MIRA
INFORM REPORT
|
Report Date : |
30.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
APAR INDUSTRIES LIMITED (w.e.f
08.10.1999) |
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Formerly Known
As : |
GUJARAT APAR POLYMER LIMITED |
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Registered
Office : |
301, Panorama Complex, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.09.1989 |
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Com. Reg. No.: |
04-012802 |
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Capital
Investment / Paid-up Capital : |
Rs.384.700
Millions |
|
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|
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CIN No.: [Company Identification
No.] |
L91110GJ1989PLC012802 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDA01335F /
BRDA01312D / BRDA00836D |
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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
: |
Manufacture of Conductors, Transformer/ Specialty Oils and Power/
Telecom cables. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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. There
seems dip in the profit of the company. However, the rating takes into consideration company’s well-established
market position in the product segments in operates, along with long-term
relationship with its customers and diversified revenue profile of the
company. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. 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.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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 tat 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 |
CARE |
|
Rating |
Long term bank facilities=A+ |
|
Rating Explanation |
Have adequate degree of safety and carry low
credit risk. |
|
Date |
09.12.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities=A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
09.12.2013 |
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 DENIED
Management Non Co-operative (91-265-2331935)
LOCATIONS
|
Registered Office/
Aluminium Conductors - Sales: |
301, Panorama
Complex, |
|
Tel. No.: |
91-265-2331935/ 2339906 |
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Fax No.: |
91-265-2330309 |
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E-Mail : |
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Website : |
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Corporate
Office/ Specialty Oils Sales : |
Apar House,
Corporate Park, |
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Tel. No.: |
91-22-25263400/67800400 |
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Fax No.: |
91-22-25246326 |
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E-Mail : |
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Specialty Oils
Manufacturing Facility
1 : |
Rabale – Navi Mumbai 18,TT.C. M.I.D.C. Industrial Area, Near Rabale Telephone.
Exchange, |
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Tel. No.: |
91-22 - 27694756 |
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Fax No.: |
91-22 - 27694757 |
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E-Mail : |
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Specialty Oils
Manufacturing Facility
2 / Al: |
Silvassa – D. and NH Survey No.148 / 1 – 148 / 3, Silvassa - Rakholi Road, Vilage - Kudacha, Silvassa-396 230 (U.T. of Dadra Nagar Haveli) India. |
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Tel. No.: |
91-260 - 2630193 / 2630194 / 2630282 / 2630961 |
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E-Mail : |
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Aluminium Conductors Manufacturing Facility : |
Silvassa – D. and NH Survey No.148 / 1 – 148 / 3, Silvassa - Rakholi Road, Vilage - Kudacha, Silvassa-396 230 (U.T. of Dadra Nagar Haveli) India. Tel. No.: 91-260 - 2630193 / 2630194 / 2630282 / 2630961 Email: aparsil@apar.com Nalagarh – HP Khasra No. 467, Hadbast No. 101, Muuza Beer Plassi, Tehsil.
Nalagarh, Tel. No.: 91-1795 - 265389 / 200384 Email: apar_nalagarh@apar.com |
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Cables Division Manufacturing |
Plot No.158 to
163, GIDC, Umbergaon, District Valsad-396171, Gujarat, India |
|
Tel. No.: |
91-260-2562412 /
2563412 |
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Fax No.: |
91-260-2562950 /
2562954 |
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E-Mail : |
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Cables Division
Marketing : |
12/13, Jyoti Wire House, Off Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Tel. No.: |
91 22 2674 0001/2/3 |
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Fax No.: |
91 22 2674 0600 |
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E-Mail : |
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Branch
Office : |
Located At: ·
· Chennai ·
New · Kolkata ·
· Pune ·
·
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DIRECTORS
AS ON 31.03.2014
|
Name : |
Dr. Narendra D.
Desai |
|
Designation : |
Chairman and
Managing Director |
|
Qualification
: |
B.Sc. (Hons), |
|
Date of
Appointment : |
28.09.1989 |
|
|
|
|
Name : |
Mr. N. K.
Thingalaya |
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Designation : |
Director |
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Date of
Birth/Age : |
04.11.1937 |
|
Qualification
: |
Ph. D.
(Economics) |
|
Date of
Appointment : |
27.07.2001 |
|
Other Directorships:- |
Canbank
Investment Management Services Limited |
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|
|
|
Name : |
Mr. F. B. Virani |
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Designation : |
Director |
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Date of
Birth/Age : |
26.06.1945 |
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Qualification
: |
B. E. (Chemical
Engineering), M. S. (Chemical Engineering) ( |
|
Date of
Appointment : |
27.07.2001 |
|
Other Directorships:- |
1. Dyna Cybertech Services Private Limited 2. Uniflex Cables Limited |
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|
|
|
Name : |
Mr. Kushal N.
Desai |
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Designation : |
Managing Director |
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Date of
Birth/Age : |
21.02.1967 |
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Qualification
: |
B.Sc. Hons.,
(Ele. Engg.) |
|
Date of
Appointment : |
24.03.1999 |
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|
|
|
Name : |
Mr. C. N. Desai |
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Designation : |
Joint Managing
Director |
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Date of
Birth/Age : |
15.07.1971 |
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Qualification
: |
B.Sc (Hons.)
(Chem. Engg.) |
|
Date of
Appointment : |
29.05.1993 |
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|
Name : |
Mr. H. N. Shah |
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Designation : |
Director |
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|
Name : |
Mr. Rajesh Sehgal |
|
Designation : |
Additional Director (w.e.f.
27th June, 2011) |
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Date of Birth/Age
: |
16.02.1971 |
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Qualification
: |
PGDBM, CFA. |
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Other Directorships:- |
HPL Additives Limited |
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|
Name : |
Mr. Sanjiv Mahehwari |
|
Designation : |
Additional Director (w.e.f. 30.05.2014) |
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Name : |
Mr. Suyash Saraogi |
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Designation : |
Additional Director (w.e.f. 30.05.2014) |
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Name : |
Ms. Nina Kapasi |
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Designation : |
Additional Director (w.e.f. 30.05.2014) |
KEY EXECUTIVES
|
Name : |
Mr. Sanjaya
Kunder |
|
Designation : |
Company Secretary
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Audit
Committee: |
·
Mr.
H. N. Shah, Chairman ·
Dr.
N.K. Thingalaya ·
Mr.
F.B. Virani ·
Mr.
Rajesh Sehgal ·
Mr.
Suyash Saraogi ·
Ms.
Nina Kapasi |
MAJOR SHAREHOLDERS
AS ON 31.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
22296762 |
57.96 |
|
|
110978 |
0.29 |
|
|
1635687 |
4.25 |
|
|
1635687 |
4.25 |
|
|
24043427 |
62.50 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
24043427 |
62.50 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3069612 |
7.98 |
|
|
1009 |
0.00 |
|
|
1699267 |
4.42 |
|
|
4769888 |
12.40 |
|
|
|
|
|
|
5862679 |
15.24 |
|
|
|
|
|
|
2309830 |
6.00 |
|
|
1210403 |
3.15 |
|
|
274204 |
0.71 |
|
|
120771 |
0.31 |
|
|
151885 |
0.39 |
|
|
1548 |
0.00 |
|
|
9657116 |
25.10 |
|
Total Public shareholding (B) |
14427004 |
37.50 |
|
Total (A)+(B) |
38470431 |
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) |
38470431 |
0.00 |
(1) Indian
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Conductors, Transformer/Speciality Oils and Power/
Telecom cables. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
·
Union Bank of India ·
Syndicate Bank ·
ING-Vysya Bank Limited ·
IDBI Bank Limited ·
ICICI Bank Limited ·
State Bank of India ·
Standard Chartered Bank ·
Bank of Baroda ·
Axis Bank Limited ·
Credit Agricole – Corporate and Investment Bank |
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Facilities : |
NOTE: Long Term Borrowings ·
The Foreign Currency term loan from Credit
Agricole C and I Bank, Singapore is secured by exclusive charge on the assets
acquired by the Company with the proceeds of the facility. ·
The Foreign Currency Term Loan from
Union Bank of India, Hong Kong is secured by first charge by way of equitable
mortgage by deposit of title deeds of Company’s Athola properties and
exclusive hypothecation charge on the assets acquired by the Company with the
proceeds of the facility situated at other locations. ·
Terms of repayment of term loan- In
August 2014 Rs.89.900 Millions, in August, 2015 Rs.89.900 Millions, in May,
2016 Rs.95.900 Millions, in August, 2016 Rs.119.800 Millions, in May, 2017
Rs.107.900 Millions and in May, 2018 Rs.137.800 Millions. Short
Term Borrowings Working
capital loans from banks (secured) Rs.1432.800 Millions are secured by : ·
Hypothecation of specified stocks,
specified book debts of the Company. ·
First charge by way of equitable
mortgage by deposit of title deeds of Company’s specified immovable properties,
both present and future. |
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Banking
Relations : |
-- |
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|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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|
Subsidiary
Companies : |
·
Petroleum Specialities Pte. Limited,
Singapore ·
Quantum Apar Speciality Oil Pty.
Limited (subsidiary of Petroleum Specialities Pte. Limited) ·
Apar ChemateK Lubricants Limited
(w.e.f. 26th September, 2012) |
|
|
|
|
Joint Venture
Company: |
· Apar ChemateK Lubricants Limited (Upto 25.09.2012, became subsidiary w.e.f.
26.09.2012) |
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|
Entities over which significant influence is exercised by key
management personnel / individuals having significant influence: |
· Apar Corporation Private Limited · Scope Private Limited and its' subsidiaries, viz a. Apar Investment (Singapore) Pte. Limited b. Apar Investment Inc. · Kushal N. Desai Family Trust · Apar Technologies Private Limited · Kushal Chaitanya N. Desai Family Trust · Chaitanya N. Desai Family Trust · Catalis World Private Limited · Gayatri Associates ·
AIL Benefit Trust |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
91998750 |
Equity Shares |
Rs.10/- each |
Rs.920.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38470431 |
Equity Shares |
Rs.10/- each |
Rs.384.700
Millions |
|
|
|
|
|
a.
Reconciliation of the
number of shares outstanding at the beginning and at the end of the year.
|
|
March 31, 2014 |
|
|
Equity Shares |
No. of shares |
Rs.
Millions |
|
At the beginning of the year |
38470431 |
384.700 |
|
Issued during the period-fresh issue* |
-- |
-- |
|
Outstanding at
the end of the year |
38470431 |
384.700 |
*Issued during the year to shareholders of erstwhile Uniflex
Cables Limited as per the Scheme of Amalgamation
b.
Terms/rights
attached to equity shares
1.
The Company has one class of equity shares
having a par value of H10 per share. Each holder of equity shares is entitled
to one vote per share. 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.
2.
During the year ended 31st March 2014,
the amount of per share dividend recognised as distributions to equity
shareholders is Rs.5.25, (Previous year Rs.5.25)
3.
In the event of liquidation of the
company, the holders of equity shares will be entitled to receive remaining
assets of the Company, after distribution of all preferential amounts. The
distribution will be in proportion to the number of equity shares held by the
shareholders.
c.
Details
of Shareholders holding more than 5% shares in the company
|
Equity shares of Rs. 10/- each fully paid |
March 31, 2014 |
|
|
No. of shares |
% of holdings in the class |
|
|
Dr. N. D. Desai |
7371861 |
19.16 |
|
Kushal N. Desai |
7378528 |
19.18 |
|
Chaitanya N. Desai |
7367360 |
19.15 |
|
Templeton Strategic Emerging Markets Fund III, L.D.C. |
3636363 |
9.45 |
|
Reliance Capital
Trustee Company Limited A/c. Reliance Diversified Power Sector Fund |
19313213 |
5.02 |
|
Shinny Limited, Mauritius |
-- |
-- |
As per
of the Company, including its register of shareholders/members and other
declarations received from shareholders regarding beneficial interest, the
above shareholding represents both legal and beneficial ownerships of shares.
d.
Shares
reserved for issue under options
The
Company provides share-based payment to its employees. During the year ended
31st March, 2014, an Employee Stock Option Plan (ESOP) was in existence. The
relevant details of the scheme and the grant are as below:
Members’
approval was obtained at the Annual General Meeting held on 9th August, 2007
for introduction of Employee Stock Option Scheme to issue and grant upto
1,616,802 options, but the Board has granted 175,150 options till date.
|
Particulars |
March 31, 2014 |
|
Outstanding
at the beginning of the year |
175150 |
|
Vested
during the year |
-- |
|
Forfeited
during the year |
75856 |
|
Exercised
during the year |
-- |
|
Outstanding
at the end of the year |
99294 |
|
Exercisable at the end of the year |
99294 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
384.700 |
384.700 |
359.700 |
|
(b) Reserves & Surplus |
5683.000 |
5217.300 |
4324.900 |
|
(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) |
6067.700 |
5602.000 |
4709.600 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
701.300 |
329.400 |
346.500 |
|
(b) Deferred tax liabilities (Net) |
225.300 |
109.500 |
134.700 |
|
(c) Other long term liabilities |
66.500 |
137.900 |
410.500 |
|
(d) long-term provisions |
28.500 |
25.800 |
24.200 |
|
Total Non-current Liabilities (3) |
1021.600 |
602.600 |
915.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
7079.900 |
9403.200 |
9323.200 |
|
(b) Trade payables |
13864.000 |
13277.000 |
8556.300 |
|
(c) Other current
liabilities |
972.600 |
2933.100 |
4019.700 |
|
(d) Short-term provisions |
242.900 |
242.200 |
188.400 |
|
Total Current Liabilities (4) |
22159.400 |
25855.500 |
22087.600 |
|
|
|
|
|
|
TOTAL |
29248.700 |
32060.100 |
27713.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3346.600 |
2396.200 |
1801.500 |
|
(ii) Intangible Assets |
30.800 |
26.900 |
15.100 |
|
(iii) Capital
work-in-progress |
180.800 |
451.000 |
212.800 |
|
(iv)
Intangible assets under development |
0.000 |
2.800 |
3.500 |
|
(b) Non-current Investments |
284.900 |
284.900 |
59.800 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
446.400 |
457.200 |
463.300 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
4289.500 |
3619.000 |
2556.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
15.000 |
796.200 |
0.000 |
|
(b) Inventories |
10104.400 |
7408.500 |
6662.500 |
|
(c) Trade receivables |
10442.100 |
7935.600 |
8320.500 |
|
(d) Cash and cash equivalents |
2272.300 |
10320.900 |
8245.800 |
|
(e) Short-term loans and
advances |
1641.900 |
1314.600 |
1383.600 |
|
(f) Other current assets |
483.500 |
665.300 |
544.700 |
|
Total Current Assets |
24959.200 |
28441.100 |
25157.100 |
|
|
|
|
|
|
TOTAL |
29248.700 |
32060.100 |
27713.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
44832.000 |
45321.900 |
34532.600 |
|
|
|
Other Income |
44.700 |
77.000 |
5.400 |
|
|
|
TOTAL (A) |
44876.700 |
45398.900 |
34538.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials and components consumed |
35004.200 |
35559.100 |
28499.100 |
|
|
|
Purchases of stock-in-trade |
773.500 |
293.300 |
107.400 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(77.200) |
(197.000) |
(614.900) |
|
|
|
Employee benefits expense |
591.700 |
518.100 |
439.400 |
|
|
|
Other expenses |
5855.700 |
6211.200 |
4137.600 |
|
|
|
Exceptional items |
8.600 |
46.200 |
19.600 |
|
|
|
Transfer to capital assets |
(35.100) |
(16.700) |
0.000 |
|
|
|
TOTAL (B) |
42121.400 |
42414.200 |
32588.200 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2755.300 |
2984.700 |
1949.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1458.100 |
1343.100 |
1141.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1297.200 |
1641.600 |
808.500 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
268.900 |
238.600 |
212.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
1028.300 |
1403.000 |
595.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
340.400 |
381.400 |
2.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
687.900 |
1021.600 |
593.200 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1585.500 |
1041.200 |
1735.400 |
|
|
|
|
|
|
|
|
|
|
Loss of Amalgamating Subsidiary |
0.000 |
(57.600) |
(1019.500) |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
200.000 |
183.400 |
89.000 |
|
|
|
Proposed Dividend |
202.000 |
202.000 |
153.900 |
|
|
|
Tax on Proposed Dividend |
34.300 |
34.300 |
25.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1837.100 |
1585.500 |
1041.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
13671.400 |
12825.400 |
8844.600 |
|
|
|
Deemed Exports |
142.500 |
0.900 |
698.400 |
|
|
|
Dividend from subsidiaries |
0.000 |
54.500 |
0.000 |
|
|
|
Other Earnings |
565.200 |
877.300 |
315.600 |
|
|
TOTAL EARNINGS |
14379.100 |
13758.100 |
9858.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
29781.800 |
22406.900 |
17691.500 |
|
|
|
Stores & Spares |
17.200 |
3.600 |
2.400 |
|
|
|
Capital Goods |
142.100 |
137.600 |
32.700 |
|
|
TOTAL IMPORTS |
29941.100 |
22548.100 |
18138.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.88 |
26.56 |
15.55 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
1.53 |
2.25 |
1.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.29 |
3.10 |
1.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.57 |
4.48 |
2.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.25 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.28 |
1.74 |
2.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13 |
1.10 |
1.14 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs. In
Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
359.700 |
384.700 |
384.700 |
|
Reserves & Surplus |
4324.900 |
5217.300 |
5683.000 |
|
Net
worth |
4684.600 |
5602.000 |
6067.700 |
|
|
|
|
|
|
long-term borrowings |
346.500 |
329.400 |
701.300 |
|
Short term borrowings |
9323.200 |
9403.200 |
7079.900 |
|
Total
borrowings |
9669.700 |
9732.600 |
7781.200 |
|
Debt/Equity
ratio |
2.064 |
1.737 |
1.282 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
34,532.600 |
45,321.900 |
44,832.000 |
|
|
|
31.244 |
(1.081) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs. In
Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
34,532.600 |
45,321.900 |
44,832.000 |
|
Profit |
593.200 |
1,021.600 |
687.900 |
|
|
1.72% |
2.25% |
1.53% |
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 |
No |
|
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:
|
HIGH
COURT OF BOMBAY
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Public Deposits |
143.500 |
55.400 |
|
Deposits from
Directors |
6.500 |
2.500 |
|
|
|
|
|
Short Term Borrowings |
|
|
|
Packing credit loan in foreign currency from Banks |
818.600 |
415.300 |
|
Buyer's credit in foreign currency |
4784.200 |
8503.800 |
|
Loans and Advances from related parties repayable on demand |
0.000 |
0.800 |
|
Public deposits |
5.800 |
3.200 |
|
Director’s deposits |
38.500 |
38.500 |
|
|
|
|
|
Total |
5797.100 |
9019.500 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10449812 |
17/09/2013 |
330,000,000.00 |
UNION
BANK OF INDIA |
OVERSEAS
BRANCH, UNION BANK BHAVAN,, 239, VIDHAN BHAVAN MARG, NARIMAN POINT,, MUMBAI,
MAHARASHTRA - |
B85302081 |
|
2 |
10426504 |
15/05/2013 |
330,000,000.00 |
UNION
BANK OF INDIA |
OVERSEAS
BRANCH, UNION BANK BHAVAN, GROUND FLOOR,, |
B75406249 |
|
3 |
10348687 |
26/03/2014
* |
36,000,000,000.00 |
IL
& FS TRUST COMPANY LIMITED |
IL
& FS TRUST COMPANY LIMITED, KURLA COMPLEX BANDRA EAST, MUMBAI,
MAHARASHTRA - 400051, INDIA |
C02467264 |
|
4 |
10317838 |
14/11/2011 |
250,400,000.00 |
CREDIT
AGRICOLE CORPORATE AND INVESTMENT BANK |
168,
ROBINSON ROAD,, #22-01, CAPITAL TOWER,, SINGAPORE, - 068912, SINGAPORE |
B25379025 |
|
5 |
10133842 |
27/11/2013
* |
30,356,500,000.00 |
IL
& FS TRUST COMPANY LIMITED |
IL
& FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST,
MUMBAI, MAHARASHTRA |
B90609207 |
|
6 |
10131264 |
28/07/2010
* |
1,100,000,000.00 |
IL
& FS TRUST COMPANY LIMITED |
IL
& FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA
EAST, MUMBAI, MAHARASHTRA |
A90488669 |
|
7 |
10105169 |
28/07/2010
* |
1,100,000,000.00 |
IL
& FS TRUST COMPANY LIMITED |
IL
& FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA
EAST, MUMBAI, MAHARASHTRA |
A90488446 |
|
8 |
90212256 |
13/10/1992
* |
6,621,000.00 |
GUJRAT
STATE FINANCIAL CORPORTION |
JALDARSHAN
BUILDING; ASHRAM ROAD;, AHEMADABAD, GUJARAT - 380009, INDIA |
- |
*Date of modification Charges
MANAGEMENT
DISCUSSION AND ANALYSIS/ OUTLOOK
The growth
in the domestic power sector in FY 2014 was constrained given the uncertainties
around fuel supply, financial condition of discoms, challenges of land
acquisition, water linkages and environmental clearances which had a direct
impact on subject. However, given the impetus expected from the new government
at the Centre with regards acceleration of reforms, we see a brighter phase on
the horizon. Subject has, during the year, taken strong strategic initiatives
to strengthen our position further so that we can be well prepared as the
sector turns.
Subject
is the 3rd largest conductor manufacturer and the fourth largest transformer
oil manufacturer in the world. Growing exports, strong technical capabilities,
higher focus on R&D and improved operational efficiency has enabled subject
to consolidate our leadership position in our major product segments,
conductors and Specialty and Transformer oils. As a result, we have continued
to grow and expand over the last few years despite trying times in the Indian
power sector.
There
continuous in-house R&D efforts and strategic tie-ups have spurred
development of many new technology products for Subject like Extra high voltage
transformer oils, high temperature conductors, e-beam cables and new generation
optical fibre cables (OFC). These higher margin products, with good growth
prospects and fewer competitors will drive the company’s growth and
profitability going forward.
The
year gone by saw subject complete expansion of capacities to drive growth in
high value products. The Athola conductor’s plant, focused on high quality
products for the export markets, is already operating at full capacity of 3,000
Mt per monthn and the Khatalwad cable plant has been fully commissioned. The
new businesses have seen a positive response with first orders already placed.
Going forward, we see acceleration in these new higher margin segments spurring
growth in India and abroad.
INDUSTRY STRUCTURE, DEVELOPMENT,
OPPORTUNITIES, THREATS, OUTLOOK AND RISK AND CONCERNS
GLOBAL SCENARIO
As per
Industry report by Ministry of Heavy Industries and Public Enterprises, global
electricity consumption is growing at 2.4% to reach 29000TWh by 2030. This is
expected to drive global electrical equipment market at 2% growth to reach US$
6,600bn by 2030. India, as of now, contributes only 1% to global exports of
electrical equipments with strong potential to increase share going forward.
Indian market
The
size of the domestic market in generation equipment is expected to reach US$
25-30bn by 2022 (from US$ 5.7bn in 2011) driven by huge power demand expected
for the growing Indian economy. As a result, the Transmission &
Distribution (T&D) equipment industry is estimated to grow to US$ 70-75bn
(from US$ 18.5bn in 2011). This translates into a CAGR of around 14%.
According
to an Industry report by FICCI, in association with Booz & Co., there is
huge opportunity in the domestic T&D sector with investment required in the
industry pegged at USD 35bn out of which USD 19bn will be from Power Grid
Corporation of India Limited (PGCIL) and remaining USD 16bn will be secured
from private players.
As per
Industry report from Engineering Review, peak demand in India is expected to
increase to more than 500,000 MW by 2027 for which Installed generation capacity
of about 700,000 MW is required.
However,
the recent policy jam in the sector has resulted in slower than expected
progress. The 12th Five Year Plan (2012-2017) targeted a capacity addition in
power generation of 88,537 MW and addition of transmission lines of 165,000
Circuit Kilometers (CKT). In the completed 2 years of the 12th plan, 33,000 MW
of generating capacity has been added, representing 37% of the planned
addition. In the same period, 32,000 CKT of transmission lines has been added,
representing 19.5% of the planned addition.
Business performance
Subject
derives 71.14% of its revenue from the power sector, with the major demand
drivers coming from infrastructure expansion in transmission and distribution.
In the last two years, the government has been plagued with policy paralysis,
and the consequential damages of this have affected the power sector the most.
From the figures shown above, the implementation of transmission lines is only
19.5% vs. a pro-rata implementation of 40%. This is also reflective of the
order position of the conductor industry in general, which received its lowest
level of orders in FY2014. Powergrid, the largest implementation agency for
transmission lines was conspicuous by its absence. While as many as 120
transmission projects have stalled or delayed due to Right of Way (RoW) and
many other clearances.
STATEMENT OF
STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31TH JUNE, 2014
|
Particulars |
|
|
Quarter Ended |
|
|
|
30.06.2014 |
|
|
|
|
(Unaudited) |
|
|
1. Income from
Operations |
|
|
|
|
(a) Net Sales / Income from Operations (Net of excise duty) |
|
|
11214.100 |
|
(b) Other Operating Income |
|
|
91.600 |
|
Total Income from
Operations (net) |
|
|
11305.700 |
|
2. Expenses |
|
|
|
|
a. Cost of Materials consumed |
|
|
9018.000 |
|
b. Purchase of stock-in-trade |
|
|
160.600 |
|
c. Changes in inventories of finished goods, work-in-progress, stock-in-trade and scrap |
|
|
(354.900) |
|
d. Power and Fuel |
|
|
0.000 |
|
e. Consumption of Stores and Spare Parts |
|
|
0.000 |
|
f. Employee Benefits expenses |
|
|
166.900 |
|
g. Depreciation and amortization expenses |
|
|
69.600 |
|
h. Other Expenses |
|
|
1681.600 |
|
Total Expenses |
|
|
10741.800 |
|
3. Profit from Operations
before Other Income, Finance costs and Exceptional Items (1-2) |
|
|
563.900 |
|
4. Other Income |
|
|
69.200 |
|
5. Profit from
ordinary activities before Finance Costs and Exceptional Items (3 + 4) |
|
|
633.100 |
|
6. Finance costs |
|
|
365.900 |
|
7. Profit / (Loss)
from ordinary activities after Finance Costs but before Exceptional Items (5
- 6) |
|
|
267.200 |
|
8. Exceptional Items |
|
|
-- |
|
9. Profit / (Loss)
from Ordinary Activities before Tax (7 ± 8) |
|
|
267.200 |
|
10. Tax Expense (Note 1 below) |
|
|
65.800 |
|
11. Net Profit /
(Loss) from Ordinary Activities after Tax (9 ± 10) |
|
|
201.400 |
|
12. Extraordinary Items (net of tax expenses) |
|
|
-- |
|
13. Net Profit /
(Loss) for the period (11 ± 12 ) |
|
|
201.400 |
|
14. Paid-up Equity Share Capital [Face value Re.1 each] |
|
|
348.700 |
|
15. Reserves excluding Revaluation Reserve (as per Balance Sheet of the previous accounting year) |
|
|
- |
|
16. Earning Per Share
(before / after Extraordinary Items) (of Re.1 each) (not annualised) |
|
|
|
|
Basic |
|
|
5.24 |
|
Diluted |
|
|
5.24 |
|
Part II |
|
|
|
|
A. PARTICULARS OF
SHAREHOLDING @ |
|
|
|
|
1. Public
Shareholding |
|
|
|
|
- Number of Shares |
|
|
14427004 |
|
- Percentage of Shareholding |
|
|
37.50 |
|
2. Promoters and
Promoter Group Shareholding |
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
- Number of Shares |
|
|
Nil |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
|
|
Nil |
|
- Percentage of shares (as a % of the total share capital of the company) |
|
|
Nil |
|
b) Non-encumbered |
|
|
|
|
- Number of Shares |
|
|
24043427 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
|
|
100.00 |
|
- Percentage of shares (as a % of the total share capital of the company) |
|
|
62.50 |
|
Particulars |
3 months ended 30.06.2014 |
|
B.
INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during quarter |
Nil |
|
Remaining unresolved at the end of the
quarter |
Nil |
STANDALONE
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Particulars |
|
|
Quarter Ended |
|
|
|
30.06.2014 |
|
|
|
|
(Unaudited) |
|
|
1. Segment Revenue
(Net Sales / Income from Operations) |
|
|
|
|
Conductors |
|
|
4174.500 |
|
Tansformer and Spaciality Oil |
|
|
5615.200 |
|
Power / Telecom Cable |
|
|
1479.500 |
|
Unallocated |
|
|
58.800 |
|
|
|
|
|
|
Total Segment
Revenue |
|
|
11328.000 |
|
|
|
|
|
|
Less: Inter-Segment Revenue |
|
|
22.300 |
|
|
|
|
|
|
Net Sales / Income
from Operations |
|
|
11305.700 |
|
|
|
|
|
|
2. Segment Results
[Profit(+)/Loss(-) before tax and finance costs from each segment] |
|
|
|
|
Conductors |
|
|
299.800 |
|
Tansformer and Spaciality Oil |
|
|
324.900 |
|
Power / Telecom Cable |
|
|
54.200 |
|
c. Unallocated |
|
|
6.700 |
|
Total |
|
|
685.600 |
|
|
|
|
|
|
Less: |
|
|
|
|
a. Finance costs |
|
|
365.900 |
|
b. Other Un-allocable Expenditure (Net of Un-allocable Income) |
|
|
52.500 |
|
|
|
|
|
|
Total Profit(+) /
Loss(-) before Tax |
|
|
267.200 |
|
|
|
|
|
|
3. Capital Employed (Segment Assets
less Segment Liabilities) |
|
|
|
|
Conductors |
|
|
3377.300 |
|
Tansformer and Spaciality Oil |
|
|
3256.000 |
|
Power / Telecom Cable |
|
|
3034.100 |
|
Unallocated |
|
|
242.000 |
|
|
|
|
|
|
Total |
|
|
9909.400 |
Note :
1. The above standalone unaudited financial results were reviewed by
the Audit Committee of Directors and approved by the Board of Directors at
their meetings held on August 01, 2014. The statutory auditors of the Company
have carried out a limited review of the above standalone results for the
quarter ended June 30, 2014.
2. During the quarter, the Company has revised the depreciation rate on certain
fixed assets as per the useful life specified in the Schedule II to the
Companies Act, 2013 or re-assessed by the Company. Based on current estimates,
the depreciation of 40.100 millions on account of assets whose useful life is
already exhausted as on April 01, 2014 (net of deferred tax of Rs 13.600
millions), have been adjusted to Retained Earnings. Had there not been any
change in useful life of assets, the depreciation for the quarter would have
been higher by Rs 00.200 millions.
3. Other income, for the current quarter Rs 69.200 millions, includes dividend
received from subsidiaries Rs 66.700 millions
4. During the quarter, further allocation of unallocated common expenses to
segments has resulted in consideration of additional cost in Conductor Rs
16.300 millions; Oil Rs 20.700 millions; Cable Rs 10.600 millions; and Others
Rs 01.2 millions. Consequently, unallocated expenses net of income is lower by
Rs 48.8 millions. The figures for all the quarters/year reported have been
regrouped accordingly.
5. The figures for the quarter ended March 31, 2014 are the balancing figures
between audited figures in respect of the full financial year upto March 31,
2014 and the unaudited published year to date figures upto December 31, 2013
being the date of the end of the third quarter of the financial year, which
were subjected to limited review.
6. Figures for previous periods/ year have been regrouped, wherever necessary.
FIXED ASSETS:
·
Land Freehold
·
Leasehold Building
·
Plant and Machinery
·
Furniture and Fixture
·
Motor Vehicles
·
Intangible Assets
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 records 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.60.47 |
|
|
1 |
Rs.100.35 |
|
Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
|
Information Gathered
by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
53 |
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.