MIRA INFORM REPORT
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Report No. : |
316585 |
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Report Date : |
10.04.2015 |
IDENTIFICATION DETAILS
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Name : |
SAHYADRI INDUSTRIES LIMITED |
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Registered
Office : |
39/D, Swastik House, Gultekdi, J. N. Road, Pune – 411037, Maharashtra |
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Tel. No.: |
91-20-26444625 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
13.06.1994 |
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Com. Reg. No.: |
078941 |
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Capital
Investment / Paid-up Capital : |
Rs. 95.615 Million |
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CIN No.: [Company Identification
No.] |
L26956PN1994PLC078941 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEN00756A |
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PAN No.: [Permanent Account No.] |
AAACN5870A |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Cement
Sheets and Accessories and Trader of Steel Doors and also Generation of Wind
Power Electricity. |
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No. of Employees
: |
Not Divulged |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3220000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of “Swastik Group”. It is an established company
having satisfactory track record. The company possesses an acceptable financial profile marked by
adequate networth base, comfortable capital structure along with working
capital intensive operations. Moreover, it is anticipated that there will be an external pressure on
the liquidity due to near term challenges stemming from subdued demand,
rising input costs and an increasingly competitive industry landscape. The performance of the company has remain subdued and has witnessed a
decline in its revenue, whereas has reported a loss from its operations
during FY14, owing to volatility in input prices. The ratings also takes into consideration the products of the company,
which may be adversely impacted due to changes in Central Government
regulations related to the use of asbestos. Further, the business also depends on the monsoons for offtake from
consumers as the major customer base tends to be located in the rural areas. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct. In view of established market position backed by strong parentage, the
company can be considered for business dealings at usual trade terms and conditions,
with some caution. |
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) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long term rating = BB+ |
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Rating Explanation |
Moderate risk of default regarding timely
servicing of financial obligations. |
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Date |
March 24, 2014 |
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Rating Agency Name |
CRISIL |
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Rating |
Short term rating = A4+ |
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Rating Explanation |
Minimal degree of safety and very high
credit risk. |
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Date |
March 24, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Rahul |
|
Designation : |
Import and Export Department |
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Contact No.: |
91-20-26444625 |
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Date : |
08.04.2015 |
LOCATIONS
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Registered/ Corporate Office : |
39/D, Swastik House, Gultekdi, J. N. Road, Pune – 411037, Maharashtra, India |
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Tel. No.: |
91-20-26444625/ 26/ 27/ 26452064/ 26453075 |
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Fax No.: |
91-20-26458888/ 26454524 |
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E-Mail : |
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Website : |
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Factories : |
Chinchwad Plot No. 39, 44, 46 to 49,
Block No. D III, MIDC, Chinchwad, Pune - 411019, Maharashtra, India Kedgaon Gat No. 14 and 15 (1),
Village Kedgaon, Tal. Daund, District Pune, Maharashtra, India Perundurai Plot No. KK2(N) and
KK2(S), SIPCOT Industrial Growth, Centre, Perundurai 638052, Erode District,
Tamilnadu, India Mahuvej S. No. 127, 128, 129,
186, 187, 129/1/1, Block No. 88, 89, Village Mahuvej, Tal. Mangrol, District
Surat, Gujarat, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. J. P. Patel |
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Designation : |
Chairman |
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Date of Birth/Age : |
09.01.1969 |
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Expertise in specific function areas : |
Overall Management |
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Date of Appointment : |
15.01.1999 |
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Other Directorship : |
· Poonam Roofing Products Private Limited · Sahyadri Enerco Private Limited |
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Name : |
Mr. S. V. Patel |
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Designation : |
Managing Director |
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Date of Birth/Age : |
17.03.1977 |
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Expertise in specific function areas : |
Overall Management |
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Date of Appointment : |
01.08.1998 |
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Other Directorship : |
· Poonam Roofing Products Private Limited · Sahyadri Enerco Private Limited |
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Name : |
Mr. P. L. Patel |
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Designation : |
Whole time Director |
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Date of Birth/Age : |
10.10.1942 |
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Expertise in specific function areas : |
General Management |
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Date of Appointment : |
01.04.1997 |
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Other Directorship : |
· Poonam Roofing Products Private Limited · PVRB Agro Products Private Limited |
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Name : |
Mr. V. L. Patel |
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Designation : |
Whole time Director |
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Date of Birth/Age : |
26.09.1953 |
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Expertise in specific function areas : |
General Management |
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Date of Appointment : |
30.06.1994 |
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Other Directorship : |
· Poonam Roofing Products Private Limited · PVRB Agro Products Private Limited · JVS Comatsco Industries Private Limited |
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Name : |
Mr. D. B. Kasad |
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Designation : |
Director |
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Date of Birth/Age : |
04.04.1943 |
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Expertise in specific function areas : |
Overall Management |
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Date of Appointment : |
15.01.1999 |
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Name : |
Mr. S. U. Joshi |
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Designation : |
Director |
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Date of Birth/Age : |
01.11.1944 |
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Expertise in specific function areas : |
Accounting, Taxation and Finance |
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Date of Appointment : |
10.06.2005 |
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Name : |
Mr. S. U. Koshti |
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Designation : |
Director |
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Date of Birth/Age : |
01.11.1947 |
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Expertise in specific function areas : |
Income Tax and Management |
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Date of Appointment : |
10.06.2005 |
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Name : |
Mr. J. G. Awate |
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Designation : |
Director |
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Date of Birth/Age : |
09.10.1943 |
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Expertise in specific function areas : |
Agriculture |
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Date of Appointment : |
30.01.2006 |
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|
Name : |
Mr. S. Y. Mestry |
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Designation : |
Director |
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Date of Birth/Age : |
25.08.1942 |
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Expertise in specific function areas : |
General Management |
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Date of Appointment : |
29.05.2009 |
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Other Directorship : |
·
Saki Auto Products Private Limited ·
Roto Flax Machine Private Limited ·
Fore-Tech Engineering Private Limited |
KEY EXECUTIVES
|
Name : |
Mr. Rahul |
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Designation : |
Import and Export Department |
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Name : |
Jaiwant Rege |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of Shareholder |
Total No. of Shares |
As a %
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|
(A) Shareholding of Promoter and Promoter
Group |
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|
6305019 |
65.94 |
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|
33602 |
0.35 |
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|
6338621 |
66.29 |
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Total shareholding of Promoter and Promoter
Group (A) |
6338621 |
66.29 |
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(B) Public Shareholding |
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|
1200 |
0.01 |
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|
1200 |
0.01 |
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|
1021883 |
10.69 |
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|
1431333 |
14.97 |
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|
701674 |
7.34 |
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|
66789 |
0.70 |
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|
44342 |
0.46 |
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|
22447 |
0.23 |
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|
3221679 |
33.69 |
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Total Public shareholding (B) |
3222879 |
33.71 |
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Total (A)+(B) |
9561500 |
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) |
9561500 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cement
Sheets and Accessories and Trader of Steel Doors and also Generation of Wind
Power Electricity. |
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Brand Names : |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Not Divulged |
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Countries : |
Not Divulged |
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Imports : |
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Products : |
Not Divulged |
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Countries : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
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 : |
· Cosmos Co-Op Bank Limited · Central Bank of India · Corporation Bank · HDFC Bank Limited · Indian Overseas Bank · Standard Chartered Bank ·
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Parag Patwa and Associates Chartered Accountants |
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Address : |
Pune, Maharashtra, India |
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Associates : |
·
Poonam Roofing Products Private Limited ·
Poonam Tiles · Sahyadri Enerco Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs. 10/- each |
Rs. 120.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9561500 |
Equity Shares |
Rs. 10/- each |
Rs. 95.615 Million |
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Terms / rights attached to equity shares
The company
has only one class of equity shares having a face value of ` 10/- per share.
Each holder of equity share is entitled to one vote per share.
In the event
of Liquidation of the Company, the holders of equity shares will be entitled to
receive remaining assets of the Company. The distribution will be in proportion
to the number of equity sahres held by the shareholders.
The details of shareholders holding more than 5% of
equity shares
|
NAME OF THE SHAREHOLDERS |
% OF
HOLDING |
NUMBER |
|
Vallabh
Lalaji Patel |
5.11% |
4,88,435 |
|
Jayesh
Purshottam Patel |
6.06% |
5,79,350 |
|
Chetan
Purshottam Patel |
6.01% |
5,74,323 |
|
Shilpa
Jignesh Patel |
5.90% |
5,64,150 |
|
Trilochana
Vipul Patel |
6.05% |
5,78,250 |
|
Harsha
Jayesh Patel |
5.39% |
5,15,400 |
|
Purna
Chetan Patel |
5.44% |
5,20,000 |
|
Harimudra
Securites Pvt. Ltd |
5.58% |
5,33,682 |
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 |
95.615 |
95.615 |
95.615 |
|
(b) Reserves & Surplus |
1031.537 |
1093.900 |
914.686 |
|
(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) |
1127.152 |
1189.515 |
1010.301 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
638.151 |
799.017 |
869.028 |
|
(b) Deferred tax liabilities (Net) |
257.850 |
284.057 |
199.908 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
7.076 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
903.077 |
1083.074 |
1068.936 |
|
|
|
|
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|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
760.803 |
919.776 |
587.402 |
|
(b)
Trade payables |
255.831 |
198.141 |
200.040 |
|
(c)
Other current liabilities |
619.930 |
591.330 |
582.818 |
|
(d)
Short-term provisions |
11.930 |
44.671 |
35.293 |
|
Total
Current Liabilities (4) |
1648.494 |
1753.918 |
1405.553 |
|
|
|
|
|
|
TOTAL |
3678.723 |
4026.507 |
3484.790 |
|
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|
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|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1622.519 |
1735.904 |
1801.477 |
|
(ii)
Intangible Assets |
13.550 |
16.978 |
20.024 |
|
(iii)
Capital work-in-progress |
427.176 |
30.776 |
16.892 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1.468 |
1.468 |
1.502 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
169.302 |
157.451 |
115.042 |
|
(e)
Other Non-current assets |
74.538 |
78.288 |
65.652 |
|
Total
Non-Current Assets |
2308.553 |
2020.865 |
2020.589 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
824.566 |
1472.730 |
984.063 |
|
(c)
Trade receivables |
335.647 |
340.837 |
285.033 |
|
(d)
Cash and cash equivalents |
61.665 |
62.235 |
101.804 |
|
(e)
Short-term loans and advances |
127.957 |
84.780 |
68.391 |
|
(f)
Other current assets |
20.335 |
45.060 |
24.910 |
|
Total
Current Assets |
1370.170 |
2005.642 |
1464.201 |
|
|
|
|
|
|
TOTAL |
3678.723 |
4026.507 |
3484.790 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3723.665 |
4077.373 |
3767.819 |
|
|
|
Other Income |
14.232 |
37.992 |
9.403 |
|
|
|
TOTAL (A) |
3737.897 |
4115.365 |
3777.222 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1865.501 |
2464.516 |
1929.122 |
|
|
|
Purchases of Stock-in-Trade |
7.593 |
13.502 |
8.212 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
470.712 |
(392.184) |
(33.309) |
|
|
|
Employees benefits expense |
191.325 |
198.990 |
172.700 |
|
|
|
Other expenses |
1006.049 |
1213.609 |
1240.455 |
|
|
|
Self-Produced material capitalised |
(2.259) |
0.000 |
(0.549) |
|
|
|
TOTAL (B) |
3538.921 |
3498.433 |
3316.631 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
198.976 |
616.932 |
460.591 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
143.428 |
180.393 |
181.345 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
55.548 |
436.539 |
279.246 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
141.936 |
147.225 |
143.571 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(86.388) |
289.314 |
135.675 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(26.207) |
94.523 |
39.516 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(60.181) |
194.791 |
96.159 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings (FOB Basis) |
201.884 |
87.696 |
23.882 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
916.452 |
1309.357 |
1020.568 |
|
|
|
Consumables and Stores |
2.036 |
1.115 |
0.556 |
|
|
|
Capital Goods |
0.000 |
2.241 |
3.314 |
|
|
|
Trading items |
5.371 |
20.768 |
5.689 |
|
|
TOTAL IMPORTS |
923.859 |
1333.481 |
1030.127 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(6.29) |
20.37 |
10.06 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1531.400 |
909.800 |
898.000 |
|
Total Expenditure |
1375.200 |
805.900 |
866.900 |
|
PBIDT (Excl OI) |
156.200 |
103.900 |
31.000 |
|
Other Income |
2.300 |
5.200 |
2.900 |
|
Operating Profit |
158.500 |
109.100 |
33.900 |
|
Interest |
27.900 |
28.700 |
31.800 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
130.700 |
80.400 |
2.200 |
|
Depreciation |
32.100 |
32.000 |
33.000 |
|
Profit Before Tax |
98.600 |
48.400 |
(30.800) |
|
Tax |
32.100 |
18.000 |
(9.400) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
66.500 |
30.500 |
(21.400) |
|
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 |
66.500 |
30.500 |
(21.400) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(1.62) |
4.78 |
2.55 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
5.34 |
15.13 |
12.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.66) |
7.24 |
3.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.08) |
0.24 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.24 |
1.44 |
1.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.83 |
1.14 |
1.04 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
95.615 |
95.615 |
95.615 |
|
Reserves & Surplus |
914.686 |
1093.900 |
1031.537 |
|
Net
worth |
1010.301 |
1189.515 |
1127.152 |
|
|
|
|
|
|
Long-term borrowings |
869.028 |
799.017 |
638.151 |
|
Short term borrowings |
587.402 |
919.776 |
760.803 |
|
Total
borrowings |
1456.430 |
1718.793 |
1398.954 |
|
Debt/Equity
ratio |
1.442 |
1.445 |
1.241 |
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 |
3767.819 |
4077.373 |
3723.665 |
|
|
|
8.216 |
(8.675) |
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 |
3767.819 |
4077.373 |
3723.665 |
|
Profit/ (Loss) |
96.159 |
194.791 |
(60.181) |
|
|
2.55% |
4.78% |
(1.62%) |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
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 |
10547588 |
15/01/2015 |
100,000,000.00 |
THE COSMOS CO - OPERATIVE BANK LTD. |
COSMOS TOWER, PL. NO.6, ICS COLONY, UNIVERSITY
ROAD, GANESHKHIND, SHIVAJINAGAR, PUNE, MAHARASHTRA |
C42772327 |
|
2 |
10560219 |
31/12/2014 |
921,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, GUJARAT - 390015, INDIA |
C49519804 |
|
3 |
10547503 |
17/10/2014 |
4,600,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, GUJARAT - 390015, INDIA |
C42720227 |
|
4 |
10528432 |
10/10/2014 |
200,000,000.00 |
THE COSMOS CO-OPERATIVE BANK LIMITED |
269/270, SHANIWAR PETH, PUNE, MAHARASHTRA -
411030, INDIA |
C31772254 |
|
5 |
10547857 |
30/09/2014 |
873,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, GUJARAT - 390015, INDIA |
C42918391 |
|
6 |
10552047 |
30/08/2014 |
1,993,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, GUJARAT - 390015, INDIA |
C45078193 |
|
7 |
10437373 |
27/06/2013 |
3,600,000.00 |
THE COSMOS CO-OPERATIVE BANK LTD. |
269/270, SHANIWAR PETH, PUNE, MAHARASHTRA -
411030 |
B79828117 |
|
8 |
10392506 |
03/12/2012 |
5,145,000.00 |
ICICI BANK |
3RD FLOOR, A WING, SHANGRILA GARDENS, BUND
GARDEN ROAD, PUNE, MAHARASHTRA - 411001, INDIA |
B64336761 |
|
9 |
10392061 |
13/01/2015 * |
200,000,000.00 |
ICICI BANK LIMITED |
ICICI BANK TOWER, REGIONAL OFFICE, PLOT NO.
12, |
C42924506 |
|
10 |
10397415 |
19/11/2012 |
100,000,000.00 |
THE COSMOS CO-OPERATIVE BANK LTD. |
269/270, SHANIWAR PETH, PUNE, MAHARASHTRA -
411030, INDIA |
B66037029 |
|
11 |
10381964 |
24/09/2012 |
200,000,000.00 |
ICICI BANK LIMITED |
"LANDMARK", RACE COURSE CIRCLE,
VADODARA, VADODARA, GUJARAT - 390007, INDIA |
B60251303 |
|
12 |
10357291 |
22/05/2012 |
801,500,000.00 |
THE COSMOS COOPERATIVE BANK LTD |
COSMOS HEIGHTS, 269/270 SHANIWAR PETH,
PUNE, MAHARASHTRA - 411030, INDIA |
B40195513 |
|
13 |
10356355 |
26/03/2012 |
105,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER
PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B39863386 |
|
14 |
10305096 |
20/03/2012 * |
315,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER
PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B37320090 |
|
15 |
10291438 |
18/05/2011 |
207,000,000.00 |
THE COSMOS CO-OPERATIVE BANK LINITED |
COSMOS HEIGHTS, 269/270 SHANIWAR PETH,
PUNE, MAHARASHTRA - 411030, INDIA |
B14729495 |
|
16 |
10288435 |
13/05/2011 |
650,000.00 |
THE COSMOS CO-OPERATIVE BANK LIMITED |
COSMOS HEIGHTS, 269/270 SHANIWAR PETH,
PUNE, MAHARASHTRA - 411030, INDIA |
B13545330 |
|
17 |
10288469 |
07/05/2011 |
950,000.00 |
THE COSMOS CO-OPERATIVE BANK LIMITED |
COSMOS HEIGHTS, 269/270 SHANIWAR PETH,
PUNE, MAHARASHTRA - 411030, INDIA |
B13545900 |
|
18 |
10279630 |
26/03/2011 |
270,000.00 |
COSMOS COOPERATIVE BANK LIMITED |
269/270 SHANIWAR PETH, PUNE, MAHARASHTRA -
411030, INDIA |
B10048635 |
|
19 |
10279631 |
26/03/2011 |
814,000.00 |
COSMOS COOPERATIVE BANK LIMITED |
269/270 SHANIWAR PETH, PUNE, MAHARASHTRA -
411030, INDIA |
B10048932 |
|
20 |
10249416 |
23/10/2010 |
210,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER
PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A97650394 |
|
21 |
10209272 |
25/05/2010 * |
300,000,000.00 |
STANDARD CHARTERED BANK |
90, M G ROAD,, FORT, MUMBAI, MAHARASHTRA -
400001, INDIA |
A87743043 |
|
22 |
10179647 |
22/09/2009 |
64,500,000.00 |
THE COSMOS BANK LIMITED |
269/270, SHANIWAR PETH, AT ITS CAMP BRANCH,
PUNE, MAHARASHTRA - 411030, INDIA |
A71088934 |
|
23 |
10179651 |
22/09/2009 |
129,000,000.00 |
THE COSMOS BANK LIMITED |
269/270, SHANIWAR PETH, AT ITS CAMP BRANCH,
PUNE, |
A71095897 |
|
24 |
10174678 |
08/08/2009 |
600,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER
PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A69104081 |
|
25 |
10121265 |
05/08/2008 |
597,000.00 |
RELIANCE CAPITAL LIMITED |
H BLOCK, 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE
CITY, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA |
A44182541 |
|
26 |
10088563 |
16/01/2008 |
350,000.00 |
CORPORATION BANK |
H-2406, EAST STREET, CAMP, PUNE,
MAHARASHTRA - 411001, INDIA |
A32682064 |
|
27 |
10098186 |
14/01/2008 |
2,069,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN
POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A35977420 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
From
Directors and Promoter group |
0.000 |
144.800 |
|
SHORT TERM BORROWINGS |
|
|
|
From
Directors and Promoter group |
136.200 |
0.000 |
|
Inter-corporate
Deposit from related parties |
5.065 |
3.775 |
|
|
|
|
|
Total |
141.265 |
148.575 |
CORPORATE INFORMATION
The company is engaged in
the production of Cement Sheets and Accessories, trading of steel doors and in
generation of wind power electricity. The company presently has four manufacturing
units situated at Maharashtra, Tamilnadu and Gujarat. The company has set up
Wind Turbine Generators in Maharashtra, Rajasthan and Tamilnadu.
BUSINESS PERFORMANCE
The
sales and other income for the year ended 31st March 2014 was Rs.
3737.897 Million as against Rs.4115.364 Million in the previous year, Their
operating loss amounted to Rs. (86.388) Million as against profit of Rs.
289.314 Million in the previous year. The net loss after tax was Rs. (60.181)
Million as against profit of Rs. 194.791 Million in the previous year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE AND DEVELOPMENT
SEGMENT : BUILDING MATERIAL
The
Company is mainly engaged in the business of manufacture and sale of asbestos
cement corrugated sheet as also Boards. The company is manufacturing roofing
sheets non asbestos boards and its applications.
Asbestos
Cement sheets have proven to be non-corrosive, Fire – retardant, survive
extreme weather pressure, weather proof, and improve the Aesthetics of the home
and other structures where they are used. These qualities make 'Swastik' sheets
ideal for roofing and side cladding of Industrial sheds, godowns, poultry
sheds, houses etc. There are some 20 known players in the industry catering to
the domestic market and about 68 manufacturing units. The asbestos cement sheet
industry is Rs 45000.000 Million industry and employs about 300,000 people. It
contributes over 25% of the turnover to the government's exchequer byway of
direct and indirect taxes.
SEGMENT: WINDMILL
The
development of wind power in India began in 1990, and has significantly
increased in the last few years. India has the fifth largest electricity
generation capacity in the world at more than 164,000 megawatt, however one
still faces power shortage and load-shedding issues. Government has been
striving hard to tackle this problem and bring power sufficiency in country,
emphasising on generation of power through non-conventional sources like wind
energy which is environment friendly.
Installed
capacity of wind power in India is estimated to be exceeding 2000 MW, mainly
spread across Tamil Nadu Gujarat , Maharashtra , Karnataka , Rajasthan , Madhya
Pradesh , Andhra Pradesh , Kerala , Orissa ,Wind power accounts for 13% of
India's total installed power capacity and it generates 1.6% of the country's
power. There is huge scope for growth of wind energy in India due to rising
energy demand in India and India's obligation to encourage clean development.
FINANCIAL PERFORMANCE
The
volume of the sales went down due to lagging demand as a result of untimely and
erratic rainfall in some parts of the country during the previous year and
selling prices were under pressure especially after the first quarter. The
overall industry was reeling under low demand and rate pressure. Fortunately
for the first time asbestos supplier have decreased their prices in dollar
terms. The rupee which showed depreciating trends seems to have stabilised
against its dollar. The better part is that things have started looking up and
there is improvement in positive sentiments in the market which should spur
demand.
Asbestos
roofing sheet is a seasonal business and Company as also industry as whole
depends upon seasonability of demand. However the Company has taken various new
initiatives to insulate it from seasonability of demand. The Company is
expanding its export footprint. Exports during the current period have doubled.
The Company will continue to lay emphasis on exports compared to the
corresponding previous period. The Company is erecting a new asbestos cement
sheet manufacturing plant at Vijaywada. It is likely to commence operations
during Financial Year 2014-15.It will bring reduction in freight costs.
UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER ENDED ON 31ST DECEMBER, 2014
(RS.
IN MILLION)
|
SR. NO. |
PARTICULARS |
3
MONTHS ENDED 31.12.2014 |
3
MONTHS ENDED 30.09.2014 |
9
MONTHS ENDED 31.12.2014 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
|
1 |
Net Sales/Income
from Operations |
897.950 |
909.825 |
3339.160 |
|
|
|
|
|
|
|
2 |
Expenses |
|
|
|
|
|
Changes in inventories of finished goods, work in progress
and stock in trade |
(34.413) |
(249.186) |
(52.280) |
|
|
Consumption
of Raw Material |
550.466 |
649.761 |
1931.774 |
|
|
Purchase of
traded Goods |
3.942 |
11.737 |
17.316 |
|
|
Employees
Cost |
58.308 |
65.721 |
182.135 |
|
|
Depreciation |
32.976 |
31.981 |
97.026 |
|
|
Other
Expenses |
288.827 |
328.020 |
969.800 |
|
|
Self-produced material
capitalised |
(0.193) |
(0.147) |
(0.682) |
|
|
Total Expenses |
899.914 |
837.888 |
3145.090 |
|
|
|
|
|
|
|
3 |
Profit from Operations before Other Income,
Finance costs and Exceptional item |
(1.964) |
71.938 |
194.070 |
|
4 |
Other Income |
2.917 |
5.171 |
10.427 |
|
5 |
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
0.953 |
77.108 |
204.497 |
|
6 |
Finance costs |
31.746 |
28.664 |
88.262 |
|
7 |
Profit/ Loss from Ordinary
Activities after Finance costs but Exceptional item |
(30.793) |
48.444 |
116.235 |
|
8 |
Exceptional
item |
0.000 |
0.000 |
0.000 |
|
9 |
Profit/ Loss from Ordinary Activities
before tax |
(30.793) |
48.444 |
116.235 |
|
10 |
Tax Expenses |
9.389 |
(17.949) |
(40.681) |
|
11 |
Net Profit/ Loss from Ordinary Activities
after tax |
(21.404) |
30.495 |
75.554 |
|
12 |
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit for the period |
(21.404) |
30.495 |
75.554 |
|
|
Cash Profit after tax |
11.572 |
62.476 |
172.580 |
|
|
|
|
|
|
|
14 |
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
95.615 |
95.615 |
95.615 |
|
15 |
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
0.000 |
0.000 |
0.000 |
|
16 |
Basic and diluted Earnings per share |
(2.24) |
3.19 |
7.90 |
|
|
Cash EPS |
1.21 |
6.53 |
18.05 |
|
|
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
17 |
1. Public
shareholding |
|
|
|
|
|
Number of
Shares |
3222879 |
3222879 |
3222879 |
|
|
Percentage of Shareholding |
33.71 |
33.71 |
33.71 |
|
18 |
2. Promoters and promoter group
shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
Nil |
Nil |
|
|
b) Non - encumbered |
|
|
|
|
|
- Number of Shares |
6338621 |
6338621 |
6338621 |
|
|
- Percentage of Shares (as a % of the total shareholding of
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of Shares (as a % of the total share capital of the
company) |
66.29 |
66.29 |
66.29 |
SEGMENT WISE REVENUE/ RESULTS & CAPITAL EMPLOYED FOR THE PERIOD
ENDED 31ST DECEMBER, 2014
|
SR. NO. |
PARTICULARS |
3
MONTHS ENDED 31.12.2014 |
3
MONTHS ENDED 30.09.2014 |
9
MONTHS ENDED 31.12.2014 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
|
1 |
Segment
Revenue |
|
|
|
|
|
a)Segment
- Building Material |
895.886 |
851.361 |
3240.280 |
|
|
b)
Segment - Power Generation |
19.024 |
74.325 |
135.164 |
|
|
|
|
|
|
|
|
Total |
914.911 |
925.686 |
3375.445 |
|
|
|
|
|
|
|
|
Less
:- Inter Segment Revenue |
16.961 |
15.861 |
36.284 |
|
|
|
|
|
|
|
|
Net
Sales/Income from operations |
897.950 |
909.825 |
3339.160 |
|
|
|
|
|
|
|
2 |
Segment Results (Profit)(+)/Loss (-)before tax and interest from each |
|
|
|
|
|
a)Segment
- Building Material |
1.267 |
23.687 |
126.318 |
|
|
b)
Segment - Power Generation |
(1.438) |
50.531 |
71.856 |
|
|
|
|
|
|
|
|
Total |
(0.171) |
74.218 |
198.174 |
|
|
|
|
|
|
|
|
Less:(i)
Interest |
31.746 |
28.664 |
88.262 |
|
|
Add/
(Less):- Un-allocable income Net of unallocable Expenditure |
1.124 |
2.890 |
6.323 |
|
|
|
|
|
|
|
|
Total
Profit Before Tax |
(30.793) |
48.444 |
116.235 |
|
|
|
|
|
|
|
3 |
Capital
Employed (Segment
assets- Segment |
|
|
|
|
|
a)
Segment - Building Material |
667.902 |
665.754 |
667.902 |
|
|
b)
Segment - Power Generation |
498.855 |
526.178 |
498.855 |
|
|
c)
Unallocable |
3.471 |
3.471 |
3.471 |
|
|
|
|
|
|
|
|
TOTAL
|
1170.228 |
1195.403 |
1170.228 |
NOTES:
1)
The
above unaudited financial results have been reviewed by the Audit Committee and
were approved by the Board of Directors at their meeting held on 27th
January, 2015
2)
The
figures of quarter ended 31st March 2014 is balancing figures between the
audited figures in respect of the full financial year ended 31st March 2014 and
the unaudited published year to date figures up to the third quarter ended 31st
December 2013 which was subjected to a limited review.
3)
In
accordance with Companies Act, 2013 the Company has revised the useful life of
its Fixed Assets to comply with the life as mentioned under Schedule II of the
Companies Act, 2013 and as per the transition provisions, the Company has
adjusted Rs. 299.98 lacs with the opening balances of Surplus in the Profit
& Loss Account, correspondingly deferred taxes thereon of Rs.101.96 lacs
are also adjusted to the opening
4) Status of investor complaints:-
At the beginning of the quarter - 01.10.2014 – Nil
Received & resolved during the quarter – Nil
Pending at the end of the quarter –31.12.2014 - Nil
5)
Figures
of previous period have been rearranged & regrouped wherever necessary to
make them comparable with current year.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
Contingent
Liabilities not provided for: |
|
|
|
a) Bank Guarantees |
2.647 |
6.671 |
|
b) Due towards disputed statutory liability (Total amount disputed Rs. 7.242 Million, amount paid Rs.0.533 Million, net under protest Rs. 6.709 Million) |
6.709 |
0.529 |
|
c) Claims against the company not acknowledged as debts |
0.033 |
0.000 |
|
|
|
|
|
Total |
9.389 |
7.200 |
FIXED ASSETS:
·
Land
·
Factory Building
·
Plant and Machinery
·
Electrical Installation
·
Computers
·
Furniture
·
Vehicles
·
Templates, Moulds and Other Equipments
·
Office Equipment
·
Laboratory Equipments
·
Electrical Genset
·
Trolleys
·
Scale Machine
·
Material Handling Equipment
·
Canteen Equipments
·
Wind Energy Convertors
·
Ele. Installation (Windmill)
·
Computer Software
PRESS RELEASE
SAHYADRI
INDUSTRIES LAUNCHES DO-IT-YOURSELF GREEN TOILET BLOCKS
Focusing
on rural markets; targets selling 40,000 blocks in the next one year
Pune
December 12, 2014
BSE listed Pune-based building materials maker SahyadriIndustries has
introduced toilet blocks under the brand name Cemply DIY (Do It Yourself) toilet blocks.
The company is focusing rural markets to promote
the blocks. It has a target of selling 40,000 blocks in the next one year. The
make-shift toilets have a shelf life of 25 years and can be set up anywhere in
rural or urban areas. The block are being manufactured at its SIL's
Chinchwad plant. The company has made additional investment of Rs 25 crore this
venture. Typically, a block costs in the range of Rs 9000 to Rs 30,000 per
unit.
"After manufacturing for several years, we
have now moved into solutions business. The dry construction techniques are
used for making the blocks. It can be installed in any terrain of little
resources like tribal, hilly areas, tourist spots, forts, residential and
school premises. It addresses immediate sanitation requirements of the country.
It is also easier to maintain hygiene, health and convenience in an affordable
way with these blocks, said Satyen Patel, managing director of Sahyadri
Industries.
Sahyadri Industries is a manufacturer of
fibre cement corrugated and flat sheets and non-asbestos flat sheets which
contributes 85 per cent of its total product portfolio. It has plants in
Maharashtra, Andhra Pradesh, Tamil Nadu and Gujarat. Its other products
include Entasafe-main doors, Cemply-flat sheets, Ecopro-fibre cement boards,
Swastik-roofing sheets and Swastik- backyard poultry cabins.
Patel added, “As a part of our exports
initiatives, we have drawn up plans to nearby double the export sales during
the next financial year. We are targeting to double our exports and also our
overall turnover this fiscal. Last year our exports were about Rs. 1000.000
Million." Currently, it exports the sheets to Middle East and
African markets.
Having a turnover of Rs. 3720.000 Million
(2013-14), the company will manufacture these blocks at its six units located
across the country. The company had posted net loss of Rs 60.000 Million last
fiscal.
The company's shares down 3 per cent and hit
upper circuit at Rs. 81.70 on Bombay Stock Exchange (BSE) on Friday. The stock
had hit a 52-week high of Rs. 94.40 earlier this month, while it had touched a
52-week low of Rs. 28.40 in February this year.
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. 62.26 |
|
|
1 |
Rs. 92.49 |
|
Euro |
1 |
Rs. 66.99 |
INFORMATION DETAILS
|
Information Gathered
by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
44 |
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.