MIRA
INFORM REPORT
|
Report Date : |
24.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
TCP LIMITED |
|
|
|
|
Formerly Known
As : |
TAMIL NADU CHEMICAL PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
“TCP” Saptagiri Bhavan, New No.4 (Old No.10), Karpagambal
Nagar, |
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|
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|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
08.06.1971 |
|
|
|
|
Com. Reg. No.: |
18-005999 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.50.319
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24200TN1971PLC005999 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHET00143D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT3615K |
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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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|
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|
Line of Business
: |
Manufacturer and Seller of Sodium Hydrosulphite, Liquid |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 12100000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually correct |
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|
|
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Litigation : |
Exist |
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|
Comments : |
Subject is an established company having satisfactory track record.
There appears a better increase in the sales turnover of the company during
2013. Networth seems to be satisfactory. Trade relations are reported as fair. Business is active. Payment are
reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million Estimated
average spending by companies across the globe including India, on social media
this year, according to a global study by information technology major Tata
Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “BBB+” |
|
Rating Explanation |
Moderate degree fo safety and moderate credit risk. |
|
Date |
29.04.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A2” |
|
Rating Explanation |
Strong degree of safety an low credit risk. |
|
Date |
29.04.2013 |
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.
LOCATIONS
|
Registered Office : |
“TCP” Saptagiri Bhavan, New No.4 (Old No.10), Karpagambal Nagar,
Luz Church Road, Mylapore, Chennai – 600004, Tamilnadu, India |
|
Tel. No.: |
91-44-24994018/ 24991518/ 24991289/ 24991777 |
|
Fax No.: |
91-44-24992435 |
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E-Mail : |
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|
Website : |
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|
Area : |
7000 Sq ft |
|
Location : |
Owned |
|
|
|
|
Factory 1: |
Chemical, Windmills and Biomass
Divisions Kalrai Kudai Village, Koviloor, Sivaganga District – 630307,
Tamilnadu, India |
|
Area : |
25 Aq Sq ft |
|
Location : |
Owned |
|
|
|
|
Factory 2: |
Power Division Thandalacherry Road New Gummidipoondi ,Thiruvallore District – 601201, Tamilnadu, India |
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|
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Factory 3: |
Food Division Tondiarpet, Chennai – 600081, Tamilnadu, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Masilamani Ethurajan |
|
Designation : |
Director |
|
Address : |
110, Radhakrishnan Salai, Mylapore, Chennai – 600004,
Tamil Nadu, |
|
Date of Birth/Age : |
01.08.1934 |
|
Date of Appointment : |
07.11.1986 |
|
DIN No.: |
00041996 |
|
|
|
|
Name : |
Mr. Venkatachalapat Ramasamy Venktaachalam |
|
Designation : |
Managing Director |
|
Address : |
25, Sir C. V. Raman Salai, Alwarrpet, Chennai – 600018,
Tamil Nadu, |
|
Date of Birth/Age : |
09.04.1960 |
|
Qualification : |
B.A. |
|
Experience : |
33 years experience in business of various industries such as Textiles, Chemicals, Granites, Vanaspati and Medical. |
|
Date of Appointment : |
07.11.1986 |
|
DIN No.: |
00037524 |
|
|
|
|
Name : |
Mr. Masilamani Ethurajan |
|
Designation : |
Director |
|
Address : |
110, Radhakrishnan Salai, Mylapore, Chennai – 600004,
Tamil Nadu, |
|
Date of Birth/Age : |
01.08.1934 |
|
Date of Appointment : |
07.11.1986 |
|
DIN No.: |
00041996 |
|
|
|
|
Name : |
Mr. Arunachalam Sellamuthu Thillainayagam |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
17.02.1952 |
|
Date of Appointment : |
30.12.1987 |
|
DIN No.: |
00951729 |
|
|
|
|
Name : |
|
|
Designation : |
Director |
|
Address : |
110, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600004,
Tamil Nadu, |
|
Date of Birth/Age : |
14.04.1967 |
|
Date of Appointment : |
31.03.1988 |
|
DIN No.: |
00041968 |
|
|
|
|
Name : |
Mr. Vaithinathan Rajasekaran |
|
Designation : |
Whole-time Director |
|
Address : |
Plot 499, 4th Sector, |
|
Date of Birth/Age : |
06.11.1952 |
|
Qualification : |
B.E. (Chem), M.Tech, M.B.A. |
|
Experience : |
37 Years experience in Chemical, Power, Textile and Financing |
|
Date of Appointment : |
01.03.1992 |
|
DIN No.: |
00037006 |
|
|
|
|
Name : |
Mr. Aravind Nandagopal |
|
Designation : |
Director |
|
Address : |
6, |
|
Date of Birth/Age : |
06.04.1975 |
|
Date of Appointment: |
14.06.1995 |
|
DIN No.: |
00059009 |
|
|
|
|
Name : |
Mr. Natrajan Nandagopal |
|
Designation : |
Director |
|
Address: |
6, |
|
Date of Birth/Age : |
21.12.1968 |
|
Date of Appointment: |
14.08.1995 |
|
DIN No.: |
00058969 |
|
|
|
|
Name : |
Mr. Sengutuvan Venkataachalam |
|
Designation : |
Director |
|
Address : |
Old No. 25, New No.24, Sir C.V. Raman Road, Alwarpet, Chennai – 600018, Tamilnadu, India |
|
Date of Birth/Age : |
07.12.1986 |
|
Date of Appointment : |
26.08.2009 |
|
DIN No.: |
00053629 |
KEY EXECUTIVES
|
MANAGEMENT |
|
|
|
|
|
CORPORATE OFFICE |
|
|
|
|
|
Name : |
V.R.Venkataachalam |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
V. Rajasekaran |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Ravi Selvarajan |
|
Designation : |
Company Secretary and DGM- Finance |
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|
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WORKS CHEMICAL DIVISION AND BIOMASS DIVISION |
|
|
|
|
|
Name : |
C. Dhanushkodi |
|
Designation : |
General Manager - Works |
|
|
|
|
Name : |
K. Subramanian |
|
Designation : |
General Manager - Technical |
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|
|
|
POWER DIVISION |
|
|
|
|
|
Name : |
P. Ramaprasad |
|
Designation : |
Works Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category |
Number of Shares held |
% of total Shareholding |
|
Promoters |
37,58,921 |
74.70 |
|
Mutual Funds |
- |
- |
|
Banks |
- |
- |
|
Financial Institutions |
- |
- |
|
NRI/OCBs |
- |
- |
|
Bodies Corporate |
8,59,384 |
17.08 |
|
Resident individuals and others |
4,13,604 |
8.22 |
|
TOTAL |
50,31,909 |
100.00 |
Details of Demat shares as on 31st March 2013:
|
Particulars |
No. of shareholders |
No. of shares |
% to capital |
|
NSDL |
63 |
30,56,603 |
61 |
|
CDSL |
10 |
1,043 |
|
|
Physical form |
106 |
19,74,263 |
39 |
|
Total |
179 |
50,31,909 |
100 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Sodium Hydrosulphite, Liquid Sulphur Dioxide and Generation and Sale of Power. |
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2013)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
CHEMICAL DIVISION: |
|
|
|
|
|
Sodium Hydrosulphite (Enhanced) |
Tonnes |
10,000 |
10,000 |
11,484 |
|
Liquid Sulphur Di-oxide |
Tonnes |
4,950 |
4,950 |
11,217 |
|
Sulphoxilates (Enhanced) |
Tonnes |
2,000 |
2,000 |
163 |
|
Recovery Salts |
Tonnes |
-- |
-- |
4,099 |
|
Drum Plant Packing Drums in all sizes 500 drums per day # |
Tonnes |
-- |
-- |
1,45,317 |
|
|
|
|
|
|
|
POWER DIVISION: Generated units in lacs * |
Tonnes |
63.5 mw |
63.5 mw |
4,985 |
|
|
|
|
|
|
|
BIOMASS DIVISION: Generated |
Tonnes |
6 mw |
6 mw |
244 |
|
|
|
|
|
|
|
WINDMILLS: Generated units in lacs @ |
Tonnes |
16.5 mw |
16.5 mw |
291 |
|
|
|
|
|
|
* The above production of units generated includes 474 lac units (2012-512) utilised for captive consumption
#The above production of drums includes 148816 drums (2012- 1,63,540) utilised for captive consumption
@ The above production of units generated includes 71 lac units (2012-60) utilised for captive consumption
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Indian Overseas Bank State
Bank of India HDFC
Bank Limited IDBI
Bank Limited |
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|
44Facilities : |
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|
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|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
T. Selvaraj and Company Chartered Accountants |
|
Address : |
32, |
|
PAN.: |
AAAFT0425E |
|
|
|
|
Cost Auditor : |
M. Kannan Cost Accountant |
|
|
|
|
Legal Adviser : |
T.K. Seshadri Advocate |
|
|
|
|
Subsidiary : |
TCP Hotels Private Limited |
|
|
|
|
Associates : |
· Tanchem Imports and Exports Private Limited Thiruvalluvaar
Textiles Private Limited Binny
Limited Binny
Mills Limited S
V Global Mill Limited Binny
Engineering Limited Mohan
Breweries and Distilleries Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11750000 |
Equity Shares |
Rs.10/- each |
Rs.117.500 Millions |
|
25000 |
Preference Shares |
Rs.100/- each |
Rs.2.500 Millions |
|
|
Total |
|
Rs.120.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5031909 |
Equity Shares |
Rs.10/- each |
Rs.50.319
Millions |
|
|
|
|
|
(i) There has been no
movement in Equity Share Capital during the year:
The company has only one class of Equity Shares having a par value of Rs.10/-. Each Holder is entitled to one vote per equity share. Dividend proposed by the Board of Directors is subject to the approval of the Shareholders at the ensuing Annual General Meeting. The amount of dividend proposed to be distributed to Equity Shareholders is Rs.5.032 Millions and the related amount per Equity Share is Re.1/-.
(ii) Details of shares held by each
shareholder holding more than 5% shares:
|
Particulars |
As at 31 March, 2013 |
|
|
Number of shares |
% of Holding |
|
|
Equity shares with voting rights of Rs.10/- each |
|
|
|
V R Venkataachalam |
15,19,570 |
30.20 |
|
E Shanmugam |
10,24,503 |
20.36 |
|
ICL Financial Services Limited |
4,59,480 |
9.13 |
|
V Sengutuvan |
3,61,764 |
7.19 |
|
R Rajeswari |
3,00,000 |
5.96 |
|
ICL Securities Limited |
2,70,272 |
5.37 |
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 |
50.319 |
50.319 |
50.319 |
|
(b) Reserves & Surplus |
2976.167 |
2830.756 |
2670.551 |
|
(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) |
3026.486 |
2881.075 |
2720.870 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
262.294 |
393.492 |
223.422 |
|
(b) Deferred tax liabilities (Net) |
23.281 |
58.549 |
79.927 |
|
(c) Other long term liabilities |
33.323 |
56.154 |
55.446 |
|
(d) long-term provisions |
8.251 |
6.735 |
4.745 |
|
Total Non-current Liabilities (3) |
327.149 |
514.930 |
363.540 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
612.175 |
727.911 |
431.343 |
|
(b) Trade payables |
1104.739 |
637.290 |
701.043 |
|
(c) Other current
liabilities |
623.583 |
509.151 |
475.376 |
|
(d) Short-term provisions |
22.011 |
15.873 |
26.657 |
|
Total Current Liabilities (4) |
2362.508 |
1890.225 |
1634.419 |
|
|
|
|
|
|
TOTAL |
5716.143 |
5286.230 |
4718.829 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1139.818 |
1255.639 |
1406.746 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
82.440 |
68.385 |
56.415 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1418.025 |
1418.025 |
1418.025 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
57.079 |
55.714 |
54.761 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2697.362 |
2797.763 |
2935.947 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1013.304 |
734.652 |
750.933 |
|
(c) Trade receivables |
1625.929 |
1275.060 |
590.809 |
|
(d) Cash and cash
equivalents |
22.382 |
96.262 |
5.227 |
|
(e) Short-term loans and
advances |
357.166 |
382.493 |
435.913 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
3018.781 |
2488.467 |
1782.882 |
|
|
|
|
|
|
TOTAL |
5716.143 |
5286.230 |
4718.829 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3363.638 |
2960.605 |
2129.637 |
|
|
|
Other Income |
11.178 |
9.930 |
206.328 |
|
|
|
TOTAL (A) |
3374.816 |
2970.535 |
2335.965 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2246.191 |
1821.955 |
|
|
|
|
Employee benefits expense |
182.517 |
150.117 |
|
|
|
|
Other expenses |
497.041 |
466.983 |
|
|
|
|
Changes in inventories of finished goods and work-in-progress |
(31.702) |
8.821 |
|
|
|
|
TOTAL (B) |
2894.047 |
2447.876 |
1795.956 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
480.769 |
522.659 |
540.009 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
136.576 |
133.005 |
86.148 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
344.193 |
389.654 |
453.861 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
137.826 |
157.203 |
162.033 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
206.367 |
232.451 |
291.828 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
55.108 |
66.397 |
97.348 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
151.259 |
166.054 |
194.480 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1071.894 |
961.689 |
793.057 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
20.000 |
|
|
|
Dividend |
5.032 |
5.032 |
5.032 |
|
|
|
Corporate dividend |
0.816 |
0.816 |
0.816 |
|
|
BALANCE CARRIED
TO THE B/S |
1167.305 |
1071.894 |
961.689 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
207.473 |
139.626 |
38.484 |
|
|
TOTAL EARNINGS |
207.473 |
139.626 |
38.484 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
701.707 |
368.004 |
482.510 |
|
|
|
Stores and Components |
1.073 |
1.902 |
0.071 |
|
|
TOTAL IMPORTS |
702.780 |
369.906 |
482.581 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
30.000 |
33.000 |
39.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.48
|
5.59
|
8.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.14
|
7.85
|
13.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.90
|
6.12
|
8.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.08
|
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.29
|
0.39
|
0.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28
|
1.32
|
1.09 |
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 |
Yes |
|
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 |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10408222 |
09/02/2013 |
200,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
B69702850 |
|
2 |
10339720 |
04/03/2013 * |
500,000,000.00 |
IDBI BANK LIMITED |
115, ANNA SALAI, SAIDAPET, CHENNAI - 600015, TAMILNADU, INDIA |
B69772127 |
|
3 |
10327959 |
04/01/2012 |
100,000,000.00 |
IDBI BANK LIMITED |
115, ANNA SALAI, SAIDAPET, CHENNAI - 600015, TAMILNADU, INDIA |
B29427549 |
|
4 |
10298396 |
28/05/2012 * |
100,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
B40163602 |
|
5 |
90286973 |
31/03/2005 |
200,000,000.00 |
HDFC BANK LTD. |
MARIAM CENTRE; FIRST FLOOR, 751 - B; ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA |
- |
|
6 |
90287871 |
05/02/2004 |
111,168,000.00 |
HDFC BANK |
SENAPATI BUPAT MARG, LOWER PAREL WEST, MUMBAI - 600002 MAHARASHTRA, INDIA |
- |
|
7 |
90287703 |
25/07/2012 * |
502,600,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 232, N.S.C.BOSE ROAD, CHENNAI - 600001, TAMIL NADU, INDIA |
B55993455 |
|
8 |
90287521 |
30/05/2000 * |
50,000,000.00 |
INDIAN OVERSEAS BANK |
C & IC; DR. RADHAKRISHNAN SALAI, MYLAPOPORE, CHENNAI - 600004, TAMILNADU, INDIA |
- |
|
9 |
90287492 |
12/08/2013 * |
874,200,000.00 |
INDIAN OVERSEAS BANK |
COMMERCIAL AND
INSTITUTIONAL CREDIT BRANCH, 98-A, D |
B84522093 |
|
10 |
90287415 |
13/07/2005 * |
49,200,000.00 |
INDIAN OVERSEAS BANK |
COKMMERCIAL AND
INSTITUTIONAL BRANCH, RADHKRISHNA |
- |
|
11 |
90288881 |
28/03/1996 |
82,000,000.00 |
ALLAHABAD BANK |
41; ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA |
- |
|
12 |
90287200 |
06/07/1989 * |
16,000,000.00 |
INDIAN BANK |
ALWARPET BRANCH, CHENNAI - 600018, TAMILNADU, INDIA |
- |
|
13 |
90287193 |
28/03/1996 * |
28,800,000.00 |
ALLAHABAD BANK |
41; MOUNT ROAD, CHENNAI - 600002, TAMILNADU, INDIA |
- |
|
14 |
90287178 |
12/11/1988 * |
8,000,000.00 |
INDIAN OVERSEAS BANK |
COMMERCIAL AND INSTITUTIONAL CREDIT BRANCH; KHIVARAJ MANSION 1ST FLOOR 738 ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA |
- |
|
15 |
90287136 |
28/03/1996 * |
34,500,000.00 |
INDION OVERSES BANK |
COMMERCIAL AND
INSTITUTIONAL CREADIT BRANCH, POST B |
- |
|
16 |
90286805 |
10/02/1983 * |
4,000,000.00 |
I.D.B.I. BANK LTD. |
BANK OF BARODA BUILDING, 16; SANAD MARG; P.B. NO - 363; NEW DELHI - 110001, INDIA |
- |
* Date of charge modification
LITIGATION DETAILS
CHENNAI COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status: |
Pending |
|
Status Of: |
TAX CASES |
|
Case No.: |
2427 |
|
Year : |
2008 |
|
Petitioner : |
COMMISSIONER OF INCOME TAX |
|
Respondent : |
M/S TCP LTD |
|
Pet's Advocate : |
M/S. PUSHYA SITARAMAN |
|
Res's Advocate : |
M/S.R.SIVARAMAN |
|
Category : |
NO CATEGORY MENTIONED |
|
|
Last Listed on: No Date Mentioned |
|
Case Updated on : |
Mar 2 2009 |
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Other Loans |
|
|
|
Key Management Personnel |
26.687 |
25.167 |
|
Relatives of Key Management Personnel |
48.968 |
48.311 |
|
Others |
9.700 |
9.700 |
|
Deposits |
|
|
|
Key Management Personnel |
0.048 |
0.037 |
|
Others |
176.892 |
110.277 |
|
SHORT TERM
BORROWINGS |
|
|
|
From Related parties |
29.500 |
29.500 |
|
Total |
291.795 |
222.992 |
CORPORATE INFORMATION:
The Company is a Public Limited Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on the Madras Stock Exchange, Ahmadabad Stock Exchange and the Delhi Stock Exchange. The Company is engaged in the business of manufacture and sale of Sodium Hydrosulphite, Liquid Sulphur Dioxide and generation and sale of power.
SEGMENTWISE / PRODUCTWISE PERFORMANCE
PRODUCTION
I. CHEMICALS
Sodium Hydrosulphite
During the year the company had produced 11,484 MT of Sodium
Hydrosulphite as against 11,740 MT in the previous year, a marginal decrease by
about 2%.
Liquid Sulphur Dioxide
During the year the Company had produced 11,217 MT of Liquid Sulphur Dioxide
as against 11,660 MT in the previous year, an increase by about 4 %.
Sulphoxylate
The production of Sulphoxylates was 163 MT during the year as against
365 MT in the previous year.
II. RECOVERY SALTS
The trisalt production was 4,099 MT as against 3,427 MT in the previous
year.
III. ELECTRIC POWER
Electric Power Generation
The company had generated 4,985 lakh units of electricity as against
4,995 lakh units last year. The average Plant Load Factor during the year was
89.29%. The Biomass based power plant had generated 244 lakh units of
electricity as against 126 lakh units in the previous year. The Wind Mills had
generated 291 lakh units of electricity as against 291 lakh units in the
previous year.
SALES
I. CHEMICALS
Sodium Hydrosulphite
During the year the company had made sale of 11,269 MT of Sodium
Hydrosulphite as against 11,963 MT in the previous year. The domestic sales
decreased by about 10% during the year when compared with the previous year.
The Company has increased its market share in the Pharma Sector during the
year. The continuation of fixed anti-dumping duty against imports from China
had greatly helped in protecting the market share.
Liquid Sulphur Dioxide
The sale of Liquid Sulphur Dioxide during the year was 1,242 MT as against
1, 296 MT in the previous year. The sales can be augmented in the coming years
too, as they foresee a gooddemand for the product.
Sulphoxylates
The sale of Sulphoxylates was 153 MT as against 374 MT in the previous
year.
Recovery salts
The sale of Recovery salts was 3,008 MT during the year as against 3,478
MT in the previous
year.
II. POWER
During the year the Company had exported to the Tamil Nadu Generation
and Distribution Corporation Limited (TANGEDCO) 4,546 lakh units of electricity
as against 4,503 lakh units in the previous year. The Biomass Power plant had
sold 209 lakh units of electricity as against 105 lakh units in the previous
year. The Wind mills had exported 220 lakh units of electricity as against 228
lakh units in the previous year.
FUTURE PLANS
The company will focus on the domestic market sales in the current year
in respect of the products of the Chemical division. With the textile industry
showing signs of recovery, due to the measures adopted / proposed to be adopted
by the Textile Ministry, it is expected that the sale of Sodium Hydrosulphite
to the textile industry will improve in the current year. Since the company has
expanded the sale of its recovery salts to the pharma and paper industries, it
is expected that the sale of trisalt, during the current year, will improve.
Since an increased demand is expected in the current year for the Liquid
Sulphur Di Oxide, its sales also would improve in the current year.
The company’s exports are expected to show an upward trend with focus
being made on the USA market. The Company is hopeful that the exchange rate in
the year would be advantageous to exports and with increased production the
Company would be in a position to regain its presence in the European markets which
has been, traditionally, their major markets. The Company is also taking all
efforts to identify and develop new markets and at the same time continuing to
focus on the existing markets, where price realisation is relatively higher. In
the global market, their Sodium Hydrosulphite has built up a good brand image
for its quality and delivery.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC SCENARIO
The global economy continues to grapple with the fallout of the 2008-09
crisis. In 2012, the estimated global GDP growth hovered around 3% largely on
account of decent performance by emerging and developing economies. For US
economy, high unemployment levels coupled with expected spending cuts is
expected to make the road to its recovery, a challenging one in the medium
term. At the same time, the Euro Zone continues to struggle. While Germany and
UK economies continued to perform modestly, the other big economies such as
France, Spain and Italy are expected to register substantial contraction.
The Indian economy, being an economy that is largely driven by
indigenous consumption, lower disposable income of large population had a
direct bearing on its growth. In 2012-13, India continued to slide in terms of
economic performance, registering an estimated GDP growth of around 5% - its
lowest in the past decade. This was largely on account of sharp slowdown in
investments, delays in policy decisions and weaker consumption from the
burgeoning middle class owing to high inflation.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
INDIAN CHEMICAL
SECTOR:
The Indian Chemical Industry is characterized by a) high domestic
potential due to market development and increase in per capita consumption
level; b) high degree of fragmentation and small scale operations; c) limited
emphasis on exports due to domestic market focus; d) low cost competitiveness
as compared to other countries due to high cost of power, import duties, tax
and duties and cost of capital; and e) low focus on R&D efforts.
Despite these disadvantageous conditions, certain companies, including
the company, have sizable international operations by way of exports and have
become significant players in certain global market.
The Indian Chemical Industry’s contribution to India’s GDP is expected
to grow from the current 6.7% to 12.1% and its share in the global industry
will increase from 1.9% to 3.9%. The Indian Chemical Industry is expected to
make a substantial impact on the national economy. The Industry has evolved
from being a producer of Basic Chemicals in a highly regulated environment to
becoming a mature industry, free to choose its product portfolio in their open
economy.
INDIAN POWER SECTOR:
Current domestic coal supply has been affected by environmental
restrictions on coal mining because of which Coal India Limited has not been
able to ramp up production to planned levels, and also a large quantity of coal
has not been transported from the mines. This has impacted generation
availability of domestic coal-based power plants in the country. Import of
coal, is therefore, being resorted to during the last few years and
utility-wise allocation is being made by the Ministry of Power. The import of
coal is set to rise in the coming years.
The Electricity Act, 2003, recognised power trading as a new segment
apart from generation, transmission and distribution. Power trading has since
enabled the country as a whole to balance its power surpluses and deficits and
has helped to optimally utilise its generation resources.
OUTLOOK
The Chemical Industry is poised for appreciable growth both in exports
and in domestic markets, in view of appreciation of rupee value and also in
view of the Government’s move to extend the DEPB Scheme, increasing the DEPB
rates for many products, levying of anti dumping duty, granting pre/post shipment
credits at concessional interest rates and identification of new customers. The
growth of the user industries would indirectly contribute to increased demand
for the products and its profitability.
SUBSIDIARY COMPANY
The Company has one Subsidiary Company viz., TCP Hotels Private Limited.
This Subsidiary Company is a non-material Indian unlisted subsidiary of the
Company.
TCP HOTELS PRIVATE LIMITED:
TCP Hotels Private Limited derives rental income from letting out its
property and this is the only source of income for the company for the year
ended 31st March 2013. For the year ended 31st March 2013, the company has
earned income of Rs.0.600 Million and had reported Net Loss of Rs.0.079
Million.
The Company has not attached in this Annual Report the Balance Sheet,
the Profit and Loss Account, the Directors’ Report, the Auditors’ Report and
the Statement showing holding company’s interest in its subsidiary company as
required under section 212 of the Companies Act, 1956, in respect of the
subsidiary company viz., TCP Hotels Private Limited for the year ended 31st
March 2013, pursuant to the general exemption granted to the holding companies
from the applicability of section 212 of the Companies Act, 1956, by the
Ministry of Corporate Affairs vide its General Circular No.2/2011 dated 8th
February 2011. The company has fulfilled the conditions laid down in the
aforesaid Circular No.2/2011 dated 8th February 2011.
The Board of Directors of the company, at the Board Meeting held on 29th
May 2013, has passed resolution, giving consent for not attaching the Balance
sheet of the subsidiary company viz., TCP Hotels Private Limited to its Annual
Report for the financial year ended 31st March 2013.
The holding company viz., TCP Limited hereby undertakes that annual
accounts of the subsidiary company viz., TCP Hotels Private Limited for the
financial year ended 31st March 2013 and the related detailed information shall
be made available to shareholders of the holding and subsidiary company seeking
such information at any point of time. The annual accounts of the subsidiary
company shall also be kept for inspection by any shareholder in the Registered
Office of the company.
CONTINGENT
LIABILITIES (AS ON 31.03.2013):
a. Letter of Credit opened by banks for purchase of raw materials Rs. 988.392 Millions (2012 – Rs 246.595 Millions)
b. Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. 6.520 Millions (2012 – Rs 5.204 Millions)
c. Guarantee given by the bankers on behalf of Company Rs 45.520 Millions (2012- Rs 39.889 Millions)
d. Excise Duty Rs. 0.802 Million ( 2012 – Rs 0.802 Million) for which the Company has preferred an appeal before the appellate authorities and it is pending. Out of this, a sum of Rs. 0.240 Million (Rs 0.240 Million) has been paid under protest
e. Income Tax – Rs. 268.627 (Rs.193.034) for which the company has preferred a rectification petition before the Assessing Officer and Appeal before the Appellate Authority and the same are pending.
f. Claims against the Company not acknowledged as Debt Rs 34.150 Millions (2012- 34.150 Millions)
STATEMENT OF UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th
JUNE, 2013
PART
I
(Rs. In Million)
|
S.No |
Particulars |
Quarter Ended |
|
|
|
30-06-13 |
|
|
|
(Un-Audited) |
|
1. |
Income from Operations: |
|
|
|
(a) Net sales ( net of
excise duty ) |
772572 |
|
|
(b) Other Operating
Income |
7845 |
|
|
Total Income from
Operations (Net) |
780417 |
|
2. |
Expenses |
|
|
|
(a) Cost of materials consumed |
500.807 |
|
|
(b)Changes in inventories of finished goods &
work-in-progress |
(5.223) |
|
|
(c) Employee benefits expenses |
44.664 |
|
|
(d) Depreciation |
30.479 |
|
|
(e)Other Expenses |
121.760 |
|
|
Total Expenses |
692.487 |
|
3. |
Profit / (Loss) from
Operations before Other Income, finance costs and Exceptional Items(1-2) |
87.930 |
|
4. |
Other Income |
- |
|
5. |
Profit / (Loss) from Ordinary
activities before finance cost and exceptional items(3+_4) |
87.930 |
|
6. |
Finance costs |
29.882 |
|
7. |
Profit/ (Loss) from
ordinary activities after finance costs and exceptional items(5-6) |
58.048 |
|
8. |
Exceptional Items |
|
|
9. |
Profit / (Loss ) from
ordinary Activities before tax (7-8) |
58.048 |
|
10. |
Tax Expense |
16.183 |
|
11. |
Net Profit/ (Loss) from
ordinary activities after tax (9-10) |
41.865 |
|
12. |
Extraordinary items (net
of tax expense 'in lakhs) |
|
|
13. |
Net Profit/ (Loss) for
the period (11+_12) |
41.865 |
|
14. |
Paid up equity share
capital (Face value Rs 10/- per share) |
50.319 |
|
15. |
Reserves excluding
revaluation reserves (as per balance sheet of previous acctg year) |
|
|
16. |
Earnings per share before
and after extraordinary items ( Face value of Rs. 10/- each) (not annualised) |
|
|
|
(a) Basic & diluted |
8.32 |
|
|
|
|
|
|
PART II |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
Public Shareholding |
|
|
|
- Number of Shares |
12,72,988 |
|
|
- Percentage of
Shareholding |
25.30 |
|
|
|
|
|
2 |
Promoters and Promoter
group Shareholding |
|
|
|
a. Pledged / Encumbered |
|
|
|
- Number of Shares |
Nil |
|
|
- Percentage of Shares |
-- |
|
|
b. Non-encumbered |
|
|
|
- Number of Shares |
37,58,921 |
|
|
Percentage of Shares (as
a % of the total Share holding of the Promoter and Promoter group ) |
-- |
|
|
Percentage of Shares (as
a % of the total Share Capital of the Company) |
74.70 |
|
B |
INVESTOR COMPLAINTS
(Nos.) |
Quarter
Ended 30.06.2013 |
|
|
Pending at the beginning
of the Quarter |
Nil |
|
|
Received during the
Quarter |
Nil |
|
|
Disposed off during the
Quarter |
Nil |
|
|
Remanining unresolved at
the end of the Quarter |
Nil |
STATEMENT OF SEGMENT WISE RESULTS (REVENUE, RESULTS
AND CAPITAL EMPLOYED)
(Rs. In Million)
|
S.No |
Particulars |
Quarter Ended |
|
|
|
|
30-06-13 |
|
|
|
|
(Un-Audited) |
|
|
1. |
Segment Revenue |
|
|
|
A. |
Chemical Divison |
277.312 |
|
|
B. |
Power Divison |
449.034 |
|
|
C. |
Biomass Division |
46.937 |
|
|
D. |
Windmill Division |
31.518 |
|
|
E. |
Others |
0.704 |
|
|
|
Total |
805.504 |
|
|
Less: |
Inter Segment Revenue |
25.087 |
|
|
|
Net Sales/Income |
|
|
|
|
Total |
780.417 |
|
|
2. |
Segment Results |
|
|
|
A. |
Chemical Divison |
36.970 |
|
|
B. |
Power Divison |
49.996 |
|
|
C. |
Biomass Divison |
(7.197) |
|
|
D. |
Windmill Division |
7.734 |
|
|
E. |
Others |
0.426 |
|
|
|
Total |
87.930 |
|
|
|
Less: |
I : Interest |
29.882 |
|
|
|
II : Other Unallocable
Expenditure W/off |
|
|
|
|
III: Unallocable Income |
|
|
|
Total Profit Before Tax |
58.048 |
|
|
3. |
Capital Employed |
|
|
|
A. |
Chemical Divison |
1922.078 |
|
|
B. |
Power Divison |
410.627 |
|
|
C. |
Biomass Divison |
361.830 |
|
|
D. |
Windmill Division |
328.885 |
|
|
E. |
Others |
44.932 |
|
|
|
Total |
3068.352 |
|
NOTE
1. The Net Profit for the present quarter shown above is inclusive of Profit derived from Generation of Power in Biomass plant which is eligible for deduction to the extent provided under Sec 80IA of the Income Tax, 1961
2. The above statement was approved at the meeting of the Board of Directors held on 31.01.2012.
3. The Segment report has been prepared in accordance with the Accounting Standard 17 "Segment Reporting"
4. During the quarter, no complaints were received from shareholders and there are no complaints pending as of date.
5. The Audit Committee has reviewed the results and recommended for board approval.
6. The above financial statements are subject to Limited review by the Statutory Auditors of the Company. None of the Shares of the Promoters have been pledged.
FIXED ASSETS
· Land
Leasehold
Land
Leasehold
Buildings
Buildings
Plant
and Machinery
Water
Supply Works
Computers
Office
Equipments
Miscellaneous
Equipments
Furniture
and Fittings
Vehicles
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.61.41 |
|
|
1 |
Rs.99.53 |
|
Euro |
1 |
Rs.84.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.