MIRA
INFORM REPORT
|
Report Date : |
21.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
VIDEOCON INDUSTRIES LIMITED (w.e.f. 10.11.2003) VIDEOCON INTERNATIONAL LIMITED AMALGAMATED WITH VIDEOCON INDUSTRIES
LIMITED |
|
|
|
|
Formerly Known
As : |
VIDEOCON LEASING AND INDUSTRIAL FINANCE PRIVATE LIMITED
(w.e.f. 14.02.1991) ADHIGAM TRADING PRIVATE LIMITED |
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Registered
Office : |
14, K M Stone, |
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Country : |
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|
|
|
Financials (as
on) : |
31.12.2011 |
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|
|
|
Date of
Incorporation : |
04.09.1986 |
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|
|
|
Com. Reg. No.: |
11-103624 |
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Capital
Investment/ Paid-up Capital: |
Rs.3339.360 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1986PLC103624 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV09411D NSKV01616G |
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PAN No.: [Permanent Account No.] |
AABCV4012H |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of Electronic
/ Electric Consumer Durables and Home Appliances. |
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|
No. of
Employees: |
4500 (Approximately ) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 400000000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and a reputed company having good track. Trade relations are
reported as decent. Business is active. Payments are reported to be usually
correct and as per commitments. The financial
position of the company appears to be strong. The company can
be considered good for business dealings at usual trade terms and conditions. Note: Videocon
International limited got amalgamated with videocon industries limited on
07.07.2005 The Trading in
equity shares of Vidoecon
International limited is suspended w.e.f 06.01.2006 |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/Factory : |
14, K M Stone, Aurangabad – Paithan Road, Village
Chittegaon, Taluka Paithan, Aurangabad – 431105, Maharashtra, India |
|
Tel. No.: |
91-2431-251501/ 02/ 03/ 04 |
|
Fax No.: |
91-2431-240391/
251551 |
|
E-Mail : |
For General Inquiries : contact@videoconmail.com
For Services : customercare@vgmail.in
For Career : jobs@videocornmail.com
For Marketing : marketing@vgmail.in |
|
Website : |
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Factory 2 : |
Village: Chavaj, Via Society Area,
Taluka & Dist.: Bharuch - 392 002 (Gujarat) , |
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Factory 3 : |
Vigyan Nagar, Industrial Area, Opposite RIICO Office Shahjahanpur, Dist.: Alwar
- 301 706 (Rajasthan), |
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Marketing Office : |
296, Udyog Vihar, Phase – II, Gurgaon, |
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Tel. No.: |
91-124-4215402 |
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Corporate Office : |
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Tel. No.: |
91-214-3273091 |
DIRECTORS
|
Name : |
Mr. Venugopal
Nandlal Dhoot |
|
Designation : |
Chairman cum
Managing Director |
|
Address : |
90, Manav Mandir,
|
|
Date of Birth/Age : |
30.09.1951 |
|
Qualification : |
B.E.
(Electrical), FIE |
|
Date of Appointment : |
01.06.2005 |
|
|
|
|
Name : |
Mr. Pradeepkumar
N Dhoot |
|
Designation : |
Whole Time
Director |
|
Address : |
99, Videocon
House, 1st Floor, Manav Mandir Road, Napean Sea Road, Mumbai –
400006, Maharashtra, India |
|
Date of Birth/Age : |
22.03.1960 |
|
Date of Appointment : |
16.02.1991 |
|
|
|
|
Name : |
Mr. Subramanian
Padmanabham |
|
Designation : |
Director |
|
Address : |
30, Vishrambag
Society, Senapati Bapat Marg, Pune – 411016, |
|
Date of Birth/Age : |
01.09.1939 |
|
Date of Appointment : |
01.06.2005 |
|
|
|
|
Name : |
Mr. Satya Pal
Talwar |
|
Designation : |
Director |
|
Address : |
162, Kshitij, 47,
|
|
Date of Birth/Age : |
14.06.1939 |
|
Date of Appointment : |
08.12.2005 |
|
Name : |
Maj. Gen. S.C.N
Jatar |
|
Designation : |
Director |
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|
|
|
Name : |
Maj. Gen. S.C.N. Jatar |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Radhey Shyam
Agarwal |
|
Designation : |
Director |
|
Address : |
A-102, Chaitanya Tower,
Near Karur Vysya Bank, Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Birth : |
02.10.1942 |
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Date of Appointment : |
30.03.2009 |
|
|
|
|
Name : |
Anil G. Joshi |
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Designation : |
Director |
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|
|
|
Name : |
S.Ananthakrishanan
|
|
Designation : |
Nomine IDBI Bank
Limited |
KEY EXECUTIVES
|
Name : |
Mr. Vinod Kumar Bohar |
|
Designation : |
Company Secretary |
|
Address : |
204, Videocon House, Gangapur Gin Compound, |
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Date of Birth : |
20.05.1974 |
|
Date of Appointment : |
20.03.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 22.05.2012)
|
Category of
Shareholder |
Total No. of
Shares |
% of total No. of
Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
564,233 |
0.18 |
|
|
206,214,087 |
64.69 |
|
|
206,778,320 |
64.87 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
206,778,320 |
64.87 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1020343 |
0.32 |
|
|
10612993 |
3.33 |
|
|
18176140 |
6.24 |
|
|
11293332 |
3.54 |
|
Sub Total |
41123064 |
12.90 |
|
|
|
|
|
Bodies Corporate |
27400547 |
9.03 |
|
|
|
|
|
|
6174190 |
2.37 |
|
|
6683149 |
2.10 |
|
|
279657 |
0.09 |
|
Non Resident Indians |
278338 |
0.09 |
|
Trust and Foundation |
1319 |
- |
|
Societies |
- |
- |
|
|
40537543 |
13.59 |
|
Total Public
shareholding (B) |
81640351 |
26.49 |
|
Total (A)+(B) |
288418671 |
91.35 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
11804626 |
8.65 |
|
|
11804626 |
8.65 |
|
Total
(A)+(B)+(C) |
300223297 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs. 0.100 million BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Electronic / Electric Consumer Durables and Home Appliances. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
4500 (Approximately ) |
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Bankers : |
·
State Bank of ·
State Bank of ·
Allahabad Bank · Vijaya Bank ·
Bank of ·
State Bank of ·
Bank of ·
State Bank of ·
Central Bank of · The Federal Bank Limited ·
ICICI Bank Limited ·
Union Bank of ·
Indian Bank · IDBI Bank Limited ·
Indian Overseas Bank · Bank Punjab National Bank |
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Facilities : |
Rs.
In Millions
|
|
|
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|
Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
Khandelwal Jain
and Company Chartered
Accountant |
|
Address : |
12-B, Baldota Bhavan,
117, Maharshi Karve Road, Opposite Churchgate Railway Station, Mumbai-400020,
Maharashtra, India |
|
|
|
|
Name : |
Kadam and Company Chartered
Accountant |
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Address : |
“Vedant”, 8/9, Viraj Estate, Opp.
Tarakpur Bus Stand Ahmednagar - 414
003, |
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|
|
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Subsidiaries: |
a) Chhattisgarh Power Ventures Private Limited b) Eagle ECorp Limited c) Flair Energy Private Limited (w.e.f. 2nd March, 2011 to 20th October, 2011) d) Liberty Videocon General Insurance Company Limited (w.e.f. 19th December, 2011) e) f) Pipavav Energy Private Limited g) Prosperous Energy Private Limited (w.e.f. 1st March, 2011) h) Senator Energy Private Limited (upto 20th October, 2011) i) Triumph Energy Private Limited (upto 20th October, 2011) j) Videocon Electronics (Shenzhen) Limited (Chinese Name - Weiyoukang Electronic (Shenzhen) Co., Ltd.) k) Videocon Global Limited l) Videocon Oil Ventures Limited and its subsidiaries * - Videocon Estelle Limited (w.e.f. 14th January, 2011) - Videocon Ivory Limited (w.e.f. 14th January, 2011) - Videocon Hydrocarbon Holdings Limited and its subsidiaries ** - Videocon JPDA 06-103 Limited - Videocon Mozambique - Videocon Indonesia Nunukan Inc - Videocon Energy Brazil Limited - Videocon Australia WA-388-P Limited - Oil Services International S.A.S. m) Videocon Energy Ventures Limited and its subsidiary - Videocon Oman 56 Limited n) Videocon International Electronics Limited and its subsidiaries - Jumbo Techno Services Private Limited - Senior Consulting Private Limited - Videocon Telecommunications Limited and its subsidiary - Datacom Telecommunications Private Limited o) Videocon Energy Limited and its subsidiaries - Videocon Power Ventures Limited and its subsidiaries (upto 20th October, 2011) - Aim Energy Private Limited (upto 20th October, 2011) - Marvel Energy Private Limited (upto 20th October, 2011) - Viable Energy Private Limited (upto 20th October, 2011) - Vital Power Private Limited (upto 20th October, 2011) - Proficient Energy Private Limited and its subsidiaries *** - Instant Energy Private Limited (upto 20th October, 2011) - Orchid Energy Private Limited (upto 20th October, 2011) - Applied Energy Private Limited and its subsidiaries - Comet Power Private Limited - Galaxy Power Private Limited (upto 20th October, 2011) - Percept Energy Private Limite (upto 20th October, 2011) - Unity Power Private Limited * Videocon Oil Ventures Limited was a subsidiary of Videocon Energy Limited up to 1st July, 2011. It became a wholly owned subsidiary of Videocon Industries Limited w.e.f. 2nd July, 2011. ** Videocon Industries Limited w.e.f. 21st December, 2010 acquired 97.54% of the share capital of Videocon Hydrocarbon Holdings Limited (VHHL). w.e.f. 12th July, 2011 VHHL became step down subsidiary of Videocon Industries Limited since Videocon Industries Limited transferred 96.54% of shareholding in VHHL to Videocon Oil Ventures Limited. *** Proficient Energy Private Limited was a subsidiary of Marvel Energy Private Limited up to 19th October, 2011. It became a subsidiary of Videocon Energy Limited w.e.f. 20th October, 2011. |
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|
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Associates and
Joint Ventures: |
Goa Energy Private Limited - Associate - 26% - Radium Energy Private Limited - Associate - 26% - Videocon Infinity Infrastructure Private Limited - Joint Venture - 50% - IBV Brasil Petroleo Limitada - (50% Joint Venture of Videocon Energy Brazil Limited) - Northwest Energy Private Limited - (Associate of Proficient Energy Private Limited - 47%, w.e.f. 15th September, 2011) |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Share |
Rs.10/- each |
Rs.5000.000 Millions |
|
10000000 |
Redeemable Preference shares |
Rs.100/-each |
Rs.1000.000 Millions |
|
|
Total |
|
Rs.6000.
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
303021669 |
Equity Share |
Rs.10/- each |
Rs.3030.220
Millions |
|
|
Less: Call In Arrears |
|
0.110 |
|
4523990 |
Redeemable Preference shares |
Rs.66.66/-
each |
Rs.301.560 |
|
76870 |
8%Cumulative Redeemable Preference shares |
Rs.100 /-
each |
Rs.7.690 |
|
|
Total |
|
Rs.3339.360 |
Of the above:
Equity Shares
95,078 (Previous period 95,078) Equity Shares of Rs.10/- each have been issued on conversion of Unsecured Optionally Convertible Debentures.
156,394,378 (Previous period 156,394,378) Equity Shares of Rs.10/- each were allotted pursuant to amalgamations without payments being received in cash.
45,777,345 (Previous period 45,777,345) Equity Shares of Rs.10/- each were issued by way of Euro issues represented by Global Depository Receipts (GDR) at a price of US$ 10.00 per share (inclusive of premium).
9,522,550 (Previous period 8,464,515) Equity Shares of Rs.10/- each have been issued on conversion of 86,529 Foreign Currency Convertible Bonds (FCCBs) of US$ 1,000 each and 56 FCCBs of US$ 100,000 each (inclusive of premium).
Preference shares
4,523,990 8% Cumulative Redeemable Preference Shares of
Rs.66.66 each fully paid-up, redeemable
at par in 2 equal installments on 1st October, 2012 and 1st October, 2013.
76,870 8% Cumulative Redeemable Preference Shares of Rs.100/- each fully paid-up, redeemable at par in 3 equal installments on 1st February, 2012, 1st February, 2013 and 1st February 2014
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 (15 Months) |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3339.360 |
3479.570 |
2754.160 |
|
|
2] Share Application Money |
0.000 |
0.000 |
950.010 |
|
|
3] Reserves & Surplus |
96190.400 |
90859.200 |
69296.250 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
99529.760 |
94338.770 |
73000.420 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
98356.420 |
59376.050 |
67350.370 |
|
|
2] Unsecured Loans |
88203.780 |
58361.600 |
23495.100 |
|
|
TOTAL BORROWING |
186560.200 |
117737.650 |
90845.470 |
|
|
DEFERRED TAX LIABILITIES |
7351.210 |
6369.610 |
5123.380 |
|
|
|
|
|
|
|
|
TOTAL |
293441.170 |
218446.030 |
168969.270 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
63481.990 |
60031.060 |
60202.730 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
47437.090 |
42679.630 |
30648.990 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
20807.090
|
20401.380
|
17634.930
|
|
|
Sundry Debtors |
27504.420
|
26473.300
|
17081.130
|
|
|
Cash & Bank Balances |
5045.460
|
13164.340
|
4985.060
|
|
|
Other Current Assets |
898.620
|
555.240
|
320.430
|
|
|
Loans & Advances |
154383.310
|
65441.380
|
47935.040
|
|
Total
Current Assets |
208638.900
|
126035.640 |
87956.590 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
11726.550
|
6645.620
|
6220.690
|
|
|
Other Current Liabilities |
13385.580
|
2474.840 |
2316.430 |
|
|
Provisions |
1004.680
|
1179.840
|
1301.920
|
|
Total
Current Liabilities |
26116.810
|
10300.300 |
9839.040 |
|
|
Net Current Assets |
182522.090
|
115735.340 |
78117.550 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
293441.170 |
218446.030 |
168969.270 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 (15 Month) |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
126502.220 |
144096.910 |
91630.410 |
|
|
|
Other Income |
1063.120 |
429.860 |
340.150 |
|
|
|
TOTAL (A) |
127565.340 |
144526.770 |
91970.560 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
78924.380 |
91123.170 |
56143.960 |
|
|
|
Production and Exploration Expenses – Oil
and Gas |
9007.760 |
8298.070 |
7206.860 |
|
|
|
Salaries, Wages, Bonus, etc. |
2253.460 |
2280.070 |
1264.230 |
|
|
|
Manufacturing Expenses |
13792.490 |
16259.860 |
9436.940 |
|
|
|
TOTAL (B) |
103978.090 |
117961.170 |
74051.990 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
23587.250 |
26565.600 |
17918.570 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9777.890 |
8931.560 |
6363.610 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
13809.360 |
17634.040 |
11554.960 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6075.640 |
7129.620 |
5771.520 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7733.720 |
10504.420 |
5783.440 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2278.140 |
3057.480 |
1776.820 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5455.580 |
7446.940 |
4006.620 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
28680.290 |
22438.440 |
20619.940 |
|
|
|
|
|
|
|
|
|
Add |
EXCESS PROVISION
FOR INCOME TAX FOR EARLIER YEARS WRITTEN BACK |
0.000 |
0.000 |
736.820 |
|
|
|
|
|
|
|
|
|
Less |
SHORT PROVISION OF
FRINGE BENEFIT TAX FOR EARLIER YEARS |
56.470 |
57.830 |
0.000 |
|
|
|
|
|
|
|
|
|
|
TRANSFER FROM
DEBENTURE / BONDS REDEMPTION RESERVE |
1976.470 |
258.600 |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend – Equity |
159.390 |
301.970 |
462.530 |
|
|
|
Proposed Dividend – Preference |
33.770 |
46.080 |
36.810 |
|
|
|
Tax on Dividend |
31.330 |
57.810 |
84.860 |
|
|
|
Transfer to Debenture/Bonds Redemption
Reserve |
150.830 |
0.000 |
1340.740 |
|
|
|
Transfer to General Reserve |
1000.000 |
1000.000 |
1000.000 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
34680.550 |
28680.290 |
22438.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
|
4750.330 |
5224.280 |
|
|
|
Interest |
|
0.000 |
1.960 |
|
|
|
Other |
|
490.310 |
0.000 |
|
|
TOTAL EARNINGS |
3840.530 |
5240.640 |
5226.240 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
14026.740 |
20492.780 |
11093.450 |
|
|
|
Capital Goods |
719.660 |
1953.030 |
1765.760 |
|
|
TOTAL IMPORTS |
14746.400 |
22445.810 |
12859.210 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
|
|
|
|
|
|
BASIC |
17.73 |
27.88 |
20.49 |
|
|
|
DILUTED |
17.73 |
26.65 |
36.64 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
31.03.2012 1st Quarter
|
|
Net Sales |
29963.100 |
|
Total Expenditure |
24822.600 |
|
PBIDT (Excl OI) |
5140.500 |
|
Other Income |
385.700 |
|
Operating Profit |
5526.200 |
|
Interest |
3587.300 |
|
Exceptional Items |
0.000 |
|
PBDT |
1938.900 |
|
Depreciation |
1385.700 |
|
Profit Before Tax |
553.200 |
|
Tax |
50.000 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
503.200 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
503.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.12.2010 (15 Month) |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.28
|
5.15 |
4.36
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.11
|
7.29 |
6.31
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.84
|
5.64 |
3.90
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.11 |
0.08
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.14
|
1.32 |
1.38
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.99
|
12.24 |
8.94
|
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
- |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
No |
OPERATIONS
During the year and, the Company was able to post a stable
performance in the consumer electronics and home appliances segment. However,
the margins were under pressure in view of increase in the cost of raw
materials and components and intense competition.
OIL AND GAS:
The Company
intensified its exploratory efforts both in domestic and overseas basins to
identify new oil and gas assets. These efforts paid good dividends in terms of
new discoveries and reserve accretion.
21st September, 2011:
Petrobras, the Operator of the BM-SEAL- 11 Concession in the Sergipe Basin
announced that the presence of oil and gas accumulations, confirmed after
completing the drilling, logging, sampling fluid in a formation testing
operations at Barra well (1-SES-158) with the presence of excellent reservoirs
with good porosities and permeabilities at several depths.
7th February,
2011: Anadarko announced the latest
in a string of major deepwater natural gas discoveries off the coast of
22nd August, 2011: Anadarko announced that the Barquetine - 2 appraisal well, located in Mozambique’s Offshore Area 1 of the Rovuma Basin, encountered more than 230 net feet (70 meters) of natural gas pay in high quality Oligocene-age reservoirs. Barquetine - 2 was the first appraisal well in the Windjammer, Barquentine and Lagosta complex, which is estimated to hold a minimum of 6 trillion cubic feet (Tcf) of recoverable natural gas resources.
5th October, 2011: Anadarko announced that the appraisal section of most recent exploration well at the Camarão prospect encountered approximately 240 net feet (73 meters) of natural gas pay in an excellent quality reservoir and confirmed static pressure connectivity with the partnerships’ previously announced Windjammer and Lagosta discoveries. In addition, the Camarão well discovered approximately 140 net feet (43 meters) of natural gas pay in shallower Miocene and Oligocene sand packages not encountered in previous wells.
28th November, 2011: Barquetine-3 appraisal well encounters more than 662 net feet (202 meters) of natural gas pay in two high-quality Oligocene-aged fan systems, significantly expanding the estimated recoverable resource range to 15 to 30 + trillion cubic feet (Tcf) of natural gas, with an estimated 30 to 50 + Tcf of natural gas in place.
Post Balance Sheet
date
17th January, 2012:
Anadarko announced its seventh well in the discovery area offshore
12th March, 2012:
Anadarko announced the results of its first flow test offshore
15th May, 2012:
Anadarko announced that Golfinho exploration well discovered a new, major
natural gas accumulation nearly 20 miles (32 kilometers) northwest of its
Properidade complex within the Offshore Area 1 of the
TELECOM
Videocon Telecommunications Limited (VTL), a subsidiary of the Company, was granted Unified Access Services (UAS) Licenses in 21 circles and had also been allotted spectrum in 20 circles out of which it has launched its services in 16 circles.
The Hon’ble Supreme Court of India, vide its judgment dated 2nd February, 2012, in two separate writ petitions filed by Centre for Public Interest Litigations and by another, has quashed all the UAS Licenses granted on or after 10th January, 2008, pursuant to two press releases issued on 10th January, 2008 and the subsequent allocation of spectrum to the licencees. This includes 21 Licenses issued to the VTL and the spectrum allotted to it in 20 circles. The Hon’ble Supreme Court of India further directed that its Order of quashing the Telecom Licenses and the allocation of the spectrum shall be operative after four months from 2nd February, 2012. On 24th April, 2012, the Hon’ble Supreme Court of India modified its Order and postponed the operation of its Order of quashing of the Telecom Licenses and the allocation of the spectrum to 7th September, 2012. The Hon’ble Supreme Court of India had also directed, in its Judgement of 2nd February, 2012, Telecom Regulatory Authority of India (TRAI) to make fresh recommendations for grant of Licences and allocation of spectrum (TRAI has since issued its recommendations on 23rd April, 2012) and the Central Government to grant fresh Licenses and allocation of spectrum by auction thereafter. The Central Government has announced that it will complete the auction of Licenses and allocation of spectrum on or before 31st August, 2012. VTL has decided to participate in such auction.
POWER
The Company commissioned 5.75 MWp Solar Photovoltaic Power
Project at Village Majra, District Warora,
Comet Power Private Limited, a step down subsidiary of the Company, commissioned 5.75 MWp Solar Photovoltaic Power Project at Village Betwasiya, Osiyan, District Jodhpur, Rajasthan, in the month of October 2011.
Unity Power Private Limited, a step down subsidiary of the
Company, commissioned 5.50 MWp Solar Photovoltaic Power Project in the State of
There are two 1,200 MW coal-fired thermal electricity power
projects which are under development. These projects are being undertaken by
Pipavav Energy Private Limited and Chhattisgarh Power Ventures Private Limited,
the subsidiaries of the Company in the state of
INSURANCE
The Company has entered into a joint venture with
As on the Balance Sheet date, the Joint Venture Company, was a wholly owned subsidiary of the Company. However, currently, the Company is holding 79.41% equity stake in the Joint Venture Company
FUTURE PLAN OF
ACTION:
The Company is committed to provide variety of products at an affordable prices. The Company is looking forward to take an advantage of technological changes and compete efficiently with multinational players.
The future plan of action includes:
• Introduction of new models in LED and LCD TV. “Elena” model in LED TV is coming up with 2D to 3D conversion, Flicker Free 3D, Full HD services. “Smart TV” model in LCD TV is coming up with full fledge high speed internet, Skype, Twitter, You Tube, Picasa etc.;
• Implementation of new technology;
• Making variations in designs and making the product attractive; and
• Manufacturing of environmental friendly products keeping in mind the green initiative steps taken by the Company.
During the year and, the Company has incurred ` 86.67 Million, representing 0.07% of the turnover towards recurring R and D expenses.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
The Management of the Company has pleasure in presenting the Management Discussion and Analysis Report in compliance with the Code of Corporate Governance under Clause 49 of the Listing Agreement.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Consumer Electronics Industry is changing at its fastest speed. There are always innovations and developments in the techniques of production. The consumer trends and preferences are also changing. Lifestyle changes are influencing demand of large capacity products. New formats such as multi-door refrigerators are finding quick acceptance. Factors such as Style, Design and Colour reflect the buyer’s personalities and such factors are also considered in the purchase process. Consumers are willing to pay a premium for good design
The demand for Consumer Electronics products is expected to increase because the standard of living of the masses has been uplifted, which motivates them to live lavish life. Emphasis has been given by manufacturers on improving efficiencies, consumer research, brand building, retail refurbishments, strengthening after sales service and focusing on high end products to maintain the bottom line.
The world is all about branding and advertising. The brand is associated with a benchmark and goodwill. It has a value and it creates an impression on the minds of the customers. Videocon’s mission is to make its brand better, aspirational and increase consumer pull. With a wide and vast range of products, which are the results of constant innovation and technology upgradation, the brand provides a solution to all their needs that will keep closer to the hearts of millions of consumers.
The Company seeks to bring variety in its range of products. The range of products include Refrigerators, Air conditioners, Televisions, Washing Machines, Microwave ovens and other small appliances. Every product of the Company is different and has its own unique characteristic. The Company is committed to produce user friendly products. It emphasizes on production with the use of automated technology to reduce cost and time of the consumers.
The Company proposes to increase its money spent on R and D activities, so as to come up with new products with better technology. The Company will be focusing on branding and advertisement activities to create more awareness among the consumers.
The moto of the Company “Yahan Life Hamesha On. Videocon.” reveal that there is always fun and satisfaction with Videocon products. The Company aims in building relationships with the youth as they are its biggest target segment. In future, the Company promises to reach to maximum number of consumers for making their home happier and life easier. Easy Financing and Easy loans and credit card purchases Higher Disposable Income and Affordable Prices Changed Lifestyle and Changed Taste Increased Scope of Advertising22
Televisions:
Consumer electronics market is majorly influenced by technology which is changing day by day with many innovations and continuous R and D. Consumer preferences, life style, comfort are the major factors which lead to new innovations in technology and to provide new comfort to the users by developing user friendly yet technically sound products. They are also upgrading their range of products with latest technology and innovations.
In television sector, they have a range of products in the following categories -
• LED TV
• LCD TV
• Ultra Slim TV
• Flat TV
• Conventional TV
• Integrated Digital TV
• Android TV
• Internet TV
The Televisions have following eye catching features –
• Nano Pix Technology - which provides optimum brightness to the colours so that one cannot miss even the finest details while watching.
• 3D active shutter technology - which separates images for the left and right eyes and records them at FULL HD quality. Playing them alternatively at high speed, thus, creating the illusion of a three dimensional image.
• Bluetooth enabled model with 120 HZ Motion impact - which increases picture sharpness and overall image quality. The edges of object are very clearly defined and images move smoothly without any interruptions.
• USB (JEPG, MP 3) - build in with a 2.0 compatible version of USB. With this, you can watch the images and can listen to music on the LED TV.
• Energy Meter - Television has energy meter as a visual indicator to prompt user about energy consumption. Just by pressing a button a user can understand the current power consumption level and based on these details user can adjust the eco vision parameters that suits best of users choice to save energy and environment too.
Captured Logo - With this function user can personalize his TV. He can select any picture from USB and watch the same as a screen saver in the TV.
In this changing world, the Company is launching many new technologies like LED TVs, 3D TVs, DTH LED TVs, net connected TVs with many attractive designs and aesthetics to delight Indian consumers with wide range of products. The Company has also introduced many unique selling propositions like models with brush and metal finish, slim TVs etc. Health TV is another platform which has been introduced in LCD’s and LED TV models to take care of consumer’s health perspective.
Refrigerators:
Refrigerators have increasingly been finding their way into Indian homes. The refrigerator has marked off as the hub of the kitchen. The advancement of technology has left customers asking for more and more. The refrigerator no longer remains a boring utility appliance standing in a corner of the modern home. It is evolving in more ways than one. The products of the Company are based upon aesthetics and design, healthy food preservation and hygiene, more energy efficiency models and above all on green technology and many more advanced features.
The key growth drivers of refrigerator business in
• Growth of organized retail;
• Emergence of nuclear family and changing lifestyle trends; and
• Higher disposable income and greater aspirations bringing about a qualitative change in the preferences.
Washing Machines:
Washing Machine has become an indispensible home appliance. Now a days, with advancement of technology and awareness among the customers, there are variety of products coming in market every day. The products of the Company can be classified into following three streams -
• Front Loaded
• Top Loaded
• Semi Automatic
Some of the USPs developed by the Company for washing machines are:
• Do it theself mechanism;
• 3 inbuilt programs – pre-wash, eco-wash and intensive wash technology; and
• Attractive designs, vibrant colours, body graphics etc.
The Company is doing research on designing machines that use lesser amount of water and detergent. Also, noise reduction is another aspect; the manufactures are taking into account.
Air Conditioners:
While human desire to control the indoor environment led to the invention of air conditioning systems, growth in population, steady economic progress, industrialization, rising standard of living, affordability of technology and increase in commercial applications have led to its rapid proliferation across the globe.
The Air Conditioner market has been expanding because of increased investments in high-end industries and introduction of more sophisticated industrial processes. New commercial users and existing users such as retail outlets, shopping malls, hotels, travel agencies, restaurants have also contributed to the growth of this market. Boom in the Indian software industry i.e. IT Parks, Call Centres, BPOs have a major contribution in this market.
Microwave Ovens:
For years, microwave ovens were considered as merely reheating machines. Changing lifestyle, varied eating habits and experiment in cooking etc., have led to tremendous innovations in the Microwave ovens. The market for the same is growing and there is always a threat of competition from multinational companies.
Lack of time, changing eating habits, growing disposable income and more and more women getting into service/work culture have resulted into growth of this segment. Microwave oven are seen as a tool for facilitating convienience
INDIAN OIL AND GAS INDUSTRY
The oil and gas industry is one of the most important
sectors for any economy and directly impacts the energy security of a country.
It assumes all the more importance for a country with scarce oil and gas
reserves, such as
The Government recognizes the strategic importance of Indian
oil and gas sector and thus regularly invites the global oil and gas companies
to bid for license for exploration and production of oil and gas blocks in
Oil and Gas Segment
of Videocon:
The participating interest of the Company along with its subsidiaries/joint ventures in the oil and gas field is as hereunder:
|
Region |
Oil and Gas Field |
Name of the Operato |
Participating
Interest of Videocon |
Status |
||||||||||||||||
|
|
Ravva Oil and Gas Field |
Claim Energy |
25% |
Production |
||||||||||||||||
|
|
|
Andarko |
15% |
Exploration |
||||||||||||||||
|
Brajil |
|
|
|
|
||||||||||||||||
|
|
JPDA 06/103 |
Oilex |
20% |
Exploration |
||||||||||||||||
|
|
Numkun PSC |
Andarko |
12.5% |
Exploration |
||||||||||||||||
|
|
WA -388 P-Permit |
Oilex |
8.4% |
Exploration |
||||||||||||||||
|
|
|
|
|
|
The oil and gas blocks in
SEGMENT-WISE
PERFORMANCE
The Consolidated Financial Statements have been prepared in terms of Accounting Standard 21 on “Consolidated Financial Statements”, Accounting Standard 27 on “Financial Reporting of Interests in Joint Venture” and Accounting Standard 23 on “Accounting for Investments in Associates in Consolidated Financial Statements”. Accordingly, the segment information as per Accounting Standard 17 on Segment Reporting has been presented in consolidated financial statements.
The segment-wise turnover on consolidated basis is as under:
Rs.in Millions
|
Segment |
Year ended 31st December, 2011 (12 Months) |
Period ended 31st December, 2011 (15 Months) |
|
Consumer Electronic and Home Appliances |
115651.150 |
135403.790 |
|
Crued Oil and natural Gas |
14934.640 |
13203.330 |
|
Telecommunication |
32.230 |
1679.750 |
|
Power |
136845.070 |
- |
|
Total |
136845.070 |
150286.870 |
The global consumer electronic industry is set to witness a phenomenal growth in the near future, with the rising technological innovations. The digital technology revolution has enabled the industry to earn profits from growing interaction of digital applications. The Company is focused on utilisation of this technological advancement at its fullest. Following are some of the opportunities and threats which the Company has to face –
OUTLOOK
The Company is looking forward to expand its business of high end products leading to consumer satisfaction and saving consumers’ time and money. The R and D centre of the Company is working towards production of Home Appliances with advanced technology, new looks and increased efficiency. Increase in number of nuclear families and increased standard of living assures bright future for the industry of Consumer Electronics and Home Appliances
Contingent Liability:
Rs. in Millions
|
Particular |
31.12.2011 |
|
a)Letters of Guarantees |
76432.950 |
|
b)Letters of Credit opened including standby letters of credit |
29921.440 |
|
c)Customs Penalty |
6.000 |
|
d)Customs Duty demands under dispute [Amount paid under protest ` 0.07 Million (Previous period ` 0.07 Million)] |
441.020 |
|
e)Income Tax demands under dispute |
494.740 |
|
f)Excise Duty and Service Tax demand under dispute [Amount paid under protest ` 4.21 Million (Previous period ` 4.21 Million)] |
610.880 |
|
g)Sales Tax demands under dispute [Amount paid under protest ` 360.08 Million (Previous period ` 30.92 Million) |
919.840 |
|
h)Others Amount paid under protest ` 50.00 Million (Previous period ` 50.00 Million) |
1062.640 |
|
|
|
Show Cause Notices (SCNs) have been served on the Operator of the Ravva Oil & Gas Field Joint Venture (Ravva JV) for non payment of Service Tax and Educational Cess on various services for the period July 2003 to 31st March, 2011. The amount involved relating to Ravva Block is Rs.412.56 Million (Previous period Rs.420.55 Million).
The Operator is contesting the SCNs/demands before Commissioner of Service Tax and has filed writ petition before Hon’ble High Court of Madras challenging service tax demands on some of the services and believes that its position is likely to be upheld. The ultimate outcome of the matter cannot be presently determined and no provision for any liability that may result has been made in the accounts as the same is subject to agreement by the members of the Joint Venture. Should it ultimately become payable, the Company’s share as per the participating interest would be upto Rs.103.14 Million (Previous period
Rs.105.14 Million).
Disputed Income Tax demand amounting to Rs.22.29 Million (Previous period Rs.22.29 Million) in respect of certain payments made by Ravva Oil & Gas Field Joint Venture is currently pending before the Hon’ble High Court of Madras. The ultimate outcome of the matter cannot presently be determined and no provision for any liability that may result has been made as the same is subject to agreement by the members of the Joint Venture. Should it ultimately become payable, the Company’s share as per the participating interest would be upto Rs.5.57 Million (Previous period Rs.5.57 Million).
Press Release
Videocon announces New Natural Gas Discovery Offshore
Mozambique
Establishes Second Major Natural Gas Complex in the Offshore Area 1 making field one of the largest gas discoveries in the world in decades.
Videocon Industries Limited (Videocon) advises that Anadarko
Petroleum Corporation (Anadarko) today announced the Atum exploration well
discovered another significant natural gas accumulation within the Offshore Area
1 of the
Anadarko is the operator in the Offshore Area 1 with a 36.5% working interest
and Videocon holds 10% working interest. Other co-ownders include Mitsui E&P
Mozambique Area 1, Limited (20%), BPRL Ventures Mozambique B.V. (10%) and Cove
Energy Mozambique Rouvma Offshore, Ltd. (8.5%), Empresa Nacional de
Hidrocarobnetos, ep's 15% interest is carried through the exploration phase.
"The combined success at Atum and Golfinho and apparent
connectivity of these Oligocene fan systems, indicate these discoveries
represent our partnership's second major natural gas complex offshore
The Atum exploration well was drilled to a total depth of approximately 12,665 feet (3,860 meters), in water depths of approximately 3,285 feet (1,000 meters). Once operations are complete at Atum, the partnership plans to commence appraisal activities that are expected to be followed by a drillstem testing program in the Golfinho and Atum complex.
"With this latest discovery at Atum and a successful
upcoming appraisal program, we believe the total estimated recoverable natural
gas resource in
Texas-based
Anadarko Petroleum, the operator is expected to shortly announce a significant
upgrade in estimated reserves in the basin.
SI Reporter /
Mumbai Jun 11, 2012, 11:14 IST
Shares
of Videocon Industries and Bharat Petroleum Corporation Limited
(BPCL) have rallied more than 3% each on reports that Texas-based Anadarko
Petroleum, the operator of the Rovuma Offshore Area 1 in southern
Videocon Industries
and BPCL hold 10% each in six blocks in the deep-water
“The
new discovery would make the basin's reserves 20 times the size of
Videocon Industries
has surged over 8% at Rs 184 after opened at Rs 173 on the National Stock
Exchange. A combined volume of 1.7 million shares have already changed hands in
the counter in late morning trades, against an average sub one million shares
that were traded daily in past two weeks on both the exchanges.
BPCL is trading
higher by 4% at Rs 727 with a combined 390,637 shares changing hands on the
counter so far.
Fixed Assets:
·
·
·
Building
·
Leasehold
Improvements
·
Plant and
Machinery
·
Furnace
·
Electrical
Installation
·
Office
Equipments
·
Computer
System
·
Furniture and
Fixture
·
Vehicles
·
Computer
System
·
Goodwill
·
Computer
Software
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.55.86 |
|
|
1 |
Rs.87.93 |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.