MIRA INFORM REPORT
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Report No. : |
335071 |
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Report Date : |
04.08.2015 |
IDENTIFICATION DETAILS
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Name : |
JYOTHY LABORATORIES LIMITED (w.e.f. 12.08.1996) |
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Formerly Known
As : |
JYOTHI LABORATORIES LIMITED (w.e.f. 06.10.1995) JYOTHI LABORATORIES PRIVATE LIMITED |
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Registered
Office : |
“Ujala House”, Ram Krishna Mandir Road, Kondivita, Andheri (East),
Mumbai – 400 059, Maharashtra |
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Tel. No.: |
91-22-66892800 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
15.01.1992 |
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Com. Reg. No.: |
11-128651 |
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Capital
Investment / Paid-up Capital : |
Rs.181.023 million |
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CIN No.: [Company Identification
No.] |
L24240MH1992PLC128651 |
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IEC No.: |
Not Available |
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TIN No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ05484D |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is principally
engaged in manufacturing and marketing of fabric whiteners, soaps, detergents,
mosquito repellents, scrubber, bodycare and incense sticks. |
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No. of Employees
: |
More than 1000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 27477000 |
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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 an established company incorporated during the year 1992
having a good track record. Available financial indicates company’s sound financial risk profile marked
by healthy networth position with low borrowings and favorable gap between
trade payable and trade receivable. Fundaments of the company are strong and healthy. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. In view of long track record and sound financial base, the company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
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Rating Agency Name |
CARE |
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Rating |
Non-Convertible Debenture = AA- |
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Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
20.10.2014 |
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
31-03-2013.
LOCATIONS
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Registered Office/ Corporate Office : |
“Ujala House”, Ram Krishna Mandir Road, Kondivita, Andheri (East),
Mumbai – 400 059, Maharashtra, India |
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Tel. No.: |
91-22-66892800 |
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Fax No.: |
91-22-66892805 |
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E-Mail : |
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Website : |
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Regional Office : |
# N-903, Rear Wing, Manipal Center, Dickenson Road, Bangalore – 560
042, Karnataka, India |
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Tel. No.: |
91-80-40337300/ 40337301/
40337302 |
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Fax No.: |
91-80-25580244 |
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E-Mail : |
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Factory 1 : |
Shed No.25/26, IDA Kothur, District: Mehboob
Nagar – 509 228, Telangana, India |
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Factory 2 : |
E.P.I.P. Complex, AIDC-Amingaon, Guwahati – 781
031, Assam, India |
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Factory 3 : |
Survey No.910/7/1, Dokmardi, Amli, Silvassa – 396
230, Dadra and Nagar Haveli, India |
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Factory 4 : |
Village: Katha, P.O.: Baddi, District: Solan –
173 205, Himachal Pradesh, India |
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Factory 5 : |
Lane No.2, Phase No.2, SIDCO Industrial Complex,
Bari Barhmana, District: Samba (Jammu) – 180 001, Jammu and Kashmir, India |
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Factory 6 : |
MP IV/ 101 B, P.O.: Kolagappara, Sulthan Bathery
– 673 591, Kerala, India |
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Factory 7 : |
Kandanassery, Via-Ariyannur, Guruvayur – 680 101,
District: Trichur, Kerala, India |
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Factory 8 : |
Plot No.201, Sector I, Pithampur Industrial Area,
District Dhar – 454 775, Madhya Pradesh, India |
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Factory 9 : |
131, Peralam Main Road, P.O.: Thirunallar,
District: Karaikkal – 609 607, Pondicherry, India |
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Factory 10 : |
R.S. No.12/1 and 2, Ujala Nagar Industrial
Estate, Ujala Road, Thethampakkam, Vai Vazhudavur, P.O.: Suthukeny – 605 502,
Pondicherry, India |
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Factory 11 : |
Plot No.6, 7 and 8, Bearing Khasara Nos.361, 366
and 370, KIE Industrial Estate, Village:
Undiyaki – 247 667, Uttarakhand, India |
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Factory 12 : |
Khasra No.119, Pargana Bhagwanpur, Village
Raipur, Haridwar, Uttarakhand, India |
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Factory 13 : |
Plot No.656, New Light House More, Bishnupur,
District: Bankura – 722 122, West Bengal, India |
DIRECTORS
AS ON 31.03.2015
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Name : |
Mr. Ramachandran Panjan Moothedath |
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Designation : |
Chairman and Managing Director |
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Address : |
201, 2nd Floor, Lake Superior,
Lake Homes Chandivali, Adishankaracharya Road, Andheri (East), Mumbai – 400
076, Maharashtra, India |
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Date of Birth/Age : |
22.08.1946 |
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Qualification : |
Postgraduate Degree in Financial Management |
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Date of Appointment : |
15.01.1992 |
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DIN No.: |
00553406 |
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Name : |
Mr. Ullas Kasaragod Kamath |
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Designation : |
Joint Managing Director |
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Address : |
Flat No.202, No.4, Renaissance Mangalam, 13th Cross Between
10th and 11th Main, Malleswaram, Bangalore – 560 003,
Karnataka, India |
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Qualification : |
M.Com., F.C.A., A.C.S., L.L.B., A.M.P. – Wharton Business School and
Harward Business School |
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Date of Birth/Age : |
01.01.1963 |
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Date of Appointment : |
26.03.1997 |
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DIN No.: |
00506681 |
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Name : |
Mr. Raghunandan Sathyanarayan Rao |
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Designation : |
Whole-Time Director |
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Address : |
D-401, ATS Greens, Sector-50, Noida – 201
305, Uttar Pradesh, India |
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Qualification : |
MBA |
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DIN No.: |
02263845 |
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Name : |
Mrs. Jyothy Ramchandran |
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Designation : |
Whole-Time Director |
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Address : |
No.100, 3rd Main, 7th
Block, 4th Phase, BSK 3rd Stage, Bangalore – 560 085,
Karnataka, India |
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Date of Birth/Age : |
14.01.1978 |
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Date of Appointment : |
01.01.2004 |
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DIN No.: |
00571828 |
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Name : |
Mr. Nilesh Bansilal Mehta |
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Designation : |
Independent Director |
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Address : |
203, Tulsi Villa, Poddar Road, Santacruz (West), Mumbai – 400 054,
Maharashtra, India |
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Date of Birth/Age : |
24.04.1962 |
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Date of Appointment : |
07.02.2003 |
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DIN No.: |
00199071 |
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Name : |
Mr. Kiliyanat Puliasseri Padmakumar |
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Designation : |
Independent Director |
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Address : |
3 F, Skyline Topaz, Kaloor Kadavanthara Road,
Kaloor P.O., Ernakulam – 682 017, Kerala, India |
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Date of Birth/Age : |
20.04.1944 |
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Date of Appointment : |
06.06.2007 |
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DIN No.: |
00023176 |
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Name : |
Mr. Bipin Ratilal Shah |
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Designation : |
Independent Director |
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Address : |
8-D, IL Palazzo, Little Gibbs Road, Malabar Hill, Mumbai – 400 006,
Maharashtra, India |
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Date of Birth/Age : |
16.07.1932 |
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Date of Appointment : |
06.06.2007 |
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DIN No.: |
00006094 |
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Name : |
Ramakrishnan Lakshminarayanan |
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Designation : |
Independent Director |
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Address : |
D-1, Grasmere Apartment, 57-58, Osborne
Road, Shivan Chetty Garden, Bangalore – 560 042, Karnataka, India |
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Qualification : |
Master of Science in Industrial Chemistry |
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Date of Appointment : |
23.05.2012 |
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DIN No.: |
00238887 |
KEY EXECUTIVES
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Name : |
Mr. Murarilal Anantram Bansal |
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Designation : |
Company Secretary |
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Address : |
Flat No.801, 8th Floor Marathon
Galaxy-1, L.B.S. Road, Mulund (West), Mumbai – 400 059, Maharashtra, India |
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Date of Birth/Age : |
15.03.1948 |
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Date of Appointment : |
31.07.2002 |
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PAN No.: |
AAFPB2604L |
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Name : |
Mr. Ullas Kasaragod Kamath |
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Designation : |
Chief Financial Officer |
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Address : |
Flat No.202, No.4, Renaissance Mangalam, 13th
Cross, Between 10th and 11th Main, Banglore – 560 003,
Karnataka, India |
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Date of Appointment : |
22.05.2014 |
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PAN No.: |
ACNPK9912A |
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Name : |
Mr. Raghunandan Sathyanarayan Rao |
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Designation : |
Chief Executive Officer |
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Address : |
Flat No.1707, Oberoi Splendor, JVLR,
Opposite Majas Depot, Andheri (East), Mumbai – 400 093, Maharashtra, India |
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Date of Appointment : |
01.06.2014 |
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PAN No.: |
AECPR3449E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
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(A)
Shareholding of Promoter and Promoter Group |
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105881401 |
58.49 |
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15000000 |
8.29 |
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120881401 |
66.78 |
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Total
shareholding of Promoter and Promoter Group (A) |
120881401 |
66.78 |
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(B)
Public Shareholding |
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|
7701123 |
4.25 |
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|
24688 |
0.01 |
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6395183 |
3.53 |
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19147142 |
10.58 |
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10326020 |
5.70 |
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|
43594156 |
24.08 |
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|
5952324 |
3.29 |
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|
9640209 |
5.33 |
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|
150681 |
0.08 |
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|
804725 |
0.44 |
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|
15016 |
0.01 |
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|
493831 |
0.27 |
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|
95310 |
0.05 |
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199988 |
0.11 |
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580 |
0.00 |
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16547939 |
9.14 |
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Total
Public shareholding (B) |
60142095 |
33.22 |
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Total
(A)+(B) |
181023496 |
100.00 |
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(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
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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) |
181023496 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is principally
engaged in manufacturing and marketing of fabric whiteners, soaps,
detergents, mosquito repellents, scrubber, bodycare and incense sticks. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
More than 1000 (Approximately) |
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Bankers : |
·
The Federal Bank Limited, Chowallupady Branch,
Thaikkad P.OI. Guruvayur, Thrissur, Tamilnadu, India ·
The Federal Bank Limited ·
ICICI Bank Limited ·
Axis Bank Limited |
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Facilities : |
NOTES: LONG TERM BORROWINGS Details of loan: a) All the Debentures are
secured by first charge on all fixed assets and select Brands (Maxo and Exo). b) 4000 Zero coupon
non-convertible redeemable debentures of Rs.1.000 million each is redeemable
at premium of Rs.0.368 million per debenture after 3 years from the date of
allotment i.e. November 14, 2013. c) 650, 9.65% Secured
Redeemable Non-Convertible Debentures of Rs.1.000 million each are redeemable
at par after 2 years from the date of allotment i.e. June 21, 2013. d) 500, 10.25% Secured
Redeemable Non-Convertible Debentures of Rs.1.000 million each are redeemable
at par at the end of 3 years and 7 days from the date of allotment i.e.
November 7, 2012. |
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Financial Institution : |
Axis
Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing
Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400 025, Maharashtra,
India |
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Statutory Auditors : |
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Name : |
S.R.B.C. and Co LLP Chartered Accountants |
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Address : |
14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West),
Mumbai – 400 028, Maharashtra, India |
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Tel. No.: |
91-22-61920000 |
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Fax No.: |
91-22-61921000 |
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Internal Auditor : |
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Name : |
Mahajan and Aibara Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Wholly Owned Subsidiaries |
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Other Subsidiaries : |
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Partnership Firm : |
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Firm / HUF in which the relatives of individual having
control are partners / members / proprietor : |
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Enterprises significantly influenced by key management
personnel or their relatives : |
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CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2570000000 |
Equity Shares |
Re.1/- each |
Rs.2570.000 million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
181023496 |
Equity Shares |
Re.1/- each |
Rs.181.023 million |
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Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
Amount (Rs. in Million)
|
|
At the beginning of the period |
181023496 |
181.023 |
|
Issued / Subscribed during the year |
-- |
-- |
|
Outstanding at
the end of the period |
181023496 |
181.023 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholders |
Number
of Shares |
% holding |
|
Equity shares of Re.1 each fully paid |
|
|
|
M. P. Ramachandran |
72112060 |
39.84% |
|
Sahyadri Agencies Limited |
15000000 |
8.29% |
As per of the Company, including
its register of shareholders/ members and other declarations received from
shareholders regarding beneficial interest, the above shareholding represents
both legal and beneficial ownerships of shares.
Terms/ rights attached to
equity shares
The Company has only one
class of equity shares having par value of Re.1 per share. Each holder of
equity shares is entitled to one vote per share. The Company declares and pays
dividends in Indian rupees. The dividend proposed by the Board of Directors is subject
to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended March
31, 2015, the amount of per share dividend recognized as distributions to
equity shareholders was Rs.4.
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.
Aggregate number of bonus shares issued, shares issued for consideration
other than cash during the period of five years immediately preceding the
reporting date:
|
Particulars |
Number of Shares |
|
Equity shares allotted as fully paid bonus shares
by capitalization of securities premium |
2379748 |
|
Equity shares issued for consideration other than
cash, pursuant to scheme of amalgamation with erstwhile Jyothy Consumer
Products Limited (JCPL) |
2379748 |
|
Total |
4759496 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
181.023 |
181.023 |
161.264 |
|
(b) Share Capital
Suspense |
0.000 |
0.000 |
552.792 |
|
(c) Reserves &
Surplus |
9436.014 |
8623.572 |
6526.173 |
|
(d) 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) |
9617.037 |
8804.595 |
7240.229 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
4000.000 |
5159.000 |
4130.000 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1479.590 |
1472.009 |
0.000 |
|
(d) Long-term provisions |
126.979 |
95.242 |
91.768 |
|
Total Non-current
Liabilities (3) |
5606.569 |
6726.251 |
4221.768 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
1260.028 |
|
(b) Trade payables |
1281.582 |
1039.469 |
1143.050 |
|
(c) Other current
liabilities |
1514.998 |
423.096 |
1018.997 |
|
(d) Short-term provisions |
1144.115 |
674.749 |
705.062 |
|
Total Current Liabilities
(4) |
3940.695 |
2137.314 |
4127.137 |
|
|
|
|
|
|
TOTAL |
19164.301 |
17668.160 |
15589.134 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2514.390 |
2659.325 |
2616.090 |
|
(ii) Intangible Assets |
3188.859 |
3640.103 |
4098.845 |
|
(iii) Capital
work-in-progress |
53.636 |
34.835 |
32.671 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
2445.488 |
947.071 |
247.073 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
6013.527 |
6612.068 |
4943.588 |
|
(e) Other Non-current
assets |
21.928 |
5.304 |
1.305 |
|
Total Non-Current Assets |
14237.828 |
13898.706 |
11939.572 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1645.000 |
594.546 |
0.000 |
|
(b) Inventories |
1810.182 |
1611.920 |
1674.464 |
|
(c) Trade receivables |
509.146 |
556.304 |
1099.570 |
|
(d) Cash and cash
equivalents |
652.581 |
555.784 |
381.359 |
|
(e) Short-term loans and
advances |
280.473 |
415.027 |
453.661 |
|
(f) Other current assets |
29.091 |
35.873 |
40.508 |
|
Total Current Assets |
4926.473 |
3769.454 |
3649.562 |
|
|
|
|
|
|
TOTAL |
19164.301 |
17668.160 |
15589.134 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
14378.195 |
12601.793 |
10191.917 |
|
|
|
Other Income |
67.016 |
44.702 |
9.925 |
|
|
|
Interest Income |
591.582 |
517.641 |
481.560 |
|
|
|
TOTAL |
15036.793 |
13164.136 |
10683.402 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material and components consumed |
4563.568 |
3656.092 |
3243.961 |
|
|
|
Purchase of traded goods |
3178.997 |
3054.963 |
3002.212 |
|
|
|
(Increase)/ decrease in inventories of finished
goods, work-in-progress and traded goods |
(136.156) |
54.983 |
(569.477) |
|
|
|
Employee benefits expense |
1271.104 |
1186.573 |
1105.618 |
|
|
|
Employee benefits expense |
287.113 |
0.000 |
0.000 |
|
|
|
Share of (profit) / loss from investment in
partnership firm |
(2.717) |
3.087 |
0.000 |
|
|
|
Other expenses |
3560.803 |
2975.236 |
2165.180 |
|
|
|
Exceptional item |
20.918 |
23.007 |
0.000 |
|
|
|
Prior period item |
0.000 |
0.000 |
18.271 |
|
|
|
TOTAL |
12743.630 |
10953.941 |
8965.765 |
|
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2293.163 |
2210.195 |
1717.637 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
120.298 |
531.134 |
660.827 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2172.865 |
1679.061 |
1056.810 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
703.707 |
616.041 |
616.452 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
1469.158 |
1063.020 |
440.358 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
41.263 |
1.879 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1427.895 |
1061.141 |
440.358 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
222.839 |
454.314 |
674.554 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
724.094 |
362.047 |
415.059 |
|
|
|
Tax on Proposed Dividend |
147.408 |
61.530 |
70.539 |
|
|
|
Interim dividend |
0.000 |
181.023 |
0.000 |
|
|
|
Tax on Interim dividend |
0.000 |
30.765 |
0.000 |
|
|
|
Depreciation as per Schedule II of Companies Act,
2013* |
31.064 |
0.000 |
0.000 |
|
|
|
Transfer to General Reserve |
0.000 |
120.000 |
50.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
537.251 |
537.251 |
125.000 |
|
|
BALANCE CARRIED
TO THE B/S |
210.917 |
222.839 |
454.314 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
143.917 |
119.140 |
89.074 |
|
|
TOTAL EARNINGS |
143.917 |
119.140 |
89.074 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material and Packing Material |
92.630 |
45.407 |
76.407 |
|
|
|
Capital Goods |
0.000 |
34.495 |
0.474 |
|
|
TOTAL IMPORTS |
92.630 |
79.902 |
76.881 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
7.89 |
6.21 |
2.65 |
|
|
|
- Diluted |
7.83 |
6.21 |
2.65 |
|
* The Company has not recognised deferred tax assets on the same in the
absence of virtual certainty supported by convincing evidence that they can be
realized against future taxable profits.
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current
maturities of long-term borrowings |
1186.000 |
27.000 |
18.000 |
|
Cash generated from operations |
1985.933 |
1665.899 |
234.991 |
|
Net
cash generated from operating activities |
1575.721 |
1472.713 |
70.698 |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2015 |
|
Unaudited |
|
|
1st
Quarter |
|
Net Sales |
|
|
3983.600 |
|
Total Expenditure |
|
|
3418.400 |
|
PBIDT (Excl OI) |
|
|
565.200 |
|
Other Income |
|
|
172.700 |
|
Operating Profit |
|
|
737.900 |
|
Interest |
|
|
27.400 |
|
Exceptional Items |
|
|
NA |
|
PBDT |
|
|
710.500 |
|
Depreciation |
|
|
167.200 |
|
Profit Before Tax |
|
|
543.300 |
|
Tax |
|
|
76.000 |
|
Provisions and contingencies |
|
|
NA |
|
Profit After Tax |
|
|
467.300 |
|
Extraordinary Items |
|
|
NA |
|
Prior Period Expenses |
|
|
NA |
|
Other Adjustments |
|
|
NA |
|
Net Profit |
|
|
467.300 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
9.93 |
8.42 |
4.32 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
15.95 |
17.54 |
16.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.82 |
6.37 |
2.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.12 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.54 |
0.59 |
0.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.76 |
0.88 |
STOCK
PRICES
|
Face Value |
Rs.1.00 |
|
Market Value |
Rs.303.90 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
161.264 |
181.023 |
181.023 |
|
Share Capital Suspense |
552.792 |
0.000 |
0.000 |
|
Reserves & Surplus |
6526.173 |
8623.572 |
9436.014 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
7240.229 |
8804.595 |
9617.037 |
|
|
|
|
|
|
Long-term borrowings |
4130.000 |
5159.000 |
4000.000 |
|
Short term borrowings |
1260.028 |
0.000 |
0.000 |
|
Current maturities of
long-term debts |
18.000 |
27.000 |
1186.000 |
|
Total borrowings |
5408.028 |
5186.000 |
5186.000 |
|
Debt/Equity ratio |
0.747 |
0.589 |
0.539 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from operations |
10191.917 |
12601.793 |
14378.195 |
|
|
|
23.645 |
14.096 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from operations |
10191.917 |
12601.793 |
14378.195 |
|
Profit |
440.358 |
1061.141 |
1427.895 |
|
|
4.32% |
8.42% |
9.93% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity-Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BACKGROUND:
The Company is a public
company domiciled in India. Its shares are listed on two stock exchanges in
India. The Company is principally engaged in manufacturing and marketing of
fabric whiteners, soaps, detergents, mosquito repellents, scrubber, bodycare and
incense sticks.
PERFORMANCE HIGHLIGHTS:
The
gross revenue from operations on standalone basis grew by 14% and stood at
Rs.14811.400 million compared with Rs.13010.800 million in the previous year.
The profit before tax stood at Rs.1469.200 million as against Rs.1063.000
million in the previous year, depicting a growth of 38%. The net profit for the
year stood at Rs.1427.900 million compared to Rs.1061.100 million of previous
year.
AWARDS AND ACCOLADES:
The
Company has received following awards during the financial year 2014-15:
·
Master
Brand Award for UJALA fabric whitener organized by World Marketing Congress;
·
Indian
Marketing Awards 2014 - Bronze Medal for Henko in Consumer Insights for its
exemplary work in revolutionizing the laundry category;
·
Asia
Star Award for best packaging at ASIA STAR 2014;
·
Award
for “Scheme Configuration and Management” under manufacturing vertical for
excellence in transformation by International data Corporation;
·
“Henko
LINTelligent” the premium detergent brand was awarded “Product of the Year
2015” in the detergent category.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC OVERVIEW
Global
The
global economy expanded at a moderate rate of 3.4% in 2014, on the back of a
gradual recovery in the most advanced economies. This rate of progress was,
however, dampened by the sluggish expansion of economies in most emerging
markets. Going ahead, the global economy is expected to expand at 3.5% in 2015
and 3.8% in 2016. The growth in advanced economies, aided by lower oil prices,
is projected to strengthen to 2.4% in 2015 relative to 1.8% in 2014.
Globally,
while the macroeconomic risks have decreased slightly, leading to the recession
and deflation in the Eurozone. Financial and geopolitical risks have increased,
further hampering growth prospects of the region.
India
The
Indian economy, after a prolonged period of sluggish growth displayed some
initial recovery signs during FY 2014-15. This could largely be attributed to an
improved macroeconomic environment and pro-growth economic reforms initiated by
the new government at the centre.
Advance
estimates for 2014-15 puts the Indian economy’s growth at 7.4% as compared to
the growth rate of 6.9% in 2013-14 under a new method for computing national
accounts and with the change in the base year to 2011-12.
While
the advance estimates place agriculture growth at 1.1% due to a weak monsoon,
it puts the manufacturing industry in a ‘star category’ that led the economy’s
growth at 6.8% during 2014-15.
The
inflation showed a decline during April-March 2014- 15 and likely to remain in
the 5.0-5.5% range supported by the measures adopted by the Reserve Bank of
India (RBI) and the government. A substantial reduction in the crude oil prices
and the global prices of India’s major commodity imports also aided in the
lowering of inflation.
The
Current Account Deficit (CAD) narrowed due to the slump in oil prices and as
per advance estimates to further decline at 1.3% of GDP during 2014-15. This
was in comparison to 1.7% in 2013-14. Helped by the improvement in all these
macroeconomic indicators, the rupee remained as one of the most stable
currencies, globally, despite volatility across world economies.
Strong
macro-economic factors such as lower twin deficits, that is, Fiscal Deficit and
Current Account Deficit (CAD), falling oil prices and benign inflation,
imparted a renewed business confidence in the Indian economy. The government’s
efforts towards ease of doing business and the ‘Make in India’ programme are
designed to transform India into a global manufacturing hub are slated to
provide impetus to growth.
India
is among the few countries whose economic forecast was raised by the IMF during
the year. The IMF has raised its Indian GDP growth estimates to 7.2% in 2014-15
and to 7.5% in 2015-16. However, headwinds such as renewed financial market
volatility in response to the US Federal Reserve interest rate hike expected
later this year; likely Greek contagion; geopolitical affairs, resulting in a
spike in oil prices and a persistent slowdown in international trade
environment may adversely impact the growth momentum of the Indian economy.
INDUSTRY OVERVIEW
The
consumer market landscape in India has taken rapid strides in terms of shifts
in buying behaviour influenced by increased urbanisation, a growing
middle-class, altering lifestyles and the emergence of the retailer as a
powerhouse, to affect and sway the consumer’s decision making.
Despite
this, the Indian FMCG industry, over last three years, witnessed growth
challenges. Sales were impacted by a weak economy, persistently high inflation,
subdued consumer confidence, all of which have had a direct bearing on demand.
The tide, nonetheless, is expected to gradually turn as confidence in the
market rebounds, leading to a sustained demand recovery.
In
2014, consumer optimism witnessed a sharp turnaround, after a few years of
adverse macro conditions (e.g. high inflation, slowing growth) that led to a
steady decline as per the Credit Suisse Emerging Consumer Survey.
The
formation of a strong government at the centre (the first single party majority
in 30 years) has triggered a major revival in consumer sentiment. As a result,
India ranks first on the Credit Suisse Emerging Consumer Scorecard 2015,
unseating China – a big improvement from last year when it was ranked fourth.
The study highlights that more people believe this is a good time for making
big ticket purchases as average household income increased by around 10% in
2014 after being relatively steady during the last two years.
The
survey conducted to gauge consumer sentiment across nine emerging economies has
seen India jump from the fourth to the first rank. The three key metrics to
estimate consumer sentiment included medium term expectations of personal
finances, expectations of inflation, and household income trends alongside
their immediate spending intentions. This revival in consumer sentiment has
been primarily driven by urban India.
The
Government of India has also played a major role in the growth of this segment.
It has enacted policies to attract new capital and also to boost consumption
and thereby give impetus to economic growth.
The
announcements in the budget 2015 pertaining to Financial Inclusion, Swachh Bharat
movement to regenerate India and game-changing reforms on the anvil such as
Goods and Service Tax (GST), Jan Dhan, Aadhar and Mobile (JAM) - for direct
benefit transfer - auger well for the FMCG sector.
OUTLOOK:
The
Indian FMCG industry is expected to grow by 10% in 2015 and by about 12% in
2016, taking the sales in 2016 to US$ 49 billion predicts Nielsen. Distribution
growth, innovations around sachet offerings, employment rates and index of
industrial production (IIP) continue to be key influencers of FMCG sales in
India.
The
lower inflationary trend is likely to translate into higher disposable incomes,
aiding consumption growth.
The
India’s market is consumer driven, with spending anticipated to more than
double by 2025. This has resulted in the Indian consumer segment, broadly
classified into urban and rural markets, becoming the focus of marketers from
around the world.
Nielsen
projects rural India’s FMCG market to beat the US$ 100 billion mark by 2025.
FMCG players will require to align to the pulse of the Indian consumers’
sentiments by customising their product portfolio as per the local market
requirements.
For
global conglomerates, India is an indispensable market for expanding their
market share going forward. India’s young demographic and a middle class with
rising disposable income is a key contributor to this.
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred
Payment Liability (Deferred payment liabilities
is repayable over a period of 3 years in equal instalments.) |
0.000 |
9.000 |
|
Total |
0.000 |
9.000 |
INDEX
OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10482475 |
29/12/2014 * |
4,000,000,000.00 |
AXIS TRUSTEE SERVICES
LIMITED |
AXIS HOUSE, 2ND
FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA
- 400025, INDIA |
C38691473 |
|
2 |
10410578 |
29/12/2014 * |
500,000,000.00 |
AXIS TRUSTEE SERVICES
LIMITED |
AXIS HOUSE, 2ND
FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI,
MAHARASHTRA - 400025, INDIA |
C39824594 |
|
3 |
80045769 |
15/05/2008 * |
100,000,000.00 |
STANDARD CHARTERED BANK |
19, RAJAJI SALAI,
CHENNAI, TAMINADU - 600001, INDIA |
A39319082 |
|
4 |
90300901 |
29/09/1999 |
60,000,000.00 |
DEUTSCHE BANK |
BROOK HOUSE 9 SHAKEAPEARE
SARANI, CALCUTTA, WEST BENGAL - 700071, INDIA |
- |
|
5 |
80055469 |
08/05/1941 |
94,800,000.00 |
UNITED BANK OF INDIA |
NETAJI SUBHAS ROAD
BRANCH, 67A, NETAJI SUBHAS ROAD, CALCUTTA, WEST BENGAL - 700001, INDIA |
- |
* Date of charge modification
CONTINGENT LIABILITIES:
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Based on management’s
evaluation following contingent liabilities is not probable and hence not
provided by the Company in respect of: |
|
|
|
(i)
Amount outstanding in respect of corporate guarantees |
552.714 |
159.609 |
|
(ii)
Tax matters |
|
|
|
(a)
Disputed sales tax demands – matters under appeal |
184.320 |
568.516 |
|
(b)
Disputed excise duty and service tax demand - matter under appeal |
296.375 |
312.196 |
|
(c)
Disputed income tax demand - matter under appeal* |
374.160 |
128.239 |
|
(iii)
Other statutory dues |
0.772 |
0.772 |
* The amount shown above does not include contingent liability for the
assessments re-opened / pending assessments.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED JUEN 30, 2015
(Rs. in Million)
|
Particulars
|
Quarter
Ended |
|
30.06.2015 (Unaudited) |
|
|
1. Income from
operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
3980.000 |
|
b) Other operating income |
3.600 |
|
Total income
from Operations(net) |
3983.600 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
1183.800 |
|
b) Purchases of stock in trade |
738.800 |
|
c) Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
58.700 |
|
d) Employee stock |
348.000 |
|
e) Employees stock option expenses |
116.700 |
|
f) Advertisement and sales promotion expenses |
487.700 |
|
g) Depreciation and amortization expenses |
167.200 |
|
h) Other expenditure |
484.700 |
|
Total expenses |
3585.600 |
|
3. Profit from operations before other income and financial costs |
398.000 |
|
4. Other income |
172.700 |
|
5. Profit from ordinary activities before finance costs |
570.700 |
|
6. Finance costs |
27.400 |
|
7. Net profit/(loss) from ordinary
activities after finance costs but before exceptional items |
543.300 |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities before
tax Expense: |
543.300 |
|
10.Tax expenses |
76.000 |
|
11.Net Profit / (Loss) from ordinary activities after tax |
467.300 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period |
467.300 |
|
14.Paid-up equity share capital (Nominal value
Rs.10/- per share) |
181.000 |
|
15.
Reserve excluding Revaluation Reserves as per balance sheet of previous
accounting year |
-- |
|
16.i) Earnings per share (before
extraordinary items) of Rs.10/- each) (not annualised): |
|
|
(a) Basic |
2.58 |
|
(b) Diluted |
2.58 |
|
|
|
|
A.
Particulars of shareholding |
|
|
1.
Public Shareholding |
|
|
- Number of shares |
60141599 |
|
- Percentage of shareholding |
33.22% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
44400000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
36.73% |
|
Percentage of shares (as a % of total share capital of the
company) |
24.53% |
|
b) Non Encumbered |
|
|
Number of shares |
76481401 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
63.27% |
|
Percentage of shares (as a % of total share capital of the
company) |
42.25% |
|
B.
Investor Complaints |
30.06.2015 Nos.
|
|
Pending at the beginning of the quarter |
1 |
|
Receiving during the quarter |
33 |
|
Disposed of during the quarter |
34 |
|
Remaining unreserved at the end of the quarter |
0 |
REPORTING SEGMENT
WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. in
Million)
|
Particulars
|
Quarter Ended |
|
30.06.2015 (Unaudited) |
|
|
1. Segment Revenue |
|
|
a. Soaps and Detergent |
3236.500 |
|
b. Home Care |
707.800 |
|
c. Laundry Services |
0.000 |
|
d. Others |
41.200 |
|
Total |
3985.500 |
|
Less : Inter Segment Revenue |
(5.500) |
|
Net Sales |
3980.000 |
|
|
|
|
2. Segment Result (Profit before Interest
and Tax) |
|
|
a. Soaps and Detergent |
482.900 |
|
b. Home Care |
(3.600) |
|
c. Laundry Services |
0.000 |
|
d. Others |
1.000 |
|
Total |
480.300 |
|
Less : (i) Interest |
(27.400) |
|
(ii) Other un-allocable expenditure net off un-allocable
income. |
(76.500) |
|
Add: Other Un-Allocable Income |
166.900 |
|
Profit before Tax |
543.300 |
|
|
|
|
3. Capital Employed |
|
|
a. Soaps and Detergent |
4686.500 |
|
b. Home Care |
1189.700 |
|
c. Laundry Services |
0.000 |
|
d. Others |
191.000 |
|
e. Unallocated Assets |
4133.800 |
|
Total |
10201.000 |
FIXED ASSETS:
Tangible Assets
·
Freehold Land
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Dies and Moulds
·
Furniture and Fixture
·
Office Equipments
·
Vehicles
Intangible Assets
·
Goodwill on Amalgamation
·
Goodwill
·
Brands
·
Trademark and Copyrights
·
Know-how
·
Software and Licenses
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records 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.63.96 |
|
UK Pound |
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
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 |
|
63 |
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.