MIRA INFORM REPORT
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Report Date : |
09.06.2014 |
IDENTIFICATION DETAILS
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Name : |
GRAUER AND WEIL ( |
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Registered Office : |
‘Growel House’, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of Incorporation : |
25.11.1957 |
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Com. Reg. No.: |
11-010975 |
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Capital Investment
/ Paid-up Capital : |
Rs. 226.706 millions |
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CIN No.: [Company Identification
No.] |
L74999MH1957PLC010975 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG08103E |
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PAN No.: [Permanent Account No.] |
AAACG3741K |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on Stock Exchanges. |
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Line of Business : |
Manufacturing of Metal Finishing Chemicals, Equipments and Plating Plants. |
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No. of Employees : |
700 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 6700000 |
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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 an established company having a fine track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered normal 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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care Ratings
report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long Term Fund Based Bank Facilities=A- |
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Rating Explanation |
Have adequate degree of safety and carry low
credit risk. |
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Date |
17.01.2014 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Non Fund Based Bank
Facilities=A2+ |
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Rating Explanation |
Have strong degree of safety and carry low
credit risk. |
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Date |
17.01.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non Co-operative (91-22-66993000)
LOCATIONS
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Registered Office / Head Office : |
‘Growel House’, |
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Tel. No.: |
91-22-28879173 / 28876664 / 66993000 / 66993200 |
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Mobile No: |
91-9892214311 [Mr. Wasi Ansari] |
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Fax No.: |
91-22-28877165 / 28871291 / 66993010 / 66993030 / 20 / 11 |
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E-Mail : |
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Website : |
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Factory 1 : |
215/1, Plot No. 10, Dadra Industrial Estate, Dadra – 396191, Union
Territory |
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Factory 2 : |
407, GIDC Industrial Estate, Vapi – 396 195, Gujarat, India |
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Factory 3 : |
Plot No. 31 and 32, Industrial Estate, Barotiwala–174103, Madhya
Pradesh, India |
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Factory 4 : |
Survey No. 66, Village – Dhanore, Taluka - Khed, District – Pune,
Maharashtra, India |
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Factory 5 : |
SIDCO Industrial Complex, Phase II, Samba, Jammu and Kashmir,
India |
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Factory 6 : |
B. D. Patil Marg, Chembur, Mumbai – 400074, Maharashtra, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Umeshkumar N. More |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Nirajkumar U. More |
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Designation : |
Managing Director |
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Name : |
Mr. Vinod Haritwal |
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Designation : |
CEO and Whole-time Director |
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Name : |
Mr. Rohitkumar R. More |
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Designation : |
Whole Time Director |
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Name : |
Mr. Suresh
Pareek |
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Designation : |
Director |
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Name : |
Mr. K C Srivastava |
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Designation : |
Director |
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Name : |
Mr. Madan Mohan Chaturvedi |
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Designation : |
Director |
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Name : |
Mr. Yogesh Samat |
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Designation : |
Director |
KEY EXECUTIVES
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AUDIT COMMITTEE |
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Name : |
Mr. Suresh Pareek |
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Designation : |
Chairman |
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Name : |
Mr. Nirajkumar More |
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Designation : |
Member |
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Name : |
Mr. Madan Mohan Chaturvedi |
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Designation : |
Member |
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Name : |
Mr. K C Srivastava |
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Designation : |
Member |
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Name : |
Mr. Yogesh Samat |
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Designation : |
Member (w.e.f. 30.05.2013) |
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SHAREHOLDERS
COMMITTEE |
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Name : |
Mr. Nirajkumar More |
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Designation : |
Chairman |
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Name : |
Mr. Rohitkumar More |
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Designation : |
Member |
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Name : |
Mr. K C Srivastava |
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Designation : |
Member |
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Name : |
Mr. Vinod Haritwal |
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Designation : |
Member (up to 30.05.2013) |
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SELECTION AND
REMUNERATION COMMITTEE |
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Name : |
Mr. Umeshkumar More |
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Designation : |
Chairman |
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Name : |
Mr. Suresh Pareek |
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Designation : |
Member |
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Name : |
Mr. Madan Mohan Chaturvedi |
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Designation : |
Member |
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Name : |
K C Srivastava |
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Designation : |
Member |
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Senior Presidents : |
Mr. Rajendra Guleria |
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Presidents : |
·
Mr. Pallavi More ·
Mr. Mala Singh ·
Mr. P. S. Khanolkar |
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Senior Vice Presidents : |
·
Mr. Kamlesh Karwa ·
Mr. Sanjay Tamhankar ·
Mr. Sujit Kumar Sinha |
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Vice Presidents : |
·
Mr. Gopal Bagaria ·
Mr. Krishna Bhandari ·
Mr. D. K. Bhardwaj ·
Mr. Subrata Chakraborty ·
Mr. Sharad Jhunjhunwala ·
Mr. Jagdish Kadam ·
Mr. Rattan Kewalramani ·
Mr. Dipesh Mehta ·
Mr. Santosh Pandey ·
Mr. Dipen Parikh ·
Mr. M. S. Seetharam ·
Mr. Rattan Sharma ·
Mr. R. S. Singh |
SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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Individuals / Hindu Undivided Family |
68495959 |
30.21 |
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|
87204800 |
38.47 |
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|
155700759 |
68.68 |
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Total shareholding of Promoter and Promoter Group (A) |
155700759 |
68.68 |
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(B) Public Shareholding |
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|
20620 |
0.01 |
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|
22000 |
0.01 |
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|
42620 |
0.02 |
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11176962 |
4.93 |
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|
41551452 |
18.33 |
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|
13542466 |
5.97 |
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|
4691491 |
2.07 |
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|
1408227 |
0.62 |
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|
475024 |
0.21 |
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|
787500 |
0.35 |
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|
20000 |
0.01 |
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2000740 |
0.88 |
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70962371 |
31.30 |
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Total Public shareholding (B) |
71004991 |
31.32 |
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Total (A)+(B) |
226705750 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
226705750 |
0.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturing of Metal Finishing Plants, Equipment Chemicals, Buffing and Finishing Compounds, Mops, Wheels and Brushes. |
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Products : |
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PRODUCTION STATUS (As On : 31.03.2011)
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Particulars |
Unit |
Installed
Capacity |
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Electroplating Chemicals and Enthone Chemicals |
Tons |
23428 |
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Electroplating Basic Chemicals |
Tons |
2050 |
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Intermdediatory Chemicals |
Tons |
1200 |
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Paints, Enamels and Varnishes |
KL |
7329 |
|
Oil Bound Distempers |
MT |
1380 |
* Includes
Production for Inter Manufacturing Unit, Captive Consumption & Free Samples
** The
Company is manufacturing different types of Plants and equipments on made to
order basis, quantity wise information is not feasible
GENERAL INFORMATION
|
No. of Employees : |
700 (Approximately) |
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Bankers : |
·
Punjab National Bank ·
Axis Bank ·
Citi Bank ·
The Saraswat Co-Operative Bank Limited ·
Bank of Bahrain and Kuwait B.S.C. |
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Facilities : |
NOTE: LONG TERM
BORROWINGS Nature of
Security a)
Term loans from The Saraswat Co-op Bank are
secured by pari-passu first charge by way of joint mortgage of deposit of
title deeds of immovable properties of the Company at Kandivli. Terms of
repayment 1.
The Term loan is to be repaid in 70 monthly
installments without moratorium, out of which 69 installments will be of Rs.
1.500 Millions each and last installment of Rs. 1.200 Millions. 2.
The Term Loan is to be repaid in 72 monthly
installments after a moratorium of 12 months, 18 installments of Rs.0.556
Millions each. 53 installments of Rs. 3.519 Millions each and last
installment of Rs. 3.485 Millions. 3.
The Term Loan is to be repaid in 75 monthly
installments after a moratorium of 9 months, 74 installments will be of Rs.7.500
Millions each and last installment will be bullet payment of Rs.90.200
Millions. 4.
The Term loan is to be repaid in 48 monthly
installments after a moratorium of 12 months, of Rs. 2.083 Millions each. Nature of
Security b)
Term loans from Axis Bank are secured by
pari-passu first charge by way of joint mortgage of deposit of title deeds of
immovable properties of the Company at Kandivli. Terms of
repayment
Nature of
Security c)
Hire purchase credits are secured by
hypothecation of specific assets purchased there against. Terms of
repayment 1.
The Hire purchase loan taken from ICICI Bank,
Axis Bank and The Saraswat Co-op Bank is against purchase of four cars. The
Loan from ICICI Bank is repayable in 30 EMI, each of Rs.0.062
Millions, ending on September 2015. The loan from Axis Bank is repayable in
29 EMI, each of Rs.0.071 Millions, ending on August 2015. Second car
loan from Axis Bank is repayable in 34 EMI, each of Rs.0.264 Millions, ending
on January 2016. The loan from Saraswat Bank is repayable in 5 monthly
EMI, each of Rs.0.211 Millions, ending on August 2013. SHORT TERM
BORROWINGS Nature of
Security Working capital
facilities are secured by hypothecation of all stocks, moveable assets and
book debts by way of first charge on pari-passu basis and are further
collaterally secured by second pari-passu charge on the block assets of
Shopping Mall at Kandivli, Mumbai. Working Capital facilities from Punjab
National Bank are further collaterally secured by first charge on the block
of assets of Samba unit. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M M Nissim and Company Chartered Accountant |
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Subsidiaries : |
·
Grauer and Weil (Shanghai) Limited ·
Growel UK Limited |
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Associates : |
·
Growel Goema (India) Private Limited ·
Growel Sidasa Industries Private Limited ·
Grauer and Weil (Thailand) Limited ·
Poona Bottling Company Private Limited |
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Other Related Parties : |
·
Growel Softech Limited ·
Digikore Designs Limited ·
Digikore Studio Limited ·
Growel Projects Limited ·
Ridhi Sidhi Limited ·
Bubna More and Company Private Limited ·
Radhakishan Nandlal Private Limited ·
Growel Corporate Management Limited ·
Waluj Bevrages Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
Rs.1/- each |
Rs. 500.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
226705750 |
Equity Shares |
Rs.1/- each |
Rs. 226.706
Millions |
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|
Reconciliation of shares outstanding as at the end of the year;
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Particulars |
AS At 31.03.2013 |
|
|
No of Shares |
Rs. In Millions |
|
|
As at the beginning of the year |
22,670,575 |
226.706 |
|
Add: Issued during the year upon sub division of shares |
|
-- |
|
Outstanding at the end of the year |
22,670,575 |
226.706 |
(a)
Rights, preferences and restrictions attached to
shares:
The company has
one class of equity shares having a par value of Rs.1 per share. Each shareholder
is eligible for one vote per share held. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting, except in case of interim dividend. In the event of
liquidation, the equity shareholders are eligible to receive the remaining
assets of the Company after distribution of all preferential amounts, in
proportion to their shareholding.
(b)
Shareholders holding more than 5 percent of the
Equity shares:
|
Name of the Shareholder |
No. of Shares Held |
|
March 31, 2013 |
|
|
Mr. Umeshkumar More |
23,168,570 |
|
Mr. Nirajkumar More |
27,011,650 |
|
Mrs. Premlata More |
13,182,710 |
|
M/s. Growel Projects Limited |
12,558,000 |
|
M/s. Poona Bottling Company Private Limited |
40,975,000 |
|
M/s. Ridhi Sidhi Limited |
32,359,000 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
226.706 |
226.706 |
226.706 |
|
(b) Reserves & Surplus |
1,472.923 |
1,311.579 |
1,124.143 |
|
(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) |
1,699.629 |
1,538.285 |
1,350.849 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
578.950 |
701.612 |
791.193 |
|
(b) Deferred tax liabilities (Net) |
169.134 |
144.011 |
119.627 |
|
(c) Other long term
liabilities |
116.425 |
99.641 |
82.906 |
|
(d) long-term
provisions |
81.081 |
61.449 |
53.996 |
|
Total Non-current
Liabilities (3) |
945.590 |
1,006.713 |
1,047.722 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short
term borrowings |
412.672 |
444.488 |
437.438 |
|
(b) Trade
payables |
459.040 |
353.207 |
357.180 |
|
(c) Other
current liabilities |
570.626 |
452.650 |
550.646 |
|
(d) Short-term
provisions |
50.671 |
90.396 |
57.698 |
|
Total Current
Liabilities (4) |
1,493.009 |
1,340.741 |
1,402.962 |
|
|
|
|
|
|
TOTAL |
4,138.228 |
3,885.739 |
3,801.533 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
2,299.237 |
2,208.873 |
2,255.625 |
|
(ii)
Intangible Assets |
8.747 |
4.755 |
5.730 |
|
(iii)
Capital work-in-progress |
1.557 |
28.633 |
7.488 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
47.505 |
39.071 |
16.399 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
159.851 |
149.723 |
120.511 |
|
(e) Other
Non-current assets |
0.533 |
0.380 |
0.488 |
|
Total Non-Current Assets |
2,517.430 |
2,431.435 |
2,406.241 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
619.894 |
497.981 |
490.513 |
|
(c) Trade
receivables |
797.352 |
756.211 |
610.568 |
|
(d) Cash
and cash equivalents |
56.637 |
37.895 |
90.331 |
|
(e)
Short-term loans and advances |
124.725 |
139.494 |
186.006 |
|
(f) Other
current assets |
22.190 |
22.723 |
17.874 |
|
Total
Current Assets |
1,620.798 |
1,454.304 |
1,395.292 |
|
|
|
|
|
|
TOTAL |
4,138.228 |
3,885.739 |
3,801.533 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3350.099 |
3332.297 |
2821.344 |
|
|
|
Other Income |
21.081 |
28.508 |
14.158 |
|
|
|
TOTAL (A) |
3371.180 |
3360.805 |
2835.502 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1845.188 |
1806.812 |
1579.105 |
|
|
|
Purchases of Stock in Trade |
57.971 |
37.798 |
30.850 |
|
|
|
Employee Benefits Expense |
381.673 |
301.384 |
251.811 |
|
|
|
Other Expenses |
653.741 |
649.509 |
578.479 |
|
|
|
Changes in Inventory |
(121.305) |
(47.859) |
(38.369) |
|
|
|
TOTAL (B) |
2817.268 |
2747.644 |
2401.876 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
553.912 |
613.161 |
433.626 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
205.396 |
211.906 |
158.212 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
348.516 |
401.255 |
275.414 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
109.935 |
98.827 |
72.555 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
238.581 |
302.428 |
202.859 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
40.287 |
70.346 |
58.739 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
198.294 |
232.082 |
144.120 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
38.095 |
345.538 |
236.496 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
160.000 |
500.000 |
14.000 |
|
|
|
Proposed Dividend |
27.205 |
34.007 |
18.136 |
|
|
|
Corporate Tax on Dividend |
4.624 |
5.518 |
2.942 |
|
|
BALANCE CARRIED
TO THE B/S |
44.560 |
38.095 |
345.538 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
415.450 |
382.568 |
336.460 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
487.599 |
399.353 |
376.469 |
|
|
|
Stores & Spares |
0.440 |
0.721 |
5.477 |
|
|
|
Capital Goods |
4.788 |
3.649 |
15.300 |
|
|
TOTAL IMPORTS |
492.827 |
403.723 |
397.246 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
0.87 |
1.02 |
0.64 |
|
QUARTERLY RESULTS
(Rs. In Millions)
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
31.03.2014 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd Quarter |
4th
Quarter |
|
Net sales |
891.500 |
866.200 |
958.100 |
1142.800 |
|
Total Expenditure |
744.200 |
711.900 |
801.400 |
994.500 |
|
PBIDT (Excluding Other Income) |
147.300 |
154.300 |
156.700 |
148.300 |
|
Other income |
26.400 |
17.100 |
(2.700) |
(6.600) |
|
Operating Profit |
173.700 |
171.400 |
154.00 |
141.700 |
|
Interest |
45.500 |
42.600 |
43.100 |
36.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
128.200 |
128.800 |
110.900 |
105.500 |
|
Depreciation |
28.800 |
28.500 |
28.500 |
29.100 |
|
Profit Before Tax |
99.400 |
100.300 |
82.400 |
76.400 |
|
Tax |
11.400 |
20.000 |
16.400 |
2.700 |
|
Profit after tax |
88.000 |
80.300 |
66.000 |
73.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.88 |
6.91 |
5.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.12 |
9.08 |
7.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.83 |
7.92 |
5.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.20 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.58 |
0.75 |
0.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09 |
1.08 |
0.99 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
226.706 |
226.706 |
226.706 |
|
Reserves & Surplus |
1124.143 |
1311.579 |
1472.923 |
|
Net
worth |
1350.849 |
1538.285 |
1699.629 |
|
|
|
|
|
|
long-term borrowings |
791.193 |
701.612 |
578.950 |
|
Short term borrowings |
437.438 |
444.488 |
412.672 |
|
Total
borrowings |
1228.631 |
1146.100 |
991.622 |
|
Debt/Equity
ratio |
0.910 |
0.745 |
0.583 |
%20LIMITED%20-%20271106%2009-Jun-2014_files/image007.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
2,821.344 |
3,332.297 |
3,350.099 |
|
|
|
18.110 |
0.534 |
%20LIMITED%20-%20271106%2009-Jun-2014_files/image008.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
2,821.344 |
3,332.297 |
3,350.099 |
|
Profit |
144.120 |
232.082 |
198.294 |
|
|
5.11% |
6.96% |
5.92% |
%20LIMITED%20-%20271106%2009-Jun-2014_files/image009.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
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 |
Yes |
LITIGATION
DETAILS:
|
HIGH
COURT OF BOMBAY
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MANAGEMENT
DISCUSSION AND ANALYSIS:
AN OVERVIEW OF
BUSINESS PERFORMANCE
During the year 2012-13,
the Net Revenue of the Company remained more or less unchanged at Rs. 3371
Million (Rs. 3361 Million in previous year). However, due to increase in fixed
costs, the Net Profit declined by 14.6%. The performance of different business
segments of the Company is as under:
a)
Chemical Segment:
Subject continues
to be the industry leader in the segment of surface treatment chemicals, their
intermediates and other specialty chemicals. On one hand some of the industries
that use our products witnessed declines or stagnation, on the other hand
competition from international companies intensified. The Company’s recent
forays into manufacture of Industrial Lubricants, Anodizing and Phosphating
chemicals proved fruitful with a healthy growth in sales. The Net Revenue of
this division grew by 5% from Rs. 2229 Million to Rs. 2349 Million. The Company
continued to focus on excellence and its plant at Jammu achieved certification
under IMS and ISO 14000 program in addition to the plants at Dadra and
Barotiwala which are already certified.
b)
Engineering Segment:
Subject is a
leading manufacturers and provider of turnkey solutions for Electroplating
Plants and their components, Effluent and Waste Water Treatment Plants and
other engineering products, from its plant located at Alandi, Pune. After two
years of significant growth, this division was not able to repeat the same fete
this year. The Net Revenue remained unchanged at Rs. 399 Million.
c)
Mall Segment:
The general
economic uncertainties posed some challenges for the Retail segment, however,
the Company was quick to respond with innovative measures to increase footfall
as well as trading levels. The efforts of the management team were recognized
by the Retail fraternity when it conferred the Most Admired Mall Manager of the
year award on Mr. Santosh Pandey, the Head of our Mall Division and nominated
the Mall as a finalist in four award categories. During the year, the Net
Revenue grew by 9% from Rs. 71 Million to Rs. 94 Million.
d)
Paints Segment:
This business segment
witnessed a decline in Net Revenue from Rs. 550 Million to Rs. 438 Million.
Some of the unprofitable contracts and products were discontinued. The renewed
efforts at growing the business have taken longer than expected to show
results.
FINANCIAL PERFORMANCE:
The highlights of
financial performance of the Company for the year under review are as under:
a.
The Net Profit after Tax for the year declined by
14.6% to Rs.198 Million. The operating margin remained constant, however the
fixed costs (mainly the cost of manpower) increased significantly.
b.
The Company spent Capital Expenditure of Rs. 178
Million.
c.
The Long Term Borrowings decreased by Rs. 105
Million mainly on account of part repayment of Loans raised for the Mall
project.
d.
The Working Capital (Net Current Assets) increased
by Rs. 14 million.
e.
The Debt Equity Ratio of the Company further
improved to 0.58 (from 0.75).
FUTURE PROSPECTS:
The apparent
slowdown in the growth of our economy in the last year has affected the business
of industrial products being manufactured by the company for e.g. Surface
Treatment chemicals, Paints, Industrial Lubricants etc. The real estate and
retail markets have also been stagnant. To overcome such pressures, with a view
to cut cost and standardize productions, the company has intensified its
Research & Development work focused on backward integration and taken
assistance of international Companies through technology licensing. Special
emphasis is being laid on high thrust areas like Paints and Industrial
Lubricants where we are seeking to diversify into newer market segments.
Efforts are underway to develop new product lines in respect of surface
finishes including paints, to pave the way for entry into decorative and other
synergistic market segments.
The current
outlook for exports continues to be moderate in view of the prevailing
recessionary trends in the world markets. The company is making all efforts to
expand its network of distributors to reach hitherto untapped markets.
The engineering
division of the company is adopting new technologies for specialized processes
in plating as well as waste water treatment. This division has also forged
alliances with some international partners creating new market synergies and
has bagged orders in export markets.
Considering its
large potential, an aggressive plan has been drawn up to provide a major push
to the Paint segment of the business. The senior management team has been
fortified with appointment of experienced technical, marketing and operations
personnel. At the same time, a major re-furbishing has been undertaken at the
main plant of the Company.
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Loans and Advances
from related parties |
22.950 |
22.950 |
|
Fixed Deposits |
15.236 |
12.258 |
|
Others (Hire
Purchase Credits) |
8.094 |
14.454 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Loans from related parties |
30.400 |
22.900 |
|
|
|
|
|
Total |
76.680 |
72.562 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10478640 |
17/02/2014 |
50,000,000.00 |
CITIBANK
N. A. |
FIRST
INTERNATIONAL FINANCIAL CENTRE, 9TH FLOOR,, PLOT NO.C-54, C-55, G-BLOCK, BKC,
BANDRA, MUMBAI, |
B96810825 |
|
2 |
10464606 |
29/11/2013 |
160,000,000.00 |
WOORI
BANK |
CHENNAI
BRANCH, 6TH FLOOR, EA CHAMBERS, NO. 49, 50L, WHITES ROAD, ROYAPETTAH,
CHENNAI, TAMIL NADU - |
B91305268 |
|
3 |
10457862 |
11/10/2013 |
150,000,000.00 |
COMMONWEALTH
BANK OF AUSTRALIA |
LEVEL
2, HOECHST HOUSE, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B88650023 |
|
4 |
10333132 |
23/12/2011 |
100,000,000.00 |
THE
SARASWAT CO-OPERATIVE BANK LTD |
SME
BRANCH, PRABHAT BHAWAN, BLOCK -B, L.B.S. MARG, VIKROLI (WEST), MUMBAI, MAHARASHTRA
- 400086, INDIA |
B31059306 |
|
5 |
10269914 |
23/12/2010 |
12,875,000.00 |
AXIS
BANK LTD. |
RAC
MUMBAI, 1ST FLOOR, JANMABHOMI BHAVAN, JANMABH |
B04397238 |
|
6 |
10256914 |
28/08/2012
* |
150,000,000.00 |
THE
SARASWAT CO-OPERATIVE BANK LIMITED |
SME
BRANCH, PRABHAT BHAVAN, 1ST FLOOR, OPP CIPLA, |
B60125721 |
|
7 |
10260608 |
28/08/2012
* |
175,000,000.00 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
SME
BRANCH, PRABHAT BHAVAN, 1ST FLOOR, OPP CIPLA, L B S MARG, VIKHROLI (W),
MUMBAI, MAHARASHTRA - 400083, INDIA |
B60126323 |
|
8 |
10253482 |
26/03/2013
* |
325,000,000.00 |
AXIS
BANK LIMITED |
AXIS
HOUSE, GROUND FLOOR,, C- 2 WADIA INTERNATIONAL CENTER, P.B. MARG, WORLI,
MUMBAI, MAHARASHTRA - |
B74110966 |
|
9 |
10285112 |
17/09/2010 |
6,675,000.00 |
THE
SARASWAT CO-OPERATIVE BANK LTD. |
RASEC
BRANCH, ISHAN ARCADE,, OPP. GAMDEVI TEMPLE, 3RD FLOOR, NAUPADA THANE (W),,
THANE, MAHARASHTRA |
B01173145 |
|
10 |
10141679 |
20/10/2012
* |
325,000,000.00 |
AXIS
BANK LIMITED |
AXIS
HOUSE, GROUND FLOOR,, C2 WADIA INTERNATIONAL |
B63832943 |
|
11 |
10127340 |
01/10/2008 |
2,363,653.00 |
THE
SARASWAT CO-OPERATIVE BANK LTD |
CHEMBUR
BRANCH, CHEMBUR WEST, MUMBAI, MAHARASHTRA |
A49477979 |
|
12 |
10109352 |
10/04/2013
* |
949,900,000.00 |
THE
SARASWAT CO-OPERATIVE BANK LTD |
SME
VIKROLI BRANCH, PRABHAT BHAVAN, LBS MARG, VIKROLI WEST,, MUMBAI, MAHARASHTRA
- 400079, INDIA |
B73701047 |
|
13 |
10148590 |
12/03/2009
* |
250,000,000.00 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
CHEMBUR
BRANCH, SHRI SUNDER CHS LTD., PLOT NO 560, SION TROMBAY RD., CHEMBUR,
ALONGWITH AXIS BANK LTD, MUMBAI, MAHARASHTRA - 400071, INDIA |
A59423517 |
|
14 |
80024175 |
20/01/2011
* |
485,000,000.00 |
PUNJAB
NATIONAL BANK |
LARGE
CORPORATE BRANCH, SECTOR -17B, CHANDIGRAH, |
B06435606 |
* Date of charge modification
FIXED ASSETS:
·
Land
·
Building
·
Plant
and Machinery
·
Laboratory
Equipments
·
R
and D Equipments
·
Furniture
Fittings and Fixtures
·
Office
Equipments
·
Vehicles
·
Computer
Software
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER AND HALF MONTHS ENDED 30th SEPTEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Half Months Ended ( Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1.
Income from operations |
|
|
|
|
Gross Sales |
959.100 |
959.200 |
1918.300 |
|
Less: Trade Discount |
112.300 |
80.400 |
192.700 |
|
a) Net sales/ Income from operation (net of excise duty) |
846.800 |
878.800 |
1725.600 |
|
b) Other operating income |
19.400 |
12.700 |
32.100 |
|
Total
income from Operations(net) |
866.200 |
891.500 |
1573.100 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
482.700 |
415.500 |
898.200 |
|
b) Purchases of stock in trade |
5.000 |
7.100 |
12.100 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(36.800) |
78.200 |
41.400 |
|
d) Employees benefit expenses |
108.000 |
95.700 |
203.700 |
|
e) Depreciation and amortization expenses |
28.500 |
28.800 |
57.300 |
|
f) Other expenditure |
153.000 |
147.700 |
300.700 |
|
Total expenses |
740.400 |
773.000 |
1613.400 |
|
3. Profit from operations before other income and
financial costs |
125.800 |
118.500 |
244.300 |
|
4. Other income |
17.100 |
26.400 |
43.500 |
|
5. Profit from ordinary activities before finance costs |
142.900 |
144.900 |
287.800 |
|
6. Finance costs |
42.600 |
45.500 |
88.100 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
100.300 |
99.400 |
199.700 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
100.300 |
99.400 |
199.700 |
|
10.Tax expenses |
|
|
|
|
Current |
17.700 |
7.600 |
25.300 |
|
deferred |
2.300 |
3.800 |
6.100 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
80.300 |
88.000 |
168.300 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
80.300 |
88.000 |
168.300 |
|
14.Paid-up
equity share capital (Nominal value Re. 1/- per share) |
226.700 |
226.700 |
226.700 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Re. 1/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
0.35 |
0.39 |
0.74 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
71235159 |
71328511 |
71235159 |
|
- Percentage of shareholding |
31.42 |
31.46 |
31.42 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
155470591 |
155377239 |
155470591 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100 |
100 |
100 |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
68.58 |
68.54 |
68.58 |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
9 |
|
Disposed of during the quarter |
9 |
|
Remaining unreserved at the end of the quarter |
Nil |
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
Half
Months Ended (
Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1.
Segment Revenue |
|
|
|
|
a. Chemicals |
654.000 |
584.500 |
1238.500 |
|
b. Engineering |
84.700 |
160.100 |
224.800 |
|
c. Shoppertainment |
56.600 |
51.500 |
108.100 |
|
d. Paints |
104.200 |
104.900 |
209.100 |
|
Total |
879.500 |
901.000 |
1780.500 |
|
Less : Unallocable |
3.900 |
16.900 |
20.700 |
|
Net
Income |
883.400 |
917.900 |
1801.200 |
|
|
|
|
|
|
2.
Segment Result (Profit
before Interest and Tax) |
|
|
|
|
a. Chemicals |
158.100 |
143.000 |
301.100 |
|
b. Engineering |
(5.900) |
0.000 |
(5.900) |
|
c. Shoppertainment |
31.200 |
28.700 |
59.900 |
|
d. Paints |
(4.500) |
(10.300) |
(14.800) |
|
Total |
178.900 |
161.400 |
340.300 |
|
|
|
|
|
|
Less
: (i) Interest |
42.600 |
45.500 |
88.100 |
|
(ii) Other un-allocable expenditure net off un-allocable income. |
36.000 |
16.500 |
52.500 |
|
|
|
|
|
|
Profit
before Tax |
100.300 |
99.400 |
199.700 |
|
3.
Capital Employed |
|
|
|
|
a. Chemicals |
991.700 |
1006.600 |
991.700 |
|
b. Engineering |
131.500 |
124.500 |
131.500 |
|
c. Shoppertainment |
1095.900 |
1187.100 |
1095.900 |
|
d. Paints |
573.300 |
550.400 |
537.300 |
|
Total |
2756.400 |
2868.600 |
2756.400 |
|
Add:-Unallocable
Corporate assets less Corporate |
(891.100) |
(1082.000) |
(891.100) |
|
Total
Capital Employment |
1865.300 |
1786.600 |
1865.300 |
STANDALONE STATEMENT OF ASSETS AND
LIABILITIES
(Rs. In Millions)
|
SOURCES OF FUNDS |
30.09.2013 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
226.700 |
|
(b) Reserves & Surplus |
1638.600 |
|
Total
Shareholders’ Funds |
1865.300 |
|
|
|
|
(2)
Non-Current Liabilities |
|
|
(a) long-term borrowings |
370.900 |
|
(b) Deferred tax liabilities (Net) |
175.300 |
|
(c) Other long term
liabilities |
123.200 |
|
(d) long-term
provisions |
84.200 |
|
Total Non-current
Liabilities (3) |
753.600 |
|
|
|
|
(3)
Current Liabilities |
|
|
(a) Short
term borrowings |
464.200 |
|
(b) Trade
payables |
435.700 |
|
(c) Other
current liabilities |
552.200 |
|
(d) Short-term
provisions |
62.500 |
|
Total Current
Liabilities (4) |
1514.600 |
|
|
|
|
TOTAL |
4133.500 |
|
|
|
|
II.
ASSETS |
|
|
(1)
Non-current assets |
|
|
(a) Fixed
Assets |
|
|
2256.000 |
|
7.600 |
|
1.900 |
|
(b) Non-current Investments |
47.500 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
183.800 |
|
(e) Other
Non-current assets |
4.600 |
|
Total Non-Current
Assets |
2501.400 |
|
|
|
|
(2)
Current assets |
|
|
(a)
Current investments |
0.000 |
|
(b)
Inventories |
550.000 |
|
(c) Trade
receivables |
725.200 |
|
(d) Cash
and cash equivalents |
128.300 |
|
(e)
Short-term loans and advances |
177.000 |
|
(f) Other
current assets |
51.600 |
|
Total
Current Assets |
1632.100 |
|
|
|
|
TOTAL |
4133.500 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.20 |
|
UK Pound |
1 |
Rs.99.52 |
|
Euro |
1 |
Rs.80.83 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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.