MIRA
INFORM REPORT
|
Report Date : |
25.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
MANGALORE REFINERY AND PETROCHEMICALS LIMITED |
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|
|
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Registered
Office : |
Mudapadav, Kuthethoor, P.O. Via Katipalla, Mangalore – 575030,
Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2014 (Summarised Figure) |
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Date of
Incorporation : |
07.03.1988 |
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Com. Reg. No.: |
08-008959 |
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Capital
Investment / Paid-up Capital : |
Rs.17526.640
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L85110KA1988GOI008959 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM00218B |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
The Company Is Engaged in the Business of Refining Crude Oil. |
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No. of Employees
: |
1625 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 260000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is a subsidiary of Oil and Natural Gas Corporation (ONGC). It
is a well-established company having fine track record. The rating reflects o MRPL’s improved operational performance which
resulting into profit achieved during financial year 2014 marked by strong
operational, financial and managerial support that company receives from its
parent company and decent liquidity profile of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. In view of strong holding support, 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
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: AAA |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
March 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund based Facilities: A1+ |
|
Rating Explanation |
Very strong degree of safety and very lowest credit risk. |
|
Date |
March 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON – COOPERATIVE (91-824-2270400)
LOCATIONS
|
Registered Office/ Factory / Investor
Service Centre 1 : |
Mudapadav, Kuthethoor, P.O. Via Katipalla, Mangalore – 575 030, |
|
Tel. No.: |
91-824-2270400 |
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Fax No.: |
91-824-2271404/ 2270013/ 2271200 |
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E-Mail : |
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Website : |
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Mumbai Office : |
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Tel. No.: |
91-22-22173000 |
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Fax No.: |
91-22-22173233 |
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E-Mail : |
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|
LGF, Mercantile House, 15 K G Marg, |
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Tel. No.: |
91-11-23463100 |
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Fax No.: |
91-11-23352317/ 23463201 |
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E-Mail : |
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Marketing Office
: |
Opposite |
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Tel. No.: |
91-80-22642200 |
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Fax No.: |
91-80-23505501 (Sales Department) |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Sudhir Vasudeva |
|
Designation : |
Chairman |
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|
Name : |
Mr. P.P. Upadhya |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Vishnu Agrawal |
|
Designation : |
Director (Finance) |
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|
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|
Name : |
Mr. V. G. Joshi |
|
Designation : |
Director (Refinery) (From 04/04/2013) |
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|
Name : |
Mr. P. Kalyanasundaram |
|
Designation : |
Director (From 15/04/2013) |
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|
Name : |
Mr. B. K. Namdeo |
|
Designation : |
Director (From 01/07/2013) |
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Name : |
Mr. B. Ravindranath |
|
Designation : |
Independent Director |
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|
Name : |
Dr. D. Chandrasekharam |
|
Designation : |
Independent Director |
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|
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Name : |
Mr. K.S. Jamestin |
|
Designation : |
Special invitee |
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Name : |
Mr. K. Murali |
|
Designation : |
Director (Upto 30/06/2013) |
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Name : |
Mr. P.K. Singh |
|
Designation : |
Director (Upto 11/04/2013) |
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Name : |
Dr. A.K. Rath |
|
Designation : |
Director (Upto 15/02/2013) |
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Name : |
Mr. Vivek Kumar |
|
Designation : |
Director (Upto 06/08/2012) |
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|
Name : |
Mr. U.K. Basu |
|
Designation : |
Managing Director (Upto 30/06/2012) |
KEY EXECUTIVES
|
Name : |
Mr. Dinesh Mishra (upto 13/02/2013) |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
Mr. B. Sukumar
(from 14/02/2013) |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares As a % of |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1552507615 |
88.58 |
|
|
1552507615 |
88.58 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
1552507615 |
88.58 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
12982145 |
0.74 |
|
|
40802205 |
2.33 |
|
|
2700 |
0.00 |
|
|
448453 |
0.03 |
|
|
9866253 |
0.56 |
|
|
64101756 |
3.66 |
|
|
|
|
|
|
18286688 |
1.04 |
|
|
|
|
|
|
102855935 |
5.87 |
|
|
6520625 |
0.37 |
|
|
8326158 |
0.48 |
|
|
1900 |
0.00 |
|
|
20327 |
0.00 |
|
|
8293931 |
0.47 |
|
|
9800 |
0.00 |
|
|
200 |
0.00 |
|
|
135989406 |
7.76 |
|
Total Public shareholding (B) |
200091162 |
11.42 |
|
Total (A)+(B) |
1752598777 |
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) |
1752598777 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company Is Engaged in the Business of Refining Crude Oil. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
2010-2011 Qty. (M.T) |
|
Licensed Capacity |
Delicensed |
|
Installed Capacity |
11,820,000 |
|
Actual production of Petroleum products * |
11,772,855 |
*Excludes own consumption: 823,187 MT
GENERAL INFORMATION
|
No. of Employees : |
1625 (Approximately) |
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Bankers : |
·
State Bank of India ·
Bank of Baroda ·
Punjab National Bank ·
United Bank of India ·
Canara Bank ·
IDBI Bank Limited ·
Corporation Bank |
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Facilities : |
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Banking
Relations : |
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Solicitors : |
Mulla and Mulla and Craigie Blunt and Caroe |
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Advocates : |
Alaya Legal |
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Joint Statutory
Auditors : |
Maharaj N.R. Suresh and Company Chartered Accountants Gopalaiyer and Subramanian, Chartered Accountants |
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|
|
|
Cost Auditor : |
Musib and Associates Cost Accountants |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital : NOT AVAILABLE
Issued, Subscribed & Paid-up Capital : Rs. 17626.700 Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1900000000 |
Equity Shares |
Rs.10/- each |
Rs. 19000.000 Millions |
|
100000000 |
Redeemable Preference Shares @ 0.01% Non-Cumulative, Rs. 10 each |
Rs.10/- each |
Rs. 1000.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 20000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1752598777 |
Equity Shares |
Rs.10/- each |
Rs.
17525.990 Millions |
|
|
Forfeited Shares |
|
Rs. 0.650
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 17526.640 Millions |
NOTE:
Reconciliation of
shares
Equity Shares
|
Particular |
31.03.2013 |
|
Shares outstanding at the beginning of the year |
1,752,598,777 |
|
Shares outstanding at the end of the year |
1,752,598,777 |
Preference Shares
|
Particular |
31.03.2013 |
|
Shares outstanding at the beginning of the year |
9,186,242 |
|
Shares redeemed during the year |
-- |
|
Shares outstanding at the end of the year |
9,186,242 |
Rights, preferences
and restrictions attached
|
Particulars |
Equity Shares |
Preference
Shares |
|
Distribution of Dividend |
As approved by Shareholders in AGM |
Fixed @ 0.01% on Face Value |
|
Repayment of Capital |
Not Applicable |
Redemption in two Equal Installment (1st July 2011 and 1st July 2012) |
Shares held by holding or ultimate holding company or its subsidiaries
or associates
1,255,354,097 Equity Shares (1,255,354,097 Equity Shares) are
held by ONGC Limited, the holding company.
Details of
shareholders holding more than 5% of total shares
Equity Shares
|
Name of
Shareholder |
No. of Shares
held |
% of Holding |
|
Oil and Natural Gas Corporation Limited |
1,255,354,097 |
71.63% |
|
Hindustan Petroleum Corporation Limited |
297,153,518 |
16.96% |
Preference Shares
|
Name of
Shareholder |
No. of Shares
held |
% of Holding |
|
IFCI Limited |
-- |
-- |
|
State Bank of Hyderabad |
-- |
-- |
2.6 No shares are reserved for issue under options and
contracts/commitments for the sale of shares/disinvestment
Convertible
securities to equity or preference shares
|
Name of the
security |
No. of
securities |
Terms of
conversion |
No of Shares |
|
Zero Coupon Bond |
-- |
Convertible into Equity Shares of Rs.10 each at par upon default in
repaymant of principle or interest |
-- |
Forfeited Shares
|
No. of Shares
Forfeited |
Amount paid up
in Rs. in Million |
|
-- |
0.650 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
SUMMARISED FIGURE
|
SOURCES
OF FUNDS |
31.03.2014 |
|
|
|
|
Share Capital |
17626.700 |
|
|
|
|
Reserves & Surplus |
53162.100 |
|
|
|
|
long-term borrowings |
88536.700 |
|
|
|
|
Deferred tax liabilities (Net) |
4702.700 |
|
|
|
|
Other long term liabilities |
18.000 |
|
|
|
|
long-term provisions |
466.900 |
|
|
|
|
Trade payables |
210311.700 |
|
|
|
|
Other current liabilities |
19237.600 |
|
|
|
|
Short-term provisions |
1214.300 |
|
|
|
|
Fixed Assets |
145129.700 |
|
|
|
|
Non-current Investments |
150.000 |
|
|
|
|
Long-term Loan and Advances |
2736.600 |
|
|
|
|
Other Non-current assets |
2694.800 |
|
|
|
|
Inventories |
84689.600 |
|
|
|
|
Trade receivables |
48311.400 |
|
|
|
|
Cash and cash equivalents |
108723.300 |
|
|
|
|
Short-term loans and advances |
7231.400 |
|
|
|
|
Other current assets |
909.800 |
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
17526.640 |
17572.570 |
|
(b) Reserves & Surplus |
|
47150.260 |
54719.370 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
64676.900 |
72291.940 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
57807.910 |
38919.120 |
|
(b) Deferred tax liabilities
(Net) |
|
7343.280 |
4531.400 |
|
(c) Other long term
liabilities |
|
0.310 |
20.290 |
|
(d) long-term provisions |
|
451.430 |
543.220 |
|
Total
Non-current Liabilities (3) |
|
65602.930 |
44014.030 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
11990.030 |
18597.930 |
|
(b) Trade payables |
|
109607.640 |
111046.600 |
|
(c) Other current liabilities |
|
14130.920 |
12816.650 |
|
(d) Short-term provisions |
|
1003.760 |
2778.520 |
|
Total
Current Liabilities (4) |
|
136732.350 |
145239.700 |
|
|
|
|
|
|
TOTAL |
|
267012.180 |
261545.670 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
57768.520 |
40442.950 |
|
(ii) Intangible Assets |
|
37.800 |
73.390 |
|
(iii) Capital work-in-progress |
|
75544.810 |
70891.740 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
150.020 |
150.020 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
4699.210 |
7909.220 |
|
(e) Other Non-current assets |
|
974.350 |
1022.320 |
|
Total
Non-Current Assets |
|
139174.710 |
120489.640 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
272.780 |
|
(b) Inventories |
|
67152.610 |
78175.760 |
|
(c) Trade receivables |
|
39726.970 |
34592.660 |
|
(d) Cash and cash equivalents |
|
16058.550 |
22347.160 |
|
(e) Short-term loans and
advances |
|
4748.880 |
5367.250 |
|
(f) Other current assets |
|
150.460 |
300.420 |
|
Total
Current Assets |
|
127837.470 |
141056.030 |
|
|
|
|
|
|
TOTAL |
|
267012.180 |
261545.670 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Revenue from Operations |
718104.800 |
656962.180 |
537702.760 |
|
|
|
Other Income |
3244.700 |
1113.340 |
3473.760 |
|
|
|
TOTAL (A) |
721349.500 |
658075.520 |
541176.520 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
708525.200 |
654001.820 |
512367.500 |
|
|
|
Increase (-) / decrease In stock |
(6740.800) |
(11161.530) |
(1502.050) |
|
|
|
Employee benefits expense |
2154.700 |
1845.600 |
1608.830 |
|
|
|
Other expenses |
4153.800 |
9273.000 |
9094.710 |
|
|
|
Exceptional Items |
(1118.900) |
(444.540) |
0.000 |
|
|
|
TOTAL (B) |
706974.000 |
653514.350 |
521568.990 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
14375.500 |
4561.170 |
19607.530 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3214.400 |
3285.530 |
2066.770 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11161.100 |
1275.640 |
17540.760 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7064.200 |
6044.100 |
4338.730 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
4096.900 |
(4768.460) |
13202.030 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(1914.900) |
2800.650 |
4116.250 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
6011.800 |
(7569.110) |
9085.780 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
42370.000 |
49990.000 |
42980.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Equity Shares |
NA |
0.000 |
1750.000 |
|
|
|
Tax on Dividend |
NA |
0.000 |
280.000 |
|
|
|
Transfer to Capital Redemption Reserve |
NA |
50.000 |
50.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
42370.000 |
49990.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports (FOB Value) |
NA |
321798.450 |
234183.240 |
|
|
|
Deputation of Specialists |
NA |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
NA |
321798.450 |
234183.24 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
119.260 |
1396.910 |
|
|
|
Raw Materials |
NA |
558690.880 |
476189.500 |
|
|
|
Stores, Spares and Chemicals |
NA |
534.180 |
316.250 |
|
|
TOTAL IMPORTS |
NA |
559344.320 |
477902.660 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(loss) Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
3.43 |
(4.32) |
5.18 |
|
|
|
- Diluted |
-- |
-- |
4.94 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.83
|
1.15
|
1.68 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.57
|
0.73
|
2.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
2.49
|
6.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.07
|
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
NA
|
1.08
|
0.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA
|
0.93
|
0.97 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
17572.570 |
17526.640 |
|
Reserves & Surplus |
54719.370 |
47150.260 |
|
Net
worth |
72291.940 |
64676.900 |
|
|
|
|
|
long-term borrowings |
38919.120 |
57807.910 |
|
Short term borrowings |
18597.930 |
11990.030 |
|
Total
borrowings |
57517.050 |
69797.940 |
|
Debt/Equity
ratio |
0.796 |
1.079 |
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 |
537702.760 |
656962.180 |
718104.800 |
|
|
|
22.179 |
9.307 |
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 |
537702.760 |
656962.180 |
718104.800 |
|
Profit |
9085.780 |
(7569.110) |
6011.800 |
|
|
1.69% |
(1.15%) |
0.84% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
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 PENDING
|
High Court of Karnataka -Bangalore Bench |
CSTA 1/2013 |
|
Petitioner/Appnt. Name |
COMMISSIONER OF CUSTOMS |
Respondent/Defnt. Name |
M/S MANGALORE REFINERY & |
||
|
Petnr./Appnt. Advocate |
JEEVAN J NEERALGI |
Respnt./Defnt. Advocate |
M/S MANGALORE REFINERY |
||
|
Date Filed |
20/02/2013 |
Classification |
|
District |
Mangalore |
|
Stage |
HEARING |
Last Posted For |
ADMISSION |
||
|
Last Action Taken |
ADMIT/RULE |
Last Date of Action |
05/06/2014 |
Next Hearing Date |
|
|
Latest Order |
1 Week |
||||
|
Before Hon'ble Judge/s |
N.KUMAR |
||||
Lower Court Details [Appeal from below case.]
|
Case No |
Court Name |
Disposal Dt |
|
FINAL OR 537/2012 |
CUSTOMS, CENTRAL EXCISE & SERVICE TAX APPELLATE TR |
08/08/2012 |
|
FINAL OR 536/2012 |
CUSTOMS, CENTRAL EXCISE & SERVICE TAX APPELLATE TR |
08/08/2012 |
Details of the Daily Order
|
Sl No |
Honble Judge |
Date of Order |
|
1 |
HONBLE DBBJ & BMJ |
26/03/2014 |
OPERATIONAL
PERFORMANCE
The Company with increased capacity
addition had processed the highest ever crude of 14.4 MMT during 2012-13
against 12.82 MMT in 2011-12 despite shutdown of the refinery from 19th April
to 27th April, 2012 due to water shortage. Fuel and Loss for the year 2012-13
was 7% against 6.75% in 2011-12. Higher fuel and loss was mainly on account of
commissioning activities of Phase-III units and force majeure shutdown of the
refinery during the first quarter of the year due to water crisis. The energy
index for the year 2012-13 was 61.01 (MBTU / BBL / NRGF) against 57.92 in
2011-12 and MBN was higher during the year due to higher fuel and loss and
lower complexity operations. The Company processed some new crudes namely
Zafiro, Rabi, Aseng and Hungo for the first time during the year 2012-13.
EXPORTS
The Company have achieved highest
ever export turnover of Rs.333400.000 Millions during the year 2012-13 by
exporting petroleum products viz., Motor Spirit, Naphtha, Mixed Xylene, High
Speed Diesel, Jet fuel and Fuel Oil. The three year term export contract for
the supply of petroleum products to State Trading Corporation, Mauritius to
meet the demands of Republic of Mauritius continued during the year. The
Company has successfully finalised a new 3 year contract with STC, Mauritius
for supply of petroleum products which will be valid till 31/07/2016.
In the global competitive market, the Company have secured its place by exporting the petroleum products and is continuing to explore opportunities for its growth.
New Products
Marketing Plan
The Company is setting up a
polypropylene (PP) plant of 440 KTPA capacity for bulk supplies to downstream
processing industry. Detailed Business Plan for sale of PP has been finalized
and selection of channel partners for sale in domestic market is in progress.
In addition, the Company is also developing storage infrastructure for PP in
Karnataka.
The Company is also putting up a Delayed Coker Unit, which will produce pet coke, a new product in the product basket of MRPL. The Company shall undertake sale of pet coke to major industrial consumers in South India.
AWARDS AND
RECOGNITION:
·
MRPL has been upgraded
from Schedule ‘B’ to Schedule ‘A’ company with effect from 4/7/2013.
·
MRPL has bagged the
coveted Petrofed Award, 2012 “Refinery of the Year” for the commendable
performance in production and operational efficiencies while meeting the norms
of health, safety and environment protection.
·
MRPL has won “Export
Excellence Award, 2013” in Best Manufacturer – Exporter - large category- Gold
by Federation of Karnataka Chamber of Commerce and Industry.
·
MRPL was conferred
“State Export Excellence Award” for 2010-11 and 2009- 10 Medium/Large category
– Gold by Government of Karnataka.
·
MRPL has been rated
“Excellent” in performance as per the MoU signed with ONGC for the year 2011-12
and 2012-13 (provisional).
·
Managing Director,
MRPL has won the “CEO with HR Orientation Award” in the Global HR Excellence
Awards presented by Institute of Public Enterprise, Hyderabad.
·
MRPL was conferred
with “BT-Star PSU Excellence Award, 2013” in Human Resource Management category
(Mini ratna /others).
·
MRPL was awarded First
Prize for outstanding performance in the area on Hindi Implementation for two
consecutive years 2011-12 and 2012-13 by the Town Official Language
Implementation Committee, Mangalore.
PROJECTS
Ongoing Projects
Phase III Refinery
Upgradation and Expansion Project.
The implementation of ongoing
Company’s Phase III Refinery Project to increase complexity and profitability
by increasing the refining capacity to 15 MMTPA, to process high TAN and heavy
crude, increasing the distillate yield by upgrading low value naphtha and black
oils and to produce value added products like Propylene and upgrade its total
diesel pool to superior (Euro III/IV) grade HSD is nearing completion. The
estimated cost of the project continues to be Rs.121600.000 Millions despite
some delay in completion.
The implementation of the project
though delayed is now progressing satisfactorily. As of 15/07/2013, the overall
physical progress is 99 % against scheduled target of 100%. Due to the delay in
completion of the CPP, the Company had taken up alternate measures to
commission some of the units in Phase III with the utilities (power and steam)
sourced from existing Refinery CPP. All the process units and the downstream
units have achieved Mechanical Completion which includes major units like Petro
Fluidized Catalytic Cracking Unit (PFCCU), Delayed Coker Unit (DCU), Sulphur
Recovery Unit (SRU). The Units are awaiting the availability of uninterrupted
Steam and Power for carrying out the pre-commissioning and commissioning
activities from CPP which is being executed by M/s BHEL. CPP is anticipated to
be completed progressively by September / October, 2013. However, GTG 1 / HRSG
1 / GTG 2 have been commissioned.
HGU and DHDT units have been
successfully commissioned. The other associate Utilities and offsite facilities
like Cooling Water System, DM Water System, Air and Nitrogen System, Waste
Water Treatment System and Fire Water System have also been commissioned.
The cost commitment for Phase III
project was Rs.109350.000 Millions while the cumulative expenditure incurred
was Rs.104580.000 Millions as on 31/07/2013. The project having reached the completion
stage of 99% and cost commitment nearing completion, it is anticipated that
there will not be any cost overrun despite the delay in project completion.
Polypropylene Project
The setting up a Polypropylene
unit integrated with the Phase III Project at an estimated capex of
Rs.18040.000 Millions by the company with M/s. Novolen Technology, Germany is
moderately delayed due to PDF problems. The non-vacating of site by PDF has
resulted in shifting the location of the unit and delayed commencement of site
work and delayed receipt of environmental clearance. Site grading work has now
been carried out in the new location and civil and structural works and
equipment erection are in progress.
This Project has achieved a
progress of 90 % as against target of 93 % as of 15/07/2013. The Cost
Commitment made for Polypropylene Project was Rs.12980.000 Millions while the
cumulative expenditure incurred was Rs.7250.000 Millions as of 31/07/2013.
Single Point Mooring
(SPM) Project
The Company have set up SPM project
along with coastal booster pumping station within the port limits at a location
of 16 kilometers from the shore (High-Seas) having draft availability of 30
meters for handling upto Very Large Crude Carrier (VLCC) at an estimated cost
of Rs.10440.000 Millions. This facility will enable the company to receive
crude in suez max / VLCC vessels, which in turn will give freight economics and
also allow access to West African and Latin American countries crudes. This
facility will also de-congest existing berth facility at NMPT port and reduce
the incidence of demurrage. The facility can also be deployed for crude receipt
by the Indian Strategic Petroleum Reserve Limited (ISPRL) underground cavern
for storage of Crude oil at Mangalore.
The project activity has achieved
an overall progress of 98.64% against the revised scheduled target of 99.12 %
as of 15/07/2013. The testing of the facility was started on 03/01/2013.
However, due to technical issues, it was taken up for repairs. This repair
activity has since been completed. Cost Commitment made for SPM project was
Rs.6880.000 Millions while the cumulative expenditure incurred was Rs.6510.000
Millions as of 31/07/2013.
Refinery Performance
Improvement Programme
The Company have taken up Refinery
Performance Improvement Programme (RPIP) through M/s Shell Global Solutions
International B.V. (SGSI) under the auspices of Center for High Technology,
Ministry of Petroleum and Natural Gas. The RPIP is aimed at identifying
opportunities for improvement by adopting best operating practices in the areas
having a bearing on profit margin including optimizing operation, energy and
utilities consumption, minimizing hydrocarbon loss and improving maintenance
and inspection practices. The first part of Assessment phase has been completed
and is presently under development for implementation.
Future Projects
The Company have signed an MoU
with Government of Karnataka for setting up a Linear Alkyl Benzene (LAB) Plant
(for producing raw materials to manufacture detergent) and to expand its
refining capacity to 21 MMTPA subject to techno economic viability and
availability of required infrastructure at Mangalore with an approximate
investment of Rs.85000.000 Millions. Besides these, Company has been planning
to put up a Pet Coke gasification plant and an Olefin Complex (Naphtha Dual
Feed Cracker) at an estimated cost of Rs.23000.000 Millions. The preliminary
feasibility report is under finalization for this project.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMY OVERVIEW
The aftershocks of the 2008-09
global financial crises continued all through 2012-13. Consequently,
investments declined, demand became sluggish, and employment rates stayed low.
The cumulative effect of all these pulled down the global GDP growth from 4% in
2011 to almost 3% in 2012 and understandably the growth rate of emerging and
developing economies dropped to 5.5% in 2012 vis a vis 6.4% in 2011.
Indian economy was not insulated
from this global slowdown and its ill effects. Inflationary pressures and subdued
investment climate led to a sharp decline in the country’s GDP from 6.2% in
2011-12 to around 5% in 2012-13.
It is a matter of deep concern
that the value of the Indian Rupee has been depreciating over the past three years
from Rs.45 to a dollar to Rs.60 a dollar. The Rupee hit an all-time low against
the dollar, seriously impacting the Indian economy already riddled with
multiple problems including balance of payment position.
The fall in Rupee value continues
to loom ominously over the recent gains in inflation and badly needed capital
flows. Weaker Rupee causes capital imports to be almost prohibitively
expensive, forcing Corporates to delay investments. Besides the spiraling fuel
price and inflation dampens consumer sentiment. Therefore, it is surmised that
the outlook of Indian economy may continue to be under stress in near future.
INDUSTRY OVERVIEW
The Total Refining Capacity of
India has grown from 187 MMT in 2011 to 215 MMT in 2013 and is expected to touch
240 MMT by 2014. The GRMs of most domestic refineries were subdued in 2012-13
in line with the depressed international refining margins due to lower crack
spreads, light/ sweet and heavy/sour crude differentials remaining weak and
high inventory losses resulting from sharp fall in crude oil prices. The GRMs
improved in the second quarter of FY 2012-13 with cracks improving in line with
rising in crude oil and product prices caused by unanticipated temporary
outages in international refineries. The price differential between
‘light-sweet’ and ‘heavy-sour’ crude oil ruled below historical levels in
2012-13 which further exerted a downward pressureon the GRMs of complex
refineries.
The forecast is that the global
supply of petroleum products is likely to outstrip demand growth. Going
forward, the outlook on international refining margins remain weak due to the
scale at which planned capacity additions are underway which in turn will
exceed demand growth for petroleum products. Following an outlook of low international
refining margins and moderate import-duty differentials between petroleum
products and crude oil, GRMs of domestic refineries are also expected to remain
weak over the medium term. The operational results will continue to be impacted
by the volatility in Indian Rupee Value and Crude prices determining inventory
gains/losses.
Crude Imports by India:
Over the years, crude oil import
has been growing due to increased refining capacities. This upward trend is
expected to continue as there is stagnation in the domestic production and new
discoveries.
India imported 185 MMT crude
during the year 2012-2013 compared to 172 MMT in 2011-12.
International crude oil prices have been on a roller-coaster ride over the past few years owing to geo-political turmoil in Middle East and African countries. Brent and Dubai crude oil average price in 2010-11 were $87 and $84 per barrel, respectively which climbed by more than 30% to $115 and $110 per barrel, respectively in 2011- 12. During 2012-13, oil prices fell by 3-4% with Brent Crude oil at $110 per barrel and Dubai at $ 107 per barrel. Presently, Brent and Dubai crude oil prices are hovering at around $108 and $104 per barrel, respectively. India’s consumption and production pattern of petroleum products during 2012-13.
The consumption of diesel in their country has been on the increase due to availability of subsidy as compared to motor spirit. Such changes in consumption pattern shifts demand from light distillates to middle distillates. Consumption and Production of petroleum products during 2012-13.
With production exceeding consumption, India continues to be an exporter of petroleum products. Indian refiners are also investing in conversion of negative/ low margin products like naphtha to maximize yield of high value products. The company has achieved highest ever refinery throughput of 14.40 MMT during the year 2012-13 as compared to 12.82 MMT during the previous year and is likely to achieve its full throughput during 2013-14 with the enhanced capacity of 15 MMTPA.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions)) |
|
Long-term
Borrowings |
|
|
|
From Others : Term
Loan from OIDB Terms of Repayment: During 2013-14 : Rs.1000.000 Millions During 2014-15 : Rs.2000.000 Millions During 2015-16 : Rs.2000.000 Millions During 2016-17 : Rs.2000.000 Millions During 2017-18 : Rs.1000.000 Millions |
NA |
7000.000 |
|
Deferred payment
liabilities Terms of Repayment: During 2014-15 : Rs.534.340 Millions During 2015-16 : Rs.555.830 Millions During 2016-17 : Rs.458.170 Millions During 2017-18 : Rs.526.540 Millions During 2018-19 : Rs.400.000 Millions During 2019-20 : Rs.218.630 Millions |
NA |
2693.510 |
|
Loans and advances
from related parties |
|
|
|
Loan 1 During 2013-14 : Rs.3600.000 Millions |
NA |
0.000 |
|
Loan 2 During 2013-14 : Rs. 1178.600 Millions During 2014-15 : Rs.4714.400 Millions During 2015-16 : Rs.4714.400 Millions During 2016-17 : Rs.4714.400 Millions During 2017-18 : Rs. 4714.400 Millions During 2018-19 : Rs. 4714.400 Millions During 2019-20 : Rs. 4714.400 Millions During 2020-21 : Rs.3535.000 Millions |
NA |
31821.400 |
|
Short-term
borrowings |
|
|
|
External borrowing Short term Loan From Banks : Buyers Credit |
NA |
11948.200 |
|
Total |
NA |
53463.110 |
|
NOTE: LONG-TERM
BORROWINGS The interest
rate for OIDB term loan are 8.89 %,9.04%, 8.73% and 8.98% on Rs.3,650.00 Million,
Rs.350.00 Million, Rs.1,250 Million and Rs.2,750 Million respectively. Deferred Payment
liability representing Sales Tax deferment is with Nil Interest rate. The interest rate on Term loan from related Parties i.e ONGC are 9.00 %
and 10.65 % (SBAR minus 3.85%) on Rs.3,600.000 Million and Rs.33,000.000
Million respectively. |
||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10448674 |
26/09/2013 * |
23,504,200,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B85841849 |
|
2 |
10378342 |
29/10/2012 * |
13,325,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B61353405 |
|
3 |
80005571 |
23/08/2013 * |
37,078,000,000.00 |
STATE BANK OF INDIA- |
CORPORATE CORPORATE
ACCOUNT GROUP, CAG BRANCH,12 |
B84354893 |
* Date of charge modification
CONTINGENT
LIABILITIES:
Corporate Guarantee
given by the Company towards loan of Rs. 3,372.300 Million sanctioned by
certain bankers / financial institutions to New Mangalore Port Trust (NMPT) for
construction of Jetties. Amount outstanding as at the close of the year ended
31st March, 2013, after adjusting the repayment made by NMPT is Rs. Nil
(Previous Year Rs. Nil).
Claims against the Company not acknowledged as debt :
(Rs. in millions)
|
Sr. No. |
Particulars |
|
31.03.2013 |
|
1 |
Claims of Contractors
/ vendors in Arbitration / Court |
|
|
|
|
Some of the
contractors for supply and installation of equipment have lodged claims on
the company seeking revision of time of completion without liquidated damages,
extended stay compensation and extra claims etc., which are contested by the
company as not admissible in terms of the provisions of the respective
contracts. In case of unfavourable awards the amount payable would be
capitalised Rs. 327.390 million / Reimbursable Rs. 37.63 million [Previous
year Rs. 306.730 million and Rs. 37.630 million respectively] |
|
365.020 |
|
2 |
Claims / counter
claims of Customers |
|
|
|
(a) |
The company and the
customer had filed a petition before the H’ble High Court ,Mumbai on
16.08.2012 for withdrawal of case on account of amicable settlement |
|
0.000 |
|
(b) |
One of the
customers has lodged a claim for damages for pre-closure of the contract. The
company has disputed the claim basis Force Majure
condition. In case of non-acceptance of the stand taken by the company the
amount will be debited to the Profit and Loss account. |
|
85.200 |
|
3 |
Others |
|
|
|
(a) |
The New Mangalore
Port Trust (NMPT) has claimed from the company notified wharf age charges for
handling cargo at oil berths for the period beyond MOU (berth No 10from
16.10.2009 to 31.03.2013 and for berth no 11 from 01.04.2011 to 31.03.2013).
The company has claimed that Memorandum of understanding, provides for
arriving at a mutually agreeable rate subject to Government approval (TAMP
(Tariff Authority for Major Ports)). The issue is before the TAMP. On
adjudication by TAMP, the differential wharfage amount between the notified
wharfage rate and the wharfage rate being paid by the company, if any, will
be debited / credited to the Profit and Loss Account in the year of such
settlement. |
|
1561.360 |
|
(b) |
This represents the
potential liability which the company has undertaken towards reimbursement to
lessors in case of any liability in their respective tax assessments. In case
of any claim by lessors the same will be debited to Profit and Loss Account. |
|
133.670 |
|
(c) |
The claim of
Mangalore SEZ Ltd. over and above the advance paid for land and
rehabilitation and resettlement work. |
|
37.430 |
|
(d) |
Charges for
delay in creation of security for ECB borrowings |
|
2.260 |
|
|
Total |
|
2184.940 |
FIXED ASSETS
·
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Intangible Assets
·
Goodwill
·
Computer software
·
Licenses and franchise
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.60.00 |
|
|
1 |
Rs.102.19 |
|
Euro |
1 |
Rs.80.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
72 |
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.