MIRA INFORM REPORT
|
Report Date : |
05.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
USHER AGRO LIMITED |
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Registered
Office : |
422,Laxmi Plaza ,Laxmi Industrial Estate, New Link Road Andheri
(West), Mumbai – 400053, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
30.06.2013 |
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Date of
Incorporation : |
26.06.1996 |
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Com. Reg. No.: |
11-100380 |
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Capital
Investment / Paid-up Capital : |
Rs.380.590 Millions |
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CIN No.: [Company Identification
No.] |
L01100MH1996PLC100380 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMU02026D |
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PAN No.: [Permanent Account No.] |
AAACU1095N |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
Stock Exchanges. |
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Line of Business
: |
Manufacturer and Exporter of Rice and Wheat. |
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No. of Employees
: |
700 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and
healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. Site Visit Note: Our executive has visited on the address which you have provided. In
the company we has a word with Ms. Prachi (Receptionist). She provided
company’s contact details (91-22-39381100). During the visit our executive has observed that there is 10 peoples
were working in the premises. It was 7 storey building, subject company on 4th floor and
area of the premises is around 2000 sq. ft. locality were seems to be
commercial. In office equipment’s our executive sighted telephone, computer,
air conditioner and xerox machine. Office was well furnished. Further name board of the subject company was also sighted. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G Srinivas,
a board member put in his papers. He is the third CEO-hopeful to quit after
Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum number
of shadow businesses, says a study of 68 countries by Imperial College Business
School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
09.01.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk |
|
Date |
09.01.2014 |
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
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Hemant Chaturvedi |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-39381100 |
|
Date : |
04.07.2014 |
LOCATIONS
|
Registered Office / Corporate Office : |
422,Laxmi Plaza ,Laxmi Industrial Estate, New Link Road
Andheri(West), Mumbai – 400053, Maharashtra, India |
|
Tel. No.: |
91-22-39381100 |
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Fax No.: |
91-22-39381123 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. ft. |
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Location : |
Owned |
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Marketing Office : |
405, Pearls Best Heights-II, Netaji Subhas Place, New Delhi- 110034,
India |
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E-Mail : |
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Plant 1 : |
158, Gohari, Delhi- Agra Highway, Chhata, District
Mathura – 281001, Uttar Pradesh, India |
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Plant 2 : |
632-634, Duatana, Delhi Agra Highway, Chhata, District Mathura –
281001, Uttar Pradesh, India |
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Plant 3 : |
239, Maholi, Krishna Nagar, Off Delhi- Agra Highway, Mathura, District
Mathura- 281 004, Uttar Pradesh, India |
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Plant 4 : |
Plot No. 1898, Chaubeji ki Chhavani. Jalilpur Thana, Rajpur, District
Buxar, Bihar, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Dr. Vinod Kumar Chaturvedi |
|
Designation : |
Managing Director |
|
Address : |
B-5/202, Mangal Nagar, Yari Road, Andheri West, Mumbai-40006, Maharashtra, India |
|
Date of Birth : |
01.08.1965 |
|
Date of Appointment
: |
30.12.2000 |
|
|
|
|
Name : |
Mr. Manoj Pathak |
|
Designation : |
Whole Time Director |
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Qualification : |
Graduate in Commerce and law |
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|
Name : |
Mr. Vijay Ranchan |
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Designation : |
Non-Executive Independent Director |
|
Address : |
Plot No. 131, Sector 8, Gandhinagar-382000, Gujarat, India |
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Date of Birth : |
01.10.1942 |
|
Date of Appointment
: |
30.12.2004 |
|
Qualification : |
Master degree in Arts |
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|
|
|
Name : |
Mr. Ajay Prakash Arora |
|
Designation : |
Non-Executive Independent Director |
|
Address : |
305, Wing 3-B, Dheeraj Enclave, Borivali (East), Mumbai – 400066, Maharashtra, India |
|
Date of Birth : |
08.05.1941 |
|
Date of Appointment
: |
29.12.2006 |
|
Qualification : |
Master Degree in Commerce and is a Certified Associate of Indian Institute
of Bankers (CAIIB). |
|
|
|
|
Name : |
Mr. Prakash Arora |
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Designation : |
Non-Executive Independent Director |
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Qualification : |
Graduate in Animal Science |
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|
Name : |
Mr. Prem Chand Tiwari |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mrs. Baljinder Kaur Mandal |
|
Designation : |
Nominee Director IDBI Bank (Appointed 29.06.2013) |
KEY EXECUTIVES
|
Name : |
Mrs. Sarika S. Singh |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
Mr. Hemant Chaturvedi |
|
Designation : |
Finance Department |
SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
8308630 |
21.83 |
|
|
3964752 |
10.42 |
|
|
3964752 |
10.42 |
|
|
12273382 |
32.25 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
12273382 |
32.25 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1994058 |
5.24 |
|
|
2844767 |
7.47 |
|
|
4838825 |
12.71 |
|
|
|
|
|
|
12019301 |
31.58 |
|
|
|
|
|
|
2527844 |
6.64 |
|
|
3957779 |
10.40 |
|
|
2441908 |
6.42 |
|
|
2233555 |
5.87 |
|
|
206164 |
0.54 |
|
|
2189 |
0.01 |
|
|
20946832 |
55.04 |
|
Total Public shareholding (B) |
25785657 |
67.75 |
|
Total (A)+(B) |
38059039 |
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) |
38059039 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of
Shares held |
Encumbered
shares (*) |
|||
|
|
|
No. of Shares
held |
As a % of grand
total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
|
1 |
V K Chaturvedi |
46,92,470 |
12.33 |
739630 |
15.76 |
1.94 |
|
2 |
Manoj Pathak |
32,84,060 |
8.63 |
0 |
0.00 |
0.00 |
|
3 |
Narayani Nivesh Nigam Private Limited |
20,19,752 |
5.31 |
450000 |
22.28 |
1.18 |
|
4 |
Usher Capital Limited |
15,00,000 |
3.94 |
0 |
0.00 |
0.00 |
|
5 |
Samata Vinodkumar Chaturvedi |
3,32,100 |
0.87 |
0 |
0.00 |
0.00 |
|
6 |
Vedika Finance Private Limited |
4,45,000 |
1.17 |
0 |
0.00 |
0.00 |
|
|
Total |
1,22,73,382 |
32.25 |
1189630 |
9.69 |
3.13 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares
held |
Shares as % of
Total No. of Shares |
|
|
|
|
|
|
1 |
Abhi Ambi Financial Services Limited |
4951893 |
13.01 |
|
2 |
Elara India Opportunities Fund Limited |
2590312 |
6.81 |
|
3 |
Parin Trading Private Limited |
2100000 |
5.52 |
|
4 |
Axis Bank Limited |
1875000 |
4.93 |
|
5 |
Hemchand C Gandhi |
1318103 |
3.46 |
|
6 |
Manish Hemchand Gandhi |
756685 |
1.99 |
|
7 |
Balraj Krishan Gupta |
951844 |
2.50 |
|
8 |
Emami Biotech Limited |
514000 |
1.35 |
|
9 |
Nirmal Narendra Kotecha |
502754 |
1.32 |
|
10 |
Angel Fincap Private Limited |
420802 |
1.11 |
|
|
Total |
15981393 |
41.99 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
Sl. No. |
Name(s) of the shareholder(s)
and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
|
|
|
|
|
|
1 |
Abhi Ambi Financial Services Limited |
4951893 |
13.01 |
|
2 |
Elara India Opportunities Fund Limited |
2590312 |
6.81 |
|
3 |
Parin Trading Private Limited |
2100000 |
5.52 |
|
|
Total |
9642205 |
25.33 |
Details of Locked-in
Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares
as % of |
|
1 |
Narayani Nivesh Nigam Private Limited |
2,50,000 |
0.66 |
|
2 |
Usher Capitals Limited |
2,50,000 |
0.66 |
|
|
Total |
5,00,000 |
1.31 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Rice and Wheat. |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
|
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Products : |
Machinery |
|
Countries : |
|
|
|
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Terms : |
|
|
Selling : |
Cash / Advance Payment / L/C |
|
|
|
|
Purchasing : |
Cash / Advance Payment / L/C |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
700 (Approximately) |
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Bankers : |
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Facilities : |
Long Term Borrowings
Short Term Borrowings Cash credit /working capital credit facilities are secured by way of first pari passu charge over the entire current assets and second paripassu charge over the entire Immovable and moveable assets of the company, both present and future created in favour of respective banks/trustees along with personal guarantees of the Directors of the company namely Dr. Vinod K. Chaturvedi and Mr. Manoj Pathak. |
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Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors |
Parekh Shah and Lodha Chartered Accountants |
|
Address : |
3111-EEE, BKC Center, Laxmi Industrial Eastae, New Link
Road, Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Tel. No.: |
91-22-30706021-40 |
|
Fax No.: |
91-22-30706033 |
|
E-Mail : |
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Internal
Auditors: |
Dinesh Bangar and Company Chartered Accountants |
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|
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Cost
Auditor : |
NKJ and Associates Chartered Accountants |
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|
Where control exists
irrespective of whether transactions have occurred or not : |
|
|
|
|
|
Enterprises owned
or significantly influenced by key management personnel or their relatives : |
|
CAPITAL STRUCTURE
As on 30.06.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs. 10/- each |
Rs.400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38059039 |
Equity Shares |
Rs. 10/- each |
Rs.380.590 Millions |
a.
A
reconciliation of the number of shares outstanding at the beginning and at the
end of the accounting year, is set out below:
|
Equity Shares |
Number
of Shares |
|
Shares outstanding at the beginning of the year |
38059039 |
|
Add : Shares issued during the year |
-- |
|
Shares outstanding at the end of the year |
38059039 |
b. The Company has only one class of equity shares having a par value of Rs.10. The equity shares have rights, preferences and restrictions which are in accordance with the provisions of law, in particular the Companies Act, 1956.
c. There are nil number of shares ( P.Y. Nil) in respect of each class in the company held by its holding company or its ultimate holding company including shares held by or by subsidiary or associates of the holding company or the ultimate holding company in aggregate
d. Shares
in the company held by each shareholders holding more than 5% shares, as on
30.06.2013:
|
Name of Shareholder |
Number
of Shares |
% holding |
|
Mr. Vinod Chaturvedi |
4716470 |
12.39% |
|
Mr. Manoj Pathak |
3284060 |
8.63% |
|
Narayani Nivesh Nigam Private Limited |
2054752 |
5.40% |
|
Hi Tech Housing Projects Private Limited |
4951893 |
13.01% |
|
AIWO Limited |
- |
- |
|
Elara India Opportunities Fund Limited |
259312 |
6.81% |
|
Parin Trading Private Limited |
210000 |
5.52% |
e. There are nil number of shares (Previous year Nil) reserved for issue under option and contracts /commitment for the sale of shares/disinvestment including the terms and amounts.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
380.590 |
380.590 |
380.590 |
|
(b) Reserves & Surplus |
2788.707 |
2335.099 |
1978.122 |
|
(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) |
3169.297 |
2715.689 |
2358.712 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1837.646 |
1136.835 |
749.723 |
|
(b) Deferred tax liabilities (Net) |
113.437 |
97.986 |
87.214 |
|
(c) Other long term
liabilities |
0.144 |
0.150 |
0.150 |
|
(d) long-term
provisions |
0.000 |
0.000 |
1.742 |
|
Total Non-current Liabilities
(3) |
1951.227 |
1234.971 |
838.829 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
4252.242 |
3360.728 |
2275.591 |
|
(b) Trade
payables |
494.760 |
331.082 |
195.375 |
|
(c) Other
current liabilities |
321.999 |
381.541 |
316.064 |
|
(d) Short-term
provisions |
172.900 |
162.321 |
114.492 |
|
Total Current
Liabilities (4) |
5241.901 |
4235.672 |
2901.522 |
|
|
|
|
|
|
TOTAL |
10362.425 |
8186.332 |
6099.063 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1382.702 |
1522.904 |
1537.287 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
1406.702 |
439.400 |
186.892 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
172.536 |
170.265 |
179.402 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
118.059 |
8.866 |
27.079 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3079.999 |
2141.435 |
1930.660 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
4092.080 |
3170.877 |
2266.406 |
|
(c) Trade
receivables |
2398.468 |
2080.618 |
1307.566 |
|
(d) Cash
and cash equivalents |
325.387 |
533.988 |
496.038 |
|
(e) Short-term
loans and advances |
152.745 |
106.760 |
4.439 |
|
(f) Other
current assets |
313.746 |
152.654 |
93.954 |
|
Total
Current Assets |
7282.426 |
6044.897 |
4168.403 |
|
|
|
|
|
|
TOTAL |
10362.425 |
8186.332 |
6099.063 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9493.389 |
8116.973 |
5607.457 |
|
|
|
Other Income |
22.315 |
19.602 |
17.993 |
|
|
|
TOTAL (A) |
9515.704 |
8136.575 |
5625.450 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
7905.211 |
6871.259 |
4941.071 |
|
|
|
Changes in Inventories (Increase) / Decrease of Finished
Goods |
(180.310) |
(185.245) |
(333.102) |
|
|
|
Employee Benefits Expense |
102.262 |
85.717 |
74.097 |
|
|
|
Other Expenses |
381.470 |
275.621 |
179.397 |
|
|
|
TOTAL (B) |
8208.633 |
7047.352 |
4861.463 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1307.071 |
1089.223 |
763.987 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
504.574 |
390.464 |
218.402 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
802.497 |
698.759 |
545.585 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
150.179 |
146.496 |
87.009 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
652.318 |
552.263 |
458.576 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
198.710 |
128.934 |
104.331 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
453.608 |
423.329 |
354.245 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
965.278 |
718.301 |
470.847 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
0.000 |
57.089 |
57.089 |
|
|
|
Corporate Dividend Tax |
0.000 |
9.263 |
9.702 |
|
|
|
Transferred to General Reserve |
60.000 |
60.000 |
40.000 |
|
|
|
Debt Redemption Reserve |
50.000 |
50.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1308.886 |
965.278 |
718.301 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales on FOB Basis |
798.283 |
433.117 |
336.204 |
|
|
TOTAL EARNINGS |
798.283 |
433.117 |
336.204 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
2.722 |
0.000 |
246.764 |
|
|
TOTAL IMPORTS |
2.722 |
0.000 |
246.764 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.92 |
11.12 |
11.98 |
|
|
Particulars |
|
|
30.06.2014 |
|
Sales Turnover (Approximately) |
|
|
12000.000 |
|
|
|
|
|
The above information has been parted by Mr. Hemant Chaturvedi
KEY RATIOS
|
PARTICULARS |
|
30.06.2013 |
30.06.2012 |
30.06.2011 |
|
PAT / Total Income |
(%) |
4.77 |
5.20 |
6.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.87 |
6.80 |
8.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.53 |
7.30 |
8.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.20 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.92 |
1.66 |
1.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.39 |
1.43 |
1.44 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.06.2011 |
30.06.2012 |
30.06.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
380.590 |
380.590 |
380.590 |
|
Reserves & Surplus |
1978.122 |
2335.099 |
2788.707 |
|
Net
worth |
2358.712 |
2715.689 |
3169.297 |
|
|
|
|
|
|
long-term borrowings |
749.723 |
1136.835 |
1837.646 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
749.723 |
1136.835 |
1837.646 |
|
Debt/Equity
ratio |
0.318 |
0.419 |
0.580 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.06.2011 |
30.06.2012 |
30.06.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5607.457 |
8116.973 |
9493.389 |
|
|
|
44.753 |
16.957 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.06.2011 |
30.06.2012 |
30.06.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5607.457 |
8116.973 |
9493.389 |
|
Profit |
354.245 |
423.329 |
453.608 |
|
|
6.32% |
5.22% |
4.78% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
30.06.2013 |
30.06.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long-term debt |
181.240 |
228.706 |
195.257 |
|
|
|
|
|
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
Yes |
|
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 |
Note:
The registered office of the company has been shifted from 212,
Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai, Maharashtra,
India
to present address
UNSECURED LOAN:
|
Particulars |
30.06.2013 Rs. In Millions |
30.06.2012 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Loans Repayable on Demand- From Other Parties |
83.551 |
82.356 |
|
Total |
83.551 |
82.356 |
CORPORATE OVERVIEW
Company is engaged
in the business of food processing, mainly basic food i.e. wheat and rice. The
Company is having manufacturing facilities for rice and wheat milling. The
company is also engaged in Bio Mass Power generation and Logistic, however the
operations in these two segments are comparatively not significant and mainly
for captive purpose only.
FINANCIAL RESULTS
As a result of
which the Company achieved a remarkable growth during the current financial year.
The enhancement of production capacities and consolidation of processes and
systems derived the synergies and optimized the use of available resources
because of which the Company was able to maintain its growth irrespective of
prevailing difficult economic and market conditions.
During the year,
the sales and other income of the Company have increased to Rs.9515.704
Millions from Rs.8136.575 Millions in the previous year, recording a growth of
over 17%. The Company’s Profit before tax increased to Rs.652.318 Millions from
Rs.552.263 Millions in the previous year reflecting a healthy growth of
approximately 18%. Profit after tax also increased to Rs.453.608 Millions
against that of Rs.423.328 Millions in previous year, registering a growth of
7%. Management of the Company under the direction of the Board of Director
continued to achieve the targets of cutting down the cost of operations and
bettering the efficiency by using better alternated resources/means and methods
of operation.
Company Overview
Company is engaged
in the processing of agro based products like rice and wheat allied products
like Atta, Maida, Suzi etc. Usher regards ‘green’ as an inspiration of
‘agricultural prosperity’ and this inspiration has led to the name Usher back
in 1996. The main aim was to USHER the Indian agricultural growth concentrated
efforts.
The Company was
incorporated in 1996 by first generation promoters Dr. V.K. Chaturvedi and Mr.
Manoj Pathak (the ‘Promoters’) and is listed on BSE Limited (‘BSE’) and
National Stock Exchange (‘NSE’). The Company’s rice and wheat mills are located
in the states of Uttar Pradesh (‘UP’) and Bihar with current capacity of
543,600 tons per annum (‘TPA’) for rice and 75,000 TPA for wheat and with
ongoing expansion the capacity will reach to 1,081,440 TPA for rice and 125,000
TPA for wheat by end of calendar year 2013. In addition, Company is also in the process of setting up a pulses
processing mill which is the part of current expansion with a capacity of
100,000 TPA and a pulses flour mill with a capacity of 105,600 TPA and a pulses
flour mill with a capacity of 23,100 TPA in the state of UP. Over a period of
time the agricultural and food processing industry has come to be considered a
priority sector with high potential for growth. Company has seized opportunity
by using the latest technologies for agricultural processing every single time.
The production amplified leading to the name and fame of the company in the
national and international market. The diversified product range got a brand
name “Rasoi Raaja” that was synonymous with superiority, quality and
credibility.
Company
Operational Performance
Usher from the
very first year of its operation is concentrating on the Non basmati rice
segment since the basmati sector is already fully saturated and offers no scope
for expansion. The Non basmati Rice industry in India is still much unorganized
as compared to the Basmati Rice industry. The organized Players are not even
commanding 1% of overall market and this offers ample scope for players like
Usher to grow and expand in non-basmati rice segment.
The crux of this
sector lies in managing ever increasing demand and accessing the market at the
correct time. Demand in this sector has never been a concern since it
constitutes the basic staple diet of India making it a very inelastic product.
The Company has put up efficient logistic and supply chain management system to
effectively cater to this market. The company has been continuously researching
on the way to increase the value and quality of the rice which is backed by our
high quality research team. The directors believe that sustained investment in
technology, innovations, consumer communication and continued focus on market
development will benefit the business in creating long term value. The company
has set up a rice fortification plant, the technology for which has been
provided by PATH – a non-profit organization. Fortified rice prevents loss of
iron and vitamins from rice during the milling process and is envisaged to be sold
to the mid-day meal projects of various states.
In order to
utilize the waste rice husk produced in its milling plants, the company has set
up 16 MW rice-husk based cogeneration power plant under its subsidiary company,
Usher Eco Power Limited (‘Usher Eco’) in UP which started its commercial
operations on 7th November 2012 which sells power externally under a power
purchase agreement (‘PPA’) with Uttar Pradesh Power Corporation Limited
(‘UPPCL’).
Financial
Performance
Snapshot of the
year
- Total income growth by 17% increasing to Rs.9515.704 Millions as compared to Rs.8136.575 Millions in the previous year.
- Net profit after tax up by 7% rising to Rs.652.318 Millions as compared to Rs.552.263.Millions in the previous year.
- The Net Worth of the company has reached
to Rs.3169.297 Millions as
compared to Rs.2715.689
Millions in the previous year.
Financial
Performance Review (Standalone) Revenue
The Company’s
total income, which comprises of income in the form of domestic and export sales
and other income increased to Rs.9515.704 Millions as compared to Rs.8136.575
Millions of the previous year.
Expenditure
The Company’s
total expenses, comprising of material consumed, staff costs and other
administrative expenses including depreciation, increased by to Rs.8358.812
Millions for the year ended June 30, 2013 from Rs.7193.848 Millions when
compared to the previous year ended June 30, 2012.
Interest
Interest expenses
stood at Rs.504.574 Millions (previous year figure was Rs.390.464 Millions)
Profit before tax
(PBT)
PBT is Rs.652.318
Millions for the current year from Rs.552.263 Millions in the previous year.
Profit after tax
The Company’s
profit after tax is Rs.453.608 Millions for the year ended June 30, 2013 from
Rs.423.329 Millions as compared to the previous year.
earnings per share
The earnings per
share for the current year stood at Rs.11.92. as compared to Rs.11.12 per
equity share in the previous year.
Segment wise
performance
The breakup of the
revenue from our different segments can be analyzed from the given chart. As
seen the company has shown robust performance in all the segments. The Company
continued its strict control on the consumption of raw materials and energy
thereby improving its profitability. By looking at the Company’s performance
given hereunder it can be ascertained that the company has performed better as
compared to the previous year in almost all fronts whether it be operational
performance or financial performance.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended |
Nine Month Ended |
|
|
|
31.03.2014 ( Unaudited) |
31.12.2013 ( Unaudited) |
31.03.2014 ( Unaudited) |
|
Gross
Sales / Income from operations |
|
|
|
|
Domestic Sales |
2818.531 |
2304.005 |
7537.081 |
|
Export Sales |
274.126 |
473.903 |
791.987 |
|
Other Income |
13.674 |
19.748 |
37.872 |
|
Total
Sales / Income from Operations |
3106.331 |
2797.656 |
8366.940 |
|
Expenditure |
|
|
|
|
(Increase) / Decrease in finished goods, work-in-progress
and stock-in-trade |
67.702 |
42.978 |
(36.410) |
|
Consumption of raw material |
2486.555 |
2228.269 |
6851.540 |
|
Manpower Cost |
29.112 |
24.858 |
83.904 |
|
Depreciation |
38.036 |
37.769 |
113.466 |
|
Other expenditure |
120.433 |
111.066 |
333.240 |
|
Total Expenditure |
2741.838 |
2444.940 |
7345.740 |
|
Profit
from operations before interest and Exceptional item |
364.493 |
352.716 |
1021.200 |
|
Interest |
186.391 |
153.293 |
488.027 |
|
Exceptional item |
-- |
-- |
-- |
|
Profit from ordinary activities before tax Expense |
178.102 |
199.423 |
488.027 |
|
Tax expenses |
35.620 |
32.102 |
106.635 |
|
Profit ordinary activities after tax |
142.482 |
167.321 |
426.538 |
|
Extraordinary Items |
-- |
-- |
-- |
|
Net Profit / (Loss) for the period |
142.482 |
167.321 |
426.538 |
|
Paid-up equity share capital of Rs.10/- each |
380.590 |
380.590 |
380.590 |
|
Reserve excluding Revaluation Reserves |
3232.193 |
2788.707 |
3232.193 |
|
|
|
|
|
|
Earnings per share |
|
|
|
|
Basic EPS |
3.74 |
4.40 |
8.41 |
|
Diluted
EPS |
3.74 |
4.40 |
8.41 |
|
|
|
|
|
|
Public Shareholding |
|
|
|
|
- Number of shares |
25,785,657 |
25,986,670 |
25,785,657 |
|
- Percentage of shareholding |
67.75% |
68.28% |
67.75% |
|
|
|
|
|
|
Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
1,189,630 |
2,139,630 |
1,189,630 |
|
Percentage of shares (as a % of
total shareholding of the promoter and promoter group) |
9.69% |
17.72% |
9.69% |
|
Percentage of shares (as a %
of total share capital of the company) |
3.13% |
5.62% |
3.13% |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
11,083,752 |
9,932,739 |
11,083,752 |
|
Percentage of shares (as a %
of total shareholding of the promoter and promoter group) |
90.31% |
82.28% |
90.31% |
|
Percentage of shares (as a %
of total share capital of the company) |
29.12% |
26.10% |
29.12% |
Notes:
1. The above unaudited financial results for the third quarter and nine months ended on March 31, 2014 have been reviewed by the audit committee and approved at the meeting of Board of Directors held on May 14, 2014.
2. The company has successfully commissioned its new pulse milling, pulse flour
and multigrain flour facilities at Chhata, Mathura (UP) and has started
commercial production w.e.f. March 31, 2014. The company has also commenced
commercial production of its new rice milling facilities at Chhata, Mathum (UP)
w.e.f. April 28, ,2014.
3. The Statutory Auditors of the company has carried out the limited review of
the above unaudited financial results of the company for the nine months ended
as on March 31, 2014.
4. The Company operates in one primary segment i.e. food processing, which
constitutes a single business segment, in terms of Accounting Standard (AS)-17
on "Segment Reporting" issued by the institute of Chartered
accountants of India, hence no separate segment reporting is required in geographical
business segment, the turnover for the nine months ended as on March 31, 2014
is as follows: (i) Domestic: Rs. 7537.081 Millions (ii) Exports: Rs.791.987
Millions.
5. The Company will account for Mat credit entitlement, if any, and Deferred
Tax Liability/ Assets as per Accounting Standard (AS)-22 on "Accounting
for Taxes on lncome" at the year end.
6. Previous year / periods figures have been regrouped/rearranged wherever
necessary.
7. Details of investor’s complaints during the
quarter ended on 30th September 2013
|
Particulars |
Quarter Ended |
Nine Month Ended |
|
|
|
31.03.2014 ( Unaudited) |
31.12.2013 ( Unaudited) |
31.03.2014 ( Unaudited) |
|
Pending at the beginning of the quarter |
Nil |
Nil |
Nil |
|
Complaints received |
3 |
Nil |
3 |
|
Complaints redressed |
3 |
Nil |
3 |
|
Unresolved at the end of the quarter |
Nil |
Nil |
Nil |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10442596 |
28/06/2013 * |
488,000,000.00 |
Axis Bank Limited |
Ground Floor, Axis House, Bombay
Dyeing Mills Compound, P B Marg, Worli, Mumbai, Maharashtra - 400 025, INDIA |
B82640392 |
|
2 |
10441049 |
08/06/2013 |
400,000,000.00 |
Bank of Baroda |
4th floor, 10/12, Mumbai
Samachar Marg, Fort, Mumbai, Maharashtra - 400001, INDIA |
B81127946 |
|
3 |
10406517 |
25/02/2013 |
1,100,000,000.00 |
IDBI Bank Limited |
IDBI House, 44 Shakespeare Sarani,
Kolkata, West Bengal - 700017, INDIA |
B68999705 |
|
4 |
10406129 |
09/02/2013 |
250,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE,
ALKAPURI, BARODA, Gujarat - 390015, INDIA |
B68612100 |
|
5 |
10382118 |
08/10/2012 |
600,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
Centre One Building, Floor 21,
World Trade Centre Complex, Cuff Parade, Mumbai, Maharashtra - 400005, India |
B60307899 |
|
6 |
10378442 |
07/09/2012 |
200,000,000.00 |
Commonwealth Bank of Australia
|
Level 2, Hoechst House, Nariman
Point, Mumbai, Maharashtra - 400021, INDIA |
B58890252 |
|
7 |
10366270 |
15/10/2013 * |
7,500,000,000.00 |
IDBI Trusteeship Services Limited |
Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, MUMBAI, Maharashtra - 400001, India |
B89624985 |
|
8 |
10364388 |
06/07/2012 * |
200,000,000.00 |
Rabobank International (Cooperatieve Centrale Raiffeisen-Boerenleen Bank B.A.) |
2/F Forbes Building, Chiranjeet Rai Marg, Fort, Mumbai, Maharashtra - 400001, INDIA |
B43369362 |
|
9 |
10352757 |
20/03/2012 |
750,000,000.00 |
ICICI BANK LIMITED |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
B38613360 |
|
10 |
10224184 |
15/06/2010 |
250,000,000.00 |
Cooperatieve Centrale Raiffeisen-Boerenleen Bank B. A. (Rabo Bank) |
77, ROBINSON ROAD #09-00,, SIA BIULDING, SINGAPORE, - 068896, SINGAPORE |
A8725592 |
|
11 |
10208606 |
08/02/2012 * |
950,000,000.00 |
Axis Bank Limited |
209, Ground Floor, Atlanta,,
Nariman Point,, Mumbai, Maharashtra - 400021, INDIA |
B33052556 |
|
12 |
10193857 |
30/11/2009 |
23,000,000.00 |
TATA CAPITAL LIMITED |
ONE FORBES, DR V B GANDHI
MARG,FORT, MUMBAI, Maharashtra - 400001, INDIA |
A76460682 |
|
13 |
10164065 |
28/06/2013 * |
2,500,000,000.00 |
IDBI Trusteeship Services
Limited |
Asian Bldg., Ground Floor, 17,
R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra - 400001, India |
B80163066 |
|
14 |
10071491 |
03/08/2009 * |
75,000,000.00 |
Small Industries Development
Bank of India |
11-13, Atlanta, Nariman Point,
Mumbai, Maharashtra - 400021, INDIA |
A69703775 |
FIXED ASSETS:
- Land
- Office Building
- Building and Roads
- Godowns
- Plant and Machinery
- Electrical Installation
- Computer and Printer
- Tube well, Water Tanks and Pipings
- Furniture and Fixture
- Vehicle
- Office Equipment
- Laboratory and Store Equipment’s
- Switch Yard Distribution Lines
|
OBSERVATION POINT |
|
|
Name of Company |
USHER AGRO LIMITED |
|
Address : |
422,Laxmi Plaza ,Laxmi Industrial Estate, New Link Road Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Tel. No.: |
91-22-39381100 |
|
|
|
|
Name Board : |
Sighted |
|
Visibility of Name
Board : |
High |
|
Location : |
Easy |
|
Landmark (if any) : |
4th Floor |
|
Locality : |
Office |
|
Approx. Market
Value of Premises: |
Area 2000 Sq. ft. |
|
Area : |
Upmarket |
|
Visibility of Items
: |
Tel Fax Telex Computers AC Office Equipment Xerox Machines |
|
No. of Employees
seen at business Premises |
10 |
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 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.59.79 |
|
|
1 |
Rs.102.66 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.