MIRA
INFORM REPORT
|
Report Date : |
18.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
GOODYEAR INDIA LIMITED |
|
|
|
|
Registered
Office : |
Mathura Road, Ballabgarh, Faridabad – 121004, Haryana |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
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|
|
|
Date of
Incorporation : |
28.03.1961 |
|
|
|
|
Com. Reg. No.: |
05-008578 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.230.700 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25111HR1961PLC008578 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELG00070A / RTKG03767B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG3511H |
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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
: |
Manufacturing and selling of Automotive Tyres, Truck, Bus,
Car, Tractor, Jeep and LCV Tyres. |
|
|
|
|
No. of Employees
: |
910 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 14150000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Exist |
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|
Comments : |
Subject is a well established company having a good track record. Financial position of the company appears to be sound. Trade relations are reported as decent. Business is active. Payments are reported to be Regular and as per commitments. The company can be considered good 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office / Factory : |
Mathura Road, Ballabgarh, Faridabad - 121004, Haryana, India |
|
Tel. No.: |
91-129-6611000 / 6611111 |
|
Fax No.: |
91-129-2305309 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
Godrej Bhavan, Mathura Road, New Delhi - 110 065, India |
|
Tel. No.: |
91-11-26836567 (8 Lines) |
|
Fax No.: |
91-11-26836170 |
|
|
|
|
Corporate Office : |
1st Floor, ABW Elegance Tower, Plot No.8, Commercial Centre, Jasola, New Delhi – 110025, India |
DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. Daniel Lawrence Smytka |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Rajeev Anand |
|
Designation : |
Vice Chairman and Managing Director |
|
Date of Birth/Age : |
52 Years |
|
Qualification : |
Diploma Mech. Engg. |
|
Experience : |
31 Years |
|
Date of Appointment : |
01.01.1982 |
|
|
|
|
Name : |
Mr. Yashwant Singh Yadav |
|
Designation : |
Director – HR and Corporate Affairs |
|
Date of Birth/Age : |
54 Years |
|
Qualification : |
LL.B, MBA |
|
Experience : |
31 Years |
|
Date of Appointment : |
12.11.2009 |
|
|
|
|
Name : |
Mr. R V Gupta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajiv Lochan Jain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. C. Dasgupta |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Mark Chandran Ravunni |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Pankaj Gupta |
|
Designation : |
Head – Legal and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
17069215 |
74.00 |
|
|
17069215 |
74.00 |
|
Total shareholding
of Promoter and Promoter Group (A) |
17069215 |
74.00 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1964447 |
8.52 |
|
|
9942 |
0.04 |
|
|
3956 |
0.02 |
|
|
411403 |
1.78 |
|
|
2389748 |
10.36 |
|
|
|
|
|
|
548298 |
2.38 |
|
|
|
|
|
|
2561436 |
11.10 |
|
|
291713 |
1.26 |
|
|
206097 |
0.89 |
|
|
5802 |
0.03 |
|
|
130122 |
0.56 |
|
|
2421 |
0.01 |
|
|
67752 |
0.29 |
|
|
3607544 |
15.64 |
|
Total Public
shareholding (B) |
5997292 |
26.00 |
|
Total (A)+(B) |
23066507 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
23066507 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and selling of Automotive Tyres, Truck, Bus,
Car, Tractor, Jeep and LCV Tyres. |
GENERAL INFORMATION
|
No. of Employees : |
910 (Approximately) |
|
|
|
|
Bankers : |
· Citibank, Faridabad, Haryana, India · Bank of America, Faridabad, Haryana, India ·
Punjab National Bank, Faridabad, Haryana,
India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
Gurgaon, Haryana, India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Vijender Sharma and Company Cost Auditors |
|
Address : |
11, (3rd Floor), Hargovind Enclave, Vikas Marg, Delhi- 110092, India |
|
|
|
|
|
|
|
Ultimate Holding
Company : |
The Goodyear Tire and Rubber Company, Akron, Ohio, USA. (since November 29, 2011) |
|
|
|
|
Holding Company : |
· The Goodyear Tire and Rubber Company, Akron, Ohio, USA. (until November 28, 2011) · Goodyear Orient Company (Private) Limited, Singapore (since November 29, 2011) |
|
|
|
|
Fellow Subsidiaries
: |
· Goodyear SA (Luxembourg) · Goodyear Middle East, FZE · Goodyear Dalian Tire Company Limited · Goodyear Dunlop Tires France · Goodyear (Thailand) Public Company Limited · Goodyear do Brasil Produtos de Borracha Ltda · Goodyear De Colombia S.A · PT. Goodyear Indonesia Tbk · Goodyear South Africa (Pty.) Limited · Goodyear Philippines Inc. · Goodyear Singapore Tyres · Goodyear and Dunlop Tyres (NZ) Limited · Goodyear Marketing and Sales SDN Bhd · TC Debica SA · Goodyear and Dunlop Tyres (Australia) Pty Limited · Goodyear South Asia Tyres Private Limited · Goodyear Earthmover Pty Limited. · Goodyear International Corporation · Goodyear Dunlop Tires Operations SA · Compania Goodyear Del Peru SA · Goodyear Nippon Giant (Japan NGT) · Goodyear SA R and D (Luxembourg) · Goodyear Chile S.A.I.C ·
Goodyear Dunlop Tires Germany |
CAPITAL STRUCTURE
As on: 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23066507 |
Equity Shares |
Rs.10/- each |
Rs.230.700 Millions |
|
|
|
|
|
(a) Reconciliation of
number of shares outstanding :
|
|
As at Dec 31, 2012 |
|
|
|
No. of Shares |
Rs. In Millions |
|
Balance at the beginning of the year |
23066507 |
230.700 |
|
Balance at the end of the year |
23066507 |
230.700 |
(b) Details of equity
shares held by each shareholders holding more than 5% of total equity shares
|
|
As at Dec 31, 2012 |
|
|
|
No. of Shares |
% of holding |
|
Goodyear Orient Company (Private) Limited, Singapore |
17069215 |
74 |
|
SBI Magnum Sector Funds Umbrella - Emerging Businesses Fund |
1729252 |
7.5 |
Notes :
i) The Company has only Equity Shares having par value of Rs 10/- per share, rank pari passu in all respects including voting rights and entitlement to dividend. In terms of applicable laws, in the event of liquidation of the Company, the holders of equity shares will be entitled to receieve the remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.
ii) 17,069,215 (17,069,215 - Since, November 29, 2011*) equity shares are held by Goodyear Orient Company (Private) Limited, Singapore, the Holding Company.
* In previous year, until November 28, 2011, 17,069,215 equity shares were held by The Goodyear Tire and Rubber Company, Akron, Ohio, USA, the Holding Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
230.700 |
230.700 |
|
(b) Reserves & Surplus |
|
3308.900 |
2934.600 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
3539.600 |
3165.300 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
111.300 |
110.300 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
188.100 |
178.200 |
|
Total Non-current
Liabilities (3) |
|
299.400 |
288.500 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
2554.300 |
2534.300 |
|
(c) Other current liabilities |
|
777.000 |
749.600 |
|
(d) Short-term provisions |
|
237.200 |
250.400 |
|
Total Current
Liabilities (4) |
|
3568.500 |
3534.300 |
|
|
|
|
|
|
TOTAL |
|
7407.500 |
6988.100 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1975.800 |
1898.100 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
|
174.900 |
196.700 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
188.000 |
152.900 |
|
(e) Other Non-current assets |
|
0.100 |
0.100 |
|
Total Non-Current
Assets |
|
2338.800 |
2247.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1042.600 |
854.500 |
|
(c) Trade receivables |
|
1543.700 |
1307.900 |
|
(d) Cash and cash equivalents |
|
2383.400 |
2490.900 |
|
(e) Short-term loans and advances |
|
58.700 |
47.100 |
|
(f) Other current assets |
|
40.300 |
39.900 |
|
Total Current
Assets |
|
5068.700 |
4740.300 |
|
|
|
|
|
|
TOTAL |
|
7407.500 |
6988.100 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
230.665 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2476.884 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2707.549 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
101.760 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2809.309 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1385.059 |
|
|
Capital work-in-progress |
|
|
594.744 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
612.988
|
|
|
Sundry Debtors |
|
|
976.632
|
|
|
Cash & Bank Balances |
|
|
2179.401
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
182.026
|
|
Total
Current Assets |
|
|
3951.047
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
1803.249
|
|
|
Other Current Liabilities |
|
|
885.443
|
|
|
Provisions |
|
|
432.849
|
|
Total
Current Liabilities |
|
|
3121.541
|
|
|
Net Current Assets |
|
|
829.506
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2809.309 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
14812.900 |
15134.300 |
12972.278 |
|
|
|
Other Income |
217.900 |
140.500 |
171.047 |
|
|
|
TOTAL (A) |
15030.800 |
15274.800 |
13143.325 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
8161.500 |
8232.200 |
|
|
|
|
Purchases of Stock-in-trade |
2860.400 |
3227.700 |
|
|
|
|
Changes in inventories of finished goods, work-in-process and stock-in-trade |
1.900 |
(133.600) |
|
|
|
|
Employee benefits expense |
808.500 |
728.700 |
|
|
|
|
Other expenses |
2073.100 |
2008.400 |
|
|
|
|
TOTAL (B) |
13905.400 |
14063.400 |
11845.119 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1125.400 |
1211.400 |
1298.206 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
38.200 |
52.100 |
35.569 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1087.200 |
1159.300 |
1262.637 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
240.900 |
196.900 |
153.386 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
846.300 |
962.400 |
1109.251 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
283.100 |
316.500 |
361.140 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
563.200 |
645.900 |
748.111 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1892.400 |
1513.500 |
1033.047 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
60.000 |
80.000 |
80.000 |
|
|
|
Proposed Dividend |
161.500 |
161.500 |
161.466 |
|
|
|
Tax on Dividend |
26.200 |
25.600 |
26.194 |
|
|
BALANCE CARRIED
TO THE B/S |
2207.900 |
1892.400 |
1513.498 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of goods exported |
387.700 |
468.200 |
|
|
|
|
Commission received |
0.000 |
1.600 |
|
|
|
|
Recovery for deputation of employees |
48.500 |
24.900 |
619.030 |
|
|
|
Reimbursement of Expenses by related parties |
5.800 |
4.600 |
|
|
|
TOTAL EARNINGS |
442.000 |
499.300 |
619.030 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2028.200 |
|
|
|
|
|
Components and Spare parts |
2.100 |
2.100 |
|
|
|
|
Capital Goods |
35.600 |
53.500 |
|
|
|
TOTAL IMPORTS |
2065.900 |
1407.400 |
1880.470 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
24.41 |
28.00 |
32.43 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
3.75 |
4.23 |
5.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.71 |
6.36 |
8.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.70 |
14.17 |
20.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.30 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42 |
1.34 |
1.27 |
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 |
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 |
Yes |
|
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 |
No |
|
LITIGATION
DETAILS |
|||||
|
PUNJAB AND HARYANA HIGH COURT CASE STATUS
INFORMATION SYSTEM |
|||||
|
Case Status : |
PENDING |
||||
|
Status of |
REGULAR SECOND APPEAL 2135 of 2012 |
||||
|
HARYANA URBAN DEVELOPMENT AUTHORITY Vs. M/S GOODYEAR INDIA LIMITED |
|||||
|
Pet's
Adv. : |
RAMAN GAUR |
||||
|
Next Date of
Hearing : |
Wednesday, March 05, 2014 |
||||
|
List Type : |
|
||||
|
FIR No. : |
NO FIR DETAILS AVAILABLE / NOT A CRIMINAL CASE |
||||
|
Complaint No. : |
NO COMPLAINT DETAILS AVAILABLE |
||||
|
Category
: |
RSA |
||||
|
Last Hearing Detail
1 : |
Wednesday, December 11, 2013 Before MR JUSTICE RAKESH KUMAR GARG,---,--- at |
||||
|
Bench Sl. No : |
109 |
||||
|
Last Hearing Detail
2 : |
Before MR JUSTICE RAKESH KUMAR GARG,---,--- at Bench Sl. No : 232 |
||||
|
|||||
|
Case Updated on: |
Wednesday, December 11, 2013 |
||||
BOARD OF DIRECTORS
DANIEL LAWRENCE
SMYTKA
Chairman
Mr. Daniel Lawrence Smytka is president of the company's Asia Pacific business. He was named to the position on November 14, 2011. Prior to this appointment, Mr. Smytka was vice president and program manager for the Asia Pacific region from October, 2010. In this role, he was responsible for all aspects of the company's Dalian Pulandian manufacturing transition and start-up including the overall integration across all functions.
Mr. Smytka joined Goodyear in October 2008 as vice president of the Asia Pacific region's consumer tyre business. Mr. Smytka has more than 23 years experience as a multi-functional senior executive with global leadership experiences in the areas of sales/ marketing, product management, supply chain management, finance, and Six Sigma Quality.
Prior to joining Goodyear, Smytka was president of the North American Building Systems and Services division of Carrier Corp. from 2007 to 2008. He previously worked 17 years at General Electric Co., where he held positions including president of its Engineered Systems division, president and of the Asia Pacific Consumer and Industrial group and general manager of the refrigeration product line.
Mr. Smytka earned a master's degree in corporate finance and operations research from the University of Memphis. He received bachelor's degrees with dual majors in business economics and psychology from Creighton University.
RAJEEV ANAND
Vice Chairman and
Managing Director
Mr. Rajeev Anand has been associated with the Company for over 32 years, in various executive capacities, including as Manufacturing Director – ASEAN and India and Director Manufacturing and Strategic Initiatives – India. Prior to his appointment in 2009 as whole time Managing Director of the Company, Mr. Anand was holding the position of Chief Operations Officer.
R V GUPTA
Director
Mr. R V Gupta, a 1962 batch IAS officer, has served the Govt. of India at the levels of Special Secretary (Ministry of Finance), Secretary (Ministry of Food) and Addl. Secretary (Ministry of Chemicals and Fertilizers). Mr. Gupta has also acted as Principal Secretary to Govt. of MP. Mr. Gupta is former Dy. Governor of RBI and was closely involved in the economic reforms process. After retirement, Mr. Gupta acted as Chairman of the RBI Committee on Agriculture Credit. Mr. Gupta was also associated with Deutsche Bank as Chairman of local advisory board for India and also holds various other Board Level Positions in the industry.
RAJIV LOCHAN JAIN
Director
Mr. Rajiv Jain is a Chemical Engineer from IIT Kharagpur and an MBA from USA. Mr. Jain was a member on the Board of ICI India Limited for over 12 years and the Managing Director from April 2003 to May 2009. Mr. Jain successfully led the portfolio reshaping of ICI India from a diversified Company to a focused and fastest growing player in the Paints business. Mr. Jain was also the Chairman of both ICI's Research Company in India and the joint-venture company of ICI and Orica, Australia. Currently, he is the Executive Chairman of Performance Capital Partners LLP, advises global companies on their entry strategies for India and serves on the Board of Tara Jewels Limited.
C. DASGUPTA
Director
Mr. C Dasgupta served as India's ambassador to China and to the European Union, among other posts, during his career in the Indian Foreign Service. Mr. Dasgupta is currently a member of the Prime Minister's Council on Climate Change, a Distinguished Fellow at TERI, and a member of the UN Committee on Economic, Social and Cultural Rights. He was awarded the Padma Bhushan by the President of India.
YASHWANT SINGH YADAV
Director – HR and
Corporate Affairs
Mr. Yashwant Singh Yadav, aged 54 years, is a Bachelor in Law and an MBA with specialization in Human Resources. He has more than 31 years of professional and diverse experience in the entire gamut of Human Resources Management with large multi-national and Indian organizations including Ballarpur Industries, Goodyear India, Escorts Ltd. and General Motors India at leadership levels.
MARK CHANDRAN RAVUNNI
Chief Financial
Officer (CFO)
Mr. Mark Chandran Ravunni joined Goodyear in May 2011 from The Ansell Group where he was Asian Operations Controller with finance responsibility for eight manufacturing operations throughout Asia. Prior to Ansell, Mark was Chief Financial Officer (CFO) for Basis Bay Group Malaysia, Regional Financial Controller for Polyfelt Asia, Finance Manager for Western Digital Malaysia, Plant Accountant and Business Analysis for Cargill Malaysia, and Senior Auditor for KPMG, Malaysia. Mark holds a Masters degree in International Business Management from St. George's University (US) and is a Chartered Accountant registered in the United Kingdom and Malaysia.
OPERATIONS
The Company manufactures automotive bias tyres viz. farm tyres and medium commercial truck tyres at its Ballabgarh plant and also trades in “Goodyear” branded tyres (including radial passenger and Off The Road (OTR) bias tyres) manufactured by Goodyear South Asia Tyres Private Limited (GSATPL) Aurangabad, pursuant to the offtake agreement dated September 1, 2001 and thereby revised offtake agreement effective April 1, 2012 (executed on July 11, 2012 post receipt of Government approval(s) no. 4/202/T- 1/2012/D/2157, 4/203/T-1/2012/D/2158 and 4/204/T- 1/2012/D/2159 dated July 2, 2012. The other products in which the Company markets and sells include tubes and flaps.
The process for sale of piece of land was terminated pursuant to a Circular Resolution passed by the Board of Directors on June 21, 2012.
The Company feels proud to have been recognized as ‘Self Certified Supplier’ by one of the leading tractor manufacturers in India - TAFE (Tractors and Farm Equipment Limited). This award is based on the quality of products delivered and control measures being practiced in Ballabgarh plant.
In the OTR category, the Company has been awarded a ‘Gold Level’ in SQEP (Supplier Quality Excellence Programme) by India’s leading earthmover brand, Caterpillar, as a recognition based on achieving specified levels of process capability for key, special characteristics, PPM (Parts Per Million), PPAP (Product Part Approval Process), on-time completion, delivery performance and Six Sigma deployment in the company.
The Company feels proud to have been recognized by the Hyundai Motors Company for being the best supplier for the year in the tyre commodity. The company’s farm business has been certified Class A S and OP. The Company’s ‘Assurance Fuel Max’ was voted the product of the year.
FUTURE OUTLOOK
As per the Central Bank’s (RBI) estimates, the growth in the Indian economy is expected to continue to be moderate.
In this context, the Company will continue to focus on the review of activities in different areas of operations under the umbrella of Continuous Improvement Systems (CIS). CIS is an integral part of the Company’s philosophy to maximize gains and reduce costs in order to address market realities.
As far as the industry is concerned, a moderate growth rates is expected in the consumer tyre segment; however, we expect some momentum in growth during later part of the year. The Company will continue to seek new Original Equipment Manufacturers’ (OEM) fitments and introduce award winning new products to its existing consumer tyre portfolio.
The overall outlook of Indian agricultural is positive with the projected annual growth rate during the 12th plan (2012-17) at 4% as against actual annual growth of 3.3% during the 11th plan (2007-12).
Passenger vehicle sales grew at 8.5% (Source: Society of Indian Automobile Manufacturers), which translated to moderate consumer tyre demand from the OEM customers, however, the OE business has registered a healthy growth and we continue to gain market share. Consumer replacement tyres also felt softening of demand due to rising pressure on consumers’ purchasing ability as a result of higher interest rates, fuel prices and food inflation.
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry Structure
and Developments
The company continues to be the market leader in the farm category. Though the tractor industry in India has witnessed a decline in 2012, the company’s farm OE business has registered a 2% growth.
The company’s farm replacement business has registered a healthy growth of 14%, which is much higher than that of the industry.
Passenger vehicles sales grew at 8.5% (Source: Society of Indian Automobile Manufacturers), which translated to moderate consumer tyre demand from the Original Equipment Manufacturer (OEM) customers, however, the OE business has registered a healthy growth and we continue to gain market share. Consumer replacement tyres also felt softening of demand due to rising pressure on consumers purchasing ability as a result of higher interest rates, fuel prices and food inflation.
Segment-wise/
Product-wise performance
The Company manufactures automotive bias tyres viz. farm tyres and medium commercial truck tyres at its Ballabgarh plant and also trades in “Goodyear” branded tyres (including radial passenger and Off The Road (OTR) bias tyres) manufactured by Goodyear South Asia Tyres Private Limited (GSATPL) Aurangabad, pursuant to the offtake agreement dated September 1, 2001 and thereby revised offtake agreement effective April 1, 2012 (executed on July 11, 2012 post receipt of Government approval(s) no. 4/202/T-1/2012/D/2157, 4/203/T-1/2012/D/2158 and 4/204/T-1/2012/D/2159 dated July 2, 2012. The other products inwhich the Company markets and sells include tubes and flaps.
The Company feels proud to have been recognized as ‘Self Certified Supplier’ by one of the leading tractor manufacturers in India - TAFE (Tractors and Farm Equipment Limited). This award is based on the quality of products delivered and control measures being practiced in Ballabgarh plant.
In the OTR category, the Company has been awarded a ‘Gold Level’ in SQEP (Supplier Quality Excellence Programme) by India’s leading earthmover brand, Caterpillar, as a recognition based on achieving specified levels of process capability for key, special characteristics, PPM (Parts Per Million), PPAP (Product Part Approval Process), on-time completion, delivery performance and Six Sigma deployment in the company.
The Company feels proud to have been recognized by the Hyundai Motors Company for being the best supplier for the year in the tyre commodity. The company’s farm business has been certified Class A SandOP. The Company’s ‘Assurance Fuel Max’ was voted the product of the year.
Outlook
As per the Central Bank’s (RBI) estimates, the growth in the Indian economy is expected to continue to be moderate.
In this context, the Company will continue to focus on the review of activities in different areas of operations under the umbrella of Continuous Improvement Systems (CIS). CIS is an integral part of the Company’s philosophy to maximize gains and reduce costs in order to address market realities.
As far as the industry is concerned, a moderate growth rates is expected in the consumer tyre segment; however, we expect some momentum in growth during later part of the year. The Company will continue to seek new Original Equipment Manufacturers’ (OEM) fitments and introduce award winning new products to its existing consumer tyre portfolio.
The overall outlook of Indian agricultural is positive with the projected annual growth rate during the 12th plan (2012-17) at 4% as against actual annual growth of 3.3% during the 11th plan (2007-12).
CONTINGENT
LIABILITIES
(Rs. In Millions)
|
Particular |
31.12.2012 |
31.12.2011 |
|
i) Guarantee to Gurgaon Gramin Bank |
12.600 |
115.500 |
|
ii) Other moneys for which company is contingently liable Price Differential pending settlement |
47.400 |
47.400 |
|
iii) Claims against the Company disputed and not acknowledged as debts** |
|
|
|
A. Excise Duty and
Service Tax matters |
|
|
|
a) Cases decided in the Company’s favour by Appellate authorities and for which Department has filed further appeal. |
48.400 |
48.400 |
|
b) Cases pending before Appellate authorities in respect of which the Company has filed appeals. Amounts deposited under protest Rs.376 (Rs. 316) |
105.100 |
99.700 |
|
B. Income tax
matters |
|
|
|
Cases pending before Appellate authorities / Dispute Resolution Panel in respect of which the Company has filed appeals. Amounts deposited under protest Rs. 62 (Rs.Nil) |
129.500 |
107.300 |
|
C. Sales tax
matters |
|
|
|
Cases pending before Appellate authorities in respect of which the Company has filed appeals. Amounts deposited under protest Rs.251 (Rs.220) |
67.600 |
60.300 |
|
D. Haryana Urban
Development Authority Demand Matter (HUDA)* |
|
|
|
Demand for proportionate external development charges by HUDA. |
66.200 |
66.200 |
|
E. Other Matters. |
|
|
|
These include claims against the Company for recovery lodged by various parties. Amounts deposited under protest Rs. 443 (Rs.160) |
90.900 |
79.00 |
* During the year 2003, a demand of Rs. 66.200 Millions besides interest, was raised by the Haryana Urban Development Authority (HUDA) towards external development charges (EDC) which was challenged by the Company. During June 2009, the court of Hon’ble Additional Civil Judge (Senior Division) (First Court) passed an interim order whereby the Company was directed to pay interest @ 10% for delayed payment amounting to Rs. 0.500 Million and which was duly paid. In the year 2010 the entire demand had been set aside by the First Court. However, HUDA challenged the same before the Court of Hon’ble District and Session Judge, Faridabad. In December 2011 the said appeal was dismissed by Hon’ble District and Session Judge. HUDA has further gone into appeal before the Hon’ble High Court of Punjab and Haryana, to our knowledge the same has not yet been admitted.
F. Haryana Local Area
Development Tax (HLADT)
In the year 2007 Hon’ble Punjab and Haryana High Court at Chandigarh, on a reference from the Hon’ble Supreme Court of India, had held the Haryana Local Area Development Tax (HLADT) as unconstitutional. Subsequently in the year 2008 the state of Haryana introduced “Haryana Tax on Entry of Goods Into Local Area Act, 2008 (Entry Tax) by repealing the Haryana Local Area Development Tax Act, 2000 and the same was also held unconstitutional by the Hon’ble Punjab and Haryana High Court.
Earlier based on the legal opinion obtained by the Company and management’s assessment, provision towards liability for Haryana Local Area Development Tax (HLADT) for the periods prior to March 2008 aggregating to Rs. 54.000 Millions was written back during the year 2008. The amount already paid for HLADT till December 2006 and expensed in earlier years is Rs.193.800 Millions.
Pursuant to an interim order of Hon’ble Supreme Court in October 2009, there is a stay on recovery of tax with a direction to assessees for filing their returns of tax and giving undertaking that in the event of their losing the matter, they will deposit the tax along with the interest at a rate which will be determined by the court. During the year 2010 on the matter being heard by a bench of five Hon’ble judges of the Hon’ble Supreme Court, it was requested to Hon’ble Chief Justice of India to refer the matter to a suitable larger bench for deciding the constitutional validity of the levy. The larger bench of Hon’ble Supreme Court is yet to be constituted. However, based on legal opinion obtained by the Company and management assessment, no provision for HLADT and Entry tax has been considered necessary.
** These represent the best possible estimates arrived at on the basis of available information. The uncertainties and possible reimbursements are dependent on the outcome of the different legal processes which have been invoked by the Company or the claimants as the case may be and therefore cannot be predicted accurately. The Company engages reputed professional advisors to protect its interests and has been advised that it has strong legal positions against such disputes.
STATEMENT
OF UNAUDITED FINANCIAL RESULT FOR THE QUARTER AND NINE MONTHS ENDED SEPTEMBER
30, 2013
(Rs.
In Millions)
|
Particulars
|
3
Months Ended
30.09.2013 |
Preceding
3 Months Ended 30.06.2013 |
Year
of date figures for current period year 30.09.2013 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
1. (a) Net sales/ Income from Operations |
4058.900 |
4221.900 |
11638.900 |
|
(b) Other operating income |
6.400 |
8.000 |
22.100 |
|
Total Income
[(a) + (b)] |
4065.300 |
4229.900 |
11661.000 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
a) Cost of materials consumed |
1829.000 |
1913.300 |
5660.100 |
|
b) Purchase of stock -in- trade |
1139.100 |
922.900 |
2718.000 |
|
c) Changes in Inventories of finished goods, work- in- progress and stock-in-trade |
(21.000) |
184.900 |
(43.400) |
|
d) Employee benefits expense |
209.900 |
208.500 |
617.300 |
|
e) Depreciation and amortisation expense |
63.400 |
62.400 |
187.400 |
|
f) Other expenditure |
601.300 |
596.300 |
1688.100 |
|
Total |
3821.700 |
3888.300 |
10827.500 |
|
|
|
|
|
|
3. Profit/ (Loss) from operations before other income, interest and
Exceptional items (1-2) |
243.600 |
341.600 |
833.500 |
|
4. Other income |
63.100 |
65.000 |
188.900 |
|
5. Profit / (Loss) before interest and Exceptional items (3+4) |
306.700 |
406.600 |
1022.400 |
|
6. Interest/ Finance Charges |
5.100 |
4.800 |
14.900 |
|
7. Profit / (Loss) after interest but before Exceptional items (5-6) |
301.600 |
401.800 |
1007.500 |
|
8. Exceptional items |
- |
- |
- |
|
9. Profit/ (Loss) from Ordinary Activities before tax (7+8) |
301.600 |
401.800 |
1007.500 |
|
10. Tax Expenses |
101.200 |
145.600 |
342.800 |
|
11. Net Profit/ (Loss) from Ordinary Activities after tax (9-10) |
200.400 |
256.200 |
664.700 |
|
12. Extraordinary Item (Net of Tax expense Rs. Nil) |
- |
- |
- |
|
13. Net profit/ (loss) for the period (11-12) |
200.400 |
256.200 |
664.700 |
|
|
|
|
|
|
14. Paid up equity share capital (Face value of Rs.10 per share) |
230.700 |
230.700 |
230.700 |
|
15. Reserves (excluding revaluation reserves as per Balance Sheet of
previous accounting year) |
- |
- |
- |
|
|
|
|
|
|
16. Earning Per
Share (Rs.) (EPS) |
|
|
|
|
a) Basic and diluted EPS before Extraordinary Item for the year |
8.69 |
11.11 |
28.82 |
|
b) Basic and diluted EPS after Extraordinary Item for the year |
8.69 |
11.11 |
28.82 |
|
|
|
|
|
|
17. Public
shareholding |
|
|
|
|
- Number of shares |
5,997,292 |
5,997,292 |
5,997,292 |
|
- Percentage of shareholding |
26% |
26% |
26% |
|
|
|
|
|
|
18. Promoter and Promoter Group Shareholding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of
Shares |
-- |
-- |
-- |
|
- Percentage of
Shares (as a % of total shareholding of promoter & promoter group) |
-- |
-- |
-- |
|
- Percentage of
Shares (as a % of total share capital of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non-Encumbered |
|
|
|
|
- Number of
Shares |
17,069,215 |
17,069,215 |
17,069,215 |
|
- Percentage of
Shares (as a % of total shareholding of promoter & promoter group) |
100% |
100% |
100% |
|
- Percentage of
Shares (as a % of total share capital of the Company) |
74% |
74% |
74% |
|
|
|
|
|
|
Invest Complaints |
|
|
|
|
Pending at the
beginning of the quarter |
Nil |
|
|
|
Received during the
quarter |
1 |
|
|
|
Disposed of
during the quarter |
1 |
|
|
|
Remaining
unresolved at the end of the quarter |
Nil |
|
|
Notes for the quarter
ended on September 30, 2012
1. Tax Expense includes following:
Rs. In Millions
|
Particular |
3
Months Ended
30.09.2013 |
Preceding
3 Months Ended 30.06.2013 |
Year
of date figures for current period year 30.09.2013 |
|
Current tax |
110.500 |
138.700 |
331.100 |
|
Deferred tax |
0.700 |
6.900 |
11.700 |
2. The Company's business activity falls within a single primary business segment viz. Automotive tyres, lubes, flaps and related rubber product.
3. The above unaudited results were approved at the meeting of the Board of Directors held on October 29, 2013.
4. Figure have been regrouped wherever necessary to conform current quarter classification.
5. The statutory auditors have carried out a Limited Review of the above results for the quarter ended 30.09.2013
FIXED ASSETS
Tangible Assets
· Freehold Land
· Buildings
· Plant and Machinery
· Furniture and Fittings
· Vehicles
· Office Equipments
Intangible Assets
· Computer software
AS PER WEBSITE DETAILS
Press Release
GOODYEAR NAMED A THOMSON
REUTERS TOP 100 GLOBAL INNOVATOR
6 December 2012
Mumbai, December 6, 2012 – The Goodyear Tire and Rubber Company was named a Thomson Reuters 2012 Top 100 Global Innovator today, recognizing its achievements as one of the world’s most innovative companies. This is the second year in a row that Goodyear has been recognized by Thomson Reuters, which honors organizations around the world based on a series of proprietary patent-related metrics.
“This recognition is further evidence that Goodyear is continuing its drive as
the tire industry’s innovation leader,” stated Chief Technology Officer Joseph
Zekoski. “Whether it’s the innovative tread zones and evolving traction grooves
in the Goodyear Assurance TripleTred All-Season tire or future breakthroughs
such as Air Maintenance Technology, Goodyear is leading with innovative
products that consumers need and want.”
“Innovation is the foundation for economic prosperity and technological
advancement,” said David Brown, managing director, Thomson Reuters IP
Solutions. “We congratulate the Thomson Reuters 2012 Top 100 Global Innovator
companies and their leaders for recognizing the important role innovation plays
in the successes of today and of tomorrow.”
About Goodyear
India
Goodyear's presence in India is over 89 years old, with two plants, one each in
Ballabgarh and Aurangabad. In the passenger car segment, Goodyear India
supplies tyres to many of the leading Original Equipment Manufacturers.
Goodyear India has also been a pioneer in introducing tubeless radial tyres in
this segment. In the farm segment, in India, Goodyear tyres are supplied
to all the major tractor companies. In 2010/11, Goodyear India was awarded the
Superbrand status. For more information about Goodyear and its products
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.61.96 |
|
|
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.85.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
63 |
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.