MIRA INFORM REPORT
|
Report Date : |
13.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
JOCIL LIMITED |
|
|
|
|
Registered
Office : |
Dokiparru (V), Medikondur (M), Guntur - 522438, Andhra Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on)
: |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
20.02.1978 |
|
|
|
|
Com. Reg. No.: |
01-002260 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 88.812 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28990AP1978PLC002260 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDJ00791A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACJ5606L |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Stearic Acid, Fatty Acids, Soap Noodles,
Toilet Soap, Glycerine and Industrial Oxygen. |
|
|
|
|
No. of Employees
: |
805 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject established company having fine track record. Financial position of the company is sound and healthy. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitment. 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: “A+” |
|
Rating Explanation |
Adequate degree of safety. It carry low credit risk. |
|
Date |
03.09.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: “A1” |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
03.09.2013 |
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
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. P. Kesavulu Reddy |
|
Designation : |
President, Secretary and Finance Control |
|
Contact No.: |
91-863-2290190 |
|
Date : |
12.06.2014 |
LOCATIONS
|
Registered Office/ Factory 1 : |
Dokiparru (V), Medikondur (M), Guntur - 522438, Andhra
Pradesh, India |
|
Tel. No. : |
91-863-2290190 |
|
Fax No. : |
91-863-2290090 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Wind Power Units : |
· Kurichampatti Village, V.K. Pudur Taluk, Tirunelveli District – 627860, Tamilnadu, India · Surandai Village, V.K. Pudur Taluk, Tirunelveli District – 627860, Tamilnadu, India · Kasturirangapuram Village, Radhapuram Taluk, Tirunelveli District – 627112, Tamilnadu, India · Velayuthampalayam Village, Dharapuram Taluk, Tirupur District - 638702, Tamilnadu, India |
DIRECTORS
As on 31.03.2013
|
Name : |
P. Narendranath Chowdary |
|
Designation : |
Chairman |
|
|
|
|
Name : |
J. Murali Mohan |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
63 Years |
|
Qualification : |
B. Tech., (Chemical Engineering) M.B.A. |
|
Experience : |
34 Years |
|
Date of Appointment : |
16.02.1990 |
|
|
|
|
Name : |
Mullapudi Thimmaraja |
|
Designation : |
Director |
|
|
|
|
Name : |
Y. Narayanarao Chowdary |
|
Designation : |
Director |
|
|
|
|
Name : |
V. S. Raju |
|
Designation : |
Director |
|
|
|
|
Name : |
K. Srinivasa Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
M. Gopalakrishna, I.A.S. (Retd.) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Subbarao V. Tipirneni |
|
Designation : |
Director |
|
Qualifications : |
Graduate in Electronics and Communications Engineering from R V College of Engineering, Bangalore University, and attended EDP courses in Strategic Management at IIM, Ahmedabad and Corporate Finance at Administrative Staff College of India. |
|
|
|
|
Name : |
M. Mrutyumjaya Prasad |
|
Designation : |
Director |
|
|
|
|
Name : |
P. Venkateswara Rao |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. P. Kesavulu Reddy |
|
Designation : |
President, Secretary and Finance Control |
|
Qualification : |
M.Com., LL.B., F.C.M.A., F.C.S. |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Promoters |
|
|
|
The Andhra Sugars Limited (Holding Company) |
4886500 |
55.02 |
|
Bodies Corporate |
288209 |
3.25 |
|
Public |
3706441 |
41.73 |
|
Total |
8881150 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Stearic Acid, Fatty Acids, Soap Noodles,
Toilet Soap, Glycerine and Industrial Oxygen. |
PRODUCTION STATUS AS ON 31.03.2013
|
Particulars |
Unit |
Actual
Production |
|
Fatty Acids |
(TPA) |
51179 |
|
Toilet Soap |
(TPA) |
7346 |
|
Soap Products |
(TPA) |
43967 |
|
Glycerine |
(TPA) |
3735 |
|
Industrial Oxygen (cu. mtrs) |
(TPA) |
464432 |
|
Biomass Power (kWh) |
(TPA) |
25799840 |
|
Wind Power (kWh) |
(TPA) |
16418310 |
NOTE:
TPA = Tonnes per Annum
a) Production of Fatty Acids includes 24730 MT (Previous year 25164 MT) utilized for captive consumption at Soap Plant and 3292 MT (Previous year – 1475 MT) processed on behalf of others.
b) Production of Toilet Soap includes 5337 MT processed on behalf of others (Previous year 5144 MT)
c) Production of Soap Products includes 1924 MT (Previous year 2235 MT) utilized for production of Toilet Soap at Soap Plant and 4845 MT (Previous year 2187 MT) processed on behalf of others.
d) Production of Glycerine includes 80 MT (Previous year 64 MT) utilized for captive consumption at Soap Plant
e) Production of Industrial Oxygen includes captive consumption of 7686 cubic meters (Previous year 13811 cu. mtrs).
f) Power Generation includes 17968840 units (Previous year 16685632 units) utilized for captive consumption.
GENERAL INFORMATION
|
Customers : |
· Hindustan Unilever Limited · ITC Limited · Jyothy Laboratories Limited · MRF · TVS · Clariant · Auchtel · Nagarjuna · Century Pharmaceuticals · Sun Pharmaceutical Industries Limited |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
805 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Andhra Bank, Main Branch, Guntur · State Bank of India ·
Commercial Branch, Guntur |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
NOTE: a) The working capital loan from Andhra Bank carries interest @11.75% and from SBI carries interest @10.20%. No amounts were overdrawn exceeding the limits sanctioned by the banks. b) Fixed deposits accepted during the year up to
13/03/2013 carries interest @11% and thereafter @9.75%. The company made no
defaults in repayment of fixed deposits. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Brahmayya and Company Chartered Accountants |
|
Address : |
10-3-21, Sambasivapet, Guntur – 522001, Andhra Pradesh, India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Narasimha Murthy and Company Chartered Accountants |
|
Address : |
3-6-365, Himayatnagar, Hyderabad – 500029, Andhra Pradesh, India |
|
|
|
|
Holding Company : |
The Andhra Sugars Limited |
|
|
|
|
Fellow Subsidiaries
: |
The Andhra Farm Chemicals Corp. Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8881150 |
Equity Shares |
Rs.10/- each |
Rs. 88.811 Millions |
|
|
Add: Forfeited Shares (amount originally paid up) |
|
Rs. 0.005 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 88.816
Millions |
NOTE
a. Rights
attached to Equity Shareholders :-
The company has only one class of Equity Shares having a par value of Rs.10/- each. Each holder of Equity Share is entitled to one vote per share on poll and has one vote on show of hands. In the event of liquidation, the Equity Shareholders are eligible to receive the remaining assets of the company in proportion to their share holding after distribution of payments to preferential creditors.
b. Details of shares
held by shareholders holding more than 5% of the aggregate shares in the
Company.
|
Name of the
Shareholder |
As at 31-3-2013 |
|
|
Number of Shares held |
% out of total number of shares of the
company |
|
|
The Andhra Sugars Limited, Tanuku (Holding Company) |
48,86,500 |
55.02 |
c. Out of total equity shares issued and subscribed, 48,86,500 shares are held by holding company, The Andhra Sugars Limited, Tanuku.
d. Reconciliation of
Number of Shares outstanding at the beginning and at the end of reporting
period.
|
Particulars |
As at 31-3-2013 |
|
|
Number of Shares held |
Rs. in Millions |
|
|
Shares outstanding at the |
88,81,150 |
88.811 |
|
beginning of the year Add : Shares issued during the year by way of bonus issue |
-- |
-- |
|
Less : Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
88,81,150 |
88.811 |
e. Particulars
regarding bonus issues and other details during the period of last five
financial years:
i) Out of last five financial years, the company issued and allotted 44,40,575 equity shares of Rs.10/- each as bonus shares in the ratio of 1: 1 during the financial year 2011-12 by way of capitalisation of General Reserves.
ii) None of the shares were issued in pursuant to contract without payment being received in cash.
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 |
88.816 |
88.816 |
44.411 |
|
(b) Reserves & Surplus |
1269.754 |
1185.891 |
1156.869 |
|
(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) |
1358.570 |
1274.707 |
1201.280 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term Borrowings |
0.000 |
0.000 |
28.898 |
|
(b) Deferred Tax Liabilities (Net) |
115.252 |
117.116 |
116.110 |
|
(c) Other Long Term
Liabilities |
0.927 |
0.927 |
0.912 |
|
(d) long-term
Provisions |
6.853 |
5.766 |
5.760 |
|
Total Non-current
Liabilities (3) |
123.032 |
123.809 |
151.680 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short Term
Borrowings |
356.914 |
300.802 |
433.425 |
|
(b) Trade
Payables |
99.851 |
73.739 |
207.156 |
|
(c) Other
Current Liabilities |
103.138 |
104.451 |
110.217 |
|
(d) Short-term
Provisions |
452.425 |
360.700 |
289.804 |
|
Total Current
Liabilities (4) |
1012.328 |
839.692 |
1040.602 |
|
|
|
|
|
|
TOTAL |
2493.930 |
2238.208 |
2393.562 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible Assets |
816.291 |
804.252 |
668.114 |
|
(ii)
Intangible Assets |
0.280 |
0.000 |
0.006 |
|
(iii)
Capital Work-in-Progress |
18.780 |
14.067 |
126.694 |
|
(iv)
Intangible assets under Development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
13.540 |
14.540 |
14.540 |
|
(c) Deferred Tax Assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
14.692 |
46.061 |
17.506 |
|
(e) Other
Non-current Assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
863.583 |
878.920 |
826.860 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current Investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
572.001 |
506.457 |
675.506 |
|
(c) Trade
Receivables |
555.179 |
500.072 |
438.562 |
|
(d) Cash
and Cash Equivalents |
56.338 |
22.265 |
44.615 |
|
(e) Short-term
Loans and Advances |
439.803 |
325.564 |
403.879 |
|
(f) Other
Current Assets |
7.026 |
4.930 |
4.140 |
|
Total
Current Assets |
1630.347 |
1359.288 |
1566.702 |
|
|
|
|
|
|
TOTAL |
2493.930 |
2238.208 |
2393.562 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4076.474 |
3914.693 |
3829.618 |
|
|
|
Other Income |
16.280 |
25.843 |
36.406 |
|
|
|
TOTAL (A) |
4092.754 |
3940.536 |
3866.024 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2752.843 |
2776.605 |
2805.370 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(7.231) |
18.989 |
(110.018) |
|
|
|
Employees benefits expense |
197.819 |
177.929 |
174.191 |
|
|
|
Other expenses |
780.066 |
656.478 |
616.439 |
|
|
|
TOTAL (B) |
3723.497 |
3630.001 |
3485.982 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
369.257 |
310.535 |
380.042 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
39.673 |
35.671 |
27.261 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
329.584 |
274.864 |
352.781 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
100.138 |
88.822 |
68.248 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
229.446 |
186.042 |
284.533 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
83.240 |
61.005 |
90.258 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
146.206 |
125.037 |
194.275 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
103.550 |
174.528 |
121.541 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend |
53.287 |
44.406 |
35.525 |
|
|
|
Tax on Proposed dividend |
9.056 |
7.203 |
5.763 |
|
|
|
Transfer to Reserves |
50.000 |
144.406 |
100.000 |
|
|
BALANCE CARRIED
TO THE B/S |
137.413 |
103.550 |
174.528 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
13.051 |
21.809 |
365.913 |
|
|
TOTAL EARNINGS |
13.051 |
21.809 |
365.913 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
398.801 |
508.572 |
884.360 |
|
|
|
Stores & Spares |
1.032 |
7.802 |
0.929 |
|
|
|
Capital Goods |
33.658 |
25.769 |
31.483 |
|
|
TOTAL IMPORTS |
433.491 |
542.143 |
916.772 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
16.46 |
14.08 |
21.87 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2014 |
|
Net Sales |
994.1000 |
|
Total Expenditure |
925.600 |
|
PBIDT (Excl OI) |
68.500 |
|
Other Income |
6.600 |
|
Operating Profit |
75.100 |
|
Interest |
3.000 |
|
Exceptional Items |
0.000 |
|
PBDT |
72.100 |
|
Depreciation |
27.600 |
|
Profit Before Tax |
44.500 |
|
Tax |
8.800 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
35.700 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
35.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.57 |
3.17 |
5.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.63 |
4.75 |
7.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.32 |
8.42 |
12.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.15 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.26 |
0.24 |
0.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.61 |
1.62 |
1.51 |
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 |
44.411 |
88.816 |
88.816 |
|
Reserves & Surplus |
1156.869 |
1185.891 |
1269.754 |
|
Net
worth |
1201.280 |
1274.707 |
1358.570 |
|
|
|
|
|
|
long-term borrowings |
28.898 |
0.000 |
0.000 |
|
Short term borrowings |
433.425 |
300.802 |
356.914 |
|
Total
borrowings |
462.323 |
300.802 |
356.914 |
|
Debt/Equity
ratio |
0.385 |
0.236 |
0.263 |
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 |
3829.618 |
3914.693 |
4076.474 |
|
|
|
2.222 |
4.133 |
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 |
3829.618 |
3914.693 |
4076.474 |
|
Profit |
194.275 |
125.037 |
146.206 |
|
|
5.07% |
3.19% |
3.59% |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90259529 |
28/02/2014 * |
230,000,000.00 |
ANDHRA BANK |
GOWRI SHANKAR THEATRE ROAD, GUNTUR MAIN BRANCH, GUNTUR, ANDHRA PRADESH - 522001, INDIA |
B98241565 |
* Date of charge modification
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
Total |
|
|
CORPORATE
INFORMATION
Subject (hereinafter referred to as Jocil) is engaged in the manufacture of Stearic Acid, Fatty Acids, Soap Noodles, Toilet Soap, Glycerine and Industrial Oxygen. The manufacturing facilities of Jocil and its Registered Office are located at the same place at Dokiparru Village, Medikondur Mandal, Guntur District, Andhra Pradesh. It is also having a 6 MW Biomass Cogeneration Captive Power Plant to meet the power requirements of the manufacturing activity and surplus power is sold to AP Transco. Jocil is also having 4 Wind Energy Generators in the State of Tamil Nadu and the power generated is sold to Tamil Nadu Generation and Distribution Corporation Limited. Jocil is a subsidiary to The Andhra Sugars Limited (ASL), Tanuku, W.G.District, Andhra Pradesh. As on 31-03-2013 ASL owned 55.02% of the Jocil’s equity share capital.
FINANCIAL RESULTS
During the year the turnover of the company has increased marginally from Rs. 4301.500 Millions to Rs. 4534.600 Millions recording a 5.42% growth over the previous year. The Profit Before Interest and Depreciation (PBID) of Rs. 367.800 Millions and Profit Before Tax (PBT) of Rs. 229.400 Millions during the year have grown by 19.00% and 23.33% respectively over the previous year. The performance of the company during the first half of the financial year was significantly better than that of the corresponding period in the previous year. However, during the second half of the financial year the Company experienced unfavourable conditions due to decline in prices, slump in market conditions and severe competition. As a result, the production, sales and operations were adversely affected and consequently the overall outcome for the financial year 2012-13 was only marginally better than the previous year.
The income for the year also includes Rs.21.352 Millions received from AP Transco for the power supplied in earlier years towards rate difference. An increase in revenue by Rs. 7.775 Millions was achieved from wind mills due to improved wind velocity over the previous year.
OUTLOOK
Fatty Acids and Soap
The company commissioned new equipment under expansion cum modernization programme implementing latest technology and increasing plant capacities. However, the production figures for the year under consideration could not be improved over the previous year due to unfavourable market conditions. Yet, the investment in new upgraded plant and machinery helped the company to sustain the bottom lines through reduced processing costs and improved efficiency.
The recession in European markets in recent times has adversely affected the business prospects of some of their major customers and as a result their offtake has come down. Stearic Acid and Soap Noodles markets were also disturbed by new entrants offering their products at low rates to get an entry into the market but these prices may not prevail for long and are expected to settle at a reasonable level. The overall market conditions are expected to improve soon from the slow down since October, 2012.
Biomass Power Plant
The extremely bleak power scenario at present had never been experienced in the past. Yet, they were able to carry out their operations normally only because of Biomass Cogeneration Captive Power Plant. The industry is not allowed to draw extra power even at additional cost since 7th November 2012 after the introduction of Revised Restriction and Control (R&C) measures by Andhra Pradesh Electricity Regulatory Commission (APERC). The company obtained No Objection Certificate (NOC) for purchase of power under Open Access from third parties as and when required to meet the exigencies. The capacity utilization of Biomass Power Plant has improved considerably during the year to 60% over the previous year at 47%, due to the extra efforts put in to procure biomass fuels. Since the continuous running of power plant is very essential, biomass fuels are being purchased at a higher cost.
During the year the company has received Rs.21.352 Millions from Andhra Pradesh Power Coordination Committee towards differential tariff amount for the power exported during the period 1st April 2004 to 31st March 2011as per the interim orders of the Hon’ble Appellate Tribunal for Electricity (ATE) dt. 1-2-2012. The ATE passed final orders dt.20-12-2012 giving directions to APERC to finalise the tariff which is yet to be complied with.
Wind Energy
Generators (WEGs)
Power generation from the four wind energy generators (WEGs) of the Company aggregating to 6.3 Mw capacity has improved during the current year to 164.18 lakh units as against the previous year at 136.77 lakh units because of improved wind velocity. In the last two years power generation from the wind mills was much lower than expected due to prolonged winter season and low wind velocity.
Wind energy is a boon to the power starved Tamil Nadu State Government. Yet, the Tamil Nadu Electricity Generation and Distribution Corporation Limited (TANGEDCO) has been delaying payments for power supplied to it for more than a year. As on 31st March, 2013, Rs.45.033 Millionsis due for payment by TANGEDCO. Indian Wind Power Association in which the Company is a Member, took up the issue and the Appellate Tribunal for Electricity (ATE) directed TANGEDCO to pay interest at 12% per annum on delayed payments. Inspite of these Orders TANGEDCO pays neither the interest nor the principal in time which is causing problems to the industry.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Company is engaged in the manufacture of Stearic Acid, Fatty Acids, Refined Glycerine, Soap Noodles, Toilet Soap and Industrial Oxygen and in the generation of Power from biomass and wind. Non-edible oils and fatty acid distillates, both indigenous and imported, are used as raw materials for manufacturing the finished products. The products manufactured are marketed directly from the factory as well as through Depots and C&F Agents located in major cities across the country. The Company also undertakes to manufacture Soap Noodles and Toilet Soap on jobwork for reputed customers.
The Company is having Biomass Cogeneration Captive Power Plant and the surplus power is sold to AP Transco. It is also having four Wind Energy Generators (WEG) set up in Tamil Nadu and the power generated from these plants is sold to Tamil Nadu Generation and Distribution Corporation Ltd. (TANGEDCO).
Majority of the Fatty Acids produced in the industry are consumed as raw material in Soap industry for making Toilet Soap. Hence performance of toilet soap industry will also have its impact on the demand for fatty acids. Stearic Acid is a chemical used in rubber, plastic, metal polish and number of other industries and any changes in demand by the major user industries may lead to fluctuations in demand. Glycerine and Industrial Oxygen are by-products.
The country is short of both edible and non-edible oils. Therefore the fatty acid industry is heavily dependent on imports of palm based products from Malaysia and Indonesia. As a result, the supply and demand position in the international market for vegetable oils influence the indigenous market. Further, fluctuation in crude oil prices also have impact on edible and non edible oils due to their usage in production of biofuels.
The fuels intended for running the plant are Rice Husk, field residues like Cotton Stalk, Chili Stalk etc., available in the surrounding areas. Their availability is not only limited but also seasonal. Shortage of labour, farm works during the season, high labour cost, influence their procurement. Transportation and storage of field residues is also a problem because of their large volume. In order to ease the tedious process of receipt and storage of huge volumes of Cotton Stalk in its raw state, it is planned to mechanise the entire process of receipt and storage of Biomass by baling which is expected to reduce its volume to less than a quarter. This will also reduce the risk of fire accidents considerably. During the year the Company was able to procure a good quantity of Cotton Stalk and Rice Husk to meet part of the fuel requirements, albeit at a higher price. The capacity utilization of the power plant during the year is also better than earlier year due to improved procurement of fuels.
Steam and power requirements of Process Plants are met from the 6 Mw Biomass Cogeneration Captive Power Plant located within the premises. Without the captive power plant it would have been impossible to run the plants from the power supply of the State Utilities due to the Revised Restriction and Control (R&C) measures presently imposed by the Andhra Pradesh Electricity Regulation Commission (APERC) with effect from 07-11-2012 in order to meet the power shortage in the State.
Continuous development efforts are being made to absorb the latest technologies and practices. Quality Management Systems (QMS) Standard ISO 9001:2008 obtained from a renowned certification agency, Det Norske Veritas (DNV) is being followed by the Company.
OUTLOOK
The toilet soap industry is expected to recover from the slowdown since 2011-12. The technical upgradation and increase in plant capacities of fatty acid, soap and glycerine plants under expansion cum modernization programme are expected to help to improve the operations of the Company once the market conditions in fatty acid industry improve. The Company will have to face challenges from new entrants into the industry which may affect its profitability.
FINANCIAL PERFORMANCE
WITH RESPECT TO OPERATIONAL PERFORMANCE:
During the year the Profit Before Tax has shown a growth of 24.32% over the previous year inspite of the increase in turnover being only about 5%. This is largely due to receipt of Rs. 21.312 Millions towards increase in power tariff for the power sold from the Biomass Power Plant in earlier years and also due to increase in revenue by Rs. 7.775 Millions due to improvement in generation of power by wind mills.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
a) Estimated amount of contracts remaining to be executed and not provided for which commitment is made |
275.627 |
403.619 |
|
|
|
|
|
b) Claims against the Company not admitted as debts relating to: |
|
|
|
i) Excise and Service Tax |
16.828 |
16.761 |
|
ii) Income-tax |
4.860 |
1.958 |
|
ii) State Levies |
22.609 |
1.099 |
|
iiii) Other Contracts |
0.360 |
0.348 |
STATEMENT OF
FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31-03-2014
(Rs. in
Millions)
|
|
Particulars |
Unaudited for the Quarter ended |
Audited for the Year ended |
|||||
|
|
31-03-2014 |
31-12-2013 |
31-03-2014 |
|||||
|
1 |
Income from Operations: |
|
|
|
||||
|
|
a. Net Sales/Income from Operations (Net of Excise Duty) |
985.311 |
869.783 |
3721.889 |
||||
|
|
b. Other Operating Income |
8.832 |
4.531 |
29.292 |
||||
|
|
Total Income from Operations (Net) |
994.143 |
874.314 |
3751.181 |
||||
|
2 |
Expenses: |
|
|
|
||||
|
|
a. Cost of Materials Consumed |
782.107 |
666.899 |
2677.450 |
||||
|
|
b. Purchase of Stock-in-Trade |
-- |
-- |
-- |
||||
|
|
c. Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade |
(62.609) |
(47.793) |
(62.146) |
||||
|
|
d. Employee Benefits Expenses |
38.959 |
49.175 |
191.949 |
||||
|
|
e. Depreciation and Amortisation Expenses |
27.572 |
25.017 |
102.623 |
||||
|
|
f. Other Expenses |
167.182 |
149.061 |
679.974 |
||||
|
|
Total Expenses |
953.211 |
842.359 |
3589.850 |
||||
|
3 |
Profit from Operations before Other Income, Finance Costs & Exceptional Items (1-2) |
40.932 |
31.955 |
161.331 |
||||
|
4 |
Other Income |
6.587 |
5.421 |
19.031 |
||||
|
5 |
Profit from ordinary activities – before finance cost and exceptional items (3+4) |
47.519 |
37.376 |
180.362 |
||||
|
6 |
Finance Costs |
3.011 |
3.586 |
17.316 |
||||
|
7 |
Profit from ordinary activites – after finance costs but before exceptional items (5 - 6) |
44.508 |
33.790 |
163.046 |
||||
|
8 |
Exceptional Items |
-- |
-- |
-- |
||||
|
9 |
Profit Before Tax from ordinary activities (7 - 8) |
44.508 |
33.790 |
163.046 |
||||
|
10 |
Tax Expense |
8.822 |
12.166 |
49.793 |
||||
|
11 |
Profit After Tax from ordinary activities (9 - 10) |
35.686 |
21.624 |
113.253 |
||||
|
12 |
Extraordinary Items (Net of Tax) |
-- |
-- |
-- |
||||
|
13 |
Net Profit for the period after Taxes (11 + 12) |
35.686 |
21.624 |
113.253 |
||||
|
14 |
Paid-up Equity Share Capital (Face Value of Rs.10/- each) |
88.812 |
88.812 |
88.812 |
||||
|
15 |
Reserves excluding Revaluation Reserves |
|
|
1331.055 |
||||
|
16 |
Earnings per Share -Basic and Diluted [Before and after extraordinary items (of `10/- each)(not annualised)] |
4.02 |
2.43 |
12.75 |
||||
|
|
|
|
|
|
||||
|
Select Information for the Quarter and
Year ended 31-03-2014 |
||||||||
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
||||
|
1 |
Public shareholding |
|
|
|
||||
|
|
a. |
Number of shares |
39,94,650 |
39,94,650 |
39,94,650 |
|||
|
|
b. |
Percentage of shareholding |
44.98 |
44.98 |
44.98 |
|||
|
2 |
Promoters and promoter group shareholding |
|
|
|
||||
|
|
a. |
Pledged/Encumbered |
NIL |
NIL |
NIL |
|||
|
|
|
|
|
|
|
|||
|
|
b. |
Non-encumbered |
|
|
|
|||
|
|
Number of shares |
48,86,500 |
48,86,500 |
48,86,500 |
||||
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100 |
100 |
100 |
|||
|
|
|
Percentage of shares (as a % of the total share capital of the Company) |
55.02 |
55.02 |
55.02 |
|||
|
|
|
|
|
|
|
|||
|
|
Investor Complaints for the Quarter ended
31-03-2014 |
|||||||
|
|
Pending at the beginning of the quarter |
Received during the quarter |
Disposed off during the quarter |
Remaining unresolved at the end of the quarter |
||||
|
|
NIL |
13 |
13 |
NIL |
||||
STATEMENT OF ASSETS
AND LIABILITIES AS AT THE END OF THE YEAR
(Rs. in
Millions)
|
|
Particular |
31.03.2014 |
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders’
funds |
|
|
|
(a) Share capital |
88.816 |
|
|
(b) Reserves and surplus |
1331.055 |
|
|
Sub-total
|
1419.871 |
|
|
|
|
|
2 |
Non-current
liabilities |
|
|
|
(a) Deferred Tax Liabilities (Net) |
100.999 |
|
|
(b) Other long-term liabilities |
0.903 |
|
|
(c) Long-term provision |
6.013 |
|
|
Sub-total
|
107.915 |
|
|
|
|
|
3 |
Current
liabilities |
|
|
|
(a) Short-term borrowings |
121.084 |
|
|
(b) Trade payables |
200.232 |
|
|
(c) Other current liabilities |
126.028 |
|
|
(d) Short-term provision |
457.034 |
|
|
Sub-total |
904.378 |
|
|
TOTAL |
2432.164 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current
assets |
|
|
|
(a) Fixed assets |
742.172 |
|
|
(b) Non-current investments |
13.556 |
|
|
(c) Long-term loans and advances |
20.422 |
|
|
Sub-total
|
776.150 |
|
2 |
Current assets |
|
|
|
(a) Current Investments |
0.503 |
|
|
(b) Inventories |
606.511 |
|
|
(c) Trade receivables |
445.978 |
|
|
(d) Cash and cash equivalents |
73.756 |
|
|
(e) Short-term loans and advances |
523.311 |
|
|
(f) Other current assets |
5.955 |
|
|
Sub-total
|
1656.014 |
|
|
TOTAL
|
2432.164 |
SEGMENT-WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND YEAR ENDED 31-03-2014
(Rs. in
Millions)
|
|
Particulars |
Unaudited for the Quarter ended |
Audited for the Year ended |
|
|
|
31-03-2014 |
31-12-2013 |
31-03-2014 |
|
|
|
SEGMENT REVENUE |
|
|
|
|
|
Chemicals |
750.732 |
703.357 |
2858.162 |
|
|
Soap |
507.405 |
429.400 |
1989.819 |
|
|
Power Generation |
90.415 |
46.794 |
282.022 |
|
|
Total |
1348.552 |
1179.551 |
5130.003 |
|
|
Inter Segment Revenue |
(354.409) |
(305.237) |
(1378.822) |
|
|
Net Sales / Income from Operations |
994.143 |
874.314 |
3751.181 |
|
|
SEGMENT RESULTS |
|
|
|
|
|
Chemicals |
18.566 |
35.875 |
129.534 |
|
|
Soap |
4.367 |
22.752 |
70.763 |
|
|
Power Generation |
16.759 |
(7.652) |
22.109 |
|
|
Total |
39.692 |
50.975 |
222.406 |
|
|
Interest Income |
3.521 |
3.794 |
12.694 |
|
|
Other Unallocable Expenditure |
4.306 |
(17.393) |
(54.738) |
|
|
Net off Unallocable Income |
(3.011) |
(3.586) |
(17.316) |
|
|
Interest Expenses |
44.508 |
33.790 |
163.046 |
|
|
Total Profit before Tax |
|
|
|
|
|
CAPITAL EMPLOYED |
|
|
|
|
|
(Segment Assets - Segment Liabilities) |
|
|
|
|
|
Chemicals |
806.069 |
882.201 |
806.069 |
|
|
Soap |
424.839 |
357.164 |
424.839 |
|
|
Power Generation |
311.852 |
338.844 |
311.852 |
|
|
Others |
(122.889) |
(101.101) |
(122.889) |
|
|
Total |
1419.871 |
1477.108 |
1419.871 |
Notes:
1. The above financial results were reviewed by the Audit Committee and approved by the Board of Directors at its Meeting held on 24th May, 2014.
2. The Board recommended a dividend of Rs. 5/- per share of Rs.10/- each for the year 2013-14 for the approval of shareholders as compared to Rs. 6/- per share during the previous year.
3. ‘Income from Operations’ and ‘Segment Revenue - Power Generation’ include Rs.23.307 Millions (Previous year Rs.21.352 Millions) received from APSPDCL towards increase in power purchase price applicable to earlier years.
4. The figures set out above for the three months ended 31st March, 2014 are the balancing figures between the audited figures in respect of the full financial year ended 31st March, 2014 and the published unaudited year to date figures (regrouped) up to 31st December, 2013.
5. No reserves have been created by revaluation.
6. Previous year’s figures have been regrouped wherever necessary.
FIXED ASSETS
Tangible Assets
· Land
· Factory Buildings
· Non-Factory Buildings
· Plant and Machinery
· Electrical Installations
· Wells and Water works
· Laboratory Equipment
· Furniture and Fixtures
· Library
· Vehicles
· Office equipment
Intangible Assets
· Computer Software
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.59.33 |
|
|
1 |
Rs.99.68 |
|
Euro |
1 |
Rs.80.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
|
63 |
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.