MIRA INFORM REPORT
|
Report Date : |
20.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
TULSYAN NEC LIMITED |
|
|
|
|
Registered
Office : |
61, Sembudoss Street, 1st Floor, Chennai – 600 001,
Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
11.04.1947 |
|
|
|
|
Com. Reg. No.: |
18-007437 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 146.938 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28920TN1947PLC007437 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRT04262G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCT3720E |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of TMT Bars and Synthetics Woven and Sacks |
|
|
|
|
No. of Employees
: |
1650 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 5300000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exists |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There appears drastic dip in profit margin of the company in 2013.
External borrowing has increased as well in year 2013. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial years
of the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Working Capital Facilities : BB
(Suspended) |
|
Rating Explanation |
Moderate risk of default |
|
Date |
April 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Fund Based and Non Fund Based Facilities
: A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk |
|
Date |
April 2012 |
Reason for Suspension: Absence of the requisite
information from the company
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 : |
61, Sembudoss Street, 1st Floor, Chennai – 600 001,
Tamilnadu, India |
|
Tel. No.: |
91-44-25222673/ 25223918/ 25221060/ 25222676/2024432/2023974 |
|
Fax No.: |
91-44-39181076 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Apex Plaza, 1st Floor, Old No. 3, New No. 77, Nungambakkam
High Road, Chennai - 600 034,
Tamilnadu, India |
|
Tel. No.: |
91-44-39181060 / 39120756 / 39181097 |
|
Fax No.: |
91-44-39181097 |
|
Email : |
|
|
Website : |
|
|
|
|
|
Administrative Office : |
37, Kaveriappa Layout, |
|
|
|
|
Steel Division : |
·
39, · D-4, SIPCOT Industrial Complex, Gummudipoondi, Chengalpet District, Tamilnadu, India |
|
Depot : |
55/2, Cuddalore Main Road, Ariyankuppam, Pondicheery – 605 007, India |
|
|
|
|
Windmill : |
·
Kudimangalam, Udumalapet, · Pazhavoor, Tirunelveli District Tamilnadu, India · Kavalakiurichi, Tirunelveli District Tamilnadu, India |
|
|
|
|
Synthetic Division : |
·
7-A, Doddaballapura Industril Area, Kasba
Hobli, · Plot No.E-4, Madkaim Industrial Area, Madkain Village, Ponda Taluk, Goa, India · Survey No.237 to 245, Boincheruvupalli Village, Peapully Mandal, Kurnool District – 518 220, Andhra Pradesh, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Lalit Kumar Tulsyan |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
18.02.1960 |
|
Qualification : |
B.Com |
|
Experience : |
32 years |
|
Date of Appointment : |
12.07.1994 |
|
Other Directorship : |
1. Tulsyan Smelters Private Limited 2. Cosmic Global Limited 3. Tulsyan Power Limited 4. Balaji Engineering and Galvanizing Limited 5. Chitrakoot Steel and Power Private Limited 6. Buildmet Fibers Private Limited 7. The Plastics Export Promotion Council |
|
|
|
|
Name : |
Mr. Sanjay Tulsyan |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
12.01.1964 |
|
Qualification : |
B.Com., (Hons) |
|
Experience : |
27 Years |
|
Date of Appointment : |
06.09.1986 |
|
Other Directorship : |
1. Tulsyan Smelters Private Limited 2. Cosmic Global Limited 3. Tulsyan Power Limited 4. Balaji Engineering and Galvanizing Limited 5. Chitrakoot Steel and Power Private Limited 6. Buildmet Fibers Private Limited 7. Color Peppers Media Private Limited 8. Turquoise Living Essences Private Limited 9. Gallery Veda Private Limited |
|
|
|
|
Name : |
Mr. P.T. Rangamani |
|
Designation : |
Director |
|
Date of Birth/Age : |
26.08.1934 |
|
Qualification : |
F.C.S., B.L. |
|
Experience : |
56 Years |
|
Date of Appointment : |
30.03.1994 |
|
|
|
|
Name : |
Mr. A.P. Venkateshwaran |
|
Designation : |
Director (Finance) |
|
Qualification : |
B.Com. FCA |
|
Date of Appointment : |
09.01.2004 |
|
|
|
|
Name : |
Mr. Selvaganapathy Ramakrishnan |
|
Designation : |
Director |
|
Qualification : |
B.Com. |
|
Date of Birth/Age : |
26.06.1963 |
|
Experience : |
34 years |
|
Date of Appointment : |
31.03.2005 |
|
Other Directorship : |
1. Buildmet Fibers Private Limited 2. Shakthi Kiran Foods Private Limited 3. Food Creations Private Limited 4. Transpac Asia Private Limited 5. Indian Flexible Intermediate Bulk Container Association |
|
|
|
|
Name : |
Mr. Sanjay Agarwalla |
|
Designation : |
Whole –Time Director |
|
Qualification : |
B.Com |
|
Experience : |
22 Years |
|
Date of Appointment : |
27.04.2006 |
|
Other Directorship : |
1. Tulsyan Power Limited 2. Cosmic Global Limited 3. Balaji Engineering and Galvanizing Limited 4. Chitrakoot Steel and Power Private Limited 5. Color Peppers Media Private Limited |
|
|
|
|
Name : |
Mr. Venkatachalam Kirubanandan |
|
Designation : |
Director |
|
Date of Birth/ Age : |
30.04.1948 |
|
Qualification: |
B.E., M. Tech., M.B.A. |
|
Experience : |
44 years |
|
Date of Appointment : |
27.04.2006 |
|
|
|
|
Name : |
Mr. C. Ramachandran |
|
Designation : |
Director |
|
Date of Birth/ Age : |
15.05.1938 |
|
Qualification: |
I.A.S |
|
Date of Appointment : |
12.12.2007 |
|
Other Directorship : |
1.
Tamilnadu Petroproducts Limited 2.
Elnet Technologies Limited 3.
IG3 Infra Limited 4.
Elnet Software City Limited 5.
Grand Luxe Hotels Limited 6.
The Great Indian Linen and Textile Infrastructure
Company Private Limited 7.
ETL Power Services Limited 8.
Appu Hotels Limited |
KEY EXECUTIVES
|
Name : |
Mr. V. Subramani |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
11034415 |
73.56 |
|
|
11034415 |
73.56 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
11034415 |
73.56 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2000 |
0.01 |
|
|
2000 |
0.01 |
|
|
|
|
|
|
560116 |
3.73 |
|
|
|
|
|
|
1843347 |
12.29 |
|
|
1212033 |
8.08 |
|
|
348089 |
2.32 |
|
|
2003 |
0.01 |
|
|
247184 |
1.65 |
|
|
98902 |
0.66 |
|
|
3963585 |
26.42 |
|
Total Public shareholding (B) |
3965585 |
26.44 |
|
Total (A)+(B) |
15000000 |
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) |
15000000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of TMT Bars and Synthetics Woven and Sacks |
GENERAL INFORMATION
|
No. of Employees : |
1650 (Approximately) |
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Bankers : |
· Canara Bank · Syndicate Bank · Andhra Bank · State Bank of India · IDBI Bank · Indian Overseas Bank ·
Shamrao Vithal Co-operative Bank |
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Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
C.A. Patel and Patel Chartered Accountants |
|
Address : |
Chennai, Tamilnadu, India |
|
|
|
|
Subsidiary : |
|
|
|
|
|
Associate : |
Tulsyan Smelters Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22000000 |
Equity Shares |
Rs.10/- each |
Rs.220.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14456752 |
Equity Shares |
Rs.10/- each |
Rs.144.568
Millions |
|
247027 |
Equity Shares |
Rs. 6/- each |
Rs.1.482
Millions |
|
296221 |
Equity Shares |
Rs. 3/- each |
Rs.0.888
Million |
|
|
|
|
|
|
|
Total |
|
Rs.146.938 Millions |
Shareholders Holding More than 5% of the Share Capital
|
Name of the Shareholders |
No of Share |
|
Lalitkumar Tulsyan |
4612555 |
|
Sanjay Tulsyan |
4475481 |
|
Priya Tulsyan |
954982 |
|
Allka |
751130 |
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 |
146.938 |
108.700 |
50.000 |
|
(b) Reserves & Surplus |
1178.449 |
1061.854 |
650.800 |
|
(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) |
1325.387 |
1170.554 |
700.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2897.822 |
2054.211 |
825.058 |
|
(b) Deferred tax liabilities (Net) |
141.814 |
139.275 |
153.814 |
|
(c) Other long term
liabilities |
1314.419 |
595.019 |
246.027 |
|
(d) long-term
provisions |
66.841 |
66.841 |
210.432 |
|
Total Non-current
Liabilities (3) |
4420.896 |
2855.346 |
1435.331 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2332.537 |
1827.318 |
1606.399 |
|
(b) Trade
payables |
2718.064 |
2429.172 |
1454.464 |
|
(c) Other
current liabilities |
16.120 |
31.808 |
20.312 |
|
(d) Short-term
provisions |
136.669 |
148.287 |
89.675 |
|
Total Current
Liabilities (4) |
5203.390 |
4436.585 |
3170.850 |
|
|
|
|
|
|
TOTAL |
10949.673 |
8462.485 |
5306.981 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
980.759 |
1030.278 |
1053.362 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
3939.543 |
2193.275 |
411.387 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
90.736 |
90.736 |
87.811 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
140.330 |
113.298 |
235.450 |
|
(e) Other
Non-current assets |
22.720 |
21.970 |
0.000 |
|
Total Non-Current
Assets |
5174.088 |
3449.557 |
1788.010 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
4.683 |
2.158 |
0.056 |
|
(b)
Inventories |
1338.393 |
1016.222 |
1269.443 |
|
(c) Trade
receivables |
2940.339 |
2750.075 |
1374.994 |
|
(d) Cash
and cash equivalents |
235.961 |
206.033 |
206.001 |
|
(e)
Short-term loans and advances |
275.370 |
504.552 |
341.857 |
|
(f) Other
current assets |
980.839 |
533.888 |
326.620 |
|
Total
Current Assets |
5775.585 |
5012.928 |
3518.971 |
|
|
|
|
|
|
TOTAL |
10949.673 |
8462.485 |
5306.981 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11479.675 |
11301.314 |
7812.605 |
|
|
|
Other Income |
53.664 |
57.533 |
17.767 |
|
|
|
TOTAL (A) |
11533.339 |
11358.847 |
7830.372 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
7758.329 |
7570.555 |
6242.623 |
|
|
|
Exceptional Items Profit / Loss |
0.000 |
0.000 |
12.696 |
|
|
|
Purchase of stock in Trade |
2373.480 |
1828.748 |
293.199 |
|
|
|
Increase/Decrease in Stocks |
(330.360) |
278.163 |
(131.930) |
|
|
|
Employee benefit expenses |
274.348 |
271.653 |
237.596 |
|
|
|
Other expenses |
780.850 |
666.541 |
565.618 |
|
|
|
TOTAL (B) |
10856.647 |
10615.660 |
7219.802 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
676.692 |
743.187 |
610.570 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
536.241 |
500.550 |
386.727 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
140.451 |
242.637 |
223.843 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
90.169 |
88.508 |
85.788 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
50.282 |
154.129 |
138.055 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
12.305 |
21.264 |
44.622 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
37.977 |
132.865 |
93.433 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
512.976 |
405.036 |
333.484 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2.500 |
7.800 |
10.500 |
|
|
|
Interim dividend Paid |
0.000 |
0.000 |
5.000 |
|
|
|
Corporate Tax on Interim Dividend Paid |
0.000 |
0.000 |
0.850 |
|
|
|
Proposed Dividend |
5.736 |
16.305 |
5.000 |
|
|
|
Corporate Tax on Dividend |
0.930 |
0.820 |
0.531 |
|
|
BALANCE CARRIED
TO THE B/S |
541.787 |
512.976 |
405.036 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
394.256 |
506.842 |
319.020 |
|
|
TOTAL EARNINGS |
394.256 |
506.842 |
319.020 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
470.695 |
1378.576 |
1213.546 |
|
|
TOTAL IMPORTS |
470.695 |
1378.576 |
1213.546 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
2.58 |
12.22 |
18.69 |
|
|
|
Diluted |
2.58 |
12.22 |
18.69 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
2394.900 |
|
Total Expenditure |
|
|
2170.900 |
|
PBIDT (Excl OI) |
|
|
124.000 |
|
Other Income |
|
|
0.000 |
|
Operating Profit |
|
|
124.000 |
|
Interest |
|
|
108.000 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
16.000 |
|
Depreciation |
|
|
14.700 |
|
Profit Before Tax |
|
|
1.300 |
|
Tax |
|
|
0.400 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
0.900 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
0.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.33
|
1.17 |
1.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.44
|
1.36 |
1.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.73
|
2.49 |
2.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.13 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.95
|
3.32 |
3.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11
|
1.13 |
1.11 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATIONS DETAILS
CHENNAI COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status: |
Pending |
|
Status Of: |
WRIT APPEAL |
|
Case No.: |
1201 |
|
Year : |
2013 |
|
Petitioner : |
THE GOVERNMENT OF TAMILNADU |
|
Respondent : |
M/S.TULSYAN NEC LIMITED |
|
Pet's Advocate : |
GOVT PLEADER FOR 1ST APLN |
|
Res's Advocate : |
|
|
Category : |
Electricity |
|
|
Last Listed on: No Date Mentioned |
|
Case Updated on : |
Jun 13 2013 |
OPERATIONS AND
OUTLOOK
During the year, a prolonged demand slump and growing interest cost has affected them badly. Sales and other receipts grew 1.58% YOY to Rs. 11479.675 Millions. EBITDA dropped by 42.11% YOY to Rs. 242.637 Millions and PAT Shrunk by 71.41% YOY to 37.978 Millions.
As in the past during the current year also there were drastic power cuts consequently affecting their costs and also the production. We have successfully started commercial operations of their 1X35 MW Captive Thermal Power Plant at Gummudipoondi after completion of yester financial year. This would help them in reducing the costs in the near future. The other additional Power Plant of 35 MW capacity is under implementation and expected to commence its commercial operation soon.
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry Structure
and Developments
The Company's products are TMT Bars, Sponge Iron, Billets and Ingots in the steel division and in synthetic division it is PP Woven Sacks, FIBC and Woven Fabric. TMT Bars are used in the Construction Sector and the plastic products cater to the packaging needs of various industries such as Cement, Fertilizers, Food grains, Sugar, etc.
The raw materials for Steel Making are M.S. Scrap, Sponge Iron and for TMT Bars is Billets. PP Granules is used for manufacture of plastic packaging products. This raw material is available in abundance within the country and can also be freely imported. Being in the commodity market the company is continuously making efforts for reducing the cost of production to sustain its margins.
Future Outlook
With the commencement of commercial operations of their 1 X 35 MW Thermal Power Plant they see an opportunity to tackle power cuts to some extent. Though present day economic situation of the country poses threats, on revival will bring in lots of opportunities for growth. With various infrastructure facilities lined up both in private and public sectors including nuclear power and water, across the country, the management envisages huge demand for its products especially steel. The company has emerged stronger in the last few years and is well set to capitalize on growth prospects as they arise. The main Raw Material for their Steel making is Scrap / Sponge Iron and Power. MS Scrap is being imported from various countries all across the globe; sponge iron is being supplied by their subsidiary company M/s. Chitrakoot Steels and Power Private Limited.
The other major cost is power for which the company is aiming to reduce with the help of new power plant and the second phase of 35 MW Power Plant which expected commence production at the end of the current financial year. This would help them reduce their cost and economy to a greater extent.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10442976 |
25/07/2013 |
4,240,382.00 |
ELECTRONICA FINANCE LIMITED |
128/A, PLOT NO.3, KAILASHCHANDRA APPARTMENTS,, PAUD ROAD, KOTHRUD, PUNE, MAHARASHTRA - 411038, INDIA |
B82086711 |
|
2 |
10442625 |
24/07/2013 |
100,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH, SHANKARNARAYANA BUILDING, |
B81956740 |
|
3 |
10417151 |
02/03/2013 |
30,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH, SHANKARARANARAYANA BUILDING, NO. 25 M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
B72404650 |
|
4 |
10388660 |
20/11/2012 |
6,481,358.00 |
ELECTRONICA FINANCE LIMITED |
128/A, PLOT NO.3, KAILASHCHANDRA APPARTMENTS,, PAUD ROAD, KOTHRUD, PUNE, MAHARASHTRA - 411038, INDIA |
B62836903 |
|
5 |
10366792 |
11/06/2012 |
600,000,000.00 |
INDIAN OVERSEAS BANK |
CATHEDRAL BRANCH, 762, ANNA SALAI,, CHENNAI, TAMILNADU - 600002, INDIA |
B44179943 |
|
6 |
10357908 |
14/05/2012 |
1,726,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH, SHANKARANARAYANA BULIDING, NO.25,
M G ROAD,, BANGALORE, KARNATAKA - 560001, |
B40515108 |
|
7 |
10340936 |
19/01/2012 |
30,000,000.00 |
ANDHRA BANK |
N R ROAD BRANCH, BANGALORE, KARNATAKA - 560002, INDIA |
B34439521 |
|
8 |
10332928 |
20/12/2011 |
200,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH, SHANKARNARAYANA BUILDING, |
B30976955 |
|
9 |
10321981 |
03/12/2011 |
2,240,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH, SHANKARNARAYANA BUILDING, |
B27339266 |
|
10 |
10309605 |
09/09/2011 |
1,000,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH, SHANKARNARAYANA BUILDING, |
B22308548 |
|
11 |
10265111 |
30/12/2010 |
1,960,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B05719778 |
|
12 |
10243745 |
02/07/2013 * |
4,486,000,000.00 |
CANARA BANK(LEADER) |
PRIME CORPORATE BRANCH, SHANKARANARAYANA BUILDING, NO.25, M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
B80236151 |
|
13 |
10246637 |
05/12/2011 * |
40,000,000.00 |
TATA CAPITAL LIMITED |
ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B29760998 |
|
14 |
10209313 |
09/03/2010 |
695,200,000.00 |
STATE BANK OF INDIA |
MID CORPORATE LOAN ADMINISTRATION UNIT, RESIDENCY PLAZA, 3RD FLOOR, RESIDENCY ROAD, BANGALORE, KARNATAKA - 560025, INDIA |
A82249244 |
|
15 |
10212266 |
22/02/2010 |
185,000,000.00 |
IDBI BANK LIMITED |
BANGALORE MAIN BRANCH, IDBI HOUSE,58, MISSION ROAD, BANGALORE, KARNATAKA - 560027, INDIA |
A83176123 |
|
16 |
10212053 |
30/01/2010 |
618,000,000.00 |
ANDHRA BANK |
N R ROAD BRANCH, BANGLAORE, KARNATAKA - 560002, INDIA |
A81349862 |
|
17 |
10189865 |
06/11/2009 |
50,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH, SHANKARANARAYANA BUILDING, |
A75164426 |
|
18 |
10186731 |
06/10/2009 |
70,000,000.00 |
ANDHRA BANK |
N R ROAD BRANCH, BANGALORE, KARNATAKA - 560002, INDIA |
A73801417 |
|
19 |
10161025 |
16/05/2009 |
120,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH, SHANKAR NARAYANA BLDG., NO.25, M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
A63596720 |
|
20 |
10146952 |
28/11/2011 * |
250,000,000.00 |
IDBI BANK LIMITED |
BANGALORE MAIN BRANCH, IDBI HOUSE, 58, MISSION ROAD, BANGALORE, KARNATAKA - 560027, INDIA |
B27322155 |
|
21 |
10135473 |
23/12/2011 * |
535,000,000.00 |
IDBI BANK LIMITED |
102, SHAKTHI COMFORT TOWERS,, K H ROAD, BANGALORE, KARNATAKA - 560027, INDIA |
B30163042 |
|
22 |
10116048 |
15/03/2008 |
314,800,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH, VENKATADRI COMPLEX RICHMOND ROAD, BANGALORE, KARNATAKA - 560025, INDIA |
A40766115 |
|
23 |
10069680 |
19/07/2007 |
12,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH, NO.83, RICHMOND ROAD, |
A21937933 |
|
24 |
10050946 |
23/04/2007 |
310,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, RAJAJINAGAR INDL. ESTATE, RAJAJINAGAR, BANGALORE, KARNATAKA - 560044, INDIA |
A15088321 |
|
25 |
10041246 |
23/07/2007 * |
470,000,000.00 |
SYNDICATE BANK |
MANIPAL CENTRE, DICKENSON ROAD,, BANGALORE, KARNATAKA - 560042, INDIA |
A21783980 |
|
26 |
10035915 |
17/11/2006 |
100,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH, RICHMOND ROAD, BANGALORE, KARNATAKA - 560025, INDIA |
A08055014 |
|
27 |
10013522 |
17/07/2006 |
30,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH, RESIDENCY ROAD,, BANGA |
A03015948 |
|
28 |
80037982 |
29/03/2006 |
103,000,000.00 |
ANDHRA BANK |
N R ROAD, BANGALORE, BANGALORE, KARNATAKA - 560002, INDIA |
- |
|
29 |
90288701 |
02/01/2006 |
312,000,000.00 |
SYNDICATE BANK |
INDUSTRIAL FINANCE BRANCH, MANIPAL CENTRE 204-207 ; NORTH
BLOCK DICKENSON RD., BANGALORE, KARNATAKA |
- |
|
30 |
90288390 |
20/09/2005 |
100,000,000.00 |
CANARA BANK |
I. F. BRANCH, RICHMOND ROAD, BANGALORE, KARNATAKA - 560025, INDIA |
- |
|
31 |
90288093 |
26/07/2005 * |
100,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LTD. |
IDBI HOUSE; 58 MISSION ROAD, BANGALORE, KARNATAKA - 560027, INDIA |
- |
|
32 |
90297988 |
08/02/2005 |
30,000,000.00 |
SYNDICATE BANK |
INDUSTRIAL FINANCE BRANCH, RICHMOND ROAD, BANGALO |
- |
|
33 |
90297224 |
20/11/2004 |
54,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH, RICHMOND ROAD, BANGALORE, KARNATAKA - 560025, INDIA |
- |
|
34 |
90297981 |
10/11/2004 |
23,400,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, RAJAJI NAGAR, BANGALORE, KARNATAKA - 560025, INDIA |
- |
|
35 |
90297972 |
09/08/2004 |
17,500,000.00 |
SYNDICATE BANK |
INDUSTRIAL FINANCE BRANCH, MANIPAL CENTER 204-20 |
- |
|
36 |
90297969 |
26/07/2004 |
20,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH, RICHMOND ROAD, BANGALORE, KARNATAKA - 560025, INDIA |
- |
|
37 |
90297186 |
22/12/2008 * |
429,800,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH, SHANKARNARAYANA BLDG., NO. 25, M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
A55836928 |
|
38 |
90297957 |
05/08/2004 * |
115,000,000.00 |
SUNDARAM FINANNCE LTD |
INDUSTRIAL FINANCE BRANCH, MANIPAL CENTER 204-20 |
- |
|
39 |
90297956 |
19/02/2004 |
30,500,000.00 |
SYNDICATE BANK |
INDUSTRIAL FINANCE BRANCH, MANIPAL CENTER 204-207 |
- |
|
40 |
90297954 |
11/02/2004 |
231,000,000.00 |
SYNDICATE BANK |
INDUSTRIAL FINANCE BRANCH, MANIPAL CENTER 204-20 |
- |
|
41 |
90297951 |
10/01/2004 |
15,000,000.00 |
SYNDICATE BANK |
INDUSTRIAL FINANCE BRANCH, MANIPAL CENTER 204-20 |
- |
|
42 |
90297941 |
30/10/2003 |
72,000,000.00 |
SYNDICATE BANK |
INDUSTRIAL FINANCE BRANCH, MANIPAL CENTER ;83;RIC |
- |
|
43 |
90297172 |
11/09/2003 |
20,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH, 56;RICHMOND CIRCLE, BANGALORE, KARNATAKA - 560025, INDIA |
- |
|
44 |
90297933 |
09/07/2003 |
10,000,000.00 |
SYNDICATE BANK |
INDUSTRIAL FINANCE BRANCH, MANIPAL CENTER 204-20 |
- |
|
45 |
90297922 |
17/03/2003 |
27,500,000.00 |
SYNDICATE BANK |
INDUSTRIAL FINANCE BRANCH, II ND FLOOR NORTH WING ; DICKENSON ROAD, BANGALORE, KARNATAKA - 560042, INDIA |
- |
|
46 |
90297916 |
01/01/2003 |
10,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH, 83; RICHMOND ROAD, BANGALORE, KARNATAKA - 560025, INDIA |
- |
|
47 |
90297907 |
30/03/2002 |
10,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 83;RICHMOD ROAD, BANGALORE, KARNATAKA - 560025, INDIA |
- |
|
48 |
90296519 |
13/07/2004 * |
42,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LTD |
IDBI HOUSE, CIUFFE PARAE, MUMBAI, MAHARASHTRA - 400025, INDIA |
- |
|
49 |
90297880 |
02/02/2001 * |
60,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI HOUSE, CIUFFE PARAE, MUMBAI, MAHARASHTRA - 400025, INDIA |
- |
|
50 |
90296508 |
28/07/2000 |
66,500,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI HOUSE, CIUFFE PARAE, MUMBAI, MAHARASHTRA - 400025, INDIA |
- |
|
51 |
90297873 |
01/12/2000 * |
66,500,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI HOUSE, CIUFFE PARAE, MUMBAI, MAHARASHTRA - 400025, INDIA |
- |
|
52 |
90297823 |
18/08/1999 |
7,500,000.00 |
SUNDRAM FINANCE LTD |
21 PATULLOS ROAD, DESABANDHU PLAZA; 47 WHITES ROAD, CHENNAI, TAMILNADU - 600014, INDIA |
- |
|
53 |
90297054 |
11/03/1999 |
354,750,000.00 |
CANARA BANK |
NO.83; VENKATHADRI COMPLEX, RICHMOND ROAD, BANGALORE, KARNATAKA - 560025, INDIA |
- |
|
54 |
90295582 |
28/01/1999 |
219,500,000.00 |
CANARA BAN K |
SOWCARPET BRANCH, CHENNAI, TAMIL NADU - 600003, INDIA |
- |
|
55 |
90296443 |
16/03/2000 * |
45,000,000.00 |
INDUSTRIOAL DEVELOPMENT BANK OF INDIA |
IDBI HOUSE, CIUFFE PARAE, MUMBAI, MAHARASHTRA - 400025, INDIA |
- |
|
56 |
90297771 |
04/03/1999 * |
45,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI HOUSE, CIUFFE PARAE, MUMBAI, MAHARASHTRA - 400025, INDIA |
- |
|
57 |
90297037 |
10/09/1998 |
199,500,000.00 |
CANARA BANK |
INDDUSTRIAL FINANCE BRANCH, NO. 83 RICHMOND CIRCLE, BANGALORE, KARNATAKA - 560025, INDIA |
- |
|
58 |
90296442 |
10/09/1998 |
344,750,000.00 |
CANARA BANK |
INDDUSTRIAL FINANCE BRANCH, MANIPAL CENTER ;DICKSEN ROAD, BANGALORE, KARNATAKA - 560042, INDIA |
- |
|
61 |
90297031 |
02/07/2013 * |
4,490,000,000.00 |
CANARA BANK(LEADER) |
PRIME CORPORATE BRANCH, SHANKARANARAYANA BUILDING, |
B80237092 |
|
62 |
90297764 |
26/02/2004 * |
160,200,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH, RICHMOND ROAD, BANGALORE, KARNATAKA - 560004, INDIA |
- |
|
63 |
90298151 |
31/12/2002 * |
160,200,000.00 |
SYNDICATE BANK |
INDUSTRIAL FINANCE BRANCH, MANIPAL CENTER ; 83; RICHMOD ROAD, BANGALORE, KARNATAKA - 560025, INDIA |
- |
|
64 |
90297761 |
05/06/1998 |
7,500,000.00 |
SUNDARAM FINANNCE LTD |
DESABANDHU PLAZA, 47; WHITES ROAD, CHENNAI, TAMILNADU - 600014, INDIA |
- |
|
65 |
90296400 |
16/03/2000 * |
36,000,000.00 |
INDUSTRIOAL DEVELOPMENT BANK OF INDIA |
IDBI HOUSE, CIUFFE PARAE, MUMBAI, MAHARASHTRA - 400025, INDIA |
- |
|
66 |
90297733 |
04/03/1999 * |
36,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI HOUSE, CIUFFE PARAE, MUMBAI, MAHARASHTRA - 400025, INDIA |
- |
|
67 |
90297709 |
05/12/1996 |
103,000,000.00 |
CANARA BANK |
119 AND 120 NAINIAPPA NAICKEN ST, SOWCARPET, MADRAS, |
- |
|
68 |
90296366 |
29/11/1996 |
30,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI HOUSE, CIUFFE PARAE, MUMBAI, MAHARASHTRA - 400025, INDIA |
- |
|
69 |
90296362 |
21/09/1996 |
7,500,000.00 |
CANARA BANK |
119 AND 120 NAINIAPPET ST, SOWCARPET, MADRAS, TAMILNADU - 600003, INDIA |
- |
|
70 |
90297687 |
20/02/1997 * |
45,000,000.00 |
CANARA BANK |
119 AND 120 NAINIAPPA STREERT, SOWCARPET, CHENNAI, TAMILNADU - 600003, INDIA |
- |
* Date of charge modification
FIXED ASSETS
· Land
·
· Factory Buildings
· Office Premises
· Plant and Machinery
· Works Equipments
· Lab Equipments
· Office and Other Equipments
· 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.61.75 |
|
|
1 |
Rs.99.56 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.