MIRA INFORM REPORT
|
Report Date : |
10.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
FORBES AND COMPANY LIMITED
(w.e.f. 02.11.2007) |
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Formerly Known
As : |
FORBES GOKAK LIMITED |
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Registered Office
: |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
18.11.1919 |
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Com. Reg. No.: |
11-000628 |
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Capital
Investment / Paid-up Capital : |
Rs.128.986
Millions |
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CIN No.: [Company Identification
No.] |
L17110MH1919PLC000628 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF01185C |
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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
: |
The Company is mainly engaged in the Engineering, Real estate and
Shipping and Logistics Business. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 6699000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having a good track record.
Profit margin of the company appears to be good. However, trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from West
to East. According to McKinsey study, it took Britain more than 100 years to
double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
AA – [Long Term] |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
September 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
A 1 + [Short Term] |
|
Rating Explanation |
Strong degree of safety and carry lowest credit risk. |
|
Date |
September 2013 |
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
Management non co-operative [91-22-22008081]
LOCATIONS
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Registered
Office : |
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Tel. No.: |
91-22-22008081-8100 / 22002273 / 22002274 / 22002275 / 40749191 |
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Fax No.: |
91-22-22007378/22007933/22094895/22005281 / 40749102 |
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E-Mail : |
wed.bom1@forbesgokak.sprintrpg.ems.vsnl.net.in
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Website : |
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Tata Consultancy
Services, 23 |
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Factory 1 : |
Aurangabad A-7, M.I.D.C. Area, Chikalthana, Aurangabad
– 431 210, Maharashtra, India Plot B-13, Waluj
Industrial Area, Aurangabad – 431 133, Maharashtra, India |
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Factory 2 : |
Chandivali Estate, Kurla – |
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Tel. No.: |
91-22-28521861-62 |
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Fax No.: |
91-22-28521799 |
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Factory 3 : |
Plot No. C - 17, Road No.16, Wagle Industrial Estate, Thane – 400
604, Maharashtra, India |
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Mills : |
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Container Freight Stations: |
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Maharashtra Nhava
Sheva: |
Veshvi, Post – Dighode, Taluka – Uran, District Raigad, Maharashtra,
India |
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Gujarat Mundra: |
Bharat Cfs Zone 1, Old Port Road Mp And Sez, Mundra – 370 421,
Gujarat, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Shapoor P Mistry |
|
Designation : |
Chairman |
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Name : |
Mr. Ashok Bharat |
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Designation : |
Managing Director |
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Name : |
Mr. D.B. Engineer |
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Designation : |
Director |
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Name : |
Mr. R. N. Jha |
|
Designation : |
Director |
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Date of
Birth/Age : |
02.07.1939 |
|
Date of
Appointment : |
27.03.1998 |
|
Qualification : |
B.A.(Hons) |
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|
Name : |
Mr. S L Goklaney |
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Designation : |
Director |
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Name : |
Mr. T. R. Doongaji |
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Designation : |
Director |
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Name : |
Kaiwan d. Kalyaniwalla |
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Designation : |
Director |
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Name : |
D. Sivanandhan |
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Designation : |
Director |
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Name : |
Jimmy j. Parakh |
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Designation : |
Director |
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Name : |
Jai l. Mavani |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. A. T. Shah |
|
Designation : |
Company Secretary |
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Management : |
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|
Name : |
Ashok Barat Managing Director Shrikrishna
Bhave Director (Human Resources) Dilip Sangle Director (Engineering) A. Nagendra Chief Operating
Officer – Shipping & Logistics |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
9461691 |
73.35 |
|
|
9461691 |
73.35 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
9461691 |
73.35 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
423 |
0.00 |
|
|
19815 |
0.15 |
|
|
110343 |
0.86 |
|
|
500 |
0.00 |
|
|
1494674 |
11.59 |
|
|
1625755 |
12.60 |
|
|
|
|
|
|
425724 |
3.30 |
|
|
|
|
|
|
1258631 |
9.76 |
|
|
77500 |
0.60 |
|
|
49315 |
0.38 |
|
|
700 |
0.01 |
|
|
385 |
0.00 |
|
|
48230 |
0.37 |
|
|
1811170 |
14.04 |
|
Total Public shareholding (B) |
3436925 |
26.65 |
|
Total (A)+(B) |
12898616 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have
been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
12898616 |
0.00 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PROMOTER AND PROMOTER GROUP”
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
Shapoorji Pallonji & Company Limited |
92,95,293 |
72.06 |
|
2 |
Forbes Campbell Finance Limited |
1,66,398 |
1.29 |
|
|
Total |
94,61,691 |
73.35 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN
1% OF THE TOTAL NUMBER OF SHARES
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
India Discovery Fund Limited |
1148255 |
8.90 |
|
2 |
Antara Asset Management Company Limited A/c Antara India Evergreen
Fund Limited |
346369 |
2.69 |
|
|
Total |
1494624 |
11.59 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS (TOGETHER WITH PAC) BELONGING TO THE CATEGORY “PUBLIC”
AND HOLDING MORE THAN 5% OF THE TOTAL NUMBER OF SHARES OF THE COMPANY
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
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|
No. of Shares
held |
As a % of |
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|
|
|
|
|
1 |
India Discovery Fund Limited |
1148255 |
8.90 |
|
|
Total |
1148255 |
8.90 |
BUSINESS DETAILS
|
Line of Business : |
The Company is mainly engaged in the Engineering, Real estate and
Shipping and Logistics Business. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information denied by the management. |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered
Accountants |
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Solicitors and Advocates: |
Crawford Bayley and Company |
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Holding Company : |
Shapoorji Pallonji and Company Limited |
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Subsidiaries : |
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Fellow Subsidiaries : |
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Associates : |
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Joint Venture : |
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CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12898616 |
Equity Shares |
Rs.10/- each
|
Rs.128.986
Millions |
NOTES:
RIGHTS, PREFERENCES
AND RESTRICTIONS ATTACHED TO EQUITY SHARES
The Company has
only one class of shares referred to as equity shares having a par value of Rs.
10 per share. Each holder of equity shares is entitled to one vote per share.
The Company declares and pays dividends in Indian rupees. The dividend, if any,
proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting, except in case of interim
dividend. In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive remaining assets of the Company, after
distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders.
EQUITY SHARES HELD
BY HOLDING COMPANY AND SUBSIDIARY COMPANY
92,95,293 (Previous year: 92,95,293) equity
shares are held by the holding company, Shapoorji Pallonji & Company
Limited; and 1,66,398 (Previous year:
1,66,398) equity shares are held by a subsidiary of the Company, Forbes
Campbell Finance Limited.
DETAILS OF EQUITY SHARES HELD BY EACH SHAREHOLDER HOLDING MORE THAN 5
PERCENT EQUITY SHARES IN THE COMPANY ARE AS FOLLOWS:
|
NAME OF
SHAREHOLDER |
AS ON 31.03.2013 |
|
|
NUMBER OF EQUITY SHARES HELD |
% HOLDING |
|
|
Shapoorji Pallonji & Company Limited |
9295293 |
72.06 % |
|
India Discovery Fund Limited |
1148255 |
8.90 % |
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 |
128.986 |
128.986 |
128.986 |
|
(b) Reserves & Surplus |
1545.931 |
1239.999 |
1207.719 |
|
(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) |
1674.917 |
1368.985 |
1336.705 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
1077.663 |
853.427 |
423.415 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
45.536 |
376.024 |
0.000 |
|
(d)
long-term provisions |
57.350 |
51.712 |
46.269 |
|
Total
Non-current Liabilities (3) |
1180.549 |
1281.163 |
469.684 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
200.038 |
376.038 |
416.506 |
|
(b)
Trade payables |
400.413 |
336.871 |
306.224 |
|
(c)
Other current liabilities |
883.738 |
388.034 |
992.252 |
|
(d)
Short-term provisions |
163.639 |
133.493 |
103.686 |
|
Total
Current Liabilities (4) |
1647.828 |
1234.436 |
1818.668 |
|
|
|
|
|
|
TOTAL |
4503.294 |
3884.584 |
3625.057 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1126.914 |
1074.704 |
1143.225 |
|
(ii)
Intangible Assets |
33.924 |
43.225 |
50.801 |
|
(iii)
Capital work-in-progress |
9.873 |
54.097 |
5.014 |
|
(iv) Intangible assets under
development |
3.557 |
3.316 |
0.000 |
|
(b)
Non-current Investments |
1544.012 |
1463.984 |
1392.299 |
|
(c)
Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
307.084 |
288.207 |
258.177 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
(f) Fixed assets held for sale (freehold
land) |
0.000 |
0.000 |
0.396 |
|
Total
Non-Current Assets |
3025.364 |
2927.533 |
2849.912 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
4.647 |
0.000 |
0.000 |
|
(b)
Inventories |
339.288 |
185.325 |
188.953 |
|
(c)
Trade receivables |
736.574 |
380.828 |
320.134 |
|
(d)
Cash and cash equivalents |
119.486 |
114.906 |
156.860 |
|
(e)
Short-term loans and advances |
249.640 |
266.018 |
74.479 |
|
(f)
Other current assets |
28.295 |
9.974 |
34.719 |
|
Total
Current Assets |
1477.930 |
957.051 |
775.145 |
|
|
|
|
|
|
TOTAL |
4503.294 |
3884.584 |
3625.057 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3103.386 |
2841.026 |
2336.590 |
|
|
|
Other Income |
109.259 |
28.417 |
179.876 |
|
|
|
TOTAL (A) |
3212.645 |
2869.443 |
2516.466 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
814.608 |
535.535 |
375.059 |
|
|
|
Purchases of stock-in-trade (traded goods) |
150.036 |
58.606 |
84.540 |
|
|
|
Employee benefits expense |
452.399 |
404.979 |
365.258 |
|
|
|
Other expenses |
1527.368 |
1573.710 |
1503.516 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(4.759) |
14.950 |
3.982 |
|
|
|
Exceptional items |
(373.147) |
(15.298) |
(48.942) |
|
|
|
TOTAL (B) |
2566.505 |
2572.482 |
2283.413 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
646.140 |
296.961 |
233.053 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
152.981 |
128.540 |
121.892 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
493.159 |
168.421 |
111.161 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
131.754 |
121.150 |
136.208 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
361.405 |
47.271 |
(25.047) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
47.928 |
0.000 |
(30.831) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
313.477 |
47.271 |
5.784 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(386.406) |
(433.677) |
(439.500) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
250.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
(322.929) |
(386.406) |
(433.716) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on F.O.B. basis |
180.457 |
148.183 |
132.091 |
|
|
|
Charter hire income |
0.000 |
54.928 |
189.614 |
|
|
|
Commission and other services |
2.287 |
4.649 |
4.665 |
|
|
|
Freight and insurance recoveries |
2.831 |
2.128 |
2.205 |
|
|
TOTAL EARNINGS |
185.575 |
209.888 |
328.575 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials |
82.625 |
150.664 |
91.888 |
|
|
|
Components |
348.569 |
53.387 |
27.165 |
|
|
|
Stores, spares and tools |
12.819 |
13.179 |
13.878 |
|
|
|
Capital goods |
94.604 |
29.866 |
27.638 |
|
|
|
Purchases for resale |
57.123 |
39.564 |
60.761 |
|
|
TOTAL IMPORTS |
595.740 |
286.660 |
221.330 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
24.30 |
3.66 |
0.45 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Net Sales |
|
|
665.100 |
|
Total Expenditure |
|
|
694.200 |
|
PBIDT (Excl OI) |
|
|
(29.100) |
|
Other Income |
|
|
30.100 |
|
Operating Profit |
|
|
01.000 |
|
Interest |
|
|
55.400 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
(54.400) |
|
Depreciation |
|
|
34.300 |
|
Profit Before Tax |
|
|
(88.700) |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
(88.700) |
|
Extraordinary Items |
|
|
0.000 |
|
Net Profit |
|
|
(88.700) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
9.75
|
1.65 |
0.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.65
|
1.66 |
(1.07) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.70
|
2.27 |
(1.27) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.03 |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.76
|
0.90 |
0.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.90
|
0.77 |
0.43 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT:
|
Particulars |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
|
|
|
|
|
|
Current
Maturities of Long Term Debt |
327.826 |
118.639 |
208.271 |
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10401960 |
28/05/2013 * |
1,000,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
17, KAMANI MARG BALLARD ESTATE, M |
B77560712 |
|
2 |
10380131 |
17/09/2012 |
20,072,500.00 |
TATA CAPITAL
FINANCIAL SERVICES LIMITED |
ONE FORBES, DR. V.
B. GANDHI MARG, FORT, MUMBAI - 400001, |
B59528752 |
|
3 |
10380136 |
06/09/2012 |
20,337,000.00 |
TATA CAPITAL
FINANCIAL SERVICES LIMITED |
ONE FORBES, DR.
V. B. GANDHI MARG, FORT, MUMBAI - 400001, |
B59529982 |
|
4 |
10380133 |
31/08/2012 |
20,072,500.00 |
TATA CAPITAL
FINANCIAL SERVICES LIMITED |
ONE FORBES, DR.
V. B. GANDHI MARG, FORT, MUMBAI - 400001, |
B59529727 |
|
5 |
10358640 |
11/05/2012 |
550,000,000.00 |
YES BANK LIMITED |
NEHRU CENTRE,
9TH FLOOR, DISCOVERY OF INDIA, DR. |
B40819229 |
|
6 |
10320817 |
01/12/2011 |
265,000,000.00 |
STANDARD
CHARTERED BANK |
CRESCENZO, 3A/F,
PLOT NO. C-38 & 39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA, MUMBAI -
400051, MAHARASHTRA, INDIA |
B26690552 |
|
7 |
10302091 |
30/08/2013 * |
157,500,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE |
B85230886 |
|
8 |
10258957 |
03/12/2010 |
300,000,000.00 |
THE FEDERAL BANK
LIMITED |
CORPORATE
BANKING BRANCH,32/1,RAJABAHADUR MANSION, |
B01995554 |
|
9 |
10288914 |
28/07/2010 |
100,000,000.00 |
IDBI BANK
LIMITED |
224-A, MITTAL
COURT, A WING, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B02634731 |
|
10 |
10148064 |
29/09/2011 * |
525,000,000.00 |
PUNJAB NATIONAL
BANK |
PNB HOUSE,SIR
P.M.ROAD, FORT, MUMBAI - 400001, MAHARASHTRA |
B22532188 |
|
* Date of charge
modification |
||||||
CORPORATE
INFORMATION:
The Company traces
its origin to the year 1767 when John Forbes of Aberdeenshire, Scotland started
his business in India. Over the years, the Management of the Company moved from
the Forbes Family to the Campbells to the Tata Group and now finally to the
well known Shapoorji Pallonji Group. The Company is mainly engaged in the
Engineering, Real estate and Shipping and Logistics business; and is listed on
the Bombay Stock Exchange.
MANAGEMENT DISCUSSION and ANALYSIS:
ENGINEERING DIVISION:
PRECISION TOOLS:
This business vertical
mainly caters to the Automobile Sector, which showed signs of slowdown during
the year. Despite this, it has reported a satisfactory performance. To
strengthen the market position, the Company continued to invest in modernizing
the production facilities for better quality and, synchronizing its supply
chain for operational efficiency. Further, to develop, both, domestic and
export markets, appointments of dealers in new territories were made and a new
range of Fasteners and Drills were launched. There were continuous efforts to
improve the exports to Middle East and South East Asian markets, that enabled
development of new territories like Lebanon, Sri Lanka, China, Japan and
Pakistan and led to the growth in exports by 20%.
CODING BUSINESS
GROUP:
This business
vertical had taken new initiatives to provide Automation solutions for Marking,
Robotics solutions for material handling and Vision systems for component
inspection, for Engineering and Automobile Industries. The various solutions
are provided with software support, data acquisition, pick and place, and
Supervisory Control and Data Acquisitions (SCADA) for applications like Engine
Chassis, Frames, Alternators and Engines etc. The product development
initiatives include low cost pin marking machines, laser marking machines. The
Company commenced in-house assembling of machines, automation systems and
testing at Aurangabad that will offer comprehensive services to automobile and
engineering industries for better productivity in their production lines.
ENERGY SOLUTIONS
GROUP:
Execution of the
projects booked in the previous year, resulted in a three-fold jump in the
revenue and thus, established the potential of Energy Solutions Group (ESG) on
a very firm footing. Despite the revenue growth, the profitability was affected
due to delayed execution of a few projects on account of late deliveries from
vendors as well as due to the appreciation of Dollar vis-ŕ-vis Indian Rupee,
resulting in substantially higher raw material cost. The growth in new order
bookings was slow due to lower demand from capital goods and power sector.
However, the division is hopeful to receive new orders in FY 2013-14 from the
ongoing projects in Oil and Gas sector.
The new
initiatives in Renewable Energy segment received momentum with the signing of a
Memorandum of Understanding with Morgan Solar Inc. (MSI) of Canada. MSI is
developing advanced Concentrated Photovoltaic (CPV) based solar panels and
self-ballasted tracking systems. This technology would be twice as efficient as
the regular PV panels and therefore, will have lower cost of generation. The
product is expected to be launched in Indian market by the end of current
financial year and expected to make strong impact in the Photovoltaic based
grid-connected solar power segment.
SUBSIDIARIES,
JOINT VENTURES AND ASSOCIATE COMPANIES:
EUREKA FORBES
LIMITED (EFL):
During the year,
the global economy improved slowly, but was short on expectations. Deceleration
in industrial output and exports weakened India’s economic growth
significantly. The year proved to be a challenging year amidst global economic
uncertainties and disturbances in many parts of the world.
Despite these
constraints and challenging environment, EFL has performed well with a growth
in revenue by 6.73% over previous year i.e. from Rs. 12345.000 Millions in
previous year to Rs. 13175.400 Millions in current year and an increase in net
profit after tax by 8.41% over previous year i.e. from Rs. 322.200 Millions in
previous year to Rs. 349.300 Millions in current year. Transformation truly was
the mantra in Direct Sales which evolved to focus on the ‘digital medium’
becoming very active on the ‘social media’, improving word of mouth and making
access to consumers easier with the ‘click to call’ facility both on the
website as well as print advertisements. Strong focus on bringing down the
‘Cost per Unit’ and steps to manage the customer database better with ‘Data
Validation’, productivity increase and movement to high value selling made
Direct Sales succeed in its endeavor during this tough year. EFL also invested
in developing the Partner Channel bringing in tremendous growth opportunities
for the future.
In the consumer
division, the Packaged Drinking Water (PDW) business was further strengthened,
with 26 franchisees going live and collectively dispensing 49 million litres of
Aqua Sure PDW water. EFL also strengthened its international retail business in
the Middle East and Africa by launching new products and expanding the width
and depth of distribution. Retail business in new geographies of Sri Lanka and
Mauritius were also started. To strengthen the infrastructure and product
availability, the IT and the supply chain process were streamlined leading to
optimization of the resources and improving operating efficiencies. Towards its
brand building exercise, EFL took a number of new initiatives right from new
communication, product development and working on its digital presence to build
stronger bonds with customers. EFL also has worked on improving its award
winning service to customers.
EFL received
various awards and recognition, as in previous years, in the current year also
some of which are –
• Golden Peacock
Award for Corporate Social Responsibility – 2013
• Golden Peacock
Eco-Innovation Award for Aquaguard Green RO
• Euroclean
elevated as Reader’s Digest Trusted Brand - Platinum category (Household
Products – Vacuum Cleaner) for the first (1st) time - elevated from Gold
Category
• Aquaguard chosen
as Reader’s Digest Trusted Brand - Platinum category (Household Products -
Water Purifier) for the seventh (7th) time
• Once more
featured in DSN Global 100: The Top Direct Sales Companies in the World - Rank:
40
• Recognized as Asian
MAKE Winner for the fourth (4th) time and also entered the 2012 MAKE Hall of
Fame by being one of just 10 organizations that were Asian MAKE Finalists in
each of the past five annual studies
• Bombay Chamber
of Commerce and Industry conferred Good Corporate Citizen Award in the Large
Corporate category
• Picked as Best
Franchisor in Customer Service by Franchisee India magazine once more
• Aquaguard
saluted as winner in the Most Popular Safe Water Equipment category of the
Child Best Awards (inaugural edition) from Child India magazine
• Euro Able
selected for NCPEDP-Shell Helen Keller Award in Category C: Role Model
Organizations for its work promoting employment opportunities for people with
disabilities - award was given on the eve of the World Disability Day, December
2, 2012
• Bagged the S. P.
Jain Institute of Management and Research (SPJIMR) Marketing Impact Awards 2013
at the Bharti Vidya Bhavan’s SPJIMR Academic Conclave for community fulfillment
initiatives
• Picked up 2012
Indian MAKE Award for the 7th time
• Harvard Case
Study became a graphic Photonovel with the Eurochamp as its hero
• Prestigious (6th
time) UNESCO-Water Digest Awards in the following categories:
• Best Complete
Domestic Water Solutions Provider
• Best Domestic UV
Water Purifier (Aquaguard Enhance UV)
• Best Domestic RO
Water Purifier (Aquaguard Enhance Green RO)
• Distinguished
Water R and D and Technological Breakthrough (Aquaguard Geneus)
• The Directors
are confident that, barring unforeseen circumstances, in the ensuing year EFL
shall maintain the growth momentum.
FORBES TECHNOSYS LIMITED (FTL):
During the last one year FTL has made great strides
in multiple dimensions:
• There has been a
sharp increase (83%) in FTL’s turnover to Rs. 1668.400 Millions (previous year Rs. 911.900 Millions). Growth was
witnessed across business verticals and product range, specifically Kiosks and
Recharge Business.
• Against a loss
of Rs. 88.300 Millions in the previous year, FTL has reported profit after
taxation of Rs. 02.600 Millions.
• Customer
confidence in FTL’s solutions has grown significantly and, during the year, FTL
has witnessed strong order booking -and successful execution thereof from
Punjab National Bank, State Bank of India and associate banks, TATA Motor Finance,
United Bank of India, Central Bank of India, Andhra Bank, Central Railways,
Maharashtra Tourism, TATA Starbucks, etc.
• During the year,
FTL has established leadership in e-lobbies, Cash Deposit Kiosks, Passbook
Printing Kiosks, Ticket Vending Kiosks and Information Kiosks and also made a
successful entry into Enterprise mobility, Q Management, Currency Sorters and
Coin Vending Machines. FTL has also received orders from Tanzania and Nepal.
• FTL continues to
receive National and International recognitions in the form of several awards
including iCMG Global Excellence Award for Cloud Technologies, e-world Award
for Use of ICT in PSUs, Stars of the Industry Awards for Manufacturing
Excellence, e-India Awards for Judicial Franking in Bihar, nomination in Top 30
Rural Innovations for NABARD (National Bank for Agricultural and Rural
Development) Award and the AIMA (All India Management Association) Award for
Breakthrough Innovations.
• AIMA has
published the case study of FTL’s “Cloud based e-distribution for e-services”
in a book titled “Breakthrough Innovations”–Innovative Practices across India.
The Megabanker and the Nanobanker, two of the products targeted at the Banking
Industry, received the prestigious India Design Mark.
• FTL’s new
manufacturing facility for manufacture of Kiosks and ATMs was set up in Kalher,
Thane and production of kiosks and ATMs increased by 300% over the previous
year. Further expansion of the facility is in progress to cater to the
increasing demand.
• To create a platform for long - term profitable
growth, FTL continues to follow a five point strategy which consists of the
following:
• Create and
target profitable business opportunities
• Cutting the
bleed in non-productive areas/activities
• Enhancing and
improving Customer experience
• Proactive Cash
Flow Management
• Implement
Sustainable and environment friendly processes
FORBES CONTAINER
LINE PTE. LIMITED (FCL):
During the year,
the gross revenues of FCL have improved by 13% from S $16 mn. to S $ 18 mn. despite
the subdued global shipping market. The year 2012-13 was relatively a bad year
for global shipping which has affected FCL’s performance also. During the year,
many shipping lines deployed their newly -built Very Large Container Carriers
(VLCC) with capacities of 14000 TEUs to 18000 TEUs. This resulted in excess
capacity and had a big impact on the global sea freight market due to unhealthy
competition among the mainline operators. Since most of these vessels were
deployed in the Asia - Europe and Asia – USA trade, the freight rates to short
sea routes in Asia where FCL is active has suffered very heavily, especially on
the China- South-East Asia to India routes and India to Gulf routes. The
freight rates in India - Dubai sector have fallen from a peak of US $ 300/TEU
to US $ 40/TEU and have not improved during the major part of the year. Due to
these factors, profitability of FCL did not increase commensurately with the
increase in gross revenue.
FCL has plans to
increase volumes by on-hiring and buying new containers during FY 2013-14. FCL
also plans to enter the specialized market segment of refrigerated cargo and
improve the freight forwarding activity by opening a new office in Dubai. FCL
has set up a company in Dubai in the name ‘Forbes Shipping and Services LLC”
which will operate as an independent shipping agency and logistics provider in
the UAE. It will also have freight forwarding as one of its core activities.
The operations are expected to commence from shortly. This will provide FCL an
opportunity to improve its freight forwarding activity from Singapore and China
and enter into the African market also which is a developing market.
SCI FORBES LIMITED
(SCIF):
During the year,
all the four ships of SCIF were employed in the MARIDA Pool, where 21 ships of
similar size form the pool. Most of the MARIDA Pool ships trade in the West and
only 5 ships are deployed in the East. The Pool’s performance reflected
slowdown of the markets in chemical trading, during the year. European Union
(EU) region and Trans Atlantic business suffered due to slowdown in trade and
EU region woes. During the year, MT. ASAVARI had to be laid up for repairs for
an extended period to recoat the cargo tanks since the damage to the coating
caused an expensive cargo contamination claim. The vessel suffered loss of
earnings due to a prolonged delay in repairs and thus the overall earnings for
the year came down. The Chemical markets showed signs of improvement in the
second half of the year, but the markets in Europe and America have dampened
the overall earnings. The Clean Petroleum Product market was buoyant at the
beginning of year 2013, which supported chemical rates for a brief period of 2
months. SCIF had a default in fulfilling some loan covenants that caused the
lenders to declare an “Event of Default”. The Shareholders of SCIF are working
with the lenders to arrive at an acceptable resolution. In the coming year the
Chemical markets are expected to be marginally better, compared to FY 2012-13.
FORBES BUMI ARMADA
OFFSHORE LIMITED (FBOL):
As advised in the
previous year, FBOL was awarded by ONGC a 7-year contract for providing a
Floating Production Supply and Offloading vessel (FPSO) on Charter Hire
including its Operation and Maintenance. The Company has mobilized and deployed
the FPSO “Armada Sterling” along with crew in D1 field of ONGC. The FPSO had
reached the location on January 27, 2013. After completion of subsea
installation and pre-startup activities, safe startup of FPSO was accomplished
and received first quantity of oil from the wells on April 7, 2013.
As per the
conditions of the contract with ONGC, the test run was completed and final
acceptance received from ONGC with effect from April 22, 2013. The oil is
produced and stored in the crude storage tanks on FPSO. First batch of the
crude was offloaded to the ONGC designated buyer on May 14, 2013.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
|
(a) Claims against the Company not acknowledged as debts |
|
|
|
1) Taxes in dispute:- |
|
|
|
(i) Excise demand |
472.351 |
473.086 |
|
(ii) Sales tax |
79.054 |
77.032 |
|
(iii) Income-tax |
135.205 |
150.536 |
|
(iv) Service-tax |
25.421 |
1.791 |
|
(v) Entry-tax |
7.690 |
0.000 |
|
(vi) Customs duty |
1.710 |
1.710 |
|
(vii) Wealth tax |
3.612 |
3.612 |
|
(viii) Property tax |
55.160 |
107.585 |
|
2) Labour matters in dispute |
1.650 |
1.000 |
|
3) Claim of Madhya Gujarat
Vij Company Limited for alleged diversion of fraction of the power consumed
and contested by the Company in the Court |
18.829 |
18.829 |
|
4) Customer claims |
238.723 |
207.756 |
|
5) Supplier claims |
1.500 |
1.500 |
|
6) Other legal matters |
0.620 |
0.620 |
|
(b) Guarantees:- |
|
|
|
(i) Guarantees
given on behalf of Shipping Principals including subsidiary and Surety Bonds
jointly executed with third parties in favour of customs and other parties |
662.000 |
485.750 |
|
(ii) Guarantee on behalf of a subsidiary company |
353.337 |
232.549 |
|
(iii) Corporate Guarantee on behalf of a subsidiary company |
342.000 |
341.000 |
|
(iv) Guarantees issued by bank |
74.338 |
31.783 |
|
(c) Other money for which the Company is contingently liable Bills discounted |
0.000 |
8.001 |
FIXED ASSETS:
- Leasehold Land
- Leasehold Improvement
- Freehold Land
- Buildings
- Plant and Machinery
- Plant and Machinery
- Furniture, Fixture and Office Equipment
- Vehicles
STATEMENT OF STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2013
Rs. in Millions
|
Sr. No. |
Particular |
QUARTER
ENDED |
|
|
|
30.06.2013 |
|
|
|
Unaudited
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
636.500 |
|
|
Other Operating
Income |
28.600 |
|
|
Total Income From Operations (Net) |
665.100 |
|
|
|
|
|
2. |
Expenditure |
|
|
|
Cost
of materials consumed |
143.600 |
|
|
Purchase
of stock in trade |
22.700 |
|
|
Employee
benefits expenses |
121.400 |
|
|
Depreciation
and amortization expenses |
34.300 |
|
|
Transportation,
freight, hire charges and other operating costs relating to shipping and
logistics division |
172.500 |
|
|
Other
expenses |
241.100 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(7.100) |
|
|
Total Expenses |
728.500 |
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
(63.400) |
|
|
|
|
|
4. |
Other
Income |
30.100 |
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
(33.300) |
|
|
|
|
|
6. |
Interest |
55.400 |
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
(88.700) |
|
|
|
|
|
8. |
Exceptional
Items |
-- |
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
(88.700) |
|
|
|
|
|
10. |
Tax Expense |
|
|
|
a)
Current tax |
0.000 |
|
|
b)
Deferred tax |
0.000 |
|
|
Total |
0.000 |
|
|
|
|
|
11. |
Net Profit
from Ordinary Activities after Tax (9-10) |
(88.700) |
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
(88.700) |
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
129.000 |
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
a) Basic
and diluted EPS before extraordinary items |
(6.88) |
|
|
b)
Basic and diluted EPS after extraordinary items |
(6.88) |
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
-Number
of Shares |
3436925 |
|
|
-
Percentage of Shareholding |
26.65 |
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
-
Number of Shares |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
-
Number of Shares |
9461691 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100.00 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
73.35 |
|
Particulars |
Quarter Ended 30.06.2013 |
|
Pending at the beginning of the quarter |
12* |
|
Received during the quarter |
-- |
|
Disposed of during the quarter |
-- |
|
Remaining unresolved at the end of the
quarter |
12- |
|
* related to
court cases |
|
REPORTING OF SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
Rs. in Millions
|
Sl. No. |
|
Particulars |
Quarter
Ended |
|
|
30.06.2013 |
||
|
|
(Unaudited) |
||
|
1 |
|
Segment Revenue |
|
|
|
|
Engineering |
348.300 |
|
|
|
Shipping and Logistics Services |
290.900 |
|
|
|
Real Estate |
25.900 |
|
|
|
TOTAL |
665.100 |
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
0.000 |
|
|
|
|
|
|
|
|
TOTAL INCOME FROM
OPERATION (NET) |
665.100 |
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
Engineering |
(23.700) |
|
|
|
Shipping and Logistics Services |
(5.200) |
|
|
|
Real Estate |
18.400 |
|
|
|
TOTAL |
(10.500) |
|
|
|
|
|
|
|
|
Less :Interest |
55.400 |
|
|
|
Less : Other Unallocable Expenses and Extra Ordinary Items Net of Unallocable Income |
0.000 |
|
|
|
NET PROFIT (+) /
LOSS(-) BEFORE TAX |
(65.900) |
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
Engineering |
887.200 |
|
|
|
Shipping and Logistics Services |
297.500 |
|
|
|
Unallocated |
2048.200 |
|
|
|
Real Estate |
(128.400) |
|
|
|
TOTAL |
3104.500 |
NOTES:
- The above
results have been reviewed by the audit committee and approved by the
board of directors of the company at their respective meetings held on 2nd
August, 2013 and have been subjected to a limited review by the statutory
auditors.
- Other income
for the quarter ended 31.03.2013 includes:
(i) Provision for
estimated losses on onerous contracts, no longer required Rs.20.200 millions,
since on execution of the relevant contracts, corresponding revenue and
expenses have been accounted under the relevant heads; and
(ii) Provision for
expenses no longer required Rs.9.000 millions.
- The figures
for the quarter ended 31.03.2013 are the balancing figures between audited
figures in respect of the full financial year ended 31.03.2013 and published
year to date figures up to the third quarter ended 31.12.2012.
- Figures for
the previous year/period are re-classified/re-arranged/regrouped, wherever
necessary.
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.61.92 |
|
|
1 |
Rs.99.45 |
|
Euro |
1 |
Rs.83.92 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
65 |
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.