MIRA INFORM REPORT
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Report No. : |
316022 |
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Report Date : |
06.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
JMC PROJECTS (INDIA) LIMITED |
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Registered
Office : |
A-104, Shapath-4, Opposite Karnavati Club, S. G. Road, Ahmedabad -
380051, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
05.06.1986 |
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Com. Reg. No.: |
04-008717 |
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Capital
Investment / Paid-up Capital : |
Rs. 261.183 Million |
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CIN No.: [Company Identification
No.] |
L45200GJ1986PLC008717 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMJ00518A |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Construction Activities. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (61) |
|
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 |
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Maximum Credit Limit : |
USD 13010000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Site not working |
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Comments : |
Subject is a subsidiary of Kalpataru Power Transmission Limited. It is
well established company having fine track record. The company’s product are well in the market. Overall fundamentals are
good. The rating takes into consideration its presence in diverse areas of
infrastructure construction including industrial, commercial and residential
buildings. Trade relations are good. Payment terms are reported to be regular and
as per commitments. In view of strong parentage, subject 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term rating: “A+” |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
10.02.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-30051500)
LOCATIONS
|
Registered Office : |
A-104, Shapath-4, Opposite Karnavati Club, S. G. Road, Ahmedabad - 380051,
Gujarat, India |
|
Tel. No. : |
91-79-30011500 |
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Fax No. : |
91-79-30011600/30011700 |
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E-Mail : |
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Website : |
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Corporate Office : |
6th Floor, Kalpatru Synergy, Opposite Grand Hyatt,
Santacruz (East), Mumbai – 400055, Maharashtra, India |
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Tel. No. : |
91-22-30051500 |
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Fax No. : |
91-22-30051555 |
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Regional Offices : |
Bangalore Office ( Building
and Factory) Gold Tower, No. 50, 2nd Floor, Residency Road, Near Konark Hotel, Bangalore – 560025, Karnataka, India Tel. No.: 91-80-30771500 Fax No.: 91-80-30771600/ 30771700 Email: blore@jmcprojects.com
Delhi Office (Building and Factory) Plot No.B-21, Sector-58, Noida – 201301, Uttar Pradesh, India Tel. No.: 91-120-3372500 Fax No.: 91-120-3372510 Email: delhi@jmcprojects.com
Hyderabad Office (Building and Factory) Flat No. 202, 2nd Floor, R-Square Avenue, Plot No. 47/1, Survey No. 6/1/E, Gachibowli “X” Roads, Hyderabad – 500032, Andhra Pradesh, India Tel. No.: 91-40-33901500 Fax No.: 91-40-33901514 Email: hyd@jmcprojects.com Kolkata Office (Building and Factory) Kariwala Tower, 6th Floor, Plot J/1-5, Block – EP, Sector-V, Salt Lake City, Kolkata – 700091, West Bengal, India Tel. No.: 91-33-30251500 Fax No.: 91-33-40062752 Email: kolkata@jmcprojects.com |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. D. R. Mehta |
|
Designation : |
Chairman |
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Date of Birth/ Age : |
25.06.1937 |
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Qualification : |
Bachelor degree in Arts and Law and Management Graduate of Royal Institute of Public Administration, London and Alfred Sloan and School of Management MIT-Boston, USA |
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Expertise in
functional field and brief Resume : |
Joined the Indian Administrative Service in 1961. He has rich experience of more than 40 years, during which, he held various important positions in Government of Rajasthan and Government of India and also in Regulatory Bodies. |
|
DIN No.: |
01067895 |
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Name : |
Mr. Shailendra Kumar Tripathi |
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Designation : |
Independent Director |
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Name : |
Mr. Manoj Kumar Singh |
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Designation : |
Executive Director |
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Date of Appointment : |
18.05.2012 |
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Name : |
Mr. Shailendra Raj Mehta |
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Designation : |
Independent Director |
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Date of Birth/ Age : |
09.07.1959 |
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Qualification : |
Bachelor of Arts from St. Stephen’s College and Master of Arts from the Delhi School of Economics, M. Phil from Balliol College, Oxford University and his Ph.D. in Economics is from Harvard University. |
|
Expertise in
functional field and brief Resume : |
Visiting professor of business policy at the Indian Institute of Management, Ahmedabad He has strong research interests in the areas of Technology, Strategy, Entrepreneurship and Simulation. |
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DIN No.: |
02132246 |
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Name : |
Mr. Mahendra G. Punatar |
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Designation : |
Independent Director |
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Address: |
1302, 13th Floor, Raheja Majestic Nr. Star City Cinema Matunga Mumbai –
400016, Maharashtra, India |
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Date of Birth/Age : |
23.10.1935 |
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Qualification : |
B.E.& M.S.E (Structural Engineering) |
|
Expertise in
functional field and brief Resume : |
Planning and Designing structures like bridges, transmission line towers, productions, etc. |
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DIN No.: |
00533198 |
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|
|
|
Name : |
Mr. Hemant Modi |
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Designation : |
Non-Executive Director (w.e.f. 01.04.2013) |
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Address: |
363/A, Lane 18, Satyagrah Chhavni Soc. Satelite Road, Ahmedabad -380015, Gujarat, India |
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Date of Birth/Age : |
23.06.1955 |
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Qualification : |
Master’s Degree in Civil Engineering from Rutgers, the State University of New Jersey, U.S.A. and a Bachelor’s degree in Civil Engineering from M.S. University of Baroda. |
|
Expertise in functional
field and brief Resume : |
He has over 30 years of experience in the field of management and execution of construction of Industrial structures and factory buildings. |
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Date of Appointment : |
05.06.1986 |
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DIN No.: |
00171161 |
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Name : |
Mr. Manish Dashrathmal Mohnot |
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Designation : |
Non-Executive Director |
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Address: |
C/4/11, Sunder Nagar, S V Road, Malad (West), Mumbai – 400064,
Maharashtra, India |
|
Date of Birth/Age : |
15.05.1972 |
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Date of Appointment: |
29.05.2009 |
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|
|
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Name : |
Mr. Kamal Kishore Jain |
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Designation : |
Non-Executive Director |
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Address: |
Ninad C-24, GIDC, Opposite Videocon Factory K Road, Sector 26,
Gandhinagar – 382044, Gujarat, India |
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Date of Birth/Age : |
05.06.1957 |
|
Qualification : |
Chartered Accountant |
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Date of Appointment : |
05.02.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Tulsian |
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Designation : |
Chief Executive Office and Dy. President |
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|
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Name : |
Mr. Suresh Savaliya |
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Designation : |
Company Secretary |
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AUDIT COMMITTEE: |
· Mr. D. R. Mehta (Chairman) · Mr. Shailendra Raj Mehta · Mr. Mahendra G. Punatar · Mr. Kamal Kishore Jain |
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SHAREHOLDERS’ GRIEVANCE COMMITTEE: |
· Mr. Kamal Kishore Jain (Chaiman) · Mr. Manish Dashrathmal Mohnot · Mr. Shailendra Kumar Tripathi · Mr. Manoj Kumar Singh |
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|
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REMUNERATION COMMITTEE: |
· Mr. D. R. Mehta (Chairman) · Mr. Shailendra Raj Mehta · Mr. Mahendra G. Punatar · Mr. Kamal Kishore Jain |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
17548908 |
67.19 |
|
|
17548908 |
67.19 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
17548908 |
67.19 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1074966 |
4.12 |
|
|
150846 |
0.58 |
|
|
1169027 |
4.48 |
|
|
1169027 |
4.48 |
|
|
2394839 |
9.17 |
|
|
|
|
|
|
708826 |
2.71 |
|
|
|
|
|
|
3086639 |
11.82 |
|
|
1346630 |
5.16 |
|
|
1032506 |
3.95 |
|
|
785262 |
3.01 |
|
|
63653 |
0.24 |
|
|
183591 |
0.70 |
|
|
6174601 |
23.64 |
|
Total Public shareholding (B) |
8569440 |
32.81 |
|
Total (A)+(B) |
26118348 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
26118348 |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Construction Activities. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· State Bank of India · Axis Bank · IDBI Bank · Oriental Bank of Commerce · Indian Bank · Union Bank of India · Punjab National Bank · Karur Vysya Bank Limited |
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Facilities : |
NOTE: @ Working Capital Loans include an overdraft of Rs. 12.269 Million (P.Y. Rs. Nil) from a non consortium bank which is secured against fixed deposit placed with the same bank. # Working Capital Loans are secured in favour of consortium bankers, by way of : (a) First charge against hypothecation of stocks, work in progress, stores and spares, bills receivables, book debts and other current assets. (b) Second charge on Fixed assets except in (c) hereunder. (c) First charge on the office premises of the Company. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Kishan M Mehta and Company Chartered Accountants |
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Address : |
6th Floor, Premchand House Annexe, Ashram Road, Ahmedabad – 380006, Gujarat, India |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
Kalpataru Power Transmission Limited |
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|
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|
Subsidiary Company
: |
· JMC Mining and Quarries Limited · Brij Bhoomi Expressway Private Limited · Wainganga Expressway Private Limited · Vindhyachal Expressway Private Limited |
|
|
|
|
Subsidiary of
Holding Company : |
· Energylink (India) Limited · Shree Shubham Logistics Limited · Amber Real Estate Limited · Adeshwar Infrabuild Limited · Kalpataru Power Transmission Nigeria Limited · Kalpataru Power Transmission (Mauritius) Limited · Kalpataru SA (Proprietary) Limited · Kalpataru Power Transmission – USA, INC. · Jhajjar Power Transmission Private Limited · Kalpataru Power Transmission International B.V. · LLC Kalpataru Power Transmission Ukraine · Brafer Kalpataru Industria E Commercio S.A., Brazil – JV · Kalpataru Power JLT, UAE · Saicharan Properties Limited |
|
|
|
|
Joint Venture : |
· JMC - Associated JV · Aggrawal - JMC JV · JMC - Sadbhav JV · JMC - Taher Ali JV (Package I, II & III) · JMC - PPPL JV · Kurukshetra Expressway Private Limited · KPTL-JMC-Yadav JV · JMC - GPT JV · JMC - CHEC JV |
|
|
|
|
Enterprises over
which significant influence exercised with whom company has transactions
(EUSI) : |
· Kalpataru Properties Private Limited · Kiyana Ventures LLP |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs. 350.000 Millions |
|
1500000 |
Preference Shares |
Rs.100/- each |
Rs. 150.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26118348 |
Equity Shares |
Rs.10/- each |
Rs. 261.183 Millions |
a. Reconciliation of the
Shares outstanding at the beginning and at the end of the year :
|
Equity Shares |
As at 31st March, 2014 |
|
|
Nos. |
Rs. In Millions |
|
|
At the beginning of the year |
2,61,18,348 |
261.183 |
|
Issued during the year |
-- |
-- |
|
Bought back during the year |
-- |
-- |
|
Outstanding at the end of the year |
2,61,18,348 |
261.183 |
b. Terms / Rights
attached to Equity Shares
The Company has only one class of Equity Shares having par value of Rs. 10/- per share. Each holder of Equity Shares is entitled to one vote per share. The dividend is declared and paid on being proposed by the Board of Directors after the approval of the Shareholders in the ensuing Annual General Meeting.
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 liabilities. The distribution will be in proportion to the number of Equity Shares held by the shareholders.
c. Shares held by
Holding Company and its Subsidiaries / Associates.
Out of Equity Shares issued by the Company, the Shares held by Holding and its Subsidiaries / Associates are as below :
|
Particulars |
As at 31st
March, 2014 |
|
Kalpataru Power Transmission Limited 1,75,48,908 (1,75,48,908) Equity Shares of Rs. 10/- each fully paid |
175.489 |
d. Details of
shareholders holding more than 5% shares in the company
|
Equity Shares |
As at 31st March, 2014 |
|
|
Nos. |
% holding |
|
|
Equity Shares of Rs. 10/- each fully paid Kalpataru Power Transmission Limited, the Holding Company |
1,75,48,908 |
67.19% |
e. Shares reserved
for issue under options
The Company has reserved issuance of 10,00,000 (10,00,000) Equity Shares of Rs. 10/- each for offering to the eligible employees of the Company under Employee Stock Option Plan (ESOP). On 21st July, 2007, the Company granted 6,00,000 Options to the eligible employees at a price of Rs. 217/- each, and these Options have been vested over the period of 4 years from the date of grant based on specified criteria. As at 31st March, 2014 the total number of options vested but not exercised by employees stood at 1,39,654 (P.Y. 2,45,751).
FINANCIAL DATA
[all figures are in
Rupees Million]
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 |
261.183 |
261.183 |
261.183 |
|
(b) Reserves & Surplus |
4292.858 |
4109.938 |
3963.495 |
|
(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) |
4554.041 |
4371.121 |
4224.678 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2236.374 |
1778.374 |
1375.516 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
2360.037 |
1144.340 |
733.098 |
|
(d) long-term
provisions |
303.045 |
352.662 |
259.682 |
|
Total Non-current
Liabilities (3) |
4899.456 |
3275.376 |
2368.296 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1344.732 |
1505.055 |
1144.266 |
|
(b) Trade
payables |
5696.452 |
4792.696 |
3961.062 |
|
(c) Other
current liabilities |
1919.934 |
1551.990 |
1576.346 |
|
(d) Short-term
provisions |
178.296 |
137.701 |
142.734 |
|
Total Current
Liabilities (4) |
9139.414 |
7987.442 |
6824.408 |
|
|
|
|
|
|
TOTAL |
18592.911 |
15633.939 |
13417.382 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2740.234 |
2556.879 |
2719.847 |
|
(ii)
Intangible Assets |
8.178 |
3.119 |
0.579 |
|
(iii)
Capital work-in-progress |
92.890 |
36.432 |
22.070 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1878.423 |
1706.801 |
1178.121 |
|
(c) Deferred tax assets (net) |
165.807 |
174.857 |
77.807 |
|
(d) Long-term Loan and Advances |
2355.216 |
1407.896 |
938.290 |
|
(e) Other
Non-current assets |
409.403 |
536.867 |
491.135 |
|
Total Non-Current
Assets |
7650.151 |
6422.851 |
5427.849 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2423.613 |
2114.414 |
2119.934 |
|
(c) Trade
receivables |
3519.700 |
3215.252 |
3028.243 |
|
(d) Cash
and cash equivalents |
240.276 |
244.716 |
186.412 |
|
(e) Short-term
loans and advances |
1771.606 |
1556.593 |
1145.624 |
|
(f) Other
current assets |
2987.565 |
2080.113 |
1509.320 |
|
Total
Current Assets |
10942.760 |
9211.088 |
7989.533 |
|
|
|
|
|
|
TOTAL |
18592.911 |
15633.939 |
13417.382 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
26588.378 |
25359.426 |
20703.070 |
|
|
|
Other Income |
39.869 |
71.891 |
111.527 |
|
|
|
TOTAL (A) |
26628.247 |
25431.317 |
20814.597 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Construction Materials
Consumed |
8823.983 |
8446.000 |
8070.649 |
|
|
|
(Increase) / Decrease in Inventories of Work-in-Progress |
(175.273) |
(147.221) |
(372.537) |
|
|
|
Employees benefits expense |
1688.815 |
1479.739 |
1420.748 |
|
|
|
Other expenses |
14848.265 |
14395.454 |
10107.855 |
|
|
|
TOTAL (B) |
25185.790 |
24173.972 |
19226.715 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
1442.457 |
1257.345 |
1587.882 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
551.395 |
549.532 |
473.613 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
891.062 |
707.813 |
1114.269 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
588.989 |
548.572 |
470.608 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
302.073 |
159.241 |
643.661 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
72.365 |
(24.070) |
124.299 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
229.708 |
183.311 |
519.362 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1571.363 |
1473.609 |
1099.958 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed
Dividend |
26.118 |
26.118 |
52.237 |
|
|
|
Corporate Tax on
Proposed Dividend |
4.439 |
4.439 |
8.474 |
|
|
|
Transfer to
debenture redemption reserves |
23.125 |
32.500 |
32.500 |
|
|
|
Transfer To
General Reserve |
22.500 |
22.500 |
52.500 |
|
|
BALANCE CARRIED
TO THE B/S |
1724.889 |
1571.363 |
1473.609 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
182.797 |
2.355 |
31.497 |
|
|
|
Construction Material |
4.769 |
52.984 |
35.578 |
|
|
TOTAL IMPORTS |
187.566 |
55.339 |
67.075 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
8.79 |
7.02 |
19.88 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Type |
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
6025.000 |
5817.700 |
5537.300 |
|
Total Expenditure |
5678.900 |
5454.600 |
5143.200 |
|
PBIDT (Excl OI) |
346.100 |
363.100 |
394.100 |
|
Other Income |
8.300 |
17.800 |
27.100 |
|
Operating Profit |
354.400 |
380.900 |
421.200 |
|
Interest |
169.500 |
199.800 |
229.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
184.900 |
181.100 |
191.600 |
|
Depreciation |
121.700 |
121.100 |
125.800 |
|
Profit Before Tax |
63.200 |
60.000 |
65.800 |
|
Tax |
20.300 |
16.700 |
19.700 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
42.900 |
43.300 |
46.100 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Prior Period
Expenses |
0.000 |
0.000 |
0.000 |
|
Other
Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
42.900 |
43.300 |
46.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.86 |
0.72 |
2.51 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
5.43 |
4.96 |
7.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.84 |
1.16 |
5.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.04 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.79 |
0.75 |
0.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20 |
1.15 |
1.17 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
261.183 |
261.183 |
261.183 |
|
Reserves & Surplus |
3963.495 |
4109.938 |
4292.858 |
|
Net
worth |
4224.678 |
4371.121 |
4554.041 |
|
|
|
|
|
|
long-term borrowings |
1375.516 |
1778.374 |
2236.374 |
|
Short term borrowings |
1144.266 |
1505.055 |
1344.732 |
|
Total
borrowings |
2519.782 |
3283.429 |
3581.106 |
|
Debt/Equity
ratio |
0.596 |
0.751 |
0.786 |
%20LIMITED%20-%20316022%2006-Apr-2015_files/image018.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
20703.070 |
25359.426 |
26588.378 |
|
|
|
22.491 |
4.846 |
%20LIMITED%20-%20316022%2006-Apr-2015_files/image020.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
20703.070 |
25359.426 |
26588.378 |
|
Profit |
519.362 |
183.311 |
229.708 |
|
|
2.51% |
0.72% |
0.86% |
%20LIMITED%20-%20316022%2006-Apr-2015_files/image022.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10553536 |
24/02/2015 |
450,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C45841251 |
|
2 |
10554718 |
18/02/2015 |
813,990.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C46489456 |
|
3 |
10548052 |
18/01/2015 |
1,450,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C43011980 |
|
4 |
10552071 |
25/12/2014 |
940,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C45087707 |
|
5 |
10552069 |
25/12/2014 |
1,170,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C45085677 |
|
6 |
10540482 |
12/12/2014 |
1,000,000,000.00 |
ADITYA BIRLA FINANCE LIMITED |
INDIAN RAYON COMPOUND,, VERAVAL, GUJARAT - 362266, INDIA |
C39148374 |
|
7 |
10526087 |
26/09/2014 |
400,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ ARAT - 390015, INDIA |
C29784576 |
|
8 |
10519844 |
08/08/2014 |
120,000,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI, |
C20062071 |
|
9 |
10456316 |
07/09/2013 |
150,000,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI, |
B88057237 |
|
10 |
10398016 |
28/12/2012 |
250,000,000.00 |
THE KARUR VYSYA BANK LIMITED |
SAKAR-VII, B BLOCK, NEHRU BRIDGE CORNER, ASHRAM R |
B66228305 |
|
11 |
10397738 |
27/12/2012 |
650,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. |
B66148586 |
|
12 |
10382484 |
25/09/2012 |
704,000.00 |
|
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
B60444759 |
|
13 |
10373258 |
01/08/2012 |
1,180,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
B56683055 |
|
14 |
10365968 |
05/07/2012 |
700,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
B43860576 |
|
15 |
10365976 |
26/06/2012 |
2,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
B43866920 |
|
16 |
10336366 |
26/12/2011 |
499,000,000.00 |
DBS BANK LTD. |
UPPER GROUND FLOOR, BIRLA TOWER, 25, BARAKHAMBA |
B32469785 |
|
17 |
10284645 |
20/04/2011 |
835,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B11844560 |
|
18 |
10278178 |
26/02/2011 |
530,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B09632217 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Fixed Deposits from Public |
113.343 |
121.251 |
|
Rupee Term Loans from Banks |
1000.000 |
0.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Fixed Deposits from Public |
7.441 |
16.194 |
|
Total |
1120.784 |
137.445 |
FINANCE
During the year, the Company has invested Rs. 149.000 Million as Equity and Rs. 876.300 Million as loans in Special Purpose Vehicles (SPVs) incorporated for its Road Projects which was funded through term loans and internal accruals.
Total addition in the fixed assets was Rs. 841.700 Million during the year which was funded through Rupee Term Loans and internal accruals. The Company h0as sufficient fund based & non-fund based limits to cater to its existing fund requirements.
MANAGEMENT DISCUSSION
AND ANALYSIS
Emerging markets remains at center stage both for the potential they offer and the challenges they pose. Businesses and governments are taking a fresh look at opportunities that can shape the future of their markets and people. There is a renewed push on governance and job creation.
Following the modest slowdown in 2013, it is expected that overall growth in rapid-growth markets such as BRIC countries to rebound to about 4.5% this year, and top close to 5% by 2015. But if markets, especially European markets react badly to the global monetary tightening that 2014 promises, capital flight and weakening currencies could mean that growth shall be limited to 3.7% this year and 2.8% in 2015.
The liquidity that has underpinned strong growth in some of these markets over the past few years could dry up as the major advanced economies are likely to start raising interest rates. However, before these rates rise, there is a window of opportunity for developing countries like theirs to press on with key economic reforms.
OVERVIEW OF THE
INDIAN ECONOMY
The Indian Economy, responding strongly to the fiscal and monetary stimulus provided in 2008-09 in the wake of global economic slowdown, achieved a growth rate of 8.6% and 9.3% respectively in 2009-10 and 2010-11.
High Interest rates, continued global uncertainties and supply side constraints adversely impacted investment, and in 2011-12 and 2012-13, growth slowed to 6.2% and about 5% respectively. Growth is expected to recover in 2013-14 with reform process being actively pursued. Since May 2013, the Government has taken 42 major reforms measure in the sphere of finance, banking, industry, infrastructure and taxation.
A major drive has been initiated to bolster growth by increasing investment in both the public and the private sectors. The process of fiscal consolidation is continuing. The Government accepted the recommendations of the Kelkar Committee on fiscal consolidation. Red lines were drawn for the fiscal deficit at 5.3% of GDP in 2012-13 and 4.8% in 2013-14. With concentrated effort, the fiscal deficit was contained at 5.2% in the financial year 2012-13.
As a result of concentrated efforts on many fronts, Wholesale Price Inflation (WPI) has moderated from an average 9.56% in 2010-11 to average of 7.41% during April – February, 2012-13. It was below 6% in March, 2013.
INDUSTRY SCENARIO
The total Investment in Infrastructure was estimated to be around 5% of GDP. Investment in infrastructure in other
relatively fast growing countries, the gross capital formation (GCF) in infrastructure should rise as a share of GDP from 5% in 2006-07 to 9% by the end of the plan period. The experience of many other emerging developing countries would suggest that GCF in infrastructure may need to be accelerated to an even higher level at around 11%. Construction industry which grew at 7.7% in the Eleventh plan is expected to grow at an average rate of 9.1%.
The Construction sector has been contributing around 8% to the nation’s GDP (at constant prices) in the last 5-6 years. Over long term, the share of investment in infrastructure, as percentage of GDP is expected to witness a steady increase, growing to around 9-10% by FY 17. This planned investment, if realized, can lead the country’s growth to a higher trajectory. The share of private investment is expected to rise. However, the investment drive has not yet taken the sufficient lead in last fiscal year.
For annual output growth to average 8% in the Twelfth plan period, and to cross 9% in the closing year, it is estimated that the fixed investment rate will have to increase by about 1.5 percentage points of GDP over the level in 2011-12.
The strategy for the eleventh plan also encourages private sector participation directly as well as through various forms of PPPs where desirable and feasible. The share of private sector in infrastructure investment will have to rise substantially. The government’s current initiatives in the area of PPPs are designed to achieve growth objective.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
A. Bank Guarantees |
1.700 |
5.950 |
|
B. Guarantees given in respect of performance of contracts of Joint Venture Entities and Associates in which Company is one of the member/holder of substantial equity |
2897.743 |
2812.128 |
|
C. Claims against the Company not acknowledged as debts (Refer note below) |
64.028 |
67.459 |
|
D. Show Cause Notice issued by Service Tax Authorities |
521.128 |
270.555 |
|
E. Disputed Royalty Demand under Tamil Nadu Minor Mineral Concession Rules in appeal before High Court |
-- |
42.690 |
|
F. Trichy Madurai Road Project royalty matter |
3.987 |
3.987 |
|
G. Disputed Income Tax Demand in appeal before Appellate Authorities (Excludes Amount of Rs. 179.413 Million considered in [J] hereinafter) |
759.171 |
63.461 |
|
H. Disputed Income Tax Demand of Joint Ventures in appeal before Appellate Authorities (excludes amount of Rs. 19.621 Million considered in [J] hereinafter) |
24.008 |
47.997 |
|
I. Disputed VAT Demand in appeal before Appellate Authorities |
95.272 |
158.093 |
|
J. Income Tax (Net of Deferred Tax) on the claim made of the deductions u/s. 80- IA (4) of the Income Tax Act, 1961. (Refer note: *) |
265.723 |
249.912 |
|
Note : In case where Company has raised the claims on clients against which counter claims have been raised by clients, the excess of counter claims raised by client over the amount of its claims only are considered in the above figures. * The Finance Act (2), 2009 has amended section 80-IA (4) of the Income Tax Act, 1961 by substituting an explanation to section 80-IA with retrospective effect from 1st April, 2000. On the basis of the legal opinion of the experts and decided cases, the Company has continued to claim deduction under section 80-IA (4) of the Act on eligible projects and consequently the Company considers it appropriate not to create a liability for provision of Income Tax. However, an amount of Income tax (Net of Deferred Tax) of Rs. 15.811 Million for the current Year and of Rs. 249.912 Million for the earlier years since FY 2007-08 (both - include the amount of tax applicable on the share of profit of Joint Venture Business claiming such deduction) has been disclosed as a contingent liability in note [J Above] to these Accounts. |
||
STATEMENT OF UNAUDITED FINANCIAL RESULTS (STANDALONE) FOR THE QUARTER ENDED
AND NINE MONTHS ENDED 31, 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
5538.700 |
5814.800 |
17373.100 |
|
b) Other operating income |
(1.400) |
2.900 |
5.100 |
|
Total
income from Operations(net) |
5537.300 |
5817.700 |
17378.200 |
|
2.Expenses |
|
|
|
|
a) Cost of material consumed |
1977.400 |
2293.900 |
6376.200 |
|
b) Purchases of stock in trade |
-- |
-- |
-- |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(50.700) |
(36.900) |
(26.100) |
|
d) Employees benefit expenses |
543.000 |
451.200 |
1425.400 |
|
(e)
Construction expense |
2365.400 |
2439.300 |
7564.900 |
|
(f)
Depreciation and amortization expense |
125.800 |
121.100 |
368.600 |
|
(g) Other
expenses |
308.100 |
307.100 |
936.300 |
|
Total expenses |
5269.000 |
5575.700 |
16645.300 |
|
3. Profit/ (Loss) from operations before other income,
finance costs and exceptional items (1-2) |
268.300 |
242.000 |
732.900 |
|
4. Other income |
27.100 |
17.800 |
55.000 |
|
5. Profit/ (Loss) from ordinary activities before finance costs
and exceptional items (3+4) |
295.400 |
259.800 |
787.900 |
|
6. Finance costs |
229.600 |
199.800 |
598.900 |
|
7. Net Profit/ (Loss) from ordinary activities after finance costs but before exceptional items (5-6) |
65.800 |
60.000 |
189.000 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit/ (Loss) from ordinary activities before tax Expense: |
65.800 |
60.000 |
189.000 |
|
10.Tax expenses |
19.700 |
16.700 |
56.700 |
|
11.Net Profit / (Loss) from ordinary activities after tax (9-10) |
46.100 |
43.300 |
132.300 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
46.100 |
43.300 |
132.300 |
|
14.Paid-up equity share capital (Face Value Rs. 10/- per share) |
261.200 |
261.200 |
261.200 |
|
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
-- |
-- |
-- |
|
16. Debenture Redemption Reserve |
-- |
-- |
-- |
|
17) Earnings per share (EPS) |
|
|
|
|
(a) Basic EPS before and after Extraordinary Items for the period (not annualized) in Rs. |
1.77 |
1.66 |
5.07 |
|
(b) Diluted EPS before and after Extraordinary Items for the period (not annualized) in Rs. |
1.77 |
1.66 |
5.07 |
|
|
|
|
|
|
|
|
|
|
|
PART II |
|
|
|
|
A. Particulars of
shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
8569440 |
8569440 |
8569440 |
|
- Percentage of shareholding |
32.81% |
32.81% |
32.81% |
|
2. Promoters and
Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
17548908 |
17548908 |
17548908 |
|
Percentage of shares (as a % of total shareholding of the promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
Percentage of shares (as a % of total share capital of the company) |
67.19% |
67.19% |
67.19% |
|
|
|
|
|
|
B. Investor
Complaints (Nos.) |
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Receiving during the quarter |
Nil |
|
|
|
Disposed of during the quarter |
Nil |
|
|
|
Remaining unreserved at the end of the quarter |
Nil |
|
|
NOTE:
1. The above results have been taken on record by the Board of Directors on February 05, 2015 after a review by Audit Committee and Limited Review by statutory Auditors of the Company.
2. Pursuant to Companies Act, 2013 (The Act) being effective from April 01,
2014, the Company has revised depreciation rates on certain fixed assets based
on useful life specified in Part C of Schedule II of the Act or as per the
management's estimates based on internal evaluation. As a result of the change,
the depreciation charge for the quarter and nine months ended December 31, 2014
is lower by Rs. 37.095 Million and Rs. 117.729 Million respectively. In respect
of assets whose useful life is already exhausted as on April 01, 2014,
depreciation of Rs. 65.753 Million (net of deferred tax) has been adjusted in
Retained Earnings in accordance with Schedule II of the Act.
3. During the quarter ended December 31, 2014 none of the employee has
exercised the stock options granted under Employee Stock Option Scheme, 2007
and hence no share has been allotted.
4. The previous year's figures have been regrouped and/or rearranged wherever
considered necessary.
5. The Management identifies and monitors 'Construction' as the only Business
Segment.
FIXED ASSETS
TANGIBLE ASSETS
· Freehold Land
· Office Building
· Store Building
· Plant and Equipment’s
· Furniture and Fixtures
· Vehicles
· Office Equipment’s
· Electrical Installation
INTANGIBLE
ASSETS
· Computer Software
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.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.68.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MRI |
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 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
|
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
61 |
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.