1. Summary Information
|
|
|
Country |
|
|
Company Name |
FIEM INDUSTRIES
LIMITED |
Principal Name 1 |
Mrs. Seema Jain |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. J.S.S. Rao |
|
s |
|
Registration # |
55-34928 |
|
Street Address |
D-34, DSIDC, Packaging Complex, Kirti Nagar, |
||
|
Established Date |
06.02.1989 |
SIC Code |
-- |
|
Telephone# |
91-11-25927820,
25927919 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-11-25927740 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Head Lamp |
|
|
# of employees |
Not Available |
Product Name 2 |
Tail Lamp |
|
Paid up capital |
Rs.119,622,000/- |
Product Name 3 |
Blinkers |
|
Shareholders |
shareholding of Promoter
68.08% Public shareholding 31.92% |
Banking |
Citi Bank N. A |
|
Public Limited Corp. |
Yes |
Business Period |
22 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Ba
(49) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
647,974,000 |
Current Liabilities |
785,713,000 |
|
Inventories |
420,900,000 |
Long-term Liabilities |
1312,000,000 |
|
Fixed Assets |
2306,314,000 |
Other Liabilities |
206,971,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
2,304,684,000 |
|
Invest& other Assets |
189,367,000 |
Retained Earnings |
1140,249,000 |
|
|
|
Net Worth |
1259,871,000 |
|
Total Assets |
3,564,555,000 |
Total Liab. & Equity |
3,564,555,000 |
|
Total Assets (Previous Year) |
999,927,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
4172,902,000 |
Net Profit |
114,270,000 |
|
Sales(Previous yr) |
2941,888,000 |
Net Profit(Prev.yr) |
107,502,000 |
MIRA
INFORM REPORT
|
Report Date : |
14.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
FIEM INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
D-34, DSIDC, Packaging Complex, Kirti Nagar, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
06.02.1989 |
|
|
|
|
Com. Reg. No.: |
55-34928 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.119.622 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L36999DL1989PLC034928 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELF02380A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF1034E |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter of Automotive parts like Automotive
Lamps, Head Lamp, Tail Lamp, Blinkers, Rear View Mirror and all kind of
Lamps. |
|
|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5039000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct 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) |
|
|
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 : |
D-34, DSIDC, Packaging Complex, Kirti Nagar, |
|
Tel. No.: |
91-11-25927820, 25927919 |
|
Fax No.: |
91-11-25927740 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
|
|
Unit I: |
32 Mile Stone, |
|
|
|
|
Unit II |
219/2B, |
|
|
|
|
Unit III |
Kelamangalam, Achittapalli Post, Hosur, Tamil Nadu |
|
|
|
|
Unit IV: |
S. No. 29, Madargali, Village, Varuna Hobli, |
|
|
|
|
Unit V (EOU) |
Kelamangalam, Achittapalli Post, Hosur, Tamil Nadu |
|
|
|
|
Unit VI: |
Village Bhatian, Tehsil -Nalagarh, Himachal Pradesh |
|
Corporate Office/Unit VII : |
Plot No.1915, HSIIDC, Rai Industrial Estate, Phase –V, District
Sonepat, |
|
Tel. No.: |
91-230-23697902/905/906/907/910/911 |
|
Fax No.: |
91-130-2367903 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Unit VIII: |
Plot No. SP 1-C, Industrial Area Tapukara, Distt. Alwar, Rajasthan |
|
|
|
|
|
|
DIRECTORS
|
Name : |
Mr. J.K. Jain |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
B.Com |
|
Date of Appointment : |
05.08.1996 |
|
|
|
|
Name : |
Mrs. Seema Jain |
|
Designation : |
Whole Time Director |
|
Qualification : |
B.Sc. |
|
Date of Appointment : |
01.04.2005 |
|
|
|
|
Name : |
Mr. J.S.S. Rao |
|
Designation : |
Whole Time Director |
|
Qualification : |
M.Com |
|
Date of Appointment : |
02.05.2003 |
|
|
|
|
Name : |
Mr. Kashi Ram Yadav |
|
Designation : |
Whole Time Director |
|
Qualification : |
Matriculation |
|
Date of Appointment : |
01.05.1995 |
|
|
|
|
Name : |
Ms. Aanchal Jain |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Rahul Jain |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. C.D. Shah |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Iqbal Singh |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Charoen Sachamuneewongse |
|
Designation : |
Independent Director (w.e.f. 30.04.2009) |
|
|
|
|
Name : |
Mr. P.S. Bhatia |
|
Designation : |
Independent Director (up to 30.04.2010) |
|
|
|
|
Name : |
Mr. C.S. Kothari |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. J.S. Chandhok |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Amitabh Prakash Agrawal |
|
Designation : |
Independent Director (w.e.f. 01.08.2010) |
KEY EXECUTIVES
|
Name : |
Mr. O. P. Gupta |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Arvind K. Chauhan |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
AUDIT COMMITTEE: |
Mr. C.S. Kothari - Member /Chairman Mr. P. S. Bhatia - Member (up to 30.04.2010) Mr. Iqbal Singh - Member (w.e.f. 01.05.2010) Mr. J. S. Chandhok - Member/Chairman (up to 03.08.2011) Mr. V. K. Malhotra - Member (w.e.f. 04.08.2011 |
|
SHAREHOLDERS / INVESTOR
GRIEVANCE COMMITTEE |
Mr. C.S. Kothari - Chairman Mr. Kashi Ram Yadav - Member Mr. Rahul Jain - Member |
|
|
|
|
REMUNERATION
COMMITTEE |
Mr. C.S. Kothari - Chairman Mr. Iqbal Singh - Member Mr. P. S. Bhatia - Member (up to 30.04.2010) Mr. J.S. Chandhok - Member (from 01.05.2010 to 03.08.2011) Mr. V.K. Malhotra - Member (w.e.f. 04.08.2011 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
8059609 |
67.38 |
|
|
84400 |
0.71 |
|
|
8144009 |
68.08 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
8144009 |
68.08 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1092753 |
9.14 |
|
|
|
|
|
|
662299 |
5.54 |
|
|
935912 |
7.82 |
|
|
1127253 |
9.42 |
|
|
648280 |
5.42 |
|
|
104051 |
0.87 |
|
|
354557 |
2.96 |
|
|
20365 |
0.17 |
|
|
3518217 |
31.92 |
|
Total
Public shareholding (B) |
3518217 |
31.92 |
|
Total
(A)+(B) |
11962226 |
100.00 |
|
(C) Shares
held by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total
(A)+(B)+(C) |
11962226 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter of Automotive parts like Automotive
Lamps, Head Lamp, Tail Lamp, Blinkers, Rear View Mirror and all kind of
Lamps. |
||||||
|
|
|
||||||
|
Product: |
|
PRODUCTION STATUS 31.03.2011
|
Particular |
Units |
Production |
|
Automotive Lights, Signaling Parts |
No.s |
31990036 |
|
Rear View Mirror & Parts |
No.s |
9529077 |
|
Sheet Metal Parts |
No.s |
3278116 |
|
Prismatic Mirror and Mirror Plates |
No.s |
498555 |
|
Manufactured Mould |
No.s |
16 |
|
Others (Multifunctional Led Torch) |
No.s |
826 |
GENERAL INFORMATION
|
Customers: |
·
Punjab Tractors Limited ·
Hyundai Motors India Limited ·
Tata Motors Limited ·
International Tractors Limited ·
Swaraj Mazda Limited ·
VST Tiller Tractors Limited ·
Ashol Leyland Limited ·
Tractors and Farms Equipment Limited ·
HMT Tractors Limited ·
Escorts Limited ·
Skoda Auto Private Limited ·
Force Motors Limited ·
Preet Tractors Limited ·
Indo Farm Tractors and Motors Limited |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
Not Available |
|||||||||||||||||||||
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Bankers : |
|
|||||||||||||||||||||
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|||||||||||||||||||||
|
Facilities : |
(Rs.
in Millions)
Notes: A)TERM LOANS FROM BANKS a) From Citibank NA :- Loan outstanding as at
31st March 2011 Rs2.079 Millions (Previous Year Rs45.341 Millions) (Principal
amount including interest repayable within 12 months from the date of Balance
sheet Rs 20.787 Millions (Previous Year Rs 24.716 Millions ) (Secured against Exclusive charge on all the
movable and immovable assets procured out of the term loan including equitable
mortgage on factory land and building at Nalagarh Unit, H.P. and second
charge on all movable and immovable fixed assets at Rai Unit, Haryana) b) From Standard Chartered Bank :- Loan
outstanding as at 31st March 2011 Rs341.437 Millions (Previous Year Rs
181.034 Millions) (Principal amount including interest repayable within 12
Months is Rs 4,41,80,384 (Previous Year Rs32.413 Millions ) (Secured against
Exclusive charge on land and building at Hosur Unit-3 situated at
Kelamangalam Road, Hosur, Tamilnadu and Exclusive charge on land and Building
of corporate office in Mansarover Garden, New Delhi. External Commercial
Borrowing is secured against Equitable mortgage on land and building at
Tapukara, Rajasthan Unit on Exclusive basis and Specific charge on Plant and
machinery at Tapukara, Rajasthan Unit) c) From State bank of (Secured against First Pari Passu charge with
Axis Bank over the fixed assets of Rai Unit ( Present and future) including
equitable mortgage of Factory Land and Building at Rai, Sonepat and
first harge on movable fixed assets of
Hosur unit- III (tamilnadu) and Mysore unit -IV Karnataka and Second charge
over the entire fixed assets of unit VI nalagarh Unit (first charge with
Citibank) d) From Axis Bank :- Loan outstanding as at
31st March 2011 Rs30.235 Millions (Previous Year NIL ) (Principal amount
including interest repayable within 12 Months is Rs25.235 Millions (Previous
Year Nil) ) (Secured against First Pari Passu charge on the movable and
immovable fixed assets of Rai Unit including equitable mortgage of Factory Land
and Building of Rai Unit with State Bank of Patiala and secured against First
Pari Passu Charge on movable fixed assets of kundli unit and Unit -2 at Hosur
with Citibank). B)WORKING CAPITAL ADVANCES FROM BANKS : a) From Citibank NA :- Loan outstanding as at
31st March 2011 Rs 312.782 Millions (Previous Year Rs81.630 Millions)
(Principal amount repayable within 12 months from the date of Balance sheet
Rs312.782 Millions (Previous Year Rs81.630 Millions ) (Secured against First Pari Passu Charge on
all present and future receivables, stocks/Inventories and on all fixed
assets of the company(excluding assets specifically purchased out of term
loans from Citibank and Standard Chartered Bank) including equitable mortgage
charge on first pari passu basis on Land and Building situated at
Kundli,Haryana & Thally Road Hosur,Tamilnadu ) b) From Standard Chartered Bank :- Loan
outstanding as at 31st March 2011 Rs.69.615 Millions (Previous Year
Rs.121.845 Millions) (Principal amount repayable within 12 months from the
date of Balance sheet Rs.69.615 Millions (Previous Year Rs121.845
Millions)(Secured against First Pari Passu charge on Stocks & Book Debts,
and Equitable mortgage charge on First Pari Passu basis on land and building
situated at Kundli unit Haryana & Thally Road Hosur,Tamilnadu ). C)LOANS SECURED AGAINST HYPOTHECATION OF
VEHICLES : (Loan from Banks and Others are secured
against hypothecation of Vehicles, However Vehicle in case of Loan from
others has been purchased/ delivered in the month of April’2011, whereas the
Loan was disbursed upto 31.03.11. Vehicle Loan outstanding as at 31st March
2011 Rs.21.257 Millions (Previous Year Rs11 499 Millions ) (Principal amount
repayable within 12 months from the date of Balance Sheet Rs. 7.229 Millions
(Previous Year Rs.3.819 Millions ) |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Anil S. Gupta and Associates Chartered Accountants |
|
Address : |
201, |
|
|
|
|
Associates : |
Fiem Industries Japan Company Limited |
|
|
|
|
Related Party: |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11962226 |
Equity Shares |
Rs.10/-each |
Rs.119.622
Millions |
Of the above :-
a) 1,04,065 (Previous year 1,04,065) fully paid up equity shares of Rs 10/- each allotted during 2007-08 to the shareholders of M/s Fiem Sung San (India)
Limited Pursuant to its Amalgamation without payment being received in cash.
b) 10,00,000 (Previous year 10,00,000) Equity shares of Rs
10/- each were allotted as fully paid bonus shares by capitalization of profits
on 9.03.2006
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 |
119.622 |
119.622 |
119.622 |
|
|
2] Share Application Money |
1140.249 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
980.162 |
840.427 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1259.871 |
1099.784 |
960.049 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1312.000 |
542.369 |
492.486 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1312.000 |
542.369 |
492.486 |
|
|
Foreign Currency Monetary Item Translation
Difference Account |
0.002 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
146.616 |
118.762 |
103.361 |
|
|
|
|
|
|
|
|
TOTAL |
2718.489 |
1760.915 |
1555.896 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2306.314 |
1535.313 |
1372.076 |
|
|
Capital work-in-progress |
188.905 |
252.258 |
132.038 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.462 |
0.462 |
0.200 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
420.900
|
273.324
|
269.986 |
|
|
Sundry Debtors |
463.125
|
307.352
|
325.381 |
|
|
Cash & Bank Balances |
15.054
|
13.670
|
15.347 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
169.795
|
139.407
|
152.143 |
|
Total
Current Assets |
1068.874
|
733.753 |
762.857 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
606.194
|
464.480
|
374.742 |
|
|
Other Current Liabilities |
179.519
|
217.303
|
272.061 |
|
|
Provisions |
60.353
|
79.205
|
64.769 |
|
Total
Current Liabilities |
846.066
|
760.988 |
711.572 |
|
|
Net Current Assets |
222.808
|
(27.235)
|
51.285 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.117 |
0.297 |
|
|
|
|
|
|
|
|
TOTAL |
2718.489 |
1760.915 |
1555.896 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4172.902 |
2941.888 |
2192.893 |
|
|
|
Other Income |
40.100 |
8.385 |
10.076 |
|
|
|
TOTAL (A) |
4213.002 |
2950.273 |
2202.969 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods traded in |
23.076 |
33.785 |
25.303 |
|
|
|
Cost of moulds, dies and tools for sale |
61.142 |
37.313 |
49.532 |
|
|
|
Raw materials consumed |
2546.493 |
1687.107 |
1302.309 |
|
|
|
Manufacturing Expenses |
780.468 |
564.029 |
422.430 |
|
|
|
Employee Cost |
128.851 |
98.851 |
86.126 |
|
|
|
Cost of finance |
94.997 |
33.295 |
39.978 |
|
|
|
Administrative and Selling expenses |
368.020 |
188.864 |
134.458 |
|
|
|
Prior period items |
0.663 |
1.284 |
1.570 |
|
|
|
|
4003.710 |
0.000 |
2061.706 |
|
|
|
Increase / (Decrease) in stock |
(78.287) |
56.428 |
(24.264) |
|
|
|
TOTAL (B) |
3925.423 |
2700.956 |
2037.442 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
287.579 |
249.317 |
165.527 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
129.793 |
92.467 |
88.232 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
157.786 |
156.850 |
77.295 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
43.516 |
49.348 |
31.177 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
114.270 |
107.502 |
46.118 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
405.699 |
344.069 |
337.939 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
12.500 |
11.000 |
5.000 |
|
|
|
Dividend |
29.906 |
29.906 |
29.906 |
|
|
|
Tax on Dividend |
4.851 |
4.967 |
5.082 |
|
|
BALANCE CARRIED TO
THE B/S |
472.712 |
405.698 |
344.069 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
124.849 |
127.170 |
113.160 |
|
|
|
Design and Development Charges |
27.275 |
0.000 |
0.000 |
|
|
|
Testing Fee Received |
0.000 |
0.041 |
0.0180 |
|
|
|
Packing and Forwarding |
0.146 |
0.316 |
0.007 |
|
|
|
Moulds and Dies Modification Charges |
0.000 |
0.640 |
0.000 |
|
|
|
Other Earnings |
0.213 |
0.657 |
0.000 |
|
|
TOTAL EARNINGS |
152.483 |
128.824 |
113.185 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
99.211 |
76.724 |
98.527 |
|
|
|
Stores & Spares |
2.618 |
4.110 |
2.057 |
|
|
|
Capital Goods |
36.205 |
31.737 |
24.693 |
|
|
|
Trading Goods |
45.562 |
67.262 |
73.203 |
|
|
|
Consumable Stores |
2.943 |
3.520 |
8.186 |
|
|
TOTAL IMPORTS |
186.539 |
183.353 |
206.666 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.55 |
8.99 |
3.86 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2011 1st
Quarter |
30.09.2011 2nd
Quarter |
31.12.2011 3rd
Quarter |
|
Net Sales |
1155.480 |
1358.160 |
1373.280 |
|
Total Expenditure |
1013.180 |
1169.630 |
1202.080 |
|
PBIDT (Excl OI) |
142.300 |
188.530 |
171.200 |
|
Other Income |
0.140 |
0.230 |
0.850 |
|
Operating Profit |
142.440 |
188.750 |
172.050 |
|
Interest |
39.530 |
58.540 |
54.970 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
102.910 |
130.210 |
117.080 |
|
Depreciation |
37.160 |
44.150 |
42.910 |
|
Profit Before Tax |
65.750 |
88.060 |
74.170 |
|
Tax |
20.500 |
25.82 |
23.70 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
45.250 |
60.25 |
50.470 |
|
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 |
45.250 |
60.25 |
50.470 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.71
|
3.64
|
2.09 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.78
|
5.33
|
3.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.67
|
6.91
|
3.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.14
|
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.71
|
1.18
|
1.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26
|
0.96
|
1.07 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
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 |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
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 |
Yes |
BRIEF REVIEW OF F.Y.
2010-11
Once again the company has notched up a remarkable
performance and surged ahead in its journey of growth. During FY 2010-11, the
company has registered a growth of 41.84% by achieving a Net Turnover of Rs.
417.29 Crores in comparison to Rs. 294.18 Crores in FY 2009-10. The growth of
the Company is also because of rebound of the Indian economy, which has grown
by 8.5% in FY 2010-11, 2nd highest in the world after
The company has improved marginally in the profits from Rs. 1075 lacs in 2009-10 to Rs. 1143 lacs in 2010-11 registering a growth of 6.30%. Though the net sales has increased substantially by 41.84%, the profitability of the Company has been adversely affected mainly due to loss on settlement of currency forward contracts during the year.
Management firmly believes that best of the opportunities
yet to come and to tap these growth opportunities capacity building is must. In
this direction, management wishes to inform that the 8th Unit of the
Company, which is established in Tapukara, Rajasthan at 10.5 acre of plot has
started commercial production in March, 2011. The Rai Unit (Unit-7) of the
Company, which now also houses the Corporate Office, is one of the best
manufacturing facilities in the industry and equipped with ultra modern
facilities with state of the art technology and in-house R&D Centre. With the
same objective, the renovation and modernization of the Kundli Unit is
underway, which will also result into capacity addition.
CORPORATE SOCIAL
RESPONSIBILITY (CSR)
The management of the Company believes that CSR is an integral part of the company's larger objective and leads to sustainable growth. It is based on premise of fulfilling one's duty of giving back to the society, helping the underprivileged, protecting the environment and helping the humanity in the similar ways. The Company contributes towards all these causes by way of donations to the various societies and trusts, which are engaged in these social activities. Company also contributes to Kutch Vikas Trust, which organizes free eye operation camp for underprivileged. Company takes a lot
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Economic Overview:
It is a matter of great satisfaction that growth momentum of
last financial year has continued and Indian economy has remained robust and marching
towards a high growth trajectory. According to Central Statistical Organization
(CSO)
Though the economy is witnessing strong turnaround and marching towards pre-recession growth trajectory, firming up of commodity prices has posed a moderate risk to growth. The headline inflation remained in double digits for a significant period in 2010. It was generally explained that inflation was primarily because of food articles and can be controlled by adequate supply. Adding to this, Euro region debt crisis and slow economic recovery in developed countries posed a challenge to the economic growth. While global uncertainties directly impact exports, they also affect the domestic economy up to some extent
While inflation can be controlled by the government by
tightening the liquidity and increasing the supply side of commodities,
external global factors are largely beyond the control of government and can
affect the Indian growth story up to some extent. On this backdrop, the year
has begun with a positive
note with great optimism and confidence. The country hopes
that inflationary trend will be in control on improvement at supply front and
government will continue to deliver on policy reforms. The long term growth prospects
of the economy remain strong and domestic demand seems to be a major growth
driver.
Industry Structure
and Developments:
Structurally, automobile industry and auto component industry are complementary to each other and jointly forms one industry. Auto component industry supplies the product to automobile industry for making a vehicle. Hence, automobile industry act as parent industry for auto component industry, these two are wholly integrated with each other.
Indian automobile industry constitutes the presence of
world’s best automobile players from
an average growth rate between 7 to 8% in last 10 years.
These factors attract the world towards Indian economy and no sensible company
can ignore
around 26% growth and automobile export growth is around
30%. With such a huge growth potential, automobile industry / auto component
industry outlook seems robust in medium to long term. As per ACMA study,
INDUSTRY OUTLOOK:
SEGMENT-WISE OR
PRODUCT-WISE PERFORMANCE:
The business of the Company is manufacturing of auto components and main product lines are Automotive Lighting & Signaling Equipments, Rear View Mirrors, Sheet Metal Parts and some other components. All the product line of the Company is categorized in auto components category and is subject to same set of risk and returns. Hence, the Company’s business falls with in one segment only i.e. Automotive Components. Company is also foraying into LED display panels, torches and other LED products. During Financial Year 2010-11, Company has achieved a remarkable growth of 41.84 % in Net Turnover, the turnover details as per product line are as
Rs.in Millions
|
Products |
2010-11 |
2009-10 |
Absolute Percentage |
Percentage Charged |
|
Automotive Lighting, Signaling Equipments and Parts |
3302.221 |
2285.234 |
1016.987 |
44.50 |
|
Rear View Mirrors, Prismatic Mirrors & Mirror Plates |
590.128 |
440.466 |
149.662 |
33.98 |
|
Sheet Metal Parts |
158.325 |
107.643 |
50.682 |
47.08 |
|
Moulds |
79.154 |
59.771 |
19.403 |
32.46 |
|
Others Miscellaneous Items |
43.054 |
48.775 |
(5.721) |
(11.73) |
|
Total |
4172.902 |
2941.888 |
1231.014 |
41.84 |
Financial Performance
with respect to Operational Performance:
Like
last year, the Company has notched up a remarkable performance and surged ahead
in its journey of growth. During FY 2010-11, the company has registered a
growth of 41.84% by achieving a Net Turnover of Rs.4172.900 Millions in comparison to Rs.2941.800 Millions in FY
2009-10. This impressive growth of the Company is also because of rebound of
the Indian economy, which has grown by 8.5% in FY 2010-11, 2nd highest in the
world after
A
brief comparison of major financial parameters is given hereunder for better
understanding of the financial performance of the Company with respect to
operational performance:
Rs.in Millions
|
Products |
2010-11 |
2009-10 |
Absolute Percentage |
Percentage Charged |
|
Net Sales |
4172.902 |
2941.888 |
1231.014 |
41.84 |
|
EBIDTA |
383.239 |
283.895 |
99.344 |
34.99 |
|
Net Profit |
114.270 |
107.503 |
6.767 |
6.29 |
The above table shows that the net sales has increased substantially by 41.84%. However, the company has improved marginally in the profits from Rs.107.500 Millions in 2009-10 to Rs.114.300 Millions in 2010-11 registering a growth of 6.30% only. The profitability of the Company has been adversely affected mainly due to loss on settlement of currency forward contracts during the year.
CONTINGENT LIABILITY
|
Sr.No |
Particular |
31.03.2011 |
|
A |
Performance and Financial Guarantees given by
Banks on behalf of the Company |
|
|
|
Guarantee given to Custom & Excise
Authorities |
1.830 |
|
|
Guarantee given to Commercial Tax Officers |
0.385 |
|
|
Guarantee given to Himachal Pradesh
Electricity Board H.P. |
1.830 |
|
|
Guarantee given to Original Equipment Buyer
(OEM) against supply of moulds &
dies within the stipulated time |
25.004 |
|
|
Guarantee given to Haryana State Pollution
Control Department |
2.016 |
|
|
Guarantee given to Dept of Indigenization /DGEME
Ministry of Defense New Delhi against supply of Automotive lights within the
stipulated time |
0.004 |
|
|
Guarantee given to APSRTC Hyderabad against
supply of Automotive lights within the stipulated time |
0.100 |
|
B |
Disputed Liabilities in appeal |
|
|
|
Excise duty demand on account of availing
excess CENVAT credit on input procured from a 100% Export oriented undertaking and
penalty equal to excise duty taken |
2.507 |
|
|
Income Tax matters under dispute in respect of
Assessment Year 2006-07 for which Company has filed appeal with CIT (Appeals), |
0.000 |
|
C |
Sales Bill Discounted from Banks |
|
|
|
Sales Bill Discounted from Bank Not Matured up
to reporting date |
258.382 |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED 31.12.2011
|
Particulars |
Quarter Ended 31.12.2011 (Unaudited) |
Quarter Ended 30.09.2011 (Unaudited) |
Nine Month Ended
31.12.2011 (Unaudited) |
|
Income |
|
|
|
|
a) Net Sales / Income from Operations |
1372.148 |
1355.598 |
3880.667 |
|
b) Other Operating Income |
1.133 |
2.560 |
6.256 |
|
Total Operating Income |
1373.281 |
1358.158 |
3886.923 |
|
Expenditure |
|
|
|
|
(a) (Increase)/decrease in Stock in Trade |
(23.778) |
(15.440) |
(45.487) |
|
(b) Consumption of Raw Materials |
804.137 |
811.309 |
2319.374 |
|
(c) Purchase of traded goods |
37.790 |
15.496 |
60.576 |
|
(d) Manufacturing Expenses |
264.521 |
255.040 |
753.593 |
|
(e) Employees Cost |
38.968 |
41.329 |
120.836 |
|
(f) Depreciation |
42.912 |
44.148 |
124.223 |
|
(g) Other Expenditure |
80.447 |
62.104 |
206.605 |
|
Total Expenditure |
1244.997 |
1223.738 |
3509.120 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
128.284 |
144.376 |
377.803 |
|
Other Income |
0.846 |
0.227 |
1.214 |
|
Profit/(Loss) before Interest and Exceptional items |
129.130 |
144.603 |
379.017 |
|
Interest |
54.965 |
58.541 |
153.041 |
|
Profit / (Loss) after interest before Exceptional items |
74.165 |
86.062 |
225.976 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Profit / (Loss) From
Ordinary activities before Tax |
74.165 |
86.062 |
225.976 |
|
Tax Expenses |
23.700 |
25.815 |
70.010 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
50.465 |
60.247 |
155.966 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Net Profit/(Loss) for the period |
50.465 |
60.247 |
155.966 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
1196.23 |
1196.23 |
1196.23 |
|
Reserves (Excluding Revaluation Reserves) |
0.000 |
0.000 |
0.000 |
|
Earning Per Share
(EPS) |
|
|
|
|
Basic ands Diluted Before Extraordinary Items |
4.22 |
5.04 |
4.22 |
|
Basic ands Diluted after Extraordinary Items |
4.22 |
5.04 |
4.22 |
|
Public Share Holding |
|
|
|
|
- Number of Shares |
3818396 |
3829942 |
3818396 |
|
- Percentage of shareholding |
91.92 |
32.02 |
91.92 |
|
Promoters and
Promoter group share holding |
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
- Percentage of shares(as a % of the total share capital of the company) |
Nil |
Nil |
Nil |
|
b) Non-encumbered |
|
|
|
|
- Number of Shares |
8143830 |
8132284 |
8143830 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100 |
100 |
100 |
|
- Percentage of Share (as a % of the total share capital of the company) |
68.08 |
67.98 |
68.08 |
Notes :
- The
above results have been reviewed by the Audit Committee and approved by
the Board of Directors in their respective meetings held on 11th
February,2012 The statutory
auditors of the company have earned Out limited review on the above
results.
- The
company has one foreign subsidiary i.e. Fiem Industries Japan Company
Limited incorporated in
- The
Company is primarily engaged in Automotive Components business. As such
there is no other separate reportable segment as defined by Accounting
Standard-17 Segment Reporting.
- The
status of the investor complaints for the quarter ended on 31.12.2011 is
as follows.
|
|
Opening |
Received |
Disposed off |
Closing |
|
No. of complaints |
0 |
2 |
2 |
0 |
- Provision for Taxation includes Current Tax and Deferred
Tax and is net of MAT entitlement credit available to the company, if any
FIXED ASSETS:
- Plant and Machinery
- Office Equipment
- Vehicles
- Staff Bus and Delivery Van
- Mould, Blocks and Dies
- Electrical Fittings
- Computers
- Tools and Equipments
- Furniture and Fixtures
AS PER WEB SITE DETAILS
PROFILE
Their Company is
one of the leading manufacturers of automotive lighting & signaling equipments
and rear view mirrors.Their company was originally incorporated in
With a view to expand their business, they shifted all their manufacturing during the year 1993-94 to the plant situated at 32 Mile Stone, G . T. Road , Kundli, Sonepat, (Haryana) (Unit 1) having full fledged testing laboratory for manufacturing automotive lamps & rear view mirrors conforming to International Standards viz, JIS, ADR, DOT, ECE, SAE and Indian Standards viz.,
AIS and BIS. In the year 1996, their company set-up a Joint Venture
Company under the name and style of FIEM Sung San (India) Limited in
association with Sung San Co. Limited, Korea and Daewoo Motors India Limited.
Subsequently, FIEM Sung San (
They further
expanded their capacities with the setting-up of their Unit II in the year
2003-04 at 219/2B, Thally Road, Kallukondapalli, Hosur Tamil Nadu for
manufacturing head lamps, tail lamps, / rear combination lamps, side indicator
lamps, reflex reflectors and rear view mirrors. They set up their Unit III in
the year 2004-05 at Kelamanglam, Achittapalli Post, Hosur, Tamil Nadu for
manufacturing sheet metal items viz., frame, mudguards, stands, guard exhaust
pipe. In the same year they set up their Unit IV at S.No. 29, Madargali Village
, Varuna Hobli, Mysore Taluk, Karnataka for manufacturing value added products
such as assembly of rear fender for two wheelers
They are presently conducting trail runs at their Export Unit (Unit V)
at Kelamangalam, Hosur, Tamil, Nadu for manufacturing mirror plates, mirror
assembly, head lamps, tail lamps, and side indicators. They are also in the
process of setting up of Unit VI at Nalagarh, Himachal Pradesh which shall engage
in the manufacture of head lamps, tail lamps, side indicator lamps, rear
fender, reflex reflectors and rear view mirrors primarily for the four wheeler
segment. They have been accredited with ISO-9002 in the year 1997 by BVQI,
In the year 1999, their Unit Sonepat Haryana was accredited with ISO
9001: 2000 & ISO 9002 : 1994 and the quality system requirements
certification QS 9000 : 1998 by Underwriters Laboratories Inc. (UL), USA for
the manufacture of automotive lighting & signaling equipments and rear view
mirrors. Subsequently, in the year 2004, their Unit I at Sonepat, Haryana was
accredited with ISO/TS 16949 : 2002 by
Major events in the history of their Company since inception
|
Year |
Key Events |
|
1989 |
Incorporation of
their Company under the name and style of Rahul Auto Pvt. Limited Unit at HSIDC Industrial Estate, Kundli, Sonepat (Haryana) set-up |
|
1992 |
Change of the name of the Company from Rahul Pvt. Limited to FIEM Industries Pvt. Limited |
|
1993 |
Converted to public Limited Company pursuant to which the name of the Company changed from FIEM Industries Limited Shifted all manufacturing facilities to the plant situated at 32 Mile Stone, G.T. Road, Kundli, Sonepat (Haryana) (Unit I) having full fledged testing laboratory |
|
1996 |
FIEM Sung San (India) Limited, a Joint venture Company set-up in Noida, Uttar Pradesh pursuant to a Joint Venture Agreement in association with Sung San Co. Limited, Korea and Daewoo Motors India Limited ( formerly DCM Daewoo Motors Limited ) |
|
2004 |
Set-up Unit II at Kallukondapalli, Hosur, Tamil Nadu |
|
2005 |
Set-up Unit III at Kelamanglam, Hosur, Tamil Nadu t-up IV
at Entered into a Technical Support Agreement with Ichikoh
Industries Ltd., Established overseas design centre and liason office in
Japan Signed MOU for establishing a Joint Venture company with Aspock
Holding, Awarded the ‘Bhatiya Shiromani Puraskar' by the Institute
of Economic Studies (IES), Presented with the ‘Business ‘Sphere Award' for the year 2005 2006 for being the most successful pioneer and among toppers in export & manufacturing of auto components for 2 wheelers. |
|
2006 |
Entered into a Joint Venture agreement with Korea Air Conditioner Co. Ltd. for establishing a company at Hosur Tamil Nadu Setting up an EOU unit at Kelamanglam,, Hosur Tamil Nadu (Unit V) Setting up a Unit VI at Nalagarh, Himachal Pradesh Awarded the ‘Transworld Gold Star Award' by the International Study Circle (ISC), New Delhi for excellence in quality Signed MOU with ZADI Divisione Fanaleria CEV Spa, Italy |
|
January 09 2007 |
Commercial Production/ Commercial
Operations The company has commenced commercial production of mirror
plates in EOU (Unit V) situated in Hosur Tamil Nadu for Ichikoh
Industries Limited, The company has also commenced exports of automotive lamps
and has sent its first consignment to Europe, Aspock Further, the company has also commenced the commercial production and make the first sale from the Unit situated in Nalagarh, Himachal Pradesh (Unit-VI) to OE Customer (Original Equipment Manufacturer),M/s Punjab Tractors Limited |
|
January 11, 2007 |
Receipt of Award and Customer Addition They have pleasure to inform that the company has received QCDDM(Quality, Cost, Delivery, Development and Management) Award from its esteemed customer M/s Honda Motercycle & Scooter India Pvt. Limited for 4th consecutive year. This Award is given for maintaining high standards in these parameters Further, the Company has received orders for Tractor
Lights & Mirrors fro m M/s International Tractors Limited, M/s H.M.T
Limited and M/s Indo Farm Tractors & Motors Limited. These orders are for
newly started unit of the Company situated in Nalagarh, Himachal Pradesh
(Unit-VI). |
|
March 26, 2007 |
Contruction work at new Plot of the
Company and Customer Addition With pleasure, they inform that they have performed Bhoomi Pujan and started construction work at the newly acquired Industrial Plot in Phase V, Industrial Estate, Rai, Sonepat Haryana for Inplementing future expansion programme of the Company. Further, the Company has made remarkable Progress by clinching new order from renowned Japanese Company, M/s Yamaha Motor India Pvt. Limited. This will pave a smooth way for enhancing business prospects with the Japanese Companies. |
|
May 16, 2007 |
Receipt of Award: They have pleasure to inform that their Chairman & Managing
Director, Mr. J.K. Jain has been awarded by prestigious “Rashtriya Samman
Purskar” with Gold Medal by ‘Indian Society for industry & Intellectual
Development.’ Sh. Mangat RamSingal, hon’ble Minister for industry, Labour and
Employment, Government presented the Award. The Award is given for
outstanding Achievement & Intellectual Excellence for High Quality in
manufacturing of Automotive Lights & Mirrors by the Company |
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.53.34 |
|
|
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.69.28 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.