1. Summary Information
|
Country |
India |
||
|
Company Name |
Berger Paints
India Limited |
Principal Name 1 |
Kuldip Singh Dhingra |
|
Status |
Excellent |
Principal Name 2 |
Gurbachan Singh Dhingra
|
|
Registration # |
21-4793 |
||
|
Street Address |
Berger House, 129 Park Street, Kolkata – 700 017, West Bengal, India |
||
|
Established Date |
17.12. 1923 |
SIC Code |
-- |
|
Telephone# |
91-33-22299724-28 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-33-22499009/ 22499729 |
Business Style 2 |
Marketing |
|
Homepage |
Product Name 1 |
Synthetic Resins and Paints |
|
|
# of employees |
2431 (Approximately) |
Product Name 2 |
Varnishes |
|
Paid up capital |
Rs.692,000,000/- |
Product Name 3 |
Enamels |
|
Shareholders |
Shareholding of
Promoter and Promoter Group- 75.54%, Public Shareholding-24.46% |
Banking |
Bank of Baroda |
|
Public Limited Corp. |
Yes |
Business Period |
90 Years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
Aa
(77) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates Company
: |
-- |
U. K. Paints (India) Private Limited |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
5,788,000,000 |
Current Liabilities |
4,184,000,000 |
|
Inventories |
5,139,000,000 |
Long-term Liabilities |
1,698,000,000 |
|
Fixed Assets |
2,720,000,000 |
Other Liabilities |
765,000,000 |
|
Deferred Assets |
-- |
Total Liabilities |
6,647,000,000 |
|
Invest& other Assets |
1,455,000,000 |
Retained Earnings |
7,763,000,000 |
|
|
|
Net Worth |
8,455,000,000 |
|
Total Assets |
15,102,000,000 |
Total Liab. & Equity |
15,102,000,000 |
|
Total Assets (Previous Year) |
12,188,683,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
26,621,000,000 |
Net Profit |
1,774,000,000 |
|
Sales(Previous yr) |
20,962,243,000 |
Net Profit(Prev.yr) |
1,483,079,000 |
MIRA INFORM REPORT
|
Report Date : |
20.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
BERGER PAINTS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Berger House, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation
: |
17.12. 1923 |
|
|
|
|
Com. Reg. No.: |
21-4793 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.692.307 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51434WB1923PLC004793 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
CALB08557D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCB0976E |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturing and Marketing of Synthetic Resins and Paints, Varnishes, Enamels, etc. |
|
|
|
|
No. of Employees
: |
2431 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (77) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 33820000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having a good track record. Financial positions of the company appears to be sound. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country’s growth, which has averaged more than 7% per
year since 1997. India’s diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India’s output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis – in large part because of strong domestic demand – and growth
exceeded 8% year-on-year in real terms. However, India’s economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government’s fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India’s medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA+ (Long Term Rating) |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
March 19, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short Term Rating) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk |
|
Date |
March 19, 2013 |
LOCATIONS
|
Registered/ Head Office / Factory : |
Berger House, |
|
Tel. No.: |
91-33-22299724-28/ 22296005/ 22296006/ 22296016/ 22003546–48/ 249 9754 |
|
Fax No.: |
91-33-22499009/ 22499729/ 22003549 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Plant 1 : |
14 and |
|
Tel. No.: |
91-33-2668 4706 (4 lines) |
|
Fax No.: |
91-33-2668 4709 |
|
|
|
|
Plant 2 : |
RS No. 53-56 Pandasozhanallur, Village – Nettapakkam Commune, Pondicherry – 605 106, Tamil Nadu, India |
|
Tel. No.: |
91-431-2699574/ 143 |
|
Fax No.: |
91-431-2699171 |
|
|
|
|
Plant 3 : |
316-317, Kundaim Industrial Estate, Kundaim, North |
|
Tel. No.: |
91-832-2395610/ 6407 |
|
Fax No.: |
91-832-2395663 |
|
|
|
|
Plant 4: |
38A, Industrial Area, |
|
Tel. No.: |
91-5735-22384/249 |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Kuldip Singh Dhingra |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Gurbachan Singh Dhingra |
|
Designation : |
Vice Chairman |
|
Date of Birth : |
09.04.1950 |
|
Qualification |
Bachelor of science |
|
Date of Appointment : |
14.05.1993 |
|
|
|
|
Name : |
Mr. Subir Bose |
|
Designation : |
Managing Director |
|
Experience : |
B. Tech, PGDBA |
|
Date of Birth : |
10.12.1949 |
|
Qualification |
B. Tech, PGDBA |
|
Date of Appointment : |
07.03.1994 |
|
|
|
|
Name : |
Mr. Anil Bhalla |
|
Designation : |
Director |
|
Date of Birth : |
14.09.1946 |
|
Qualification |
Chartered Accountants |
|
Date of Appointment : |
27.09.1991 |
|
|
|
|
Name : |
Mr. Gerald Kenneth Adams |
|
Designation : |
Director |
|
Date of Birth : |
17.06.1953 |
|
Qualification |
MBA |
|
Date of Appointment : |
30.01.2008 |
|
|
|
|
Name : |
Mr. Gurcharan Das |
|
Designation : |
Additional Director |
|
Date of Birth : |
03.10.1943 |
|
Qualification |
Harvard Graduate |
|
Date of Appointment : |
27.072001 |
|
|
|
|
Name : |
Mr. Kamal Ranjan Das |
|
Designation : |
Director |
|
Date of Birth : |
23.02.1932 |
|
Qualification |
Graduate |
|
|
|
|
Name : |
Mr. Pulak Chandan Prasad |
|
Designation : |
Director |
|
Date of Birth : |
27.05.1968 |
|
Qualification |
B. Tech |
|
|
|
|
Name : |
Mr. Abhijit Roy |
|
Designation : |
Director |
|
Date of Birth : |
12.07.1965 |
|
Qualification |
BE (Mechanical), Post Graduate Diploma in Management |
|
Date of Appointment : |
11.02.2011 |
|
|
|
|
Name : |
Mr. Srijit Dasgupta |
|
Designation : |
Whole Time Director and Chief Financial Officer |
|
Date of Birth : |
21.07.1961 |
|
Qualification |
B.Sc |
|
Date of Appointment : |
11.02.2011 |
|
|
|
|
Name : |
Mrs. Rishma Kaur |
|
Designation : |
Alternate Director to Mr. Kuldip Singh Dhingra |
|
Date of Birth : |
01.09.1972 |
|
Qualification |
B. Sc (Hons.) in Business Studies |
|
Date of Appointment : |
14.04.2011 |
|
|
|
|
Name : |
Mr. Kanwardip Singh Dhingra |
|
Designation : |
Alternate Director to Mr. Gurbachan Singh Dhingra |
|
Date of Birth : |
28.10.1982 |
|
Qualification |
Bachelor’s Degree in Chemical Engineering |
|
Date of Appointment : |
14.04.2011 |
KEY EXECUTIVES
|
Name : |
Mr. Aniruddha Sen |
|
Designation : |
Senior Vice
President and Company Secretary |
|
|
|
|
Name : |
Mr. Bhabesh Bera |
|
Designation : |
Senior Vice
President (Research and Development) |
|
Qualification : |
B.Sc and M.Sc |
|
|
|
|
Name : |
Dr. Prosanta
Kumar Ghosh |
|
Designation : |
Vice President
(Manufacturing) |
|
Qualification : |
B.Sc and M.Sc and
M.Tech |
|
|
|
|
Name : |
Mr. Sabir Saha |
|
Designation : |
Vice President
(Information Technology) |
|
Qualification : |
B.Stat, M.Stat
and Diploma in computer science |
|
|
|
|
Name : |
Mr. Subhashish
Das (Corporation HR and Personnel) |
|
Designation : |
Vice President |
|
Qualification : |
M.Com and LL.B |
|
|
|
|
Name : |
Mr. Dinesh Kumar
Virmani |
|
Designation : |
General Manager |
|
Qualification : |
B.Tech (Chemical) |
|
|
|
|
COMMITTEES : |
|
|
Audit Committee : |
· Anil Bhalla (chairman) · Kamal Ranjan Das · G S Dhingra · Gerald Kenneth Adams\ · Aniruddha Sen (Secretary) |
|
|
|
|
Share Transfer Committee: |
· Subir Bose (Chairman) · Kamal Ranjan Das · Aniruddha Sen (Secretary) |
|
|
|
|
Investors Grievances Committee : |
· Kamal Ranjan Das (Chairman) · Subir Bose · Anil Bhalla · Aniruddha Sen (Secretary) |
|
|
|
|
Compensation Committee : |
· Anil Bhalla (Chairman) · Kamal Ranjan Das · Kuldip Singh Dhingra · Aniruddha Sen (Secretary) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.12.2012)
|
Names of Category |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
18293680 |
5.28 |
|
|
193061438 |
55.75 |
|
|
211355118 |
61.03 |
|
|
|
|
|
|
|
|
|
|
50234565 |
14.51 |
|
|
50234565 |
14.51 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
261589683 |
75.54 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1873998 |
0.54 |
|
|
47785 |
0.01 |
|
|
9779027 |
2.82 |
|
|
32931231 |
9.51 |
|
|
44632041 |
12.89 |
|
|
|
|
|
|
|
|
|
|
6102837 |
1.76 |
|
|
|
|
|
|
|
|
|
|
31829138 |
9.19 |
|
|
1117928 |
0.32 |
|
|
|
|
|
|
1018321 |
0.29 |
|
|
731240 |
0.21 |
|
|
266517 |
0.08 |
|
|
19564 |
0.01 |
|
|
1000 |
0.00 |
|
|
40068224 |
11.57 |
|
|
|
|
|
Total Public
shareholding (B) |
84700265 |
24.46 |
|
|
|
|
|
Total (A)+(B) |
346289948 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
|
|
|
Total (A)+(B)+(C) |
346289948 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Synthetic Resins and Paints Varnishes Enamels etc. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
Synthetic Resin |
MT |
33.151 |
25,516 |
|
|
|
|
|
|
Paints, Varnishes, Enamels etc. |
|
|
|
|
-
Liquid |
KL |
251742 |
140,165 |
|
-
Non-Liquid |
MT |
24,204 |
GENERAL INFORMATION
|
No. of Employees : |
2431 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
· Standard Chartered Bank 4 Netaji Subhas Road P.O. Box 40 Kolkata – 700001 West Bengal, West Bengal, India ·
Bank of · Central Bank of India 33 Netaji Subhas Road P. O. Box 40 Kolkata – 700001 West Bengal India · The Royal Bank of Scotland NV · Corporation Bank · HDFC Bank Limited · The Hongkong and Shanghai Banking Corporation Limited Kolkata West Bengal India ·
ICICI Bank Limited · State Bank of India · Axis Bank Limited · ING Vysya Bank Limited · DBS Bank limited |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
Note: Loans from Banks cash credit are secured by hypothecation of stock-in- trade and book debts and repayable on demand. |
||||||||||||
|
|
|
||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
Plot No- Y-14, Salt Lake, Block – EP, Sector – 5, Kolkata – 700 091, West Bengal, India |
|
|
|
|
Associates Company
: |
U. K. Paints (India) Private Limited |
|
|
|
|
Joint Ventures : |
· Berger Becker Coatings Private Limited · BNB Coatings India Limited |
|
|
|
|
Wholly Owned
Subsidiary Company : |
· Berger Jenson and Nicholson (Nepal) Private Limited · Beepee Coatings Private Limited · Berger Paints (Cyprus) Limited · Berger Paints Overseas Limited · Lusako Trading Limited · Bolix S.A. · Build - Trade Sp. z.o.o. |
|
|
|
|
Enterprise over
which Limited
Directors have significant
influence : |
· U. K. Paints (Overseas) Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
375000000 |
Equity Shares |
Rs.2/- each |
Rs. 750.000 Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
346199004 |
Equity Shares |
Rs.2/- each |
Rs. 692.398
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
346153264 |
Equity Shares |
Rs.2/- each |
Rs. 692.307 Millions |
NOTES:
a) Reconciliation of the number of shares and the amount of share capital :
|
Particulars |
For the year ended 31st March, 2012 |
|||
|
|
No. of Shares |
No. of Shares Amount (Rs. In Millions) |
|
|
|
Balance as at 1st April |
346072464 |
692.000 |
|
|
|
Add: Shares issued on exercise of employee stock options * |
80800 |
0.000 |
|
|
|
Balance as at 31st March |
346,153,264 |
692 |
|
|
b) Details of
Shareholders having more than 5% of holding :
|
Name of the Shareholder |
As at 31st March, 2012 |
|
|
|
No. of Shares |
% holding |
|
U K Paints (India) Private Limited |
157765295 |
45.58 |
|
Jenson & Nicholson (Asia) Limited, UK |
50234565 |
14.51 |
|
Nalanda India Fund Limited |
19277648 |
5.57 |
c) Terms / rights
attached to equity shares :
Share Capital comprises only equity shares of Rs. 2/- each only.
The equity shares rank pari passu in all respects including right to
dividend, issue of new shares and voting rights.
*All figures are in Million. Figures marked with asterisks (*) are below
the rounding off norm adopted by the Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
692.000 |
692.145 |
692.145 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Employees Stock Options |
0.000 |
8.809 |
0.000 |
|
|
4] Reserves & Surplus |
7763.000 |
6529.184 |
5570.134 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8455.000 |
7230.138 |
6262.279 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
718.000 |
785.314 |
244.130 |
|
|
2] Unsecured Loans |
980.000 |
0.323 |
0.488 |
|
|
TOTAL BORROWING |
1698.000 |
785.637 |
244.618 |
|
|
DEFERRED TAX LIABILITIES |
125.000 |
89.990 |
90.317 |
|
|
|
|
|
|
|
|
TOTAL |
10278.000 |
8105.765 |
6597.214 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2720.000 |
2041.602 |
1855.920 |
|
|
Capital work-in-progress |
659.000 |
767.927 |
315.968 |
|
|
|
|
|
|
|
|
INVESTMENT |
796.000 |
1175.926 |
1701.990 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5139.000
|
4039.186
|
2993.270
|
|
|
Sundry Debtors |
3050.000
|
2402.882
|
2047.298
|
|
|
Cash & Bank Balances |
1763.000
|
1229.233
|
375.641
|
|
|
Other Current Assets |
66.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
909.000
|
531.927
|
483.929
|
|
Total
Current Assets |
10927.000
|
8203.228
|
5900.138
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
3282.000
|
2431.325
|
1950.025
|
|
|
Other Current Liabilities |
902.000
|
1211.530
|
700.925
|
|
|
Provisions |
640.000
|
440.063
|
525.852
|
|
Total
Current Liabilities |
4824.000
|
4082.918
|
3176.802
|
|
|
Net Current Assets |
6103.000
|
4120.310
|
2723.336
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10278.000 |
8105.765 |
6597.214 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
26621.000 |
20962.243 |
16841.669 |
|
|
|
Other Income |
306.000 |
404.691 |
227.312 |
|
|
|
TOTAL (A) |
26927.000 |
21366.934 |
17068.981 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Materials Consumed |
|
13388.785 |
10774.747 |
|
|
|
Expenses |
|
5445.445 |
4305.124 |
|
|
|
TOTAL (B) |
23845.000 |
18834.230 |
15079.871 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3082.000 |
2532.704 |
198.911 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
224.000 |
121.784 |
31.094 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2858.000 |
2410.920 |
1958.016 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
376.000 |
299.772 |
264.070 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2482.000 |
2111.148 |
1693.946 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
708.000 |
628.069 |
492.568 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1774.000 |
1483.079 |
1201.378 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2915.685 |
2104.460 |
1467.131 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
177.000 |
148.308 |
120.138 |
|
|
|
Final Dividend |
485.000 |
449.894 |
380.680 |
|
|
|
Tax on Distributed Profits |
78.000 |
73.652 |
63.231 |
|
|
BALANCE CARRIED
TO THE B/S |
3949.685 |
2915.685 |
2104.460 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
N.A |
7.595 |
1.481 |
|
|
|
Other Earnings |
N.A |
1.383 |
3.204 |
|
|
TOTAL EARNINGS |
N.A |
8.978 |
4.685 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
N.A |
1782.811 |
1185.517 |
|
|
|
Stores & Spares |
N.A |
2.100 |
1.739 |
|
|
|
Capital Goods |
N.A |
13.348 |
8.038 |
|
|
TOTAL IMPORTS |
N.A |
1798.259 |
1195.294 |
|
|
|
|
|
|
|
|
|
|
Earnings
Per Share (Rs.)
|
5.13 |
4.29 |
3.65 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
7516.000 |
7141.000 |
8222.000 |
|
Total Expenditure |
6756.000 |
6393.000 |
7220.000 |
|
PBIDT (Excl OI) |
760.000 |
748.000 |
1002.000 |
|
Other Income |
69.000 |
65.000 |
85.000 |
|
Operating Profit |
829.000 |
813.000 |
1087.000 |
|
Interest |
67.000 |
65.000 |
73.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
762.000 |
748.000 |
1014.000 |
|
Depreciation |
107.000 |
112.000 |
117.000 |
|
Profit Before Tax |
655.000 |
636.000 |
897.000 |
|
Tax |
178.000 |
178.000 |
243.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
477.000 |
458.000 |
654.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
477.000 |
458.000 |
654.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
6.59
|
6.94
|
7.38
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.22
|
10.07
|
10.06
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.19
|
20.61
|
21.84
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.29
|
0.27
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.20
|
0.67
|
0.55
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.27
|
2.01
|
1.86
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
DETAILS OF LITIGATION
:
|
Case Status |
Pending |
|
Status of |
APPL.UND.CENTRAL EXC (CEXA) 31 of 2009 |
|
Commissioner of Central Excise, Kolkata Vs. M/s. Berger Paints India Limited |
|
|
Pet’s Adv |
K.K.Maiti |
|
Res’s Adv |
- |
|
Court No |
2 |
|
Last Listed on |
Wednesday, August 19, 2009 |
|
Category |
Excise : Revenue |
UNSECURED LOANS :
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Fixed Deposits * |
0.000 |
0.323 |
|
Import Finance –
Buyer’s Credit |
980.000 |
0.000 |
|
Total |
980.000 |
0.323 |
* Includes unclaimed matured fixed deposit
FINANCIAL PERFORMANCE
:
During the financial year ended 31st March, 2012, the Company achieved net consolidated revenue from operations of Rs.29477 million as against Rs. 23407 million in the previous year registering a growth of 26%. The profit before depreciation, interest and exceptional items was Rs. 3340 million as against Rs.2805 million in the previous year, recording an improvement of 19%. The profit before tax was Rs 2545 million (2010 – 11 : Rs 2,161million) and the profit after tax was Rs 1801 million (2010 – 11 : Rs 1501 million), representing increases of 18% and 20% respectively.
MANAGEMENT DISCUSSION
AND ANALYSIS :
PAINT INDUSTRY
STRUCTURE AND DEVELOPMENT
The paint industry in India has shown remarkable resilience in the past
– holding out despite the fluctuating fortunes in other sectors of industry and
the Indian economy as a whole. It is segregated into broadly two categories,
namely, the decorative (or architectural) and industrial coatings segments. The
industrial segment may be the further broken up into protective, general
industrial, automotive, powder and marine coatings. The coatings market in
India is dominated by the decorative segment -- occupying more than 70% of the
share of the organized sector. The organized sector defines the boundaries of
the paints market. New products, fresh technologies, improved properties and
innovative distribution channels -- have all been introduced by this sector.
Consumption of paint per person has now inched up to about 2 Kgs per person --
still a far cry from developed nations and the world per capita average of
about 15 Kgs.
In 2011-12, the decorative paints market is estimated to have grown by
about 25% in value terms and 12% in volume terms. While empirical data
indicates that the paint industry’s growth is linked to GDP, the Company has
reasons to believe that while an overall macro growth driver indeed helps, consistent efforts by all large
domestic producers to expand the reach of the market by penetrating new areas,
introducing varied products, offering multiple choices in terms of quality and
prices, providing better services and
educating consumers boost the demand curve. Customers continue to
increasingly prefer value added products, such as exterior and interior
emulsion paints. They are environmentally more benign being water-based as
opposed to solvent-based, more durable, have better properties such as wash
ability, dirt resistance, heat resistance, resistance to fungi and algae and look
better. The rapid increase of consumer pull from medium and small towns as well
as rural areas augurs well for the industry. This, with the increasing trend of
conversion of mud houses to brick and mortar and concrete offers opportunity
for the economy and regular end of the market.
One of the areas of concern continues to be unabated increase in the
prices of raw materials including those of titanium di-oxide and solvent based
products. Since many of these are imported, either by the paint industry or by
the raw material suppliers themselves, the appreciating value of the US Dollar
vs the Indian Rupee has been compounding the problem. This triggered increase
of finished goods prices across all segments.
The industrial segment also grew reasonably by volume but had to face
challenges of reduced margins and lower demand on account of subdued activities in various sectors
including automotive. The recent increase in petrol prices may further dampen
demand in the automotive sector.
COMPANY’S
OPERATION :
The members will recall that in the previous year, the Company had
introduced a bouquet of new products in the decorative segment. These included Weather coat All guard –
Premium Plus exterior emulsion with water repelling silicon, Weather Coat
Kool‘n’ Seal with two way advantage of sealing the terrace cracks and cooling
the interiors, and Breathe Easy – the low VOC, low emission emulsion and enamel paints. Breathe Easy has the
distinction to be the first Indian paint to hold international environment certification.
The Company is happy to report that all these products were received with
enthusiasm in the market. This year too, these will continue to attract time and attention of the Company
such that the products are deeply entrenched into the markets.
During the year, the Company embarked upon the business of construction
chemicals. They have a similarity to paints in the sense that they are required
mostly at the end process of construction, are necessary for aesthetics and
finishing, are sold from many common counters and hardware stores and are
related to the architectural sector. The products include Cement mix Plus – a
waterproofing compound, Crack fill Paste – a ready to use flexible putty for
filling the cracks on plastered surfaces, Crack fill Powder, Super Latex Plus
and Latex Plus – liquids for waterproofing and multi-purpose repair work, Tile
Adhesive Plus and Tile Adhesive – for bonding of tiles with cement surfaces.
The products have been released in select markets and will be extended to whole
of the country over a period of time. The Company has established the necessary
organization structure for the purpose.
In the field of wood coatings, the Company introduced 2 pack
polyurethane (PU) – a premium quality two component lacquer system used as top
coat on wooden surface and polyester coatings. These will add value to wooden
surfaces and furniture.
Better service, prompt response and wider reach to the dealers and the
customers have been the hallmark of success in the consumer goods sector in the country. In India, brand
recognition depends as much on proven perception of the utility of product and
its ready availability as on advertisements and publicity. To this extent, the
Company is putting up a Centralized Help Line and a number of Regional
Distribution Centres in key locations. The Company will continue to venture
into alternate channels of distribution for better access to the population. There will be
increased activity on both Projects (Prolinks, as it is known in your Company)
and Home Painting Business coupled with business development efforts at
grass-root levels.
The General Industrial and Automotive Business continued to perform well
with fair growths in both volume and value. The Business was able to increase its share in medium and
heavy commercial vehicles, three wheelers and medium utility vehicles. The
Company was able to gain business in
thermosetting acrylics (TSA) and polyurethane (PU) products used by major
motorcycle manufacturers and in their
ancillaries.
Protective Coatings continued to clock high volumes in Projects,
Infrastructure and Pre-fabricated Structures (PEB) to hold on to its leadership
position in the country. The Business introduced high performance coatings as
tank liners and for pipes transporting hydrocarbon fuels and drinking water.
The Company’s factories performed well and maintained a steady supply to
the Depots. The processing centres also helped to cater to the demand.
.
FOCUS AND OUTLOOK
FOR 2012-13 :
The Company believes that despite certain recent negatives such as lower
industrial production growth of 2.4% in 2011-12 compared to 8.2% in 2010-11 and
much lesser GDP growth in the backdrop of tight monetary policy, demand
depression in both domestic and global markets and a loss of about 20% in the
value of Rupee against Dollar, the paint industry in India is on a structural
growth path driven by rising incomes, rapid urbanization, changing consumer
preferences for aesthetics and better understanding of the consumers of the
inherent properties of paints. Your Company has been at the forefront in the
industry explaining to the market the importance of paint in protecting
valuable assets. Paints does enhance the beauty of architecture but equally
important -- it provides protection against climatic hazards and resists
corrosion. In India, it is estimated that upward of Rs. 1.5 lakh crore is lost
every year due to corrosion. Much of this can be mitigated by application of
proper paints. With a history of hitherto low consumption, the paint industry
in India will continue to have a promising future as long as the Company can
deliver value, provide robustness, bring forth new ideas and ensure best
service levels. While decorative paints would continue to account for a larger
pie, industrial paints do hold a significant potential in the long run.
Over the last couple of years, the Company has launched several new
products in the premium emulsion range to improve its product mix and
strengthen its position in the decorative paints market.
In its pursuit towards a cleaner environment, your Company will continue
to increase share of the interior and exterior emulsion in the overall product
portfolio. Painting of new buildings and project business constitute 30-35% of
the decorative paint business in major urban markets. In order to utilize the
opportunity offered by this sector, the Company will further concentrate on
improving the Company’s share of project business. Your Company will continue
to expand distribution network across all markets both in terms of width and
depth. Considering the significance of improving service to dealers, certain
measures would be initiated for enhancing the operational efficiency of dealers
and salespersons.
In order to maintain momentum of growth, investment in infrastructure –
both in Government and private sectors – have to be sustained. In this area
too, the demand for paints is expected to be steady. Further, consumers are
getting more demanding and with product liability and safety issues getting
more stringent, there will be a need for sustained qualitative improvement in
the performance of the paints.
PROJECTS :
Upon receipt of all environment clearances, work on setting up the
modern and automated water based paint plant at Hindupur in Andhra Pradesh is in full swing. The first
phase of the Project is expected to be completed by the middle of 2013. Once
fully completed, the capacity of the plant will be 320,000 MT per annum for
water based paints and 100,000 MT for the emulsions per annum used as
intermediates in the production of these paints.
The Company has also initiated work on a separate unit at Hindupur for
its British Paints Division which will further augment capacity by 30,000 MT of
paints and 6,000 MT of resins per annum. Expansion of the water based plant at
Rishra from 18,000 MT per annum to 78,000 MT per annum is expected to be
completed by middle of 2012. Work on expansion of the water based paint plant
at Goa from 28,000 MT per annum to 78,000 MT per annum is on track and expected
to be completed by 2012. Resin manufacturing capacity at Goa is being increased
by 6,000 MT per annum. Storage facilities of the plant are being simultaneously
enhanced.
Fixed Assets
Tangible
Assets:
·
Land :
Freehold
Leasehold
·
Buildings :
Freehold
Leasehold
·
Plant and Machinery
·
Furniture and Fittings
·
Equipment
·
Motor Cars and Other Vehicles
Intangible
Assets:
- Computer
Software
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE
MONTHS ENDED 31st DECEMBER 2012
(Rs. In Millions)
|
|
Particulars |
UNAUDITED |
||
|
|
Three Months
Ended 31.12.12 |
Previous Three
Months Ended 30.09.12 |
Nine Months
Ended 31.12.12 |
|
|
|
|
|
|
|
|
1. |
(a) Net Sales/Income from Operations |
8190.000 |
7113.000 |
7001.000 |
|
|
(b) Other Operating Income |
32.000 |
28.000 |
90.000 |
|
|
Total Income
From Operations (net) |
8222.000 |
7141.000 |
22879.000 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
a. Cost of material consumed |
4652.000 |
3701.000 |
13075.000 |
|
|
b. Purchase of stock-in-trade |
610.000 |
587.000 |
1774.000 |
|
|
c. Changes in inventories of finished
goods, work-in-process and stock-in-trade
|
(175.000) |
187.000 |
(500.000) |
|
|
d. Employee benefit expense |
355.000 |
347.000 |
1070.000 |
|
|
e. Depreciation and amortization expense |
117.000 |
112.000 |
336.000 |
|
|
f. Other expenditure |
1778.000 |
1571.000 |
4950.000 |
|
|
Total |
7337.000 |
6505.000 |
20705.000 |
|
|
|
|
|
|
|
3. |
Profit from Operations before Other Income, Interest and Exceptional
Items (1-2) |
885.000 |
636.000 |
2174.000 |
|
4. |
Other Income |
85.000 |
65.000 |
219.000 |
|
5. |
Profit before Interest and Exceptional Items (3+4) |
970.000 |
701.000 |
2393.000 |
|
6. |
Interest |
73.000 |
65.000 |
205.000 |
|
7. |
Profit after Interest but before Exceptional Items (5-6) |
897.000 |
636.000 |
2188.000 |
|
8. |
Exceptional items |
- |
- |
- |
|
9. |
Profit (+)/ Loss (-) from Ordinary Activities before tax (7+8) |
897.000 |
636.000 |
2188.000 |
|
10. |
Tax expense |
243.000 |
178.000 |
599.000 |
|
11. |
Net Profit (+)/ Loss (-) from Ordinary Activities after tax (9-10) |
654.000 |
458.000 |
1589.000 |
|
12. |
Extraordinary Item (net of tax expense) |
- |
- |
- |
|
13. |
Net Profit (+)/ Loss (-) for the period
(11-12) |
654.000 |
458.000 |
1589.000 |
|
14. |
Paid-up equity share capital |
693.000 |
693.000 |
693.000 |
|
15. |
Reserves excluding Revaluation Reserves as per Balance Sheet |
- |
- |
- |
|
|
|
|
|
|
|
16. |
Earnings Per
Share (EPS) |
|
|
|
|
|
a) Basic EPS (Rs.) |
1.89 |
1.32 |
4.59 |
|
|
b) Diluted EPS (Rs.) |
1.89 |
1.32 |
4.59 |
|
|
|
|
|
|
|
|
Particulars |
UNAUDITED |
||
|
|
|
Three Months
Ended 31.12.12 |
Previous Three
Months Ended 30.09.12 |
Nine Months
Ended 31.12.12 |
|
A. |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
|
1.Public
shareholding |
|
|
|
|
|
Number of shares |
84700265 |
84700265 |
84700265 |
|
|
Percentage of shareholding |
24.46 |
24.46 |
24.46 |
|
|
|
|
|
|
|
|
2.Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
|
-Percentage of shares (as a % of the total shareholding of
promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
-Percentage of shares (as a % of the total share capital
of the company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of shares |
261589683 |
261589683 |
261589683 |
|
|
-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) |
75.54 |
75.54 |
75.54 |
|
|
Particulars |
Three Months
Ended 31.12.12 |
|
B. |
INVESTOR
COMPLAINTS |
|
|
|
Pending at the
beginning of the quarter |
Nil |
|
|
Received during
the quarter |
1 |
|
|
Disposed of
during the quarter |
1 |
|
|
Remaining
unresolved at the end of the quarter |
Nil |
NOTES:
· The Company has only one business segment - Paints.
· Figures for the previous periods have been regrouped, wherever necessary.
·
The above results, as reviewed by the Audit Committee,
were approved and taken on record by the Board of Directors at its meeting held
on 31st January, 2012. These results have been subjected to a 'Limited Review'
by the statutory auditors of the Company.
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 exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.26 |
|
|
1 |
Rs.81.94 |
|
Euro |
1 |
Rs.70.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
RSMK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
77 |
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.