MIRA INFORM REPORT
|
Report Date : |
25.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
GRINDWELL NORTON LIMITED |
|
|
|
|
Registered
Office : |
5th Level, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
31.07.1950 |
|
|
|
|
Com. Reg. No.: |
11-008163 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.276.800 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26593MH1950PLC008163 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Abrasives (Bonded, Coated,
Non-Woven, Super abrasives and Thin Wheels), Silicon Carbide and high
Performance Refractories and Performance Plastics products. |
|
|
|
|
No. of Employees
: |
1676 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having good track record. Financial position of the company is sound. Fundamentals of the company
are healthy. The rating also takes into account the company’s strong market
position in the domestic abrasives industry supported by its brand franchisee
and wide product range. Trade relations are reported as fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Limits=AA |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
February, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non fund based limits=A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
February, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non Co-operative (91-22-40212121)
LOCATIONS
|
Registered Office : |
5th Level, Leela Business Park, Andheri-Kurla Road, Marol,
Andheri (East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-40212121 |
|
Fax No.: |
91-22-40212102 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Located At: ·
Mora,
District Raigad, Maharashtra, India ·
Bangalore,
Karnataka, India ·
Tirupati,
Andhra Pradesh, India ·
Nagpur,
Maharashtra, India ·
Bated,
Dist. Solan, Himachal Pradesh, India ·
Halol,
Gujarat, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Pradip Shah |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Anand Mahajan |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Ms. Marie-Armelle Chupin |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Keki Elavia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jean-Pierre Floris |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Patrick Millot |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mikhil Narang |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shivanand Salgaocar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Guillaume Texier |
|
Designation : |
Director |
KEY EXECUTIVES
|
MANAGEMENT COMMITTEE |
|
|
|
|
|
Name : |
Mr. Deepak Chindarkar |
|
Designation : |
Finance & IT |
|
|
|
|
Name : |
Mr. Krishna Prasad |
|
Designation : |
Ceramics & Plastics |
|
|
|
|
Name : |
Mr. M. Ramarathnam |
|
Designation : |
Projects & EHS |
|
|
|
|
Name : |
Mr. N. Sreedhar |
|
Designation : |
Abrasives |
|
|
|
|
Name : |
Ms. Anupama Vaidya |
|
Designation : |
HR |
|
|
|
|
Name : |
Mr. K. Visweswaran |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4114352 |
7.43 |
|
|
150000 |
0.27 |
|
|
4264352 |
7.70 |
|
|
|
|
|
|
28414000 |
51.33 |
|
|
28414000 |
51.33 |
|
Total
shareholding of Promoter and Promoter Group (A) |
32678352 |
59.03 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
4659234 |
8.42 |
|
|
3800 |
0.01 |
|
|
6763 |
0.01 |
|
|
1442209 |
2.61 |
|
|
6112006 |
11.04 |
|
|
|
|
|
|
2385268 |
4.31 |
|
|
|
|
|
|
4390801 |
7.93 |
|
|
8988770 |
16.24 |
|
|
804803 |
1.45 |
|
|
145303 |
0.26 |
|
|
659500 |
1.19 |
|
|
16569642 |
29.93 |
|
Total
Public shareholding (B) |
22681648 |
40.97 |
|
Total
(A)+(B) |
55360000 |
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) |
55360000 |
0.00 |
(1) Indian
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Abrasives (Bonded,
Coated, Non-Woven, Super abrasives and Thin Wheels), Silicon Carbide and high
Performance Refractories and Performance Plastics products. |
GENERAL INFORMATION
|
No. of Employees : |
1676 (Approximately) |
|
|
|
|
Bankers : |
· BNP Paribas · Deutsche Bank · HDFC Bank · ICICI Bank |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kalyaniwalla and Mistry Chartered Accountants |
|
|
|
|
Holding Company : |
Compagnie de Saint-Gobain |
|
|
|
|
Fellow Subsidiaries : |
·
Saint-Gobain Abrasives Inc., USA ·
Saint-Gobain Crystals & Detectors India
Limited ·
Societe de Participations Financieres et
Industrielles ·
Saint-Gobain Diamantwerkzeuge GMBH & Co. ·
Saint-Gobain Glass India Limited ·
Saint-Gobain Distribution Denmark ·
ABC Superabrasives, USA ·
Saint-Gobain Do Brasil Produtos Ind. E Para Const
Ltda ·
Certainteed Corporation, USA ·
Saint-Gobain Formula Thai Gypsum Product ·
L.M.Van Moppes Diamond Tools India Private
Limited ·
Saint-Gobain Gelva, BV ·
Norton Abrasives PTY Limited ·
Saint-Gobain Glass, Egypt ·
PT Saint-Gobain Norton Hamplas, Indonesia ·
Saint-Gobain Gyproc India Limited ·
PT Saint-Gobain Winter Diamas, Indonesia ·
Saint-Gobain High Performance Materials, France ·
PT Saint-Gobain Abrasives, Indonesia ·
Saint-Gobain HPM Polska Sp. z.o.o. ·
Placopatre ·
Saint-Gobain Isover G+H AG ·
Point.P Development ·
Saint-Gobain ICASA S.A. ·
Saint-Gobain Ceramics & Plastics Inc. ·
Saint-Gobain Industrial Ceramics Pty Limited ·
Saint-Gobain Abrasives, France ·
Saint-Gobain Industrial Ceramics, UK ·
Saint-Gobain Abrasives, Poland ·
Saint-Gobain Industrie Keramik Dusseldorf GMBH ·
Saint-Gobain Ceramiques Informatique Et
Organisation ·
Saint-Gobain Materials Ceramicos Ltda., Brazil ·
Saint-Gobain DSI Groupe ·
Saint-Gobain Materials Ceramicos, Venezuela ·
Saint-Gobain Industriekeramik Rodental GMBH ·
Saint-Gobain Materiaux Ceramics, Belgium ·
Saint-Gobain Abrasifs, Dubai ·
Saint-Gobain PAM, France ·
Saint-Gobain Abrasifs, Maroc, Morocco ·
Saint-Gobain Performance Plastics Portage ·
Saint-Gobain Abrasifs, France ·
Saint-Gobain Performance Plastics, New Jersey,
USA ·
Saint-Gobain Abrasifs, UAE ·
Saint-Gobain Performance Plastics, Worcester, USA ·
Saint-Gobain Abrasives International Trading
(Shanghai) ·
Saint-Gobain Performance Plastics, Taunton, USA ·
Saint-Gobain Abrasives (Australia) PTY Limited ·
Saint-Gobain PPL Corporation Mexico ·
Saint-Gobain Abrasives (PTY) Limited, South
Africa ·
Saint-Gobain PPL Shanghai ·
Saint-Gobain Abrasives (Sea) Pte. Limited ·
Saint-Gobain Performance Plastics, Korea ·
Saint-Gobain Abrasives (Shanghai) Co. Limited,
Shanghai ·
Saint-Gobain Produtos Industriais E Para
Construcao Ltda ·
Saint-Gobain Abrasives (Suzhou) Co. Limited ·
Saint-Gobain Sekurit India Limited ·
Saint-Gobain Abrasives BV., Netherlands ·
Saint-Gobain Sekurit (Thailand) Co., Limited ·
Saint-Gobain Abrasives GMBH (CORA) ·
Saint-Gobain Seva Engineering India Limited ·
Saint-Gobain Abrasives GMBH, Gerolzhofen.,
Germany ·
Saint-Gobain Seva, France ·
Saint-Gobain Abrasives International Trading (HK)
Limited ·
Saint-Gobain Tech Fab Hongfa (Changzhou) Limited ·
Saint-Gobain Abrasives Inc, Worcester, USA ·
Saint-Gobain Technical Fabrics, S.A ·
Saint-Gobain Abrasives Korea Saint-Gobain Universal
Superabrasives, Inc ·
Saint-Gobain Abrasives Limited – Stafford-UK
Saint-Gobain Vibros S.A. ·
Saint-Gobain Abrasives Limited, New Zealand Savoi
Refractories ·
Saint-Gobain Abrasives Ltda., Brazil SEPR
Refractories India Limited ·
Saint-Gobain Abrasives Ltda., Portugal SEPR,
France ·
Saint-Gobain Abrasives Singapore (PTE) Limited ·
Saint-Gobain Advanced Ceramics (Shanghai) Co.
Limited ·
Saint-Gobain Abrasives SP. Z.O.O. ·
Saint-Gobain Materiaux Ceramiques Benelux SA ·
Saint-Gobain Abrasives SP.Z ·
Saint-Gobain Performance Plastics – Bristol ·
Saint-Gobain Abrasives, Thailand ·
Saint-Gobain Performance Plastics (Shanghai) Co.
Limited ·
Saint-Gobain Abrasives, Indonesia ·
Saint-Gobain Performance Plastics Corby, UK ·
Saint-Gobain Abrasives Netherlands B.V. ·
Saint-Gobain Performance Plastics KK, JAPAN ·
Saint-Gobain Abrasivi S.P.A. (Micromold) ·
Saint-Gobain Performance Plastics, Les Macon,
France ·
Saint-Gobain Abrasivi S.P.A. (Ral-Sud) ·
Saint-Gobain Performance Plastics Pampus GMBH ·
Saint-Gobain Abrasivi S.P.A., Italy ·
Saint-Gobain Performance Plastics Verneret,
France ·
Saint-Gobain Abrasivos SA, Argentina ·
Saint-Gobain Performance Plastics, Akron, USA ·
Saint-Gobain Achats ·
Saint-Gobain Performance Plastics, Beaverton, USA ·
Saint-Gobain Adfors ·
Saint-Gobain Performance Plastics, Chaineux,
Belgium ·
Saint-Gobain Advanced Ceramics, Niagara ·
Saint-Gobain Performance Plastics, Florida, USA ·
Saint-Gobain Advanced Materials (M) SDN BHD ·
Saint-Gobain Performance Plastics, Garden Groove,
USA ·
Saint-Gobain Advanced Materials (Taiwan) Co.
Limited ·
Saint-Gobain Performance Plastics, Granville, USA ·
Saint-Gobain Building Distribution ·
Saint-Gobain Performance Plastics, Ireland ·
Saint-Gobain Ceramic Materials (Liyanguang) Co.
Limited, China ·
Saint-Gobain Performance Plastics, Kontich,
Belgium ·
Saint-Gobain Ceramic Materials (Mudanjiang) Co.
Limited, China ·
Saint-Gobain Performance Plastics, Mickleton, USA ·
Saint-Gobain Ceramic Materials (Zhengzhou) Co.
Limited, China ·
Saint-Gobain Performance Plastics, New York, USA ·
Saint-Gobain Ceramic Materials, Australia ·
Saint-Gobain Performance Plastics, Pittsburg, USA ·
Saint-Gobain Ceramic Materials AS., Norway ·
Saint-Gobain Performance Plastics, Poestenkill,
USA ·
Saint-Gobain Ceramic Materials Weilerswist GMBH ·
Saint-Gobain Performance Plastics, Rencol., UK ·
Saint-Gobain Ceramic Materials, USA ·
Saint-Gobain Performance Plastics, Taiwan ·
Saint-Gobain Ceramicas Industrialces S.A, Spain ·
Saint-Gobain Performance Plastics, Gembloux,
Belgium ·
Saint-Gobain Ceramicas Industriales S.A. ·
Saint-Gobain Research India Limited ·
Saint-Gobain Ceramics & Plastics, Brazil ·
Saint-Gobain Technical Fabrics (Changzhou) Co.
Limited ·
Saint-Gobain Ceramics Inc, USA ·
Saint-Gobain Weber Netservices ·
Saint-Gobain Centre De Recherches Et Detudes
Europeen ·
Saint-Gobain Zipro ·
Saint-Gobain Construction Products Vietnam
Limited ·
Universal Superabrasives., USA |
|
|
|
|
Subsidiary Company : |
Saint-Gobain Ceramic Materials Bhutan Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
NOTE: 2
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
56000000 |
Equity Shares |
Rs.5/- each |
Rs.280.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55360000 |
Equity Shares |
Rs.5/- each |
Rs.276.800 Millions |
|
|
|
|
|
NOTE: 2.1
Shares held by
Subsidiaries of the Ultimate Holding Company (Compagnie de Saint-Gobain) are as
below:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Saint-Gobain Abrasives Inc. |
14817760 |
26.8% |
|
Societe de Participations Financieres et
Industrielles |
13596240 |
24.5% |
|
Saint-Gobain Glass India Limited |
150000 |
0.3% |
|
Total |
28564000 |
51.6% |
NOTE: 2.2
Shareholders holding
more than 5% shares in the Company (in addition to those included in Note 2.1
above) are as below:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
HDFC Trustee Company Limited |
3611058 |
6.5% |
NOTE: 2.3
There is no movement
in the number of shares outstanding during the year ended 31st March, 2013 and
year ended 31st March, 2014.
NOTE: 2.4
Rights and
restrictions attached to the shares
Equity Shares: The
Company has only one class of equity shares having a par value of Rs.5 per
share. Each shareholder is eligible for one vote per share held. The
shareholders have rights in proportion to their shareholding for dividend as
well as for assets, in case of liquidation.
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 |
276.800 |
276.800 |
276.800 |
|
(b) Reserves & Surplus |
5335.995 |
4935.461 |
4381.478 |
|
(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) |
5612.795 |
5212.261 |
4658.278 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
215.658 |
149.832 |
108.005 |
|
(c) Other long term liabilities |
57.170 |
54.447 |
58.097 |
|
(d) long-term provisions |
159.609 |
149.442 |
151.412 |
|
Total Non-current Liabilities (3) |
432.437 |
353.721 |
317.514 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
723.335 |
617.147 |
716.855 |
|
(c) Other current
liabilities |
858.074 |
879.568 |
1031.589 |
|
(d) Short-term provisions |
457.167 |
464.265 |
453.813 |
|
Total Current Liabilities (4) |
2038.576 |
1960.980 |
2202.257 |
|
|
|
|
|
|
TOTAL |
8083.808 |
7526.962 |
7178.049 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3323.809 |
2796.123 |
1904.134 |
|
(ii) Intangible Assets |
51.746 |
65.242 |
66.473 |
|
(iii) Capital
work-in-progress |
41.853 |
596.447 |
815.577 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
554.916 |
511.780 |
453.445 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
149.369 |
170.869 |
286.349 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
32.979 |
|
Total Non-Current Assets |
4121.693 |
4140.461 |
3558.957 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1781.937 |
1531.341 |
1599.944 |
|
(c) Trade receivables |
857.533 |
953.281 |
954.562 |
|
(d) Cash and cash
equivalents |
843.818 |
554.842 |
731.402 |
|
(e) Short-term loans and
advances |
338.372 |
227.971 |
254.712 |
|
(f) Other current assets |
140.455 |
119.066 |
78.472 |
|
Total Current Assets |
3962.115 |
3386.501 |
3619.092 |
|
|
|
|
|
|
TOTAL |
8083.808 |
7526.962 |
7178.049 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
9416.142 |
9450.947 |
9065.989 |
|
|
|
|
Other Income |
147.879 |
125.202 |
137.944 |
|
|
|
|
TOTAL (A) |
9564.021 |
9576.149 |
9203.933 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
3698.830 |
3942.098 |
3434.070 |
|
|
|
|
Purchase of Stock-in-trade |
765.513 |
654.251 |
747.394 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(138.848) |
(121.955) |
(116.220) |
|
|
|
|
Employee Benefits Expenses |
1121.164 |
1042.714 |
948.591 |
|
|
|
|
Other Expenses |
2654.781 |
2498.439 |
2529.853 |
|
|
|
|
TOTAL (B) |
8101.440 |
8015.547 |
7543.688 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1462.581 |
1560.602 |
1660.245 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
4.430 |
5.917 |
3.669 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
1458.151 |
1554.685 |
1656.576 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
259.411 |
194.200 |
166.785 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
1198.740 |
1360.485 |
1489.791 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
375.538 |
383.835 |
453.527 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
823.202 |
976.650 |
1036.264 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1000.000 |
800.000 |
600.000 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Transfer to General Reserve |
202.207 |
355.655 |
418.049 |
|
|
|
|
Proposed Dividend |
359.840 |
359.840 |
359.840 |
|
|
|
|
Tax on Dividend |
61.155 |
61.155 |
58.375 |
|
|
|
BALANCE CARRIED
TO THE B/S |
1200.000 |
1000.000 |
800.000 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Exports of goods on FOB Basis |
1027.764 |
1237.227 |
705.774 |
|
|
|
|
Freight on Exports |
9.686 |
11.874 |
6.499 |
|
|
|
|
Insurance on Exports |
0.000 |
0.000 |
0.009 |
|
|
|
|
Commission |
1.555 |
5.104 |
1.280 |
|
|
|
|
Export of Services |
316.272 |
213.370 |
124.375 |
|
|
|
|
Other Income |
25.216 |
26.672 |
32.591 |
|
|
|
TOTAL EARNINGS |
1380.493 |
1494.247 |
870.528 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials & Trading Goods |
2591.719 |
2713.385 |
2691.356 |
|
|
|
|
Stores & Spare Parts |
41.586 |
36.149 |
11.690 |
|
|
|
|
Capital Goods |
78.266 |
376.009 |
343.734 |
|
|
|
|
Others |
154.017 |
98.735 |
100.113 |
|
|
|
TOTAL IMPORTS |
2865.588 |
3224.278 |
3146.893 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
14.87 |
17.64 |
18.72 |
||
QUARTERLY RESULTS
(Rs.
In Millions)
|
Particulars |
|
|
30.06.2014 (Unaudited) |
|
|
|
|
1st
Quarter |
|
Net Sales |
|
|
2608.900 |
|
Total Expenditure |
|
|
2217.100 |
|
PBIDT (Excl OI) |
|
|
391.800 |
|
Other Income |
|
|
46.900 |
|
Operating Profit |
|
|
438.700 |
|
Interest |
|
|
00.500 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
438.200 |
|
Depreciation |
|
|
84.900 |
|
Profit Before Tax |
|
|
353.300 |
|
Tax |
|
|
114.900 |
|
Profit After Tax |
|
|
238.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
8.61 |
10.20 |
11.26 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.73 |
14.40 |
16.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.01 |
21.20 |
25.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.26 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.94 |
1.73 |
1.64 |
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 |
276.800 |
276.800 |
276.800 |
|
Reserves & Surplus |
4381.478 |
4935.461 |
5335.995 |
|
Net
worth |
4658.278 |
5212.261 |
5612.795 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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 |
9,065.989 |
9,450.947 |
9,416.142 |
|
|
|
4.246 |
(0.368) |
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
|
9,065.989 |
9,450.947 |
9,416.142 |
|
Profit |
1,036.264 |
976.650 |
823.202 |
|
|
11.43% |
10.33% |
8.74% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
OPERATIONS
The industrial
sector showed no signs of recovery for a third year in a row. The manufacturing
sector, in particular, witnessed contraction during the year compared to minimal
growth in the previous year. Not since 1991-92 has the manufacturing sector
witnessed such contraction. Consumption and investment demand was weak
throughout the year. High inflation, a weak Rupee and lack of Government action
aggravated the situation.
Against this
backdrop of a hostile business environment, your Company’s domestic sales (in
terms of volumes) and margins witnessed a sharp decline even as input costs
increased substantially. Management efforts to increase prices, to grown
exports and to contain expenditure were partially successful and, consequently,
the drop in sales and operating profit was restricted to 2% and 12%
respectively.
ABRASIVES
The weakness in demand
due to contraction of the manufacturing sector, in general and of many end-user
industries (led by auto), in particular, resulted in a decline in domestic
volumes of Abrasives. This drop was partly compensated by an increase in
exports. High inflation and the depreciation of the Rupee led to a significant
increase in costs and a decline in margins.
The Company took
the lead in increasing prices, but, in a very competitive market, where
suppliers seemed more concerned with maintaining volumes than margins, the
improvement in price realization fell significantly short of what was required
to offset the cost increases. Under the circumstances, your Company’s
Management did well to limit the drop in volumes and margins. Input cost
increases, due to high inflation and a weak Rupee, could not be fully
compensated by the price increase. During the year, the new Non-woven plant in
Bangalore was fully commissioned and the Bonded Abrasives’ expansion project at
Nagpur, which was slowed down last year, was also completed and commissioned.
CERAMICS &
PLASTICS
Domestic demand
for Silicon Carbide was weak while export demand was stable during the year
under review. Overall, there was a drop in sales. Margins were affected mainly
due to the increase in the cost of electricity (from APGPCL and from
APTRANSCO). The sales of the High Performance Refractories (HPR) business were
stable. The order inflow was weak. The new HPR plant in Halol (Gujarat)
stabilized during the year and ramp up of production is in progress. The
Performance Plastic business registered only marginal growth due to softening
of demand in certain sectors, such as auto. Here again, the Rupee depreciation
contributed to a decline in margins.
AMALGAMATION OF
GROUP COMPANIES
The Scheme of
Amalgamation involving the merger of SEPR Refractories India Limited,
Saint-Gobain Crystals & Detectors India Limited and Saint-Gobain Sekurit
India Limited which was approved by the Board of Directors on 19th April, 2013,
was approved by the shareholders in the Court Convened Meeting held on 27th
November, 2013, with the requisite majority. However as per SEBI Circular dated
4th February, 2013, read with Circular dated 21st May, 2013, the requisite
majority of public shareholders (other than Promoter and Promoter group) did
not approve the Scheme. Consequently, the Scheme of Amalgamation was not acted
upon.
FUTURE PROSPECTS
Domestic demand
continues to be weak and there are no signs of an industrial recovery in the
short term. Under the circumstances, your Company’s management will focus on
growing exports, increasing prices, improving operating performance and
containing cost and working capital even as it continues to invest in new
products and new markets in order to sustain growth. During the last few years,
your Company has invested in expanding capacities, in building capabilities and
also in the equity shares of Saint-Gobain Research India Limited and is
well-placed to benefit from an industrial recovery.
MANAGEMENT DISCUSSION & ANALYSIS REPORT
GENERAL REVIEW
Grindwell Norton
Limited (GNO) is one of the subsidiaries of Compagnie de Saint-Gobain
(Saint-Gobain), a transnational group with its headquarters in Paris and with
sales of € 42 billion in 2013. Saint-Gobain’s
businesses fall into five broad sectors of activity: Construction Products,
Flat Glass, Packaging, Building Distribution and High Performance Materials.
GNO’s businesses are a part of the High Performance Materials sector of
activity. In GNO, the businesses are divided into two major segments:
1. Abrasives
2. Ceramics & Plastics
BUSINESS
ENVIRONMENT
The business
environment has been weak for nearly three years now and there are no signs of
an early recovery. Led by contraction of the manufacturing sector (and a further
contraction of the mining sector for the third consecutive year), the Index of
Industrial Production (IIP) declined in the current fiscal. This is the first
decline of the IIP in recent history. Besides the lack of growth, high
inflation, a high fiscal deficit and a weak Rupee are major concerns for the
economy.
ABRASIVES SEGMENT
REVIEW
The major sectors
of activities within the Abrasives segment are Bonded Abrasives (including Thin
Wheels), Coated Abrasives (including Non-Woven) and Super Abrasives.
PRODUCTS &
PLANTS
Bonded Abrasives,
most commonly in the form of wheels but also in other shapes such as segment,
sticks etc., are used for various applications ranging from polishing or
lapping to remove high quantities of materials. Bonded Abrasives are used in
precision applications such as lapping, honing, superfinishing, race grinding,
thread grinding, fluting, OD grinding, ID grinding, surface grinding etc. They
are also used in rough applications such as snagging, cutting-off, burr
removal, weld preparation etc. Bonded Abrasives are used by a very large number
of users. The variety is very high. GNO makes over 15,000 different products in
a year.
Super Abrasives
are made of diamond (synthetic or natural) or Cubic Boron Nitride and are used
in precision applications. Coated Abrasives products are engineered composites
comprising of a backing, a bond system and abrasive grains and are designed for
material removal and surface generation. Coated Abrasives products are
available in various shapes like discs, belts, rolls etc., to suit a wide gamut
of applications.
GNO offers the
widest range of cutting-edge Abrasive products to the Indian market. These
products are either made indigenously or sourced from other plants of
Saint-Gobain. Saint-Gobain is uniquely positioned in the Abrasives industry as
it can leverage the capability of developing grain technologies suited for
Abrasive applications.
The Abrasives
business has four manufacturing sites: Mora, (near Mumbai), Bangalore, Nagpur
and Bated (Himachal Pradesh). All the sites are certified under ISO 9001:2008,
ISO 14001:2004 and OHSAS 18001:2007.
INDUSTRY
The Abrasives
industry currently has two major players, one of which is GNO. GNO has a
leadership position in several product-market segments. Apart from the two
major players in the market, there are a few medium-sized players and a number
of small local players. Besides, imports from China are present in many
categories, particularly, at the low end. Some of the players from Europe and
Japan have their agents and/or distributors to service mainly the precision
grinding market.
In the case of
Coated Abrasives, a few important international players have set up conversion
facilities and are in the process of setting up manufacturing facilities. Also
most of the power tool players are now focusing on developing their accessories
business which includes Thin Wheels and some Coated Abrasives. The market, over
a period of time, has become price sensitive. Key success factors are quality,
cost, service and capability to provide total grinding solutions.
DEVELOPMENT &
OUTLOOK
Saint-Gobain is a
major player worldwide in Abrasives. It has a strong product portfolio, a
strong Research and Development set-up with projects in both basic and applied
areas and a global reach, with plants and marketing/sales organizations all
over the world. GNO benefits from being a part of such an organization, in
terms of access to all developments in products and process technology,
sourcing of products and development of exports.
The year was
another difficult and challenging year for the business. The business
environment turned out to be much tougher than expected. The manufacturing
sector contracted. The auto sector (both cars and commercial vehicles
production) witnessed a sharp decline for the 2nd successive year. Despite the
difficult external environment, the business managed to achieve sales slightly
higher than the previous year primarily due to its focus on growing volumes in
all identified markets and on introducing many new products. However, the
profit margin dropped due to the unprecedented rupee depreciation and very high
inflation. Though the management made significant efforts to increase prices,
due to competitive pressures, the business was successful in passing on only
some part of the cost increases.
The major
expansion project of the Bonded Abrasives Plant at Nagpur was completed and
commissioned. The Thin Wheels capacity and capability were enlarged at Nagpur
and in Bated (Himachal Pradesh) and the new Non-woven plant was commissioned.
“The Next Level” initiative continued to engage the employees at all levels to
make progress on several dimensions. In addition, overall quality of
receivables and inventory remained in good shape. All in all, the business
strengthened its market and its financial position during the financial year,
in spite of losing some share in certain accounts/markets.
Looking ahead, the
outlook for 2014-15 still remains unclear. Under the circumstances, the
business will continue to focus on increasing prices, growing volumes (in
particular, in export markets and in identified domestic market segments),
introducing new products, improving operations, implementing various marketing
programmes and “The Next Level” initiatives. Reversing the trend of declining
profits and margins will be the top-most priority of the business.
CERAMICS &
PLASTICS SEGMENT
The main
businesses in this segment are:
(i) Silicon Carbide;
(ii) High
Performance Refractories
(iii) Performance
Plastics
SILICON CARBIDE
(SIC)
PRODUCT &
PLANT
Silicon Carbide
grains are used primarily as a raw material in the manufacture of abrasives,
refractories and for stone polishing. Sic is manufactured at the plant located
at Tirupati in Andhra Pradesh. This plant is certified under ISO 9001:2008, ISO
14001:2004 and OHSAS 18001:2007. Sic is also manufactured by the Company’s
subsidiary, Saint-Gobain Ceramic Materials Bhutan Private Limited at its plant
near Phuentsholing in Bhutan.
INDUSTRY
In the domestic
market there are three major players (including GNO) in the
Silicon Carbide business. GNO is the market leader. This market
is also catered to by imports, mainly from China. The key requirements
for success in the industry are quality and cost competitiveness.
Entry barriers are high by way of capital investment and
technology.
DEVELOPMENT &
OUTLOOK
The year 2013-14
started on a promising note but demand and prices fell as the year progressed.
There was pressure across market segments to drop prices, triggered by a fall
in prices from China. However, depreciation of the Rupee offered some
protection against this, as the year progressed. On the cost side, there was a
major increase in the cost of electricity (from APGPCL and from APTRANSCO) and
significant reduction (on account of power cuts) in the availability of grid
power in Andhra Pradesh.
The outlook for
cost in 2014 is uncertain. The electricity cost from the grid is expected to
increase further; this may make production of SIC based on electricity from the
grid unviable. Your Company through its investment in AP Gas Power Corporation
(APGPCL) has access to gas-based electricity generation too. However, the cost
of this electricity will undergo a significant increase as and when the price
of Natural Gas is reset by the Government of India. Given this scenario, the
focus in 2014 would be on price and cost management. The business needs to find
an economically viable source of crude in order to grow. The feasibility of
expanding the SIC crude manufacturing facility in the subsidiary’s plant in
Bhutan is also under consideration.
HIGH PERFORMANCE
REFRACTORIES (HPR)
PRODUCT &
PLANT
Refractories are
used for processing ferrous and non-ferrous metals and as kiln furniture to
fire ceramic wares. They are also used as filtering media and for wear
resistance. GNO manufactures mostly silicon carbide refractories. GNO offers
complete solution with expertise in design, engineering and manufacturing
refractory systems for most of the demanding, high temperature and wear
applications. HPR has two plants: one is located at Bangalore, which is
certified under ISO 9001: 2000, ISO 14001: 2004 and OHSAS 18001:1999 and the
new one is located in Halol, Gujarat.
INDUSTRY
The main customers
are the Ceramic industry, Metallurgy non-ferrous (Copper and Aluminum), Foundry
and Iron & Steel, Energy and Heat treatment. In the domestic market, there
are two major manufacturers (including GNO) for silicon carbide refractories.
The key requirements for success in the industry are technology and consistency
in quality. Manufacturing is relatively capital intensive and this, coupled
with technology, are the barriers to entry.
DEVELOPMENT &
OUTLOOK
In 2013-14, the
HPR business witnessed only marginal growth as there were no project orders.
There was low demand for Wear Resistant Technology (WRT) products, because of
the downturn in investments in the Power and Mining sectors.
With the
depreciation of Rupee, raw material prices have been rising and the attempt has
been to neutralize with increased selling price and through manufacturing cost
reduction initiatives. In 2014-15, the focus will be on developing export
markets. The new plant at Halol has the capacity and the capability to address
a number of growth opportunities in export markets.
PERFORMANCE
PLASTICS (PPL)
PRODUCT, PLANT
& INDUSTRY
Performance
Plastics business produces and markets more than 800 standard and custom polymer
products through three business segments: Engineered Components (ENC), Fluid
Systems (FLS) and Composites. Each demonstrates innovation, responsiveness to
customer needs and polymer expertise.
The major product
lines in PPL are Bearings, Seals, Tubings & Hoses, Films, Fabrics and
Foams. The major markets addressed are Automotive, Pharma & Bio-Pharma,
Construction, Energy and General Industrial.
GNO has a plant
for ENC and FLS situated at Bangalore. This plant is certified under ISO 9001:
2008, ISO 14001: 2004, OHSAS 18001:1999 and TS1694.
DEVELOPMENT &
OUTLOOK
The major growth
drivers would be:
• New products
introduction
• Success in new
applications
• Broad-basing of
existing applications and markets
• Specification driven approvals at customers
One of the key
markets for the PPL business is the Automotive Passenger Vehicle market; this
market declined in 2013-14. The focus has been to defend the share in
conventional applications, while trying to grow into new applications, this has
yielded results. In 2014-15, the main aim would be to strengthen our position
in existing markets while accelerating our foray into new markets in
industrial, healthcare and construction segments.
The deprecation of
Rupee had a major negative impact on the input costs in this business. The low
demand in some of the key markets like Automotive and Construction also
impacted the business in 2013-14.The key for growth of the PPL business is to
have a well-trained technical sales/application engineering organization with
good market coverage to identify and develop new applications and thus deliver
high growth. Building such a team will continue to be a priority.
OVERALL
PERFORMANCE
For the year ended
31st March, 2014, GNO sales have declined by 2%. Margins in most of the
businesses were pressure and the overall operating profit fell by 12%.
LITIGATION DETAILS:
|
HIGH
COURT OF BOMBAY
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90225893 |
03/03/1993
* |
10,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI
TOWER, CUFFE PARADE, COLABA, BOMBAY, MAHARAS |
- |
|
2 |
90225543 |
28/08/1992
* |
37,045,000.00 |
THE
INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LIMITED |
BACKBAY
RECLAMATION, BOMBAY, BOMBAY, MAHARASHTRA |
- |
|
3 |
90225398 |
30/07/1968 |
49,275.00 |
THE
SECRETARY TO THE GOVERNMENT OF MAHARASHTRA |
SACHIVALYA,
BOMBAY, MAHARASHTRA, INDIA |
- |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computers
·
Furniture and Fixtures
·
Office Equipment
·
Vehicles
·
Computer Software
·
Goodwill
·
Technical Know How
·
Trade Marks
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.60.87 |
|
UK Pound |
1 |
Rs.99.63 |
|
Euro |
1 |
Rs.78.23 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
|
64 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.