1. Summary Information
|
Country |
India |
||
|
Company Name |
ABG Shipyard
Limited |
Principal Name 1 |
Mr. Rishi Agarwal |
|
Status |
Moderate
|
Principal Name 2 |
Mr. Dhananjay Datar |
|
Registration # |
04-007730 |
||
|
Street Address |
Near
Magdala Village, Off Dumas Road, Surat – 395007, Gujarat, India |
||
|
Established Date |
15.03.1985 |
SIC Code |
-- |
|
Telephone# |
91-261-2210645/ 2226480/ 2666480/ 2670458/ 2725191 |
Business Style 1 |
Manufacturers
|
|
Fax # |
91-261-3048243 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Tugs |
|
|
# of employees |
275 (Approximately) |
Product Name 2 |
Pusher
Crafts |
|
Paid up capital |
Rs.509,218,000/- |
Product Name 3 |
Repairing
of Ships |
|
Shareholders |
Shareholding of Promoter and Promoter Group - 69.12% Public shareholding - 30.88% |
Banking |
Bank of Baroda |
|
Public Limited Corp. |
Yes |
Business Period |
29 years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
B (36) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding company |
-- |
ABG International Private Limited |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
33,116,700,000 |
Current Liabilities |
13,876,100,000 |
|
Inventories |
43,523,200,000 |
Long-term Liabilities |
32,328,700,000 |
|
Fixed Assets |
10,091,800,000 |
Other Liabilities |
44,410,500,000 |
|
Deferred Assets |
0 |
Total Liabilities |
90,615,300,000 |
|
Invest& other Assets |
19,587,400,000 |
Retained Earnings |
15,194,600,000 |
|
|
|
Net Worth |
15,703,800,000 |
|
Total Assets |
106,319,100,000 |
Total Liab. & Equity |
106,319,100,000 |
|
Total Assets (Previous Year) |
88,866,200,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
20,996,500,000 |
Net Profit |
1,071,300,000 |
|
Sales(Previous yr) |
23,917,700,000 |
Net Profit(Prev.yr) |
1,802,900,000 |
MIRA INFORM REPORT
|
Report Date : |
02.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
ABG SHIPYARD LIMITED |
|
|
|
|
Registered
Office : |
Near Magdala
Port, Magdala Village, Off Dumas Road, Surat – 395007, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
15.03.1985 |
|
|
|
|
Com. Reg. No.: |
04-007730 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.
509.218 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L61200GJ1985PLC007730 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTA01441G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer
and Exporter of Tugs, Pusher Crafts and Building and Repairing of Ships. |
|
|
|
|
No. of Employees
: |
275 (Approximately)
|
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 62900000 |
|
|
|
|
Status : |
Moderate
|
|
|
|
|
Payment Behaviour : |
Slow
but correct |
|
|
|
|
Litigation : |
Clear
(Note
: Matter converted to TAXD1172/2012) |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There appears dip in profitability of the company during financial
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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from
$31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports
and moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Non-Convertible Debenture : BB (Suspended) |
|
Rating Explanation |
Moderate risk of default and high credit risk |
|
Date |
19.07.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Commercial Paper: A4 (Suspended) |
|
Rating Explanation |
Minimal degree of safety and very higher credit risk. |
|
Date |
19.07.2013 |
Reason for Suspension: Company did not provide information.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Srikant Shantanam |
|
Designation : |
Account Manager |
|
Contact No.: |
91-261-2725191 |
|
Date : |
22.03.2014 |
LOCATIONS
|
Registered Office/ Factory : |
Near
Magdala Port, Magdala Village, Off Dumas Road, Surat – 395007, Gujarat, |
|
Tel. No.: |
91-261-2210645/ 2226480/ 2666480/ 2670458/ 2725191 |
|
Fax No.: |
91-261-3048243/2726481 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
10
acres and 22 ghuntas |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
4th/
5th Floor, Bhupati Chambers, 13, Mathew Road, Opera House, Mumbai
– 400004, Maharashtra, India |
|
Tel. No.: |
91-22-66563000 |
|
Fax No.: |
91-22-66223050
/ 23649236 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Rishi Agarwal |
|
Designation : |
Chairman |
|
Date of Birth: |
03.09.1966 |
|
Qualification: |
MBA
(Finance) from |
|
Experience: |
Has
rich experience in Shipbuilding, Ship Repairing and Shipping. |
|
Date of Appointment: |
07.07.2005 |
|
|
|
|
Name : |
Mr. Major Arun Phatak |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Ashok R Chitnis |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Mr. Shahzaad Dalal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ashwani Kumar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dhananjay
Datar |
|
Designation : |
Whole Time Director (w.e.f. 29.07.2011) |
|
|
|
|
Name : |
Mr. Aloke Sengupta |
|
Designation : |
Nominee Director (from 14th August 2013) |
KEY EXECUTIVES
|
Name : |
Mr. srikant Shantanam |
|
Designation : |
Account Manager |
SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholder |
Total No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
375000 |
0.74 |
|
|
34822057 |
68.38 |
|
|
35197057 |
69.12 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
35197057 |
69.12 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
326 |
0.00 |
|
|
1038098 |
2.04 |
|
|
300000 |
0.59 |
|
|
2186374 |
4.29 |
|
|
3524798 |
6.92 |
|
|
|
|
|
|
9931648 |
19.50 |
|
|
|
|
|
|
1364391 |
2.68 |
|
|
495357 |
0.97 |
|
|
408550 |
0.80 |
|
|
313456 |
0.62 |
|
|
74031 |
0.15 |
|
|
8410 |
0.02 |
|
|
1153 |
0.00 |
|
|
11500 |
0.02 |
|
|
12199946 |
23.96 |
|
Total Public
shareholding (B) |
15724744 |
30.88 |
|
Total (A)+(B) |
50921801 |
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) |
50921801 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Exporter of Tugs, Pusher Crafts and Building and Repairing of Ships. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Ship and Barges |
Nos. |
Not Applicable |
Not
Ascertainable |
16 |
|
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
275
(Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
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|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
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|
Facilities : |
Notes: Details of
Debentures issued by the Company (Rs. In Millions)
Details of Terms of
repayment for other long term borrowings and security provided in respect of
the secured other long-term borrowings (Rs. In Millions)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Nisar and Kumar Chartered
Accountants |
|
Address : |
A-17,
|
|
Tel. No.: |
91-22-24948414 |
|
Fax No.: |
91-22-24965527 |
|
E-Mail : |
|
|
|
|
|
Holding Company: |
ABG
International Private Limited |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Fellow Subsidiaries : |
|
|
|
|
|
Companies over which Directors/ Relatives are able to exercise
significant Influences : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity
Share |
Rs.10/-
each |
Rs.1000.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50921801 |
Equity
Shares |
Rs.10/- each |
Rs.509.218
Millions |
|
|
|
|
|
Notes:
The Company has only one class of shares referred to as Equity Shares having par value of `10/-. Each holder of equity share(s) is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive the remaining assets of the company after distribution of all preferential amounts. The distribution will be in proportion of the number of equity shares held by the shareholders.
None of the above shares are reserved for issue under options and contract / commitments for sale of shares or disinvestment.
33648204 (P.Y. 31110594) Equity Shares of Rs.10/- each are held by the holding company ABG International Private Limited
Shares allotted, as fully paid up, pursuant to contract(s) without payment being effected in cash / bonus shares /bought back / forfeited/ calls unpaid in the previous 5 years - NIL
Shareholders holding above 5% Equity Shares with voting rights in the company.
|
Sr. No |
Name of the
shareholder |
31.03.2013 |
|
|
|
|
No of equity shares held |
% |
|
1 |
ABG International Private Limited |
33648204 |
66.08 |
|
2 |
Religare Finvest Limited |
5197281 |
5.5610.21 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
509.200 |
509.200 |
|
(b) Reserves & Surplus |
|
15194.600 |
14136.200 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
15703.800 |
14645.400 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
|
7626.300 |
12511.900 |
|
(b) Deferred
tax liabilities (Net) |
|
5261.100 |
4662.900 |
|
(c) Other long term liabilities |
|
0.0000 |
0.000 |
|
(d) long-term provisions |
|
91.200 |
0.000 |
|
Total Non-current Liabilities (3) |
|
12978.600 |
17174.800 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
24702.400 |
20086.800 |
|
(b)
Trade payables |
|
13242.700 |
10831.400 |
|
(c)
Other current liabilities |
|
39149.400 |
25634.500 |
|
K,(d) Short-term provisions |
|
542.200 |
493.300 |
|
Total Current Liabilities (4) |
|
77636.700 |
57046.000 |
|
|
|
|
|
|
TOTAL |
|
106319.100 |
88866.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
10075.400 |
10031.000 |
|
(ii)
Intangible Assets |
|
16.400 |
26.900 |
|
(iii)
Capital work-in-progress |
|
17287.100 |
14173.900 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b)
Non-current Investments |
|
2300.300 |
2338.600 |
|
(c)
Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
4648.300 |
6895.400 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
34327.500 |
33465.800 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
43523.200 |
32608.300 |
|
(c)
Trade receivables |
|
553.000 |
626.700 |
|
(d)
Cash and cash equivalents |
|
255.500 |
3635.200 |
|
(e)
Short-term loans and advances |
|
22856.200 |
13362.700 |
|
(f)
Other current assets |
|
4803.700 |
5167.500 |
|
Total
Current Assets |
|
71991.600 |
55400.400 |
|
|
|
|
|
|
TOTAL |
|
106319.100 |
88866.200 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
509.200 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
12346.900 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
12856.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
17749.700 |
|
|
2] Unsecured Loans |
|
|
6161.100 |
|
|
TOTAL BORROWING |
|
|
23910.800 |
|
|
DEFERRED TAX LIABILITIES |
|
|
4033.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
40799.900 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
9153.800 |
|
|
Capital work-in-progress |
|
|
13517.700 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
2338.500 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
24442.500
|
|
|
Sundry Debtors |
|
|
1238.500
|
|
|
Cash & Bank Balances |
|
|
6637.900
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
17990.900
|
|
Total
Current Assets |
|
|
50309.800
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
11337.700
|
|
|
Other Current Liabilities |
|
|
22549.800
|
|
|
Provisions |
|
|
632.400
|
|
Total
Current Liabilities |
|
|
34519.900
|
|
|
Net Current Assets |
|
|
15789.900
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
40799.900 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
20996.500 |
23917.700 |
20770.900 |
|
|
|
Other Income |
496.800 |
410.900 |
39.500 |
|
|
|
TOTAL (A) |
21493.300 |
24328.600 |
20810.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
-- |
-- |
8769.700 |
|
|
|
Consumption of raw materials and components |
11036.800 |
12171.900 |
-- |
|
|
|
Manufacturing Expenses |
0.000 |
-- |
1985.700 |
|
|
|
Purchase of traded goods |
102.800 |
13.400 |
-- |
|
|
|
Personal Expenses |
0.000 |
-- |
645.900 |
|
|
|
Changes in inventories of work-in-progress |
(1189.800) |
297.200 |
-- |
|
|
|
General, Administration and Selling Expenses |
0.000 |
-- |
1628.500 |
|
|
|
Employee benefits expenses |
859.000 |
854.400 |
-- |
|
|
|
(Profit)/Loss on sale of Investments |
0.000 |
-- |
210.000 |
|
|
|
Other Expenses |
3897.400 |
3904.000 |
-- |
|
|
|
Increase/(Decrease) in Finished Goods |
0.000 |
-- |
2743.500 |
|
|
|
TOTAL (B) |
14706.200 |
17240.900 |
15983.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6787.100 |
7087.700 |
4827.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4013.000 |
3307.400 |
1394.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2774.100 |
3780.300 |
3432.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1037.100 |
992.500 |
630.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1737.000 |
2787.800 |
2802.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
665.700 |
984.900 |
914.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1071.300 |
1802.900 |
1888.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4889.200 |
4166.300 |
3835.800 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Debenture Redemption Reserve |
910.000 |
920.000 |
920.000 |
|
|
|
Transfer to General Reserve |
100.000 |
160.000 |
400.000 |
|
|
|
Dividend |
0.000 |
0.000 |
203.700 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
33.800 |
|
|
BALANCE CARRIED
TO THE B/S |
4950.500 |
4889.200 |
4166.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
5598.100 |
8458.700 |
5116.300 |
|
|
|
Other Income |
841.400 |
0.600 |
0.000 |
|
|
TOTAL EARNINGS |
6439.500 |
8459.300 |
5116.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
136.000 |
751.500 |
444.100 |
|
|
|
Capital Goods |
1332.400 |
520.900 |
175.700 |
|
|
|
Others |
11416.100 |
10226.800 |
5882.600 |
|
|
TOTAL IMPORTS |
12884.500 |
11499.200 |
6502.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.04 |
35.41 |
37.08 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.98
|
7.41
|
9.07
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.27
|
11.66
|
13.49
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.00
|
3.85
|
4.71
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.19
|
0.22
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.06
|
2.23
|
1.66
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93
|
0.97
|
1.46
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2012 |
31.03.2013 |
|
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
|
509.200 |
509.200 |
|
Reserves & Surplus |
|
14,136.200 |
15,194.600 |
|
Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Net
worth |
|
14,645.400 |
15,703.800 |
|
|
|
|
|
|
long-term borrowings |
|
12,511.900 |
7,626.300 |
|
Short term borrowings |
|
20,086.800 |
24,702.400 |
|
Total
borrowings |
|
32,598.700 |
32,328.700 |
|
Debt/Equity
ratio |
|
2.226 |
2.059 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
20,770.900 |
23,917.700 |
20,996.500 |
|
|
|
15.150 |
(12.214) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
20,770.900 |
23,917.700 |
20,996.500 |
|
Profit After Tax |
1,888.000 |
1,802.900 |
1,071.300 |
|
|
9.09% |
7.54% |
5.10% |
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 |
Yes |
|
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 |
---- |
|
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 |
No |
|
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 |
FINANCIAL
PERFORMANCE
The Company has recorded
a total revenue of Rs.21493.300 Millions, Net Profit after tax for the
Financial Year stood at Rs.1071.300 Millions and recorded an EBIDITA of
Rs.5652.900 Millions, as standalone basis for the financial year under
consideration.
OPERATIONS
The Company is India's largest Shipbuilding and Ship repair Company in Private sector with satisfied customer base in India and abroad. The shipyards of the Company are located at Surat and Dahej in Gujarat. Since inception, the Shipyard has successfully built and delivered 157 (One Hundred Fifty Seven) ships including Specialized and Sophisticated vessels like Interceptor Boats, Self-Loading and Discharging Bulk Cement Carriers, Floating Cranes, Articouple Tugs and Flotilla, Split Barges, Bulk Carriers, Newsprint Carriers, Offshore Supply Vessels, Dynamic Positioning Ships, Anchor Handling Tug Supply Vessels, Multi-purpose Support Vessel, Diving Support Vessels, Pollution Control Vessel etc. for leading companies in India and overseas. Over 80% of the vessels built have been for foreign customers in Europe, South East Asia and Middle East. Around 50% of ABG's Order Book comprises of orders from repeat customers.
The difficult external environment has had a direct bearing on the company's financial results. There is considerable impact on the Financials of the Company due to adverse economic conditions.
The manufacturing processes in the Shipyards are in line with world class standards and the Yards have been certified by DNV for ISO 9001:2008 (for Quality Standards), by IRS for ISO 14001:2004 (for Environment Management Systems) and OHSAS 18001:2007 ( for Occupational Health and Safety Management Systems).
ABG Shipyard Limited has a facility to construct all types of quality ships, offshore oil rigs and specialized vessel's needs, by demonstrating compliance to marine environment protection and initiatives towards conservation of natural resources.
During the Financial Year 2012-13, the company has bagged a prestigious repeat order for construction of 1 cadet training ship of Rs. 4850.000 Millions from Indian Navy, Ministry of Defence.
The Government of India had provided for a Shipbuilding Subsidy Scheme, for both export and domestic orders to all the Indian Shipyards, which was expired in August, 2007 and The Government had issued modified guidelines dated 25th March 2009, for the liquidation of the liability for the payment of subsidy for ongoing eligible contracts entered up to 14 August 2007, by virtue of the same, the company has received an amount of Rs.686.200 Millions towards subsidy in the Financial Year 2012-13.
MANAGEMENT DISCUSSION
AND ANALYSIS
MARKET TRENDS AND
ECONOMY
Financial Year 2012-13 is a challenging year to the Global as well as Indian Economy. World output was down from 4% in 2011 to 3.2% in 2012. Emerging and developing economies output touched a low of 5.1%, reflecting a sharp drop from 6.4% in the previous year. The U.S. economy improved marginally, driven mainly by housing and the consumer sectors; however, capital investments remained sluggish. The Euro zone shrank by 0.6%. Among the Asian economies, China, going through a political transition, experienced considerably slower growth.
During the Financial Year 2012-13, the Indian economy experienced a low growth rate of about 5-5.5%. Year-on-year GDP growth rate, in the 3 quarter touched 4.5%, the second lowest in recent years. Industrial sectors, too, continued to reel under the severe slowdown.
Going ahead, most market analysts expect GDP to be around 6% in the Financial Year 2013-14, assuming a normal monsoon. The Reserve Bank of India remains focused on containing inflation, and is expected to continue following a conservative policy on interest rates. Sluggish value of Indian rupees is also great concern to Indian Economy.
However, long term prospects for the Indian economy, continue to remain bright, given the favorable demographics and the directional commitment towards liberalization. However, much work remains to be done to free up core sectors and restart growth. Outlook for the current fiscal with inflation now well within tolerance level, appears better than the previous year. Additionally, softening of global commodity prices should help to reduce the imported inflation in domestic economy.
INDUSTRY OVERVIEW AND OUTLOOK
Globally,
Shipbuilding and Ship Repair industry is growing at a Compounded Annual Growth
Rate (CAGR) of about 24 per cent and is likely to reach ` 14 lakh crore by 2015
owing to rising global sea borne trade, according to the study done by the
Associate Chambers of Commerce (ASSOCHAM).
During
the year, Global Shipbuilding Industry experienced rapid decline in new
shipbuilding orders as backlogs remained high and the global economic downturn
adversely affected the demand for new ships or vessels.
China,
South Korea and Japan are leading shipbuilding nations and cater to over 80% of
the global shipbuilding industry. The Chinese Government continues to give
subsidies to the industry due to which the country enjoys over 35% of the
global share. The Chinese Shipyards continue building ships which flood the
market, depressing it further.
India
and Vietnam are seen as upcoming centers for global shipbuilding and have
displayed enormous growth potential since 2000. However, India has not yet
reached a stage where it can enjoy economies of scale like Korea or China.
Still
Indian Shipbuilding industry accounts for less than 1 percent of global market share.
According to study done by Shipyards Association of India (SAI), while
shipbuilding in countries like China, South Korea and Japan continue to account
for more than 80 per cent of the global shipbuilding market. The Indian
Shipbuilding and Ship repair Industry is likely to reach Rs.92000.000 Millions by year 2015, growing at a Compounded Annual Growth Rate
(CAGR) of about 8 per cent according to a study done by the ASSOCHAM.
On an
average India produces around 20 ships in a year while developed shipbuilding
markets make 70 -100 ships a year. Due to this, almost 90% of equipment for
manufacturing ships is sourced from overseas.
With
about an 8,000 kilometer long coastline there are about 27 shipyards, 12 major
ports and 200 ports understates jurisdiction in India. Approximately 90% of the
country’s trade by volume and 70% by value are moved through Maritime
Transport. There is huge scope for development of the shipping sector. However,
the country’s opportunities in the maritime business have not been fully
utilized.
An
authentic estimate is that the shipbuilding industry is likely to generate a
revenue of Rs.800.000 billion and an overall revenue of Rs.3300.000 billion
including associated sectors. Employment to the extent of 0.400 million new
direct jobs in shipbuilding and around 2.400 million new jobs in shipbuilding,
ship repairing and associated sectors can be generated.
The
Government has a key role to improve the efficiency and productivity of
domestic shipbuilding companies to enable them to compete with their overseas
counterparts. The Indian Government has been very supportive in the past which
gave a significant fillip/ impetus to the industry. Although the Government had
extended the Shipbuilding Subsidy Scheme from2002 to 2007, which caused a
temporary boom in the industry, however, the subsequent discontinuation of the
scheme along with recession, had some negative impact on the industry. Various
Industrial Bodies has recommend to revive of subsidy scheme, easing tax related
regulations and declaring shipbuilding a status of strategic industry.
The
Indian government has mooted plans to develop ancillary units for the
shipbuilding sector, which has the potential to create approx. 2.400 million
jobs. The government has taken various initiatives for up - gradation of
infrastructure in ports which include expeditious implementation of various
capacity addition and mechanization project. The initiatives include private
sector participation in capacity augmentation/ up-gradation for which bid
documents have been standardized, and 100% FDI being allowed under the
automatic route, Income tax incentives are also available for investments made
in port infrastructure.
INTERNAL CONTROL SYSTEM
The
Company has in place an adequate system of internal control commensurate with
its size and nature of its business. These have been designed to provide
reasonable assurance that all assets are safeguarded and protected against loss
from unauthorised use or disposition and that all transactions are authorised,
recorded and reported correctly and the business operations are conducted as
per the prescribed policies and procedures of the Company.
The
Company's effective control system is supported by an Enterprise Resources
Planning (ERP) platform i.e. SAP for its main business processes. The Audit
committee and the management have reviewed the adequacy of the internal control
systems and suitable steps are taken to improve the same.
FINANCIAL PERFORMANCE WITH RESPECT TO
OPERATIONAL PERFOMRMANCE
The
company has successfully delivered 05 vessels during the financial year under
review which has taken to the total sum to 157 vessels delivered so far by the
Company.
The
Company has recorded total revenue of Rs.21493.300 Millions, Net Profit after tax for the Financial Year stood at
Rs.1071.300 Millions and recorded an EBIDITA
of Rs. 5652.900 Millions, as standalone basis
for the financial year under consideration.
UNSECURED LOANS
(Rs. In Millions)
|
Particular |
31.03.2013 |
31.03.2012 |
|
Term Loan |
|
|
|
-
From Bank |
406.200 |
2475.000 |
|
Short Term Loan
from Banks |
|
|
|
-
From Banks |
953.100 |
3200.000 |
|
-
Commercial Paper |
0.000 |
2486.000 |
|
- Payable on Demand |
2829.900 |
0.000 |
|
Short Term Loan
from Others |
|
|
|
-
Commercial Paper |
0.000 |
584.500 |
|
- Inter Corporate Deposits |
129.500 |
230.000 |
|
Total |
4318.700 |
8975.500 |
Note:
The Company has
defaulted in repayment of loans and interest in respect of the following
|
Particulars |
As at 31.03.2013 |
Period of default |
|
Loans from banks Principal |
1350.800 |
35-63 |
|
Interest |
36.000 |
1-52 |
|
Others - payable on demand |
692.900 |
2-61 |
|
Inter Corporate Deposits |
119.500 |
4-161 |
CONTINGENT LIABILITY
NOT PROVIDED FOR:
(Rs. In Millions)
|
Particulars |
31.03.2013 |
|
|
|
|
In respect of Performance/ Delivery Guarantees given by banks to the buyers |
1632.000 |
|
Corporate guarantees to banks in respect of facilities granted to group companies |
1,3050.600 |
|
Other bank guarantees |
471.100 |
|
Claims against the company not acknowledged as debts |
718.900 |
|
Claims in respect of indirect taxes |
385.500 |
Contingencies provided for in accordance with AS 29 issued by the Institute of Chartered Accountants of India
(Rs. in Millions)
|
Particulars |
31.03.2013 |
|
Carrying amount as at the beginning of the year |
29.600 |
|
Provision (net of utilisation) during the year. |
6.800 |
|
Unused amount reversed during the year |
--- |
|
Balance at the end of the year |
36.400 |
The contingencies provided are in respect of estimated warranties on sold hulls.
UNAUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2013
(Rs. in Millions)
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Net Sales / Income from Operations |
3736.000 |
4222.200 |
7958.200 |
|
Other Operating Income |
6.900 |
70.500 |
77.400 |
|
Total Income from
operations |
3742.900 |
4292.700 |
8035.600 |
|
Expenses: |
|
|
|
|
a. Cost of Material consumed |
4509.400 |
1279.100 |
5788.500 |
|
b. Purchase of Stock in Trade |
-- |
-- |
-- |
|
c. Change in inventories of finished goods, Work in progress and stock in trade |
(3419.400) |
449.200 |
(2970.200) |
|
d. Employees benefit expenses |
155.300 |
206.700 |
362.000 |
|
e. Depreciation and amortisation expenses |
191.900 |
245.900 |
437.800 |
|
f. Other Expenses |
984.00 |
826.800 |
1810.800 |
|
Total Expenses |
2421.300 |
3007.700 |
5428.900 |
|
Profit from operation before other income, finance cost and exceptional items |
1321.700 |
1285.00 |
2606.700 |
|
Other Income |
10.400 |
8.700 |
19.000 |
|
Profit from ordinary activities before finance cost & exceptional items |
1332.000 |
1293.700 |
2625.700 |
|
Finance cost |
1312.700 |
1230.300 |
2543.000 |
|
Profit from ordinary activities after finance cost but before exceptional items |
19.300 |
63.400 |
82.700 |
|
Exceptional Items |
-- |
-- |
-- |
|
Profit from ordinary
activities before Tax |
19.300 |
63.400 |
82.700 |
|
Tax Expense: - Current Tax - Current tax for earlier years - MAT credit (entitlement) / Utilised - Deferred Tax |
6.300 |
20.900 |
27.200 |
|
Net Profit from
Ordinary activities after tax |
13.000 |
42.500 |
55.500 |
|
Extraordinary items (Net of Tax Expense) |
--- |
-- |
-- |
|
Net Profit for the period |
13.000 |
42.500 |
55.500 |
|
Share of Minority Interest |
-- |
-- |
-- |
|
Net Profit after
taxes, minority interest |
13.000 |
42.500 |
55.500 |
|
|
|
|
|
|
Paid-up Equity Share Capital (Face Value of Rs. 10/- each) |
509.200 |
509.200 |
509.200 |
|
Reserves and Surplus (excluding Revaluatation Reserve) |
-- |
|
|
|
Basic and Diluted
EPS before extraordinary items (In Rupees) (Not Annualised) |
2.600 |
8.300 |
10.900 |
|
Basic and Diluted
EPS after extraordinary items (In Rupees) (Not Annualised) |
|
|
|
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
Public Shareholding |
|
|
|
|
- Number of Shares |
15739744 |
15661094 |
15739744 |
|
- Percentage of Shareholding |
30.91 |
30.75 |
30.91 |
|
Promoter and
Promoter Group Shareholding |
|
|
|
|
a. Pledged /
Encumbered |
|
|
|
|
- Number of shares |
25019002 |
24369002 |
25019002 |
|
- Percentage of shareholding (as a % of total shareholding of promoter and promoter group) |
71.11 |
69.11 |
71.11 |
|
- Percentage of shareholding ( as a % of total share capital of the company) |
49.13 |
47.86 |
49.13 |
|
b. Non- Encumbered |
|
|
|
|
- Number of shares |
10163055 |
10891705 |
10163055 |
|
- Percentage of shareholding ( as a % of total shareholding of promoter and promoter group) |
28.89 |
30.89 |
28.89 |
|
- Percentage of shareholding ( as a % of total share capital of the company) |
19.96 |
21.39 |
19.96 |
STATEMENT OF ASSETS AND LIABILITIES
(Rs. in Millions)
|
PARTICULARS |
As at 30.09.2013 |
|
A. EQUITIES AND
LIABILITIES : |
|
|
1. Shareholders
Fund : |
|
|
Share Capital |
509.200 |
|
Reserves & Surplus |
15244.00 |
|
2. Share Application money pending allotment |
0.000 |
|
3. Minority Interest |
0.000 |
|
Total |
15753.200 |
|
|
|
|
4. Non Current
Liabilities |
|
|
a. Long Term Borrowings |
8703.800 |
|
b. Deferred Tax Liabilities (net) |
5271.700 |
|
c. Other Long Term Liabilities |
0.000 |
|
d. Long Terms Provisions |
91.200 |
|
Total |
14066.700 |
|
|
|
|
5. Current
Liabilities |
|
|
a. Short term borrowings |
33533.200 |
|
b. Trade Payables |
12508.400 |
|
c. Other Current Liabilities |
38039.800 |
|
d. Short term Provisions |
552.700 |
|
Total |
84634.100 |
|
|
|
|
TOTAL EQUITIES AND
LIABILITIES |
114454.000 |
|
|
|
|
B. ASSETS |
|
|
1. Non Current
Assets |
|
|
a. Fixed Assets |
28414.300 |
|
b. Goodwill on consolidation |
0.000 |
|
c. Non Current Investments |
2300.300 |
|
d. Long Term loans and Advances |
4576.900 |
|
e. Other non - current Assets |
0.000 |
|
Total |
35291.500 |
|
|
|
|
2. Current Assets |
|
|
a. Current Investments |
0.000 |
|
b. Inventories |
45697.800 |
|
c. Trade Receivalbles |
1824.100 |
|
d. Cash and cash Equivalents |
151.500 |
|
e. Short terms Loans and Advances |
26768.100 |
|
f. Other Current Assets |
4721.000 |
|
Total |
79162.500 |
|
|
|
|
TOTAL ASSETS |
114454.000 |
Notes:
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 13th November, 2013.The Statutory Auditors have carried out the 'Limited Review' of the results.
2. The Company has prepared its financials on standalone basis.
3. Taxation is provided under Minimum Alternate Tax (MAT) basis. Credit for MAT entitlement, if any, shall be considered at the year end.
4. The Company has one identifiable, reportable segment, namely manufacturing as per quantitative criteria of Accounting Standard -17 'Segment Reporting' issued by the Institute of Chartered Accountants of India.
5. The Company has firm commitments in foreign exchange as regards both its payables and receivables. The company has applied the principle of hedge accounting contained in Accounting Standard 30 issued by the Institute of Chartered Accountants of India for its net firm commitment in receivables and payables in foreign exchange. In view of the same, Mark to Market differences as on 30th September, 2013 of Rs 2.90 crores does not have any material impact on the financial statements.
6. Figures for the previous year / period have been regrouped and / or reclassified wherever considered necessary.
7. Investor
Complaints:
Pending at the beginning of the quarter -- Nil
Received during the quarter -- Nil
Resolved during the quarter -- Nil
Unresolved at the end of the quarter -- Nil
FIXED
ASSETS:
·
Free
·
Lease Hold Land
·
·
Other Building
·
Plant And Machinery
·
Furniture and Fixtures
·
Vehicles
·
Computers
·
Boats
·
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.82.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
SNT |
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 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
36 |
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.