MIRA
INFORM REPORT
|
Report Date : |
24.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
BARTRONICS INDIA LIMITED (w.e.f. 01.01.1996)
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Formerly Known
As : |
SUPER BARTRONICS
LIMITED SUPER BAR
TRONICS PRIVATE LIMITED |
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Registered
Office : |
Survey No.351, Raj Bollaram
Village, Medchal Mandal,
R.R. District – 501 401, Andhra
Pradesh |
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Country : |
India |
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Financials (as
on) : |
30.09.2012 |
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Date of
Incorporation : |
10.09.1990 |
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Com. Reg. No.: |
01-011721 |
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Capital
Investment / Paid-up Capital : |
Rs.340.489
millions |
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CIN No.: [Company Identification
No.] |
L29309AP1990PLC011721 |
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Legal Form : |
Public Limited
Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is
engaged in the business of providing Automatic Identification and Data Capture
(AIDC) Solutions. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 14671000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Exists |
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Comments : |
Subject is an established company having a moderate track record. The company has provided latest financials for the period of 18 months
(April 2011 – September 2012). It has incurred loss during the period. There also appears continuous dip in the share price. However, business is active. Payment terms are slow. The company can be considered for business dealings with great
caution. |
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 |
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High |
B2 |
|
Very
High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: D (Suspended) |
|
Date |
March 20, 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/ Plant : |
Survey No.351, Raj Bollaram
Village, Medchal Mandal,
R.R. District – 501 401, Andhra
Pradesh, India |
|
Tel. No.: |
91-40-23606316/ 23606317 |
|
Fax No.: |
91-40-23558076 |
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E-Mail : |
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Website : |
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Corporate Office 1/ Financial Inclusion Projects Division: |
Plot No.283, Road
No:78, Near Padmalaya Studio, Opposite Gemini Colour Lab, Jubilee Hills, Hyderabad – 500 033, Andhra
Pradesh, India |
|
Tel. No.: |
91-40-30146898/
30146898/ 95 |
|
Fax No.: |
91-40-30146895/ 23558076 |
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|
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Corporate Office 2/ Service Center/ Technical Division : |
# 5-9-22/B/503, 5th Floor, My Home Sarovar,
Near Mediciti Hospital, Secretariat Road, Hyderabad
– 500 004, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23298073/74 |
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Fax No.: |
91-40-23298076 |
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E-Mail : |
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Branch Office : |
Located at: ·
New Delhi ·
Jamshedpur ·
Kolkata ·
Hyderabad ·
Vishakapatnam ·
Thane ·
Pune ·
Bangalore ·
Chennai ·
Coimbatore |
DIRECTORS
AS ON 30.09.2012
|
Name : |
Mr. Sudhir Rao |
|
Designation : |
Managing Director |
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Name : |
Mr. A.B. Satyavas Reddy |
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Designation : |
Director |
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Name : |
Mr. Y. Raghavendra Rao
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|
Designation : |
Independent Director |
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Name : |
Mr. R.V. Panchapakesan |
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Designation : |
Independent Director |
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Name : |
Mr. M.M. Yesaw |
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Designation : |
Independent Director |
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Name : |
Mr. A. Subrahmanyam |
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Designation : |
Nominee Director (EXIM Bank) |
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Management
Committee : |
Mr. Sudhir Rao,
Chairman Mr. R.V. Panchapakesan, Member |
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Audit Committee
: |
Mr. R.V. Panchapakesan, Chairman Mr. Y. Raghavendra Rao,
Member Mr. A.B. Satyavas Reddy, Member Mr. M.M. Yesaw, Member |
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Remuneration/ Compensation
Committee : |
Mr. R. V. Panchapakesan, Chairman Mr. Y. Raghavendra Rao,
Member Mr. A.B. Satyavas Reddy, Member |
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Share Transfer
Committee : |
Mr. A.B. Satyavas Reddy, Chairman Mr. Sudhir Rao,
Member Mr. R.V. Panchapakesan, Member |
KEY EXECUTIVES
|
Name : |
Mr. A. Chand Basha |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
|
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|
1716300 |
5.04 |
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|
3218390 |
9.45 |
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|
4934690 |
14.49 |
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|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
4934690 |
14.49 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
423115 |
1.24 |
|
|
373060 |
1.10 |
|
|
1500 |
0.00 |
|
|
797675 |
2.34 |
|
|
|
|
|
|
4275271 |
12.56 |
|
|
|
|
|
|
18257076 |
53.62 |
|
|
3751562 |
11.02 |
|
|
2032587 |
5.97 |
|
|
7852 |
0.02 |
|
|
1592857 |
4.68 |
|
|
3150 |
0.01 |
|
|
428728 |
1.26 |
|
|
28316496 |
83.16 |
|
Total Public shareholding (B) |
29114171 |
85.51 |
|
Total (A)+(B) |
34048861 |
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) |
34048861 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Subject is engaged
in the business of providing Automatic Identification and Data Capture (AIDC)
Solutions. |
|
|
|
|
Products : |
Computer Software |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
|
Smart Cards |
Nos. |
50,000,000 |
|
Magnetic Strip Cards |
Nos. |
30,000,000 |
Notes:
1. Licensed
capacity is not applicable in terms of the Government of India Notification No.
477 (E) dated 25th July. 1991.
2. As certified by
the Management, being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Andhra Bank ·
Bank of Baroda ·
Bank of India ·
Barclays Bank Plc ·
Exim Bank ·
HSBC Bank Limited ·
Indian Bank ·
IDBI Bank Limited |
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Facilities : |
Notes: Long term
borrowings 1) Term Loans from
banks viz. Bank of Baroda, Bank of India, Andhra Bank, Indian Bank, Hongkong and Shanghai Banking Corporation Limited, Life
Insurance Corporation of India are secured by first pari
passu charge on all the immovable and movable fixed
assets of the company both present and future and second pari
passu charge on the current assets both present and
future of the company. Further, these loans are secured by personal
guarantees and properties of the Promoter director. 2) Terms of
repayment are given below: a. Loan taken
from Bank of Baroda carries an interest rate of 14.75% p.a. and is repayable
in 16 quarterly installments of Rs.13.750 millions each. b. Loan taken
from Bank of India carries an interest rate of 14.75% p.a. and is repayable
in 8 quarterly installments of Rs.33.000 millions each. c. Loan taken
from Andhra bank carries an interest rate of 14.50% p.a. and is repayable in
24 monthly installments of Rs.15.278 millions each. d. Loan taken
from Indian bank carries an interest rate of 16.25% p.a. and is repayable in
14 quarterly installments of Rs.9.167 millions each. e. Loan taken
from Hongkong and Shanghai Banking Corporation
Limited carries an interest rate of 18.75% p.a. and is repayable in 5 monthly
installments of Rs.10.000 millions each. f. Loan taken
from Life Insurance Corporation of India carries an interest rate of 13% p.a.
and is repayable in 21 quarterly installments of Rs.14.280 millions each. 3) Term loan of
Rs.187.000 millions from HP Financial services(India) Private Limited is secured
by first charge on the specific purpose assets viz
IBM Kiosk Machines of MCD Apka Dwar
project. The term loan is repayable in 13 equated quarterly installments of
Rs.14.100 millions Aggregating Rs.225.600 millions. 4) Vehicle Loans
from banks and others are secured by hypothecation of the vehicles financed
through the loan arrangements and are repayable over 36 months Short-term borrowings Loans repayable
on demand includes an amount of Rs.1712.369 millions (31.03.2011:Rs.1596.913
millions) represents working capital loans from banks are inter alia secured by way of pari passu first charge on current assets and pari passu second charge on
fixed assets both present and future. Further these loans are secured by
personal guarantee and properties of certain directors. Unsecured is the
short-term advance received from the subsidiary Bartronics
Asia Pte Limited. |
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Banking
Relations : |
-- |
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Statutory
Auditors : |
T. Raghavendra and Associates Chartered Accountants Deloitte Haskins and Sells Chartered Accountants |
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Internal
Auditors : |
BDO Consulting Private Limited |
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Subsidiaries : |
·
Bartronics Asia Pte Limited., Singapore ·
Bartronics Middle East
FZE, UAE |
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|
Subsidiaries of Bartronics
America Inc. : |
·
Empower Technology Solutions Inc, USA ·
Performica Software
Private Limited, India ·
Quality E People, USA |
|
|
|
|
Subsidiary of Bartronics
Asia Pte Limited : |
·
Bartronics Hongkong, Hong Kong ·
Veneta Holdings Limited,
Mauritius ·
Bartronics America Inc,
USA ·
Bartronics Global
Solutions, India ·
Burbank Holdings Limited, Mauritius |
CAPITAL STRUCTURE
AS ON 30.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
110000000 |
Equity Shares |
Rs.10/- each |
Rs.1100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
34048861 |
Equity Shares |
Rs.10/- each
|
Rs.340.489
millions |
|
|
|
|
|
(Of the above
2189650 Equity Shares of Rs.10/- each issued as fully paid bonus shares by way
of capitalisation of Rs.21.897 millions from the
Profit and Loss account)
Notes:
Reconciliation of number of shares and amount
outstanding at the beginning and at the end of the reporting year / period
|
Particulars |
Eighteen Months
period ended 30th September, 2012 |
|
|
No. of Shares |
Amount (Rs. in millions) |
|
|
a) Equity |
|
|
|
Shares
outstanding at the beginning of the Year/Period |
34048861 |
340.489 |
|
Shares issued during
the year/period |
-- |
-- |
|
Shares
outstanding at the end of the year/period |
34048861 |
340.489 |
Details of shares held by each share holder
holding more than 5% shares
|
Name of the
shareholder |
Eighteen Months period
ended 30th September, 2012 |
|
|
No. of Shares |
% |
|
|
a) AB Satyavas Reddy |
3213858 |
9.44 |
|
b) Info Tech Infinn and Trading Private
Limited |
2200000 |
6.46 |
|
c) Satya Straps and Packing Technologies
Limited |
-- |
-- |
|
|
5413858 |
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
01.04.2011 to
30.09.2012 (18 Months) |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
340.489 |
340.489 |
|
(b) Reserves & Surplus |
|
3327.162 |
4522.312 |
|
(c) Money received against share warrants |
|
0.000 |
446.525 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
3667.651 |
5309.326 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
357.541 |
3552.111 |
|
(b) Deferred tax liabilities (Net) |
|
369.334 |
331.084 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) Long-term
provisions |
|
15.630 |
543.025 |
|
Total Non-current
Liabilities (3) |
|
742.505 |
4426.220 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
1833.889 |
1596.913 |
|
(b)
Trade payables |
|
2545.665 |
2387.298 |
|
(c)
Other current liabilities |
|
4580.630 |
896.224 |
|
(d) Short-term
provisions |
|
1704.868 |
601.575 |
|
Total Current
Liabilities (4) |
|
10665.052 |
5482.010 |
|
|
|
|
|
|
TOTAL |
|
15075.208 |
15217.556 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
998.733 |
1337.012 |
|
(ii)
Intangible Assets |
|
715.937 |
1082.075 |
|
(iii)
Capital work-in-progress |
|
155.554 |
413.578 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
3021.799 |
22.394 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1397.668 |
5304.467 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
6289.691 |
8159.526 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
|
0.000 |
2.500 |
|
(b)
Inventories |
|
50.784 |
193.417 |
|
(c)
Trade receivables |
|
8018.892 |
5853.439 |
|
(d) Cash
and cash equivalents |
|
31.908 |
70.767 |
|
(e)
Short-term loans and advances |
|
341.098 |
673.675 |
|
(f) Other
current assets |
|
342.835 |
264.233 |
|
Total
Current Assets |
|
8785.517 |
7058.030 |
|
|
|
|
|
|
TOTAL |
|
15075.208 |
15217.556 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
340.489 |
|
|
2] Share Warrants |
|
|
446.525 |
|
|
3] Reserves & Surplus |
|
|
4084.988 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
4872.002 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
3959.413 |
|
|
2] Unsecured Loans |
|
|
2245.000 |
|
|
TOTAL BORROWING |
|
|
6204.413 |
|
|
DEFERRED TAX LIABILITIES |
|
|
391.681 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
11468.096 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2906.863 |
|
|
Capital work-in-progress |
|
|
2065.495 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
20.498 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
197.038 |
|
|
Sundry Debtors |
|
|
5686.691 |
|
|
Cash & Bank Balances |
|
|
109.984 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
4083.861 |
|
Total
Current Assets |
|
|
10077.574 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2726.304 |
|
|
Other Current Liabilities |
|
|
67.530 |
|
|
Provisions |
|
|
808.500 |
|
Total
Current Liabilities |
|
|
3602.334 |
|
|
Net Current Assets |
|
|
6475.240 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
11468.096 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
01.04.2011 to
30.09.2012 (18 Months) |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (net) |
5562.053 |
5970.501 |
5801.062 |
|
|
|
Other Income |
311.535 |
91.268 |
74.547 |
|
|
|
TOTAL (A) |
5873.588 |
6061.769 |
5875.609 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of
materials consumed |
435.703 |
767.737 |
|
|
|
|
Purchase of
stock-in-trade |
3652.460 |
2111.131 |
|
|
|
|
Change in
inventories of finished goods, work in progress and stock- in-trade |
33.201 |
(4.592) |
|
|
|
|
Employee
benefits expense |
260.922 |
105.519 |
|
|
|
|
Other expenses |
1213.726 |
1438.083 |
|
|
|
|
TOTAL (B) |
5596.012 |
4416.878 |
3879.817 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
277.576 |
1643.891 |
1995.792 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
734.455 |
601.618 |
437.540 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(456.879) |
1042.273 |
1558.252 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
723.153 |
523.662 |
477.596 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(1180.032) |
518.611 |
1080.656 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
38.249 |
(139.443) |
430.250 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(1218.281) |
658.054 |
650.406 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2196.510 |
1578.160 |
967.459 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
NA |
34.049 |
34.049 |
|
|
|
Dividend Distribution Tax |
NA |
5.655 |
5.656 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
2196.510 |
1578.160 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
5077.180 |
4406.662 |
5224.936 |
|
|
TOTAL EARNINGS |
5077.180 |
4406.662 |
5224.936 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
292.823 |
582.211 |
1129.783 |
|
|
|
Goods for resale |
3581.191 |
2048.238 |
1864.927 |
|
|
TOTAL IMPORTS |
3874.014 |
2630.449 |
2994.710 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
(35.78) |
19.33 |
21.22 |
|
|
|
- Diluted |
-- |
12.49 |
15.09 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
31.12.2012 |
31.03.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
413.000 |
29.200 |
|
Total Expenditure |
|
437.700 |
55.700 |
|
PBIDT (Excl OI) |
|
(24.700) |
(26.500) |
|
Other Income |
|
260.600 |
(140.700) |
|
Operating Profit |
|
235.900 |
(167.200) |
|
Interest |
|
124.100 |
120.300 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
111.800 |
(287.500) |
|
Depreciation |
|
132.700 |
129.800 |
|
Profit Before Tax |
|
(20.900) |
(417.300) |
|
Tax |
|
(21.500) |
(17.300) |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
0.700 |
(400.000) |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
0.700 |
(400.000) |
KEY RATIOS
|
PARTICULARS |
|
01.04.2011 to
30.09.2012 (18 Months) |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(20.74)
|
10.86 |
11.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(21.22)
|
8.69 |
18.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.92)
|
3.51 |
8.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.32)
|
0.10 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.60
|
0.97 |
1.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.82
|
1.29 |
2.80 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
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 |
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 |
LITIGATION
DETAILS:
|
CP 14 / 2013 |
CPSR 215 / 2013 |
CASE IS:PENDING |
|
|
PETITIONER |
|
RESPONDENT |
|
|
HEWLETT-PACKARD FINANCIAL SERVICES (INDIA) PRIVATE LIMITED |
VS |
BARTRONICS INDIA LIMITED |
|
|
PET.ADV. : PUSHYAM KIRAN |
|
RESP.ADV. : RAJU |
|
|
SUBJECT: COMPANY PETITION |
|
DISTRICT: HYDERABAD |
|
|
FILING DATE: 04-01-2013 |
POSTING STAGE : FOR COUNTER |
|
|
|
REG. DATE : 02-02-2013 |
LISTING DATE : 24-07-2013 |
STATUS : NOTICES |
|
|
HON'BLE JUDGE(S): |
RAJA ELANGO |
|
|
|
|||
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10244916 |
21/10/2010 |
93,497,250.00 |
Hewlett Packard
Financial Services (India) Private |
3rd
Floor, Calcot House, 8/10, M.P. Shetty
Marg, |
A96586946 |
|
2 |
10250010 |
21/10/2010 |
93,497,250.00 |
Hewlett Packard
Financial Services (India) Private |
3rd
Floor, Calcot House, 8/10, M.P. Shetty
Marg, |
A96769690 |
|
3 |
10250011 |
21/10/2010 |
93,497,250.00 |
Hewlett Packard
Financial Services (India) Private |
3rd
Floor, Calcot House, 8/10, M.P. Shetty
Marg, |
A96770003 |
|
4 |
10198809 |
26/12/2009 |
500,000,000.00 |
Life Insurance
Corporation of India |
Investment
Operation Department, "Yogakshema", 6th
Floor, West Wing, Jeevan Beema
Marg, Mumbai, Maharashtra
- 400021, India |
A78115854 |
|
5 |
10246598 |
08/07/2009 |
200,000,000.00 |
Barclays Bank
Plc |
601/603, Ceejay House, Shivsagar Estate,
Dr. Annie Besant Road, Worli,,
Mumbai, Maharashtra - 4000 |
A85109379 |
|
6 |
10164766 |
15/02/2012 * |
350,000,000.00 |
Export - Import
Bank of India |
Centre One
Building, Floor 21, World Trade Centre, Cuffe
Parade, Mumbai, Maharashtra - 400005, India |
B35784438 |
|
7 |
10149820 |
08/07/2009 * |
1,000,000,000.00 |
Andhra Bank |
Sultan Bazar Branch, Hyderabad, Andhra Pradesh - 500095, India |
A66500257 |
|
8 |
10144607 |
16/02/2009 |
330,000,000.00 |
Bank of Baroda |
Corporate
Financial Services Hyderabad, Branch, |
A57389850 |
|
9 |
10143095 |
31/12/2008 |
200,000,000.00 |
Barclays Bank
Plc |
801/808, Ceejay House, Shivsagar Estate,
Dr. Annie Besant Road, Worli,
Mumbai, Maharashtra - 400018, India |
A56860091 |
|
10 |
10129967 |
08/07/2009 * |
900,000,000.00 |
Bank of India
Limited |
PTI Building, Khairatabad Branch, Hyderabad, Andhra Pradesh - 500004,
India |
A68376151 |
|
11 |
10118521 |
08/07/2009 * |
650,000,000.00 |
IDBI Bank
Limited |
5-9-89/1&2,
Chapel Road, Hyderabad, Andhra Pradesh - 500001, India |
A67610899 |
|
12 |
10105025 |
05/03/2009 * |
265,000,000.00 |
The Hong Kong
and Shanghai Banking Corporation Limited |
6-3-1107 and
1108, 3rd Floor, Somajiguda, Raj Bhavan, Hyderabad, Andhra
Pradesh - 500082, India |
A57599086 |
|
13 |
10099804 |
05/03/2009 * |
220,000,000.00 |
The Hong Kong
and Shanghai Banking Corporation Limited |
6-3-1107 and
1108, 3rd Floor, Somajiguda, Raj Bhavan Road, Hyderabad,
Andhra Pradesh - 500082, India |
A61191078 |
|
14 |
10096009 |
25/02/2009 * |
305,000,000.00 |
Indian Bank |
Hyderabad Main
Branch, Surabhi Acrade, Koti, Hyderabad, Andhra Pradesh - 500001, India |
A57235012 |
|
15 |
10065501 |
28/07/2007 |
305,000,000.00 |
Indian Bank |
Surabhi Arcade, Bank Street, Koti,
Hyderabad, Andhra Pradesh - 500001, India |
A21829783 |
|
16 |
10005146 |
05/03/2009 * |
120,000,000.00 |
Bank of Baroda |
Corporate Financial
Services Hyderabad, Branch, |
A61153375 |
|
17 |
90261261 |
03/06/1997 * |
10,500,000.00 |
Axis Bank
Limited |
Begampet, Hyderabad, Andhra Pradesh, India |
- |
|
18 |
90261260 |
24/07/1995 |
90,000,000.00 |
Industrial
Development Bank of India |
IDBI Tower, Cuffe Parade, Mumbai, Maharashtra,
India |
- |
* Date of charge modification
|
Unsecured Loan |
As
on 30.09.2012 (Rs. in Millions) |
As
on 31.03.2011 (Rs. in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
i) Bonds |
0.000 |
2267.080 |
|
ii) others |
0.000 |
205.117 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Loans repayable on demand |
|
|
|
Unsecured |
0.426 |
0.000 |
|
Total
|
0.426 |
2472.197 |
CORPORTATE INFORMATION
The Company was
incorporated as a private limited Company by the name of Super Bar Tronics Private Limited on September 10, 1990. Further, the
Company changed its name from Super Bar Tronics
Private Limited to Super Bartronics Limited and
subsequently converted into a Public Limited Company w.e.f.
from July 27, 1995. The name of the Company was changed to Bartronics
India Limited on January 1, 1996.
Bartronics is currently
engaged in providing solutions based on Bar Coding, one of the oldest AIDC
technologies. Since then, in the past two decades, it has been pioneer in
introducing newer technologies and solutions in India based on Biometrics,
RFID, POS, EAS, and Smart Cards etc
EXTENSION OF FINANCIAL YEAR
The Company had
extended the financial year upto September 30, 2012
with the permission of the Registrar of Companies, to complete the internal
re-organization of the Company. The financial period consists of eighteen
months (i.e. April 1, 2011 to September 30, 2012).
SUBSIDIARY COMPANIES
The Company has
two subsidiary companies viz., Bartronics Asia Pte. Limited and Bartronics Middle
East FZE and five step down subsidiary companies viz., Bartronics
America Inc, Bartronics Hongkong
Limited, Bartronics Global Solutions Limited, Veneta Holding Limited and Burbank Holdings Limited.
Bartronics Asia Pte Limited
The Company was
incorporated as a wholly owned subsidiary of subject on 14th June
2007, in the Republic of Singapore with a Share Capital of US$ 769500. Bartronics Asia Pte Limited
(BAPL) acquired the only issued share of Cason Limited on December 21, 2007;
subsequently the name of the Company was change to Bartronics
Hong Kong Limited with effect from 15th October 2008. In the month
of April 2011, BAPL acquired the entire share capital of Veneta
Holdings Limited, Mauritius making it its wholly owned subsidiary. BAPL had
during the financial period incorporated another subsidiary in Mauritius named
Burbank Holding Limited, the operations of which are yet to be commenced.
Bartronics Middle East FZE
Bartronics Middle East FZE, Sharjah, UAE was incorporated on June 22, 2010 as a wholly
owned subsidiary of subject with a share capital of AED 1,50,000 Shares.
Bartronics America Inc.
Bartronics America Inc,
which was earlier a wholly owned subsidiary of the Company, has become a
subsidiary of BAPL w.e.f April 1, 2011, after BAPL
issued 150,000 equity shares to Bartronics America
Inc. Bartronics America Inc has two subsidiaries
namely Quality E People and Performica Software
Private Limited.
Roi
Public Relation Private Limited
The Company had
earlier written off an advance of Rs.0.650 million given to ROI, and has
written off the investment of Rs.0.313 million during the financial period. ROI
has been closed down under the Easy Exit scheme of the MCA.
COMPANY OVERVIEW
Presently the
Company offers the following business activities:
— Providing
solutions using umbrella of AIDC technologies and smart card manufacturing.
— Financial
Inclusion Division for implementing the FI projects as per the guidelines of
RBI.
— Providing
solutions in Radio Frequency Identification and Data Capture (RFID) Technology.
The Company
continues to see strong growth traction across existing business and expects
the momentum to continue in future also.
MANAGEMENT DISCUSSION AND ANALYSIS
Overview: Incorporated
in Hyderabad, India in 1990, The Company started with providing solutions based
on Bar Coding, one of the oldest Automated Identification and Data Capture
(AIDC) technologies. Since then, in the past two decades, it has been
pioneering in introducing newer technologies and solutions in India based on
Biometrics, RFID, POS, EAS, and Smart Cards etc. Today it has global presence
through subsidiaries in USA, Singapore, and Middle East. It is headquartered in
Hyderabad, India.
The company has
always been at the forefront in most of the technologies under the AIDC
umbrella and will strive to continue this for delivering improved value to the
customers. This has been achieved by establishing strong relationship with
technology giants who have given them access to futuristic technologies thereby
giving them the competitive edge of introducing any new technology which is
available for commercial use.
Our ability to
keep ourselves abreast with the technological advances and provide innovative
solutions to their clients; coupled with the experience and implementation
skills, makes them their client’s ideal partner in their growth story; which
truly defines their success.
The management team
has effectively leveraged the existing strengths and since 2001 the focus has
moved from being a mere systems integrator to offering end to end solutions.
Today, Bartronics is spreading its wings across the
globe to serve the growing demand for the quality services and reach out for
the newer opportunities and markets.
Key Developments
Reorganization of Global Operations: Last year the
company had initiated the process of reorganization under the guidance of KPMG.
In order to achieve this during the current year, the company had requested to
extend the current financial year to end of September 2012 which was granted by
Registrar of Companies (ROC). Subsequently, this year the exercise was
concluded and during the process following developments had taken place
·
Bartronics America Inc.
(BAI) which was earlier a subsidiary to Bartronics
India Inc. (BIL) was made as a subsidiary of Bartronics
Asia Pte Limited. (BAPL)
·
BAPL was made Headquarters for global operations
·
A separate entity Bartronics
Global Solutions Limited. (BGSL)was established as a subsidiary to BAPL
·
BAPL acquired Veneta
Holdings Limited. (VHL). VHL is a subsidiary to BAPL
·
Both VHL and BGSL will focus on providing support
services to global operations
Reorganization of Domestic Operations: During the
process of reorganization; following developments had taken place
·
Domestic operations now have two divisions —
Identification Solutions Division (ISD) and Financial Inclusion (FI) Division
as against four divisions earlier.
·
ISD will have its focus on providing solutions
using umbrella of AIDC technologies and manufacturing of Smart Cards.
·
FI Division will focus on winning and implementing
Financial Inclusion projects as per the guidelines laid by Reserve Bank of
India (RBI)
·
ISD is subdivided on the basis of function/
technology/ production which is represented by respective Profit Centre Head
(PCH) who will report to CEO
·
The FI Division is subdivided into regions/ banks
which is represented by respective PCH who will report to President — financial
Inclusion
The year that was:
The year posed a challenging business atmosphere both domestic and globally.
However, the management believes that the company was able to face these
challenges successfully and tide over difficult times keeping worst behind us.
The year also made the management, in congruence with Board of Directors, take
a conscious decision of consolidating its business and have its focus on
quality customers in order to have high rate of organic growth. This made the
Company accept fewer orders in comparison to the previous years, bringing down
the sales during last few quarters. Management thoroughly believes having a
strong base of quality clients is most essential in order to achieve high rate
of organic growth again.
Future Growth: Management
has identified the following growth drivers
A) Identification
Solutions: The AIDC industry is witnessing tremendous growth rate fuelled by
faster adoption of the technologies by various industries. Bartronics
India being the only company in India to provide end-to-end solutions is very
well placed to capitalize on this.
B) eGovernance and Smart Card Manufacturing: The company has
emerged as a market leader in the Financial Inclusion space by winning projects
covering close to 60,000 villages. Clearly, this gives the company with clear
earnings visibility for next five years coupled with higher growth rate. Also,
the strategy to move up the value chain in the production of smart cards will
help them realize more revenues without investing anything in the existing
capacity.
C) International
Operations: There is a huge demand for quality end-to-end solutions provider in
international markets. Although the company has presence in USA, Middle East
and Singapore, these operations have not much penetrated. While concentrating
on market penetration in the markets mentioned, the company is also looking to
have a foothold in newer geographies so as to have wider coverage and deeper
penetration across the globe.
UNAUDITED STANDALONE
RESULTS FOR THE QUARTER ENDED 31ST MARCH 2013
(Rs. in millions)
|
Sr. No. |
Particulars |
Quarterly |
Half Yearly |
|
|
Unaudited |
Unaudited |
Unaudited |
||
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
||
|
1 |
Income from operations |
|
|
|
|
|
(a) Net sales/income from
operations (net of excise duty) |
29.169 |
413.034 |
442.203 |
|
|
(b) Other operating
income |
-- |
-- |
-- |
|
|
Total income from
operations (net) |
29.169 |
413.034 |
442.203 |
|
2 |
Expenses |
|
|
|
|
|
a] Cost of materials
consumed |
9.615 |
16.018 |
19.626 |
|
|
b) Purchases of
stock-in-trade |
-- |
378.872 |
377.666 |
|
|
c) Changes in inventories
of finished goods, work in process and stock-in-trade |
4.142 |
(18.001) |
(13.859) |
|
|
d) Employee benefits
expense |
25.388 |
27.354 |
52.742 |
|
|
e) Depreciation and amortisation expense |
129.843 |
132.707 |
262.550 |
|
|
f) Provision for dimunition in Investment |
-- |
-- |
-- |
|
|
g) Other expenses |
16.511 |
33.451 |
49.962 |
|
|
Total expenses |
185.499 |
570.401 |
748.687 |
|
3 |
Profit from operations
before other income, finance costs and exceptional items (1-2) |
(156.329) |
(157.367) |
(306.484) |
|
4 |
Other income |
(140.699) |
260.567 |
119.868 |
|
5 |
Profit from ordinary activities
before finance costs and exceptional items (3+4) |
(297.028) |
103.200 |
(186.615) |
|
6 |
Finance costs |
120.274 |
124.079 |
244.353 |
|
7 |
Profit from ordinary
activities after finance costs but before exceptional items (5-6) |
(417.302) |
(20.879) |
(430.968) |
|
S |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit from ordinary
activities before tax {7+8) |
(417.302) |
(20.879) |
(430.968) |
|
10 |
Tax expense |
(17.273) |
21.528 |
4.255 |
|
11 |
Net Profit/|Loss) after
tax (9-10) |
(400.029) |
0.649 |
(435.223) |
|
12 |
Paid-up equity share
capital (Face value - Rs.10 per
equity share) |
340.489 |
340.489 |
340.489 |
|
13 |
Reserves excluding
revaluation reserves as per Balance Sheet of previous accounting year |
-- |
-- |
-- |
|
14 |
Earnings per share (of
Rs.10 each) (for the period -not annualised) |
|
|
|
|
|
- Basic [Rs.) |
(11.75) |
0.02 |
(12.78) |
|
|
- Diluted (Rs.) |
-- |
-- |
-- |
|
A |
Particulars of Sharehoiding |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
29114171 |
27252610 |
29114171 |
|
|
- Percentage of
shareholding |
85.51 |
80.04 |
85.51 |
|
2 |
Promoters and Promoter
group Shareholding |
|
|
|
|
|
a) Pledged/encumbered |
|
|
|
|
|
-Number of shares |
1358500 |
2841039 |
1358500 |
|
|
-Percentage of shares (as
a % of the total shareholding of promoter and promoter group) |
27.53 |
41.80 |
27.53 |
|
|
-Percentage of shares (as
a % of the total share capital of the company) |
3.99 |
8.34 |
3.99 |
|
|
b] Non-encumbered |
|
|
|
|
|
-Number of shares |
3576190 |
3955212 |
3576190 |
|
|
-Percentage of shares [as
a % of the total shareholding of promoter and promoter group) |
72.47 |
58.20 |
72.47 |
|
|
-Percentage of shares (as
a % of the total share capital of the company) |
10.50 |
11.62 |
10.50 |
|
|
Particular* |
3 months ended 31.03.2013 |
|
B |
Pending at the beginning of the Period |
NIL |
|
|
Received during the Period |
3 |
|
|
Disposed during the Period |
3 |
|
|
Remaining unresolved at the end of the Period |
NIL |
The Company has two
subsidiaries a) Bartronics Middle East b) Bartronics Asia PTE Limited. The consolidated figures for
the quarter ended 31st March 2013 are as follows:
|
Particulars |
Quarter ended 31st March 2013 |
|
a)
Turnover (Rs. in millions) |
817.166 |
|
b) Net
Profit/ (Loss) after tax (Rs. in millions) |
(388.680) |
|
c) Earning
per share (Face value of Rs.5) |
-- |
|
- Basic
and Diluted (in Rs.) (Not annualized) |
-- |
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Machinery
·
Electrical Installation
·
Computers
·
Office Equipment
·
Furniture and Fixtures
·
Vehicles
·
Leasehold Improvements
Intangible Assets
·
Software
WEBSITE DETAILS:
NEWS:
HAVE TAKEN STEPS TO BRING
DOWN RECEIVABLES: BARTRONICS
March 11, 2013
Sudhir Rao, MD of Bartronics, in an interview to CNBC-TV18, admits that
company's overall receivables have reached an alarming stage. However, he
assures that the company has taken steps to bring the problem under control.
The total receivables for Bartronics stand at Rs.8800.000 millions for the quarter ended December 31, 2012. The company also faces winding up petition in court from a creditor. There has been slight easing in the last 30 days although not significant, Rao says.
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 Declration :
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.59.69 |
|
|
1 |
Rs.91.66 |
|
Euro |
1 |
Rs.78.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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 |
- |