MIRA
INFORM REPORT
|
Report Date : |
31.08.2013 |
IDENTIFICATION DETAILS
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Name : |
BOMBAY BURMAH TRADING CORPORATION LIMITED ELECTROMAGS A DIVISION OF BOMBAY BURMAH TRADING CORPORATION LIMITED |
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Registered
Office : |
9, Wallace Street, Fort, Mumbai – 400001, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of Incorporation
: |
09.04.1863 |
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Com. Reg. No.: |
11-000002 |
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Capital
Investment / Paid-up Capital : |
Rs. 139.627 Millions |
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CIN No.: [Company Identification
No.] |
L99999MH1863PLC000002 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in Plantations, Foods, Textiles, Chemicals, Laminates,
Electronics and Light Engineering, Health Care and Real Estate. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
A (67) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 10742000 |
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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. There appears sharp dip in the profit of the company in 2013. However, trade relations are fair. Business is active. Payments terms
are regular. 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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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A1 |
A1 |
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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
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took
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
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
A1+ = Short Term Bank facilities |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
12.09.2012 |
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
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Registered Office : |
9, Wallace Street, Fort, Mumbai – 400001, Maharashtra, India |
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Tel. No.: |
91-22- 22079351 – 54 |
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Fax No.: |
91-22- 22071612 |
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E-Mail : |
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Website : |
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SOUTH INDIA
ESTATES |
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Mudis Group Office : |
Mudis P.O. 642117, Coimbatore District, Tamilnadu, India |
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Tel. No.: |
91-4253-234244 / 234245 |
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Fax No.: |
91-4253-234231 |
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E-Mail : |
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Marketing Office |
Subramaniam Road, Wellingdon Island,
Kochi - 682003 India |
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Tel. No.: |
91-484-2666645/ 2666251 |
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Fax No.: |
91-484-2668321 |
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E-Mail : |
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WEIGHING
PRODUCTS DIVISION |
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Factory : |
Plot No. 304, New G.I.D.C., Valsad - 396034, Gundlav, Gujarat, India |
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Tel. No.: |
91-02632-36364/ 36684 |
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Fax No.: |
91-02632-36684 |
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E-Mail : |
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Marketing Office : |
Plot No. 2, Kanjur Village Road, Kanjur Marg (East), Mumbai – 400042,
Maharashtra, India |
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Tel. No.: |
91-22-25785651/ 25782852/ 25787529 |
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Fax No.: |
91-22-25784389 |
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E-Mail : |
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HEALTH CARE
DIVISION |
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Factory 1 : |
DPI – PLot No. 2, Kanjur Village Road, Kanjur Marg (East), Mumbai –
400042, Maharashtra, India |
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Tel. No.: |
91-22-25785651/ 25782303 |
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Fax No.: |
91-22-25784389 |
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E-Mail : |
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Factory 2 : |
MMT – C-1B/ 909, New GIDC, Gundlav, Valsad - 396035, Gujarat, India |
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Tel. No.: |
91-02632-36519 |
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Fax No.: |
91-02632-36684 |
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E-Mail : |
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Dental Products
: |
Sector 5, II E,
Pant Nagar Industrial Estate, Rudrapur, Udhamsingh Nagar - 263153,
Uttarakhand, India |
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Marketing Office : |
Plot No.2, Kanjur Village Road, Kanjur Marg (East), Mumbai – 400042,
Maharashtra, India |
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Tel. No.: |
91-22-25785651/ 25782852/ 25787529 |
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Fax No.: |
91-22-25784389 |
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E-Mail : |
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Tea and Coffee
Estates : |
·
Mudis Group of Estates, Mudis P.O.- 642 117,
Coimbatore District, Tamilnadu, India ·
Singampatti Group of Estates — Manjolai P.O.-627
420, Tirunelveli District, Tamilnadu, India ·
Dunsandle Estate — Dunsandle P.O., Ootacamund -
643005, Nilgiri District, Tamilnadu, India ·
Elk Hill Group of Estates — Post Box No. 12,
Sidapur, P. and T.O - 571253, South Coorg, Karnataka, India ·
Usambara Group, Marvera and Herkulu Estates, P.O.
Box 22, Soni, Tanzania |
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Overseas Office
: |
Suite 628, 6th
Floor, Pan Global Plaza, Jalan Wong Ah Fook 80000, Johor Bahru, Malaysia |
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Division: |
Electromags 342-343, Nehru
Nagar, IInd Cross Street, Kottivakkam, Chennai – 600 096, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Nusli N. Wadia |
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Designation : |
Esq., Chairman |
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Name : |
A. K. Hirjee |
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Designation : |
Esq., Vice Chairman |
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Name : |
Keshub Mahindra |
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Designation : |
Esq. Director |
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Name : |
M. L. Apte |
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Designation : |
Esq. Director |
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Name : |
D. E. Udwadia |
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Designation : |
Esq. Director |
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Name : |
P. K. Cassels |
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Designation : |
Esq. Director |
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Name : |
B. N. B. Tao |
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Designation : |
Esq. Director |
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Name : |
JEH Wadia |
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Designation : |
Esq. Director |
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Name : |
Mrs. Vinita Bali |
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Designation : |
Director |
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Name : |
A. Panjwani |
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Designation : |
Esq., Managing Director |
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Name : |
Ness Wadia |
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Designation : |
Esq., Managing Director |
KEY EXECUTIVES
|
Name : |
Mr. Nitin H Datanwala |
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Designation : |
Vice President Corporate and Company Secretary |
MAJOR SHAREHOLDERS
As on 30.06.2013
|
Category
of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding
of Promoter and Promoter Group |
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17000 |
0.02 |
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39827240 |
57.08 |
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39844240 |
57.11 |
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6141505 |
8.80 |
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6141505 |
8.80 |
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Total
shareholding of Promoter and Promoter Group (A) |
45985745 |
65.91 |
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(B)
Public Shareholding |
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|
1755579 |
2.52 |
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|
99893 |
0.14 |
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675400 |
0.97 |
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162566 |
0.23 |
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2693438 |
3.86 |
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1726129 |
2.47 |
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11902360 |
17.06 |
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1207883 |
1.73 |
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6256345 |
8.97 |
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47250 |
0.07 |
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478295 |
0.69 |
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5660700 |
8.11 |
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100 |
0.00 |
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70000 |
0.10 |
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21092717 |
30.23 |
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Total
Public shareholding (B) |
23786155 |
34.09 |
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Total
(A)+(B) |
69771900 |
100.00 |
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(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total
(A)+(B)+(C) |
69771900 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
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Line of Business : |
Subject is engaged in Plantations, Foods, Textiles, Chemicals,
Laminates, Electronics and Light Engineering, Health Care and Real Estate. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
HDFC Bank Limited ·
AXIS Bank Limited |
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Facilities : |
Note: Long Term
Borrowings
a)
Rupee Agri loan from Axis bank of Rs. 1000.000
Millions, - current outstanding Rs. 780.000 Millions is repayable in 2 annual
installments from 1st April, 2014 to 1st April, 2015 of Rs. 150.000 Millions
and Rs. 630.000 Millions respectively. The loan is secured by exclusive
charge over Elkhill Estate. The rate of interest on the loan is ranging from
7.5% to 10%. b)
Rupee loan from HDFC bank of Rs. 200.000
Millions, - current outstanding – Rs. 100.000 Millions is repayable in 2
equal annual installments of Rs. 50.000 Millions from 1st April, 2014 to 31st
March, 2015. The loan is to be secured by extension of charge of an Equitable
Mortgage by deposit of title deeds of Mudis and Singampatti estates together
with Buildings and structures thereon in favour of HDFC Bank. The rate of
interest on the loan is ranging from 7.5% to 10.5%. c)
FCNR loan from HDFC bank of USD 15.982 Million -
current outstanding Rs. 218.875
Millions (USD 4.024 Million) is repayable in an annual installment of
Rs. 218.875 Millions (USD 4.024
Million) on 31st March, 2014. The loan is secured by way of an Equitable
Mortgage by deposit of title deeds of Mudis and Singampatti estates together
with Buildings and structures thereon securities for other Term loans/WCDL.
The rate of interest on the loan is 12 months LIBOR + spread ranging from
2.75% to 4%. d)
FCNR loan from HDFC bank of USD 5.08 Million -
current outstanding Rs. 82.889 Millions (USD 1.524 Million), is repayable in
2 semi- annual installments of Rs. 41.445 Millions (USD 0.762 Million), Rs.
41.445 Millions (USD 0.762 Million) on 30th June, 2013 and 31st December,
2013 respectively. The loan is secured by way of an equitable mortgage by
deposit of title deeds of Mudis and Singampatti estates together with
Buildings and structures thereon securities for other Term loans/WCDL. The
rate of interest on the loan is 12 months LIBOR + spread ranging from 2.75%
to 4%. e)
Loan against vehicles are secured by lien on
vehicle purchased. Short Term
Borrowings
a)
Cash Credit from Axis Bank of Rs. 43.614 Millions (Previous Year Rs.
0.091 Million), is secured by hypothecation
of present and future stocks , book debts and other current assets on pari-passu
basis and a collateral on Elkhill Estates. The rate of interest on the loan
is ranging from 11% to 13%. b)
Cash Credit from HDFC Bank of Rs. 2.124 Millions
(Previous Year Rs. 1.586 Millions) is secured by hypothecation of present and
future stocks, book debts and other current assets on pari-passu basis and a
collateral on Singampatti and Mudis Estates. The rate of interest on the loan
is ranging from 11% to 13%. c)
The FCNR Working Capital Loan from HDFC Bank of Rs.
98.417 Millions (Previous Year Rs. 92.567 Millions) is secured by
hypothecation of present and future stocks, book debts and other current
assets on pari-passu basis and a collateral on Singampatti and Mudis Estates.
The rate of interest on the loan is 12 months LIBOR + spread ranging from
2.75% to 4%. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
Lodha Excelus, 1st
floor, Apollo Mills Compound, N. M. Joshi Marg, Mahalakshmi, Mumbai – 400011,
Maharashtra, India |
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Solicitors : |
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Name : |
Crawford Bayley and Company Chartered Accountants |
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Address : |
State Bank Building,
4th Floor, Hutatma Chowk, Fountain, Mumbai – 400001, Maharashtra, India |
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Solicitors : |
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Name : |
Udwadia Udeshi and Argus Partners Chartered Accountants |
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Address : |
Elphinstone House,
1st Floor, 17, Murzban Road, Fort, Mumbai – 400001, Maharashtra, India |
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Subsidiaries : |
·
Afco Industrial and Chemicals Limited ·
DPI Products and Services Limited ·
Sea Wind Investments and Trading Company Limited ·
PT Indo Java Rubber Planting Company till 17th
March, 2011 ·
Leila Lands Senderian Berhad ·
Electromags Automotive Products Private Limited |
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Sub-Subsidiaries : |
(a) Subsidiary
of DPI Products and Services Limited: ·
Subham Viniyog Private Limited (b) Subsidiaries
of Leila Lands Senderian Berhad: ·
Naira Holdings Limited ·
Island Horti-Tech Holdings Pte. Limited ·
Leila Lands Limited ·
Restpoint Investments Limited (c) Subsidiaries
of Island Horti-Tech Holdings Pte. Limited: ·
Island Landscape and Nursery Pte. Limited ·
ILN Investments Pte. Limited ·
Innovative Organics Inc. (d) Subsidiaries
of Leila Lands Limited: ·
ABI Holding Limited ·
Britannia Brands Limited ·
Associated Biscuits International Limited ·
Dowbiggin Enterprises Pte. Limited ·
Nacupa Enterprises Pte. Limited ·
Spargo Enterprises Pte. Limited ·
Valletort Enterprises Pte. Limited ·
Bannatyne Enterprises Pte. Limited ·
Britannia Industries Limited (e) Subsidiaries
of Britannia Industries Limited: ·
Boribunder Finance and Investments Private
Limited ·
Flora Investments Company Private Limited ·
Gilt Edge Finance and Investments Private Limited ·
Ganges Valley Foods Private Limited ·
International Bakery Products Limited ·
J. B. Mangharam Foods Private Limited ·
Manna Foods Private Limited ·
Sunrise Biscuit Company Private Limited ·
Britannia and Associates (Mauritius) Private
Limited ·
Britannia and Associates (Dubai) Private Company
Limited ·
Al Sallan Food Industries Company SAOG ·
Strategic Food International Company LLC ·
Strategic Brands Holding Company Limited ·
Britannia Lanka Private Limited ·
Daily Bread Gourmet Foods (India) Private Limited ·
Britannia Dairy Private Limited (formerly known
as Britannia New Zealand Foods Private Limited) ·
Britannia Dairy Holdings Private Limited ·
Britannia Employees General Welfare Association
Private Limited ·
Britannia Employees Medical Welfare Association
Private Limited ·
Britannia Employees Educational Welfare
Association Private Limited (f) Subsidiary
of Island Landscape and Nursery Pte. Limited: ·
Peninsula Landscape and Nursery Sdn. Bhd. (g) Subsidiary
of ILN Investments Pte. Limited: ·
Saikjaya Holdings Sdn. Bhd. (h) Subsidiaries
of Restpoint Investments Limited: ·
Restpoint International Technology Corporation ·
Island Telesystems Pte. Limited (i) Subsidiary
of Innovative Organics Inc.: ·
Granum Inc. |
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Associates : |
·
Lotus Viniyog Private Limited ·
Inor Medical Products Limited ·
Medical Microtechnology Limited |
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Other Related Parties : |
·
Go Airlines (India) Limited |
CAPITAL STRUCTURE
As on 31.03.2013
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 |
|
|
|
|
|
|
13954380 |
Equity Shares |
Rs.10/- each |
Rs. 139.544
Millions |
|
|
Forfeited shares amount paid-up |
|
Rs. 0.083
Million |
|
|
Total |
|
Rs. 139.627 Millions |
a) The Corporation
has only one class of equity share having par value of Rs. 2/- (Previous Year Rs.
10/-) per share.
b) Each holder of
equity shares is entitled to one vote per share.
c) The Corporation
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.
d) During the year
ended 31st March, 2013, the amount of per share dividend recognised as
distributions to equity shareholders was Rs. 3/- for every share of Rs. 2/-
each (Previous Year - Rs. 7/- for every share of ` 10/- each)). The total
dividend appropriation for the year ended 31st March, 2013 amounted to Rs. 244.889 Millions (Previous Year
Rs. 113.527 Millions) including corporate dividend tax of Rs. 35.573 Millions (Previous Year Rs. 15.846
Millions).
e) In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive the 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.
f)
Reconciliation of
the shares outstanding at the beginning and at the end of reporting period.
|
Equity shares |
No. of shares |
Amount in
millions |
|
At the beginning of the period |
13954380 |
139.544 |
|
Add: Issued during the period |
-- |
-- |
|
Outstanding at the end of the period |
13954380 |
139.544 |
g)
Details of shares
held by each shareholder holding more than 5% shares:
|
|
No. of shares |
% holding |
|
Archway Investment Company Limited |
13038600 |
18.69 |
|
N. W. Exports Limited |
9817275 |
14.07 |
|
Naperol Investments Limited |
4208400 |
6.03 |
|
Mr. Nusli N. Wadia |
6141505 |
8.80 |
|
Wallace Bros.
Trading and Industrial Limited, U.K. |
5660700 |
8.11 |
|
Total |
38866480 |
55.70 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
139.627 |
139.627 |
139.627 |
|
(b) Reserves & Surplus |
2545.942 |
2557.297 |
1298.360 |
|
(c) 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) |
2685.569 |
2696.924 |
1437.987 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
834.481 |
1290.104 |
1453.526 |
|
(b) Deferred tax liabilities (Net) |
6.522 |
0.000 |
16.848 |
|
(c) Other long term liabilities |
4.648 |
4.208 |
3.934 |
|
(d) long-term provisions |
23.811 |
39.178 |
16.941 |
|
Total Non-current Liabilities (3) |
869.462 |
1333.490 |
1491.249 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
447.155 |
94.744 |
415.957 |
|
(b) Trade payables |
203.732 |
86.176 |
98.509 |
|
(c) Other current
liabilities |
522.623 |
381.105 |
1296.037 |
|
(d) Short-term provisions |
282.931 |
124.468 |
183.274 |
|
Total Current Liabilities (4) |
1456.441 |
686.493 |
1993.777 |
|
|
|
|
|
|
TOTAL |
5011.472 |
4716.907 |
4923.013 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
991.626 |
591.823 |
1085.080 |
|
(ii) Intangible Assets |
1.644 |
0.377 |
1.735 |
|
(iii) Capital
work-in-progress |
51.302 |
4.553 |
23.558 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1654.914 |
1118.344 |
1067.706 |
|
(c) Deferred tax assets (net) |
0.000 |
5.058 |
0.000 |
|
(d) Long-term Loan and Advances |
123.367 |
110.946 |
83.862 |
|
(e) Other Non-current assets |
2.326 |
1.641 |
0.000 |
|
Total Non-Current Assets |
2825.179 |
1832.742 |
2261.941 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
944.347 |
611.230 |
961.545 |
|
(c) Trade receivables |
398.617 |
138.219 |
537.629 |
|
(d) Cash and cash
equivalents |
565.140 |
967.538 |
130.241 |
|
(e) Short-term loans and
advances |
234.977 |
1131.526 |
997.894 |
|
(f) Other current assets |
43.212 |
35.652 |
33.763 |
|
Total Current Assets |
2186.293 |
2884.165 |
2661.072 |
|
|
|
|
|
|
TOTAL |
5011.472 |
4716.907 |
4923.013 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2434.925 |
2603.017 |
3189.102 |
|
|
|
Other Income |
211.190 |
194.741 |
877.755 |
|
|
|
TOTAL |
2646.115 |
2797.758 |
4066.857 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
832.805 |
969.531 |
|
|
|
|
Purchases of stock-in-trade |
293.828 |
127.287 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(224.553) |
(40.597) |
|
|
|
|
Employee benefits expense |
615.538 |
548.145 |
|
|
|
|
Transfer from Revaluation Reserve |
(0.659) |
0.000 |
|
|
|
|
Other expense |
729.449 |
816.818 |
|
|
|
|
Cost relating to Real estate under development |
1.290 |
1.290 |
|
|
|
|
TOTAL |
2247.698 |
2422.474 |
2767.792 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
398.417 |
375.284 |
1299.065 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
149.007 |
185.232 |
187.767 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
249.410 |
190.052 |
1111.298 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
69.281 |
71.556 |
88.559 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX |
180.129 |
118.496 |
1022.739 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL ITEMS |
|
|
|
|
|
|
|
Profit on sale of undertaking |
0.000 |
1647.058 |
0.000 |
|
|
|
Profit of erstwhile EAPL for the year ended 31st march, 2012 |
73.672 |
0.000 |
0.000 |
|
|
|
Profit on sale of undertaking |
0.000 |
0.000 |
(62.246) |
|
|
|
TOTAL |
73.672 |
1647.058 |
(62.246) |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
253.801 |
1765.554 |
960.493 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
64.491 |
431.306 |
195.073 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT FROM
DISCOUNTING OPERATION AFTER TAX |
0.000 |
(30.649) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
189.310 |
1364.897 |
765.420 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1748.866 |
637.496 |
65.603 |
|
|
|
|
|
|
|
|
|
Add |
BALANCE IN
PROFIT AND LOSS ACCOUNT OF ERSTWHILE
EAPL ON 1ST APRIL, 2011 |
46.013 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
19.000 |
140.000 |
80.000 |
|
|
|
Proposed Dividend |
209.316 |
97.681 |
97.681 |
|
|
|
Corporate Dividend Tax |
35.573 |
15.846 |
15.846 |
|
|
BALANCE CARRIED
TO THE B/S |
1720.300 |
1748.866 |
637.496 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Tea, Coffee & Others on F.O.B. basis |
440.883 |
390.478 |
349.332 |
|
|
|
Export of laminates on F.O.B. basis |
0.000 |
7.609 |
32.538 |
|
|
|
Export of Precision Springs on F.O.B. basis |
0.000 |
17.860 |
24.850 |
|
|
|
Export of Dental Products |
2.661 |
4.442 |
1.138 |
|
|
|
Export of Auto Ancillary Products on F.O.B. basis |
274.008 |
0.000 |
0.000 |
|
|
|
Dividend |
0.000 |
11.327 |
47.678 |
|
|
TOTAL EARNINGS |
717.552 |
431.716 |
455.536 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
91.275 |
249.573 |
319.785 |
|
|
|
Components and Spare Parts |
3.323 |
2.771 |
2.318 |
|
|
|
Capital Goods |
79.832 |
5.898 |
59.599 |
|
|
|
Traded Goods – Dental |
1.693 |
3.217 |
5.932 |
|
|
TOTAL IMPORTS |
176.123 |
261.459 |
387.634 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.71 |
18.56 |
54.85 |
|
|
|
|
2.74 |
19.56 |
54.85 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.15
|
48.79 |
18.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.42
|
67.83 |
30.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.98
|
58.92 |
34.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.65 |
0.67 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.48
|
0.61 |
1.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50
|
4.20 |
1.33 |
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 |
Yes |
|
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 |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
From Banks (Intercorporate deposits) |
300.000 |
0.000 |
|
From Others |
0.000 |
0.500 |
|
From Related Parties |
3.000 |
0.000 |
|
Total |
303.000 |
0.500 |
INDEX OF CHARGE:
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10242059 |
25/02/2012 * |
1,000,000,000.00 |
Axis Bank Limited |
Axis House, Bombay Dyeing Mills
compound,, P. B. Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
B34171942 |
|
2 |
10031082 |
12/10/2010 * |
397,500,000.00 |
Axis Bank Limited |
Credit Management Centre,
Unit-6, Corporate Park, Chembur, Mumbai, Maharashtra - 400071, INDIA |
A97562474 |
|
3 |
10016783 |
06/07/2006 |
450,000.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI,
CHENNAI, Tamil Nadu - 600002, INDIA |
A03651312 |
|
4 |
10016793 |
06/07/2006 |
565,000.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI,
Tamil Nadu - 600002,INDIA |
A03117652 |
|
5 |
10020643 |
06/07/2006 |
450,000.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI,
CHENNAI, Tamil Nadu - 600002, INDIA |
A03650637 |
|
6 |
10019245 |
30/06/2006 |
375,000.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI,
Tamil Nadu - 600002, INDIA |
A03118171 |
|
7 |
90226441 |
25/02/2012 * |
560,000,000.00 |
Axis Bank Limited |
Axis House, Bombay Dyeing Mills
Compound, P. B. Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
B34279620 |
|
8 |
90223464 |
25/02/2012 * |
560,000,000.00 |
Axis Bank Limited |
Axis House, Bombay Dyeing
Mills Compound, P.B. Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
B34241356 |
|
9 |
90223411 |
03/01/2003 |
300,000,000.00 |
HDFC BANK |
KAMLA MILLS COMPOUND, SENAPATI
BAPAT MARG, MUMBAI, Maharashtra - 400013, INDIA |
- |
|
10 |
90226761 |
14/03/2009 * |
1,800,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT
MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
A58997594 |
* Date of charge modification
OPERATIONS:
The year despite the
challenges has been a satisfactory one for the Corporation.
The Corporation
has achieved a turnover of Rs. 2435.500 Millions and higher operating profit
before tax of Rs. 180.100 Millions compared to Rs. 118.500 Millions in the
previous year.
The results are
strictly not comparable with those of previous year in view of the mid term
discontinuation of two businesses viz. BCL Springs and Sunmica in the previous
year. Further, current year includes results of Auto ancillary business under
Electromags division on amalgamation of erstwhile Electromags Automative
Products Private Limited (EAPL) with the Corporation.
During the year,
the performance of Tea Division was adversely affected due to erratic weather
conditions which resulted in lower production and lower sales compared to the
previous year. However, higher average price realization of Tea contributed to
reduce the adverse impact on profitability. The Coffee Division with favourable
prices and increased volumes contributed substantially to improve the
profitability and performance of the Plantation Division.
Health Care
Division reported healthy growth in sales and profit over the previous year
with successful launch of new Dental products.
Auto Ancillary
business under Electromags Division achieved higher profits compared to
previous year on account of reduction in overheads despite slow down in auto
sector.
DIVISIONWISE
PERFORMANCE:
A)
SOUTH INDIA ESTATES:
(i)
Tea :
The production for
the year was lower at 7.842 Millions kgs. as against 8.465 Millions kgs. for
2011-12 due to low rainfall at Singampatti Estate and almost drought like
conditions and uniformly low rainfall at other Estates. Sales
Turnover however
was higher at Rs. 830.100 Millions compared to Rs. 751.500 Millions of the
previous year due to increase in average selling prices.
(ii)
Coffee –
Production for the
year, including outsourced beans was 2,399 Tonnes as against 1,640 Tonnes for
the year 2011-12. This was due to higher sourcing of Bought Beans from the
current season’s crop during November, 2012 to March, 2013 which will be
available for sale in the coming year.
Sales turnover was
higher at Ra. 284.600 Millions as against Rs. 2.437 Millions in the previous
year. Sales volume, however, was at the same level at 1,680 Tonnes as against
1,683 Tonnes in the previous year.
B)
TANZANIAN ESTATES:
The crop for the
year was lower at 0.814 Million kgs. as against 0.922 Million kgs. in 2011-12.
Sales were at Rs. 54.200 Millions as against Rs. 51.900 Millions in the
previous year.
C)
ELECTROMAGS DIVISION:
The turnover for
the year was marginally lower at Rs.
1059.100 Millions as against Rs. 1086.300 Millions for 2011-12. Although
the auto sector witnessed a slow down during the year, the reduction in
overheads and better cost control enabled the division to achieve higher
profits as compared to the previous year.
D)
HEALTHCARE DIVISION:
The turnover for
the year was RS. 180.400 Millions as against Rs. 154.300 Millions for 2011-12.
This was due to higher sales of own manufactured products, mainly Dental
alloys, despite the discontinuation of some traded products.Dental Products of
India Division is the market leader in Dental alloy business in India.
E)
WEIGHING PRODUCTS DIVISION:
Sale of balances
for the year under review was Rs. 23.400 Millions as against Rs. 23.100
Millions for 2011-12. The Division continued to operate profitably
F)
REAL ESTATE DEVELOPMENT:
The Corporation is
examining various options for development of properties at Kanjur Marg in
Mumbai and at Coimbatore under Real Estate Division. The Corporation is also
considering development of a small part of Coffee Estate at Coorg as a
“Destination” under Hospitality sector.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
The overall Indian
Crop for the calendar year 2012 was flat at 1,111.76 million kgs. vs. 1,115.72
million kgs.
in 2011. While
North Indian crop was higher by 4.53 million kgs South Indian crop was lower by
8.49 million kgs.
In the global
scenario, Sri Lankan and Kenyan crops were marginally lower as compared to
previous year. Export of Indian tea upto December, 2012 at 156.38 million kgs.
was lower by 13.27 million kgs. vis-a-vis previous year. South Indian tea
exports were significantly lower at 60.20 million kgs. as compared to 75.98
million kgs. in the previous year.
Import of tea upto
December, 2012 was at 16.94 million kgs. which was 5.26% lower than the
previous year. Domestic consumption of tea as estimated by Tea Board for
financial year 2012-13 was approx. 890 million kgs.
Owing to inclement
weather, the crop pattern altered during the year – while there was a huge
inflow of crop in the first quarter, the latter half of the year had extremely
low crops. This led to dwindling of buffer /pipeline
stocks and sharp
market response from major packers leading to an upsurge in domestic prices.
Exports declined with most markets being out-priced by the strong domestic
demand.
PERFORMANCE
HIGHLIGHTS:
Good rainfall in the
first half of FY 2012-2013 was followed by drought conditions in the second
half, thereby resulting in lower production of tea by 7.2% as compared to the
previous year. Consequently, the overall tea sales were lower by 7.13% in terms
of volume. However, the average price realization was 19.51% higher in the
current year mainly aided by higher domestic prices.
Domestic Sales:
Lower crops reflected in lower quantities available for sale and domestic
volumes declined by 11.83%. The sales through our Depots reduced by 23.57% in
terms of volume and increased by 27.75% in terms of average price realisations
Quantity sold through auctions increased by 4.84% and the average price was
higher by 22.66%.
OUTLOOK:
Unpredictable
weather conditions and the resulting inconsistent supply from the planting
districts around India resulted in the drying up of pipeline stocks. This
decline is directly reflected in higher pressure on better liquoring teas,
which are attracting strong demand from major Packers and Bazaar buyers. Medium
and plainer teas however may get neglected. Besides the rising prices in the
domestic markets, political turmoil which continues in the major teadrinking
countries in the Middle East and northern Africa will put considerable pressure
on Indian exports, particularly from South India.
Moreover, ocean
freights which have been on an increase in the recent times could also put
further pressure on Indian exports.General shortage of good liquoring teas in
the market and our continuous endeavours in upgrading the quality
of our produce
will work to the advantage of the Corporation in terms of tapping quality-
sensitive markets. The growing awareness of the health benefits of Organic teas
is expected to improve demand for the Organic teas pioneered by the
Corporation.
Segment
Information:
A.
Primary Segment Reporting (by Business Segment)
Composition of
Business Segment
The Corporation’s
business segments based on product lines are as under:
·
Plantation Products: Segment produces/trades in Tea,
Coffee, Timber, Cardamom and Pepper.
·
Building Products: Segment manufactures/trades in
Phenolic Laminates (Industrial Laminates including Copper Clad Laminates and
Surfacing Laminates).
·
Dental Products: Segment manufactures/trades in
Health Care/Dental products.
·
Auto Ancillary Products: Segment manufactures
precision springs, solonoids, switches, valves, slip rings etc. for automobile
and other industries.
·
Investments: Segment invests in various securities
listed as well as unlisted mainly on a long term basis.
·
Weighing Products: Segment manufactures/trades in
Analytical, Precision Balances and Weighing Scales.
·
Real Estate: Segment represents property
development.
UNAUDITED FINANCIAL RESULTS FOR QUARTER ENDED 30TH
JUNE, 2013
(Rs.
In Millions)
|
Particulars |
30th
June 2013 |
|
|
Three month
ended |
|
|
(Unaudited) |
|
Income from operations |
|
|
(a) Net Sales
/ Income from Operations (Net of excise duty) |
664.408 |
|
(b) Other Operating Income |
13.410 |
|
Total income from operations (net) |
677.818 |
|
Expenses |
|
|
a) Cost of materials consumed |
229.795 |
|
b) Purchases of stock-in-trade |
3.731 |
|
c) Changes in Inventories of finished goods,
work-in- progress and stock-in-trade |
25.055 |
|
d) Employees benefits expense |
164.131 |
|
e) Depreciation and amorisation expenses |
16.243 |
|
f) Other
Expenses |
180.495 |
|
Total expenses |
619.450 |
|
Profit from operations before other income, finance
costs and exceptional items |
58.369 |
|
Other Income |
29.061 |
|
Profit from ordinary activities before finance costs
and exceptional Items (3+4) |
87.430 |
|
Finance costs |
39.963 |
|
Profit from ordinary activities after finance costs
but before exceptional Items (5-6) |
47.467 |
|
Exceptional Items (Profit of EAPL for the period 1st
April, 2011 to 31st March, 2012) |
-
|
|
Profit from Ordinary Activities before tax (7+8) |
47.467 |
|
Tax expense |
14.200 |
|
Tax expense relating to Profit of EAPL for a period
1st April, 2011 to 31st March, 2012 |
- |
|
Net Profit from Ordinary Activities after tax |
33.267 |
|
Paid-up equity share capital (Face value of the
Share - Rs.2/-) |
139.544 |
SEGMENT – WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
30th
June 2013 |
|
|
Three month
ended |
|
|
(Unaudited) |
|
1. Segment Revenue |
|
|
a) Plantations |
342.757 |
|
b) Auto
Electrical Components |
270.299 |
|
c) Investments |
0.000 |
|
d) Healthcare |
50.810 |
|
e) Others |
13.953 |
|
Total |
677.818 |
|
Less: Inter – segment revenue |
0.000 |
|
Total income from operations (net) |
677.818 |
|
|
|
|
2. Segment Results |
|
|
a) Plantations |
41.259 |
|
b) Auto Electrical Components |
42.768 |
|
c) Investments |
0.000 |
|
d) Healthcare |
9.709 |
|
e) Others |
8.570 |
|
Total |
102.306 |
|
Less : i) Interest |
(39.963) |
|
ii) Other Un-allocable expenditure net |
(43.937) |
|
Add : i) Un-allocable income |
29.061 |
|
ii) Results of Auto Electrical Components for the
year ended 31st March, 2012 |
0.000 |
|
Total Profit before Tax |
47.467 |
|
Capital Employed: |
|
|
(Segment Assets - Segment Liabilities) |
|
|
a) Plantations |
1297.307 |
|
b) Auto
Electrical Components |
631.195 |
|
c) Investments |
2335.511 |
|
d) Healthcare |
102.870 |
|
e) Others |
229.021 |
|
f) Unallocated |
(1877.069) |
|
Sub Total |
2718.835 |
|
Less : Inter Segment Revenue |
0.000 |
|
Total |
2718.835 |
Notes:
1.
The above financial results have been reviewed by the
Audit Committee and having been recommended by it to the Board for approval,
were approved by the Board at its meeting held on 7th August, 2013.
2.
Expenditure of Rs.3105.800 Millions (Previous period Rs.2179.500
Millions) incurred during the quarter at the Coffee estates has been carried
forward and will be accounted against the current season's coffee crop from
November, 2013.
3.
During the year ended 31st March, 2013 the Corporation
paid remuneration to one of the Managing Directors which is in excess of the
limits specified in relevant provisions of the Companies Act, 1956. Such excess
remuneration has been approved by the Board of Directors and the Remuneration
Committee. The application to the Central Government for approval to the
payment of excess remuneration of Rs.789.900 Millions has been submitted and
the approval is awaited. Without qualifying the report, attention was drawn to
the above by the auditors in their report for the year ended 31st March, 2013.
4.
The figure of the preceding three months ended 31st
March, 2013 are the balancing figures between audited figures in respect of the
year ended 31st March, 2013 and the unaudited published year to date figures up
to the third quarter of the relevant financial year.
5.
The Statutory
Auditors of the Corporation have carried out a Limited Review of the Results
for the quarter ended 30th June, 2013.
FIXED ASSETS:
·
Freehold
·
Leasehold
·
Roads
·
Development—Plantations
·
Buildings
·
Plant and machinery
·
Motor vehicles and tractors
·
Office equipments
·
Furniture and fixtures
·
Goodwill
·
Technical know – how
·
Computer software
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. 66.57 |
|
|
1 |
Rs. 103.34 |
|
Euro |
1 |
Rs. 88.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
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 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
67 |
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.