MIRA INFORM REPORT

 

 

Report Date :

02.12.2014

 

IDENTIFICATION DETAILS

 

Name :

TATA CHEMICALS LIMITED

 

 

Registered Office :

Bombay House 24, Homi Modi Street, Fort Mumbai – 400001, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

23.01.1939

 

 

Com. Reg. No.:

11-002893

 

 

Capital Investment / Paid-up Capital :

Rs.2548.200 Millions

 

 

CIN No.:

[Company Identification No.]

L24239MH1939PLC002893

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMT00053E

MRTT00425F

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

No. of Employees :

Information declined by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (70)

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

Maximum Credit Limit :

USD 162000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a well-established company having fine track record.

 

Profit of the company has declined during financial year 2014.

 

However, the rating reflects TCL’s strong business risk profile supported by diverse revenue streams and adequate liquidity position of the company.

 

Trade relations are reported as fair. Business is active. Payments 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

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

N E W S

 

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

                                                                                                     

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

 

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

 

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

 

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

 

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

 

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

 

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Short Term Debt Programme = A1+

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

11.08.2014

 

 

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 (Tel No.: 91-22-22049131)

 

 

LOCATIONS

 

Registered/ Corporate Office :

Bombay House, 24, Homi Modi Street, Fort, Mumbai – 400001, Maharashtra, India

Tel. No.:

91-22-22049131/ 1529 / 4359/ 22867407/ 66658282

Fax No.:

91-22-22042947/ 5359 / 66658143 / 44

E-Mail :

rchandan@tatachemicals.com

tatachem@giasbm01.vsnl.net.in

rajiv.chandan@tatachemicals.com

Website :

http://www.tata.com

http://www.tatachemicals.net

http://www.tatachemicals.com

 

 

Chemicals Division :

Mithapur, Okhamandal, Jamnagar - 361345, Gujarat, India

Tel. No.:

91-2892-665991 / 665992 / 665508

Fax No.:

91-2892-223 471

 

 

Fertiliser Division :

Indira Dham, P.O. Box No.1, Babrala - 202 521, District Budaun, Uttar Pradesh, India

Tel. No.:

91-5836-664990 / 664777/ 664888 / 664999

Fax No.:

91-5836-664218

 

 

Haldia Works :

P.O. Durgachak, Haldia, District Purba, East Midnapore - 721602, West Bengal, India

Tel. No.:

91-3224-251001

Fax No.:

91-3224-252220 / 252223

 

 

Overseas Office :

Located at:

  • USA
  • UK
  • Kenya

 

 

DIRECTORS

 

As on 31.03.2014

 

Name :

Mr. Cyrus P. Mistry

Designation :

Chairman

Date of Birth/Age :

04.07.1968

Date of Appointment :

28.12.2012

Qualification :

B.E. (Civil) - Imperial College, UK, M.Sc. (Management - London Business School

 

 

Name :

Mr. R. Gopalakrishnan

Designation :

Vice Chairman

Date of Birth/Age :

25.12.1945

Qualification :

B.Sc., (Hons), B.Tech (Hons) in Electronic from IIT Khargpur

Date of Appointment :

30.10.1998

 

 

Name :

Mr. Nusli Wadia

Designation :

Director

Date of Birth/Age :

15.02.1944

Qualification :

Educated in UK

Date of Appointment :

26.06.1981

 

 

Name :

Mr. Prasad R. Menon

Designation :

Director

Qualification :

B.E. (Chem) IIT Kharagpur

Date of Birth/Age :

23.01.1946

Date of Appointment :

30.10.2006

Expertise in specific functional areas :

Wide experience in Chemicals, Agro- Chemicals, Paints and Fertiliser Industry

 

 

Name :

Mr. Nasser Munjee

Designation :

Director

Date of Birth/ Age :

18.11.1952

Qualification :

Masters in Economics from London School of Economics, UK

Date of Appointment :

25.09.2006

Expertise in specific functional areas :

Eminent Economist, Banker and Consultant on infrastructure

 

 

Name :

Mr. Eknath A. Kshirsagar

Designation :

Director

Date of Birth/Age :

11.09.1941

Date of Appointment :

26.11.2008

Qualification :

Fellow Member of the Institute of Chartered Accountants in England and Wales

 

 

Name :

Dr. Y. S. P. Thorat

Designation :

Director

Date of Birth/Age :

11.11.1947

Qualification :

Ph. D-Shivaji University, Degree in Political Science, Degree in Law

Date of Appointment :

08.01.2010

Expertise in specific functional areas :

Wide experience in banking, rural credit co-operatives, micro finance

 

 

Name :

Dr. Vijay Kelkar

Designation :

Director

Date of Birth/Age :

15.05.1942

Date of Appointment :

30.05.2012

Qualification :

Ph. D from University of California

 

 

Name :

Mr. R. Mukundan

Designation :

Managing Director and Chief Executive Officer

 

 

Name :

Mr. P. K. Ghose

Designation :

Executive Director and Chief Finance Officer

 

 

KEY EXECUTIVES

 

Name :

Mr. Rajiv Chandan

Designation :

General Counsel and Company Secretary

 

 

SENIOR MANAGEMENT

 

Corporate :
  • R. Mukundan - Managing Director and Chief Executive Officer
  • P. K. Ghose - Executive Director and Chief Finance Officer
  • R. Nanda - Vice President and CHRO
  • Rajiv Chandan - General Counsel and Company Secretary

 

 

India Operations :
  • Dr. Arup Basu - President, New Businesses and Innovation Centre
  • Zarir Langrana - Chief Operating Officer, Chemicals (India)
  • Vinay K. Bhatia - Chief Operating Officer (Fertilisers)
  • Richa Arora - Chief Operating Officer, Consumer Products Business

 

 

International Operations :
  • DeLyle Bloomquist – President, Global Chemicals Business
  • Martin Keighley – Managing Director, Tata Chemicals North America
  • Dr. Martin Ashcroft – Managing Director, Tata Chemicals Europe
  • Jackson Mbui – Managing Director, Tata Chemicals Magadi

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2014

 

Category of Shareholder

No. of Shares

% of Holdings

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

78751692

30.91

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

374165

0.15

http://www.bseindia.com/include/images/clear.gifTrusts

374165

0.15

http://www.bseindia.com/include/images/clear.gifSub Total

79125857

31.06

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

79125857

31.06

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

20231245

7.94

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

426366

0.17

http://www.bseindia.com/include/images/clear.gifCentral Government / State Government(s)

73098

0.03

http://www.bseindia.com/include/images/clear.gifInsurance Companies

42026232

16.50

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

55132006

21.64

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

385128

0.15

http://www.bseindia.com/include/images/clear.gifForeign Nationals - DR

556

0.00

http://www.bseindia.com/include/images/clear.gifForeign Corporate Bodies/OCBs

384572

0.15

http://www.bseindia.com/include/images/clear.gifSub Total

118274075

46.43

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

3848395

1.51

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 1 lakh

46968453

18.44

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 1 lakh

5638989

2.21

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

900509

0.35

http://www.bseindia.com/include/images/clear.gifTrusts

900509

0.35

http://www.bseindia.com/include/images/clear.gifSub Total

57356346

22.51

Total Public shareholding (B)

175630421

68.94

Total (A)+(B)

254756278

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

254756278

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Inorganic Chemicals and Fertilizers.

 

 

Products :

Not Available

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Available

 

 

Purchasing :

Not Available

 

 

 

 

GENERAL INFORMATION

 

Suppliers :

Not Divulged

 

 

Customers :

Not Divulged

 

 

No. of Employees :

Information declined by the management.

 

 

Bankers :
  • Bank of Baroda
  • State Bank of India
  • State Bank of Bikaner and Jaipur
  • Citibank N.A.
  • Bank of America
  • HDFC Bank Limited
  • Deutsche Bank
  • Punjab National Bank
  • Standard Chartered Bank
  • The Hongkong and Shanghai Banking Corporation Limited
  • ICICI Bank Limited
  • Bank of America
  • Axis Bank Limited
  • Kotak Mahindra Bank Limited
  • DBS Bank

 

 

Facilities :

Secured Loan

As on

31.03.2014

As on

31.03.2013

Short-Term Borrowings

 

 

Loans repayable on demand

 

 

From banks: Cash credits

90.900

84.100

From banks: Loans against subsidy receivables

3261.000

1796.300

Total

3351.900

1880.400

 

Notes:

 

(a) Loans from banks on cash credit are secured by hypothecation of stocks of raw materials, finished goods, stores and work-in-process as well as book debts.

 

(b) The Department of Fertilizers, Government of India, has notified “Special Banking Arrangement” scheme to address the concern of delay in subsidy disbursement. This arrangement has been made by the Government with State Bank of India Consortium (SBI Consortium). Loans under this scheme are secured by hypothecation of subsidy receivables.

 

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

 

 

Solicitors :
  • AZB and Partners, Mumbai
  • Mulla and Mulla and Craigie
  • Blunt and Caroe, Mumbai
  • Amarchand and Mangaldas
  • Suresh A. Shroff and company

 

 

Subsidiaries :

Direct

  • Rallis India Limited, India @
  • Bio Energy Venture - 1 (Mauritius) Private Limited, Mauritius
  • Homefi eld International Private Limited, Mauritius@@

 

Indirect

  • Homefi eld Private UK Limited, United Kingdom
  • Tata Chemicals Africa Holdings Limited, United Kingdom
  • Tata Chemicals South Africa (Proprietary) Limited, South Africa
  • Tata Chemicals Magadi Limited, United Kingdom
  • Magadi Railway Company Limited, Kenya
  • Homefi eld 2 UK Limited, United Kingdom
  • Tata Chemicals Europe Holdings Limited, United Kingdom
  • Cheshire Salt Holdings Limited, United Kingdom
  • Cheshire Salt Limited, United Kingdom
  • British Salt Limited, United Kingdom
  • Brinefi eld Storage Limited, United Kingdom
  • Cheshire Cavity Storage 2 Limited, United Kingdom
  • Cheshire Compressor Limited, United Kingdom
  • Irish Feeds Limited, United Kingdom
  • New Cheshire Salt Works Limited, United Kingdom
  • Brunner Mond Group Limited, United Kingdom
  • Tata Chemicals Europe Limited, United Kingdom
  • Winnington CHP Limited, United Kingdom #
  • Brunner Mond B.V., Netherland
  • Brunner Mond Generation Company Limited, United Kingdom
  • Brunner Mond Limited, United Kingdom
  • Northwich Resource Management Limited, United Kingdom
  • GUSIUTE Holdings (UK) Limited, United Kingdom
  • Valley Holdings Inc., United States of America
  • Tata Chemicals North America Inc., United States of America
  • General Chemical International Inc., United States of America
  • General Chemical Great Britain Limited, United Kingdom
  • NHO Canada Holdings Inc., United States of America
  • General Chemical Canada Holding Inc., Canada
  • Tata Chemicals (Soda Ash) Partners Holdings, United State of America **
  • TCSAP LLC, United State of America
  • Tata Chemicals (Soda Ash) Partners (TCSAP), United State of America **
  • GCSAP Canada Inc., Canada
  • Tata Chemicals International Pte. Limited, Singapore
  • Grown Energy Zambeze Holdings Private Limited, Mauritius
  • Grown Energy (Pty) Limited, South Africa
  • Grown Energy Zambeze Limitada, Mozambique
  • Rallis Chemistry Exports Limited, India
  • Metahelix Life Sciences Limited (Metahelix), India $
  • Zero Waste Agro Organics Limited (ZWAOL), India

 

 

Joint Ventures

Direct

  • Indo Maroc Phosphore S. A., Morocco

 

Indirect

  • Alcad, United State of America
  • Kemex B.V., Netherlands
  • JOil (S) Pte. Limited, Singapore
  • The Block Salt Company Limited, United Kingdom
  • Natronx Technologies LLC, United States of America

 

 

Associate :

EPM Mining Venture Inc., Canada

 

 

Promoter Group :

Tata Sons Limited, India

Holding more than 20% shares alongwith its subsidiary)

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

270000000

Equity Shares

Rs.10/- each

Rs.2700.000 Millions

 

 

 

 

 

Issued Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

254842598

Equity Shares

Rs.10/- each

Rs.2548.400 Millions

 

 

 

 

 

 

Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

254756278

Equity Shares

Rs.10/- each

Rs.2547.600 Millions

86320

Forfeited Shares

 

Rs.0.600 Million

 

 

 

 

 

Total

 

Rs.2548.200 Millions

 

 

Notes:

 

(a) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

 

Issued share capital:

Number of shares

Rs. In Millions

Ordinary shares:

 

 

At the beginning of the year      

254842598

2548.400

Outstanding at the end of the year        

254842598

2548.400

Subscribed and paid up:

Ordinary shares:

 

 

At the beginning of the year      

254756278

2547.600

Outstanding at the end of the year        

254756278

2547.600

 

 

(b) The equity shares of the Company have voting rights and are subject to the preferential rights as prescribed under law or those of the preference shareholders, if any. The equity shares are also subject to restrictions as prescribed under the Companies Act, 1956.

 

(c) Details of shares held by each shareholder more than 5 % of shares:

 

Ordinary shares with voting rights

Number of

shares

%

(i)     Tata Sons Limited 

49306423

19.35

(ii)     Tata Investment Corporation Limited         

15753501

6.18

(iii)    Life Insurance Corporation of India

16151552

6.34

 

(d) Aggregate number and class of shares allotted as fully paid up pursuant to contract(s) without payment being received in cash, bonus shares and pursuant to schemes of amalgamation #

 

 

Number of

             shares

Ordinary shares with voting rights

 

(i)     Scheme of amalgamation

 

Hind Lever Chemicals Limited   

34464000

Tata Fertilisers Limited  

4249864

(ii)    Contract without payment being received in cash    

37000

(iii)   Bonus Shares by way of capitalisation of Securities premium account

92970000

General reserve            

12432144

 

# No such shares have been issued during the previous five years.

 

 

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

2548.200

2548.200

2548.200

(b) Reserves & Surplus

54464.100

50525.000

46806.900

(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)

57012.300

53073.200

49355.100

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

17355.100

10730.000

22025.700

(b) Deferred tax liabilities (Net)

2156.100

1247.500

886.700

(c) Other long term liabilities

36.000

60.700

823.500

(d) long-term provisions

785.700

748.100

928.600

Total Non-current Liabilities (3)

20332.900

12786.300

24664.500

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

12991.800

13841.400

2568.600

(b) Trade payables

13730.000

12558.300

17197.300

(c) Other current liabilities

3880.400

15328.500

10900.800

(d) Short-term provisions

3387.700

3402.400

3242.300

Total Current Liabilities (4)

33989.900

45130.600

33909.000

 

 

 

 

TOTAL

111335.100

110990.100

107928.600

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

18720.600

19116.700

18100.300

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

1586.200

1373.000

2653.800

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

42576.400

39620.800

46136.200

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

3323.200

2650.200

1943.100

(e) Other Non-current assets

161.400

27.800

63.100

Total Non-Current Assets

66367.800

62788.500

68896.500

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

2.500

2.500

2.500

(b) Inventories

8105.600

9274.700

12532.200

(c) Trade receivables

24017.800

24848.800

14904.500

(d) Cash and cash equivalents

9768.500

10919.800

8918.500

(e) Short-term loans and advances

2469.900

2957.600

2293.100

(f) Other current assets

603.000

198.200

381.300

Total Current Assets

44967.300

48201.600

39032.100

 

 

 

 

TOTAL

111335.100

110990.100

107928.600

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

86896.400

83820.600

79962.500

 

 

Other Income

2029.200

3656.000

3085.700

 

 

TOTAL                                     (A)

88925.600

87476.600

83048.200

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

31942.400

29887.900

28649.100

 

 

Purchases of Stock-in-Trade

16141.000

14043.900

21676.600

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

1301.900

2737.800

(4093.600)

 

 

Employees benefits expense

2670.500

2735.600

2397.500

 

 

Other expenses

25561.900

23951.700

21095.400

 

 

Compensation on Voluntary Retirement

0.000

0.900

23.800

 

 

Loss on Sale/Provision for Diminution in the Value of Long-term Investments

0.000

17.200

123.800

 

 

Impairment of Assets

593.000

0.000

340.000

 

 

Exchange Loss (net) on Foreign Currency Long-term Borrowings including Revaluation thereof

1584.700

1672.500

843.400

 

 

TOTAL                                     (B)

79795.400

75047.500

71056.000

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

9130.200

12429.100

11992.200

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

1853.200

2032.500

2101.900

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

7277.000

10396.600

9890.300

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

1588.200

2142.900

2246.800

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

5688.800

8253.700

7643.500

 

 

 

 

 

Less

TAX                                                                  (H)

1328.100

1820.500

1777.500

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

4360.700

6433.200

5866.000

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

24635.200

21789.900

19434.200

 

 

 

 

 

Add

Other Adjustments

1317.400

0.000

4.000

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

436.100

643.300

586.600

 

 

Dividend

2547.600

2547.600

2547.600

 

 

Tax on Dividend

409.800

397.000

380.100

 

BALANCE CARRIED TO THE B/S

26919.800

24635.200

21789.900

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export of goods on F.O.B. basis

100.2000

285.700

560.300

 

 

Miscellaneous Income

187.000

180.600

17.700

 

 

Dividend

294.700

0.000

1002.800

 

TOTAL EARNINGS

581.900

466.300

1580.800

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw materials, fuel and traded products

28742.600

28555.500

38014.900

 

 

Stores, components and spare parts

119.900

137.600

141.600

 

 

Capital goods

331.800

273.100

874.600

 

TOTAL IMPORTS

29194.300

28966.200

39031.100

 

 

 

 

 

 

Earnings Per Share (Rs.)

17.12

25.25

23.03

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Total Income)

(%)

4.90

7.35

7.06

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

10.26

14.82

14.99

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

8.47

11.79

12.92

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.10

0.16

0.15

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.53

0.46

0.50

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.32

1.07

1.15

 

 

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

2548.200

2548.200

2548.200

Reserves & Surplus

46806.900

50525.000

54464.100

Net worth

49355.100

53073.200

57012.300

 

 

 

 

long-term borrowings

22025.700

10730.000

17355.100

Short term borrowings

2568.600

13841.400

12991.800

Total borrowings

24594.300

24571.400

30346.900

Debt/Equity ratio

0.498

0.463

0.532

 

 

 

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

79962.500

83820.600

86896.400

 

 

4.825

3.670

 

 

 

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

79962.500

83820.600

86896.400

Profit

5866.000

6433.200

4360.700

 

7.34%

7.67%

5.02%

 

 

 

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

Bench:- Bombay

Presentation Date: 01.10.2014

Lodging No. :

ITXAL/1774/2014

Failing Date:-

01/10/2014

 

Petitioner:-

COMMISSIONER OF ICOFME TA,-2,-

Respondent:-

TATA CHEMICALS LIMITED

Petn.Adv:-

SURESH KUMAR (I2100)

 

District:-

MUMBAI

Bench:-

DIVISION

Category :

TAX APPEALS

Status:-

Pre-Admission

Stage:-

Last Date:-

08/10/2014

Last Coram:-

REGISTRAR (OS)/PROTHONOTARY & SR. MASTER

 

 

Act. :

Income Tax Act, 1961

Under Section : 260A

 

 

UNSECURED LOANS

 

Particular

As on

31.03.2014

As on

31.03.2013

Long-Term Borrowings

 

 

Debentures

2500.000

2500.000

Unsecured from banks

 

 

External commercial borrowing

14854.300

8229.200

From Others

0.800

0.800

Short-Term Borrowings

 

 

From banks: Buyer’s credit

9639.900

11961.000

Total

26995.000

22691.000

 

Note:

 

10% Unsecured Redeemable Non-convertible Debentures of a face value Rs.10 lakh each redeemable at par on 2nd July, 2019.

 

The external commercial borrowing is due for repayments on 21st October, 2016 Rs.3156.600 Millions (USD 60 million), on 23rd October, 2017 Rs.3897.800 Millions (USD 63.27 million), on 22nd October, 2018 Rs.3900.600 Millions (USD 63.27 million) and on 21st October, 2019 Rs.3899.300 Millions (USD 63.46 million).

 

The Company has entered into an agreement with Department of Biotechnology (DBT) for a project on boosting crop health and yield. DBT has approved a loan of Rs.1.500 Millions (previous year Rs.1.500 Millions). The Company has received two instalments of this loan aggregating to Rs.0.800 Millions (previous year Rs.0.800 Millions). The loan is repayable in 10 equal half yearly instalments beginning from 1st July, 2015.

 

 

COMPANY‘S PERFORMANCE

 

The net revenue from the operations of the Company increased from Rs.83820.600 Millions to Rs.86896.400 Millions, registering a growth of 3.7% over the previous year. The earnings before interest, depreciation, tax and amortisation (EBITDA) was at Rs.9278.700 Millions as against Rs.10463.700 Millions, down 11.3% over the previous year. Profit before tax was Rs.5688.800 Millions whereas the profit after tax was at Rs.4360.700 Millions, down 31.1% and 32.2% respectively, over the previous year.

 

The consolidated net revenue from the operations increased from Rs.147110.200 Millions to Rs.158954.300 Millions, an increase of 8% over the previous year. EBITDA was at Rs.18094.300 Millions as against Rs.21629.100 Millions, down 16.3% over the previous year. The loss before tax was Rs.5188.900 Millions whereas the loss after tax before minority interest and share of loss in associates was at Rs.8076.700 Millions. Loss attributable to the Group after deducting the minority interest and share of loss in associate was at Rs.10320.000 Millions. The reported loss was largely on account of exceptional items aggregating to Rs.14202.100 Millions (net) primarily towards impairment of certain assets, restructuring cost, write down of goodwill and certain investments and exchange loss.

 

The Company‘s operation is organised under four segments i.e. (1) Inorganic Chemicals comprising soda ash, salt, sodium bicarbonate, marine chemicals, caustic soda and cement; (2) Fertilisers comprising fertilisers and other traded products; (3) Other Agri-inputs including Rallis India Limited’s operations and (4) Others - comprising water purifier, nutritional solutions and pulses. Performance of these businesses are as under:

 

INORGANIC CHEMICALS SEGMENT

 

India Operations:

The Company’s industrial chemicals operation is primarily built around soda ash, sodium bicarbonate, cement and allied traded products. On a macro-economic front, Financial Year (FY) 2013-14 has been a story of two halves; while the first half was about high pipeline inventories and volatile economic conditions, the second half was about rebounding industrial sentiment.

 

The year also witnessed record volumes of imports from China in the first half. Pricing pressures prevailed in the market, driven by tightening market conditions and increased cost pressures. In line with the existing competencies of customer-connect, quality products and distribution reach, the Company has been actively engaged in trading activities in the inorganic chemicals space. The trading portfolio, consisting of new and allied chemicals, will help the Company in exploring new growth areas while catering to a larger portion of the customer’s basket.

 

SODA ASH

FY 2013-14 saw a 2% de-growth in the domestic soda ash market. On the back of very strong growth in the previous year, pipeline inventories remained high through the first half of the year. By the end of the second half, stocks had been utilised for most end user sectors.

 

From a manufacturing perspective, despite unfavourable weather conditions, production was 798,897 tonnes of soda ash at Mithapur. The total sales volume for the year stood at 750,747 tonnes against 714,519 tonnes in the previous year. As a continuation of the Company’s soda ash strategy towards supporting customer specific requirements and servicing market growth, sourcing of material from the subsidiary companies increased for the year.

 

The first half witnessed high imports at lower price levels in the market. Imports decreased in the second half due to realignment of trade flows, anti-dumping duties and shift in focus towards margins of Chinese producers. A total of 560,000 tonnes imports were recorded for the year; most of these were from Kenya, China, Bulgaria, Romania and Turkey.

 

Apart from robust continuous improvement programmes and customer partnership initiatives, focus was laid upon leveraging IT for driving customer service levels. The Company’s initiatives around sustainable supply chain continued with increased transportation of bulk material. Initiatives around manufacturing site and employee engagement are showing positive results evidenced by reduced attrition at the site.

 

SODIUM BICARBONATE

Post a very high market growth in FY 2012-13, FY 2013-14 registered a 2.1% market growth in sodium bicarbonate. Sodium bicarbonate imports touched an all-time high of 29,000 tonnes against 20,000 tonnes in the previous year. Despite this, the Company has been able to maintain more than 50% market share on the back of higher production.

 

Sodium bicarbonate production for the year stood at 90,331 tonnes against 87,924 tonnes in the previous year. The overall sales volume for sodium bicarbonate was 86,570 tonnes for the year. Imports for the year were skewed with very high import volumes in the first half. A strong dollar and increased Chinese domestic demand substantially decreased imports in the second half. Of the total imports, China accounted for 93% volumes.

 

During the year, the Company continued to invest in the branded offerings of sodium bicarbonate; branded volumes now account for 23% of the bicarbonate portfolio. This is in line with the Company’s strategy to offer value added branded variants as the domestic market matures and grows over a period of time and is consistent with its global portfolio for this product.

 

CEMENT

The domestic cement market faced a slump in demand during the year. Sentiment remained very weak in the market with sustained price pressures for a major part of the year. Consolidation in the industry and extended discounts from major players also affected the business. The Gujarat cement market declined by 2.8% to 534,000 tonnes during the year.

 

Production of 460,275 tonnes Ordinary Portland Cement (OPC) and 79,574 tonnes masonry cement was achieved during the year. The sales volume of OPC and masonry cement were at 454,280 tonnes and 79,513 tonnes respectively during the year. Considering the volumes of cement, evaluations are currently underway to develop niche grades of cement and allied downstream offerings.

 

SALT AND RELATED PRODUCTS

Salt production of 805,637 tonnes was achieved at Mithapur during the year as against the previous year production of 805,388 tonnes. Overall, branded salt sales marginally grew from 935,579 tonnes in FY 2012-13 to 939,981 tonnes in FY 2013-14. Sales of Tata Salt grew by 4% in volume from 728,829 tonnes in FY 2012-13 to 754,955 tonnes in FY 2013-14. Tata Salt continues to be the largest distributed brand with a reach of 14.5 lakh retail outlets across India.

 

Sales of I-Shakti salt in FY 2013-14 was 162,930 tonnes. I-Shakti salt continues to meet the iodisation movement, complimenting Tata Salt. The Company’s market share of its salt portfolio has increased to 67.9% in the National Branded Salt segment, up from 66.8% in FY 2012-13. Sales of Tata Salt Lite grew by 11% in volume from 10,883 tonnes in FY 2012-13 to 12,111 tonnes in FY 2013-14.

 

I-Shakti cooking soda sales showed an encouraging growth of 73% with sales of 3,302 tonnes during the year as compared to 1,908 tonnes in the previous year.

 

The business continues to work towards new product introduction through salt variants and development of other categories.

 

Overseas Operations

 

Tata Chemicals North America Inc. (TCNA)

Soda ash production at TCNA during the year were 23,607,000 tonnes as against the previous year volume of 23,316,000 tonnes.

 

Sales volume for the year increased to 23,899,000 tonnes as against 23,431,000 tonnes in the previous year showing a positive volume of 468,000 tonnes.

 

TCNA gross revenues (including freight costs) were marginally down at USD 471.87 million (Rs.28535.500 Millions) as against USD 478.73 million (Rs.26046.400 Millions) in the previous year. The average unit selling price was down, driven primarily by decreased exports prices.

 

EBIDTA, profit before tax and profit after tax were at USD 109.48 million (Rs.6620.700 Millions), USD 69.06 million (Rs.4176.500 Millions) and USD 37.87 million (Rs.2290.100 Millions) respectively. The results were impacted due to increase in cost of goods sold which primarily consists of labour, energy, materials, royalties and depreciation, increased by USD 3.6 million (Rs.217.700 Millions) over the previous year. Interest expense and financing fees were USD 8.13 million (Rs.491.600 Millions) higher than last year driven by refinancing the existing USD 375 million (Rs.22468.100 Millions) Senior syndicated facility, replacing with a USD 340 million (Rs.20371.100 Millions) credit facility.

 

Tata Chemicals Europe (TCE)

During the year, TCE ceased operation of its soda ash facilities at Winnington while investing in increased sodium bicarbonate capacity and quality improvements at the same to feed the growing high value sodium bicarbonate sectors. The new sodium bicarbonate plant is now on line. The UK market declined in size somewhat post-recession, but volumes rebounded during the course of the year from lows in the first quarter of 2013. Turnover for the year was at £142.6 million (Rs.13723.500 Millions), 3% lower than in FY 2012-13. TCE continues to supply its soda ash customer base from its operation at Lostock and through a dedicated import facility in the UK.

 

Meanwhile, TCE‘s salt business saw a challenging environment, but nevertheless continued with strong market share throughout the period. Turnover for the year was at £42.4 million (Rs.408.05 Millions). TCE also acquired the Combined Heat and Power (CHP) plant at Winnington from EON, which is a state-of-the-art facility supplying electricity and steam to the Lostock operations. The power plant operation continues to be operated and maintained by EON under contract to TCE. Energy prices during winter FY 2013-14 made for difficult economics with a mild winter and high wind generation making gas fi red generation marginal at best.

 

Reconfiguration of the CHP plant will optimize its heat and power efficiency during 2015 and in the meantime regulatory changes and lower gas prices are expected to benefit TCE in FY 2014-15 and beyond.

 

During FY 2014-15, the final stages of the restructuring programme will be completed in TCE and growth in the high value sodium bicarbonate business is expected to increase significantly from FY 2013-14 levels.

 

Total turnover of TCE for the year is £191.4 million (Rs.18424.500 Millions), EBITDA stood at loss of £1.77 million (Rs.170.000 Millions). TCE posted a net loss after tax of £36.99 million (Rs.3560.100 Millions) for the year after charging off £25.18 million (Rs.2422.800 Millions) towards exceptional items pertaining to restructuring of Winnington Plant.

 

Tata Chemicals Magadi Limited (TCML)

Turnover of TCML for the year ended 31st March, 2014 was USD 105.18 million (Rs.6360.500 Millions) as compared to the previous year’s figure of USD 1057.300 million (Rs.575.24 Millions). TCML incurred the loss of USD 77.66 million (Rs.4696.300 Millions) during the year as against the loss of USD 22.29 million (Rs.1212.700 Millions) during the previous year.

 

The results were impacted due to missed production targets caused by worsening plant efficiencies, significant decrease in prices during the year and increased costs of sales. The cost of sales increased by 68.8% to USD 116.05 million (Rs.7017.800 Millions) during the year from USD 68.73 million (Rs.3739.400 Millions) in the previous year primarily due to rising energy costs.

 

High energy costs ultimately led to a downward revision of cash flow projections for the Premium Ash (PAM) plant at Magadi, thus, resulting in a provision towards impairment of assets of USD 50.69 million (Rs.3044.200 Millions) which also contributed to the loss for the year ended 31st March, 2014.

 

Tata Chemicals International Pte Limited (TCIPL)

TCIPL commenced trading in April, 2013 and recorded sales of USD 31.4 million (Rs.1898.200 Millions) through the purchase and sale of 135,312 tonnes of soda ash and heavy fuel oil between a mixture of related and third party customers and suppliers. In addition to trading goods, TCIPL is the International Headquarters for Tata Chemicals and holds the investments in the UK, Kenya and USA and provides strategy and business support to its subsidiaries, including raising of finance.

 

 

FINANCE

 

The outstanding balance of External Commercial Borrowing (ECB) of USD 285 million, out of the ECB of USD 475 million raised in March 2008, was fully repaid during the year. Out of the total repayment of USD 285 million, an amount of USD 190 million was pre-paid and refinanced by raising ECB of USD 190 million. In addition to this, the Company had repaid 11.80% secured Non- Convertible Debentures (NCDs) of Rs.2400.000 Millions on the due date.

 

The pace of subsidy disbursements for fertilisers witnessed a significant slow-down from August 2013. This resulted in high levels of working capital through the second half of the year. The outstanding balance of subsidy receivables as on 31st March, 2014 is Rs.17948.900 Millions as against an amount of Rs.17526.300 Millions outstanding as on 31st March, 2013.

 

The increased level of working capital has been funded through working capital facilities including buyers’ credit. The zutstanding balance of buyers’ credit as on 31st March, 2014 was USD 160.89 million (Rs.9639.900 Millions). Further, pursuant to the reintroduction of Special Banking Arrangement (SBA) made by The Department of Fertilizers, Government of India, twice during the year, the Company had availed loans against subsidy receivables for an aggregate amount of Rs.4657.100 Millions from the State Bank of India led consortium. Out of this, Rs.1396.100 Millions was liquidated during the month of February 2014 in accordance with the SBA scheme. The brought forward outstanding balance of loan against subsidy receivables of Rs.1796.300 Millions, availed during March 2013, was also liquidated during the month of April 2013 in accordance with the SBA scheme.

 

The year witnessed elevated levels of interest rates on the back of high inflationary pressure and volatile macro-economic scenario. Amid volatility in financial and capital markets, the Company was able to contain the interest costs as a result of better cash management and repayment of high cost NCDs. The reduction in cost of borrowing resulted in savings in interest cost of Rs.179.300 Millions.

 

During the year, Rallis India Limited, a subsidiary of the Company and IMACID, a joint venture, have paid dividends of Rs.223.900 Millions and Rs.294.700 Millions respectively to the Company.

 

During the year, the Company’s overseas subsidiary Tata Chemicals North America Inc. (TCNA) had refinanced debt facilities to the tune of USD 340 million. Further, the Company’s overseas subsidiary Tata Chemicals Europe Holdings Limited (TCEHL) had raised term and multicurrency revolving facilities (bridge facilities) aggregating to GBP 140 million to refinance the existing facilities. In addition to this, the Company’s overseas subsidiary Home field Private UK Limited had raised a term loan of USD 28 million to buy back 6.44% United States Private Placement Notes of USD 25 million issued in 2007.

 

AWARDS AND RECOGNITIONS

 

The Company/ its subsidiaries during the year has won many awards some of which are listed below:

 

  • Eco Corporate of the Year Award at the prestigious Natural Capital Awards 2013.
  • I.C.C. award for Water Resource Management in Chemical Industry.
  • Two awards at the 53rd ABCI awards.
  • Council for Fair Business Practices Awards 2013.
  • Tata Chemicals Magadi wins the Millennium Development Goals Award.
  • Babrala plant wins the prestigious CII - Efficient Energy Management Award.
  • TCL Babrala plant wins the prestigious NSCI Suraksha Puraskar.
  • Okhai store at Ahmedabad was awarded ‘Alpha One Retail Renaissance Award for Best Store.
  • TCL Mithapur plant wins the FICCI Chemicals and Petrochemical Award.
  • Three awards at FAI Golden Jubilee Awards.
  • Tata Chemicals Magadi received a prestigious HR award from Institute of Human Resource Management.
  • Most Admired Knowledge Enterprise (MAKE) Award 2013.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

BUSINESS ENVIRONMENT

 

Global

The world economy is expected to grow by 3.6% in 2014. Both advanced and emerging economies are expected to record higher growth in 2014 as indicated by the International Monetary Fund (IMF).

 

The key to the revival in advanced economies is the upturn in the domestic economies of the US and the UK that are projected to grow by 2.8% and 2.9%, respectively, in 2014. On the other hand, Japan’s economy is witnessing a period of fiscal tightening. Therefore, while Japan’s domestic demand is likely to remain subdued, export demand is expected to support growth through the yen depreciation and an overall recovery in the global demand.

 

Global economic activity has improved over the last year. However, the economy continues to be in a fragile state, given the high rate of unemployment and inflation. However, the revival of demand from the advanced economies is expected to benefit the emerging and developing economies in the long run.

 

Although China, the largest among the emerging economies, grew by a steady 7.7% in 2013, it is estimated to record marginally lower growth at 7.5% in 2014. Looking ahead, China’s economic growth could be affected by some downside risks. These include the slowdown in investments and the Government’s focus on restructuring the economy into a consumption-oriented one.

 

Domestic

As per the Central Statistical Organisation, India’s GDP grew by 4.7% in FY 2013-14 compared to 4.5% in FY 2012-13. Estimates indicate a real GDP growth in FY 2014-15 is in the range of 5-5.5%. The new Government elected in May 2014 is expected to lead to a surge in investor confidence and a subsequent revival of the economy in the second half of FY 2014-15.

 

The new Government has indicated that its top priority would be to get the economy back to a high growth trajectory and also to control the current inflationary trend. While this will undoubtedly require the introduction of certain fiscal disciplinary measures, the Government is also expected to implement strategies to boost the investment cycle. The areas that are expected to receive attention include irrigation and agricultural productivity, manufacturing and exports.

 

The recent clearance of a number of stalled projects has boosted the present economic growth to some extent. Additionally, moderate improvement in the global economic activity is expected to bolster the export demand. However, there are some downside risks to growth as well, with the agricultural sector facing the possibility of a sub-normal monsoon due to El Niño. Global Industrial activity continues to remain weak where the stagnation was broad-based. India achieved a fiscal deficit of 4.6% compared to the budget estimate of 4.8% of the GDP in FY 2013-14.

 

The slowdown in trade deficit, along with a healthy growth in net invisibles led to significant lowering of the Current Account Deficit (CAD) in the third quarter of FY 2013-14. The CAD for FY 2013-14 is expected to settle at 1.7% of the GDP as compared to a share of 4.7% in FY 2012-13.

 

COMPANY OVERVIEW

Subject operates businesses in the Industrial Chemicals, Agri business and Consumer Products space. Serving a diverse set of customers across five continents, the Company is now an established leader in most of its chosen lines of business. The Company is the world’s second largest soda ash manufacturer and the fourth largest manufacturer of sodium bicarbonate. TCL also reaches out to over 100 million households in the consumer products category and leads the national branded salt market with a market share of over 67.9 percent for Tata Salt and I-Shakti Salt. The Company is also present in the branded pulses and water purifyer categories. Its rural retail Tata Kisan Sansar (TKS) network, agri-brand Paras and its subsidiaries, Rallis India Limited (Rallis) and Metahelix Life Sciences Limited (Metahelix) are established leaders in the agri space.

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

 

Charge Holder

Address

Service Request Number (SRN)

1

10007993

25/05/2006

400,000,000.00

STANDARD CHARTERED BANK

90, MAHATMA GANDHI ROAD,, FORT,, MUMBAI, MAHARASHTRA - 400001, INDIA

A01569474

2

10006692

25/05/2006

500,000,000.00

ICICI BANK LIMITED

FREE PRESS HOUSE,, 215, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA

A01568773

3

10006693

25/05/2006

500,000,000.00

BANK OF AMERICA

EXPRESS TOWERS,, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA

A01569151

4

10008799

25/05/2006

500,000,000.00

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED.

52/60, MAHATMA GANDHI ROAD,, MUMBAI, MAHARASHTRA - 
400001, INDIA

A01569813

5

10006975

25/05/2006

600,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W 
, MUMBAI, MAHARASHTRA - 400013, INDIA

A01583483

6

10007999

25/05/2006

750,000,000.00

CITI BANK N.A

293 D N ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

A01570696

7

10016030

25/05/2006

1,250,000,000.00

BANK OF BARODA

CORPORATE FINANCE BRANCH, MUMBAI, MAHARASHTRA - 400001, INDIA

A01571082

8

10006694

25/05/2006

3,150,000,000.00

STATE BANK OF INDIA

VOLTAS HOUSE, 23, J.N. HEREDIA MARG,, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA

A01570167

9

90232274

17/03/2004

76,664,296.00

THE PRADESHIYA INDUSTRIAL AND INVESTMENT CO. LIMITED.

GOMTI NAGAR, LUCKNOW, UTTAR PRADESH, INDIA

-

10

90232273

16/03/2004

10,000,000.00

CENTRAL BANK OF INDIA

66 FLOOR ;M.G. ROAD, PAREL, MUMBAI, UTTAR PRADESH, INDIA

-

11

90232246

24/03/2003 *

129,689,525.00

THE PRADESHIYA INDUSTRIA AND INVESTMENT CORPORATION 
OF U.P. LIMITED

"PICUP BHAWAN"' , GOMTI NAGAR,, LUCKNOW, UTTAR PRADESH - 226010, INDIA

-

12

90232186

18/04/2001

1,000,000,000.00

BANK OF BARODA

BOMBAY SAMACHAR MARG, MUMBAI, MAHARASHTRA, INDIA

-

13

90232185

22/03/2001 *

150,621,200.79

THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORPORATION 
OF U.P.LIMITED

"PICUP BHAWAN", , GOMTI NAGAR,, LACKNOW, UTTAR PRADESH - 226010, INDIA

-

14

90232183

26/02/2002 *

295,320,000.00

UTI BANK LIMITED

CENTRAL OFFICE, MAKER CHAMNBER, BOMBAY, MADHYA PRADESH, INDIA

-

15

80056746

27/03/2000

137,514,399.27

THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORP. OF U. 
PRIVATE LIMITED

'PICUP BHAWAN', GOMTI NAGAR, LUCKNOW, UTTAR PRADESH - 226010, INDIA

-

16

90232136

18/08/1999

500,000,000.00

STTAE BANK OF INDIA

CAG BRRANCHKILLICK HOUSE, CHARANJIT RAO MARG, MUMBAI, UTTAR PRADESH, INDIA

-

17

80056747

24/03/1999

37,743,962.70

THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORP. OF U. 
PRIVATE LIMITED

'PICUP BHAWAN', GOMTI NAGAR, LUCKNOW, UTTAR PRADESH - 226010, INDIA

-

18

90232107

21/12/1998 *

69,766,127.07

THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORP. OF U. 
PRIVATE LIMITED

'PICUP BHAWAN', GOMTI NAGAR, LUCKNOW, UTTAR PRADESH - 226010, INDIA

-

19

90232105

02/11/1998 *

2,000,000,000.00

STTAE BANK OF INDIA

COMMERCIAL BRANCH, G;N. VAIDYA MARG, MUMBAI, MAHA 
RASHTRA, INDIA

-

20

90232091

12/08/1998 *

500,000,000.00

THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF 
INDIA LIMITED.

163;BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA

-

21

90232075

20/03/1998

144,194,033.00

THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORP. OF U. 
PRIVATE LIMITED

'PICUP BHAWAN', GOMTI NAGAR, LUCKNOW, UTTAR PRADESH - 226010, INDIA

-

22

90232071

12/03/1998 *

4,140,000,000.00

THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORP. OF U. 
PRIVATE LIMITED

'PICUP BHAWAN', GOMTI NAGAR, LUCKNOW, UTTAR PRADESH - 226010, INDIA

-

23

90232062

27/12/1997

16,900,000.00

BSNK OF BARODA

BOMBAY MAIN HOUSE, PATEL STREET ; BARODA HOUSE, MUMBAI, UTTAR PRADESH, INDIA

-

24

90232041

26/07/2001 *

1,400,000,000.00

THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORP. OF U. 
PRIVATE LIMITED

'PICUP BHAWAN', GOMTI NAGAR, LUCKNOW, UTTAR PRADESH - 226010, INDIA

-

25

90232027

08/07/1997

2,868,000.00

THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORP. OF U. 
PRIVATE LIMITED

'PICUP BHAWAN', GOMTI NAGAR, LUCKNOW, UTTAR PRADESH - 226010, INDIA

-

26

80056745

05/03/1997

134,250,715.31

THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORP. OF U. 
PRIVATE LIMITED

'PICUP BHAWAN', GOMTI NAGAR, LUCKNOW, UTTAR PRADESH - 226010, INDIA

-

27

90231984

18/07/1996

60,000,000.00

CENTRAL BANK OF INDIA

66 FLOOR ;M.G. ROAD, PAREL, MUMBAI, UTTAR PRADESH, INDIA

-

28

90231946

03/07/1997 *

977,500,000.00

STATE BANK OF INDIA

CORPORATE ACC.;GROUP BRANCH, KLICK HOUSE, MUMBAI, 
UTTAR PRADESH, INDIA

-

29

90231943

08/09/1995

300,000,000.00

CITIBANK N.A.

SAKHAR BHAWAN, NARIMAN POINT, BOMBAY, MAHARASHTRA, INDIA

-

30

90231942

28/08/1995

300,000,000.00

BANK OF AMERICA

EXPRESS TOWER, NARIMAN POINT, BOMBAY, MAHARASHTRA, INDIA

-

31

90231895

08/08/1994

2,640,000.00

CITIBANK N.A

SAHKAR BHAWAN, NARIMAN POINT, MUMBAI, MAHARASHTRA, INDIA

-

32

90231892

11/07/1994

300,000,000.00

INDUSTRIAL DEVELOPMENT BANK OF INDIA

IDBI TOWER, CUFFE PARADE, MUMBAI, MAHARASHTRA, INDIA

-

33

90231858

29/12/1993

300,000,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH, JUSTICE V.N. VAIDYA MARG, MUMBAI, MAHARASHTRA, INDIA

-

34

90231847

02/11/1993

300,000,000.00

STTAE BANK OF INDIA

COMMERCIAL BRANCH, G;N. VAIDYA MARG, MUMBAI, MAHARASHTRA, INDIA

-

35

90231826

17/05/1993 *

30,000,000.00

THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF 
INDIA LIMITED.

163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA

-

36

90231816

01/02/1993

290,000,000.00

INDUSTRIAL DEVELOPMENT BANK OF INDIA

163; BACKBAY RECLAMATION, 16; SANSAD MARG; P.B. NO; 163, MUMBAI, MAHARASHTRA, INDIA

-

37

90231805

21/10/1992

200,000,000.00

THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF 
INDIA LIMITED

163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA

-

38

90231790

21/10/1992 *

271,000,000.00

INDUSTRIAL DEVELOPMENT BANK OF INDIA

IDBI TOWER, CUFFE PARADE, MUMBAI, MAHARASHTRA, INDIA

-

39

90231787

17/05/1998 *

290,000,000.00

LIFE INSURANCE CORPORATION OF INDIA

CHURCHE GATE, 25-27; ASAF ALI ROAD, MUMBAI, MAHARASHTRA, INDIA

-

40

90231781

17/05/1993 *

230,000,000.00

INDUSTRIAL DEVELOPMENT BANK OF INDIA

IDBI TOWER, CUFFE PARADE, MUMBAI, MAHARASHTRA, INDIA

-

41

90231764

30/12/1991

290,000,000.00

INDUSTRIAL DEVELOPMENT BANK OF INDIA

163; BACKBAY RECLAMATION, 16; SANSAD MARG; P.B. NO; 163, MUMBAI, MAHARASHTRA, INDIA

-

42

90231745

21/10/1992 *

50,000,000.00

THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORP. OF U. 
PRIVATE LIMITED

'PICUP BHAWAN', GOMTI NAGAR, LUCKNOW, UTTAR PRADESH - 226010, INDIA

-

43

90231735

12/03/1998 *

15,000,000.00

THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF 
INDIA LIMITED.

163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA

-

44

90231728

21/10/1992 *

1,230,000,000.00

THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORP. OF U. 
PRIVATE LIMITED

'PICUP BHAWAN', GOMTI NAGAR, LUCKNOW, UTTAR PRADESH - 226010, INDIA

-

45

90231629

22/06/1990 *

628,900,000.00

BANK OF BARODA

INDUSTRIAL FINANCE BRANCH,, BARODA HOUSE,C P STREET FORT, MUMBAI, MAHARASHTRA - 400023, INDIA

-

46

90231547

08/11/1985

465,812.00

THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF 
INDIA LIMITED.

163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA

-

47

90231459

06/05/1981

10,331.00

THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF 
INDIA LIMITED.

163;BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA

-

48

90231455

29/01/1981

15,000,000.00

BANK OF BARODA

BOMBAY SAMACHAR MARG, MUMBAI, MAHARASHTRA, INDIA

-

49

90231435

19/10/1979

5,900,000.00

THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF 
INDIA LIMITED.

163; BACKBAY RECLAMATION, NARIMAN POINT, BOMBAY, 
MAHARASHTRA, INDIA

-

50

90231401

20/12/1977

709,000.00

THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF 
INDIA LIMITED.

163; BACKBAY RECLAMATION, G, MUMBAI, UTTAR PRADESH, INDIA

-

51

90231397

24/06/1977

10,000,000.00

BSNK OF BARODA

BOMBAY MAIN HOUSE, PATEL STREET ; BARODA HOUSE, MUMBAI, UTTAR PRADESH, INDIA

-

52

90231391

02/11/1982 *

2,033,243.00

BANK OF BARODA

BOMBAY SAMACHAR MARG, MUMBAI, MAHARASHTRA, INDIA

-

53

90231380

16/09/1975

36,122,372.00

THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF 
INDIA LIMITED.

163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA

-

54

90231376

22/11/1974

441,000.00

THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF 
INDIA LIMITED.

163; BACKBAY RECLAMATION, BOMBAY, MADHYA PRADESH, 
INDIA

-

55

90231361

13/02/1974

2,457,000.00

THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF 
INDIA LIMITED.

163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA

-

56

90231328

27/02/1969

126,000.00

THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF 
INDIA LIMITED.

163; BACKBAY RECLAMATION, NARIMAN POINT, BOMBAY, 
MAHARASHTRA, INDIA

-

57

90231312

15/04/1986 *

20,000,000.00

BANK OF BARODA

BARODA HOUSE, C.P. STREET, MUMBAI, MAHARASHTRA, INDIA

-

58

90231311

05/08/1965

1,000,000,000.00

BANK OF BARODA

BOMBAY SAMACHAR MARG, MUMBAI, MAHARASHTRA, INDIA

-

59

90231299

30/11/1961

628,900,000.00

BANK OF BARODA

BOMBAY SAMACHAR MARG, MUMBAI, MAHARASHTRA, INDIA

-

 

* Date of charge modification

 

 

FIXED ASSETS

 

  • Land
  • Buildings
  • Plant and Machinery
  • Furniture and Fittings
  • Vehicles
  • Office Equipment
  • Saltworks, Reservoirs and Pans
  • Traction Lines, Railway Sidings and Wagons
  • Water Works

 

 

Standalone Audited Financial Results for the quarter ended 30th September, 2014

 (Rs. In Millions)

 

Particulars

Quarter Ended

30.06.2014

Quarter Ended

30.09.2014

Half-year Ended

30.09.2014

1

Income from operations

 

 

 

 

a) Sales / income from operations

21576.400

28868.000

50444.400

 

Less : Excise duty

616.200

607.000

1223.200

 

Net sales/ income from operations

20960.200

28261.000

49221.200

 

b) Other operating income

201.300

173.200

374.500

 

Total income from operations

21161.500

28434.200

49595.700

2

Expenses

 

 

 

 

a) Cost of materials consumed

8391.400

9831.200

18222.600

 

b) Purchase of stock-in-trade

8031.400

7354.900

15386.300

 

c) Changes in inventories of finished goods work-in- progress and stock-in-trade

(5812.100)

(710.200)

(6522.300)

 

d) Employee benefits expense

764.800

874.600

1639.400

 

e) Power and fuel

2381.900

2787.600

5169.500

 

f) Freight and forwarding charges

1672.000

1925.000

3597.000

 

g) Depreciation and amortisation expense

460.700

503.200

963.900

 

h) Other expenses

2939.700

3155.500

6095.200

 

Total expenses (2a to 2h)

18829.800

25721.800

44551.600

3

Profit from operations before other income finance costs and exceptional Items (1-2)

2331.700

2712.400

5044.100

4

Other income

430.100

496.900

927.000

5

Profit from ordinary activities before finance costs and exceptional Items (3+4)

2761.800

3209.300

5971.100

6

Finance costs

447.900

476.300

924.200

7

Profit from ordinary activities after finance costs but before exceptional Items (5-6)

2313.900

2733.000

5046.900

8

Exceptional items :

 

 

 

 

a) Exchange loss (net) on foreign currency long term borrowings including revaluation thereof (note 3)

--

--

--

 

b) Impairment of assets

--

--

--

 

c) Compensation on voluntary retirement

--

--

--

 

d) Loss on sale/provision for diminution in the value of long term investments

--

--

--

9

Profit from ordinary activities before Tax (7-8)

2313.900

2733.000

5046.900

10

Tax expense

618.600

641.300

1259.900

11

Net profit after Tax (9-10)

1695.300

2091.700

3787.000

12

Paid-up equity share capital (Face value : Rs.10 per share)

2548.200

2548.200

2548.200

13

Reserves excluding revaluation reserves

--

--

--

14

Earnings per share (in Rs.)

 

 

 

 

- Basic

6.65

8.21

14.86

 

- Diluted

6.65

8.21

14.86

 

 

 

 

A

Particulars of Shareholding

 

 

 

1.

Public Shareholding

 

 

 

 

- Number of Shares

17,56,30,421

17,56,30,421

17,56,30,421

 

- Percentage of shareholding

68.94%

68.94%

68.94%

2.

Promoters and promoter group Shareholding

a) Pledged/Encumbered

 

 

 

 

- Number of Shares

37,23,648

7,69,276

37,23,648

 

- Percentage of shares (as a % of the total shareholding of promoter and promoter group)

4.71%

0.97%

4.71%

 

- Percentage of shares (as a % of the total share capital of the Company)

1.46%

0.30%

1.46%

 

b) Non-encumbered

 

 

 

 

- Number of Shares

7,54,02,209

7,83,56,581

7,54,02,209

 

- Percentage of shares (as a % of the total shareholding of promoter and promoter group)

95.29%

99.03%

95.29%

 

- Percentage of shares (as a % of the total share capital of the Company)

29.60%

30.76%

29.60%

 

 

 

Particulars

30.06.2014

B

Investor Complaints (Nos.)

 

 

Pending at the beginning of the quarter

--

 

Received during the quarter

3

 

Disposed of during the quarter

1

 

Remaining unresolved at the end of the quarter

2

 

 

Standalone Audited Segmentwise Revenue Results and Capital Employed

                                                                                                                                                     (Rs. In Millions)

Particulars

Quarter ended

30.06.2014

Quarter

ended

30.09.2014

Half-year ended

30.09.2014

1 Segment revenue

 

 

 

a. Inorganic chemicals

7908.400

8125.100

16033.500

b. Fertilisers (note 5)

11118.100

18914.900

30033.000

c. Other agri inputs

1656.900

912.300

2569.200

d. Others

610.400

717.800

1328.200

Total

21293.800

28670.100

49963.900

Less: Inter segment

333.600

409.100

742.700

Total segment revenue

20960.200

28261.000

49221.200

2 Segment result

 

 

 

a. Inorganic chemicals

1834.500

1822.9000

3657.400

b. Fertilisers (note 5)

914.400

1363.900

2278.300

c. Other agri inputs

180.800

132.100

312.900

d. Others

(71.800)

(88.000)

(159.800)

Total

2857.900

3230.900

6088.800

Less :

 

 

 

(i) Finance costs

447.900

476.300

924.200

(ii) Net unallocated expenditure /(income)

96.100

21.600

117.700

Profit before Tax

2313.900

2733.000

5046.900

3 Capital employed

 

 

 

a. Inorganic chemicals

13078.300

13390.300

13390.300

b. Fertilisers (note 5)

22688.700

13974.300

13974.300

c. Other agri inputs

1015.200

423.600

423.600

d. Others

911.600

916.000

916.000

e. Unallocated

20771.400

32844.500

32844.500

Total

58465.200

61548.700

61548.700

 

 

NOTES

 

  1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 5th August, 2014 and the same have been audited by the Statutory Auditors.

 

  1. During the quarter ended 30th June, 2014, the Company has reassessed the useful lives of its fixed assets. The revised useful lives, as assessed by Management, match with those specified in Part C of Schedule II to the Companies Act, 2013 for all classes of assets other than computers, motor cars and certain classes of buildings, roads and plant and machinery. Management believes that the revised useful lives of the assets reflect the periods over which these assets are expected to be used.
  2.  

As a result of the change, the charge on account of depreciation for the quarter ended 30th June, 2014 is higher by Rs.74.400 Millions compared to useful lives estimated in earlier periods. In case of assets whose useful lives have ended, the carrying value, net of residual value as at 1st April, 2014 amounting to Rs.206.500 Millions (net of tax Rs.106.400 Millions) has been adjusted to the opening reserves as on 1st April, 2014 pursuant to the provisions of Schedule II to the Companies Act, 2013.

 

  1. The figures of the quarter ended 31st March, 2014 are the balancing figures between audited figures in respect of the year ended 31st March, 2014 and the year to date figures upto the nine months ended 31st December, 2013.

 

  1. The previous period figures have been regrouped / rearranged wherever necessary.

 

 

 

 

 

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 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. 61.13

UK Pound

1

Rs. 97.05

Euro

1

Rs. 77.36

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

JYO

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

8

--RESERVES

1~10

8

--CREDIT LINES

1~10

8

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

70

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.