MIRA
INFORM REPORT
|
Report Date : |
20.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
ISGEC HEAVY
ENGINEERING LIMITED |
|
|
|
|
Registered
Office : |
Radaur Road Yamuna Nagar – 135001, Haryana |
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Country : |
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|
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Financials (as
on) : |
30.09.2012 |
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|
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|
Date of
Incorporation : |
23.01.1933 |
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|
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|
Com. Reg. No.: |
05-000097 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 73.695 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L23423HR1933PLC000097 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RTKS05672C |
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PAN No.: [Permanent Account No.] |
AAACT5540K |
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|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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|
Line of Business
: |
The subject is engaged
into two main business segments, namely: ·
Sugar which consists of manufacture and sale of
Sugar and ·
Engineering which comprises of production and
sales of heavy Engineering equipments, mechanical and hydraulic presses and
castings and construction and erection boilers, sugar plant and machinery and
related equipment. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track. Financial
position of the company appears to be 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.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
AA – [Fund Based Limits] |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
March 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
A1 + [Non Fund Based Limits] |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
March 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non – Cooperative (91-1732-307210)
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-1732-307210/217/307363/307611 |
|
Fax No.: |
91-1732-250991/250250/251495 |
|
E-Mail : |
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Website : |
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|
Location : |
Owned |
|
|
|
|
Corporate Office : |
A-4, Sector-24,
Noida – 201 301, |
|
Tel. No.: |
91-120-2411289/
2411290 |
|
Fax No.: |
91-120-2412250 |
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Factory : |
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Plant Location : |
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Branch Office : |
Chennai ‘ Tel No.:
91-44-28297957/28297351 Fax No.:
91-44-28297375 Email ID: isgec@vsnl.com Mumbai ‘ Tel No.:
91-22-22662374/22665154 Fax No.:
91-22-22661899 Email ID: isgecbom@vsnl.com Also Located at :
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|
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|
International Office : |
USA
|
DIRECTORS
As on: 30.09.2012
|
Name : |
Mr. C.R. Thompson |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vinod K. Nagpal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Tahir Hasan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vinod Kumar Sachdeva |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arun Kathpalia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Nina Puri |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Aditya Puri |
|
Designation : |
Managing Director |
|
|
|
KEY EXECUTIVES
|
Name : |
Mr. Ranjit Puri |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. S.K. Khorana |
|
Designation : |
Executive Director and Company Secretary |
|
|
|
|
Audit Committee: |
Mr. Vinod K. Nagpal – Chairman Mr. Arun Kathpalia Mr. Aditya Puri |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of Shareholders |
Number
of shares |
Percentage
of holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1131962 |
15.36 |
|
|
3435751 |
46.62 |
|
|
4567713 |
61.98 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
4567713 |
61.98 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
600 |
0.01 |
|
|
2420 |
0.03 |
|
|
1000 |
0.01 |
|
|
4020 |
0.05 |
|
|
|
|
|
|
667950 |
9.06 |
|
|
|
|
|
|
994283 |
13.49 |
|
|
1135574 |
15.41 |
|
|
2797807 |
37.96 |
|
Total Public shareholding (B) |
2801827 |
38.02 |
|
Total (A)+(B) |
7369540 |
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) |
7369540 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The subject is engaged
into two main business segments, namely: ·
Sugar which consists of manufacture and sale of
Sugar and ·
Engineering which comprises of production and
sales of heavy Engineering equipments, mechanical and hydraulic presses and
castings and construction and erection boilers, sugar plant and machinery and
related equipment. |
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|
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|
Products : |
|
PRODUCTION STATUS [AS ON 30.09.2011]
|
Particulars |
Unit |
Actual
Production |
|
Steel Structural,
Iron and Steel Pipes and Agricultural Implement |
MT |
2633 |
|
C. I. Castings |
MT |
2961 |
|
Mechanical
Presses |
Nos. |
180 |
|
Chlorine and Other Liquefied Gas
Containers |
Nos. |
4046 |
|
Hydraulic Presses |
Nos. |
11 |
|
Pressure Vessels,
Columns and heat Exchangers |
MT |
12744.80 |
|
Ingots |
MT |
472.345 |
|
Steel Casting |
MT |
4633.361 |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
·
State
Bank of ·
Corporation
Bank ·
State
Bank of ·
Punjab
National Bank ·
Standard
Chartered Bank ·
ICICI
Bank Limited ·
State
Bank of ·
State
Bank of ·
The
Hongkong and Shanghai Banking Corporation Limited ·
IndusInd
Bank ·
State
Bank of Travancore ·
Export
Import Bank of ·
The
Royal Bank of ·
ING
Vysya Bank Limited ·
State
Bank of |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.S.
Kothari Mehta and Company Chartered Accountant |
|
|
|
|
Subsidiaries |
v
Saraswati
Sugar Mills Limited v
ISGEC
Covema Limited v
ISGEC:
Exports Limited v
ISGEC
Engineering and Projects Limited |
|
|
|
|
Joint Venture
with 51 % share holding |
ISGEC Hitachi Zosen Limited |
|
|
|
|
Entities over
which Directors and their relatives can exercise significant influence |
v
Yamuna Syndicate
Limited v
Kamla Puri
Charitable Trust v
Kamla Puri
Charitable Foundation v Blue Water Enterprises |
CAPITAL STRUCTURE
AS ON 30.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8500000 |
Equity Shares |
Rs.10/- each |
Rs. 85.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7369540 |
Equity Shares |
Rs.10/- each |
Rs. 73.695
Millions |
|
|
|
|
|
NOTES:
(a) The rights,
preferences and restrictions attaching to each class of shares including
restrictions on the distribution of
dividends and the repayment of capital are as under:
The Company has only one class of equity shares having a par value of Rs.10/- per share. Each share holder is entitled to one vote per share. The dividend proposed by the board of directors is subject to the approval of the share holders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of the liquidation of the company, the holders of the equity shares will be entitled to receive the remaining assets of the company, after distribution of all the preferential amounts. The distribution will be in proportion to number of equity shares held by each of the equity share holders.
(b) Reconciliation of the number
of shares and amount outstanding at the beginning and at the end of the reporting year :
|
Particulars |
Number of Shares |
Amount |
|
Equity shares outstanding at the beginning of the year |
7369540 |
73.695 |
|
Add: Issued during the year |
- |
- |
|
Less: Shares bought back |
- |
- |
|
Equity shares outstanding at the close of the year |
7369540 |
73.695 |
I Detail of Shares held by each shareholder holding more than 5% Shares:
|
Class of shares/Name of the shareholders: |
Number of Shares |
% holding in
that class of shares |
|
Equity shares with voting rights |
|
|
|
Yamuna Syndicate Limited |
3277161 |
44.47 |
|
Ranjit Puri (individually and/ or jointly with others) |
659201 |
8.94 |
|
Aditya Puri (individually and/ or jointly with others) |
456808 |
6.20 |
|
Ranjan Tandon (individually and/ or jointly with others) |
438900 |
5.96 |
(d) 40 Equity shares of Rs. 10/- each are yet to be allotted by way of
Bonus Shares on receipt of fractional certificates,
value of which has been shown under capital reserve.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
30.09.2012 |
30.09.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders’ Funds |
|
|
|
|
(a) Share Capital |
|
73.695 |
73.695 |
|
(b) Reserves & Surplus |
|
5369.275 |
4742.593 |
|
I Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
5442.970 |
4816.288 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1289.862 |
1025.546 |
|
(b) Deferred tax liabilities (Net) |
|
122.602 |
67.655 |
|
I Other long term liabilities |
|
952.619 |
1071.204 |
|
(d) long-term provisions |
|
963.002 |
765.328 |
|
Total Non-current Liabilities (3) |
|
3328.085 |
2929.733 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
635.516 |
511.143 |
|
(b) Trade payables |
|
5582.825 |
5033.115 |
|
I Other current
liabilities |
|
5222.055 |
6064.314 |
|
(d) Short-term provisions |
|
790.477 |
896.482 |
|
Total Current Liabilities (4) |
|
12230.873 |
12505.054 |
|
|
|
|
|
|
TOTAL |
|
21001.928 |
20251.075 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
3343.894 |
2625.834 |
|
(ii) Intangible Assets |
|
355.264 |
388.833 |
|
(iii) Capital
work-in-progress |
|
459.397 |
446.872 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1233.080 |
723.080 |
|
I Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
146.437 |
57.519 |
|
I Other Non-current assets |
|
0.319 |
12.834 |
|
Total Non-Current Assets |
|
5538.391 |
4254.972 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
1480.753 |
1883.015 |
|
(b) Inventories |
|
4448.501 |
4530.009 |
|
I Trade receivables |
|
6907.614 |
6313.081 |
|
(d) Cash and cash
equivalents |
|
776.765 |
1474.780 |
|
I Short-term loans and
advances |
|
1845.448 |
1771.964 |
|
(f) Other current assets |
|
4.456 |
23.254 |
|
Total Current Assets |
|
15463.537 |
15996.103 |
|
|
|
|
|
|
TOTAL |
|
21001.928 |
20251.075 |
|
SOURCES OF FUNDS |
|
|
30.09.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
73.695 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
4077.024 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
4150.719 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1040.377 |
|
|
2] Unsecured Loans |
|
|
753.752 |
|
|
TOTAL BORROWING |
|
|
1794.129 |
|
|
DEFERRED TAX LIABILITIES |
|
|
64.614 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
6009.462 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2886.165 |
|
|
Capital work-in-progress |
|
|
135.847 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
2207.946 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
OTHER NON CURRENT ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
3667.451
|
|
|
Sundry Debtors |
|
|
5287.085
|
|
|
Cash & Bank Balances |
|
|
405.941
|
|
|
Other Current Assets |
|
|
1.885
|
|
|
Loans & Advances |
|
|
1407.030
|
|
Total
Current Assets |
|
|
10769.392 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
3928.251
|
|
|
Other Current Liabilities |
|
|
4899.766
|
|
|
Provisions |
|
|
1161.871
|
|
Total
Current Liabilities |
|
|
9989.888 |
|
|
Net Current Assets |
|
|
779.504 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
6009.462 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
30.09.2012 |
30.09.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operation |
|
26635.742 |
23591.930 |
|
|
|
Other Income |
|
367.884 |
235.477 |
|
|
|
TOTAL (A) |
|
27003.626 |
23827.407 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
|
5558.572 |
5697.857 |
|
|
|
Purchase of goods for resale |
|
9929.971 |
9547.788 |
|
|
|
Employee Benefits Expenses |
|
1797.276 |
1631.918 |
|
|
|
Erection & Civil Cost |
|
2216.963 |
1591.907 |
|
|
|
Other Expenses |
|
6106.929 |
4379.135 |
|
|
|
Changes in Inventories of Finished Goods, Work – in – Progress and Stock – in – trade |
|
(319.433) |
(658.508) |
|
|
|
TOTAL (B) |
|
25290.278 |
22190.097 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I |
|
1713.348 |
1637.310 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
254.995 |
178.254 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) I |
|
1458.353 |
1459.056 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
451.307 |
380.937 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
1007.046 |
1078.119 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
306.670 |
326.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
700.376 |
751.219 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
3285.364 |
2694.917 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
70.040 |
75.122 |
|
|
|
Dividend @ Rs. 10/- per Equity Share of
Rs. 10/-each |
|
73.695 |
0.000 |
|
|
|
Proposed Dividend |
|
0.000 |
73.695 |
|
|
|
Corporate
Dividend Tax |
|
0.000 |
11.955 |
|
|
BALANCE CARRIED
TO THE B/S |
|
3842.005 |
3285.364 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
10592.454 |
7410.553 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
1218.790 |
1592.733 |
|
|
|
Spare Parts |
|
194.996 |
282.910 |
|
|
|
Goods for Resale |
|
0.000 |
435.847 |
|
|
|
Capital Goods |
|
558.899 |
331.701 |
|
|
TOTAL IMPORTS |
|
1972.685 |
2643.191 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
95.04 |
101.94 |
|
|
|
PARTICULARS |
|
|
30.09.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
17480.796 |
|
|
|
Other Income |
|
|
514.962 |
|
|
|
Profit from Farm Operations |
|
|
0.542 |
|
|
|
TOTAL (A) |
|
|
17996.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods purchased for resale |
|
|
8232.299 |
|
|
|
Purchase of trading goods |
|
|
|
|
|
|
Erection & Civil Cost |
|
|
1187.469 |
|
|
|
Manufacturing expenses |
|
|
5025.298 |
|
|
|
Employee cost |
|
|
1336.506 |
|
|
|
Administration & Selling expenses |
|
|
984.160 |
|
|
|
Increase/(Decrease) in stock of Finished
goods and Work-in-progress |
|
|
[513.641] |
|
|
|
TOTAL (B) |
|
|
16252.091 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I |
|
|
1744.209 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
283.621 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) I |
|
|
1460.588 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
307.362 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
1153.226 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
332.899 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
820.327 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
2031.542 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
|
82.033 |
|
|
|
Proposed Dividend |
|
|
7.370 |
|
|
|
Interim Dividend |
|
|
66.325 |
|
|
|
Corporate
Dividend Tax |
|
|
1.224 |
|
|
BALANCE CARRIED
TO THE B/S |
|
|
2694.917 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
2889.311 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
1175.220 |
|
|
|
Spare Parts |
|
|
280.364 |
|
|
|
Goods for Resale |
|
|
138.624 |
|
|
|
Capital Goods |
|
|
102.276 |
|
|
TOTAL IMPORTS |
|
|
1696.484 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
111.31 |
|
QUARTERLY RESULTS
|
Particulars |
|
31.12.2012 |
31.03.2013 |
|
Type |
|
1st Quarter |
2nd Quarter |
|
Net Sales |
|
5910.700 |
6301.800 |
|
Total Expenditure |
|
5607.000 |
6001.500 |
|
PBIDT (Excl OI) |
|
303.700 |
300.300 |
|
Other Income |
|
45.900 |
69.900 |
|
Operating Profit |
|
349.600 |
370.200 |
|
Interest |
|
45.700 |
59.200 |
|
PBDT |
|
303.900 |
311.000 |
|
Depreciation |
|
122.600 |
136.700 |
|
Profit Before Tax |
|
181.300 |
174.300 |
|
Tax |
|
58.900 |
56.400 |
|
Profit After Tax |
|
122.400 |
117.900 |
|
Net Profit |
|
122.400 |
117.900 |
KEY RATIOS
|
PARTICULARS |
|
30.09.2012 |
30.09.2011 |
30.09.2010 |
|
PAT / Total
Income |
(%) |
2.59
|
3.15 |
4.56 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.78
|
4.53 |
6.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.65
|
6.27 |
8.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.22 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.35
|
0.32 |
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.05
|
1.02 |
1.08 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter’s background |
No |
|
8] |
No. of employees |
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 |
---------------------- |
|
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 |
No |
|
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 |
UNSECURED LOAN
(Rs in Millions)
|
Particular |
As
on 30.09.2012 |
As
on 30.09.2011 |
|
Long Term
Borrowings |
|
|
|
Deposits – (Refer Note 5.2 below) |
|
|
|
Public |
95.736 |
434.495 |
|
Shareholders |
18.450 |
0.000 |
|
Directors |
0.066 |
2.823 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Public Deposits |
|
|
|
Public |
2.070 |
0.000 |
|
Shareholders |
0.000 |
0.000 |
|
Related Parties |
0.000 |
0.000 |
|
Packing Credit Foreign Currency Loan from Banks |
105.381 |
146.880 |
|
Total |
221.703 |
584.198 |
Note: 5.2
|
Deposits |
Loan outstanding as on 30.09.2012 |
Current maturity |
Short term |
Long term |
Period of Deposit : Rate of Interest (p.a.) |
Term of repayment |
Security |
|
Public |
381.618 (689.320) |
283.812 (254.825) |
2.070 (-) |
95.736 (434.495) |
|
|
|
|
Shareholder |
81.964 |
63.514 |
- |
18.450 |
6 Months 6.00% |
Repayment on due |
Unsecured |
|
|
|
|
|
|
1 Year 6.00% |
maturity date |
|
|
Director |
2.936 |
2.870 |
- |
0.066 |
2 Year 7.00% |
|
|
|
|
(2.902) |
(0.079) |
(-) |
(2.823) |
3 Year 9.00% |
|
|
|
Total |
466.518 (692.222) |
350.196 (254.904) |
2.070 (-) |
114.252 (437.318) |
|
|
|
OPERATIONS:
The Company increased its revenues yet again. The revenue was Rs. 27000.000 Millions against Rs. 23820.000 Millions in the preceding year.
As they are aware the market conditions are not good due to sluggishness of the Indian and Global economy.
Projects are held up due to issues relating to land, environment and finance. There were fewer potential orders, which were chased by many competitors. This led to pressures on margins. Efforts continued to cut costs and improve productivity and efficiency.
In spite of bad conditions, the overall order book position of the Company was not unsatisfactory. However, there are certain sections where there is significant capacity available.
Intensive efforts continued for the development of the export market and this has resulted in record export orders and revenues, this year. The export revenues were 46% of the total revenues.
During the year, besides their traditional territories, we made an aggressive entry in the Latin American market.
The Company booked its first domestic order for Pulverised Coal Fired (Utility) Boiler based upon Foster Wheeler technology. This is a major breakthrough.
They also secured their first order for a Biomass Pin Hole Grate Boiler.
The Company secured a repeat order from the Aditya Birla Group for a 33 MW Power Plant
The Company completed the installation and commissioning of 27 Boilers during the year including 11 outside India. During the year they also commissioned India’s largest Travelling Grate Boiler.
To cater to the increased requirement of pressure parts for Boilers, capacity expansion was undertaken during the year. Most of the equipments have been installed and commissioned.
In the Sugar Machinery business,the Company booked orders for six complete Sugar Plants with Cogeneration including order for one sugar plant from Africa. The market share in the domestic market improved during the year. However, there were less orders in the market due to uncertainty in the Policies of State and the Central Governments with regard to sugar.
They successfully installed and commissioned Phase-I of Boiler and Sugar Process House Equipments (12000 Tonnes Cane crush power day capacity) of 24000 Tonnes cane crush per day capacity sugar plant for their customer in Sudan. Phase-II is expected to be commissioned in early 2013.
The Automobile Sector had a cautious approach towards investment during the year. Therefore, there were few orders for Presses in the domestic market. The Company could, however, book significant orders from the export market including orders for the technologically advanced Transfer Presses for Lear, China, a group company of Lear, USA (1200 Tonnes) and Delga, Brazil (2500 Tonnes), which helped to maintain the order booking for Presses.
The Process Plant Equipment Division had lower order booking due to very few investments in the Oil & Gas and Fertilizer Sectors. Export market including West Asia was also bad. In order to increase scope of the business of this Division, Technology Agreements have been signed for Feed Water Heaters, Surface Condensers and Breech Lock Exchangers. They expect to book good orders in the current year for these products.
The order booking in the Container sub-division of the Process Plant Equipment Division continued to be good. The first order for 380 Containers for Europe is under execution. The Company would be manufacturing Containers of European specification for the first time in India.
The downtrend in Power Sector affected the customers of Steel Castings Unit in the Steam Turbine Sector. The market for Hydro Turbine was, however, good. The Steel Casting Unit increased its efforts to book orders from other Sectors namely Pumps and Valves and had a few successes.
JOINT VENTURE
COMPANY, ISGEC HITACHI ZOSEN LIMITED:
During the year the Company formed a Joint Venture namely Isgec Hitachi Zosen Limited along with Hitachi
Zosen Corporation, Japan. It involved investment of Rs. 510.000 Millions representing 51% of the equity of the Joint Venture Company. Hitachi Zosen Corporation, Japan contributed balance 49% of the equity.
The Joint Venture Company will benefit from the state-of-the-art technical and engineering skills of Hitachi Zosen and the manufacturing expertise of Isgec. The Joint Venture Company will cater to the pecialized and critical Process Equipment requirements of refineries, fertilizer and Petrochemical Industries, across the world.
The Joint Venture Company got a breakthrough when it booked its first order, which was an EO Reactor from Reliance Industries.
MANAGEMENT DISCUSSION
AND ANALYSIS
61. Management Discussion and Analysis, as required under Clause 49 of the Listing Agreement, giving further
Analysis, Review, Outlook and Threats is given below:-
As communicated in the previous pages, the global and domestic markets remain very uncertain. In addition, fluctuation of the Indian Rupee also lends an uncertainty in business operations. Though they do expect a reasonable order booking in most areas of their businesses, certain sections are likely to be under-loaded.
With a view to broadening their portfolio and keep their manpower and shops fully occupied, we have ventured into new products, example, Feed Water Heaters, Surface Condensers, Breech Lock Heat Exchangers and
Electrostatic Precipitators, Castings for Pumps and Valves. With an expanded basket of offerings, we do hope to achieve a better order booking than the previous year.
The association with Hitachi Zosen has enabled the Company to book orders which would not have been booked otherwise. The improvement in working methods and productivity which Hitachi Zosen are able to bring about, will certainly make us more competitive.
We continue to scout for new technologies and products which would be complimentary to their existing line of businesses and which would also broadly use the skill set the Company possesses.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10349516 |
03/01/2013 * |
989,000,000.00 |
HSBC BANK (MAURITIUS) LIMITED |
6TH FLOOR, 18, CYBERCITY,
EBENE, - 000000, MAURI |
B66909698 |
|
2 |
10246065 |
22/05/2012 * |
250,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR, STATESMAN HOUSE,
148, BARAKHAMBA ROAD, |
B42631622 |
|
3 |
10229371 |
29/06/2011 * |
576,000,000.00 |
STANDARD CHARTERED BANK (ACTING AS AN
SECURITY AGE |
CREDIT RISK CONTROL, NARAIN MANZIL, 23
BARAKHAMBA |
B15411275 |
|
4 |
10221536 |
25/06/2012 * |
800,000,000.00 |
STANDARD CHARTERED BANK |
CREDIT DOCUMENTATION UNIT, NARAIN MANZIL,
23 BARA |
B42736447 |
|
5 |
10161931 |
10/08/2009 * |
250,000,000.00 |
STANDARD CHARTERED BANK(ACTING AS AN AGENT
AND SEC |
CREDIT RISK CONTROL, NARAIN MANZIL, 23
BARAKHAMBA |
A67778506 |
|
6 |
10121002 |
21/08/2013 * |
28,000,000,000.00 |
STATE BANK OF PATIALA (LEAD BANK) |
COMMERCIAL BRANCH,, CHANDRALOK BUILDING,
36, JANP |
B85582294 |
|
7 |
10063950 |
10/08/2009 * |
451,000,000.00 |
STANDARD CHARTERED BANK(ACTING AS AN AGENT
AND SEC |
CREDIT RISK CONTROL, NARAIN MANZIL, 23
BARAKHAMBA |
A67771212 |
* Date of charge modification
CONTINGENT
LIABILITIES
(Rs in Millions)
|
Particulars |
As on 30.09.2012 |
As on 30.09.2011 |
|
|
|
|
|
I Contingent Liabilities: |
|
|
|
a) Claims against the Company not acknowledged as debts |
65.059 |
92.833 |
|
(including sales tax under dispute) |
|
|
|
b) Guarantees furnished by the bankers on behalf of the Company and counter |
10493.234 |
12559.879 |
|
Indemnity furnished by the Company to bankers for the same amount.* |
|
|
|
*Includes Performance Bank Guarantees given on behalf of subsidiary |
2.150 |
13.225 |
|
company Isgec Covema Limited |
|
|
|
c) Bonds executed in favour of President of India against Export Promotion |
663.260 |
196.850 |
|
Capital Goods licence |
|
|
|
II Letters of Credit outstanding |
408.037 |
1033.295 |
|
III Estimated amount of contracts remaining to be executed on Capital Account |
117.183 |
214.293 |
|
and not provided for (net of advances) |
|
|
STATEMENT OF STANDALONE AUDITED RESULTS
FOR THE QUARTER AND Year ENDED 30.09.2013
(Rs. In Millions)
|
Sr. No. |
Particular |
3
MONTHS ENDED |
PRECEDING
3 MONTHS ENDED |
YEAR TO
CURRENT PERIOD ENDED |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
|
Audited |
Unaudited |
Audited |
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
6990.300 |
5442.200 |
24214.900 |
|
|
Other Operating
Income |
306.400 |
174.900 |
911.400 |
|
|
Total Income From Operations (Net) |
7296.700 |
5617.100 |
25126.300 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
1132.600 |
930.900 |
3884.000 |
|
|
Purchase
of stock in trade |
2808.700 |
2183.700 |
9302.300 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
105.700 |
367.600 |
1266.400 |
|
|
Employee
benefits expenses |
534.400 |
458.000 |
1919.200 |
|
|
Depreciation
and amortization expenses |
142.600 |
139.700 |
541.600 |
|
|
Erection
and commissioning expenses |
555.500 |
318.500 |
2061.600 |
|
|
Other
expenses |
1649.700 |
1084.100 |
5304.400 |
|
|
Total Expenses |
6929.200 |
5482.500 |
24279.500 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
367.500 |
134.600 |
846.800 |
|
|
|
|
|
|
|
4. |
Other
Income |
165.900 |
144.400 |
426.100 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
533.400 |
279.000 |
1272.900 |
|
|
|
|
|
|
|
6. |
Interest |
60.200 |
59.900 |
225.000 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
473.200 |
219.100 |
1047.900 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
---- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
473.200 |
219.100 |
1047.900 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
133.700 |
74.700 |
323.700 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
339.500 |
144.400 |
724.200 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
339.500 |
144.400 |
724.200 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
73.700 |
73.700 |
73.700 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
|
|
|
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
46.07 |
19.59 |
98.27 |
|
|
b)
Basic and diluted EPS after extraordinary items |
46.07 |
19.59 |
98.27 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
2801827 |
2814580 |
2801827 |
|
|
-
Percentage of Shareholding |
38.02 |
38.19 |
38.02 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and promoter
group) |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
4567713 |
4554960 |
4567713 |
|
|
-
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) |
61.98 |
61.81 |
61.98 |
|
Particulars |
Three months ended 30.09.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the
quarter |
Nil |
SEGMENT REPORTING
(Rs. In Millions)
|
PARTICULARS |
30.09.2013 AUDITED |
|
Segment
Revenue |
|
|
Sugar |
4470.100 |
|
Engineering |
25015.200 |
|
Total |
29485.300 |
|
Less: Inter Segment |
(142.400) |
|
Net
Sales/ Income from operations |
29342.900 |
|
|
|
|
Segment
Results |
|
|
Profit / (Loss) before tax and interest
from each segment |
|
|
Sugar |
484.400 |
|
Engineering |
992.000 |
|
Total |
1476.400 |
|
Less: Interest |
(247.700) |
|
Total
Profit before Tax |
1228.700 |
|
|
|
|
Capital Employed |
|
|
Sugar |
1170.000 |
|
Engineering |
5994.000 |
STANDALONE STATEMENT OF ASSETS AND
LIABILITIES ARE AS UNDER
Rs. in Millions
|
PARTICULARS |
30.09.2013 AUDITED |
|
Equity and liabilities |
|
|
Shareholders' fund |
|
|
Share capital |
73.700 |
|
Reserve & surplus |
6019.800 |
|
Sub-total
- Shareholders' funds |
6093.500 |
|
Non - current liabilities |
|
|
Long term borrowings |
903.800 |
|
Deferred tax liability (net) |
187.000 |
|
Other long term liabilities |
1035.500 |
|
Long term provisions |
1268.800 |
|
Sub-total
– Non-current liabilities |
3395.100 |
|
Current liabilities |
|
|
Short term borrowings |
1860.500 |
|
Trade payables |
6317.400 |
|
Other current liabilities |
5728.500 |
|
Short term provisions |
586.600 |
|
Sub-total
– Current liabilities |
14493.000 |
|
|
|
|
Total –
Equity & Liabilities |
23981.600 |
|
|
|
|
Assets |
|
|
Non-current assets |
|
|
Fixed assets |
4363.200 |
|
Capital work in progress |
0.000 |
|
Non-current investment |
1265.600 |
|
Long term loans & advances |
123.800 |
|
Other non-current assets |
200.300 |
|
Sub-total
– Non-current Assets |
5952.900 |
|
Current
assets |
|
|
Current investment |
2071.400 |
|
Inventories |
3331.200 |
|
Trade receivables |
7615.000 |
|
Cash & bank balances |
3332.900 |
|
Short term loans & advances |
1610.500 |
|
Other current assets |
67.700 |
|
Sub-total
- Current Assets |
18028.700 |
|
|
|
|
Total –
Assets |
23981.600 |
NOTES:
The above results for the year ended September 30, 2013 were reviewed by the Auditors and Audit Committee and approved by the Board of Directors in its meeting held on November 23, 2013.
The figures of last quarter are the balancing figures between audited figures
in respect of the full financial year and the published year to date figures
upto the third quarter of the current financial year.
The Board of Directors recommends the payment of dividend of Rs 10 /- each per
Equity Share of Rs 10 /- each, out of the profits of the Company, for the year
ended September 30, 2013, subject to approval of Shareholders in the Annual
General Meeting of the Company.
Figures have been regrouped/rearranged where ever necessary.
Fixed assets
· Land (Free and Lese)
· Building and Road
· Plant and Machinery
· Furniture and Fixture
· Vehicles
· Technical Know-how
· Office Equipment
· Live Stock
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 records 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.61.35 |
|
|
1 |
Rs.100.21 |
|
Euro |
1 |
Rs.83.52 |
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 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
65 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.