Business
information report
1. Summary Information
|
|
|
Country |
India |
|
Company Name |
KIRLOSKAR
ELECTRIC COMPANY LIMITED |
Principal Name 1 |
Mr. Vijay R. Kirloskar |
|
Status |
Good |
Principal Name 2 |
Mr. A S. Lakshmanan |
|
|
|
Registration # |
08-000415 |
|
Street Address |
Industrial Suburb, Rajaji Nagar, Bangalore – 560 010, Karnataka |
||
|
Established Date |
26.07.1946 |
SIC Code |
-- |
|
Telephone# |
91-80-2332 2111 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-80-2332 2469 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Electric Motors |
|
|
# of employees |
1823 (Approximately) |
Product Name 2 |
AC Machines |
|
Paid up capital |
Rs.
582,573,000/- |
Product Name 3 |
DC Machines |
|
Shareholders |
Promoter and
Promoter Group – 49.24% Public
Shareholding – 50.76% |
Banking |
Axis Bank |
|
Public Limited Corp. |
Yes |
Business Period |
66 years |
|
IPO |
Yes |
International Ins. |
- |
|
Public Enterprise |
Yes |
Rating |
Ba (52) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
|
-- |
Kirsons BV |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
3,002,600,000 |
Current Liabilities |
3,263,687,000 |
|
Inventories |
1,161,719,000 |
Long-term Liabilities |
1,515,012,000 |
|
Fixed Assets |
1,614,192,000 |
Other Liabilities |
242,905,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
5,021,604,000 |
|
Invest& other Assets |
1,139,548,000 |
Retained Earnings |
1,313,882,000 |
|
|
|
Net Worth |
1,896,455,000 |
|
Total Assets |
6,918,059,000 |
Total Liab. & Equity |
6,918,059,000 |
|
Total Assets (Previous Year) |
6,316,434,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
8,238,754,000 |
Net Profit |
21,053,000 |
|
Sales(Previous yr) |
8,407,330,000 |
Net Profit(Prev.yr) |
375,928,000 |
MIRA
INFORM REPORT
|
Report Date : |
03.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
KIRLOSKAR ELECTRIC COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Industrial Suburb, Rajaji Nagar, |
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|
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Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
26.07.1946 |
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|
|
|
Com. Reg. No.: |
08-000415 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 582.573 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L85110KA1946PLC000415 |
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|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
BLRK03363D BLRK02944E BLRK01454F BLRK02375C BLRK04661G BLRK00238A |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCK2721Q |
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Legal Form : |
A Public Limited Liability Company. The company's shares are listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturers of Electrical and Power Equipment. |
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|
|
|
No. of Employees
: |
1823 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7500000 |
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|
|
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
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|
|
Comments : |
Subject is a well established and a reputed company having fine track.
Financial position of the company appear to be sound. Trade relations are reported
as fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Industrial Suburb, Rajaji Nagar, |
|
Tel. No.: |
91-80-2332 2111 / 2332 2771 |
|
Fax No.: |
91-80-2332 2469 |
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E-Mail : |
|
|
Website : |
|
|
|
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|
Corporate Office : |
Post Box
No. 5555, Malleswaram West, |
|
Tel. No.: |
91-80-2332 2111 / 2332 2771/ 23374865/ 23378735 |
|
Fax No.: |
91-80-2332 2469/ 23372448/ 23377706 |
|
|
|
|
Factory 1 : |
Belvadi Industrial Area, Mysore, Gokul Road, Hubli - 580 030, Karnataka, India |
|
Tel. No.: |
91-821-2402522 / 2402540-3 |
|
Fax No.: |
91-821-2402266 |
|
|
|
|
Factory 2 : |
Post Box No. 112, Gokul Road, Hubli - 580 030, Karnataka, India |
|
Tel. No.: |
91-836-2332771-3 |
|
Fax No.: |
91-836-2331433 |
|
|
|
|
Factory 3 : |
Plot No. 6, Hirehalli Industrial Area, Tumkur - 572 168 |
|
Tel. No.: |
91-816-23152-4 / 23104 |
|
Fax No.: |
91-816-23105 |
|
|
|
|
Factory 4 : |
Govenahalli,.Thyamagondlu, India |
|
|
|
|
Factory 5 : |
Khondhapuri, Pune, Maharashtra, India |
|
|
|
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Factory 6 : |
Nagar Road, Pune, Maharashtra, India |
|
|
|
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Factory 7 : |
Kachenahalli, Bangalore, India |
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Factory 8 : |
J D Royalite, Tumkur Road, Bangalore, India |
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|
|
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Factory 9 : |
Gabbur, Hubli, India |
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|
|
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Factory 10 : |
Jaladulagarh, Kolkata, West Bengal, India |
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|
|
|
Overseas Office 1 : |
12 A – 1 and 2, jalan 4 / 109 E, Desa Business Park, Off.
Jalan Desa – 58100, |
|
Tel No.: |
60-3-79840800 |
|
Fax No.: |
60-3-79840801 |
|
E-mail : |
|
|
|
|
|
Overseas Office 2 : |
20, |
|
Tel No.: |
65-67383732 /
6567384544 |
|
Fax No.: |
65-67383731 |
|
E-mail : |
|
|
|
|
|
Overseas Office 3 : |
16G-20, Hamriyah Free Zone,Po Box No
42519,Sharjah-UAE |
|
Tel No.: |
971-4-817304 |
|
Fax No.: |
971-4-817305 |
|
E-mail : |
|
|
|
|
|
Branch Office : |
Located at : v
v
v Kualalumpur v
v
Ahmedabad v
v
Bhuvaneshwar v
Chennai v
v
v
Durg v
Guwahati v
v
v
Jaipur v
v
Kolkata v
v
v
v
Mumbai v
v
Hubli v
v
Govenahalli |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Vijay R. Kirloskar |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. A S. Lakshmanan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S N. Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Anil Kumar Bhandari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Saroj J. Ghandy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V P Mahendra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Anuj Pattanaik |
|
Designation : |
Dy. Managing Director (w.e.f.23.09.2010) |
|
|
|
|
Name : |
Mr. P S Malik |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mr. Kamlesh Gandhi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Berthold Groeneveld |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Devenrda D. Singh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Meena Kirloskar |
|
Designation : |
Director (LIC Nominee) |
KEY EXECUTIVES
|
Name : |
Mr. P Y Mahajan |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2011
|
Category of
Shareholder |
No. of Shares |
% of No. of Shares |
|
|
|
|
|
(1) Indian |
|
|
|
Individuals / Hindu Undivided Family |
4,115,386 |
8.15 |
|
|
20,763,100 |
41.1 |
|
Sub Total |
24,878,486 |
49.24 |
|
(2) Foreign |
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
24,878,486 |
49.24 |
|
|
|
|
|
(1) Institutions |
|
|
|
Financial Institutions / Banks |
839,065 |
1.66 |
|
Insurance Companies |
3,263,824 |
6.46 |
|
|
850 |
- |
|
Sub Total |
4,103,739 |
8.12 |
|
(2)
Non-Institutions |
|
|
|
Bodies Corporate |
4,326,190 |
8.56 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs. 0.100
Million |
7,018,723 |
13.89 |
|
Individual shareholders holding nominal share capital in excess of Rs.
0.100 Million |
2,036,931 |
4.03 |
|
Any Others
(Specify) |
8,157,298 |
16.15 |
|
|
77,019 |
0.15 |
|
Overseas Corporate Bodies |
1,905,401 |
3.77 |
|
Trusts |
6,174,878 |
12.22 |
|
Sub Total |
21,539,142 |
42.63 |
|
Total Public
shareholding (B) |
25,642,881 |
50.76 |
|
Total (A)+(B) |
50,521,367 |
100 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
(1) Promoter and Promoter Group |
- |
- |
|
|
- |
- |
|
Sub Total |
- |
- |
|
Total (A)+(B)+(C) |
50,521,367 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Electrical and Power Equipment. |
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Motors/
Alternators/ Generators |
MW |
2806* |
2806* |
1933 |
|
FHP Motors |
Nos. |
-- |
-- |
6859 |
|
Engines |
Nos. |
-- |
-- |
3003 |
|
Transformers |
Kva |
2060000 |
2060000 |
4725735# |
|
Arc Welding and
Resistance Welding Equipments with Welding Aids and Accessories |
Nos. |
1800+ |
1800+ |
Nil |
|
Controls for Alternators/
Generating sets, Variable Speed Drive Controls, Static Exciters and
Inverters, Electronic Controls for Machine Tools, HV testers, Coolers, stud
Welders, Thermister Protection units and RF Induction Generators |
Units |
3000+ |
3000* |
1232 |
|
Induction
Heating Equipment such as Induction Heaters and Welders, Die Electric Heaters
and Plastic Welders with associated handling equipment |
Nos. |
150* |
50* |
Nil |
|
Vertical
Mechanical Comparator, Sigma size Electronic Gauging Indicator, Sigma flash
electronic column gauges, Sigmaster fixturing systems. |
Nos. |
1400 |
200 |
Nil |
|
Micro and Mini
Computers |
Rs. in Millions |
100* |
80 |
Nil |
|
Industrial
Electronic Voltage Regulators |
Nos. |
20000 |
8000 |
675 |
|
Uninterruptible
Power Systems |
Nos. |
5000* |
500 |
468 |
|
Metal Cutting
including Grinding Machines (**) |
Nos. |
300* |
150 |
Nil |
|
Machine tool
accessories including digital readouts (**) |
Nos. |
550* |
550 |
Nil |
|
Printed Circuit
Boards (**) |
Sq Mtrs |
2500* |
2500* |
Nil |
|
Alternators |
Nos. |
191500 |
78000 |
Nil |
|
D.G. Sets |
Nos. |
-- |
-- |
2944 |
|
Circuit
Breakers/ Starters/ Contactors/ Switchboard* |
Nos. |
-- |
-- |
680 |
Notes:
1. (**) Registered
with DGTD (*) on maximum utilization (+) On single shift.
2. There is no
change in installed capacity as compared to the previous year.
3. (@) As
certified by the Managing Director and relied upon by auditors.
4. $ Standing in
the name of Kirloskar Systems Limited, whose switchgear business was taken over
by the Company in a prior year.
5. * As per letter
no.3/24/2000-PAB-IL from Department of Industrial Policy and Promotion, New
Delhi date December 1, 2004
6. # Includes
production at subcontractors facility.
GENERAL INFORMATION
|
Customers : |
·
Wpil ·
Visa Steel ·
Tata Steel ·
JK Cement Limited ·
Ambuja Cement Limited ·
Mangalam Cement Limited ·
S S Engineers ·
Coal India Limited ·
ONGC ·
SCCL ·
HEC ·
NMDC Limited ·
Essar Oil India Limited |
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No. of Employees : |
1823 (Approximately) |
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Bankers : |
·
Axis Bank ·
Bank of India ·
ICICI Bank Limited ·
State Bank of Hyderabad ·
State Bank of Mysore ·
State Bank of Travancore ·
Bank of Commerce |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B K Ramadhyani and Company Chartered Accountants |
|
Address : |
Bangalore, Karnataka, India |
|
|
|
|
Subsidiaries : |
Kirsons BV |
|
|
|
|
Associates : |
·
Kirloskar (Malaysia) Sdn. Bhd ·
Electrical Machines Industries (Bahrain) W.L.L |
|
|
|
|
Enterprises over which key management personnel
and their relatives are able to exercise significant influence : |
·
Kirloskar Computer Services Limited ·
Kirloskar Batteries Private Limited ·
Kirloskar Power Equipment Limited ·
Ravindu Motors Private Limited ·
Vijay Farms Private Limited ·
Sri Vijaydurga Investments and Agencies Private
Limited ·
Vijay Jyothi Investment and Agencies Private
Limited ·
Abhiman Trading Company Private Limited ·
Vimraj Investment Private Limited ·
Vijay Kirthi Investment and Agencies Private
Limited ·
Kirloskar Software Services |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs. 600.000 Millions |
|
3000000 |
Preference Shares |
Rs.100/- each |
Rs. 300.000 Millions |
|
|
Total
|
|
Rs. 900.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50521367 |
Equity Shares |
Rs.10/- each |
Rs. 505.214
Millions |
|
773592 |
Preference Shares |
Rs.100/- each |
Rs. 77.359
Millions |
|
|
Total
|
|
Rs. 582.573 Millions |
Notes:
1)
Equity Shares include:
a.
10,000 Shares of face value of Rs. 0.100 million allotted
as fully paid up pursuant to a contract without payment being received in cash;
b.
6,679,572 Shares of face value of Rs. 66.796
million allotted as fully paid up by way of bonus shares by capitalization of
Capital Reserve, Capital Redemption Reserve, General Reserve and Share Premium.
c.
6,000,000 shares were allotted during the year 2003
- 04 to IDBI on conversion of Preference Share Capital at face value as per the
scheme of arrangement approved by Honourable High Court of Karnataka.
d.
2,000,000 equity shares of Rs. 10/- each
aggregating to Rs. 20 million at a premium of Rs. 20/- each was alloted during
the year 2007-08 to the promoters group in terms of order June 29, 2007 of the
Honourable High Court of Karnataka read with scheme of arrangement dated
February 13, 2003 under sections 391 to 394 of the Companies Act, 1956.
e.
6,752,550 shares issued to share holder of Kaytee
Switchgear Limited and 10,500,000 shares issued to the shareholders of
Kirloskar Power Equipments Limited, as fully paid up pursuant to the Scheme of
arrangement approved by the Honourable High Court of Karnataka under sec 391 –
394 of the Companies Act, 1956 without payment received in cash. Equity shares
so alloted includes 6,174,878 equity shares of Rs. 10/- each alloted to KECL
Investment Trust, sole beneficiary of which is the Company.
2)
1,176,746 preference shares of Rs. 100/- each
issued to preference shareholders of Kaytee Switchgear Limited as fully paid up
pursuant to the Scheme of arrangement apporved by the Honourable High Court of
Karnataka under sec 391 - 394 of the Companies Act, 1956 without payment
received in cash. 429,564 shares of Rs. 100/- each and 373,590 shares of Rs.
100/- each were redeemed during the year 2009 - 2010 and in the current year
respectively and the balance shall be redeemed on April 1, 2012
3)
400,000 (previous year 800,000) preference shares
carry a cumulative dividend of 7% per annum w.e.f 01.10.2001 payable
cumulatively out of the profits of the company. The rate of dividend can be increased
to 9% per annum by way of payment of redemption premium subject to
profitability and cash flows. These shares shall be redeemed on 30.9.2011
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 |
582.573 |
659.932 |
742.888 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1313.882 |
1292.829 |
916.901 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1896.455 |
1952.761 |
1659.789 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1003.997 |
1041.117 |
1173.368 |
|
|
2] Unsecured Loans |
511.015 |
361.122 |
294.638 |
|
|
TOTAL BORROWING |
1515.012 |
1402.239 |
1468.006 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3411.467 |
3355.000 |
3127.795 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1614.192 |
1685.509 |
1604.249 |
|
|
Capital work-in-progress |
53.947 |
73.209 |
93.176 |
|
|
|
|
|
|
|
|
INVESTMENT |
1085.601 |
857.943 |
668.685 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1161.719
|
912.182 |
736.238
|
|
|
Sundry Debtors |
1963.307
|
2000.512 |
1895.783
|
|
|
Cash & Bank Balances |
557.023
|
444.919 |
484.230
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
482.270
|
342.160 |
561.369
|
|
Total
Current Assets |
4164.319
|
3699.773 |
3677.620 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1987.853
|
1909.744 |
1770.648 |
|
|
Other Current Liabilities |
1275.834
|
704.676 |
814.580
|
|
|
Provisions |
242.905
|
347.014 |
330.707
|
|
Total
Current Liabilities |
3506.592
|
2961.434 |
2915.935 |
|
|
Net Current Assets |
657.727
|
738.339 |
761.685
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3411.467 |
3355.000 |
3127.795 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8238.754 |
8407.330 |
8666.592 |
|
|
|
Other Income |
36.919 |
119.529 |
91.043 |
|
|
|
On sale of Fixed Assets |
0.078 |
0.040 |
0.048 |
|
|
|
TOTAL (A) |
8275.751 |
8526.899 |
8757.683 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Raw Materials, Stores, Spares Parts and Components
& Purchasing for Trading |
6330.884 |
6151.261 |
6674.953 |
|
|
|
Operating and Other Expenses |
1482.615 |
1500.623 |
1346.322 |
|
|
|
Loss on sale of Fixed Assets |
0.467 |
0.032 |
3.619 |
|
|
|
Prior Period Income / (Expenses) |
1.025 |
(6.366) |
0.000 |
|
|
|
TOTAL (B) |
7814.991 |
7645.550 |
8024.894 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
460.760 |
881.349 |
732.789 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
257.578 |
225.674 |
225.266 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
203.182 |
655.675 |
507.523 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
181.902 |
174.716 |
159.004 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
21.280 |
480.959 |
348.519 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.227 |
105.031 |
46.399 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
21.053 |
375.928 |
302.120 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
957.599 |
718.453 |
505.149 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Debenture Redemption Reserve |
0.000 |
16.466 |
16.467 |
|
|
|
Transfer to Capital Redemption Reserve |
77.359 |
120.316 |
40.000 |
|
|
|
Provision for Preference Dividend |
0.000 |
0.000 |
27.650 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
4.699 |
|
|
BALANCE CARRIED
TO THE B/S |
901.293 |
957.599 |
718.453 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of
exports |
641.196 |
560.156 |
720.703 |
|
|
|
Remittances from
overseas offices |
23.983 |
53.383 |
17.750 |
|
|
|
Dividends
received |
0.352 |
0.137 |
0.297 |
|
|
|
Professional
services rendered |
3.918 |
5.012 |
3.690 |
|
|
TOTAL EARNINGS |
669.449 |
618.688 |
742.440 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
406.151 |
325.375 |
507.538 |
|
|
|
Components & Spares Parts |
250.481 |
232.839 |
72.875 |
|
|
|
Capital Goods |
3.370 |
0.000 |
9.930 |
|
|
TOTAL IMPORTS |
660.002 |
558.214 |
590.343 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.18 |
6.95 |
5.59 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
2153.400 |
2325.000 |
2043.100 |
|
Total Expenditure |
2093.900 |
2149.600 |
1903.700 |
|
PBIDT (Excl OI) |
59.500 |
175.400 |
139.400 |
|
Other Income |
7.100 |
8.700 |
3.200 |
|
Operating Profit |
66.600 |
184.100 |
142.600 |
|
Interest |
69.700 |
72.400 |
70.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(3.100) |
111.700 |
72.000 |
|
Depreciation |
43.900 |
55.200 |
54.600 |
|
Profit Before Tax |
(47.000) |
56.500 |
17.400 |
|
Tax |
0.000 |
0.100 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(47.000) |
56.400 |
17.400 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(47.000) |
56.400 |
17.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.25
|
4.41 |
3.45 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.26
|
5.72 |
4.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.37
|
8.93 |
6.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.25 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.65
|
2.23 |
2.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19
|
1.25 |
1.26 |
LOCAL AGENCY FURTHER INFORMATION
COMPANY
PERFORMANCE
During the year,
the Company has achieved a turnover (Gross) of Rs. 8.24 billion (previous year
Rs. 8.41 billion). The operations have resulted in a net profit of Rs. 21.1
million (previous year Rs. 375.9 million).
INDUSTRY OUTLOOK
The Electrical
Industry has been witnessing consistent growth during last few years but for a
lull during 2008-09 on account of worldwide recession, which affected all industries.
The performance of the industry is directly related to the country’s GDP
growth. If the monsoon is good, forecast for which is “normal”, the Electrical
Industry should perform well in 2011-12 also.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY
The Company is
engaged in Electrical Industry, which has various groups such as Rotating
Machines Group, Static Equipments Group, Switchgears Group, Transformers Group,
Capacitors Group, Transmission Lines Group, etc., Each product group is having
its different products within its broad range. The industry is further divided
into Organized Sector and Unorganized Sector. The Company manufactures and
deals in major products in the industry.
PERFORMANCE OVERVIEW
During the year
the Company has achieved a turnover of Rs. 8.24 billion as against Rs.
8.41billion in the previous year. The profit after tax for the year is Rs. 21.1
millions as against a profit of Rs. 375.9 millions in the previous year.
SEGMENTWISE OR PRODUCTWISE PERFORMANCE
The Company has
identified the reportable segments as Rotating Machines Group, Power Generation
and Distribution Group and Others, taking into account the nature of products
and services, the different risks and returns and the internal reporting
systems.
The segment wise turnover of the Company is as follows: -
(Rs.
In Millions)
|
Products |
2010-2011 |
2009-2010 |
|
Rotating Machines Group |
6401.652 |
7536.264 |
|
Power Generation and Distribution Group |
4646.760 |
4496.139 |
|
Others |
535.905 |
444.497 |
|
TOTAL |
11584.317 |
12476.900 |
FUTURE OUTLOOK
As has been
mentioned earlier in the Report, the Indian Industry is set to perform well. It
appears that the economy will have GDP growth of about 8.6% in 2011-12. The
various industries to which the Company caters to are expected to do well and
demand from them is expected to be good. The power deficit provides opportunity
to share in the chain of power business. The outlook appears to be good at this
juncture.
FIXED ASSETS
v Goodwill
v Land
v Buildings
v Plant and Machinery
v Furniture and
Equipment
v Vehicles
v Aircraft
STANDALONE
UNAUDITED (REVIWED) FINANCIAL RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2011
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months
Ended |
|
|
|
|
31.12.2011 (Unaudited) |
30.09.2011 (Unaudited) |
31.12.2011 (Unaudited) |
|
1. |
Net Sales/Income
from Operations |
2043.100 |
2325.000 |
6521.500 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
a) (Increase) / Decrease in Stock in Trade |
(48.700) |
(306.100) |
(383.600) |
|
|
b) Purchase of Traded Goods |
155.700 |
183.900 |
380.600 |
|
|
c) Employees Cost |
227.800 |
193.500 |
618.000 |
|
|
d) Depreciation |
54.600 |
55.200 |
153.700 |
|
|
e) Other Expenditure |
173.000 |
260.900 |
617.100 |
|
|
f) Consumption of Raw Material |
1395.900 |
1817.400 |
4915.000 |
|
|
g) Total |
1958.300 |
2204.800 |
6300.800 |
|
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
84.800 |
120.200 |
220.700 |
|
|
|
|
|
|
|
4. |
Other Income |
3.200 |
8.700 |
18.900 |
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
88.000 |
128.900 |
239.600 |
|
|
|
|
|
|
|
6. |
Interest |
70.60 |
72.400 |
212.700 |
|
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
17.400 |
56.500 |
26.900 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
17.400 |
56.500 |
26.900 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
|
|
|
|
|
a) Current tax |
0.000 |
0.100 |
0.100 |
|
|
b) Deferred tax |
-- |
-- |
-- |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
17.400 |
56.400 |
26.800 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
17.400 |
56.400 |
26.800 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
505.200 |
505.200 |
505.200 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
0.31 |
1.08 |
0.42 |
|
|
b) Basic and diluted EPS after extraordinary items |
0.31 |
1.08 |
0.42 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
25642881 |
25678562 |
25642881 |
|
|
- Percentage of Shareholding |
50.76% |
50.83% |
50.76% |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
2500000 |
2500000 |
2500000 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
10.05% |
10.06% |
10.05% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
4.95% |
4.95% |
4.95% |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
22378486 |
22342805 |
22378486 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
89.95% |
89.94% |
89.95% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
44.29% |
44.22% |
44.29% |
REVENUES, RESULTS
AND CAPITAL EMPLOYED FOR THE SEGMENTS FOR THE QUARTER ENDED DECEMBER 31, 2011
(Rs. in millions)
|
Sl. No. |
|
Particulars |
Quarter Ended |
Nine Months
Ended |
|
|
|
31.12.2011 |
30.09.2011 |
31.12.2011 |
||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
Power Generation/ Distribution |
1103.600 |
1213.900 |
3552.000 |
|
|
|
Rotating Machines |
986.900 |
1267.500 |
3264.000 |
|
|
|
Others |
179.600 |
168.100 |
523.800 |
|
|
|
|
|
|
|
|
|
|
Total |
2270.100 |
2649.500 |
7339.800 |
|
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
53.700 |
112.900 |
246.7 |
|
|
|
|
|
|
|
|
|
|
Net Sales / Income
from Operation |
2216.400 |
2536.600 |
7093.100 |
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
Power Generation/ Distribution |
90.000 |
76.100 |
210.800 |
|
|
|
Rotating Machines |
100.800 |
147.000 |
322.200 |
|
|
|
Others |
42.400 |
42.100 |
121.3000 |
|
|
|
|
|
|
|
|
|
|
Total |
233.200 |
265.200 |
654.300 |
|
|
|
|
|
|
|
|
|
|
Less :Interest |
70.600 |
72.400 |
212.700 |
|
|
|
Less : Other Unallocable Expenses (Net of Unallocable Income) |
145.200 |
136.300 |
414.700 |
|
|
|
|
|
|
|
|
|
|
Profit/Loss
before tax expenses & after extraordinary item |
17.400 |
56.500 |
26.900 |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
|
|
|
|
|
|
|
Power Generation/ Distribution |
89.000 |
52.300 |
89.000 |
|
|
|
Rotating Machines |
11.000 |
36.300 |
11.000 |
|
|
|
Others |
(57.500) |
(34.100) |
(57.500) |
|
|
|
|
|
|
|
|
|
|
Total Capital
Employed In Segments |
42.500 |
54.500 |
42.500 |
|
|
|
Add: unallocable |
1821.200 |
1848.800 |
1821.200 |
|
|
|
Total Capital
Employed In Segments |
1863.700 |
1903.300 |
1863.700 |
NOTES
1.
The above results have been reviewed by the Audit
Committee and approved by the Board of Directors at their meeting held on
February 8, 2012. The Statutory Auditors have carried out a limited review of
the standalone results pursuant to clause 41 of the listing agreement.
2.
Earning Per Share (EPS) has been calculated after
providing for preference dividend.
3.
During the quarter, the Company received 3
complaints from the shareholders, which have been resolved. There were no complaints
remaining unresolved as at the
4.
The company has initiated corrective action
wherever necessary regarding auditors qualification in respect of certain
current assets and sundry creditors mentioned in their report dated May 28,
2011 on the annual accounts for the year ended March 31, 2011, and limited
review report dated November 08, 2011 for the quarter ended September 30, 2011.
In the opinion of the management these qualifications are not expected to have
any material impact on the financial results of the Company for the nine months
ended December 31, 2011.
5.
Previous period/year figures have been regrouped
wherever necessary to confirm with current period presentation.
WEB SITE DETIALS
HISTORY
Established in 1946, Subject is one of the large Engineering
and Manufacturing companies in India today.
Subject makes more than 70 products under 8 product groups
catering to core sectors of the economy like Power Generation, Transmission and
Distribution, Industry, Transportation, Renewable Energy etc.
The Subject Network of 9 manufacturing locations, 34 sales
offices spread across the country, wide network of spares dealers and service
centers and hundreds of dealers enables the company to efficiently serve the
customers and advise on suitable products, systems and services at competitive
rates.
The high levels of quality and reliability of products is
due to the emphasis on Design, Engineering and Manufacturing to international
standards by acquiring and adapting best technologies from leading companies
along with technology developed in house.
Subject has
• Installed base of 2.6 million motors in Petrochemicals,
Refineries, Steel, Aluminum, Fertilizer, Cement plants, Agro based industries,
etc.
• Supplied over 15000 MVA of transformers operating in T and D
network up to 100MVA 220kV Class for Utilities, Captive and Industrial users.
• Supplied Traction Electrics, Powercar Generators and Batteries to
the Indian Railways.
Subject is organized around 2 business sectors, Power and
Industry.
• Industrial Power and Control equipment.
• Power Generation, Transmission and Distribution
and Control Equipment.
This enables Subject to have a strong customer orientation, to be sensitive to the
needs and respond quickly to the changes in the market.
Subject vision is to become a world-class engineering
enterprise, committed to enhancing stakeholder value.
The company is striving to give shape to its aspirations and fulfill the
expectations of the country to become a global player. The greatest strength of
Subject is its highly skilled and committed 3,000 employees.
Every employee is given an equal opportunity to develop
himself and grow in his career. Continuous training and retraining, career
planning, a positive work culture and participative style of management have
engendered development of a committed and motivated workforce setting new
benchmarks in terms of productivity, quality and responsiveness.
Their recent Acquisition of Lloyd Dynamowerke in
Bremen, Germany has complemented and strengthened their core business by adding
world class products and Skills that are accepted around the world as the best.
OVERVIEW
It all began when their visionary founder Laxman Rao Kirloskar
created the first Iron plough for the Indian farmer. His involvement with
agriculture led him to make the first pump then the prime movers for the pumps.
Since then Subject corporate goal has been to look into the future and engineer
products that time would eventually demand.
In order to do this, Ravi L Kirloskar, second – generation
entrepreneur, son of the visionary, built a bank of prime technological skills
and capabilities. And a state of art facility that has since then continuously
reinvented itself to meet the changing demands of a changing market – just that
one step ahead of time.
Today as a lean, innovative and aggressive power in value engineering,
Subject is well into its tryst with world market with an offering that has
strong roots in a traditional value base and comes with the inherent brand
qualities of trustworthiness and complete customer satisfaction.
Moving smoothly from agricultural sector to industry, to transport, to
defense, to power generation, Subject products have had more than a significant
contribution to make to India 's rapidly evolving economy. With long years of
innovative application behind it, Kirloskar Electric finds itself completely
capable of delivering a range of custom engineered products that meet and
exceed global standards at very competitive prices.
The ready acceptance of our products in USA, Europe, Canada, Hong Kong,
Australia, China, Singapore, South Africa, Malaysia, Pakistan, Bangladesh,
along with the hard to earn certification by world's leading companies, are the
direct result of an on going process. Of streamlining, redefining and
recreating of processes, design and test parameters to Six Sigma and other
stringent quality measures. Along with innovation as a way of life and
willingness to take up any challenging customization project and making it a
success. So much so that they are in the process of changing out market
definition from 90:100 to 40:60 domestic to export ratio. Contract
manufacturing, turnkey projects, customized products and testing facilities
form our current export profile.
Today as a lean, innovative and aggressive power in value engineering,
Subject is well into its tryst with world market with an offering that has
strong roots in a traditional value base and comes with the inherent brand
qualities of trustworthiness and complete customer satisfaction.
MANAGEMENT
MR. VIJAY R
KIRLOSKAR - CHAIRMAN AND MANAGING
DIRECTOR
Mr. Vijay R. Kirloskar, age 59, a graduate in Management
Engineering from Worcester Polytechnic Institute, USA began his career at
Kirloskar Electric in 1974 as an engineer trainee. In 1977, he returned to the
United States to work at Germanium Power Devices Corp. while pursuing a
graduate degree at WPI. He returned to Kirloskar Electric in 1979 as manager of
electric motor and alternator shops, advancing to president in 1982 and vice
chairman and managing director in 1988. He continues to build on the tradition
begun by his father, Ravi Kirloskar. Mr. Vijay Kirloskar has served as vice
president of the Confederation of Indian Industry, and Chairman of the Board of
Governors of the Indian Institute of Technology, New Delhi.
MILLSTONES
India's first satellite tracked
Proud scientists celebrated the successful tracking of India 's first
satellite. The meticulously planned event was held in Hassan, Karnataka. The
team had finalized the specifications for AC generators with Subject, taking
care of intricate details like transient loading and transient voltage
regulation performance.
Missile test fired
The first ever indigenously built missile was test fired in early 90's,
year before; premiere defense organizations perfected the intricate performance
requirement of the power supply unit. Subject played a key role in building the
entire power supply unit. The AC Generators of Subject were customized for
arduous duty.
India explores Antartica
India was the first developing country to join the Antartica
explorations. The task team behind this feat had done the homework right. They
carried with them specially designed AC Generators, developed by Subject that
worked perfectly in sub zero temperatures.
Rajdhani flagged off
The research wing of India Railways worked with specialists from Subject
to design highly reliable AC Generators that would take that heat, dust, smoke
and the acceleration of the bogie and continue to function giving passengers of
the Rajdhani greater speed, greater comfort and increased safety.
Stealth ship launched
On 18th April 2003, national dailies splashed the launch of the first
indigenously designed stealth ship. The ship has four Subject 1000kW AC
Generators which are the result of our close association with Indian Navy, in
the supply of AC Generators, for frontline battle ship.
Survival in Leh
In the lab the Defense experts drenched it with salt spray, blasted it
with sand, vibrated it, heated it in an oven, and rocked it over the bumps. In the
field they hauled it from deserts of Rajasthan to marshy areas in Assam and yet
the KEC AC Generator worked for decades. They wanted to verify whether the AC
Generators bleeds as human do when they land up in Leh, the highest place
inhabited on earth and they did id with success. That is why Subject remains
the most preferred make by the Defense establishments.
Fighter aircraft ground tested
Fighter jets, cargo planes, troops carriers, helicopters used by the
Indian Air force has different versions of ground power units to verify their
systems. Subject took up the challenge to develop a power source for testing a
variety of aircrafts. By indigenously designing, manufacturing and supplying AC
Generators of 400HZ for defense applications.
Spotting the enemy on radar
The system and network to spot enemy air-craft on the radar is complex
and requires a variety of power sources. Sensitive and classified projects
involve supply of entire power pack and AC Generators in line with the stringent
specifications. Subject has successfully implemented these projects and Subject
AC Generators are working for over 25 years in critical Defense applications.
Boom of guns
The anti aircraft guns and require reliable power supply as they work under
extreme climates round the year. Subject has supplied these special purpose
army generators and AC motors to keep these special purpose army generators and
AC motors to keep the guns booming without fail.
Between waves and flames
Aboard the ONGC platform with gas flames on top and tidal waves at the
bottom, the Subject AC generators is working for decades. The designers have
taken care to protect the various components that perform in this treacherous
environment.
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. 49.35 |
|
|
1 |
Rs. 78.68 |
|
Euro |
1 |
Rs. 65.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
52 |
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.