MIRA INFORM REPORT
|
Report Date : |
07.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
REDINGTON INDIA LIMITED |
|
|
|
|
Registered
Office : |
SPL Guindy House,
95, Mount Road, Guindy, Chennai – 600032, Tamilnadu |
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Country : |
India |
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|
|
Financials (as
on) : |
31.03.2014 |
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|
|
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Date of
Incorporation : |
02.05.1961 |
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|
Com. Reg. No.: |
18-028758 |
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Capital
Investment / Paid-up Capital : |
Rs.798.964 Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
L52599TN1961PLC028758 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHER00540B |
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|
|
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PAN No.: [Permanent Account No.] |
AABCR0347P |
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Legal Form : |
A Public Limited Liability
Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Trading,
Importing and Distributing of Computers, Computer Peripherals, Printers,
Plotters and Spares including after sales service. |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Exist |
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Comments : |
Subject is an established company having good track record. Financial position of the company is sound. Fundamentals are strong. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the Companies
Act is the latest manifestation of a messy fight between a father and his
adopted son for the control of Rs 40000 mn business empire. The Central Bureau
of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as
bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: “AA-” |
|
Rating Explanation |
High degree of safety and carry lowest
credit risk. |
|
Date |
07.07.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: “A1+” |
|
Rating Explanation |
Very strong degree of safety and carry lowest
credit risk. |
|
Date |
07.07.2014 |
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE (91-44-42243353)
LOCATIONS
|
Registered Office : |
SPL Guindy House,
95, Mount Road, Guindy, Chennai – 600032, Tamilnadu, India |
|
Tel. No.: |
91-44-22353313/
14/ 15/ 16/ 17/ 18/ 42243281/ 42243499/ 42243353/ 42243352 |
|
Fax No.: |
91-44-22352790/ 22253799 |
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E-Mail : |
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Website : |
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Corporate Office : |
Ground Floor, "Centre Point", Plot No.8 and 11
(SP), Thiru-Vi-Ka Industrial Estate, Ekkaduthangal, Guindy, Chennai – 600032,
Tamilnadu, India |
|
Tel. No.: |
91-44-42243353 |
|
Fax No.: |
91-44-42243148 |
|
E-Mail : |
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Warehouse: |
Shed B, No 2,
Kalkaji Industrial Area, New
Delhi – 110019, India |
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Sales Office : |
Plot No-557,
Saheed Nagar, Bhubaneswar – 751007, Orissa, India LOCATED AT : · Agra ·
Chandigarh ·
Dehradun ·
Delhi ·
Jammu
and Kashmir ·
Jaipur ·
Varanasi ·
Bangalore ·
Calicut ·
Chennai ·
Cochin ·
Coimbatore ·
Hubli ·
Hyderabad ·
Madurai ·
Mysore ·
Pondicherry ·
Tirunelveli ·
Trichy ·
Trivandrum ·
Vijayawada ·
Visakhapatnam
·
Jamshedpur ·
Guwahati ·
Kolkata ·
Patna ·
Ranchi ·
Ahmedabad ·
Baroda ·
Bhopal ·
Goa ·
Indore ·
Mumbai ·
Nagpur ·
Nasik ·
Pune ·
Raipur ·
Surat |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Professor J. Ramachandran |
|
Designation : |
Chairman |
|
Expertise in
Specific Functional Area : |
Strategic Management ; International Business |
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|
Name : |
Mr. R. Shrinivasan |
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Designation : |
Managing Director |
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|
Name : |
Mr. Raj Shankar |
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Designation : |
Joint Managing Director |
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Name : |
Mr. M. Raghunandan |
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Designation : |
Whole Time Director |
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Name : |
Mr. R. Jayachandran |
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Designation : |
Director |
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|
Name : |
Mr. Tu Shu-Chyuan |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Lin Tai Yang |
|
Designation : |
Director |
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Expertise in Specific
Functional Area : |
Accounting and Business Strategy |
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|
|
|
Name : |
Mr. Nainesh Jaisingh |
|
Designation : |
Director |
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Expertise in
Specific Functional Area : |
Business Strategy |
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|
|
|
Name : |
Mr. V S Hariharan |
|
Designation : |
Director |
|
Expertise in
Specific Functional Area : |
Business Strategy |
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|
|
|
Name : |
Mr. N. Srinivasan |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Keith WF Bradley |
|
Designation : |
Director |
|
Expertise in Specific Functional Area : |
Business Strategy |
KEY EXECUTIVES
|
Name : |
Mr. M. Muthukumarasamy |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
73282932 |
18.34 |
|
|
73282932 |
18.34 |
|
Total shareholding of Promoter and Promoter Group (A) |
73282932 |
18.34 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
30758809 |
7.70 |
|
|
21285 |
0.01 |
|
|
161098066 |
40.32 |
|
|
191878160 |
48.02 |
|
|
|
|
|
|
20989602 |
5.25 |
|
|
|
|
|
|
5975088 |
1.50 |
|
|
2701828 |
0.68 |
|
|
104768410 |
26.22 |
|
|
216116 |
0.05 |
|
|
918771 |
0.23 |
|
|
102245940 |
25.59 |
|
|
245786 |
0.06 |
|
|
844640 |
0.21 |
|
|
12811 |
0.00 |
|
|
284346 |
0.07 |
|
|
134434928 |
33.64 |
|
Total Public shareholding (B) |
326313088 |
81.66 |
|
Total (A)+(B) |
399596020 |
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) |
399596020 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading,
Importing and Distributing of Computers, Computer Peripherals, Printers,
Plotters and Spares including after sales service. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by
the management |
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Bankers : |
Bankers – ·
ANZ Banking Group Limited ·
Axis Bank Limited ·
Bank of Nova Scotia ·
Barclays Bank PLC ·
BNP Paribas ·
Citibank ·
DBS Bank Limited ·
Deutsche Bank ·
First Rand Bank Limited ·
HDFC Bank Limited ·
ICICI Bank Limited ·
IDBI Bank Limited ·
IndusInd Bank Limited ·
ING Vysya Bank Limited ·
Kotak Mahindra Bank Limited ·
Standard Chartered Bank ·
State Bank of India ·
The Bank of Tokyo-Mitsubishi UFJ, Limited ·
The Hongkong and Shanghai Banking
Corporation Limited ·
The Ratnakar Bank Limited ·
The Royal Bank of Scotland ·
Yes Bank Limited Bankers – Overseas ·
Axis Bank, Dubai ·
Bank of Baroda, Dubai ·
Barclays Bank, Dubai ·
BNP Paribas, Dubai ·
Dubai Islamic Bank, Dubai ·
Emirates NBD Bank, Dubai ·
First Gulf Bank, Dubai ·
HSBC, Dubai ·
ICICI Bank, DIFC, Dubai ·
Macquarie Bank, London ·
Mashreqbank, Dubai ·
National Bank of Fujairah, Dubai ·
Standard Chartered Bank, Dubai ·
BNP Paribas, Singapore ·
HSBC, Singapore ·
ICICI Bank, Singapore ·
Maybank, Singapore ·
OCBC Bank, Singapore ·
Standard Chartered Bank, Singapore ·
UCO Bank, Singapore |
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Facilities : |
NOTE: Loans from Banks are secured by pari-passu charge on Inventories
and Trade receivables. Commercial Paper: There are no amounts outstanding as at
March 31, 2014 and March 31, 2013 and the maximum amount outstanding at any
time during the year was Rs. 5500.000 Millions (Previous Year Rs. 5750.000
Millions). |
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|
Banking
Relations : |
-- |
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|
|
|
Statutory Auditors
: |
|
|
Name : |
Deloitte Haskins
and Sells Chartered
Accountants |
|
Address: |
2nd
Floor, “Temple Tower, 672, Anna Salai, Nandanam, Chennai – 600035, Tamilnadu,
India |
|
Tel. No.: |
91-44-52131124-28 |
|
Fax No.: |
91-44-52131129 |
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|
|
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Internal Auditors: |
|
|
Name : |
Price Waterhouse Coopers Chartered Accountant |
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Party
where the Company has control : |
Redington Employee Share Purchase Trust * |
|
|
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|
Parties
having Significant Influence on the Company : |
·
Harrow Investment Holding Limited
(formerly known as Redington (Mauritius) Limited), Mauritius * ·
Synnex Mauritius Limited, Mauritius * |
|
|
|
|
Subsidiary
Companies : |
· Nook Micro Distribution Limited, India * · Cadensworth (India) Limited, India* · Easyaccess Financial Services Limited* (Ceased to be Subsidiary w.e.f January 22,2014 (Refer note-35))* · Redington International Mauritius Limited, Mauritius* · Redington International (Holdings) Limited, Cayman Islands Ą · Redington Gulf FZE, Dubai · Cadensworth FZE, Dubai* · Redington Gulf & Co. LLC, Oman · Redington Nigeria Ltd, Nigeria · Redington Egypt Ltd, Egypt · Redington Kenya Ltd, Kenya · Redington Middle East LLC, Dubai · Redington Qatar WLL, Qatar · Ensure Services Arabia LLC, Saudi Arabia (formerly known as Redington Arabia Limited, Saudi Arabia) · Redington Africa Distribution FZE. Dubai · Ensure Services Bahrain SPC, Bahrain (formerly known as Redington Bahrain SPC, Bahrain) · Redington Distribution Pte Ltd, Singapore * · Redington Bangladesh Limited, Bangladesh · Redington Qatar Distribution WLL, Qatar · Redington Kenya EPZ Ltd, Kenya · Redington Limited, Ghana · Redington Uganda Limited, Uganda · Africa Joint Technical Services, Libya · RGF Private Trust Company Limited, Cayman Islands · Redington Gulf FZE Co, Iraq · Cadensworth United Arab Emirates LLC, Dubai · Redington Morocco Limited, Morocco · Redington Tanzania Ltd., Tanzania · Redington SL (Private) Limited, Sri lanka · Redington Angola Limited, Angola · Redington Turkey Holdings S.A.R.L, Luxembourg · Arena Bilgisayar Sanayi Ve Ticaret Anonim Sirketi, Turkey # · Arena International FZE, UAE · Ensure IT Services PTY Limited, South Africa · ProConnect Supply Chain Solutions Limited, India* · Ensure Gulf FZE, Dubai · Ensure Technical Service (PTY) Limited, South Africa · Ensure Middle East Trading LLC,UAE · Ensure Technical Services Kenya Limited, Kenya · Ensure Technical Services Tanzania Limited, Tanzania · Ensure Services Uganda Limited, Uganda · Ensure Solutions Nigeria Limited, Nigeria · Redington Rwanda Limited, Rwanda · Redington Kazakhstan LLP, Kazakhstan Republic · Sensonet Teknoloji Elelektronik Ve Bilisim Hizmetlen Sanayi- Ve Ticaret Limited Sirketi, Turkey ·
·
Formed
during the year · Ensure Supply Chain Logistics LLC, Dubai · Ensure Ghana Limited, Ghana · Ensure Support Services (India) Limited, India* · Ensure Technical Services Morocco Limited(SARLAU), Morocco · Ensure Digital FZ LLC, Dubai ·
·
Acquired
during the year · ADEO Bilisim Danismanlik Hizmetleri San. ve Tic.A.S., Turkey ^ |
|
|
|
|
Associate Subsidiary
of Associate : |
·
Redington (India) Investments
Limited, India * ·
Currents Technology Retail (India)
Limited, India * |
*
Represents related parties with whom transactions have taken place during the
year.
# As
Redington Turkey Holdings S.A.R.L. has effective control over the composition
of Board of Directors, Arena Bilgisayar Sanayi Ve Ticaret Anonim Sirketi is
considered as subsidiary.
^ Arena
Bilgisayar Sanayi Ve Ticaret Anonim Sirketi, the step down subsidiary acquired
50% shares.
Ą
Redington International Holdings Limited got merged with Redington
International Mauritius Limited on July 10, 2013.
Related Parties have been identified by the management.
CAPITAL STRUCTURE
AS ON 31.07.2014
Authorised Capital : Rs. 850.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.
799.192 Millions
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
425000000 |
Equity Shares |
Rs.2/- each |
Rs.850.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
399481820 |
Equity Shares |
Rs.2/- each |
Rs.798.964 Millions |
|
|
|
|
|
Reconciliation of the shares outstanding at the
beginning and at the end of the reporting period;
|
Equity Shares |
Number
of Shares |
Rs.
In Millions |
|
At the beginning of the year |
399152570 |
798.305 |
|
Allotted during the year under Employee Stock Option, 2008
issued during the year |
329250 |
0.659 |
|
Outstanding at the end of the year |
399481820 |
78.964 |
Terms/rights attached to equity shares
Each holder of equity
share is entitled to one vote per share. The Company declares and pays
dividends in Indian rupees. For the year ended March 31, 2014 a dividend of
Rs.0.90 per equity share has been proposed by the Board of Directors (Previous
year Rs.0.40 per equity share). The dividend proposed by the Board of Directors
is subject to the approval of the shareholders at the ensuing Annual General
Meeting which includes an agenda item to consider declaration of dividend.
Shares held by
shareholders holding more than 5% of the paid-up equity capital
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Harrow Investment Holding Limited (formerly known as Redington (Mauritius)
Limited) |
84027302 |
21.03 |
|
Synnex Mauritius Limited |
94295940 |
23.60 |
|
Standard Chartered Private Equity
(Mauritius) Limited |
47686500 |
11.94 |
|
SBI Mutual Fund |
16500939 |
4.13 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
798.964 |
798.305 |
797.156 |
|
(b) Reserves & Surplus |
11868.547 |
9856.375 |
8292.578 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
12667.511 |
10654.680 |
9089.734 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
90.607 |
71.009 |
66.370 |
|
Total Non-current Liabilities
(3) |
90.607 |
71.009 |
66.370 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
3570.245 |
6192.673 |
6207.150 |
|
(b) Trade
payables |
11239.236 |
9256.278 |
9643.911 |
|
(c) Other current
liabilities |
2311.193 |
1941.875 |
1214.877 |
|
(d) Short-term
provisions |
427.379 |
198.195 |
193.773 |
|
Total Current
Liabilities (4) |
17548.053 |
17589.021 |
17259.711 |
|
|
|
|
|
|
TOTAL |
30306.171 |
28314.710 |
26415.815 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
929.980 |
665.544 |
717.106 |
|
(ii)
Intangible Assets |
11.494 |
1.775 |
4.405 |
|
(iii)
Capital work-in-progress |
39.907 |
153.030 |
86.793 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4836.953 |
6591.164 |
5904.289 |
|
(c) Deferred tax assets (net) |
105.118 |
67.518 |
50.685 |
|
(d) Long-term Loan and Advances |
909.000 |
696.221 |
373.927 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
6832.452 |
8175.252 |
7137.205 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
8304.857 |
7718.634 |
8169.938 |
|
(c) Trade
receivables |
12350.849 |
9330.191 |
8341.746 |
|
(d) Cash
and cash equivalents |
925.895 |
1503.796 |
618.183 |
|
(e)
Short-term loans and advances |
1892.118 |
1586.837 |
2148.743 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
23473.719 |
20139.458 |
19278.610 |
|
|
|
|
|
|
TOTAL |
30306.171 |
28314.710 |
26415.815 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue for Operations |
112566.184 |
104096.642 |
98404.052 |
|
|
|
Other Income |
480.322 |
448.831 |
310.751 |
|
|
|
TOTAL |
113046.506 |
104545.473 |
98714.803 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of trading Stocks |
106733.115 |
97762.758 |
93804.580 |
|
|
|
Employees Benefits |
1013.020 |
1020.906 |
975.327 |
|
|
|
Other Expense |
2514.264 |
1882.500 |
1718.087 |
|
|
|
Changes in Inventories |
(586.223) |
451.304 |
(995.631) |
|
|
|
Profit on sale of long-term investment |
(657.566) |
0.000 |
0.000 |
|
|
|
TOTAL |
109016.610 |
101117.468 |
95502.363 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4029.896 |
3428.005 |
3212.440 |
|
|
|
|
|
838.566 |
|
|
|
Less |
FINANCIAL
EXPENSES |
769.471 |
|
774.043 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3260.425 |
2589.439 |
2438.397 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
106.046 |
100.036 |
105.476 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3154.379 |
2489.403 |
2332.921 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
756.500 |
775.667 |
764.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2397.879 |
1713.736 |
1568.121 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5674.365 |
4251.563 |
2683.442 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
8072.244 |
5965.299
|
4251.563 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Supplier Rebates and Discounts |
-- |
-- |
1593.298 |
|
|
|
Rebates |
725.327 |
1698.066 |
-- |
|
|
|
Dividend Income |
57.825 |
62.686 |
19.127 |
|
|
|
Warranty Claims |
241.891 |
181.939 |
-- |
|
|
|
FOB Value of Exports |
165.924 |
61.784 |
67.452 |
|
|
|
Others |
5.212 |
1.092 |
-- |
|
|
TOTAL EARNINGS |
1196.179 |
2005.567 |
1679.877 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Trading Stocks |
13419.250 |
23869.945 |
35549.037 |
|
|
TOTAL IMPORTS |
13419.250 |
23869.945 |
35549.037 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.01 |
4.29 |
3.94 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
|
|
1st
Quarter |
|
Net Sales |
26797.000 |
|
Total Expenditure |
26278.100 |
|
PBIDT (Excl OI) |
518.900 |
|
Other Income |
204.700 |
|
Operating Profit |
723.600 |
|
Interest |
166.100 |
|
Exceptional Items |
0.000 |
|
PBDT |
557.500 |
|
Depreciation |
30.100 |
|
Profit Before Tax |
527.400 |
|
Tax |
154.400 |
|
Provisions and
contingencies |
0.000 |
|
Profit After Tax |
373.000 |
|
Extraordinary
Items |
0.000 |
|
Prior Period
Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
373.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
2.12 |
1.64 |
1.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.80 |
2.39 |
2.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.46 |
11.58 |
11.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
0.23 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.28 |
0.58 |
0.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34 |
1.15 |
1.12 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
797.156 |
798.305 |
798.964 |
|
Reserves & Surplus |
8292.578 |
9856.375 |
11868.547 |
|
Net
worth |
9089.734 |
10654.680 |
12667.511 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
6207.150 |
6192.673 |
3570.245 |
|
Total
borrowings |
6207.150 |
6192.673 |
3570.245 |
|
Debt/Equity
ratio |
0.683 |
0.581 |
0.282 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
98404.052 |
104096.642 |
112566.184 |
|
|
|
5.785 |
8.136 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
98404.052 |
104096.642 |
112566.184 |
|
Profit |
1568.121 |
1713.736 |
2397.879 |
|
|
1.59% |
1.65% |
2.13% |
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 |
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 |
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 |
LITIGATION DETAILS:
CHENNAI COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status : |
Pending |
|
|
|
|
Status of : |
|
|
Case No.: |
10497 |
|
Year: |
2014 |
|
Petitioner: |
M/S.RELITRONICS INDIA PRIVATE LIMITED |
|
Respondent: |
REDINGTON INDIA LIMITED, REP. |
|
Pet’s Advocate: |
M/S.R.SRINIVAS |
|
|
|
|
Res’s Advocate: |
CAUSING SERVICE FILED |
|
Category : |
Petition under Section 482 cr. PC |
|
|
Last Listed on :
No Data Mentioned |
|
Case Update on: |
Jul 17 2014 |
INDEX OF CHARGE:
|
SR. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10461220 |
30/10/2013 |
200,000,000.00 |
YES BANK LIMITED |
NEHRU CENTRE, 9TH
FLOOR, DISCOVERY OF INDIA, DR. |
B89943484 |
|
2 |
10451729 |
10/09/2013 |
200,000,000.00 |
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED |
CNERGY, 6TH FLOOR, APPASAHEB MARATHE MARG, PRABHADEVI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B86028792 |
|
3 |
10337562 |
30/01/2012 |
690,000,000.00 |
DBS BANK LIMITED |
806, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
B32961658 |
|
4 |
10281390 |
31/03/2011 |
625,000,000.00 |
DBS BANK LIMITED |
806, ANNA SALAI, CHENNAI, TAMILNADU - 600001, INDIA |
B11099298 |
|
5 |
10243409 |
24/09/2010 |
500,000,000.00 |
BNP PARIBAS |
PRINCE TOWERS, 3RD FLOOR, 25/26, COLLEGE ROAD, CHENNAI, TAMILNADU - 600006, INDIA |
A96363668 |
|
6 |
10144460 |
18/05/2011 * |
600,000,000.00 |
ING VYSYA BANK LTD |
NO 185, ANNA SALAI,
CHENNAI, CHENNAI, TAMILNADU |
B14297105 |
|
7 |
10119092 |
11/06/2014 * |
200,000,000.00 |
BARCLAYS BANK PLC |
KBK TOWERS, 2
FLOOR, NO 33, 33/1 WEST RAJA STREET, OPP TO KUMARA KOTTAM, KANCHIPURAM,
TAMILNADU - |
C09336496 |
|
8 |
10100005 |
26/07/2011 * |
1,250,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B18474098 |
|
9 |
10075232 |
22/06/2009 * |
600,000,000.00 |
HDFC BANK LIMITED |
MARIAM CENTRE, MOUNT ROAD, CHENNAI, TAMILNADU - 600002, INDIA |
A65692758 |
|
10 |
10047152 |
16/12/2013 * |
3,270,000,000.00 |
STANDARD CHARTERED BANK |
19 RAJAJI SALAI, CHENNAI, TAMILNADU - 600001, INDIA |
B92483528 |
|
11 |
90288237 |
22/04/2013 * |
1,000,000,000.00 |
THE BANK OF NOVA SCOTIA |
CLASSIC TOWERS, 1547, TRICHY ROAD, COIMBATORE, TAMILNADU - 641018, INDIA |
B75185694 |
|
12 |
90297210 |
10/07/2013 * |
1,100,000,000.00 |
CITIBANK N. A. |
NO.2, CLUBHOUSE ROAD, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
B80938293 |
|
13 |
90297899 |
17/09/2001 |
100,000,000.00 |
THE VYSYA BANK LTD. |
185 ANNA SALAI, CHENNAI, TAMILNADU - 600006, INDIA |
- |
|
14 |
90296466 |
04/02/2014 * |
850,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B97568406 |
|
15 |
90297785 |
13/01/1999 |
77,000,000.00 |
STATE BANK OF TRAVANCORE |
MOUNT ROAD BRANCH, 162; ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
- |
|
16 |
90296385 |
02/07/1997 |
70,000,000.00 |
THE VYSYS BANK LIMITED |
MOUNT ROAD BRANCH, 185; ANNA SALAI, CHENNAI, TAMILNADU - 600006, INDIA |
- |
|
17 |
90297669 |
14/08/2006 * |
60,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPN BANK LIMITED |
NO 76, CATHDRAL ROAD, CHENNAI, TAMILNADU - 600086, INDIA |
- |
|
18 |
90287380 |
26/03/2013
* |
2,370,000,000.00 |
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
30 RAJAJI SALAI,
CHENNAI, TAMIL NADU - 600001, INDIA |
B73460818 |
* Date of charge modification
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2013 Rs.
In Millions |
|
Short Term
Borrowings |
|
|
|
Loans from Banks |
238.755 |
1610.795 |
|
Total |
238.755 |
1610.795 |
FINANCIAL PERFORMANCE
The stand-alone revenue of your Company was Rs. 113047.000 Millions as against Rs. 104546.000 Millions in the previous year with a CAGR of 16% for five years and the profit after tax was Rs. 2398.000 Millions as against Rs. 1714.000 Millions in the previous year with CAGR of 25% for the last five years.
EPS on standalone basis has increased to Rs 6.01 in the year under review from Rs. 4.29 in the previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC OUTLOOK
The
Company has a wide geographic presence in the regions of India, South Asia,
Middle East, Turkey, Africa (META) and CIS countries. Due to liberalization
across several of these economies, they are significantly influenced by the
sentiments and developments of the global economy. Therefore analyzing
developments in the global and domestic economies during 2013 and assessing
future prospects become important for a meaningful analysis of your Company's
performance.
GLOBAL
After
the economic slowdown, global economies showed signs of recovery in 2012 and
even some stability in 2013. Economic developments during 2013 were
characterized by uncertainty surrounding monetary policies. Monetary policy
changes and fiscal volatility in the large economies, especially those of the
US and the Eurozone, led to the destabilising of capital inflows and wide
fluctuations in exchange rates. Policy changes in the developing economies
continued to be conservative and growth softer than expected. The geo-political
tensions in the African region and parts of Eurasia posed a threat to the
development of adjacent and dependent economies.
Normalization
of monetary policy is a big influencing factor that affects economic recovery
even in advanced economies. The ongoing efforts in the USA to strengthen
monetary policy are expected to gradually help normalize fiscal policies and
investor sentiments of developing economies. Reports by various international
agencies on the global economic outlook are positive, though with certain
caveats. According to the IMF report, in emerging markets and developing
economies, growth is expected to pick up gradually from 4.7% in 2013 to about
5% in 2014 and 5.25% in 2015. World growth is projected at 3.6% in 2014 and at
3.9% in 2015. The report further mentions that more policy efforts are needed
to fully restore confidence; ensure robust growth and lower downside risks.
According to a BCG report, both India and China are on the threshold, poised
for huge growth.
The
average spending of consumers in both the countries is likely to be $10
trillion by the year 2020. Consumerism is creeping into these large economies.
Indian children today are likely to consume nearly thirteen times as much as
their grand-parents did at comparable ages.
INDIA
The
economic growth during the last year was slower than expected. The annual
industrial production in Indian industry contracted for the first time in the
last three decades, due to spiraling inflation coupled with volatile exchange
and interest rates and lackluster consumer demand. But despite the dull
environment, corporate houses delivered modest results. For its part, the
Reserve Bank tried to check inflation by hiking interest rates.
OECD
has reported that the outlook for emerging Asian markets remains robust over
the medium term, anchored by the steady rise in domestic demand. The GDP is
expected to grow by 6.9% per annum in the period 2014-18. The World Bank has
reported that India's economy will grow over 6% in 2014-15 and 7.1% by 2016-17
as global demand recovers and domestic investment increases. With a new and
stable government at the Centre, the analysts expect new macroeconomic reforms
to address some of the policy concerns. The agenda includes quick policy
decisions, state-of-the-art infrastructure, curtailing of subsidies, and
normalization of the current account deficit and currency depreciation.
SEGMENT-WISE
PERFORMANCE ANALYSIS
The Company identified Geographical Segment as the primary segment based on the similarity of risks and returns of the operation of business in different countries or other geographical areas.
Geographical segments reported are India and Overseas. Secondary segment identified are Distribution, Financial Service business and others. Both in India as well as overseas, the Company has performed reasonably well during this fiscal year. Despite a subdued demand environment in India and Turkey, Geo political tensions in MEA region and wide fluctuation in USD- Turkish Lira exchange rate, the Company has managed to post double digit growth in its revenue and earnings in the year. The Revenue and Profit growth were bettered in each of the quarters last year, indicating better outlook in the ensuing quarter.
The Company's consolidated financial performance is marked by healthy revenue and profit mix from both domestic and overseas markets and a strong market position in both these markets. It may be heartening to note that the Company continued its leadership position in MEA Markets this year also.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
i. Corporate Guarantees on behalf of subsidiaries |
0.000 |
5702.550 |
|
ii. Bills Discounted |
939.664 |
461.976 |
|
iii. Channel financing |
460.370 |
435.000 |
|
iv. Factoring |
821.250 |
952.500 |
|
v. Claims not acknowledged as debts |
33.768 |
25.316 |
vi. Disputed Customs
Duty/Income Tax/Sales Tax demands
|
Nature of Dues |
31.03.2014 (Rs. In Millions) |
31.03.2013 (Rs. In Millions) |
|
Customs duty |
9.703 |
11.088 |
|
Income Tax |
1896.447 |
79.539 |
|
Sales Tax |
181.364 |
100.663 |
The Income Tax Assessment for the Accounting Year ended on March 31, 2009 has been completed in January 2014 resulting in a tax demand of Rs. 1290.000 Millions (besides interest of Rs. 780.000 Millions) mainly on account of tax on Capital Gain arising from Transfer of Company's investment in an overseas subsidiary to another overseas step-down subsidiary in November 2008.
The Company has preferred an appeal against the said demand before the Income Tax Appellate Tribunal (ITAT), Chennai. The Company has paid Rs. 220.000 Millions under protest and the ITAT has granted stay for recovery of balance tax demand till August 31, 2014 or disposal of the case whichever is earlier.
Based on eminent tax counsels opinion the management is hopeful of successfully contesting the demand in appeal; accordingly no provision towards the disputed tax claim is presently considered necessary.
UNAUDITED FINANCIAL RESULTS FOR QUARTER ENDED 30.06.2014
(Rs. In Millions)
|
Particulars |
Quarter Ended (Unaudited) |
|
|
30.06.2014 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
26797.000 |
|
b) Other operating income |
0.000 |
|
Total
income from Operations(net) |
26797.000 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
27229.200 |
|
b) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(1655.800) |
|
c) Employees benefit expenses |
196.500 |
|
d) Depreciation and amortization expenses |
30.100 |
|
e) Other expenditure |
508.200 |
|
Total expenses |
26308.200 |
|
3. Profit from operations before other income and
financial costs |
488.800 |
|
4. Other income |
204.700 |
|
5. Profit from ordinary activities before finance costs |
693.500 |
|
6. Finance costs |
166.100 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
527.400 |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
527.400 |
|
10.Tax expenses |
154.400 |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
373.000 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
373.700 |
|
14.Paid-up equity share capital (Nominal value Rs.2/- per share) |
799.100 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.2/- each) (not annualised): |
|
|
(a) Basic |
0.93 |
|
(b) Diluted |
0.93 |
|
|
|
|
|
|
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
315545418 |
|
- Percentage of shareholding |
79 |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
Nil |
|
b) Non Encumbered |
|
|
Number of shares |
84027302 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100 |
|
Percentage of shares (as a % of total share capital of the
company) |
21 |
|
|
|
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unreserved at the end of the quarter |
Nil |
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
30.06.2014 (
Unaudited) |
|
|
30.06.2014 |
|
1.
Segment Revenue |
|
|
a. India |
28964.900 |
|
b. Overseas |
42661.500 |
|
Total |
71626.400 |
|
Less : Inter Segment Revenue |
67.700 |
|
Net
Sales |
71558.700 |
|
|
|
|
2. Segment
Result (Profit
before Interest and Tax) |
|
|
a. India |
779.700 |
|
b. Overseas |
703.700 |
|
Total |
1483.400 |
|
Less
: Interest |
398.800 |
|
Total
Profit before Exceptional items and Tax |
1084.600 |
|
Less:
Exceptional Items |
0.000 |
|
Loss on sale of long-term
investment |
0.000 |
|
Profit
before Tax |
1084.600 |
|
3.
Capital Employed |
|
|
a. India |
8295.300 |
|
b. Overseas |
13687.400 |
|
Total |
21982.700 |
NOTE
1. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on July 31, 2014.
2. the Company and its fifty subsidiaries as at June 30, 2014 (including 46
overseas subsidiaries and step-down subsidiaries) operate in India, Middle
East, Turkey, Africa and other South Asian countries. The Company and its
subsidiaries are engaged mainly in Information Technology product distribution
business besides supply chain solutions and after sales service of Information
technology products.
As the revenue from the overseas operations constitutes more than 10% of the
total revenue, geographical segment has been considered as primary segment in
consolidated segment results.
3. During the Quarter,
i. The Company has made an additional equity investment of USD 5 Million (Rs.
292.463 Millions) in its wholly-owned subsidiary Redington International
Mauritius Limited in May 2014.
ii. Redington Senegal Limited SARL, a wholly owned overseas step-down
subsidiary was incorporated in Senegal and has commenced its operations in June
2014.
iii. The Company has in April 2014, transferred the fixed assets and
inventories of the after sales support services to its wholly owned subsidiary
Ensure Support Services (India) Limited formed for this purpose.
4. During the Quarter, 67,840 equity shares of Rs 2/- each, at a premium of Rs.
24/- per share and 23,060 equity shares of Rs. 2/- each, at a premium of Rs.
77.30/- per share were allotted to employees under the ESOP Scheme.
Consequently the share capital has increased by Rs. 0.182 Millions. 179,466
options were outstanding to be exercised as on June 30, 2014.
5. Other income for the quarter includes profit of Rs. 121.500 Millions on
disposal of an asset.
6. Tax expense comprises of Current tax and Deferred tax. Tax on Distribution
of Dividend for the year ended March 31, 2014 will be appropriated from
Reserves and Surplus in the Balance Sheet.
7. The Income Tax Assessment for the Accounting Year ended on March 31, 2009
was completed in January 2014 resulting in a tax demand of Rs. 1290.000
Millions (besides interest of Rs 780.000 Millions) mainly on account of tax on
Capital Gain arising from Transfer of Company s investment in an overseas
subsidiary to another overseas step-down subsidiary in November 2008 and other
demands on transfer pricing related disallowances. The Company preferred an
appeal against the said demand before the Income Tax Appellate Tribunal. The
Appeal has been disposed off entirely in favour of the Company. In view of this
favourable disposal of the said appeal the amount of Rs 220.000 Millions paid
under protest would be refundable to the Company together with mandatory
interest.
8. (i). The figures of the previous periods have been regrouped wherever
necessary to conform to classification of the current Quarter.
(ii). Figures for the Quarter ended March 31, 2014 are the balancing figures
between the audited figures in respect of the full financial year ended March
31, 2014 and the published year-to-date unaudited figures up to the third
Quarter Ended December 31, 2013.
(iii). Consequent to sale of the Company’s investment in its erstwhile wholly
owned subsidiary Easyaccess Financial Services Limited in the fourth Quarter of
the financial year ended March 31, 2014, the figures of current Quarter are not
comparable with those relating to Quarters Ended June 30, 2013 and March 31,
2014.
9. Company continues to adopt the same depreciation rates as in earlier years,
based on the effective life of each category of assets as estimated by the
management and these rates are however higher than the rates prescribed under
Schedule II to the Companies Act, 2013.
10. A Limited Review of the standalone and consolidated financial results of
the Company has been carried out by the statutory auditors. A similar review of
the financial results of the overseas and Indian subsidiaries and an associate
has been conducted by the respective statutory auditors.
FIXED ASSETS:
Tangible Assets
· Land (Freehold)
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
· Computers
· Vehicles
Intangible Assets
· Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.61.39 |
|
UK Pound |
1 |
Rs.98.00 |
|
Euro |
1 |
Rs.76.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
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 |
|
64 |
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.