MIRA INFORM REPORT
|
Report Date : |
07.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
THERMAX LIMITED |
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Registered
Office : |
D-13, MIDC
Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
30.06.1980 |
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Com. Reg. No.: |
11-022787 |
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Capital
Investment / Paid-up Capital : |
Rs.238.300 Millions |
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CIN No.: [Company
Identification No.] |
L29299PN1980PLC022787 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
PNET00953B PNET00081E PNET03854E PNET00017D |
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PAN No.: [Permanent
Account No.] |
AAACT6284E AAACT3910D |
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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
: |
Manufacturer of
Solar Power Generation, Water Treatment Plant, Industrial Boiler, Air
Pollution Control System. |
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No. of Employees
: |
4100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. Sales turnover of the company has declined which resulting into dip in
profit of the company during financial year 2014. However, the rating reflects company’s strong market position in the energy
segment business supported by sound financial risk profile and adequate
liquidity position of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications: Apex court order may alter coal import dynamics. Traders
go slowly 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 |
ICRA |
|
Rating |
Fund Based Limits = AA+ |
|
Rating Explanation |
High degree of safety and carry very low
credit risk. |
|
Date |
January 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Non Fund Based Limits = A1+ |
|
Rating Explanation |
Have very strong
degree of safety and carry lowest credit risk. |
|
Date |
January 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 DENIED BY
|
Name : |
Mr. Abhay Shah |
|
Designation : |
Deputy General Manager |
|
Contact No.: |
91-20-66051200 |
LOCATIONS
|
Registered Office/ Factory 1 : |
D-13, MIDC
Industrial Area, R.D. Aga Road, Chinchwad, Pune – 411019, Maharashtra, India |
|
Tel. No.: |
91-20-27475941-
42/ 66122100 |
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Fax No.: |
91-20-27472049 |
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E-Mail : |
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Website : |
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Corporate Office : |
Thermax House,
14, Mumbai – Pune Road, Wakdewadi, Pune – 411003, Maharashtra, India |
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Tel. No.: |
91-20-66051200 /
25542122 |
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Fax No.: |
91-20-25542242 |
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E-Mail : |
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Factory 2 : |
D-1 Block, MIDC
Industrial Area, Chinchwad, Pune - 411019, Maharashtra, India |
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Factory 3 : |
At Paudh, Post
Mazgaon Taluka Khalapur, District Raigad – 410206, Maharashtra, India |
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Factory 4 : |
Gat No. 125, |
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Factory 5 : |
Plot No.21/1-2-3, GIDC Manjusar, Taluka - Savli, District - Vadodara –
391775, Gujarat, India |
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Factory 6 : |
Survey No-169, Village
Dhrub, Taluka Mundra, Mundra – 370201, District Kutch, |
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Factory 7 : |
Plot No 903/1, GIDC, Jhagadia Industrial Estate, Jhagadia, District
Bharuch – 393110, Gujarat,
India |
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Factory 8 : |
Plot No. T-1, MIDC, Chincholi, Taluka Mohol, District Solapur –
413255, Maharashtra, India |
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Factory 9 : |
Gat No. 125, Crusher Road, At Post Rohakal, Taluka Khed, District Pune
– 410501, Maharashtra, India |
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Factory 10 : |
4th Floor, Energy
House, D-II Block, Plot No. 38 and 39, MIDC, Chinchwad, Pune – 411019, Maharashtra,
India |
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Branch Office : |
409-411, Mahakant, Opposite V.S. Hospital, Ashram Road, Ahmedabad –
380006, Gujarat, India |
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Tel. No.: |
91-79-26577073 |
|
Fax No. : |
91-79-26577270 |
DIRECTORS
As on 31.03.2014
|
Name : |
Ms. Meher Pudumjee |
|
Designation : |
Chairperson |
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|
Name : |
Mr. M.S. Unnikrishnan |
|
Designation : |
Managing Director and Chief Executive Officer |
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|
Name : |
Mr. Anu Aga |
|
Designation : |
Director |
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|
Name : |
Dr. Raghunath A. Mashelkar |
|
Designation : |
Director |
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|
Name : |
Dr. Valentin Von Massow |
|
Designation : |
Director |
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|
Name : |
Mr. Nawshir Mirza |
|
Designation : |
Director |
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|
Name : |
Mr. Tapan Mitra |
|
Designation : |
Director |
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|
Name : |
Mr. Pheroz Pudumjee |
|
Designation : |
Director |
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|
Name : |
Dr. Jairam Varadaraj |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Gajanan P. Kulkarni |
|
Designation : |
Vice President – Legal and Company Secretary |
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|
Name : |
Mr. Amitabha Mukhopadhyay |
|
Designation : |
Group CFO and Member – Executive Council |
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|
Name : |
Mr. M.S. Unnikrishnan |
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Designation : |
Chief Executive Officer |
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Executive Council: |
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|
Name : |
Mr. Ravinder
Advani |
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Designation : |
Key Executive |
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Name : |
Mr. K. Chakravarthy |
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Designation : |
Key Executive |
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Name : |
Mr. Sharad Gangal |
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Designation : |
Key Executive |
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|
Name : |
Mr. Pravin Karve |
|
Designation : |
Key Executive |
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|
Name : |
Mr. Amitabha Mukhopadhyay |
|
Designation : |
Key Executive |
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|
Name : |
Mr. Hemant
Mohgaonkar |
|
Designation : |
Key Executive |
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|
Name : |
Mr. Rajan Nair |
|
Designation : |
Key Executive |
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|
Name : |
Mr. R V Ramani |
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Designation : |
Key Executive |
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|
Name : |
Dr. R.R. Sonde |
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Designation : |
Key Executive |
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|
Name : |
Mr. M. S. Unnikrishnan |
|
Designation : |
Key Executive |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No. of
Shares |
Percentage
of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
9520805 |
7.99 |
|
|
64328500 |
53.99 |
|
|
6000 |
0.01 |
|
|
6000 |
0.01 |
|
|
73855305 |
61.98 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
73855305 |
61.98 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
7095219 |
5.95 |
|
|
1994851 |
1.67 |
|
|
18302925 |
15.36 |
|
|
27392995 |
22.99 |
|
|
|
|
|
|
3808567 |
3.20 |
|
|
|
|
|
|
6534571 |
5.48 |
|
|
7124577 |
5.98 |
|
|
440285 |
0.37 |
|
|
264532 |
0.22 |
|
|
40030 |
0.03 |
|
|
10170 |
0.01 |
|
|
125553 |
0.11 |
|
|
17908000 |
15.03 |
|
Total
Public shareholding (B) |
45300995 |
38.02 |
|
Total
(A)+(B) |
119156300 |
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) |
119156300 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Solar Power Generation, Water Treatment Plant, Industrial Boiler, Air
Pollution Control System. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
4100 (Approximately) |
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Bankers : |
·
Union
Bank of India ·
Bank
of Baroda ·
Canara
Bank ·
Citibank
N.A. ·
Corporation
Bank ·
ICICI
Bank Limited ·
State
Bank of India ·
HSBC
Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
B.K. Khare and
Company Chartered
Accountants |
|
Address : |
706/ 707, Sharda
Chambers, New Marine Lines, Mumbai – 400020, |
|
|
|
|
Holding Company : |
·
RDA
Holdings Private Limited |
|
|
|
|
Wholly
Owned Subsidiaries Domestic : |
·
Thermax
Sustainable Energy Solutions Limited ·
Thermax
Engineering Construction Company Limited ·
Thermax
lnstrumentation Limited ·
Thermax
Onsite Energy Solutions Limited ·
Thermax
SPX Energy Technologies Limited (Joint venture with SPX Netherlands BV) ·
Thermax
Babcock and Wilcox Energy Solutions Private Limited (Joint venture with
Babcock and Wilcox India Holdings Inc) |
|
|
|
|
Wholly Owned
Subsidiaries Overseas : |
·
Thermax Europe Limited, UK ·
Thermax International Limited, Mauritius ·
Thermax Inc., USA. ·
Thermax do Brasil Energia eEquipamentos Ltda,
Brazil ·
Thermax Hong Kong Limited, Hong Kong ·
Thermax (Zhejiang) Cooling and Heating
Engineering Company Limited, China ·
Thermax Netherlands B. V. ·
Thermax Denmark ApS ·
Danstoker A/ S, Denmark ·
Omnical Kessel and Apparatebau GmbH, Germany ·
Ejendomsanpartsselskabet Industrivej Nord 13,
Denmark ·
Rifox-Hans Richter GmbH, Germany ·
Thermax Sdn. Bhd., Malaysia ·
Boilerworks A/S, Denmark ·
Boilerworks Properties ApS, Denmark ·
Thermax Engineering Singapore Pte. Limited |
|
|
|
|
Joint Ventures : |
·
Thermax SPX Energy Technologies Limited ·
Thermax Babcock and Wilcox Energy Solutions
Private Limited |
|
|
|
|
Enterprise, over which control is
exercised : |
·
Thermax
Social Initiative Foundation ·
KRA
Holdings Private Limited ·
ARA
Trusteeship Company Private Limited ·
Shuffle
Realtors Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
375000000 |
Equity Shares |
Rs.2/- each |
Rs.750.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
119156300 |
Equity Shares |
Rs.2/- each |
Rs.238.300
Millions |
a)
Reconciliation of the number of shares
|
Equity Shares |
No. of Shares |
Rs. in Millions |
|
Shares outstanding at the beginning of period |
119156300 |
238.300 |
|
Shares outstanding at the end of period |
119156300 |
238.300 |
b) Rights,
preferences and restrictions attached to shares
Equity Shares: The Company has one class of equity shares having a par
value of Rs. 2 per share. Each shareholder is eligible for one vote per share
held. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting, except in
case of interim dividend. In the event of liquidation, the equity shareholders
are eligible to receive the remaining assets of the Company after distribution
of all preferential amounts, in proportion to their shareholding.
c) Equity
Shares held by holding company
64328500 shares are held by holding company, RDA Holdings Private
Limited
d)
Details of equity shares held by shareholders
holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
RDA Holding and Trading Private Limited |
64328500 |
53.99 |
|
Anu Aga |
6888305 |
5.78 |
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 |
238.300 |
238.300 |
238.300 |
|
(b) Reserves & Surplus |
20,011.600 |
18,454.400 |
15,773.500 |
|
(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) |
20,249.900 |
18,692.700 |
16,011.800 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
6.000 |
4.300 |
0.800 |
|
(b) Deferred tax liabilities (Net) |
136.400 |
247.200 |
229.800 |
|
(c) Other long term liabilities |
1,593.200 |
418.900 |
219.600 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
1,735.600 |
670.400 |
450.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1,887.100 |
119.100 |
1,663.600 |
|
(b) Trade payables |
8,412.200 |
8,880.500 |
8,954.400 |
|
(c) Other current
liabilities |
13,874.000 |
10,346.200 |
10,160.000 |
|
(d) Short-term provisions |
2,379.700 |
2,557.400 |
2,457.300 |
|
Total Current Liabilities (4) |
26,553.000 |
21,903.200 |
23,235.300 |
|
|
|
|
|
|
TOTAL |
48,538.500 |
41,266.300 |
39,697.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6,098.500 |
5,275.500 |
4,988.000 |
|
(ii) Intangible Assets |
305.700 |
270.600 |
328.200 |
|
(iii) Capital
work-in-progress |
235.000 |
909.000 |
419.700 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4,620.800 |
3,936.900 |
3,509.700 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
208.700 |
261.700 |
301.500 |
|
(e) Other Non-current assets |
1,731.500 |
1,983.000 |
1,020.000 |
|
Total Non-Current Assets |
13,200.200 |
12,636.700 |
10,567.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
6,334.400 |
4,102.900 |
2,017.200 |
|
(b) Inventories |
2,528.500 |
2,103.300 |
2,792.200 |
|
(c) Trade receivables |
13,523.600 |
14,238.900 |
12,456.300 |
|
(d) Cash and cash
equivalents |
3,201.400 |
2,226.200 |
5,697.500 |
|
(e) Short-term loans and
advances |
1,879.000 |
1,250.500 |
1,581.200 |
|
(f) Other current assets |
7,871.400 |
4,707.800 |
4,585.800 |
|
Total Current Assets |
35,338.300 |
28,629.600 |
29,130.200 |
|
|
|
|
|
|
TOTAL |
48,538.500 |
41,266.300 |
39,697.300 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
43,021.600 |
46,908.700 |
53,040.600 |
|
|
|
Other Income |
643.000 |
730.100 |
704.900 |
|
|
|
TOTAL (A) |
43,664.600 |
47,638.800 |
53,745.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
26,590.200 |
30,584.600 |
35,283.600 |
|
|
|
Purchases of Stock-in-Trade |
1,098.100 |
1,178.900 |
1,558.800 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(40.800) |
(26.300) |
(33.800) |
|
|
|
Employees benefits expense |
4,226.400 |
4,015.700 |
3,874.300 |
|
|
|
Other expenses |
7,055.600 |
6,084.500 |
6,518.600 |
|
|
|
TOTAL (B) |
38,929.500 |
41,837.400 |
47,201.500 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4,735.100 |
5,801.400 |
6,544.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
88.500 |
96.500 |
65.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4,646.600 |
5,704.900 |
6,478.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
577.700 |
548.600 |
469.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4,068.900 |
5,156.300 |
6,009.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1,539.200 |
1,656.700 |
1,940.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2,529.700 |
3,499.600 |
4,068.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
13088.300 |
10914.600 |
8235.400 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
260.000 |
350.000 |
420.000 |
|
|
|
Proposed Equity Dividend |
714.900 |
834.100 |
834.100 |
|
|
|
Tax on Dividend |
121.500 |
141.800 |
135.300 |
|
|
BALANCE CARRIED
TO THE B/S |
14521.600 |
13088.300 |
10914.600 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on FOB |
10145.500 |
6567.200 |
7257.300 |
|
|
|
Other Earnings |
238.400 |
140.000 |
61.400 |
|
|
TOTAL EARNINGS |
10383.900 |
6707.200 |
7318.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1753.700 |
1311.900 |
4649.700 |
|
|
|
Components & Spares |
932.300 |
708.000 |
1167.800 |
|
|
|
Consumables |
69.800 |
51.200 |
63.200 |
|
|
|
Capital Goods |
111.200 |
146.200 |
31.700 |
|
|
TOTAL IMPORTS |
2867.000 |
2217.300 |
5912.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.23 |
29.37 |
34.15 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
5.79 |
7.35 |
7.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.46 |
10.99 |
11.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.31 |
14.16 |
16.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.28 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.09 |
0.01 |
0.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
1.31 |
1.25 |
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 |
238.300 |
238.300 |
238.300 |
|
Reserves & Surplus |
15773.500 |
18454.400 |
20011.600 |
|
Net
worth |
16011.800 |
18692.700 |
20249.900 |
|
|
|
|
|
|
long-term borrowings |
0.800 |
4.300 |
6.000 |
|
Short term borrowings |
1663.600 |
119.100 |
1887.100 |
|
Total
borrowings |
1664.400 |
123.400 |
1893.100 |
|
Debt/Equity
ratio |
0.104 |
0.007 |
0.093 |
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 |
53,040.600 |
46,908.700 |
43,021.600 |
|
|
|
(11.561) |
(8.287) |
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
|
53,040.600 |
46,908.700 |
43,021.600 |
|
Profit |
4,068.600 |
3,499.600 |
2,529.700 |
|
|
7.67% |
7.46% |
5.88% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
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 |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS:
|
Case
Details |
||||||
|
Bench:-
Bombay |
||||||
|
Presentation Date:- |
19/09/2014 |
|||||
|
Lodging No.:- |
CEXAL/310/2014 |
Filing Date:- |
19/09/2014 |
|||
|
|
||||||
|
Petitioner:- |
COMMISSIONER OF CENTRAL
EXCISE PUNE |
Respondent:- |
THERMAX LIMITED |
|||
|
District:- |
MUMBAI |
|||||
|
|
||||||
|
Bench:- |
DIVISION |
|||||
|
Status:- |
Pre-Admission |
Category : |
Sales Tax
References |
|||
|
Act :- |
Central Excise
and Salt Act |
Under Section :- |
35(G) |
|||
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2013 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
From Other than Banks |
5.000 |
3.000 |
|
Short Term
Borrowings |
|
|
|
From Banks |
960.000 |
0.000 |
|
Total |
965.000 |
3.000 |
ANNUAL PERFORMANCE
The
company posted a total revenue of Rs.43665.000 Millions for the financial year
2013-14, against last year’s Rs.47639.000 Millions, a reduction of 8.3%. During
the year, the manufacturing sector has had a continued decline in capacity
utilisation. Capacity additions, both in brown field and green field, remained
subdued barring a few sectors like food, food processing, pharma and textiles.
The core sectors such as power, steel, cement and infrastructure were virtually
stagnant in terms of investment and expansion. Moreover, orders onhand were
executed at a slower pace in comparison to the previous year owing to a lack of
sense of urgency within the user industry. The limited number of orders
finalised in the market were fiercely competed by all the players, reducing
margins substantially. The company has strived to navigate its business through
these challenging times by focusing on improving internal efficiencies.
Thermax’s
Energy business – Boiler and Heater, Power, Cooling and Heating divisions and
the Solar performance unit – contributed 76% of the total revenue while the
Environment business comprising Air Pollution Control, Water &Waste
Solutions and Chemical divisions accounted for the remaining 24% – almost the
same as last year.
During
the year, the revenue from international markets including deemed exports
increased by 11.9% to Rs.11011.000 Millions against Rs.9839.000 Millions last
year. In order to reverse a declining trend of revenues, the company is
focusing its energies in international markets to further consolidate its
position in the current year.
Profit
before tax at Rs.4069.000 Millions was 9.3% of the total revenue, compared to
Rs.5156.000 Millions, 10.8% in the previous year. During adverse market
conditions, The Company continued to invest in research and innovation
initiatives. Profit after tax stood at Rs.2530.000 Millions compared to
Rs.3500.000 Millions in the previous year. Earnings per share (EPS) declined to
Rs.21.23 from Rs.29.37 in FY 2012-13.
Order
booking for the year was Rs.53940.000 Millions against Rs.48590.000 Millions
last year, registering an increase of 11%.
The company completed the year with an order backlog of Rs.53890.000
Millions as against Rs.43570.000 Millions in FY 2012-13. As stated earlier, FY
2013-14 has been a challenging year for the capital goods sector. The improved
order intake was facilitated by two specific projects in the oil and gas sector
and an improvement in exports.
Profit
after tax on a consolidated basis is lower than the stand-alone results owing
to the losses incurred by Thermax (Zhejiang) Cooling & Heating Engineering
Co. Private Limited. (TZL) and the company’s share of losses in the joint venture
subsidiaries, Thermax Babcock and Wilcox Energy Solutions Private Limited
(TBWES) and Thermax SPX Energy Technologies Private Limited. (TSPX).
The
manufacturing facility of TBWES has been completed and the commercial
operations commenced in December 2013.
FUTURE PLAN OF ACTION
Renewable
energy technologies will continue to be focal areas. Solar thermal technologies
for power, heating, cooling will continue to be thrust areas for development of
technologies. The company will continue to focus on the development of
environmental technologies in the domain of air purification, air pollution
control and waste water treatment.
OVERVIEW OF COMPANY OPERATIONS
Tough
market conditions continued to affect the company’s performance. The project
businesses accounting for nearly two-thirds of the company’s turnover struggled
to maintain their growth momentum and provided returns below par. Owing to
negative sentiments prevailing in the market, pace of execution of projects has
slowed down.
This
has had a noticeable impact on accounts receivable in some of the businesses.
The company posted lower results for FY 2013-14, with a total revenue of
Rs.43665.000 Millions and a net profit after tax of Rs.2530.000 Millions.
However,
in a challenging year, the company was able to marginally improve its order
booking from Rs.48590.00 Millions (2012-13) to Rs.53940.000 Millions. The most
significant among orders received last year was the Rs.13500.000 Millions order
received from an Indian petrochemical company for nine CFBC boilers to support
their expansion plans. The order booking during the year was mainly from
petrochemical, cement, food processing, textile, chemical, metal, pharma, sugar
and distillery. During the year, the product divisions introduced new offerings
for the customers. A separate section in this report provides information on
these new products.
The
service business of the company continued to grow. Plant improvements, fuel
shift retrofits and energy enhancement projects improved the performance of the
company’s service business by 30.6% over the previous year. Income from exports
including deemed exports at Rs.11011.000 Millions (Rs.9839.000 Millions, the
previous year) accounted for 26% of the total income. South East Asia and the
Middle East continued to contribute the major share of export earnings. Despite
the better order carry-forward position, in view of the time required for the
investment climate to improve, 2014-15 is not expected to be significantly
different for the company. However, it is cautiously optimistic about a likely
positive shift in the economic environment. Coupled with its rigorous
operational excellence and cost optimisation strategies, it is also putting in
place a programme to take its selective internationalization programme to its
next level for improved revenue and profits.
NEW PRODUCTS
The
triple effect absorption chiller launched earlier by the Cooling business unit
for a technology demonstration project has been commercialised in the Indian
market. The chiller reduces energy consumption by 25%. One such chiller has
been installed at Thermax’s own facility in Chinchwad, to demonstrate how
energy efficient air conditioning for multiple locations can be organised from
a central source.
The
Heating business group launched a versatile solid fuel fired steam boiler, ComBloc, that offers customers the
flexibility to switch between a wide variety of solid fuels depending on
availability and cost. A fully packaged boiler, it helps clients avoid the hassles
of civil work at site and longer installation time.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10245831 |
30/09/2010 |
2,868,580.00 |
Department of Biotechnology |
6-8th Floor, Block No. 2, CGO Complex,
Lodhi Road, Delhi - 110003, India |
A97082846 |
|
2 |
90090872 |
26/03/2010 * |
27,850,000,000.00
|
Union Bank of India Limited |
Industrial Finance Branch, 619, Sachapir
Street, Camp, Pune, Maharashtra - 411001, India |
A82908773 |
|
3 |
90084773 |
03/07/1998 * |
1,500,000.00 |
Union Bank of India |
Industrial Finance Branch, Camp, Pune,
Maharashtra - 411001, India |
- |
|
4 |
90084586 |
01/09/1998 * |
26,000,000.00 |
Corporation Bank |
Industrial Finance Branch, Pune Mumbai
Road Wakde Wadi, Pune, Maharashtra - 411003, India |
- |
FIXED ASSETS:
·
Land – Freehold
·
Land – Leasehold
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Office Equipment and Computer
·
Furniture and Fixtures
·
R and D Equipments
·
Vehicles
NEWS:
THERMAX IMPROVES ORDER BOOKING
Pune, May 27, 2014
In a subdued
economic environment where investments continue to be stalled, during FY 2013-14,
Thermax Limited, a leader in energy and environment solutions, improved its
order booking by 11% to Rs.53940.000 Millions (Rs.48590.000 Millions, previous
year).
During the year,
Thermax bagged a prestigious order worth Rs.17000.000 Millions from a leading
petrochemical company for the design, manufacturing and commissioning of 9 CFBC
(circulating fluidised bed combustion) high pressure boilers.
The order backlog
on a consolidated basis, as on March 31, 2014, was at Rs.61210.000 Millions, a
25% improvement from last year’s Rs.48780.000 Millions.
For fiscal
2013-14, the company posted an operating revenue of Rs.43020.000 Millions,
lower by 8 % compared to Rs.46910.000 Millions, the previous year. The
company’s annual profit-after- tax dipped by 28% at Rs.2530.000 Millions from
last year’s Rs.3500.000 Millions.
Export income
including deemed exports during the financial year at Rs.11010.000 Millions
(Rs.9840.000 Millions) accounted for 26 % of the revenue.
Thermax registered
a Q4 net profit of Rs.106 (Rs.1150.000 Millions) on revenues of Rs.13830.000
Millions (Rs.14680.000 Millions).
The Group’s
consolidated revenue stood at Rs.51000.000 Millions (Rs.54920.000 Millions).
Profit after tax and minority interest on a consolidated basis for the year was
Rs.2460.000 Millions (Rs.3200.000 Millions).
Consolidated earnings per Rs.2/- share was Rs.20.64, compared to
Rs.26.87 in 2012-13.
The Board
recommended a dividend of 300% for 2013-14.
PRESS RELEASES:
'UNDERWEIGHT' RATING ON THERMAX
LIMITED, TARGET PRICE RS 512: BARCLAYS
Earnings
performance has remained weak for Thermax Limited, even in the third quarter of
FY14, with PAT of Rs 666.000 Millions, -13% y-o-y. This was led by a marginal
decline in sales and more than a 170 bps fall in Ebitda margins.
The fall in margin
was attributed to issues with orders in the environment (water) segment.
Subsidiaries reported an overall loss of Rs.36.000 Millions in the third
quarter due to continued losses at its EPC subsidiary — Thermax Instrumentation,
TBWE JV and the subsidiary in China.
According to
management, the HC order on Mundra SEZ may hit Q4 revenue by Rs
500.000-1000.000 Millions. We maintain ‘underweight’ rating and target price of
Rs 512.
Order inflow on the
standalone business was stable at Rs 13600.000 Millions, +6% y-o-y, with growth
across all regular conventional segments (air pollution, cooling, chemicals and
water) except the heating segment. There was no domestic captive power and EPC
order win in the quarter. Management highlighted there is no BTG order in the
pipeline.
Overall, the
subsidiaries reported a loss of Rs 36.000 Millions, led by losses at Thermax
Instrumentation and the Chinese subsidiary. Danstoker was profitable, while
TBWE JV continued to make losses, with a Rs 120.000 Millions loss in Q3.
Management also
highlighted that a part of the large petro chemical order will be executed at
the TBWE JV facility. Environmental segment profitability was impacted by
losses in the water segment and a decline in profit in the air pollution
segment. A few medium-to-large-size orders have been delayed, leading to higher
costs that have been booked in the current quarter.
NEW GOVT MUST ENSURE MORE
INVESTOR-FRIENDLY NORMS: THERMAX
MS Unnikrishnan
feels the new government should bring policy-conducive environment to ease land
acquisition. There’s a need to cut down on the number of clearances for
projects and interest rates should be lowered to prop up the investment
climate.
MD MS Unnikrishnan
feels the new government needs to convey more investor-friendly norms. “The new
government will have to make investors, both domestic and international, feel
that India is a destination worth investing,” he said
He said the country’s
fundamentals are right and we have got a fairly large market existence and good
consumption. About 65-68 percent of the economy consists of domestic
consumption, he said.
However, he thinks
that investors need to be sure that there is policy support for their
investment.
Thermax has been
facing the brunt of the slowdown in the infrastructure space. The company’s order backlog has dipped by -13
percent CAGR from FY11-FY13. Thermax’s turnover has de-grown consistently for
the past 8 quarters, including 4 quarters of double-digit de-growth. The
company’s consolidated EBITDA margins have dipped from healthy levels of 12
percent in FY09 to 7 percent in 9MFY14E.
Unnikrishnan said
the capital goods sector has seen 27 percent decline in order inflows. He feels
the new government should bring policy-conducive environment to ease land
acquisition. There’s a need to cut down on the number of clearances for
projects and interest rates should be lowered to prop up the investment
climate, he added.
Vinayak Chatterjee,
Chairman of Feedback Infra said that despite the Cabinet Committee on
Investments (CCI) having made announcement that they have clearing projects
worth lakh Millionss, the corporate feedback indicates that projects have not
yet started rolling, and are stuck at multiple levels.
He feels the new
government can do a lot. “There are clutch of decision, action, imperative that
are waiting to happen. So we are waiting for strong leadership to make that
work such as setting up a ministry for infrastructure,” he said. Referring to the current way of functioning,
he said:
“In Delhi today,
there are 16 ministries that are directly involved with infrastructure
development in the country. If you add on top of that Planning Commission, PMO
and Cabinet Secretary including the CCI, you have got 19 different silos that
are attacking the problem and then you multiply that by 29 state governments,
who themselves will have another 16 departments under them. So, you have got an
incredible matrix of a tangled web of permissions, clearances, logjams and that
has been the single-most important item for discussion in the last two years of
the UPA II.”
He feels the new
government should create a dedicated ministry for infrastructure whose job
would be to untangle and push the agenda.
Echoing his views,
Unnikrishnan said India has six ministries for industry against one-ministry
norm seen globally.
Year 2013 has been,
in particular, a bad year for the infra sector. Economic slowdown, high current
account and fiscal deficits, have severely constrained government’s ability to
undertake fresh investment in the sector. Sectors like roads and power have
suffered the most.
The earlier
envisaged target of $1 trillion investment in infrastructure sector during 12th
Five-Year Plan (2012-17) now seems difficult to achieve.
The road sector has
been plagued by problems like delay in project clearances. Progress on national
highway stretches awarded under BOT has almost got stalled.
For power sector,
generation capacity continues to grow, but the availability of coal is a
serious challenge.
THERMAX BAGS RS 2800.000
MILLIONS ORDER FOR POWER PLANT IN NE
Pune based
Industrial energy solutions provider Thermax has won a Rs 2800.000 Millions EPC
order for a combined cycle extension power project from a leading Government of
India Enterprise in the North East.
The 2 x 24.5 MW
project is part of the company’s process of converting its existing gas turbine
based power plant into a combined cycle power plant by installing the bottoming
cycle (utilising the waste heat from the exhaust of the gas turbine to generate
additional power).
Scope of work for
Thermax includes design, engineering, procurement, construction, installation
and commissioning of the project on a turnkey basis.
The supply of
equipment includes four heat recovery steam generators (HRSG’s) and two steam
turbine generators (STG) complete with all auxiliaries and accessories,
and is scheduled to be completed within
25 months.
Commenting on this,
MS Unnikrishnan, MD and CEO, Thermax Limited said, “This order reinforces Thermax’s successful
track record in EPC power projects and our leadership in building and
commissioning captive power plants for industry.”
Till date, Thermax
has contracted over 72 power projects on turnkey basis based on various fuels
including domestic and imported coal, washery rejects, petcoke, waste heat from
various processes, renewable energy including biomass and solar, waste gases,
naptha and natural gas.
THERMAX
BAGS RS. 17000.000 MILLIONS ORDER FOR SUPPLY OF CFBC BOILERS
July 05, 2013
Energy and
environment solutions provider Thermax Limited today said it has received an
order worth Rs.17000.000 Millions from a leading petrochemical company for the
design, manufacture and commissioning of 9 circulating fluidized bed combustion
(CFBC) high pressure boilers.
All the 9 CFBC
boilers will be of 500 TPH (tonnes per hour) each for two plants of the
petrochemical company, Thermax said in a statement but did not name its client.
"The order was
won against stiff global competition. The approximate order value is Rs.
17000.000 Millions, the single largest one from a client for deployment of CFBC
boilers," it added.
Company's managing
director and CEO M. S. Unnikrishnan said, "This order reflects the
customer's confidence in Thermax's extensive experience with CFBC technology
across India on a variety of low grade solid fuels, as also trust in our
manufacturing and project execution capabilities."
The boilers, to be
commissioned at client sites within a time frame of 25-29 months, will generate
steam for process and power generation and they will use petcoke and coal as
fuel, Thermax said.
Petcoke,
essentially a refinery waste, has high heat value and low ash content, making
it a cost-effective fuel. Using fourth generation CFBC technology, Thermax
boilers will burn these multiple fuels to achieve high levels of temperature
control and almost negligible down time for maintenance, it added.
Thermax offers integrated
solutions in the areas of heating, cooling, power, water and waste management,
air pollution control and chemicals. It has manufacturing facilities in India,
China and Europe.
Shares of the
company were trading at Rs.610 apiece on the BSE at 1400 hours, up 3.05 per
cent from its previous close.
THERMAX POSTS Q2 NET OF RS.
300.000 MILLIONS
Pune: November 6, 2013
For the second
quarter of fiscal 2013-14, Thermax Limited announced an operating revenue of
Rs.10430.000 Millions, down 12.5 % compared to Rs.11920.000 Millions for the
same period, the previous year. Net profit was down 66.9 % at Rs.300.000
Millions from Rs.910.000 Millions posted in the second quarter last year.
The company
declared its net profits for the current quarter and for the half-year period
after making a one-time provision of Rs.290.000 Millions (Rs.350.000 Millions
for Thermax Group) on account of estimated tax liability expected due to likely
inadmissibility of certain business expenses incurred in earlier years.
The company’s total
operating revenue for the year’s first half (April- September) stood at
Rs.19060.000 Millions, lower by 12.4% compared to Rs.21760.000 Millions in
2012-13. Net profit of Rs.800.000 Millions was 49.2% lower than last year’s
Rs.1580.000 Millions.
On a consolidated
basis, total operating revenue of the Group for the half year was Rs.22850.000
Millions compared to Rs.25650.000 Millions last year. Net profit for the period
was Rs.880.000 Millions (Rs.1400.000 Millions, last year).
As on September 30,
2013, Thermax Limited has an order backlog of Rs.53080.000 Millions against
Rs.44120.000 Millions in September 2012. Compared to last year’s Rs.49840.000
Millions, the Group order backlog stands at Rs.61280.000 Millions. However,
generally the market for capital goods continues to be sluggish.
THERMAX BAGS RS. 17000.000
MILLIONS ORDER FOR SUPPLY OF CFBC BOILERS
Pune: July 5, 2013
Energy and
environment major, Thermax Limited has received a prestigious order from a
leading petrochemical company for the design, manufacture and commissioning of
9 CFBC (circulating fluidized bed combustion) high pressure boilers of 500 TPH
each for two of its plants.
The order was won
against stiff global competition. The approximate order value is Rs.17000.000
Millions, the single largest one from a client for deployment of CFBC boilers.
Says M.S.
Unnikrishnan, MD and CEO of Thermax, “This order reflects the customer’s
confidence in Thermax’s extensive experience with CFBC technology across India
on a variety of low grade solid fuels, as also trust in our manufacturing and
project execution capabilities.”
The boilers, to be
commissioned at client sites within a time frame of 25-29 months, will generate
steam for process and power generation. They will use petcoke and coal as fuel.
Petcoke, essentially a refinery waste, has high heat value and low ash content,
making it a cost-effective fuel. Using fourth generation CFBC technology
Thermax boilers will burn these multiple fuels to achieve high levels of
temperature control and almost negligible down time for maintenance.
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.61.75 |
|
UK Pound |
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
62 |
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.