MIRA INFORM REPORT
|
Report No. : |
336389 |
|
Report Date : |
12.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
PIDILITE INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Regent Chambers, 7th Floor, 208, Nariman Point Mumbai –
400021, Maharashtra |
|
Tel. No.: |
91-22-22822708/28357000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
28.07.1969 |
|
|
|
|
Com. Reg. No.: |
11-014336 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 512.663 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24100MH1969PLC014336 |
|
|
|
|
IEC No.: |
0388024208 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP06924B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP4156B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Consumer and Bazaar Products consist of mainly
Adhesives, Sealants, Art Materials and Construction Chemicals and also
Industrial Products consists of Organic Pigments, Industrial Resins and
Industrial Adhesives. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (77) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Exist |
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Comments : |
Subject is the
largest adhesive manufacturer in India. It also has worldwide presence in adhesives,
art material, construction chemicals and other industrial chemicals. It is a
well-established and reputed company having excellent track record. The rating
reflect Pidilite’s leadership position in the consumer adhesive and sealant
market segment, its strong brand management, backed by extensive marketing
and distribution network. Rating also
reflects company’s healthy operational risk profile marked by strong
financial base and adequate profitability margins of the company. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
and as per commitment. In view of
established market position backed by reputed brand name, 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long-term Rating = AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
October 20, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short-term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
October 20, 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.
INFORMATION DENIED
Management non co-operative (Tel. No.: 91-22-22822708/28357000)
LOCATIONS
|
Registered
Office : |
Regent Chambers,
7th Floor, 208, Nariman Point, Mumbai - 400021, Maharashtra, India |
|
Tel. No.: |
91-22-22822708/
28367085/ 7089 |
|
Fax No.: |
91-22-22043969 |
|
E-Mail : |
|
|
Website : |
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|
|
Corporate /
Head office: |
Ramkrishna Mandir
Road, Office Mathuradas Vasanji Road, Andheri (East), Mumbai – 4000059,
Maharashtra, India |
|
Tel. No.: |
91-22-28357000/ 30831000/
67697000/ 7949 |
|
Fax No.: |
91-22-28357008/ 28357700/
28216007 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. M. B. Parekh |
|
Designation : |
Chairman cum Managing Director |
|
|
|
|
Name : |
Mr. N. K. Parekh |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mr. Bharat puri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. N. J. Jhaveri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B S. Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ranjan Kapur |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Yash Mahajan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjeev Aga |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A. B. Parekh |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. A N Parekh |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. R Sreeram |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Uday Khanna |
|
Designation : |
Director (w.e.f.03.04.2014) |
|
|
|
|
Name : |
Meera Shankar |
|
Designation : |
Director (w.e.f.30.07.2014) |
|
|
|
|
Name : |
J L Shah |
|
Designation : |
Whole Time Director (from 04.11.2014 to 19.05.2015) |
|
|
|
|
Name : |
Sabyaschi Patnaik |
|
Designation : |
Whole Time Director (w.e.f. 19.05.2015) |
KEY EXECUTIVES
|
Name : |
Savithri Parekh |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of
Shareholder |
No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
270915868 |
52.84 |
|
|
86607932 |
16.89 |
|
|
357523800 |
69.74 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
357523800 |
69.74 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
18388792 |
3.59 |
|
|
293280 |
0.06 |
|
|
442084 |
0.09 |
|
|
7051993 |
1.38 |
|
|
29684385 |
5.79 |
|
|
45428958 |
8.86 |
|
|
45428958 |
8.86 |
|
|
101289492 |
19.76 |
|
|
|
|
|
|
6749779 |
1.32 |
|
|
|
|
|
|
39923736 |
7.79 |
|
|
7077046 |
1.38 |
|
|
98977 |
0.02 |
|
|
98977 |
0.02 |
|
|
53849538 |
10.50 |
|
Total Public
shareholding (B) |
155139030 |
30.26 |
|
Total (A)+(B) |
512662830 |
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) |
512662830 |
0.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
||
|
1 |
Ajay Balvantray Parekh |
3,83,62,696 |
7.48 |
|
2 |
Ajay Balvantray Parekh |
1,06,36,148 |
2.07 |
|
3 |
Ami Ajay Parekh |
63,36,616 |
1.24 |
|
4 |
Ami Ajay Parekh |
3,550 |
0.00 |
|
5 |
Amrita Ajay Parekh |
19,68,000 |
0.38 |
|
6 |
Anuja Ankur Shah |
16,000 |
0.00 |
|
7 |
Anuja Ankur Shah |
1,71,600 |
0.03 |
|
8 |
Apurva Narendrakumar Parekh |
27,84,910 |
0.54 |
|
9 |
Apurva Narendrakumar Parekh |
8,00,000 |
0.16 |
|
10 |
Bharati Narendrakumar Parekh |
82,06,086 |
1.60 |
|
11 |
Darshana Bimal Mody |
64,95,404 |
1.27 |
|
12 |
Darshana Bimal Mody |
4,596 |
0.00 |
|
13 |
Gulabben Himatlal Parekh |
2,61,716 |
0.05 |
|
14 |
Harish Himatlal Parekh |
20,76,592 |
0.41 |
|
15 |
Harshada Harvadan Vakil |
51,900 |
0.01 |
|
16 |
Harvadan |
42,300 |
0.01 |
|
17 |
Himatlal Kalyanji Parekh |
48,11,464 |
0.94 |
|
18 |
Himatlal Kalyanji Parekh |
166 |
0.00 |
|
19 |
Indumati Chimanlal Parekh |
20,134 |
0.00 |
|
20 |
Indumati Chimanlal Parekh |
20,234 |
0.00 |
|
21 |
Jasna Raoul Thackersey |
36,15,126 |
0.71 |
|
22 |
Jimeet D Sanghavi |
91,600 |
0.02 |
|
23 |
Jimeet D Sanghavi |
300 |
0.00 |
|
24 |
Kalpana Apurva Parekh |
9,00,000 |
0.18 |
|
25 |
Kalpana Apurva Parekh |
30,00,000 |
0.59 |
|
26 |
Kalpana Apurva Parekh |
27,64,334 |
0.54 |
|
27 |
Kamalini Rashmikant Parekh |
8,01,934 |
0.16 |
|
28 |
Kamalini Rashmikant Parekh |
20,000 |
0.00 |
|
29 |
Kanta Balvantray Parekh |
33,85,410 |
0.66 |
|
30 |
Madhukar Balvantrayparekh |
80,12,004 |
1.56 |
|
31 |
Madhukar Balvantrayparekh |
4,87,65,564 |
9.51 |
|
32 |
Mala Madhukar Parekh |
1,21,62,598 |
2.37 |
|
33 |
Malay Rashmikant Parekh |
1,00,000 |
0.02 |
|
34 |
Malay Rashmikant Parekh |
61,600 |
0.01 |
|
35 |
Mrudula Sushilkumar Parekh |
33,62,120 |
0.66 |
|
36 |
Narendrakumar Kalyanji Parekh |
58,16,092 |
1.13 |
|
37 |
Narendrakumar Kalyanji Parekh |
4,40,01,656 |
8.58 |
|
38 |
Narendrakumar Kalyanji Parekh |
40,14,430 |
0.78 |
|
39 |
Panna Deepak Sanghavi |
80,166 |
0.02 |
|
40 |
Pareet D Sanghavi |
95,600 |
0.02 |
|
41 |
Parul Harish Parekh |
12,39,208 |
0.24 |
|
42 |
Purvee Apurva Parekh |
8,00,000 |
0.16 |
|
43 |
Rashmikant Himatlal Parekh |
23,56,844 |
0.46 |
|
44 |
Rashmikant Himatlal Parekh |
534 |
0.00 |
|
45 |
Sushil Kumar Kalyanji Parekh |
3,69,96,720 |
7.22 |
|
46 |
Sushil Kumar Kalyanji Parekh |
53,61,916 |
1.05 |
|
47 |
Urvi Malay Parekh |
40,000 |
0.01 |
|
48 |
Devkalyan Sales Private Limited |
2,62,24,280 |
5.12 |
|
49 |
Kalva Marketing And Services Limited |
13,82,628 |
0.27 |
|
50 |
Parekh Marketing Limited |
7,96,700 |
0.16 |
|
51 |
Parkem Dyes and Chemicals Private Limited |
12,76,510 |
0.25 |
|
52 |
Pidichem Private Limited |
80,14,916 |
1.56 |
|
53 |
The Vacuum Forming Company Private Limited |
1,14,62,186 |
2.24 |
|
54 |
Trivenikalyan Trading Private Limited |
4,63,040 |
0.09 |
|
55 |
Harton Private Limited |
1,23,57,634 |
2.41 |
|
56 |
Ishijas Chemicals Private Limited |
2,46,30,038 |
4.80 |
|
|
Total |
35,75,23,800 |
69.74 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Genesis Indian Investment Company Limited -General Sub Fund |
39347162 |
7.68 |
|
|
2 |
Government Pension Fund Global |
5775992 |
1.13 |
|
|
|
Total |
45123154 |
8.80 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the category
“Public” and holding more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons
Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
|
|
1 |
Genesis Indian Investment Company Limited -General Sub Fund |
39347162 |
7.68 |
|
|
|
Total |
39347162 |
7.68 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Consumer and Bazaar Products consist of
mainly Adhesives, Sealants, Art Materials and Construction Chemicals and also
Industrial Products consists of Organic Pigments, Industrial Resins and
Industrial Adhesives. |
|
|
|
|
Products : |
Not Divulged |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged
|
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Customers : |
Not Divulged
|
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|
No. of Employees : |
Information declined by the management |
|||||||||||||||
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|
|||||||||||||||
|
Bankers : |
|
|||||||||||||||
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|
|
|||||||||||||||
|
Facilities : |
(Rs.
In Million)
NOTE: SHORT TERM
BORROWINGS Working Capital Loan from Banks (Cash Credit accounts) are
secured by way of first charge on the stock of Raw Material, Finished Goods,
Packing Material, Stock in Process, Bills Receivable and Book Debts and by
way of second charge on the entire Plant and Machinery of the Company
including Stores and Spares. Further, these loans are secured by way of an
Equitable Mortgage on the Land and Building of the Company’s unit at
Kondivita, Mumbai. |
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiary Company : |
·
Nitin Enterprises ·
Fevicol Company Limited ·
Bhimad Commercial Co Private Limited ·
Madhumala Traders Private Limited ·
Pagel Concrete Technologies Private Limited ·
Building Envelope Systems India Limited ·
Percept Waterproofing Services Limited ·
Hybrid Coatings · Nina Waterproofing Systems Private Limited ·
Pidilite International Pte Limited ·
Pidilite Middle East Limited ·
Pulvitec do Brasil Industria e Comercio de Colas
e Adesivos Ltda ·
Pidilite USA Inc ·
Jupiter Chemicals (LLC) ·
PT Pidilite Indonesia ·
Pidilite Speciality Chemicals Bangladesh Private
Limited ·
Pidilite Innovation Centre Pte Limited ·
Pidilite Industries Egypt – SAE ·
Pidilite Bamco Limited ·
Bamco Supply Services Limited ·
PIL Trading Egypt (LLC) ·
Pidilite Industries Trading (Shanghai) Co Limited · Pidilite Chemical PLC |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700,000,000 |
Equity Shares |
Rs.1/- each |
Rs. 700.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
512,662,830 |
Equity Shares |
Rs.1/- each |
Rs. 512.663
Million |
|
|
|
|
|
a) Reconciliation of
the no. of shares and amount outstanding at the beginning and at the end of the
reporting period
|
Particulars |
As at 31st March 2015 |
|
|
Number of Shares |
Rs. In Million |
|
|
Equity Shares |
|
|
|
Shares outstanding at the beginning of the year |
512,642,330 |
512.640 |
|
Shares issued during the year on exercise of options under
Employee Stock Option Scheme - 2012 |
20,500 |
0.020 |
|
Shares outstanding at the end of the year |
512,662,830 |
512.660 |
b) Terms/ Rights
attached to equity shares
The Company has only one class of equity shares having a par value of 1 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend 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
In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in the proportion of their shareholding.
During the year ended 31st March, 2015, the amount of per
share dividend recognized as distribution to equity shareholders is
c) Details of
shareholders holding more than 5% shares in the Company:
|
Particulars |
As at 31st March 2015 |
|
|
Number of Shares |
% of Holdings |
|
|
Shri Madhukar Balvantray Parekh |
56,777,568 |
11.08 |
|
Shri Narendrakumar Kalyanji Parekh |
53,832,178 |
10.50 |
|
Shri Ajay Balvantray Parekh |
48,998,844 |
9.56 |
|
Shri Sushilkumar Kalyanji Parekh |
42,358,636 |
8.26 |
|
Genesis Indian Investment Company Limited - General Sub
fund |
39,453,809 |
7.70 |
|
Devkalyan Sales Private Limited |
26,224,280 |
5.12 |
d) Aggregate number of
bonus shares issued, shares issued for consideration other than cash and shares
bought back during the period of five years, immediately preceding the
reporting date:
|
Particulars |
As at 31st March 2015 |
|
Number of Shares |
|
|
Equity Shares |
|
|
Allotted as fully paid bonus shares (in 2009-10) |
253,067,306 |
|
Allotted on Conversion of FCCB (In 2011-12 and 2012-13) |
6,507,718 |
e) The Company had issued on 6th December, 2007, 400 Foreign Currency Convertible Bonds (FCCB) of US$100,000 each, which were convertible into Equity Shares at any time upto 1st December, 2012. The due date for redemption of FCCBs was 7th December, 2012. As on 7th December, 2012, the balance outstanding FCCBs aggregating 205 Bonds were redeemed by the Company.
f) Equity Shares reserved for issuance under Employee Stock
Option Scheme, 2012 towards Stock Options granted/ available for grant
|
Particulars |
As at 31st March 2015 |
|
Number of Shares |
|
|
Equity Shares of Rs. 1/- each |
279500 |
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 |
512.660 |
512.640 |
512.640 |
|
(b) Reserves & Surplus |
22981.810 |
19882.510 |
16811.730 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
23494.470 |
20395.150 |
17324.370 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
544.890 |
508.270 |
483.620 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
186.780 |
196.650 |
142.870 |
|
Total Non-current
Liabilities (3) |
731.670 |
704.920 |
626.490 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
57.800 |
76.840 |
0.000 |
|
(b) Trade
payables |
2940.390 |
3011.380 |
2071.370 |
|
(c) Other
current liabilities |
3409.800 |
2859.590 |
3727.730 |
|
(d) Short-term
provisions |
2036.450 |
1844.230 |
2035.720 |
|
Total Current
Liabilities (4) |
8444.440 |
7792.040 |
7834.820 |
|
|
|
|
|
|
TOTAL |
32670.580 |
28892.110 |
25785.680 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
5496.040 |
5351.310 |
5120.010 |
|
(ii)
Intangible Assets |
2782.270 |
761.670 |
217.130 |
|
(iii)
Capital work-in-progress |
4603.050 |
4310.890 |
4087.090 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4213.240 |
3396.620 |
2773.220 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1015.350 |
641.050 |
750.840 |
|
(e) Other
Non-current assets |
67.800 |
59.290 |
47.540 |
|
Total Non-Current
Assets |
18177.750 |
14520.830 |
12995.830 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
2691.650 |
2341.340 |
2696.180 |
|
(b)
Inventories |
5347.180 |
5082.010 |
4511.640 |
|
(c) Trade
receivables |
5145.830 |
4536.000 |
3667.630 |
|
(d) Cash
and cash equivalents |
580.950 |
1451.810 |
1368.240 |
|
(e)
Short-term loans and advances |
675.350 |
851.500 |
477.390 |
|
(f) Other
current assets |
51.870 |
108.620 |
68.770 |
|
Total
Current Assets |
14492.830 |
14371.280 |
12789.850 |
|
|
|
|
|
|
TOTAL |
32670.580 |
28892.110 |
25785.680 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
43980.740 |
38782.400 |
33316.910 |
|
|
Other Income |
427.690 |
429.420 |
658.970 |
|
|
TOTAL |
44408.430 |
39211.820 |
33975.880 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
22688.130 |
20022.840 |
16966.670 |
|
|
Purchases of Stock-in-Trade |
1661.090 |
1800.490 |
1561.210 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
-67.800 |
-422.630 |
-321.820 |
|
|
Employees benefits expense |
4093.860 |
3582.580 |
3010.290 |
|
|
Other expenses |
7999.470 |
7070.420 |
6010.700 |
|
|
Exceptional Items |
176.050 |
64.960 |
-59.440 |
|
|
TOTAL |
36550.800 |
32118.660 |
27167.610 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
7857.630 |
7093.160 |
6808.270 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
95.050 |
96.900 |
80.170 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7762.580 |
6996.260 |
6728.100 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
1077.200 |
686.250 |
532.410 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
6685.380 |
6310.010 |
6195.690 |
|
|
|
|
|
|
|
Less |
TAX |
1666.790 |
1623.930 |
1588.090 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
5018.590 |
4686.080 |
4607.600 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
Export Earnings |
4148.850 |
3954.420 |
3201.730 |
|
|
TOTAL EARNINGS |
4148.850 |
3954.420 |
3201.730 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
5340.980 |
4792.540 |
3999.210 |
|
|
Stores & Spares |
579.430 |
677.300 |
665.950 |
|
|
Capital Goods |
103.740 |
55.060 |
103.500 |
|
|
TOTAL IMPORTS |
6024.150 |
5524.900 |
4768.660 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.79 |
9.14 |
9.04 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
7435.720 |
5613.620 |
6660.660 |
|
Net cash flow from (used in) operation |
5734.680 |
3981.440 |
5112.570 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
11.41 |
12.08 |
13.83 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
17.87 |
18.29 |
20.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.03 |
29.79 |
32.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.31 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.72 |
1.84 |
1.63 |
STOCK
PRICES
|
Face Value |
Rs. 1.00/- |
|
Market Value |
Rs. 578.70/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
512.640 |
512.640 |
512.660 |
|
Reserves & Surplus |
16811.730 |
19882.510 |
22981.810 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
17324.370 |
20395.150 |
23494.470 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
76.840 |
57.800 |
|
Current Maturities of Long
Term Debt |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
76.840 |
57.800 |
|
Debt/Equity
ratio |
0.000 |
0.004 |
0.002 |
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) |
|
Sales |
33316.910 |
38782.400 |
43980.740 |
|
|
|
16.405 |
13.404 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
33316.910 |
38782.400 |
43980.740 |
|
Profit |
4607.600 |
4686.080 |
5018.590 |
|
|
13.83% |
12.08% |
11.41% |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
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 |
Yes |
|
33 |
Market information |
----- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CASE DETAILS
BENCH:-BOMBAY
Presentation Date:
03.03.2015
|
Lodging No.:- |
NMAL/647/2015 |
Filing Date:- |
03.03.2015 |
Main
Matter
|
Lodging No.: |
APPL/69/2014 |
|
Petitioner:- |
JUBILANT AGRI
AND CONSUMER PRODUCTS |
Respondent:- |
PIDILITE
INDUSTRIES LIMITED |
|
Petn. Adv.:- |
MAG LEGAL
(I1295) |
|
|
|
District:- |
Outside
Maharashtra |
|
|
|
Bench:- |
DIVISION |
||
|
Status:- |
Pre-Admission |
Category:- |
NOTICE OF MOTION
(APPEAL) |
|
Next Date:- |
07.08.2015 |
Stage:- |
NOTICE OF MOTION
FOR HEARING [ORIGINAL SIDE MATTERS] |
|
Coram:- |
HON'BLE THE
CHIEF JUSTICE ANOOP V. MOHTA HON'BLE SHRI
JUSTICE V.L. ACHALIYA |
|
Act :- |
Code of Civil
Procedure 1908 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90218500 |
11/02/2015 * |
1,769,900,000.00 |
Indian Overseas Bank |
Indian Overseas Bank (Lead Bank), Bakhtawar, Ground Floor, Nariman Point, Mumbai, Maharashtra - 400021, INDIA |
C45140902 |
|
2 |
90242415 |
09/03/2005 * |
954,900,000.00 |
INDIAN OVERSAES BANK |
BHAKTAWAR, GROUND FLOOR; NARIMAN POINT, MUMBAI, Maharashtra, INDIA |
- |
|
3 |
90216221 |
05/12/1995 |
50,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWERS, CUFFE PARADE; COLABA, BOMBAY, Maharashtra - 400005, INDIA |
- |
|
4 |
90362717 |
05/09/1984 |
150,000.00 |
THE MAHARASHTRA STATE FINANCIAL CORPORATION |
A.K. NAYAK MARG, FORT, MUMBAI, Maharashtra, INDIA |
- |
* Date of charge modification
CORPORATE INFORMATION
Since its inception in 1959, subject has been a pioneer in consumer and industrial specialty chemicals in India. The equity shares of the Company are listed on BSE Ltd. (BSE) and National Stock Exchange of India Ltd. (NSE).
MANAGEMENT DISCUSSION
AND ANALYSIS
STANDALONE FINANCIALS
Net sales of the Company grew by 13.5%. Sales of Consumer and Bazaar products grew by 15% while growth in Industrial Products was slower at 6.6%.
Margins were impacted in the first half of the year due to the steep increase in prices of key inputs like VAM. Selective price increases were taken during the year and with input prices softening in the second half, margins in the fourth quarter were higher than the rest of the year
Due to the slowdown in the sales growth, the Company undertook several cost conservation initiatives so as to limit the increase in costs.
Consequently “EBIDTA” (earnings before interest, taxes, depreciation, exceptional items and foreign exchange differences) excluding non-operating income grew by 12.5%.
As required by the Companies Act 2013, the Company reviewed and revised the useful life of its fixed assets. As a result depreciation charge for the year increased and is higher than last year by Rs. 391.000 million.
During the year, the Company acquired the adhesive business of Bluecoat Private Limited on a slump sale basis. The intangibles acquired along with the business are being amortized and this together with the higher depreciation rates, resulted in a 57% increase in the depreciation and amortization charge
Non-operating income was marginally lower than last year
Based on an independent valuation, the Company made an impairment provision of Rs. 127.000 million towards its investment in Pulvitec, the Brazilian subsidiary.
During the year, the Company offered voluntary retirement to its workmen in its units in Panvel, Kamothe and Taloja for which a charge of Rs. 49.000 million was taken.
Consequently Profit before Tax grew by 5.9% and Profit after
Tax grew by 7.1%.
PERFORMANCE BY
INDUSTRY SEGMENT
CONSUMER AND
BAZAAR PRODUCTS
Branded Consumer and Bazaar Products Segment contributed 82 % of the total net sales of the Company and grew by 15 %.
Net sales of branded Adhesives and Sealants grew by 14.1 % and contributed 50 % of the total sales of the Company. Construction and Paint Chemicals grew by 17.3 % and Art Materials and other products grew by 14.3 %.
Consumer and Bazaar Products sales have grown at a CAGR of 17.1 % over the last 5 years.
Profit before interest and tax for the Consumer and Bazaar Products segment increased by 7.6 %.
INDUSTRIAL PRODUCTS
Industrial Products contributed 18 % of the total sales of the Company and grew by 6.6 %.
Profit before interest and tax for the segment grew by 20.5% due to lower input costs.
OTHERS
The “Others” segment, largely comprises manufacture and sale of Speciality Acetates. As mentioned in last year’s report, the VAM plant has been modified to make a range of Speciality Acetates as import of VAM continues to remain more viable as opposed to in-house manufacture.
The technology for these Speciality Acetates has been indigenously developed and these products are gaining acceptance with customers.
CURRENT YEAR OUTLOOK
Recent trends suggest a weak economic scenario in the current year. This will have an impact on the demand for the Company’s products. It is expected that the economic scenario may improve only by the end of the year
Prices of VAM, a key input for the Company’s products, had sharply increased towards end of last year and peaked in July / August 2014. Prices in $ terms have since corrected and together with price increases, taken in last year, would have a positive impact on margins, in the short term.
The Company has 7 manufacturing units in Himachal Pradesh which enjoy exemption from excise duty and income tax. Three of these units will be completing their tax holiday period in 2015-16. While the excise benefit will cease on the 10th anniversary of the setting up of these units, no income tax exemption will be eligible on the profits from these three units for the financial year 2015-16.
The Company’s major subsidiaries are in USA, Brazil, Thailand, Egypt, Dubai and Bangladesh.
The economic situation in Brazil is challenging with several
key sectors like construction and real estate showing contraction. This is
likely to have a negative effect on the performance of Brazilian subsidiary.
Other overseas subsidiaries, in aggregate, are working towards an improved
performance, subject to no significant adverse impact on current business
environment.
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
1. Claims against
the Company not acknowledged as debts comprise of: |
|
|
|
a) Income Tax demand against the Company not provided for and
relating to issues of deduction and allowances in respect of which the
Company is in appeal |
133.260 |
43.570 |
|
b) Excise Duty claims disputed by the Company relating to
issues of classifications |
25.340 |
5.570 |
|
c) Sales Tax claims disputed by the Company relating to
issues of declaration forms and classifications |
662.680 |
238.630 |
|
d) Other Matters (relating to disputed electricity duty,
Gram Panchayat Tax, open access charges, etc.) |
31.580 |
25.590 |
|
2. a) Guarantees
given by Banks in favour of Government and others |
201.430 |
221.740 |
|
b) Guarantees
given by Company* |
|
|
|
Pidilite USA Inc. |
375.660 |
360.300 |
|
Pulvitec do Brasil Industria e Comercio de Colas e
Adesivos Ltda |
150.270 |
144.120 |
|
Pidilite Bamco Limited |
97.950 |
94.000 |
|
Jupiter Chemicals (LLC) |
90.330 |
86.330 |
|
Pidilite Industries Egypt SAE |
0.000 |
48.040 |
|
Bamco Supply and Services Limited |
19.240 |
18.470 |
|
|
|
|
|
Total |
733.450 |
751.260 |
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30TH JUNE 2015
(Rs. in million)
|
Sr. No. |
Particulars |
Quarter Ended |
|
30.06.2014 |
||
|
Unaudited |
||
|
Part I |
|
|
|
1. |
Income from
Operations |
|
|
|
a)
Net Sales / Income from Operations |
12983.600 |
|
|
b)
Other Operating Income |
73.100 |
|
|
Total
Income from Operations (net) |
13056.700 |
|
2. |
Expenditure |
|
|
|
a)
Cost of materials consumed |
5316.000 |
|
|
b)
Purchase of stock-in-trade |
545.600 |
|
|
c) Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
753.800 |
|
|
d)
Employee benefits expense |
1163.900 |
|
|
e)
Depreciation and amortisation expense |
280.400 |
|
|
f) Power and Fuel Charges |
0.000 |
|
|
g)
Other expenses |
1999.000 |
|
|
Total Expenses |
10058.700 |
|
3. |
Profit/ (Loss) from
Operations before Other Income, Exchange gain/(loss), Finance costs and
Exceptional items (1-2) |
2998.000 |
|
4a. |
Other Income |
94.100 |
|
4b. |
Exchange
Gain / (Loss) (Net) |
0.000 |
|
5. |
Profit /(Loss)
from Ordinary activities before finance costs and Exceptional items (3+4a+4b) |
3092.100 |
|
6. |
Finance Costs |
14.200 |
|
7. |
Profit / (Loss) from ordinary activities
after Finance costs but before Exceptional items (5-6) |
3077.900 |
|
8. |
Exceptional items (a) Loss on sale of Business undertaking (b) Loss on sale investment (c) Provision for diminution in value of
investments written back (d) Excess Liability written back (e) Provision for impairment loss |
0.000 |
|
9. |
Profit/ (Loss) from Foreign Exchange
Difference Expenses/ (Income) |
3077.900 |
|
10. |
Foreign
Exchange Difference Expenses/ (Income) |
(3.400) |
|
11. |
Net Profit / (Loss) from ordinary
activities before tax |
3081.300 |
|
12. |
Tax expenses |
885.900 |
|
13. |
Net Profit / (Loss) from ordinary
activities after tax |
2195.400 |
|
14. |
Extraordinary
items |
-- |
|
15. |
Net Profit /
(Loss) for the period |
2195.400 |
|
16. |
Paid-up equity share capital (Face Value of Rs. 10 per share) |
5217 |
|
17. |
Reserve excluding Revaluation reserve |
|
|
18. |
Earnings Per Share (EPS) before and after extraordinary items (of Rs.
10/- each) a) Basic b) Diluted |
4.28 4.28 |
|
|
|
|
|
Part II |
|
|
|
A. |
PARTIULARS OF
SHAREHOLDINGS |
|
|
|
Public
Shareholding |
|
|
|
- Number of Shares |
155139030 |
|
|
- Percentage of Shareholding |
30.26 |
|
|
Promoters and
Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- Number of Shares |
-- |
|
|
- Percentage of Shares (as a % of the Total Shareholding of promoter
and promoter group) |
-- |
|
|
- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
-- |
|
|
b) Non
Encumbered |
|
|
|
- Number of Shares |
357523800 |
|
|
- Percentage of Shares (as a % of the Total Shareholding of Promoter
and Promoter Group) |
100 |
|
|
- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
69.74 |
|
PARTICULARS |
For the quarter ended 30th June 2015 |
|
B INVESTORS COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
1 |
|
Disposed during the quarter |
1 |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL
EMPLOYED
FOR THE QUARTER ENDED 30TH JUNE
2015
(Rs. in million)
|
Sr. No. |
Particulars |
Quarter Ended |
|
30.06.2015 |
||
|
Unaudited |
||
|
A |
Segment Revenue |
|
|
|
a)
Consumer and Bazaar Products |
10921.200 |
|
|
b)
Industrial Products |
2184.600 |
|
|
c)
Others |
138.300 |
|
|
Total |
13244.100 |
|
|
Less
: Inter Segment Revenue |
260.500 |
|
|
Net Sales/ Income From Operation |
12983.600 |
|
|
|
|
|
B |
Segment Results |
|
|
|
a)
Consumer and Bazaar Products |
3270.000 |
|
|
b)
Industrial Products |
335.300 |
|
|
c)
Others |
(38.900) |
|
|
Total |
3566.400 |
|
|
|
|
|
|
Less: i) Interest |
14.200 |
|
|
ii) Other Unallocable Expenditure |
|
|
|
Net of Unallocable Income |
470.900 |
|
|
Total Profit Before Tax |
3081.300 |
|
|
|
|
|
C |
Capital Employed (Segment
Assets - Segment Liabilities) |
|
|
|
a)
Consumer and Bazaar Products |
9020.500 |
|
|
b)
Industrial Products |
2505.500 |
|
|
c)
Others |
442.000 |
|
|
d)
Unallocated |
13722.300 |
|
|
Total |
25690.300 |
Notes:
1. The above results have been reviewed by the Audit
Committee on July 27, 2015 and approved by the Board of Directors at their
meeting held on July 28, 2015.
2. The Statutory Auditors have carried out a "Limited Review" of the
standalone unaudited financial results for the quarter ended June 30, 2015.
3. The Company has opted to publish Standalone as well as consolidated
financial statements. The consolidated financial results prepared as per
Accounting Standard (AS-21) and Accounting Standard (AS-23) comprise the
results of Pidilite Industries Limited (Holding Company), 21 subsidiary
companies, two partnership firms and one associate Company.
4. Unallocated Capital Employed as at June 30, 2015 includes a) Capital Work in
Progress of Rs. 3657.500 million (June 30, 2014 Rs. 3711.100 million) of
Synthetic Elastomer Project b) Investments in units of mutual funds/ term
deposit with banks Rs. 5483.900 million (June 30, 2014 Rs. 4907.000 million).
5. During the quarter, Nina Waterproofing Systems Private Ltd. (NWSP) a
subsidiary of the Company (with 70% shareholding by the Company) has acquired
the waterproofing business of Nina Concrete Systems Private Ltd. (NCS) on a
slump sale basis.
6. Exceptional items include:
i. Provision for diminution in value of investment in a subsidiary Company Rs.
1270 lakhs for the quarter and year ended March 31, 2015 which is only in the
standalone results.
ii. Voluntary Retirement Scheme Rs. 491 lakhs for the quarter ended June 30,
2014 and year ended March 31, 2015 in standalone and consolidated results.
7. The figures for the quarter ended March 31, 2015 are the balancing figures
between the audited figures in respect of the full financial year and the
published year to date unaudited figures upto the third quarter of the financial
year ended March 31, 2015.
8. Previous periods' figures are regrouped/reclassified wherever necessary.
FIXED ASSETS
Tangible Assets
- Freehold land
- Leasehold
land
- Buildings
- Plant and
Machinery
- Vehicles
- Furniture
- Office
Equipments
Intangible Assets
- Goodwill
- Trademarks
- Computer
Software
- Copyrights
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 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. 64.17 |
|
UK Pound |
1 |
Rs. 99.85 |
|
Euro |
1 |
Rs. 70.36 |
INFORMATION DETAILS
|
Information Gathered
by : |
SPR |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
77 |
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.