MIRA
INFORM REPORT
|
Report Date : |
16.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
CEAT LIMITED |
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Registered
Office : |
463, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
10.03.1958 |
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Com. Reg. No.: |
11-011041 |
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Capital
Investment / Paid-up Capital : |
Rs. 342.435 Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
L25100MH1958PLC011041 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC10660G MUMC11397B |
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PAN No.: [Permanent Account No.] |
AAACC1645G |
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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
Marketing of Automotive Tyres, Automotive Tubes and Automotive Flaps. |
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|
No. of Employees
: |
4928 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 26250000 |
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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 good track record. Even though the company
has recorded an increase in its sales turnover, there appears sharp dip in
the profitability during 2012. The external borrowings of the company appear
to be increasing over years. 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB (Long Term Bank Facility) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
January 18, 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A3+ (Short Term Bank Facility) |
|
Rating Explanation |
Moderate degree of safety and higher credit risk |
|
Date |
January 18, 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
|
Registered Office : |
463, |
|
Tel. No.: |
91-22-24930621/
24616054/ 25640461/ 25660461/ 63/ 66670200 |
|
Fax No.: |
91-22-24606039/
25640301/ 25663964/ 66670299/ 24975798 |
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E-Mail : |
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Website : |
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Head Office : |
6, Lotus House, Sir
Vithaldas Thakersey Marg, New Marine Lines, Mumbai – 400 020, |
|
Tel. No.: |
91-22-28570014/0378/0376 |
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|
Factory 1 : |
Village Road, Bhandup, Mumbai – 400 078, |
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Factory 2 : |
82, MIDC Industrial Estate, Satpur, |
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Factory 3 : |
Village Gate Muvala, Halol, Panchmahal - 389350, Gujarat |
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Regional
Offices: |
Located At: ·
·
· Jalandhar ·
· Rohtak ·
· Varansi ·
· Jaipur ·
·
New ·
|
DIRECTORS
As on : 31.03.2012
|
Name : |
Mr. R. P. Goenka |
|
Designation : |
Chairman |
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|
Name : |
Mr. H. V. Goenka |
|
Designation : |
Vice Chairman |
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|
Name : |
Mr. Paras K.
Chowdhary |
|
Designation : |
Whole Time
Director and Chief Management Advisor |
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|
Name : |
Mr. Anant Vardhan
Goenka |
|
Designation : |
Managing director
|
|
Qualification: |
MBA., B.Sc. |
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|
|
|
Name : |
Mr. Vinay Bansal |
|
Designation : |
Director |
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|
Name : |
Mr. A. C. Choksey |
|
Designation : |
Director |
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|
Name : |
Mr. S. Doreswamy |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Mahesh S.
Gupta |
|
Designation : |
Director |
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|
|
Name : |
Mr. Haigreve Khaitan |
|
Designation : |
Director |
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|
Name : |
Mr. Bansi S.
Mehta |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Hari L.
Mundra |
|
Designation : |
Director |
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|
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|
Name : |
Mr. K. R. Podar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. H. N. Singh Rajpoot |
|
Designation : |
Company Secretary |
|
Address : |
463, |
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Audit Committee : |
Mr. Hari L. Mundra - Chairman Mr. S. Doreswamy - Member Mr. Mahesh S. Gupta - Member |
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|
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Shareholders/
Investors Grievance
Committee : |
Mr. Mahesh S. Gupta - Chairman Mr. Paras K. Chowdhary - Member Mr. S. Doreswamy - Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 31.03.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
148117 |
0.43 |
|
|
16642096 |
48.60 |
|
|
16790213 |
49.03 |
|
|
|
|
|
|
1782348 |
5.20 |
|
|
1782348 |
5.20 |
|
Total shareholding of Promoter and Promoter Group (A) |
18572561 |
54.24 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1590466 |
4.64 |
|
|
36892 |
0.11 |
|
|
67 |
0.00 |
|
|
2227935 |
6.51 |
|
|
11276 |
0.03 |
|
|
3866636 |
11.29 |
|
|
|
|
|
|
2234162 |
6.52 |
|
|
|
|
|
|
7947228 |
23.21 |
|
|
1605091 |
4.69 |
|
|
17856 |
0.05 |
|
|
3766 |
0.01 |
|
|
14053 |
0.04 |
|
|
37 |
0.00 |
|
|
11804337 |
34.47 |
|
Total Public shareholding (B) |
15670973 |
45.76 |
|
Total (A)+(B) |
34243534 |
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) |
34243534 |
0.00 |
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs. 1 lakhBUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Marketing of Automotive Tyres, Automotive Tubes and Automotive Flaps. |
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Products : |
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Brand Names : |
CEAT, CEAT
SECURA, CEAT ENDURA, CEAT MAESTRO, etc. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Automotive Tyres |
Nos. |
6.559 |
6.559 |
9.400 |
|
Automotive Tubes |
Nos. |
4.947 |
-- |
11.046 |
|
Automotive Flaps |
Nos. |
-- |
-- |
2.692 |
(1) Installed Capacity is as certified by the Management.
(2) Production quantity includes the following procured under conversion
basis.
GENERAL INFORMATION
|
No. of Employees : |
4928 (Approximately) |
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Bankers : |
·
Bank of ·
Bank of · Corporation Bank · Exim Bank · ICICI Bank Limited · Indian Bank ·
Industrial Development Bank of ·
State Bank of · The Karnataka Bank Limited · UCO Bank · Yes Bank Limited · Axis Bank Limited |
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Facilities : |
(Rs. In Millions)
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Auditors : |
|
|
Name : |
N. M. Raiji and Company Chartered
Accountants |
|
Address : |
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Tel No.: |
91-22-22870068 |
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Fax No.: |
91-22-56568494 |
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E-Mail : |
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|
Legal Adviser: |
1. Mulla and Mulla and Craige Chartered Accountants 2. Blunt and Caroe Chartered Accountants |
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Related Parties : |
· Associated CEAT Holdings Company (Private) Limited (Wholly owned Subsidiary Company) · CEAT-Kelani Associated Holdings Company (Private) Limited · Associated CEAT (Private) Limited · CEAT-Kelani International Tyres (Private) Limited · CEAT Kelani Radials Limited · Rado Tyres Limited (Associate Company) |
CAPITAL STRUCTURE
As on : 31.03.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
46100000 |
Equity Share |
Rs.10/- each |
Rs.461.000 Millions |
|
3900000 |
Preference Shares |
Rs.10/- each |
Rs.39.000 Millions |
|
10000000 |
Unclassifed Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
TOTAL
|
|
Rs. 600.000
Millions |
Issued:
|
No. of Shares |
Type |
Value |
Amount |
|
34244222 |
Equity Share (Includes 1,463 Shares offered on Right basis and kept in
abeyance) |
Rs.10/- each |
Rs.342.442
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
34243534 |
Equity Share |
Rs.10/- each |
Rs.342.435
Millions |
|
|
|
|
|
Notes :
|
Particulars |
31.03.2012 |
|
|
|
Equity Shares |
|
|
|
Numbers |
In Rs. Millions |
|
a) Shares outstanding at the beginning of the year |
34243534 |
342.435 |
|
Shares Issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
34243534 |
342.435 |
b) Terms and Rights
attached to equity shareholders:
The Company has only one class of equity shares having a face value of Rs.10 per share. Each holder of equity shares is entitled to one vote per equity share. A member shall not have any right to vote whilst any call or other sum shall be due and payable to the Company in respect of any of the shares of such member. All equity shares of the Company rank pari passu in all respects including the right to dividend. The dividend is recommended by the Board of Directors and declared by the members at the ensuing Annual general Meeting. The Board of Directors have a right to deduct from the dividend payable to any member any sum due from him to the Company.
In the event of winding–up, subject to the rights of holders of shares issued upon special terms and conditions, the holders of equity shares shall be entitled to receive remaining assets, if any, in proportion to the number of shares held at the time of commencement of winding–up.
The Shareholders have all other rights as available to Equity Shareholders as per the provisions of the companies Act, 1956, read together with the Memorandum of Association and Articles of Association of the Company, as applicable.
c) The Company does not have any holding company or ultimate holding company. Promoter shareholding in the Company including persons acting in concert with the promoters as on March 31, 2012 is 1,78,43,962 equity shares i.e. 52.11% of the equity share capital of the Company. (Previous year March 31, 2011, 1,67,23,578 ie. 48.84%).
d) Shares in the Company held by each shareholder holding more than 5% (As certified by the Management on which Auditors have relied).
|
Particulars |
31.03.2012 |
|
|
|
No. of Shares Held |
% of Holding |
|
Instant Holdings Limited |
50,09,185 |
14.63 |
|
Goodhope Sales Private Limited |
41,55,743 |
12.14 |
|
Swallow Associates Limited |
44,84,624 |
13.10 |
|
Societe Ceat D Investissementen Asie S A |
17,82,348 |
5.20 |
|
RPG Cellular Investments and Holdings Private Limited |
-- |
-- |
e) Money received
against Convertible warrants:
The Company has on March 12, 2012 allotted 17,12,176 Warrants of face value Rs.10 each to Instant Holdings Limited, an entity belonging to the Promoter Group of Companies at a price of Rs.85.03 per Warrant on a preferential basis. The Company has received the 25% of the price of the Warrant i.e Rs.21.26 per Warrant at the time of allotment. The Warrants are convertible into an equivalent number of equity shares at the option of the allottee within a period of 18 months from the date of allotment i.e. upto September 11, 2013.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
342.435 |
342.435 |
|
(b) Reserves & Surplus |
|
6184.604 |
6088.475 |
|
(c) Money
received against share warrants |
|
36.397 |
60.542 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
6563.436 |
6491.452 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
|
5679.951 |
5992.026 |
|
(b) Deferred tax liabilities (Net) |
|
224.428 |
241.054 |
|
(c) Other long term liabilities |
|
14.220 |
11.154 |
|
(d) long-term provisions |
|
80.418 |
82.771 |
|
Total Non-current Liabilities (3) |
|
5999.017 |
6327.005 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
5028.154 |
3046.399 |
|
(b)
Trade payables |
|
6569.398 |
7464.022 |
|
(c)
Other current liabilities |
|
5571.503 |
4469.720 |
|
(d) Short-term
provisions |
|
153.985 |
188.398 |
|
Total Current Liabilities (4) |
|
17323.040 |
15168.539 |
|
|
|
|
|
|
TOTAL |
|
29885.493 |
27986.996 |
|
|
|
|
|
|
I.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
14595.374 |
12986.388 |
|
(ii)
Intangible Assets |
|
645.269 |
624.539 |
|
(iii)
Capital work-in-progress |
|
134.159 |
1061.820 |
|
(iv)
Intangible assets under development |
|
0.200 |
11.739 |
|
(b) Non-current Investments |
|
441.632 |
439.922 |
|
(c)
Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
80.331 |
219.567 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
15896.965 |
15343.975 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
|
303.196 |
425.376 |
|
(b)
Inventories |
|
5796.059 |
5674.631 |
|
(c)
Trade receivables |
|
6125.977 |
4807.193 |
|
(d) Cash
and cash equivalents |
|
334.286 |
478.807 |
|
(e)
Short-term loans and advances |
|
1371.035 |
1234.595 |
|
(f)
Other current assets |
|
57.975 |
22.419 |
|
Total Current Assets |
|
13988.528 |
12643.021 |
|
|
|
|
|
|
TOTAL |
|
29885.493 |
27986.996 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
342.435 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Convertible Warrants |
|
|
0.000 |
|
|
4] Reserves & Surplus |
|
|
5944.710 |
|
|
5] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
6287.145 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
3120.511 |
|
|
2] Unsecured Loans |
|
|
3417.944 |
|
|
TOTAL BORROWING |
|
|
6538.455 |
|
|
DEFERRED TAX LIABILITIES |
|
|
201.683 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
13027.283 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
7689.278 |
|
|
Capital work-in-progress |
|
|
2338.380 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
585.077 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
4060.758
|
|
|
Sundry Debtors |
|
|
3763.161
|
|
|
Cash & Bank Balances |
|
|
1399.890
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
1093.945
|
|
Total
Current Assets |
|
|
10317.754
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
4180.281
|
|
|
Other Current Liabilities |
|
|
3359.343
|
|
|
Provisions |
|
|
363.582
|
|
Total
Current Liabilities |
|
|
7903.206
|
|
|
Net Current Assets |
|
|
2414.548
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
13027.283 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
44720.206 |
34987.718 |
28074.760 |
|
|
|
Other Income |
200.064 |
284.357 |
421.352 |
|
|
|
TOTAL (A) |
44920.270 |
35272.075 |
28496.112 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
32583.446 |
26487.291 |
|
|
|
|
Purchases of Stock-in-trade |
516.857 |
846.025 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and Stock-in-trade |
258.996 |
(1398.233) |
|
|
|
|
Employee Benefits Expense |
2326.956 |
2040.809 |
|
|
|
|
Other Expenses |
6478.238 |
5540.298 |
|
|
|
|
Exceptional Item - Voluntary Retirement Compensation |
31.564 |
78.223 |
|
|
|
|
TOTAL (B) |
42196.057 |
33594.413 |
25269.004 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2724.213 |
1677.662 |
3227.108 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1921.615 |
1003.585 |
568.314 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
802.598 |
674.077 |
2658.794 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
704.741 |
341.657 |
268.829 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
97.857 |
332.420 |
2389.965 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
22.472 |
109.586 |
779.550 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
75.385 |
222.834 |
1610.415 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2499.868 |
2373.102 |
1084.440 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
17.000 |
161.500 |
|
|
|
Proposed Dividend |
NA |
68.487 |
136.974 |
|
|
|
Tax on Proposed Dividend |
NA |
10.581 |
23.279 |
|
|
BALANCE CARRIED
TO THE B/S |
2575.253 |
2499.868 |
2373.102 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales calculated on FOB basis |
9927.588 |
6147.067 |
|
|
|
|
Royalty |
36.264 |
27.162 |
|
|
|
|
Dividend |
64.641 |
72.026 |
|
|
|
|
Technical Development Charges |
4.500 |
0.00 |
|
|
|
TOTAL EXPORTS |
10032.993 |
6246.255 |
4802.450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
13874.172 |
9342.070 |
5949.211 |
|
|
|
Components & Spares |
27.913 |
18.250 |
19.734 |
|
|
|
Capital Goods |
770.488 |
2289.103 |
60.264 |
|
|
|
Traded Goods |
137.452 |
487.942 |
584.347 |
|
|
TOTAL IMPORTS |
14810.025 |
12137.365 |
6613.556 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.20 |
6.51 |
47.03 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 1st
Quarter |
30.09.2012 2nd
Quarter |
31.12.2012 3rd
Quarter |
31.03.2013 4th
Quarter |
|
Net Sales |
118.914 |
117.315 |
120.167 |
131.064 |
|
Total Expenditure |
108.222 |
109.492 |
109.989 |
117.135 |
|
PBIDT (Excl OI) |
10.692 |
7.823 |
10.178 |
13.929 |
|
Other Income |
0.344 |
0.896 |
0.337 |
0.398 |
|
Operating Profit |
11.036 |
8.719 |
10.515 |
14.327 |
|
Interest |
5.303 |
4.954 |
4.651 |
4.531 |
|
Exceptional Items |
0.000 |
(1.404) |
(1.368) |
0.000 |
|
PBDT |
6.733 |
2.361 |
4.498 |
9.796 |
|
Depreciation |
1.922 |
1.952 |
1.992 |
1.951 |
|
Profit Before Tax |
3.811 |
0.409 |
2.506 |
7.845 |
|
Tax |
1.236 |
0.134 |
0.813 |
1.755 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
2.576 |
0.275 |
1.693 |
6.090 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
2.575 |
0.275 |
1.693 |
6.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.17
|
0.63
|
5.66
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.22
|
0.95
|
8.52
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.34
|
1.28
|
13.27
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.05
|
0.38
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total debt/Networth) |
|
1.63
|
1.39
|
1.04
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11
|
1.02
|
1.31
|
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 |
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 |
No |
|
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:
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
TERM LOANS |
|
|
|
- From Bank (Note A) |
250.000 |
0.000 |
|
- Deferred payment liabilities - Sales Tax Incentive (Note B) |
465.908 |
474.870 |
|
- Public Deposits |
627.924 |
699.406 |
|
TOTAL
|
1343.832 |
1174.276 |
Notes :
A) Loan availed from Ratnakar Bank Limited of Rs.250.000 Millions (Previous year Rs. Nil) Repayment after 18 months from the date of disbursement i.e. August 18, 2013.
B) Interest free Deferred Sales Tax incentive repayment
installments commences from April 26, 2011 and end on April 30, 2025.
CEAT’S PERFORMANCE
:
The performance of the Company for the year followed similar trends as that
of the industry in general.
While the Company registered a turnover of Rs. 44396.000 Millions during
the year registering a healthy growth of 28 per cent over Rs. 34683.000
Millions in the previous year, its profit was adversely impacted in the first
half due to steep rise in the prices of key raw materials particularly of
Natural Rubber and crude-based raw materials and in the third quarter due to
nearly a month-long disruption in production in Nasik factory on account of
labour agitation. Finance cost, which increased significantly due to upward
movement in interest rates and additional interest charge on funding of the
Halol Plant and increased working capital requirement, also reduced the profit
margin of the Company. However, with the help of a much improved performance
for the fourth quarter of the year both in terms of revenue of Rs.12148.000
Millions and net profit of Rs.415.000 Millions, the Company has been able to
register a net profit of Rs.75.000 Millions against the net profit of Rs.223.000
Millions in the previous year.
The Company registered significant success in the Original Equipment
Manufacturers (OEM) market. It not only gained acceptance with several new OEM,
but also increased its share of business with the existing OEM partners. As a
result, the Company’s share in the OEM market has increased to 8.5 per cent
from 7 per cent in the previous year, aided by impressive growth in the
two-wheeler segment. Further, CEAT has also consolidated its position in the
export market during the year and registered a turnover of Rs.10020.000
Millions, a growth of 62 per cent over the previous year.
The acquisition of the “CEAT” brand from Pirelli and C. S.p.A,
FUTURE OUTLOOK :
With passenger vehicles sales expected to grow at an annual rate of 15
per cent and commercial vehicles at 20 per cent upto FY 2015, the future augurs
well for the industry. Increasing radialisation in the commercial vehicle
segment and longer distances now travelled by passenger cars and two-wheelers,
will translate into higher demand in the replacement segment. The Indian tyre
industry is expected to grow at around 14 per cent during FY 2013. Further,
macro issues of the Indian economy, particularly weakening Rupee and high
interest rates, currently the areas of concern for tyre industry, are expected
to improve during the course of the year ahead.
With the stable forecast of raw material prices and overall economic
situation of the country, the Company expects a better year ahead.
The Company has embarked on a new product development process led by a
Quality Function Deployment
(QFD) system with very strong focus on meeting stated and unstated needs
of consumers.
The Company is now better poised to accept new challenges and take full
advantage of favourable market conditions. The Company expects to increase its
market share in all key segments in order to sustain its growth in coming
years.
CEAT KELANI
VENTURE (JOINT VENTURE IN
Associated CEAT Holdings Company (Private) Limited (ACHL), the Company’s
investment arm in Sri Lanka, operates 3 manufacturing plants through its joint
venture company CEAT Kelani Holdings Company (Private) Limited.
During the year ACHL has registered a revenue of LKR 4357.410 million
(Rs.1847.010 millions) as compared to LKR Rs. 3790.830 millions (Rs.1542.500
millions) in 2010-11, a growth of 15 per cent. Profit after tax has grown by
13.4 per cent to LKR 316.200 million (Rs.134.120 Millions) as compared to LKR
277.900 Millions (Rs.112.080 Millions) in 2010-11. In line with its performance,
ACHL has been consistently paying the dividend. The dividend received by the
Company for FY 2011-12 is Rs.6464.100 Millions.
The joint venture continues to enjoy dominant market share in all
categories of tyres in
GLOBAL ECONOMIC
REVIEW :
The financial year 2011-12 was a challenging year for the global
economy. In
Impacted by global headwinds,
GLOBAL
The global tyre demand is expected to touch 3.3 billion units by 2015, to
register a 4.7 per cent annual growth. In value terms, it is expected to touch
USD 220 billion, with an annual growth of 6.5 per cent. The Asia Pacific
region, which is by far the largest market for tyres, also projects significant
demand growth in the coming years. The tyre markets in North America and
INDIAN
OVERVIEW :
In 2011-12, the size of the Indian tyre industry is estimated to be
around Rs.389 billion, and is expected to reach Rs.443 billion by 2012-13,
registering a growth of 14 per cent.
SNAPSHOT OF THE
INDIAN
Rs.389 billion – Total turnover
Rs.1.488 Millions MT –
Rs.30000.000 Millions – Exports
39 – Number of companies
Top 10 companies – Account for over 95 per cent of the total production
INDUSTRY COMPOSITION
:
REPLACEMENT MARKET
The replacement market dominates the Indian tyre industry. This segment
is margin accretive, compared to other segments. In fiscal 2011-12, the
replacement market contributed to 63 per cent of the total industry turnover,
visa- vis 71 per cent in the previous fiscal.
ORIGINAL EQUIPMENT
MANUFACTURERS (OEM)
The OEM segment contributed to 26 per cent of the total turnover in
2011-12 and is expected to register a modest growth of 11-13 per cent in
2012-13.
EXPORTS
In 2011-12, the industry turnover from the exports market increased
phenomenally, capturing 11 per cent of the total tyre sales. Export of tyres is
expected to witness a higher CAGR of 12-14 per cent over the next five years
i.e. during the 2012-2017 period, as compared to a growth of 8.9 per cent
registered during the last five years. The Indian tyres are exported to more
than 50 countries, mainly in Asia, Africa and the
KEY RAW MATERIAL
PRICE MOVEMENT
Raw material cost accounts for approximately 70 per cent of the
industry’s turnover with Natural Rubber being the key raw material. Although
RADIALISATION IN
After the initial challenges of acceptance, price sensitivity and suitability
on Indian roads, the concept of radialisation of tyres for Medium and Heavy
Commercial Vehicles (MHCV) is finally gathering momentum. While, the
radialisation levels for PV segment have crossed 98 per cent, radialisation in
the MHCV segment is currently only approximately 15 per cent. The growing
cost-benefit ratio, enhanced awareness and significant road development
activities will drive radialisation growth in
BUSINESS OVERVIEW
:
CEAT offers a wide array of tyres, which includes heavy duty T and B,
LCVs, PVs, tractors, trailers, scooters, motorcycles, auto-rickshaws and OTR
such as earthmovers and forklifts etc.
OPERATIONAL
OVERVIEW :
To provide enhanced quality and customer experience, the Company
continuously enriches its range of products and services. In the previous
fiscal, the commencement of production at the Halol plant was an important
milestone in CEAT’s history, which made the Company a significant player in the
Indian radial tyre industry. It has also performed extremely well in the export
market, crossing the Rs.10000.000 Millions mark in sales with the help of
deeper penetration in South America, the Middle East and
NEW PRODUCT
LAUNCHES :
CEAT PRO
CEAT actively organises educational sessions known as CEAT PRO to spread
awareness among truck owners about the best business practices to improve operational
efficiency. The Company has conducted 85 seminars with expert speakers on
lubes, auto finance and insurance, vehicle AMCs, telematics, and other related
topics for better customer satisfaction, resulting in higher profit margins.
FINANCIAL OVERVIEW
:
During the year CEAT registered a turnover of Rs.44396.000 Millions, a
growth of 28 per cent over Rs.34683.000 Millions in the previous year. However,
due to a steep increase in raw material cost, particularly during the first two
quarters of the year coupled with increased finance cost severely impacted the
profit margins of the Company.
As result of this, net profit of the Company has declined to Rs.75.000
Millions from Rs.222.800 Millions in the previous year.
OUTLOOK :
The following strategies demonstrate CEAT’s strong focus for growth,
amidst the global economic turmoil:
• Improving product mix to expand profitability
• Growing focus in motor cycle tyres segment
• Enhanced focus in the PV segment and replacement market, as the
segments provide higher margins, compared to the OEM market
• Sustain relationships with OEM customers
• Enhancing distribution channels and increased number of CEAT Shoppes
• Robust marketing strategies to enhance brand awareness and penetrate the
T and B radial tyre market
• Shift towards radial tyres
CONTINGENT
LIABILITY :
(Rs.
In Millions)
|
Particulars
|
31.03.2012 |
31.03.2011 |
|
|
|
|
|
a) Direct and Indirect Taxation Matters |
|
|
|
-
Income
Tax |
164.069 |
168.262 |
|
-
Wealth
Tax |
0.673 |
0.673 |
|
-
Excise
Duty / Service Tax |
456.043 |
433.438 |
|
-
Value
Added Tax / Central Sales Tax |
441.236 |
441.777 |
|
b) Disputed demands of Octroi Duty |
22.210 |
17.077 |
|
c) Bills discounted with Banks |
181.211 |
275.204 |
|
d) Corporate Guarantees given on behalf of
others |
|
|
|
-
Covered by indemnity undertakings from RPG Enterprises Limited |
255.000 |
255.000 |
|
e) The Company has given Indemnity in respect of
Lease transactions entered into with ICICI Bank Limited., liability for which
is indeterminable |
0.000 |
0.000 |
|
f) Export obligation under Export Promotion
Council Guarantee Scheme |
3124.724 |
3960.789 |
Statement of Audited financial
results for the Quarter and
Nine
Months Ended on 31st March 2013
Rs in Millions
|
Sr. No |
Particulars |
Standalone |
||
|
Audited |
Audited |
Audited |
||
|
Quarter Ended |
Year to date |
|||
|
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
1 |
(a)
Sales |
-- |
-- |
-- |
|
|
Gross Sales |
14218.200 |
13097.400 |
53050.400 |
|
|
Less :
Excise duty on Sales |
1238.300 |
1146.300 |
4683.200 |
|
|
Net Sales/Income from Operations (Net of excise
duty) |
12979.900 |
11951.100 |
48367.200 |
|
|
(b)
Other Operating Income |
126.500 |
99.900 |
447.300 |
|
|
Total
income from operations (net) (a) + (b) |
13106.400 |
12051.000 |
48814.500 |
|
2 |
Expenses (a)
Cost of materials consumed |
8179.800 |
8230.600 |
33432.600 |
|
|
(b)Purchases
of Stock in Trade |
167.800 |
227.600 |
687.100 |
|
|
(c)
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
397.700 |
(169.000) |
(341.900) |
|
|
(d)Employee
benefits expense |
765.900 |
690.700 |
2691.000 |
|
|
(e)
Depreciation and amortisation expense |
195.100 |
199.200 |
781.600 |
|
|
(f)Other
expenditure |
2202.300 |
2052.600 |
8100.700 |
|
|
Total expenses |
11908.600 |
11231.700 |
45351.100 |
|
3 |
Profit/( Loss)
from operations before Other Income, finance cost & exceptional Items
(1-2) |
1197.800 |
819.300 |
3463.400 |
|
4 |
Other Income |
39.800 |
33.000 |
214.700 |
|
5 |
Profit/(Loss) from ordinary activities
before finance costs and exceptional Items (3+4) |
1237.600 |
852.300 |
3678.100 |
|
6 |
Finance costs |
453.100 |
465.100 |
1943.800 |
|
7 |
Profit/(Loss) from ordinary
activities after finance costs but before exceptional Items (5-6) |
784.500 |
387.200 |
1734.300 |
|
8 |
Exceptional Item |
-- |
136.600 |
277.000 |
|
9 |
Profit/) Loss) before tax (7+8) |
784.500 |
250.600 |
1457.300 |
|
10 |
Tax Expenses |
175.500 |
81.300 |
393.800 |
|
11 |
Net Profit/( Loss) From Ordinary Activities After Tax (9-10) |
609.000 |
169.300 |
1063.500 |
|
12 |
Extraordinary items |
-- |
-- |
-- |
|
13 |
Net Profit / Loss for the period (9-10) |
609.000 |
169.300 |
1063.500 |
|
14 |
Paid-up equity share capital (Face Value of the Share (?10 each)) |
342.400 |
342.400 |
342.400 |
|
15. |
Reserves excluding Revaluation Reserves as
per Balance Sheet of previous accounting year |
-- |
-- |
7087.600 |
|
16. |
Earnings Per Share (of ? 10 each not annualised) (of Rs. 10/- each) (not annualised): |
|
|
|
|
|
a) Basic |
17.78 |
4.94 |
31.06 |
|
* |
b) Diluted |
17.43 |
4.84 |
30.44 |
|
Sr. No |
Particulars |
Quarter Ended |
Year to date ended |
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
||
|
A 1 |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
|
Public shareholding |
|
|
|
|
|
-
Number of shares |
15670973 |
16140440 |
15670973 |
|
|
- Percentage of
shareholding |
45.76 |
47.13 |
45.76 |
|
2 |
Promoters and Promoter
Group Shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
-- |
-- |
-- |
|
|
- Percentage of shares
(as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
|
-
Percentage of shares (as a % of the total share capital of the company) |
-- |
-- |
-- |
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of shares |
18572561 |
18103094 |
18572561 |
|
|
- Percentage
of shares (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
-
Percentage of shares (as a % of the total share capital of the company) |
54.24 |
52.87 |
54.24 |
|
Particulars |
Quarter ended 31.03.2013 |
|
B INVESTOR COMPLAINTS (Nos) |
|
|
Pending
at the beginning of the quarter |
1 |
|
Received
during the quarter |
0 |
|
Disposed
of during the quarter |
1 |
|
Remaining
unresolved at the end of the quarter |
0 |
STATEMENT OF ASSETS AND
LIABILITIES AS ON 31.03.2013
|
Particulars |
Rs
in Millions |
|
Quarter ended |
|
|
As on 31.03.2013 |
|
|
(Audited) |
|
|
I. EQUITY AND
LIABILITIES |
|
|
1. Shareholders
Funds |
|
|
Share Capital |
342.400 |
|
Reserves & Surplus |
7087.600 |
|
Money received
agaist share warrants |
36.400 |
|
Sub Total Shareholder’s Fund |
7466.400 |
|
2. Non- Current
Liabilities |
|
|
(a) Long-term borrowings |
4216.700 |
|
(b) Deferred Tax Liabilities (net) |
745.200 |
|
(c) Other Long term Liabilities |
14.200 |
|
(d) Long –term provisions |
120.100 |
|
Sub Total Non
Current Liabilities |
5096.200 |
|
3. Current
Liabilities |
|
|
(a) Short-term borrowings |
3821.600 |
|
(b) Trade Paayable |
7760.600 |
|
(c) Other Current liabilities |
5762.300 |
|
(d) Shrt term Provisions |
654.400 |
|
Sub Total Current Liabilities |
17998.900 |
|
|
|
|
Total (Equity and Liabilities) |
30561.500 |
|
ASSETS |
|
|
Non-Current Assets |
|
|
(a) Fixed assets |
15128.700 |
|
(b) Goodwill on consolidation |
-- |
|
(c) Non-current invetments |
447.100 |
|
(d) Long-term loans and advances |
-- |
|
(e) Other
non-current assets |
1182.900 |
|
|
105.700 |
|
Sub
Total Non Current Assets |
16864.400 |
|
2. Current
Assets |
|
|
(a)Current investments |
-- |
|
(b)Inventories |
5314.400 |
|
(c)Trade receivables |
6357.400 |
|
(d)Cash and Bank balance |
813.500 |
|
(e)Short-term loans and
advances |
1048.600 |
|
(f)Other current assets |
163.200 |
|
Sub Total Current Assets |
13697.100 |
|
|
|
|
TOTAL
(Assets) |
30561.500 |
Notes:
1.
The above results were reviewed by the Audit Committee and thereafter
approved by the Board of Directors at their meeting held on 7th May,
2013.
2.
The figures of the last quarter are the balancing figures
between audited figures in respect of the full financial year up to 31st
March, 2013 and the unaudited published year-to-date figures up to 31st December,
2012, being the date of the end of the third quarter of the financial year
which were subject to limited review.
3.
(a) The Company had introduced a Voluntary Retirement Scheme
(VRS) for employees of its Bhandup unit, 188 employees opted for the VRS. The
compensation in this respect aggregates Rs. 136.600 Millions which is disclosed
as an exceptional item.
(b) The
Company changed its method of recognizing provision for warranty from actual
claim basis to expected cost, based on past trends. The provision upto March
31,2012 amounting to Rs. 140.400 Millions has been disclosed as an exceptional
item.
4.
During the quarter, the Company made an additional investment
of Rs. 269.988 Millions in CEAT Bangladesh Limited, its Subsidiary Company in
5.
The Company has only one business segment "Tyres".
6.
The Board of Directors have recommended a Dividend of Rs. 4/-per
share of face value of Rs. 10/- each.
The figures have been regrouped / rearranged wherever
considered necessary to conform to current / year's
classification and grouping.
PRESS RELEASE :
CEAT FORMS JV WITH BANGLADESH
CO; TO INVEST USD 67 MILLION
Jan 27, 2013
RPG Group's tyre-making arm Ceat today
announced formation of a joint venture company with the Bangladesh-based AK
Khanand Company to set up a manufacturing facility in the neighbouring country.
The facility, which will come up at the investment of USD 67
million, is expected to be functional by December 2014, Ceat said in a
statement. The 110-tonne per day facility will roll out tyres for trucks, LCVs
and 2/3 wheelers for the Bangladeshi market.
The joint venture, in which Ceat will hold 70 percent stake,
is a part of the long-term strategy for both the partners to have a presence in
the growing tyre market in
"This strategic partnership will enable us establish a
leadership presence in the large tyre market of
CEAT LIMITED. BRINGS ‘CEAT-PRO KNOWLEDGE SERIES’ TO
·
A Pan-India series looking to address issues
concerning the Indian truck transportation market
·
A platform of partnership, a circle of trust between
CEAT, participating partners and
As part of its fleet excellence program CEAT PRO knowledge series aims to
create a common platform for haring informationand resources and thus helping
fleets compete on a flatter turf. The panelists will speak about Right
selection of Lubricants, Do’s and Dont’s of Finance, Benefits of AMC and
Radialization and its benefits.
CEAT recognises that the Indian truck transportation market is
approximately Rs 380000.000 Millions, of which over
80% of the market lies in the unorganised sector. Despite recent developments,
the overall awareness of new technologies and industry best practices is quite
low. Penetration of new age systems such as the Fleet Management software or
the GPS systems is quite dismal and mostly restricted to only a select few big
transporters. Therefore, CEAT has taken several initiatives towards developing
this sector.
As a further step, CEAT has also started
Speaking at CEAT
– Pro at
“Though the Indian transportation industry is booming it lacks a common
platform to engage customers and help
them build best practices. At CEAT, we believe in partnering with our customers
and the automobile industry to gain
value and optimum growth, thus “CEAT PRO” was launched.”
He added, “CEAT – PRO is not
a selling tool but a knowledge plank, to share ideas and best practices.
CEAT engages industry experts and helps
create value for the end customer by assisting him with new technology, information and best practices.”
About CEAT
Limited:
CEAT, the flagship company of RPG Enterprises, was established in 1958.
Today, CEAT is one of
About RPG
Enterprises:
RPG Enterprises, established in 1979, is one of
CEAT LIMITED AND
AK KHAN AND COMPANY LTD. SIGN A JOINT VENTURE AGREEMENT TO MANUFACTURE
AUTOMOTIVE TYRES IN
TOTAL INVESTMENT
OF 67 MILLION DOLLARS
• One of the
largest manufacturing investments in
• First large
scale
• Plant expected
to come into production by end of 2014
Mumbai, 25th
January 2013: CEAT Limited, an RPG Enterprise company and one of
As per the joint venture agreement, CEAT Limited. will provide technical
and business expertise & manage the JV company operations while A K Khan
& Company Limited. will bring in their vast knowledge of
Speaking on the occasion, Mr. Anant Goenka, Managing Director, CEAT
Limited said, “They are pleased to partner with A K Khanand Company Limited.,
one of the most reputed business conglomerates in
“The CEAT manufacturing facility at its full capacity will be able to
cater to majority of the tyre requirement of
Mr. Salahuddin Kasem Khan, Managing Director, A K Khanand Company said,
“Besides catering to the growing local market, the plant will earn valuable
foreign exchange for the country by exporting approximately 20% of its output
to the region and rest of the world”
The Joint Venture plant will manufacture bias tyres in truck, Light
Commercial Vehicle, and 2/3 wheeler segments for the local
About CEAT
Limited:
CEAT Limited., the flagship company of RPG Enterprises, was established
in 1958. Today, it is one of
About RPG
Enterprises:
RPG Enterprises, established in 1979, is one of
About A K
Khanand Company Limited :
A. K. Khanand Company Limited is one of the oldest and most reputed
business conglomerates in
FIXED ASSETS :
· Land (Freehold / Leasehold)
· Building
· Plant and Equipments
· Furniture and fixture
· Vehicles
· Office Equipments
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 pyments 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. 60.05 |
|
|
1 |
Rs. 90.71 |
|
Euro |
1 |
Rs. 78.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
|
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
51 |
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.