MIRA
INFORM REPORT
|
Report Date : |
05.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
REDINGTON INDIA LIMITED |
|
|
|
|
Registered
Office : |
SPL Guindy House,
95, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation
: |
02.05.1961 |
|
|
|
|
Com. Reg. No.: |
18-028758 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.798.305 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L52599TN1961PLC028758 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHER00540B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCR0347P |
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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
: |
Trading, Importing
and Distributing of Computers, Computer Peripherals, Printers, Plotters and
Spares including after sales service. |
|
|
|
|
No. of Employees
: |
1315
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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 |
|
Maximum Credit Limit : |
USD 42610000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a well
– established and a reputed company having fine track record. Financial position
of the company appears to be sound. Trade relations are reported as
trustworthy. Business is active. Payments are reported to be regular and as
per commitments. The company can
be considered 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
April 03, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
April 03, 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 : |
SPL Guindy House,
95, Mount Road, Guindy, Chennai – 600032, Tamilnadu, India |
|
Tel. No.: |
91-44-22353313/
14/ 15/ 16/ 17/ 18/ 42243281/ 42243499/ 42243353/ 42243352 |
|
Fax No.: |
91-44-22352790/ 22253799 |
|
E-Mail : |
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|
Website : |
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|
Corporate Office : |
Ground Floor, "Centre Point", Plot No.8 and 11
(SP), Thiru-Vi-Ka Industrial Estate, Ekkaduthangal, Guindy, Chennai – 600032,
Tamilnadu, India |
|
Tel. No.: |
91-44-42243353 |
|
Fax No.: |
91-44-22253799 |
|
E-Mail : |
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Sales and
Service Centers: |
·
Located at : ·
Chennai ·
Bangalore ·
Hyderabad ·
Trivandrum ·
Coimbatore ·
Visakhapatnam ·
Cochin ·
Madurai ·
Hubli ·
Calicut ·
Hyderabad
·
Agra ·
Chandigarh
·
Dehradun ·
Delhi ·
Jammu
and Kashmir ·
Jaipur ·
Lucknow ·
Ludhiana ·
Varanasi ·
Karnal ·
Gurgaon ·
Ghaziabad ·
Noida ·
Parwanoo |
|
|
|
|
Branch Office : |
·
Located At : ·
Chandigarh ·
Uttar
Pradesh ·
Punjab ·
Rajasthan ·
Uttaranchal ·
Orissa ·
Bihar ·
Guwahati ·
Gujarat ·
Karnataka ·
Goa ·
Mumbai ·
Pune ·
Gujarat ·
Tamilnadu |
DIRECTORS
As on: 31.03.2013
|
Name : |
Professor J. Ramachandran |
|
Designation : |
Non Executive Chairman, Independent Director |
|
|
|
|
Name : |
Mr. R. Shrinivasan |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Raj Shankar |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mr. M. Raghunandan |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. R. Jayachandran |
|
Designation : |
Non Executive Director |
|
|
|
|
Name : |
Mr. Tu Shu-Chyuan |
|
Designation : |
Non Executive Director |
|
|
|
|
Name : |
Mr. Lin Tai Yang |
|
Designation : |
Non Executive Director |
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|
|
|
Name : |
Mr. Nainesh Jaisingh |
|
Designation : |
Non Executive Director |
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|
|
|
Name : |
Mr. V S Hariharan |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. N. Srinivasan |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Keith WF Bradley |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. M. Muthukumarasamy |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. P.S. Neogi |
|
Designation : |
President – I.T. Products |
|
|
|
|
Name : |
Mr. E.H. Kasturi Rangan |
|
Designation : |
President – Consumer and Digital Products Division |
|
|
|
|
Name : |
Mr. Stephen Aranha |
|
Designation : |
President – Support Services |
|
|
|
|
Name : |
Mr. S.V. Krishnan |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Clynton Almeida |
|
Designation : |
Chief Information Officer |
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|
|
|
Name : |
Mr. S.V. Rao |
|
Designation : |
Head – Strategic Business Unit (Services) |
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|
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|
Name : |
Mr. Jitendra K. Senapati |
|
Designation : |
Head – Strategic Business Unit (Peripherals and Consumer PC) |
|
|
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|
Name : |
Mr. Anand Chakravarthy |
|
Designation : |
Head – Strategic Business Unit (Networking and Power Products) |
|
|
|
|
Name : |
Mr. Gautam Hakku |
|
Designation : |
Head – Strategic Business Unit (System) |
|
|
|
|
Name : |
Mr. R. Venkatesh |
|
Designation : |
Head – Strategic Business Unit (Software Solutions) |
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|
|
|
Name : |
Mr. S. Selvanayagam |
|
Designation : |
Head – Strategic Business Unit (Components) |
|
|
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|
Name : |
Mr. Sundaresan |
|
Designation : |
Head – Strategic Business Unit (Enterprise Products) |
|
|
|
|
Name : |
Mr. Rajesh Khetarpal |
|
Designation : |
Head – Strategic Business Unit – Communications |
|
|
|
|
Name : |
Ms. Parvathi Jagannadhan |
|
Designation : |
Head – Strategic Business Unit – Life Style and Convergence Devices) |
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|
|
|
Name : |
Mr. Ramesh Natarajan |
|
Designation : |
Head – National Sales |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
84027302 |
21.04 |
|
|
84027302 |
21.04 |
|
Total shareholding of Promoter and Promoter Group (A) |
84027302 |
21.04 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
31960563 |
8.00 |
|
|
470 |
0.00 |
|
|
150000249 |
37.57 |
|
|
181961282 |
45.57 |
|
|
|
|
|
|
20894689 |
5.23 |
|
|
|
|
|
|
6024319 |
1.51 |
|
|
1032948 |
0.26 |
|
|
105337030 |
26.38 |
|
|
504452 |
0.13 |
|
|
1234015 |
0.31 |
|
|
102245940 |
25.61 |
|
|
183085 |
0.05 |
|
|
909478 |
0.23 |
|
|
7810 |
0.00 |
|
|
252250 |
0.06 |
|
|
133288986 |
33.38 |
|
Total Public shareholding (B) |
315250268 |
78.96 |
|
Total (A)+(B) |
399277570 |
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) |
399277570 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading, Importing
and Distributing of Computers, Computer Peripherals, Printers, Plotters and
Spares including after sales service. |
||||||||||
|
|
|
||||||||||
|
Products : (As on 31.03.2012) |
·
Server and Storage ·
Desktop and AIO ·
Laptop ·
Networking |
GENERAL INFORMATION
|
No. of Employees : |
1315
(Approximately) |
||||||||||||||||||
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|
||||||||||||||||||
|
Bankers : |
Bankers – ·
ANZ
Banking Group Limited ·
Bank
of · Barclays Bank PLC · BNP Paribas ·
DBS
Bank Limited ·
Deutsche
Bank AG ·
First
Rand Bank ·
HDFC
Bank Limited ·
IDBI
Bank Limited ·
ICICI
Bank Limited ·
HSBC ·
IndusInd
Bank Limited ·
ING
Vysya Bank Limited ·
Kotak
Mahindra Bank Limited ·
Standard
Chartered Bank ·
State
Bank of India ·
The
Royal Bank of Scotland ·
Yes
Bank Limited Bankers – Overseas ·
Axis
Bank, ·
Bank
of ·
Barclays
Bank, ·
BNP
Paribas, ·
BNP ·
·
Emirates
Bank, ·
First
Gulf Bank, ·
Hongkong
and Shanghai Banking Corporation Limited, ·
Hongkong
and Shanghai Banking Corporation Limited, ·
ICICI
·
Mashreq
Bank, ·
National
Bank of Fujairah, ·
Standard
Chartered Bank, ·
Standard
Chartered ·
State
Bank of ·
May
Bank, Singapore ·
UCO
Bank, Singapore ·
First
Gulf Bank, Dubai ·
OCBC
Bank, Singapore |
||||||||||||||||||
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|
||||||||||||||||||
|
Facilities : |
NOTE: a.
Loans from banks secured by pari-passu charge on
inventory and trade receivables. b.
The company placed commercial paper during the
year, there are no amounts outstanding as at march 31, 2013 and the maximum
amount outstanding any time during the year was Rs. 5750.000 millions. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Statutory
Auditors : |
|
|
Name : |
Deloitte Haskins
and Sells Chartered
Accountants |
|
Address: |
2nd
Floor, “Temple Tower, 672, Anna Salai, Nandanam, Chennai – 600035, Tamilnadu,
India |
|
Tel. No.: |
91-44-52131124-28 |
|
Fax No.: |
91-44-52131129 |
|
|
|
|
Internal Auditors: |
|
|
Name : |
Price Waterhouse Coopers Chartered Accountant |
|
|
|
|
Party
where control exists : |
·
Redington Employee Share Purchase
Trust* |
|
|
|
|
Parties
having Significant Influence: |
·
Redington (Mauritius) Limited, Mauritius* ·
Synnex Mauritius Limited, Mauritius* |
|
|
|
|
Subsidiaries : |
·
Nook Micro Distribution Limited,
India* ·
Cadensworth (India) Limited, India* ·
Easyaccess Financial Services
Limited, India* ·
Redington International Mauritius
Limited, Mauritius* ·
Redington International (Holdings)
Limited, Cayman Islands ·
Redington Gulf FZE, Dubai ·
Cadensworth FZE, Dubai ·
Redington Gulf and Company LLC, Oman ·
Redington Nigeria Limited, Nigeria ·
Redington Egypt Limited, Egypt ·
Redington Kenya Limited, Kenya ·
Redington Middle East LLC, Dubai ·
Redington Qatar WLL, Qatar ·
Redington Arabia Limited, Saudi
Arabia ·
Redington Africa Distribution FZE.
Dubai ·
Redington Bahrain SPC, Bahrain ·
Redington Distribution Pte Limited,
Singapore* ·
Redington Bangladesh Limited,
Bangladesh ·
Redington Qatar Distribution WLL,
Qatar ·
Redington Kenya (EPZ) Limited, Kenya ·
Redington Limited, Ghana ·
Redington Uganda Limited, Uganda ·
Africa Joint Technical Services,
Libya ·
RGF Private Trust Company Limited,
Cayman Islands ·
Redington Gulf FZE Co, Iran ·
Cadensworth United Arab Emirates LLC,
Dubai ·
Redington Morocco Limited, Morocco ·
Redington Tanzania Limited, Tanzania ·
Redington SL Private Limited, Sri
lanka ·
Redington Angola ADA, Angola ·
Redington Turkey Holdings S.A.R.L ·
Arena Bilgisayar Sanayi Ve Ticaret Anonim
Sirketi, Turkey# ·
Arena International FZE, Dubai ·
Ensure IT Services (PTY) Limited,
South Africa (Formaly known as Redington IT Services (PTY) Limited) |
|
|
|
|
Subsidiaries : |
Formed during
the year ·
ProConnect Supply Chain Solutions Limited, India* ·
Ensure Gulf FZE, Dubai ·
Ensure Technical Service (PTY)
Limited, South Africa ·
Ensure Middle East Trading LLC, UAE ·
Ensure Technical Service Kenya
Limited, Kenya ·
Ensure Technical Service Tanzania
Limited, Tanzania ·
Ensure Services Uganda Limited,
Uganda ·
Ensure Solutions Nigeria Limited,
Nigeria ·
Redington Rwanda Limited, Rwanda ·
Redington Kazakhstan LLP, Kazakhstan
Republic ·
Sensonet Teknoloji Elelektronik Ve
Bilisim Hizmetlen Sanayi – Ve Ticaret Limited Sirketi, Turkey |
|
|
|
|
Associates : |
·
Redington (India) Investments
Limited, India* ·
Currents Technology Retail (India)
Limited, India*s |
NOTE:
*Represents related parties with whom
transactions have taken place during the years.
# As Redington turkey Holdings S.A.R.L. has
effective control over the composition of board of direction, Arena Bilgisayar
Sanayi Ve Ticaret Anonim Sirketi is considered as subsidiary.
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
425000000 |
Equity Shares |
Rs.2/- each |
Rs.850.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
399152570 |
Equity Shares |
Rs.2/- each |
Rs.798.305 Millions |
|
|
|
|
|
Reconciliation
of the shares outstanding at the beginning and at the end of the reporting
period
|
Particulars |
31.03.2013 |
|
|
|
No. of Shares |
Rs. In Millions |
|
At the beginning of the year |
398578195 |
797.156 |
|
Allotted during the year under – ESOP, 2008 |
574375 |
1.149 |
|
Outstanding at the end of the year |
399152570 |
798.305 |
Terms/rights
attached to equity shares
Each holder
of equity share is entitled to one vote per share. The Company declares and
pays dividends in Indian rupees. For the year ended March 31, 2013 a dividend
of Rs. 0.40 per equity share has been proposed by the Board of Directors
(Previous year Rs. 0.40 per share). The dividend proposed by the Board of
Directors is subject to the approval of the shareholders at the ensuing Annual
General Meeting.
Shares held by shareholders holding more
than 5 %
|
Particulars |
31.03.2013 |
|
|
|
No. of Shares |
% of Share Holding |
|
Redington (Mauritius) Limited |
84027302 |
21.05 |
|
Synnex (Mauritius) Limited |
94295940 |
23.62 |
|
Standard
Chartered Private Equity (Mauritius) Limited |
47686500 |
11.95 |
|
SBI
mutual Fund |
20409218 |
5.11 |
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 |
798.305 |
797.156 |
792.660 |
|
(b) Reserves & Surplus |
9856.375 |
8292.578 |
6847.980 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
0.000 |
0.000 |
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
10654.680 |
9089.734 |
7640.640 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
71.009 |
66.370 |
52.590 |
|
Total Non-current Liabilities (3) |
71.009 |
66.370 |
52.590 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
6192.673 |
6207.150 |
5150.284 |
|
(b) Trade payables |
9256.278 |
9643.911 |
9165.819 |
|
(c) Other current
liabilities |
1941.875 |
1214.877 |
1324.481 |
|
(d) Short-term provisions |
198.195 |
193.773 |
515.189 |
|
Total Current Liabilities (4) |
17589.021 |
17259.711 |
16155.773 |
|
|
|
|
|
|
TOTAL |
28314.710 |
26415.815 |
23849.003 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
665.544 |
717.106 |
652.049 |
|
(ii) Intangible Assets |
1.775 |
4.405 |
8.372 |
|
(iii) Capital
work-in-progress |
153.030 |
86.793 |
14.015 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
6591.164 |
5904.289 |
4630.009 |
|
(c) Deferred tax assets (net) |
67.518 |
50.685 |
40.485 |
|
(d) Long-term Loan and Advances |
696.221 |
373.927 |
317.886 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
8175.252 |
7137.205 |
5662.816 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
7718.634 |
8169.938 |
7174.307 |
|
(c) Trade receivables |
9330.191 |
8341.746 |
8542.680 |
|
(d) Cash and cash
equivalents |
1503.796 |
618.183 |
1501.967 |
|
(e) Short-term loans and
advances |
1586.837 |
2148.743 |
967.233 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
20139.458 |
19278.610 |
18186.187 |
|
|
|
|
|
|
TOTAL |
28314.710 |
26415.815 |
23849.003 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue for Operations |
104096.642 |
98404.052 |
81319.494 |
|
|
|
Other Income |
448.831 |
310.751 |
128.930 |
|
|
|
TOTAL |
104545.473 |
98714.803 |
81448.424 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of trading Stocks |
97762.758 |
93804.580 |
79748.445 |
|
|
|
Employees Benefits |
1020.906 |
975.327 |
831.037 |
|
|
|
Other Expense |
1882.500 |
1718.087 |
1319.936 |
|
|
|
Trading Expenses |
0.000 |
0.000 |
0.000 |
|
|
|
Managerial Remuneration |
0.000 |
0.000 |
0.000 |
|
|
|
Auditor’s remuneration |
0.000 |
0.000 |
0.000 |
|
|
|
Bad Debts Written off and Provision for doubtful debts |
0.000 |
0.000 |
0.000 |
|
|
|
Changes in Inventories and trading stock |
451.304 |
(995.631) |
(2950.186) |
|
|
|
TOTAL |
101117.468 |
95502.363 |
78949.232 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3428.005 |
3212.440 |
2499.192 |
|
|
|
|
838.566 |
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
774.043 |
430.528 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2589.439 |
2438.397 |
2068.664 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
100.036 |
105.476 |
134.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2489.403 |
2332.921 |
1933.964 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
775.667 |
764.800 |
649.560 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1713.736 |
1568.121 |
1284.404 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend including dividend distribution tax relating to previous year |
NA |
NA |
NA |
|
|
|
Proposed dividend on equity shares
including dividend distribution tax |
NA |
NA |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
NA
|
NA |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Supplier Rebates and Discounts |
-- |
1593.298 |
1198.615 |
|
|
|
Rebates |
1698.066 |
-- |
-- |
|
|
|
Dividend Income |
62.686 |
19.127 |
14.015 |
|
|
|
Warranty Claims |
181.939 |
-- |
-- |
|
|
|
FOB Value of Exports |
61.784 |
67.452 |
24.846 |
|
|
|
Others |
1.092 |
-- |
-- |
|
|
TOTAL EARNINGS |
2005.567 |
1679.877 |
1237.476 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Trading Stocks |
NA |
35549.037 |
29220.963 |
|
|
TOTAL IMPORTS |
NA
|
35549.037 |
29220.963 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.29 |
3.94 |
3.25 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.64
|
1.59
|
1.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.39
|
2.37
|
2.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.96
|
11.45
|
10.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.26
|
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.58
|
0.68
|
0.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14
|
1.12
|
1.12 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available
in Report (Yes / No) |
|
1] |
Year of
Establishment |
Yes |
|
2] |
Locality of
the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of
Business |
Yes |
|
6] |
Line of
Business |
Yes |
|
7] |
Promoter's
background |
No |
|
8] |
No. of
employees |
Yes |
|
9] |
Name of
person contacted |
No |
|
10] |
Designation
of contact person |
No |
|
11] |
Turnover of firm
for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons for
variation <> 20% |
---------------------- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital in
the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export /
Import details (if applicable) |
No |
|
21] |
Market
information |
---------------------- |
|
22] |
Litigations that
the firm / promoter involved in |
---------------------- |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct of
the banking account |
---------------------- |
|
26] |
Buyer visit
details |
---------------------- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last accounts
filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2013 [Rs.
in Millions] |
31.03.2012 [Rs.
in Millions] |
|
Short Term
Borrowing |
|
|
|
Repayable on demand |
0.000 |
15.786 |
|
Others |
1610.795 |
1792.665 |
|
|
|
|
|
Total |
1610.795 |
1808.451 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10337562 |
30/01/2012 |
690,000,000.00 |
DBS Bank Limited |
806, Anna Salai,, Chennai, Tamil Nadu - 600002, India |
B32961658 |
|
2 |
10281390 |
31/03/2011 |
625,000,000.00 |
DBS Bank Limited |
806, Anna Salai,, Chennai, Tamilnadu - 600001, India |
B11099298 |
|
3 |
10243409 |
24/09/2010 |
500,000,000.00 |
BNP Paribas |
Prince Towers, 3rd Floor, 25/26, College Road,, C |
A96363668 |
|
4 |
10144460 |
18/05/2011 * |
600,000,000.00 |
ING VYSYA BANK LTD |
No 185, Anna Salai, Chennai, Chennai, Tamilnadu - 600006, India |
B14297105 |
|
5 |
10119092 |
30/01/2010 * |
500,000,000.00 |
BARCLAYS BANK PLC |
20-21, Kamaraj Salai,, Kamarajar Salai, Kanchipuram, Tamil Nadu -
631501, India |
A79210928 |
|
6 |
10100005 |
26/07/2011 * |
1,250,000,000.00 |
IDBI Bank Limited |
ISDBI Tower WTC Complex, Cuffe Parade, Mumbai, Maharashtra - 400005,
India |
B18474098 |
|
7 |
10075232 |
22/06/2009 * |
600,000,000.00 |
HDFC BANK LIMITED |
Mariam Centre, Mount Road, Chennai, Tamilnadu - 600002, India |
A65692758 |
|
8 |
10047152 |
25/10/2011 * |
1,750,000,000.00 |
STANDARD CHARTERED BANK |
19 Rajaji Salai, Chennai, Tamilnadu - 600001, india |
B24315343 |
|
9 |
90288237 |
22/04/2013 * |
1,000,000,000.00 |
THE BANK OF NOVA SCOTIA |
Classic Towers, 1547, Trichy Road, Coimbatore, Tamilnadu - 641018,
India |
B75185694 |
|
10 |
90297210 |
15/10/2012 * |
624,000,000.00 |
Citibank N.A |
No.2, Club House Road, Anna Salai, Chennai, Tamilnadu - 600002, India |
B61619466 |
* Date of charge modification
DISTRIBUTION BUSINESS
INFORMATION TECHNOLOGY PRODUCTS
The Company's IT Distribution Business experienced mixed results during Financial Year 12-13. Growth during H1 was flat while a double digit Revenue growth was captured in the 2nd half of the fiscal.
Consumer and stock-and-sell Commercial products' demand remained muted throughout the year, with individual business growth coming in from change in vendor's market-share or the Company's gain in authorized territory or exclusive relationship with a vendor.
Progressive closures of long delayed large Projects in Enterprise and Government space during H2, where they were successful in partnering with National System Integrators, allowed them to grow revenue significantly, especially in the Infrastructure business space.
Capital spending on IT infrastructure by commercial establishments, by way of adopting new technology or going in for asset refresh was selective and conservative. This impacted the entire space of stock-and-sell and small/mid-sized back-to-back business.
Launch of Windows8 during 03 was perceived as a game-changer and was expected to provide a boost in the demand for new client devices (laptops and desktops). However, slow transition to Win8 by most OEMs and non-availability of touch-based devices which showcase the specific advantages of this new operating system meant that consumers and companies were not enthusiastic enough to make a material difference to the demand.
During FY 12-13, fast changing consumer preference for Tablets and Smart phones started encroaching into the Notebook and PC space. Proliferation of low-cost, "acceptable" technology tablets is persuading consumers across geographies to consider tablets as their primary "information consumption", "entertainment" and "social interaction" device. Indian IT vendors have started realizing this inevitability and have now started strategizing on suitable product offerings to address this space.
The Company's business in imported products was impacted by continuous fluctuation in the foreign exchange rate, which disturbed the Market Operative Price (MOP) by lowering the confidence level of the channel partners. This made it difficult to predict demand and plan the business in an effective manner.
The Assembled PC or the Do-It-Yourself (DIY) segment continued its trend of deceleration in demand and this resulted in all Component manufacturers experiencing declining Technology Acceptance Model (TAM) throughout the financial year. This has severely impacted the Company's revenues from sale of CPUs, Mother Boards, Display devices and Internal Hard Disc Drives.
Vendors and products catering to Security, Voice and Data solutions have experienced significant growth during FY 12-13. The Company has been able to participate effectively in this space with vendors like Polycom, Avaya, Cisco, Systimax, Molex, HP, Fortinet, McAfee, Symantec, Cyber am and Sonic WALL.
Cloud computing is slowly gaining traction in the Indian market. The Company has formulated its strategy for a foray into this emerging technology space in a very deliberate and considered manner. While all IT vendors profess to have Cloud "play", during FY 12-13, the Company has initiated partnerships with vendors having a clear and firm channel strategy. With the "Cloud portfolio" from Microsoft, IBM, Hitachi, NEC, Trend Micro, Adobe, VMware, CA, CtrlS and Net magic, the Company is well positioned to commence a suite of offerings to its partners in the areas of Software-as-a-Service (SaaS), Infrastructure-as-a-Service (laaS) and Platform-as-a-Service (PaaS). They are confident that this would allow the Company to have strong presence in the "distribution led space" in Cloud Computing.
CONSUMER AND
LIFESTYLE PRODUCTS
The distribution of Consumer and Lifestyle products by the Company continued to show another strong performance in FY12- 13 with a 24% revenue growth over the previous fiscal year.
The Company continues to play a key role in India's Smartphone revolution. The Company sealed a relationship with Apple for the distribution of their Smart phones. According to IDC, Apple garnered over 15% value market share in 03 FY12-13 in India. BlackBerry has had a setback at the global level. However, the launch of its new line of devices (with the new Operating System - BlackBerry 10) has returned it to profitability as of 04 FY12-13 and it is hoped that they will do well in India too.
The Company has entered the eReader segment with its tie-up with Amazon. The Company has been appointed as national distributor for Amazon's eReader line - Amazon Kindle. In the tablet segment, despite the significant growth of low cost tablet devices, the iPad business continued to show strong growth at 48% in FY12-13. The successful introduction of the iPad mini line of products contributed to this growth.
The Company continues to be a key player in the fast growing Digital Printing space and has seen a 58% growth in revenues driven by both hardware and consumable sales.
HARDWARE SUPPORT
SERVICES
The Company is one of the leading Service providers of IT and Telecom products in India. Through 69 owned service centers and additional 270 centres owned by authorized service partners, the Company is providing pre-sales, warranty and post-warranty services to many leading global brands like Hewlett Packard, Toshiba, IBM, Hitachi, EMC, Net App, Brocade, Cisco, Lenovo, Fujitsu, Acer, Apple, BlackBerry, HTC, Motorola, among others-several of them for a decade or more. For brands as well as corporate customers, the Company is the single point of contact providing the entire spectrum of services - Call Centre services, Field Engineering support, Parts Warehousing, Forward and Reverse Logistics, Imports and Re-exports and Asset Recovery. All service operations are conducted on customized Customer Relationship Management (CRM) and Supply Chain Management (SCM) systems, to ensure process compliance, transparency and control.
To assure service excellence to their customers, and to enable predictability, efficiency and scalability in operations, the Company, during the past year, has developed and deployed world class Service automation tools across various functions, which are briefed below:
SMART is a Sales force automation tool specifically designed to facilitate sales management of Infrastructure Management Services (IMS) through prospect mapping, progressive tracking of every individual sales call, and designing of tailored expert support solutions to fulfill the business needs of each individual customer.
FIAT is an automated capacity planning tool that computes the optimized number of engineers in each skill category at each service location, besides identifying the training needs of individual engineers. This not only enhances the quality of services delivered to their customers, but also provides a career path to their workforce through continuous and relevant skill up gradation.
EXPART is an automated part prediction tool that enables part demand fulfillment rates of 95% and above, thus substantially reducing the turnaround times for remediation.
Given the large and ever-increasing base of assets under maintenance for the Company, it has commissioned an innovative way to facilitate the accurate collection of customer asset data from the field and instant direct upload into its CRM system, using MAGIC, a proprietary menu-driven 3G mobile device.
The Company has also upgraded its Contact center for IMS to a professional Technical Assistance Center (l-TAC), equipped with multiple toll free lines, redundancy, Interactive Voice Response and Automatic Call Distributor, thus giving all its IMS customers guaranteed instant access for support services. Trained engineers at l-TAC now diagnose and resolve a large number of service requests either over the phone or through remote sessions, thus providing best-in-class customer experience.
The Company's Support Services are ISO 9001:2008 and ISO 20000 certified.
The Company's Enterprise Professional Service practice consisting of solution design and implementation support across Server, Storage, Data, Voice, Video and Security verticals enables brands to increase reach and sales. During the period , Brocade has appointed the Company as PSP (Professional Service Provider) for Storage Area Network (SAN) products, further expanding its Enterprise Storage Services portfolio.
In the Infrastructure Management Services space, many prestigious corporate customers like Commissioner of Commercial Tax - Odisha, Renault Nissan, Venky's, MP Electricity Board, Land T Heavy Engineering Division, Pipavav Defence and Off shore Engineering, Sahara Group and many others have entrusted the Company with the maintenance of their IT assets.
The Company shall continue to sustain and improve its Service delivery excellence and deliver a unique value proposition to all stakeholders in the ecosystem-vendors, partners and customers.
SUPPLY CHAIN
MANAGEMENT SERVICES
To capitialise on growth opportunities available in the supply chain solutions space, supply chain activities were transferred to ProConnect Supply Chain Solutions Limited (ProConnect), a Wholly Owned Subsidiary effective 1st October 2012. ProConnect acts as a neutral logistics service provider and focuses on the opportunities in the fast growing Third Party Logistics (3PL) market. Performance of ProConnect has been discussed in detail under Subsidiary Companies.
ECONOMIC OUTLOOK
GLOBAL
In an increasingly integrated world, where Geographic, Political, Social and Economic issues of one country have been seen to increasingly impact other nations in general, and its trading partners in particular, it is important to understand the role the global economy may have played in the performance of the company, which has operations across 24countries.
The global economic outlook remains muted. While the American economy appears to have recovered on the back of better industrial output, reduced unemployment and improved consumer confidence, the Eurozone is struggling with major nations facing paralyzing sovereign debt and banking crises. Growth in China has slowed and this has had a significant impact on commodity prices. While the depressed commodity prices and stable oil prices have helped industries and economies minimize the impact of the slow down by controlling "supply side input costs", falling consumer demand has put a question mark on global economic recovery.
IMF has reported that the weakness of demand in developed nations has actually resulted in a reduction of between 1-2% in the growth statistics of developing countries, whose economies are intrinsically tied up with fulfilling the consumer demand of prosperous economies.
The world economy is however increasingly dependent on the consumption and demand of the Emerging economies, which’s increasing affluent population, will form the foundation for its future growth. For this to happen, the Emerging nations would have to invest in expanding domestic infrastructure and enhance their national productivity.
INDIA
The Indian economy is reported to have grown by around 5% during FY 2012-13. The GDP growth and Industrial Output figures have been erratic between quarters of the past financial year and the Government has been forced to revise its projections continuously. While the Enterprise and the Commercial sectors have demonstrated a very conservative approach towards fresh capital outlay, consumer demand has tapered off on the back of persistent, all round negative economic sentiments. One of the biggest challenges faced by industries and businesses is the uncertain and non-transparent regulatory regime that has severely impacted normal decision making.
While the World Economic Outlook projects that Indian Economy will grow by 6.2% during FY 13-14, this still remains far lower than the 8-9% growth achieved in the earlier years. The Indian Government has professed its determination to bring the economy back to its high-growth trajectory by taking steps to boost investment and consumer confidence. However, the actual road-map would be defined by essential political compulsions. Any improvement is critically dependent on improving decision making, removing bottlenecks and implementing policies effectively and quickly. In a year when a couple of key State and General Elections are scheduled, it remains to be seen if the body polity would have the wherewithal to take any decisive steps towards actually improving investment and consumer sentiments.
Despite all the uncertainties and challenging regulatory regime, India remains one of the few attractive investment destinations worldwide. With huge infrastructure developmental requirements, a stable political regime is expected to promote investment friendly policies and the World Bank is of the view that India should gradually regain economic momentum and growth. Stable and predictable policies would also boost consumer confidence and consumer spending, which had driven the economic growth of the country in the past.
INDUSTRY OVERVIEW
ENTERPRISE AND
COMMERCIAL SECTORS DEMAND
Investment by the Information Technology and IT sectors would essentially be driven by the success of this industry in maintaining their growth story in the developed nations. While NASSCOM and a couple of the leading IT companies have maintained an aggressive growth projection, others have been far more conservative in their revenue and profit estimates for the new financial year. Investment by this sector in IT infrastructure would entirely depend on their business projections.
BFSI / Manufacturing: The country’s overall economic outlook and sentiment would govern IT investments in these sectors. These sectors have seen minimal investments in new technologies in the recent past and there is a strong requirement of technology and product refresh. Actual capital spends would however depend entirely on the industry’s overall confidence level. Liquidity and interest rate remain a major concern and a hindrance to aggressive capital investment. However, with falling wholesale and consumer inflation index, the RBI should be more inclined to easing capital availability and interest rate and this should be a definite boost to fresh investments in IT infrastructure.
Government: Both Central and State governments have huge investment requirements in various e-Governance projects which are essential if India has to continue its growth story. Most of these investment requirements have already been mapped out, but actual execution and expenditure would entirely depend on the willingness and confidence of the executive and administrative branches to take decisions. Government expenditure in infrastructure plays a far larger role in overall demand creation by creating an entire co-system for capital investment.
Education: This sector remains a major driver for demand for "client “devices like laptops and tablets. Budget outlays by Central and various State governments towards providing free / subsidized laptops and tablets to school and college students are on the rise and most State governments have multi-year expenditure plans in this area. Growth of "smart classrooms" has resulted in demand for Projectors and Smart Boards and this is expected to accelerate in the coming years.
Virtualization and Cloud Computing
EMC Corporation and Zinnov Management Consulting puts the total size of the Indian cloud computing market at USD 4.5 billion by 2015 from the current size of USD 400 million which would be almost 12 percent of the projected IT market in the country by then. This market was only USD 110 million in 2010, suggesting exponential growth. Cloud computing presents a viable option for Small and Medium Businesses to reduce the complexity and costs within their IT environments. It is recognized not only as a business enabler, but also as a strategic tool that will redefine business objectives by converting high-value, one-time Capital Expenditure to Operating Expenditures directly in proportion to actual business requirements. However, providers of Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS) and Infrastructure-as-a-Service (IaaS) solutions in India are still in the process of tailoring their offerings to the requirements of the Indian SMBs.As the adoption of Cloud services grows, the entire IT eco-system would have to evolve over the next 5 years to offer this as an essential business model in order to remain viable.
THE FORM-FACTOR
EVOLUTION
The explosion of information consumption and social media has accelerated the convergence between IT and Communication devices. The demand for Tablets and Smartphone sis growing at an exponential rate and their proliferation is steadily impacting the demand for PCs and Laptops.
The Smartphone market is expected to grow from 29 million units in CY 13 to 171 million units in CY 17. Even more interesting is the evolution of the Tablet market in India. Total Tablet shipment crossed the 1 million mark for the first time during the October-December quarter of FY 2012-13 and is expected to double annually to 6 million units during the current fiscal.
PC penetration in the country continues to remain at one of the lowest levels in the emerging economies and has huge headroom for growth. Actual growth in penetration level will depend on building an economical, pan-India broadband infrastructure and developing applications and tools that would aid in information consumption and productivity improvement in the daily business requirement of the masses. However, whether this would result in growth of traditional PCs and laptops or of Tablets and Smart phones is something that the entire industry will be tracking very closely.
Most PC manufacturers have extensive plans of adding a range of Tablets to their product portfolio as they have realized that this is essential to their meeting consumer demands of tomorrow. A few of the manufacturers have elaborate plans to introduce their suite of Smart phones in an attempt to have a foot-hold across all form factors.
Fixed Assets
· Land and Building,
· Plant and Machinery
· Furniture and Fixtures
· Office Equipment
· Computers and Software
· 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.67.03 |
|
|
1 |
Rs.104.32 |
|
Euro |
1 |
Rs.88.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
66 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.