1. Summary Information
|
|
|
Country |
|
|
Company Name |
BALKRISHNA
INDUSTRIES LIMITED |
Principal Name 1 |
Mr. Arvind M.
Poddar |
|
Status |
Good |
Principal Name 2 |
Mr. Dharaprasad
R. Poddar |
|
|
|
Registration # |
11-012185 |
|
Street Address |
H-3/1, M.I.D.C.,
'A' Road, Tarapur, Boisar - 401 506, |
||
|
Established Date |
20.11.1961 |
SIC Code |
-- |
|
Telephone# |
91-22-66663800 |
Business Style 1 |
Manufacturing of
Paperboards, Tyres and Tubes and Synthetics. |
|
Fax # |
91-22-66663898 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Fabrics |
|
|
# of employees |
500 (Approximately) |
Product Name 2 |
Tyres |
|
Paid up capital |
Rs.
193,317,000 /- |
Product Name 3 |
Paper / Paper
Boards |
|
Shareholders |
Promoter and
Promoter Group (58.30%), Public shareholding (41.70%) |
Banking |
Bank
of State
Bank of |
|
Public Limited Corp. |
Yes |
Business Period |
53 years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
A
(65) |
|
Related
Company |
|||
|
Relation |
Country
|
Company
Name |
CEO |
|
Subsidiaries |
India |
Balkrishna Paper Mills Limited |
- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
13,000,392,000 |
Current Liabilities |
3,848,389,000 |
|
Inventories |
4,325,535,000 |
Long-term Liabilities |
20,635,517,000 |
|
Fixed Assets |
12,777,051,000 |
Other Liabilities |
1,213,634,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
25,697,540,000 |
|
Invest& other Assets |
9,784,248,000 |
Retained Earnings |
13,996,369,000 |
|
|
|
Net Worth |
14,189,686,000 |
|
Total Assets |
39,887,226,000 |
Total Liab. & Equity |
39,887,226,000 |
|
Total Assets (Previous Year) |
32,415,656,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
31,905,704,000 |
Net Profit |
3,558,338,000 |
|
Sales(Previous yr) |
28,199,604,000 |
Net Profit(Prev.yr) |
2,685,200,000 |
MIRA
INFORM REPORT
|
Report Date : |
19.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
BALKRISHNA INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
H-3/1, MIDC, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation
: |
20.11.1961 |
|
|
|
|
Com. Reg. No.: |
11-012185 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.193.317 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1961PLC012185 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMB11319A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB3333J |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturing and Exporter of Tires |
|
|
|
|
No. of Employees
: |
5200 (Approximately) (In Factory – 5000, In Branches – 200) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
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 57000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having fine track
record. The rating reflect BIL’s Sound Operating efficiencies and adequate
financial risk profile, marked by healthy cash flows and comfortable debt
protection metrics. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES:
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank Goldman
Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1 million
Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: AA- |
|
Rating Explanation |
High degree at safety and Very low credit
risk. |
|
Date |
15.04.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A1+ |
|
Rating Explanation |
Very Strong degree at safety and lowest
credit risk. |
|
Date |
15.04.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE (Contact No.: 91-22-66663800)
LOCATIONS
|
Registered Office : |
H-3/1, MIDC, A Road, Tarapur, Boisar – 401506, Maharashtra, India |
|
Tel. No.: |
91-22-28315168 |
|
Fax No.: |
91-22-66663898 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head/ Corporate Office : |
BKT House, C Wing, 15th Floor, Trade World, Kamala
Mills Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013,
Maharashtra, India |
|
Tel. No.: |
91-22-66663800 extension 836/ 237 |
|
Fax No.: |
91-22-66663898/ 99 |
|
|
|
|
Plant: |
Tyre
Manufacturing Chopanki A-300-305 and E- 306-313, RIICO Industrial Area, Chopanki, Bhiwadi,
Alwar – 301707, Rajasthan, India Tel No.: 1493-516607/ 36 Bhiwadi SP-923, RIICO
Industrial Area, Phase – III, Bhiwadi, Alwar – 301019, Rajasthan, India Tel
No.:1493-220073-75 Fax No.:1493-221036 Waluj B-66, MIDC,
Waluj, Aurangabad – 431136, Maharashtra, India Tel No.:
91-240-6646999/ 6646950 Fax No.:
91-240-2554143 Wind Farms: Village Soda Mada, Tehsil: Fatehgarh, District Jaisalmer, Rajasthan,
India Mould
Plant: Plot No. TS-1, M.I.D.C, Phase No. II,
Dombivali (East), District Thane - 421 201, |
DIRECTORS
(AS ON 31.03.2013)
|
Name : |
Mr. Dharaprasad R. Poddar |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Arvind M. Poddar |
|
Designation : |
Chairman and Managing Director |
|
Qualification: |
B.Com |
|
Date of Appointment: |
01.08.2006 |
|
|
|
|
Name : |
Mr. Vijaylaxmi Poddar |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Rajiv Poddar |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Sachin Nath B. Chaturvedi |
|
Designation : |
Director |
|
Date of Birth/Age : |
61 Years |
|
Qualification: |
B.Tech, F.C.A, M.B.A, D.I.S.A. |
|
|
|
|
Name : |
Mr. Subhashchand Mantri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rameshkumar D. Poddar |
|
Designation : |
Director |
|
Qualification: |
B.Sc |
|
|
|
|
Name : |
Mr. Khurshed Doongaji |
|
Designation : |
Director |
|
Date of Birth/Age : |
72 Years |
|
Qualification: |
B.A, LLB, C.B.M |
|
|
|
|
Name : |
Mr. Laxmidas Merchant |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjay Asher |
|
Designation : |
Director |
|
Qualification: |
B.com, C.A and Solicitor |
|
|
|
|
Name : |
Mr. Ashok M. Saraf |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vipul Shah |
|
Designation : |
Whole Time Director |
|
Qualification: |
B.com, Acs |
KEY EXECUTIVES
|
Name : |
Mr. Vipul Shah |
|
Designation : |
Secretary |
|
Qualification: |
B.com, Acs |
|
|
|
|
Management
Committee : |
Mr. Dilip M
Vaidya – Director (Technical) Mr. Rajiv Poddar Ms. Khushboo
Poddar Mr. Basantkumar
Bansal |
MAJOR SHAREHOLDERS / 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 |
|
|
|
|
|
|
|
|
56347740 |
58.30 |
|
|
270 |
0.00 |
|
|
56348010 |
58.30 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
56348010 |
58.30 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
17627148 |
18.24 |
|
|
11219 |
0.01 |
|
|
9789876 |
10.13 |
|
|
27428243 |
28.38 |
|
|
|
|
|
|
3363318 |
3.48 |
|
|
|
|
|
|
6494948 |
6.72 |
|
|
2742534 |
2.84 |
|
|
281542 |
0.29 |
|
|
281442 |
0.29 |
|
|
100 |
0.00 |
|
|
12882342 |
13.33 |
|
Total Public shareholding (B) |
40310585 |
41.70 |
|
Total (A)+(B) |
96658595 |
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) |
96658595 |
0.00 |
|
|
|
|
|
Total (A)+(B) |
96658595 |
100.00 |
|
|
|
|
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
96658595 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Exporter of Tires |
|
|
|
|
Brand Name : |
‘BKT’ |
PRODUCTION STATUS (AS ON 31.03.2013)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Tyres |
Numbers |
53.14 lacs |
2888355 |
|
Tube |
Numbers |
12.44 lacs |
228743 |
|
Tyres Flaps |
Numbers |
3.79 lacs |
79571 |
|
Wind Power Generation (Captively consumed) |
KWH/Units |
5 MW |
6027311 |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Customers : |
Not Divulged |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
5200 (Approximately) (In Factory – 5000, In Branches – 200) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
· Corporation Bank · The Royal Bank of Scotland N.V. · Standard Chartered Bank · state bank of India · Ing Vysya Bank Limited · Barclays Bank PLC · Bank of Baroda · Indusind Bank Limited · Citi Bank N.A. · Australia And New Zealand Banking Group Limited · BNP Paribas · Societe Generale · Kings Town Bank · Indian Bank · HDFC Bank Limited · Bank of Tokyo-Mitsubishi UFJ ·
DBS Bank Limited |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jayantilal
Thakkar and Company Chartered
Accountants |
|
|
|
|
Internal Auditor : |
|
|
Name : |
Dilip A. Jain and
Associates Chartered
Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
R S Raghavan and Company Chartered Accountants |
|
|
|
|
Other Related Parties : |
· Siyaram Silk Mills Limited · Govind Rubber Limited · SPG Infrastructure Limited · GRL International Limited.(upto 02.12.2011) · Balgopal Holding and Traders Limited · Clothing Culture Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs.2/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
96658595 |
Equity Shares |
Rs.2/- each |
Rs.193.317 Millions |
|
|
|
|
|
All the equity shares have equal rights in respect of distribution of
dividends and the repayment of capital
|
Name of Shareholders |
No. of shares
hold |
|
GPP |
21630535 |
|
%Holding |
22.38 |
|
RAP |
23267995 |
|
%Holding |
24.07 |
|
COPA Cabana |
Nil |
|
%Holding |
Nil |
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
|
193.317 |
|
(b) Reserves & Surplus |
|
|
13996.369 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
|
|
14189.686 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
15042.878 |
|
(b) Deferred tax liabilities (Net) |
|
|
998.567 |
|
(c) Other long term liabilities |
|
|
940.927 |
|
(d) long-term provisions |
|
|
(1.711) |
|
Total Non-current Liabilities (3) |
|
|
16980.661 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
5592.639 |
|
(b) Trade payables |
|
|
2410.033 |
|
(c) Other current
liabilities |
|
|
497.429 |
|
(d) Short-term provisions |
|
|
216.778 |
|
Total Current Liabilities (4) |
|
|
8716.879 |
|
|
|
|
|
|
TOTAL |
|
|
39887.226 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
12765.514 |
|
(ii) Intangible Assets |
|
|
11.537 |
|
(iii) Capital
work-in-progress |
|
|
9455.114 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
329.134 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
2791.579 |
|
(e) Other Non-current assets |
|
|
0.086 |
|
Total Non-Current Assets |
|
|
25352.964 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
4325.535 |
|
(c) Trade receivables |
|
|
5044.915 |
|
(d) Cash and cash
equivalents |
|
|
2663.063 |
|
(e) Short-term loans and
advances |
|
|
2437.790 |
|
(f) Other current assets |
|
|
62.959 |
|
Total Current Assets |
|
|
14534.262 |
|
|
|
|
|
|
TOTAL |
|
|
39887.226 |
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
193.317 |
193.317 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
10607.614 |
8124.441 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
10800.931 |
8317.758 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
13057.795 |
3854.425 |
|
|
2] Unsecured Loans |
|
3571.694 |
2215.866 |
|
|
TOTAL BORROWING |
|
16629.489 |
6070.291 |
|
|
DEFERRED TAX LIABILITIES |
|
625.889 |
569.934 |
|
|
|
|
|
|
|
|
TOTAL |
|
28056.310 |
14957.983 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
8281.546 |
6874.432 |
|
|
Capital work-in-progress |
|
4498.700 |
1463.818 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
322.351 |
322.351 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
4810.727
|
4103.762
|
|
|
Sundry Debtors |
|
4796.107
|
3247.787
|
|
|
Cash & Bank Balances |
|
3573.968
|
109.866
|
|
|
Other Current Assets |
|
253.070
|
0.292
|
|
|
Loans & Advances |
|
5879.187
|
4852.990
|
|
Total
Current Assets |
|
19313.059
|
12314.697 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
2004.142
|
2154.801
|
|
|
Other Current Liabilities |
|
901.161
|
238.431
|
|
|
Provisions |
|
1454.044
|
3624.083
|
|
Total
Current Liabilities |
|
4359.347
|
6017.315 |
|
|
Net Current Assets |
|
14953.712
|
6297.382
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
28056.309 |
14957.983 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
31905.704 |
28199.604 |
19969.403 |
|
|
|
Other Income |
42.125 |
32.970 |
163.537 |
|
|
|
TOTAL (A) |
31947.829 |
28232.574 |
20132.940 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
18179.090 |
17412.595 |
- |
|
|
|
Purchase of stock in trade |
94.948 |
178.043 |
- |
|
|
|
Employee Benefit expenses |
1074.828 |
723.328 |
- |
|
|
|
Other Expense |
6277.397 |
5307.157 |
- |
|
|
|
Changes in inventories of Finished goods, work in progress and stock in trade |
(364.395) |
(479.630) |
- |
|
|
|
Manufacturing, Trading and Other Expenses |
- |
- |
16426.316 |
|
|
|
Short Provisions for (Expenses) |
- |
- |
0.568 |
|
|
|
Excess Provision for Taxation of Earlier
years |
- |
- |
(0.964) |
|
|
|
TOTAL (B) |
25261.866 |
23141.493 |
16425.920 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6685.961 |
5091.081 |
3707.020 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
256.810 |
277.514 |
212.226 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6429.151 |
4813.567 |
3494.794 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1077.136 |
831.412 |
744.389 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5352.015 |
3982.155 |
2750.405 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1793.677 |
1296.955 |
893.817 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3558.338 |
2685.200 |
1856.588 |
|
|
|
|
|
|
|
|
|
|
Excess Provision
for Taxation of earlier years |
0.000 |
(33.500) |
- |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
877.200 |
3893.100 |
2379.311 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3500.000 |
5499.100 |
185.658 |
|
|
|
Proposed Final Dividend |
145.000 |
145.000 |
135.322 |
|
|
|
Tax on Dividend |
24.600 |
23.500 |
21.868 |
|
|
BALANCE
CARRIED TO THE B/S |
765.938 |
877.200 |
3893.051 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
28320.855 |
24973.390 |
17047.123 |
|
|
|
Recovery towards Freight and Insurance on
Exports |
893.513 |
723.080 |
596.426 |
|
|
|
Recovery of Capital Expenditure |
7.913 |
0.670 |
0.000 |
|
|
TOTAL EARNINGS |
29222.281 |
25697.140 |
17643.549 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
14100.899 |
14449.975 |
9647.369 |
|
|
|
Stores & Spares |
114.211 |
169.032 |
86.039 |
|
|
|
Capital Goods |
3003.820 |
1223.814 |
160.835 |
|
|
|
Traded Goods |
0.000 |
4.829 |
0.000 |
|
|
|
Others |
8.594 |
2.160 |
0.000 |
|
|
TOTAL IMPORTS |
17227.524 |
15849.81 |
9894.243 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
36.81 |
27.43 |
19.21 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
11.14
|
9.48 |
9.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.77
|
14.12 |
13.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.78
|
14.43 |
14.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.37 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.45
|
1.54 |
0.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67
|
4.43 |
2.04 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
19969.403 |
28199.604 |
31905.704 |
|
|
|
41.214 |
13.142 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
19969.403 |
28199.604 |
31905.704 |
|
Profit |
1856.588 |
2685.200 |
3558.338 |
|
|
9.30% |
9.52% |
11.15% |
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 |
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 |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
ITXAL/113/2012 |
Failing Date:- |
02/02/2012 |
Reg. No.:- |
ITXA/1214/2012 |
Reg. Date:- |
19/10/2012 |
|
|
|||||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX – 6 (1)- |
Respondent:- |
M/S BALKRISHNA INDUSTRIES LIMITED |
||||
|
Petn.Adv:- |
S. V. BHARUCHA (0) |
|
|
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Pre-Admission |
Stage:- |
FOR ADMISSION |
||||
|
Next Date : |
29/04/2014 |
|
|
||||
|
Coram:- |
HON’BEL SHRI JUSTICE S.C. DHARMADHIKARI HON’BEL SHRI JUSTICE GRISH S. KULKARNI |
||||||
|
Last Date:- |
05/03/2014 |
Stage:- |
FOR ADMISSION |
||||
|
Last Coram:- |
HON’BEL SHRI JUSTICE S.C. DHARMADHIKARI HON’BEL SHRI JUSTICE GRISH S. KULKARNI |
||||||
|
|
|
||||||
|
Act. : |
Income Tax Act, 1961 |
Under Section 260A |
|||||
UNSECURED LOANS
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
Deferred Tax Labiality |
|
|
|
Deferred Sales Tax under the scheme of Government of Maharashtra (Payable after ten years, from the date of respective
loan, in five annual equal installments |
31.431 |
31.406 |
|
Loan repayable
on demand |
|
|
|
From Banks |
3383.342 |
3540.288 |
|
|
|
|
|
Total |
3414.773 |
3571.694 |
OPERATIONS:
The Company mainly
operates in one single segment i.e. “tyres” with focus on manufacture of wide range
of “Off-Highway Specialty tyres”. These specialty tyres are meant for
Agricultural, Industrial, Material Handling, Construction, Earthmoving (OTR),
Forestry, Lawn and Garden Equipments and all-Terrain Vehicles (ATV). Around 90%
of our revenue is generated through exports.
During the year
consideration, the revenue of the Company from its operations has grown by 13%.
The Net Turnover and other Income of the company has increased from
Rs.28200.000 Millions to Rs.31900.000 Millions. The Gross Profit of the Company
for the year under consideration has increased from Rs.4810.000 Millions to
Rs.6430.000 Millions and correspondingly, the profit after tax has increased to
Rs.3560.000 Millions as compare to Rs.2690.000 Millions in the previous year.
The Company continues to enjoy the status of “STAR TRADING HOUSE”.
OUTLOOK FOR THE
CURRENT YEAR 2013-2014:
The company
revenue is mainly generated from exports to Europe and USA. However the markets
have been under pressure due to global recession during the last financial
year. The overall business environment across the globe continues to be under
pressure; however USA has started showing signs of recovery and we are hopeful
that such recovery is sustainable throughout the year. Despite a difficult
business environment we are causally optimistic about showing moderate growth
in exports during the current financial year.
Raw materials
prices had declined in the last financial year on account of slacking demand in
the tyre sector. Other input cost has also increased. However we expect that
profit margin would show an improvement during the current financial year, if
raw materials prices remain stable.
The long-term
prospects of the company are definitely positive and the company continues to
expand its product base by developing different types of tyres and venturing in
to new geographies. The company has also established sales offices in various
countries of the world to ensure deeper penetration into existing markets and
sustain its future growth.
CONTINGENT LIABILITIES
Rs. In Millions
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
CONTINGENT
LIABILITIES |
|
|
|
|
a)Claims against the company not acknowledged as debts |
|
|
|
|
-Disputed claims for excise, sales tax and service tax |
226.307 |
140.401 |
136.358 |
|
-Disputed income tax demands |
46.898 |
79.000 |
138.795 |
|
b)Guarantees given by the Company’s bankers on behalf of the Company against the Company’s indemnity |
124.418 |
1203.348 |
115.609 |
|
c) Corporate Guarantee given by the Company |
|
|
|
|
-To President of |
20000.000 |
15812.500 |
6500.000 |
|
- To the subsidiary company |
Nil |
7.767 |
Nil |
|
-To the other Company |
72.769 |
18.531 |
Nil |
|
|
|
|
|
|
COMMITMENTS |
|
|
|
|
Estimated amount of contacts remaining to be executed an capital account and not provided for |
3851.022 |
7392.251 |
2722.165 |
UNAUDITED (STANDALONE)
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2013
(RS. IN MILLIONS)
|
Particulars
|
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
Unaudited |
Unaudited |
|
|
Income
from Operations |
|
|
|
|
(a) Gross Sales |
8398.200 |
8173.500 |
16571.700 |
|
(b) Net Sales / Income from operations |
8303.000 |
8074.400 |
16377.400 |
|
(c) Other Operating Income |
92.800 |
84.400 |
177.200 |
|
Total Income from Operations |
8395.800 |
8158.800 |
16554.600 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
a) Cost of Materials consumed |
3995.600 |
4134.400 |
8130.000 |
|
b) Purchases of stock in Trade |
16.900 |
11.800 |
28.700 |
|
c) Changes in Inventories of finished Goods,
Work-in-progress and stock in trade |
(6.500) |
115.700 |
109.200 |
|
d) Employees benefit Expenses |
302.000 |
316.600 |
618.600 |
|
e) Depreciation |
392.500 |
353.000 |
745.500 |
|
f) Power and Fuel |
275.400 |
278.400 |
553.800 |
|
g) Net Exchange Difference Loss/(Gain) |
321.900 |
(159.400) |
162.500 |
|
h) Other Expenses |
1467.000 |
1514.600 |
2981.600 |
|
Total |
6764.800 |
6565.100 |
13329.900 |
|
|
|
|
|
|
Profit from operations before other income, interest and
exceptional Items |
1631.000 |
1593.700 |
3224.700 |
|
Other income |
43.900 |
11.100 |
55.000 |
|
Profit before interest and exceptional Items |
1674.900 |
1604.800 |
3279.700 |
|
Interest |
55.800 |
56.400 |
112.200 |
|
Profit
after Interest but before Exceptional Items |
1619.100 |
1548.400 |
3167.500 |
|
Exceptional Items |
-- |
-- |
-- |
|
Profit
(+)/Loss(-) from Oridinary Activities before tax |
1619.100 |
1548.400 |
3167.500 |
|
Tax expense |
539.700 |
524.000 |
11063.700 |
|
Net
Profit (+)/Loss(-) from Ordinary Activities after tax |
1079.400 |
1024.400 |
2103.800 |
|
Net Profit (+) / Loss (-) for the year period |
1079.400 |
1024.400 |
2103.800 |
|
Paid up equity share capital (Face value of Rs.10/- per
share) |
193.300 |
193.300 |
193.300 |
|
Reserves excluding revaluation reserves as per balance sheet
of previous accounting year |
-- |
-- |
-- |
|
Earning per share (EPS) |
|
|
|
|
(a)
Basic and diluted EPS before Extraordinary items for
the period, for the year to date and for the previous
year (not to be annualised) |
11.17 |
10.60 |
|
|
|
|
|
|
|
Particulars of Shareholders |
|
|
|
|
Public shareholding |
|
|
|
|
Number of
shares |
40310585 |
40310585 |
40310585 |
|
Percentage
of shareholding |
41.70 |
41.70 |
41.70 |
|
|
|
|
|
|
Promoters
and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
56348010 |
56348010 |
56348010 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
100 |
100 |
100 |
|
Percentage of shares (as a % of total share capital of the
company) |
58.30 |
58.30 |
58.30 |
STATEMENT OF
ASSETS AND LIABILITIES
|
|
Particulars |
Rs in Millions |
|
Particulars |
Quarter ended |
|
|
As on 30.09.2013 |
||
|
(Unaudited) |
||
|
|
|
|
|
A.
EQUITY
AND LIABILITIES |
|
|
|
(1)Shareholders'
Funds |
|
|
|
(a) Share Capital |
193.300 |
|
|
(b) Reserves & Surplus |
16100.200 |
|
|
|
|
|
|
Total Shareholders’
Funds |
16293.500 |
|
|
|
|
|
|
(2) Non-Current Liabilities |
|
|
|
(a) long-term borrowings |
17295.100 |
|
|
(b) Deferred tax liabilities (Net) |
1131.300 |
|
|
(c) Other long term liabilities |
932.900 |
|
|
(d) long-term provisions |
(3.300) |
|
|
Total Non-current Liabilities (2) |
19356.000 |
|
|
|
|
|
|
(3) Current Liabilities |
|
|
|
(a) Short term borrowings |
5494.200 |
|
|
(b) Trade payables |
3190.200 |
|
|
(c) Other current
liabilities |
711.900 |
|
|
(d) Short-term provisions |
77.400 |
|
|
Total Current Liabilities (3) |
9473.700 |
|
|
|
|
|
|
TOTAL |
45123.200 |
|
|
|
|
|
|
III.
ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a) Fixed Assets |
26113.100 |
|
|
(b) Non-current Investments |
330.200 |
|
|
(c) Deferred tax assets (net) |
0.000 |
|
|
(d) Long-term Loan and Advances |
2849.300 |
|
|
(e) Other Non-current assets |
6.900 |
|
|
Total Non-Current Assets |
29299.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
(a) Current investments |
2173.800 |
|
|
(b) Inventories |
5617.900 |
|
|
(c) Trade receivables |
4472.000 |
|
|
(d) Cash and cash
equivalents |
588.300 |
|
|
(e) Short-term loans and
advances |
2955.700 |
|
|
(f) Other current assets |
16.000 |
|
|
Total Current Assets |
15823.700 |
|
|
|
|
|
|
TOTAL |
45123.200 |
|
NOTE:
· The above Unaudited (Stand-alone) results as reviewed by the Audit committee have been approved by the board of directors at its meeting held on 26th October, 2013. The Statutory Auditors of the company have carried out the “Limited Review” of the above Results.
· Segment reporting as required by AS-127 is not applicable as the company operates in one single primary business segment i.e. Tyres.
· The work on green field tyres plant of the company at Bhuj is in Progress and Partial Production has commenced.
· The details of numbers of investor complaints for the quarter Beginning – Nil, Received – 2 Disposed-2, Pending Nil.
· Net Exchange difference includes Loss/(Gain) on Transactions related to sales and purchases.
· Figures for the previous periods/ year have been Re-.Grouped/ Re-Classified/ Restated wherever necessary.
INDEX OF CHARGES
|
S.No. |
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address |
Service
Request Number (SRN) |
|
1 |
10435970 |
15/05/2013 |
5,580,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
2ND FLOOR, AXIS HOUSE, BOMBAY DYEING MILL COMPOUND, PANDURANGA BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA -400025, INDIA |
B79239984 |
|
2 |
10324713 |
10/07/2013
* |
17,225,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
2ND FLOOR, AXIS HOUSE, BOMBAY DYEING MILL COMPOUND, PANDURANGA BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA -400025, INDIA |
B79255659 |
|
3 |
10159916 |
21/05/2009 |
350,000,000.00 |
STANDARD CHARTERED BANK |
90, M G ROAD, FORT, MUMBAI, MAHARASHTRA -400001, INDIA |
A63146773 |
|
4 |
10022020 |
14/09/2006 |
82,500,000.00 |
UTI BANK LIMITED |
TRISHUL 3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
A05491667 |
|
5 |
80036583 |
07/02/2011
* |
5,122,312,500.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B06124184 |
|
6 |
90158549 |
20/01/2005 |
58,600,000.00 |
UTI BANK LIMITED |
U. I. B., SIR P. M. ROAD; FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
7 |
90156868 |
09/06/2008
* |
5,000,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRANCH, GROUND FLOOR, BHARAT HOUSE, 104, B.S. MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
A39966403 |
|
8 |
90155617 |
07/05/1985
* |
7,000,000.00 |
IFCI BANK |
REGENT CHAMBERS, 5TH FLOOR; NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
9 |
90155561 |
07/05/1985
* |
2,400,000.00 |
THE ICICI LIMITED |
163; BAKCBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
·
·
· Buildings and Roads
· Plant and Machinery
· Factory, Office And Other Equipments
· Electric Installations
· Furniture and Fixtures
· Vehicles
· Air Conditioners
· Intangible Assets - Computer 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.60.38 |
|
|
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
65 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.