1. Summary Information
|
|
|
Country |
India |
|
Company Name |
FAG
BEARINGS INDIA LIMITED |
Principal Name 1 |
Mr. Avinash Gandhi |
|
Status |
Good |
Principal Name 2 |
Mr. Rajendra Anandpara |
|
|
|
Registration # |
11-012340 |
|
Street Address |
Nariman Bhavan, 8th
Floor 227, Backbay Reclamation Nariman Point, Mumbai - 400021, Maharashtra,
India |
||
|
Established Date |
27.04.1962 |
SIC Code |
-- |
|
Telephone# |
91-22-22022144/
362/ 166 |
Business Style 1 |
Manufacturing
|
|
Fax # |
91-22-22027022 |
Business Style 2 |
Marketing |
|
Homepage |
Product Name 1 |
Ball
and Roller Bearings |
|
|
# of employees |
1580 (Approximately) |
Product Name 2 |
Components |
|
Paid up capital |
Rs.166,172,700/-
|
Product Name 3 |
-- |
|
Shareholders |
Shareholding of
Promoter and Promoter Group - 51.33%, Public Shareholding- 48.67% |
Banking |
Union Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
52 years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public Enterprise |
Yes |
Rating |
A
(66) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding
Company |
Germany |
FAG Kugelfischer GmbH |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.12.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
7,460,200,000 |
Current Liabilities |
2,909,300,000 |
|
Inventories |
1,705,800,000 |
Long-term Liabilities |
000 |
|
Fixed Assets |
3,988,900,000 |
Other Liabilities |
527,900,000 |
|
Deferred Assets |
000 |
Total Liabilities |
3,437,200,000 |
|
Invest& other Assets |
177,800,000 |
Retained Earnings |
9,729,300,000 |
|
|
|
Net Worth |
9,895,500,000 |
|
Total Assets |
13,332,700,000 |
Total Liab. & Equity |
13,332,700,000 |
|
Total Assets (Previous Year) |
11,436,600,000 |
|
|
|
P/L Statement as of |
31.12.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
14300,100,000 |
Net Profit |
1,218,300,000 |
|
Sales(Previous yr) |
14,466,500,000 |
Net Profit(Prev.yr) |
1,591,800,000 |
MIRA
INFORM REPORT
|
Report Date : |
09.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
FAG
BEARINGS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Nariman Bhavan, 8th
Floor, 227, Backbay Reclamation, Nariman Point, Mumbai - 400021, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2013 |
|
|
|
|
Date of
Incorporation : |
27.04.1962 |
|
|
|
|
Com. Reg. No.: |
11-012340 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 166.200
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29130MH1962PLC012340 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF3357Q
|
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer
and Seller of Ball and Roller Bearings and Related Components. |
|
|
|
|
No. of Employees
: |
1580 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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 39600000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Fag Kugelfischer Gmbh, Germany”. It is a
well-established company having fine track record. The rating reflects healthy financial risk profile supported by adequate
liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal 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.
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 (GENERAL DETAILS)
|
Name : |
Mr. Kamdar |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-22-66814444 |
LOCATIONS
|
Registered Office : |
Nariman Bhavan, 8th Floor, 227,
Backbay Reclamation, Nariman Point, Mumbai - 400021, Maharashtra, India |
|
Tel. No.: |
91-22-22022144/ 362/ 166/ 66814444-4499 |
|
Fax No.: |
91-22-22027022 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Head Office/ Factory : |
P.O. Maneja, Vadodara – 390013, Gujarat, India |
|
Tel. No.: |
91-265-6602000-2004 |
|
Fax No.: |
91-265-2638804 |
|
E-Mail : |
|
|
|
|
|
Savli Plant : |
Plot No.1
(Alindra), Savli, GIDC Phase - III, Taluka Savli, Vadodara – 391775, Gujarat,
India |
|
|
|
|
Postal Address : |
C.P. Patel Finance, J C Patel Estate, Block No. 176, Bharat Baug, Nh
8, Rangoli Crossing, Po Dasrath, Vadodara – 391740, Gujarat, India |
|
|
|
|
Sales Offices
: |
Located at: v Bangalore v Bhubaneshwar v Chennai v Coimbatore v Jamshedpur v Kanpur v Kolkata v Mumbai v New Delhi v Pune v Secunderabad v Udaipur |
DIRECTORS
AS ON 31.12.2013
|
Name : |
Mr. Avinash Gandhi |
|
Designation : |
Chairman |
|
Date of Birth/ Age : |
October 1, 1938 |
|
Qualification : |
B.Sc. in Mechanical Engineering |
|
Date of Appointment : |
20.04.2006 |
|
DIN No.: |
00161107 |
|
|
|
|
Name : |
Mr. Rajendra Anandpara |
|
Designation : |
Managing Director |
|
DIN No.: |
02461259 |
|
|
|
|
Name : |
Mr. Bernhard Steinuecke |
|
Designation : |
Director |
|
Date of Birth/ Age : |
29.06.1955 |
|
Qualification : |
Professional qualification in Law, Economics & Taxation |
|
DIN No.: |
01122939 |
|
|
|
|
Name : |
Mr. Frank Huber |
|
Designation : |
Director |
|
DIN No.: |
00689169 |
|
|
|
|
Name : |
Mr. Moreshwar Digambar Garde |
|
Designation : |
Director |
|
Date of Birth/ Age : |
September 19, 1945 |
|
Qualification : |
Master of
Business Administration (MBA) FIII (Member of Insurance Institute of India) IRDA's
Composite Brokers Exam BE (Electrical) |
|
Date of Appointment : |
25.07.2002 |
|
DIN No.: |
00689103 |
|
|
|
|
Name : |
Mr. R. Sampath Kumar |
|
Designation : |
Director |
|
DIN No.: |
00495192 |
|
|
|
|
Name : |
Mr. Kamlesh Tapadar |
|
Designation : |
Director (Alternate to Mr. Heinrich) |
|
DIN No.: |
00161186 |
|
|
|
|
Name : |
Mr. Yezad Kapadia |
|
Designation : |
Director (Alternate to Mr. Schullan) |
|
DIN No.: |
00161133 |
|
|
|
|
Name : |
Mr. Robert Schullan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dietmar Heinrich |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dharmesh Arora |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Satish Patel |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Raj Sarraf |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Kamdar |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
8529183 |
51.33 |
|
|
8529183 |
51.33 |
|
Total
shareholding of Promoter and Promoter Group (A) |
8529183 |
51.33 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
2851302 |
17.16 |
|
Financial Institutions / Banks |
2094 |
0.01 |
|
|
174494 |
1.05 |
|
|
2432891 |
14.64 |
|
|
4412 |
0.03 |
|
|
3410 |
0.02 |
|
|
3360 |
0.02 |
|
|
50 |
0.00 |
|
|
5468603 |
32.91 |
|
|
|
|
|
|
979494 |
5.89 |
|
|
|
|
|
|
1273877 |
7.67 |
|
|
305080 |
1.84 |
|
|
61033 |
0.37 |
|
|
24669 |
0.15 |
|
|
36364 |
0.22 |
|
|
2619484 |
15.76 |
|
Total
Public shareholding (B) |
8088087 |
48.67 |
|
Total
(A)+(B) |
16617270 |
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) |
16617270 |
0.00 |
(1) Indian
Bodies Corporate
Foreign Financial Institutions
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Seller of Ball and Roller Bearings and Related Components. |
||||
|
|
|
||||
|
Products/ Services : |
|
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Finished Goods |
||||
|
Countries : |
· Germany |
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw Material |
||||
|
Countries : |
· Germany |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
L/C and Credit |
||||
|
|
|
||||
|
Purchasing : |
L/C and Credit |
PRODUCTION STATUS (AS ON 31.12.2011)
|
Particulars |
Installed Capacity Nos.** |
Production # Nos. |
|
Manufactured *** |
|
|
|
(i) Ball and
Roller Bearings |
50957000 |
78324524 |
|
(ii) Manufactured
Components |
-- |
17572803 |
NOTES
** Installed capacity
is as certified by the management on which the auditors have placed reliance
without verification, being a technical matter.
# Includes
bearings partially processed in-house are considered manufactured products in
accordance with The Central Excise Act, 1944.
*** Under a
notification dated July 25, 1991 issued by the Ministry of Industry, the
Company's industrial undertaking is exempt from the licensing provisions of the
Industries (Development and Regulation) Act, 1951. Accordingly, the requirement
concerning disclosure of licensed capacity is not applicable.
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
1580 (Approximately) |
|
|
|
|
Bankers : |
v ICICI Bank
Limited v Reserve Bank of
India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
|
|
|
|
|
Collaborators : |
v
Schaeffler Group, Germany |
|
|
|
|
Holding Company : |
v FAG Kugelfischer
GmbH, Germany |
|
|
Private Limited |
|
Fellow
Subsidiary / Associate Companies |
v Schaeffler
Australia Pty. Limited, Australia v Schaeffler Iberia S.L.U., Barcelona v Schaeffler Brasil Limited a., Brazil v Schaeffler (China) Company Limited, China v Schaeffler (Ningxia) Company Limited, China v Schaeffler Holding (China) Company Limited,
China v Schaeffler Trading (Shanghai) Company
Limited, China v Schaeffler Middle East FZE, Dubai v Schaeffler Finland Oy, Finland v Schaeffler France S.A.S., France v Schaeffler Technologies AG and Company KG,
Germany v Schaeffler AG, Germany v Schaeffler Automotive Aftermarket v GmbH and Co. KG, Germany v FAG Industrial Services GmbH, Germany v WPB Water Pump Bearing GmbH and Company KG,
Germany v LuK Truckparts GmbH and Company KG, Germany v Schaeffler Holding GmbH and Company KG,
Germany v FAG Magyarorszag Ipary KFT, Hungary v Schaeffler Hong Kong Company Limited, Hong
Kong v INA Bearings India Private Limited, India v FAG Roller Bearings Private Limited, India v LuK India Private Limited, India v Schaeffler Bearings Indonesia, PT, Indonesia v Schaeffler Japan Company Limited, Japan v Schaeffler Korea Corporation, Korea v Schaeffler Mexico, S. de R.L. de C.V.,
Mexico v Schaeffler
Nederland B.V., Nederland v Schaeffler Portugal S.A., Portugal v Schaeffler Philippines Inc., Philippines v SC Schaeffler Romania S.R.L., Romania v Schaeffler (Singapore) Pte. Limited,
Singapore v INA Kysuce, spol. s r.o, Slovakia v Schaeffler South Africa (Pty.) Limited,
South Africa v Schaeffler (Thailand) Company Limited,
Thailand v The Barden Corporation, UK v The Barden Corporation, USA v Schaeffler Group USA Inc., USA v Schaeffler Vietnam Company Limited., Vietnam |
CAPITAL STRUCTURE
AS ON 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000
Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16818270 |
Equity Shares |
Rs.10/- each |
Rs. 168.200
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16617270 |
Equity Shares |
Rs.10/- each |
Rs. 166.200
Millions |
|
|
|
|
|
Reconciliation of
shares outstanding at the beginning and at the end of the year
|
|
31.12.2013 |
|
|
Equity shares |
Number |
Amount in Millions |
|
Shares outstanding at the beginning and at the end of the year |
16,617,270 |
166.200 |
|
|
|
|
Rights,
preferences and restrictions attached to equity shares
(i) The Company has
a single class of equity shares. 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 shareholders are in proportion to its share of paid up equity
capital of the Company.
(ii) On winding up of the Company, the holders of equity shares will be
entitled to receive the residual assets of the Company.
Shares held by
holding / ultimate holding company and / or their subsidiaries / associates
|
|
31.12.2013 |
|
|
Name of
Shareholder |
Number of Shares held |
Amount in Millions |
|
FAG Kugelfischer GmbH (the holding Company) |
8,529,183 |
85.290 |
|
|
|
|
Particulars of shareholders
holding more than 5% shares of a class of shares
|
|
31.12.2013 |
|
|
Name of
Shareholder |
Number of Shares held |
% of total shares |
|
FAG Kugelfischer GmbH (the holding Company) |
8,529,183 |
51.33 |
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2013 |
31.12.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
166.200 |
166.200 |
|
(b) Reserves & Surplus |
|
9729.300 |
8628.800 |
|
(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) |
|
9895.500 |
8795.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
174.100 |
64.400 |
|
(c) Other long
term liabilities |
|
16.100 |
15.200 |
|
(d) long-term
provisions |
|
205.000 |
229.400 |
|
Total Non-current
Liabilities (3) |
|
395.200 |
309.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.000 |
0.000 |
|
(b)
Trade payables |
|
2404.700 |
1786.100 |
|
(c)
Other current liabilities |
|
488.500 |
417.700 |
|
(d) Short-term
provisions |
|
148.800 |
128.800 |
|
Total Current
Liabilities (4) |
|
3042.000 |
2332.600 |
|
|
|
|
|
|
TOTAL |
|
13332.700 |
11436.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
3983.400 |
2782.200 |
|
(ii)
Intangible Assets |
|
5.500 |
9.400 |
|
(iii)
Capital work-in-progress |
|
134.300 |
1135.500 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
43.500 |
43.500 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1765.100 |
754.300 |
|
(e) Other
Non-current assets |
|
4.600 |
4.600 |
|
Total Non-Current
Assets |
|
5936.400 |
4729.500 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1705.800 |
1422.100 |
|
(c)
Trade receivables |
|
2906.000 |
2547.100 |
|
(d) Cash
and cash equivalents |
|
2376.600 |
1948.200 |
|
(e)
Short-term loans and advances |
|
347.100 |
755.400 |
|
(f)
Other current assets |
|
60.800 |
34.300 |
|
Total
Current Assets |
|
7396.300 |
6707.100 |
|
|
|
|
|
|
TOTAL |
|
13332.700 |
11436.600 |
|
SOURCES OF FUNDS |
|
|
31.12.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
166.200 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
7134.200 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
7300.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
31.700 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7332.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1783.200 |
|
|
Capital work-in-progress |
|
|
568.400 |
|
|
Capital Advance |
|
|
501.600 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
|
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
0.000 |
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1622.500
|
|
|
Sundry Debtors |
|
|
2143.000
|
|
|
Cash & Bank Balances |
|
|
2334.200
|
|
|
Other Current Assets |
|
|
94.200
|
|
|
Loans & Advances |
|
|
927.900
|
|
Total
Current Assets |
|
|
7121.800
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
2261.700
|
|
|
Other Current Liabilities |
|
|
17.800
|
|
|
Provisions |
|
|
363.400
|
|
Total
Current Liabilities |
|
|
2642.900
|
|
|
Net Current Assets |
|
|
4478.900
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7332.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
14300.100 |
14466.500 |
12993.300 |
|
|
|
Other Income |
458.600 |
446.300 |
400.700 |
|
|
|
TOTAL (A) |
14758.700 |
14912.800 |
13394.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
5036.800 |
4782.900 |
0.000 |
|
|
|
Purchases of Stock-in-Trade |
4256.100 |
4045.300 |
0.000 |
|
|
|
Manufacturing and other expenses |
0.000 |
0.000 |
10545.900 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(322.000) |
247.700 |
0.000 |
|
|
|
Employee benefits expenses |
1191.300 |
1128.900 |
0.000 |
|
|
|
Other expenses |
2302.000 |
2057.600 |
0.000 |
|
|
|
TOTAL (B) |
12464.200 |
12262.400 |
10545.900 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2294.500 |
2650.400 |
2848.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.600 |
13.000 |
12.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2286.900 |
2637.400 |
2835.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
432.500 |
302.700 |
225.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1854.400 |
2334.700 |
2609.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
636.100 |
742.900 |
849.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1218.300 |
1591.800 |
1759.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
5739.200 |
4594.000 |
3377.500 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
350.000 |
350.000 |
350.000 |
|
|
|
Proposed Dividend |
99.700 |
83.100 |
166.200 |
|
|
|
Income Tax on Dividend |
17.600 |
13.500 |
27.000 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
6490.200 |
5739.200 |
4594.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service income |
0.200 |
17.000 |
0.500 |
|
|
|
FOB value of exports |
2219.400 |
2008.200 |
1567.500 |
|
|
|
Others |
13.900 |
11.600 |
12.300 |
|
|
TOTAL EARNINGS |
2233.500 |
2036.800 |
1580.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and components |
1731.300 |
1711.600 |
1632.200 |
|
|
|
Products Purchased for sale |
3257.700 |
3008.600 |
2556.300 |
|
|
|
Stores & Spares for maintenance of
machinery |
109.100 |
103.200 |
80.200 |
|
|
|
Capital Goods |
389.100 |
711.100 |
719.400 |
|
|
TOTAL IMPORTS |
5487.200 |
5534.500 |
4988.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
73.32 |
95.79 |
105.88 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Sales Turnover |
3115.700 |
3762.500 |
4025.600 |
|
Total Expenditure |
2699.400 |
3255.900 |
3527.100 |
|
PBIDT (Excl
OI) |
416.300 |
506.600 |
498.500 |
|
Other Income |
78.600 |
152.100 |
155.700 |
|
Operating
Profit |
494.900 |
658.700 |
654.200 |
|
Interest |
2.200 |
1.600 |
1.700 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
492.700 |
657.100 |
652.500 |
|
Depreciation |
104.900 |
112.700 |
118.800 |
|
Profit Before
Tax |
387.800 |
544.400 |
533.700 |
|
Tax |
132.000 |
185.500 |
184.600 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
255.800 |
358.900 |
349.100 |
|
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 |
255.800 |
358.900 |
349.100 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
PAT / Total Income |
(%) |
8.25
|
10.67
|
13.14
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.97
|
16.14
|
20.08
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.10
|
22.76
|
29.30
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.27
|
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.43
|
2.88
|
2.69 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.12.2012 |
31.12.2013 |
|
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
|
166.200 |
166.200 |
|
Reserves & Surplus |
|
8,628.800 |
9,729.300 |
|
Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Net
worth |
|
8,795.000 |
9,895.500 |
|
|
|
|
|
|
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 |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
12,993.300 |
14,466.500 |
14,300.100 |
|
|
|
11.338 |
(1.150) |
NET PROFIT MARGIN
|
Net Profit
Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
12,993.300 |
14,466.500 |
14,300.100 |
|
Profit After Tax |
1,759.700 |
1,591.800 |
1,218.300 |
|
|
13.54% |
11.00% |
8.52% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
FINANCIAL AND OPERATIONAL PERFORMANCE
Against
the backdrop of challenging macroeconomic situation and weak business sentiments,
the year 2013 proved to be yet another difficult year. The economy which grew
at 5% in FY 2012-13 - the slowest since a decade, continued its moderate growth
trajectory in the first half of FY 2013-14 when economy expanded by 4.6% (5.3%
in the corresponding period of FY 2012-13). It appears likely that GDP growth
in year 2013-14 may even be lower than 5%.
The
wholesale price index showed deceleration in the month of December 2013 at
6.16%. The Consumer Inflation continues to remain at around 10% reflecting
persistently high food prices, currency depreciation, fuel price adjustments
and other supply side constraints. Indian Rupee depreciated considerably during
the year 2013.
Besides
adverse economic climate, factors such as excessive import of gold and other
external imbalances contributed to this unexpected development making the cost
of imported goods dearer. Demand growth of your Company's products both from
Automotive and Industrial sector slowed down in year 2013.
The
Company continued its emphasis on innovation, R&D and sector approach.
Know-how of our customers' business and their ability to design and provide
effective value added solutions to their customers' current and future needs
provides us distinct competitive advantage in the market. The Company was
successful in developing large number of value added and energy-efficient
solutions for our customers in Automotive and Industrial sectors. At their
plants in Maneja and Savli we intensified our actions to improve quality and
reduce waste by implementing Schaeffler concepts such as MOVE, Fit for Quality
and Line Challenger.
The
Company continued its pursuit towards people excellence by promoting harmonious
work culture and by regularly undertaking various initiatives towards people development
and employee engagement.
Challenges
currently being faced by Indian economy will not disappear soon. The outcome of
forthcoming General Election in 2014 will be crucial. Prospects of single party
led stable alliance post General Elections can accelerate policy reforms and
thus facilitate fast track growth in the coming years.
The
Company has strong fundamentals, follows robust customer and innovation focused
strategy, emphasises on operational excellence and constantly empowers and
motivates its people to pursue higher goals. This gives confidence that the
Company is not only prepared to face the current challenges but is also well
placed to benefit from medium and long-term growth of Indian economy.
FINANCE
The
Company’s Income was placed at M 14,758.700 million in year 2013, slightly
lower than that in year 2012. Increased cost of traded products and lower
absorption of fixed costs impacted margins as profits from ordinary activities
declined in year 2013 to M 1,85.000 million (2012: M 2,330.000 million).
Against the backdrop of challenging environment, they consider the performance
at par with the market.
STATEMENT OF STANDALONE AUDITED
FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2014
(Rs. In
Millions)
PART I
|
Sr. No. |
Particulars |
Three Months Ended |
Year Ended |
|
|
|
31.12.2013 (Audited) |
31.12.2013 (Audited) |
||
|
1 |
Income from Operations |
|
|
|
|
a) Net sales / Income from Operations |
3,976.700 |
3,908.800 |
13,926.400 |
|
|
b) Other Operating Income |
30.300 |
30.700 |
97.700 |
|
|
|
Total income from operations
(Net) |
4,007.000 |
3,938.500 |
14,024.100 |
|
2 |
Expenses |
|
|
|
|
a) Cost of materials consumed |
1,449.300 |
1,405.400 |
5,036.800 |
|
|
b) Purchase of Stock-in-trade |
991.700 |
1,207.600 |
4,256.100 |
|
|
c) Changes in inventories of finished goods, Work-in-Progress and
stock-in-trade |
55.700 |
25.300 |
(322.000) |
|
|
d) Employees benefits expense |
374.800 |
261.600 |
1,191.300 |
|
|
e) Depreciation and amortisation expense |
120.500 |
118.800 |
432.500 |
|
|
f) Other expenses |
578.400 |
540.100 |
2,026.000 |
|
|
|
Total expenses |
3,570.400 |
3,558.800 |
12,620.700 |
|
3 |
Profit from Operations before Other Income, finance costs and Exceptional
Items (1-2) |
436.600 |
379.700 |
1,403.400 |
|
4 |
Other Income |
90.900 |
155.700 |
458.600 |
|
5 |
Profit from ordinary activities before finance costs and exceptional
items (3+4) |
527.500 |
535.400 |
1,862.000 |
|
6 |
Finance cost |
1.700 |
1.700 |
7.600 |
|
7 |
Profit from ordinary activities after finance costs but before
exceptional items (5-6) |
525.800 |
533.700 |
1,854.400 |
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
9 |
Profit from Ordinary Activities before tax (7-8) |
525.800 |
533.700 |
1,854.400 |
|
10 |
Tax expense |
179.000 |
184.600 |
636.100 |
|
11 |
Net Profit from Ordinary Activities after tax (9-10) |
346.800 |
349.100 |
1,218.300 |
|
12 |
Extraordinary Items (Net of tax expense) |
-- |
-- |
-- |
|
13 |
Net Profit for the
period (11-12) |
346.800 |
349.100 |
1,218.300 |
|
14 |
Paid-up equity share capital |
166.200 |
166.200 |
166.200 |
|
15 |
Reserves excluding Revaluation Reserves as per balance sheet of
previous accounting year |
|
|
|
|
16i |
Earnings per share (before extraordinary items) |
|
|
|
|
a) Basic |
20.87 |
21.01 |
73.32 |
|
|
b) Diluted |
20.87 |
21.01 |
73.32 |
|
|
16ii |
Earnings per share (After extraordinary items) |
|
|
|
|
a) Basic |
20.87 |
21.01 |
73.32 |
|
|
b) Diluted |
20.87 |
21.01 |
73.32 |
|
PART II
SELECT INFORMATION FOR THE QUARTER AND THREE MONTHS ENDED MARCH
31, 2014
(Rs. In
Millions)
|
Sr. No. |
Particulars |
Three Months Ended |
Year Ended |
|
|
|
31.12.2013 (Audited) |
31.12.2013 (Audited) |
||
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
- Number of shares |
8088087 |
8088087 |
8088087 |
|
|
- Percentage of shareholding |
48.7 |
48.7 |
48.7 |
|
|
2 |
Promoters and promoter group Shareholding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of Shares |
- |
- |
- |
|
|
- Percentage of shares (as a % of the total shareholding of promoter
and promoter group) |
- |
- |
- |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
- |
- |
- |
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of Shares |
8529183 |
8529183 |
8529183 |
|
|
- 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) |
51.3 |
51.3 |
51.3 |
|
|
|
Particulars |
3 Months Ended 31.03.2014 |
|
B |
INVESTOR
COMPLAINTS [Nos.] |
|
|
|
Pending at the beginning of the quarter |
- |
|
|
Received during the quarter |
- |
|
|
Disposed of during the quarter |
- |
|
|
Remaining unresolved at the end of the quarter |
- |
NOTES:
1) The business of the Company falls under a
single primary segment i.e. "Ball / Roller Bearings and related
components" for the purpose of Accounting Standard AS - 17.
2) The figures for the preceding 3 months
ended December 31, 2013 are the balancing figure between audited figures in
respect of the full previous financial year and the published year to date
figures up to the third quarter of previous financial year. Also, the figures
up to the end of third quarter were reviewed and not subjected to audit.
3) The above financial results were reviewed
by the Audit Committee and approved by the Board of Directors at the meeting
held on April 24, 2014.
4) The Statutory Auditors have performed a
"Limited Review" of the above financial results for the three months
ended March 31, 2014.
5) The figures of the previous periods have
been regrouped wherever necessary to conform to the current period's
presentation.
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF
Claims
against the Company not acknowledged as debts:
(a)
Employees
and ex-employees related matters:
|
Particulars
|
31.12.2013 |
|
(i) Matters pending in labour court / civil court / high
court for reinstatement of service / recovery of salary |
54.500 |
|
(ii) Applicability of Provident Fund on certain benefits
to employees |
230.000 |
|
(iii) Demand for discontinuing of contract system and
for differential wages |
63.900 |
|
(iv) Applicability of Employees State Insurance on
certain benefits paid to the employees |
8.000 |
|
Total
|
356.400 |
(b) Indirect tax:
|
Particulars
|
31.12.2013 |
|
(i)
Sales tax |
|
|
For non receipt of C Forms and rejection of Company's claim
of certain sales as exempt sales in respect of assessment years 2003-04, 2004-05,
2005-06, 2007-08 and 2008-09 |
24.000 |
|
(ii)
Service tax |
|
|
In respect of matters where the Company has received
favourable orders / partial relief from the First Appellate authorities but the Central
Excise and Customs Department is pursuing further with higher Appellate authorities
(excluding the matters if not ultimately allowed, would be allowed in the following assessment
years) |
2.100 |
(c) Income tax:
|
Particulars
|
31.12.2013 |
|
In respect of matters decided against the Company, for
which the Company is in appeal with higher authorities |
95.600 |
|
In respect of matters where the Company has received favourable
orders / partial relief from the First Appellate authorities but the Income Tax
Department is pursuing further with higher Appellate authorities (excluding the matters
if not ultimately allowed, would be allowed in the following assessment years) |
159.300 |
FIXED ASSETS:
v Freehold Land
v Leasehold Land
v Buildings
v Plant and
Equipment
v Furniture &
Fixtures
v Office Equipments
v Vehicles
v Software
v Technical know-how
fees
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] Cort Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.99 |
|
|
1 |
Rs. 101.75 |
|
Euro |
1 |
Rs. 83.48 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
66 |
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.