MIRA
INFORM REPORT
|
Report Date : |
26.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
JYOTHY LABORATORIES LIMITED (w.e.f. 12.08.1996) |
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Formerly Known
As : |
JYOTHY LABORATORIES PRIVATE LIMITED (w.e.f. 15.01.1992) JYOTHY LABORATORIES |
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Registered
Office : |
Ujala House, |
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Country : |
India |
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Financials (as on)
: |
31.03.2013 |
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Date of
Incorporation : |
15.01.1992 |
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Com. Reg. No.: |
11-128651 |
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Capital
Investment / Paid-up Capital : |
Rs.161.264
Millions |
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CIN No.: [Company Identification
No.] |
L24240MH1992PLC128651 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ05484D |
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Legal Form : |
A Public Limited Liability Company. The company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
The Company is principally engaged in manufacturing and marketing of fabric whiteners, soaps, detergents, mosquito repellents, scrubber, bodycare and incense sticks. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
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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 |
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Maximum Credit Limit : |
USD 28000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track
record. Eventhough the company has achieved a better growth in its sales
turnover, there appear a drastic dip in its net profitability during 2013.
However, Financial position of the company appears to be sound. Trade
relations are reported as fair. 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years to
double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
AA- (Proposed Long Term Non-convertible Debenture) |
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Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
10.05.2013 |
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Rating Agency Name |
CARE |
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Rating |
A1+ (Short Term Debt) |
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Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
10.05.2013 |
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 / Corporate Office : |
Ujala House, Ram Krishna Mandir Road, Kondivita, Andheri (East), Mumbai-400059, Maharashtra, India |
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Tel. No.: |
91-22-66892800 |
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Fax No.: |
91-22-66892805 |
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E-Mail : |
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Website : |
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Regional Office : |
# N-903, Rear Wing, Manipal Center, Dickenson Road, Bangalore-560042, Karnataka, India |
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Tel. No.: |
91-80-25580243/ 25580245/ 25580247/ 25325693 |
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Fax No.: |
91-80-25580242/ 25580244 |
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E-Mail : |
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Plant 1 : |
Plot No. 656, New Light House More, Bishnupur, Dist.: Bankura - 722 122, West Bengal, India |
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Plant 2 : |
E.P.I.P Complex, AIDC-Amingaon, Guwahati - 781 031, Assam, India |
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Plant 3 : |
Village: Katha, P.O.: Baddi, Dist.: Solan - 173 205, Himachal Pradesh, India |
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Plant 4 : |
Lane No 2, Phase No 2, SIDCO Industrial Complex, Bari Barhmana, Dist.: Samba (Jammu) - 180001, Jammu and Kashmir, India |
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Plant 5 : |
Kandanassery, Via-Ariyannur, Guruvayur - 680 101, Dist.: Trichur, Kerala, India |
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Plant 6 : |
131 Peralam Main Road, P.O.: Thirunallar, Dist.: Karaikkal - 609 607, Pondicherry, India |
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Plant 7 : |
Shed No. 25/26, IDA Kothur, Dist.: Mehboob Nagar - 509 228, Andhra Pradesh, India |
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Plant 8 : |
Plot No 201, Sector I, Pithampur Industrial Area, Dist. Dhar - 454 775, Madhya Pradesh, India |
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Plant 9 : |
R.S. No 12/1 and 2, Ujala Nagar Indl. Estate, Ujala Road, Thethampakkam, Vai Vazhudavur, P.O.: Suthukeny - 605 502, Pondicherry, India |
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Plant 10 : |
SF No. 111/5, Sri Sakthi Factory, Moolapillayar Koil Street, Village: Pallapatti, Kandampatty, Salem - 636 005, Tamilnadu, India |
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Plant 11 : |
Survey No. 910/7/1, Dokmardi, Amli, Silvassa - 396 230, Dadra and Nagar Haveli, India |
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Plant 12 : |
Plot No. 6,7 and 8, Bearing Khasara Nos. 361, 366 and 370, Kie Industrial Estate, Village : Mundiyaki- 247 667, Uttarakhand, India |
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Plant 13 : |
MP IV/101 B, P.O.: Kolagappara, Sulthan Bathery - 673 591, Kerala, India |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. M. P. Ramachandran |
|
Designation : |
Chairman and Managing Director |
|
Address : |
403 Shagun Tower, Winga Gen. A.K. Vaidya Marg, Yashodham, Goregaon
(East), Mumbai-400063, |
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Date of Birth/Age : |
22.08.1946 |
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Qualification : |
Postgraduate
Degree in Financial Management |
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Date of Appointment : |
15.01.1992 |
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Name : |
Mrs. M.R. Jyothy |
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Designation : |
Whole Time Director |
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Address : |
403 Shagun Tower, Winga Gen. A.K. Vaidya Marg, Yashodham, Goregaon
(East), Mumbai-400063, |
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Date of Birth/Age : |
14.01.1978 |
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Date of Appointment : |
24.10.2005 |
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Name : |
Mr. K. Ullas Kamath |
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Designation : |
Joint Managing Director |
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Address : |
Flat No. 202, No. 40, Renaissance Mangalam, 13th Cross
Between 10 and 11th Main Malleswaram, Bangalore-560003, |
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Qualification : |
M.Com., F.C.A., A.C.S., L.L.B., A.M.P. – Wharton
Business School and Harward Business School |
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Date of Birth/Age : |
01.01.1963 |
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Date of Appointment : |
26.03.1997 |
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Name : |
Mr. Nilesh B Mehta |
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Designation : |
Independent Director |
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Address : |
203 Tulsi Villa, |
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Date of Birth/Age : |
24.04.1962 |
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Date of Appointment : |
07.02.2003 |
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Name : |
Mr. K P Padmakumar |
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Designation : |
Independent Director |
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Address : |
House No. 5B, JM Paradise, Palarivattom P.O. Ernakulam-682025, |
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Date of Birth/Age : |
20.04.1944 |
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Date of Appointment : |
25.09.2007 |
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DIN No.: |
00023176 |
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Name : |
Mr. Bipin Ratanlal Shah |
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Designation : |
Independent Director |
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Address : |
8-D, IL Palazzo, Little |
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Date of Birth/Age : |
16.07.1932 |
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Date of Appointment : |
25.09.2007 |
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DIN No.: |
00006094 |
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Name : |
R. Lakshminarayanam |
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Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. M.L. Bansal |
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Designation : |
Company Secretary / Chief Financial Officer |
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Address : |
801, Marathon Galaxy-I, L.B.S. Marg, Mulund (West), Mumbai-400080, |
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Date of Birth/Age : |
15.03.1948 |
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Date of Appointment : |
31.07.2002 |
SHAREHOLDING PATTERN
As on: 30.06.2013
|
Names of Shareholders |
No. of Shares |
Percentage |
|
(A) Shareholding of Promoter and Promoter Group |
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|
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|
105744118 |
63.69 |
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|
105744118 |
63.69 |
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Total shareholding of Promoter and Promoter Group (A) |
105744118 |
63.69 |
|
(B) Public Shareholding |
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|
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|
8341379 |
5.02 |
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|
23308 |
0.01 |
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|
6807880 |
4.10 |
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|
28231437 |
17.00 |
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|
43404004 |
26.14 |
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|
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|
5705171 |
3.44 |
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|
|
|
|
10112042 |
6.09 |
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|
264478 |
0.16 |
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|
793683 |
0.48 |
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|
1170 |
0.00 |
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|
130012 |
0.08 |
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|
15959 |
0.01 |
|
|
465086 |
0.28 |
|
|
181456 |
0.11 |
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|
16875374 |
10.16 |
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Total Public shareholding (B) |
60279378 |
36.31 |
|
Total (A)+(B) |
166023496 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
166023496 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is principally engaged in manufacturing and marketing of fabric whiteners, soaps, detergents, mosquito repellents, scrubber, bodycare and incense sticks. |
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Products : |
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PRODUCTION STATUS AS ON (31.03.2012)
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Particulars |
Unit |
Actual
production |
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Home Care |
Nos |
8,598.81 |
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Soaps and Detergents |
Kgs |
650.71 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Axis Bank Limited · ICICI Bank Limited · The Federal Bank Limited |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R. Batliboi and Associates Chartered Accountants |
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Address : |
2nd Floor, Jalan Mills Compound, 95 G.K. Marg, Lower Parel
(West), Mumbai-400013, |
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Solicitors and Advocates: |
·
Law and Prudence ·
V. Lakshmikumaran ·
AZB Partners
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Wholly Owned
Subsidiaries: |
Associated Industries Consumer Products Private Limited |
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Other Subsidiaries: |
· Jyothy Fabricare Services Limited · Jyothy Kallol Bangladesh Limited · Jyothy Consumer Products Ltd (Formerly known as Henkel India Limited) upto March 31, 2012, now merged with Jyothy · Laboratories Limited w.e.f. April 1,2012. · Jyothy Consumer Products Marketing Limited · (Formerly known as Henkel Marketing India Limited) w.e.f August 23, 2011 · Diamond Fabcare Private Limited w.e.f April 1, 2011 |
CAPITAL STRUCTURE
After 14.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2570000000 |
Equity Shares |
Rs.1/- each |
Rs.2570.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
166023496 |
Equity Shares |
Rs.1/- each |
Rs.166.023
Millions |
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As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
170000000 |
Equity Shares |
Rs.1/- each |
Rs.170.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
161264000 |
Equity Shares |
Rs.1/- each |
Rs.161.264
Millions |
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|
|
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|
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period
(Rs. in Millions)
|
|
2013 |
|
|
Particulars |
No. |
Amount |
|
At the beginning of the period |
80,632,000 |
80.632 |
|
Issued during the period - Bonus issue |
80,632,000 |
80.632 |
|
Outstanding at the end of the period |
161,264,000 |
161.264 |
Details of
shareholders holding more than 5% shares in the Company
|
|
2013 |
|
|
|
No. |
% Holding in the class |
|
Equity shares of f 1 each fully paid |
|
|
|
M. P. Ramachandran |
71,974,777 |
44.63% |
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 ownerships of shares.
Terms/ rights
attached to equity shares
The Company has only one class of equity shares having par value of Rs. 1 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 Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended March 31, 2013, the amount of per share dividend recognized as distributions to equity shareholders was Rs. 2.50 (2012: Rs. 2.50).
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 all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Aggregate number of
bonus shares issued, shares issued for consideration other than cash during the
period of five years immediately preceding the reporting date
(Rs. in Millions)
|
Particulars |
2013 No. |
|
Equity shares allotted as fully paid bonus shares by capitalization of securities premium |
80,632,000 |
|
Total |
80,632,000 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
161.264 |
80.632 |
80.632 |
|
(b) Share Capital Suspense |
552.792 |
0.000 |
0.000 |
|
(c) Reserves & Surplus |
6526.173 |
6654.425 |
6446.651 |
|
(d) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
7240.229 |
6735.057 |
6527.283 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4112.000 |
4300.000 |
1.745 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
153.379 |
157.383 |
|
(c) Other long term liabilities |
18.000 |
27.000 |
43.500 |
|
(d) long-term provisions |
91.768 |
63.176 |
46.551 |
|
Total Non-current Liabilities (3) |
4221.768 |
4543.555 |
249.179 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1260.028 |
1229.125 |
583.112 |
|
(b) Trade payables |
1150.016 |
632.644 |
395.270 |
|
(c) Other current
liabilities |
1019.604 |
149.858 |
123.029 |
|
(d) Short-term provisions |
705.062 |
278.982 |
510.909 |
|
Total Current Liabilities (4) |
4134.710 |
2290.609 |
1612.320 |
|
|
|
|
|
|
TOTAL |
15596.707 |
13569.221 |
8388.782 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2616.090 |
1947.220 |
1951.656 |
|
(ii) Intangible Assets |
4098.845 |
87.138 |
108.419 |
|
(iii) Capital
work-in-progress |
32.671 |
28.181 |
101.616 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
247.073 |
3454.669 |
799.598 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4962.642 |
5485.792 |
671.368 |
|
(e) Other Non-current assets |
1.305 |
2.359 |
2.241 |
|
Total Non-Current Assets |
11958.626 |
11005.359 |
3634.898 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
322.429 |
0.000 |
|
(b) Inventories |
1674.464 |
792.819 |
683.469 |
|
(c) Trade receivables |
1100.176 |
425.155 |
1034.989 |
|
(d) Cash and cash
equivalents |
381.359 |
409.940 |
2778.946 |
|
(e) Short-term loans and
advances |
441.574 |
491.401 |
234.209 |
|
(f) Other current assets |
40.508 |
22.118 |
22.271 |
|
Total Current Assets |
3638.081 |
2463.862 |
4753.884 |
|
|
|
|
|
|
TOTAL |
15596.707 |
13469.221 |
8388.782 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10187.370 |
6634.468 |
6067.631 |
|
|
|
Other Income |
16.953 |
45.110 |
206.760 |
|
|
|
TOTAL (A) |
10204.323 |
6679.578 |
6274.391 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material and components consumed |
3243.961 |
2248.880 |
|
|
|
|
Purchase of traded goods |
3002.212 |
1472.618 |
|
|
|
|
(Increase)/decrease in inventories of finished goods, work-in-progress and traded goods |
(569.477) |
4.382 |
|
|
|
|
Employee benefits expense |
1105.618 |
780.218 |
|
|
|
|
Other expenses |
2167.661 |
1296.944 |
|
|
|
|
Prior period items |
18.271 |
0.000 |
|
|
|
|
TOTAL (B) |
8968.246 |
5803.042 |
5207.828 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1236.077 |
876.536 |
1066.563 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
179.267 |
(325.935) |
3.017 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1056.810 |
1202.471 |
1063.546 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
616.452 |
170.319 |
107.855 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
440.358 |
1032.152 |
955.691 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
196.996 |
153.024 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
440.358 |
835.156 |
802.667 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
674.554 |
273.679 |
152.430 |
|
|
|
|
|
|
|
|
|
Less |
Debit
Balance of Profit and Loss Account of Sri Sai Homecare Products Private Limited
pursuant to Scheme of Amalgamation |
0.000 |
0.000 |
(12.855) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Final Dividend on Equity Shares |
415.059 |
201.580 |
0.000 |
|
|
|
Proposed Dividend |
0.000 |
0.000 |
403.160 |
|
|
|
Dividend Tax on Proposed Dividend |
0.000 |
0.000 |
65.403 |
|
|
|
Corp. Dividend Tax |
70.539 |
32.701 |
0.000 |
|
|
|
Transfer to General Reserve |
50.000 |
200.000 |
200.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
125.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
454.314 |
674.554 |
273.679 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
89.074 |
87.298 |
69.988 |
|
|
TOTAL EARNINGS |
89.074 |
87.298 |
69.988 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
76.407 |
2.091 |
5.576 |
|
|
|
Capital Goods |
0.474 |
0.657 |
28.374 |
|
|
TOTAL IMPORTS |
76.881 |
2.748 |
33.950 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
2.65 |
5.18 |
10.35 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
|
Net Sales |
3191.500 |
|
Total Expenditure |
2705.400 |
|
PBIDT (Excl OI) |
486.200 |
|
Other Income |
128.600 |
|
Operating Profit |
614.800 |
|
Interest |
166.600 |
|
Exceptional Items |
(9.300) |
|
PBDT |
438.800 |
|
Depreciation |
151.800 |
|
Profit Before Tax |
287.000 |
|
Tax |
0.000 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
287.000 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
287.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.32
|
12.50 |
12.79 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.32
|
15.56 |
15.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.87
|
10.34 |
12.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.15 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.74
|
0.82 |
0.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.88
|
1.08 |
2.95 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
Profile
|
Client Industry |
FMCG |
|
Client's
discipline |
Detergents |
General
|
The growth of the
client's industry is best described as: |
Growing |
|
Brief
description of the services and/or goods the client provides to the
marketplace: |
Fabric Whiteners, Soaps, Detergents, Mosquito Repellents,
Washing Preparations and Other Homecare Products. |
|
What is the
legal structure of the client? |
Standalone
entity without subsidiary |
|
What type of
company is the client? |
Public |
Credit Rating
|
Client's debt
tracked by a credit rating agency? |
Yes |
|
Name of credit
rating agency: |
CARE |
|
Credit rating
class provided by credit rating agency: |
Investment Grade |
|
Client credit
rating: |
AA-/ A1+ |
|
Report on credit
worthiness of client purchased from: |
Not obtained |
Client Financials
|
Does the client
have a credit facility? |
Yes |
|
Do you have
financial information on this client? |
Yes |
|
Credit facility
type: |
Secured/Unsecured |
|
Amount of credit
facility: |
Secured :Rs. 4730.908
Millions Unsecured :Rs. 641.120 Millions |
|
Currency of
financial statements/data: |
INR Millions |
|
Annualized
revenues: |
Rs. 10187.370 Millions |
|
Annualized COGS: |
Rs. 3243.961 Millions |
|
Annualized
EBITDA: |
Rs.1056.810 Millions |
|
Annualized net
income: |
Rs. 440.358 Millions |
|
Cash balance: |
Rs.1.856 Millions |
|
Marketable Securities
balance: |
Rs.76.845 Millions |
|
Accounts
Receivable balance: |
Rs. 1100.176 Millions |
|
Current Assets
balance: |
Rs. 1150.016 Millions |
|
Total assets
balance: |
Rs. 3638.081
Millions |
|
Current
Liabilities balance: |
Rs. 4134.710
Millions |
|
Long-Term Debt
balance: |
Rs. 4112.000 Millions |
|
Equity balance: |
Rs. 7240.229
Millions |
|
Net cash
provided by operating activities: |
Rs. 15596.707 Millions |
|
Date of client's
financial data populated: |
31.03.2013 |
|
Financial
information provided above audited? |
Yes |
NOTE:
The Registered office of the company has been shifted from 43, Shiv
Shankti Industrial Estate,
CHARGES:
|
ENTITY |
COMPETENT AUTHORITY |
REGULATORY CHARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
FURTHER
DEVELOPMENTS |
|
JYOTHY LABORATORIESLTD. |
SEBI |
DID NOT COMPLY WITH MINIMUM PUBLIC SHAREHOLDING REQUIREMENT |
DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS IN
SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 04-JUN-2013 TILL
COMPLIANCE MINIMUM PUBLIC SHAREHOLDING REQUIREMENT |
SEBI VIDE ITS ORDER DATED 08/08/2013 ABATED THE PROCEEDINGS INITIATED VIDE ITS ORDER DATED 04/06/2013 WITH IMMEDIATE EFFECT |
|
JYOTHY LABORATORIESLTD. |
BSE |
DID NOT SUBMIT SHAREHOLDING PATTERN UNDER PROVISIONS OF CLAUSE 35 FOR THE QUARTER ENDED 31-MARCH-2008 |
PUT UP ON BSE WEBSITE FOR PUBLIC NOTICE |
NOT APPEARING IN THE LIST FOR THE QUARTER ENDED 30-JUNE-2008 |
PERFORMANCE
The financials for the current financial year are not comparable with the previous financial year. Financials for the year reflect the affect of merger of Jyothy Consumer Products Limited (JCPL) with the Company for the full year. Financials for the financial year 2011-12 are in respect of the full year of the Company as it stood prior to the merger of JCPL.
During the financial year ended March 31, 2013, the Company recorded Net Sales at Rs. 10173.767 Millions compared to Rs. 6627.815 Millions in the previous financial year.
During the year, the sales of soaps and detergents was Rs. 7559.459 Millions compared to Rs. 4455.467 Millions in previous year and the sales in homecare segment grew to Rs. 2449.086 Millions compared to Rs. 2178.518 Millions in previous year. The sales and profit in soaps and detergents reflect the effect of amalgamation of JCPL as well. The profitability in homecare segment improved considerably from a segment loss of Rs. 159.459 Millions in previous year to profit of Rs. 79.413 Millions in the current year.
UNSECURED LOAN
(Rs. in Millions)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
SHORT TERM
BORROWINGS |
|
|
|
Commercial Paper |
641.120 |
250.000 |
|
Total |
641.120 |
250.000 |
MANAGEMENT DISCUSSION
AND ANALYSIS
Macro Economic
Scenario
The World Bank has revised India's growth forecast to 6.1% for the current fiscal which is a downward revision. This was largely due to the decline in agriculture sector growth estimate which is expected to grow at 2% during 2013-14 against the previous estimate of 2.7%, despite a normal monsoon projection. However, the multilateral funding agency has opined that India is regaining economic momentum and growth is expected to recover gradually to help fulfil its strong long-term potential.
Growth projections for 2013-14 have been arrived at by taking into account present internal and external factors. Growth is expected to increase further to 6.7% in 2014-2015. Recent data point to some improvements in economic activity: the inflation and trade deficit came down in recent months, while private consumption and investment growth accelerated in the third quarter of 2012-2013.
Indians have been the most confident consumers globally in the fourth quarter of 2012 according to a recent study by Nielsen. Consumer confidence in the country increased by 2 points to 121 between Q4, 2012 and Q3, 2012. Indian consumer markets which can be broadly categorised into rural and urban markets – are primarily being driven by factors like favourable demographics, higher disposable incomes, rising middle class, government support, internet revolution and digitisation.
The Fast Moving
Consumer Goods (FMCG) Industry
As per CII, the Indian FMCG sector is the fourth largest sector in the economy with a total market size in excess of US$ 13.1 billion. It has a strong MNC presence and is characterised by a wellestablished distribution network, intense competition between the organised and unorganised segments and low operational cost. Availability of key raw materials, cheaper labour costs and presence across the entire value chain gives India a competitive advantage. The FMCG market is set to treble from US$ 11.6 billion in 2003 to US$ 33.4 billion in 2015. Penetration level as well as per capita consumption in most product categories in India is low, indicating untapped
market potential. The rapidly growing Indian population, particularly the middle class and the rural segments, presents an opportunity to makers of branded products to convert consumers to branded products. Growth is also likely to come from consumer 'upgradation' in the matured product categories.
The urban markets in India are poised for exponential growth in the coming years as the urban population has been estimated to grow at about 2.3 per cent between 2006-2016 while the overall population is anticipated to grow at an annual rate of about 1.4 per cent. Thus, acknowledging urbanisation at such a massive scale facilitates multiple opportunities to domestic and foreign majors to invest and expand their presence in the Indian urban markets. The urban markets in India are primarily driven by the youth and their growth is propagated by better infrastructure and facilities disseminated by the
Government. Urban expansion in India is anticipated to pace-up unlike anything the country or the world has seen before. It took nearly 40 years (from 1971 to 2008) for India’s urban population to rise by nearly 230 million but it will now take only half that time to add the next 250 million, according to a report by McKinsey.
At the same time, with about 70 per cent of the Indian population residing in the hinterlands, the rural markets too present a significant opportunity for business conglomerates. Rural spending was significantly higher at Rs. 3, 75, 000 crore (US$ 69.44 billion) than urban consumption at Rs. 2, 99, 400 crore (US$ 55.44 billion) between 2009-10 and 2011-12; wherein rural consumption per person outpaced its urban counterpart by 2 per cent, according to a study by CRISIL and preliminary data released for 2011-12 by the National Sample Survey Organisation (NSSO).
Amalagamation of
Jyothy Consumer Products Limited (Formerly Henkel India Limited) with the
Company
The Directors are pleased to inform that the process of amalgamation of Jyothy Consumer Products Limited (Transferor Company) (formerly known as Henkel India Limited) was completed on April 12, 2013, when the Honourable judge of Bombay High Court approved the Scheme of Amalgamation. Appointed Date was April 1, 2012, whereas compliances like filing of necessary e-Forms with Registrar of Companies were completed on May 13, 2013 and the amalgamation has become effective from that date.
The Directors had fixed May 28, 2013 as the ‘Record Date’ to determine eligibility of shareholders of the Transferor Company to get shares of the Company. Process of allotment and listing of shares is expected to be completed around June end, 2013. Directors welcome the shareholders of the Transferor Company.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/ Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10410578 |
07/02/2013 * |
500,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
B71948707 |
|
2 |
10364193 |
27/12/2012 * |
1,000,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
B67070516 |
|
3 |
10331458 |
06/02/2013 * |
4,300,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
B69658540 |
|
4 |
80045769 |
15/05/2008 * |
100,000,000.00 |
Standard Chartered Bank |
19, Rajaji Salai, Chennai, Tamil Nadu - 600001, INDIA |
A39319082 |
|
5 |
90300901 |
29/09/1999 |
60,000,000.00 |
DEUTSCHE BANK |
BROOK HOUSE 9 SHAKEAPEARE SARANI, CALCUTTA, West Bengal - 700071, INDIA |
- |
|
6 |
80055469 |
08/05/1941 |
94,800,000.00 |
UNITED BANK OF INDIA |
NETAJI SUBHAS ROAD BRANCH, 67A NETAJI SUBHAS ROAD, CALCUTTA, West Bengal - 700001, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
Intangible Assets:
- Goodwill
- Trademark and Copyrights
- Knowhow
- Software and Licenses
Tangible Assets:
- Building
- Plant and Machinery
- Dies and Moulds
- Furniture and Fixture
- Office Equipments
- Vehicles
AS PER WEBSITE DETAIL:
PRESS RELEASE:
UJALA'S NEW AVATAR TO
BATTLE SEGMENT BLUES
Bangalore August 21, 2013 Last Updated at 00:10 IST
The home-grown FMCG company, Jyothy Laboratories (Jyothy Labs), re-launched its 30-year old brand, Ujala, last month. Even though it is the market leader in fabric whitening, it had to be refreshed for a category whose existence could come under a cloud as consumers increasingly upgrade in the long run.
After the relaunch, the fabric whitener is available in a new bottle. Jyothy
Labs has also changed its tagline to Safedi ke aage ujala (Brightness/radiance
beyond whitening).
S Raghunandan, chief executive officer of Jyothy Labs, says, "We recognise
consumer needs are becoming more dynamic. The new Ujala packaging represents
Jyothy Laboratories' commitment to understand and cater to the changing preferences
of consumers." The new packaging is an attempt to make the product look
contemporary.
The company has also tweaked its positioning. It wants to emphasise radiance
over whitening. "The tagline is to emphasise that Ujala delivers radiance
and not just whitening. Today detergents also promise whitening. You can whiten
using detergents, but you will get radiance only by using Ujala, without
needing a bar, brush or blue," Raghunandan explains. For an emotional
connect, the new TV commercial talks of success to appeal to young,
achievement-oriented individuals.
"Safedi (whiteness) is a very old stance used for products in this
category. Also there is nothing new in the execution of the advertisement.
Other brands have told their stories on similar lines. A new tagline or
packaging is not enough," points out Sridhar Ramanujam, CEO, brand-comm, a
brand consulting firm.
Ujala competes with Hindustan Unilever's (HUL) Rin Fabric Whitener (erstwhile
Ala) and Rin Perfect Shine, and Reckitt Benckiser's Robin Blue. Ujala is pitted
not just against fabric whiteners but also detergents with a
whitening claim such as Rin and P&G's Tide.
The rebranding has not altered the pricing. Ramanujam says that Ujala is
already priced higher than Rin Fabric Whitener. Ujala's whitening liquid costs
Rs 17 for a 75-ml bottle. Its 250-ml bottle costs Rs 50. In comparison, Rin
Fabric whitener costs Rs 20 for a 200-ml bottle, while Robin Liquid Blue costs
Rs 16 for a 75-ml bottle.
Industry experts believe the move to recast Ujala comes at a time when HUL has
been stepping up its efforts in the laundry segment. Last year, HUL entered the
fabric blue space with Perfect Shine, despite slowing growth. This year it
launched a liquid detergent under Surf Excel. In 2010, the company had launched
a fabric softener Comfort. HUL derives about 45 per cent of its annual revenue
from soaps and detergents. Analysts peg the company's detergents business at
about Rs 6,000 crore.
However, Raghunandan maintains that new entrants have not dented Ujala's market
share. "Ujala continues to maintain a 70-per-cent market share, whereas
Rin's market share has been at 2-2.50 per cent and is declining," he says.
Robin Blue has a share of 3.5 per cent, according to sources. The market for
fabric whitening was small, at about Rs 300-350 crore in 2012, says Chaitra
Narayan, associate director - chemicals, materials & foods practice at
Frost & Sullivan.
Some analysts feel Jyothy Labs needs to work more on its distribution to remain
at the top, as HUL's products have a strong distribution to ride. Ramanujam
says a strong distribution is directly proportional to market share. To
maintain or increase its market share Jyothy Labs will have to increase its
bandwidth across India.
Raghunandan retorts, "HUL has a far superior distribution system than most
other companies but that does not mean that it can be successful in all the
segments. Making a product available in the market is just one part. Once a
product is available, only the consumer decides which one is better."
Apart from distribution, brand equity has a competitive role to play as well,
which had led Ujala to usurp Robin Blue.
However, the biggest challenge for Ujala is a fabric whitening market where
volumes have not risen much over the past year. "The volumes have grown
only four to five per cent over the last one year. In the year before last,
volumes were flat," says Raghunandan. Volume growth of Ujala has been
around five per cent.
With Ujala as its flagship brand, Jyothy Labs might run into trouble as the
segment's growth prospects are unclear. "Fabric whitening is not a large
value segment. It is also limited to a very niche consumer segment, that is,
consumers using mid-value detergents. This puts a constraint on the growth
prospects as most consumers will be upgrading to premium detergents, which do
not require any additional whiteners. Positioning and branding of the product
will become crucial in determining the growth of this segment. Most companies
in the detergent space are trying to position themselves as a total fabric-care
provider, be it HUL entering the niche segment of fabric whitening or Jyothy
Labs entering the laundry-wash segment," explains Narayan.
Jyothy Labs says consumers want more products in the whitening space and is
planning to extend brand Ujala. It is piloting an Ujala detergent in Kerala,
priced at Rs 85 for a kilo.
It is also readying a shift to the premium end in laundry with Henko in
stain-removal detergents. Part of German Henkel's India business that Jyothy
Labs acquired (now rechristened as Jyothy Consumer Products), it will fight
P&G's Ariel and HUL's Surf Excel. It has to be seen whether Ujala will be
able to hold its own against Jyothy Lab's push in the premium end.
POST MERGER
HENKEL-JYOTHI TO WORK ON ‘UNDERNOURISHED’ PRODUCTS
Jun 15, 2012
Detergent maker Jyothy Laboratories that owns brands such as Pril and Ujala on Friday approved the merger of Henkel India, a subsidiary of Henkel AG makes Henko and Mr White. Jyothy will own 83.65% stake in Henkel India.
“As per the scheme of arrangement, shareholders of HIL will
get 1 share of JLL for every 8 shares of HIL, subject to adjustment for
impending issue of bonus shares in the ratio of 1:1 by JLL. The shares
held by JLL in HIL will be extinguished post merger,” the company said in a
statement.
M P Ramachandran,MD Jyothy Laboratories also said in the statement that the two
had been cooperating on cost, marketing and distribution already and this would
be another step in furthering the synergy.
The merger will be effective from 1 April 2012 but the entire process will be completed by February 2013. “We do not plan to introduce any new products as of now. There are many brands under Henkel which are under-nourished and we would like to work on them as of now,” a company official told Firstpost
Jyothy Lab shares were trading at Rs 238.85, up 1.2% on NSE. Henkel India was up 7.8% at Rs 30.35 on BSE.
JYOTHY LABS TO
AMALGAMATE HENKEL INDIA WITH ITSELF
Jun 15 2012 4:35PM
Jyothy Laboratories today said its board of directors approved the amalgamation of Henkel India with itself.
After Jyothy Laboratories-- the maker of detergents like Ujala—acquired a
significant stake in Henkel India last year, the merger of two entities was
highly expected.
As per the scheme of arrangement, shareholders of Henkel India will get 1 share
of Jyothy Laboratories for every 8 shares, subject to adjustment for impending
issue of bonus shares in 1:1 ratio by Jyothy Labs.
“We have been integrating operation of both Jyothy Labs and Henkel India to
derive synergies in cost, marketing and distribution. Merger is one more step
towards reaping the benefits of our efforts," MP Ramachandran, the
company's CMD said.
Post merger, the shares held by Jyothy Laboratories in Henkel India will get
extinguished and the equity of Ujala maker will increase by 2.87 per cent.
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 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.64.69 |
|
|
1 |
Rs.100.80 |
|
Euro |
1 |
Rs.86.30 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.