MIRA INFORM REPORT
|
Report Date : |
03.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUNDRAM FASTENERS LIMITED |
|
|
|
|
Registered
Office : |
98-A, Dr. Radhakrishnan Salai, 7th Floor, Mylapore, Chennai
– 600004, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
10.12.1962 |
|
|
|
|
Com. Reg. No.: |
18-004943 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 210.128 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L35999TN1962PLC004943 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHES00555C / CHES17415G / MRIS01546G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS8779D / AAACS8779D |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer
of Fasteners,
Cold Extruded and Powder Metal Parts, Radiator Caps and Gear Shifters. |
|
|
|
|
No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
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 27000000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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|
Comments : |
Subject is a well-established and a reputed company having fine track
record. Directors are reported to be experienced and respectable businessmen. Financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payments 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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1 million
Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Rs. 1.25 Billion Short term debt: “A1+” |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
25.09.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Anand Buby |
|
Designation : |
Assistance Manager Finance |
|
Contact No.: |
91-44-26257970 |
|
Date : |
02.05.2014 |
LOCATIONS
|
Registered Office/ Corporate
Headquarters : |
98-A, Dr. Radhakrishnan Salai, 7th Floor, Mylapore, Chennai
– 600004, Tamilnadu, India |
|
Tel. No.: |
91-44-28478500 / 26257970 |
|
Fax No.: |
91-44-28478510 / 28478508 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Factory (In |
Padi, Chennai-600050, Ghengleput District, |
|
Tel No.: |
91-44-26258460 |
|
Fad No.: |
91-44-26357052 |
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E mail: |
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|
|
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Factory (In |
Krishnapuram, Aviyur-626160, Virudhunagar District, |
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Factory (In |
Mittamandagapet Village-605106, Villupuram District, Tamilnadu, India |
|
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|
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Factory (In |
47/2, |
|
Tel No.: |
91-44-26272231/ 55512231 |
|
Fad No.: |
91-44-26272696 |
|
E mail: |
|
|
|
|
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Factory (In |
SIPCOT Industrial Complex, Gummidipoondi-601021, |
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|
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Factory (In |
Auto Ancillary SEZ, |
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|
|
Factories (In |
Tamilnadu: Harita, Hosur-635109, Krioshnagiri District, Tamilnadu, India |
|
Tel No.: |
91-4344-276651 |
|
Fad No.: |
91-4344-276082 |
|
E mail: |
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|
|
|
|
Factory (In |
Puducherry Korkadu, Nettapakkam Commune, Bahur Taluk, Puducherry-605110,
Tamilnadu, India |
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|
|
|
Factory (In |
Andhra Pradesh Bonthapally Village-502313, Medak District, Andhra Pradesh, India |
|
|
|
|
Factory (In |
Uttarakhand Patnagar, Itegrated Industrial Estate, Rudrapur, District Udam Singh
Nagar, Uttarakhand-263153, India |
|
|
|
|
Factory (In |
Tamilnadu: Ambattur, Hosur, |
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|
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|
Factories (Outside India- through subsidiaries) 12: |
No.1, Sundram Road, Wuyuan Town, Haiyan County, Jiaxing City, Zhejiang Province, China - 314300 |
|
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|
Factories (Outside India- through subsidiaries) 13: |
Unit 8, Atley Way, North Nelson Industrial Estate, Cramlington, Northumberland NE23 1WA, United Kingdom |
|
|
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|
Factories (Outside |
Woltorfer Str. 20-24, Postfach 1649, D-31221 Peine, Germany |
|
|
|
|
Factories (Outside |
801, W.Big Beaver Road, Troy, Michigan, United States of America |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Suresh Krishna |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Ms. Arathi Krishna |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Ms. Arundathi Krishna |
|
Designation : |
Whole time Director |
|
|
|
|
Name : |
Mr. K Ramesh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Venu Srinivasan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V Narayanan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R Srinivasan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R Ramakrishnan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. C V Karthik Narayanan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M Raghupathy IAS |
|
Designation : |
Director (Retired) |
|
|
|
|
Name : |
Mr. V.G Jaganathan |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. V.G Jaganathan |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Anand Buby |
|
Designation : |
Assistance Manager Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2013
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
104085280 |
49.53 |
|
|
104085280 |
49.53 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
104085280 |
49.53 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
22832522 |
10.87 |
|
|
8077479 |
3.84 |
|
|
10806901 |
5.14 |
|
|
2580908 |
1.23 |
|
|
44297810 |
21.08 |
|
|
|
|
|
|
3738744 |
1.78 |
|
|
|
|
|
|
47773038 |
22.74 |
|
|
10034097 |
4.78 |
|
|
199401 |
0.09 |
|
|
193401 |
0.09 |
|
|
6000 |
0.00 |
|
|
61745280 |
29.38 |
|
Total Public
shareholding (B) |
106043090 |
50.47 |
|
Total (A)+(B) |
210128370 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
210128370 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Fasteners,
Cold Extruded and Powder Metal Parts, Radiator Caps and Gear Shifters. |
|
|
|
|
Products : |
v Fasteners v Radiator
Caps v Powder
Metal Parts v Cold
Extruded Parts v Hot
Forged Parts v Pumps
and Assemblies |
|
|
|
|
Exports : |
|
|
Countries : |
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|
|
|
|
Imports : |
|
|
Countries : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
High tensile fasteners |
MT |
71435 |
61304 |
|
Automotive and other miscellaneous cold formed/extruded
parts/Precision formed gears |
MT |
4600 |
4321 |
|
Powder metal parts |
MT |
9100 |
5554 |
|
Iron powder |
MT |
8000 |
893 |
|
Radiator caps |
Nos. |
100 |
72 |
|
Gear shifters |
Nos. |
- |
113 |
|
|
Nos. |
50000 |
14360 |
|
Hot and warm forged parts |
MT |
6000 |
368 |
|
Shafts |
Nos. |
1350000 |
1226187 |
|
Hubs |
Nos. |
1350000 |
1361844 |
|
Pump Assemblies (Water /Oil/Fuel Pumps) |
Nos. |
- |
5401179 |
GENERAL INFORMATION
|
No. of Employees : |
2000 (Approximately) |
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Bankers : |
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|
Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sundaram and Srinivasan Chartered Accountants |
|
Address : |
4, C P Ramaswamy Road, Alwarpet, Chennai - 600018, Tamilnadu, India |
|
|
|
|
Subsidiaries : |
·
Sundram Fasteners Investments Limited, Chennai ·
Upasana Engineering Limited, Chennai ·
Sundram Non-Conventional Energy Systems Limited,
Chennai ·
Sundram Bleistahl Limited, Chennai |
|
|
|
|
Associates : |
·
TVS Infotech Limited, Chennai (TVSI) ·
TVS Infotech Inc., ·
TV Sundram Iyengar and Sons Limited, ·
Southern Roadways Limited, |
|
|
|
|
Joint Venture: |
·
Windbolt |
|
|
|
|
Enterprise in which Key Management Personnel have significant
influence: |
·
Upasana Finance Limited, Chennai |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Re.1/- each |
Rs.250.000 millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
210128370 |
Equity Shares |
Re.1/- each |
Rs.210.128
millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
210128370 |
Equity Shares |
Re.1/- each |
Rs.210.128
millions |
|
|
|
|
|
Reconciliation of
number of Equity Shares:
|
Particulars |
31.03.2013 |
|
|
|
No. of shares |
Rs. in Millions |
|
Balance at the beginning of the year |
210128370 |
210.128 |
|
Add: Shares issued during the year |
- |
- |
|
Bonus Shares issued during the year |
- |
- |
|
Balance at the end of the year |
210128370 |
210.128 |
Terms / rights
attached to shares:
The Company has only one class of equity shares having a par value of Re 1 per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Details of shares
held by shareholders holding more than 5% of the aggregate shares in the
Company
|
Name of Share
holder |
31.03.2013 |
|
|
|
No. of shares |
Shares as % of Total number of shares
|
|
T V Sundram Iyengar and Sons Limited |
53312000 |
25.37 |
|
Southern Roadways Limited |
50773280 |
24.16 |
|
Sub Total |
104085280 |
49.53 |
|
Total No. of Shares of the Company |
210128370 |
100.00 |
Bonus Shares / Buy Back
/ Shares for consideration other than cash issued during the period of five
years immediately preceding the financial year ended 31st March 2013:
(i) Aggregate number of equity shares allotted as fully paid up pursuant to contracts without payment being received in cash: Nil
(ii) Aggregate number of equity shares allotted as fully paid up by way of Bonus Shares: Nil.
(iii) Aggregate number of equity shares bought back: Nil
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
|
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
210.128 |
|
(b) Reserves & Surplus |
|
|
6,732.752 |
|
(c) Money received against share
warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
6,942.880 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
2,881.506 |
|
(b) Deferred tax liabilities
(Net) |
|
|
903.431 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
28.686 |
|
Total
Non-current Liabilities (3) |
|
|
3,813.623 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
4,210.529 |
|
(b) Trade payables |
|
|
1,725.661 |
|
(c) Other current liabilities |
|
|
1,453.794 |
|
(d) Short-term provisions |
|
|
306.529 |
|
Total
Current Liabilities (4) |
|
|
7,696.513 |
|
|
|
|
|
|
TOTAL |
|
|
18,453.016 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
7,071.042 |
|
(ii) Intangible Assets |
|
|
5.252 |
|
(iii) Capital work-in-progress |
|
|
214.059 |
|
(iv) Intangible assets under
development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
1,320.202 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
384.063 |
|
(e) Other Non-current assets |
|
|
4.673 |
|
Total
Non-Current Assets |
|
|
8,999.291 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
3,211.822 |
|
(c) Trade receivables |
|
|
4,329.213 |
|
(d) Cash and cash equivalents |
|
|
105.881 |
|
(e) Short-term loans and
advances |
|
|
1,786.964 |
|
(f) Other current assets |
|
|
19.845 |
|
Total
Current Assets |
|
|
9,453.725 |
|
|
|
|
|
|
TOTAL |
|
|
18,453.016 |
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
210.128 |
210.128 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
6124.470 |
5339.368 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
6334.598 |
5549.496 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
3441.934 |
6496.632 |
|
|
2] Unsecured Loans |
|
3516.781 |
999.503 |
|
|
TOTAL BORROWING |
|
6958.715 |
7496.135 |
|
|
DEFERRED TAX LIABILITIES |
|
893.101 |
863.308 |
|
|
|
|
|
|
|
|
TOTAL |
|
14186.414 |
13908.939 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
6727.930 |
6078.092 |
|
|
Capital work-in-progress |
|
400.909 |
500.381 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
1426.296 |
1423.674 |
|
|
DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
3239.769
|
2869.311
|
|
|
Sundry Debtors |
|
4335.209
|
3645.453
|
|
|
Cash & Bank Balances |
|
71.709
|
85.889
|
|
|
Other Current Assets |
|
5.532
|
0.000
|
|
|
Loans & Advances |
|
1886.451
|
1420.863
|
|
Total
Current Assets |
|
9538.670
|
8021.516
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
1638.967
|
1847.045
|
|
|
Other Current Liabilities |
|
1954.175
|
216.728
|
|
|
Provisions |
|
314.249
|
50.951
|
|
Total
Current Liabilities |
|
3907.391
|
2114.724
|
|
|
Net Current Assets |
|
5631.279
|
5906.792
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
14186.414 |
13908.939 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
20,694.167 |
21466.352 |
18083.940 |
|
|
|
Other Income |
263.012 |
180.743 |
47.074 |
|
|
|
TOTAL (A) |
20,957.179 |
21647.095 |
18131.014 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials, Components consumed,
work-in-process and finished goods |
-- |
-- |
8388.884 |
|
|
|
Salaries and Wages, Stores consumed and
other expenses |
-- |
-- |
7457.702 |
|
|
|
Cost of Materials Consumed |
9666.922 |
10532.281 |
-- |
|
|
|
Employee Benefit Expense |
2019.110 |
1842.431 |
-- |
|
|
|
Other Expenses |
6402.996 |
6538.911 |
-- |
|
|
|
Changes in Inventories of FG, WIP and Stock-in-Trade |
31.818 |
(398.104) |
-- |
|
|
|
Exceptional Items |
(12.780) |
-- |
-- |
|
|
|
TOTAL (B) |
18108.066 |
18515.519 |
15846.586 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2,849.113 |
3131.576 |
2284.428 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
813.529 |
922.000 |
296.605 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2,035.584 |
2209.576 |
1987.823 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
716.154 |
636.131 |
545.372 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1,319.430 |
1573.445 |
1442.451 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
368.805 |
447.458 |
390.681 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
950.625 |
1125.987 |
1051.770 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
626.974 |
341.872 |
293.921 |
|
|
|
|
|
|
|
|
|
|
Income
Tax (Paid)/ Refund relating to earlier years |
-- |
-- |
2.487 |
|
|
|
Transfer
from Investments Allowance Reserve (utilized) Account |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend Paid |
294.180 |
294.180 |
115.571 |
|
|
|
Tax on Interim Dividend |
48.463 |
46.705 |
19.195 |
|
|
|
Interim Dividend Payable |
0.000 |
0.000 |
147.090 |
|
|
|
Tax on Interim Dividend Payable |
0.000 |
0.000 |
24.450 |
|
|
|
Transfer to General Reserve |
500.000 |
500.000 |
700.000 |
|
|
BALANCE CARRIED
TO THE B/S |
735.256 |
626.974 |
1348.178 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
6,782.524 |
6458.801 |
4802.956 |
|
|
|
Claims Received |
21.031 |
0.000 |
0.000 |
|
|
|
Other |
26.920 |
27.528 |
0.000 |
|
|
TOTAL EARNINGS |
6,830.475 |
6486.329 |
4802.956 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2,451.957 |
3480.290 |
3197.677 |
|
|
|
Components & Spares Parts |
183.899 |
231.545 |
104.101 |
|
|
|
Capital Goods |
307.694 |
521.685 |
379.944 |
|
|
|
Tools Steel, Tools, Gauges etc |
214.136 |
370.443 |
330.955 |
|
|
|
Others |
5.050 |
0.451 |
1.420 |
|
|
TOTAL IMPORTS |
3,162.736 |
4604.414 |
4014.097 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
4.52 |
1.63 |
5.02 |
|
|
|
Diluted |
4.52 |
1.63 |
5.02 |
|
QUARTERLY RESULTS
|
Particulars |
31.12.2013 1st Quarter |
30.09.2013 2nd Quarter |
30.06.2013 3rd Quarter |
|
Audited / Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
4764.500 |
5016.800 |
5235.300 |
|
Total Expenditure |
4154.400 |
4491.400 |
4780.200 |
|
PBIDT (Excl OI) |
610.100 |
525.400 |
455.100 |
|
Other Income |
40.600 |
172.600 |
212.200 |
|
Operating Profit |
650.700 |
698.000 |
667.300 |
|
Interest |
71.500 |
79.900 |
85.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
579.200 |
618.100 |
581.600 |
|
Depreciation |
194.200 |
193.000 |
188.800 |
|
Profit Before Tax |
385.000 |
425.100 |
392.800 |
|
Tax |
98.600 |
71.600 |
98.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
286.400 |
353.500 |
294.500 |
|
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 |
286.400 |
353.500 |
294.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.54 |
5.20
|
5.81
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.38 |
7.33
|
7.97
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.80 |
9.67
|
10.23
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.25
|
0.26
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.02 |
1.10
|
1.35
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23 |
2.44
|
3.79
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
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 |
18,083.940 |
21,466.352 |
20,694.167 |
|
|
|
18.704 |
(3.597) |
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 |
18,083.940 |
21,466.352 |
20,694.167 |
|
Profit |
1,051.770 |
1,125.987 |
950.625 |
|
|
5.82% |
5.25% |
4.59% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
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 |
|
Unsecured Loan |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long term borrowings
|
|
|
|
Term Loans |
200.000 |
241.775 |
|
|
|
|
|
Short term
borrowings |
|
|
|
Working Capital Loans* |
3502.770 |
3275.006 |
|
|
|
|
|
Total |
3702.770 |
3516.781 |
|
Note:
*Secured by hypothecation of current assets viz., stocks of raw materials,
work-in-process and finished goods. |
||
CASE DETAILS
|
Case Status: |
Pending |
|
Status Of: |
WRIT APPEAL |
|
Case No.: |
1133 |
|
Year : |
2013 |
|
Petitioner : |
THE GOVT. OF TAMILNADU |
|
Respondent : |
SUNDRAM FASTENERS LTD., |
|
Pet's Advocate : |
GOVERNMENT PLEADER |
|
Res's Advocate : |
M/S D. RAVICHANDER |
|
Category : |
NO CATEGORY MENTIONED |
|
|
Last Listed on: No Date Mentioned |
|
Case Updated on : |
Dec 11 2013 |
SALES AND PROFITS
The Company recorded total Net Sales and other income of Rs 2,0957.200 Millions for the year ended March 31, 2013 as against Rs 2,1647.100 Millions achieved during the previous year. The export sale was at Rs 6782.500 Millions as against Rs 6458.800 Millions in the previous year. The Profit after tax was at Rs 950.600 Millions as against Rs 1126.000 Millions in the previous year.
The Company continues to be a net foreign exchange earner for the sixteenth year in succession.
MANAGEMENT DISCUSSION AND ANALYSIS
BUSINESS OVERVIEW
India’s gross domestic product and the Index of Industrial Production registered a growth of about 5% (7%) and 1% (2.8%) respectively during the financial year 2012-13, reflecting a slower growth of the Indian economy than in the previous year. Growth rate has been the slowest in the last ten years.
The global economy grew very slowly with emerging economies registering a slow growth. The US economy showed better signs of growth; however various indices of the US economy fluctuated erratically making it difficult to arrive at a definite conclusion that economic recovery is under way. Problems created by "fiscal cliff" depressed the sentiments. The European economies have been stressed due to financial crisis in a number of countries in the Euro zone and spending cuts of unprecedented magnitude mandated under rescue packages for avoiding sovereign bankruptcy of some nations in the Euro zone.
The domestic market was subdued due to macro-economic problems, high inflation, high petroleum product prices, high interest rates and poor consumer sentiment.
There was an improvement in the sales of passenger cars during 2012 in the US and contraction in Europe. In the overseas markets, the CV industry has continued to struggle, with sales recorded at much lower than peak levels.
Growth levels in sales of passenger cars may remain muted during 2013, especially in Europe, due to high levels of unemployment and volatile consumer confidence.
DOMESTIC SALES
Domestic sales showed a decline at Rs 1,3470.000 millions from Rs 1,4510.000 millions in the light of drop in production of vehicles, especially Medium and Heavy commercial vehicles. Demand from automotive OEMs was muted throughout the year. Aftermarket sales showed a slow growth as confidence levels of dealers were low resulting in carrying lower stocks. Upsurge in petrol prices resulted in a shift towards diesel powered vehicles affecting some manufacturing units of the Company adversely.
EXPORTS
The US market showed signs of recovery and the confidence levels of the Company's customers were tempered by slowdown in Europe and the challenges posed by events like the "US fiscal cliff". European markets continued to be hit by recession and negative sentiments. Exports were at Rs 6780.000 millions as against Rs 6450.000 millions in the previous year, an increase of 5%. Export sales were around 34% of the overall sales revenues. The Company’s push for adding new products and new customers is expected to result in further improvement in exports in the near future. Volatility in exchange rates and slow recovery in demand from European customers are causes for concern.
FINANCIAL PERFORMANCE
Depressed market conditions resulted in lower sales in many of the units of the Company. Raw material prices were steady during the year. Other input costs rose across the board, especially of petroleum based products.
Non-availability of power due to scheduled power-cuts up to 40%, power-holidays and unscheduled power outages forced the Company to purchase power and resort to self generation at higher costs. Wages increased as dearness allowance increased in line with the cost of living index. High levels of inflation had a direct impact on wage costs. The Company continued to be under pressure due to rising manufacturing costs. Freight rates also increased in line with increase in cost of diesel and other inputs related to the transportation industry.
During the year, PBIDT (Profit before interest, foreign exchange fluctuation, depreciation, exceptional income and tax) was at Rs 2836.300 millions as against Rs 3131.600 millions in the previous year.
The Company made substantial investments in creation of capacities for new products and additional capacities for manufacture of existing products to meet projected demand from domestic and international customers. These investments resulted in additional interest costs. Tight money policies followed by Reserve Bank of India resulted in steep increase in interest rates on rupee borrowings and forward premiums in respect of foreign currency borrowings. Financing costs, including premiums on forward cover and adverse foreign exchange variations of Rs 402.700 millions (Rs 573.000 millions) on foreign currency borrowings, were at Rs 813.500 millions as against Rs 922.000 millions in the previous year. In line with the Accounting Standard AS-11 (dealing with the effects of change in foreign exchange rates) and to ensure the principles of consistency, the Company recognises the exchange differences arising out of foreign currency denominated items as expense or income in the statement of profit and loss. It may be noted that even after providing for foreign exchange losses, the net borrowing costs of the company would be more cost-effective than rupee loans on a door-to-door basis.
Depreciation was higher at Rs 716.200 millions (Rs 636.100 millions) on account of increased capital expenditure incurred over the recent years.
Profit before tax was lower at Rs 1306.700 millions (Rs 1573.400 millions). Exceptional items resulted in a net income of Rs 12.800 millions. Profit after tax amounted to Rs 950.600 millions (Rs 1126.000 millions).
FOREIGN SUBSIDIARIES
CHINA
Sundram Fasteners (Zhejiang) Limited (SFZL), China manufactures high tensile fasteners and bearing housings.
Sales and other income during the year 2012 amounted to RMB 114.031 million (Rs 9,692.67 lakhs) as against RMB 118.39 million (Rs 8,55.966 millions) during 2011. The operations resulted in a net profit of RMB 5.323 million (Rs 42.009 millions) as against a profit of RMB 5.010 million (Rs 34.113 millions) in 2011.
The business environment in China deteriorated during the last quarter of 2012 and remained dull during the first four months of 2013. The Chinese economy is expected to recover ahead of economies of other countries. New products for existing customers and addition of new customers will enable SFZL to post sizable better results in future years. SFZL has retained certifications according to ISO /TS16949-2002 and ISO 9000-2000.
The Company has so far invested USD 13 million (Rs 5,68.760 millions) in the Equity capital.
GERMANY
German operations are carried out through 100% subsidiary
companies viz. Peiner Umformtechnik GmbH (Peiner), TVS Peiner Services GmbH
(TVSP) and PUT Gründstücks GmbH (PUTG). Peiner manufactures a wide range of
standard and special fasteners catering to the automotive, industrial and
construction sectors. TVSP is engaged in providing warehousing and logistical
services. PUTG owns the land and buildings from where Peiner operates. The
Company has invested Euro 8.724 millions (Rs 4,82.212 millions) in Equity capital besides
lending Euro 8.050 million (Rs 5,59.400 millions) to meet short term
requirements.
Revenues during the year 2012 amounted to Euro 54.54 million (Rs 37,63.082 millions) as against Euro 66.923 million (Rs 43,88.606 millions) during 2011. The operations resulted in a loss before depreciation and taxes of Euro 3.420 million (Rs 2,35.230 millions) as against loss of Euro 2.866 million (Rs 1,92.538 millions) during 2011. Loss after taxes amounts to Euro 4.546 million (Rs 3,12.914 millions) during 2012 as against Euro 4.270 million (Rs 2,88.191 millions) during 2011.
Uncertain economic conditions prevailing in Europe continued to impact German operations. There has been a slight improvement during 2013. Substantial improvement will only happen when European markets return to normal.
The Company has entered into a 50% joint venture with a German partner to set up a plant for manufacture of fasteners for wind energy generators (WEG) and has invested Euro 3.0 million by way of equity capital and loans.
As the emphasis on production of clean energy is likely to gather pace after the shutdown of nuclear plants, demand for WEG is likely to increase. The facility located at Hohenstein in eastern part of Germany has commenced operations during the first quarter of calendar year 2013.
UK OPERATIONS
Cramlington Precision Forge Limited (CPFL) UK, a 100% subsidiary of the Company, is engaged in manufacture of precision forged components for application in heavy vehicles for on-highway and off-highway applications.
The Company has invested GBP 1.9 million (Rs 1,52.314 millions) in CPFL.
Sales and other income during the year 2012 amounted to GBP 8.763 million (Rs 7,45.342 millions) as against GBP 9.346 million (Rs 7,03.642 millions) during 2011. CPFL made a net profit after tax of GBP 0.646 million (Rs 53.206 millions) as against a net profit of GBP 0.913 million (Rs 72.276 millions) during 2011. CPFL paid dividends totaling GBP 2,40,000 (Rs 21.031 millions) during December 2012.
Recessionary conditions in Europe affected sales volumes as the entire sales are made to customers in Europe.
Increased volumes and cost control is expected to help in achieving satisfactory results during 2013. Orders in the pipeline and development and manufacture of parts for a new customer will help further improve capacity utilisation. Outlook for 2013 appears to be better than 2012.
INDIAN SUBSIDIARIES
UPASANA ENGINEERING
LIMITED
Upasana Engineering Limited (UEL), a 100% subsidiary is engaged in the manufacture of spokes and nipples, dies and tools, automotive components and cold extruded components. During the year 2012-13, Sales and other income were Rs 7,78.989 millions as against Rs 8,02.603 millions in the previous year, Export Sales increased marginally to Rs 1,51.808 millions from Rs 1,49.107 millions. Exceptional income amounted to Rs 11.182 millions. Profit after Tax amounted to Rs 43.981 millions as against a net profit of Rs 39.355 millions in the previous year.
Recession in automotive industry in India and Europe resulted in decline in sales. With UEL acquiring new customers, the performance during 2013-14 is expected to be better.
SUNDRAM BLEISTAHL
LIMITED
Sundram Bleistahl Limited (SBL) is engaged in manufacture of sintered valve guides at its 100% export oriented unit at Hosur, Tamilnadu. Bleistahl Produktions GmbH and Co KG holds 24%. SBL caters to the needs of Bleistahl Produktions GmbH and Co KG in Germany. During the year 2012-13, Sales and other income amounted to Rs 2,04.877 millions as against Rs 2,35.209 millions in the previous year. SBL made a net profit of Rs 3.455 millions as against a net profit of Rs 19.820 millions in the previous year. The performance of the Company reflects the general economic situation in Europe.
The Company has invested Rs 53.200 millions towards 76% of the Equity capital of the subsidiary.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE NINE MONTHS
ENDED 31ST DECEMBER 2013
Rs. in Millions
|
Particulars |
Quarter ended |
Nine Months
ended |
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
1.Income from Operations |
|
|
|
|
(a) Net Sales/ Income from Operations |
4674.700 |
4916.600 |
14744.300 |
|
(b) Other Operating Income |
89.800 |
100.200 |
272.300 |
|
Total Income
From operations net (a+b) |
4764.500 |
5016.800 |
15016.600 |
|
2. Expenditure |
|
|
|
|
a. Cost of Raw Materials consumed |
2148.400 |
2218.800 |
6755.400 |
|
b. Changes in inventories of finished goods , work in progress and
stock in trade |
(69.400) |
79.000 |
168.200 |
|
c. Employee benefit expenses |
537.600 |
547.100 |
1643.700 |
|
d. Depreciation and amortisation expense |
194.200 |
193.000 |
576.000 |
|
e. Stores and Tools consumed |
535.500 |
525.900 |
1576.000 |
|
f. Other Expenses |
976.200 |
1037.600 |
3032.700 |
|
Total Expenses |
4322.500 |
4601.400 |
13752.000 |
|
3. Profit from Operations
before Other Income, Finance Costs and Exceptional Items (1-2) |
442.000 |
415.400 |
1264.600 |
|
4. Other Income |
40.600 |
172.600 |
425.500 |
|
5. Profit from ordinary activities before Finance Costs and
Exceptional Items (3+4) |
482.600 |
588.000 |
1690.100 |
|
6. Finance Costs |
|
|
|
|
71.500 |
79.900 |
237.000 |
|
26.100 |
83.000 |
250.200 |
|
7. Profit from Ordinary
Activities after Finance Costs but before exceptional Items (5-6) |
385.000 |
425.100 |
1202.900 |
|
8. Exceptional items |
-- |
-- |
-- |
|
9. Profit from Ordinary
Activities before Tax (7+8) |
385.000 |
425.100 |
1202.900 |
|
10. Tax Expenses |
98.600 |
71.600 |
268.500 |
|
11. Net Profit from Ordinary
Activities after tax (9+10) |
286.400 |
353.500 |
934.400 |
|
12. Extraordinary Items (net of tax expenses) |
-- |
-- |
-- |
|
13. Net Profit (11-12) |
286.400 |
353.500 |
934.400 |
|
14. Paid-up Equity Share Capital (face value of Re 1 each fully paid up) |
210.100 |
210.100 |
210.100 |
|
15 Reserve and Surplus |
|
|
|
|
16 Earning Per Shares (EPS)-Re1 each (Before extraordinary items)* |
|
|
|
|
a)Basic |
1.36 |
1.68 |
4.45 |
|
b)Diluted |
1.36 |
1.68 |
4.45 |
|
17Earnings per Shares (EPS)-Re 1 each (After extraordinary items)* |
|
|
|
|
a)Basic |
1.36 |
1.68 |
4.45 |
|
b)Diluted |
1.36 |
1.68 |
4.45 |
|
15. Public shareholding |
|
|
|
|
- No. of shares |
106043090 |
106043090 |
106043090 |
|
- % of holding (to total shareholding) |
50.47 |
50.47 |
50.47 |
|
Promoters And Promoter Group Shareholding a) Pledged/ Encumbered |
|
|
|
|
-Number of Shares |
-- |
-- |
-- |
|
-% of Shares (As a % of the total Shareholding of Promoter and
Promoter Group) |
-- |
-- |
-- |
|
-% of Shares (as a % of the total share capital of the Company) |
-- |
-- |
-- |
|
b) Non Encumbered |
|
|
|
|
- Number of Shares |
104085280 |
104085280 |
104085280 |
|
-% of Shares (As a % of the total Shareholding of Promoter and
Promoter Group) |
100.00 |
100.00 |
100.00 |
|
-% of Shares (as a % of the total share capital of the Company) |
49.53 |
49.53 |
49.53 |
|
INVESTOR COMPLAINTS |
Quarter ended 31.12.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
2 |
|
Disposed if during the quarter |
2 |
|
Remaining unresolved the end of the quarter |
Nil |
The above financial results were reviewed and recommended by the Audit Committee and thereafter approved by the Board of Directors at its meeting held February 10, 2014. As required under Clause 41 of the listing Agreement, limited Review of the above financial results has been completed by the Statutory Auditors of the Company and the Report of the same has been placed before the Board.
Sales for Nine Months ended December 31, 2013 includes exports of Rs.55,30.400
millions (Last year same period Rs. 5194.400 millions). Other income includes
foreign exchange gains of Rs. 316.200 millions (Last year same period Rs.
113.400 millions).
The Company operates in only one segment.
Figures for the previous periods have been regrouped, wherever necessary, to
conform to the current period’s classification.
FIXED ASSETS
v
Aircraft
v
Land
v
Buildings
v
Plant and Machinery
v
Furniture, Fixtures and Office Equipments
v
Vehicles
v
Technical Know-how
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. 60.22 |
|
|
1 |
Rs. 101.68 |
|
Euro |
1 |
Rs. 83.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
58 |
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.