MIRA INFORM REPORT
|
Report Date : |
11.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
VESUVIUS INDIA LIMITED |
|
|
|
|
Registered
Office : |
P-104, Taratala Road, Kolkata – 700088, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
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|
|
|
Date of
Incorporation : |
06.09.1991 |
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|
|
|
Com. Reg. No.: |
21-052968 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.203.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26933WB1991PLC052968 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALV00709C / CALV01863B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV8995Q |
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|
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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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|
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Line of Business
: |
Manufacturer and Trader of Refractory Goods. |
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|
|
|
No. of Employees
: |
Not Divulged |
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 13730000 |
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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 a well-established company having fine track record. Overall financials of the company seems to be strong and healthy. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered for business dealing 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years, according
to the Indian Banks Association. A study by trade lobby Assocham in September
2013 indicated that banks would need 800000 people in the next six years. It
estimated that state-run lenders alone would hire 50000 people in 2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : AA (Suspended) |
|
Rating Explanation |
Have high degree of safety and carry very
low credit risk. |
|
Date |
July 13, 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry low
credit risk. |
|
Date |
July 13, 2012 |
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-COOPERATIVE
(CONTACT NO.: 91-33-30410600)
LOCATIONS
|
Registered Office/ Factory 1 : |
P-104,
Taratala Road, Kolkata – 700088, West
Bengal, India |
|
Tel. No.: |
91-33-30410600/ 24012842/ 3898/ 0215 |
|
Fax No.: |
91-33-24013976/ 1235 |
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E-Mail : |
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Website : |
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Factory 2 : |
Plot No. 13, 14 and 15, Block “E”, IDA Autonagar, Visakhapatnam-530012, Andhra Pradesh, India |
|
Tel. No.: |
91-891-3011300/ 3011337 |
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Fax No.: |
91-891-2587511 |
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E-Mail : |
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Factory 3 : |
Survey No. 90
and 98, Part, Block G, Industrial Park, Fakirtakya Village, Autonagar, Visakhapatnam-530046, Andhra
Pradesh,
India |
|
Tel. No.: |
91-891-2749120/ 2755419/ 2755408 |
|
Fax No.: |
91-891-2587511 |
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E-Mail : |
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Factory 4 : |
212/B, G.I.D.C Estate, Mehsana - 384002, Gujarat, India |
|
Tel. No.: |
91-2762-252948/ 949 |
|
Fax No.: |
91-2762-252909 |
|
E-Mail : |
DIRECTORS
AS ON 31.12.2012
|
Name : |
Dr. Saibal Kanti Gupta |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Tanmay Kumar Ganguly |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
49 Years |
|
Qualification : |
B. Com (Hons), ACA |
|
Experience : |
25 Years |
|
|
|
|
Name : |
Mr. Shekhar Datta |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Claude Dumazeau |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Biswadip Gupta |
|
Designation : |
Director |
|
Qualification : |
B.E. (Metallurgy) MBA |
|
|
|
|
Name : |
Mr. Yves M.C.M.G. Nokerman |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Sudipto Sarkar |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Francois Clement Wanecq |
|
Designation : |
Director |
KEY EXECUTIVES
|
Audit Committee : |
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|
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Share Transfer and
Investor Grievance Committee : |
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|
|
|
|
|
|
|
Name : |
Mr. Taposh Dominic Roy |
|
Designation : |
Company Secretary |
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|
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|
Executive
Council : |
|
|
Name : |
Mr. Tanmay Kumar Ganguly |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Sudarshan Das |
|
Designation : |
Chief Executive- Sales |
|
|
|
|
Name : |
Mr. Snajoy Datta |
|
Designation : |
Chief Executive Officer |
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|
|
|
Name : |
Mr. Subrata Roy |
|
Designation : |
Chief Executive-Operations |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category
of Shareholder |
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
11277650 |
55.57 |
|
|
11277650 |
55.57 |
|
Total shareholding of Promoter and Promoter Group (A) |
11277650 |
55.57 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2962877 |
14.60 |
|
|
1020 |
0.01 |
|
|
2180732 |
10.74 |
|
|
5144629 |
25.35 |
|
|
|
|
|
|
850264 |
4.19 |
|
|
|
|
|
|
2210377 |
10.89 |
|
|
711909 |
3.51 |
|
|
101251 |
0.50 |
|
|
94251 |
0.46 |
|
|
6920 |
0.03 |
|
|
80 |
0.00 |
|
|
3873801 |
19.09 |
|
Total Public shareholding (B) |
9018430 |
44.43 |
|
Total (A)+(B) |
20296080 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
20296080 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Refractory Goods. |
||||
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|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.12.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Refractories (Shaped) |
Pieces |
778400 |
553253 |
|
Refractories (Unshaped ) |
Tons |
100500 |
48528 |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
·
Axis
Bank Limited ·
Hongkong
Bank · State Bank of India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
Building No.10,
8th Floor, Tower – |
|
|
|
|
Enterprises having control
over the Company with which no transactions have taken place during the year
: |
·
Vesuvius
Plc, United Kingdom - Ultimate Holding Company from December 19, 2012. ·
Cookson
Group Limited (Formerly, Cookson Group Plc - Ultimate Holding Company upto
December 19, 2012), United Kingdom - Holding Company of Cookson Financial
Limited, United Kingdom. ·
Cookson
Financial Limited, United Kingdom-Holding Company of Vesuvius Group Limited,
U.K. |
|
|
|
|
Enterprises having control
over the Company with which transaction has taken place during the year and
previous year : |
Vesuvius Group Limited, United Kingdom - Immediate holding company |
|
|
|
|
Fellow Subsidiaries : |
·
Vesuvius
Group S. A. ·
Vesuvius
Deutschland GmbH ·
Vesuvius
South Africa (Pty) Limited ·
Vesuvius
UK Limited ·
Vesuvius
Crucible Company ·
Vesuvius
USA ·
Vesuvius
Advanced Ceramics (Suzhou) Company Limited ·
Wuhan
Wugang Vesuvius Advanced Ceramics Company Limited ·
Advent
Processing Engineering Inc. ·
Vesuvius
Mexico S.A. de C.V. ·
Vesuvius
Malaysia SDN BHD ·
Vesuvius
Corporation S. A. ·
Vesuvius
Poland Sp., z.o.o. (Formerly Vesuvius Skawina Materialy Ogniotrwale Sp.,
z.o.o.) ·
Vesuvius
(Thailand) Company Limited ·
Foseco
(Thailand) Limited ·
Foseco
India Limited ·
Vesuvius
TK Refrakter Sanayi Ve Ticaret AS ·
Vesuvius
Belgium N.V. ·
PT.
Foseco Indonesia ·
Foseco
Pty Limited ·
Foseco
Industrial e Commercial Ltda ·
Foseco
Dokum Sanayi ve Ticaret Limited · Foseco International Limited (Middle East Office) |
|
|
|
|
Names of Principal Group
Companies/ fellow subsidiaries : |
·
Cookson
Overseas Limited ·
Cookson
India Private Limited (upto December 19, 2012) |
CAPITAL STRUCTURE
AS ON 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20300000 |
Equity Shares (Of
the above : 3,920 equity shares of Rs10 each are held in abeyance) |
Rs.10/- each |
Rs.203.000 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20296080 |
Equity Shares |
Rs.10/- each |
Rs.203.000 Millions |
|
|
|
|
|
Note- Shares in abeyance:
In
compliance with the provisions of Section 206A of the Companies Act, 1956,
offer of Rights Shares of 3,920 equity shares out of the Rights Issue made in
the year 1997 have been held in abeyance.
Reconciliation of shares
outstanding at the beginning and at the end of the reporting year
|
|
As at December 31, 2012 |
|
|
|
Number |
Rs. In Millions |
|
Equity shares |
|
|
|
At
the commencement of the year |
20296080 |
203.000 |
|
Shares
issued during the year |
- |
- |
|
At the end of the year |
20296080 |
203.000 |
Rights, preferences and
restrictions attached to equity shares
The Company has a single class of equity shares with par value of Rs. 10/- per share. Accordingly, all equity shares rank equally with regard to dividends and share in the Company's residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the Company. On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company remaining after distribution of all preferential amounts in proportion to the number of equity shares held.
Shares held by a holding
company
|
|
As at December 31, 2012 |
|
|
|
Number |
Rs. In Millions |
|
Equity
share of Rs 10 each fully paid up held by Holding company - Vesuvius Group
Limited, (U.K.) *# |
11277650 |
112.800 |
* Subsidiary of Cookson Group plc, U.K. upto December 19, 2012 and Vesuvius plc, U. K. from December 19, 2012, the ultimate holding Company.
# The companies, namely Vesuvius plc, Cookson Group Limited (formerly, Cookson Group plc) and Cookson Financial Limited, all incorporated in the United Kingdom, do not hold my shares of Vesuvius India Limited directly but are holding company of Vesuvius India Limited through a chain of subsidiary holdings.
Particulars of shareholders
holding more than 5% shares of a class of shares
|
|
As at December 31, 2012 |
|
|
|
Number |
% of total shares in the class |
|
Equity
share of Rs 10 each fully paid-up held by |
|
|
|
-Vesuvius
Group Limited, U.K., holding company |
11277650 |
55.57 |
|
|
|
|
|
-
HDFC Trustee Company Limited- HDFC Mid Cap Opportunities Fund |
1111500 |
5.48 |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
203.000 |
203.000 |
|
(b) Reserves & Surplus |
|
3229.500 |
2778.000 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
3432.500 |
2981.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
75.900 |
63.600 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
68.000 |
62.000 |
|
Total Non-current
Liabilities (3) |
|
143.900 |
125.600 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
759.300 |
857.600 |
|
(c) Other current liabilities |
|
129.600 |
130.000 |
|
(d) Short-term provisions |
|
137.800 |
129.900 |
|
Total Current
Liabilities (4) |
|
1026.700 |
1117.500 |
|
|
|
|
|
|
TOTAL |
|
4603.100 |
4224.100 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1170.000 |
1085.200 |
|
(ii) Intangible Assets |
|
4.300 |
1.400 |
|
(iii) Capital work-in-progress |
|
220.900 |
304.300 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
160.100 |
127.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
8.200 |
5.100 |
|
Total Non-Current
Assets |
|
1563.500 |
1523.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
513.100 |
484.400 |
|
(c) Trade receivables |
|
1660.700 |
1490.100 |
|
(d) Cash and cash equivalents |
|
721.200 |
541.00 |
|
(e) Short-term loans and advances |
|
139.000 |
154.100 |
|
(f) Other current assets |
|
5.600 |
31.500 |
|
Total Current
Assets |
|
3039.600 |
2701.100 |
|
|
|
|
|
|
TOTAL |
|
4603.100 |
4224.100 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
202.961 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves and Surplus |
|
|
2325.717 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2528.678 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
57.961 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2586.639 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
919.756 |
|
|
Capital work-in-progress |
|
|
195.667 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS and ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
379.184
|
|
|
Sundry Debtors |
|
|
1155.165
|
|
|
Cash and Bank Balances |
|
|
561.086
|
|
|
Other Current Assets |
|
|
1.005
|
|
|
Loans and Advances |
|
|
1638.505
|
|
Total
Current Assets |
|
|
3734.945
|
|
|
Less : CURRENT
LIABILITIES and PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
592.648
|
|
|
Other Current Liabilities |
|
|
84.800
|
|
|
Provisions |
|
|
1586.281
|
|
Total
Current Liabilities |
|
|
2263.729
|
|
|
Net Current Assets |
|
|
1471.216
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2586.639 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5355.300 |
5123.600 |
4203.211 |
|
|
|
Sale of services |
268.100 |
279.000 |
197.947 |
|
|
|
Other Income |
35.200 |
46.500 |
53.255 |
|
|
|
TOTAL (A) |
5658.600 |
5449.100 |
4454.413 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2255.600 |
2214.100 |
|
|
|
|
Purchase of stock-in-trade |
879.300 |
882.800 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
32.300 |
(32.100) |
|
|
|
|
Employee benefit expenses |
338.700 |
307.600 |
|
|
|
|
Other expenses |
1162.300 |
1097.100 |
|
|
|
|
TOTAL (B) |
4668.200 |
4469.500 |
3577.082 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
990.400 |
979.600 |
877.331 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.600 |
6.100 |
0.204 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
989.800 |
973.500 |
877.127 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
163.500 |
146.700 |
129.113 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
826.300 |
826.800 |
748.014 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
268.700 |
274.600 |
259.510 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
557.600 |
552.200 |
488.504 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
218.600 |
314.000 |
235.449 |
|
|
|
F.O.B Value of Deemed Exports |
550.300 |
500.000 |
389.684 |
|
|
|
Reimbursement of expenses |
19.000 |
30.400 |
16.090 |
|
|
TOTAL EARNINGS |
787.900 |
844.400 |
641.223 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1333.700 |
1113.800 |
860.215 |
|
|
|
Stores and Spares |
15.000 |
15.600 |
15.461 |
|
|
|
Other Goods-Trading |
102.900 |
119.200 |
72.710 |
|
|
|
Capital Goods |
26.200 |
39.400 |
63.776 |
|
|
|
Toolings
|
28.300 |
25.900 |
25.920 |
|
|
TOTAL IMPORTS |
1506.100 |
1313.900 |
1038.082 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
27.48 |
27.21 |
24.07 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1517.300 |
1501.000 |
1553.400 |
|
Total Expenditure |
1211.900 |
1228.600 |
1315.100 |
|
PBIDT (Excl OI) |
305.400 |
272.400 |
238.300 |
|
Other Income |
11.600 |
17.000 |
18.800 |
|
Operating Profit |
317.000 |
289.400 |
257.100 |
|
Interest |
0.000 |
0.000 |
0.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
317.000 |
289.400 |
256.400 |
|
Depreciation |
40.200 |
42.700 |
51.700 |
|
Profit Before Tax |
276.800 |
246.700 |
204.700 |
|
Tax |
100.000 |
84.100 |
68.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
176.800 |
162.600 |
135.900 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
176.800 |
162.600 |
135.900 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
9.85 |
10.13 |
10.97 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.43 |
16.14 |
17.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.57 |
21.80 |
16.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.28 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.96 |
2.42 |
1.65 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Share Capital |
203.000 |
203.000 |
|
Reserves & Surplus |
2778.000 |
3229.500 |
|
Net
worth |
2,981.000 |
3,432.500 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Sales |
4203.211 |
5123.600 |
5355.300 |
|
|
|
21.897 |
4.522 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Sales |
4203.211 |
5123.600 |
5355.300 |
|
Profit |
488.504 |
552.200 |
557.600 |
|
|
11.62% |
10.78% |
10.41% |
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 |
No |
|
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 |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
COMPANY
OVERVIEW
Vesuvius India Limited is a public company domiciled and headquartered
in India. It is incorporated under the Companies Act, 1956 and its shares are
listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
The Company is primarily engaged in the manufacturing and trading of refractory
goods. The Company also provided services in relation to refractory goods. The
Company has operations in India and caters to both domestic and international
markets.
OPERATING AND
FINANCIAL PERFORMANCE, INTERNAL CONTROL
It
continued to be a difficult period for the Indian economy reflected by lower
GDP, inflationary trends and lower industrial production. The steel industry,
which comprises the biggest group of the Company's customers, also faced a
similar difficult period. Poor availability of iron ore and other raw materials
resulted in reduced production and major expansion projects have been delayed.
These have had a negative impact on their business.
This
year total revenue increased by over Rs.205.800 Millions driven by domestic
growth in spite of the slowdown in domestic steel production while exports had
marginally reduced.
Increase
in raw material prices, energy and transportation and adverse foreign exchange
fluctuation have placed a burden on the margins for the year. Margin decline
was most severe at the beginning of the year. Focussed action on cost, internal
efficiencies and price optimisation helped restore profitability by year end.
The
Kolkata plant expansion was completed in April 2012 and the plant is ready to
cater to the proposed increased demand of customers. Freehold land at
Visakhapatnam has been purchased and possession obtained for setting up the
fifth plant of the Company. An international standard Research and Development
Centre is also proposed at this location.
The
Company always engages with customers to enable them to be aware of the systems
and processes internally followed by the Company. In one such interaction, Mr.
AP Choudhry, Chairman and Managing Director of Rashtriya Ispat Nigam Limited
visited their Blast Furnace -III at Visakhapatnam and interacted with the
Vesuvius team working at that site. He was delighted with the processes being
followed and appreciated that all team members strictly adhered to the Health
and Safety norms.
The
LD3 CSP caster-1 at Tata Steel was commissioned successfully in February 2012.
Vesuvius provided the entire tundish refractory and application for this
caster. The entire refractory job for the new 1.2 million tons per annum pellet
("MTPA") plant of BMM Ispat which was commissioned during the year
was provided by the Company. Similar turnkey refractory supply and installation
was done at Essar Steel's 6 MTPA iron ore pelletisation furnace in Paradip. The
largest boiler gunning repair work was done for JSW Energy at Barmer during the
year.
All
four factories had been working at near full efficiency during the year.
In-plant rejection for all manufactured items have been further reduced due to
improved processes. Safety measures and processes have been installed at all
plants and work sites.
The
Company has in place an established internal control system designed to ensure
proper recording of financial and operational information and compliance of
various internal controls and other regulatory and statutory compliances.
Internal Audit has been conducted on a pan India basis.
The
Company has complied with the provision of the Code on Internal Control which
require that the Directors review the effectiveness of internal controls
including financial, operational and compliance control and risk management
systems. Self-certification exercises are also conducted by which senior
management certify effectiveness of the internal control system for which they
are responsible together with the Company's policies.
SEGMENTWISE PERFORMANCE
The
Company is primarily a manufacturer and trader of refractory and is managed
organizationally as a single unit. Accordingly, the Company is a single
business segment company. Geographical (secondary) segment has been identified
as domestic sales and exports.
INDUSTRY STRUCTURE
AND DEVELOPMENTS, OPPORTUNITIES AND THREATS, OUTLOOK, RISKS AND CONCERNS
It continues to be a difficult period for the Indian economy. GDP has become lower at around 5% while inflation remains high. Foreign exchange fluctuation have also added to the concerns and estimates had to be revised. The steel industry, which is the major customer of the Company, which have been impacted with shortage of iron ore and other raw material have reduced volumes and have delayed their expansion plans.
Competition activities have increased causing pressure on margins. International refractory companies are now strategically entering Indian and South Asian markets.
Other industries like Aluminium, Cement, Power etc where the Company also operates, have also been facing similar slow down due to reduced demand.
The Company trades in refractory based solutions and steel industry comprises the biggest group of its customers. Hence anything that affects the steel industry will have its one off effect on their business. India is set to emerge as the second largest producer and consumer of steel in the next few years and refractory being an essential requirement in steel industry will see increased demand. The Kolkata plant expansion was completed in April 2012 and is ready to meet any increased demands of the customer.
All business operations have risks and threats attached to them most of which may be outside the control of the Company. Apart from the concerns over raw material prices and availability, fluctuations in exchange rates, inflationary pressures, adverse political or regulatory developments, aggressive competition and chances of a reduction in customer output leading to lower demands are some perceived threats.
During the year a risk analysis and assessment was conducted in line with the Group requirements and no major risks were noticed.
STATEMENT OF STANDALONE AUDITED
FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2013
(RS. IN MILLIONS)
|
SL NO. |
Particulars |
Three
Months ended 31.12.2013 |
Preceding
Three Months ended 30.09.2013 |
Year
ended 31.12.2013 |
|
|
|
Audited |
Unaudited |
Audited |
|
1. |
Income From Operations |
|
|
|
|
|
a) Net sales/income from operations (Net of excise duty) |
1552.200 |
1499.700 |
6011.900 |
|
|
b) Other Operating Income |
1.200 |
1.300 |
5.600 |
|
|
Total income
from operations (net) |
1553.400 |
1501.000 |
6017.500 |
|
2. |
Expenditure |
|
|
|
|
|
a) Cost of materials consumed |
647.800 |
632.500 |
2463.700 |
|
|
b) Purchases of stock in trade |
270.300 |
241.200 |
957.600 |
|
|
c) Changes in inventories of finished goods, work in progress, and
stock in trade - (Increase) / Decrease |
3.000 |
(37.300) |
(104.300) |
|
|
d) Employee benefits expenses |
92.900 |
94.300 |
378.200 |
|
|
e) Depreciation and amortization expense |
51.700 |
42.700 |
175.600 |
|
|
f) Other Expenditure |
301.100 |
297.900 |
113.800 |
|
|
Total Expenses |
1366.800 |
1271.300 |
5084.600 |
|
3. |
Profit from
Operations before other income, finance costs and Exceptional Items (1-2) |
186.600 |
229.700 |
932.900 |
|
4. |
Other income |
18.800 |
17.000 |
57.200 |
|
5. |
Profit from
ordinary activities before finance costs & exceptional items (3+4) |
205.400 |
246.700 |
990.100 |
|
6. |
Finance Costs |
0.700 |
0.000 |
0.700 |
|
7. |
Profit from ordinary
activities after finance costs but before exceptional items (5-6) |
204.700 |
246.700 |
989.400 |
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
9. |
Profit from
ordinary activities before tax (7-8) |
204.700 |
246.700 |
989.400 |
|
10. |
Tax Expenses |
68.800 |
84.100 |
337.700 |
|
11. |
Net Profit from
ordinary activities after tax (9-10) |
135.900 |
162.600 |
651.700 |
|
12. |
Extraordinary items (net of tax expensed nil) |
-- |
-- |
-- |
|
13. |
Net Profit for the
period (11-12) |
135.900 |
162.600 |
651.700 |
|
14. |
Share of Profit of Associates |
-- |
-- |
-- |
|
15. |
Minority Interest |
-- |
-- |
-- |
|
16. |
Net Profit after
taxes, minority interest and share of profit of associates (13+14+15) |
135.900 |
162.600 |
651.700 |
|
17. |
Paid up Equity
Share Capital (Face Value Rs.10/- per share) |
203.000 |
203.000 |
203.000 |
|
18. |
Reserves excluding Revaluation Reserves as per Balance Sheet as at 31.12.2012 |
-- |
-- |
3768.400 |
|
19. i. |
Earnings per share
(before extraordinary items) (of Rs.10/- each)
(not annualised): |
|
|
|
|
|
a) Basic |
6.70 |
8.01 |
32.10 |
|
|
b) Diluted |
6.70 |
8.01 |
32.10 |
|
19. ii. |
Earnings per share (after
extraordinary items) (of Rs.10/- each) (not annualised) |
|
|
|
|
|
a) Basic |
6.70 |
8.01 |
32.10 |
|
|
b) Diluted |
6.70 |
8.01 |
32.10 |
|
|
|
|
|
|
|
A. |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1. |
Public shareholding |
|
|
|
|
|
- Number of shares |
9018430 |
9018430 |
9018430 |
|
|
- Percentage of shareholding |
44.43% |
44.43% |
44.43% |
|
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 |
11277650 |
11277650 |
11277650 |
|
|
- 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) |
55.57% |
55.57% |
55.57% |
|
Particular |
Three
Months ended 31.12.2013 |
|
|
|
|
INVESTOR COMPLAINTS
(Nos.) |
|
|
Pending at the beginning of the quarter |
NIL |
|
Received during the quarter |
NIL |
|
Disposed of during the quarter |
NIL |
|
Remaining unresolved at the end of the quarter |
NIL |
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
|
|
Particulars |
As at Current year ended 31.12.2013 |
|
|
|
(Audited) |
|
A |
EQUITY AND
LIABILITIES |
|
|
1. |
SHAREHOLDERS FUNDS
: |
|
|
|
(a) Share Capital |
203.000 |
|
|
(b) Reserves & Surplus |
3768.400 |
|
|
(c) Money received against share warrants |
-- |
|
|
Sub-total:
Shareholders' Funds |
3971.400 |
|
2. |
Share application money pending allotment |
-- |
|
3. |
Minority Interest |
-- |
|
4. |
Non-current
liabilities |
|
|
|
(a) Long-term borrowings |
-- |
|
|
(b) Deferred tax liabilities (net) |
89.000 |
|
|
(c) Other long-term liabilities |
-- |
|
|
(d) Long-term provisions |
80.200 |
|
|
Sub-total:
Non-current liabilities |
169.200 |
|
5. |
Current Liabilities |
|
|
|
(a) Short-term borrowings |
-- |
|
|
(b) Trade payables |
751.200 |
|
|
(c) Other current liabilities |
137.100 |
|
|
(d) Short-term provisions |
147.000 |
|
|
Sub-total: Current
liabilities |
1035.300 |
|
|
TOTAL : EQUITY AND
LIABILITIES |
5175.900 |
|
B |
ASSETS |
|
|
1. |
Non-Current Assets |
|
|
|
(a) Fixed Assets |
1389.600 |
|
|
(b) Non-current investments |
-- |
|
|
(c) Deferred tax assets (net) |
-- |
|
|
(d) Long-term loans and advances |
245.100 |
|
|
(e) Other non-current assets |
-- |
|
|
Sub-total:
Non-current assets |
1634.700 |
|
2. |
Current assets |
|
|
|
(a) Current investments |
-- |
|
|
(b) Inventories |
588.000 |
|
|
(c) Trade Receivables |
1788.800 |
|
|
(d) Cash and cash equivalents |
1062.700 |
|
|
(e) Short-term loans and advances |
96.800 |
|
|
(f) Other current assets |
4.900 |
|
|
Sub-total: Current
assets |
3541.200 |
|
|
TOTAL: ASSETS |
5175.900 |
NOTES
1) The Board of Directors has recommended payment of dividend Rs. 4.75 per share i.e. 47.50% for the year ended December 31, 2013 at their meeting held on February 25, 2014. Annual General Meeting will be held on April 29, 2014. Dividend when declared will be paid to shareholders on or after May 8, 2014.
2) On the occasion of the 20th Anniversary of commencement of commercial production at the first factory of the Company at Kolkata on July 1, 1994, the Board of Directors has declared a 20th Anniversary Special Dividend of Re. 1/- per share (i.e. 10%) to the shareholders. This is an Interim Dividend for the year ended 31.12.2014. Record Date will be March 7, 2014. Dividend will be paid to Shareholders on or after March 12, 2014.
3) The Company is primarily a manufacturer and trader of refractories and is managed organisationally as a single unit. Accordingly, the Company is a single segment company.
4) Provision for current taxation has been recognized with reference to the profit for the year 31.12.2013 and in accordance with the provisions of Income Tax Act, 1961 and Rules framed there under. The ultimate tax liability for the assessment year 2014-2015 will be determined on the basis of total income for the year ending on March 31, 2014.
5) Previous period's figures have been regrouped and/or rearranged wherever necessary.
6) The figures for Quarter ended 31.12.2013 and 31.12.2012 are the balancing figures between audited figures in respect of the full financial year ended 31.12.2013 and 31.12.2012 and the published year to date figures upto to the third quarter of the current financial period ended on 30.09.2013 and the previous financial period ended on 30.09.2012.
7) The Auditors of the company have expressed an unqualified opinion on the Audited Annual Accounts for the year ended December 31, 2013.
8) This statement has been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on February 25, 2014.
CONTINGENT LIABILITIES:
(Rs. In
Millions)
|
Particulars |
31.12.2012 |
31.12.2011 |
|
Sales
Tax |
6.700 |
18.700 |
|
Income
Tax matters |
|
|
|
Other
Income Tax matters |
108.500 |
100.600 |
|
Excise
Duty, Customs Duty and Service Tax matters |
20.500 |
20.200 |
Note: Cost of tooling purchased during the earlier years were fully expensed for the purpose of ascertaining income tax liability for that years. Vide order dated December 16, 2003, the Income Tax Appellate Tribunal (ITAT) directed the department to allow expenses based on quantity consumed. The Company has disputed such decision on the contention that the entire purchase is issued to the production process and hence should be treated as consumption. Relevant order from authorities giving effect of ITAT order is yet to be received. The Company has made an application to the Hon'ble High Court at Calcutta seeking further clarifications of the ITAT order. The Company has again claimed full deduction in respect of tooling received during the year for determining the taxable income for the assessment year 2009-2010 and thereafter. Contingent liability with respect to tooling is included in para (c) above, under the head - 'Other Income Tax matters'.
(ii) A counter claim has been filed against the Company before the Hon'ble High Court at Calcutta by a customer for claims aggregating Rs 749 (previous year Rs 749) regarding certain disputes relating to goods supplied by the Company in prior years.
FIXED ASSETS
· Freehold Land
· Leasehold Land
· Building
· Plant and Equipments
· Toolings
· Furniture and Fixture
· Vehicles
· Office Equipment
· Computer
· Electrical Installation
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. 61.20 |
|
|
1 |
Rs. 102.35 |
|
Euro |
1 |
Rs. 84.95 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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.