MIRA INFORM REPORT
|
Report Date : |
15.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
THERMAX LIMITED |
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Registered
Office : |
D-13, MIDC
Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
30.06.1980 |
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Com. Reg. No.: |
11-022787 |
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Capital
Investment / Paid-up Capital : |
Rs.238.300 Millions |
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CIN No.: [Company Identification
No.] |
L29299PN1980PLC022787 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
PNET00953B PNET00081E PNET03854E PNET00017D |
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PAN No.: [Permanent
Account No.] |
AAACT6284E AAACT3910D |
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Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Solar Power Generation, Water Treatment
Plant, Industrial Boiler, Air Pollution Control System. |
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No. of Employees
: |
4100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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 81000000 |
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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 company having fine track record. Sales turnover of the company has declined which resulting into dip in
profit of the company during financial year 2014. However, the rating reflects company’s strong market position in the
energy segment business supported by sound financial risk profile and
adequate liquidity position of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 |
ICRA |
|
Rating |
Fund Based Limits = AA+ |
|
Rating Explanation |
High degree of safety and carry very low
credit risk. |
|
Date |
January 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Non Fund Based Limits = A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
January 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 DENIED BY
|
Name : |
Mr. Abhay Shah |
|
Designation : |
Deputy General Manager |
|
Contact No.: |
91-20-66051200 |
|
Date : |
12.07.2014 |
LOCATIONS
|
Registered Office/ Factory 1 : |
D-13, MIDC
Industrial Area, R.D. Aga Road, Chinchwad, Pune – 411019, Maharashtra, India |
|
Tel. No.: |
91-20-27475941-
42/ 66122100 |
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Fax No.: |
91-20-27472049 |
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E-Mail : |
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Website : |
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Corporate Office : |
Thermax House, 14, Mumbai – Pune Road, Wakdewadi, Pune – 411003, Maharashtra, India |
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Tel. No.: |
91-20-66051200 /
25542122 |
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Fax No.: |
91-20-25542242 |
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E-Mail : |
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Factory 2 : |
D-1 Block, MIDC Industrial Area, Chinchwad, Pune - 411019, Maharashtra, India |
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Factory 3 : |
At Paudh, Post Mazgaon Taluka Khalapur, District Raigad – 410206, Maharashtra, India |
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Factory 4 : |
Gat No. 125, |
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Factory 5 : |
Plot No.21/1-2-3, GIDC Manjusar, Taluka - Savli, District - Vadodara – 391775, Gujarat, India |
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Factory 6 : |
Survey No-169, Village Dhrub, Taluka Mundra, Mundra –
370201, District Kutch, |
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Factory 7 : |
Plot No 903/1,
GIDC, Jhagadia Industrial Estate, Jhagadia, District Bharuch – 393110, Gujarat,
India |
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Factory 8 : |
Plot No. T-1, MIDC,
Chincholi, Taluka Mohol, District Solapur – 413255, Maharashtra, India |
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Factory 9 : |
Gat No. 125,
Crusher Road, At Post Rohakal, Taluka Khed, District Pune – 410501,
Maharashtra, India |
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Factory 10 : |
4th Floor, Energy House, D-II Block, Plot No. 38 and 39, MIDC, Chinchwad, Pune – 411019, Maharashtra, India |
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Branch Office : |
409-411, Mahakant,
Opposite V.S. Hospital, Ashram Road, Ahmedabad – 380006, Gujarat, India |
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Tel. No.: |
91-79-26577073 |
|
Fax No. : |
91-79-26577270 |
DIRECTORS
As on 31.03.2014
|
Name : |
Ms. Meher Pudumjee |
|
Designation : |
Chairperson |
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|
Name : |
Mr. M.S. Unnikrishnan |
|
Designation : |
Managing Director and Chief Executive Officer |
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|
Name : |
Mr. Anu Aga |
|
Designation : |
Director |
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|
Name : |
Dr. Raghunath A. Mashelkar |
|
Designation : |
Director |
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|
Name : |
Dr. Valentin Von Massow |
|
Designation : |
Director |
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|
Name : |
Mr. Nawshir Mirza |
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Designation : |
Director |
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|
Name : |
Mr. Tapan Mitra |
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Designation : |
Director |
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Name : |
Mr. Pheroz Pudumjee |
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Designation : |
Director |
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|
Name : |
Dr. Jairam Varadaraj |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Gajanan P. Kulkarni |
|
Designation : |
Vice President – Legal and Company Secretary |
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|
Name : |
Mr. Amitabha Mukhopadhyay |
|
Designation : |
Group CFO and Member – Executive Council |
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Name : |
Mr. M.S. Unnikrishnan |
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Designation : |
Chief Executive Officer |
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Executive Council: |
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Name : |
Mr. Ravinder
Advani |
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Designation : |
Key Executive |
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Name : |
Mr. K. Chakravarthy |
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Designation : |
Key Executive |
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|
Name : |
Mr. Sharad Gangal |
|
Designation : |
Key Executive |
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Name : |
Mr. Pravin Karve |
|
Designation : |
Key Executive |
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|
Name : |
Mr. Amitabha Mukhopadhyay |
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Designation : |
Key Executive |
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|
Name : |
Mr. Hemant
Mohgaonkar |
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Designation : |
Key Executive |
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|
Name : |
Mr. Rajan Nair |
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Designation : |
Key Executive |
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Name : |
Mr. R V Ramani |
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Designation : |
Key Executive |
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|
Name : |
Dr. R.R. Sonde |
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Designation : |
Key Executive |
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|
Name : |
Mr. M. S. Unnikrishnan |
|
Designation : |
Key Executive |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No. of
Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
9520805 |
7.99 |
|
|
64328500 |
53.99 |
|
|
6000 |
0.01 |
|
|
6000 |
0.01 |
|
|
73855305 |
61.98 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
73855305 |
61.98 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
7095219 |
5.95 |
|
|
1994851 |
1.67 |
|
|
18302925 |
15.36 |
|
|
27392995 |
22.99 |
|
|
|
|
|
|
3808567 |
3.20 |
|
|
|
|
|
|
6534571 |
5.48 |
|
|
7124577 |
5.98 |
|
|
440285 |
0.37 |
|
|
264532 |
0.22 |
|
|
40030 |
0.03 |
|
|
10170 |
0.01 |
|
|
125553 |
0.11 |
|
|
17908000 |
15.03 |
|
Total Public shareholding (B) |
45300995 |
38.02 |
|
Total (A)+(B) |
119156300 |
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) |
119156300 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Solar Power Generation, Water Treatment
Plant, Industrial Boiler, Air Pollution Control System. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
4100 (Approximately) |
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Bankers : |
· Union Bank of India · Bank of Baroda · Canara Bank · Citibank N.A. · Corporation Bank · ICICI Bank Limited · State Bank of India ·
HSBC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
B.K. Khare and Company Chartered
Accountants |
|
Address : |
706/ 707, Sharda Chambers, New Marine Lines, Mumbai –
400020, |
|
|
|
|
Holding Company : |
·
RDA Holdings Private Limited |
|
|
|
|
Wholly Owned Subsidiaries Domestic : |
· Thermax Sustainable Energy Solutions Limited · Thermax Engineering Construction Company Limited · Thermax lnstrumentation Limited · Thermax Onsite Energy Solutions Limited · Thermax SPX Energy Technologies Limited (Joint venture with SPX Netherlands BV) · Thermax Babcock and Wilcox Energy Solutions Private Limited (Joint venture with Babcock and Wilcox India Holdings Inc) |
|
|
|
|
Wholly Owned Subsidiaries Overseas : |
·
Thermax Europe Limited, UK. ·
Thermax International Limited, Mauritius ·
Thermax Inc., USA. ·
Thermax do Brasil Energia eEquipamentos Ltda,
Brazil ·
Thermax Hong Kong Limited, Hong Kong ·
Thermax (Zhejiang) Cooling and Heating
Engineering Company Limited, China ·
Thermax Netherlands B. V. ·
Thermax Denmark ApS ·
Danstoker A/ S, Denmark ·
Omnical Kessel- und Apparatebau GmbH, Germany ·
Ejendomsanpartsselskabet Industrivej Nord 13,
Denmark ·
Rifox-Hans Richter GmbH, Germany ·
Thermax Sdn. Bhd., Malaysia ·
Boilerworks A/S, Denmark ·
Boilerworks Properties ApS, Denmark ·
Thermax Engineering Singapore Pte. Limited |
|
|
|
|
Joint Ventures : |
·
Thermax SPX Energy Technologies Limited ·
Thermax Babcock and Wilcox Energy Solutions
Private Limited |
|
|
|
|
Enterprise, over
which control is exercised : |
· Thermax Social Initiative Foundation · KRA Holdings Private Limited · ARA Trusteeship Company Private Limited ·
Shuffle Realtors Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
375000000 |
Equity Shares |
Rs.2/- each |
Rs.750.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
119156300 |
Equity Shares |
Rs.2/- each |
Rs.238.300
Millions |
a)
Reconciliation of the number of shares
|
Equity Shares |
No. of Shares |
Rs. in Millions |
|
Shares outstanding at the beginning of period |
119156300 |
238.300 |
|
Shares outstanding at the end of period |
119156300 |
238.300 |
b) Rights, preferences and restrictions
attached to shares
Equity Shares: The Company has one class of equity shares having a par value of Rs. 2 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
c) Equity Shares held by holding company
64328500 shares are held by holding company, RDA Holdings Private Limited
d)
Details of equity shares held by shareholders holding
more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
RDA Holding and Trading Private Limited |
64328500 |
53.99 |
|
Anu Aga |
6888305 |
5.78 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
238.300 |
238.300 |
238.300 |
|
(b) Reserves & Surplus |
20,011.600 |
18,454.400 |
15,773.500 |
|
(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) |
20,249.900 |
18,692.700 |
16,011.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6.000 |
4.300 |
0.800 |
|
(b) Deferred tax liabilities (Net) |
136.400 |
247.200 |
229.800 |
|
(c) Other long term liabilities |
1,593.200 |
418.900 |
219.600 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
1,735.600 |
670.400 |
450.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1,887.100 |
119.100 |
1,663.600 |
|
(b) Trade payables |
8,412.200 |
8,880.500 |
8,954.400 |
|
(c) Other current
liabilities |
13,874.000 |
10,346.200 |
10,160.000 |
|
(d) Short-term provisions |
2,379.700 |
2,557.400 |
2,457.300 |
|
Total Current Liabilities (4) |
26,553.000 |
21,903.200 |
23,235.300 |
|
|
|
|
|
|
TOTAL |
48,538.500 |
41,266.300 |
39,697.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6,098.500 |
5,275.500 |
4,988.000 |
|
(ii) Intangible Assets |
305.700 |
270.600 |
328.200 |
|
(iii) Capital
work-in-progress |
235.000 |
909.000 |
419.700 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4,620.800 |
3,936.900 |
3,509.700 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
208.700 |
261.700 |
301.500 |
|
(e) Other Non-current assets |
1,731.500 |
1,983.000 |
1,020.000 |
|
Total Non-Current Assets |
13,200.200 |
12,636.700 |
10,567.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
6,334.400 |
4,102.900 |
2,017.200 |
|
(b) Inventories |
2,528.500 |
2,103.300 |
2,792.200 |
|
(c) Trade receivables |
13,523.600 |
14,238.900 |
12,456.300 |
|
(d) Cash and cash
equivalents |
3,201.400 |
2,226.200 |
5,697.500 |
|
(e) Short-term loans and
advances |
1,879.000 |
1,250.500 |
1,581.200 |
|
(f) Other current assets |
7,871.400 |
4,707.800 |
4,585.800 |
|
Total Current Assets |
35,338.300 |
28,629.600 |
29,130.200 |
|
|
|
|
|
|
TOTAL |
48,538.500 |
41,266.300 |
39,697.300 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
43,021.600 |
46,908.700 |
53,040.600 |
|
|
|
Other Income |
643.000 |
730.100 |
704.900 |
|
|
|
TOTAL (A) |
43,664.600 |
47,638.800 |
53,745.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
26,590.200 |
30,584.600 |
35,283.600 |
|
|
|
Purchases of Stock-in-Trade |
1,098.100 |
1,178.900 |
1,558.800 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(40.800) |
(26.300) |
(33.800) |
|
|
|
Employees benefits expense |
4,226.400 |
4,015.700 |
3,874.300 |
|
|
|
Other expenses |
7,055.600 |
6,084.500 |
6,518.600 |
|
|
|
TOTAL (B) |
38,929.500 |
41,837.400 |
47,201.500 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4,735.100 |
5,801.400 |
6,544.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
88.500 |
96.500 |
65.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4,646.600 |
5,704.900 |
6,478.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
577.700 |
548.600 |
469.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4,068.900 |
5,156.300 |
6,009.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1,539.200 |
1,656.700 |
1,940.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2,529.700 |
3,499.600 |
4,068.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
13088.300 |
10914.600 |
8235.400 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
260.000 |
350.000 |
420.000 |
|
|
|
Proposed Equity Dividend |
714.900 |
834.100 |
834.100 |
|
|
|
Tax on Dividend |
121.500 |
141.800 |
135.300 |
|
|
BALANCE CARRIED
TO THE B/S |
14521.600 |
13088.300 |
10914.600 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on FOB |
10145.500 |
6567.200 |
7257.300 |
|
|
|
Other Earnings |
238.400 |
140.000 |
61.400 |
|
|
TOTAL EARNINGS |
10383.900 |
6707.200 |
7318.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1753.700 |
1311.900 |
4649.700 |
|
|
|
Components & Spares |
932.300 |
708.000 |
1167.800 |
|
|
|
Consumables |
69.800 |
51.200 |
63.200 |
|
|
|
Capital Goods |
111.200 |
146.200 |
31.700 |
|
|
TOTAL IMPORTS |
2867.000 |
2217.300 |
5912.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.23 |
29.37 |
34.15 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
5.79 |
7.35 |
7.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.46 |
10.99 |
11.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.31 |
14.16 |
16.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.28 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.09 |
0.01 |
0.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
1.31 |
1.25 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
238.300 |
238.300 |
238.300 |
|
Reserves & Surplus |
15773.500 |
18454.400 |
20011.600 |
|
Net
worth |
16011.800 |
18692.700 |
20249.900 |
|
|
|
|
|
|
long-term borrowings |
0.800 |
4.300 |
6.000 |
|
Short term borrowings |
1663.600 |
119.100 |
1887.100 |
|
Total
borrowings |
1664.400 |
123.400 |
1893.100 |
|
Debt/Equity
ratio |
0.104 |
0.007 |
0.093 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
53,040.600 |
46,908.700 |
43,021.600 |
|
|
|
(11.561) |
(8.287) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
53,040.600 |
46,908.700 |
43,021.600 |
|
Profit |
4,068.600 |
3,499.600 |
2,529.700 |
|
|
7.67% |
7.46% |
5.88% |
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 |
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 |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS:
|
Case Details |
|||||||
|
Bench:- Bombay |
|||||||
|
Stamp No:- |
STRL/63/2011 |
Failing Date:- |
14/11/2011 |
Reg. No.:- |
STR/18/2012 |
Reg. Date:- |
10/02/2012 |
|
|
|||||||
|
Petitioner:- |
THE ADDL. COMMISSIONER OF SALES TAX |
Respondent:- |
THERMAX LIMITED |
||||
|
Petn.Adv:- |
GOVERMENT PLEADER HIGH COURT, O.S. |
||||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
||||||
|
Status:- |
Pre-Admission |
Category : |
Sales Tax References
|
||||
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
From Other than Banks |
5.000 |
3.000 |
|
Short Term
Borrowings |
|
|
|
From Banks |
960.000 |
0.000 |
|
Total |
965.000 |
3.000 |
ANNUAL PERFORMANCE
The company posted a total revenue
of Rs.43665.000 Millions for the financial year 2013-14, against last year’s Rs.47639.000
Millions, a reduction of 8.3%. During the year, the manufacturing sector has
had a continued decline in capacity utilisation. Capacity additions, both in
brown field and green field, remained subdued barring a few sectors like food,
food processing, pharma and textiles. The core sectors such as power, steel,
cement and infrastructure were virtually stagnant in terms of investment and
expansion. Moreover, orders onhand were executed at a slower pace in comparison
to the previous year owing to a lack of sense of urgency within the user
industry. The limited number of orders finalised in the market were fiercely
competed by all the players, reducing margins substantially. The company has
strived to navigate its business through these challenging times by focusing on
improving internal efficiencies.
Thermax’s Energy business – Boiler
and Heater, Power, Cooling and Heating divisions and the Solar performance unit
– contributed 76% of the total revenue while the Environment business
comprising Air Pollution Control, Water &Waste Solutions and Chemical
divisions accounted for the remaining 24% – almost the same as last year.
During the year, the revenue from
international markets including deemed exports increased by 11.9% to
Rs.11011.000 Millions against Rs.9839.000 Millions last year. In order to
reverse a declining trend of revenues, the company is focusing its energies in
international markets to further consolidate its position in the current year.
Profit before tax at Rs.4069.000
Millions was 9.3% of the total revenue, compared to Rs.5156.000 Millions, 10.8%
in the previous year. During adverse market conditions, The Company continued
to invest in research and innovation initiatives. Profit after tax stood at
Rs.2530.000 Millions compared to Rs.3500.000 Millions in the previous year.
Earnings per share (EPS) declined to Rs.21.23 from Rs.29.37 in FY 2012-13.
Order booking for the year was
Rs.53940.000 Millions against Rs.48590.000 Millions last year, registering an
increase of 11%. The company completed
the year with an order backlog of Rs.53890.000 Millions as against Rs.43570.000
Millions in FY 2012-13. As stated earlier, FY 2013-14 has been a challenging
year for the capital goods sector. The improved order intake was facilitated by
two specific projects in the oil and gas sector and an improvement in exports.
Profit after tax on a consolidated
basis is lower than the stand-alone results owing to the losses incurred by
Thermax (Zhejiang) Cooling & Heating Engineering Co. Private Limited. (TZL)
and the company’s share of losses in the joint venture subsidiaries, Thermax
Babcock and Wilcox Energy Solutions Private Limited (TBWES) and Thermax SPX
Energy Technologies Private Limited. (TSPX).
The manufacturing facility of
TBWES has been completed and the commercial operations commenced in December
2013.
FUTURE PLAN OF ACTION
Renewable energy technologies will
continue to be focal areas. Solar thermal technologies for power, heating,
cooling will continue to be thrust areas for development of technologies. The
company will continue to focus on the development of environmental technologies
in the domain of air purification, air pollution control and waste water
treatment.
OVERVIEW OF COMPANY
OPERATIONS
Tough market conditions continued
to affect the company’s performance. The project businesses accounting for
nearly two-thirds of the company’s turnover struggled to maintain their growth
momentum and provided returns below par. Owing to negative sentiments
prevailing in the market, pace of execution of projects has slowed down.
This has had a noticeable impact
on accounts receivable in some of the businesses. The company posted lower
results for FY 2013-14, with a total revenue of Rs.43665.000 Millions and a net
profit after tax of Rs.2530.000 Millions.
However, in a challenging year,
the company was able to marginally improve its order booking from Rs.48590.00
Millions (2012-13) to Rs.53940.000 Millions. The most significant among orders
received last year was the Rs.13500.000 Millions order received from an Indian
petrochemical company for nine CFBC boilers to support their expansion plans.
The order booking during the year was mainly from petrochemical, cement, food
processing, textile, chemical, metal, pharma, sugar and distillery. During the
year, the product divisions introduced new offerings for the customers. A
separate section in this report provides information on these new products.
The service business of the
company continued to grow. Plant improvements, fuel shift retrofits and energy
enhancement projects improved the performance of the company’s service business
by 30.6% over the previous year. Income from exports including deemed exports
at Rs.11011.000 Millions (Rs.9839.000 Millions, the previous year) accounted
for 26% of the total income. South East Asia and the Middle East continued to
contribute the major share of export earnings. Despite the better order
carry-forward position, in view of the time required for the investment climate
to improve, 2014-15 is not expected to be significantly different for the
company. However, it is cautiously optimistic about a likely positive shift in
the economic environment. Coupled with its rigorous operational excellence and
cost optimisation strategies, it is also putting in place a programme to take
its selective internationalization programme to its next level for improved
revenue and profits.
NEW PRODUCTS
The triple effect absorption
chiller launched earlier by the Cooling business unit for a technology
demonstration project has been commercialised in the Indian market. The chiller
reduces energy consumption by 25%. One such chiller has been installed at
Thermax’s own facility in Chinchwad, to demonstrate how energy efficient air
conditioning for multiple locations can be organised from a central source.
The Heating business group
launched a versatile solid fuel fired steam boiler, ComBloc, that offers
customers the flexibility to switch between a wide variety of solid fuels
depending on availability and cost. A fully packaged boiler, it helps clients
avoid the hassles of civil work at site and longer installation time.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10245831 |
30/09/2010 |
2,868,580.00 |
Department of Biotechnology |
6-8th Floor, Block No. 2, CGO Complex, Lodhi Road, Delhi - 110003, India |
A97082846 |
|
2 |
90090872 |
26/03/2010 * |
27,850,000,000.00 |
Union Bank of India Limited |
Industrial Finance Branch, 619, Sachapir Street, Camp, Pune, Maharashtra - 411001, India |
A82908773 |
|
3 |
90084773 |
03/07/1998 * |
1,500,000.00 |
Union Bank of India |
Industrial Finance Branch, Camp, Pune, Maharashtra - 411001, India |
- |
|
4 |
90084586 |
01/09/1998 * |
26,000,000.00 |
Corporation Bank |
Industrial Finance Branch, Pune Mumbai Road Wakde Wadi, Pune, Maharashtra - 411003, India |
- |
FIXED ASSETS:
·
Land – Freehold
·
Land – Leasehold
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Office Equipment and Computer
·
Furniture and Fixtures
·
R and D Equipments
·
Vehicles
NEWS:
THERMAX IMPROVES ORDER BOOKING
Pune, May 27, 2014
In a subdued economic
environment where investments continue to be stalled, during FY 2013-14,
Thermax Limited, a leader in energy and environment solutions, improved its
order booking by 11% to Rs.53940.000 Millions (Rs.48590.000 Millions, previous
year).
During the year,
Thermax bagged a prestigious order worth Rs.17000.000 Millions from a leading
petrochemical company for the design, manufacturing and commissioning of 9 CFBC
(circulating fluidised bed combustion) high pressure boilers.
The order backlog
on a consolidated basis, as on March 31, 2014, was at Rs.61210.000 Millions, a
25% improvement from last year’s Rs.48780.000 Millions.
For fiscal
2013-14, the company posted an operating revenue of Rs.43020.000 Millions,
lower by 8 % compared to Rs.46910.000 Millions, the previous year. The
company’s annual profit-after- tax dipped by 28% at Rs.2530.000 Millions from
last year’s Rs.3500.000 Millions.
Export income
including deemed exports during the financial year at Rs.11010.000 Millions
(Rs.9840.000 Millions) accounted for 26 % of the revenue.
Thermax registered
a Q4 net profit of Rs.106 (Rs.1150.000 Millions) on revenues of Rs.13830.000
Millions (Rs.14680.000 Millions).
The Group’s
consolidated revenue stood at Rs.51000.000 Millions (Rs.54920.000 Millions). Profit
after tax and minority interest on a consolidated basis for the year was
Rs.2460.000 Millions (Rs.3200.000 Millions).
Consolidated earnings per Rs.2/- share was Rs.20.64, compared to
Rs.26.87 in 2012-13.
The Board recommended a dividend of 300% for 2013-14.
PRESS RELEASES:
'UNDERWEIGHT' RATING ON THERMAX LIMITED, TARGET PRICE RS 512: BARCLAYS
Earnings performance has remained weak for Thermax Limited, even in the third quarter of FY14, with PAT of Rs 666.000 Millions, -13% y-o-y. This was led by a marginal decline in sales and more than a 170 bps fall in Ebitda margins.
The fall in margin was attributed to issues with orders in the environment (water) segment. Subsidiaries reported an overall loss of Rs.36.000 Millions in the third quarter due to continued losses at its EPC subsidiary — Thermax Instrumentation, TBWE JV and the subsidiary in China.
According to management, the HC order on Mundra SEZ may hit Q4 revenue by Rs 500.000-1000.000 Millions. We maintain ‘underweight’ rating and target price of Rs 512.
Order inflow on the standalone business was stable at Rs 13600.000 Millions, +6% y-o-y, with growth across all regular conventional segments (air pollution, cooling, chemicals and water) except the heating segment. There was no domestic captive power and EPC order win in the quarter. Management highlighted there is no BTG order in the pipeline.
Overall, the subsidiaries reported a loss of Rs 36.000 Millions, led by losses at Thermax Instrumentation and the Chinese subsidiary. Danstoker was profitable, while TBWE JV continued to make losses, with a Rs 120.000 Millions loss in Q3.
Management also highlighted that a part of the large petro chemical order will be executed at the TBWE JV facility. Environmental segment profitability was impacted by losses in the water segment and a decline in profit in the air pollution segment. A few medium-to-large-size orders have been delayed, leading to higher costs that have been booked in the current quarter.
NEW GOVT MUST ENSURE MORE INVESTOR-FRIENDLY NORMS: THERMAX
MS Unnikrishnan feels the new government should bring policy-conducive environment to ease land acquisition. There’s a need to cut down on the number of clearances for projects and interest rates should be lowered to prop up the investment climate.
MD MS Unnikrishnan feels the new government needs to convey more investor-friendly norms. “The new government will have to make investors, both domestic and international, feel that India is a destination worth investing,” he said
He said the country’s fundamentals are right and we have got a fairly large market existence and good consumption. About 65-68 percent of the economy consists of domestic consumption, he said.
However, he thinks that investors need to be sure that there is policy support for their investment.
Thermax has been facing the brunt of the slowdown in the infrastructure space. The company’s order backlog has dipped by -13 percent CAGR from FY11-FY13. Thermax’s turnover has de-grown consistently for the past 8 quarters, including 4 quarters of double-digit de-growth. The company’s consolidated EBITDA margins have dipped from healthy levels of 12 percent in FY09 to 7 percent in 9MFY14E.
Unnikrishnan said the capital goods sector has seen 27 percent decline in order inflows. He feels the new government should bring policy-conducive environment to ease land acquisition. There’s a need to cut down on the number of clearances for projects and interest rates should be lowered to prop up the investment climate, he added.
Vinayak Chatterjee, Chairman of Feedback Infra said that despite the Cabinet Committee on Investments (CCI) having made announcement that they have clearing projects worth lakh Millionss, the corporate feedback indicates that projects have not yet started rolling, and are stuck at multiple levels.
He feels the new government can do a lot. “There are clutch of decision, action, imperative that are waiting to happen. So we are waiting for strong leadership to make that work such as setting up a ministry for infrastructure,” he said. Referring to the current way of functioning, he said:
“In Delhi today, there are 16 ministries that are directly involved with infrastructure development in the country. If you add on top of that Planning Commission, PMO and Cabinet Secretary including the CCI, you have got 19 different silos that are attacking the problem and then you multiply that by 29 state governments, who themselves will have another 16 departments under them. So, you have got an incredible matrix of a tangled web of permissions, clearances, logjams and that has been the single-most important item for discussion in the last two years of the UPA II.”
He feels the new government should create a dedicated ministry for infrastructure whose job would be to untangle and push the agenda.
Echoing his views, Unnikrishnan said India has six ministries for industry against one-ministry norm seen globally.
Year 2013 has been, in particular, a bad year for the infra sector. Economic slowdown, high current account and fiscal deficits, have severely constrained government’s ability to undertake fresh investment in the sector. Sectors like roads and power have suffered the most.
The earlier envisaged target of $1 trillion investment in infrastructure sector during 12th Five-Year Plan (2012-17) now seems difficult to achieve.
The road sector has been plagued by problems like delay in project clearances. Progress on national highway stretches awarded under BOT has almost got stalled.
For power sector, generation capacity continues to grow, but the availability of coal is a serious challenge.
THERMAX BAGS RS 2800.000 MILLIONS ORDER FOR POWER PLANT IN NE
Pune based Industrial energy solutions provider Thermax has won a Rs 2800.000 Millions EPC order for a combined cycle extension power project from a leading Government of India Enterprise in the North East.
The 2 x 24.5 MW project is part of the company’s process of converting its existing gas turbine based power plant into a combined cycle power plant by installing the bottoming cycle (utilising the waste heat from the exhaust of the gas turbine to generate additional power).
Scope of work for Thermax includes design, engineering, procurement, construction, installation and commissioning of the project on a turnkey basis.
The supply of equipment includes four heat recovery steam generators (HRSG’s) and two steam turbine generators (STG) complete with all auxiliaries and accessories, and is scheduled to be completed within 25 months.
Commenting on this, MS Unnikrishnan, MD and CEO, Thermax Limited said, “This order reinforces Thermax’s successful track record in EPC power projects and our leadership in building and commissioning captive power plants for industry.”
Till date, Thermax has contracted over 72 power projects on turnkey basis based on various fuels including domestic and imported coal, washery rejects, petcoke, waste heat from various processes, renewable energy including biomass and solar, waste gases, naptha and natural gas.
THERMAX BAGS RS. 17000.000 MILLIONS ORDER FOR SUPPLY OF CFBC
BOILERS
July 05,
2013
Energy and environment solutions provider Thermax Limited today said it has received an order worth Rs.17000.000 Millions from a leading petrochemical company for the design, manufacture and commissioning of 9 circulating fluidized bed combustion (CFBC) high pressure boilers.
All the 9 CFBC boilers will be of 500 TPH (tonnes per hour) each for two plants of the petrochemical company, Thermax said in a statement but did not name its client.
"The order was won against stiff global competition. The approximate order value is Rs. 17000.000 Millions, the single largest one from a client for deployment of CFBC boilers," it added.
Company's managing director and CEO M. S. Unnikrishnan said, "This order reflects the customer's confidence in Thermax's extensive experience with CFBC technology across India on a variety of low grade solid fuels, as also trust in our manufacturing and project execution capabilities."
The boilers, to be commissioned at client sites within a time frame of 25-29 months, will generate steam for process and power generation and they will use petcoke and coal as fuel, Thermax said.
Petcoke, essentially a refinery waste, has high heat value and low ash content, making it a cost-effective fuel. Using fourth generation CFBC technology, Thermax boilers will burn these multiple fuels to achieve high levels of temperature control and almost negligible down time for maintenance, it added.
Thermax offers integrated solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals. It has manufacturing facilities in India, China and Europe.
Shares of the company were trading at Rs.610 apiece on the BSE at 1400 hours, up 3.05 per cent from its previous close.
THERMAX POSTS Q2 NET OF RS. 300.000 MILLIONS
Pune: November 6,
2013
For the second quarter of fiscal 2013-14, Thermax Limited announced an operating revenue of Rs.10430.000 Millions, down 12.5 % compared to Rs.11920.000 Millions for the same period, the previous year. Net profit was down 66.9 % at Rs.300.000 Millions from Rs.910.000 Millions posted in the second quarter last year.
The company declared its net profits for the current quarter and for the half-year period after making a one-time provision of Rs.290.000 Millions (Rs.350.000 Millions for Thermax Group) on account of estimated tax liability expected due to likely inadmissibility of certain business expenses incurred in earlier years.
The company’s total operating revenue for the year’s first half (April- September) stood at Rs.19060.000 Millions, lower by 12.4% compared to Rs.21760.000 Millions in 2012-13. Net profit of Rs.800.000 Millions was 49.2% lower than last year’s Rs.1580.000 Millions.
On a consolidated basis, total operating revenue of the Group for the half year was Rs.22850.000 Millions compared to Rs.25650.000 Millions last year. Net profit for the period was Rs.880.000 Millions (Rs.1400.000 Millions, last year).
As on September 30, 2013, Thermax Limited has an order backlog of Rs.53080.000 Millions against Rs.44120.000 Millions in September 2012. Compared to last year’s Rs.49840.000 Millions, the Group order backlog stands at Rs.61280.000 Millions. However, generally the market for capital goods continues to be sluggish.
THERMAX BAGS RS. 17000.000 MILLIONS ORDER FOR SUPPLY OF CFBC BOILERS
Pune: July 5, 2013
Energy and environment major, Thermax Limited has received a prestigious order from a leading petrochemical company for the design, manufacture and commissioning of 9 CFBC (circulating fluidized bed combustion) high pressure boilers of 500 TPH each for two of its plants.
The order was won against stiff global competition. The approximate order value is Rs.17000.000 Millions, the single largest one from a client for deployment of CFBC boilers.
Says M.S. Unnikrishnan, MD and CEO of Thermax, “This order reflects the customer’s confidence in Thermax’s extensive experience with CFBC technology across India on a variety of low grade solid fuels, as also trust in our manufacturing and project execution capabilities.”
The boilers, to be commissioned at client sites within a time frame of 25-29 months, will generate steam for process and power generation. They will use petcoke and coal as fuel. Petcoke, essentially a refinery waste, has high heat value and low ash content, making it a cost-effective fuel. Using fourth generation CFBC technology Thermax boilers will burn these multiple fuels to achieve high levels of temperature control and almost negligible down time for maintenance.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.18 |
|
UK Pound |
1 |
Rs.103.15 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
62 |
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.