflation. The initiatives of the Government of India under Bharat Nirman
infiltrated the CE Industry in terms of huge investment in rural roads, housing
and water supply, continued to drive the demand in the industry. All these
factors had resulted in high volumes for key product categories of the CE
Industry, namely, Excavators, Backhoe Loaders and Wheel Loaders, assuring to
surpass the market size seen in the pre-slowdown era. However, the Road Sector
did not show any promising result in the year 2010-11, in the light of much
publicized promise of 20KM a day. Also, mining output, especially coal
production witnessed a relatively subdued growth, and this impacted the demand
for large class Excavators and Dumpers.
The investment from around the
Globe intensified the competition in
OPERATING RESULTS:
Despite the intense competition,
the Company was able to register a growth of 26% in the year 2010-11 over the
previous year, and sold 6807 machines (5405 in 2009-10). During the year, it
retained the market leadership in the Excavators segment, and also launched new
models. The profitability for the year had however suffered a marginal decline
from the previous year owing to the impact of exchange rate fluctuation, as
accounted in compliance with AS-11.
INFRASTRUCTURE AND FACILITIES:
At Jamshedpur: In order to
ameliorate the quality, new machinery were installed at the Companys plant at
Jamshedpur, namely, a Liebherr Gear Hobbing Machine, O-M Vertical Turn Mill
Centre and a Cone Rolling Machine for the Transit Mixers. Further, some
fixtures were installed for manufacturing Transit Mixers and Larger Excavators.
A 4000-CFM compressor was installed to cater air supply at the plant. The RandD
setup was substantiated with a Cylinder Testing Facility and a Salt Spray
Chamber.
At Dharwad: The plant at Dharwad
increased its capability by installing a new bay in the 110KV Switchyard and
substation #05 for new paint shop. A NAS Value testing shed was commissioned
for testing the quality of Hydraulic oil used in the Excavators. The Company
extended its dispatch area and added loading ramps. Also an A-2 spindle nut
runner was installed in the Transmission Assembly. In order to increase storage
space, it has also installed a High rise racking system for vertical storing of
the materials. A sewage treatment plant was setup for treatment of domestic
waste as an initiative towards environment and climate-change.
At Kharagpur: The plant at
Kharagpur augmented its infrastructure and facilities to move towards a world
class facility. Fabrication and Heavy Machine shop for Excavators, Assembly
shop for Wheel Loaders and Frame Paint shops were made operational during
2010-11. It also set up a third substation of 2000KVA. Its commitment towards
environment was reiterated with the installation and commissioning of a water
treatment plant, a sewage treatment plant and a small effluent treatment plant.
Also, new offices were inaugurated for Excavator Fabrication
Shop and Supply Chain Management
OPERATIONS:
During the year, the Company
increased its operations, in line with its strategic plans and thereby
achieving quality standards. The production of finished machines for the year
2010-11 was at 6838 units (5053 in 2009-10). Dharwad plant produced maximum
volumes of 5324 units, which included the mini and mid-sized excavators and
backhoe loaders, as against 4129 units in the previous year.
OUTLOOK:
The country’s GDP growth for
2011-12 is budgeted to be over 8.5%, which is driven largely by the continued focus
on infrastructure, especially in roads and urban /rural projects. The last
budget provided for a hike in allocation for infrastructure by 23% over the
previous year, in the form of tax free bonds, port development projects,
railways projects and credit disbursal through IIFCL. All Metro projects at
Mining, one of the key sectors
which drive the demand for Large Excavators, is likely to increase the demand
primarily for Coal Industry. It is critical for the Company to meet the demand
in the Power Sector, in which new capacities are already being created. After a
subdued growth in 2010-11, Minings growth is likely to rise with the issuance
of a number of project clearances. Apart from large class Excavators, this is
likely to increase the demand for Dumpers and Wheel Loaders too.
During the year, the Company’s
Sales and Marketing Organization was restructured with the creation of new
industry verticals, in order to exploit the above opportunities and provide a
focused approach in realizing them. Also, dedicated personnel were added in the
Concrete and Crane verticals. While the CE Industry is poised for a steady
growth, it is likely to be restrained by issues like delay in awarding
projects, inhibition of environmental clearances, worries of Inflation,
increasing interest rates and persisting global uncertainties. However, the
Company has adequately factored these issues into its future plans and is
geared up to capitalize on the growth opportunities.
FINANCE:
With continuous
hikes by RBI in policy rates to control inflation coupled with the introduction
of base rate (for immediate monetary transmission) for banks, the interest
rates kept moving higher. Such high interest rates, together with restrain in
the public spending by the Government, led to complete suction of liquidity in
the system.
The Company, with
inputs from the environment, could sense this much earlier and took steps
whereby it could reduce the overall borrowing cost, despite the increased
borrowings primarily on account of Capital expenditure. Its focused efforts
towards liquidation of inventories and reduction in collection cycle of the
receivables helped the Company in containing its working capital borrowing.
ASSOCIATES AND SUBSIDIARIES:
Serviplem, S. A.,
Comoplesa Lebrero,
S. A.,
Telcon Ecoroad
Resurfaces Private Limited (TERPL): TERPL is in the business of promoting HIR
technology and relaying of roads and carrying out turnkey projects. Effective
1st April 2010, the road laying business of TERPL is demerged and vested with
the Company,
pursuant
to a Scheme of Arrangement with TERPL since sanctioned by the Honble High Court
of Karnataka. Accordingly, all assets and liabilities pertaining to the road
laying business of TERPL were transferred to the Company effective that date,
and the transactions for the year 2010-11 reflected in its financials.
Consequently, TERPL is now providing only consultancy services relating to
promotion of HIR technology for the country’s road projects.
CONTINGENT
LIABILITIES IN RESPECT OF:
|
Particulars |
31.03.2011 (Rs.
in millions) |
|
a) Claims against the Company not acknowledged as debt towards |
|
|
Sales Tax matters |
733.100* |
|
Excise Duty |
0.300 |
|
Service Tax |
32.500 |
|
Income Tax |
43.900 |
|
Other legal cases |
8.400 |
|
Bill Discounted |
72.300 |
* Includes
Rs.655.100 millions against which the Company has obtained a stay from the High
Court, subject to deposit of Rs.250.000 millions and a sum of Rs.250.000
millions has since been paid. The amount does not include interest and penalty.
b) The Company
has, on behalf of its subsidiaries provided corporate guarantees amounting to
Euros 22.57 Million Rs.1432.000 millions to bank who have extended credit
facilities to the subsidiaries. As at year end, the subsidiaries had used such
credit facilities to the extent of Rs.1391.500 millions.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity
number of the company |
U85110KA1998PLC024588 |
|
Name of the
company |
TELCO
CONSTRUCTION EQUIPMENT COMPANY LIMITED |
|
Address of the
registered office or of the principal place of business in |
E-mail
id: telcon@telcon.co.in |
|
This form is for |
Creation of
charge |
|
Type of charge |
Others (Plant and machinery) |
|
Particular of
charge holder |
Citibank N.A., UB City, E-mail id : abhijit.menon@citi.com
|
|
Nature of
instrument creating charge |
Deed of Hypothecation
executed in favour of Citibank on 25.04.2012 with respect to the FCNR (US$)
loan of Rs.520.000 Millions, which was sanctioned vide Loan Agreement dated
24.01.2012 |
|
Date of
instrument Creating the charge |
25.04.2012 |
|
Amount secured by
the charge |
Rs.520.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: Such rates as
agreed at the time of each draw down (On 2nd February'12, the loan
amount was drawn in single tranche at an agreed interest rate of 7.20% p.a.). Terms of
repayment : The Loan shall be
repaid by the Borrower in a single tranche at the expiry of thirty six (36)
months from the date of draw down. Margin Not provided in
the Loan Agreement or in the Deed of Hypothecation. Extent and
operation of the charge : First pari passu
charge ranking pari passu with other lenders over all the Company's plant and
machinery wherever located at all the Company's plants. |
|
Short Particulars
of the property charged |
All the Company's
plant and machinery wherever located at all the Company's plants at |
FIXED ASSETS:
v Buildings
v
v Leasehold Improvements
v Plant, Machinery and Equipment, etc.
v Furniture, Fixtures and Office Appliances
v Vehicles and Transport
v Technical Knowhow
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.80 |
|
|
1 |
Rs.87.67 |
|
Euro |
1 |
Rs.68.45 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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.