MIRA INFORM REPORT
|
Report Date : |
20.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
J. K. CEMENT LIMITED |
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Registered
Office : |
Kamla Tower, Kanpur – 208001, Uttar Pradesh |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
24.11.1994 |
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Com. Reg. No.: |
20-017199 |
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Capital
Investment / Paid-up Capital : |
Rs. 699.272 Millions |
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CIN No.: [Company Identification
No.] |
L17229UP1994PLC017199 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacture of Cement. |
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No. of Employees
: |
2317 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 67800000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a fine track record. Financial position of the company seems to be sound. 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) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of the
global e-commerce giant Amazon. The company raised $ 210 million from Russian
Investment firm DST Global which has also invested in companies like Facebook,
Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
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
Management non co-operative. (91-572-2371478)
LOCATIONS
|
Registered and
Corporate Office |
Kamla Tower, Kanpur – 208001, Uttar Pradesh, India |
|
Tel. No.: |
91-512-2371478 / 81 |
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Fax No.: |
91-512-2399854 |
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E-Mail : |
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Website : |
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Central Marketing
Office: |
Padam Tower, 19, DDA Community Centre, Okhla, Phase-1, New Delhi-110020, India |
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Registrar and Share
Transfer Agent |
Jaykay Enterprises Limited Kamla Tower, Kanpur-208001 |
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E-Mail : |
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PLANT |
|
|
Grey Cement Plants |
Tel. No.: 91-1477-220087
Tel. No.: 91-1477-246324
Tel. No.: 91-8350-289000 Fax No: 91-8350-280710
Tel. No.: 91-1591-230201 Fax. No: 91-1591-230206 |
|
White Cement Plant |
Tel. No.: 91-1591-230201 Fax No: 91-1591-230206 |
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Thermal Power
Plants |
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Overseas Offices |
Plot No.7, Habhab, Tawian Fujairah, UAE |
DIRECTORS
As on:,31.03.2013
|
Name : |
Dr. Gaur Hari Singhania |
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Designation : |
Chairman |
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Name : |
Mr. Yadupati Singhania |
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Designation : |
Managing Director and Chief Executive Officer |
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Name : |
Mr. Achintya Karati |
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Designation : |
Director |
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Name : |
Mr. Ashok Sharma |
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Designation : |
Director |
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Name : |
Mr. Jayant Narayan Godbole |
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Designation : |
Director |
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Name : |
Mrs Jyoti Prasad Bajpai |
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Designation : |
Director |
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Name : |
Mr. Kailash Nath Khandelwal |
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Designation : |
Director |
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Name : |
Mr. Raj Kumar Lohia |
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Designation : |
Director |
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Name : |
Mr. Suparas Bhandari |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Shambhu Singh |
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Designation : |
Company Secretary |
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Key Management
Personnel |
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SHAREHOLDING PATTERN
As On 31.03.2013
|
Category |
No. of Shares held |
% of Shareholding |
|
Promoters
And Promoter Group |
46648641 |
66.71 |
|
Mutual
Funds/UTI |
6103854 |
08.73 |
|
Financial Institutions/ Banks |
8344 |
00.01 |
|
Insurance Companies |
937828 |
01.34 |
|
Foreign Institutional Investors |
7586132 |
10.85 |
|
Bodies Corpora TE |
2085958 |
02.98 |
|
Individuals |
6180771 |
08.84 |
|
Others |
375722 |
00.54 |
|
Total |
69927250 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Cement. |
GENERAL INFORMATION
|
No. of Employees : |
2317 (Approximately) |
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Bankers : |
·
Allahabad Bank Limited ·
Andhra Bank Limited ·
Canara Bank Limited ·
Dena Bank Limited ·
Export Import Bank of India ·
IDBI Bank Limited ·
Indian Bank ·
Indian Overseas Bank ·
ING Vyasa Bank ·
Jammu and Kashmir Bank ·
State Bank of India
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Facilities : |
(Rs.
In Millions)
Non Convertible
Debentures(Ncds):Rs.4000.000 Millions (Rs. 4000.000 Millions) Secured by first mortgage on the Company's flat at Ahmedabad and also against first pari-passu charge on the assets specified below in 3.2(i)(a). Maturity profile: Non Convertible
Debentures
(Rs. In
Millions)
(i)
Term Loans related to Cement Plants at
Rajasthan a) From Banks : Rs 1900.328 Millions (Rs 1352.262 Millions) Secured by first pari-passu charge by way of equitable mortgage of all the immovable assets and hypothecation of all the movable assets of the Company both present and future save and except inventories , book debts, cash and bank balances and all assets pertaining to J.K. Cement Works, Gotan, J.K. Cement Works, Muddapur, Karnataka andproperties having exclusive charge of other lenders. b) From
Canara Bank : Rs 156.647 Millions (Rs 242.453 Millions) Secured by equitable
mortgage of immovable properties and hypothecation of movable assets
pertaining toundertaking of J.K. Cement Works, Gotan except current assets
and vehicles. (ii) Term Loans
related to Cement Plant at Karnataka From
Consortium of Banks: : Rs 3415.128
Millions (Rs 4304.220
Millions) Secured
by First Pari-passu charge by way of equitable mortgage of all the
immovable assets and hypothecation of all movable assets , present and future
(save and except book debts) pertaining to J.K. Cement Works, Muddapur,
Karnataka subject to prior charges in favour of working capital lenders on
inventories and other current assets. iii) Term Loans
related to the Properties: Rs 419.474 Millions (Rs 558.507 Millions) Secured by exclusive charge by way of equitable mortgage
over the immovable assets and hypothecation of movable assets pertaining to
the specified properties. Maturity
profile: Term
Loans from Banks
(Rs. In Millions)
VAT Loan(Interest free) from Govt. of Karnataka: Rs.287.924 Millions (Rs. 149.121 Millions) Secured by second Pari Passu charge by way of equitable mortgage of land building and plant and machinery pertaining to J.K. Cement Works, Muddapur, Karnataka and bank guarantee. Second charge on assets are yet to be created. Maturity profile: Payable after September, 2021 onwards. Vehicle Loans :Rs.59.453 Millions (Rs. 61.665 Millions) Secured by hypothecation of vehicles: Maturity profile of Vehicle Loan:
(Rs. In Millions)
Cash Credit Account: Rs. 1886.543
Millions (Rs. 828.271 Millions) Cash credit accounts are secured by first
charge on current assets of the Company namely inventories, book debts, etc.
an second charge on fixed assets of the Company except the fixed assets
pertaining to J.K. Cement Works, Gotan and the assets having exclusive charge
of other lenders. |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
P.L. Tandon and Company Chartered Accountant |
|
Address : |
West Cott Building, The Mall, Kanpur –
208001, Uttar Pradesh, India |
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Joint Venture |
Bander Coal Company Private Limited |
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Parties where the
control/significant influence exists |
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Enterprises significantly
influenced by Key Management Personnel or their Relatives |
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Fellow Subsidiary |
J.K. Cement Works (Fujairah) FZC |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs. 800.000 Millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
69927250 |
Equity Shares |
Rs.10/- each |
Rs. 699.272 Millions |
|
|
|
|
|
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 |
699.272 |
699.272 |
699.272 |
|
(b) Reserves & Surplus |
16274.593 |
14590.798 |
13291.134 |
|
(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) |
16973.865 |
15290.070 |
13990.406 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
9531.401 |
9965.168 |
10583.606 |
|
(b) Deferred tax liabilities (Net) |
2490.400 |
2291.100 |
2109.000 |
|
(c) Other long term
liabilities |
871.079 |
771.534 |
616.465 |
|
(d) long-term provisions |
142.211 |
108.917 |
91.106 |
|
Total Non-current
Liabilities (3) |
13035.091 |
13136.719 |
13400.177 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1886.543 |
828.271 |
599.046 |
|
(b) Trade
payables |
1965.166 |
1765.557 |
1752.375 |
|
(c) Other
current liabilities |
4509.128 |
4264.743 |
3941.817 |
|
(d) Short-term
provisions |
649.566 |
518.114 |
342.712 |
|
Total Current
Liabilities (4) |
9010.403 |
7376.685 |
6635.950 |
|
|
|
|
|
|
TOTAL |
39019.359 |
35803.474 |
34026.533 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
23618.022 |
23118.788 |
22887.861 |
|
(ii)
Intangible Assets |
24.812 |
39.401 |
76.900 |
|
(iii)
Capital work-in-progress |
1075.074 |
850.456 |
984.440 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1692.988 |
108.419 |
58.419 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2283.518 |
839.407 |
594.500 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
78.754 |
|
Total Non-Current
Assets |
28694.414 |
24956.471 |
24680.874 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
4613.763 |
3628.296 |
3210.196 |
|
(c) Trade
receivables |
1152.703 |
837.228 |
607.613 |
|
(d) Cash
and cash equivalents |
3324.573 |
4324.899 |
3210.792 |
|
(e)
Short-term loans and advances |
1167.058 |
1941.225 |
2258.979 |
|
(f) Other
current assets |
66.848 |
115.355 |
58.079 |
|
Total
Current Assets |
10324.945 |
10847.003 |
9345.659 |
|
|
|
|
|
|
TOTAL |
39019.359 |
35803.474 |
34026.533 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
29119.677 |
25467.883 |
20943.485 |
|
|
|
Other Income |
486.735 |
468.285 |
299.133 |
|
|
|
TOTAL (A) |
29606.412 |
25936.168 |
21242.618 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3978.376 |
3121.657 |
2771.530 |
|
|
|
Purchases of Stock-in-Trade |
5.312 |
5.003 |
4.608 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(367.487) |
(68.837) |
(168.406) |
|
|
|
Employees benefits expense |
1578.867 |
1347.712 |
1274.820 |
|
|
|
Exceptional Item |
0.000 |
0.000 |
(72.472) |
|
|
|
Other expenses |
18324.361 |
15895.986 |
14283.339 |
|
|
|
TOTAL (B) |
23519.429 |
20301.521 |
18093.419 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6086.983 |
5634.647 |
3149.199 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1398.151 |
1442.805 |
1185.094 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4688.832 |
4191.842 |
1964.105 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1282.559 |
1255.791 |
1127.334 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ LOSS
BEFORE TAX (E-F) (G) |
3406.273 |
2936.051 |
836.771 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1070.817 |
1162.710 |
196.321 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2335.456 |
1773.341 |
640.450 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export of Goods calculated on FOB value |
436.208 |
273.484 |
189.931 |
|
|
TOTAL EARNINGS |
436.208 |
273.484 |
189.931 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
799.028 |
622.632 |
4900.84 |
|
|
|
Stores and Spares |
984.891 |
663.455 |
246.337 |
|
|
|
Capital Goods |
3.420 |
0.000 |
53.789 |
|
|
TOTAL IMPORTS |
1787.339 |
1286.087 |
5200.966 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
33.40 |
25.36 |
9.16 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
31.06.2013 |
31.09.2013 |
31.12.2013 |
31.03.2014 |
|
|
1st Quarter Unaudited |
2nd
Quarter Unaudited |
3rd Quarter Unaudited |
4th Quarter Unaudited |
|
Sales Turnover |
6611.500 |
6268.900 |
6771.500 |
8327.100 |
|
Total Expenditure |
5660.700 |
5863.300 |
6012.700 |
6693.300 |
|
PBIDT (Excl OI) |
950.800 |
405.600 |
758.900 |
1633.800 |
|
Other Income |
96.700 |
109.100 |
129.300 |
144.300 |
|
Operating Profit |
1047.400 |
514.700 |
888.200 |
1778.100 |
|
Interest |
342.800 |
415.200 |
393.700 |
374.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
704.600 |
99.500 |
494.500 |
1403.900 |
|
Depreciation |
330.900 |
330.900 |
331.100 |
346.800 |
|
Profit Before Tax |
373.700 |
(231.400) |
163.300 |
1057.100 |
|
Tax |
64.900 |
16.900 |
51.200 |
293.300 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
308.800 |
(214.500) |
112.200 |
763.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
308.800 |
(214.500) |
112.200 |
763.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.89 |
6.84 |
3.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.70 |
11.53 |
4.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.40 |
8.43 |
2.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.19 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.67 |
0.71 |
0.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15 |
1.47 |
1.41 |
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 |
699.272 |
699.272 |
699.272 |
|
Reserves and Surplus |
13291.134 |
14590.798 |
16274.593 |
|
Net
worth |
13990.406 |
15290.070 |
16973.865 |
|
|
|
|
|
|
long-term borrowings |
10583.606 |
9965.168 |
9531.401 |
|
Short term borrowings |
599.046 |
828.271 |
1886.543 |
|
Total
borrowings |
11182.652 |
10793.439 |
11417.944 |
|
Debt/Equity
ratio |
0.799 |
0.706 |
0.673 |
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 |
20943.485 |
25467.883 |
29119.677 |
|
|
|
21.603 |
14.339 |
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 |
20943.485 |
25467.883 |
29119.677 |
|
Profit |
640.450 |
1773.341 |
2335.456 |
|
|
3.06% |
6.96% |
8.02% |
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 |
No |
|
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 |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
ECONOMIC REVIEW
Indian economy has been buffeted by headwinds during the past two years, created by a convergence of global and domestic factors. The sluggish demand is led by multiple challenges supply constraints emanating from mining and agricultural sectors, slow project implementation, discretionary spending slowdown, high inflation, current account deficit and depreciating rupee. All these factors combined have pulled India's GDP growth to a decadal low of 5% in 2012-13, as against 6.2% in 2011-12. Amid the decline, gradual momentum in the manufacturing (grew from 0.1% in Q1FY 13 to 2.6% in Q4FY 13) and construction (grew from 3.1% in Q2FY 13 to 4.4% in Q4FY 13) sectors over the past 12 months is driving optimism.
OUTLOOK
The decline in India’s growth has bottomed out. Easing supply constraints, plummeting inflation, softening interest rates, rise in investments, recovery in consumption and the Government’s initiatives towards controlling fiscal deficit are expected to help the economy revive and grow by 6.4% in 2013-14.
INDIA’S CEMENT
INDUSTRY: STRUCTURE AND DEVELOPMENT
OVERVIEW
Cement is one of India’s core industries and a participant in infrastructure growth. The domestic cement sector has the second largest market and contributes 8% to the global cement production. Cement is a cyclical commodity and is directly proportional to the country’s GDP growth; it accounts for nearly 1.2 times of the nominal GDP.
DEMAND DRIVERS
AFFECTING GREY CEMENT
Government spending:
The government spending on social sector schemes, such as Bharat Nirman and National Highway Development Project, is likely to push infrastructure spending further as well as spurt cement demand over the next decade. The cement sector’s share in infrastructure spending will improve to 25% during the XIIth Five YearmPlan, as against 20% in the previous Plan.
PERFORMANCE DURING
THE YEAR
GREY CEMENT
J.K. Cement recorded a 7% increase in cement volume over last year, driven by 60% capacity utilisation at the Karnatakaplant. The Company expects its production volume to increase further in the current fiscal.
WHITE CEMENT
White cement increased by 17% in volume, while Wall Putty’s volume experienced 44% rise over last year. The Company expects White Cement and Wall Putty production volumes to increase by 10% and 25% respectively.
OVERALL PERFORMANCE
The Company's performance during the year under review has improved in terms of production, sales quantity as well as turnover and profitability. The Company's gross turnover increased to Rs 33420.000 Crore during the year, compared to Rs 28830.000 Millions in the previous year. Profit before Depreciation and Tax achieved at Rs 4690.000 Millions, compared to Rs 4110.000 Millions in the previous year.
OPERATIONS:
Grey Cement During the year under review, in respect of grey cement plants in Rajasthan and Karnataka, production increased by 6.89% at 5.68 Millon Tonnes (compared to 5.32 Million Tonnes last year) and sales by 6.15% at 5.66 Million Tonnes (compared to 5.33 Million Tonnes last year).
PROJECTS OF THE
COMPANY:
Expansion Initiatives During the year under review the Company decided to implement a brownfield grey cement expansion of 3 Million Tonnes Per Annum by setting up new production line at the J.K. Cement Works, Mangrol with a split grinding unit in Haryana at Jharli, Dist: Jhajjar and in this regard financial closure has been made. Orders for all long delivery items and auxiliaries have already been placed. Civil work at site is in full swing. Barring unforeseen circumstances, the management expects to implement the project by the second quarter of 2014-15.
PRO JECTS OF
SUBSIDIARY /JOINT VENTURE COMPANY IN HAND
(a) Projects under
Subsidiary Company: Cement Plant at Fujairah, UAE
The
Company has been implementing a Greenfield dual process cement plant having
capability of producing either 0.6 Million Tonnes of White Cement or 1 Million
Tonnes of Grey Cement or a combination of both, depending upon the market
condition in the GCC region, under the subsidiary, J.K. Cement Works (Fujairah)
FZC, UAE, which is a Joint Venture Company with the Government of Fujairah
Establishment. Work is progressing as per the schedule and the management
expects to implement the project by the fourth quarter of 2013-14.
(B) PROJECT UNDER
JOINT VENTURE:
Captive Coal Block in
Maharashtra
As
reported earlier, a Joint Venture Company viz. Bander Coal Company Private
Limited ('the JV Company') was incorporated with equity contribution of other
two companies. The JV Company had filed revised mining plan and subsidence
prediction report. Clearance from Ministry of Environment and Forest has been
received with certain stipulations, which are being complied with by the JV
Company.
FINANCE:
During
the year under review the Company has availed additional term loan of Rs
950.000 Millions from various Banks and repaid Rs 1490.000 Millions. On the
Company's endeavours the lenders of Karnataka Term Loan reduced the rate of
interest by 0.5% and for cash credit limits also, the interest rate has been
reduced by 1.25%. Considering the size of operation, the Working Capital limit
has been increased by Rs 1000.000 Millions (from Rs 4250.000 Millions to Rs
5250.000 Millions) by the lenders at the Company's request.
STATEMENT OF
STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH,
2014
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
1. lncome from
Operations: Gross Sales |
9465.094 |
7805.104 |
32017.142 |
|
a) Net sales/ Income from operation (net of excise duty) |
8474.113 |
6743.694 |
27815.416 |
|
b) Other operating income |
53.025 |
27.843 |
143.044 |
|
Total
income from Operations(net) |
8327.138 |
6771.537 |
27958.460 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
1396.052 |
1214.365 |
4622.311 |
|
b) Purchases of stock in trade |
1.576 |
2.506 |
9.857 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(122.318) |
(206.923) |
(385.742) |
|
d) Employees benefit expenses |
401.275 |
426.556 |
1677.940 |
|
e) Depreciation |
346.781 |
331.134 |
1339.701 |
|
e) Power and Fuel |
1950.410 |
1668.398 |
6739.014 |
|
f) stores and Spare |
435.320 |
523.290 |
2114.801 |
|
g) Freight and handling outwards |
1777.846 |
1633.704 |
6333.856 |
|
f) Other expenditure |
853.146 |
750.741 |
3097.351 |
|
Total expenses |
7040.088 |
6343.771 |
25549.089 |
|
3.
Profit From Operations Before Other Income And Financial Costs |
1287.050 |
427.766 |
2409.371 |
|
4. Other income |
144.262 |
129.306 |
479.334 |
|
5. Profit from ordinary activities before finance costs |
1431.312 |
557.072 |
2888.705 |
|
6. Finance costs |
374.207 |
393.743 |
1525.974 |
|
7. Profit I (Loss) from Ordinary Activities after Finance Costs but
before Exceptional ltems (5-6) |
1057.105 |
163.329 |
1362.731 |
|
8. Exceptional item |
- |
- |
- |
|
9. Profit I (Loss) from Ordinary Activities before
Tax (7-8) |
1057.105 |
163.329 |
1362.731 |
|
10. Tax Expense(lncluding deferred tax and tax
adjustment of earlier years |
293.287 |
51.160 |
|
|
11. Net Profit I (Loss) from
Ordinary Activities after Tax (9-10) |
763.818 |
112.169 |
970.284 |
|
12.Extraordinary Items (net of tax expense) |
- |
- |
- |
|
13. Net Profit I (Loss) for the Period (11-12) |
763.818 |
112.169 |
970.284 |
|
14. Share of Profit 1 (Loss) of Associates |
|
|
|
|
15. Minority lnteres |
|
|
|
|
16. Net Profit after Taxes, Minority interest and Share of Profit/ (Loss) of Assoclates (13+14+15) |
763.818 |
112.169 |
970.284 |
|
17) Paid-up Equity Share Capital (Face value of Rs. 101- per share) |
699.272 |
699.272 |
699.272 |
|
18) Reserve (Excluding Revaluation Reserve) |
- |
- |
- |
|
19) Basic and Diluted Earnings Per Share (Not Annualized) (Rs.) |
- |
- |
- |
|
Before Extraordinary items |
10.92 |
1.60 |
13.88 |
|
Afler Extraordinary ltems |
10.92 |
1.60 |
13.88 |
|
20) Paid-up Debt Capital |
- |
- |
21279.697 |
|
21) Debt Equity Ratio |
- |
- |
1.37 |
|
22) Debt Service Coverage Ratio |
- |
- |
1.34 |
|
23) lnterest Service Coveraae Ratio |
- |
- |
2.56 |
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
23125631 |
23127691 |
|
|
|
- Percentage of shareholding |
33.07% |
33.07% |
|
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter and Promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
46801619 |
46799559 |
|
|
|
- Percentage of shares (as a % of the total shareholding of Promoter and Promoter group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
66.93% |
66.93% |
|
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
Nil |
Nil |
Nil |
|
|
Received during the quarter |
Nil |
Nil |
Nil |
|
|
Disposed off during the quarter |
Nil |
Nil |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Nil |
Nil |
STANDALONE /
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
|
Particulars |
31.03.2014 |
|
|
|
Particulars |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholder’s Funds |
|
|
|
a) Share Capital |
699.272 |
|
|
b) Reserves and Surplus |
16885.305 |
|
|
c) Money received against share warrants |
0.000 |
|
|
Sub Total- Shareholders funds |
|
|
2 |
Share application money pending allotment |
- |
|
3 |
Minority Interest |
|
|
4 |
Non-current liabilities |
|
|
|
(a) Long term borrowings |
19865.560 |
|
|
(b) Other long term liabilities |
2684.800 |
|
|
(c) Other Long Term
Liabilities |
972.535 |
|
|
fc) Long term provisions |
138.721 |
|
|
Sub Total- Non Current Liabilities |
23661.616 |
|
5 |
Current liabilities |
|
|
|
(a) Short term borrowings |
1985.033 |
|
|
(b) Trade Payables |
2467.266 |
|
|
(c) Other current liabilities |
4983.632 |
|
|
(d) Short term provisions |
345.249 |
|
|
Sub Total- Current Liabilities |
9781.180 |
|
|
TOTAL-EQUITY AND LIABILITIES |
51027.373 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
|
|
|
Tangible Assets |
23914.941 |
|
|
Intangible Assets |
10.692 |
|
|
Capital Work in Progress |
11019.874 |
|
|
Intangible Assets under Development |
- |
|
|
(b) Non Current Investments |
2530.066 |
|
|
(c) Long-term Loans and Advances |
1424.199 |
|
|
Sub-Total- Non current assets |
38099.772 |
|
2 |
Current assets |
|
|
|
a) Current Investments |
465.000 |
|
|
b) Inventories |
10.692 |
|
|
c) Trade Receivables |
1109.874 |
|
|
d) Cash and cash equivalents |
3475.529 |
|
|
(e) Short term loans and advances |
2308.195 |
|
|
(f) Other current assets |
142.261 |
|
|
Sub-Total- current assets |
12927.601 |
|
|
TOTAL ASSETS |
51027.373 |
NOTES:
- The Board of Directors have recommended a Dividend of Rs. 3.00 per share for the year 2013-14
- The Competition Commission of India (CCI) had upheld the complaint of Builders Association of India, alleging cartelisation by some cement manufacturing companies including us and imposed a penalty of Rs.12854 Millions on the Company. The Company had filed an appeal against the order before Competition Appellate Tribunal (COMPAT). COMPAT has stayed the penalty imposed by CCI in an interim order upon deposit of 10% of penalty amount till the final disposal of appeal.The Company has deposited 1285 Millions in the form of fixed deposit favouring COMPAT. Based on expert legal advice company believes that it has fair chances before COMPAT and accordingly no provision has been made in accounts.
- The Company is engaged in only one business segment i.e. Cementitious Materials.
- During the quarter the Company's fellow Subsidiary Company, J.K.Cement Works Fujairah, has commenced irs white cement production in March, 2014.
- Ratios have been calculated as follows:
- Debts Equity Ratio:- Debts(Long Term Borrowings (Current+Non Current) I Net Worth (Share holders fund less Revaluation Reserve)
- Debts Service Coverage Ratio:- PBIDTI (Net lnterest for the year+ Principal Repayments of Long Term borrowing due for next year)
- lnterest Service Coverage Ratio:- PBIDTI Net interest for the year
- Previous periods figures have been regrouped and recasted wherever necessary.
- The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 17th May,2014.
CONTINGENT
LIABILITIES
(Rs.
In Millions)
|
Particulars |
As at 31.03.2013 |
As at 31.03.2012 |
|
|
|
|
|
In respect of claims not acknowledged as debts by the Company |
665.300 |
273.745 |
|
(ii) In respect of disputed demands for which Appeals are pending with Appellate Authorities/Court no provision has been considered necessary by the Management |
|
|
|
a) Excise duty |
145.255 |
133.495 |
|
b) Custom duty |
- |
17.628 |
|
c) Sales tax |
383.479 |
415.310 |
|
d) Service tax |
89.017 |
89.017 |
|
(iii) In respect of interest on 'Cement Retention Price' realised in earlier years |
114.954 |
112.916 |
|
(iv) The Competition Commission of India(CCI) has upheld the Complaint of Builders Association of India alleging caretelisation by some Cement Manufacturing Companies including us and imposed a penalty ofRs.12854 Millions on the Company. Based on expert legal advise the Company believes that it has fair chances before the Competition Appellate Tribunal(COMPAT) and has filed an appeal against the order before COMPAT which is pending for decision. |
1285.400 |
- |
|
(vi) Other Financial Guarantees including of Joint Ventures. |
61.389 |
61.389 |
|
Unsecured Loan |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Long Term
Borrowings |
|
|
|
Deferred sales Tax Liability |
529.030 |
545.758 |
|
Total |
529.030 |
545.758 |
UNSECURED LOANS:
8% Unsecured Loan Rs 50.776 Millions (Rs 183.906 Millions) granted by Government of Rajasthan payable in equitable monthly instalments upto July, 2013. Rs 39.603 Millions (Rs 52.063 Millions) as at 31st March, 2013 interest free deferred sales tax liability payable in quarterly equitable instalment in next 4 years. Rs 489.32 Millions (Rs48.932 Millions) Interest free deferred sales tax liability payable in quarterly equitable instalment in 5 years from July, 2013 onwards. The instalment amount is Rs 2.447 Millions. Rs 452.954 Millions (Rs 3951.22 Millions) Interest free deferred sales-tax liability. The availment of said scheme is still continued. The payment after accumulation of said scheme will start w.e.f. July, 2014 payable in quarterly equitable instalment in five years.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10489180 |
27/03/2014 |
500,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
EXPORT-IMPORT BANK OF INDIA, WORLD TRADE CENTRE C |
C03044153 |
|
2 |
10456043 |
17/10/2013 * |
2,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BA |
B88624267 |
|
3 |
10452664 |
20/11/2013 * |
250,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, PARLIAMENT STREET, 17, |
B90297615 |
|
4 |
10429556 |
07/11/2013 * |
500,000,000.00 |
STATE BANK OF INDIA |
15/54-B, VIRENDRA SMRITI COMPLEX,, CIVIL LINES,, |
B90389966 |
|
5 |
10422959 |
17/10/2013 * |
12,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BA |
B88967880 |
|
6 |
10365235 |
26/09/2013 * |
250,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTER |
B86747342 |
|
7 |
10361402 |
19/08/2013 * |
500,000,000.00 |
DENA BANK |
24/57, BIRHANA ROAD, KANPUR, UTTAR PRADESH - 20800 |
B85520823 |
|
8 |
10361253 |
10/09/2013 * |
750,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, 15/54-B, VIRENDRA SMRITI COMPLEX, |
B87247813 |
|
9 |
10312294 |
27/09/2011 * |
400,000,000.00 |
INDIAN BANK |
NEW DELHI, MAIN BRANCH, G41, CONNAUGHT CIRCUS,, N |
B23576424 |
|
10 |
10309873 |
19/12/2013 * |
5,250,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 1ST FLOOR,, 17, PARLIA |
B92596964 |
|
11 |
10281183 |
16/08/2013 * |
1,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BA |
B83850495 |
|
12 |
10259999 |
11/09/2013 * |
300,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA |
B85526234 |
|
13 |
10227478 |
16/08/2013 * |
2,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BA |
B83850826 |
|
14 |
10219570 |
19/08/2013 * |
700,000,000.00 |
ALLAHABAD BANK |
IFB BRANCH, 1ST FLOOR,, 17, PARLIAMENT STREET, NE |
B84762178 |
|
15 |
10213494 |
16/04/2010 |
500,000,000.00 |
ING VYSYA BANK LIMITED |
NARAIN MANZIL, GROUND FLOOR SHOP NO. G1 TO G5, I |
A83912014 |
|
16 |
10191010 |
16/03/2013 * |
900,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BA |
B71957724 |
|
17 |
10126137 |
29/09/2008 |
1,250,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA |
A48516504 |
|
18 |
10091895 |
08/07/2008 * |
600,000,000.00 |
CANARA BANK |
CORPORATE SERVICE BRANCH,, DALAMAL TOWERS, B WING |
A42387779 |
|
19 |
10073362 |
07/07/2008 * |
600,000,000.00 |
CANARA BANK |
CORPORATE SERVICE BRANCH,, DALAMAL TOWERS, B WING |
A42387316 |
|
20 |
10075822 |
16/03/2013 * |
5,250,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BA |
B71957062 |
|
21 |
90276005 |
11/09/2013 * |
1,250,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA |
B86533361 |
* Date of charge modification
FIXED ASSETS
Tangible Assets
- Freehold Land
- Leasehold Land
- Factory Buildings
- Non Factory Buildings
- Plant and Machinery
- Railway Sidings
- Rolling Stock
- Furniture, Fixtures and Office Equipments.
- Vehicles
- Other Assets
Intangible Assets
- Goodwill
- Computer Softwares
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.00 |
|
|
1 |
Rs.102.05 |
|
Euro |
1 |
Rs.81.71 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
YOG |
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 |
NO |
|
--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.