MIRA
INFORM REPORT
|
Report Date : |
31.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
MARG LIMITED |
|
|
|
|
Registered
Office : |
Marg Axis, 4/318, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
16.12.1994 |
|
|
|
|
Com. Reg. No.: |
18-029561 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.381.200 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L45201TN1994PLC029561 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEM02014F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCM8770G |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Subject is engaged in
the business of constructions, infrastructure development and real estate
development. |
|
|
|
|
No. of Employees
: |
1213 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 240000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having good track record.
Financially company performance seem good. Fundamentals appears to healthy
and strong. However, trade relations are reported to be fair. Business is
active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealing at
usual trade terms and condition. |
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) |
|
India |
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
CRISIL assiqns valuation grade of 5/5
That is fundamental and equity appears to be strong.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ 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 : |
Marg Axis, 4/318, Old Mahabalipuram Road, Kottivakkam, Chennai – 600041, Tamilnadu, India |
|
Tel. No.: |
91 - 44 - 24541111 |
|
Fax No.: |
91 - 44 - 24541123 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
No 334, Futura Tech Park, Block B, Rajiv Gandhi Salai, Sholinganallur, Chennai – 600119, Tamilnadu. India. |
|
Tel. No.: |
91-44-45623000 |
|
Fax No.: |
91-44–45625017 |
|
|
|
|
Branch Office : |
3rd Floor, |
|
Tel. No.: |
91 - 11 - 45173500 (100
LINES) |
|
Fax No.: |
91 - 11 – 45173555 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
No.43,1st Floor, Kodihalli Extension, H.A.L., 2nd Stage,
Indiranagar, |
|
Tel. No.: |
91 - 80 - 25200339 |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. G R K Reddy |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mrs. V P Rajini Reddy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. G Raghava Reddy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arun Kumar Gurtu |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Karan Jit Singh Jasuja |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sai Baba Vutukuri |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Gauri Shanker Mishra |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
10,850,000 |
28.46 |
|
|
9,885,736 |
25.93 |
|
|
20,735,736 |
54.40 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
20,735,736 |
54.40 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2,416,925 |
6.34 |
|
|
111,167 |
0.29 |
|
|
68,170 |
0.18 |
|
|
2,596,262 |
6.81 |
|
|
|
|
|
|
5,043,531 |
13.23 |
|
|
|
|
|
|
4,824,848 |
12.66 |
|
|
2,546,603 |
6.68 |
|
|
2,147,946 |
6.22 |
|
|
45,522 |
0.12 |
|
|
353,080 |
0.93 |
|
|
218,695 |
0.57 |
|
|
1,527,099 |
4.01 |
|
|
226,550 |
0.59 |
|
|
1,000 |
-- |
|
|
14,786,928 |
38.79 |
|
Total Public shareholding (B) |
17,383,190 |
45.60 |
|
Total (A)+(B) |
38,118,926 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
Total (A)+(B)+(C) |
38,118,926 |
-- |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs. 0.100 Million BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in
the business of constructions, infrastructure development and real estate
development. |
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|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
1213 (Approximately) |
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Bankers : |
Not Available |
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|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K. Ramkumar and Company Chartered Accountants |
|
Address : |
E-7, III Floor Gemine Parsn Apartments, |
|
|
|
|
Associates : |
Rajakamanglam Thurai Fishing Harbour Private Limited |
|
|
|
|
Entities over which
KMP and/or their relatives exercise control: |
· Avinash Constructions Private Limited · Noble Habitat Private Limited · Jeevan Habitat Private Limited · Akshya Infrastructure Private Limited · MARG Foundation · Swarnabhoomi Academic Institutions |
|
|
|
|
Entities over which
KMP and/or their relatives exercise significant influence: |
· Exemplarr Worldwide Limited · MARG Digital Infrastructure Private Limited · MARG Realities Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38118926 |
Equity Shares |
Rs.10/- each |
Rs.381.200
Millions |
|
|
|
|
|
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 |
381.200 |
272.100 |
256.100 |
|
|
2] Employee Stock Option |
5.800 |
8.000 |
0.000 |
|
|
3] Warrants Application Money |
0.000 |
83.000 |
0.000 |
|
|
4] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
5] Reserves & Surplus |
5764.800 |
3997.800 |
3194.000 |
|
|
6] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6151.800 |
4360.900 |
3450.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
8044.800 |
5102.400 |
3737.400 |
|
|
2] Unsecured Loans |
0.000 |
5.600 |
0.000 |
|
|
TOTAL BORROWING |
8044.800 |
5108.000 |
3737.400 |
|
|
DEFERRED TAX LIABILITIES |
30.700 |
13.800 |
61.700 |
|
|
|
|
|
|
|
|
TOTAL |
14227.300 |
9482.700 |
7249.200 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1268.700 |
630.000 |
1150.400 |
|
|
Capital work-in-progress |
150.900 |
19.700 |
42.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
5199.300 |
4379.600 |
2414.600 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1322.700
|
469.800 |
420.400 |
|
|
Sundry Debtors |
4279.000
|
3501.000 |
1189.700 |
|
|
Cash & Bank Balances |
570.300
|
510.800 |
278.900 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
7546.400
|
4578.300 |
3987.600 |
|
Total
Current Assets |
13718.400
|
9059.900 |
5876.600 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1510.700
|
1073.700 |
687.900 |
|
|
Other Current Liabilities |
4394.700
|
3398.900 |
1438.400 |
|
|
Lease Deposits/ Rental Advances |
44.900
|
41.800 |
41.800 |
|
|
Provisions |
159.700
|
92.100 |
66.800 |
|
Total
Current Liabilities |
6110.000
|
4606.500 |
2234.900 |
|
|
Net Current Assets |
7608.400
|
4453.400 |
3641.700 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
14227.300 |
9482.700 |
7249.200 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10850.100 |
7453.900 |
4629.900 |
|
|
|
Other Income |
13.700 |
154.900 |
1.800 |
|
|
|
TOTAL (A) |
10863.800 |
7608.800 |
4631.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of
Projects/Other Operating Expenses |
9139.000 |
6007.300 |
3490.500 |
|
|
|
Personnel
Expenses |
168.400 |
97.700 |
127.200 |
|
|
|
Administrative
Expenses |
262.700 |
156.400 |
184.000 |
|
|
|
TOTAL (B) |
9570.100 |
6261.400 |
3801.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1293.700 |
1347.400 |
830.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
276.100 |
143.800 |
136.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1017.600 |
1203.600 |
693.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
68.900 |
51.700 |
64.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
948.700 |
1151.900 |
629.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
347.800 |
352.200 |
220.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
600.900 |
799.700 |
409.000 |
|
|
|
|
|
|
|
|
|
Less |
Prior Period Items (Net) |
2.200 |
4.700 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1849.400 |
1201.500 |
902.400 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed
Dividend |
76.200 |
65.900 |
51.200 |
|
|
|
Dividend Tax |
12.600 |
11.200 |
8.700 |
|
|
|
General Reserve |
45.000 |
70.000 |
50.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2314.300 |
1849.400 |
1201.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Spares |
8.1000 |
14.000 |
55.200 |
|
|
|
Materials |
0.000 |
16.500 |
0.000 |
|
|
|
Capital Goods |
93.100 |
455.100 |
0.000 |
|
|
TOTAL IMPORTS |
101.20 |
485.60 |
55.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
18.11 |
30.10 |
15.97 |
|
|
|
Diluted |
15.87 |
26.68 |
15.94 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
30.06.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd Quarter |
4th Quarter |
5th Quarter |
|
Sales Turnover |
3079.900 |
3178.800 |
4830.400 |
3919.100 |
32326.800 |
|
Total Expenditure |
2777.300 |
2851.700 |
4426.700 |
3654.500 |
2144.100 |
|
PBIDT (Excl
OI) |
302.600 |
327.100 |
403.700 |
264.600 |
182.700 |
|
Other Income |
4.400 |
781.300 |
0.900 |
0.300 |
693.300 |
|
Operating
Profit |
307.000 |
1108.400 |
404.600 |
264.900 |
876.000 |
|
Interest |
109.900 |
105.400 |
102.000 |
17.800 |
151.800 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
197.100 |
1003.000 |
302.600 |
247.100 |
724.200 |
|
Depreciation |
25.200 |
30.400 |
29.600 |
38.200 |
29.100 |
|
Profit
Before Tax |
171.900 |
972.600 |
273.000 |
208.900 |
695.100 |
|
Tax |
54.000 |
319.200 |
89.400 |
58.600 |
144.600 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
117.900 |
653.400 |
183.600 |
150.300 |
580.500 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
117.900 |
653.400 |
183.600 |
150.300 |
580.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.53
|
10.51 |
8.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.74
|
15.45 |
13.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.33
|
11.89 |
8.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.26 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.30
|
2.22 |
1.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.25
|
1.97 |
2.63 |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
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 |
---------------------- |
|
23] |
Banking Details |
No |
|
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 |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
FINANCIAL RESULTS
The year in retrospect witnessed a jump in turnover which crossed a revenue of Rs.10000.000 Millions, and has been listed by Dun and Bradstreet among “India’s Top 500 Companies, 2010”. During the year, the company’s income grew by 45.56% and the operational EPBITA was Rs.1280.000 Millions as compared to ` 119crores in the previous year. The basic Earning Per Share (EPS) is Rs.18.11 on capital of Rs.33.100 Millions weighted average number of shares and Diluted Earning Per Share is Rs.15.85 on Rs.37.700 Millions weighted average number of shares of Rs.10 each for the year.
AWARDS AND
RECOGNITIONS
The Company has received the following awards and recognitions:
1. Listed by Dun and Bradstreet among “India’s Top 500 Companies 2010”.
2. Hatrick of Awards at India Leadership Conclave 2011 for ‘India’s Most Admired Infrastructure Company 2011’, ‘Excellence in Social Service’ and for ‘Innovative CEO of the year’.
3. Sir Visvesvaraya Industrial Award by All India Manufacturers Organisation (TNSB) in 2010.
4. The ‘Second fastest growing construction Company (medium category) Award’ at the 8th Construction World Annual Awards 2010.
5. ‘India Shining Star Award 2011’ for outstanding work in CSR in the Infrastructure sector by Wockhardt Foundation.
6. 3rd Construction Industry Development Council, ‘Vishwakarma Awards 2011’ for achievements in CSR.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Subject one of India's fastest growing infrastructure organizations and listed by Dun and Bradstreet among 'India's Top 500 Companies 2010', is focused on achieving holistic regional development, unlocking economic prosperity and creating inclusive and sustainable growth models. Towards this end, the Company, by itself and through its subsidiaries, is undertaking the development and operation of infrastructure projects in the areas of marine infrastructure and urban and industrial infrastructure, thereby pioneering the development of economic growth centers. It owns and operates a 5.2 MMTPA port at Karaikal, Puducherry (currently being expanded to 21 MMTPA); and is also developing a 612 acre special economic zone (SEZ), as a part of MARG Swarnabhoomi - 'The Land of New Thinking' on the scenic East Coast Road between Chennai and Puducherry. MARG Foundation India, MARG’s EPC division provides integrated turnkey solutions by offering a plethora of services including integrated design, engineering, material procurement, field services and construction and project management services for infrastructure sector and real estate projects for its various subsidiaries as well as external customers. The Company also offers quality residential spaces, predominantly catering to the mid segment and affordable segment categories, and commercial spaces as well. In the residential segment about 4.1 million sq. ft. of space has been launched in parts of Tamil Nadu and Andhra Pradesh with another 1.4 million sq. ft. in the pipeline. MARG is also developing a multi-use commercial building, in the heart of Chennai's IT corridor, aggregating to 1.8 million square feet of total development comprising retail space (mall and multiplex), office space, hotel and service apartments.
ECONOMIC ENVIRONMENT
The Indian Economy has recovered from 2008-2009 crisis to a significant extent in 2010-11. The growth rate of GDP in 2010- 11, according to CSO (GoI), will be 8.5% (up from 7.4% in 2009-10) and is likely to be higher after factoring in the new index of industrial production series. While inflation and interest rates are causes for concern, the development of robust infrastructure is the key to achieving the 12th Five Year Plan's targeted 9.5% GDP growth.
BUSINESS VERTICALS
OVERVIEW, BUSINESS SEGMENT REVIEW AND OUTLOOK
EPC VERTICAL
A longtime player in the EPC business, MARG has upgraded its presence in Infrastructure, Marine, Industrial and Real Estate and successfully evolved as an integrated EPC-cum-asset development company from a pure EPC model earlier. The EPC business continues to support revenue streams and contributes to its steady cash flows.
The EPC division of the company has registered strong growth over the last five years, largely driven by in-house orders. EPC's revenue in FY2010-11 stands at Rs.10040.000 Millions, representing an increase of 43% Y-o-Y. The volume of external orders has also grown rapidly and is soon set to match the internal orders in terms of revenue contribution. In FY 2010-11, about 47% of EPC business revenue is realized from external customers as opposed to 17% in FY2009-10. The current order book position is around Rs.33500.000 Millions and this provides strong earnings visibility for EPC Services. The EPC division seeks to leverage its experience in marine construction and other specialized areas to carve a differentiated niche for itself. Strategic alliances with several domestic and international players have been forged in this respect.
· PYCSA S.L., a Spain based company, for jointly developing urban and rural infrastructure projects
· LAGAN Construction (Ireland based) for collaboration to strengthen the development on constructions of Roads, Airports, Marine structures, Water and Sewage Treatment Plants
· AECOM for master planning the Bijapur Airport
· BEFESA, Tecpro Systems Limited, Jyoti Limited, MR Vision Pipeline, Yashika Enterprises, Abhav Ocean WJ construction in areas including water systems, material handling, submarine/onshore/offshore pipelines etc.
PORT
MARG Karaikal Port is owned and operated by Karaikal Port Private Limited (KPPL), a subsidiary of MARG. Despite being a capital intensive and complex project, the company has successfully stabilized and ramped up operations at the Karaikal port to nearcapacity levels (5.2 MMTPA). After commissioning in April 2009, cargo traffic at the Karaikal Port has grown at a fervent pace. In FY 2010-11, the Company handled a cumulative traffic of 4.75 MMT as against 1.57 MMT in FY 2009-10. During FY 2010-11 the port earned revenue of Rs.1700.000 Millions, which represents a 240% increase from the Rs.500.000 Millions revenue generated in FY 2009-10. EBITDA was at Rs.790.000 Millions (220% increase) and PAT at Rs.240.000 Millions (398% increase). It has achieved a record peak discharge rate of 55,912 MT of coal in 24 hrs (through conventional handling) in March 2011. The port has been awarded ISO 9001: 2008, ISO 14001: 2004 and OSHAS 18001: 2007 certifications. The credit rating of Karaikal Port Private Limited (KPPL) has been upgraded to 'Triple B' from 'Triple B minus” on account of the port's robust performance.
The port is currently undergoing a four-fold expansion in capacity from 5.2 MMTPA to 21 MMTPA. It is expected to capitalize on the existing/potential demand within the immediate hinterland and also within the extended hinterland area, given its modern infrastructure and efficient cargo handling facilities relative to competing ports. The Karaikal Port also provides significant cost advantages to the existing cement plants and power plants in the hinterland, thereby resulting in the diversion of traffic from the competing ports such as Chennai and Tuticorin to Karaikal. Several upcoming power plants in the vicinity of the port, some of which are already in advanced stages of development, are expected to create an annual demand for about 60 MT of coal. The Karaikal Port is placed advantageously to cater to this demand.
SEZ
MARG is developing two Special Economic Zones (catering to Engineering and Multi-Services industries) spread over 612 acre, as a part of MARG Swarnabhoomi - 'The Land of New Thinking, under its wholly-owned subsidiary-New Chennai Township Private Limited (NCTPL). MARG Swarnabhoomi is located on the scenic East Coast Road, midway between Chennai and Puducherry.
While regulatory pressures (levy of Minimum Alternate Tax on units in SEZs) and competitive threats exist, MARG
Swarnabhoomi has achieved significant success by way of its differentiated positioning as the “Land of New Thinking”- a city of education, research, innovation and industry. By providing a unique ecosystem with the requisite residential, business and knowledge infrastructure, MARG Swarnabhoomi has been able to attract several establishments.
On the education front, Swarnabhoomi Academy of Institutes (SAI) is already functioning inside the MARG Swarnabhoomi premises. Additionally, MARG Institute of Design and Architecture Swarnabhoomi (MIDAS) and MARG Navjyothi Vidyalaya (CBSE pattern day school) started functioning from this academic year. Swarnabhoomi Academy of Music (SAM), with internationally renowned guitarist/composer PRASANNA as its President, is also functional. The Company has signed an MoU with Virginia Tech, USA to set up a centre of higher education in the advanced engineering space within the SEZ (subject to the foreign universities bill being passed). Besides, nearly 7 acres of land have been earmarked for setting up Dhyaan Dhaam (an Art of Living centre). All of these initiatives serve to position MARG Swarnabhoomi as a one-of-a-kind holistic knowledge hub.
In the Engineering segment, while some clients have commenced operation and some have their facilities under construction, several others are in advanced stages of the pipeline. Grundfos and Vanspall have commenced their operations and have started shipping export orders. Virgo and Polyhose have started construction of factory premises and are expected to be operational in FY 11-12. Many other leading companies have evinced interest in the form of LOIs (Letters of Intent).
In the Multi-services zone, a Science Park facilitiy is being setup, in which construction of Phase-I of Wet Laboratory building is currently underway and it would be ready for occupation by March, 2012. Clients signed on include Strand Genomics, Incogene, Biozeen, Symphony, Micro Labs, Laxai Avanti and Biophenolika. Several other leaders in the biotechnology and life sciences space are in the pipeline. The Department of Biotechnology (DBT), Government of India has approved the Biotechnology Incubation Center (BTIC) that is being set up under association with ICRISAT. The Incubation Center shall be functional in Q3 2011-12.
In the residential segment, the launched projects have seen high levels of absorption and this is testimony to the strong demand from not just the immediate vicinity, but also the neighbouring cities of Chennai and Puducherry. Total of 607 (0.618 million sq ft) apartments were sold during FY11 taking the total sales since inception to 1.25 million sq ft.
MARG Swarnabhoomi's FY2010-11 revenue stood at Rs.1980.000 Millions; revenue increased by 32% Y-o-Y.
OUTLOOK
The Government plans to enhance investment proposals for roads, airports, ports, railways, metro rail and other infrastructure facilities in the country. This would augur well for the private sector by creating substantial opportunities for the infrastructure players which would in turn spiral demand for residential spaces, social infrastructure and associated services.
FINANCIAL PERFORMANCE
The company follows the percentage of completion accounting method for revenues and costs in proportionate to the percentage of work in completing a project. Therefore, the revenue and cost recognition of a project happens over a period of time of the given project.
The financial highlights are:
· The income from operations increased from Rs.7450.000 Millions to Rs.10850.000 Millions, an increase of 45.56% in FY 2010-2011
· Operational PBDIT has increased from Rs.1190.000 Millions in FY 2009- 10 to Rs.1280.000 Millions in FY 2010-11
· The Debt Equity Ratio stood at 1.31:1 in FY 2010-11
· PAT for 2010-11 was Rs.598.700 Millions on an expanded equity of 38,118,926 shares
· Dividend outgo of Rs.2 per share subject to the approval of the shareholders in the ensuing AGM.
CONTINGENT LIABILITIES
Rs. In Millions
|
Particular |
31.03.2011 |
31.03.2010 |
|
Estimated amount of liability on capital contracts |
30.600 |
69.900 |
|
Corporate Guarantees given to Banks in respect of loans taken by other Companies |
22771.600 |
20171.000 |
|
Corporate Guarantees given to Banks in respect of performance bank guarantees issued |
1265.600 |
606.500 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2012
Rs. In Millions
|
Sr. |
|
3 Months Ended |
Year Ended |
|||
|
No |
Particulars |
30.06.2012 |
31.03.2012 |
30.06.2011 |
31.03.2012 |
|
|
|
|
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
|
1 |
Income from
Operations |
|
|
|
|
|
|
|
a. Net Income from Operations |
2326.800 |
3919.100 |
3079.900 |
15008.200 |
|
|
|
b. Other Operating Income |
- |
- |
-- |
- |
|
|
|
Total Income |
2326.800 |
3919.100 |
3079.900 |
15008.200 |
|
|
2 |
Expenses |
|
|
|
|
|
|
|
a. Cost of Operations |
2102.700 |
3637.100 |
2612.200 |
1,3990.000 |
|
|
|
b. Changes in Inventories of Finished Goods, |
(53.500) |
(200.300) |
24.500 |
(893.200) |
|
|
|
Work-in-progress and Stock-in-trade |
|
|
|
|
|
|
|
c. Employee Benefits Expenses |
29.200 |
82.600 |
42.400 |
182.700 |
|
|
|
d. Depreciation and Amortisation Expenses |
29.100 |
38.200 |
25.200 |
123.400 |
|
|
|
e. Other Expenses |
65.700 |
118.700 |
89.400 |
368.900 |
|
|
|
Total Expenses |
2173.200 |
3676.300 |
2793.700 |
13771.800 |
|
|
3 |
Profit from
Operations before Other Income, Finance |
153.600 |
242.800 |
286.200 |
1236.400 |
|
|
|
Costs and Exceptional Items |
|
|
|
|
|
|
4 |
Other Income |
693.300 |
0.300 |
4.400 |
786.900 |
|
|
5 |
Profit from
Ordinary Activities before Finance and Exceptional Items |
846.900 |
243.100 |
290.600 |
2023.300 |
|
|
6 |
Finance Cost |
151.800 |
34.200 |
118.700 |
396.900 |
|
|
7 |
Profit from
Ordinary Activities after Finance but before Exceptional Items |
695.100 |
208.900 |
171.900 |
1626.400 |
|
|
8 |
Exceptional Items |
- |
- |
- |
- |
|
|
9 |
Profit from
Ordinary Activities before Tax |
695.100 |
208.900 |
171.900 |
1626.400 |
|
|
10 |
Tax Expenses |
114.600 |
58.600 |
54.000 |
521.200 |
|
|
11 |
Net Profit from
Ordinary Activities after Tax |
580.500 |
150.300 |
117.900 |
1105.200 |
|
|
12 |
Extraordinary Items (net of Tax) |
- |
- |
- |
- |
|
|
13 |
Net Profit for the
period |
580.500 |
150.300 |
117.900 |
1105.200 |
|
|
14 |
Paid up Equity Share Capital (Face value per Equity Share Rs. 10 Each) |
381.200 |
381.200 |
381.200 |
381.200 |
|
|
15 |
Reserves excluding revaluation reserves |
|
|
|
|
|
|
16 |
i) Earnings per
Share (before extraordinary items) |
|
|
|
|
|
|
|
a. Basic, not annualised (Rs.) |
15.23 |
3.95 |
3.09 |
29.00 |
|
|
|
b. Diluted, not annualised (Rs.) |
15.22 |
3.94 |
3.09 |
28.97 |
|
|
|
ii) Earnings per
Share (after extraordinary items) |
|
|
|
|
|
|
|
a. Basic, not annualised (Rs.) |
15.23 |
3.95 |
3.09 |
29.00 |
|
|
|
b. Diluted, not annualised (Rs.) |
15.22 |
3.94 |
3.09 |
28.97 |
|
|
|
|
|
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
|
1 |
Public Shareholding
|
|
|
|
|
|
|
|
Number of Shares |
17,383,190 |
17,383,190 |
17,383,190 |
17,383,190 |
|
|
|
% of Shareholding |
45.60% |
45.60% |
45.60% |
45.60% |
|
|
|
|
|
|
|
|
|
|
2 |
Promoter and
Promoter Group Shareholding a. |
|
|
|
|
|
|
|
Pledged/Encumbered |
|
|
|
|
|
|
|
- Number of Shares |
12,139,386 |
8,661,886 |
7,029,136 |
8,661,886 |
|
|
|
- Percentage of Shares (As a % of the total shareholding of promoter and promoter group) |
58.54% |
41.77% |
33.90% |
41.77% |
|
|
|
-Percentage of Shares (As a % of the total share capital of the company) |
31.85% |
22.72% |
18.44% |
22.72% |
|
|
|
|
|
|
|
|
|
|
|
b. Non-Encumbered |
|
|
|
|
|
|
|
- Number of Shares |
8,596,350 |
12,073,850 |
13,706,600 |
12,073,850 |
|
|
|
- Percentage of Shares (As a % of the total shareholding of promoter and promoter group) |
41.46% |
58.23% |
66.10% |
58.23% |
|
|
|
- Percentage of shares (As a % of the total share capital of the company) |
22.55% |
31.68% |
35.96% |
31.68% |
|
|
|
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
3 months ended 30th June 2012 |
||||
|
|
Pending at the beginning of the quarter |
Nil |
||||
|
|
Received during the quarter |
7 |
||||
|
|
Disposed of during the quarter |
7 |
||||
|
|
Remaining unresolved at the end of the quarter |
Nil |
||||
Notes:
1. The above results reviewed by the Audit Committee were taken on record by the Board of Directors along with limited review report of Auditors at their meeting held on 14th August 2012 and approved for publication
2. Previous period's figures are regrouped/rearranged wherever necessary
3. Earnings per Share (EPS) is calculated using Weighted Average Method
4. Company has carried out the assessment of impairment of assets and there is no impairment of assets as defined in Accounting Standard – 28
FIXED ASSETS
· Land
· Building
· Plant and Machinery
· Electrical Equipment and Fittings
· Furniture and Fixtures
· Motor Vehicles
· Computers
AS PER WEBSITE
PRESS RELEASES
MARG INSTITUTE OF
DESIGN AND ARCHITECTURE, SWARNABHOOMI (MIDAS) WELCOMES THE SECOND BATCH OF
STUDENTS
~Attracts the best talent from across the country~
· New semester program begins from August 22, 2012
·
Parents,
Students, Faculties and leading dignitaries from the industry participated in
the program for the new batch
·
Set
of 80 students enrolled themselves into MIDAS through Anna University
Counseling process
Chennai, August 22, 2012 – MARG Institute of Design and Architecture, Swarnabhoomi (MIDAS), an educational initiative to address the global need for high quality architects by MARG, one of the fastest growing infrastructure companies in the country, organized a orientation programme to welcome the second set of new batch students who enrolled themselves into MIDAS through the counseling process in Anna University.
The dignitaries attending the initiation program were Sandeep Mehta, President – CREDAI and MD, Jain Housing and Constructions Limited, Dr. Bala Balachandran, distinguished Professor of Accounting and Information Management at the Kellogg School of Management at Northwestern University and founder and dean, Great Lakes Institute of Management, Dr. Ashrafi S Bhagat , Art Historian , Suhasini Ayer, Principal Architect, Auroville Design Consultants ,GRK Reddy, Chairman and Managing Director, MARG Group , Rajini Reddy, MD, Exemplarr Worldwide Limited, and AP Ganesshram, CEO – MARG Swarnabhoomi and Education Services.
While Mr. Sandeep Mehta, President – CREDAI, expressed views on the “Future in Architecture” , Dr. Ashrafi. S. Bhagat, Art Historian enlightened the audience on “South Indian Architecture” and Suhasini Ayer, Principal Architect, Auroville Design Consultants on “Sustainable Architecture / Building Technology”, continuing the session Prof. Jaffer AA Khan, Director, MIDAS, welcomed the 2012 batch and introduced them with the teaching pedagogy of MIDAS.
Speaking on the occasion GRK Reddy, CMD, MARG Group, said, “It is indeed a pleasure to see a new set of budding architects as the next batch at MIDAS. While the good work done by the students of the first year has been noteworthy and they have carves a niche for themselves, it is up to the new batch to keep up the standards of their seniors. With infrastructure and real estate being a critical element of our economic development, the demand for good architects will only increase. MIDAS has come into existence for providing quality education and exposure so that students have a great chance to fill the need supply gap and become professionals to reckon with in the architecture industry.”
MIDAS organized this programme for the new batch of students to acclimatize them to the course curriculum as also to introduce the 2012 batch to the faculty. The new set of students will pursue 5 years Bachelor Degree Program in Architecture Studies (B. Arch - Architecture Studies). The program is offered in both day scholar and residential modes. All the approved seats are filled and students from all over the country have joined the second batch of MIDAS.
Reacting to a full batch of budding architects, an enthused Prof. Jaffer AA Khan, Director, MIDAS, said “I am extremely happy today to welcome the new set of students to our institution. Since its inception, the one year old MIDAS has already become a familiar name in the architecture industry. Though we have a long way to go, the recognition we have got in the first year is on par with any other leading architecture institutions in the Country. With leading international and national experts visiting our institution to share their practical knowledge with the students and our excellent industry oriented curriculum will ensure that the thirst of architectural knowledge by every individual student will be fulfilled with utmost care. With just a year of campus exposure at MIDAS, a best in class architecture exhibition in the city by 2011 batch students is a recent highlight that I am particularly proud of. I’m sure the new batch will work hand in hand with the faculty and their seniors to become seasoned professionals and architects. I wish them the very best.”
MIDAS, a part of 1000 acre eco-system at MARG Swarnabhoomi has an exclusive built up area of 43,000 sq. ft which houses a well equipped library, a futuristic studio, large spacious classrooms plus audio and video learning support. The campus also has a swimming pool, basket ball courts, multi-purpose sports ground, convenio store, 24 hours clinic and health care gymnasiums.
The curriculum at MIDAS is of International Standards and the Professors are from across the globe. This will enable every student to gain extensive knowledge with regard to international architectural standards and movements, right here in India.
AP Ganesshram, CEO – MARG Swarnabhoomi and Education Services, addressing the students in the orientation program, said “MIDAS is perhaps the only institution in the country which provides direct and on the field training to its students. With lot of real estate and infrastructure projects undertaken by the MARG Group itself, the students are given an opportunity to work with the professionals on the field to gain the practical experience and I am sure this “live lab learning” experience at MIDAS will give them cutting edge competency with rich dividends when they get a chance to showcase their prowess in the field of architecture.”
As a leading infrastructure developer, MARG recognizes the demand supply gap which exists between the exponential growth of infrastructure and the lack of good schools of architecture. The program is structured to facilitate students foray into specialized areas such as Retail Design, Lighting Design, Exhibition Design, Event and Set Design and Ergonomics. Designed to bring in the prevailing trends across the world, MIDAS is one of the few Schools in India to offer alternative career options to architecture students through integrated study.
MIDAS is part of MARG Swarnabhoomi, a 1000 acre campus for education, research, innovation and industry. MARG Swarnabhoomi is being built on the concept of replicable model for a new city, students of MIDAS will have live experience on the finer aspects of architecture and have a 360 degrees learning of complete urban planning which includes, roads, drainage system, sewage, residential buildings, factory spaces, commercial complexes and landscaping etc. MARG Swarnabhoomi is designed to bring in innovation through close networking between industry and academia. Through this synergy, students will have up to-date information on industry happenings, latest trends, networking with professionals etc.
The first year batch students at MIDAS recently organized a hugely successful 6 day exhibition at Lalit Kala Akademi in Chennai ( July 2012) to showcase their year end work. World renowned architect Mr. Sanjay Mohe critically appraised the student works during his visit to the exhibition and applauded the student’s works.
MARG KARAIKAL PORT
BAGS ‘INNOVATIVE PORT OF THE YEAR’ AWARD
· Award bestowed by South East CEO Conclave and Awards 2012
·
Honoured
along with top performers of Indian logistics and shipping sectors
·
Comes
close on heels of the “Best Community Program” award at the Responsible
Business Summit held at Mumbai for the “Knowledge Connectivity for Rural
Empowerment”, a collaborative project between MARG Karaikal Port and MSSRF
Karaikal, August 3, 2012: MARG Karaikal Port, a subsidiary of Chennai headquartered MARG Group, one of India’s fastest growing infrastructure companies, was recently awarded as the “Innovative Port of the Year” at the 4th South East CEO Conclave 2012 held recently. The award was presented to MARG Karaikal Port for its relentless, continuous innovation in port development and operations at a glitter ceremony where top performers from the Indian logistics and shipping sector were honoured.
The ‘Innovative Port of the Year” is another feather in the cap for MARG Karaikal Port which has won several awards since its operation in 2009. The company has always delivered services at high efficiency and productivity levels which result in quicker vessel turnarounds and help clients save on various cost elements including vessel chartering costs.
GRK Reddy Chairman and Managing Director, MARG Group said “This is a prestigious moment for MARG Karaikal Port. At MARG, we understand the significance of innovation in every sphere of life and do our best to incorporate it in our work. I thank EXIM INDIA – Shipping Times for recognising our effort and bestowing us with this honour.”
]MARG Karaikal Port has recorded increased cargo traffic of 26.5% in 2011-12 when the growth rate of Cargo traffic at major port declined by 1.73% and minor port increased by 17.53 %. Our performance has attracted Private Equity Investment of Rs.2000.000 Millions and generated revenue of Rs.2200.000 Millions MARG Karaikal Port’s efficient operations backed by strong logistics support provide further value-addition to customers by helping them to boost their own operational productivity levels.
Commenting on the award MLN Acharyulu, Executive Director – Marine Infrastructure, MARG Group said “This is truly an honour for our entire team at MARG Karaikal Port. Innovation has been an integral part of MARG’s DNA. As an organisation we will strive to constantly improve and innovate to offer best of services to our clients. It is heartening to see that our efforts have been recognized and appreciated”
MARG Karaikal Port has shown its versatility by handling different types of cargo like coal, fertilizer, cement, raw sugar, project cargo, gypsum, containers, steel pipes, scrap, bagged sugar, construction material etc. The Port's cargo handling capacity and capabilities increased significantly during the past 12 months as 2 new deep draft berths were operationalized, taking the total number of berths available at the Port to 5 at present. The Port has deployed dedicated infrastructure to handle containers and liquid cargo and expanded the existing facilities catering to dry bulk cargo.
Commenting on the award, Captain K.N. Ramesh, Chief Operating Officer, MARG Karaikal Port said “The award reaffirms the best practices of MARG Karaikal Port and its innovative business model. Despite the challenging business environment, MARG Karaikal Port posted an impressive performance and it has consolidated its position as the new Maritime Gateway to Central Tamil Nadu.”
MARG Karaikal Port recently bagged the ‘Responsible Business Award’ for the Best Community Program at the Responsible Business Summit held in Mumbai. The company received the award for its significant contribution to society through the “Knowledge Connectivity for Rural Empowerment” project in Karaikal and Nagappatinam regions. The program is part of the various social initiatives that MARG executes under its CSR banner, MARG Parivarthan.
About MARG Karaikal
Port:
MARG Karaikal Port is a premier, deepwater, all weather port on the South East coast of India. The Port has a sizable hinterland because of its strategic location. Awarded on BOT basis by the Government of Puducherry in 2006, MARG Karaikal Port when fully developed is envisaged to have a total of 9 berths capable of handling up to 47 MMTPA. The Port is to be developed over 3 phases with the final phase getting operational by 2017.
MARG Karaikal Port's operational processes and practices are
on par with the best in the industry and the Port has managed to bag ISO 9001,
ISO 14001 and OHSAS 18001 certifications in a record time, demonstrating the
maturity and quality of operational processes followed at the Port.
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 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.55.65 |
|
|
1 |
Rs.88.10 |
|
Euro |
1 |
Rs.69.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--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 |
|
54 |
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.