MIRA
INFORM REPORT
|
Report Date : |
29.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
BATLIBOI LIMITED |
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Registered
Office : |
Bharat House, 5th Floor, 104, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
06.12.1941 |
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Com. Reg. No.: |
11-003494 |
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Capital
Investment / Paid-up Capital : |
Rs. 212.661 Millions |
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CIN No.: [Company Identification
No.] |
L52320MH1941PLC003494 |
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IEC No.: |
0388097167 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMBI2649A |
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PAN No.: [Permanent Account No.] |
AAACB44082 |
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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
: |
The company is involved in Machine Tools, Textile Air Engineering, Textile Machinery, Air Conditioning, Environmental Engineering, Wind Energy, Electrical Engineering, and International Marketing and Logistics. |
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No. of Employees
: |
468 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk
profile and loss that company has incurred from its operation during
financial year 2014. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization policies.
A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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. (Tel. No. 91-22-56378200)
LOCATIONS
|
Registered Office/ Corporate Office: |
Bharat House, 5th Floor, 104, Bombay Samachar Marg, Fort,
Mumbai – 400 001, Maharashtra, India |
|
Tel. No.: |
91-22-56378200 |
|
Fax No.: |
91-22-22675601 |
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E-Mail : |
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Website : |
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Factory 1: |
P.O. Fateh Nagar, Surat Navsari Road, Udhna, Surat – 394 220, Gujarat,
India |
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Tel No.: |
91-261-2890551/ 2890435 |
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Fax No.: |
91-261-2890832 |
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E-Mail : |
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Location : |
Owned |
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Factory 2: |
Surat Navsari Road, Udhna – 394 220, Surat,
Gujarat, India |
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Tel No.: |
91-261-2890551/ 2890435 |
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Fax No.: |
91-261-2890832 |
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E-Mail : |
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Factory 3: |
Plot No.24, III Main, Veerasandra Industrial Area, |
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Tel No.: |
91-80-27833216/ 27834203 |
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Fax No.: |
91-80-27833218 |
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E-Mail : |
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Factory 4: |
Plot No. B – 29, 18 – S – Road, Wagle Estate, Thane - 400 604, Maharashtra, India |
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Tel No.: |
91-22-25833372 / 7245 / 7246 |
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Fax No.: |
91-22-25833312 |
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E-Mail : |
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Factory 5: |
Rye Street, Peterborough, Ontario – K9J6W9, Canada |
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Overseas Office: |
Located at: ·
Canada ·
France |
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Branch Office: |
Located at: · Mumbai · Surat · Pune · Bangalore · Chennai · Coimbatore · Tirupur · Hyderabad · Faridabad · New Delhi · Ludhiana ·
Kolkata |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. Pratap Bhogilal |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Mr. Nirmal Bhogilal |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/ Age : |
61 Years |
|
Recognition or
awards : |
B. Sc. (Engg), Chemical Engg ( Committee Member – CII National Council |
|
|
|
|
Name : |
Mr. Vijay R. Kirloskar |
|
Designation : |
Director |
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|
Name : |
Mr. Subodh Bhargava |
|
Designation : |
Director |
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|
Name : |
Mr. E.A. Kshirsagar |
|
Designation : |
Director |
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|
Name : |
Mr. Ameet Hariani |
|
Designation : |
Director |
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|
Name : |
Mr. Ulrich Duden |
|
Designation : |
Director |
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Date of Appointment : |
28.07.2007 |
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|
Name : |
Mr. George Verghese |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Corporate Management : |
|
|
Name : |
Mr. Nirmal Bogilal |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Edwyn Rodrigues |
|
Designation : |
Chief Executive Officer Textile Machinery Group |
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|
Name : |
Mr. Daniel Vaz |
|
Designation : |
Chief Operating Officer Textile Air Engineering Group |
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|
Name : |
Mr. Pradeep Pradhan |
|
Designation : |
Chief Executive Officer Air Conditioning and Refrigeration Group |
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Name : |
Mr. Sanjiv Joshi |
|
Designation : |
Chief Executive Officer Environmental Engineering Group |
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Name : |
Mrs. Prema Chandrasekhar |
|
Designation : |
Chief Financial Officer |
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|
Name : |
Mrs. Puneet Kapur |
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Designation : |
Chief Corporate Counsel and Company Secretary |
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|
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Name : |
Mr. Ashok Joshi |
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Designation : |
Chief Human Resource Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
21983567 |
76.64 |
|
|
1459000 |
5.09 |
|
|
23442567 |
81.73 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
23442567 |
81.73 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
900 |
0.00 |
|
|
350 |
0.00 |
|
|
600 |
0.00 |
|
|
1850 |
0.01 |
|
|
|
|
|
|
689192 |
2.40 |
|
|
|
|
|
|
3115539 |
10.86 |
|
|
519627 |
1.81 |
|
|
913775 |
3.19 |
|
|
66805 |
0.23 |
|
|
846970 |
2.95 |
|
|
5238133 |
18.26 |
|
Total Public
shareholding (B) |
5239983 |
18.27 |
|
Total (A)+(B) |
28682550 |
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) |
28682550 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares
held |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
|||
|
1 |
Nirmal Pratap Bhogilal |
1,97,52,406 |
68.87 |
68.87 |
|
2 |
Sheela Bhogilal |
8,41,022 |
2.93 |
2.93 |
|
3 |
Nirbhag Investments Private Limited |
6,18,200 |
2.16 |
2.16 |
|
4 |
Pramaya Shares and Securities Private Limited |
6,00,000 |
2.09 |
2.09 |
|
5 |
Pratap Bhogilal |
4,73,792 |
1.65 |
1.65 |
|
6 |
Kabir Bhogilal |
3,94,176 |
1.37 |
1.37 |
|
7 |
Nirmal Bhogilal |
3,46,438 |
1.21 |
1.21 |
|
8 |
Bhagmal Investments Private Limited |
2,40,800 |
0.84 |
0.84 |
|
9 |
Nirmal Bhogilal |
1,49,077 |
0.52 |
0.52 |
|
10 |
Maya Goyel |
18,296 |
0.06 |
0.06 |
|
11 |
Dharini B Anand |
2,680 |
0.01 |
0.01 |
|
12 |
Chitra Ashok Kumar |
2,680 |
0.01 |
0.01 |
|
13 |
Farah Bhogilal |
2,000 |
0.01 |
0.01 |
|
14 |
Darshana Bhogilal Gupta |
1,000 |
0.00 |
0.00 |
|
|
Total |
2,34,42,567 |
81.73 |
81.73 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
Newpond Management Limited |
846970 |
2.95 |
2.95 |
|
|
|
Total |
846970 |
2.95 |
2.95 |
BUSINESS DETAILS
|
Line of Business : |
The company is involved in Machine Tools, Textile Air Engineering, Textile Machinery, Air Conditioning, Environmental Engineering, Wind Energy, Electrical Engineering, and International Marketing and Logistics. |
GENERAL INFORMATION
|
No. of Employees : |
468 (Approximately) |
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Bankers : |
· Bank of Baroda · Punjab National Bank · Canara Bank · Indusind Bank Limited · State Bank of India ·
The Shamrao Vithal Co-operative Bank Limited |
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|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
V. Sankar Aiyar and Company Chartered Accountants |
|
|
|
|
Entities in which management personnel are trustees : |
·
Bhogilal Leherchand Foundation ·
Leherchand Uttamchand Trust Fund ·
Shekhama Family Trust |
|
|
|
|
Subsidiary Companies: |
·
Queen Projects (Mauritius) Limited – Mauritius ·
Vanderama Holdings Limited – Cyprus ·
Pilatus View Holdings AG – Switzerland ·
Quickmill Inc. – Canada ·
Aesa Air Engineering SA – France ·
Aesa Air Engineering SPA – Italy ·
Aesa Air Engineering Pte Limited. – Singapore ·
Aesa Air Engineering Limited. – Hong Kong ·
Aesa Air Engineering Limited. – China ·
Aesa Air Engineering Private Limited – India ·
760 Rye Street Inc. – Canada |
|
|
|
|
Entities over which key management personnel are able to exercise
significant influence: |
·
Batliboi Environmental Engineering Limited. ·
Batliboi International Limited ·
Batliboi Impex Limited. ·
Batliboi Enxco Private Limited ·
Sustime Pharma Limited. ·
Spartan Electricals ·
Bhagmal Investments Private Limited ·
Delish Gourment Private Limited ·
Hitco Investments Private Limited ·
Nirbhag Investments Private Limited ·
Pramaya Shares and Securities Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
46170400 |
Equity Shares |
Rs.5/- each |
Rs.230.852 millions |
|
692480 |
Preference Shares |
Rs.100/- each |
Rs.69.248 millions |
|
|
Total
|
|
Rs.300.100
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28682550 |
Equity Shares |
Rs.5/- each |
Rs.143.413 Millions |
|
692480 |
5% - 5 Year Redeemable Non-cumulative Preference shares |
Rs.100/- each |
Rs.69.248 Millions |
|
|
Total |
|
Rs. 212.661
Millions |
The reconciliation of the number
of shares outstanding at the beginning and at the end of year is as under:
|
Particulars |
2013-2014 |
|
Opening
Number of Equity Shares |
2,86,82,550 |
|
Add:
Fresh Equity Shares issued during the year |
— |
|
Closing Number of Equity Shares |
2,86,82,550 |
The details of Share holder
holding more than 5% Equity Shares is as under:
|
Name of Share holder |
No. of Shares |
No. of Shares |
|
Mr.
Nirmal Bhogilal |
2,02,47,921 |
2,02,48,844 |
|
%
Shareholding |
70.59% |
70.60% |
Preference Shares
6,92,480
5% Non Cumulative Preference Shares of Rs. 100 each (4,78,000 redeemable on
27th March, 2016 and 2,14,480 redeemable on 19th June, 2016).
The reconciliation of the
number of shares outstanding at the beginning and at the end of year is as
under:
|
Particulars |
2013-14 |
|
Opening
Number of Preference Shares |
6,92,480 |
|
Add:
Fresh Preference Shares issued during the year |
— |
|
Closing
Number of Preference Shares |
6,92,480 |
Details of Shareholder holding
more than 5% Preference Shares are as under:
|
Name of Share holder |
No. of Shares |
No. of Shares |
|
Mr.
Pratap Bhogilal |
6,92,480 |
6,92,480 |
|
%
Shareholding |
100% |
100% |
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 |
212.661 |
212.661 |
212.661 |
|
(b) Reserves & Surplus |
332.178 |
374.323 |
369.721 |
|
(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) |
544.839 |
586.984 |
582.382 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
73.865 |
68.947 |
125.945 |
|
(b) Deferred tax liabilities (Net) |
0.500 |
5.900 |
3.800 |
|
(c) Other long
term liabilities |
76.766 |
70.401 |
68.988 |
|
(d) long-term
provisions |
55.075 |
60.254 |
65.322 |
|
Total Non-current
Liabilities (3) |
206.206 |
205.502 |
264.055 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
234.299 |
203.766 |
212.865 |
|
(b)
Trade payables |
273.916 |
241.302 |
251.502 |
|
(c)
Other current liabilities |
188.172 |
234.500 |
275.413 |
|
(d) Short-term
provisions |
12.368 |
9.465 |
4.382 |
|
Total Current
Liabilities (4) |
708.755 |
689.033 |
744.162 |
|
|
|
|
|
|
TOTAL |
1459.800 |
1481.519 |
1590.599 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
507.024 |
518.027 |
499.748 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
28.118 |
28.118 |
28.103 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
366.985 |
330.383 |
332.373 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
21.545 |
18.383 |
23.341 |
|
(e) Other
Non-current assets |
32.795 |
22.335 |
35.647 |
|
Total Non-Current
Assets |
956.467 |
917.246 |
919.212 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
207.714 |
198.431 |
291.152 |
|
(c)
Trade receivables |
230.735 |
299.969 |
279.802 |
|
(d) Cash
and cash equivalents |
20.360 |
15.323 |
26.376 |
|
(e)
Short-term loans and advances |
44.524 |
50.550 |
74.057 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current
Assets |
503.333 |
564.273 |
671.387 |
|
|
|
|
|
|
TOTAL |
1459.800 |
1481.519 |
1590.599 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
1168.866 |
1204.513 |
1238.785 |
|
|
Other Income |
51.906 |
31.556 |
74.437 |
|
|
TOTAL (A) |
1220.772 |
1236.069 |
1313.222 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
558.511 |
538.671 |
594.467 |
|
|
Purchases of
Stock-in-Trade |
135.720 |
157.615 |
144.856 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
4.434 |
32.538 |
1.624 |
|
|
Employees benefits
expense |
249.305 |
246.945 |
243.415 |
|
|
Other expenses |
253.265 |
274.612 |
245.510 |
|
|
Exceptional Items |
0.000 |
(101.161) |
0.000 |
|
|
TOTAL (B) |
1201.235 |
1149.220 |
1229.872 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
19.537 |
86.849 |
83.350 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
52.257 |
62.459 |
60.845 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(32.720) |
24.390 |
22.505 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17.719 |
18.274 |
15.447 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
(50.439) |
6.116 |
7.058 |
|
|
|
|
|
|
|
Less |
TAX (H) |
(8.480) |
1.307 |
3.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
(41.959) |
4.809 |
3.258 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
143.113 |
141.804 |
141.546 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
NA |
3.500 |
3.000 |
|
|
Balance Carried to the
B/S |
NA |
143.113 |
141.804 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Commission/ Other Income |
99.045 |
79.787 |
83.357 |
|
|
TOTAL EARNINGS |
99.045 |
79.787 |
83.357 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials and Components |
51.962 |
46.636 |
64.579 |
|
|
Purchases for Trading |
0.125 |
5.808 |
2.267 |
|
|
TOTAL IMPORTS |
52.087 |
52.444 |
66.846 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(1.46) |
0.17 |
0.11 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(3.44) |
0.39 |
0.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(4.32) |
0.51 |
0.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.74) |
0.54 |
0.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.09) |
0.01 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.57 |
0.46 |
0.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.71 |
0.82 |
0.90 |
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 |
212.661 |
212.661 |
212.661 |
|
Reserves & Surplus |
369.721 |
374.323 |
332.178 |
|
Net worth |
582.382 |
586.984 |
544.839 |
|
|
|
|
|
|
long-term borrowings |
125.945 |
68.947 |
73.865 |
|
Short term borrowings |
212.865 |
203.766 |
234.299 |
|
Total borrowings |
338.810 |
272.713 |
308.164 |
|
Debt/Equity ratio |
0.582 |
0.465 |
0.566 |
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 |
1238.785 |
1204.513 |
1168.866 |
|
|
|
(2.767) |
(2.959) |
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 |
1238.785 |
1204.513 |
1168.866 |
|
Profit |
3.258 |
4.809 |
(41.959) |
|
|
0.26% |
0.40% |
(3.59)% |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT
MATURITIES OF LONG TERM DEBT: NOT AVAILABLE
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
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 |
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 |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
|
LITIGATION DETAILS |
||||||||
|
HIGH COURT OF BOMBAY |
||||||||
|
Bench:- Bombay |
||||||||
|
Presentation Date: 18/11/2013 |
||||||||
|
Lodging No:- |
CPL/780/2013 |
Failing Date:- |
18/11/2013 |
Reg. No.:- |
CP/15/2014 |
Reg. Date:- |
15/01/2014 |
|
|
|
||||||||
|
Petitioner:- |
IVP LIMITED |
Respondent:- |
BATLIBOI LIMITED |
|||||
|
Petn.Adv:- |
HEMANT SETHI AND COMPANY |
Resp. Adv. |
0 (0) |
|||||
|
District:- |
Mumbai |
|||||||
|
|
||||||||
|
Bench:- |
Single |
Category:- |
COMPUTER PETITION U / UEC 433,434,439 COMPANIES ACT |
|||||
|
Status:- |
Pre-Admission |
Stage:- |
COMPUTER PETITION FOR ADMISSION |
|||||
|
Next Sate: |
05/09/2014 |
|
|
|||||
|
Coram:- |
ACCORDING TO SITTING LIST |
Stage:- |
COMPUTER PETITION FOR ADMISSION |
|||||
|
Last Date:- |
15/04/2014 |
|
||||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE G.S.PATEL |
|||||||
|
|
|
|||||||
|
Act:- |
Companies Act and Rules 1956 |
Under Section: |
433 (E) AND (F) 434 |
|||||
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
Long term
borrowings |
|
|
|
Loans and Advances from Related Parties |
20.170 |
10.170 |
|
Other Loans |
41.708 |
35.401 |
|
|
|
|
|
Short term
borrowings |
|
|
|
Inter Corporate Deposits |
38.597 |
40.148 |
|
|
|
|
|
Total |
100.475 |
85.719 |
REVIEW OF OPERATIONS
AND OUTLOOK
The business operations were adversely impacted during the year on account of declining industrial production and consequential sluggish demand for Capital Goods and related industries of which the Company is part of. Machine Tool industry witnessed a sharp decline in demand for General Purpose Machines (GPMs) and Special Purpose Machines (SPMs), which impacted off take and revenues. Textile industry, however witnessed improved business environmnt with the upsurge in global demand and demand from the eastern region. Opening of new sectors in home textile also contributed positively for the Textile Machinery trading division. However, slow implementation of projects by customers, increase in power tariff and shortage of power in southern region, affected the revenue and bookings of the Textile Air Engineering division.
On Standalone basis, the gross turnover including indirect sales increased by 30% over the previous year. Operations resulted in losses due to increased overheads and other costs. As a result the Company posted a loss of Rs. 41.959 Millions as against profit of Rs. 4.809 Millions for the previous year, on account of exceptional items.
Quickmill Inc., their Foreign Subsidiary manufacturing Machine Tools, registered improved performance. North America continues to show steady growth as well as the Middle East that now shows signs of recovery in the power and oil sectors with good solid projects. AESA SA their Foreign Subsidiary in Air Engineering posted a loss during the year.
The consolidated turnover has increased by 20% over the previous year. Operations resulted in loss of Rs. 28.729 Millions as against profit of Rs. 24.401 Millions for the previous year, on account of exceptional items.
Improvement in industrial production is not immediate. However, with the healthy order backlog both for Machine Tools and Textile engineering and strong enquiry levels for green field projects and expansions from spinning and weaving sector, the outlook is optimistic. The Company has also taken several measures viz. organizational changes in the Machine Tool business, launching of new products, increased R and D activities, penetration into non textile sector, in order to scale up the production and volumes and to reduce costs.
MANAGEMENT DISCUSSION
AND ANALYSIS
SEGMENTWISE
PERFORMANCE AND OUTLOOK
Batliboi Machine Tool
Group (BMTG)
Business structure
The Machine Tool Group manufactures and trades in various types of machine tools.
Manufacturing: The range includes General Purpose Conventional and CNC Machines (GPMs) and Special Purpose Machines (SPMs). GPMs include Radial Drilling Machines from 32 mm drill to 100 mm drills, Milling Machines of size I, II and III. CNC machines include CNC Turning centers, Vertical Machining centers, Drilling centers and double column moving table milling and drilling machine.
SPMs are custom built machines to meet specific needs of mass producers like automobile industry for milling, boring, facing, centering and drilling application as per the specific needs of the customers.
Trading: The Company represents as agents of various foreign companies from Czech Republic, Belgium, Italy,
Germany, South Korea, China and Taiwan and for metal cutting and metal forming machine tools in India.
Developments and
Performance
The Machine tool industry in general was impacted during the year due to contracting industrial production and the consequent sluggishness in demand for the Capital Goods and other industries.
As per the data available from the Indian Machine Tool Manufacturers Association, demand for GPMs decreased by 10% and for CNCs by 6%. This adversely impacted the output and revenues of the manufacturing units.
Performance of the Trading Division was also adversely affected due to demand for heavy machine tools being low during the year. As a result booking of new orders as well as billing declined during the year.
Opportunities,
Threats and Outlook
Machine Tools Udhna
(MTU)
It seems that sluggishness in the Capital Goods industry and trend of lower industrial production may continue during some time in the current year too; however, with the healthy order backlog and market potential for the new products, the division is expected to grow. The cost cutting and production improvement efforts will be the driving factors for the current year.
Cost reduction measures have been put in force across all manufacturing overheads.
Also the expected growth in automobile, infrastructure and defense in the year to come is likely to be the key drivers and as such special high end tooled up machines are being developed for defense.
Special Purpose
Machines, Bangalore
The new financial year has begun with a healthy Order Book position. Division is therefore expected to improve its performance in 2014-15.
Delays due to design re-engineering and development are being tackled effectively, to ensure improvements in results.
It is expected that the Power industry which was dormant in last 2 years would revive this year providing higher opportunities for the sales of CNC drilling machines.
Machine Tool Trading
In the New Year depending on the Government policy, there is a possibility of investment shaping up by end of the year. They have taken steps to strengthen the sales network with an optimistic viewpoint of the market.
Batliboi Textile
Engineering Group
Business Structure
The Textile Engineering Group comprises of Textile Machinery and Textile Air Engineering.
In Textile Air Engineering the Company is foremost and leading manufacturer of complete systems for humidification and waste collection for textile spinning, weaving and knitting plants.
In the Textile Machinery business the Company represents as Agents of International Textile Machinery manufacturers covering a range of spinning, knitting, processing and garmenting machinery.
Developments and
Performance
Textile Air
Engineering Group (TAE)
Indian textile industry is witnessing positive environment at present, despite the issues of increase in power tariff and shortage of power (especially in South India). The overall business environment is becoming extremely competitive. Despite slow implementation of projects and sluggish demand in South Indian textile industry, the division has improved its performance by lowering material costs and operating expenses. The performance for 2014-15 is expected to be better, considering the increase in enquiry level for proposed green field projects, expansion in spinning and weaving sector and incentives announced for the textile industry in Gujarat.
Textile Machinery
Division (TMD)
Due to substantial increase in domestic demand for yarn in mid of the year for spinning industry, the investment climate improved. During the first half of Financial Year 2013-14, Chinese import policy of charging an artificial premium on import of Indian yarn led to a cut back in imports, production of yarn in India and postponement of investment.
A strong order book in garment industry and robust growth of the domestic demand in the eastern region for spinning industry, investment in the knitting industry kick started. In other regions gaining of market share primarily among spinners assisted in growth of their machine sales. This was also reflected in increased sales in knitting machine lubricants in the last month.
Processing Machinery sector which so far is yet to realize its full potential primarily due to finance not being as freely available as compared to Spinning and Knitting investments. Here focus was more on technical textiles and more focus will be given to the sector in the new Financial Year.
With the above, the division posted improved results.
Opportunities,
Threats and Outlook
TAE
The continuation of TUF (Technology up gradation fund), favorable State Government policies for investment in textile sector (state textile policies of Gujarat, Maharashtra, MP) and increasing demand of yarn will lead to further investments in spinning sector during 2014-15.
However the challenges in front of Industry are higher labour attrition rate, increasing power tariffs, adverse power situation in South, overseas competitors’ aggressive in pricing and slower implementation of projects.
TAE division is expected to improve its performance looking at the pending order situation and overall positive market scenario.
TMD
Based on the revival of previously finalized projects, a strong first half of fiscal year 2014-15 is foreseen. It is therefore expected to improve its performance in the year 2014-15. The downside could be the exports of the textile industry being affected by the strengthening of the Rupee.
Air-conditioning and
Refrigeration Group (ACR)
Business Structure,
Developments and Performance
The group provides turnkey solutions to large industries in the field of humidification, ventilation and air conditioning. In the year division has successfully completed all projects on hand.
Opportunities,
Threats and Outlook
The division has restricted its operations in the area of service and maintenance of packages air-conditioning.
Quickmill Inc.
Business Structure,
Developments and Performance
The Company’s Wholly Owned Subsidiary is head quartered in Peterborough, Canada and is engaged in manufacture and sale of large size Gantry Drilling and Milling Machines. Its customers are mainly from energy and component manufacturing sectors.
The performance of Quickmill in the year was well above the predicted budget for the year. North America had steady recovery which accounts for the majority of the Company’s business. Business from the power sector, oil and gas and general fabrication industry was the majority of focus for the continued success.
North America will continue to show steady growth as well as the Middle East that now shows signs of recovery in the power and oil sectors with good solid projects.
Successful launch of new machining center two years ago is now showing good sales and growth for this machinery in the future. The Company also launch a new line of bridge type machining centers branded in the Quickmill name that will be sold globally and help Quickmill’s future growth.
Opportunities,
Threats and Outlook
The Company will continue its focus to explore key resource markets like Russia and will also make some marketing efforts in Thailand, Vietnam, Turkey and Indonesia with a strategic focus on the new branded bridge machine line of machines.
Competition will continue from the Taiwanese Machine Tool manufacturers but the continued focus on cost reduction and offer of full turn- key solutions will help Quickmill to get edge over the competitors.
AESA Air Engineering
SA
Business Structure,
Developments and Performance
The Company’s Subsidiary AESA SA is head quartered in France with Subsidiaries in China, Singapore and India. It is engaged in the business of Air Conditioning and filtration in textile, tobacco, non-woven and glass industries. After a positive result in previous year, financial year 2013-14 resulted in a loss. The reason was mainly due to delay in execution of a few bigger contracts and lower margins especially in India on account of severe competition.
Opportunities, Threats
and Outlook
Global Markets are active and the Company has re-entered the markets in Pakistan, Uzbekistan, Middle East and
USA.
However margins in the business will continue to remain under strong pressure.
The year ahead looks promising with a good order back-log
and the Company’s adjustment to the market requirements.
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF
a. Claims against the company not acknowledged as debts: Rs.27.644 Millions
b. Disputed sales tax/Excise demands under appeal Rs.7.630 Millions.
c. Corporate Guarantees given to banks and financial institutions for credit facilities/performance guarantees extended by them to Batliboi Environmental Engineering Limited (BEEL), a related party: Rs.254.000 Millions. Balance outstanding as on 31st March, 2014: Rs.203.050 Millions.
d. Guarantees given on behalf of the Company by its bankers and outstanding Rs.147.540 Millions (Previous year: Rs.127.823 Millions). Out of the above, Guarantees of Rs.10.956 Millions given by Company’s bankers and outstanding in respect of contracts of Batliboi Environmental Engineering Limited (BEEL), a related party.
e. In respect of guarantees given by the company to the bankers of Batliboi Environmental Engineering Limited (BEEL), a related party, BEEL has given counter guarantees on behalf of the Company.
f. Company has given Corporate Guarantee to others on behalf of its step down subsidiary Quickmill Inc amounting to CAD 0.739 Million equivalent to Rs.40.726 Millions
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10331782 |
29/12/2011 |
70,000,000.00 |
SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED |
SVC TOWER, NEHRU ROAD, VAKOLA, SANTACRUZ (EAST), MUMBAI, MAHARASHTRA - 400055, INDIA |
B30560619 |
|
2 |
10182944 |
13/08/2013 * |
1,086,500,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH, FORT, MUMBAI SAMACHAR MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
B86151883 |
|
3 |
10180771 |
25/08/2009 |
23,000,000.00 |
CANARA BANK |
TOWN HALL BRANCH, J C ROAD, STOCK EXCHANGE TOWERS, BANGALORE, KARNATAKA - 560027, INDIA |
A70946017 |
|
4 |
10126778 |
17/03/2010 * |
98,740,000.00 |
INDUSIND BANK LIMITED |
MAKER CHAMBER IV, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A82933367 |
|
5 |
10106130 |
19/04/2008 |
109,000,000.00 |
PUNJAB NATIONAL BANK LIMITED |
PNB HOUSE, SIR PM ROAD, FORT, MUMBAI, MAHARASHTRA |
A39604178 |
|
6 |
10094478 |
07/03/2008 |
75,000,000.00 |
INDUSIND BANK LIMITED |
MAKER CHANBER IV, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A35014323 |
|
7 |
10049200 |
02/04/2007 |
200,000,000.00 |
ABN AMRO BANK N.V. |
SAKHAR BHAWAN, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A13892997 |
|
8 |
10025387 |
30/10/2006 |
353,500,000.00 |
BANK OF BARODA |
INDUSTRIAL FINANCE BRANCH, CAWASJI PATEL STREET, |
A06414874 |
|
9 |
10025674 |
27/10/2006 |
61,500,000.00 |
THE SHAMRAO VITHAL CO-OP. BANK LIMITED. |
B/2, SARASWAT BLDG., DR. KASHIBAI NAVRANGE MARG, |
A06223721 |
|
10 |
80028460 |
11/09/2007 * |
70,000,000.00 |
ABN AMRO BANK N. V. |
74, SAKHAR BHAVAN, 7TH FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A24037558 |
|
11 |
90229922 |
13/12/2003 |
26,000,000.00 |
CORPORATION BANK |
104; BHARAT HOUSE; BOMBAY SAMACHAR MARG, FORT, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
12 |
90229826 |
19/07/2007 * |
382,500,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH, MUMBAI SAMACHAR MARG,
FORT, MUMBAI, MAHARASHTRA - 400023, INDI |
A20035473 |
|
13 |
90227031 |
26/04/2002 |
678,162,000.00 |
BANK OF BARODA |
INDUSTRIAL FINANCE BRANCH, CAWASJI PATEL STREET, |
- |
|
14 |
90229776 |
05/12/2006 * |
552,962,000.00 |
BANK OF BARODA |
INDUSTRIAL FINANCE BRANCH, CAWASJI PATEL STREET, |
- |
|
15 |
90244008 |
09/05/2008 * |
1,008,300,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH, FORT, MUMBAI SAMACHAR MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
A39488531 |
|
16 |
90229033 |
18/01/1996 |
90,400,000.00 |
DENA BANK |
INDUSTRIAL FINANCE BRANCH, MAKERS TOWERS; CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
17 |
90228933 |
06/08/1998 * |
647,900,000.00 |
BANK OF BARODA |
MUMBAI MAIN OFFICE, CP STREET, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
18 |
90228584 |
13/10/1992 |
40,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER; CUFFE PARADE, BOMBAY, MAHARASHTRA - 400005, INDIA |
- |
|
19 |
90228571 |
12/08/1992 |
5,000,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF |
163; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
20 |
90228568 |
01/08/1992 |
10,000,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF |
163; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
· Land (Freehold)
· Land (Leasehold)
· Buildings
· On Freehold Land
· On Leasehold Land
· Plant and Machinery
· Office Equipments/ Computers etc.
· Furniture, Fixtures, Fans and Electrical Fittings
· Vehicles
· Intangible Assets -Technical Know how
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. 60.10 |
|
|
1 |
Rs. 102.04 |
|
Euro |
1 |
Rs. 80.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
32 |
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.