MIRA
INFORM REPORT
|
Report Date : |
30.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
CENTURY EXTRUSIONS LIMITED |
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Registered
Office : |
113, Park Street, N Block, 2nd Floor, Kolkata – 700016,
West Bengal |
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Country : |
India |
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|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
02.02.1988 |
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Com. Reg. No.: |
21-043705 |
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Capital
Investment / Paid-up Capital : |
Rs. 80.000 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
L27203WB1988PLC043705 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALC03885A / CALC00594G |
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PAN No.: [Permanent Account No.] |
AABCC1791N |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing of Aluminium Extruded Products and Transmission
and Distribution Line Hardware. |
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|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1452000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. The company’s sales volumes declined during 2012-13, resulting in a
loss from its operations. The rating also takes into consideration subject’s healthy financial
risk profile, marked by a moderate networth and conservative capital
structure, however, the management has reported delays in debt servicing. Trade relations are fair. Business is active. Payment terms are
reported as slow but correct. The company can be considered for business dealings with some 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 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from January
1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a
119 year old registration. The Securities and Exchange Board of India has
approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit
risk. |
|
Date |
December 26, 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
December 26, 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Sachin Gupta |
|
Designation : |
Finance Department |
|
Contact No.: |
91-33-22291012 |
|
Date : |
27.11.2013 |
LOCATIONS
|
Registered/ Head Office : |
113, Park Street, N Block, 2nd Floor, Kolkata – 700016,
West Bengal, India |
|
Tel. No.: |
91-33-22291012/ 1291 |
|
Fax No.: |
91-33-22261110/ 22495656 |
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E-Mail : |
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Website : |
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Factory : |
WBIIDC Industrial Growth Centre, Plot
No. 7A, Sector ‘B’, Nimpura, P.O.- Rakhajungle, Kharagpur – 721301, West Bengal,
India |
|
Tel. No.: |
91-3222-233310 / 233324 |
|
Fax No.: |
91-3222-233304 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
M P Jhunjhunwala |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. M G Todi |
|
Designation : |
Director |
|
Date of Birth/Age : |
21.01.1941 |
|
Qualification : |
M.Com., LL.B., FCA |
|
Experience : |
46 Years Experience in Industry |
|
Date of Appointment : |
31.07.2006 |
|
Other Directorship : |
· Coastal Industrial Finance Limited – Chairman Todi
Sons Limited – Director Todi
Services Limited – Director Khaitan
Electricals Limited – Director Alfa
Aluminium Private Limited – Chairman Volex
Estates Private Limited - Chairman Snuk
Housing and Holdings Private Limited-Chairman Yazur
Nirman Private Limited-Chairman CRL
Logistic Private Limited-Chairman Salasar
Finance Private Limited – Chairman Coastal
Properties Private Limited – Director Todi
Projects Private Limited - Director |
|
|
|
|
Name : |
Mr. V K Mushran |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. R K Sharma |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. A K Hazra |
|
Designation : |
Director |
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Date of Birth/Age : |
04.07.1936 |
|
Qualification : |
B.E., PGDMM |
|
Experience : |
38 Years
Experience in Engineering Industries |
|
Date of Appointment : |
28.05.2012 |
|
|
|
|
Name : |
Vikram Jhunjhunwala |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sachin Gupta |
|
Designation : |
Finance Department |
|
|
|
|
Name : |
Mr. Rajiv Agarwal |
|
Designation : |
Deputy General
Manager (Finance) and Accounts |
|
|
|
|
Name : |
Sumana Raychaudhuri |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
9168967 |
11.46 |
|
|
32459682 |
40.57 |
|
|
41628649 |
52.04 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
41628649 |
52.04 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1800 |
0.00 |
|
|
2500 |
0.00 |
|
|
100 |
0.00 |
|
|
4400 |
0.01 |
|
|
|
|
|
|
4125985 |
5.16 |
|
|
|
|
|
|
30135981 |
37.67 |
|
|
2219139 |
2.77 |
|
|
1885846 |
2.36 |
|
|
2900 |
0.00 |
|
|
1882946 |
2.35 |
|
|
38366951 |
47.96 |
|
Total Public shareholding (B) |
38371351 |
47.96 |
|
Total (A)+(B) |
80000000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
80000000 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Aluminium Extruded Products and
Transmission and Distribution Line Hardware. |
GENERAL INFORMATION
|
Customers : |
· L and T Ordnance
Factories Integral
Coach Factory Areava
T & D Siemens ABB
Limited Department
of Atomic Energy Bharat
Earth Movers Limited Bharat
Heavy Electricals Limited Bharat
Electronics Limited |
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No. of Employees : |
Not Divulged |
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Bankers : |
· State Bank of India Axis
Bank Limited ICICI
Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
A L P S and Company Chartered Accountants |
|
Address : |
310, Todi Chambers
2, Lalbazar Street, Kolkata-700001, West Bengal, India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
N Radhakrishnan and Company Cost Accountants |
|
Address : |
11A, Dover Lane,
Kolkata-700029, West Bengal, India |
|
|
|
|
Associated Concern
: |
· Century Aluminium Mfg. Company Limited Vintage
Capital Markets Limited Paramsukh
Properties Private Limited Jeco
Exports and Finance Limited CAMCO
Multi Metal Limited Alfa
Aluminium Private Limited Vintage
Securities Limited Kutir
Udyog Kendra (India) Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120,000,000 |
Equity Shares |
Re. 1/- each |
Rs. 120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80,000,000 |
Equity Shares |
Re. 1/- each |
Rs. 80.000
Millions |
|
|
|
|
|
a. Terms / Rights
attached to Equity Shares:
The Company has only
equity shares having a par value of Re.1/- per share. Each holder of Equity
Shares is entitled to one vote per share and the dividend, if proposed by the
Board of Directors and approved by the Shareholders in the ensuring Annual
General Meeting. In the event of liquidation of the Company, the holders of
Equity Shares shall be entitled to receive proportionately, any of the
remaining assets of the Company after distribution of all preferential amounts.
b. Reconciliation
of the shares outstanding at the beginning and at the end of the reporting
period:
The Company has
neither issued nor bought back any shares during the financial year, hence
there is no change in number of shares outstanding at the beginning and end of
the year.
c. The Company is
not a Subsidiary Company.
d. The Company has
neither issued any Bonus Shares nor allot any shares pursuant to contract
without payment received in cash nor bought back any shares during the
financial year and in immediately preceding five financial years.
e. Details of
Shareholders holding more than 5% Shares in the Company:
|
Name of
Shareholders |
31.03.2013 |
|
|
|
% of Holding |
Number |
|
Century Aluminium
Mfg. Company Limited |
16.23 |
12,984,701 |
|
Vintage
Securities Limited |
8.36 |
6,688,831 |
|
Vintage Capital
Markets Limited |
7.41 |
5,930,125 |
|
Madhab Prasad
Jhunjhunwala |
7.04 |
5,633,934 |
|
Jeco Exports and
Finance Limited |
6.04 |
4,830,225 |
f. There are no
Shares reserved for issue under options.
g. There is no Convertible
Securities outstanding at the end of the reporting period.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
80.000 |
80.000 |
80.000 |
|
(b) Reserves & Surplus |
283.100 |
279.200 |
243.700 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
363.100 |
359.200 |
323.700 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
74.200 |
111.100 |
162.800 |
|
(b) Deferred tax liabilities (Net) |
18.700 |
21.100 |
18.000 |
|
(c) Other long
term liabilities |
0.100 |
0.400 |
0.300 |
|
(d) long-term
provisions |
10.600 |
10.600 |
4.900 |
|
Total Non-current
Liabilities (3) |
103.600 |
143.200 |
186.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
307.500 |
241.300 |
158.200 |
|
(b)
Trade payables |
93.000 |
104.900 |
154.400 |
|
(c)
Other current liabilities |
137.500 |
111.800 |
110.900 |
|
(d) Short-term
provisions |
4.900 |
4.800 |
9.100 |
|
Total Current
Liabilities (4) |
542.900 |
462.800 |
432.600 |
|
|
|
|
|
|
TOTAL |
1009.600 |
965.200 |
942.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
413.100 |
414.600 |
443.300 |
|
(ii)
Intangible Assets |
2.800 |
2.300 |
2.500 |
|
(iii)
Capital work-in-progress |
0.200 |
3.400 |
2.700 |
|
(iv)
Intangible assets under development |
0.000 |
0.600 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
77.200 |
54.700 |
15.200 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
493.300 |
475.600 |
463.700 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
225.300 |
222.000 |
190.500 |
|
(c)
Trade receivables |
233.300 |
221.900 |
244.400 |
|
(d) Cash
and cash equivalents |
39.700 |
27.600 |
26.400 |
|
(e)
Short-term loans and advances |
18.000 |
14.900 |
17.300 |
|
(f)
Other current assets |
0.000 |
3.200 |
0.000 |
|
Total
Current Assets |
516.300 |
489.600 |
478.600 |
|
|
|
|
|
|
TOTAL |
1009.600 |
965.200 |
942.300 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
1781.000 |
1924.500 |
1631.200 |
|
|
|
Other Income |
41.100 |
20.500 |
8.900 |
|
|
|
TOTAL (A) |
1822.100 |
1945.000 |
1640.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1356.400 |
1504.000 |
1283.700 |
|
|
|
Change in Inventories |
16.600 |
(37.200) |
(57.300) |
|
|
|
Employee Benefit Expenses |
98.900 |
104.800 |
94.800 |
|
|
|
Other Expenses |
230.700 |
230.000 |
209.900 |
|
|
|
TOTAL (B) |
1702.600 |
1801.600 |
1531.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
119.500 |
143.400 |
109.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
77.400 |
75.000 |
62.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
42.100 |
68.400 |
47.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
44.200 |
41.300 |
40.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(2.100) |
27.100 |
6.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(1.900) |
(4.900) |
0.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(0.200) |
32.000 |
5.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B Value of Exports |
1.200 |
0.000 |
0.039 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
18.300 |
22.000 |
21.300 |
|
|
|
Components and Spare Parts |
12.400 |
0.700 |
12.200 |
|
|
|
Capital Goods |
18.700 |
3.000 |
1.100 |
|
|
TOTAL IMPORTS |
49.400 |
25.700 |
34.600 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
0.00 |
0.40 |
0.07 |
|
QUARTERLY
RESULTS
|
Particulars (Rs.
in Millions) |
Jun 2013 |
Sep 2013 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
436.700 |
523.200 |
|
Total Expenditure |
434.100 |
498.300 |
|
PBIDT (Excl OI) |
2.600 |
24.900 |
|
Other Income |
6.900 |
5.900 |
|
Operating Profit |
9.500 |
30.800 |
|
Interest |
19.700 |
19.900 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
(10.200) |
10.900 |
|
Depreciation |
11.200 |
11.400 |
|
Profit Before Tax |
(21.400) |
(0.500) |
|
Tax |
(8.000) |
(2.200) |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
(13.400) |
1.700 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
(13.400) |
1.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(0.01)
|
1.65 |
0.35 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.12)
|
1.41 |
0.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.21)
|
2.82 |
0.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01)
|
0.08 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.05
|
0.98 |
0.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.95
|
1.06 |
1.11 |
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 |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
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 |
LITIGATION DETAILS
CALCUTTA HIGH COURT
CASE STATUS INFORMATION
SYSTEM
|
Case Status : Pending |
||||
|
|
||||
|
Status of TEMP APO
(APOT) 448
of 2013 |
||||
|
|
||||
|
JOINT COMMISSIONER, COMMERCIAL TAX GRO
Vs.
CENTURY EXTRUSIONS LTD & ANR. |
||||
|
|
||||
|
Pet's Adv. : PARITOSH
SINHA
|
||||
|
|
||||
|
Res's Adv. :
|
||||
|
|
||||
|
Court No. : 1
Last Listed On : Tuesday, November 12, 2013 |
||||
|
|
||||
|
Category :
SALES TAX : REVENUE |
||||
|
|
||||
|
||||
|
|
||||
|
Case Updated
on: Thursday, September 12, 2013 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10446408 |
20/07/2013 |
15,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, KOLKATA, 11, DR. U. N. BRAHMACHARI STREET, KOLKATA - 700017, WEST
BENGAL, INDIA |
B83715235 |
|
2 |
10341756 |
19/08/2013 * |
35,000,000.00 |
AXIS BANK
LIMITED |
CORPORATE BANKING
BRANCH (CBB),, 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR, KOLKATA - 700071,
WEST BENGAL, INDIA |
B83385971 |
|
3 |
10211373 |
20/07/2013 * |
336,000,000.00 |
STATE BANK OF
INDIA (LEAD BANK) |
INDUSTRIAL FINANCE
BRANCH, KOLKATA, 11, DR. U. N. BRAHMACHARI STREET, KOLKATA - 700017, WEST
BENGAL, INDIA |
B83718601 |
|
4 |
10136809 |
17/10/2011 * |
323,500,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, KOLKATA, 11, DR. U. N. BRAHMACHARI STREET, KOLKATA - 700017, WEST
BENGAL, INDIA |
B24793341 |
|
5 |
10105710 |
20/07/2013 * |
476,400,000.00 |
STATE BANK OF
INDIA (LEAD BANK) |
INDUSTRIAL FINANCE
BRANCH, KOLKATA, 11, DR. U. N. BRAHMACHARI STREET, KOLKATA - 700017, WEST
BENGAL, INDIA |
B83720219 |
|
6 |
80022428 |
18/03/2005 |
31,400,000.00 |
INDUSTRIAL
RECONSTRUCTION DEPARTMENT |
GOVERNMENT OF WEST
BENGAL, WRITERS BUILDING, KOLKATA - 700001, WEST BENGAL, INDIA |
- |
|
7 |
80021389 |
28/09/2004 |
50,000,000.00 |
INDUSTRIAL
RECONSTRUCTION DEPARTMENT |
GOVERNMENT OF
WEST BENGAL, WRITERS BUILDING, KOLKATA - 700001, WEST BENGAL, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred Sales Tax |
0.000 |
2.900 |
|
From Bodies Corporate |
10.100 |
0.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans from Bodies Corporate |
52.900 |
46.200 |
|
|
|
|
|
Total |
63.000 |
49.100 |
MANAGEMENT DISCUSSION
AND ANALYSIS
GROWTH OF THE INDIAN ECONOMY
The world economy is yet to recover from the crisis of 2008-2009 as the global growth rate dropped to 3% in 2012. This slowdown is expected to continue. Unlike in 2010 and 2011, emerging markets did not pick up the slack in 2012. The sluggish pace of the world economy can well be attributed to the uncertainties in different parts of the globe, i.e., postelection ‘fiscal debate’ question in the United States to the Chinese leadership transition and reforms in the Euro-Asia. Majority of the European nations are trapped under vicious circles of debt, low growth and massive unemployment.
Indian economy is growing steadily despite the economic crisis that has engulfed the major economies of the world. Grand Thornton Global Dynamism Index has denoted India as the fifth best country in the world for dynamic growing businesses. A drop in private investment over rising policy uncertainty exacerbated supply blockage in India, which consequently led to headline inflation that was high compared to most Asian economies in 2012.
According to CRISIL, India’s economic growth is expected to accelerate to 6.7 % in 2013-14 from the projected rate of 5 % in the current financial year on a revival of consumption. Factors like pick-up in agriculture, predictions about normal monsoon, increased welfare expenditure, moderation in inflation, lower interest rates and higher government spending all of which in a combined way contributing to the private consumption demand. Moreover these factors have benefited sectors such as consumer durables, hotels and restaurants and financial services.
The growth in GDP during 2012-13 is estimated at 5% as compared to a growth rate of 6.2 % in 2011-12 and is the lowest in a decade on account of poor performance of manufacturing, agriculture and services sector.
THE SCENARIO OF THE ALUMINUM EXTRUSION INDUSTRY
Their country is signified as the fifth largest producer of aluminium in the world. Aluminium is the biggest nonferrous industry in the world economy and one of the leading industries in the Indian economy. Aluminium has uses in sectors like automotive, transportation, packaging, building and construction, marine, consumer durables, solar, industrial equipments, defence security equipments and electricity and among all these in India, the power sector is the largest consumer of the metal closely followed by building and construction and automotive sectors.
The building and construction and automotive sectors have always been major patrons of aluminium extruded products. Aluminum being lightweight, durable and anti-corrosive is used in large quantities for cladding the roofs and facades of the buildings and for manufacturing the doors and windows, stairs, roof frames, scaffolding, form work and green houses. Furthermore, utilization of aluminum is increasing in the highway traffic and direction signalization systems as well as expressway parapet walls and bridges. In the marine craft, especially in the boats, the center of gravity of the aluminum superstructures being less, the balance of the hull is improved, allowing for a larger functional volume. The sail masts of the smaller boats and yachts are made of aluminium. 70% of the weight of an airplane is aluminum. Aluminum has provided the largest contribution to the development of the airplanes, more so to the aviation sector, due to its lightness along with its durability.
Indian aluminium extrusion industry expanded at a swift pace during the last two decades. Infrastructural changes in the country like construction of shopping malls and highrise buildings, whether residential or commercial have led to a surge in demand of aluminium extruded products. Teaming up with these sectors, are defence and railway requirements. Its utility and versatility coupled with affordable production cost marks it as one of the most sought after commodity in this country. However, extrusions industry like other industries could not combat the general recession and hence the demand for extrusions slightly subdued.
FINANCIAL PERFORMANCE
The Company achieved a sales turnover of Rs. 1994.400 Millions as against Rs. 2119.200 Millions in the previous financial year recording a fall of about 6 %. The Power Transmission and Distribution Hardware (Power T and D Hardware) division registered a sale of Rs.23.900 Millions as against Rs.45.900 Millions in the previous financial year. The balance of the turnover was contributed by Company’s principal business i.e. by Aluminium Extrusions Division.
The Losses for the year is Rs. 0.200 Million as against Profit after Tax of Rs. 32.000 Millions in the previous financial year reflecting decline in financial performance. The decline in performance during the year is mainly due to the following factors:
(1) Due to continued slowdown in general economic activity, the Company has not been able to increase prices in spite of increase in manufacturing cost for following reasons:
a) Payment on account of Entry Tax pursuant to the West Bengal Tax on Entry of Goods Into Local Areas Act, 2012;
b) Significant increase in Electricity tariff and fuel cost;
(2) Production loss on account of replacement of extrusions handling system.
Cost control being the basis of its operations and to raise its output of value-added products, the Company is always committed to mitigate costs in all spheres of its operations in order to maintain higher returns. The Company continually invests in upgradation of Technology for cost reduction and improved performance. The Company has taken steps to counter the above factors as have been mentioned elsewhere and expects to achieve higher Sales Turnover as well as profitability in the next financial year.
COMPANY OVERVIEW AND GROWTH STRATEGY
Improved service, prompt response and wider reach to dealers, distributors and the satisfaction of customers have been their continued endeavour for business development.
Success Drivers
Their Legacy: With an experience spanning a rich 22 years, their Company enjoys a number of first mover advantages comprising a comprehensive understanding of the aluminium and aluminium extrusions market, reputed brand and a strong customer base.
Integration: We possess in-house facilities for –
– Melting, casting and homogenization of billets,
– Extrusions manufacturing with three press lines
– Die manufacturing,
– Manufacturing various value added products of extrusions for engineering applications, and
– Manufacturing Power Transmission and Distribution Hardware
With 3 extrusion press lines, the Company has a capacity to produce 15000MT of Aluminium Extrusions, which as per the information available with the Company, is the 3rd largest facility in India as on date.
Die Library: The Company possesses an inventory of more than 5000 dies to manufacture over 3500 profiles. The
Company maintains back-up dies for meeting the requirements of fast moving profiles.
Availability of raw material: The Company accesses raw material (aluminium ingots and billets) from three renowned and proximate primary metal manufacturers- Vedanta Aluminium, Nalco and Hindalco, The Company is one of India’s largest institutional aluminum ingots/billets consumers with corresponding purchase economies.
Quality assurance: The Company’s manufacturing facility is accredited with the prestigious ISO-9001:2008 certification endorsing its strong quality systems. Their Company continues to emphasize on maintaining the utmost quality and safety standards in its factory. Their Company is also ISO 14001:2004 and OHSAS 18001:2007 certified.
The Company supplies extrusions as per tolerances laid down by the Bureau of Indian Standards in accordance with BIS: 2673-1979, BIS:3965-1981 and BIS : 6477-1983, and with even stringent tolerances as per customer needs based on mutual agreement.
The sharp focus on Quality in all its initiatives has enabled their Company to launch some specific value-added services
Product applications: We manufacture extruded products for varied applications, viz. :
– Profiles for Architectural Applications such as Building Systems, Structural Glazing, Curtain Walls, Aluminium Rolling Shutters, Windows, Doors, Partitions, False Ceilings, Tower Bolts, Hand Rails, Door Handles, Hinges, Drapery Rods, Modular Furniture, etc.
– Profiles for Aluminium Form work
– Profiles for Road Transport Sections
– Profiles for Rail Coach Windows and Doors
– Profiles for manufacture of Automobile Components
– Profiles for Heat Transfer in Electronics and Electrical Gadgets
– Profiles for Electrical applications such as Tubes and Flats for Bus Bars, Transmission Line Hardware such as P.G. Clamps, H-Connectors, Repair Sleeves, Lugs, Solar Panels etc.
– Profiles for Engineering Applications such as Motor Housings, Gear Pump Casings, Ferrules, A.C. Louvres, Machinery Parts, Elevators, Pneumatic Actuators, Pneumatic Cylinders, Valve Bodies, etc.
– Profiles for various Defence Applications and many more.
The Company also has necessary set up to supply extruded and cold drawn round bars and hexagonal bars in straight lengths for various engineering applications. It also has a set up to supply extruded and cold drawn rods/wires in coil form to be used as armour rods, lamp pin stock, metallizing wire, rivet stock, welding filler wire (MIG and TIG), etc.
Customer profile: The Company possesses a portfolio of over 500 reputed customers. The Company has retained most of the customers over a period of 22 years.
Their Company is in a position to supply Extruded Profiles in Aluminum Alloys ranging from 1xxx to 7xxx series. This is their major competency. Their Business strategy is to book maximum part of their installed capacity for supply directly to end-users.
FUTURE OUTLOOK
EXTRUSIONS
The Company has an installed capacity to produce 15000 MT of extrusions per annum. As against this, their production for the year 2012-13 was 10086 MT. We thus have a significant spare capacity to increase production and sales volume.
The last decade witnessed the sudden upsurge in the demand for aluminium extrusions. The per capita consumption of aluminium in India remains abysmally low at 1.2 kg compared to 15-18 kg in the European countries and nearly 10 kg in China. Of late, the slower growth rate in China and the debt crisis in the euro zone have cast their shadow on the market. India is also stalled with many issues severely affecting her economic growth. Amidst all these, the physical demand for aluminium extruded products remains strong. The low per capita consumption in the country coupled with high quality Bauxite reserves, promises good future for the aluminium industry.
The segment-wise expected demand growth is given hereunder:
1. Power Sector – Power is the largest consumer of aluminium (about 48% of total).India has been facing very anomalous situation wherein investment in generation of power and execution of power plants has resulted in substantial growth in power generation. But attention towards evacuation of power plants through transmission and distribution system is not too adequate. Aluminium finds itself in the prime position in this sector and therefore deserves special attention in terms of incentives and benefits. Deemed export in this sector will be a boom to cable and conductor industry.
2. The vibrant Real Estate Sector in their country – Construction sector is the major consumer of extrusions. Recent emphasis on ‘Green’ or ‘eco-friendly’ building applications will keep aluminium in the forefront of this emerging market. Commercial and residential building exteriors and solar panels make this metal highly popular. But, the high initial cost of aluminium has stood in the way of widely replacing the conventionally used materials like wood, steel, plastic and brick in building and construction applications.
The demand for aluminium composite panels cladding is increasing in urban areas primarily because it is less time consuming and highly appealing. It is used for front cladding as well as interior walls, partitions, false ceilings, etc. With the real estate sector and the national economy going through turbulent times, the momentum of growth in this sector has slowed down a bit. The strength, low density, anti-corrosive and design flexibility of aluminum extrusion alloys make aluminium ideal for building and construction ranging from a louvre blade in an air-conditioning system to a structural support in a roofing system. At one third the weight of steel and extensive design options, Aluminium is the ideal solution for the building and construction industry
3. Rapidly growing Automobile Industry – Use of aluminium extruded products in the automobile sector is still at a nascent stage primarily because the rise in energy costs and the need for emission reduction world over have made aluminium more attractive to automobile industry than steel. Aluminium is finding extensive use in light-weight vehicles without compromising on quality and performance as mankind is becoming more and more concerned about fuel-efficiency with stricter environmental pollution norms to reduce greenhouse gas emissions.
4. Engineering Applications - Aluminium Extrusions is very much appreciated in various mechanical applications, particularly for components of moving machines, such as engines and robotic devices.
5. The Sustained Agriculture Emphasis in their Country – Aluminium is also of relevance in the agriculture sector as aluminium extruded pipes are used in farming. However, owing to increase in the rates of aluminium pipes, the farmers are now opting for cheaper PVC pipes even though their shelf life is less. Exemption of aluminium irrigation pipes from excise duty will benefit this sector.
6. Solar Energy Industry is a promising sector, solar energy being a clean, renewable source of energy abundantly available during daytime. There are undoubtedly excellent opportunities for the use of aluminium extrusions in solar power applications. Solar power sector utilizes large quantities of aluminium extrusions for framing and mounting solar panels on commercial and residential building roof-tops and for ground and pole-mount applications. Improved extruded framing and mounting systems indicates more inroads into the sector.
7. Indian Defence Sector - Aluminium extrusions are consumed in a wide range of applications in this sector, comprising tail-end fuse connectors for detonator shells and grenades, frame-work for tents and as roll-over carpets for tanks to navigate difficult terrains. Their Company supplies rods/bars and tubes in medium and high-strength alloys to the defence sector. Their Company also supplied about 100 MT of rods in high strength alloys to be used as forging stock and for making precision machined components to Brahmos Aerospace Limited for their missile indigenisation mission.
Given the significant supply deficits, high growth potential and conducive government policies, a large opportunity exists for the Aluminum extrusions suppliers including their Company. The above projection of robust demand growth is however tempered by the fact that the extrusions industry is fragmented, and significant competition exists among players in the industry. As a result, the bargaining power of industry players is moderate.
POWER TRANSMISSION AND DISTRIBUTION
Out of the entire aluminum utilization in the world, 10% is used in the electrical and electronics sector in Europe, 9% in the USA and 7% in Japan. The largest utilization area of the aluminum in this field is the power transmission lines. The steel-core aluminum conductors have become the only material preferred for the high voltage power transmission lines. Aluminum is widely used in the underground cables, electrical cable ducts and motor coil windings as well. In electronics, the frames, chips, transistor heat sinks, data recording systems and the electronic equipment cases are included in the utilization areas of aluminum.
Power Transmission and Distribution Hardware Fittings are required for use on Overhead Transmission and Distribution Lines for connecting Insulators with Tower/Pole Cross Arms and Insulators with conductors.
The Company has manufacturing facilities for casting of Aluminium Alloys, manufacturing of Extruded products in Aluminium and its Alloys, Wire Drawing, Helical Products, Fabrication of Ferrous and Non-Ferrous Components, Argon Welding, Electric Arc Welding, Machining, Bundle Spacer Assembly, Vibration Damper Assembly, Conductor Accessories, Clamp Connectors for Hardware Assembly, and manufacturing of Tools, Dies and Moulds.
Aluminium is also used in insulated and underground cables laid in large populated urban areas and in reserved forests (to avoid deforestation), Round Tubes are used for corona control rings, grading rings, mid-span compression joints, dead-end clamps and jointing sleeves, among others, signifying huge opportunities for extrusions in the power sector.
During the financial year 2012-13 the Company recorded a sales turnover of T and D Hardware amounting to Rs.23.900 Millions (approx.) against Rs. 45.900 Millions in the previous financial year. The Company has successfully registered itself as a supplier of its products with a number of State Electricity Boards during the year and the process is continuing. The process will get further momentum as company achieves requirements of minimum years of supply track record and experience, with each passing year. The Company has received substantial orders from the said State Electricity Boards and State based utilities and Erection Contractors. As the Company gets itself registered as a supplier with more electricity utility companies, the order book will become better and stronger, and the growth in the coming years is likely to be in multiples of the previous year performance.
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2013
(RS.
IN MILLIONS)
|
|
|
Quarter ended |
|
Sl. No |
Particulars |
30.06.2013 (Audited) |
|
1 |
Income from
operations |
|
|
|
(a) Net Sales / Income from operations |
436.700 |
|
|
(b) Other operating income |
0.000 |
|
|
Total Income from
Operations (net) |
436.700 |
|
|
Expenses |
|
|
2 |
a) Cost of Materials Consumed |
340.100 |
|
|
b) Changes in Inventories of Finished Goods, Work in Progress and Stock-in-Trade |
4.800 |
|
|
c) Employee Benefits Expense |
25.300 |
|
|
d) Depreciation and amortisation expenses |
11.200 |
|
|
e) Other Expenses |
63.900 |
|
|
Total Expenses |
445.300 |
|
3 |
Profit from
operations before other income, Finance costs and exceptional items ( 1-2) |
(8.600) |
|
4 |
Other Income |
6.900 |
|
5 |
Profit from ordinary
activities before Finance Costs and Exceptional Items ( 3+4) |
(1.700) |
|
6 |
Finance Cost |
19.700 |
|
7 |
Profit from
ordinary activities after Finance Costs but before Exceptional Items ( 5-6) |
(21.400) |
|
8 |
Exceptional items |
-- |
|
9 |
Profit from
ordinary activities before tax ( 7+8) |
(21.400) |
|
10 |
Tax Expense |
(8.000) |
|
11 |
Net Profit from
ordinary activities after Tax ( 9-10 ) |
(13.400) |
|
12 |
Extraordinary items (net of tax expense Rs. Nil) |
-- |
|
13 |
Net Profit for the period
(11-12) |
(13.400) |
|
14 |
Paid up Equity Share Capital ( Face value : Rs. 10 per share ) |
80.000 |
|
15 |
Reserves (Excluding Revaluation Reserve ) as per Balance Sheet of Previous Accounting Year |
283.100 |
|
16 |
Earnings per Share (of Rs.10/- each) ( Not Annualised ) |
|
|
|
Basic |
(0.17) |
|
|
Diluted |
(0.17) |
|
Sl. No |
Particulars |
Quarter ended |
|
30.06.2013 (Audited) |
||
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
Public share holding |
|
|
- Number of shares |
38371351 |
|
|
- Percentage of share holding |
47.96 |
|
|
2 |
Promoters and Promoter group shareholding |
|
|
(a) Pledged / Encumbered |
|
|
|
- Number of Shares |
-- |
|
|
- Percentage of shares (as a % of the total shareholding of the promoter and promoter group) |
-- |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
-- |
|
|
(b) Non-Encumbered |
|
|
|
- Number of Shares |
41628649 |
|
|
- Percentage of shares (as a % of the total shareholding of the promoter and promoter group) |
100.00 |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
52.04 |
|
|
Particulars |
Quarter ended 30.06.2013 |
|
B |
INVESTOR COMPLAINTS
(Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed off during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Notes:
1.
The above result for
the quarter ended on June 30, 2013 were reviewed by the Audit Committee at their meeting held on 7th August,
2013 and thereafter were approved by the Board of Directors at their meeting held on 7th August, 2013.
2.
The Company has two business segment. i.e. Manufacturing of Aluminium Extruded
Products and manufacturing Transmission and Distribution Line Hardware.
However, the company does not fall under any of the criteria laid down under
AS-17 and hence segment reporting not applicable.
3.
Figures of the quarter ended 31st
March, 2013 Is the balancing figures between audited figures in respect of full
financial year and the published year to date upto the third quarter of
the relevant financial year.
4.
The Statutory Auditor of the company has carried
out limited review of the above financial
results.
5.
Previous period/ year's figures have been
regrouped/ rearranged, recalculated/ reclassified, wherever considered
necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
(a) Guarantees/Letter of Credits * |
144.000 |
149.700 |
|
(b) Other money for which the company is contingently
liable: |
|
|
|
1. Bills discounted with Banks |
41.200 |
17.800 |
|
2. Sales Tax demand** |
15.500 |
12.200 |
|
3. Employees State Insurance demand*** |
0.300 |
0.300 |
|
4. Export obligation under EPCG**** |
Amount not
determinable |
|
|
|
|
|
|
Total |
201.000 |
180.000 |
|
Notes: * Bank Guarantees
outstanding Rs. 25.100 Millions (previous year Rs.30.900 Millions) and
Letters of Credit issued by Banks on behalf of the Company Rs. 118.900
Millions (Previous year Rs. 118.800 Millions) against which Rs. 18.500
Millions (previous year Rs. 15.900 Millions) have been deposited with the
Banks as Margin Money. ** The Company
has received Sales Tax demand of Rs 1.000 Million, Rs.0.800 Millions,
Rs.1.000 Million, Rs.6.600 Millions, Rs. 1.200 Millions, 0.300 Million and
Rs.4.600 Millions respectively for the years 2003-2004, 2004-2005, 2005-2006,
2006-2007,2007-08, 2008-2009 and 2009-2010 against which the Company has
preferred appeals before the higher authorities. *** The
Employees State Insurance Corporation (ESI) has raised a demand of Rs.0.300 Million
plus interest of Rs. Nil Million (Rs. 10.881 P) per day w.e.f. 1.1.2004 for
the period 1999-2000 to 2000-2001. The company has preferred an appeal
against the demand at the Employees Insurance Court, West Bengal. The
Honorable Court has stayed the demand till final disposal of Company’s
appeal. **** The Company
had imported machinery on subsidized rate of duty under Export Promotion
Capital Goods Scheme (EPCG). Accordingly the Company is under an obligation
to export to the extent of Rs. 348.600 Millions, i.e. eight times of the duty
saved, in eight years from the date of issue of authorization. The Company
has made export for the value of Rs. 120.600 Millions till 31st March, 2013.
If the Company is unable to fulfill the full export obligation within the
stipulated period, it would be liable to pay proportionate duty saved along
with interest at the rate of 15% p.a. |
||
FIXED ASSETS:
TANGIBLE ASSETS
· Leasehold Land
Building
Plant
and Machinery
Electric
Installations
Vehicles
Furniture
and Fittings
Office
Equipments
INTANGIBLE ASSETS
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.39 |
|
|
1 |
Rs. 102.06 |
|
Euro |
1 |
Rs. 84.98 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
35 |
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.