MIRA INFORM REPORT
|
Report No. : |
353943 |
|
Report Date : |
08.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
KEI INDUSTRIES
LIMITED |
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|
|
|
Registered
Office : |
D-90, Okhla Industrial Area, Phase I, New Delhi - 110020 |
|
Tel. No.: |
91-11-26818840/ 8642/ 0242 / 26815558/ 26815559 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
31.12.1992 |
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Com. Reg. No.: |
55-051527 |
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Capital
Investment / Paid-up Capital : |
Rs.154.470
Million |
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CIN No.: [Company Identification
No.] |
L74899DL1992PLC051527 |
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IEC No.: |
0589000110 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELK05368G / DELK05577F |
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PAN No.: [Permanent Account No.] |
AAACKO251C |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The company is organized into business segments namely:
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in 1968 as a partnership firm with the name
of Krishna Electrical Industries and in 1992, the firm became a public limited
company under the name of KEI Industries Limited. For the year 2015, the company has achieved good sales turnover marked
satisfactory profitability margin. Operational performance has improved as
compared to last year. The company possesses healthy financial profile marked by sound
networth base and decent liquidity position. Rating also takes into consideration experience of the promoters and
their demonstrated financial support along with KEI’s long track record of
operations and established market position in the cable industry. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank
facilities : BBB+ |
|
Rating Explanation |
Moderate degree
of safety and moderate credit risk. |
|
Date |
10.07.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank
facilities : A3+ |
|
Rating Explanation |
Moderate degree
of safety and higher credit risk. |
|
Date |
10.07.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Mr. Adarsh Jain |
|
Designation : |
General Manager in Finance |
|
Contact No.: |
91-9899808176 |
LOCATIONS
|
Registered / Corporate Office : |
D-90, Okhla Industrial Area, Phase I, New Delhi – 110020, India |
|
Tel. No.: |
91-11-26818840/ 8642/ 0242 / 26815558/ 26815559 |
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Mobile No.: |
91-9899808176 (Mr. Adarsh Jain) |
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Fax No.: |
91-11-26811959/ 26817225 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
SP-919/920/922, RIICO Industrial Area, Phase - III, Bhiwadi, District
Alwar - 301019, Rajasthan, India |
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Tel. No.: |
91-1493-220106/221731 |
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Fax No.: |
91-1493-221731 |
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E-Mail : |
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Factory 2 : |
99/2/7, Madhuban Industrial Estate, Village Rakholi, Silvassa -
396230, Dadra and Nagar Haveli, Union Territory, India |
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Tel. No.: |
91-260-2644404/2630944 |
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Fax No.: |
91-260-2645896 |
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E-Mail : |
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Factory 3 : |
Plot No.A-280/281/282/283/284, RIICO Industrial Area (Chopanki),
District Alwar -301019, |
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Tel. No.: |
91-1493-260202/06 |
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Fax No.: |
91-1493-260203 |
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E-Mail : |
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Overseas Office : |
Dubai Post Box No. 261739, Jebel Ali Free Zone, Tel: +97148812310/ +971502112013 Fax: +97148812311 E-mail: dubai@kei-ind.com |
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Branch Office : |
Mumbai
(Marketing Office) 101/102, Vastu Shilp, Vastu Enclave, Andheri Pump House, Andheri (East), Mumbai-400093, Maharashtra, India Tel: 91-22-28239673 / 28375642 Fax: 91-22-28258277 e-mail: mumbai@kei-ind.com Jaipur Tel: 91-141-5179279 Fax No.: 91-141-2221707 Email : jaipur@kei-ind.com Pune Tel: 91-20-30526258/ 30524765 Email : pune@kei-ind.com Baroda Tel: 91-265-6539719 / 2341831 Fax: 91-265-2334161 e-mail: baroda@kei-ind.com Bangalore Tel: 91-80-23466260 e-mail: bangalore@kei-ind.com
Chennai Tel: 91-44-42009120 Fax: 91-44-42009130 e-mail: chennai@kei-ind.com Hyderabad Tel: 91-40-20064358 Fax: 91-40-24024260 e-mail: hyderabad@kei-ind.com
Kolkata 33, Dr. Sundari Mohan
Avenue, 1st Floor, Kolkata-700014, West Bengal, India Tel: 91-33-22866696 Fax: 91-33-22866697 E-mail: kolkata@kei-ind.com Chandigarh SCO 84, 1st Floor, Swastik
Vihar, Sector-5, Panchkula-134109, Haryana, India Tel: 91-172-4416301 Fax: 91-172-4416300 E-mail: chandigarh@kei-ind.com Bhopal S-13, Thada Ram Complex,
M.P. Nagar Zone-l, Bhopal – 462011, Madhya Pradesh, India E-mail: bhopal@kei-ind.com Bhubaneshwar C/21, Palashpalli, Near N.C.C. Office, Bhubaneswar-751012, Orissa, India E-mail: bhubneshwar@kei-ind.com Chhatisgarh Soubhagya, 72/10, Nehru
Nagar(West), Bhilai-490020, Chhattisgarh, India E-mail: chhatisgarh@kei-ind.com Kanpur
8/6, F.M. Colony, Civil
Lines, Kanpur-208001, Uttar Pradesh, India Email: kanpur@kei-ind.com Goa F-1, Shetye Apartments, Antilpeth,
Bicholim, Goa-403504, India E-mail: goa@kei-ind.com Nagpur 103, Misal Layout,
Nagpur-440014, Maharashtra, India E-mail: nagpur@kei-ind.com Cochin 36/2853, Nagawallil, Balan
Menon Road, Kaloor, Cochin-682017, Kerala, India E-mail: cochin@kei-ind.com Coimbatore 136, T.V. Swamy Road, R.S.
Puram, Coimbatore-641002, Tamilnadu, India
E-mail: coimbatore@kei-ind.com Lucknow 102 First Floor, Saran
Chamber-2, 5 Park Road, Lucknow-226001, Uttar Pradesh, India Email: up@kei-ind.com Jamshedpur FlatC1/3, Sabitri Tower, 1st Floor, Ulyan, Kadam, Jamshedpur – 831005,
Jharkhand, India Guwahati 38, Rehabari Bill Par, A. K. Azad Road, Near NE TV, Guwahati – 781008,
Assam, India E-mail: guwahati@kei-ind.com
|
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Anil Gupta |
|
Designation : |
Chairman-cum-Managing Director |
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Qualification : |
B.Com |
|
Experience : |
34 Years |
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|
Name : |
Mrs. Archana Gupta |
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Designation : |
Director |
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Name : |
Mr. Pawan Kumar Bholusaria |
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Designation : |
Director |
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Name : |
Mr. K.G. Somani |
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Designation : |
Director |
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Name : |
Mr. Vijay Bhushan |
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Designation : |
Director |
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Name : |
Mr. Vikram Bhartia |
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Designation : |
Director |
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|
Name : |
Mr. Rajeev Gupta |
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Designation : |
Executive Director (Finance) and Chief Financial Officer |
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Qualification : |
Chartered Accountant |
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Experience : |
22 Years |
KEY EXECUTIVES
|
Name : |
Mr. Kishore Kunal |
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Designation : |
Company Secretary and Compliance Officer |
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Name : |
Mr. N. N. Suri |
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Designation : |
Executive Director (Corporate Strategy) |
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Name : |
Mr. Arvind Shrowty |
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Designation : |
Executive Director (EHV) |
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Name : |
Mr. Lalit Sharma |
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Designation : |
COO |
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Name : |
Mr. S.L. Kakkar |
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Designation : |
President |
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Name : |
Mr. Manoj Kakkar |
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Designation : |
Senior Vice President (Marketing) |
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Name : |
Mr. P.K. Aggarwal |
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Designation : |
Senior Vice President (Corporate) |
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Name : |
Mr. K.C. Sharma |
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Designation : |
Senior Vice President (Operation) |
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Name : |
Mr. Manish Mantri |
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Designation : |
Vice President (EPC) |
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Name : |
Mr. Dilip Barnwal |
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Designation : |
Vice President (Operation-Silvassa) |
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Name : |
Mr. Munishvar Gaur |
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Designation : |
Vice President (EHV) |
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Name : |
Mr. N.K. Bajaj |
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Designation : |
Vice President (Marketing-Wires and Flexibles) |
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Name : |
Mr. Naval Singh Yadav |
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Designation : |
Vice President (Technical) |
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Name : |
Mr. Keshav K. Mitra |
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Designation : |
Senior General Manager - Sales and Marketing |
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Name : |
Mr. Deepak Manchanda |
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Designation : |
Senior General Manager (Business Development) |
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Name : |
Mr. Alok Saha |
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Designation : |
General Manager (Marketing) |
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Name : |
Mr. Umesh B. Kank |
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Designation : |
General Manager (Marketing) |
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Name : |
Mr. M.V. Gananath |
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Designation : |
General Manager - Sales and Marketing |
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Name : |
Mr. Ajay Mehra |
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Designation : |
General Manager (Works-Bhiwadi) |
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|
Name : |
Mr. Adarsh Jain |
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Designation : |
General Manager (Finance) |
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Name : |
Mr. Gaurav Sahi |
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Designation : |
Head–Corporate Communication |
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Name : |
Mr. Pawan Kumar Jain |
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Designation : |
General Manager (EPC) |
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Name : |
Mr. K.D. Tamhankar |
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Designation : |
General Manager (International Marketing) |
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Name : |
Mr. Kunal Gupta |
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Designation : |
General Manager (International Marketing) |
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Name : |
Mr. Anand Kishore |
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Designation : |
General Manager (HR and Admin.) |
SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
21068466 |
27.28 |
|
|
17080000 |
22.11 |
|
|
38148466 |
49.39 |
|
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Total shareholding
of Promoter and Promoter Group (A) |
38148466 |
49.39 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
8413993 |
10.89 |
|
|
31252 |
0.04 |
|
|
987066 |
1.28 |
|
|
9432311 |
12.21 |
|
|
|
|
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|
10373910 |
13.43 |
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|
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Individual shareholders holding nominal share capital up to Rs.0.100 Million |
13339461 |
17.27 |
|
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million |
4603822 |
5.96 |
|
|
1339468 |
1.73 |
|
|
669499 |
0.87 |
|
|
558959 |
0.72 |
|
|
500 |
0.00 |
|
|
110510 |
0.14 |
|
|
29656661 |
38.40 |
|
Total Public
shareholding (B) |
39088972 |
50.61 |
|
Total (A)+(B) |
77237438 |
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) |
77237438 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is organized into business segments namely:
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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 Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
(Rs.
In Million)
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Auditors : |
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Name : |
Jagdish Chand and Company Chartered Accountants |
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Address : |
New Delhi, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Joint Venture |
New Delhi and Brugg Kabel A.G. Switzerland ( w.e.f 24/06/2014) |
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Associates : |
KEI International Limited (up to 20/06/2014) |
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Other related
parties in the group where common control exists: |
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|
Enterprises over which
person mentioned in (v) above are able to exercise significant control and transactions have
taken place: |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
110000000 |
Equity Shares |
Rs.2/- each |
Rs.220.000 Million |
|
300000 |
Preference Shares |
Rs.100/- each |
Rs.30.000 Million |
|
|
TOTAL |
|
Rs.250.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
77237438 |
Equity Shares |
Rs.2/- each |
Rs.154.470
Million |
Rights, preferences
and restrictions attached to shares:
Equity Shares: The Company has issued one class of equity shares having face value of Rs.2 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. 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 proportion to their shareholding.
Reconciliation of Number of
Equity Shares:
(Rs. in Million)
|
Particulars |
As at 31st March, 2015 |
|
|
Nos. |
Amount |
|
|
Balance as at the beginning of the year |
73737438 |
147.470 |
|
Add: Issued during the Year |
3500000 |
7.000 |
|
Balance as at the end of the year |
77237438 |
154.470 |
3500000 (Previous Year 3500000) equity shares were issued on preferential basis to following party as per SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 at a price of Rs.14 per share (including securities premium of Rs.12/-) .
|
Name of Shareholder |
Year Ended 31st March, 2015 |
|
Nos. |
|
|
Projection Financial and Management Consultants Private Limited |
3500000 |
|
Total |
3500000 |
List of Equity Shareholders
holding more than 5% of the aggregate Equity Shares:
|
Name of Shareholders |
As at 31st March, 2015 |
|
|
Nos. |
%age |
|
|
Mr. Anil Gupta |
15580776 |
20.17% |
|
Anil Gupta HUF beneficiary Mr. Anil Gupta |
4650375 |
6.02% |
|
Projection Financial and Management
Consultants Private Limited |
7900000 |
10.23% |
During previous year the Company had allotted 3500000 (three and half million) Share Warrants on preferential basis to Promoter / Promoter Group. The Warrant Holder had option of subscribing one equity share of face value of Rs.2/- each per Warrant at a price of Rs.14/- per equity share any time up to 10.01.2015. During the year Warrant Holder has exercised option to convert share warrants into equity shares.
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 |
154.470 |
147.470 |
140.475 |
|
(b) Reserves &
Surplus |
2884.030 |
2539.100 |
2415.222 |
|
(c) Money received
against share warrants |
0.000 |
44.250 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
3038.500 |
2730.820 |
2555.697 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1208.950 |
1165.560 |
1034.437 |
|
(b) Deferred tax
liabilities (Net) |
235.360 |
160.350 |
105.638 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
31.970 |
23.460 |
21.392 |
|
Total Non-current
Liabilities (3) |
1476.280 |
1349.370 |
1161.467 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2549.200 |
3269.530 |
2860.261 |
|
(b) Trade payables |
4809.920 |
3872.380 |
3947.807 |
|
(c) Other current
liabilities |
1453.460 |
1166.550 |
1200.496 |
|
(d) Short-term provisions |
90.010 |
46.510 |
45.790 |
|
Total Current Liabilities
(4) |
8902.590 |
8354.970 |
8054.354 |
|
|
|
|
|
|
TOTAL |
13417.370 |
12435.160 |
11771.518 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2971.190 |
3133.010 |
3082.580 |
|
(ii) Intangible Assets |
9.640 |
7.760 |
6.124 |
|
(iii) Capital
work-in-progress |
43.890 |
2.390 |
25.976 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
31.360 |
30.920 |
30.817 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
48.590 |
33.990 |
52.734 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3104.670 |
3208.070 |
3198.231 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
4403.170 |
4031.380 |
3581.551 |
|
(c) Trade receivables |
4798.410 |
4286.250 |
4212.183 |
|
(d) Cash and cash
equivalents |
46.870 |
45.570 |
156.221 |
|
(e) Short-term loans and
advances |
665.050 |
605.470 |
455.049 |
|
(f) Other current assets |
399.200 |
258.420 |
168.283 |
|
Total Current Assets |
10312.700 |
9227.090 |
8573.287 |
|
|
|
|
|
|
TOTAL |
13417.370 |
12435.160 |
11771.518 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
20309.520 |
16189.090 |
16583.525 |
|
|
Other Income |
23.830 |
12.770 |
23.550 |
|
|
TOTAL |
20333.350 |
16201.860 |
16607.075 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
15133.320 |
12482.100 |
12461.276 |
|
|
Purchases of
Stock-in-Trade |
30.960 |
17.950 |
59.680 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(394.730) |
(419.480) |
(433.901) |
|
|
Employees benefits
expense |
620.650 |
515.850 |
461.441 |
|
|
Exceptional Item-Keyman
Insurance on Maturity |
(26.090) |
0.000 |
0.000 |
|
|
Other expenses |
2990.610 |
2062.230 |
2329.833 |
|
|
TOTAL |
18354.720 |
14658.650 |
14878.329 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1978.630 |
1543.210 |
1728.746 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
1203.980 |
1115.300 |
1093.537 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
774.650 |
427.910 |
635.209 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
245.850 |
209.740 |
204.448 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
528.800 |
218.170 |
430.761 |
|
|
|
|
|
|
|
Less |
TAX |
186.300 |
102.160 |
167.391 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
342.500 |
116.010 |
263.370 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
1823.240 |
1725.300 |
1478.364 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend on
Equity Shares |
30.890 |
15.450 |
14.047 |
|
|
Dividend Distribution Tax
on Proposed Dividend |
6.290 |
2.620 |
2.387 |
|
|
Total |
37.180 |
18.070 |
16.434 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
2128.560 |
1823.240 |
1725.300 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1474.340 |
1975.350 |
972.181 |
|
|
TOTAL EARNINGS |
1474.340 |
1975.350 |
972.181 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials purchases |
1151.320 |
946.360 |
350.577 |
|
|
Packing Materials |
5.010 |
17.590 |
14.235 |
|
|
Project Materials |
4.500 |
4.360 |
0.000 |
|
|
Traded Goods |
6.320 |
1.180 |
0.000 |
|
|
Stores, Spares &
Consumables |
8.260 |
4.740 |
1.713 |
|
|
Capital Goods |
6.730 |
34.370 |
11.333 |
|
|
TOTAL IMPORTS |
1182.140 |
1008.600 |
377.858 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
4.43 |
1.50 |
3.40 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current
Maturities of Long term debt |
|
|
|
|
From Banks |
574.990 |
482.500 |
558.339 |
|
Foreign Currency Loans from Banks |
156.900 |
186.360 |
279.409 |
|
From Others (Non-Banking Financial Company) |
30.000 |
0.000 |
0.000 |
|
Total |
761.890 |
668.860 |
837.748 |
|
Cash generated
from operations |
2,071.170 |
889.350 |
1582.994 |
|
Net Cash from operating activities |
1,978.740 |
834.750 |
1492.620 |
QUARTERLY RESULTS
|
Particulars (Unaudited) |
30.06.2015 |
30.09.2015 |
|
1st Quarter |
2nd Quarter |
|
|
Net Sales |
5183.920 |
6115.580 |
|
Total Expenditure |
4636.700 |
5524.030 |
|
PBIDT (Excl OI) |
547.220 |
591.550 |
|
Other Income |
12.840 |
0.070 |
|
Operating Profit |
560.060 |
591.620 |
|
Interest |
331.440 |
303.020 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
228.620 |
288.600 |
|
Depreciation |
60.390 |
61.880 |
|
Profit Before Tax |
168.230 |
226.720 |
|
Tax |
51.190 |
73.150 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
117.040 |
153.570 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
117.040 |
153.570 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.69 |
0.72 |
1.59 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
9.74 |
9.53 |
10.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.96 |
1.76 |
3.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.08 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.49 |
1.87 |
1.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16 |
1.10 |
1.06 |
STOCK
PRICES
|
Face Value |
Rs.2/- |
|
Market Value |
Rs.109.40/- |
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 |
140.475 |
147.470 |
154.470 |
|
Reserves & Surplus |
2415.222 |
2539.100 |
2884.030 |
|
Money received against
share warrants |
0.000 |
44.250 |
0.000 |
|
Net worth |
2555.697 |
2686.570 |
3038.500 |
|
|
|
|
|
|
long-term borrowings |
1034.437 |
1165.560 |
1208.950 |
|
Short term borrowings |
2860.261 |
3269.530 |
2549.200 |
|
Current Maturities of
Long Term Debt |
837.748 |
668.860 |
761.890 |
|
Total borrowings |
4732.446 |
5103.950 |
4520.040 |
|
Debt/Equity ratio |
1.852 |
1.900 |
1.488 |
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 |
16583.525 |
16189.090 |
20309.520 |
|
|
|
(2.378) |
25.452 |
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 |
16583.525 |
16189.090 |
20309.520 |
|
Profit |
263.370 |
116.010 |
342.500 |
|
|
1.59% |
0.72% |
1.69% |
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 |
---------------------- |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Loans and Advances
from Related Parties |
|
|
|
Deposits from Related Parties |
3.500 |
7.350 |
|
Deposits from
Others |
|
|
|
Public Deposits |
1.200 |
28.100 |
|
Total |
4.700 |
35.450 |
INDEX OF CHARGES
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10597816 |
08/10/2015 |
900,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARG, NEW DELHI - 110001, INDIA |
C67610428 |
|
2 |
10598013 |
08/10/2015 |
500,000,000.00 |
ICICI BANK LIMITED |
NBCC PALACE, BHISHAM PITAMAH MARG, PRAGATI VIHAR, NEW DELHI - 110003, INDIA |
C67807008 |
|
3 |
10597082 |
05/10/2015 |
500,000,000.00 |
UNITED BANK OF INDIA |
106-109, ANSAL TOWER, 38, NEHRU PLACE, NEW DELHI - 110019, INDIA |
C67312637 |
|
4 |
10595708 |
14/09/2015 |
3,250,000,000.00 |
DENA BANK |
35-36, AGGARWAL BHAVAN, NEHRU PLACE, DELHI - 110019, INDIA |
C66633645 |
|
5 |
10594481 |
11/09/2015 |
900,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
COMMERCIAL BRANCH, 101-102, NEW DELHI HOUSE, 27, BARAKHABHA ROAD, NEW DELHI - 110001, INDIA |
C65944498 |
|
6 |
10560004 |
12/03/2015 |
1,500,000,000.00 |
GDA TRUSTEESHIP LIMITED |
GDA HOUSE, PLOT NO.- 85, BHUSARI COLONY (RIGHT), PAUD ROAD, PUNE - 411038,, MAHARASHTRA, INDIA |
C49441025 |
|
7 |
10553268 |
31/01/2015 |
150,000,000.00 |
IDBI BANK LIMITED |
VIDECON TOWER, 1ST FLOOR, E-1, JHANDEWALAN EXTENSION, NEW DELHI - 110055, INDIA |
C45711819 |
|
8 |
10538862 |
30/12/2014 * |
150,000,000.00 |
IDBI BANK LIMITED |
INDIAN RED CROSS SOCIETY BUILDING, 1, RED CROSS ROAD, POST BAG NO. 231, DELHI - 110001, INDIA |
C38401329 |
|
9 |
10532975 |
13/11/2014 |
250,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
SCB BRANCH,
101-102, NEW DELHI HOUSE, BARAKHAMBA |
C34695908 |
|
10 |
10526147 |
24/09/2014 |
100,000,000.00 |
LAKSHMI VILASBANK LIMITED |
FLAT NO: GF-8-9-10; TOLSTOY HOUSE, 15-17, TOLSTOY MARG, JANPATH, NEW DELHI - 110001, INDIA |
C29867322 |
* Date of charge modification
REVIEW OF BUSINESS
OPERATIONS
During the year, the Company’s turnover increased to Rs.21709.220 million as against Rs.17534.730 million in FY 2013-14 showing a strong growth of 23.81%. During the year, turnover from Cables stood at Rs.14079.820 million as compared to Rs.12718.200 million in FY 2013-14, showing a growth of 10.71%. Stainless Steel Wire Products contributed a turnover of Rs.1133.310 million as compared to Rs.1003.060 million in FY 2013-14, showing a growth of 12.99%. Winding Wires, Flexible and House Wires contributed a turnover of Rs.3365.810 million as compared to Rs.2940.680 million in FY 2013-14, showing a growth of 14.46% and Income from Turnkey Projects also had a great contribution in the total turnover of the Company showing a strong growth of 341.66 % i.e. from Rs.675.540 million in FY 2013-14 to Rs.2983.620 million in FY 2014-15. During the year, Profit before Tax stood at Rs.528.800 million as compared to Rs.218.170 million in the preceding year and Net Profit stood at Rs.342.500 million as compared to Rs.116.010 million in the preceding year.
SUBSIDIARIES, JOINT
VENTURES OR ASSOCIATE COMPANIES
The Company doesn’t have any subsidiary. However during the year (w.e.f. 24.06.2014), the Company has formed a Joint Venture under the name of Joint Venture of M/s KEI Industries Limited New Delhi and M/s Brugg Kabel AG, Switzerland (JV) for the execution of contract awarded by Delhi Metro Rail Corporation Limited (DMRC), in which the Company i.e. KEI is the Lead Partner having 75% participation and Brugg Kabel AG being other partner having 25 % participation. This JV is a Jointly Controlled Entity within the meaning of Accounting Standard - 27 on “Financial Reporting of Interests in Joint Ventures” and covered under Associate Company in accordance with Section 2(6) of the Companies Act, 2013. No share capital is invested in the Joint Venture by the respective members of JV.
Further, during the financial year ended 31st March, 2015, M/s. KEI International Limited ceased to become Associate Company of KEI (w.e.f. 20th June, 2014).
The company is
organized into business segments namely:
Cables comprising of EHV, HT and LT Power Cables, Control and Instrumentation Cables, Winding Wires and Flexible and house Wires.
Stainless steel wire comprising of stainless steel wires.
Turnkey project etc.
MANAGEMENT DISCUSSION
AND ANALYSIS
Company Overview
Subject is a leading Indian cable manufacturer, with strong brand equity and a robust business model that has continuously steered its growth over the years. The Company has a well-balanced nucleus of strengths, spanning a diversified product mix and a wide distribution network.
KEI’s 400-strong product portfolio comprises a healthy mix of Extra High Voltage (EHV) cables (upto 220 kV), Low Tension (LT) and High Tension (HT) cables, Control and Instrumentation cables, Specialty and Rubber cables, Stainless Steel wires and winding, Flexible and Housing wires, Submersible cables. Its diverse range of products is designed to address the complete cabling needs of private and public sector customers across Power, Oil Refineries, Railways, Automobiles, Cement, Steel, Fertilizers, Textiles and Real Estate. The Company’s products find utility in the domestic and overseas markets, lending it a distinctive position as one of the top three cable manufacturing companies in India.
The Company has strengthened its competitive edge through its foray into the Engineering, Procurement and
Construction (EPC) business since 2008. In the EPC segment, KEI’s offerings include execution of power transmission projects (of 66kV to 400kV sub-stations) on a turnkey basis, EPC of EHV and HV cable systems, electrical balance-of-plant for power plants and electrical industrial projects.
Having commenced production of EHV cables in 2010, KEI is today the third largest producer of these cables in
India. The Company has a technical collaboration with Switzerland-based Brugg Kabel AG to manufacture EHV cables (ranging from 66kV to 220kV) at its Chopanki (Rajasthan) facility. KEI’s state-of-the-art manufacturing facilities are located at Bhiwadi, Chopanki and Silvassa.
The Company is well positioned to harness the plethora of possibilities it sees opening up across its business segments, domestically and globally, as it continues to deliver on its promises to its customers.
Outlook
The demand for cables is expected to go up significantly as the Government of India plans to spend $1trn on infrastructure in the next five years. Growth in this sector is likely to get a boost as a result of major expansion in steel, cement, oil & gas, energy, automobiles, highways, ports, airports, SEZs, housing, IT parks, hotels, shopping malls and BPOs. Retail will consequently be a major biggest beneficiary in the cables industry. Power transmission and distribution are also set for increased thrust, further facilitating growth in the cables industry. The institutional cables segment, in particular, will get a huge fillip as a consequence of growth in both, infrastructure and power segments. As the cables demand rises, the Company will also continue to increase the capacity utilisation at its plants to bring in better operating leverage and improved margins.
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED
30.09.2015
(Rs. In Million)
|
Particulars |
Quarter ended 30.09.2015 |
Quarter ended 30.06.2015 |
Six Months ended 30.09.2015 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Income
from operations |
|
|
|
|
Net sales/ Income from operation (net of excise duty) |
6079.670 |
5145.460 |
11225.130 |
|
Other operating income |
35.910 |
38.460 |
74.370 |
|
Total
income from Operations(net) |
6115.580 |
5183.920 |
11299.500 |
|
Expenditure |
|
|
|
|
Cost of material consumed |
3995.020 |
3985.480 |
7980.500 |
|
Purchases of stock in trade |
2.400 |
1.350 |
3.750 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
481.520 |
(448.640) |
32.880 |
|
Employees benefit expenses |
194.760 |
183.100 |
377.860 |
|
Depreciation and amortization expenses |
61.880 |
60.390 |
122.270 |
|
Other expenditure |
850.330 |
915.410 |
1765.740 |
|
Total expenses |
5585.910 |
4697.090 |
10283.000 |
|
Profit
from operations before other income and financial costs |
529.670 |
486.830 |
1016.500 |
|
Other income |
0.070 |
12.840 |
12.910 |
|
Profit from
ordinary activities before finance costs |
529.740 |
499.670 |
1029.410 |
|
Finance costs |
303.020 |
331.440 |
634.460 |
|
Profit from
ordinary activities after finance costs but before exceptional items |
226.720 |
168.230 |
394.950 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Profit from
ordinary activities before tax Expense: |
226.720 |
168.230 |
394.950 |
|
Tax expenses |
73.150 |
51.190 |
124.340 |
|
Net Profit / (Loss)
from ordinary activities after tax |
153.570 |
117.040 |
270.610 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss)
for the period |
153.570 |
117.040 |
270.610 |
|
Paid-up equity share capital (Nominal value Rs.2/- per share) |
154.470 |
154.470 |
154.470 |
|
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
--- |
--- |
--- |
|
Earnings per share
(after extraordinary items) of Rs.2/- each) (not annualized): |
|
|
|
|
Basic |
1.99 |
1.52 |
3.50 |
|
Diluted |
1.98 |
1.52 |
3.50 |
|
A.
Particulars of shareholding |
|
|
|
|
1.
Public Shareholding |
|
|
|
|
- Number of shares |
39088972 |
39088972 |
39088972 |
|
- Percentage of shareholding |
50.61% |
50.61% |
50.61% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
NIL |
NIL |
NIL |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
NIL |
NIL |
NIL |
|
Percentage of shares (as a % of total share capital of the
company) |
NIL |
NIL |
NIL |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
38148466 |
38148466 |
38148466 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100% |
100% |
100% |
|
Percentage of shares (as a % of total share capital of the
company) |
49.39% |
49.39% |
49.39% |
|
B.
Investor Complaints |
3 Months ended 30.09.2015 |
||
|
Pending at the beginning of the quarter |
|
1 |
|
|
Receiving during the quarter |
|
1 |
|
|
Disposed of during the quarter |
|
2 |
|
|
Remaining unreserved at the end of the quarter |
|
NIL |
|
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
(Rs. In Million)
|
Particulars |
Quarter ended 30.09.2015 |
Quarter ended 30.06.2015 |
Six Months ended 30.09.2015 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
Segment Revenue (net sales / Income from Operation) |
|
|
|
|
Cables |
4959.980 |
4326.930 |
9286.910 |
|
Stainless Steel Wire |
251.720 |
245.350 |
497.070 |
|
Turnkey Projects |
1459.070 |
971.490 |
2430.560 |
|
Unallocated Segment |
(8.850) |
(2.520) |
(11.370) |
|
Total |
6661.920 |
5541.250 |
12203.170 |
|
Less: Inter Segment elimination |
33.790 |
14.850 |
48.640 |
|
Total |
6628.130 |
5526.400 |
12154.530 |
|
Less: Inter Segment Revenue |
514.340 |
331.660 |
846.000 |
|
Net Sales / Income from operations |
6113.790 |
5194.740 |
11308.530 |
|
|
|
|
|
|
Segment Results (Profit) (+) / Loss (-) before tax and interest from
segment |
|
|
|
|
Cables |
549.560 |
579.570 |
1129.130 |
|
Stainless Steel Wire |
18.770 |
6.700 |
25.470 |
|
Turnkey Projects |
171.600 |
103.700 |
275.300 |
|
Total |
739.930 |
689.970 |
1429.900 |
|
|
|
|
|
|
Less: Inter segment results |
33.790 |
14.850 |
48.640 |
|
Net Segment Results |
706.140 |
675.120 |
1381.260 |
|
Less: i) Interest |
303.020 |
331.440 |
634.460 |
|
ii) Other un-allocable income |
176.400 |
175.450 |
351.850 |
|
Total Profit Before Tax |
226.720 |
168.230 |
394.950 |
|
|
|
|
|
|
Capital Employed |
|
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
|
Cables |
7562.520 |
7210.810 |
7562.520 |
|
Stainless Steel Wire |
204.900 |
230.670 |
204.90 |
|
Turnkey Projects |
659.850 |
641.870 |
659.850 |
|
Unallocated Segment |
(3135.090) |
(3161.740) |
(3135.090) |
|
Total |
5292.180 |
4921.610 |
5292.180 |
Note:
- The above Financial Results reviewed by the Audit Committee, have been approved and taken on record by the Board of Directors at their meeting held on August 06, 2015.
- The Statutory Auditors of the Company have carried out limited review of Financial for the quarter ended June 30, 2015 pursuant to clause 41 of the Listing Agreement.
- The Financial figures of quarter ended March 31, 2015 are the balancing figures between audited figures in respect of the financial year ended on March 31, 2015. And the published year to date figures upto the third quarter i.e. December 31, 2014.
- Tax expense for the quarter includes deferred tax of Rs. 15.00 Millions on estimated basis.
- Previous year/periods figures have been regrouped/reclassified, wherever necessary.
STATEMENT OF
ASSETS AND LIABILITIES
(Rs. In Million)
|
Particulars |
As at 30.09.2015 |
|
(Unaudited) |
|
|
EQUITY AND LIABILITIES |
|
|
|
|
|
Shareholders Fund |
|
|
Share Capital |
154.470 |
|
Reserves and Surplus |
3159.050 |
|
Sub-total –
Shareholders fund |
3313.620 |
|
Non-Current Liabilities |
|
|
Long term borrowings |
1389.980 |
|
Deferred tax liabilities (net) |
275.360 |
|
Long term provision |
39.840 |
|
Sub-total –
Non-Current Liabilities |
1705.180 |
|
|
|
|
Current Liabilities |
|
|
Short term borrowings |
3023.310 |
|
Trade payables |
4850.920 |
|
Other current liabilities |
1489.280 |
|
Short term provisions |
65.140 |
|
Sub-total –
Current Liabilities |
9428.650 |
|
TOTAL EQUITY AND LIABILITIES |
14447.350 |
|
|
|
|
ASSETS |
|
|
|
|
|
Non-Current Assets |
|
|
Fixed Assets |
3051.810 |
|
Non-Current Investment |
31.120 |
|
Long term loans and advances |
114.080 |
|
Sub-total –
Non-current Assets |
3197.010 |
|
|
|
|
Current Assets |
|
|
Inventories |
4543.920 |
|
Trade Receivables |
5606.360 |
|
Cash and Cash Equivalents |
73.390 |
|
Short term loans and advances |
556.530 |
|
Other current assets |
470.140 |
|
Sub-total –
Current Assets |
11250.340 |
|
Total Assets |
14447.350 |
FIXED ASSETS
- Land
- Building
- Plant and Equipment
- Furniture and Fixtures
- Leasehold Building Improvement
- Vehicles
- Office Equipment
- Computers
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration:
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset Declaration:
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws:
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards:
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government:
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package:
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report:
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.62 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.72.40 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
AMT |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major sections
of this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.