MIRA INFORM REPORT
|
Report Date : |
20.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
K S B PUMPS LIMITED |
|
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Registered
Office : |
126, Maker Chambers – III, Nariman Point, Mumbai – 400021, |
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Country : |
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Financials (as
on) : |
31.12.2013 |
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Date of
Incorporation : |
11.04.1960 |
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Com. Reg. No.: |
11-011635 |
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Capital
Investment / Paid-up Capital : |
Rs.348.080 Millions |
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CIN No.: [Company Identification
No.] |
L29120MH1960PLC011635 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK11971B |
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PAN No.: [Permanent Account No.] |
AAACK5918J |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of different types of Power Driven Pumps and Industrial Valves. |
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No. of Employees
: |
13300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects established market position and well-diversified
product portfolio spanning the entire pumps and valves industry marked by
adequate liquidity position and fair profitability of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal 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.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes that many things such as apartment
sales, luxury products, etc. were largely bought with dirty money. And it is
now beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term – fund based limits : AA |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
July 16, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term – fund based limits : A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
July 16, 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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Ms. Anna Philip |
|
Designation : |
Export Department |
|
Contact No.: |
91-20-27101000 |
|
Date : |
13.08.2014 |
LOCATIONS
|
Registered Office : |
126, Maker Chambers III, Nariman Point, Mumbai – 400021, Maharashtra,
India |
|
Tel. No.: |
91-22-66588787 |
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Fax No.: |
91-22-66588788 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branch Office : |
30, Circus Avenue, 2nd floor, Kolkata – 700017, West
Bengal, India |
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ZONAL OFFICES : |
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North : |
· Noida Chandigarh Jaipur Lucknow |
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East : |
· Kolkata Bhubaneshwar Jamshedpur Raipur |
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West : |
· Mumbai Ahmedabad Aurangabad Baroda Indore Nagpur Pune |
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South : |
· Chennai Bangalore Secunderabad |
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Factory 1 : |
Pimpri, Pune - 411018, Maharashtra, India |
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Factory 2 : |
D II Block, MIDC, Chinchwad, Pune - 411019, Maharashtra, India |
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Factory 3 : |
Vambori, District Ahmednagar - 413704, Maharashtra, India |
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Factory 4 : |
151, Mettupalayam Road, NSN Palayam, Coimbatore - 641031, Tamilnadu,
India |
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Factory 5 : |
Plot No. E3 and E4, MIDC, Sinnar (Malegaon), Nashik - 422103,
Maharashtra, India |
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|
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Irrigation and
Process Division (IPD) : |
Mumbai-Pune Road, Pimpri, Pune – 411018, Maharashtra, India |
DIRECTORS
AS ON 31.12.2013
|
Name : |
Mr. G. Swarup |
|
Designation : |
Chairman |
|
|
|
|
Name : |
W. Spiegel |
|
Designation : |
Managing Director |
|
Date of Birth/ Age : |
61 Years |
|
Qualification |
Graduate Mechanical Engineer |
|
Experience : |
47 Years |
|
Date of Appointment : |
01.01.2002 |
|
|
|
|
Name : |
Mr. A.R. Broacha |
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Designation : |
Director |
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|
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|
Name : |
Mr. D.N. Damania |
|
Designation : |
Director |
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|
Name : |
Mr. N.N. Kampani |
|
Designation : |
Director |
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|
|
|
Name : |
Dr. Stephan Bross |
|
Designation : |
Director |
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|
|
|
Name : |
Dr. W. Schmitt |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pradip Shah |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Anna Philip |
|
Designation : |
Export Department |
SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
153458 |
0.44 |
|
|
8855752 |
25.44 |
|
|
9009210 |
25.88 |
|
|
|
|
|
|
14110848 |
40.54 |
|
|
14110848 |
40.54 |
|
Total
shareholding of Promoter and Promoter Group (A) |
23120058 |
66.42 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
4048460 |
11.63 |
|
|
5456 |
0.02 |
|
|
737838 |
2.12 |
|
|
811194 |
2.33 |
|
|
2016 |
0.01 |
|
|
1000 |
0.00 |
|
|
1016 |
0.00 |
|
|
5604964 |
16.10 |
|
|
|
|
|
|
1521387 |
4.37 |
|
|
|
|
|
|
3525630 |
10.13 |
|
|
788850 |
2.27 |
|
|
246955 |
0.71 |
|
|
39802 |
0.11 |
|
|
172953 |
0.50 |
|
|
34200 |
0.10 |
|
|
6082822 |
17.48 |
|
Total Public
shareholding (B) |
11687786 |
33.58 |
|
Total (A)+(B) |
34807844 |
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) |
34807844 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Foreign Financial Institutions
Shareholding
of securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the Shareholders |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Industrial & Prudential Investment
Company Limited |
71,40,000 |
20.51 |
|
2 |
Paharpur Cooling Towers Limited |
14,55,752 |
4.18 |
|
3 |
New Holding & Trading Company Limited |
2,60,000 |
0.75 |
|
4 |
Vikram Swarup |
60,400 |
0.17 |
|
5 |
Vikram Swarup |
40,000 |
0.11 |
|
6 |
Gaurav Swarup |
34,000 |
0.10 |
|
7 |
Bindu V Swarup |
16,000 |
0.05 |
|
8 |
Parul Swarup |
3,058 |
0.01 |
|
9 |
Canadian Kay Pump Limited |
1,41,10,848 |
40.54 |
|
|
Total |
2,31,20,058 |
66.42 |
Shareholding
of securities (including shares, warrants, convertible securities) of persons
belonging to the category Public and holding more than 1% of the total number
of shares
|
Sl. No. |
Name of the
Shareholders |
No. of Shares held |
Shares as % |
|
|
1 |
Reliance Capital Trustee Co Limited - A/C Reliance Tax Saver (Elss) Fund |
1327086 |
3.81 |
|
|
2 |
Reliance Capital Trustee Co Limited - A/C Reliance Diversified Power Sector Fund |
1300530 |
3.74 |
|
|
3 |
Unit Under Various Accounts |
519910 |
1.49 |
|
|
4 |
Thyssenkrupp Industries India Private Limited |
1080000 |
3.10 |
|
|
5 |
Bajaj Allianz Life Insurance Company Limited |
737838 |
2.12 |
|
|
6 |
Pinebridge Investments Asia Limited A/c Pinebridge Investments GF Mauritius Limited |
708105 |
2.03 |
|
|
|
Total |
5673469 |
16.30 |
Shareholding
of securities (including shares, warrants, convertible securities) of persons (together
with PAC) belonging to the category “Public” and holding more than 5% of the
total number of shares of the company
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons
Acting in Concert (PAC) with them |
No.
of Shares |
Shares
as % |
|
|
1 |
Reliance Capital Trustee Co Limited
- A/C
Reliance Diversified Power Sector Fund |
2627616 |
7.55 |
|
|
|
Total |
2627616 |
7.55 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of different types of Power Driven Pumps and Industrial Valves. |
||||||||
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Products/ Services : |
|
PRODUCTION STATUS (AS ON 31.12.2011)
|
Particulars |
Unit |
Licensed Capacity on the basis of maximum
utilisation of plant and machinery |
Installed Capacity (on triple shift basis) as certified
by the Management and not verified by the auditors as this is a technical
matter |
Actual Production Qty. Nos. |
|
Power Driven Pumps |
Nos. |
Not applicable * |
150,500 |
165,785 |
|
Industrial Valves |
Nos. |
Not applicable * |
186,000 |
163,907 |
|
Carbon Steel, Alloy Steel, and Alloy Iron Castings |
Tonnes |
Tonnes 9000 ** |
9,000 |
123,714 kgs |
|
Non Ferrous Castings |
Tonnes |
Tonnes 200 ** |
200 |
-- |
NOTES:
* Under a notification
dated July 25, 1991 issued by the Ministry of Industry, the Company’s
industrial undertakings are exempt from the licensing provisions of the
Industries (Development and Regulation) Act, 1951. In accordance with the said
notification memoranda have been filed with the Department of Industrial
Development (Secretariat of Industrial Approvals).
** Represents registered capacity, with the Department of Industrial
Development.
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
13300 (Approximately) |
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Bankers : |
· Central Bank of India Standard Chartered Bank Deutsche Bank AG |
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Facilities : |
|
|
|
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|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Dhananjay V. Joshi and Associates Cost Accountants |
|
|
|
|
Collaborators : |
KSB Aktiengesellschaft, Germany |
|
|
|
|
Controlling
Company : |
· KSB AG Canadian Kay Pump Limited |
|
|
|
|
Subsidiary
Company : |
Pofran Sales and Agency Limited |
|
|
|
|
Associate
Company : |
MIL Controls Limited |
|
|
|
|
Common
Control : |
· KSB S.A. KSB Inc., USA KSB Pumps (S.A.) (Pty.) Limited, South Africa KSB Australia KSB Chile S.A. KSB Singapore (Asia Pacific) PTE Limited, Singapore KSB Limited, Hongkong KSB Pumps Company Limited, Thailand P.T. KSB., Indonesia KSB Taiwan Company Limited KSB Limited, Tokyo KSB Brazil KSB Korea KSB Mexico KSB Nederland DP Industries B.V., Nederland KSB Pumps Arabia Limited KSB Limited, U.K. KSB Italia S.p.A., Italy KSB Pompa Turkey KSB Shanghai Pump Company Limited, China KSB Valves (Shanghai) Company Limited, China Mercantile-KSB Oy AB, Finland KSB Pakistan Delian KSB Amri Valves Company Limited, China Bombas ITUR S.A., Spain KSB TESMA S.A., Griechenland KSB Tech. Private Limited, India GIW Industries Inc., USA KSB Middle East FZE, Dubai KSB Pumpy + Armatury spol. sr. o, Czech KSB Service LLC KSB Pompy Armatura Poland KSB Compania Sudamericana KSB Belgium SA KSB China KSB Pumps and Valves Malaysia KSB Finanz SA KSB AMV SA Spain KSB Finland KSB Mork AB, Sweden KSB Lindflaten, Norway KSB Oesterreich, Austria KSB Pompes ET Robintteries Sarl, Morocco KSB Argentina KSB Service GMBH KSB Canada KSB New Zeland Rotary Equipment KSB OOO, Russia KSB Valvulas Limited., Brazil KSB Services Limited, Saudi Arabia AMRI Inc., USA |
|
|
|
|
Enterprises over which individuals having
significant influence over the reporting enterprise exercise significant
influence : |
· The Industrial and Prudential Investment Company Limited New Holding and Trading Company Limited Paharpur Cooling Towers Limited |
CAPITAL STRUCTURE
AS ON 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34807844 |
Equity Shares |
Rs.10/- each |
Rs.348.080 Millions |
|
|
|
|
|
(i) Reconciliation of the number of shares
outstanding at the beginning and at the end of the year:
|
|
31.12.2013 |
|
|
No. of shares outstanding
at the beginning |
Number of shares |
Rs. in Millions |
|
- Equity shares |
34,807,844 |
348.080 |
|
Add: Additional shares issued |
|
|
|
- Equity shares (Bonus issue) |
-- |
-- |
|
Less: Shares forfeited/Bought back |
|
|
|
- Equity shares |
-- |
-- |
|
No. of shares outstanding at the end |
|
|
|
- Equity shares |
34,807,844 |
348.080 |
(ii) The Company
has only one class of shares referred to as equity shares having a par value of
Rs.10/-. Each shareholder of equity shares is entitled to one vote per share.
(iii) Aggregate
number of equity shares allotted as fully paid-up by way of bonus shares for
the period of five years immediately preceding the Balance Sheet date -
17,403,922
(iv) Number of shares held by each shareholder holding more than 5%
shares in the Company are as follows:
|
Particulars |
31.12.2013 |
|
|
|
Number of shares |
% of shares held |
|
Canadian Kay Pump Limited |
14,110,848 |
40.54 |
|
The Industrial and
Prudential Investment Company Limited |
7,140,000 |
20.51 |
|
Reliance Capital
Trustee Company Limited (held in Reliance Infrastructure Fund and Reliance
Tax Saver (ELSS) Fund) |
2,655,080 |
7.63 |
(v) The Company declares
and pays dividends in Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting. In the event of liquidation of the Company, the holders of
equity shares will be entitled to receive any of the remaining assets of the
Company, after distribution of all preferential amounts. However, no such
preferential amount exists currently. The distribution will be in proportion to
the number of equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
348.080 |
348.080 |
348.080 |
|
(b) Reserves & Surplus |
4284.390 |
3910.790 |
3553.140 |
|
(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) |
4632.470 |
4258.870 |
3901.220 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.030 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
60.440 |
56.040 |
53.020 |
|
(d) long-term
provisions |
232.680 |
227.650 |
183.710 |
|
Total Non-current
Liabilities (3) |
293.120 |
283.690 |
236.760 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a)
Short term borrowings |
31.850 |
168.520 |
631.550 |
|
(b)
Trade payables |
1210.070 |
1226.470 |
1294.680 |
|
(c)
Other current liabilities |
1045.460 |
838.190 |
775.930 |
|
(d) Short-term
provisions |
291.280 |
346.470 |
261.730 |
|
Total Current
Liabilities (4) |
2578.660 |
2579.650 |
2963.890 |
|
|
|
|
|
|
TOTAL |
7504.250 |
7122.210 |
7101.870 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1795.440 |
1566.740 |
1513.150 |
|
(ii)
Intangible Assets |
17.030 |
17.900 |
14.380 |
|
(iii)
Capital work-in-progress |
82.420 |
267.060 |
69.660 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
63.150 |
63.560 |
63.560 |
|
(c) Deferred tax assets (net) |
77.750 |
74.580 |
52.330 |
|
(d) Long-term Loan and Advances |
564.750 |
486.960 |
421.480 |
|
(e) Other
Non-current assets |
0.000 |
8.610 |
48.030 |
|
Total Non-Current
Assets |
2600.540 |
2485.410 |
2182.590 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1833.020 |
1935.350 |
1980.190 |
|
(c) Trade
receivables |
1260.160 |
1453.080 |
1822.470 |
|
(d) Cash
and cash equivalents |
1546.340 |
1002.070 |
817.390 |
|
(e)
Short-term loans and advances |
230.690 |
218.680 |
272.960 |
|
(f)
Other current assets |
33.500 |
27.620 |
26.270 |
|
Total Current
Assets |
4903.710 |
4636.800 |
4919.280 |
|
|
|
|
|
|
TOTAL |
7504.250 |
7122.210 |
7101.870 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (net) |
7313.430 |
7137.680 |
7495.430 |
|
|
|
Other Income |
161.550 |
181.140 |
145.890 |
|
|
|
TOTAL (A) |
7474.980 |
7318.820 |
7641.320 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3325.930 |
3415.150 |
4147.910 |
|
|
|
Purchases of stock-in-trade |
74.820 |
108.170 |
112.400 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
42.570 |
58.100 |
(276.800) |
|
|
|
Employee benefits expense |
1100.600 |
1036.300 |
1044.170 |
|
|
|
Other expenses |
1774.380 |
1615.510 |
1756.710 |
|
|
|
Expenditure transferred to capital account |
(10.600) |
(8.780) |
(12.720) |
|
|
|
TOTAL (B) |
6307.700 |
6224.450 |
6771.670 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1167.280 |
1094.370 |
869.650 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
25.940 |
52.400 |
27.760 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1141.340 |
1041.970 |
841.890 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
265.290 |
235.390 |
218.950 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
876.050 |
806.580 |
622.940 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
278.460 |
226.420 |
193.120 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
597.590 |
580.160 |
429.820 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
2949.260 |
2651.161 |
2428.610 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
34.810 |
191.450 |
139.232 |
|
|
|
Tax on interim dividend |
32.540 |
31.060 |
5.647 |
|
|
|
Tax on proposed final dividend |
156.640 |
0.000 |
16.940 |
|
|
|
Transfer to General Reserve |
61.000 |
60.000 |
45.000 |
|
|
BALANCE CARRIED
TO THE B/S |
3261.860 |
2949.260 |
2651.161 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at FOB value |
1067.490 |
1033.560 |
700.690 |
|
|
|
Recovery of packing and forwarding charges |
5.440 |
5.580 |
3.770 |
|
|
|
Service charges |
18.330 |
18.400 |
18.800 |
|
|
|
Technical services |
13.470 |
13.310 |
11.470 |
|
|
|
Commission |
30.160 |
35.100 |
35.590 |
|
|
|
Others |
1.810 |
0.000 |
13.050 |
|
|
TOTAL EARNINGS |
1136.700 |
1105.950 |
783.370 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials and components |
130.370 |
152.540 |
201.650 |
|
|
|
Stores, spares and tools |
4.970 |
6.910 |
5.420 |
|
|
|
Capital Goods |
39.580 |
92.150 |
44.140 |
|
|
|
Items imported for resale |
73.100 |
93.750 |
89.790 |
|
|
TOTAL IMPORTS |
248.020 |
345.350 |
341.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.17 |
16.67 |
12.35 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
PAT / Total Income |
(%) |
7.99 |
7.93 |
5.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.98 |
11.30 |
8.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.03 |
12.01 |
9.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.19 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01 |
0.04 |
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.90 |
1.80 |
1.66 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs. In
Millions |
|
Share Capital |
348.080 |
348.080 |
348.080 |
|
Reserves & Surplus |
3553.140 |
3910.790 |
4284.390 |
|
Net
worth |
3901.220 |
4258.870 |
4632.470 |
|
|
|
|
|
|
Long-term borrowings |
0.030 |
0.000 |
0.000 |
|
Short term borrowings |
631.550 |
168.520 |
31.850 |
|
Total
borrowings |
631.580 |
168.520 |
31.850 |
|
Debt/Equity
ratio |
0.162 |
0.040 |
0.007 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
Rs.
In Millions |
Rs. In
Millions |
Rs.
In Millions |
|
Sales |
7495.430 |
7137.680 |
7313.430 |
|
|
|
(4.773) |
2.462 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
7495.430 |
7137.680 |
7313.430 |
|
Profit |
429.820 |
580.160 |
597.590 |
|
|
5.73% |
8.13% |
8.17% |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date: 01.01.2014 |
|
Lodging No: ITXAL/17/2014 Filing Date: 01.01.2014 Reg. No.: ITXA/589/2014 Reg. Date: 15.03.2014 |
|
Petitioner: THE COMMISSIONER OF INCOME TAX Respondent: KSB PUMPS
LTD Petn. Adv : A R MALHOTRA (I3164) Resp.
Adv.: M/S. RAJESH SHAH & CO. (46) District: MUMBAI |
|
Bench: DIVISION Status: Pre-Admission Category:
TAX APPEALS Next Date: 04.09.2014
Stage: FOR ADMISSION Coram: HON’BLE SHRI JUSTICE S.C. DHARMADHIKARI HON’BLE SHRI JUSTICE B.P.
COLABAWALLA |
|
Act: Income Tax Act, 1961
Under Section: 260A |
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90163701 |
27/09/2011 * |
1,967,500,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH, M G ROAD, MUMBAI, MAHARASHTRA - 400023, INDIA |
B23205172 |
* Date of charge modification
UNSECURED LOAN:
|
Particulars |
31.12.2013 (Rs.
In Millions) |
31.12.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Book Overdraft |
0.000 |
16.800 |
|
|
|
|
|
Total |
0.000 |
16.800 |
COMPANY OVERVIEW
PRODUCTS:
The Company is engaged in the business of manufacture of different types of power driven pumps and industrial valves. Castings are mainly produced for captive consumption.
OPERATIONS:
The Company has factories at the following places:-
a) Irrigation and Process Pumps Division (I.P.D.) at Pimpri Manufacturing of submersible pumps, vertical and horizontal pumps, series and non-series pumps, Multistage pumps, chemical process pumps, non clog pumps and water pumps.
b) Power Projects Division (P.P.D.) at Chinchwad Manufacturing of primary heat transfer pumps, moderator pumps, main boiler feed pumps and multistage condense extraction pumps, re-heater drain pumps and auxiliary boiler feed pumps.
c) Foundry Division at Vambhori Manufacturing of steel & iron castings including for captive consumption.
d) Coimbatore Unit Manufacturing of valves (Globe, Gate, Check, Butterfly & Ball valves).
e) Nashik Unit (Sinnar) Established in 1995, this unit is engaged in the manufacture of high pressure and submersible pumps.
GENERAL
REVIEW
WORKING:
During
the year subject has earned higher profit before tax compared to the previous
year due to various cost reduction and efficiency improvement measures. The
overall economic slowdown and delay in project execution continued in 2013.
Hence, situation of heavy pressure on margin continued in the year.
Export
increased by Rs.34.000 Million from Rs.1034.000 Million last year to
Rs.1068.000 Million. Subject continues with its efforts to maintain growth even
during the economic downturn and face new challenges.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INTRODUCTION:
Subject
is engaged in the business of manufacture of power driven pumps and industrial
valves. Castings are mainly produced for captive consumption.
INDUSTRY
STRUCTURE AND DEVELOPMENT
GENERAL:
In the
year 2013, the global growth continued to remain moderate, with an uneven
recovery across industrial countries. Activity in major emerging market
economies barring China has decelerated on account of weak domestic demand,
notwithstanding some improvement in export performance.
In
India, the increase in real GDP growth in mid of 2013, though modest, was
driven largely by robust growth of agricultural activity, supported by an
improvement in net exports. However, the weakness in industrial activity
persisting into end of 2013, lackluster lead indicators of services and subdued
domestic consumption demand suggest continuing headwinds to growth. The
manufacturing sector, where the Company is operating, in fact, contracted during
2013. Tightening government spending in early 2014 to meet budget projections
will add to these headwinds. In this context, the revival of investment,
especially in the infrastructure projects cleared by the government, will be
critical.
Retail
inflation has risen unrelentingly during the year, pushed up by the upturn in
vegetable prices, housing inflation and increased levels of inflation in the
non-food and non-fuel categories. High inflation at both wholesale and retail
levels risks entrenching inflation expectations at unacceptably elevated
levels, posing a threat to growth, financial stability and exchange rate
stability.
The
narrowing of the trade deficit since June through November, due to positive
export growth and contraction in both oil and non-oil imports, should bring the
current account deficit down to a more sustainable level for the fiscal year as
a whole.
PUMPS
AND VALVES INDUSTRIES
Global
revenue growth in the machinery sector declined in 2013. The backdrop to this was
underutilization of production capacities in many countries limiting the need
for investments in new plants. Due to subdued domestic demand, the project
business of pumps and valves therefore remained difficult, while the general
business with standard products for building services and industrial segment
offered comparatively better prospects.
SEGMENTWISE
PERFORMANCE
During
the year, pumps worth Rs.5082.000 Million (previous year Rs.4797.000 Million
Million) and valves worth Rs.1182.000 Million (previous year Rs.1415.000
Million) were sold.
Out of
the above, export of pumps and valves in terms of value were Rs.1068.000
Million (previous year Rs.1034.000 Million).
OUTLOOK
Subject
expects the market for pumps and services to grow moderately. The market for
valves is expected to be sluggish, primarily due to poor demand from the power
sector. Company is taking effective steps to improve earning before income tax
in current year.
UNAUDITED FINANCIAL RESULTS
FOR THE HALF YEAR ENDED ON 30TH JUNE, 2014
[RS. IN MILLIONS]
|
Particulars |
3
months ended on 30.06.2014 |
Preceding
3 months ended on 31.03.2014 |
Year
to date figures for the previous period ended 30.06.2014 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
1963.700 |
1716.300 |
3680.000 |
|
Other Operating Income |
29.800 |
17.400 |
47.200 |
|
Total Income from
operations (net) |
1993.500 |
1733.700 |
3727.200 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of material consumed |
1022.000 |
922.600 |
1944.600 |
|
(b) Purchase of stock in trade |
28.900 |
29.000 |
57.900 |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
(125.400) |
(173.400) |
(298.800) |
|
(d) Employee benefit expenses |
322.800 |
310.800 |
633.600 |
|
(e) Depreciation and amortization expenses |
68.100 |
67.100 |
135.200 |
|
(f) Other Expenses |
451.800 |
393.400 |
845.200 |
|
Total Expenses |
1768.200 |
1549.500 |
3317.700 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
225.300 |
184.200 |
409.500 |
|
Other Income |
93.900 |
45.700 |
139.600 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
319.200 |
229.900 |
549.100 |
|
Finance costs |
3.200 |
1.800 |
5.000 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
316.000 |
228.100 |
544.100 |
|
Exceptional
item |
-- |
-- |
-- |
|
Profit/ Loss from Ordinary Activities before
tax |
316.000 |
228.100 |
544.100 |
|
Tax Expenses |
91.500 |
76.800 |
168.300 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
224.500 |
151.300 |
375.800 |
|
Extraordinary
Items |
-- |
-- |
-- |
|
Net Profit for the period |
224.500 |
151.300 |
375.800 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
348.100 |
348.100 |
348.100 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
|
|
|
|
Earnings per
share |
|
|
|
|
Basic and Diluted before extraordinary
items |
6.45 |
4.35 |
10.80 |
|
Basic and Diluted after extraordinary items |
6.45 |
4.35 |
10.80 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
11687786 |
11687786 |
11687786 |
|
Percentage of Shareholding |
33.58 |
33.58 |
33.58 |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
Nil |
Nil |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
23120058 |
23120058 |
23120058 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter
group) |
100.00 |
100.00 |
100.00 |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
66.42 |
66.42 |
66.42 |
|
|
Particulars |
3 months ended on 30.06.2014 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
8 |
|
|
Disposed of during the quarter |
8 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
1)
The above results have been reviewed by the Audit
Committee and approved by the Board of Directors at their meetings held on 24/07/2014.
The Statutory Auditors have carried out a limited review of the above results
as required under Clause 41 of the listing agreement with the stock exchanges.
2)
Segment information is annexed.
3)
A statement of assets and liabilities as at 30th
June 2014 (unaudited) is enclosed.
4)
Figures for previous quarter/year have been
regrouped/reclassified, wherever necessary, to confirm with the current period
presentation.
SEGMENT REPORTING
|
Particulars |
3
months ended on 30.06.2014 |
Preceding
3 months ended on 31.03.2014 |
Year
to date figures for the previous period ended 30.06.2014 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1. Segment Revenue |
|
|
|
|
a. Pumps |
1672.500 |
1483.500 |
3156.000 |
|
b. Valves |
289.900 |
231.000 |
520.900 |
|
c. Others |
101.200 |
117.600 |
218.800 |
|
Total |
2063.600 |
1832.100 |
3895.700 |
|
Less: Inter – segment revenue |
99.900 |
115.800 |
215.700 |
|
Total income from operations (net) |
1963.700 |
1716.300 |
3680.000 |
|
|
|
|
|
|
2. Segment Results |
|
|
|
|
Profit/ (loss) before tax and interest |
|
|
|
|
a. Pumps |
240.800 |
243.800 |
484.600 |
|
b. Valves |
6.600 |
(29.800) |
(23.200) |
|
c. Others |
(1.600) |
(5.800) |
(7.400) |
|
Total |
245.800 |
208.200 |
454.000 |
|
Less: Finance Costs |
3.200 |
1.800 |
5.000 |
|
Other un-allocable expenditure net off
un-allocable other operating income |
73.400 |
21.700 |
95.100 |
|
Total Profit Before Tax |
316.000 |
228.100 |
544.100 |
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
|
a. Pumps |
1756.000 |
1700.500 |
1756.000 |
|
b. Valves |
1102.600 |
982.900 |
1102.600 |
|
c. Others |
592.300 |
579.500 |
592.300 |
|
Total |
3450.900 |
3262.900 |
3450.900 |
STATEMENT OF
ASSETS AND LIABILITIES AS AT 30TH JUNE, 2014
|
Particulars |
30.06.2014 |
|
|
A. EQUITY AND LIABILITIES |
[Unaudited] |
|
|
1.
Shareholders Funds |
|
|
|
a] Share Capital |
348.100 |
|
|
b] Reserves and Surplus |
4660.200 |
|
|
Sub-total –
Shareholders’ funds |
5008.300 |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long term Borrowings |
0.000 |
|
|
b] Deferred Tax Liabilities |
0.000 |
|
|
c] Other current liabilities |
62.900 |
|
|
d] Long term provisions |
233.100 |
|
|
Sub-total -
Non-current Liabilities |
296.000 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
170.900 |
|
|
b] Trade Payables |
1253.500 |
|
|
c] Other Current Liabilities |
1122.200 |
|
|
d] Short Term Provision |
165.300 |
|
|
Sub-total - Current Liabilities |
2711.900 |
|
|
|
|
|
|
TOTAL - EQUITY
AND LIABILITIES |
8016.200 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets |
1866.400 |
|
|
b] Non-current investment |
63.100 |
|
|
c] Deferred tax assets |
84.500 |
|
|
d]
long Term loans and Advances |
575.900 |
|
|
Sub-total – Non- current assets |
2589.900 |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Current Investments |
0.000
|
|
|
Inventories |
2141.200
|
|
|
Trade Receivables |
1356.100
|
|
|
Cash & Bank Balances |
1550.600
|
|
|
Short Term loans and advances |
304.100
|
|
|
Other Current Assets |
74.300
|
|
Sub-total – Current Assets |
5426.300
|
|
|
|
|
|
|
TOTAL - ASSETS |
8016.200 |
|
CONTINGENT
LIABILITIES:
|
Particulars |
31.12.2013 (Rs.
In Millions) |
31.12.2012 (Rs.
In Millions) |
|
(a) Claims against the Company not acknowledged as debts |
10.990 |
7.440 |
|
(b) Taxation matters in dispute pending at various stages
of appeal |
63.200 |
50.610 |
|
(c) Bills Discounted/ Cheques purchased with banks |
35.250 |
26.790 |
|
(d) Excise matters |
75.460 |
70.830 |
|
(e) Guarantees given by the bankers on behalf of the
Company |
1186.380 |
970.700 |
|
|
|
|
|
Total |
1371.280 |
1126.370 |
FIXED ASSETS:
Tangible Assets
· Land
·
Buildings
·
Plant
and Equipment
·
Furniture
and Fixtures
·
Vehicles
·
Office
equipment
·
Development
of Property
Intangible Assets
· Computer software
·
Copyrights,
patents and other intellectual property rights, services and operating rights
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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. 60.73 |
|
UK Pound |
1 |
Rs. 101.48 |
|
Euro |
1 |
Rs. 81.04 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
64 |
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.