MIRA
INFORM REPORT
|
Report Date : |
16.12.2013 |
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Tel. No.: |
91-22-28215168 |
IDENTIFICATION DETAILS
|
Name : |
BALKRISHNA INDUSTRIES LIMITED |
|
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|
|
Registered
Office : |
H-3/1, MIDC, |
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Country : |
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|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
20.11.1961 |
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|
Com. Reg. No.: |
11-12185 |
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Capital
Investment / Paid-up Capital : |
Rs.193.317 Millions |
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|
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CIN No.: [Company Identification
No.] |
L99999MH1961PLC012185 |
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|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB11319A |
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PAN No.: [Permanent Account No.] |
AAACB3333J |
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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
: |
Manufacturing and Exporter of Tires |
|
|
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No. of Employees
: |
5200 (Approximately) (In Factory – 5000, In Branches –
200) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
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 |
|
Maximum Credit Limit : |
USD 57000000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established and reputed company having fine track
record. The rating reflect BIL’s Sound Operating efficiencies and adequate
financial risk profile, marked by healthy cash flows and comfortable debt
protection metrics. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with advanced
trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: AA- |
|
Rating Explanation |
High degree at safety and Very low credit
risk. |
|
Date |
15.04.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A1+ |
|
Rating Explanation |
Very Strong degree at safety and lowest
credit risk. |
|
Date |
15.04.2013 |
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.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE
Contact No.: 91-22-66663800
LOCATIONS
|
Registered Office : |
H-3/1, MIDC, A Road, Tarapur, Boisar – 401506, Maharashtra,
India |
|
Tel. No.: |
91-22-28315168 |
|
Fax No.: |
91-22-66663898 |
|
E-Mail : |
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Website : |
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Head/ Corporate Office : |
BKT House, C Wing, 15th Floor, Trade World,
Kamala Mills Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai
– 400013, Maharashtra, India
|
|
Tel. No.: |
91-22-66663800 extension 836/ 237 |
|
Fax No.: |
91-22-66663898/ 99 |
|
|
|
|
Plant: |
Tyre
Manufacturing Chopanki A-300-305 and E- 306-313, RIICO Industrial Area, Chopanki, Bhiwadi,
Alwar – 301707, Rajasthan, India Tel No.: 1493-516607/ 36 Bhiwadi SP-923, RIICO
Industrial Area, Phase – III, Bhiwadi, Alwar – 301019, Rajasthan,
India Tel
No.:1493-220073-75 Fax
No.:1493-221036 Waluj B-66, MIDC,
Waluj, Aurangabad – 431136, Maharashtra, India Tel No.:
91-240-6646999/ 6646950 Fax No.:
91-240-2554143 Wind Farms: Village Soda Mada, Tehsil: Fatehgarh, District Jaisalmer, Rajasthan,
India Mould
Plant: Plot No. TS-1, M.I.D.C, Phase No. II,
Dombivali (East), District Thane - 421 201, |
DIRECTORS
(AS ON 31.03.2013)
|
Name : |
Mr. Dharaprasad R. Poddar |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Arvind M. Poddar |
|
Designation : |
Chairman and Managing Director |
|
Qualification: |
B.Com |
|
Date of Appointment: |
01.08.2006 |
|
|
|
|
Name : |
Mr. Vijaylaxmi Poddar |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Rajiv Poddar |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Sachin Nath B. Chaturvedi |
|
Designation : |
Director |
|
Date of Birth/Age : |
61 Years |
|
Qualification: |
B.Tech, F.C.A, M.B.A, D.I.S.A. |
|
|
|
|
Name : |
Mr. Subhashchand Mantri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rameshkumar D. Poddar |
|
Designation : |
Director |
|
Qualification: |
B.Sc |
|
|
|
|
Name : |
Mr. Khurshed Doongaji |
|
Designation : |
Director |
|
Date of Birth/Age : |
72 Years |
|
Qualification: |
B.A, LLB, C.B.M |
|
|
|
|
Name : |
Mr. Laxmidas Merchant |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjay Asher |
|
Designation : |
Director |
|
Qualification: |
B.com, C.A and Solicitor |
|
|
|
|
Name : |
Mr. Ashok M. Saraf |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vipul Shah |
|
Designation : |
Whole Time Director |
|
Qualification: |
B.com, Acs |
KEY EXECUTIVES
|
Name : |
Mr. Vipul Shah |
|
Designation : |
Secretary |
|
Qualification: |
B.com, Acs |
|
|
|
|
Management
Committee : |
Mr. Dilip M
Vaidya – Director (Technical) Mr. Rajiv Poddar Ms. Khushboo
Poddar Mr. Basantkumar
Bansal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2013)
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
56347740 |
58.30 |
|
|
270 |
0.00 |
|
|
56348010 |
58.30 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
56348010 |
58.30 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
18967555 |
19.62 |
|
|
11939 |
0.01 |
|
|
10382110 |
10.74 |
|
|
29361604 |
30.38 |
|
|
|
|
|
|
|
|
|
|
2830689 |
2.93 |
|
|
|
|
|
|
|
|
|
|
6664531 |
6.89 |
|
|
1163275 |
1.20 |
|
|
|
|
|
|
290486 |
0.30 |
|
|
290386 |
0.30 |
|
|
100 |
0.00 |
|
|
10948981 |
11.33 |
|
|
|
|
|
Total Public
shareholding (B) |
40310585 |
41.70 |
|
|
|
|
|
Total (A)+(B) |
96658595 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total
(A)+(B)+(C) |
96658595 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY PROMOTER AND PROMOTER GROUP
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
Total shares (including underlying shares assuming
full conversion of warrants and convertible securities) as a % of diluted
share capital |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|
||
|
1 |
Rajiv A Poddar |
9,06,500 |
0.94 |
0.94 |
|
2 |
Vijaylaxmi Arvindkumar Poddar |
8,38,170 |
0.87 |
0.87 |
|
3 |
Rajiv Arvind Kumar Poddar |
1,63,290 |
0.17 |
0.17 |
|
4 |
Rameshkumar Dharaprasad Poddar |
100 |
0.00 |
0.00 |
|
5 |
Arvindkumar Mahabirprasad Poddar |
500 |
0.00 |
0.00 |
|
6 |
RAP Enterprises LLP |
2,32,67,995 |
24.07 |
24.07 |
|
7 |
GPP Enterprises LLP |
1,66,30,535 |
17.21 |
17.21 |
|
8 |
AKP Enterprises LLP |
92,82,910 |
9.60 |
9.60 |
|
9 |
Khushboo Rajiv Poddar |
37,96,500 |
3.93 |
3.93 |
|
10 |
Rishabh Sureshkumar Poddar |
7,18,915 |
0.74 |
0.74 |
|
11 |
GPP Enterprises LLP |
3,60,000 |
0.37 |
0.37 |
|
12 |
Shyamlata Sureshkumar Poddar |
3,25,500 |
0.34 |
0.34 |
|
13 |
Arvind Kumar Poddar (Karta of Sureshkumar
Poddar & Co HUF) |
46,500 |
0.05 |
0.05 |
|
14 |
Arvind Kumar Poddar (Karta of Arvindkumar
& Sureshkumar Poddar HUF) |
7,500 |
0.01 |
0.01 |
|
15 |
VKP Enterprises LLP |
125 |
0.00 |
0.00 |
|
16 |
TMP Enterprises LLP |
125 |
0.00 |
0.00 |
|
17 |
PKP Enterprises LLP |
125 |
0.00 |
0.00 |
|
18 |
HSP Enterprises LLP |
125 |
0.00 |
0.00 |
|
19 |
DPP Enterprises LLP |
125 |
0.00 |
0.00 |
|
20 |
Pawankumar Daraprasad Poddar |
100 |
0.00 |
0.00 |
|
21 |
Ashadevi Rameshkumar Poddar |
100 |
0.00 |
0.00 |
|
22 |
Avnish Pawankumar Poddar |
100 |
0.00 |
0.00 |
|
23 |
Dharaprasad Ramrikhdas Poddar |
100 |
0.00 |
0.00 |
|
24 |
Madhudevi Pawankumar Poddar |
100 |
0.00 |
0.00 |
|
25 |
Vibhadevi Srhrikishan Poddar |
100 |
0.00 |
0.00 |
|
26 |
Shrikrishan Dharaprasad Poddar |
100 |
0.00 |
0.00 |
|
27 |
Sangeeta Pramodkumar Poddar |
100 |
0.00 |
0.00 |
|
28 |
Harshit Shrikishan Poddar |
100 |
0.00 |
0.00 |
|
29 |
Ankit Pramodkumar Poddar |
100 |
0.00 |
0.00 |
|
30 |
Anurag Pramodkumar Poddar |
100 |
0.00 |
0.00 |
|
31 |
Geetadevi Dharaprasad Poddar |
100 |
0.00 |
0.00 |
|
32 |
Gaurav Pramod Poddar |
100 |
0.00 |
0.00 |
|
33 |
Abhishek S Poddar |
100 |
0.00 |
0.00 |
|
34 |
Gaurav Poddar (Karta of Pramod Poddar HUF)
|
100 |
0.00 |
0.00 |
|
35 |
Dhara Prasad Poddar (Karta of Dharaprasad
& Sons HUF) |
100 |
0.00 |
0.00 |
|
36 |
Dhara Prasad Poddar (Karta of Dharaprasad Pramodkumar
HUF) |
100 |
0.00 |
0.00 |
|
37 |
Dhara Prasad Poddar (Karta of Dharaprasad
Poddar and Company HUF) |
100 |
0.00 |
0.00 |
|
38 |
Ramesh Kumar Poddar (Karta of Rameshkumar
Poddar and Bros HUF) |
100 |
0.00 |
0.00 |
|
39 |
Ramesh kumar Poddar (Karta of Rameshkumar
Poddar and Company HUF) |
100 |
0.00 |
0.00 |
|
40 |
Pawan Kumar Poddar (Karta of Pawan Kumar
Poddar and Company HUF |
100 |
0.00 |
0.00 |
|
41 |
Shrikishan Poddar (Karta of Shrikishan
Poddar HUF) |
100 |
0.00 |
0.00 |
|
42 |
Balgopal Holding and Traders Limited |
50 |
0.00 |
0.00 |
|
43 |
Poddar Brothers Investment Private Limited
|
50 |
0.00 |
0.00 |
|
44 |
S P Finance and Trading Limited |
50 |
0.00 |
0.00 |
|
45 |
Vishal Furnishings Limited |
50 |
0.00 |
0.00 |
|
46 |
Sanchna Trading and Fin Limited |
35 |
0.00 |
0.00 |
|
47 |
S P Investrade (India ) Limited |
35 |
0.00 |
0.00 |
|
|
Total |
5,63,48,010 |
58.30 |
58.30 |
(*) The term encumbrance has the same meaning
as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
1 |
HDFC Trustee Company Limited- HDFC Equity
Fund |
4728200 |
4.89 |
4.89 |
|
|
2 |
ICICI Prudential Discovery Fund |
2042849 |
2.11 |
2.11 |
|
|
3 |
SBI Emerging Businesses Fund |
1885253 |
1.95 |
1.95 |
|
|
4 |
Franklin Templeton Investment Funds |
2033612 |
2.10 |
2.10 |
|
|
5 |
ICICI Prudential Dynamic Plan |
1488001 |
1.54 |
1.54 |
|
|
6 |
HDFC Trustee Company Limited - HDFC
Prudence |
1436675 |
1.49 |
1.49 |
|
|
7 |
BNP Paribas Li |
1200000 |
1.24 |
1.24 |
|
|
8 |
HDFC Trustee Company Limited - HDFC Long
Term |
1152000 |
1.19 |
1.19 |
|
|
9 |
Lizard International Master Fund LLP |
1006921 |
1.04 |
1.04 |
|
|
10 |
Templeton Global Investment Trust |
989653 |
1.02 |
1.02 |
|
|
11 |
HDFC Trustee Company Limited A/c HDFC Mid |
989585 |
1.02 |
1.02 |
|
|
|
Total |
18952749 |
19.61 |
19.61 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Exporter of Tires |
|
|
|
|
Brand Name : |
‘BKT’ |
PRODUCTION STATUS (AS ON 31.03.2013)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Tyres |
Numbers |
53.14 lacs |
2888355 |
|
Tube |
Numbers |
12.44 lacs |
228743 |
|
Tyres Flaps |
Numbers |
3.79 lacs |
79571 |
|
Wind Power Generation (Captively consumed) |
KWH/Units |
5 MW |
6027311 |
GENERAL INFORMATION
|
No. of Employees : |
5200 (Approximately) (In Factory – 5000, In Branches –
200) |
||||||||||||||||||||||||||||||
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|
Bankers : |
· Corporation Bank · The Royal Bank of Scotland N.V. · Standard Chartered Bank · state bank of India · Ing Vysya Bank Limited · Barclays Bank PLC · Bank of Baroda · Indusind Bank Limited · Citi Bank N.A. · Australia And New Zealand Banking Group Limited · BNP Paribas · Societe Generale · Kings Town Bank · Indian Bank · HDFC Bank Limited · Bank of Tokyo-Mitsubishi UFJ ·
DBS Bank Limited |
||||||||||||||||||||||||||||||
|
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|
||||||||||||||||||||||||||||||
|
Facilities : |
|
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|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jayantilal
Thakkar and Company Chartered
Accountants |
|
|
|
|
Internal Auditor : |
|
|
Name : |
Dilip A. Jain and
Associates Chartered
Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
R S Raghavan and Company Chartered
Accountants |
|
|
|
|
Other Related Parties : |
· Siyaram Silk Mills Limited · Govind Rubber Limited · SPG Infrastructure Limited · GRL International Limited.(upto 02.12.2011) · Balgopal Holding and Traders Limited · Clothing Culture Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs.2/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
96658595 |
Equity Shares |
Rs.2/- each |
Rs.193.317 Millions |
|
|
|
|
|
All the equity shares have equal rights in respect of distribution of
dividends and the repayment of capital
|
Name of Shareholders |
No. of shares
hold |
|
GPP |
21630535 |
|
%Holding |
22.38 |
|
RAP |
23267995 |
|
%Holding |
24.07 |
|
COPA Cabana |
Nil |
|
%Holding |
Nil |
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 |
193.317 |
193.317 |
193.317 |
|
(b) Reserves & Surplus |
13996.369 |
10607.615 |
8124.441 |
|
(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) |
14189.686 |
10800.932 |
8317.758 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
15042.878 |
9137.263 |
254.656 |
|
(b) Deferred tax liabilities (Net) |
998.567 |
625.889 |
569.935 |
|
(c) Other long
term liabilities |
940.927 |
340.533 |
228.717 |
|
(d) long-term
provisions |
(1.711) |
(6.172) |
3443.413 |
|
Total Non-current
Liabilities (3) |
16980.661 |
10097.513 |
4496.721 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
5592.639 |
7492.226 |
5726.336 |
|
(b)
Trade payables |
2410.033 |
2004.142 |
1144.982 |
|
(c)
Other current liabilities |
497.429 |
560.628 |
1108.833 |
|
(d) Short-term
provisions |
216.778 |
199.673 |
180.670 |
|
Total Current
Liabilities (4) |
8716.879 |
10256.669 |
8160.821 |
|
|
|
|
|
|
TOTAL |
39887.226 |
31155.114 |
20975.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
12765.514 |
8267.246 |
6856.338 |
|
(ii)
Intangible Assets |
11.537 |
14.301 |
18.094 |
|
(iii)
Capital work-in-progress |
9455.114 |
4498.699 |
440.435 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
329.134 |
322.351 |
322.351 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2791.579 |
2668.702 |
4618.244 |
|
(e) Other
Non-current assets |
0.086 |
4.936 |
5.376 |
|
Total Non-Current
Assets |
25352.964 |
15776.235 |
12260.838 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
4325.535 |
4810.727 |
4103.762 |
|
(c)
Trade receivables |
5044.915 |
4796.107 |
3242.411 |
|
(d) Cash
and cash equivalents |
2663.063 |
3573.968 |
109.866 |
|
(e) Short-term
loans and advances |
2437.790 |
1949.943 |
884.847 |
|
(f)
Other current assets |
62.959 |
248.134 |
373.575 |
|
Total
Current Assets |
14534.262 |
15378.879 |
8714.461 |
|
|
|
|
|
|
TOTAL |
39887.226 |
31155.114 |
20975.300 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
31905.704 |
28199.604 |
19341.422 |
|
|
|
Other Income |
42.125 |
32.970 |
912.355 |
|
|
|
TOTAL
(A) |
31947.829 |
28232.574 |
20253.777 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
18179.090 |
17412.595 |
12076.089 |
|
|
|
Purchase of stock in trade |
94.948 |
178.043 |
212.167 |
|
|
|
Employee Benefit expenses |
1074.828 |
723.328 |
545.100 |
|
|
|
Other Expense |
6277.397 |
5307.157 |
3747.715 |
|
|
|
Changes in inventories of Finished goods, work in progress and stock in trade |
(364.395) |
(479.630) |
(27.748) |
|
|
|
TOTAL
(B) |
25261.866 |
23141.493 |
16553.323 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6685.961 |
5091.081 |
3700.454 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
256.810 |
277.514 |
206.623 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6429.151 |
4813.567 |
3493.831 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1077.136 |
831.412 |
744.390 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F)
(G) |
5352.015 |
3982.155 |
2749.441 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1793.677 |
1296.955 |
893.817 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3558.338 |
2685.200 |
1856.588 |
|
|
|
|
|
|
|
|
|
|
Excess Provision
for Taxation of earlier years |
0.000 |
(33.500) |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
877.200 |
3893.100 |
2379.311 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3500.000 |
5499.100 |
185.658 |
|
|
|
Proposed Final Dividend |
145.000 |
145.000 |
135.322 |
|
|
|
Tax on Dividend |
24.600 |
23.500 |
21.868 |
|
|
BALANCE CARRIED
TO THE B/S |
765.938 |
877.200 |
3893.051 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
28320.855 |
24973.390 |
17047.123 |
|
|
|
Recovery towards Freight and Insurance on
Exports |
893.513 |
723.080 |
596.426 |
|
|
|
Recovery of Capital Expenditure |
7.913 |
0.670 |
0.000 |
|
|
TOTAL EARNINGS |
29222.281 |
25697.140 |
17643.549 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
14100.899 |
14449.975 |
9647.369 |
|
|
|
Stores & Spares |
114.211 |
169.032 |
86.039 |
|
|
|
Capital Goods |
3003.820 |
1223.814 |
160.835 |
|
|
|
Traded Goods |
0.000 |
4.829 |
0.000 |
|
|
|
Others |
8.594 |
2.160 |
0.000 |
|
|
TOTAL IMPORTS |
17227.524 |
15849.81 |
9894.243 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
36.81 |
27.43 |
19.21 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
11.14
|
9.51 |
9.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.77
|
14.12 |
14.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.78
|
15.12 |
13.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.37 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.45
|
1.54 |
0.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67
|
1.50 |
1.07 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM DEBT DETAIL:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current Maturity of Long Term Debt |
108.779 |
102.313 |
89.300 |
|
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 |
No |
|
8] |
No. of employees |
Yes |
|
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 |
------------------------------------------------------------------------------------------------------------------------------
CASE DETAILS
BENCH:-BOMBAY
|
Lodging No.:- |
ITXAL/113/2012 |
Filing Date:- |
02/02/2012 |
Reg. No.:- |
ITXA/1214/2012 |
Reg. Date:- |
19/10/2012 |
|
Petitioner:- |
The commissioner of Income Tax – 6
(1)- |
Respondent:- |
M/s Balkrishna Industries Limited |
|
|
|
|
|
|
Petn. Adv.:- |
S. V. Bharucha (0) |
|
|
|
District:- |
Mumbai |
|
|
|
Bench:- |
DIVISION |
|
|
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
|
|
|
|
|
|
Next Date:- |
22/01/2014 |
Stage:- |
FOR REJECTION [ORIGINAL SIDE MATTERS] |
|
|
|
|
|
|
Coram:- |
ACCORDING TO SITTING LIST |
|
|
|
|
ACCORDING TO SITTING LIST |
|
|
|
|
|
|
|
|
Act :- |
Income Tax Act, 1961 |
Under Section:- |
260A |
------------------------------------------------------------------------------------------------------------------------------
UNSECURED LOANS
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
Deferred Tax
Labiality |
|
|
|
Deferred Sales Tax under the scheme of Government of Maharashtra (Payable after ten years, from the date of respective
loan, in five annual equal installments |
31.431 |
31.406 |
|
Loan repayable
on demand |
|
|
|
From Banks |
3383.342 |
3540.288 |
|
|
|
|
|
Total |
3414.773 |
3571.694 |
------------------------------------------------------------------------------------------------------------------------------
OPERATIONS:
The Company mainly
operates in one single segment i.e. “tyres” with focus on
manufacture of wide range of “Off-Highway Specialty tyres”. These
specialty tyres are meant for Agricultural, Industrial, Material Handling,
Construction, Earthmoving (OTR), Forestry, Lawn and Garden Equipments and
all-Terrain Vehicles (ATV). Around 90% of our revenue is generated through
exports.
During the year
consideration, the revenue of the Company from its operations has grown by 13%.
The Net Turnover and other Income of the company has increased from
Rs.28200.000 Millions to Rs.31900.000 Millions. The Gross Profit of the Company
for the year under consideration has increased from Rs.4810.000 Millions to
Rs.6430.000 Millions and correspondingly, the profit after tax has increased to
Rs.3560.000 Millions as compare to Rs.2690.000 Millions in the previous year.
The Company continues to enjoy the status of “STAR TRADING HOUSE”.
OUTLOOK FOR THE
CURRENT YEAR 2013-2014:
The company
revenue is mainly generated from exports to Europe and USA. However the markets
have been under pressure due to global recession during the last financial
year. The overall business environment across the globe continues to be under pressure; however
USA has started showing signs of recovery and we are hopeful that such recovery
is sustainable throughout the year. Despite a difficult business environment we
are causally optimistic about showing moderate growth in exports during the
current financial year.
Raw materials
prices had declined in the last financial year on account of slacking demand in
the tyre sector. Other input cost has also increased. However we expect that
profit margin would show an improvement during the current financial year, if
raw materials prices remain stable.
The long-term
prospects of the company are definitely positive and the company continues to
expand its product base by developing different types of tyres and venturing in
to new geographies. The company has also established sales offices in various
countries of the world to ensure deeper penetration into existing markets and
sustain its future growth.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
CONTINGENT
LIABILITIES |
|
|
|
|
a)Claims against the company not acknowledged as debts |
|
|
|
|
-Disputed claims for excise, sales tax and service tax |
226.307 |
140.401 |
136.358 |
|
-Disputed income tax demands |
46.898 |
79.000 |
138.795 |
|
b)Guarantees given by the Company’s bankers on behalf of the Company against the Company’s indemnity |
124.418 |
1203.348 |
115.609 |
|
c) Corporate Guarantee given by the Company |
|
|
|
|
-To President of |
20000.000 |
15812.500 |
6500.000 |
|
- To the subsidiary company |
Nil |
7.767 |
Nil |
|
-To the other Company |
72.769 |
18.531 |
Nil |
|
|
|
|
|
|
COMMITMENTS |
|
|
|
|
Estimated amount of contacts remaining to be executed an capital account and not provided for |
3851.022 |
7392.251 |
2722.165 |
UNAUDITED
(STANDALONE) FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER,
2013
(RS. IN MILLIONS)
|
Particulars
|
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
Unaudited |
Unaudited |
|
|
Income
from Operations |
|
|
|
|
(a) Gross Sales |
8398.200 |
8173.500 |
16571.700 |
|
(b) Net Sales / Income from operations |
8303.000 |
8074.400 |
16377.400 |
|
(c) Other Operating Income |
92.800 |
84.400 |
177.200 |
|
Total Income from Operations |
8395.800 |
8158.800 |
16554.600 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
a) Cost of Materials consumed |
3995.600 |
4134.400 |
8130.000 |
|
b) Purchases of stock in Trade |
16.900 |
11.800 |
28.700 |
|
c) Changes in Inventories of finished Goods,
Work-in-progress and stock in trade |
(6.500) |
115.700 |
109.200 |
|
d) Employees benefit Expenses |
302.000 |
316.600 |
618.600 |
|
e) Depreciation |
392.500 |
353.000 |
745.500 |
|
f) Power and Fuel |
275.400 |
278.400 |
553.800 |
|
g) Net Exchange Difference Loss/(Gain) |
321.900 |
(159.400) |
162.500 |
|
h) Other Expenses |
1467.000 |
1514.600 |
2981.600 |
|
Total |
6764.800 |
6565.100 |
13329.900 |
|
|
|
|
|
|
Profit from operations before other income, interest and
exceptional Items |
1631.000 |
1593.700 |
3224.700 |
|
Other income |
43.900 |
11.100 |
55.000 |
|
Profit before interest and exceptional Items |
1674.900 |
1604.800 |
3279.700 |
|
Interest |
55.800 |
56.400 |
112.200 |
|
Profit
after Interest but before Exceptional Items |
1619.100 |
1548.400 |
3167.500 |
|
Exceptional Items |
-- |
-- |
-- |
|
Profit
(+)/Loss(-) from Oridinary Activities before tax |
1619.100 |
1548.400 |
3167.500 |
|
Tax expense |
539.700 |
524.000 |
11063.700 |
|
Net
Profit (+)/Loss(-) from Ordinary Activities after tax |
1079.400 |
1024.400 |
2103.800 |
|
Net Profit (+) / Loss (-) for the year period |
1079.400 |
1024.400 |
2103.800 |
|
Paid up equity share capital (Face value of Rs.10/- per
share) |
193.300 |
193.300 |
193.300 |
|
Reserves excluding revaluation reserves as per balance
sheet of previous accounting year |
-- |
-- |
-- |
|
Earning per share (EPS) |
|
|
|
|
(a)
Basic and diluted EPS before Extraordinary items for
the period, for the year to date and for the previous
year (not to be annualised) |
11.17 |
10.60 |
|
|
|
|
|
|
|
Particulars of Shareholders |
|
|
|
|
Public shareholding |
|
|
|
|
Number of shares |
40310585 |
40310585 |
40310585 |
|
Percentage of shareholding |
41.70 |
41.70 |
41.70 |
|
|
|
|
|
|
Promoters
and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
b) Non
Encumbered |
|
|
|
|
Number of shares |
56348010 |
56348010 |
56348010 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100 |
100 |
100 |
|
Percentage of shares (as a % of total share capital of the
company) |
58.30 |
58.30 |
58.30 |
STATEMENT OF
ASSETS AND LIABILITIES
|
|
Particulars |
Rs in Millions |
|
Particulars |
Quarter ended |
|
|
As on 30.09.2013 |
||
|
(Unaudited) |
||
|
|
|
|
|
A.
EQUITY AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
193.300 |
|
|
(b) Reserves & Surplus |
16100.200 |
|
|
|
|
|
|
Total
Shareholders’ Funds |
16293.500 |
|
|
|
|
|
|
(2) Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
17295.100 |
|
|
(b) Deferred tax liabilities (Net) |
1131.300 |
|
|
(c) Other long
term liabilities |
932.900 |
|
|
(d) long-term
provisions |
(3.300) |
|
|
Total Non-current
Liabilities (2) |
19356.000 |
|
|
|
|
|
|
(3) Current Liabilities |
|
|
|
(a)
Short term borrowings |
5494.200 |
|
|
(b)
Trade payables |
3190.200 |
|
|
(c)
Other current liabilities |
711.900 |
|
|
(d) Short-term
provisions |
77.400 |
|
|
Total Current
Liabilities (3) |
9473.700 |
|
|
|
|
|
|
TOTAL |
45123.200 |
|
|
|
|
|
|
III.
ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a)
Fixed Assets |
26113.100 |
|
|
(b) Non-current Investments |
330.200 |
|
|
(c) Deferred tax assets (net) |
0.000 |
|
|
(d) Long-term Loan and Advances |
2849.300 |
|
|
(e) Other
Non-current assets |
6.900 |
|
|
Total Non-Current
Assets |
29299.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
(a)
Current investments |
2173.800 |
|
|
(b)
Inventories |
5617.900 |
|
|
(c)
Trade receivables |
4472.000 |
|
|
(d) Cash
and cash equivalents |
588.300 |
|
|
(e) Short-term
loans and advances |
2955.700 |
|
|
(f)
Other current assets |
16.000 |
|
|
Total
Current Assets |
15823.700 |
|
|
|
|
|
|
TOTAL |
45123.200 |
|
NOTE:
· The above Unaudited (Stand-alone) results as reviewed by the Audit committee have been approved by the board of directors at its meeting held on 26th October, 2013. The Statutory Auditors of the company have carried out the “Limited Review” of the above Results.
· Segment reporting as required by AS-127 is not applicable as the company operates in one single primary business segment i.e. Tyres.
· The work on green field tyres plant of the company at Bhuj is in Progress and Partial Production has commenced.
· The details of numbers of investor complaints for the quarter Beginning – Nil, Received – 2 Disposed-2, Pending Nil.
· Net Exchange difference includes Loss/(Gain) on Transactions related to sales and purchases.
· Figures for the previous periods/ year have been Re-.Grouped/ Re-Classified/ Restated wherever necessary.
INDEX OF CHARGES
|
S.No. |
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address |
Service
Request Number (SRN) |
|
1 |
10435970 |
15/05/2013 |
5,580,000,000.00 |
AXIS
TRUSTEE SERVICES LIMITED |
2nd
Floor, Axis House, Bombay Dyeing Mill Compound, Panduranga Budhkar Marg,
Worli, Mumbai, Maharashtra - 400025, India |
B79239984 |
|
2 |
10324713 |
10/07/2013
* |
17,225,000,000.00 |
AXIS
TRUSTEE SERVICES LIMITED |
2nd
Floor, Axis House, Bombay Dyeing Mill Compound, Panduranga Budhkar Marg,
Worli, Mumbai, Maharashtra - 400025, India |
B79255659 |
|
3 |
10159916 |
21/05/2009 |
350,000,000.00 |
Standard
Chartered Bank |
90, M
G Road,, Fort,, Mumbai, Maharashtra - 400001, India |
A63146773 |
|
4 |
10022020 |
14/09/2006 |
82,500,000.00 |
UTI
BANK LTD |
Trishul
3rd Floor Opp Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad,
Gujarat - 380006, India |
A05491667 |
|
5 |
80036583 |
07/02/2011
* |
5,122,312,500.00 |
Axis
Bank Limited |
Trishul
3rd Floor Opp Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad,
Gujarat - 380006, India |
B06124184 |
|
6 |
90158549 |
20/01/2005 |
58,600,000.00 |
UTI
BANK LTD |
U. I.
B., SIR P. M. Road; Fort, Mumbai, Maharashtra - 400001, India |
- |
|
7 |
90156868 |
09/06/2008
* |
5,000,000,000.00 |
Corporation
Bank |
Industrial
Finance Branch, Ground Floor, Bharat House, 104, B.S. Marg, Fort, Mumbai,
Maharashtra - 400023, India |
A39966403 |
|
8 |
90155617 |
07/05/1985
* |
7,000,000.00 |
IFCI
BANK |
Regent
Chambers, 5th Floor; Nariman Point, Bombay, Maharashtra - 400021, India |
- |
|
9 |
90155561 |
07/05/1985
* |
2,400,000.00 |
THE
ICICI LTD |
163;
Bakcbay Reclamation, Bombay, Maharashtra - 400020, India |
- |
* Date of charge modification
FIXED ASSETS:
·
·
· Buildings and Roads
· Plant and Machinery
· Factory, Office And Other Equipments
· Electric Installations
· Furniture and Fixtures
· Vehicles
· Air Conditioners
· Intangible Assets - 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.62.13 |
|
|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
65 |
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 |
-- |