MIRA INFORM REPORT
|
Report Date : |
12.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
ESS DEE ALUMINIUM
LIMITED (w.e.f. 14.06.2006) atlanta vinyl private limited amalgamated with ESS DEE ALUMINIUM LIMITED |
|
|
|
|
Formerly Known
As : |
ESS DEE ALUMINIUM PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
10.02.2004 |
|
|
|
|
Com. Reg. No.: |
21-170941 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 320.478 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27203WB2004PLC170941 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUME05284G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCE3113G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of
Aluminum Foil based high-end packaging solutions for pharmaceuticals and FMCG
Industry. |
|
|
|
|
No. of Employees
: |
Not Divulged [We tried to confirm the number of employees but no one
is ready to part any information from the company management] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 23000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. The company possesses an acceptable financial profile marked by
adequate networth base and low gearing along with a deterioration in its
liquidity profile characterized by high working capital utilization owing to
high receivables and significant reduction in cash and bank balance including
liquid investments. Management has witnessed a decline in its sales volume as well as net
profitability whereas has reported healthy margin during financial year 2014. The ratings also take into consideration, the wide infrastructure,
well established marketing network having national presence and clientele
base during the year under review. Moreover, the business profile is vulnerable to volatility in raw
material prices and foreign exchange fluctuation risk, amidst increasing
competition in the industry. In view of experienced long track record of promoters, the company can
be considered for business dealings at usual trade 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 |
CARE |
|
Rating |
Long Term Bank Facilities “BBB-” |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
January 10,2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities “A3” |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
January 10,2014 |
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 (91-22-66908200)
LOCATIONS
|
Registered Office / Factory 1 : |
1, Sagore Dutta Ghat Road, Kamarhati, Kolkata – 700 058, West Bengal,
India |
|
Tel. No.: |
91-33-25822289 |
|
Fax No.: |
91-33-25831578 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Mumbai Office (Corporate Office) / Head Office : |
Ess Dee House, Akurli Road, Kandivali (East), Mumbai – 400 101,
Maharashtra, India |
|
Tel. No.: |
91-22-66908200 |
|
Fax No.: |
91-22-66908396 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Plot No. 124-133, Panchal Udyog Nagar, Bhimpore, Daman - 396210,
Daman and Diu, India |
|
|
|
|
Factory 3 : |
No. 57/5/2, Bhenslor, Village Dunetha, Nani Daman – 396 210,
Daman and Diu, India |
|
|
|
|
Factory 4 : |
Plot No. 161, Kundaim Industrial Estate, Kundlam, Goa – 403 115, India |
|
|
|
|
Factory 5 : |
P-32, Taratalla Road, Kolkata – 700 088, West Bengal, India |
|
|
|
|
Factory 6 : |
Village and P.O. Hoera, P.S. Mogra, District Hooghly, West Bengal,
India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Sudip Dutta |
|
Designation : |
Chairman |
|
Address : |
Flat No. 506, Challenger Tower – 2, Thakur Village, Kandivali (East), Mumbai – 400 101, Maharashtra, India |
|
Date of Birth/Age : |
04.05.1972 |
|
Qualification : |
H.S.C. |
|
Experience in specific
function area: |
Management of all business divisions, growth and diversification initiatives and providing vision and strategy |
|
Date of Appointment : |
10.02.2004 |
|
Directorships held
in other Indian public limited companies as on 31.03.2012 |
Flex Art Foil Limited (formerly Flex Art Foil Private Limited) |
|
|
|
|
Name : |
Mr. Gautam Mukherjee |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Dilip Phatarphekar |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Ramdas Baxi |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Madan Mohan Jain |
|
Designation : |
Independent Director |
|
Date of Birth/ Age
: |
01.03.1944 |
|
Qualification : |
B.Sc |
|
Experience in
specific function area: |
Petroleum exploration HR Management and Estimation of Budget |
|
Date of Appointment
: |
14.01.2010 |
|
Directorships held
in other Indian public limited companies as on 31.03.2012 |
Panama Petrochem Limited |
|
|
|
|
Name : |
Mr. Ashis Bhattacharya |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. T. S. Bhattacharya |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Ms. Vinaya Desai |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Satyabrate Ray |
|
Designation : |
Whole Time Director |
KEY EXECUTIVES
|
Name : |
Mr. Haresh Vala |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Subir Kumar Ray |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
|
19068867 |
59.50 |
|
|
19068867 |
59.50 |
|
Total shareholding of Promoter and Promoter Group (A) |
19068867 |
59.50 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
224 |
0.00 |
|
|
26632 |
0.08 |
|
|
0 |
0.00 |
|
|
7353490 |
22.95 |
|
|
0 |
0.00 |
|
|
7380346 |
23.03 |
|
|
|
|
|
|
2109289 |
6.58 |
|
|
|
|
|
|
1293860 |
4.04 |
|
Individual
shareholders holding nominal share capital in excess Rs.0.100 million |
1953039 |
6.09 |
|
|
242410 |
0.76 |
|
|
5001 |
0.02 |
|
|
151834 |
0.47 |
|
|
66627 |
0.21 |
|
Employees |
16647 |
0.05 |
|
Director and their
Relatives |
2301 |
0.01 |
|
|
5598598 |
17.47 |
|
Total Public shareholding (B) |
12978944 |
40.50 |
|
Total (A)+(B) |
32047811 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
32047811 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Aluminum Foil based high-end packaging solutions for pharmaceuticals and FMCG
Industry. |
|
|
|
|
Products : |
Not Divulged |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
Not Divulged |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Not Divulged [We tried to confirm the number of employees but no one
is ready to part any information from the company management] |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
Terms of Repayment
*Note : Cash Credit and
Other facilities from the companies bankers are secured by first charges on
the current assets of the Company and second charge on the entire fixed
assets of the Company. |
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Statutory Auditors
: |
|
|
Name : |
M. P. Chitale and Company Chartered Accountants |
|
Address : |
Hamam House, Ambalal Doshi Marg, Fort, Mumbai - 400 001, Maharashtra, India |
|
Tel. No.: |
91-22-22651186 / 22653023 / 24 |
|
Fax No.: |
91-22-22655334 |
|
E-Mail : |
|
|
|
|
|
Memberships : |
Not Divulged |
|
|
|
|
Collaborators : |
Not Divulged |
|
|
|
|
Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
115000000 |
Equity Shares |
Rs.10/- each |
Rs. 1150.000 Millions |
|
25640000 |
Preference Shares |
Rs.100/- each |
Rs. 2564.0000 Millions |
|
|
Total |
|
Rs. 3714.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32047811 |
Equity Shares |
Rs.10/- each |
Rs. 320.478
Millions |
|
|
|
|
|
Reconciliation of number
of equity shares outstanding at the beginning and at the end of the year.
|
Particulars |
31.03.2014 No. of Shares |
|
Shares outstanding as at the beginning of the year |
32047811 |
|
Shares outstanding
as at the beginning of the year |
32047811 |
Shares in the Company
held by each shareholder holding more than 5% shares.
|
|
31.03.2014 |
|
|
Name of the Share
Holder |
Number of Shares held in the Company |
Percentage of Shares held |
|
Mr. Sudip B Dutta |
18755913 |
58.52% |
|
M/s Hypnos Fund Limited |
- |
- |
|
M/s Emerging India Focus Funds |
2146465 |
6.70% |
Aggregate number of
Equity Shares
|
Particulars |
2012-13 |
2011-12 |
2010-11 |
2009-10 |
2008-09 |
|
Allotment of shares as fully paid up pursuant to contracts without payments being received in cash |
-- |
-- |
2559046 |
-- |
-- |
|
Allotment of fully paid up bonus shares |
-- |
-- |
-- |
-- |
-- |
The Company has only one class of Equity Shares having par value of Rs. 10/- per shares. There is no restriction on payment of dividend and repayment of capital.
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 |
320.478 |
320.478 |
320.478 |
|
(b) Reserves & Surplus |
7733.584 |
7231.366 |
6542.213 |
|
(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) |
8054.062 |
7551.844 |
6862.691 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1856.753 |
1447.718 |
810.359 |
|
(b) Deferred tax liabilities (Net) |
346.097 |
178.322 |
0.000 |
|
(c) Other long term
liabilities |
210.262 |
210.262 |
210.262 |
|
(d) long-term
provisions |
529.383 |
519.316 |
1328.390 |
|
Total Non-current
Liabilities (3) |
2942.495 |
2355.618 |
2349.011 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2003.528 |
1470.041 |
2437.977 |
|
(b) Trade
payables |
1462.683 |
1378.565 |
1175.217 |
|
(c) Other
current liabilities |
975.553 |
690.505 |
210.418 |
|
(d) Short-term
provisions |
157.070 |
297.344 |
287.113 |
|
Total Current
Liabilities (4) |
4598.834 |
3836.455 |
4110.725 |
|
|
|
|
|
|
TOTAL |
15595.391 |
13743.917 |
13322.427 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
6612.240 |
5202.543 |
4641.163 |
|
(ii)
Intangible Assets |
6.280 |
0.741 |
1.527 |
|
(iii)
Capital work-in-progress |
1878.186 |
1172.805 |
888.751 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
130.571 |
130.571 |
130.571 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
609.789 |
|
(d) Long-term Loan and Advances |
227.930 |
262.391 |
204.481 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
8855.207 |
6769.051 |
6476.282 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
742.881 |
|
(b)
Inventories |
893.260 |
911.902 |
548.823 |
|
(c) Trade
receivables |
4756.678 |
4994.629 |
4343.997 |
|
(d) Cash
and cash equivalents |
112.128 |
112.204 |
254.722 |
|
(e)
Short-term loans and advances |
513.294 |
490.264 |
312.316 |
|
(f) Other
current assets |
464.824 |
465.867 |
643.406 |
|
Total
Current Assets |
6740.184 |
6974.866 |
6846.145 |
|
|
|
|
|
|
TOTAL |
15595.391 |
13743.917 |
13322.427 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6726.256 |
6878.814 |
6337.36 |
|
|
|
Other Income |
26.140 |
397.234 |
235.272 |
|
|
|
TOTAL |
6752.396 |
7276.048 |
6572.632 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4056.572 |
4325.995 |
4058.184 |
|
|
|
Manufacturing Expenses |
449.477 |
406.227 |
327.754 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(28.499) |
27.984 |
(30.686) |
|
|
|
Employees benefits expense |
316.031 |
301.954 |
265.858 |
|
|
|
Other expenses |
401.396 |
436.248 |
379.888 |
|
|
|
TOTAL |
5194.977 |
5498.408 |
5000.998 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1557.419 |
1777.640 |
1571.634 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
543.132 |
394.951 |
338.243 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1014.287 |
1382.689 |
1233.391 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
409.701 |
340.124 |
339.037 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
604.586 |
1042.565 |
894.354 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
102.369 |
278.423 |
292.01 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
502.217 |
764.142 |
602.344 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
858.393 |
17.535 |
1213.960 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
60.000 |
60 |
|
|
|
Debenture Redemption Reserve |
123.100 |
189.400 |
220 |
|
|
|
Proposed Dividend |
0.000 |
64.096 |
64.095 |
|
|
|
Dividend Distribution Tax |
0.000 |
10.893 |
10.398 |
|
|
|
TOTAL |
123.100 |
324.389 |
354.493 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
1925.115 |
1545.997 |
1106.244 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
.B. Value of Exports |
524.730 |
529.167 |
419.606 |
|
|
TOTAL EARNINGS |
524.730 |
529.167 |
419.606 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
936.263 |
1241.503 |
1286.75 |
|
|
TOTAL IMPORTS |
936.263 |
1241.503 |
1286.75 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.67 |
23.84 |
18.80 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
7.47 |
11.11 |
9.50 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
23.15 |
25.84 |
24.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.45 |
8.38 |
7.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.14 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.48 |
0.39 |
0.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47 |
1.82 |
1.67 |
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 |
320.478 |
320.478 |
320.478 |
|
Reserves & Surplus |
6542.213 |
7231.366 |
7733.584 |
|
Net
worth |
6862.691 |
7551.844 |
8054.062 |
|
|
|
|
|
|
long-term borrowings |
810.359 |
1447.718 |
1856.753 |
|
Short term borrowings |
2437.977 |
1470.041 |
2003.528 |
|
Total
borrowings |
3248.336 |
2917.759 |
3860.281 |
|
Debt/Equity
ratio |
0.473 |
0.386 |
0.479 |
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 |
6337.360 |
6878.814 |
6726.256 |
|
|
|
8.544 |
(2.218) |
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 |
6337.360 |
6878.814 |
6726.256 |
|
Profit |
602.344 |
764.142 |
502.217 |
|
|
9.50% |
11.11% |
7.47% |
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 |
No |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
Note:
The registered office of the company has been shifted from Plot No.124 to 133, Panchal Udyog Nagar,
Bhimpore, Daman – 396 210, Daman and Diu, India to present address
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Short Term
Borrowing |
|
|
|
Loan from Director - repayable on demand |
70.000 |
60.000 |
|
Total |
70.000 |
60.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10506903 |
13/06/2014 |
250,000,000.00 |
IFCI LIMITED |
IFCI Tower, 61,
Nehru Place, New Delhi, Delhi - 1 |
C09821760 |
|
2 |
10470223 |
25/01/2014 * |
920,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH,, 66/80, MUMBAI SAMACHA |
B96863030 |
|
3 |
10465144 |
09/12/2013 |
350,000,000.00 |
State Bank of
Patiala |
Commercial
Branch, Atlanta, 1st Floor, Nariman Po |
B91547000 |
|
4 |
10439524 |
28/06/2013 |
250,000,000.00 |
State Bank of
Bikaner and Jaipur |
Commercial
Network Branch, 239, P.D'Mello Road, N |
B80625593 |
|
5 |
10430859 |
26/04/2013 * |
500,000,000.00 |
State Bank of
India |
Industrial
Finance Branch, 102 Natraj, 194, Sir M |
B77766111 |
|
6 |
10415529 |
07/03/2013 |
250,000,000.00 |
Corporation Bank |
Phoenix Mill Compound,
Senapati Bapat Marg, Lower |
B71953137 |
|
7 |
10409970 |
28/02/2014 * |
400,000,000.00 |
Bank of
Maharashtra |
Gokhale Road
Branch, Dadar West, Mumbai, Maharash |
C00732735 |
|
8 |
10401178 |
05/05/2014 * |
500,000,000.00 |
State Bank of
Patiala |
State Bank of
Patiala, 1st Floor, Nariman Point, |
C03085016 |
|
9 |
10387820 |
23/11/2012 * |
250,000,000.00 |
The Shamrao Vithal
Cooperative Bank Limited |
Goregaon Branch,
12 Udyog Nagar,Time Star Bldg,, |
B64039480 |
|
10 |
10370907 |
19/02/2013 * |
500,000,000.00 |
Axis Bank
Limited |
TRISHUL 3RD FLOOR
OPP SAMARTHESHWAR TEMPLE, LAW G |
B72607419 |
|
11 |
10363832 |
22/06/2012 |
675,000,000.00 |
Axis Bank
Limited |
TRISHUL 3RD
FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G |
B42938456 |
|
12 |
10253620 |
30/08/2013 * |
500,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
Asian Bldg.,
Ground Floor, 17, R. Kamani Marg,, B |
B83749739 |
|
13 |
10196355 |
02/01/2010 |
340,000,000.00 |
IDBI Bank
Limited |
44, Shakespeare
Sarani, Kolkata, West Bengal - 700 |
A77315596 |
|
14 |
10162522 |
04/08/2009 * |
250,000,000.00 |
Axis Bank
Limited |
TRISHUL 3RD FLOOR
OPP SAMARTHESHWAR TEMPLE, LAW G |
A68592690 |
|
15 |
10043641 |
21/04/2014 * |
4,368,000,000.00 |
State Bank of
India |
102, Natraj,
194, Sir M. V. Road, Andheri East, M |
C03631041 |
|
16 |
90250149 |
21/03/1996 * |
36,000,000.00 |
AMERICAN EXPRESS
BANK LIMITED |
21; OLD JOURT
HOUSE STREET, CALCUTTA, West Bengal |
- |
|
17 |
90250135 |
22/01/1996 |
15,000,000.00 |
WEST BENGAL
INDUSTRIAL DEVELOPMENT CORPORATION LIM |
5; COUNCIL HOUSE
STREET, CALCUTTA, West Bengal - 7 |
- |
* Date of charge modification
CONTINGENT
LIABILITIES
Rs. In Millions
|
Particulars |
31.03.2014 |
31.03.2013 |
|
Contingent
Liability |
|
|
|
a) Claims against the Company not acknowledged as debt |
194.795 |
83.728 |
|
b) Guarantees |
|
|
|
-given for bank loans taken by its subsidiary |
450.299 |
318.435 |
|
- Others |
27.545 |
18.047 |
|
Total |
672.639 |
420.210 |
PERFORMANCE REVIEW
The total income for the rear decreased by 7.20% to Rs. 6752.396 Millions as compared to last year’s total income of Rs. 7276.048 Millions. Profit before tax also decreased by 42% Rs. 604.586 Millions in the current year compared Rs. 1042.565 Millions in the previous year.
OPERATIONS
The Company
operates in a single segment i.e. Advanced Packaging Solutions.
The Company's
installed foil rolling capacity is currently at 37,000 MTPA. The PVC unit at
Goa supplements the Company's operations to provide the complete packaging
solutions.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT, OUTLOOK
Aluminium Foil
Packaging Industry
Subjetcatering to
packaging needs within the pharmaceutical, food and FMCG segments.
Indian packaging
industry is growing at the rate of 13-15 per cent annually. The total turnover
of the industry is about USD 24.6 billion. It is expected that by 2025, the turnover
will reach USD 32 billion as per Prof. N.C. Saha, Director, Indian Institute of
Packaging. He further added that despite the economic slowdown witnessed, the
packaging industry remains relatively unaffected. A major share of packaging is
used for food products, which is about 65%, and the remaining 35% is for
pharmaceuticals and cosmetics. Increase in population will mean increase in
packaging, directly or indirectly.
As per Indian
Institute of Packaging's article on www.fnbnews.com, Global packaging industry
is worth USD 424 billion and out of this Europe has USD 127 billion, Asia has
USD 114 billion, North America has USD 118 billion, Latin America has USD 30
billion and other countries have USD 30 billion. In terms of global market
percentage, Europe is 30%, North America is 28%, Latin America is 7%, Asia is
27% and others represent 8% of the total industry. According to the type of
packaged products, beverages take 18%, food take 38%, pharmaceutical products
take 5%, cosmetic products take 3% and other products take 36% of the overall
industry. The global market value of food packaging is USD 161 billion,
beverage packaging is USD 76 billion, pharmaceutical packaging is USD 21
billion, cosmetic packaging is USD 13.3 billion and others is USD 153 billion.
The Company
supplies Aluminium Packaging primarily to pharmaceuticals and FMCG & Food
sector.
Pharmaceuticals:
According to the
Federation of Indian Chambers of Commerce and Industry (FICCI), globally, India
ranks third for pharma manufacturing volume and 14th in terms of value. India
represents a major market for pharma companies with a population of over 1.2
billion yet the country posts an impressive export turnover of over USD 10
billion, spread across 200 countries.
The cumulative
drugs and pharmaceuticals sector has attracted foreign direct investments (FDI)
worth USD 11,391.03 million in the period April 2000–September 2013, according
to data published by Department of Industrial Policy and Promotion. India, with
almost 200 United States Food & Drug Administration (USFDA)-approved drug
manufacturing facilities, is the biggest foreign supplier of medicines to the
United States (US). The Indian pharma industry is on a good growth path and is
likely to be in the top 10 global markets in value terms by 2020, according to
the PwC-CII report titled “India Pharma Inc: Gearing up for the next level of
growth”. Good economic growth leading to higher disposable incomes,
improvements in healthcare infrastructure and improved healthcare financing are
driving growth in the domestic market, the report highlighted (www.ibef.org).
This translates directly into strong potential in terms of demand for
pharmaceutical packaging.
Further, on a
global arena, according to a new market report published by Transparency Market
Research titled, "Global and U.S. Pharmaceutical Packaging (Plastic
Bottles, Parental Containers, Blister, Closures, Labels and Others) Market for
Manufacturing and Contract Packaging-Industry Analysis, Size, Share, Growth,
Trends and Forecast, 2012-2018," the global pharmaceutical packaging
market was valued at USD 50.07 billion in 2011, and is expected to be USD 73.04
billion by 2018, growing at a CAGR of 5.6% from 2012 to 2018. Development of
innovative packaging that provides protection, quality, security, tamper
evidence and visual appeal, to enhance consumer consumption, and reduce
counterfeiting and other malpractices, is expected to boost the market.
(Source: http://www.biospectrumindia.com/) While demand from developed nations
is very high for packaging, developing nations like India are expected to drive
the growth in the future owing to development initiatives.
Food and FMCG:
In recent years,
India has seen a rise in middle-income groups which has resulted in an increase
in consumption of functional foods, convenient and ready foods and health
foods. The domestic spend of the average Indian consumer is approximately 30%
of their total income, making the region an integral part of the food
ingredients network. The study on the Indian food industry by FICCI-E&Y
also supports this fast growth by demonstrating that investment opportunities
in the region are set to rise to USD 258 billion by 2015.
India is the
world's second largest producer of food next to China and has the potential of
being the biggest, backed by its food and agricultural sector. The total food
production in India is likely to double in the next 10 years with the country's
domestic food market estimated to reach USD 258 billion by 2015. With a huge
agriculture sector, abundant livestock and cost competitiveness, India is fast
emerging as a sourcing hub for processed food. The Indian food processing
industry accounts for 32 per cent of the country's total food market.
(www.ibef.org)
Food processing
sector, which is one of the important demand drivers for packaging, is an
important segment of the economy, constituting a share of around 9–10 per cent
of gross domestic product (GDP) in agriculture and manufacturing sector.
Currently growing at more than 10 per cent per annum, it is expected to touch
USD 194 billion by 2015 from a value of USD 121 billion in 2012, according to
Mr Swapan Dutta, Deputy Director General, Indian Council of Agricultural
Research (ICAR). Packaged food industry is the fifth largest sector in India. The
industry is currently pegged at USD 39.7 billion in India and is expected to
reach USD 65.41 billion by 2020, owing to the rise in middle class income,
changing urban lifestyle and modern retail trade.
The overall fast
moving consumer goods (FMCG) market is expected to increase at a compound
annual growth rate (CAGR) of 14.7 per cent to USD 110.4 billion during
2012–2020, with the rural FMCG market expected to increase at a CAGR of 17.7
per cent to USD 100 billion during 2011–2025. Rising incomes and growing youth
population have been key growth drivers for the sector. Brand consciousness has
also aided demand.
Globally, the FMCG
and Food Processing markets are expected to grow primarily based on demand from
the developing nations.
OPERATIONS
They operate in
the single segment i.e. Advanced Packaging Solutions. They offer
technologically advanced products that are designed to meet industry specific
quality standards as well as customer specifications. Our business primarily
involves the cold rolling of aluminium “foil stock” into aluminium foil, which
is further converted into “printers stock” through the process of lamination,
to be used for strip packing or as coating for a blister pack.
They primarily
operate our sales and distribution network through a “hub and spoke” model
which enables us to provide customised packaging solutions to our customers
across India. Our facilities in Daman, Kolkata and Hoera act as hubs in their
respective regions and are supported by our other facilities across India to
distribute and supply our products.
In order to
further enhance our product and packaging solutions offerings, we have entered
into an agreement with theChemnitz University of Technology, Germany, for
printing and packaging related technology development initiatives. They believe
that this association will also enable us to develop innovative
anti-counterfeit measures.
AUDITED FINANCIAL RESULTS FOR
THE QUARTER AND YEAR ENDED 30TH JUNE 2014
(Rs. IN Millions)
|
No. |
Particulars |
Quarter ended |
|
|
|
30.06.2014 |
|
|
|
Unaudited |
|
1 |
Income from operations |
|
|
|
a) Net Sales / Income from Operations |
1620.501 |
|
2 |
Expenses |
|
|
|
a) Cost of Materials Consumed |
1044.076 |
|
|
b) Changes in Inventories of Finished
Goods, Work in Progress |
32.600 |
|
|
c) Employees Benefit Expenses |
79.545 |
|
|
d) Depreciation and amortisation expenses |
120.166 |
|
|
e) Other Expenses |
125.082 |
|
|
Total |
1401.469 |
|
|
|
|
|
3 |
Profit
from operations before other income, interest and exceptional items(1-2) |
219.032 |
|
4 |
Other Income |
16.882 |
|
5 |
Profit
before Interest and Exceptional Items (3+4) |
235.914 |
|
6 |
Finance Cost |
150.724 |
|
7 |
Profit
after Interest but before Exceptional Items (5-6) |
85.190 |
|
8 |
Exceptional items |
- |
|
9 |
Profit
(+)/ Loss (-) from Ordinary Activities before tax (7+8) |
85.190 |
|
10 |
Tax
expenses |
|
|
|
a) Current |
23.973 |
|
|
b) Deferred |
4.983 |
|
|
c) Adjustment of Earlier Years (Net) |
- |
|
11 |
Net
Profit (+)/ Loss (-) from ordinary activates after tax (9-10) |
56.234 |
|
12 |
Extraordinary Item (net of tax expense) |
- |
|
13 |
Net
Profit(+)/ Loss(-) for the period (11-12) |
56.234 |
|
14 |
Paid up Equity Share Capital (Face Value
Rs 10 per share) |
320.478 |
|
15 |
Reserves (excluding Revaluation Reserves) |
|
|
16 |
Reserves (Excluding Revaluation Reserves as
per balance sheet of previous accounting year) |
|
|
17 |
Earnings per Share (Not annualized)
In Rs |
|
|
|
Basic and Diluted EPS ( Before and
After Extra ordinary items) |
1.75 |
|
|
|
|
|
A |
PARTICULARS
OF SHAREHOLDING |
|
|
1 |
Public
Shareholding |
|
|
|
- Number of Shares |
12978944 |
|
|
- Percentage of Shareholding |
40.50 |
|
2 |
Promoters
& Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- Number of shares |
435000 |
|
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
2.28 |
|
|
- Percentage of shares (as a% of the total
share capital of the Co.) |
1.36 |
|
|
b) Non-encumbered |
|
|
|
- Number of shares |
18633867 |
|
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
97.72 |
|
|
Percentage of shares (as a% of the total
share capital of the Co.) |
58.14 |
|
|
|
|
|
B |
INVESTOR
COMPLAINTS |
3 Months ended
31.03.2013 |
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
1 |
|
|
Disposed of during the quarter |
1 |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
Notes
1. The
above results were reviewed by the Audit Committee and approved by the Board of
Directors at its meetings held on 14th August, 2014 and have been
subjected to a limited review by the statutory auditor.
2. The
company has considered the financial results of its subsidiaries Flex Art Foil
Private Limited (FAFL) and Ess Dee Aluminium PTE Limited (EDAPL). The statutory
audit for the financial year ended 31st march 2014 of EDAPL is in
progress. Adjustments if any, pursuant to the audit will be done its
completion.
3. Pending
the determination of useful life and componentization of assets as required
under schedule II of the companies act, 2013, the company has continued to
provide depreciation at rate an in manner as prescribed in the schedule XIV of
the companies act, 1956. The impact of the same will be recognized
subsequently.
4. Ess
Dee Aluminium Limited has informed BSE that under the provision of section 132
of Income Tax Act, 1961 Income Tax Author toes had carried out search and
seizure proceeding at the premise of the company on thr 28th March,
2014 when they sought certain clarifications and documents in regard to the tax
liability, if any of the company. All revent was produced and provided to the
IT officials. There is no undisclosed income tax evasion, levy of penalty for
any previous year or current and there will not revision in income booked in
the earlier accounting years. The matter shall be resolved as par provisions of
the Income lax law.
5. The
main business of the Company and its subsidiary companies is advanced packaging
solutions. All other activities of the company revolve around the main
business. As such there are no separate reportable segments for the company in
accordance with AS-l7
6. The
figures for the quarter ended 31st March, were the balancing figures
between audited figures in respect of the full financial year 2013-14 and the
published year to date figures upto the third quarter of the segment for the
financial year 2013-14
7. Previous
year figures have been regrouped/ rearranged/ reworked wherever necessary.
8. The results can be viewed on the Company's website: www.essdee.in or BSE website: www.bseindia.com or NSE website: www.nseindia.com.
FIXED ASSETS
Tangible Assets
- Factory Freehold Land
- Factory Land
- Factory Building
- Plant and Machinery
- Computers/IT Equipment
- Furniture and Fixtures
- Vehicle
Intangible Assets
- Computer Software
PRESS RELEASE
Ess Dee Aluminium tie up with German university for
developing packaging solutions
The Mumbai-based Ess Dee Aluminium Ltd has entered into technical collaboration with the
Chemnitz University, Germany, for developing innovative packaging solutions for pharmaceutical and food industries. The essence
of this collaboration is to create and harmonise the manufacturing competency
of Ess Dee Aluminium Ltd with the huge research and knowledge bank of theChemnitz
University in the common areas of interest.
"This co-operation would also favour Indian
economy by creating and developing innovative as well as eco-friendly products
for the pharmaceutical and food industry, which will go a long way in creating
a high social impact in improving upon anti-counterfeitmeasure. At the same time create green technology in the packaging sectors by reducing carbon foot
prints," said Ess Dee Aluminium in a press release.
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 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. 61.55 |
|
|
1 |
Rs. 97.52 |
|
Euro |
1 |
Rs. 76.48 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KLS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.