MIRA INFORM REPORT
|
Report Date : |
19.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
ION EXCHANGE INDIA LIMITED |
|
|
|
|
Registered
Office : |
ION House, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
06.03.1964 |
|
|
|
|
Com. Reg. No.: |
11-014258 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.135.619 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74999MH1964PLC014258 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI04982F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI1726L |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacture and Seller of ion exchange resins, water
treatment plants and chemical additives. |
|
|
|
|
No. of
Employees: |
940 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6489000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old and established company having fine track. Financial
position of the company is good. Trade relations are reported as fair. Business
is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A- (Long Term Rating) |
|
Rating Explanation |
Having adequate degree of safety regarding
timely servicing of financial obligation it carry low credit risk. |
|
Date |
February 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
ION House, |
|
Tel. No.: |
91-22-24939520 / 523 / 525 / 31 / 32/24938737 / 39890909 |
|
Fax No.: |
91-22-24938737 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
581-12-13, GIDC, Ankleshwar Industries Estate, Ankleshwar – 393002,
Bharuch, |
|
|
|
|
Factory 2 : |
R – 14, TTC, MIDC, Near |
|
Tel. No.: |
91 22 3989 0909/ 3047 2400 |
|
Fax No.: |
91 22 2769 7918 |
|
E-Mail : |
|
|
|
|
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. G. S. Ranganathan |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. R. Sharma |
|
Designation : |
Vice Chairman and Managing Director |
|
|
|
|
Name : |
Dr. V. N. Gupchup |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M P Patni |
|
Designation : |
Director |
|
Date of Birth |
25.09.1945 |
|
Qualification: |
B.E. (Mechanical) |
|
Expertise |
Mr. Patni has wide range of experience in the marketing of
heavy and medium engineering equipments, water treatment plants and allied
items since last 46 years. He has considerable exposure in handling large
projects of national importance |
|
Date of Appointment |
28.09.2001 |
|
|
|
|
Name : |
Mr. T. M. M. Nambiar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A K Marfatia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P Sampathkumar |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Mr. Dinesh Sharma |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Aankur Patni |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. K J Udeshi |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Mr. Shishir Tamotia |
|
Designation : |
Director |
|
Date of Birth |
05.09.1949 |
|
Qualification: |
B.E.(Elec.),MBA |
|
Expertise |
Mr.Shishir Tamotia had worked as CEO of Ispat Energy
Limited - A Company in the business of Gas and Electricity. In his long
illustrious career spanning over 32 years Mr. Tamotia has worked in various
prestigious organizations such as Mahatransco, Global Energy Project
Services, NTPC and PMI - Noida etc. |
|
Date of Appointment |
24.05.2010 |
|
|
|
|
Name : |
Mrs. K. J. Udeshi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Abhiram Seth |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Milind Puranik |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Aankur Patni |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Dinesh Sharma |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Ajay A. Popat |
|
Designation : |
Executive Vice President - Corporate Marketing |
|
|
|
|
Name : |
Pradeep
Chapalgaonkar |
|
Designation : |
Executive Vice President - Heavy Industry |
|
|
|
|
Name : |
Sridharan
Mahadevan |
|
Designation : |
Sr. Vice President - Human Resources |
|
|
|
|
Name : |
N. M. Ranadive |
|
Designation : |
Sr. Vice President - Finance |
|
|
|
|
Name : |
S. V. Mehendale |
|
Designation : |
Sr. Vice President - Resin and Standard System Division |
|
|
|
|
Name : |
S. N. Iyengar |
|
Designation : |
Sr. Vice President - Medium Industry Segment |
|
|
|
|
Name : |
Anil Khera |
|
Designation : |
Vice President - Chemical Division |
|
|
|
|
Name |
J. P. Pathare |
|
Designation |
Vice President -
International Division |
|
|
|
|
Name |
C. K. Sandeep |
|
Designation |
Vice President -
Corporate Marketing |
|
|
|
|
Name |
Vasant Naik |
|
Designation |
Vice President -
Finance |
|
|
|
|
Name |
K. L.
Bhattacharya |
|
Designation |
Vice President -
Projects (Water and Waste Water) |
|
|
|
|
Name |
Shashikant S Raut
|
|
Designation |
Vice President -
Projects and Sales |
|
|
|
|
Name |
P. M. Nawathe |
|
Designation |
Vice President -
Commercial |
|
|
|
|
Name |
N. Anbananthan |
|
Designation |
Vice President –
R and D |
|
|
|
|
Name |
Paresh Ballikar |
|
Designation |
Vice President -
Internal Audit and I.T. |
|
|
|
|
Name |
Prashant K.
Chitnis |
|
Designation |
Vice President –
Technology |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2,229,921 |
16.44 |
|
|
614,958 |
4.53 |
|
|
2,672,514 |
19.74 |
|
|
2,672,514 |
19.74 |
|
|
5,517,393 |
40.76 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
5,517,393 |
40.76 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
5234 |
0.04 |
|
|
377 |
0.000 |
|
|
194730 |
1.44 |
|
|
50 |
0.00 |
|
|
200391 |
1.48 |
|
|
|
|
|
|
1412432 |
10.41 |
|
|
|
|
|
|
3526635 |
25.99 |
|
|
2803826 |
20.67 |
|
|
106684 |
0.79 |
|
|
1010 |
0.01 |
|
|
105674 |
0.78 |
|
|
7849577 |
57.86 |
|
Total Public
shareholding (B) |
8049968 |
59.33 |
|
Total (A)+(B) |
13567361 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total
(A)+(B)+(C) |
13567361 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and seller
of ion exchange resins, water treatment plants and chemical additives |
|
|
|
PRODUCTION STATUS AS ON (31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Ion Exchange Resins |
M3 |
13200 |
13505 |
|
Water Treatment Plants |
Nos. |
NA |
52926 |
|
Chemical Additives |
Tonnes |
10000 |
10918 |
Note:
- Installed capacities mentioned above have been determined based on
single shift by the company’s technical officials and have been accepted
by the auditors without verification, as it is a technical matter.
- There are licenses for other items for which there are no
manufactured goods.
- Due to innumerable types of consumer products manufactured by the
company, quantitative information has not been furnished.
- Sales quantity of ion exchange resins, chemical additives and water
treatment plants include quantity utilized for captive consumptions.
GENERAL INFORMATION
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
940 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Bank of · Canara Bank ·
State Bank of · Axis Bank Limited · Punjab National Bank ·
Export-Import Bank of |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Note: LONG TERM
BORROWINGS: (a)Indian rupees loan from bank carries interest
@ 13.00%. Indian rupees loan from bank is repayable in 17 quarterly
installments of Rs. 3.529 Millions
each except for Last Installment which is of Rs. 3.536 Millions . The
loan is secured by First Charge by way of mortgage and hypothecation of all
movable and immovable properties situated at Vashi, (b)Indian rupees loan from bank taken for a
specific project carries interest @ 11.75% to 13.00%. Indian rupees loan from
bank is repayable within 20 months from the date of first disbursement or out
of excess contract proceeds whichever is earlier. The loan is secured by pari
passu first charge on project specific current Assets, both present and
future. ( c)Indian rupee vehicle loans from banks
carries interest @ 12.00% to 14.60% p.a. The loans are repayable in equal
monthly installments along with interest, from the various dates of
disbursements. The loans are secured by hypothecation of vehicles. (d)Finance lease obligation is secured by
hypothecation of equipment's taken on lease. (e)Deposits from Shareholders and Public
carry interest @7.00% to 8.00% p.a for deposits repayable after 1 year to 3
years from the respective dates of deposits. SHORT TERM
BORROWINGS (a) Working Capital Loan from banks
is secured by joint hypothecation of Book Debts and Stocks and collateral
security by way of first charge on all immovable and movable properties and
plant and machinery situated at Hosur and Patancheru and second charge on
movable and immovable properties situated at Mumbai (Office Premises), Vashi
and Goa. The Working Capital Loan is repayable on demand. (b) Short Term Loan from Banks carry interest
@10.00% to 11.50% p.a. and are repayable within a year. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Company Chartered Accountants |
|
|
|
|
Advocate and
Solicitors : |
Crawford Bayley and Company |
|
|
|
|
Joint Venture : |
|
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Associates: |
|
|
|
|
|
Entity having significant influence : |
·
IEI Shareholding Trusts |
|
|
|
|
Enterprises owned or significant influenced by key management
personnel of their relatives: |
· Arkepp and Associates · Ion Foundation |
|
|
|
* Associate Companies of Subsidiaries
CAPITAL STRUCTURE
After 27.09.2011
Authorised Capital : Rs.150.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.135.792 Millions
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13561861 |
Equity Shares |
Rs.10/- each |
Rs.135.619
Millions |
|
|
|
|
|
(a) Reconciliation of the shares outstanding at
the beginning and at the end of the reporting period
Rs. in Millions
|
Equity Shares |
31.03.2012 |
|
|
|
No. of Shares |
Rupees |
|
At the beginning of the period |
13425911 |
134.259 |
|
Issued during the
period - ESOS |
135950 |
1.359 |
|
Outstanding at the
end of the period |
13561861 |
135.619 |
(b)
Terms/rights attached to equity shares
The
company has only one class of equity shares having a par value of Rs. 10 per share.
Each holder of equity shares is entitled to one vote per share. The company
declares and pays dividends in Indian rupees. The dividend proposed by the
Boards of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting.
During
the year ended 31st March 2012, the amount of per share dividend recognised as
distribution to equity shareholders is Rs. 2 (2010-2011 : Rs. 2)
In
the event of liquidation of the company, the holders of equity shares will be
entitled to receive remaining assets of the company after distribution of
preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.
(c) Details of shareholders holding more than 5% shares in the company
|
Equity Shares |
31.03.2012 |
|
|
|
No. of Shares |
% of holding |
|
Rakesh Jhunjhunwala |
875000 |
6.45 |
As
per of the company, including its register of shareholders/members and other
declarations received from shareholders regarding beneficial interest, the
above shareholding represents both legal and beneficial ownership of shares.
(d)
Aggregate number of share issued for consideration other than cash during
the period of five years immediately preceding the reporting date.
The
company has issued 15,70,900 shares (2010-2011 : 20,15,700) during the period
of five years immediately preceding the reporting date on exercise of options
granted under the Employee Stock Option Scheme (ESOS) wherein part
consideration was received in form of employee services
.
(e)Shares
reserved for issued under ESOS
For
details of shares allotted under various Employee Stock Option Schemes (ESOS)
and shares reserved for issue under the Employees Stock Option Scheme (ESOS) of
the company
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
135.619 |
134.259 |
127.258 |
|
|
2] Stock Options Outstanding |
0.000 |
0.000 |
43.214 |
|
|
3] Reserves & Surplus |
1486.764 |
1339.159 |
1174.557 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1622.383 |
1473.418 |
1345.029 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
292.861 |
119.534 |
376.342 |
|
|
2] Unsecured Loans |
16.773 |
247.097 |
130.558 |
|
|
TOTAL BORROWING |
309.634 |
366.631 |
506.900 |
|
|
DEFERRED TAX LIABILITIES |
35.323 |
45.095 |
35.839 |
|
|
|
|
|
|
|
|
TOTAL |
1967.340 |
1885.144 |
1887.768 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
575.694 |
568.226 |
583.621 |
|
|
Capital work-in-progress |
132.759 |
10.579 |
4.819 |
|
|
|
|
|
|
|
|
INVESTMENT |
353.313 |
299.389 |
254.389 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
410.938
|
384.165 |
393.546
|
|
|
Sundry Debtors |
3426.624
|
2655.596 |
2395.544
|
|
|
Cash & Bank Balances |
104.306
|
168.647 |
99.831
|
|
|
Other Current Assets |
2.203
|
2.043 |
2.796
|
|
|
Loans & Advances |
806.860
|
729.720 |
635.697
|
|
Total
Current Assets |
4750.931
|
3940.171 |
3527.414 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2801.561
|
2184.800 |
1804.911
|
|
|
Other Current Liabilities |
832.657
|
599.213 |
609.744
|
|
|
Provisions |
211.139
|
149.208 |
67.820
|
|
Total
Current Liabilities |
3845.357
|
2933.221 |
2482.475 |
|
|
Net Current Assets |
905.574
|
1006.950 |
1044.939 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1967.340 |
1885.144 |
1887.768 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6513.627 |
5713.574 |
5002.737 |
|
|
|
Other Income |
126.026 |
85.767 |
48.344 |
|
|
|
TOTAL (A) |
6639.653 |
5799.341 |
5051.081 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4447.933 |
3855.627 |
|
|
|
|
Purchases of Traded Goods |
286.911 |
249.418 |
|
|
|
|
Employee benefit cost |
616.694 |
532.420 |
|
|
|
|
Other expenses |
917.893 |
814.547 |
|
|
|
|
(Increase)/decrease in inventories of Finished Goods, Work-in-Progress
and Traded Goods |
(39.510) |
23.215 |
|
|
|
|
TOTAL (B) |
6229.921 |
5475.227 |
4799.438 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
409.732 |
324.114 |
251.643 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
88.541 |
70.187 |
91.304 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
321.191 |
253.927 |
160.339 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
64.970 |
59.973 |
58.236 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
256.221 |
193.954 |
102.103 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
80.728 |
72.655 |
35.981 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
175.493 |
121.299 |
66.122 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
317.299 |
240.400 |
200.007 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
13.200 |
12.200 |
3.400 |
|
|
|
Proposed Final Dividend |
27.300 |
27.800 |
19.088 |
|
|
|
Tax on Dividend |
4.300 |
4.400 |
3.244 |
|
|
|
Dividend |
0.000 |
0.000 |
0.013 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
0.002 |
|
|
BALANCE CARRIED
TO THE B/S |
447.992 |
317.299 |
240.382 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
913.917 |
910.647 |
746.988 |
|
|
|
Freight and other recoveries |
6.902 |
7.025 |
6.637 |
|
|
|
Dividend |
12.230 |
0.000 |
0.000 |
|
|
|
Interest |
0.122 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
933.171 |
917.672 |
753.625 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
703.968 |
661.178 |
485.969 |
|
|
|
Capital Goods |
10.381 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
714.349 |
661.178 |
485.969 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.98 |
9.13 |
5.20 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2012 Unaudited |
|
|
|
|
1st Quarter |
|
Net Sales |
|
|
1462.200 |
|
Total Expenditure |
|
|
1386.000 |
|
PBIDT (Excl OI) |
|
|
76.200 |
|
Other Income |
|
|
24.600 |
|
Operating Profit |
|
|
100.800 |
|
Interest |
|
|
23.700 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
77.100 |
|
Depreciation |
|
|
18.000 |
|
Profit Before Tax |
|
|
59.100 |
|
Tax |
|
|
19.000 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
40.100 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
40.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.64 |
2.09 |
1.31 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.93 |
3.39 |
2.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.82 |
4.30 |
2.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.13 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.56 |
2.24 |
2.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24 |
1.34 |
1.42 |
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 |
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 |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
Yes |
OPERATIONS
During the financial year ended 31st March, 2012, the net profit after tax
of the company was Rs.175.500 Millions an increase of 44.7 % over the previous
year’s net profit after tax of Rs. 121.300 Millions The turnover was higher at
Rs. 6730.000 Millions as compared to Rs. 5910.000 Millions of the previous
year, showing a increase of 14 %.
FUTURE OUTLOOK
The continuing crisis in the Eurozone has not dampened the investments
in water and environment management. The Indian Government continues to
announce measures to improve the environmental health of the country and the
company expects to benefit from it.
However, the business confidence has been impacted by concerns on the
economic front. This has resulted in a slight reduction in the pace of
investments by the private sector in new projects. As mentioned earlier they
expect the slack to be taken up by the increased public sector investments.
The Company will continue its endeavour to expand operations globally
with focus on emerging economies. Joint ventures with the local players in such
countries are under active consideration. They will also be looking at
increasing our presence in the rural sector. This will be achieved through
increased penetration and introduction of more products suited to the rural
requirements.
They continue to raise the bar of quality for our various products and
production facilities with globally accepted quality certifications. In
continuation of this endeavour our resin facility now has ISO 9000, ISO 14000,
Halal and WQA Gold Seal certifications. The new FDA compliant facility will
also start operations shortly.
Price volatility in the cost of inputs continues to impact the margins.
However, the timely measures taken by the Company has minimized the adverse
impact to a large extent. It is expected that the volatile situation in the raw
material costs will not change radically in the future. They will continue to
take proactive measures to effectively minimise the impact of price volatility.
The company’s emphasis on innovative technology, research and
development and comprehensive product mix for environment management should
ensure ability to counter uncertain business environment and report continuing
improvement in performance
SUBSIDIARY
COMPANIES
AQUA INVESTMENTS (
During the year ended 31st March, 2012, the Subsidiary companies M/s.
Aqua Investments (
Ion Exchange
Enviro Farms Limited (IEEFL)
The Company improved its performance by focusing on select Farms and
Product groups. The operating income rose from Rs.7.848 Millions (2010-11) to
Rs.10.826 Millions. However due to erratic climatic conditions and other local
environmental factors the optimum operational performance could not be reached.
Due to product improvement through R and D the sale of Farm Inputs (e.g.
ENVIRO REACH) has increased from Rs.5.200 Millions to Rs.7.500 Millions in the
current year. The Company expects to enter into new geographies andalso
new market segments like chilli and
other vegetables which will increase the turnover substantially.
Ion Exchange
Infrastructure Limited
The Company achieved turnover of Rs. 449.834 Millions as compared to Rs.
384.693 Millions for the previous year. The profit after tax was at Rs. 1.071
Millions compared to Rs.1.409 Millions for the previous year.
The Company has been established with a view to undertake projects for
intake water, water treatment, distribution and waste management on lumpsum
turnkey basis. The Company will also provide comprehensive technical and
process assistance services such as consultancy, design, detailed engineering
and turnkey contracting.
Ion Exchange Asia
Pacific Pte Limited,
Asia Pacific (
The Company achieved a consolidated turnover of Rs. 84.372 Millions for
the year as compared to 141.095 Millions
for the previous year. The performance of the Company was adversely affected
due to uncertain economic conditions in
IEI Environmental
Management [M] SDN. BHD,
The Company achieved a turnover of Rs. 4.244 Millions for the year .
The Company’s main activity is trading in water filtration equipments,
water chemicals, resins and taking up projects of installing water filtration
plants of any nature. The Company has been established with a view of
facilitating operations in
Ion Exchange
Environment Management (BD) Limited,
The Company achieved a turnover of Rs. 55.029 Millions for the year .
The Company is set up with a view to strengthen and widen the Company’s
presence in the
After the successful commissioning of assembly shop in
Ion Exchange WTS (
At present there are no activities in this company. Various options are
being explored for streamlining and consolidating the activities of this
company along with other wholly owned subsidiary company in
Ion Exchange and
Co. LLC,
The Company achieved a turnover of Rs. 397.400 Millions for the year .
The Company is set up to address the needs of Middle East market especially
The Company is approved by PDO (OMAN). The Company has performed well
during the year and has declared interim
dividend of 60%. The Company has secured two big orders from local petroleum
company and European EPC contractor in
Ion Exchange
The Company achieved a turnover of Rs. 170.900 Millions for the year .
This subsidiary is established to address the needs of
In spite of slow economic recovery in
Ion Exchange
Projects and Engineering Limited
The Company was incorporated on 9th April, 2012. Pursuant to Board and
Shareholders’ approval for the proposal to sell the Project Division (covering
domestic turnkey projects) on a going concern basis to Ion Exchange Projects
and Engineering Limited, the Company is in the process of completing all the
necessary formalities to implement the proposal.
Global Composites
and Structurals Limited
The Company achieved a turnover of Rs. 230.00 Millions for the year .
The Company is in the business of providing integrated engineering
services across the life cycle of a project and has expertise in manufacture of
RO Pressure Tubes and FRP Tanks and electrical load distribution for water
treatment Industries.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENT
The year 2011-2012 started on a positive note for the global economy and
the industrial sector was looking forward to a period of growth and
development. The first part of the year saw the economy showing signs of
improvement till the Euro crisis started affecting it in the later part of the
year.
These developments also affected the Indian economy to some extent in
terms of the FII inflows and FDIs. However, high internal consumption has, to
some extent not allowed the same to have a major impact on
Investments in infrastructure projects continue to grow over last year.
Though some of the green field projects were delayed, the planned brown field
expansions went ahead as scheduled.
All the above shifts in economic sentiments have not had a major impact
on the Indian Water and Environment Management Industry. This is demonstrated
by sector growth of almost 15%.
Industry is increasingly looking at total outsourcing of water
management and this will be a good market for company like yours with 360o
capabilities in providing solutions and managing them. Opportunities also exist
in BOT/Lease structured projects.
Decreasing levels of water table in urban
The rise in input costs of chemicals coupled with currency rate fluctuations
continues to affect companies like ours. Market dynamics may not always allow
passing on the impact of the above factors to customers. This may sometimes
affect the industrial and commodity chemicals profit margins. The company is
continuously innovating its product portfolio and usage of raw materials in
order to minimise adverse impact of price volatility.
They feel the industry will continue to grow at reasonably good pace in
the coming year albeit with slightly lesser share from private sector. They
also feel that the margins of the industry will continue to be under some
pressure. The last few years have seen a lot of large and small players
entering this segment. The Company feels that the industry will soon see a
period of consolidation with some of the new entrants opting out. With the
company’s emphasis on innovative technology, quality products, research and
development and comprehensive product
mix for entire environment management, the overall outlook appears
positive and management is confident about long term business prospects of the
Company.
HIGHLIGHTS OF
PERFORMANCE
Gross turnover for the year 2011-2012 was Rs. 6730.000 Millions. Profit
after tax was Rs.175.500 Millions as compared to Rs. 121.300 Millions in the
previous year.
The Turnover for the year increased more than 13%. However, the profit
after tax showed a marked improvement of more than 40%.
SEGMENTWISE
OPERATIONAL PERFORMANCE
The business of the company can be segmented into:
1. Engineering
2. Chemicals
3. Consumer Products
Engineering
In this segment, the Company designs, manufactures and sells medium and
large size equipment for water and waste water treatment plants. The segment
achieved turnover of Rs. 4120.000 Millions compared to Rs. 3620.000 Millions
for the previous year.
The segment continues to grow at healthy rate as company has good order
bank, besides its presence and prospects in core Industrial segments like
Refineries, Power, Steel and segments like Food and Beverages, Pharmaceuticals,
Automobiles, Hospitality to name a few where the company has proven track
record and distinct preference. Emerging prospects like Municipal
Infrastructure and Sea Water Desalination provide the company additional
opportunities for growth.
Chemicals
The segment achieved turnover of Rs.1820.000 Millions as compared to
Rs.1520.000 Millions of the previous year.
During the year sales in domestic markets improved for both resins and
water treatment chemicals. Exports of resins to US, Europe and Far East also showed
good improvements, specifically through new customers developed in
Consumer Products
The segment achieved turnover of Rs. 930.000 Millions as compared to Rs.
820.000 Millions of the previous year.
The division sustained increase business volume in spite of the general
economic slow down with 17% growth in the Home Water Solutions business. The
revenue generated through Direct Sales business improved by 27%, Retail
business grew by 15% and Service business increased by 8%, as compared to
previous year. Growth in all Home Water Solutions businesses not only
contributed to the top line but also improved the satisfaction levels of our
customers in the process.
In the year , the domestic water purifier business attracted a large
number of new entrants resulting in intense competition and ever-changing
dynamics in the market place.
The Company continues to invest in its “Zero B” brand which has survived
the onslaught from aggressive new players in the category. The brand was
awarded “The Complete Domestic Water Solutions Provider” by Water Digest in
association with UNESCO for the sixth consecutive year.
In the current year too, the thrust will be on improving the brand
recall and increasing the market share by offering products suitable to the
ever-increasing needs of potential customers.
The Institutional segment which caters to the needs of housing
complexes, hotels, hospitals, administrative blocks of PSU units and
educational institutions showed improved performance with rise of 25% sales
over the previous year. The institutional segment also improved on margins. The
growing demand for Sewage Treatment Plants in Housing complexes and hotels saw
an increased sale of such units. The division is poised for growth in the next
year.
To meet the requirements of the rural communities, the company continues
to work towards increasing its penetration in rural
This has been undertaken by partnering with Government and Non
Government Organisations (NGOs), developing a local distribution network and
through awareness creation activities for safe drinking water and sanitation.
In the current year, the company will continue to work towards
increasing its presence in the rural market by reaching out to new markets and
widening our network in the existing markets.
EXPORTS
During the year , the Company has achieved export turnover of Rs.
940.000 Millions. The global economical recession resulted in a slow growth.
The current economic conditions in
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED JUNE 30 2012
(Rs. in Millions)
|
|
PARTICULARS |
|
THREE MONTHS ENDED |
|
|
|
|
|
|
30.06.2012 |
|
|
|
|
|
|
|
1. |
a) Sales
/Income from Operations |
|
|
5513.900 |
|
|
Less:
Excise Duty |
|
|
57.700 |
|
|
Net Sales
/ Income from Operations |
|
|
1456.200 |
|
|
b) Other
Operating Income |
|
|
6.000 |
|
|
Total Income form operations |
|
|
1462.200 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
a) Cost of
materials consumed |
|
|
974.200 |
|
|
b)
Purchase of Traded Goods |
|
|
51.800 |
|
|
c) Changes
in inventories of finished goods |
|
|
(4.300) |
|
|
d)
Employees Cost |
|
|
164.200 |
|
|
e)
Depreciation |
|
|
18.000 |
|
|
t] Other
Expenditure |
|
|
200.100 |
|
|
Total |
|
|
1404.00 |
|
3. |
Profit
from Operations before Other Income and Interest (1-2) |
|
|
58.200 |
|
4. |
Other
Income |
|
|
24.600 |
|
5. |
Profit
before Interest (3+4) |
|
|
82.800 |
|
6. |
Interest |
|
|
23.700 |
|
7. |
Profit
Before Taxation (5-6) |
|
|
59.100 |
|
8. |
Provision
for Taxation (Includes Deferred Tax) |
|
|
19.000 |
|
9. |
Net Profit
after Taxation (7-8) |
|
|
40.100 |
|
10. |
Paid up
Equity Share Capital [Face
Value - Rs.10 per share] |
|
|
135.700 |
|
11. |
Reserves
excluding Revaluation Reserves |
|
|
- |
|
12. |
Basic and
diluted EPS for the period and for the previous year - Basic EPS (Rs.) - Diluted EPS (Rs.) |
|
|
2.95 2.90 |
|
13. |
Public
Shareholding - Number of Shares - Percentage of Shareholding |
|
|
8049968 59.33% |
|
14. |
Promoters
and Promoter Group Shareholding a) Pledged / Encumbered - Number of Shares - Percentage of share (as % of the
total shareholding of promoter and promoter group) - Percentage of share (as % of the
total share capital of the company) (b) Non-encumbered |
|
|
- |
|
|
- Number
of Shares |
|
|
5,517,393 |
|
|
-
Percentage of share (as % of the total shareholding of promoter and promoter
group) |
|
|
100.00% |
|
|
-
Percentage of share (as % of the total share capital of the company) |
|
|
40.67% |
|
INVESTOR COMPLAINTS |
30.06.2012 |
|
Pending at the beginning of the quarter |
3 |
|
Received during the quarter |
Nil |
|
Disposed if during the quarter |
3 |
|
Remaining unresolved the end of the quarter |
Nil |
Notes:
1) The above results
for the quarter ended June 30, 2012 have been subjected to "Limited Review”
by the Statutory Auditors of the Company as required under clause41 of the
Listing Agreement.
2) The above results
were reviewed by the Audit Committee at a meeting held on July 25,2012 and were
approved at the meeting of the Board of Directors held on July 25,2012.
3) The Board
of Directors of the Company at their meeting held on February 22,2011, had,
subject to the approval of the shareholders, accorded their approval for the
proposal to transfer its Project Division (covering domestic turnkey projects)
as a going concern under a 'Slump Sale' basis to Ion Exchange Projects and
Engineering Limited, a wholly owned subsidiary company being incorporated
Subsequent to the above, on April 11,2011, the Company has received approval of
the shareholders for the transfer of the Project Division (covering domestic
turnkey projects) byway of postal ballot The Company is in the process of
completing all the necessary formalities for the above mentioned transfer. The
Project Division is being reported as a part of Engineering segment under
Segment disclosures.
4) During the quarter
ended June 30,2012 shares have been allowed pursuant to options granted under the Employees'
Stock Option Scheme ESQS 2008. However no fresh options have been
granted during the current quarter.
5) The figures of the three months ended March 31, 2012 are Vre balancing figures between audited figures in respect of financial year ended March 31,2012 and the published year to date figures up to December 31,2011
6) Figures for the previous period [year rave been regmped/ rearranged wherever necessary
QUARTERLY
AND NINE MONTHLY REPORTING OF SEGMENT WISE REVENUE, RESULTS AND CAPITAL
EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT
(Rs. in Millions)
|
|
PARTICULARS |
|
QUARTER
ENDED |
|
|
|
|
|
|
30.06.2012 |
|
1. |
Segment
Revenue |
|
|
|
|
|
a) Engineering |
|
|
831.300 |
|
|
b) Chemicals |
|
|
492.600 |
|
|
c) Consumer Products |
|
|
199.500 |
|
|
d) Unallocated |
|
|
4.300 |
|
|
Total |
|
|
1527.700 |
|
|
Less:
Inter segment revenue |
|
|
65.500 |
|
|
Net Sales
/ Income from Operations |
|
|
1462.200 |
|
2. |
Segment
Results [Profit(+)/ Loss (-) before tax and interest from segment] |
|
|
|
|
|
a) Engineering |
|
|
21.600 |
|
|
b) Chemicals |
|
|
64.700 |
|
|
c) Consumer Products |
|
|
5.700 |
|
|
Total |
|
|
92.000 |
|
|
Less: i)
Interest Expenses |
|
|
23.700 |
|
|
ii) Other
unallocable expenditure net of unallocable income |
|
|
17.300 |
|
|
Add:
Interest Income |
|
|
8.100 |
|
|
Total
Profit (+)/Loss (-) Before Taxation |
|
|
59.100 |
|
3. |
Capital
Employed (Segment Assets - Segment Liabilities) |
|
|
|
|
|
a) Engineering |
|
|
730.700 |
|
|
b) Chemicals |
|
|
752.100 |
|
|
c) Consumer Products |
|
|
107.100 |
|
|
Total
Capital Employed in 'Segments' |
|
|
1589.900 |
|
|
Add:
Unallocable corporate assets less corporate liabilities |
|
|
72.600 |
|
|
Total
Capital Employed In Company |
|
|
1662.500 |
Notes:
Segments have been identified in line with
the Accounting Standard on Segment Reporting (AS-17), taking into account the Organisation
structure as well as the differential risks and returns of these segments.
Figures for the previous period / year have been regrouped / rearranged wherever necessary.
As on 31.03.2012
Contingent
Liabilities not provided for:
·
Guarantee given
by the Company on behalf of :
Subsidiaries - Rs. 306.676
Millions (2010-2011 : Rs. 297.243
Millions)
Associates - Rs. 70.000 Millions
(2010-2011 : Rs. 70.000 Millions)
Joint Venture - Rs. 80.000 Millions
(2010-2011 : Rs. 80.000 Millions)
Others - Rs. 3.888 Millions
(2010-2011 : Rs. 3.888 Millions)
·
Demand raised by
authorities against which the Company has filed an appeal.
Income Tax - Rs. 8.301 Millions
(2010-2011 : Rs. 18.938 Millions)
Excise Duty - Rs. 1.679 Millions
(2010-2011 : Rs. 3.052 Millions)
Service Tax - Rs. 1.674 Millions
(2010-2011 : Rs. 4.133 Millions)
Customs Duty (to the extent
ascertainable) - Rs. 2.258 Millions (2010-2011 : Rs. 2.258 Millions)
Claims against the Company arising
in the course of business not acknowledged as debts (to the extent
ascertainable) Rs. 19.494 Millions (2010-2011 : Rs. 18.882 Millions).
Note: Future cash
outflows/uncertainities if any in respect of above are determinable only on
receipt of judgments/decisions pending with various forums/authorities.
Fixed Assets:
- Land
Including
- Property
Rights
- Buildings
on
- Buildings
on
- Ownership
Blocks
- Ownership
Flat in Leasehold
- Premises
- DDA
- Plant
and Machinery
- Vehicles
- Furniture,
Fixture and Office Equipments
- Leased
Assets
CMT REPORT (Corruption, Money Laundering and 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.52.97 |
|
|
1 |
Rs.85.45 |
|
Euro |
1 |
Rs.69.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
|
51 |
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 and 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.