|
Report Date : |
26.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
DANGOTE CEMENT PLC |
|
|
|
|
Formerly Known As : |
OBAJANA CEMENT PLC |
|
|
|
|
Registered Office : |
Union Marble House 1 Alfred Rewane Road, Falomo, Ikoyi 40032 |
|
|
|
|
Country : |
Nigeria |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
04.11.1992 |
|
|
|
|
Legal Form : |
Public Subsidiary |
|
|
|
|
Line of Business : |
Manufacture of cement, lime and plaster |
|
|
|
|
No. of Employees : |
2,903 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
Litigation : |
Clear |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Nigeria |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
NIGERIA - ECONOMIC OVERVIEW
Oil-rich Nigeria has been hobbled by political instability,
corruption, inadequate infrastructure, and poor macroeconomic management, but
in 2008 began pursuing economic reforms. Nigeria's former military rulers
failed to diversify the economy away from its overdependence on the
capital-intensive oil sector, which provides 95% of foreign exchange earnings
and about 80% of budgetary revenues. Following the signing of an IMF stand-by
agreement in August 2000, Nigeria received a debt-restructuring deal from the
Paris Club and a $1 billion credit from the IMF, both contingent on economic
reforms. Nigeria pulled out of its IMF program in April 2002, after failing to
meet spending and exchange rate targets, making it ineligible for additional
debt forgiveness from the Paris Club. In November 2005, Abuja won Paris Club
approval for a debt-relief deal that eliminated $18 billion of debt in exchange
for $12 billion in payments - a total package worth $30 billion of Nigeria's
total $37 billion external debt. Since 2008 the government has begun to show
the political will to implement the market-oriented reforms urged by the IMF,
such as modernizing the banking system, removing subsidies, and resolving regional
disputes over the distribution of earnings from the oil industry. GDP rose
strongly in 2007-12 because of growth in non-oil sectors and robust global
crude oil prices. President JONATHAN has established an economic team that
includes experienced and reputable members and has announced plans to increase
transparency, diversify economic growth, and improve fiscal management. Lack of
infrastructure and slow implementation of reforms are key impediments to
growth. The government is working toward developing stronger public-private
partnerships for roads, agriculture, and power. Nigeria's financial sector was
hurt by the global financial and economic crises, but the Central Bank governor
has taken measures to restructure and strengthen the sector to include imposing
mandatory higher minimum capital requirements.
Source
: CIA
Dangote Cement Plc
|
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Business
Description
|
Dangote Cement Plc is a Nigeria-based company engaged in the building
materials industry. The Company is primarily involved in the operation of
production facilities for the preparation, manufacture, control, research and
distribution of cement and related products. The Company is a fully integrated
cement company and has projects and operations in Nigeria and 14 other
African countries The Company’s parent company is Dangote Industries
Limited (DIL). The Obajana Cement Plant (OCP) located in Kogi State is
reputed to be one of the single cement plants in the world with a combined
capacity of 10.25 million metric tons per annum (MMTPA). The Company’s
subsidiaries include Sephaku Cement (Pty) Limited, Dangote Industries
(Ethiopia) Plc, Dangote Industries (Zambia) Limited, Dangote Industries
Cameroun Limited, Dangote Industries Congo S.A, Dangote Industries Limited,
Cote D'Ivoire, Dangote Industries Gabon S.A, Lion Football Club Limited and
Dangote Industries Limited, Tanzania. For the six months ended 30 June 2013,
Dangote Cement Plc revenues increased 28% to NGN198.46B. Net income increased
52% to NGN107.86B. Revenues reflect Nigeria segment increase of 29% to
NGN190.77B, West and Central Africa segment increase of 14% to NGN7.38B. Net
income benefited from Interest income increase from NGN640.9M to NGN2.96B
(income), Finance Cost decrease of 19% to NGN6.99B (expense). |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
ISIC Rev 4: |
|
|
NACE Rev 2: |
|
|
NAICS 2012: |
|
|
UK SIC 2007: |
|
|
US SIC 1987: |
Key Executives
|
Significant
Developments
|
Financial Summary
|
Stock
Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = NGN 158.7885
2 - Balance Sheet Item Exchange Rate: USD 1 = NGN 155.75
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Dangote Cement
Plc |
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Ikoyi, Lagos |
Nigeria |
Architecture and Engineering |
|
3,171 |
|
|
Subsidiary |
Sango Otta |
Nigeria |
Food Manufacturing |
84.5 |
483,000 |
|
|
Subsidiary |
Lagos |
Nigeria |
Food Manufacturing |
369.5 |
4,932 |
|
|
Holding |
|
Nigeria |
Cement and Concrete Product Manufacturing |
1,879.6 |
2,903 |
|
|
Subsidiary |
Apapa |
Nigeria |
Food Manufacturing |
673.0 |
659 |
|
|
Subsidiary |
Saint Pierre |
Mauritius |
Food Manufacturing |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Miscellaneous Professional Services |
|
|
|
|
Subsidiary |
Irene |
South Africa |
Paint, Coating, and Adhesive Manufacturing |
|
|
Executives
Report
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
NGN |
NGN |
NGN |
NGN |
|
Exchange Rate
(Period Average) |
158.788547 |
155.838183 |
151.065642 |
149.730247 |
|
Auditor |
Akintola
Williams Deloitte |
Akintola
Williams Deloitte |
Akintola
Williams Deloitte |
Akintola
Williams Deloitte |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Net Sales |
1,879.6 |
1,549.1 |
1,340.9 |
1,266.4 |
|
Revenue |
1,879.6 |
1,549.1 |
1,340.9 |
1,266.4 |
|
Total Revenue |
1,879.6 |
1,549.1 |
1,340.9 |
1,266.4 |
|
|
|
|
|
|
|
Cost of Revenue |
745.0 |
627.0 |
562.1 |
707.1 |
|
Cost of Revenue, Total |
745.0 |
627.0 |
562.1 |
707.1 |
|
Gross Profit |
1,134.5 |
922.1 |
778.8 |
559.3 |
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
133.5 |
101.6 |
97.7 |
116.4 |
|
Labor & Related Expense |
40.8 |
24.7 |
- |
- |
|
Advertising Expense |
20.7 |
15.1 |
- |
- |
|
Total Selling/General/Administrative Expenses |
194.9 |
141.4 |
97.7 |
116.4 |
|
Depreciation |
44.7 |
29.3 |
- |
- |
|
Depreciation/Amortization |
44.7 |
29.3 |
- |
- |
|
Loss (Gain) on Sale of Assets - Operating |
-2.2 |
0.0 |
- |
- |
|
Other Unusual Expense (Income) |
-18.4 |
0.0 |
8.0 |
-0.2 |
|
Unusual Expense (Income) |
-20.5 |
0.0 |
8.0 |
-0.2 |
|
Other, Net |
-7.2 |
-4.2 |
- |
- |
|
Other Operating Expenses, Total |
-7.2 |
-4.2 |
- |
- |
|
Total Operating Expense |
957.0 |
793.5 |
667.8 |
823.3 |
|
|
|
|
|
|
|
Operating Income |
922.6 |
755.5 |
673.1 |
443.1 |
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-108.6 |
-85.3 |
-19.5 |
-40.4 |
|
Interest Expense, Net Non-Operating |
-108.6 |
-85.3 |
-19.5 |
-40.4 |
|
Interest Income -
Non-Operating |
13.9 |
9.5 |
5.8 |
16.8 |
|
Investment Income -
Non-Operating |
-2.7 |
0.0 |
- |
- |
|
Interest/Investment Income - Non-Operating |
11.2 |
9.5 |
5.8 |
16.8 |
|
Interest Income (Expense) - Net Non-Operating |
-1.2 |
-0.7 |
- |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
-98.6 |
-76.5 |
-13.8 |
-23.5 |
|
Gain (Loss) on Sale of Assets |
- |
- |
0.0 |
0.0 |
|
Other Non-Operating Income (Expense) |
30.3 |
51.0 |
2.9 |
6.3 |
|
Other, Net |
30.3 |
51.0 |
2.9 |
6.3 |
|
Income Before Tax |
854.3 |
730.1 |
662.3 |
425.9 |
|
|
|
|
|
|
|
Total Income Tax |
-102.6 |
-49.0 |
-34.9 |
15.9 |
|
Income After Tax |
956.8 |
779.1 |
697.2 |
410.0 |
|
|
|
|
|
|
|
Minority Interest |
0.6 |
0.0 |
- |
- |
|
Net Income Before Extraord Items |
957.4 |
779.1 |
697.2 |
410.0 |
|
Net Income |
957.4 |
779.1 |
697.2 |
410.0 |
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
957.4 |
779.1 |
697.2 |
410.0 |
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
957.4 |
779.1 |
697.2 |
410.0 |
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
17,040.5 |
17,040.5 |
17,040.4 |
17,043.3 |
|
Basic EPS Excl Extraord Items |
0.06 |
0.05 |
0.04 |
0.02 |
|
Basic/Primary EPS Incl Extraord Items |
0.06 |
0.05 |
0.04 |
0.02 |
|
Diluted Net Income |
957.4 |
779.1 |
697.2 |
410.0 |
|
Diluted Weighted Average Shares |
17,040.5 |
17,040.5 |
17,040.4 |
17,043.3 |
|
Diluted EPS Excl Extraord Items |
0.06 |
0.05 |
0.04 |
0.02 |
|
Diluted EPS Incl Extraord Items |
0.06 |
0.05 |
0.04 |
0.02 |
|
Dividends per Share - Common Stock Primary Issue |
0.02 |
0.01 |
0.01 |
0.00 |
|
Gross Dividends - Common Stock |
321.9 |
223.7 |
205.1 |
26.1 |
|
Interest Expense, Supplemental |
108.6 |
85.3 |
19.5 |
40.4 |
|
Depreciation, Supplemental |
173.8 |
103.2 |
94.1 |
77.0 |
|
Total Special Items |
-20.5 |
0.0 |
7.9 |
-0.2 |
|
Normalized Income Before Tax |
833.7 |
730.1 |
670.2 |
425.8 |
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-7.2 |
0.0 |
2.8 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
-109.7 |
-49.0 |
-32.1 |
15.9 |
|
Normalized Income After Tax |
943.5 |
779.1 |
702.3 |
409.8 |
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
944.0 |
779.1 |
702.3 |
409.8 |
|
|
|
|
|
|
|
Basic Normalized EPS |
0.06 |
0.05 |
0.04 |
0.02 |
|
Diluted Normalized EPS |
0.06 |
0.05 |
0.04 |
0.02 |
|
Amort of Intangibles, Supplemental |
0.2 |
0.3 |
- |
- |
|
Rental Expenses |
3.7 |
1.0 |
- |
- |
|
Advertising Expense, Supplemental |
20.7 |
15.1 |
- |
- |
|
Normalized EBIT |
902.0 |
755.5 |
681.1 |
443.0 |
|
Normalized EBITDA |
1,076.0 |
859.1 |
775.2 |
520.0 |
|
Current Tax - Domestic |
- |
- |
15.3 |
10.4 |
|
Current Tax - Other |
- |
- |
-0.2 |
2.3 |
|
Current Tax - Total |
4.9 |
14.4 |
- |
- |
|
Current Tax - Total |
4.9 |
14.4 |
15.1 |
12.8 |
|
Deferred Tax - Total |
-107.5 |
-63.4 |
-50.0 |
3.1 |
|
Deferred Tax - Total |
-107.5 |
-63.4 |
-50.0 |
3.1 |
|
Income Tax - Total |
-102.6 |
-49.0 |
-34.9 |
15.9 |
|
Other Pension, Net - Domestic |
1.1 |
1.3 |
- |
- |
|
Domestic Pension Plan Expense |
1.1 |
1.3 |
- |
- |
|
Total Pension Expense |
1.1 |
1.3 |
- |
- |
|
Total Plan Other Expense |
1.1 |
1.3 |
- |
- |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
NGN |
NGN |
NGN |
NGN |
|
Exchange Rate |
155.75 |
162.3 |
152 |
149.5 |
|
Auditor |
Akintola
Williams Deloitte |
Akintola
Williams Deloitte |
Akintola
Williams Deloitte |
Akintola
Williams Deloitte |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Cash |
98.6 |
81.0 |
70.8 |
71.8 |
|
Short Term Investments |
186.6 |
59.7 |
69.2 |
63.2 |
|
Cash and Short Term Investments |
285.2 |
140.7 |
140.0 |
135.0 |
|
Accounts Receivable -
Trade, Gross |
30.7 |
21.7 |
84.4 |
49.3 |
|
Provision for Doubtful
Accounts |
-8.8 |
-9.8 |
-9.5 |
-3.6 |
|
Trade Accounts Receivable - Net |
48.3 |
49.1 |
239.7 |
218.3 |
|
Other Receivables |
79.4 |
102.3 |
286.3 |
256.7 |
|
Total Receivables, Net |
127.8 |
151.4 |
526.0 |
474.9 |
|
Inventories - Finished Goods |
56.9 |
28.9 |
33.6 |
33.6 |
|
Inventories - Raw Materials |
151.7 |
59.5 |
62.2 |
56.5 |
|
Inventories - Other |
- |
- |
2.0 |
-0.6 |
|
Total Inventory |
208.5 |
88.4 |
97.8 |
89.5 |
|
Prepaid Expenses |
174.0 |
30.0 |
3.3 |
4.8 |
|
Total Current Assets |
795.5 |
410.5 |
767.1 |
704.3 |
|
|
|
|
|
|
|
Buildings |
222.0 |
94.4 |
338.6 |
328.2 |
|
Machinery/Equipment |
2,245.2 |
1,091.4 |
1,094.7 |
894.0 |
|
Construction in
Progress |
876.7 |
1,359.0 |
727.8 |
24.5 |
|
Property/Plant/Equipment - Gross |
3,343.8 |
2,544.7 |
2,161.1 |
1,246.8 |
|
Accumulated Depreciation |
-274.2 |
-94.2 |
-283.2 |
- |
|
Property/Plant/Equipment - Net |
3,069.6 |
2,450.5 |
1,877.9 |
1,246.8 |
|
Intangibles - Gross |
13.4 |
13.2 |
- |
- |
|
Accumulated Intangible Amortization |
-2.3 |
-2.1 |
- |
- |
|
Intangibles, Net |
11.1 |
11.1 |
- |
- |
|
LT Investment - Affiliate Companies |
0.0 |
0.0 |
0.0 |
0.7 |
|
Long Term Investments |
0.0 |
0.0 |
0.0 |
0.7 |
|
Deferred Income Tax - Long Term Asset |
160.1 |
49.0 |
- |
- |
|
Other Long Term Assets |
289.0 |
322.8 |
- |
- |
|
Other Long Term Assets, Total |
449.1 |
371.8 |
- |
- |
|
Total Assets |
4,325.3 |
3,243.9 |
2,645.0 |
1,951.7 |
|
|
|
|
|
|
|
Accounts Payable |
233.3 |
220.4 |
79.9 |
97.2 |
|
Accrued Expenses |
35.5 |
35.7 |
92.9 |
124.0 |
|
Notes Payable/Short Term Debt |
8.1 |
27.8 |
247.6 |
120.8 |
|
Current Portion - Long Term Debt/Capital Leases |
323.8 |
187.6 |
- |
- |
|
Customer Advances |
82.5 |
66.8 |
- |
- |
|
Income Taxes Payable |
63.7 |
77.7 |
43.1 |
41.0 |
|
Other Payables |
126.5 |
97.7 |
13.0 |
0.0 |
|
Other Current Liabilities |
- |
- |
117.9 |
77.8 |
|
Other Current liabilities, Total |
272.7 |
242.1 |
174.0 |
118.8 |
|
Total Current Liabilities |
873.4 |
713.7 |
594.4 |
460.8 |
|
|
|
|
|
|
|
Long Term Debt |
722.1 |
719.4 |
646.4 |
331.9 |
|
Total Long Term Debt |
722.1 |
719.4 |
646.4 |
331.9 |
|
Total Debt |
1,054.0 |
934.9 |
894.0 |
452.7 |
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
3.4 |
3.6 |
12.7 |
63.4 |
|
Deferred Income Tax |
3.4 |
3.6 |
12.7 |
63.4 |
|
Minority Interest |
46.4 |
52.7 |
0.0 |
40.9 |
|
Pension Benefits - Underfunded |
11.2 |
8.5 |
- |
- |
|
Other Long Term Liabilities |
18.6 |
9.6 |
- |
- |
|
Other Liabilities, Total |
29.8 |
18.1 |
- |
- |
|
Total Liabilities |
1,675.1 |
1,507.5 |
1,253.5 |
897.1 |
|
|
|
|
|
|
|
Common Stock |
54.7 |
47.7 |
51.0 |
3.3 |
|
Common Stock |
54.7 |
47.7 |
51.0 |
3.3 |
|
Additional Paid-In Capital |
290.9 |
279.2 |
279.1 |
283.8 |
|
Retained Earnings (Accumulated Deficit) |
2,313.9 |
1,409.6 |
1,061.4 |
767.5 |
|
Translation Adjustment |
-9.3 |
0.0 |
- |
- |
|
Other Equity, Total |
-9.3 |
0.0 |
- |
- |
|
Total Equity |
2,650.2 |
1,736.4 |
1,391.5 |
1,054.6 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
4,325.3 |
3,243.9 |
2,645.0 |
1,951.7 |
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
17,040.5 |
17,040.4 |
17,043.3 |
17,043.3 |
|
Total Common Shares Outstanding |
17,040.5 |
17,040.4 |
17,043.3 |
17,043.3 |
|
Employees |
2,903 |
2,922 |
3,171 |
3,468 |
|
Number of Common Shareholders |
- |
40,406 |
- |
- |
|
Accumulated Intangible Amort, Suppl. |
2.3 |
2.1 |
- |
- |
|
Deferred Revenue - Current |
82.5 |
66.8 |
75.8 |
56.0 |
|
Deferred Revenue - Long Term |
15.5 |
6.7 |
- |
- |
|
Total Long Term Debt, Supplemental |
1,045.9 |
907.0 |
244.1 |
- |
|
Long Term Debt Maturing within 1 Year |
323.8 |
187.6 |
244.1 |
- |
|
Long Term Debt Maturing in Year 2 |
133.6 |
259.3 |
- |
- |
|
Long Term Debt Maturing in Year 3 |
135.3 |
101.1 |
- |
- |
|
Long Term Debt Maturing in Year 4 |
91.3 |
140.3 |
- |
- |
|
Long Term Debt Maturing in 2-3 Years |
268.9 |
360.3 |
- |
- |
|
Long Term Debt Maturing in 4-5 Years |
91.3 |
140.3 |
- |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
361.8 |
218.8 |
0.0 |
- |
|
Total Operating Leases, Supplemental |
7.2 |
9.1 |
- |
- |
|
Operating Lease Payments Due in Year 1 |
3.5 |
1.8 |
- |
- |
|
Operating Lease Payments Due in Year 2 |
0.9 |
1.8 |
- |
- |
|
Operating Lease Payments Due in Year 3 |
0.9 |
1.8 |
- |
- |
|
Operating Lease Payments Due in Year 4 |
0.9 |
1.8 |
- |
- |
|
Operating Lease Payments Due in Year 5 |
0.9 |
1.8 |
- |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
1.9 |
3.7 |
- |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
1.9 |
3.7 |
- |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
- |
- |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
NGN |
NGN |
NGN |
NGN |
|
Exchange Rate
(Period Average) |
158.788547 |
155.838183 |
151.065642 |
149.730247 |
|
Auditor |
Akintola
Williams Deloitte |
Akintola
Williams Deloitte |
Akintola
Williams Deloitte |
Akintola
Williams Deloitte |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Net Income/Starting Line |
854.3 |
730.1 |
697.2 |
383.9 |
|
Depreciation |
173.8 |
103.2 |
94.1 |
77.0 |
|
Depreciation/Depletion |
173.8 |
103.2 |
94.1 |
77.0 |
|
Amortization of Intangibles |
0.2 |
0.3 |
- |
- |
|
Amortization |
0.2 |
0.3 |
- |
- |
|
Deferred Taxes |
- |
- |
-50.0 |
3.5 |
|
Unusual Items |
2.5 |
5.4 |
0.0 |
-1,089.6 |
|
Other Non-Cash Items |
104.5 |
32.9 |
-173.6 |
82.4 |
|
Non-Cash Items |
107.1 |
38.4 |
-173.6 |
-1,007.3 |
|
Accounts Receivable |
-102.7 |
-337.0 |
-57.8 |
-3.7 |
|
Inventories |
-80.8 |
-1.1 |
-9.9 |
-34.8 |
|
Accounts Payable |
28.2 |
145.0 |
23.3 |
178.6 |
|
Taxes Payable |
- |
- |
-7.6 |
11.6 |
|
Other Liabilities |
-3.3 |
-2.2 |
-3.2 |
1.9 |
|
Other Operating Cash Flow |
-16.0 |
-7.4 |
13.8 |
23.5 |
|
Changes in Working Capital |
-174.6 |
-202.8 |
-41.4 |
177.1 |
|
Cash from Operating Activities |
960.7 |
669.2 |
526.3 |
-365.8 |
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-812.8 |
-380.9 |
-752.6 |
-107.2 |
|
Purchase/Acquisition of Intangibles |
-0.4 |
0.0 |
- |
- |
|
Capital Expenditures |
-813.2 |
-380.9 |
-752.6 |
-107.2 |
|
Sale of Fixed Assets |
68.7 |
0.0 |
0.2 |
0.0 |
|
Investment, Net |
- |
- |
0.7 |
- |
|
Purchase of Investments |
- |
- |
- |
-81.3 |
|
Other Investing Cash Flow |
13.9 |
39.8 |
5.8 |
303.5 |
|
Other Investing Cash Flow Items, Total |
82.6 |
39.8 |
6.6 |
222.3 |
|
Cash from Investing Activities |
-730.6 |
-341.2 |
-746.0 |
115.1 |
|
|
|
|
|
|
|
Other Financing Cash Flow |
-76.0 |
-14.9 |
-19.5 |
-40.4 |
|
Financing Cash Flow Items |
-76.0 |
-14.9 |
-19.5 |
-40.4 |
|
Cash Dividends Paid - Common |
-121.9 |
-223.7 |
-205.1 |
-26.1 |
|
Total Cash Dividends Paid |
-121.9 |
-223.7 |
-205.1 |
-26.1 |
|
Long Term Debt Issued |
- |
- |
472.9 |
430.2 |
|
Long Term Debt
Reduction |
-246.7 |
-171.1 |
- |
- |
|
Long Term Debt, Net |
130.6 |
-108.2 |
472.9 |
430.2 |
|
Issuance (Retirement) of Debt, Net |
130.6 |
-108.2 |
472.9 |
430.2 |
|
Cash from Financing Activities |
-67.4 |
-346.8 |
248.3 |
363.7 |
|
|
|
|
|
|
|
Foreign Exchange Effects |
-6.2 |
0.0 |
- |
- |
|
Net Change in Cash |
156.5 |
-18.7 |
28.6 |
113.0 |
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
115.4 |
136.3 |
112.0 |
0.0 |
|
Net Cash - Ending Balance |
271.8 |
117.5 |
140.6 |
113.0 |
|
Cash Interest Paid |
76.0 |
14.9 |
19.5 |
40.4 |
|
Cash Taxes Paid |
16.0 |
7.4 |
22.6 |
22.9 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
NGN |
NGN |
NGN |
NGN |
|
Exchange Rate
(Period Average) |
158.788547 |
155.838183 |
151.065642 |
149.730247 |
|
Auditor |
Akintola
Williams Deloitte |
Akintola
Williams Deloitte |
Akintola
Williams Deloitte |
Akintola
Williams Deloitte |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Turnover |
1,879.6 |
1,549.1 |
1,340.9 |
1,266.4 |
|
Total Revenue |
1,879.6 |
1,549.1 |
1,340.9 |
1,266.4 |
|
|
|
|
|
|
|
Cost of sales |
745.0 |
627.0 |
562.1 |
707.1 |
|
Write back of credit balances |
-18.4 |
0.0 |
- |
- |
|
Sales of scrap/granite |
-2.2 |
0.0 |
- |
- |
|
Otherr income |
-7.2 |
-4.2 |
- |
- |
|
Depreciation |
33.5 |
22.1 |
- |
- |
|
Advertisement and promotion |
20.7 |
15.1 |
- |
- |
|
Selling & distribution |
40.9 |
39.6 |
2.7 |
0.8 |
|
Salaries and related staff costs |
40.8 |
24.7 |
- |
- |
|
Depreciation |
11.2 |
7.3 |
- |
- |
|
Administrative expenses |
92.6 |
62.0 |
95.0 |
115.6 |
|
Gains from haulage |
- |
- |
-0.5 |
-0.2 |
|
Extraordinary item |
- |
- |
8.5 |
0.0 |
|
Total Operating Expense |
957.0 |
793.5 |
667.8 |
823.3 |
|
|
|
|
|
|
|
Interest received |
13.9 |
9.5 |
5.8 |
16.8 |
|
Foreign exchange gains |
1.3 |
0.0 |
- |
- |
|
Interest and Similar Charges |
-108.6 |
-85.3 |
- |
- |
|
Amounts included in the cost of qualifyi |
30.3 |
49.9 |
- |
- |
|
Foreign exchange loss |
-4.0 |
0.0 |
- |
- |
|
Defined benefit obligation |
-1.2 |
-0.7 |
- |
- |
|
Unwinding of discount |
0.0 |
1.1 |
- |
- |
|
Finance charges |
- |
- |
-19.5 |
-40.4 |
|
Duty rebate |
- |
- |
0.0 |
0.1 |
|
Insurance claims |
- |
- |
1.7 |
0.4 |
|
Disposal of fixed assets |
- |
- |
0.0 |
0.0 |
|
Provision no longer required |
- |
- |
1.0 |
4.7 |
|
Other income |
- |
- |
0.2 |
1.1 |
|
Net Income Before Taxes |
854.3 |
730.1 |
662.3 |
425.9 |
|
|
|
|
|
|
|
Provision for Income Taxes |
-102.6 |
-49.0 |
-34.9 |
15.9 |
|
Net Income After Taxes |
956.8 |
779.1 |
697.2 |
410.0 |
|
|
|
|
|
|
|
Minority Interest |
0.6 |
0.0 |
- |
- |
|
Net Income Before Extra. Items |
957.4 |
779.1 |
697.2 |
410.0 |
|
Net Income |
957.4 |
779.1 |
697.2 |
410.0 |
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
957.4 |
779.1 |
697.2 |
410.0 |
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
957.4 |
779.1 |
697.2 |
410.0 |
|
|
|
|
|
|
|
Basic Weighted Average Shares |
17,040.5 |
17,040.5 |
17,040.4 |
17,043.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.06 |
0.05 |
0.04 |
0.02 |
|
Basic EPS Including ExtraOrdinary Items |
0.06 |
0.05 |
0.04 |
0.02 |
|
Diluted Net Income |
957.4 |
779.1 |
697.2 |
410.0 |
|
Diluted Weighted Average Shares |
17,040.5 |
17,040.5 |
17,040.4 |
17,043.3 |
|
Diluted EPS Excluding ExtraOrd Items |
0.06 |
0.05 |
0.04 |
0.02 |
|
Diluted EPS Including ExtraOrd Items |
0.06 |
0.05 |
0.04 |
0.02 |
|
DPS-Ordinary Shares |
0.02 |
0.01 |
0.01 |
0.00 |
|
Gross Dividends - Common Stock |
321.9 |
223.7 |
205.1 |
26.1 |
|
Normalized Income Before Taxes |
833.7 |
730.1 |
670.2 |
425.8 |
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
-109.7 |
-49.0 |
-32.1 |
15.9 |
|
Normalized Income After Taxes |
943.5 |
779.1 |
702.3 |
409.8 |
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
944.0 |
779.1 |
702.3 |
409.8 |
|
|
|
|
|
|
|
Basic Normalized EPS |
0.06 |
0.05 |
0.04 |
0.02 |
|
Diluted Normalized EPS |
0.06 |
0.05 |
0.04 |
0.02 |
|
Interest Expense, Supplemental |
108.6 |
85.3 |
19.5 |
40.4 |
|
Depreciation, Supplemental |
173.8 |
103.2 |
94.1 |
77.0 |
|
Amort of Intangibles, Supplemental |
0.2 |
0.3 |
- |
- |
|
Advertising Expense, Supplemental |
20.7 |
15.1 |
- |
- |
|
Rental Expense, Supplemental |
3.7 |
1.0 |
- |
- |
|
Based on the profit for the year |
- |
- |
15.3 |
10.4 |
|
Education tax |
- |
- |
1.1 |
0.9 |
|
Current tax expense in respect of the cu |
4.9 |
14.4 |
- |
- |
|
Under provision in the prior year |
- |
- |
-1.2 |
1.4 |
|
Current Tax - Total |
4.9 |
14.4 |
15.1 |
12.8 |
|
Deferred |
-107.5 |
-63.4 |
-50.0 |
3.1 |
|
Deferred Tax - Total |
-107.5 |
-63.4 |
-50.0 |
3.1 |
|
Income Tax - Total |
-102.6 |
-49.0 |
-34.9 |
15.9 |
|
Other Pension, Net - Domestic |
1.1 |
1.3 |
- |
- |
|
Domestic Pension Plan Expense |
1.1 |
1.3 |
- |
- |
|
Total Pension Expense |
1.1 |
1.3 |
- |
- |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
NGN |
NGN |
NGN |
NGN |
|
Exchange Rate |
155.75 |
162.3 |
152 |
149.5 |
|
Auditor |
Akintola
Williams Deloitte |
Akintola
Williams Deloitte |
Akintola
Williams Deloitte |
Akintola
Williams Deloitte |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Finished product |
29.5 |
13.5 |
5.2 |
7.5 |
|
Work in process |
29.9 |
5.9 |
9.2 |
8.7 |
|
Raw materials |
3.2 |
2.4 |
3.5 |
10.0 |
|
Packaging materials |
16.4 |
1.0 |
2.5 |
1.0 |
|
Chemicals & consumables |
6.1 |
7.2 |
17.4 |
5.8 |
|
Fuel |
41.0 |
6.8 |
- |
- |
|
Spare parts |
55.2 |
36.3 |
29.6 |
31.0 |
|
Goods in transit |
27.4 |
15.4 |
28.4 |
26.0 |
|
Provision for obsolete stock items |
- |
- |
0.0 |
-3.0 |
|
Stock-trading items |
- |
- |
2.0 |
2.4 |
|
Trade debtors |
30.7 |
21.7 |
84.4 |
49.3 |
|
Provision for doubtful accounts |
-8.8 |
-9.8 |
-9.5 |
-3.6 |
|
Other debtors |
79.4 |
102.3 |
286.3 |
256.7 |
|
Prepayments |
174.0 |
30.0 |
3.3 |
4.8 |
|
Due from related companies |
26.5 |
37.2 |
164.8 |
172.6 |
|
Cash & bank balances |
98.6 |
81.0 |
70.8 |
71.8 |
|
Short term deposits |
186.6 |
59.7 |
69.2 |
63.2 |
|
Total Current Assets |
795.5 |
410.5 |
767.1 |
704.3 |
|
|
|
|
|
|
|
Leasehold improvements |
222.0 |
94.4 |
338.6 |
328.2 |
|
Plant & other equipment |
2,016.3 |
962.9 |
967.1 |
824.4 |
|
Motor vehicles |
219.9 |
123.7 |
118.0 |
65.7 |
|
Factory, furniture & equipment |
8.9 |
4.7 |
9.7 |
4.0 |
|
Capital work in progress |
876.7 |
1,359.0 |
727.8 |
24.5 |
|
Accumulated depreciation |
-274.2 |
-94.2 |
-283.2 |
- |
|
Intangible assets |
13.4 |
13.2 |
- |
- |
|
Accumulated Amotizations |
-2.3 |
-2.1 |
- |
- |
|
Long-term prepayments |
289.0 |
322.8 |
- |
- |
|
Investment |
0.0 |
0.0 |
0.0 |
0.7 |
|
Deferreed Taxation |
160.1 |
49.0 |
- |
- |
|
Total Assets |
4,325.3 |
3,243.9 |
2,645.0 |
1,951.7 |
|
|
|
|
|
|
|
Down payments received from customers |
- |
- |
75.8 |
56.0 |
|
Accruals for cement purchase |
- |
- |
36.9 |
53.2 |
|
Accruals |
- |
- |
39.2 |
54.8 |
|
Others |
- |
- |
42.1 |
21.8 |
|
Interest payable |
- |
- |
13.0 |
8.6 |
|
Staff pension |
- |
- |
0.7 |
0.9 |
|
Due to related companies |
115.9 |
184.5 |
46.0 |
65.7 |
|
Short term Borrowings |
- |
- |
247.4 |
98.9 |
|
Taxation |
16.1 |
26.4 |
21.0 |
29.1 |
|
Deferred revenue |
3.9 |
1.6 |
- |
- |
|
Laons and borrowings |
323.8 |
187.6 |
- |
- |
|
Trade creditors |
117.4 |
35.9 |
34.0 |
31.5 |
|
Advances from customers |
78.7 |
65.2 |
- |
- |
|
Payable to contractors |
92.1 |
66.9 |
13.0 |
0.0 |
|
Value added tax |
47.6 |
51.3 |
22.1 |
11.9 |
|
Withholding tax payable |
2.2 |
2.3 |
- |
- |
|
Staff pension |
1.1 |
0.6 |
3.3 |
6.6 |
|
Interest Payables |
32.2 |
32.8 |
- |
- |
|
Other Payables and accruals |
34.3 |
30.8 |
- |
- |
|
Bank overdrafts |
8.1 |
27.8 |
0.2 |
21.9 |
|
Total Current Liabilities |
873.4 |
713.7 |
594.4 |
460.8 |
|
|
|
|
|
|
|
Long term debts |
722.1 |
719.4 |
646.4 |
331.9 |
|
Total Long Term Debt |
722.1 |
719.4 |
646.4 |
331.9 |
|
|
|
|
|
|
|
Deferred revenue |
15.5 |
6.7 |
- |
- |
|
Long term provisions |
3.1 |
2.9 |
- |
- |
|
Employee benefits |
11.2 |
8.5 |
- |
- |
|
Deferred taxation |
3.4 |
3.6 |
12.7 |
63.4 |
|
Non-controlling interest |
46.4 |
52.7 |
0.0 |
40.9 |
|
Total Liabilities |
1,675.1 |
1,507.5 |
1,253.5 |
897.1 |
|
|
|
|
|
|
|
Share capital |
54.7 |
47.7 |
51.0 |
3.3 |
|
Share premium |
272.4 |
261.4 |
279.1 |
283.8 |
|
Capital contribution |
18.5 |
17.7 |
- |
- |
|
Employee benefit reserve |
-4.8 |
-2.9 |
- |
- |
|
Retained earnings |
2,318.7 |
1,412.5 |
- |
- |
|
Revaluation reserve |
- |
- |
0.0 |
6.6 |
|
Other reserve |
- |
- |
0.0 |
104.1 |
|
Revenue reserve |
- |
- |
1,061.4 |
656.8 |
|
Exchange Difference |
-9.3 |
0.0 |
- |
- |
|
Total Equity |
2,650.2 |
1,736.4 |
1,391.5 |
1,054.6 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
4,325.3 |
3,243.9 |
2,645.0 |
1,951.7 |
|
|
|
|
|
|
|
S/O-Ordinary Shares |
17,040.5 |
17,040.4 |
17,043.3 |
17,043.3 |
|
Total Common Shares Outstanding |
17,040.5 |
17,040.4 |
17,043.3 |
17,043.3 |
|
Accumulated Intangible Amort, Suppl. |
2.3 |
2.1 |
- |
- |
|
Deferred Revenue |
82.5 |
66.8 |
75.8 |
56.0 |
|
Deferred Revenue - Current |
15.5 |
6.7 |
- |
- |
|
Number of Common Shareholders |
- |
40,406 |
- |
- |
|
Full-Time Employees |
2,903 |
2,922 |
3,171 |
3,468 |
|
Current maturities |
323.8 |
187.6 |
244.1 |
- |
|
Long Term Debt Maturing within 1 Year |
133.6 |
259.3 |
- |
- |
|
Long Term Debt Maturing within 1 Year |
135.3 |
101.1 |
- |
- |
|
Long Term Debt Maturing within 1 Year |
91.3 |
140.3 |
- |
- |
|
Long Term Debt Maturing within 1 Year |
361.8 |
218.8 |
- |
- |
|
Total Long Term Debt, Supplemental |
1,045.9 |
907.0 |
244.1 |
- |
|
Operating Lease Pymts. Due within 1Year |
3.5 |
1.8 |
- |
- |
|
Operating Lease Pymts. Due within 1Year |
3.7 |
7.3 |
- |
- |
|
Total Operating Leases, Supplemental |
7.2 |
9.1 |
- |
- |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
NGN |
NGN |
NGN |
NGN |
|
Exchange Rate
(Period Average) |
158.788547 |
155.838183 |
151.065642 |
149.730247 |
|
Auditor |
Akintola
Williams Deloitte |
Akintola
Williams Deloitte |
Akintola
Williams Deloitte |
Akintola
Williams Deloitte |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Net Income |
854.3 |
730.1 |
697.2 |
383.9 |
|
Depreciation |
173.8 |
103.2 |
94.1 |
77.0 |
|
Finance costs |
78.3 |
35.4 |
- |
- |
|
Taxation |
- |
- |
-7.6 |
11.6 |
|
Adjustment to fixed assets |
- |
- |
2.6 |
17.6 |
|
Transfer of fixed assets |
- |
- |
0.0 |
-1,232.3 |
|
Write off of property, plant and equipme |
2.5 |
5.4 |
- |
- |
|
Amortization of intangible assets |
0.2 |
0.3 |
- |
- |
|
Impairment loss on investment and receiv |
12.8 |
0.0 |
- |
- |
|
Interest income |
-13.9 |
-9.5 |
- |
- |
|
Amortisation of deferred income |
-3.5 |
-0.7 |
- |
- |
|
Provision for restoration |
0.1 |
-1.1 |
- |
- |
|
Provisions for employee benefits |
3.9 |
2.1 |
- |
- |
|
Amortisation of long term prepayment - g |
27.0 |
6.8 |
- |
- |
|
Sale of fixed assets |
- |
- |
0.0 |
0.0 |
|
Revaluation reserve |
- |
- |
-6.5 |
6.6 |
|
Capital reserve |
- |
- |
-103.0 |
103.9 |
|
Transfer of Lagos Cement Terminal profit |
- |
- |
0.0 |
142.7 |
|
Minority interest |
- |
- |
-40.5 |
-45.8 |
|
Shares issued |
- |
- |
1.6 |
0.0 |
|
Adjustment to revenuereserve |
- |
- |
-27.8 |
0.0 |
|
Stock |
-80.8 |
-1.1 |
-9.9 |
-34.8 |
|
Gratuity |
-3.3 |
-2.2 |
-3.2 |
1.9 |
|
Interest received |
- |
- |
-5.8 |
-16.8 |
|
Interest paid |
- |
- |
19.5 |
40.4 |
|
Tax Paid |
-16.0 |
-7.4 |
- |
- |
|
Trade debtors |
-100.7 |
-74.0 |
-30.1 |
-20.8 |
|
Change in due from related parties |
-2.0 |
-263.0 |
- |
- |
|
Change in due to related parties |
-79.5 |
134.6 |
- |
- |
|
Other debtors |
- |
- |
-32.7 |
275.8 |
|
Due to affiliates |
- |
- |
-18.8 |
116.9 |
|
Due from affiliates |
- |
- |
5.0 |
-258.7 |
|
Trade creditors |
107.7 |
10.4 |
3.0 |
3.4 |
|
Other creditors |
- |
- |
39.1 |
58.3 |
|
Deferred taxation |
- |
- |
-50.0 |
3.5 |
|
Cash from Operating Activities |
960.7 |
669.2 |
526.3 |
-365.8 |
|
|
|
|
|
|
|
Interest received |
13.9 |
9.5 |
5.8 |
16.8 |
|
Cash and cash equivalents received on ac |
0.0 |
30.3 |
- |
- |
|
Share capital |
- |
- |
0.0 |
3.3 |
|
Share premium |
- |
- |
0.0 |
283.4 |
|
Purchase of investments |
- |
- |
- |
-81.3 |
|
Purchase/Disposal of Investments |
- |
- |
0.7 |
- |
|
Sale of fixed assets |
68.7 |
0.0 |
0.2 |
0.0 |
|
Capital expenditure |
-812.8 |
-380.9 |
-752.6 |
-107.2 |
|
Acquisition of Intangible and goodwill |
-0.4 |
0.0 |
- |
- |
|
Cash from Investing Activities |
-730.6 |
-341.2 |
-746.0 |
115.1 |
|
|
|
|
|
|
|
Finance charges |
- |
- |
-19.5 |
-40.4 |
|
Increase/(Decrease)in loan and borrowing |
377.3 |
62.9 |
- |
- |
|
Loan Obtained |
- |
- |
472.9 |
430.2 |
|
Loan Repaid |
-246.7 |
-171.1 |
- |
- |
|
Interest Paid |
-76.0 |
-14.9 |
- |
- |
|
Dividend paid |
-121.9 |
-223.7 |
-205.1 |
-26.1 |
|
Cash from Financing Activities |
-67.4 |
-346.8 |
248.3 |
363.7 |
|
|
|
|
|
|
|
Foreign Exchange Effects |
-6.2 |
0.0 |
- |
- |
|
Net Change in Cash |
156.5 |
-18.7 |
28.6 |
113.0 |
|
|
|
|
|
|
|
Cash Interest Paid |
76.0 |
14.9 |
19.5 |
40.4 |
|
Cash Taxes Paid |
16.0 |
7.4 |
22.6 |
22.9 |
|
Cash - Beginning |
115.4 |
136.3 |
112.0 |
0.0 |
|
Cash - End |
271.8 |
117.5 |
140.6 |
113.0 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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Financials in: USD (mil) |
|
|
Except for share items (millions) and per share
items (actual units) |
|
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.69 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.86.30 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.