MIRA INFORM REPORT
|
Report No. : |
320283 |
|
Report Date : |
28.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
JK TYRE AND
INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Jaykaygram, PO – Tyre Factory, Kankroli – 313342, Rajasthan |
|
Tel no. : |
91-11-23311112 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
14.02.1951 |
|
|
|
|
Com. Reg. No.: |
17- 045966 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.410.600 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L67120RJ1951PLC045966 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JDHJ01475F /
CALJ01643F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACJ6716P |
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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
: |
Manufacturing of
Tyres. |
|
|
|
|
No. of Employees
: |
9000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 24000000 |
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|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects JKTI’s long-track record of operations supported
by its established market position and wide marketing and distribution
network. Further rating also reflects sound financial risk profile fair
profitability of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE Rating |
|
Rating |
Proposed commercial paper = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
18.02.2015 |
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 (91-11-23311112)
LOCATIONS
|
Registered
Office : |
Jaykaygram, PO – Tyre Factory, Kankroli – 313342, Rajasthan |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
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|
Location: |
Owned |
|
|
|
|
Factory : |
Mysore,
Karnataka, India |
|
|
|
|
Corporate/ Head
Office : |
‘Link House’, 3,
Bahadur Shah Zafar Marg, |
|
Tel. No.: |
91-11-23311112-7 |
|
Fax No.: |
91-11-23322059/
23716205 |
|
|
|
|
Plants
Locations : |
|
|
|
|
|
Branch Office
/ Administrative Office: |
3/Fl, Gulab
Bhavan, 3 Bahadur Shah Jafar Marg, |
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|
|
|
Branch Office
: |
7, Council House Street, Kolkata-700001, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Dr. Raghupati
Singhania |
|
Designation : |
Chairman and
Managing Director |
|
|
|
|
Name : |
Mr. Bharat Hari
Singhania |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Arvind Singh
Mewar |
|
Designation : |
Director |
|
Qualification
: |
B. A. (English
Literature, Economics and Political Science), Hotel Management Ctheirse (U.K) |
|
Date of
Joining : |
07.04.1975 |
|
|
|
|
Name : |
Mr. Bakul Jain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kalpataru
Tripathy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vikrampati
Singhania |
|
Designation : |
Deputy Managing
Director |
|
|
|
|
Name : |
Mr. Swaroop Chand
Sethi |
|
Designation : |
Whole Time
Director |
|
|
|
|
Name : |
Mr. Arun K.
Bajoria |
|
Designation : |
President and
Director |
|
|
|
|
Name : |
Vimal Bhandari |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Wolfgang
Holzbach |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Pawan Kumar Rustagi |
|
Designation : |
Vice President (legal) and Company Secretary |
SHAREHOLDING PATTERN
As on 31.03.2015
|
Category
of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
5123305 |
2.26 |
|
|
113594350 |
50.08 |
|
|
118717655 |
52.34 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
118717655 |
52.34 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
2383827 |
1.05 |
|
|
352134 |
0.16 |
|
|
1427600 |
0.63 |
|
|
1981315 |
0.87 |
|
|
32454366 |
14.31 |
|
|
38599242 |
17.03 |
|
|
|
|
|
|
15112478 |
6.68 |
|
|
|
|
|
|
23767070 |
11.37 |
|
|
7160198 |
3.16 |
|
|
21257112 |
9.43 |
|
|
690262 |
0.30 |
|
|
15345 |
0.01 |
|
|
3096825 |
1.42 |
|
|
17437500 |
7.69 |
|
|
17180 |
0.01 |
|
|
67296858 |
30.63 |
|
Total Public
shareholding (B) |
105896100 |
47.66 |
|
Total (A)+(B) |
224613755 |
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) |
224613755 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Tyres. |
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Products : |
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Brand Names : |
JK Tyre |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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 : |
9000 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
Notes: 1. Term Loan of ` 30 Million. from a Bank, secured by a first pari passu charge created on movable and immovable assets of Company’s Plant in Madhya Pradesh, both present and future is repayable in 21 equal quarterly instalments. 2. Term Loans aggregating Rs. 978.700 Million. from Banks are secured by a first pari passu charge created on movable and immovable assets at a Company’s Plant in Karnataka, both present and future and also secured by way of hypothecation created / to be created on the specified movable assets at Company’s Plants in Rajasthan, Madhya Pradesh and Karnataka. Term Loan from one bank amounting to Rs. 545.400 Million is repayable in 17 equal quarterly instalments and from another bank Rs. 433.300 Million. is repayable in 13 equal quarterly instalments. 3. Term Loans aggregating Rs. 938.700 Million. from Banks, secured by a first pari passu charge created on movable and immovable assets at a Company’s Plant in Karnataka, both present and future are repayable in 36 equal quarterly instalments commencing from 01.04.2014. 4. Term Loans aggregating Rs. 5300.000 Million. from Banks and Foreign Currency Loan from a Financial Institution amounting to Rs. 2254.200 Million. (including ` 33.07 Million. for foreign exchange fluctuation), secured by a first pari passu charge created on movable and immovable assets at a Company’s Plant in Tamilnadu, both present and future are repayable in 36 equal quarterly instalments commencing from 01.04.2014. The first instalment of loan from the financial institution has already been paid. 5. Foreign Currency Loans of Rs. 1130.700 Million. (net of Rs. 13.900 Million. foreign exchange fluctuation) from a Bank, secured by charge by way of hypothecation of specified assets at Company’s Plants in Rajasthan, Karnataka and Tamilnadu, is repayable in 32 equal quarterly instalments commencing from February 2016. 6. Term Loan of Rs. 0.300 Million from a body corporate, secured by hypothecation of specified vehicle is repayable in 6 equated monthly instalments. 7. Term Loan of Rs. 490.400 Million. from a body corporate to be secured by way of hypothecation on the specified assets at a Company’s Plant in Karnataka is repayable in 24 equal quarterly instalments. 8. Deferred Sales Tax Loan outstanding Rs. Nil from Madhya Pradesh State Industrial Development Corporation Limited, was secured by first available charge on movable and immovable assets (subject to charges referred to in note 1 and 2 on movable and immovable assets of Company’s Plant in Madhya Pradesh). 42 9. Loan of Rs. 500.000 Million. from a Bank, secured by a subservient charge on current assets of the Company, is repayable on 31.03.2016. 10. Term Loans carrying first pari passu charge on the movable and immovable assets, are subject to prior charge of banks on stocks and book debts for working capital borrowings. 11. Unsecured Deferred Sales Tax Rs. 1027.200 Million. is repayable in 4 equal annual instalments. 12. Fixed Deposits of Rs. 83.800 Million., Rs. 134.100 Million. and Rs. 122.700 Million. (aggregating Rs. 340.600 Million.) are due for repayment in 2014-15, 2015-16 and 2016-17 respectively. |
|
Auditors : |
|
|
Name : |
Lodha and Company Chartered
Accountants |
|
Address : |
12, Bhagat Singh Marg, New Delhi - 110001, India |
|
Tel No.: |
91-11-23710176/23710177/23364671/2414 |
|
Fax No.: |
91-11-23345168/23314309 |
|
Email: |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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|
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Subsidiaries:: |
* Subsidiary of JKTSA |
|
|
|
|
Associates: |
|
|
|
|
|
Enterprise over
which KMP is able to exercise Significant Influence: |
|
|
Subsidiaries:: |
* Subsidiary of JKTSA |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125,000,000 |
Equity shares |
Rs.10/- each |
Rs.1250.000 Million |
|
700,000 |
14% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 70.000 Million |
|
4,800,000 |
Preference Shares |
Rs.100/- each |
Rs. 480.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 1800.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41,059,346 |
Equity shares |
Rs.10/- each |
Rs. 410.600
Million |
|
|
|
|
|
NOTE:
|
Details of each
shareholder holding more than 5% shares: |
No. of Shares held As at 31.03.2014 |
|
|
|
|
Name of Shareholder |
|
|
|
|
|
Bengal and Assam Company Limited |
85,89,250 |
|
Fenner India Limited |
36,00,000 |
|
JK Agri Genetics Limited |
60,34,070 |
|
Edgefield Securities Limited |
34,87,500 |
|
|
|
|
Reconciliation of
the number of shares outstanding: |
As at 31.03.2014 |
|
|
|
|
Shares outstanding as at the beginning of the year |
4,10,59,346 |
|
Addition during the year |
- |
|
Deletion during the year |
- |
|
Shares outstanding as at the end of the year |
4,10,59,346 |
Rights
and preferences attached to Equity Shares:
a. The Company has only one class of Equity Shares having
face value of ` 10/- each and each shareholder
is entitled to one vote per share.
b. In the event of liquidation of the Company, the holders
of equity shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders.
c. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing
Annual General Meeting, except in case of interim
dividend.
LISTING DETAILS:
|
Subject Stock
Code : |
BSE : 530007 NSE : JKTYRE ISIN : INE573A01042
|
|
Stock Exchange Place : |
The Stock
Exchange, Mumbai National
Stock Exchange of India Limited |
|
Listed Date : |
Not Available |
|
|
|
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 |
410.600 |
410.600 |
410.600 |
|
(b) Reserves & Surplus |
7949.900 |
7008.700 |
6295.400 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
123.700 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
8484.200 |
7419.300 |
6706.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
11633.000 |
11308.800 |
10018.900 |
|
(b) Deferred tax liabilities
(Net) |
2524.200 |
1920.500 |
1475.600 |
|
(c) Other long term
liabilities |
3419.800 |
3429.500 |
3440.200 |
|
(d) long-term provisions |
97.000 |
103.700 |
94.300 |
|
Total
Non-current Liabilities (3) |
17674.000 |
16762.500 |
15029.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
10448.700 |
10892.900 |
6990.300 |
|
(b) Trade payables |
9034.400 |
7489.600 |
10301.700 |
|
(c) Other current liabilities |
4257.500 |
3436.700 |
3299.100 |
|
(d) Short-term provisions |
1298.800 |
1331.800 |
958.400 |
|
Total
Current Liabilities (4) |
25039.400 |
23151.000 |
21549.500 |
|
|
|
|
|
|
TOTAL |
51197.600 |
47332.800 |
43284.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
22734.100 |
22792.600 |
14400.900 |
|
(ii) Intangible Assets |
2.300 |
11.200 |
31.000 |
|
(iii) Capital work-in-progress |
1433.200 |
546.800 |
7492.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
891.400 |
975.900 |
1008.900 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1365.100 |
851.600 |
770.700 |
|
(e) Other Non-current assets |
933.900 |
1014.000 |
0.000 |
|
Total
Non-Current Assets |
27360.000 |
26192.100 |
23703.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
126.200 |
0.000 |
0.000 |
|
(b) Inventories |
7657.000 |
8098.000 |
6615.400 |
|
(c) Trade receivables |
11863.700 |
9166.800 |
8685.800 |
|
(d) Cash and cash equivalents |
1777.800 |
946.600 |
784.200 |
|
(e) Short-term loans and
advances |
2328.400 |
2850.100 |
2613.800 |
|
(f) Other current assets |
84.500 |
79.200 |
881.800 |
|
Total
Current Assets |
23837.600 |
21140.700 |
19581.000 |
|
|
|
|
|
|
TOTAL |
51197.600 |
47332.800 |
43284.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
59510.800 |
54308.300 |
54795.800 |
|
|
Other Income |
162.500 |
130.500 |
35.000 |
|
|
TOTAL
(A) |
59673.300 |
54438.800 |
54830.800 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
39726.600 |
38728.000 |
41085.900 |
|
|
Purchases of Stock-in-Trade |
397.400 |
444.600 |
609.900 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
241.400 |
(549.300) |
849.500 |
|
|
Employees benefits expense |
3983.900 |
3337.200 |
2948.000 |
|
|
Other expenses |
8607.500 |
7474.200 |
6507.800 |
|
|
Exceptional Item |
758.300 |
309.200 |
(16.700) |
|
|
TOTAL
(B) |
53715.100 |
49743.900 |
51984.400 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
5958.200 |
4694.900 |
2846.400 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2483.000 |
2065.300 |
1704.300 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3475.200 |
2629.600 |
1142.100 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1524.700 |
1126.500 |
1014.100 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
1950.500 |
1503.100 |
128.000 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
603.700 |
447.700 |
18.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
1346.800 |
1055.400 |
110.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
(750.000) |
(600.000) |
(100.000) |
|
|
Dividend |
(205.300) |
( 143.700) |
(102.600) |
|
|
Tax on Dividend |
(34.900) |
(24.400) |
(16.700) |
|
|
Total
(M) |
(990.200) |
(768.100) |
219.300 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
1346.800 |
1055.400 |
110.000 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
FOB Value of exports |
10397.300 |
8473.800 |
5902.900 |
|
|
Royalty |
182.600 |
172.300 |
45.200 |
|
|
Interest Income |
0.000 |
1.700 |
5.200 |
|
|
TOTAL
EARNINGS |
10579.900 |
8647.800 |
5953.300 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
16688.500 |
15761.100 |
14000.000 |
|
|
Components and Stores parts |
416.200 |
819.300 |
2818.700 |
|
|
Capital Goods |
69.400 |
58.000 |
50.600 |
|
|
TOTAL
IMPORTS |
17174.100 |
16638.400 |
16869.300 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
32.57 |
25.70 |
2.68 |
QUARTERLY /
SUMMARISED RESULTS
|
Particulars (Rs. In
Million) |
Jun 2014 |
Sep 2014 |
Dec 2014 |
|
Particulars |
1st Quarter |
2ndQuarter |
3rd Quarter |
|
Audited / Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
1,5667.400 |
1,5318.600 |
1,5230.700 |
|
Total Expenditure |
1,4030.800 |
1,3453.000 |
1,3267.300 |
|
PBIDT (Excl OI) |
1636.600 |
1865.600 |
1963.400 |
|
Other Income |
32.100 |
32.400 |
36.600 |
|
Operating Profit |
1668.700 |
1898.000 |
2000.000 |
|
Interest |
650.800 |
607.600 |
576.800 |
|
Exceptional Items |
(53.800) |
(44.400) |
(65.900) |
|
PBDT |
964.100 |
1246.000 |
1357.300 |
|
Depreciation |
345.700 |
343.300 |
353.300 |
|
Profit Before Tax |
618.400 |
902.700 |
1004.000 |
|
Tax |
228.600 |
320.700 |
301.600 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
389.800 |
582.000 |
702.400 |
|
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 |
389.800 |
582.000 |
702.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.73 |
8.74 |
6.54 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
8.91 |
18.82 |
13.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.44 |
8.49 |
13.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.26 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.93 |
1.78 |
1.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29 |
1.32 |
1.40 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.20134 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
410.600 |
410.600 |
410.600 |
|
Reserves & Surplus |
6295.400 |
7008.700 |
7949.900 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
123.700 |
|
Net
worth |
6706.000 |
7419.300 |
8484.200 |
|
|
|
|
|
|
long-term borrowings |
10018.900 |
11308.800 |
11633.000 |
|
Short term borrowings |
6990.300 |
10892.900 |
10448.700 |
|
Total
borrowings |
17009.200 |
22201.700 |
22081.700 |
|
Debt/Equity
ratio |
2.536 |
2.992 |
2.603 |
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 |
54795.800 |
54308.300 |
59510.800 |
|
|
|
(0.890) |
9.580 |
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 |
54795.800 |
54308.300 |
59510.800 |
|
Profit |
110.000 |
1055.400 |
1346.800 |
|
|
0.20% |
1.94% |
2.26% |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Deferred Sales Tax |
770.400 |
1027.200 |
|
Fixed Deposits |
256.800 |
207.300 |
|
|
1027.2 |
1234.5 |
|
Short-term
borrowings |
|
|
|
Fixed Deposits |
43.700 |
45.300 |
|
Short-term Loans from Banks |
1159.200 |
1376.400 |
|
|
1202.9 |
1421.7 |
|
|
|
|
|
Total |
2230.100 |
2656.200 |
OPPORTUNITIES
As is widely known, the economic slow down in 2013- 14, affected various
sectors, and automobile sector in particular, witnessed reduction in demand.
However, the fundamentals of the Indian economy remained strong. The temporary
skew in the economy should not be a deterrent for the numerous opportunities
that are expected to arise in the automobile sector. With huge network of roads
already existing, expected revival of mining activities and expected reduction
in inflation leading to lowering of interest rates thereby, are likely to
provide a boost to economic growth and huge export opportunities. The
automobile as well as tyre industry is well poised to leverage these
opportunities in the short term as well as in the long term. The increased
level of radialisation in truck segment is an opportunity for tyre industry and
it has attracted interest of all major MNC companies who have already set-up
their manufacturing facilities in India. International auto majors are either
present in India or are on the anvil of entry into India. Huge investments have
been committed by both automobile and tyre companies and the industry is well
prepared to take benefit of this opportunity in growing segments like Truck
Radials, Passenger Radials, SCV and Farm.
The Company is future ready, to participate in these opportunities, for
which it has already committed investments. These opportunities shall be
leveraged through its strong brand image, product offerings of the highest
quality, Research and Development, wide distribution channel and above all
skilled human resource. These competencies of JK Tyre have helped in leveraging
the growth in India as well as almost 100 overseas markets. The JK Tyre
Business Strategy is also based on realistic optimism and remains committed to
profitable and sustainable growth.
BUSINESS OUTLOOK
Tthe economic
performance of India wasmarred with slow economic growth, high inflation,
volatile currency, etc. The policy logjams continued throughout the year under
review. The automobile sector was adversely affected except farm segment. Tyre
industry which is directly linked to the automotive sector was also impacted.
However, with Government announcing reduction in excise duty on automobiles,
expected revival of infrastructure projects, especially mining and expected
measures likely to be taken post election by the new Government to bring down
inflation, should put the economy back on track. Automobile, as well as Tyre
Industry is keenly looking forward to the more conducive environment which
should augur more growth. Infact, both automobile and tyre industry have
committed huge investments of over ` 40,000 Crores in next 3-4 years and is
optimistic of the revival of economic activity and its consequent positive
outcome. Therefore, demand for tyres is expected to rise in the coming years.
OPERATIONS
The Company along with its wholly-owned subsidiary JK Tornel, Mexico
achieved a consolidated turnover of Rs. 8,2790.000 Million, Operating Profit of
` 890 Million and Profit Before Tax of .3740.000 Million, higher by 42% over
the previous year. On a standalone basis, the Company achieved a turnover of Rs
6,5770.000 Million. Operating Profit for the year was Rs 6720.000 Million, an increase of 34% over the
previous year, and Profit Before Tax at Rs . 1950.000 Million. The economy was
in a recessionary trend throughout the year with the average GDP growth
clocking 4.5%.Manufacturing sector was worst affected which resulted in a
negative growth. Subdued economic activity coupled with high rate of interest
and high fuel prices adversely affected the automobile sector.
Commercial vehicle manufacturers had to resort to heavy production cuts.
For the first time in the last 10 years the Passenger Car sales experienced a
decline this year. In fact, even the reduction in excise duty for vehicles in
both passenger and commercial segments failed to boost sales or add any comfort
to the situation. As a result of these factors which impacted the automobile
industry, the demand for tyres remained sluggish both in commercial as well as
passenger segments. The only breather, however, was a significant growth in
demand of 23% in the Farm tyres segment.
The Company met the challenging economic environment by deploying
multi-pronged measures. JK Tyre renewed its thrust on higher penetration in the
replacement market and adding new OEMs. The Company widened its network of
customer touch Wheels’, which enabled it to strengthen its customer
service . Several new products offering higher value added features, were
launched in both Commercial as well as Passenger tyre categories, which have
received excellent consumer feedback. Concerted efforts were made in the export
markets, resulting in the Company being able to widen its global footprint, in
addition to increasing volumes in the existing markets. As a consequence, JK
Tyre’s exports clocked an all-time high of ` 1,040 Million, registering an
impressive growth of 23%. These measures were supplemented by continuous cost
compression initiatives, optimisation of resources and attaining better
operating efficiencies. Correction in high raw material prices also helped in
Company’s improved operations. As the macro-economic fundamentals of the Indian
economy remain intact with several infrastructure projects gradually
picking-up, it can be expected, that the economy would certainly show an upward
curve. The outlook remains positive as the improving scenario promises a better
demand for tyres in the coming years.
MANAGEMENT DISCUSSION
AND ANALYSIS
BUSINESS ENVIRONMENT
The Indian Economy, this year, faced multiple challenges both in the domestic as well as global n markets. High inflation, slack investments and operational bottlenecks impacted the economy round the year.
As per Centre for Monitoring Indian Economy (CMIE) data, during the fiscal 2013-14 projects worth ` 6.2 trillion were shelved. Industrial output shrunk and the mining sector also registered a sharp decline. The overall sluggish performance was reflected in the sub 4.5% GDP growth.
On the external front, the rupee depreciated considerably touching ` 68 to a dollar at one point of time. The widening Current Account Deficit which was hurting the economy was brought somewhat under control with Government intervention.
However, despite the odds witnessed during the year, India’s growth in the coming years is expected to be relatively stronger compared to other emerging markets. The economic outlook for 2014-15 as wellas subsequent years, is expected to be better, with growth estimates pegged at over 6%.
AUTOMOTIVE INDUSTRY
Resonating with the sluggish economic situation, the automotive sector in 2013-14 witnessed a drop of 4% in the overall four-wheeler vehicle sales. The commercial segment suffered the most with Heavy Commercial Vehicles (HCV) sales dropping by 21%, and the Light Commercial Vehicles (LCV) by 3% decline in sales. The steepest fall was witnessed in the Small Commercial Vehicles (SCV), which was a fast growing segment - a whopping decline of 30%. In view of the subdued demand during the year, many vehicle manufacturers had to resort to significant cuts in their production.
Despite the efforts of car manufacturers to incentivize sales, this fast growing segment witnessed a degrowth of over 4%, after many years. The frequent increases in diesel prices led to a decline in diesel vehicle demand. This was primarily due to significant reduction in the gap in the overall cost of owning a petrol and a diesel car and Multi Utility Vehicle (MUV). The MUV segment witnessed a marginal growth of 1%.
The rather delayed stimulus of an excise duty cut on vehicles did not yield any significant relief even in the short-term. However, some manufacturers could buck the trend largely on account of new product launches, like compact Sports Utility Vehicles (SUV) and Cars. The Tractor segment, however, registered a sales growth of 17%.
INDIAN TYRE INDUSTRY
The macroeconomic environment in the year gone by was just not conducive for a high growth in the industry. In fact sustaining the top line growth was a challenge in the four wheeler tyre segment. Production
had to be adjusted to address reduced OEM off take, high inventory levels and lower secondary sales in the aftermarket in all categories of tyres with the exception of the Farm tyres. The demand, in the largest segment by value i.e. the truck/bus tyres, dropped by about 10%. With Radialisation reaching a level of 26% & further expected to grow to 35% in the coming year, the truck bias tyre demand de-grew faster and dropped by 15%.
The light and small commercial tyre segments also saw decline of about 11% in sales. The demand in the fast growing passenger car radial segment as well, dropped by about 3%. However riding on the increase in agricultural production there was a robust growth in tractor tyre demand by over 20%. With increased availability and slackened demand, the competitive intensity in the market increased, especially in TBR and PCR segments. The cushioning factor indeed was the stable raw material prices as well as the positive impact of the weakened rupee on export earnings.
JK TYRE – INDIA
OPERATIONS
JK Tyre took several measures to address the challenges thrown up by a sluggish market and volatile business
scenario. Deft management coupled with strategic business interventions enabled the topline as well as bottomline to grow. Across market geographies and OEM accounts, value enhancement, achievement of marketshare objectives, channel expansion, and product innovations were the key areas of the organizational focus.
BRAND ‘JK TYRE’
In addition to the ongoing efforts to enhance the Brand equity of ‘JK Tyre’, many new Brand Building initiatives were undertaken during the year
STATEMENT OF
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST
DECEMBER, 2014
(Rs.
In Million)
|
Sr. No |
Particulars |
Standalone |
|||
|
Quarter Ended |
Nine Month Ended |
||||
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|||
|
Unaudited |
Unaudited |
Unaudited |
|||
|
1 |
Income From
Operations |
|
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
15122.600 |
15202.600 |
45903.200 |
|
|
|
b. Other Operating Income |
108.100 |
116.000 |
313.500 |
|
|
|
Total Income from
Operations (Net) |
15230.700 |
15328.600 |
46216.700 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. Cost of material Consumed |
9421.900 |
10032.200 |
29791.600 |
|
|
|
b. Purchase of Stock-in trade |
102.500 |
92.800 |
297.700 |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
124.100 |
(191.200) |
109.600 |
|
|
|
d. Employees Benefit Expenses |
1148.800 |
1106.900 |
3298.500 |
|
|
|
e. Depreciation and Amortisation Expenses |
353.300 |
343.300 |
1042.300 |
|
|
|
f. Other expenses |
2470.000 |
2412.300 |
7253.700 |
|
|
|
Total Expenses |
13620.600 |
13796.300 |
41793.400 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
1610.100 |
1522.300 |
4423.300 |
|
|
4 |
Other Income |
36.600 |
32.400 |
101.100 |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
1646.700 |
1554.700 |
4524.400 |
|
|
6 |
Finance Costs |
576.800 |
607.600 |
1835.200 |
|
|
7 |
Profit from ordinary
activities after finance costs & exceptional items |
1069.900 |
947.100 |
2689.200 |
|
|
8 |
Exceptional items |
(65.900) |
(44.400) |
(164.100) |
|
|
9 |
Profit from
ordinary activities before tax |
|
|
|
|
|
10 |
Tax Expense |
|
|
|
|
|
|
Provision for current Tax |
214.600 |
198.000 |
550.900 |
|
|
|
MAT (CREDIT)/Reversal |
(24.800) |
(60.900) |
(224.000) |
|
|
|
Provision For Deferred Tax |
111.800 |
183.600 |
524.000 |
|
|
11 |
Net Profit from
ordinary activity after tax |
702.400 |
582.000 |
1674.200 |
|
|
12 |
Extraordinary Items |
-- |
-- |
-- |
|
|
13 |
Net Profit After
Tax |
702.400 |
582.000 |
1674.200 |
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
70.24 |
58.20 |
167.42 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
41.06 |
41.06 |
41.06 |
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
|
|
Basic EPS |
3.42 |
2.83 |
8.16 |
|
|
|
Diluted EPS |
3.18 |
2.67 |
7.58 |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
108095825 |
108095825 |
108095825 |
|
|
|
- Percentage of shareholding |
52.65 |
52.65 |
52.65 |
|
|
18 |
Promoter & Promoter
Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
Nil |
Nil |
Nil |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
97200905 |
97200905 |
97200905 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100 |
100 |
100 |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
47.35 |
47.35 |
47.35 |
|
|
|
Particulars |
Quarter ended 31.12.2014 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed off during the quarter |
Nil |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10538553 |
13/11/2014 |
10,300,000,000.00 |
Bank of India |
New Delhi Large Corporate
Branch, 10th Floor Chan derlok Building, Janpath, New Delhi, Delhi -
11000 |
C38006490 |
|
2 |
10491110 |
31/03/2014 |
500,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
SCB BRANCH,
101-102, NEW DELHI HOUSE, 27, BARAKHA |
C04007340 |
|
3 |
10472560 |
03/07/2014 * |
2,750,000,000.00 |
AXIS BANK LTD. |
2ND FLOOR,
STATESMAN HOUSE, 148, BARAKHAMBA ROAD, |
C14251649 |
|
4 |
10467863 |
11/12/2013 |
1,250,000,000.00 |
Indian Overseas Bank |
GEMINI CIRCLE
BRANCH, KARUNAI KUDIL,, NO.297, CAT |
B92626423 |
|
5 |
10373037 |
01/02/2013 * |
23,539,600,000.00 |
Bank of India (Lead Bank) |
New Delhi Large Corporate
Branch, PTI Building, 4 |
B69281095 |
|
6 |
10337866 |
13/06/2012 * |
5,300,000,000.00 |
Bank of India (Security Trustee) |
New Delhi Large
Corporate Branch,, PTI Building, |
B43078211 |
|
7 |
10314018 |
01/02/2012 * |
1,000,000,000.00 |
INDIAN OVERSEAS BANK |
GEMINI CIRCLE BRANCH, NO.297, CATHEDRAL ROAD, CHENNAI, Tamil Nadu - 600086, INDIA |
B33101650 |
|
8 |
10312670 |
01/02/2012 * |
2,000,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE |
B33412883 |
|
9 |
10231825 |
15/07/2010 |
500,000,000.00 |
IDBI Bank Limited |
IRCS BUILDING,, 1, RED CROSS ROAD,, NEW DELHI, Delhi - 110001, INDIA |
A91105916 |
|
10 |
10196250 |
21/01/2011 * |
400,000,000.00 |
Bank of India |
New Delhi Large
Corporate Branch, PTI Building, 4 |
B05993811 |
* Date of charge modification
FIXED ASSETS
- Tangible Assets
- Land
- Buildings
- Plant and Equipments
- Furniture and Fixtures
- Office Equipments
- Vehicles
Intangible Assets
- Software
PRESS RELEASE
JK TYRE RANKS HIGHEST IN JD POWER 2015 INDIA ORIGINAL EQUIPMENT TIRE
CUSTOMER SATISFACTION INDEX (TCSI) STUDY
JK Tyre ranks highest with an overall score of 881 points –performs particularly well in appearance and ride factors Overall OE tyre customer satisfaction averages at 868 – a 24 point increase from 2014
Delhi, India —April 1, 2015—JK Tyre & Industries Ltd, pioneer of radial tyres in India, has again added another feather to its cap for its Passenger Radial Tyres, having ranked highest in the JD Power 2015 India Original Equipment Tyre Customer Satisfaction Index. JK Tyre receives the highest rank for its superior quality and many years of relationship with the Indian consumers, in the TCSI Study conducted annually by JD Power.
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.62.49 |
|
|
1 |
Rs.92.26 |
|
Euro |
1 |
Rs.66.80 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.