MIRA
INFORM REPORT
|
Report Date : |
29.07.2014 |
IDENTIFICATION DETAILS
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Name : |
GODREJ INDUSTRIES LIMITED (w. e. f. 02.04.2001) |
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Formerly Known
As : |
GODREJ SOAPS
LIMITED GUJARAT-GODREJ
INNOVATIVE CHEMICALS LIMITED |
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Registered
Office : |
Pirojshanagar Eastern |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
07.03.1988 |
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Com. Reg. No.: |
11-097781 |
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Capital
Investment / Paid-up Capital : |
Rs. 331.200
Millions |
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CIN No.: [Company Identification
No.] |
L24241MH1988PLC097781 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMG08648D /
MUMG07967B |
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PAN No.: [Permanent Account No.] |
AAACG2953R |
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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
: |
Manufacturing and Marketing of Oleochemicals, their
Precursors and Derivatives, Bulk Edible Oils, Estate Management and
Investment Activities. |
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No. of Employees
: |
1371 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (67) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a Godrej Group company. It is a well-established and a reputed
company having a fine track record. The financial position of the company is sound and healthy. Trade
relations are reported as trustworthy. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for 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.
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 |
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Rating |
Long term rating : AA |
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Rating Explanation |
High degree of safety and very low credit
risk. |
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Date |
December 2013 |
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Rating Agency Name |
ICRA |
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Rating |
Short term rating : A1+ |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
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Date |
December 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON COOPERATIVE
(CONTACT NO.: 91-22-25188010)
LOCATIONS
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Registered Office/ Factory 1 : |
Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai – 400079, Maharashtra, India |
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Tel. No.: |
91-22-25188010/ 25188020/ 25188030/ 25194493/ 66451211/ 1218 |
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Fax No.: |
91-22-25188066/ 25188074/ 66451213 |
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E-Mail : |
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Website : |
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Factory 2 : |
Valia (DTA and EOU) Burjorjinagar,
Plot No. 3, Village Kanerao, Taluka - Valia, District Bharuch - 393135,
Gujarat, India |
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Tel. No.: |
91-2643-270756-60 |
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Fax No.: |
91-2643-270018 |
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Factory 3 : |
Wadala LM. Nadkarni
Marg, Near M.P.T. Hospital, Wadala (East), Mumbai – 400037, Maharashtra,
India |
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Tel. No.: |
91-22-24148770/
24154816 |
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Fax No.: |
91-22-24126204 |
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Factory 4 : |
Ambernath Plot No.N-73, Additional Ambernath
Industrial Area, Anand Nagar, Village Jambivali, Taluka Ambernath (East),
District: Thane - 421506, Maharashtra,
India |
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Tel. No.: |
91-251-2624000 |
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Branch Offices : |
4th Floor, Delite Theatre Building, 4/1, Asaf Ali Road, New Delhi - 110002, India Phone :91-11-23261066 Fax : 91-11-23261088 Kolkata Block GN, Sector-V, Salt Lake City, Kolkata – 700091, West Bengal, India Phone : 91-33-23573555 Fax : 91-33-23573945 Block B, 2nd Floor, 284A, Chase Road,
Southgate, London N14 - 6HF., Phone : (004420) - 88860145 Fax : (004420) – 88869424 Delhi 6th
floor, Hanslaya Building, 15, Barakhamba Road, New Delhi-110002, India Phone:
91-11-233234860 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. A. B. Godrej |
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Designation : |
Chairman |
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Date of Birth/Age : |
71 Years |
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Qualification : |
B.S., M.S. from Massachusetts Institute of Technology, U.S.A. |
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Expertise in
specific functional area : |
Engineering and Management |
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Date of Appointment : |
07.03.1988 |
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Other Directorship : |
·
Godrej and Boyce Mfg. Company Limited ·
Godrej Consumer Products Limited ·
Godrej Properties Limited ·
Godrej Agrovet Limited ·
Godrej Hygiene Products Limited ·
Godrej Investments Private Limited ·
Godrej Consumer Products (UK) Limited, ·
Keyline Brands Limited ·
Rapidol (Pty) Limited ·
Godrej International Limited ·
Godrej Global Mid East FZE ·
Godrej Consumer Products Mauritius Limited ·
Kinky Group Pty. Limited ·
Godrej Consumer Products Holding (Mauritius)
Limited ·
Godrej Nigeria Limited ·
PT Megasari Makmur ·
PT Ekamas Sarijaya ·
PT Sarico Indah ·
PT Indomas Susemi Jaya ·
Argencos S.A. ·
PT Intrasari-Raya Laboratoria ·
Cuenca S.A. ·
Consell S.A. ·
Panamar Producciones Sri Argentina ·
Godrej Kinky Holdings Limited ·
Godrej Consumer Products Dutch Coperatief U.A. ·
Godrej Consumer Products (Netherland) B.V. ·
Godrej Consumer Holdings (Netherland) B.V. ·
Godrej Indonesia Netherland Holdings B.V. ·
Godrej Argentina Dutch Coperatief U.A. ·
Godrej Netherland Argentina Holding B.V. ·
Godrej Netherland Argentina B.V. ·
DGH Mauritius Private Limited ·
Swadeshi Detergents Limited ·
Vora Soaps Limited ·
Indian School of Business (Member of the
Executive Board) |
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Name : |
Mr. J. N. Godrej |
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Designation : |
Managing Director |
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Name : |
Mr. N. B. Godrej |
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Designation : |
Managing Director |
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Date of Birth/Age : |
61 Years |
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Qualification : |
B.S. from Massachusetts Institute of Technology, U.S.A., M.S. in Chem. Engg., Standford University. MBA, Harward Business School. |
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Expertise in
specific functional area : |
Engineering and Management |
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Date of Appointment : |
07.03.1988 |
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Other Directorship : |
· Godrej and Boyce Mfg. Company Limited · Godrej Consumer Products Limited · Mahindra and Mahindra Limited · Godrej Properties Limited · The Indian Hotels Company Limited · Tata Teleservices (Maharashtra) Limited · Godrej Agrovet Limited · Godrej Tyson Foods Limited · Isprava Technologies Limited · Godrej International Limited · Godrej Global Mid East FZE. · ACI Godrej Agrovet Private Limited - Bangladesh · Keyline Brands Limited · Rapidol (Pty) Limited · Godrej Nigeria Limited · Poultry Processors’ Association of India |
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Name : |
Mr. A. B.
Choudhury |
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Designation : |
Director |
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Date of Birth/Age : |
70 Years |
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Qualification : |
Masters In Economics and MMS from JBIMS |
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Expertise in
specific functional area : |
Marketing, General Management and Real Estate |
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Date of Appointment : |
04.08.2009 |
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Other Directorship : |
· Godrej Properties Limited · Godrej Agrovet Limited · Wadala Commodities Limited · Swadeshi Detergents Limited · Vora Soaps Limited · Godrej Waterside Properties Private Limited |
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Name : |
Mr. S. A.
Ahmadullah |
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Designation : |
Director |
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Name : |
Mr. V. M. Crishna |
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Designation : |
Director |
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Date of Birth/Age : |
66 Years |
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Qualification : |
B.A. (Economics) |
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Expertise in
specific functional area : |
Economics |
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Date of Appointment : |
03.01.1995 |
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Other Directorship : |
· Godrej and Boyce Mfg. Company Limited · Godrej Agrovet Limited · Precision Wires India Limited · Naoroji Godrej Centre for Plant Research |
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j |
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Name : |
Mr. K. K. Dastur |
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Designation : |
Director |
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Date of Birth/Age : |
71 Years |
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Qualification : |
B. Com., A.C.A. |
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Expertise in
specific functional area : |
Finance and Accounts |
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Date of Appointment : |
01.05.2002 |
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Other Directorship : |
· Godrej Infotech Limited · Cartini India Limited · Netel (India) Limited · Oil Field Instrumentation (India) Limited |
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Name : |
Mr. K. M. Elavia |
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Designation : |
Director (Appointed w.e.f. May 28, 2013) |
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Date of Birth/Age : |
67 Years |
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Qualification : |
Chartered Accountant |
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Expertise in
specific functional area : |
Finance, Accounts, Company Law, Banking and Corporate Governance |
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Date of Appointment : |
28.05.2013 |
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Other Directorship : |
· Godrej and Boyce Mfg. Company Limited · NRB Bearings Limited · Goa Carbon Limited · Uni Abex Alloy Products Limited · Uni Deritend Limited · Allcargo Logistics Limited · Insilco Limited · Peerless Trust Management Company Limited · Dai-Ichi Karkaria Limited · Raptor Research and Conservation Fund (Section 25 Company) · Grindwell Norton Limited · Development Credit Bank Limited · Busbar Systems (India) Limited · Uni VTL President Private Limited · SinoGoa International Holdings Limited (Foreign Company) |
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Name : |
Mr. N. D. Forbes |
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Designation : |
Director |
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Name : |
Mr. K. N.
Petigara |
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Designation : |
Director |
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Name : |
Mrs. T. A. Dubash |
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Designation : |
Executive
Director and Chief Brand Officer |
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Name : |
Mr. M. Eipe |
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Designation : |
Executive
Director and President (Chemicals) (Superannuated
on April 30, 2013) |
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Name : |
N. S. Nabar |
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Designation : |
Executive
Director and President (Chemicals) (Appointed
w.e.f. May 1, 2013) |
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Date of Birth/Age : |
49 Years |
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Qualification : |
B. Sc. (Tech.) University of Mumbai and Management
Graduate, Welingkar Institute of Management Development and Research, Mumbai |
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Expertise in specific functional area : |
Sales, Marketing, Commodities, Exports, Imports and
Purchase |
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Date of Appointment : |
01.05.2013 |
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Other Directorship : |
· Ensemle Holding and Finance Limited ·
Wadala Commodities Limited |
KEY EXECUTIVES
|
BOARD COMMITTEES |
|
|
Audit Committee : |
·
K. K.
Dastur (Chairman) ·
S. A.
Ahmadullah ·
K. N.
Petigara ·
A. B.
Choudhury |
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Nomination and Compensation Committee : |
·
S. A.
Ahmadullah (Chairman) ·
B.
Choudhury ·
K. N.
Petigara ·
N. B.
Godrej |
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Shareholders Relationship / Shareholders
Committee : |
·
A. B.
Godrej (Chairman) ·
N. B.
Godrej ·
T. A.
Dubash ·
N. S.
Nabar |
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Corporate
Social : |
·
N. B. Godrej (Chairman) |
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Responsibility
Committee: |
·
T. A. Dubash ·
K. N. Petigara ·
A. B. Choudhury |
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Management Committee : |
·
A. B.
Godrej (Chairman) ·
N. B.
Godrej ·
T. A.
Dubash ·
N. S.
Nabar |
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|
Name : |
Clement Pinto |
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Designation : |
Chief Financial
Officer |
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Name : |
K. R. Rajput |
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Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category
of Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
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(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
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|
63031786 |
18.79 |
|
|
188202388 |
56.10 |
|
|
251234174 |
74.89 |
|
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Total
shareholding of Promoter and Promoter Group (A) |
251234174 |
74.89 |
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(B) Public
Shareholding |
|
|
|
|
|
|
|
|
2683606 |
0.80 |
|
|
26633 |
0.01 |
|
|
10614412 |
3.16 |
|
|
37939383 |
11.31 |
|
|
51264034 |
15.28 |
|
|
|
|
|
|
12787786 |
3.81 |
|
|
|
|
|
|
12910959 |
3.85 |
|
|
6539318 |
1.95 |
|
|
718989 |
0.21 |
|
|
718989 |
0.21 |
|
|
32957052 |
9.82 |
|
Total Public
shareholding (B) |
84221086 |
25.11 |
|
|
|
|
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Total (A)+(B) |
335455260 |
100.00 |
|
|
|
|
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
335455260 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sr.
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 |
Burjis Nadir Godrej |
54,46,740 |
1.62 |
1.62 |
|
2 |
Freyan Vijay Crishna |
59,03,175 |
1.76 |
1.76 |
|
3 |
Godrej and Boyce Mfg. Company Limited |
18,82,02,388 |
56.10 |
56.10 |
|
4 |
Jamshyd Naoroji Godrej |
64,03,169 |
1.91 |
1.91 |
|
5 |
Nadir Barjorji Godrej |
12,20,572 |
0.36 |
0.36 |
|
6 |
Navroze Jamshyd Godrej |
64,03,181 |
1.91 |
1.91 |
|
7 |
Nisaba Adi Godrej |
42,68,781 |
1.27 |
1.27 |
|
8 |
Nyrika Vijay Crishna |
59,03,175 |
1.76 |
1.76 |
|
9 |
Pirojsha Adi Godrej |
42,68,786 |
1.27 |
1.27 |
|
10 |
Rati Nadir Godrej |
6,00,000 |
0.18 |
0.18 |
|
11 |
Rishad Kaikhushru Godrej |
1,28,06,350 |
3.82 |
3.82 |
|
12 |
Sohrab Nadir Godrej |
55,39,074 |
1.65 |
1.65 |
|
13 |
Tanya Arvind Dubash |
42,68,783 |
1.27 |
1.27 |
|
|
Total |
25,12,34,174 |
74.89 |
74.89 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sr.
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 |
IL And FS Trust Company Limited |
4478889 |
1.34 |
1.34 |
|
|
2 |
Government Pension Fund Global |
3573469 |
1.07 |
1.07 |
|
|
3 |
Life Insurance Corporation Of India |
10144716 |
3.02 |
3.02 |
|
|
4 |
HDFC Standard Life Insurance Company
Limited |
8211785 |
2.45 |
2.45 |
|
|
5 |
Acacia Partners Lp |
3939660 |
1.17 |
1.17 |
|
|
|
Total |
30348519 |
9.05 |
9.05 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the category
“Public” and holding more than 5% of the total number of shares of the company
|
Sr.
No. |
Name(s)
of the shareholder(s) and the Persons Acting in Concert (PAC) with them |
No.
of Shares |
Shares
as % of Total No. of Shares |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
1 |
Nil |
0 |
0.00 |
0.00 |
|
|
|
Total |
0 |
0.00 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Oleochemicals, their
Precursors and Derivatives, Bulk Edible Oils, Estate Management and
Investment Activities. |
GENERAL INFORMATION
|
No. of Employees : |
1371 (Approximately) |
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Bankers : |
·
Central Bank of India ·
State Bank of India ·
Bank of India ·
HDFC Bank Limited ·
Citibank N.A. ·
HSBC Limited ·
DBS Bank Limited ·
Kotak Mahindra Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kalyaniwalla and Mistry Chartered Accountants |
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Holding Company
: |
Godrej and Boyce Mfg. Company Limited |
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Subsidiary
companies : |
Godrej Agrovet Limited ·
Golden Feeds Products Limited (Merged with Godrej
Agrovet Limited w.e.f. March 31, 2014) ·
Godrej Seeds and Genetics Limited ·
Godvet Agrochem Limited ·
Goldmuhor Agrochem and Feeds Limited (Merged with
Godrej Agrovet Limited on December 12, 2013 with effect from October 1, 2013) Godrej Properties Limited ·
Godrej Realty P. Limited ·
Godrej Real Estate P. Limited ·
Godrej Developers P. Ltd. (up to March 31, 2013) ·
Godrej Sea View Properties P. Limited (up to
December 31, 2013) (100% subsidiary w.e.f. July 1, 2013) ·
Happy Highrises Limited ·
Godrej Estate Developers Limited (up to December
31, 2013) (100% subsidiary w.e.f. June 28, 2013) ·
Godrej Buildwell P. Limited (Subsidiary due to
control over composition of Board of Directors) ·
Godrej Buildcon P. Limited ·
Godrej Projects Development P. Limited ·
Godrej Premium Builders P. Limited ·
Godrej Garden City Properties P. Limited ·
Godrej Nandhi Hills Project P. Limited (100% up
to December 31, 2013) ·
Godrej Landmark Redevelopers P. Limited ·
Godrej Redevelopers (Mumbai) P. Limited ·
Godrej Green Homes Limited (w.e.f. December 24,
2013) ·
Wonder City Buildcon P. Limited (w.e.f. August
30, 2013) ·
Godrej Buildcorp LLP ·
Godrej Property Developers LLP ·
Mosiac Landmark LLP ·
Dream World Landmarks LLP ·
Oxford Realty LLP (control through Majority
Voting Rights) (w.e.f. March 13, 2014) ·
SSPDL Green Acres LLP (control through Majority
Voting Rights) (w.e.f. March 27, 2014) ·
Natures Basket Limited ·
Ensemble Holdings and Finance Limited ·
Godrej International Limited ·
Godrej International Trading and Investments Pte
Limited ·
Swadeshi Detergents Limited (merged into Godrej
Industries Limited w.e.f. April 1, 2013) |
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Fellow Subsidiaries
: |
·
Wadala Commodities Limited ·
Godrej (Malaysia) Sdn Bhd ·
G and B Enterprises (Mauritius) Private Limited ·
Godrej (Singapore) Pte. Limited ·
Godrej Infotech Limited ·
Veromatic International BV (Incorporated in
Netherlands) ·
Veromatic Services BV (Incorporated in
Netherlands) ·
Water Wonder Benelux BV (Incorporated in
Netherlands) ·
Busbar Systems (India) Limited (a Wholly-owned
subsidiary w.e.f. February 1, 2013) ·
Mercury Mfg. Co. Limited (a subsidiary w.e.f.
October 1, 2013) |
|
|
|
|
Other related parties with whom the Company had
transactions during the year Associate / Joint Venture Companies : |
·
Godrej Hershey Limited (up to September 27, 2012) ·
Nutrine Confectionery Co. Limited (up to
September 27, 2012) ·
Godrej Vikhroli Properties LLP ·
Godrej Consumer Products Limited (also a fellow
subsidiary) ·
Godrej South Africa (Proprietary) Limited
(formerly, Rapidol (Pty) Limited) (incorporated in South Africa) ·
Godrej Netherlands BV (incorporated in the
Netherlands) ·
Godrej Global Mid East FZE (incorporated in
Sharjah, U.A.E.) ·
Godrej Consumer Products Mauritius Limited ·
Godrej Hygiene Products Limited (merged with GCPL
w.e.f April 1, 2013) ·
Godrej Consumer Products Holding (Mauritius)
Limited (incorporated in Mauritius) ·
Godrej Household Products Lanka (Private) Limited
(incorporated in Sri Lanka) ·
Godrej Household Products (Bangladesh) Private
Limited (incorporated in Bangladesh) ·
Godrej Consumer Products Bangladesh Limited
(incorporated in Bangladesh) ·
Godrej Mauritius Africa Holdings Limited
(incorporated in Mauritius) ·
Godrej Weave Holdings Limited (incorporated in
Mauritius) (a subsidiary of Godrej Mauritius Africa Holdings Limited) ·
Godrej West Africa Holdings Limited (incorporated
in Mauritius on February 11, 2014) (a subsidiary of DGH Mauritius Private
Limited) ·
Godrej Consumer Products Holdings (UK) Limited
(incorporated in the United Kingdom) (formerly Godrej Consumer Products (UK)
Limited and name changed w.e.f. July 5, 2013) a subsidiary of Godrej
Netherlands BV) ·
Godrej Consumer Products (UK) Limited (name
changed from Keyline Brands Limited w.e.f. July 5, 2013) (a subsidiary of
Godrej Consumer Products Holdings (UK) Limited) ·
Inecto Manufacturing Limited (a subsidiary of
Godrej Consumer Products (UK) Limited) ·
Godrej Consumer Investments (Chile) Spa,
(incorporated in Chile) (a subsidiary of Godrej Consumer Products Holdings
(UK) Limited ·
Godrej Holdings (Chile) Limitada, (incorporated
in Chile) (a subsidiary of Godrej Consumer Investments (Chile) Spa) |
|
|
|
|
Other related parties with whom the Company had
transactions during the year Associate / Joint Venture Companies : |
·
Cosmetica Nacional, (incorporated in Chile) (a
subsidiary of Godrej Holdings (Chile) Limitada) ·
Plasticos Nacional, (incorporated in Chile) (a
subsidiary of Cosmetica Nacional) ·
Godrej Kinky Holdings Limited (a subsidiary of
Godrej Consumer Products Mauritius Limited) ·
Kinky Group Pty Limited (a subsidiary of Godrej
Kinky Holdings Ltd.) ·
Godrej Nigeria Limited (incorporated in Nigeria)
(a subsidiary of Godrej Consumer Products Mauritius Limited) ·
Godrej Consumer Investments Holding Limited
(incorporated in Mauritius on October 8, 2013) ( a subsidiary of Godrej
Consumer Products Mauritius Limited) ·
Indovest Capital Limited (incorporated in
Malaysia) (a subsidiary of Godrej Consumer Products Holding (Mauritius)
Limited) ·
Godrej Consumer Products Dutch Cooperatief UA,
(incorporated in the Netherlands) (a subsidiary of Godrej Consumer Products
Holding (Mauritius) Limited) ·
Godrej Consumer Products (Netherlands) BV
(incorporated in the Netherlands) (a subsidiary of Godrej Consumer Products
Dutch Cooperatief UA) ·
Godrej Consumer Holdings (Netherlands) BV
(incorporated in the Netherlands) (a subsidiary of Godrej Consumer Products
Dutch Cooperatief UA) ·
Godrej Indonesia Netherlands Holding BV
(incorporated in the Netherlands) (a subsidiary of Godrej Consumer Products
Dutch Cooperatief UA) (merged with Godrej Consumer Holding (Netherlands) BV
w.e.f September 30, 2013) ·
PT Megasari Makmur (incorporated in Indonesia) (a
subsidiary of Godrej Consumer Holdings (Netherlands) BV) ·
PT Intrasari Raya (incorporated in Indonesia) (a
subsidiary of Godrej Consumer Holdings (Netherlands) BV) ·
PT Simba Indosnack Makmur (incorporated in
Indonesia) (a subsidiary of Godrej Consumer Holdings (Netherlands) BV upto
March 21, 2013) ·
PT Ekamas Sarijaya (incorporated in Indonesia) (a
subsidiary of Godrej Consumer Holdings (Netherlands BV) ·
PT Indomas Susemi Jaya (incorporated in
Indonesia) (a subsidiary of Godrej Consumer Holdings (Netherlands BV) ·
PT Sarico Indah (incorporated in Indonesia) (a
subsidiary of Godrej Consumer Holdings (Netherlands BV) ·
Godrej Argentina Dutch Cooperatief UA
(incorporated in Netherlands) (a subsidiary of Godrej Consumer Products
Mauritius Limited) ·
Godrej Netherlands Argentina Holding BV.
(incorporated in Netherlands) (a subsidiary of Godrej Argentina Dutch
Cooperatief UA) ·
Godrej Netherlands Argentina BV (incorporated in
the Netherlands) (a subsidiary of Godrej Argentina Dutch Cooperatief UA) ·
Panamar Procuccioness Srl (incorporated in
Argentina) (a subsidiary of Godrej Netherlands Argentina BV) ·
Argencos S.A. (incorporated in Argentina) (a
subsidiary of Godrej Netherlands Argentina BV) ·
Laboratoria Cuenca S.A. (incorporated in
Argentina) (a subsidiary of Godrej Netherlands Argentina BV) ·
Issue Group Uruguay S.A. (incorporated in
Uruguay) (a subsidiary of Laboratoria Cuenca S.A.) ·
Deciral S.A. (incorporated in Uruguay) (a
subsidiary of Laboratoria Cuenca S.A.) ·
Issue Group Brazil Limited (incorporated in
Brazil) (a subsidiary of Laboratoria Cuenca S.A.) ·
Consell S.A . (incorporated in Argentina) (a
subsidiary of Laboratoria Cuenca S.A.) ·
Godrej Consumer Products Nepal Private Limited ·
Subinite Pty Limited (incorporated in South
Africa) (a subsidiary of Godrej West Africa Holdings Limited) ·
Lorna Nigeria Limited (incorporated in Nigeria)
(a subsidiary of Weave Business Holding Mauritius Private Limited) ·
Weave IP Holding Mauritius Private Limited
(incorporated in Mauritius) (a subsidiary of Godrej West Africa Holdings
Limited) ·
DGH Mauritius Private Limited (incorporated In
Mauritius) (a subsidiary of Godrej Weave Holdings Limited) ·
Weave Business Holding Mauritius Private Limited
(incorporated in Mauritius) (a subsidiary of DGH Mauritius Private Limited) ·
Weave Trading Mauritius Private Limited
(incorporated in Mauritius) (a subsidiary of Godrej Weave Holdings Limited) ·
Hair Trading (Offshore) S. A. L. (incorporated in
Lebanon) (a subsidiary of Weave Trading Mauritius Private Limited) ·
Weave Mozambique Limitada (incorporated in Mozambique)
(a subsidiary of Godrej West Africa Holdings Limited) ·
Godrej East Africa Holdings Limited (incorporated
in Mauritius) (a subsidiary of Godrej Consumer Products Limited) ·
Style Industries Limited (incorporated in Kenya) (a
subsidiary of DGH Phase Two Mauritius Private Limited) ·
DGH Phase Two Mauritius Private Limited
(incorporated in Mauritius) (a subsidiary Godrej East Africa Holdings
Limited) ·
Godrej Tanzania Holdings Limited (incorporated in
Mauritius) (a subsidiary of Godrej Consumer Products Limited) ·
DGH Tanzania Limited (incorporated in Tanzania)
(a subsidiary of Godrej Tanzania Holdings Limited) ·
Sigma Hair Ind Limited (incorporated in Tanzania)
(a subsidiary of DGH Tanania Limited) |
|
|
|
|
Enterprises over which key management personnel
exercise significant influence : |
·
Godrej South Africa Pty Limited ·
Laboratorio Cuenca S.A. ·
Godrej Global Mideast FZE ·
Godrej Investments P. Limited ·
Vora Soaps Limited ·
Godrej Tyson Foods Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
800,000,000 |
Equity Shares |
Re. 1/- each |
Rs. 800.000 Millions |
|
100,000,000 |
Unclassified
Shares |
Rs. 10/- each |
Rs. 1000.000 Millions |
|
|
Total |
|
Rs. 1800.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
335455260 |
Equity Shares |
Re. 1/- each |
Rs. 335.500
Millions |
|
4332389 |
Less : Shares
in the Company held by ESOP Trust |
|
Rs. 4.300
Millions |
|
|
|
|
Rs. 331.200
Millions |
Reconciliation of
number of Shares
|
|
31.03.2014 |
|
|
Equity Shares |
Number |
Rs. In Millions |
|
Number of Shares outstanding at the beginning of the year |
335,165,917 |
335.200 |
|
Issued during the year |
289343 |
0.300 |
|
Number of Shares outstanding at the end of the year |
335455260 |
335.500 |
Rights,
Preferences and Restrictions attached to Shares
Equity Shares : The Company has one class of equity
shares. Each equity share entitles the holder to one vote. The final dividend
proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting. In the event of
liquidation, the equity shareholders are eligible to receive the remaining
assets of the Company after distribution of all preferential amounts in
proportion to their shareholding.
Share Holding
Information
|
|
31.03.2014 |
|
|
Equity Shares |
Number |
Rs. In Millions |
|
(a) Equity Shares held by Godrej and Boyce Manufacturing Company
Limited - Holding Company |
187,202,388 |
187.200 |
|
(b) Shareholders holding more than 5% of Equity Shares in the Company
Godrej and Boyce Manufacturing Company Limited - 55.85% (Previous Year 58.94%) |
187,202,388 |
187.200 |
Equity Shares
Reserved for Issue under Options
|
|
31.03.2014 |
|
|
Equity Shares |
Number |
Rs. In Millions |
|
Employee Stock Grant for which vesting date shall be such
date as may be decided by the Compensation Committee (*) |
32,921 |
-- |
|
Employee Stock
Grant vesting on 30/04/14 (*) |
1927 |
-- |
|
Employee Stock
Grant vesting on 31/05/14 |
169103 |
0.200 |
|
Employee Stock
Grant vesting on 30/11/14 (*) |
2878 |
-- |
|
Employee Stock
Grant vesting on 31/07/14 (*) |
2441 |
--- |
|
Employee Stock
Grant vesting on 31/03/15 (*) |
7815 |
-- |
|
Employee Stock
Grant vesting on 31/05/15 |
98987 |
0.100 |
|
Employee Stock
Grant vesting on 31/07/15 (*) |
2274 |
-- |
|
Employee Stock
Grant vesting on 31/05/16 (*) |
49991 |
-- |
|
Employee Stock
Grant vesting on 31/07/16 (*) |
2274 |
-- |
|
Employee Stock
Grant vesting on 31/12/13 (*) |
-- |
-- |
|
Employee Stock
Grant vesting on 31/05/13 |
-- |
-- |
|
Employee Stock Grant
vesting on 31/07/13 (*) |
-- |
-- |
The exercise
period in respect of the stock grants mentioned above is one month.
During the period
of five years immediately preceeding the date as at which the Balance Sheet is
prepared :
(a) There were no
shares allotted as fully paid up pursuant to contracts without payment being
received in cash.
(b) No shares
have been allotted as fully paid up bonus shares.
(c) In the
financial year 2009-10, the Company bought back 2,133,710 Equity Shares. There
are no calls unpaid.
There are no
forfeited shares.
(*) Amount less
than Rs. 0.100 Million.
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 |
331.200 |
335.200 |
317.600 |
|
(b) Reserves & Surplus |
14018.100 |
15906.000 |
12007.900 |
|
(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) |
14349.300 |
16241.200 |
12325.500 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6632.600 |
4223.600 |
1811.000 |
|
(b) Deferred tax liabilities (Net) |
394.800 |
343.800 |
357.600 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
72.300 |
100.200 |
65.000 |
|
Total Non-current
Liabilities (3) |
7099.700 |
4667.600 |
2233.600 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
6759.400 |
4452.600 |
944.900 |
|
(b)
Trade payables |
5534.900 |
3803.200 |
6017.800 |
|
(c)
Other current liabilities |
1802.800 |
1401.700 |
3969.100 |
|
(d) Short-term
provisions |
730.500 |
744.700 |
689.900 |
|
Total Current
Liabilities (4) |
14827.600 |
10402.200 |
11621.700 |
|
|
|
|
|
|
TOTAL |
36276.600 |
31311.000 |
26180.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
6138.500 |
3208.500 |
3306.600 |
|
(ii)
Intangible Assets |
7.800 |
5.300 |
8.400 |
|
(iii)
Capital work-in-progress |
3820.000 |
4890.200 |
1417.900 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
20482.600 |
12782.700 |
13498.300 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
554.500 |
992.700 |
1135.100 |
|
(e) Other
Non-current assets |
36.900 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
31040.300 |
21879.400 |
19366.300 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
609.800 |
39.800 |
|
(b)
Inventories |
2321.700 |
1382.500 |
1998.300 |
|
(c)
Trade receivables |
1036.600 |
1384.900 |
1332.800 |
|
(d) Cash
and cash equivalents |
648.600 |
4465.400 |
691.400 |
|
(e)
Short-term loans and advances |
1020.400 |
1346.700 |
1213.600 |
|
(f)
Other current assets |
209.000 |
242.300 |
1538.600 |
|
Total
Current Assets |
5236.300 |
9431.600 |
6814.500 |
|
|
|
|
|
|
TOTAL |
36276.600 |
31311.000 |
26180.800 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
14535.500 |
14646.300 |
14380.400 |
|
|
|
Other Income |
407.700 |
348.300 |
317.200 |
|
|
|
TOTAL (A) |
14943.200 |
14994.600 |
14697.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
9844.000 |
9543.100 |
8874.700 |
|
|
|
Purchases of Stock-in-Trade |
37.000 |
37.800 |
35.600 |
|
|
|
Changes in Inventory of Finished Goods, Work-in- Progress
and Stock-in-Trade |
(536.200) |
256.400 |
(91.500) |
|
|
|
Employee Benefits Expense |
1123.300 |
1153.300 |
1163.300 |
|
|
|
Other Expenses |
3073.900 |
2740.100 |
2661.500 |
|
|
|
Exceptional Items |
(1042.100) |
(587.100) |
(933.700) |
|
|
|
TOTAL (B) |
12499.900 |
13143.600 |
11709.900 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2443.300 |
1851.000 |
2987.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
948.400 |
648.200 |
705.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1494.900 |
1202.800 |
2282.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
246.100 |
231.200 |
271.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1248.800 |
971.600 |
2010.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
51.900 |
4.200 |
(5.100) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1196.900 |
967.400 |
2015.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
4820.600 |
4836.800 |
3669.500 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Equity Shares |
587.000 |
586.900 |
556.400 |
|
|
|
Tax on distributed profits |
99.800 |
95.200 |
90.300 |
|
|
|
Dividend for 2011-12, on additional shares issued during
the year |
0.100 |
29.800 |
0.000 |
|
|
|
Credit for Dividend Distribution Tax on Dividend Received from Subsidiaries |
(57.900) |
(18.500) |
0.000 |
|
|
|
Transfer to General Reserve |
119.700 |
290.200 |
201.600 |
|
|
BALANCE CARRIED
TO THE B/S |
5268.800 |
4820.600 |
4836.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on FOB Basis |
5012.600 |
4973.000 |
5445.100 |
|
|
|
Dividend |
119.300 |
116.300 |
47.200 |
|
|
|
Sale of Investments |
0.000 |
2259.500 |
186.600 |
|
|
TOTAL EARNINGS |
5131.900 |
7348.800 |
5678.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3928.500 |
2367.400 |
3986.000 |
|
|
|
Components and Spare Parts |
15.200 |
17.200 |
31.900 |
|
|
|
Capital Goods |
77.000 |
75.900 |
4.000 |
|
|
TOTAL IMPORTS |
4020.700 |
2460.500 |
4021.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
3.57 |
2.96 |
6.35 |
|
|
|
Diluted
|
3.56 |
2.96 |
6.33 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
8.59 |
6.63 |
13.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.01 |
6.45 |
13.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.42 |
7.12 |
17.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.05 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.93 |
0.53 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.35 |
0.91 |
0.59 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
317.600 |
335.200 |
331.200 |
|
Reserves & Surplus |
12,007.900 |
15,906.000 |
14,018.100 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
12,325.500 |
16,241.200 |
14,349.300 |
|
|
|
|
|
|
long-term borrowings |
1,811.000 |
4,223.600 |
6,632.600 |
|
Short term borrowings |
944.900 |
4,452.600 |
6,759.400 |
|
Total
borrowings |
2,755.900 |
8,676.200 |
13,392.000 |
|
Debt/Equity
ratio |
0.224 |
0.534 |
0.933 |
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) |
|
Revenue from operations |
14,380.400 |
14,646.300 |
14,535.500 |
|
|
|
1.849 |
(0.757) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
14,380.400 |
14,646.300 |
14,535.500 |
|
Profit/(Loss) After Tax |
2,015.600 |
967.400 |
1,196.900 |
|
|
14.02% |
6.61% |
8.23% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Current Maturities of Long-Term Debt |
|
|
|
|
Unsecured Loan |
|
|
|
|
From Bank |
549.600
|
125.000
|
1700.000 |
|
Unsecured Deposits |
|
|
|
|
Fixed Deposits |
217.300
|
460.900
|
611.300 |
|
|
|
|
|
|
Total |
766.900
|
585.900
|
2311.300 |
|
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 |
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
|
LITIGATION DETAILS |
||||||||
|
Bench:- Bombay |
|
|||||||
|
Lodging No:- |
ARBPL/887/2014 |
Failing Date:- |
06.06.2014 |
Reg. No.:- |
ARBP/828/2014 |
Reg. Date:- |
24.06.2014 |
|
|
|
||||||||
|
Petitioner:- |
CAPSULATION SERVICES PRIVATE LIMITED |
Respondent:- |
GODREJ PROPERTIES LIMITED |
|||||
|
Petn.Adv:- |
ASHOK PUROHIT AND COMPANY (I7025) |
Resp.Adv.: |
CHANDAN SALGAOCAR(I1868) |
|||||
|
District:- |
MUMBAI |
|||||||
|
|
||||||||
|
Bench:- |
SINGLE |
Category: |
ARBITRATION ACT |
|||||
|
Status:- |
Pre-Admission |
Stage:- |
MATTERS AT 3.00
P.M. [ORIGINAL SIDE MATTERS] |
|||||
|
Next Date:- |
21.08.2014 |
|||||||
|
Coram:- |
HON’BLE SHRI JUSTICE R.D. DHANUKA |
|||||||
|
Last Date:- |
18.07.2014 |
Stage:- |
ARBP FOR ADMISSION - FRESH |
|||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE R.D. DHANUKA |
|||||||
|
|
|
|||||||
|
Act:- |
Arbitration and Conciliation Act 1996 |
Under Section :- |
37 |
|||||
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80033888 |
24/12/2010 * |
2,160,000,000.00 |
CENTRAL BANK OF
INDIA |
CORPORATE
FINANCE BRANCH, 1ST FLOOR, MMO BUILDING, M. G. ROAD, FORT, MUMBAI,
MAHARASHTRA - 400023, INDIA |
B02802890 |
|
2 |
80033889 |
01/03/1999 |
250,000,000.00 |
INDUSTRIAL
INVEST BANK OF INDIA |
EARNEST
HOUSE,11TH FLOOR, 194,NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
3 |
80033890 |
22/01/1999 |
250,000,000.00 |
ICICI LTD. |
BANDRA KURLA
COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA |
- |
|
4 |
80033891 |
18/03/1996 |
150,000,000.00 |
EXPORT IMPORT
BANK OF INDIA |
WORLD TRADE CENTRE,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG-TERM
BORROWINGS |
|
|
|
Term Loans From Banks |
6044.700 |
3671.000 |
|
Deposits Fixed Deposit |
587.900 |
552.600 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans Repayable
On Demand From Bank |
521.000 |
250.000 |
|
Short Term
Borrowings from Banks |
550.00 |
0.000 |
|
Other Loans Commercial Papers |
4730.000 |
3500.000 |
|
Loans of ESOP
Trust |
888.400 |
0.000 |
|
Total |
13322.000 |
7973.600 |
|
NOTE : LONG-TERM BORROWINGS (1)
Terms of Repayment for Unsecured Borrowings : (a) Unsecured loans from Bank amounting to Rs.898.700
Millions (previous year Rs.1085.700 Millions) carries interest at LIBOR + 2.17%
p.a., is for a term of 60 months and repayable during the period September
2015 to September 2016. Unsecured loan from Bank amounting to Rs.1198.200
Millions (previous year Rs.1085.700 Millions) carries interest at LIBOR + 2.5%
p.a., is for a term of 60 months and repayable during the period June 2016 to
December 2017. Unsecured loans from Bank amounting to Rs.1198.200
Millions (previous year Rs. Nil) carries interest at LIBOR + 2.05% p.a., is for a
term of 60 months and repayable during the period February 2017 to August
2018. (b) Unsecured loan from Bank amounting to Rs. 750.000
Millions (previous year Rs.Nil) carries fixed rate of interest at Base Rate + 0.4%
p.a., is for a term upto 36 months and repayable during the period December
2015 to December 2016. (c) Unsecured loan from Bank amounting to Rs. 500.000
Millions (previous year Rs.Nil) carries interest at Base Rate + 0.8% p.a., is for a
term upto 24 months and repayable during the period July 2015 to January
2016. (d) Unsecured loans from Bank amounting to Rs. 1499.600
Millions (previous year Rs.1499.600 Millions) carries interest at Base Rate + 1.4%
p.a., is for a term upto 60 months and repayable during the period July 2015
to April 2017. (e) Fixed deposits from public have a maturity period of
13, 24 or 36 months. (2) The Company does not have any continuing default as
on the Balance Sheet date in repayment of loan or interest. SHORT TERM
BORROWINGS ·
Unsecured
loan from bank is at base rate and repayable within 6 months. ·
Commercial
Papers of Rs.4730.000
Millions are repayable during the period April to June 2014. ·
Reserves
and Surplus, Loans of ESOP Trust comprise of loans taken by the ESOP Trust
from third parties. ·
The
company does not have any continuing default as on the Balance Sheet date in
repayment of loan or Interest. |
||
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Claims against the Company not acknowledged as
debts: |
|
|
|
Excise duty /
Service Tax demands relating to disputed classification, post manufacturing
expenses, assessable values, etc. which the Company has contested and is in
appeal at various levels. |
95.300 |
98.600 |
|
Customs Duty
demands relating to lower charge, differential duty, classification, etc. |
42.100 |
15.800 |
|
Sales Tax
demands relating to purchase tax on Branch Transfer / disallowance of high
seas sales. |
315.700 |
225.100 |
|
Octroi demand
relating to classification issue on import of Palm Stearine and interest
thereon. |
2.900 |
2.900 |
|
Stamp duties
claimed on certain properties which are under appeal by the Company. |
18.200 |
18.200 |
|
Income tax demands
against which the company has preferred appeals. |
356.200 |
261.600 |
|
Industrial
relations matters under appeal |
21.800 |
21.200 |
|
Others |
13.100 |
13.100 |
|
Guarantees : |
|
|
|
Guarantees issued
by banks, including guarantees issued in respect of matters |
362.900 |
313.700 |
|
Other Money for which the Company is Contingently
Liable : |
|
|
|
Letters of
credit issued by bank on behalf of the Company |
87.700 |
58.400 |
GENERAL
INFORMATION
The Company was
incorporated under the Companies Act, 1956 on March 7, 1988 under the name of
Gujarat- Godrej Innovative Chemicals Limited. The Company is engaged in the
businesses of manufacture and marketing of oleo-chemicals, their precursors and
derivatives, bulk edible oils, estate management and investment activities. The
business and undertaking of the erstwhile Godrej Soaps Limited was transferred
to the Company under a Scheme of Amalgamation with effect from April 1, 1994
and the Company’s name was changed to Godrej Soaps Limited. Subsequently, under
a Scheme of Arrangement the Consumer Products division of the Company was
demerged with effect from April 1, 2001 into a separate company, Godrej
Consumer Products Limited (GCPL). The Company’s name was changed to Godrej
Industries Limited on April 2, 2001. The Vegetable Oils and Processed Foods
Manufacturing business of Godrej Foods Limited was transferred to the Company
with effect from June 30, 2001. The Foods division (except Wadala factory) was
then sold to Godrej Hershey Limited, on March 31, 2006. Swadeshi Detergent
Limited, 100% subsidiary of the Company, was merged with the Company effective
from April 01, 2013.
CHEMICALS DIVISION
The
Chemicals division operates in the oleo-chemical and surfactant industries. The
division has a blend of domestic and international operations and is one of the
leading players in the Indian market. The division achieved export turnover of
Rs. 5210.000 Millions in this fiscal, accounting for about 40% of its turnover.
The
Product category wise review follows:
FATTY ACIDS
The
Fatty Acids portfolio, comprising stearic acid, oleic acid, as well as value
added fatty acids, accounted for about 37% of the turnover of the division. The
division plans to enhance the sales of its value added fatty acids in the
domestic as well as export markets.
FATTY ALCOHOL
Fatty
alcohol contributed 41% to turnover of this division. Their GINOL grades have
been approved internationally by leading multinational corporations. With
customer centric business strategies, it is expected that the revenues and
margins from this segment will be maintained and improved.
SURFACTANTS
Surfactants
contributed 16% to the turnover of the division. They have continued to grow
our Sodium Lauryl
Sulphate
(SLS) sales in the domestic as well as international markets.
Sales
of SLS grew by 4% in value terms a compared to the previous year. their
products have been approved by several multi-national companies and we can now
strongly participate in their global sourcing programs. Effective sourcing of
raw material and increasing customer base are important for improving margins
and division has done fairly well on both the counts.
GLYCERIN
Glycerin
accounted for 6% of the turnover of this division. Revenues increased by 18% in
view of higher unit price of Glycerin. Being largely a byproduct, additional
sales are mostly opportunistic, depending on market conditions.
OUTLOOK
The outlook
for the coming year 2014-15 is good for the value added fatty acids at this
point in time. International demand is showing signs of improvement and with
advantage of Indian raw material having an edge over the overseas competition.
The
Company is also focusing on value added fatty acids and fatty alcohol, which
will improve its leadership position in terms of market share as also
profitability.
With
commencement of state of the art new facility at Ambernath there will be an
improvement in efficiencies, increase in volumes and reduction in variable
costs and locational benefits which will improve the margins going forward.
ESTATE MANAGEMENT
The
Company, having foreseen the potential of maximizing the value from the real
estate development activity in Mumbai city and its suburbs, had entered into an
agreement with Godrej Properties Ltd., for joint development of the area around
the registered office of the Company at Vikhroli. The Limited Liability
Partnership vehicle created for this joint development, Godrej Vikhroli
Properties LLP, has commenced the development on the 34.2 acres of prime land.
A mixed use project, “The Trees”, comprising Grade A commercial office
buildings, residential apartments, high street retail and a five Star hotel, is
in 3 phases and would be completed in about 4 years’ time.
The
site, due to its strategic location, has excellent connectivity to the
airports, railway networks and other public services - current and as well as
ones being planned with easy access to the east-west corridor. “Godrej One” is
the first office building of about 7,50,000 sq. ft., now under construction in
an advanced stage, and would be the new corporate headquarters for several of
the Godrej group companies. This building would also accommodate other
corporate clients apart from the Godrej group.
In
order to facilitate this development, the Company has gradually phased out the
renewal of leave and license arrangements resulting in decline of revenues from
the estate management business. The Company however continues to ensure optimum
usage of available space and is maximizing the revenue during this transition
phase.
The
total income from this business for the year was Rs.630.000 Millions compared
to Rs.740.000 Millions, in the
previous
year.
FINANCE AND INVESTMENTS
During
the year, the Company continued to earn return from its investments in the form
of Dividend of Rs. 860.000 Millions (previous year Rs. 610.000 Millions) and
realised capital appreciation of Rs.750.000 Millions (previous year `Rs.740.000
Millions).
During
the year, the Company invested in the rights issue of its subsidiary company,
Godrej Properties Limited to the tune of Rs. 4360.000 Millions. The Company
acquired an additional stake in Godrej Consumer Products Limited by investing
Rs.2770.000 Millions. The stake of the Company in Godrej Consumer Products
Limited now stands at 22.63%. the Company also invested Rs. 340.000 Millions in
Natures Basket Limited to support their growth plans. The Company has realized
capital appreciation by encashing a small stake through inter-se amongst
promoters in Godrej Agrovet Limited. Post the sale, the stake of the Company in Godrej Agrovet Limited now stands
at 60.80%.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The
global economy appears to be in increasingly good shape, with recovery in
developed economies such as the USA and UK contributing an increased share to
GDP growth. The US Federal Reserve has indicated its intention to maintain
interest rates at historically low levels for a year and will continue its bond
purchase tapering program, which should serve to support continued growth in
the US and global economy. However, growth remains highly dependent on China –
approximately half of incremental GDP globally was contributed by China in
2013, despite the slowdown in economic growth that it is experiencing. In
addition, growth remains low in several Eurozone economies and at risk to
disruptions such as the conflict in Crimea.
India
experienced its lowest growth in a decade this year, with overall GDP growth at
less than 5%. Industrial GDP growth was particularly weak and dipped into
negative territory in the third quarter. However, there have been some brighter
spots - the monsoon this year was relatively good, leading to improving growth
in the agricultural sector and inflation has moderated over recent months.
Additionally, good progress was made on the current account deficit thanks to
factors such as the Government restrictions on gold imports and the boost to
exports provided by the weaker Rupee.
The
recently concluded election will have a major bearing on the economy going
forward, with many commentators hopeful that it will lead to the implementation
of further policies designed to spur economic growth. Nonetheless, the majority
of forecasts are for improved economic growth, albeit still well short of the
high growth rates achieved in prior years, and with some vulnerability to
potential external shocks such as high oil prices or a weak monsoon.
The
agriculture sector grew at ~5% this year, versus 1.4% in FY13, driven by the
good monsoon, as well as ongoing Government investment in improved
productivity, distribution and storage and access to credit. Looking forward,
agricultural growth is expected to moderate towards its long term trend,
depending on the impact of this year’s El Nino effect on the monsoon.
India
is among the largest livestock producing countries in the world and is
experiencing strong growth in protein consumption, which results in
corresponding growth in the animal feed business. Organized players are
benefiting from increased penetration of commercial feeds, which are replacing
home-mixes, but remain vulnerable to increases in the cost of key inputs such
as soymeal and other commodities.
More
than half of India’s edible oil consumption comes from imports. Palm oil
plantation is the most productive among all oilseed crops and plantations in
India have a potential oil yield of ~4 MT/hectare and higher. Hence there is a
strong rationale for increased domestic production of palm oil. However the
prospects for the sector remain sensitive to the Government CACP (Commission
for Agricultural Costs and Prices) formula, which affects the economic
incentives for farmers and animal feed producers.
Macro-economic
situation was difficult, which impacted the oleo-chemicals business.
Oleochemicals are used in a variety of applications including personal care
(hair care, skin care, oral care, cosmetics), home care (laundry detergents),
and pharmaceuticals. Looking forward, demand for oleo-chemicals is set for
healthy growth both in India and globally, driven by growth in end-use
industries and increasing preference for vegetable oil based chemicals in place
of synthetic equivalents.
Growth in the real estate sector
continued to be weak in FY14 with residential absorption rates declining
significantly, resulting in a sharp increase in residential overhang, which now
exceeds three years in many markets. High interest rates have been a constraint
this year, given the strong dependence of consumer demand on the availability
of affordable financing. Office space absorption has been weak overall in FY14,
albeit with marginal improvements seen in certain markets. Costs of key inputs
such as cement and steel have continued to rise, putting further pressure on
developer margins. However, in the longer term the prospects for the real
estate sector remain good, as urbanization and migration are likely to support
strong growth in underlying demand.
AMALGAMATION
During
the year, Swadeshi Detergents Limited (SDL) a wholly owned subsidiary of the
Company, had been amalgamated with the Company in terms of the Scheme of
Amalgamation sanctioned by the Hon’ble Bombay High Court vide its order dated
August 16, 2013. The appointed date of the Scheme was April 1, 2013 and the
effective date of the Scheme was September 6, 2013 i.e. the date on which the
Company and SDL had filed a certified copy of the said High Court order with
the Registrar of Companies, Maharashtra.
During
the year, the Board of Directors of the Company had on February 7, 2014
approved the proposal of scheme of amalgamation of Wadala Commodities Limited
(WCL) with the Company. BSE Limited and National Stock Exchange of India Limited
had conveyed their ‘No objection’ for the said scheme of amalgamation. The Company had approached the Hon’ble High Court
of judicature at Bombay and the High Court had directed to seek the approval of
the equity shareholders for the scheme of amalgamation. Accordingly, a court
convened meeting of the equity shareholders of your Company has been called on
June 13, 2014. Also pursuant to the terms of para 5.16 of Circular Number
CIR/CFD/DIL/5/2013 dated February 4, 2013 issued by Securities and Exchange Board
of India (SEBI) read with para 7 of Circular Number CIR/CFD/ DIL/8/2013 dated
May 21, 2013 issued by SEBI (“SEBI Circular”) and Pursuant to Section 110 of
the Companies Act, 2013 and applicable rules thereunder, the Company is seeking
the approval of the equity shareholders for the scheme by way of Postal Ballot.
The results of the said postal ballot will be declared by the Chairman of the
Company on June 3, 2014.
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Research Centre
·
Furniture and Fixtures
·
Office and Other Equipment
·
Vehicles / Vessels
Intangible Assets
·
Trademarks
·
Software
PRESS RELEASE
ARTICLE
GODREJ INDUSTRIES
BUYS GCPL SHARES FOR RS 860.000 MILLIONS
GCPL shares were bought by Godrej Industries at an average price of Rs
749.8, valuing the transaction at nearly Rs 862.300 Millions. In the quarter
ended December, Godrej Industries held a about 75.900 Millions GCPL shares
amounting to 22.29 stake.
Promoter entity Godrej Industries today bought 1.150 Millions shares
worth over Rs 860.000 Millions of Godrej Consumer Products Ltd from the open
market. The shares were purchased from another GCPL promoter firm, Godrej and
Boyce Mfg Co, according to the block deal information with the BSE.
GCPL shares were bought by Godrej Industries at an average price of Rs 749.8,
valuing the transaction at nearly Rs 862.300 Millions. In the quarter ended
December, Godrej Industries held a about 75.900 Millions GCPL shares amounting
to 22.29 stake.
For the same quarter, Godrej And Boyce Mfg Co had 123.500 Millions shares of
GCPL representing a 36.30 per cent stake in the company. GCPL had reported
13.68 per cent increase in consolidated net profit at Rs 1957.700 Millions for
the third quarter ended December 31, 2013-14.
It had reported consolidated net profit of Rs 1722.000 Millions in the
October-December quarter of 2012-13 fiscal. GCPL scrip gained 1.04 per cent to
settle the day at Rs 757.60, on the BSE.
Godrej Ind stock price
On July 23, 2014, Godrej Industries closed at Rs 342.65, down Rs 1.6, or 0.46
percent. The 52-week high of the share was Rs 372.45 and the 52-week low was Rs
218.50.
The company's trailing 12-month (TTM) EPS was at Rs 3.57 per share as per the
quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 95.98.
The latest book value of the company is Rs 42.79 per share. At current value,
the price-to-book value of the company is 8.01.
GODREJ IND GETS
NSE NOD TO MERGE WADALA COMM WITH ITSELF
The NSE approval is valid for six months, during which the company will
apply to the High Court for further clearance of the proposal.
Leading bourse National Stock Exchange (NSE) has approved the merger of Wadala
Commodities with Godrej Industries . The boards of both the companies had
separately approved the merger scheme in February.
Godrej Industries is in the business of chemicals, surfactants, finance &
investments and estate management, while Wadala Commodities is engaged in bulk trading
of vegetable oils. 'No-objection approval' has been granted to the proposal,
NSE said in a letter dated April 2 to Godrej Industries.
The merger is yet to get an approval from Bombay Stock Exchange.
The NSE approval is valid for six months, during which the company will apply
to the High Court for further clearance of the proposal.
"...we do hereby convey our 'no-objection' with limited reference to those
matters having a bearing on listing /delisting/continuous listing requirements
within the provisions of the Listing Agreement, so as to enable the company to
file the scheme with the High Court," the exchange said.
Companies seeking to implement merger or de-merger strategies are required to
obtain a no-objection certificate from the stock exchanges.
Godrej Ind stock price On July 28, 2014, at 14:24 hrs Godrej Industries was
quoting at Rs 336.05, down Rs 3.95, or 1.16 percent. The 52-week high of the
share was Rs 372.45 and the 52-week low was Rs 218.50.
The company's trailing 12-month (TTM) EPS was at Rs 3.57 per share as per the
quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 94.13.
The latest book value of the company is Rs 42.79 per share. At current value,
the price-to-book value of the company is 7.85.
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. 80.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
67 |
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.