MIRA
INFORM REPORT
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Report Date : |
29.09.2014 |
IDENTIFICATION DETAILS
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Name : |
FORBES AND COMPANY LIMITED
(w.e.f. 02.11.2007) |
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Formerly Known
As : |
FORBES GOKAK LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18.11.1919 |
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Com. Reg. No.: |
11-000628 |
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Capital
Investment / Paid-up Capital : |
Rs.128.986
Millions |
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CIN No.: [Company Identification
No.] |
L17110MH1919PLC000628 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF01185C |
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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
: |
The Company is mainly engaged in the Engineering, Real estate and
Shipping and Logistics Business. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a part of Shapoorji Pallonji Group. It is an established company having good track record. The company has incurred a loss during 2014 however, general financial
position of the company is sound. Fundamentals of the company are healthy. The rating also takes into consideration the company established
business position and strong support received from its group companies. 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.
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
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Rating Agency Name |
ICRA |
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Rating |
Long Term Rating = AA - |
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Rating Explanation |
High degree of safety and very low credit risk. |
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Date |
May 13, 2014 |
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Rating Agency Name |
ICRA |
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Rating |
Short Term Rating = A1 + |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
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Date |
May 13, 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
Management Non-Cooperative
Contact No.: 91-22-22008081
LOCATIONS
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Registered
Office : |
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Tel. No.: |
91-22-22008081-8100/ 22002273/ 22002274/ 22002275/ 40749191 |
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Fax No.: |
91-22-22007378/ 22007933/ 22094895/ 22005281/ 40749102/ 40749101 /
40749103 |
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E-Mail : |
wed.bom1@forbesgokak.sprintrpg.ems.vsnl.net.in |
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Website : |
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Tata Consultancy
Services, 23 |
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Factory 1 : |
Aurangabad A-7, M.I.D.C. Area, Chikalthana, Aurangabad
– 431 210, Maharashtra, India Plot B-13, Waluj
Industrial Area, Aurangabad – 431 133, Maharashtra, India |
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Factory 2 : |
Chandivali Estate, Kurla – Powai Road,
Mumbai – 400 072, Maharashtra |
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Tel. No.: |
91-22-28521861-62 |
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Fax No.: |
91-22-28521799 |
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Factory 3 : |
Plot No. C - 17, Road No.16, Wagle Industrial Estate, Thane – 400
604, Maharashtra, India |
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Mills : |
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Container Freight Stations: |
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Maharashtra
Nhava Sheva: |
Veshvi, Post – Dighode, Taluka – Uran, District Raigad, Maharashtra,
India |
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Gujarat Mundra: |
Bharat CFS Zone 1, Old Port Road Mp And Sez, Mundra – 370 421,
Gujarat, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Shapoor P Mistry |
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Designation : |
Chairman |
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Name : |
Mr. Ashok Bharat |
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Designation : |
Managing Director |
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Name : |
Mr. S L Goklaney |
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Designation : |
Director |
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Name : |
Mr. T. R. Doongaji |
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Designation : |
Director |
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Name : |
Kaiwan d. Kalyaniwalla |
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Designation : |
Director |
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Name : |
D. Sivanandhan |
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Designation : |
Director |
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Name : |
Jimmy j. Parakh |
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Designation : |
Director |
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Name : |
Jai l. Mavani |
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Designation : |
Director |
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Name : |
Ameeta Chatterjee |
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Designation : |
Director (w.e.f. August 20, 2013) |
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Name : |
Kannan Dasaratharaman |
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Designation : |
Director (w.e.f. August 20, 2013) |
KEY EXECUTIVES
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Name : |
Pankaj Khattar |
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Designation : |
Head Legal and Company Secretary (w.e.f. January 1, 2014) |
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Management : |
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Name : |
Ashok Barat - Managing Director and Chief Executive Officer Sunetra Ganesan - Chief Financial Officer Shrikrishna M. Bhave - Director, Human Resources Ravi C. Prem - Chief Operating Officer, Engineering Division Saurav Ghosh - Chief Operating Officer, Shipping and Logistics Prakash Karunakaran - Vice President, Energy Solutions Group |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of Shareholder |
Total No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
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(A) Shareholding
of Promoter and Promoter Group |
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|
9525691 |
73.85 |
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|
9525691 |
73.85 |
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Total
shareholding of Promoter and Promoter Group (A) |
9525691 |
73.85 |
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(B)
Public Shareholding |
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423 |
0.00 |
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19205 |
0.15 |
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110343 |
0.86 |
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500 |
0.00 |
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|
1494674 |
11.59 |
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|
1625145 |
12.60 |
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133158 |
1.03 |
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1233953 |
9.57 |
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331699 |
2.57 |
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|
48970 |
0.38 |
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740 |
0.01 |
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48230 |
0.37 |
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1747780 |
13.55 |
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Total
Public shareholding (B) |
3372925 |
26.15 |
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Total
(A)+(B) |
12898616 |
100.00 |
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(C) Shares
held by Custodians and against which Depository Receipts have been issued |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total
(A)+(B)+(C) |
12898616 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million
SHAREHOLDING
BELONGING TO THE CATEGORY "PROMOTER AND PROMOTER GROUP"
|
No. |
Name of the Shareholder |
Details of Shares held |
Total
shares (including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|||
|
1 |
Shapoorji Pallonji and Co
Limited |
93,59,293 |
72.56 |
72.56 |
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2 |
Forbes Campbell Finance
Limited |
1,66,398 |
1.29 |
1.29 |
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Total |
95,25,691 |
73.85 |
73.85 |
SHAREHOLDING
BELONGING TO THE CATEGORY "PUBLIC" AND HOLDING MORE THAN 1% OF THE
TOTAL NO. OF SHARES
|
No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total
shares (including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
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|
1 |
India Discovery Fund Limited |
1148255 |
8.90 |
8.90 |
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2 |
Antara India Evergreen Fund
Limited |
346369 |
2.69 |
2.69 |
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Total |
1494624 |
11.59 |
11.59 |
SHAREHOLDING
BELONGING TO THE CATEGORY "PUBLIC" AND HOLDING MORE THAN 5% OF THE
TOTAL NO. OF SHARES
|
No. |
Name(s) of the shareholder(s) and the
Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
Total
shares (including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
India Discovery Fund Limited |
1148255 |
8.90 |
8.90 |
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Total |
1148255 |
8.90 |
8.90 |
BUSINESS DETAILS
|
Line of Business : |
The Company is mainly engaged in the Engineering, Real estate and
Shipping and Logistics Business. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by the management. |
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Bankers : |
· Punjab National Bank · Standard Chartered Bank · IDBI Bank Limited · HDFC Bank Limited · Yes Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered
Accountants |
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Solicitors and Advocates: |
Crawford Bayley and Company |
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Holding Company : |
Shapoorji Pallonji and Company Limited |
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Subsidiary
Companies : |
1.Eureka Forbes
Limited and its subsidiaries: a Aquamall Water Solutions Limited and its subsidiary: · Aquadiagnostics Water Research and Technology Centre Limited b Forbes Lux International AG and its subsidiaries: (w.e.f. 23rd May, 2013) (i) Lux International AG and its subsidiary: (w.e.f. 5th June, 2013) · Hogar Paraguay Electrodomesticos S.A. (w.e.f. 5th June, 2013) (ii) Forbes Lux Group AG Baar and its subsidiary: (w.e.f. 5th June, 2013) · Lux / Sk / s.r.o (w.e.f. 5th June, 2013) (iii) Lux Italia srl (w.e.f. 5th June, 2013) (iv) Lux Schweiz AG (w.e.f. 5th June, 2013) (v) Lux (Deutschland) GmbH and its subsidiaries: (w.e.f. 5th June, 2013) · Lux Service GmbH (w.e.f. 5th June, 2013) · Lux Norge A/s (w.e.f. 5th June, 2013) · Lux Oesterreich GmbH (w.e.f. 5th June, 2013) · Lux CZ s.r.o (w.e.f. 5th June, 2013) · Lux Hungaria Kereskedelmi Kft (w.e.f. 5th June, 2013) c Euro Forbes International Pte. Limited d Forbes Facility Services Private Limited e E4 Development and Coaching Limited f Forbes Enviro Solutions Limited g Waterwings Equipments Private Limited h Radiant Energy Systems Private Limited. i EFL Mauritius Limited and its subsidiary: · Euro Forbes Mauritius Limited (Upto 19th December, 2013) j Euro Forbes Financial Services Limited k Euro Forbes Limited Dubai and its subsidiary: · Forbes Lux FZCO ·
2 Forbes Campbell
Finance Limited and its subsidiaries · Forbes Bumi Armada Limited · Forbes Campbell Services Limited · Forbes Edumetry Limited · Forbes Technosys Limited 3 Forbes Bumi
Armada Offshore Limited 4 Forbes Container
Lines Pte. Limited and its subsidiary: · Forbesline Shipping Services LLC (w.e.f. 10th January, 2013) 5 Volkart Fleming
Shipping and Services Limited |
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Fellow Subsidiaries
(where there are transactions): |
· Forvol International Services Limited · Gokak Textiles Limited · Shapoorji Pallonji Investment Advisors Private Limited · Shapoorji Pallonji Energy (Gujarat) Private Limited · SP Fabricators Private Limited |
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Associate Companies
(where there are transactions): |
· The Svadeshi Mills Company Limited · Coromondal Garments Limited (Subsidiary of The Svadeshi Mills Company Limited) · Neuvo Consultancy ServiceLimited |
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Joint Ventures
(where there are transactions): |
· Edumetry Inc · Nypro Forbes Products Limited (Joint venture of Forbes Campbell Finance Limited) · SCI Forbes Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
12898616 |
Equity Shares |
Rs.10/- each
|
Rs.128.986
Millions |
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NOTES:
RIGHTS,
PREFERENCES AND RESTRICTIONS ATTACHED TO EQUITY SHARES
The Company has only
one class of shares referred to as equity shares having a par value of Rs. 10
per share. Each holder of equity shares is entitled to one vote per share. The
Company declares and pays dividends in Indian rupees. The dividend, if any,
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 of the Company, the holders of equity
shares will be entitled to receive remaining assets of the Company, after
distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders.
EQUITY SHARES HELD
BY HOLDING COMPANY AND SUBSIDIARY COMPANY
93,59,293 (Previous year: 92,95,293) equity shares are held by the holding company, Shapoorji Pallonji and Company Limited; and 1,66,398 (Previous year: 1,66,398) equity shares are held by a subsidiary of the Company, Forbes Campbell Finance Limited.
DETAILS OF EQUITY SHARES HELD BY EACH SHAREHOLDER HOLDING MORE THAN 5
PERCENT EQUITY SHARES IN THE COMPANY ARE AS FOLLOWS:
|
NAME OF
SHAREHOLDER |
AS ON 31.03.2014 |
|
|
NUMBER OF EQUITY SHARES HELD |
% HOLDING |
|
|
Shapoorji Pallonji and Company Limited |
93,59,293 |
72.56 |
|
India Discovery Fund Limited |
11,48,255 |
8.90 |
The Company has not alloted any equity shares for
consideration other than cash, bonus shares, nor have any shares been bought
back during the period of five years immediately preceding the Balance Sheet date.
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 |
128.986 |
128.986 |
128.986 |
|
(b) Reserves & Surplus |
1248.815 |
1545.931 |
1239.999 |
|
(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) |
1377.801 |
1674.917 |
1368.985 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1251.746 |
1077.663 |
853.427 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
49.410 |
45.536 |
376.024 |
|
(d) long-term provisions |
81.255 |
57.350 |
51.712 |
|
Total Non-current Liabilities (3) |
1382.411 |
1180.549 |
1281.163 |
|
|
|
|
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|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
125.821 |
200.037 |
376.038 |
|
(b) Trade payables |
337.147 |
441.304 |
336.871 |
|
(c) Other current
liabilities |
679.857 |
842.847 |
388.034 |
|
(d) Short-term provisions |
132.534 |
164.008 |
133.493 |
|
Total Current Liabilities (4) |
1275.359 |
1648.196 |
1234.436 |
|
|
|
|
|
|
TOTAL |
4035.571 |
4503.662 |
3884.584 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1034.309 |
1126.914 |
1074.704 |
|
(ii) Intangible Assets |
18.689 |
33.924 |
43.225 |
|
(iii) Capital
work-in-progress |
1.328 |
9.873 |
54.097 |
|
(iv) Intangible assets under development |
4.607 |
3.557 |
3.316 |
|
(b) Non-current Investments |
1537.099 |
1544.012 |
1463.984 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
311.347 |
307.084 |
288.207 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2907.379 |
3025.364 |
2927.533 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
4.647 |
0.000 |
|
(b) Inventories |
354.500 |
339.288 |
185.325 |
|
(c) Trade receivables |
395.930 |
736.574 |
380.828 |
|
(d) Cash and cash
equivalents |
104.935 |
119.486 |
114.906 |
|
(e) Short-term loans and
advances |
221.393 |
250.008 |
266.018 |
|
(f) Other current assets |
51.434 |
28.295 |
9.974 |
|
Total Current Assets |
1128.192 |
1478.298 |
957.051 |
|
|
|
|
|
|
TOTAL |
4035.571 |
4503.662 |
3884.584 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
2859.718 |
3087.286 |
2841.026 |
|
|
|
Other Income |
74.901 |
109.959 |
28.417 |
|
|
|
TOTAL (A) |
2934.619 |
3197.245 |
2869.443 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
523.449 |
814.608 |
535.535 |
|
|
|
Purchases of stock-in-trade (traded goods) |
36.521 |
150.036 |
58.606 |
|
|
|
Employee benefits expense |
457.482 |
452.399 |
404.979 |
|
|
|
Other expenses |
1761.486 |
1511.968 |
1573.710 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(4.725) |
(4.759) |
14.950 |
|
|
|
Exceptional items |
140.064 |
(373.147) |
(15.298) |
|
|
|
TOTAL (B) |
2914.277 |
2551.105 |
2572.482 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
20.342 |
646.140 |
296.961 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
184.715 |
152.981 |
128.540 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(164.373) |
493.159 |
168.421 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
132.743 |
131.754 |
121.150 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(297.116) |
361.405 |
47.271 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
47.928 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(297.116) |
313.477 |
47.271 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(322.929) |
(386.406) |
(433.677) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
250.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
(620.045) |
(322.929) |
(386.406) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on F.O.B. basis |
193.901 |
180.457 |
148.183 |
|
|
|
Charter hire income |
0.000 |
0.000 |
54.928 |
|
|
|
Commission and other services |
2.337 |
2.287 |
4.649 |
|
|
|
Freight and insurance recoveries |
2.992 |
2.831 |
2.128 |
|
|
TOTAL EARNINGS |
199.230 |
185.575 |
209.888 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials |
205.809 |
82.625 |
150.664 |
|
|
|
Components |
31.678 |
348.569 |
53.387 |
|
|
|
Stores, spares and tools |
13.490 |
12.819 |
13.179 |
|
|
|
Capital goods |
0.000 |
94.604 |
29.866 |
|
|
|
Purchases for resale |
5.941 |
57.123 |
39.564 |
|
|
TOTAL IMPORTS |
256.918 |
595.740 |
286.660 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(23.03) |
24.30 |
3.66 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(10.12) |
9.80 |
1.65 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(10.39) |
11.71 |
1.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(11.92) |
12.27 |
2.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.22) |
0.22 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.00 |
0.76 |
0.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.88 |
0.90 |
0.77 |
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 |
128.986 |
128.986 |
128.986 |
|
Reserves & Surplus |
1239.999 |
1545.931 |
1248.815 |
|
Net
worth |
1368.985 |
1674.917 |
1377.801 |
|
|
|
|
|
|
long-term borrowings |
853.427 |
1077.663 |
1251.746 |
|
Short term borrowings |
376.038 |
200.037 |
125.821 |
|
Total
borrowings |
1229.465 |
1277.700 |
1377.567 |
|
Debt/Equity
ratio |
0.898 |
0.763 |
1.000 |
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) |
|
Revenue from operations |
2841.026 |
3087.286 |
2859.718 |
|
|
|
8.668 |
(7.371) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
2841.026 |
3087.286 |
2859.718 |
|
Profit/(Loss) After Tax |
47.271 |
313.477 |
(297.116) |
|
|
1.66% |
10.15% |
(10.39%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM BORROWINGS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term borrowings |
122.733 |
327.826 |
118.639 |
|
|
|
|
|
|
Total |
122.733 |
327.826 |
118.639 |
|
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No:- |
APPL/551/2014 |
Failing Date:- |
01.09.2014 |
Reg. No.:- |
APP/447/2014 |
Reg. Date:- |
10.09.2014 |
|
|
|||||||
|
MAIN MATTER |
|||||||
|
Lodging No:- |
CAL/346/2012 |
Reg. No.:- |
CA/487/2012 |
||||
|
|
|
|
|
||||
|
Petitioner:- |
GRAND VIEW ESTATES PRIVATE LIMITED |
Respondent:- |
FORBES AND COMPANY LIMITED |
||||
|
Petn.Adv:- |
AMARCHAND AND MANGALDAS AND S.A. SH |
Pesp.Adv.:- |
|
||||
|
|
|
||||||
|
Bench:- |
DIVISION |
Category:- |
APPEAL [INTERLOCUTORY APPLN0SJ) |
||||
|
Status:- |
Pre-Admission |
Stage:- |
APPEALS FOR ADMISSION – FRESH [ORIGINAL SIDE MATTERS] |
||||
|
Next Date:- |
06.10.2014 |
||||||
|
Coram :- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
||||||
|
|
|
||||||
|
Act:- |
Companies act and Rules, 1956 |
||||||
UNSECURED LOAN
|
Short Term Borrowings |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
(i) From other than banks Commercial
papers [maximum amount outstanding during the year Rs. 400.000 Millions (Previous year: Rs. 800.000 Millions)] |
100.000 |
0.000 |
|
|
|
|
|
Total |
100.000 |
0.000 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10483395 |
13/03/2014 |
300,000,000.00 |
FEDERAL BANK
LIMITED |
CORPORATE BANKING
BRANCH, GROUND FLOOR, EXPRESS T |
B98766686 |
|
2 |
10401960 |
28/05/2013 * |
1,000,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
17, KAMANI MARG BALLARD ESTATE, M |
B77560712 |
|
3 |
10380131 |
17/09/2012 |
20,072,500.00 |
TATA CAPITAL
FINANCIAL SERVICES LIMITED |
One Forbes,, Dr.
V. B. Gandhi Marg, Fort, Mumbai, |
B59528752 |
|
4 |
10380136 |
06/09/2012 |
20,337,000.00 |
TATA CAPITAL
FINANCIAL SERVICES LIMITED |
One Forbes,, Dr.
V. B. Gandhi Marg, Fort, Mumbai, |
B59529982 |
|
5 |
10380133 |
31/08/2012 |
20,072,500.00 |
TATA CAPITAL
FINANCIAL SERVICES LIMITED |
One Forbes,, Dr.
V. B. Gandhi Marg, Fort, Mumbai, |
B59529727 |
|
6 |
10358640 |
11/05/2012 |
550,000,000.00 |
YES Bank Ltd. |
NEHRU CENTRE,
9TH FLOOR,, DISCOVERY OF INDIA, DR. |
B40819229 |
|
7 |
10320817 |
01/12/2011 |
265,000,000.00 |
Standard
Chartered Bank |
Crescenzo, 3A/F,
Plot no. C-38 & 39, G Block, Ban |
B26690552 |
|
8 |
10302091 |
30/08/2013 * |
157,500,000.00 |
Export-Import
Bank of India |
Centre One
Building, Floor 21, World Trade Centre |
B85230886 |
|
9 |
10288914 |
28/07/2010 |
100,000,000.00 |
IDBI Bank
Limited |
224-A, MITTAL COURT,
A WING, NARIMAN POINT, MUMBA |
B02634731 |
|
10 |
10148064 |
29/09/2011 * |
525,000,000.00 |
PUNJAB NATIONAL
BANK |
PNB HOUSE,SIR
P.M.ROAD, FORT, MUMBAI, Maharashtra |
B22532188 |
* Date of charge modification
CORPORATE
INFORMATION:
Subject is one of the oldest companies of the world that is still in existence. The Company traces its origin to the year 1767 when John Forbes of Aberdeenshire, Scotland started his business in India. Over the years, the Management of the Company moved from the Forbes Family to the Campbells to the Tata Group and now finally to the well known Shapoorji Pallonji Group.
OUTLOOK
The global economy began a modest recovery in the second half of the FY 2013-14 and ended on a more encouraging note than earlier years.
The growth momentum is expected to strengthen further in the FY 2014-15. However, the positive outlook is subdued by the potential consequences of the US Federal Reserve tapering its asset purchase programme and other Quantitative Easing (QE) policies which were undertaken in the aftermath of global financial crises. More importantly, the crisis in Iraq may have a fairly adverse effect on the Company. Emerging markets like India continued to face multiple challenges viz. capital outflows, intense exchange rate pressures, volatile current account movement. The International Monetary Fund (IMF) forecasts that the world output is likely to grow by 3.6% in FY 2014-15.
India's growth is still one of the highest in the world, although it slowed to just 4.7% in FY 2013-14, it's second lowest in a decade primarily as a result of policy uncertainties and weak investor sentiments. India continued to face challenges on account of persistent inflation, fiscal imbalances and low investments resulting in a sluggish domestic demand growth. Fiscal and monetary initiatives taken by the Indian Government and the Reserve Bank of India (RBI) helped stabilize the financial market conditions but the domestic macro-economic environment still remains challenging.
India's growth challenge has been further accentuated by an adverse global economic climate that is impacting the country's exports growth. As per the World Economic Outlook published by IMF in April’ 2014, India's GDP growth is projected to strengthen to 5.4% in FY 2014-15 and 6.4% in FY 2015-16; assuming that the Government's efforts to revive investment growth succeed and exports growth strengthens after the recent rupee depreciation and improvement in the global economy.
The Company's businesses continue to be affected by the slowdown of the economy in general and the automobile industry in particular. The Company is taking initiatives to sustain the performance level. Devaluation of the Rupee impacts the profitability adversely and continues to be a cause of concern.
PRECISION TOOLS GROUP
(PTG)
This business vertical caters mainly to the automobile sector that witnessed a severe recessionary trend during the year, resulting in a flat performance. The initiatives taken by the Company to strengthen its market position
included modernising the production facilities for better product quality, improvement in operational efficiencies and also in customer services. Operational excellence initiatives were undertaken in collaboration with The Confederation of Indian Industry (CII). PTG won the second prize in a KAIZEN competition organized by the CII. ISO certification for the Fasteners was obtained. PTG won the Best Supplier award for the second consecutive year from Autoliv Inc.
There were continuous efforts to improve exports to the Middle East and the South East Asian markets, resulting in extension to new territories like Turkey, Croatia, Vietnam; and Brazil. The new customers added, include, Honda Motorcycles, TSVZ Rail Wagon Factory in Russia, Uljanik Pula (shipyard in Croatia) and Walton Industries (a white good manufacturer), Bangladesh for High Performance Tools.
CODING BUSINESS GROUP
(CBG)
This business vertical commenced in-house assembling of machines, automation systems and integrated testing at the Company's Aurangabad Plant to offer comprehensive services to automobile and engineering industries.
This business vertical has taken new initiatives to provide automation solutions for marking, vision systems for component inspection for engineering and automobile industries. Various solutions are provided with software support, data acquisition, pick and place, and Supervisory Control for applications like Engine Chassis, Frames, Alternators and Engines etc. Product development initiatives include low cost pin marking machines, laser marking machines, standard modules with automation for automobile chassis marking and race cone pressing automation system.
ENERGY SOLUTIONS
GROUP (ESG)
A lot of time and effort was spent on streamlining the operations. The restructuring exercise was conducted of the operations and all critical procedures and processes were reviewed and integrated into the existing Enterprise Resource Planning (ERP). Large Turnkey Projects undertaken in previous year(s) were executed and a few of them were commissioned.
Order booking in the year slowed down considerably as most expansion projects in the oil and gas sector were deferred. The appreciation of dollar vis-à-vis the Indian Rupee also resulted in a lower demand for capital goods.
This business vertical has now started addressing the power sector business more aggressively and is expected to perform well in the coming years.
The Renewable Solar Market slowed down considerably as the Solar Project Purchase Price Agreement prices offered are low and unappealing for Developers. Morgan Solar has launched the Trackers in India. However, due to the appreciation of the Dollar these Trackers are not currently viable as they are manufactured overseas. Steps are being taken to manufacture these in India and increase the local component.
The FY 2014-15 looks encouraging as the projects kept on hold have restarted. The last quarter of the FY 2013-14 has generated a number of orders which will be executed in the FY 2014-15. Morgan Solar also intend to launch their patented Concentrated Photo Voltaic panels in the FY 2014-15.
CONTAINER FREIGHT
STATIONS (CFS)
The Company has two Container Freight Stations (CFSs) at Mundra and Veshvi. Both were impacted in terms of overall revenue due to pricing pressures and the proliferation of various new facilities. Overall continuing
recession and uncertainties of the currency market, mergers and closure of shipping lines have impacted trade routes, resulting in tough business conditions.
In spite of adverse market conditions, CFSs managed to grow well on the top line while keeping its profitability intact. Better vendor management, innovative transport handling and higher productivity in yard management and equipment handling ensured a good performance.
Self-service transaction kiosks were deployed for the first time. This innovative solution offers customers on a 24x7 basis facilities like invoice generation, collection of charges by way of cash, cheque, demand drafts and delivery of import containers.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2014 [Rs. in millions] |
31.03.2013 [Rs. in millions] |
|
(a) Claims against the Company not acknowledged as debts |
|
|
|
1) Taxes in dispute:- |
|
|
|
(i) Excise demand |
472.351 |
472.351 |
|
(ii) Sales tax |
80.949 |
79.054 |
|
(iii) Income-tax |
124.388 |
135.205 |
|
(iv) Service-tax |
69.101 |
25.421 |
|
(v) Entry-tax |
3.845 |
7.690 |
|
(vi) Wealth tax |
3.612 |
3.612 |
|
(vii) Property tax |
55.161 |
55.160 |
|
2) Labour matters in dispute |
0.600 |
1.650 |
|
3) Claim of Madhya Gujarat
Vij Company Limited for alleged diversion of fraction of the power consumed
and contested by the Company in the Court |
18.829 |
18.829 |
|
4) Customer claims |
258.293 |
240.432 |
|
5) Supplier claims |
1.500 |
1.500 |
|
6) Other legal matters |
0.620 |
0.620 |
|
(b) Guarantees:- |
|
|
|
(i) Guarantees
given on behalf of Shipping Principals including subsidiary and Surety Bonds
jointly executed with third parties in favour of customs and other parties |
1419.393 |
662.000 |
|
(ii) Guarantee on behalf of a subsidiary company |
267.652 |
353.337 |
|
(iii) Corporate Guarantee on behalf of a subsidiary company |
1192.000 |
342.000 |
STATEMENT OF STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2014
Rs. in Millions
|
Sr. No. |
Particular |
QUARTER
ENDED |
|
|
|
30.06.2014 |
|
|
|
Unaudited
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
758.400 |
|
|
Other Operating
Income |
29.700 |
|
|
Total Income From Operations (Net) |
788.100 |
|
|
|
|
|
2. |
Expenditure |
|
|
|
Cost
of materials consumed |
162.000 |
|
|
Purchase
of stock in trade |
12.300 |
|
|
Employee
benefits expenses |
119.400 |
|
|
Depreciation
and amortization expenses |
36.400 |
|
|
Transportation,
freight, hire charges and other operating costs relating to shipping and
logistics division |
219.700 |
|
|
Other
expenses |
199.400 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(5.100) |
|
|
Total Expenses |
744.100 |
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
44.000 |
|
|
|
|
|
4. |
Other
Income |
8.600 |
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
52.600 |
|
|
|
|
|
6. |
Interest |
44.400 |
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
8.200 |
|
|
|
|
|
8. |
Exceptional
Items |
-- |
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
8.200 |
|
|
|
|
|
10. |
Tax Expense |
--- |
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
8.200 |
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
8.200 |
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
129.000 |
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
a) Basic
and diluted EPS before extraordinary items |
0.63 |
|
|
b)
Basic and diluted EPS after extraordinary items |
0.63 |
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
-Number
of Shares |
3372925 |
|
|
-
Percentage of Shareholding |
26.15 |
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
-
Number of Shares |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
-
Number of Shares |
9525691 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100.00 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
73.85 |
|
Particulars |
Quarter Ended 30.06.2013 |
|
Pending at the beginning of the quarter |
12* |
|
Received during the quarter |
-- |
|
Disposed of during the quarter |
-- |
|
Remaining unresolved at the end of the
quarter |
12* |
|
* related to
court cases |
|
REPORTING OF SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
Rs. in Millions
|
Sl. No. |
|
Particulars |
Quarter
Ended |
|
|
30.06.2014 |
||
|
|
(Unaudited) |
||
|
1 |
|
Segment Revenue |
|
|
|
|
Engineering |
311.200 |
|
|
|
Shipping and Logistics Services |
354.200 |
|
|
|
Real Estate |
28.800 |
|
|
|
Energy Solution |
95.800 |
|
|
|
TOTAL |
790.000 |
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
1.900 |
|
|
|
|
|
|
|
|
TOTAL INCOME FROM
OPERATION (NET) |
788.100 |
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
Engineering |
25.600 |
|
|
|
Shipping and Logistics Services |
27.200 |
|
|
|
Real Estate |
16.200 |
|
|
|
Energy Solution |
21.100 |
|
|
|
TOTAL |
90.100 |
|
|
|
|
|
|
|
|
Less :Interest |
(44.400) |
|
|
|
Less : Other Unallocable Expenses and Extra Ordinary Items Net of Unallocable Income |
(37.500) |
|
|
|
NET PROFIT (+) /
LOSS(-) BEFORE TAX |
8.200 |
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
Engineering |
469.100 |
|
|
|
Shipping and Logistics Services |
319.200 |
|
|
|
Energy Solution |
117.800 |
|
|
|
Real Estate |
210.100 |
|
|
|
Total |
1116.200 |
|
|
|
|
|
|
|
|
Unallocated |
2056.100 |
|
|
|
TOTAL |
3172.300 |
NOTE :
1.The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on July 28, 2014 and have been subjected to a Limited Review by the statutory auditors.
2. The figures for the quarter ended March 31, 2014 are the balancing figures
between audited figures in respect of the full financial year ended March 31,
2014 and published year to date figures up to the third quarter ended December
31, 2013.
3. During the quarter, the Company has revised depreciation rate on certain
fixed assets as per the useful life specified in the Companies Act, 2013 or
re-assessed by the Company. As a result (after considering the transitional
provision specified in the schedule II), the charge for the current quarter
ended June 30, 2014 is higher by Rs. 4.400 Millions.
4. Figures for the previous year/period are re-classified / re-arranged /
regrouped, wherever necessary.
FIXED ASSETS:
·
Leasehold Land
·
Leasehold Improvement
·
Freehold Land
·
Buildings
·
Plant and Machinery
·
Plant and Machinery
·
Furniture, Fixture and Office Equipment
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.61.57 |
|
|
1 |
Rs.100.42 |
|
Euro |
1 |
Rs.78.45 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
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 |
|
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.