MIRA INFORM REPORT
|
Report Date : |
26.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
ELANTAS BECK INDIA LIMITED (w.e.f. 19.06.2007) |
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|
|
|
Formerly Known
As : |
BECK INDIA LIMITED
|
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Registered Office
: |
147, Mumbai – |
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Country : |
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Financials (as
on) : |
31.12.2012 |
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|
|
|
Date of
Incorporation : |
15.03.1956 |
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Com. Reg. No.: |
11-134746 |
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Capital Investment
/ Paid-up Capital : |
Rs. 79.277 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24222PN1956PLC134746 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB02788C |
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PAN No.: [Permanent Account No.] |
AAAACD0538M |
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Legal Form : |
It is a public limited liability company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturing of wide range of specialty chemicals for electrical insulation
and construction industries. |
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|
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 5125000 |
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|
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|
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 and a reputed company having good track record. There appears a tremendous increase in the sales turnover of the company during 2012. There are no external borrowings. Profit margin seems to be good. Financially the company is sound.
Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON – COOPERATIVE (91-20-30610717)
LOCATIONS
|
Registered Office / Corporate Office / Factory 1 / Regional Office : |
147, Mumbai – |
|
Tel. No.: |
91-20-30610-800/777/600 |
|
Fax No.: |
91-02-30610-792/601 |
|
E-Mail : |
bapu.gawade@altana.com (Primary Insulation) abhaey.kkulthe@altana.com (Secondary Insulation) satish.deshpande@altana.com (Construction Chemicals) kedar.gokhale@altanachemie.com (Electrical
Insulation) rajanikant.salunke@altanachemie.com (Construction
Chemicals) |
|
Website : |
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Factory 2 : |
Plot No. 1 (A, B and C), GIDC Industrial Area, Ankleshwar
– 393 002, |
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Marketing and Export Head
Office : |
Beck
House, 147, Mumbai – |
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E-Mail : |
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Regional Offices: |
403,
World Trade Centre, Tel.
No. : 91-11-23411664/ 23412940 Fax
No. : 91-11-23413408 E-mail
: ravi.kiran@beckindia.com Kolkata Unit
708, 7th Floor, Om Tower, 32, Tel.
No.: 91-33-22271841 Fax
No. : 91-33-22271843 E-mail
: nirjhar.k@beckindia.com 1176,
12th H.A.L. II Stage, Tel.
No. : 91-80-25281649/ 25283093 Fax
No. : 91-80-25280831 E-mail
: bhaskar.n@beckindia.com |
DIRECTORS
As on 31.12.2012
|
Name : |
Dr. Matthias Ludwig Wolfgruber |
|
Designation : |
Chairman |
|
Address : |
Hechenbergstradde 65, 84489, |
|
Date of Birth/ Age : |
24.01.1954 |
|
Date of Appointment : |
05.07.2004 |
|
DIN No.: |
00427360 |
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Name : |
Dr. Guido Forstbach |
|
Designation : |
Director |
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Date of Appointment : |
26.10.2012 |
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|
Name: |
Dr. Wolfgang
Josef Schutt |
|
Designation: |
Director |
|
Address : |
Hoher weg 19a, 46348, |
|
Date of Birth/Age : |
22.12.1964 |
|
Qualification : |
1985-1993 - Studies
Chemistry (Chemistry Graduate with Doctorate) 1991-1995 -
Master of Business Administration |
|
Date of Appointment : |
17.10.2005 |
|
DIN No.: |
00428848 |
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|
|
|
Name : |
Mr. Suresh Narsappa Talwar |
|
Designation : |
Director |
|
Address : |
10, Shiv Shanti Bhuvan, 146, |
|
Date of Birth/Age : |
21.11.1937 |
|
Date of Appointment : |
01.06.2009 |
|
DIN No.: |
00001456 |
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|
|
|
Name : |
Mr. Ravindra Krishnaji Kulkarni |
|
Designation : |
Director |
|
Address : |
Samruddhi, Plot No.19, TPS VI, Santacruz, Mumbai – 400 030, |
|
Date of Birth/Age : |
23.05.1945 |
|
Date of Appointment : |
27.09.1990 |
|
DIN No.: |
00059367 |
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|
|
|
Name : |
Mr. Pradeep Mallick |
|
Designation : |
Director |
|
Address : |
A/2, |
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Date of Birth/Age : |
20.11.1942 |
|
Date of Appointment : |
28.03.2002 |
|
DIN No.: |
00061256 |
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|
|
Name : |
Mr. Sharadkumar Ramchandra Shetye |
|
Designation : |
Whole-Time Director |
|
Address : |
23, Jaladarshan, |
|
Date of Birth/Age : |
08.11.1948 |
|
Qualification: |
B.Tech (Chemical Engineering), D.B.M., M.M.S. |
|
Date of Appointment : |
23.03.2009 |
|
DIN No.: |
00087560 |
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|
|
|
Name: |
Mr. Rajeev Bhide |
|
Designation: |
Managing Director |
KEY EXECUTIVES
|
Name : |
Mr. Shirish Padmakar Dabir |
|
Designation : |
Company Secretary and Head Legal |
|
Address : |
A/3, Malkauns Society, Paud Phata, Karve Road, Pune District, Pune –
411 038, Maharashtra, India |
|
Date of Birth/Age : |
27.12.1963 |
|
Date of Appointment : |
03.04.2006 |
|
PAN No.: |
AAUPD5814B |
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EXECUTIVE MANAGEMENT : |
|
|
|
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|
Name: |
Mr. Rajeev Bhide |
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Designation: |
Managing Director |
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|
Name : |
Mr. Sharadkumar Shetye |
|
Designation : |
Manufacturing Director |
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|
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|
Name : |
Mr. Sanjay Kulkarni |
|
Designation : |
General Manager – Finance and Materials |
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|
Name : |
Mr. Sanjay Deosthali |
|
Designation : |
Business Line Manager – |
SHAREHOLDING PATTERN
As on 31.12.2013
|
Category
of Shareholders |
No. of Shares |
Percentage |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
6214870 |
78.39 |
|
|
6214870 |
78.39 |
|
Total shareholding of Promoter and Promoter Group (A) |
6214870 |
78.39 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
267875 |
3.38 |
|
|
50 |
0.00 |
|
|
267925 |
3.38 |
|
|
|
|
|
|
403550 |
5.09 |
|
|
|
|
|
|
932144 |
11.76 |
|
|
93297 |
1.18 |
|
|
15896 |
0.20 |
|
|
15896 |
0.20 |
|
|
1444887 |
18.23 |
|
Total Public shareholding (B) |
1712812 |
21.61 |
|
Total (A)+(B) |
7927682 |
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) |
7927682 |
0.00 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS,
CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY PROMOTER AND
PROMOTER GROUP
|
No. |
Name of the
Shareholder |
Details of Shares
held |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|||
|
1 |
Elantas Gmbh |
62,14,870 |
78.39 |
78.39 |
|
|
Total |
62,14,870 |
78.39 |
78.39 |
(*) The term encumbrance has the same meaning as assigned to
it in regulation 28(3) of the SAST Regulations, 2011.
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY PUBLIC AND HOLDING MORE THAN
1% OF THE TOTAL NUMBER OF SHARES
|
l. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
1 |
Reliance Capital Trustee Company Limited |
118000 |
1.49 |
1.49 |
|
|
2 |
Globe Commodities Limited |
100000 |
1.26 |
1.26 |
|
|
3 |
HDFC Trustee Company Limited A/C HDFC Growth |
91550 |
1.15 |
1.15 |
|
|
|
Total |
309550 |
3.90 |
3.90 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of wide range of specialty chemicals for electrical insulation
and construction industries. |
||||||||
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||||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.12.2011)
|
Particulars |
Unit |
Installed
Capacity |
Production
for sale (excluding
captive consumption) |
|
Wire enamels and Impregnating varnishes |
Metric Tonnes |
18.493 |
12.998 |
|
Synthetic Resins |
Metric Tonnes |
5.415 |
3.615 |
|
Total |
|
23.908 |
16.613 |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
703 Godrej Castlemaine, Next to Ruby Hall, |
|
Tel No.: |
91-20-30504000 |
|
Fax No.: |
91-20-30504100 |
|
PAN No.: |
AAAFB9852F |
|
|
|
|
Internal Auditors: |
|
|
Name : |
Mahajan and Aibara Chartered Accountants |
|
Address: |
1, Chawla House, 62, |
|
|
|
|
Solicitors: |
|
|
Name : |
Talwar Thakore and Associates |
|
Address: |
3rd Floor, Kalpataru Heritage, 127, |
|
|
|
|
Holding Company
: |
·
SKionGmbH (Holding company of Altana AG) ·
Altanaag (Holding company of Altana
Chemie GmbH) ·
Altana Chemie GmbH
(Holding company of ELANTAS GmbH) · Elantas GmbH (Holding company (88.55%)) |
|
|
|
|
Fellow
Subsidiary : |
·
BYK-Chemie GmbH
|
CAPITAL STRUCTURE
As on 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7927682 |
Equity Shares |
Rs. 10/- each |
Rs. 79.277 Millions |
Rights,
preferences and restrictions attached to equity shares:
The Company
has a single class of equity shares. Each holder of equity shares is entitled
to one vote per share. Accordingly, all equity shares rank equally with regards
to dividends and share in the Company's residual assets. The equity
shareholders are entitled to receive dividend as declared from time to time.
On winding
up of the Company, the holders of equity shares will be entitled to receive the
residual assets of the Company after distribution of all preferential amounts in
proportion to the number of equity shares held.
Equity
shares held by Holding / ultimate holding company and / or their subsidiaries:
7,020,316 (Previous year 7,020,316) equity shares of Rs. 10 each held by ELANTAS GmbH (Holding Company)
Particulars
of shareholders holding more than 5% of equity shares:
7,020,316
(Previous year 7,020,316) equity shares of Rs. 10 each held by ELANTAS GmbH,
(percentage of holding 88.56 %(previous year 88.56%)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
79.277 |
79.277 |
|
(b) Reserves & Surplus |
|
1202.004 |
1773.906 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1281.281 |
1853.183 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
14.989 |
12.881 |
|
(c) Other long term
liabilities |
|
14.953 |
5.701 |
|
(d) long-term
provisions |
|
35.741 |
30.679 |
|
Total Non-current
Liabilities (3) |
|
65.683 |
49.261 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
0.000 |
0.000 |
|
(b) Trade
payables |
|
254.646 |
211.667 |
|
(c) Other current
liabilities |
|
94.047 |
80.277 |
|
(d) Short-term
provisions |
|
852.864 |
51.122 |
|
Total Current
Liabilities (4) |
|
1201.557 |
343.066 |
|
|
|
|
|
|
TOTAL |
|
2548.521 |
2245.510 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
470.146 |
297.292 |
|
(ii)
Intangible Assets |
|
21.951 |
35.688 |
|
(iii)
Capital work-in-progress |
|
2.789 |
136.126 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1.469 |
0.991 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
28.925 |
40.620 |
|
(e) Other
Non-current assets |
|
1.899 |
0.126 |
|
Total Non-Current
Assets |
|
527.179 |
510.843 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
999.912 |
802.576 |
|
(b)
Inventories |
|
447.147 |
383.699 |
|
(c) Trade
receivables |
|
384.912 |
378.099 |
|
(d) Cash
and cash equivalents |
|
148.091 |
122.024 |
|
(e)
Short-term loans and advances |
|
31.470 |
42.957 |
|
(f) Other
current assets |
|
9.810 |
5.312 |
|
Total
Current Assets |
|
2021.342 |
1734.667 |
|
|
|
|
|
|
TOTAL |
|
2548.521 |
2245.510 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
79.277 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1567.850 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1647.127 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
14.129 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1661.256 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
321.319 |
|
|
Capital work-in-progress |
|
|
36.305 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
594.470 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
483.440 |
|
|
Sundry Debtors |
|
|
348.413 |
|
|
Cash & Bank Balances |
|
|
153.684 |
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
71.594 |
|
Total
Current Assets |
|
|
1057.131
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
194.300
|
|
|
Other Current Liabilities |
|
|
72.946 |
|
|
Provisions |
|
|
80.723 |
|
Total
Current Liabilities |
|
|
347.969
|
|
|
Net Current Assets |
|
|
709.162 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1661.256 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2744.606 |
2689.679 |
2513.524 |
|
|
|
Other Income |
107.118 |
60.366 |
63.068 |
|
|
|
TOTAL (A) |
2851.724 |
2750.045 |
2576.592 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1923.849 |
1900.187 |
|
|
|
|
Purchases of traded goods |
4.383 |
6.974 |
|
|
|
|
Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
2.269 |
3.614 |
|
|
|
|
Employee Benefits Expenses |
164.665 |
150.846 |
|
|
|
|
Other Expenses |
337.867 |
278.352 |
|
|
|
|
TOTAL (B) |
2433.033 |
2339.973 |
2055.315 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
418.691 |
410.072 |
521.277 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.015 |
0.682 |
0.327 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
417.676 |
409.390 |
520.950 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
47.446 |
49.980 |
47.621 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
370.230 |
359.410 |
473.329 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
94.467 |
112.029 |
149.391 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
275.763 |
247.381 |
323.938 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1260.569 |
1079.251 |
829.169 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend (Final) |
729.347 |
35.675 |
35.675 |
|
|
|
Dividend Distribution Tax |
118.318 |
5.650 |
5.787 |
|
|
|
Transfer to General Reserve |
27.576 |
24.738 |
32.394 |
|
|
BALANCE CARRIED
TO THE B/S |
661.091 |
1260.569 |
1079.251 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
On account of exports at FOB Value |
74.511 |
112.418 |
70.419 |
|
|
TOTAL EARNINGS |
74.511 |
112.418 |
70.419 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
509.208 |
577.321 |
512.851 |
|
|
|
Capital Goods |
9.887 |
4.548 |
5.198 |
|
|
|
Purchase for resale |
0.000 |
2.942 |
7.226 |
|
|
TOTAL IMPORTS |
519.095 |
584.811 |
525.275 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
34.78 |
31.20 |
40.86 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
9.67
|
8.99 |
12.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.49
|
13.36 |
18.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.55
|
17.05 |
34.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.19 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.68
|
5.06 |
3.04 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.12.2011 |
31.12.2012 |
|
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
|
79.277 |
79.277 |
|
Reserves & Surplus |
|
1773.906 |
1202.004 |
|
Net
worth |
|
1,853.183 |
1,281.281 |
|
|
|
|
|
|
long-term borrowings |
|
0.000 |
0.000 |
|
Short term borrowings |
|
0.000 |
0.000 |
|
Total
borrowings |
|
0.000 |
0.000 |
|
Debt/Equity
ratio |
|
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2513.524 |
2689.679 |
2744.606 |
|
|
|
7.008 |
2.042 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2513.524 |
2689.679 |
2744.606 |
|
Profit |
323.938 |
247.381 |
275.763 |
|
|
12.89% |
9.20% |
10.05% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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
four 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 |
No |
|
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 |
No |
LITIGATION DETAILS
CASE DETAILS
BENCH:-BOMBAY
|
Lodging No.:- |
ITXAL/574/2009 |
Filing Date:- |
06/03/2009 |
Reg. No.:- |
ITXA/6660/2010 |
Reg. Date:- |
29/11/2010 |
|
Petitioner:- |
THE COMMISSIONER OF IN COME TAX - LTU MUMBAI |
Respondent:- |
BECK INDIA LIMITED |
|
Petn.Adv.:- |
SURESH KUMAR |
|
District:- |
MUMBAI |
|
Bench:- |
DIVISION |
||||
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
|
Next Date:- |
26/03/2014 |
Stage:- |
FOR ADMISSION - FRESH |
|
Coram:- |
ACCORDING TO SITTING LIST |
|
ACCORDING TO SITTING LIST |
|
Last Date:- |
05/08/2011 |
Stage:- |
FOR ADMISSION - AFTER NOTICE (HIGH ON
BOARD) |
|
Last Coram:- |
HON'BLE SHRI JUSTICE J.P. DEVADHAR |
|
HON'BLE SHRI JUSTICE A.A. SAYED |
INDEX
OF CHARGES: NO CHARGES EXIST FOR COMPANY
NOTE: Registered
office of the company has been shifted from Beck House, Damle Path, Off.
PERFORMANCE
The sales at Rs. 2732.000 millions for the year ended 31 December 2012 registered a 2 % growth over the sales of Rs. 2668.000 millions for the previous year ended 31 December 2011. However, in terms of sales quantity, the tonnage sold during the year ended 31 December 2012 marginally decreased by 0.15% over the previous year.
Cost of inputs continued to rise substantially during the year, putting the Company’s contribution margins under severe pressure, as a consequence. The main reasons for this increase were as follows:
a) Increase in procurement rates of raw material;
b) Weakening of the Indian Rupee during the year by 11 % making the Company’s imports dearer; and
c) Huge increases in procurement rates of electricity, fuel and natural gas.
The Company continued making efforts during the year to reduce the aggregate impact of such increases through the use of innovation, R and D and procurement which were moderately successful. However, owing to a contraction of demand for its products arising as a consequence of the economic and manufacturing slowdown last year, the Company was not able to increase its selling prices during the year, to neutralize the adverse impact on its input costs.
The sales volumes were maintained at the same level during the year. The Company was able to report a marginal increase in both Profit before Tax and Profit after Tax.
CURRENT
FUTURE AND OUTLOOK:
In
the wake of the Indian economy anticipated to grow only at around 4.5% to 5% during
the fiscal 12/13, the business prospects for the coming years do not look
extremely encouraging. Not only have growth estimates fallen to an all-time low
in the last decade, but the structural position of the Indian economy also
seems weaker with a high fiscal deficit and current account deficit.
The
resilience shown by the Indian economy in 2009/10 in the face of the global
meltdown seems to have been weakened and a variety of problems look imminent if
not addressed decisively and boldly by the government.
This
situation, however, the Company believes, also means that all the potentially
adverse developments have already been largely factored in and discounted by
the investing community and consumers. Under such circumstances, businesses
should await the right signals of growth and improvement and avail of all such
growth opportunities going forward. Such positive signals will be likely to be
seen with better policy implementation, more infrastructural focus and spending
as well as reforms and traction on the power sector and allied activities.
Considering that the nation will go to the hustings in 2014, it is inevitable
that reforms-oriented policy making and decisiveness will need to be exhibited
by the government in power.
The
Board, therefore, considers that the Company should be managed in a lean and
tight manner.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT:
The year was
fraught with a series of developments and a combination of factors which,
together, resulted in adversely affecting economic growth during the year
especially the manufacturing economy, in India. Rising energy costs, increasing
raw material prices and high cost of borrowings amongst other factors had the
effect of depressing industrial demand and industrial production was almost stagnant.
Some sectors even showed negative growth during the year.
The Company
was no exception to these developments and its performance too was adversely
hit by the factors mentioned above during the year. Additionally, a weak Indian
Rupee hurt imports and exerted additional pressure on the margins during the
year. As a consequence, the Company's profitability and profits were lower when
compared with the previous years.
The Company
nevertheless continues to take several counter measures to mitigate the
situation to the extent best possible by continuing to focus on cutting costs,
creating cost effective alternatives and creating higher value added through
the use of R and D, Innovation and supply chain improvements.
Manufacturing
of higher quality products in all its business lines especially focused on
addressing concerns of environment, safety and energy efficiency supported by
strong technical services and solutions provision remain the major drivers of
the Company's business activities.
SEGMENT WISE
PERFORMANCE
Electrical
Insulation Systems
The
Company's Business Lines-Primary Insulations and Secondary Insulations which
constitute the Electrical Insulation Systems (EIS) business, continued to play
a dominant role in the overall business activities of the Company, by
accounting for 84% of total business of the Company.
The
year 2012, will be marked as a watershed year in the annals of Indian Economic
History, where the economic growth decelerated, while inflation remained
stubbornly high during most part of the year. There was a marked economic
deceleration during the year even when compared to 2008, a year during which
the global economic meltdown occurred. Obviously, there are many explanations
which could be attributed to this phenomenon, however, the significant decline
in "Real Economy" or the manufacturing segment, is one of the major
factors that can be attributed to moderation in growth. According to latest CSO
estimates, the GDP growth, which is sliding back to back during FY 13, is
likely to touch a new low of just about 5%. The manufacturing segment in the
same period was one of the worst affected segments where the estimated growth
would be much below 2%.
The
Indian Electrical Industry, which is the primary user segment of our EIS
products, has not remained insulated from this incongruent situation, carving
out its worst performance of the last decade. According to the IEEMA
statistics, the physical output across all the segments of Electrical Equipment
Industry, be it rotating machines, transformers or switchgears, have come down
on YoY basis, a clear sign of demand contraction. The Industry as a whole has
in fact registered a negative growth of close to 4% during first half of
current Fiscal with no immediate revival in sight. The order book position is
also at all time low leading to sub optimal capacity utilization across various
segments of Indian Electrical Industry.
The
performance of the Company needs to be reviewed against the backdrop as
detailed above, particularly the on-going phase of demand contraction.
During
the year, the Company has been able to improve its already dominant position in
EIS. While the volume growth is 2.6% over 2011, the corresponding value growth
is close to 7%. These growth indices clearly indicate increased market
penetration and improved market share of the Company. This positive
performance, the present volatile situation, was possible due to sustained
market oriented timely actions taken by the Company including selective value
engineering led by strong R and D. The Company continues to be market leader in
the arena of Electrical Insulation Systems.
Going
forward, the chances of immediate demand revival appear to be bleak with
industry experts speculating the earliest revival only by end 2013. By and
large, this estimate is in sync with overall economic scenario that is being
witnessed currently. The Company however is reasonably certain of continuing
its growth momentum-albeit moderated, with a blend of innovative business
strategies combined with a focused market driven R and D efforts to remain
ahead at market place.
Electronic
and Engineering Materials
The
business segment today primarily includes Electronic and Electrical (EL)
Compounds and deals with Speciality Epoxy and Polyurethane products for Auto
Electric and Electronic, Power and Electronic capacitors. Transformer Castings,
Current and Potential Transformers, PCB Protection etc. This is an outcome of
the Company having discontinued supplying speciality resins for special purpose
paint applicators to a single customer.
As
was seen in case of Electrical Insulations Systems, this business segment too
was adversely affected during the year due to high raw material costs, a week
rupee and a significant demand slowdown, especially in the second half of the
year.
The
business of Electronic and Electrical Compounds is a major thrust area for the
Company. The Company's offerings by way of Speciality Epoxy and Polyurethane Products
with excellent Thermal, Electrical and Mechanical properties for Auto and
allied industries, have been well received by the markets and slowly beginning
to be distinguished as speciality offerings. This will enable them to combat
the competitive pressures from low-cost, commoditized product offerings also
present, and enable the Company to explore appropriate value creation
opportunities in this business.
Despite
the gradual slowing down of automotive production from the third quarter of the
year, which believe is a temporary situation arising out of global concerns in
response to the crisis of confidence in the Euro Zone, the Indian Auto industry
is growing and India is poised to become a major hub for Auto Components
manufacturing. The Company looks forward to offer world-class products in line
with the global technical specifications and has geared up to meet these
challenges. Company offers UL (Underwriters Laboratory) approved, RoHS and
REACHES compliant products to meet specific customer demand.
The
Company is focusing its efforts to offer/develop import substitute particularly
for Electronic Sector, targeted at attaining major growth and an improved
market position for this product line. These efforts encompass technical
improvements through a systematic scale-up process as well as enhancement in
response time for new product and applications development. In addition,
certain new products were developed and added in this market which will help
create opportunities to expand our markets. The response from the customers to
such new products was quite encouraging.
In
order to address concerns about continuing future availability of key raw
materials, efforts are being made to develop alternative sources for our inputs
in addition to trying to explore Synthetic raw material alternatives in place
of materials of natural origin.
UNAUDITED FINANCIAL
RESULT FOR THE QUARTER ENDED JUNE 30, 2013
(Rs. In Millions)
|
Particular |
Three months ended |
Six months ended |
|
|
|
30.06.2013 (Unaudited) |
31.03.2013
(Unaudited) |
30.06.2013 (Unaudited) |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
767.471 |
753.659 |
1521.130 |
|
Other Operating Income |
2.371 |
5.424 |
7.795 |
|
Total Income from
operations (net) |
769.842 |
759.083 |
1528.925 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of material consumed |
543.993 |
508.661 |
1052.654 |
|
(b) Purchase of stock in trade |
2.089 |
0.228 |
2.317 |
|
(c) Changes in inventories of finished goods, work in progress
and stock in trade |
(15.892) |
22.096 |
6.204 |
|
(d) Employee benefit expenses |
44.019 |
38.635 |
82.654 |
|
(e) Depreciation and amortization expenses |
12.769 |
12.451 |
25.220 |
|
(f) Other Expenses |
96.275 |
81.912 |
178.187 |
|
Total Expenses |
683.253 |
663.983 |
1347.236 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
86.589 |
95.100 |
181.689 |
|
Other Income |
44.096 |
33.499 |
77.595 |
|
Profit/ Loss from Ordinary
Activities before Finance costs and Exceptional item |
130.685 |
128.599 |
259.284 |
|
Finance costs |
0.054 |
1.272 |
1.326 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
130.631 |
127.327 |
257.958 |
|
Exceptional
item |
-- |
-- |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
130.631 |
127.327 |
257.958 |
|
Tax Expenses |
37.369 |
34.686 |
72.055 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
93.262 |
92.641 |
185.903 |
|
Extraordinary
Items |
- |
-- |
-- |
|
Net Profit for the period |
93.262 |
92.641 |
185.903 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
79.277 |
79.277 |
79.277 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
-- |
-- |
|
Earnings per
share (before extraordinary items) (of Rs. 10/-
each) (not annualized) -
Basic |
11.76 |
11.69 |
23.45 |
|
- Diluted |
11.76 |
11.69 |
23.45 |
|
Earnings per
share (after extraordinary items) (of Rs. 10/-
each) (not annualized) - Basic |
|
|
|
|
- Diluted |
|
|
|
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
1712812 |
1692564 |
1712812 |
|
Percentage of Shareholding |
21.61% |
21.36% |
21.61% |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
-- |
-- |
-- |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of Shares |
6214870 |
6235118 |
6214870 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter
group) |
100.00 |
100.00 |
100.00 |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
78.39% |
78.65% |
78.39% |
|
|
Particulars |
3 months Ended
30.06.2013 |
|
B |
Investor
complaints |
|
|
|
Pending at the beginning of the quarter |
-- |
|
|
Received during the quarter |
-- |
|
|
Disposed of during the quarter |
-- |
|
|
Remaining unresolved at the end of the quarter |
-- |
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particular |
Three months ended |
Six months ended |
|
|
|
30.06.2013 (Unaudited) |
31.03.2013
(Unaudited) |
30.06.2013 (Unaudited) |
|
Segment revenues
|
|
|
|
|
Electrical
Insulation |
656.791 |
638.336 |
1295.127 |
|
Electronic and
engineering materials |
118.026 |
122.968 |
240.994 |
|
|
774.817 |
761.304 |
1536.121 |
|
Less: Inter segment revenue |
-- |
-- |
-- |
|
Net Sales Income
from operations |
774.817 |
761.304 |
1536.121 |
|
|
|
|
|
|
Segment results :
Profit/ Loss |
|
|
|
|
Electrical
Insulation |
84.589 |
87.034 |
171.623 |
|
Electronic and
engineering materials |
11.090 |
14.399 |
25.489 |
|
Total |
95.679 |
101.433 |
197.112 |
|
Less: Interest |
0.054 |
1.272 |
1.326 |
|
Add: Other unallocable income net of unallocable
expenditure |
35.006 |
27.166 |
62.172 |
|
Profit before tax |
130.631 |
127.327 |
257.958 |
|
Capital Employed |
|
|
|
|
Electrical
Insulation |
874.390 |
824.918 |
874.390 |
|
Electronic and
engineering materials |
189.672 |
183.379 |
189.672 |
|
Others |
397.489 |
365.624 |
397.489 |
STATEMENT OF ASSETS
AND LIABILITIES
(Rs. In Millions)
|
SOURCES OF FUNDS |
30.06.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
79.277 |
|
(b) Reserves & Surplus |
1382.273 |
|
(c) Money
received against share warrants |
0.000 |
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
1461.550 |
|
|
|
|
(3)
Non-Current Liabilities |
|
|
(a) long-term borrowings |
0.000 |
|
(b) Deferred tax liabilities (Net) |
18.044 |
|
(c) Other long term
liabilities |
10.711 |
|
(d) long-term
provisions |
38.908 |
|
Total Non-current
Liabilities (3) |
67.663 |
|
|
|
|
(4)
Current Liabilities |
|
|
(a) Short
term borrowings |
0.000 |
|
(b) Trade
payables |
266.120 |
|
(c) Other
current liabilities |
79.326 |
|
(d) Short-term
provisions |
24.649 |
|
Total Current
Liabilities (4) |
370.095 |
|
|
|
|
TOTAL |
1899.308 |
|
|
|
|
II.
ASSETS |
|
|
(1)
Non-current assets |
|
|
(a) Fixed
Assets |
492.730 |
|
(b) Non-current Investments |
1.469 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
29.784 |
|
(e) Other
Non-current assets |
1.899 |
|
Total Non-Current
Assets |
525.882 |
|
|
|
|
(2)
Current assets |
|
|
(a)
Current investments |
303.342 |
|
(b)
Inventories |
486.254 |
|
(c) Trade
receivables |
442.110 |
|
(d) Cash
and cash equivalents |
89.441 |
|
(e)
Short-term loans and advances |
45.893 |
|
(f) Other
current assets |
6.386 |
|
Total
Current Assets |
1373.426 |
|
|
|
|
TOTAL |
1899.308 |
NOTE:
The unaudited financial results for the quarter ended June 30, 2013 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on July 23, 2013. The statutory auditors have carried out a limited review and expressed an unqualified Opinion.
The Company operates ii, two business segments, Electrical Insulations and
Electronic and Engineering Materials, as defined by Accounting Standard 17, 'Segment
Reporting' prescribed under the Companies (Accounting Standards) Rules, 2006.
Figures of the previous period have been reclassified to conform to the
presentation adopted in this statement.
FIXED ASSETS:
Tangible Assets
- Buildings and Roads
- Plant and Machinery
- Furniture and Fixtures
- Motor Vehicles
- Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or 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.61.98 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.