MIRA INFORM REPORT
|
Report No. : |
353874 |
|
Report Date : |
12.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
REDINGTON (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
SPL Guindy House,
95, Mount Road, Guindy, Chennai – 600032, Tamilnadu |
|
Tel. No.: |
91-44-30287901 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
02.05.1961 |
|
|
|
|
Com. Reg. No.: |
18-028758 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 799.406 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L52599TN1961PLC028758 |
|
|
|
|
IEC No.: |
0494000287 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCR0347P |
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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 operates in the Information Technology product
distribution business supply chain solutions and after sales services [Registered Activity] |
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|
|
|
No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an old and established company incorporated in the year
1961 having fine track record. It is a leading distribution company for IT hardware
products and lifestyle digital products. Profit of the company has declined during FY 2015 However, the company possesses good financial risk profile marked by
healthy net worth base along with comfortable liquidity position and favorable
gap between trade payables and trade receivables. Fundamentals of the company are strong and healthy. Directors are reported well experienced and knowledgeable businessman. Trade relations are reported to be trustworthy. Business is active. Payments
are reported as regular and per commitment. In view of long established track record and sound financial base, the
company can be considered good for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL RATING |
|
Rating |
Long Term Bank Facilities = AA- |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
August 2015. |
|
Rating Agency Name |
CRISIL RATING |
|
Rating |
Short Term Bank Facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
August 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
Management non co-operative (Tel. No.: 91-44-42243353/35)
LOCATIONS
|
Registered Office : |
SPL Guindy House,
95, Mount Road, Guindy, Chennai – 600032, Tamilnadu, India |
|
Tel. No.: |
91-44-22353313/ 14/
15/ 16/ 17/ 18/ 42243281/ 42243499/ 42243353/ 42243352 |
|
Fax No.: |
91-44-22352790/ 22253799 |
|
E-Mail : |
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|
Website : |
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Corporate Office : |
Ground Floor, "Centre Point", Plot No.8 and 11
(SP), Thiru-Vi-Ka Industrial Estate, Ekkaduthangal, Guindy, Chennai – 600032,
Tamilnadu, India |
|
Tel. No.: |
91-44-42243353 |
|
Fax No.: |
91-44-42243148 |
|
E-Mail : |
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Warehouse: |
Shed B, No 2,
Kalkaji Industrial Area, New
Delhi – 110019, India |
|
|
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|
Sales Office : |
Plot No-557,
Saheed Nagar, Bhubaneswar – 751007, Orissa, India LOCATED AT : · Agra ·
Chandigarh ·
Dehradun ·
Delhi ·
Jammu
and Kashmir ·
Jaipur ·
Varanasi ·
Bangalore ·
Calicut ·
Chennai ·
Cochin ·
Coimbatore ·
Hubli ·
Hyderabad ·
Madurai ·
Mysore ·
Pondicherry ·
Tirunelveli ·
Trichy ·
Trivandrum ·
Vijayawada ·
Visakhapatnam
·
Jamshedpur ·
Guwahati ·
Kolkata ·
Patna ·
Ranchi ·
Ahmedabad ·
Baroda ·
Bhopal ·
Goa ·
Indore ·
Mumbai ·
Nagpur ·
Nasik ·
Pune ·
Raipur ·
Surat |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Professor J. Ramachandran |
|
Designation : |
Chairman |
|
Expertise in
Specific Functional Area : |
Strategic Management ; International Business |
|
|
|
|
Name : |
Mr. R. Shrinivasan |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. Raj Shankar |
|
Designation : |
Joint Managing Director |
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|
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|
Name : |
Mr. M. Raghunandan |
|
Designation : |
Whole Time Director |
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|
|
|
Name : |
Mr. R. Jayachandran |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Tu Shu-Chyuan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Lin Tai Yang |
|
Designation : |
Director |
|
Expertise in
Specific Functional Area : |
Accounting and Business Strategy |
|
|
|
|
Name : |
Mr. Nainesh Jaisingh |
|
Designation : |
Director |
|
Expertise in
Specific Functional Area : |
Business Strategy |
|
|
|
|
Name : |
Mr. V S Hariharan |
|
Designation : |
Director |
|
Expertise in
Specific Functional Area : |
Business Strategy |
|
|
|
|
Name : |
Mr. N. Srinivasan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Keith WF Bradley |
|
Designation : |
Director |
|
Expertise in Specific Functional Area : |
Business Strategy |
|
|
|
|
Name : |
Suchitra Rajagopalan |
|
Designation : |
Directors |
KEY EXECUTIVES
|
Name : |
M Muthukumarasamy |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
Total No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
|
|
|
|
53282932 |
13.33 |
|
|
53282932 |
13.33 |
|
Total
shareholding of Promoter and Promoter Group (A) |
53282932 |
13.33 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
63237943 |
15.82 |
|
|
499540 |
0.12 |
|
|
99864630 |
24.98 |
|
|
47614616 |
11.91 |
|
|
47614616 |
11.91 |
|
|
211216729 |
52.83 |
|
|
|
|
|
|
22330325 |
5.59 |
|
|
|
|
|
|
7032182 |
1.76 |
|
|
1354182 |
0.34 |
|
|
104581380 |
26.16 |
|
|
141754 |
0.04 |
|
|
289692 |
0.07 |
|
|
809816 |
0.20 |
|
|
1111 |
0.00 |
|
|
102245940 |
25.57 |
|
|
898771 |
0.22 |
|
|
194296 |
0.05 |
|
|
135298069 |
33.84 |
|
Total Public
shareholding (B) |
346514798 |
86.67 |
|
Total (A)+(B) |
399797730 |
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) |
399797730 |
0.00 |
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%20LIMITED%20-%20353874%2012-Dec-2015_files/image005.gif)
BUSINESS DETAILS
|
Line of Business : |
The Company operates in the Information Technology product
distribution business supply chain solutions and after sales services [Registered Activity] |
|
|
|
|
Products : |
Not Divulged |
|
|
|
|
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 : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management
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Bankers : |
Bankers – India
Bankers – Overseas
|
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|
Facilities : |
(Rs.
In Million)
|
|
Statutory Auditors
: |
|
|
Name : |
Deloitte Haskins
and Sells Chartered
Accountants |
|
Address: |
2nd
Floor, “Temple Tower, 672, Anna Salai, Nandanam, Chennai – 600035, Tamilnadu,
India |
|
Tel. No.: |
91-44-52131124-28 |
|
Fax No.: |
91-44-52131129 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Party where the
Company has control : |
Redington Employee Share Purchase Trust |
|
|
|
|
Associate : |
Redington (India) Investments Limited, India |
|
|
|
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Subsidiary of
Associate : |
Currents Technology Retail (India) Limited, India |
|
|
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|
Parties having
Significant Influence on the Company : |
|
|
|
|
|
Subsidiary
Companies : |
· Nook Micro Distribution Limited, India * · Cadensworth (India) Limited, India* · Easyaccess Financial Services Limited* (Ceased to be Subsidiary w.e.f January 22,2014 (Refer note-35))* · Redington International Mauritius Limited, Mauritius* · Redington International (Holdings) Limited, Cayman Islands ¥ · Redington Gulf FZE, Dubai · Cadensworth FZE, Dubai* · Redington Gulf & Company LLC, Oman · Redington Nigeria Limited, Nigeria · Redington Egypt Limited, Egypt · Redington Kenya Limited, Kenya · Redington Middle East LLC, Dubai · Redington Qatar WLL, Qatar · Ensure Services Arabia LLC, Saudi Arabia (formerly known as Redington Arabia Limited, Saudi Arabia) · Redington Africa Distribution FZE. Dubai · Ensure Services Bahrain SPC, Bahrain (formerly known as Redington Bahrain SPC, Bahrain) · Redington Distribution Pte Limited, Singapore * · Redington Bangladesh Limited, Bangladesh · Redington Qatar Distribution WLL, Qatar · Redington Kenya EPZ Limited, Kenya · Redington Limited, Ghana · Redington Uganda Limited, Uganda · Africa Joint Technical Services, Libya · RGF Private Trust Company Limited, Cayman Islands · Redington Gulf FZE Co, Iraq · Cadensworth United Arab Emirates LLC, Dubai · Redington Morocco Limited, Morocco · Redington Tanzania Limited., Tanzania · Redington SL (Private) Limited, Sri lanka · Redington Angola Limited, Angola · Redington Turkey Holdings S.A.R.L, Luxembourg · Arena Bilgisayar Sanayi Ve Ticaret Anonim Sirketi, Turkey # · Arena International FZE, UAE · Ensure IT Services PTY Limited, South Africa · ProConnect Supply Chain Solutions Limited, India* · Ensure Gulf FZE, Dubai · Ensure Technical Service (PTY) Limited, South Africa · Ensure Middle East Trading LLC,UAE · Ensure Technical Services Kenya Limited, Kenya · Ensure Technical Services Tanzania Limited, Tanzania · Ensure Services Uganda Limited, Uganda · Ensure Solutions Nigeria Limited, Nigeria · Redington Rwanda Limited, Rwanda · Redington Kazakhstan LLP, Kazakhstan Republic · Sensonet Teknoloji Elelektronik Ve Bilisim Hizmetlen Sanayi- Ve Ticaret Limited Sirketi, Turkey ·
·
Formed
during the year · Ensure Supply Chain Logistics LLC, Dubai · Ensure Ghana Limited, Ghana · Ensure Support Services (India) Limited, India* · Ensure Technical Services Morocco Limited(SARLAU), Morocco · Ensure Digital FZ LLC, Dubai ·
·
Acquired
during the year · ADEO Bilisim Danismanlik Hizmetleri San. ve Tic.A.S., Turkey ^ |
*
Represents related parties with whom transactions have taken place during the
year.
As
Redington Turkey Holdings S.A.R.L. has effective control over the composition
of Board of Directors, Arena Bilgisayar Sanayi Ve Ticaret Anonim Sirketi is
considered as subsidiary.
Arena
Bilgisayar Sanayi Ve Ticaret Anonim Sirketi, the step down subsidiary acquired
50% shares.
Redington
International Holdings Limited got merged with Redington International
Mauritius Limited on July 10, 2013.
Related Parties have been identified by the management.
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
425000000 |
Equity Shares |
Rs.2/- each |
Rs.850.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
399,702,790 |
Equity Shares |
Rs.2/- each |
Rs. 799.406 Million |
|
|
|
|
|
Reconciliation of the shares outstanding at the
beginning and at the end of the reporting period;
|
Equity Shares |
Number
of Shares |
Rs.
In Million |
|
At the beginning of the year |
399481820 |
798.964 |
|
Allotted during the year under Employee Stock Option, 2008
issued during the year |
220970 |
0.442 |
|
Outstanding at the end of the year |
399.703 |
799.406 |
Terms/rights attached
to equity shares:
Each holder of equity share is entitled to one vote per share.
The Company declares and pays dividends in Indian rupees. For the year ended
March 31, 2015 a dividend of Rs. 1.90 per equity share has been proposed by the
Board of Directors (Previous year Rs. 0.90 per equity share). The dividend
proposed by the Board of Directors is subject to the approval of the
shareholders at the ensuing Annual General Meeting which includes an agenda
item to consider declaration of dividend
Details of shares
held by each shareholder holding more than 5 % of the paid-up equity capital
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Synnex Mauritius
Limited |
94295940 |
23.59 |
|
Harrow Investment Holding Limited |
53,282,932 |
13.33 |
|
Standard Chartered Private Equity (Mauritius)
Limited |
47,686,500 |
11.93 |
|
Fidelity |
37,033,731 |
9.27 |
|
Franklin Templeton Fund |
25,303,114 |
6.33 |
|
Reliance Capital
Trustee Company Limited |
21,119,911 |
5.28 |
|
Morgan Stanley |
21,087,830 |
5.28 |
|
ICICI Prudential Life Insurance Company |
20,734,654 |
5.19 |
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 |
799.406 |
798.964 |
798.305 |
|
(b) Reserves & Surplus |
12806.340 |
11868.547 |
9856.375 |
|
(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) |
13605.746 |
12667.511 |
10654.680 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
69.316 |
90.607 |
71.009 |
|
Total Non-current
Liabilities (3) |
69.316 |
90.607 |
71.009 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2837.752 |
3570.245 |
6192.673 |
|
(b) Trade
payables |
10780.199 |
11239.236 |
9234.422 |
|
(c) Other
current liabilities |
2045.109 |
2286.039 |
1963.731 |
|
(d) Short-term
provisions |
975.075 |
452.533 |
198.195 |
|
Total Current
Liabilities (4) |
16638.135 |
17548.053 |
17589.021 |
|
|
|
|
|
|
TOTAL |
30313.197 |
30306.171 |
28314.710 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
958.579 |
929.980 |
665.544 |
|
(ii)
Intangible Assets |
6.283 |
11.494 |
1.775 |
|
(iii)
Capital work-in-progress |
37.731 |
39.907 |
153.030 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
5464.588 |
4836.953 |
6591.164 |
|
(c) Deferred tax assets (net) |
81.422 |
105.118 |
67.518 |
|
(d) Long-term Loan and Advances |
552.225 |
909.000 |
696.221 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
7100.828 |
6832.452 |
8175.252 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
8349.730 |
8304.857 |
7718.634 |
|
(c) Trade
receivables |
12676.151 |
12350.849 |
9330.191 |
|
(d) Cash
and cash equivalents |
289.895 |
925.895 |
1503.796 |
|
(e)
Short-term loans and advances |
1896.593 |
1892.118 |
1586.837 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
23212.369 |
23473.719 |
20139.458 |
|
|
|
|
|
|
TOTAL |
30313.197 |
30306.171 |
28314.710 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
120213.793 |
112624.878 |
104096.642 |
|
|
Other Income |
490.003 |
480.322 |
448.831 |
|
|
TOTAL |
120703.796 |
113105.200 |
104545.473 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of Stock-in-Trade |
113881.330 |
106539.448 |
97762.758 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(56.158) |
(586.223) |
451.304 |
|
|
Employees benefits expense |
798.119 |
1013.020 |
1020.906 |
|
|
Other expenses |
2568.558 |
2766.625 |
1882.500 |
|
|
Allocation for Corporate Social Responsibility Expenditure |
49.500 |
0.000 |
0.000 |
|
|
Exceptional Item |
0.000 |
(657.566) |
0.000 |
|
|
TOTAL |
117241.349 |
109075.304 |
101117.468 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3462.447 |
4029.896 |
3428.005 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
624.683 |
769.471 |
838.566 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2837.764 |
3260.425 |
2589.439 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
110.250 |
106.046 |
100.036 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
2727.514 |
3154.379 |
2489.403 |
|
|
|
|
|
|
|
Less |
TAX |
907.958 |
756.500 |
775.667 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1819.556 |
2397.879 |
1713.736 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8072.244 |
5674.365 |
4251.563 |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
8072.244 |
5674.365 |
4251.563 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
Rebates |
607.369 |
725.327 |
1698.066 |
|
|
Warranty claims |
92.464 |
241.891 |
1891.936 |
|
|
Dividend from Overseas Subsidiaries |
55.760 |
57.825 |
62.686 |
|
|
FOB value of exports |
105.864 |
165.924 |
61.784 |
|
|
Others |
0.997 |
5.212 |
1.092 |
|
|
TOTAL EARNINGS |
862.454 |
1196.179 |
3715.564 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Trading Stocks |
12757.959 |
13419.250 |
23869.945 |
|
|
TOTAL IMPORTS |
12757.959 |
13419.250 |
23869.945 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.55 |
6.01 |
4.29 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
1218.750 |
1209.534 |
1602.145 |
|
Cash generated from operations |
2508.091 |
1370.083 |
2488.183 |
|
Net cash flows from (used in) operations |
1951.162 |
442.745 |
1476.511 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2015 Unaudited 1st
Quarter |
30.09.2015 Unaudited
2nd
Quarter |
|
Net Sales |
28708.300 |
30606.200 |
|
Total Expenditure |
27946.400 |
29754.000 |
|
PBIDT (Excl OI) |
761.900 |
852.200 |
|
Other Income |
55.900 |
130.500 |
|
Operating Profit |
817.800 |
982.700 |
|
Interest |
154.600 |
192.900 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
663.200 |
789.800 |
|
Depreciation |
25.600 |
23.900 |
|
Profit Before Tax |
637.600 |
765.900 |
|
Tax |
218.000 |
237.500 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
419.600 |
528.400 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
419.600 |
528.400 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin
(PAT / Sales) |
(%) |
1.51 |
2.13 |
1.65 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
2.88 |
3.58 |
3.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.03 |
12.46 |
11.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.25 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.30 |
0.38 |
0.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40 |
1.34 |
1.15 |
STOCK
PRICES
|
Face Value |
Rs. 2.00/- |
|
Market Value |
Rs. 121.00/- |
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 |
798.305 |
798.964 |
799.406 |
|
Reserves & Surplus |
9856.375 |
11868.547 |
12806.340 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
10654.680 |
12667.511 |
13605.746 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
6192.673 |
3570.245 |
2837.752 |
|
Current Maturities of Long
Term Debt |
1602.145 |
1209.534 |
1218.750 |
|
Total
borrowings |
7794.818 |
4779.779 |
4056.502 |
|
Debt/Equity
ratio |
0.732 |
0.377 |
0.298 |
%20LIMITED%20-%20353874%2012-Dec-2015_files/image006.gif)
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 |
104096.642 |
112624.878 |
120213.793 |
|
|
|
8.193 |
6.738 |
%20LIMITED%20-%20353874%2012-Dec-2015_files/image007.gif)
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 |
104096.642 |
112624.878 |
120213.793 |
|
Profit |
1713.736 |
2397.879 |
1819.556 |
|
|
1.65% |
2.13% |
1.51% |
%20LIMITED%20-%20353874%2012-Dec-2015_files/image008.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
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 |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
SHORT TERM
BORROWING |
|
|
|
Unsecured Loan from Banks |
154.309 |
238.755 |
|
Commercial Paper |
1820.000 |
-- |
|
Total |
1974.309 |
238.755 |
|
|
|
|
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10461220 |
30/10/2013 |
200,000,000.00 |
YES BANK LIMITED |
Nehru Centre, 9th
Floor, Discovery of India, Dr. INDIA |
B89943484 |
|
2 |
10451729 |
10/09/2013 |
200,000,000.00 |
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED |
Cnergy, 6th Floor, Appasaheb Marathe Marg, Prabhadevi, Mumbai, Maharashtra - 400025, INDIA |
B86028792 |
|
3 |
10337562 |
27/07/2015 * |
1,355,000,000.00 |
DBS Bank Ltd |
806, Anna Salai,, Chennai, Tamil Nadu - 600002, INDIA |
C62144019 |
|
4 |
10243409 |
24/09/2010 |
500,000,000.00 |
BNP Paribas |
Prince Towers, 3rd Floor, 25/26, College Road, Chennai, Tamil Nadu - 600006, INDIA |
A96363668 |
|
5 |
10144460 |
18/05/2011 * |
600,000,000.00 |
ING VYSYA BANK LTD |
NO 185, ANNA SALAI, CHENNAI, CHENNAI, Tamil Nadu - 600006, INDIA |
B14297105 |
|
6 |
10119092 |
11/06/2014 * |
200,000,000.00 |
BARCLAYS BANK PLC |
KBK TOWERS, 2 FLOOR, NO 33, 33/1 WEST RAJA STREET, OPP TO KUMARA KOTTAM, KANCHIPURAM, Tamil Nadu - 631502, INDIA |
C09336496 |
|
7 |
10100005 |
23/06/2015 * |
50,000,000.00 |
IDBI Bank Limited |
IDBI TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
C59190975 |
|
8 |
10075232 |
22/06/2009 * |
600,000,000.00 |
HDFC BANK LIMITED |
MARIAM CENTRE, MOUNT ROAD, CHENNAI, Tamil Nadu - 600002, INDIA |
A65692758 |
|
9 |
10047152 |
16/12/2013 * |
3,270,000,000.00 |
Standard Chartered Bank |
19 Rajaji Salai, Chennai, Tamil Nadu - 600001, INDIA |
B92483528 |
|
10 |
90288237 |
22/04/2013 * |
1,000,000,000.00 |
THE BANK OF NOVA SCOTIA |
CLASSIC TOWERS, 1547, TRICHY ROAD, COIMBATORE, Tamil Nadu - 641018, INDIA |
B75185694 |
* Date of charge modification
COMPANY OVERVIEW
Subject, is a public limited Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company's equity shares are listed on the bourses of BSE Limited and National Stock Exchange of India Limited. The Company operates in the Information Technology product distribution business supply chain solutions and after sales services of Information Technology products. The Company has setup a branch in Singapore which has become operational during the year. The Company and its subsidiaries operate in India, Middle East, Turkey, Africa, and South Asia countries.
MANAGEMENT DISCUSSION
AND ANALYSIS
GLOBAL OUTLOOK
The world economy is still recovering from the financial crisis. Global growth picked up marginally during the year 2014 but it remained below expectations. The latest edition of Global Economic Prospect of World Bank mentions that high-income countries continue to grapple with the legacies of financial crisis and several middle-income countries were less dynamic than in the past. Low-income countries continued to grow at a robust pace, despite a challenging global environment.
In the coming years, IMF projects world growth to pick up modestly to 3.5% in the year 2015; it is estimated to grow to 3.7% in the year 2016. According to IMF reports, while the advanced economies are expected to grow stronger at an increased rate of 2.4% in 2015, emerging markets are predicted to show a weaker growth of 4.3%, reflecting uncertain prospects in some of the large emerging market economies and oil exporters.
Regarding the market your company operates in, Asia's growth forecast is to remain steady at 5.6%2 in 2015, as the region will continue to outperform the rest of the world. Asia's growth is set to benefit from the decline in oil prices since the fourth quarter of 2014.
With respect to the Middle East economy, reduced crude oil prices pose a serious challenge for oil exporting countries. Additionally, the region remains burdened with severe socio-political and sectarian conflicts. Economic impact due to continued conflict in Syria, resulting in inflow of refugees into Turkey, continued terrorists attack in Iraq, civil war in Yemen and uncertainty over nature and timing of N-deal by Iran has serious negative impact on growth prospects.
UAE & Saudi Arabia have revised their forecast of GDP growth downward, anticipating continued depression in oil prices. Kenya and Nigeria are reeling under geo-political tension and the expected GDP growth has also been similarly revised downward. Turkey has projected a GDP growth of 3.1%. Devaluation of Nigerian Naira, Turkish Lira, Kenyan Shilling and Moroccan Dirham against US Dollar during second half of the fiscal year 2014-15 posed a threat for growth in these markets.
INDUSTRY STRUCTURE,
DEVELOPMENTS, OPPORTUNITIES AND THREATS
Fiscal year 2014-15 witnessed moderate growth in Global demand of IT products reflecting broad pricing pressures, government spending constraints from continued fiscal challenges, datacenter consolidation enabled by virtualization, accelerating cloud adoption and a shift toward lower-cost hardware products. Global PC shipments de-grew by 6.7% during first quarter of the calendar year 2015 and have been the lowest PC shipment since first quarter of the calendar year 2009.
Global smart phone market de-grew by 6.1% sequentially during the first quarter of the calendar year 2015. On the other hand, Smart phone market in India witnessed a significant sequential growth of 35%. However, the share of top four brands reduced from 63% to 57% as the market became increasingly fragmented by the entry of more vendors and market-share gains by local brands
Gartner has estimated that the combined shipment of devices (PCs, tablets, ultra-mobiles and mobile phones) in India is forecast to be 300 million units in 2015, an increase of 4.5% over 2014. The traditional PC market is expected to grow by 2%, with a 9% increase in the notebook market in 2015.
Mobile phones (including feature phones) are projected to grow by 5% in 2015 with increased penetration of smart phones on the back of the trend of vendors offering better features at lower price points. Global vendors, such as Apple, Samsung, LG, Motorola and Microsoft, along with local players like Micromax, Karbon, Spice, Intex, and Lava continue to drive the demand for Smart Phones through aggressive GTM activities.
E-commerce companies have gained significant traction and exponential Gross Merchandise Value of business conducted on their portals by offering consumers aggressive pricing and ease of purchase. By positioning itself to capture values offered by different segments of the e-commerce supply-chain, the company has been able to garner inorganic earning opportunities
The Company's ability to capture emerging business opportunities across social, mobile, analytics, cloud (SMAC), particularly solutions with higher customer value, is critical to achieving revenue growth and maintaining profitability on a sustainable basis in the coming years. Slower industry growth for traditional IT products and services could lead to more aggressive pricing in the absence of long-term industry consolidation.
The company's capability to provide wide range of services -
Distribution, Logistics and after sales services - continues to be a unique
selling proposition to our customers.
INDIAN OUTLOOK
The Economy of India is the seventh largest in the world by nominal GDP and the third largest by purchasing power parity (PPP). The country is one of the G-20 economies, a member of BRICS and among the top 20 global traders according to the WTO
The 2014 Parliamentary elections gave a decisive mandate in favour of a stable government. The economic survey noted that India is today in a sweet spot, largely relieved of the vulnerabilities that results from an economic slowdown associated with political uncertainties. Since then, most of the macro parameters of the Indian economy have shown improvement and the country is best positioned among emerging market economies, gaining global investor's attention.
As compared to the macro-economic conditions during FY 13-14, both fiscal and current accounts reflect far healthier trends. Wholesale and Consumer inflation have moderated sharply and are well within RBI's medium term guideline. Rupee was largely stable & range bound against the US dollar during the fiscal year 2014-15. The Business Confidence Index for January 2015 (a leading indicator to gauge industrial activities) as measured by National Council of Applied Economic Research (NCAER), is at a five-year high.
As per the fiscal consolidation road map outlined in the Budget 2015-16, fiscal deficit as a percentage to GDP is targeted to be brought down to 3.9%3 in 2015-16 and further to 3.5% by 2016-17. A lower fiscal deficit reduces the government's expenditure on interest payment and unlocks funds for investments in infrastructure development. This in turn is expected to spruce up the ailing manufacturing sector resulting in higher spending on technology products and services.
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 (Rs. In Million) |
|
Bank Guarantee |
55.683 |
|
Bills Discounted |
6,20.079 |
|
Channel financing |
1,97.500 |
|
Factoring |
7,52.500 |
|
Claims not acknowledged as debts |
35.936 |
|
|
|
|
Total |
1661.878 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2015
|
Particulars |
Three months
ended |
Half Year ended |
||
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
30606.000 |
28708.300 |
59314.3000 |
|
|
(b) Other Operating Income |
0.200 |
-- |
0.200 |
|
|
Total income from operations (net) |
30606.200 |
28708.300 |
59314.500 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
-- |
-- |
-- |
|
|
(b) Purchases of stock-in trade |
28298.800 |
29368.400 |
57667.200 |
|
|
(c) Changes in inventories of finished goods. work-in-progress and
stock in trade |
676.800 |
(2141.000) |
(1464.200) |
|
|
(d) Employee benefits expense |
202.200 |
215.200 |
417.400 |
|
|
(e) Depreciation and Anmortisation Expenses |
23.900 |
25.600 |
49.500 |
|
|
(f) Other Expenses |
576.200 |
503.800 |
1080.000 |
|
|
Total expenses |
29777.900 |
27972.00 |
57749.900 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
828.300 |
736.300 |
1564.600 |
|
4 |
Dividend from Subsidiaries Other Income |
69.800 60.700 |
-- 55.900 |
69.800 116.600 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
958.800 |
792.200 |
1751.000 |
|
6 |
Finance Costs |
192.900 |
154.600 |
347.500 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
765.900 |
637.600 |
639.100 |
|
8 |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
765.900 |
637.600 |
639.100 |
|
10 |
Tax expenses |
237.500 |
218.000 |
455.500 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
528.400 |
419.600 |
948.000 |
|
12 |
Extraordinary item (net of tax expense) |
-- |
--- |
-- |
|
13 |
Net Profit / (Loss) for the period (11-12) |
528.400 |
419.600 |
948.000 |
|
14 |
Share of profit' (loss) of associates |
-- |
-- |
-- |
|
15 |
Minority Interest |
-- |
-- |
-- |
|
16 |
Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss)
of associates (13+14+15) |
528.400 |
419.600 |
948.000 |
|
17 |
Paid up equity share capital (Face Value of Rs10/- each) |
799.600 |
799.500 |
799.600 |
|
18 |
Reserve excluding Revaluation Reserve as per Balance Sheet of previous
accounting year |
-- |
-- |
-- |
|
19. |
Earnings per share (face value Rs. 2/- per shares) (not annualised): |
|
|
|
|
|
(a) Basic |
1.32 |
1.05 |
2.37 |
|
|
(b) Diluted |
1.32 |
1.05 |
2.37 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
348514798 |
346470548 |
346514798 |
|
|
- Percentage of shareholding |
87 |
87 |
87 |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
83282932 |
53282932 |
53282932 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
100 |
100 |
100 |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
13 |
13 |
13 |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
|
Received during the quarter |
Nil |
|
|
|
|
Disposed off during the quarter |
Nil |
|
|
|
|
Remaining unresolved at the end of the quarter |
Nil |
|
|
STANDALONE STATEMENT
OF ASSETS AND LIABILITIES
|
Particulars |
As at 30.09.2015 |
|
|
|
Particulars |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholder’s Funds |
|
|
|
a) Share Capital |
799.600 |
|
|
b) Reserves & Surplus |
13762.000 |
|
|
c) Money received against share warrants |
0.000 |
|
|
Sub Total- Shareholders funds |
14561.600 |
|
2 |
Share application money pending allotment |
|
|
3 |
Minority Interest |
|
|
4 |
Non-current liabilities |
|
|
|
(a) Long term borrowings |
-- |
|
|
(b) Deferred tax liabilities (Net) |
-- |
|
|
(c) Long term provisions |
63.100 |
|
|
Sub Total- Non Current Liabilities |
63.100 |
|
5 |
Current liabilities |
|
|
|
(a) Short term borrowings |
8660.700 |
|
|
(b) Trade Payables |
7737.800 |
|
|
(c) Other current liabilities |
1899.400 |
|
|
(d) Short term provisions |
54.300 |
|
|
Sub Total- Current Liabilities |
18352.200 |
|
|
TOTAL-EQUITY AND LIABILITIES |
32976.900 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets (including Capital
Work-in-progress) |
974.300 |
|
|
(b) Goodwill on consolidation/ acquisition |
-- |
|
|
(c) Non-current investment |
5806.700 |
|
|
(d) Deferred tax assets (net) |
85.000 |
|
|
(e) Long-term loans and advances |
731.200 |
|
|
Sub-Total- Non-current assets |
7597.200 |
|
2 |
Current assets |
|
|
|
a) Current Investments |
0.000 |
|
|
b) Inventories |
9813.900 |
|
|
c) Trade Receivables |
13084.300 |
|
|
d) Cash and cash equivalents |
882.100 |
|
|
(e) Short term loans and advances |
1599.400 |
|
|
(f) Other current assets |
0.000 |
|
|
Sub-Total- current assets |
25379.700 |
|
|
TOTAL ASSETS |
32976.900 |
FIXED ASSETS:
Tangible Assets
· Land (Freehold)
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
· Computers
· Vehicles
Intangible Assets
· Software
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. 66.79 |
|
UK Pound |
1 |
Rs. 101.10 |
|
Euro |
1 |
Rs. 73.10 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.