MIRA INFORM REPORT
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Report No. : |
355290 |
|
Report Date : |
17.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
WHIRLPOOL OF INDIA LIMITED |
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Formerly Known
As : |
KELVINATOR OF INDIA LIMITED |
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Registered
Office : |
Plot No. A-4, MIDC, Ranjangaon, Shirur, Pune - 412220,
Maharashtra |
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Tel. No.: |
91-2138-660100 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of Incorporation
: |
09.07.1960 |
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Com. Reg. No.: |
11-020063 |
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Capital
Investment / Paid-up Capital : |
Rs. 1268.718 Million |
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CIN No.: [Company Identification
No.] |
L29191PN1960PLC020063 |
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IEC No.: |
0588089893 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACW1336L |
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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
: |
Subject is engaged in manufacturing and trading of home appliances such as Refrigerators, Washing Machines, Air Conditioners, Microwave Ovens and Small Appliances. (Registered Activity) |
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No. of Employees
: |
1560 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (84) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was originally incorporated as Kelvinator of India Limited
(KIL) in 1960. In 1994, it entered into a strategic alliance with Whirlpool
Corp USA. Besides changing the company’s name, the new management
restructured the overall business, whereby it introduced a voluntary
retirement scheme and shut down unrelated business, in 1995, company launched
refrigerators under the “Whirlpool” brand. The ratings reflect company’s strong financial risk profile,
established market position in the home appliances segment in India, and the
support it receives from its US-based parent, “Whirlpool Corporation”. The rating further takes into account on company’s robust financial
risk profile, marked by a healthy capital structure and strong debt protection
metrics. The company continues to be debt-free as on March 31, 2015, and had
a healthy cash and bank balance supported by steady cash accruals and
efficient working capital management. This rating strength is partially offset by company’s susceptibility
to volatility in input prices to cyclical demand, and to intense competition
across its product categories. Trade relations are reported as trustworthy. Payment terms are
reported to be regular and as per commitment. In view of strong international brand image and robust technical
capabilities extended from its parent, the company can be considered good for
business dealing 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 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term bank facilities = AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
May 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Rs. 250.000 Million Short term Debt = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
|
Date |
May 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-COOPERATIVE
(91-2138-232376)
(91-124-4591300)
LOCATIONS
|
Registered Office : |
Plot No. A-4, MIDC, Ranjangaon, Shirur, Pune - 412220,
Maharashtra,
India |
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Tel. No.: |
91- 2138-660100 |
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Fax No.: |
91- 2138-232376 |
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E-Mail : |
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Website : |
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Corporate Office : |
Plot No. 40, Sector- 44, Gurgaon - 122 002, Haryana, India |
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Tel. No.: |
91-124-4591300 |
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Fax No.: |
91-124-4591301 |
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Factories : |
Located at: · 28 N.I.T., Faridabad - 121001, Haryana, India ·
Village Thirubhuvanai, Puducherry - 605001,
U.T., India ·
A-4, MIDC, Ranjangaon, Shirur, Pune - 412220,
Maharashtra, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Arvind Uppal |
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Designation : |
Chairman and Managing Director |
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Address : |
R-200, Greater Kailash , Part I, New Delhi - 110048, Delhi, India |
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Date of Appointment : |
22.06.2015 |
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DIN No.: |
00104992 |
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Other Directorship :
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Name : |
Mr. Anil Berera |
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Designation : |
Executive Director and Chief Executive Officer |
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Address : |
AR-605 B, The Aralias, DLF Golf Links, DLF City, Phase-V, Gurgaon - 122009, Haryana, India |
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Date of Appointment : |
03.11.2014 |
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DIN No.: |
00306485 |
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Other Directorship :
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Name : |
Mr. Vikas Singhal |
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Designation : |
Whole Time Director |
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Address : |
A3/ 16D, Green Apartment, Paschim Vihar, New Delhi - 110063, Delhi, India |
|
Date of Appointment : |
01.04.2015 |
|
DIN No.: |
02262421 |
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Name : |
Mr. Anand Narain Bhatia |
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Designation : |
Independent Director |
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Address : |
C - 288, Opposite Sukun Park, Defence Colony, New Delhi - 110024, Delhi, India |
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Date of Appointment : |
21.12.2001 |
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DIN No.: |
00148983 |
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Other Directorship :
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Name : |
Mr. Simon James Scarff |
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Designation : |
Independent Director |
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Address : |
Godewatte, Nenipitiya Matara (Co), Nenipitiya Matara - 000000, Sri Lanka |
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Date of Appointment : |
21.12.2001 |
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DIN No.: |
00176450 |
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Other Directorship :
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Name : |
Mr. Sanjiv Verma |
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Designation : |
Independent Director |
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Address : |
S-87, First Floor, Panchsheel Park, New Delhi - 110017, Delhi, India |
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Date of Appointment : |
24.09.2009 |
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DIN No.: |
00079498 |
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Other Directorship :
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Name : |
Mr. Sonu Bhasin |
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Designation : |
Independent Director |
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Address : |
4/4, Sarvapriya Vihar, New Delhi - 110016, Delhi, India |
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Date of Appointment : |
14.08.2014 |
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DIN No.: |
02872234 |
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Other Directorship :
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Name : |
Sunil Alaric Dsouza |
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Designation : |
Managing Director |
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Address : |
Flat 1704, B Wing, Safal Twins, Sion Trombay Road, Punjabwadi Deonar, Mumbai - 400088, Maharashtra, India |
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Date of Appointment : |
01.09.2015 |
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DIN No.: |
07194259 |
KEY EXECUTIVES
|
Name : |
Mr. Ravi Sabharwal |
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Designation : |
Company Secretary |
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Address : |
House No. 101, Aravali Heights, GH 8, Sector 21C, Part III, Nit Faridabad, Faridabad - 121002, Haryana, India |
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PAN No.: |
APRPS0401D |
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Name : |
Mr. Anil Berera |
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Designation : |
Chief Executive Officer |
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Address : |
AR-605 B, The Aralias, DLF Golf Links, DLF City, Phase-V, Gurgaon - 122009, Haryana, India |
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PAN No.: |
AAEPB7085L |
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AUDIT COMMITTEE: |
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Name : |
Mr. Anand Bhatia |
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Designation : |
Chairman |
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Name : |
Mr. Simon J. Scarff |
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Designation : |
Member |
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Name : |
Mr. Sanjiv Verma |
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Designation : |
Member |
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Name : |
Ms. Sonu Bhasin |
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Designation : |
Member |
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|
Name : |
Mr. Anil Berera |
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Designation : |
Member |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
As a % of (A+B+C) |
||
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
|
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|
95153872 |
75.00 |
|
|
95153872 |
75.00 |
|
Total shareholding of Promoter
and Promoter Group (A) |
95153872 |
75.00 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
9986704 |
7.87 |
|
|
13307 |
0.01 |
|
|
633 |
0.00 |
|
|
7288926 |
5.75 |
|
|
85 |
0.00 |
|
|
85 |
0.00 |
|
|
17289655 |
13.63 |
|
|
|
|
|
|
2695744 |
2.12 |
|
|
|
|
|
|
6314568 |
4.98 |
|
|
3779681 |
2.98 |
|
|
1638310 |
1.29 |
|
|
3640 |
0.00 |
|
|
570074 |
0.45 |
|
|
47582 |
0.04 |
|
|
219250 |
0.17 |
|
|
797764 |
0.63 |
|
|
14428303 |
11.37 |
|
Total Public shareholding (B) |
31717958 |
25.00 |
|
Total (A)+(B) |
126871830 |
100.00 |
|
(C) Shares held by Custodians and
against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
126871830 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing and trading of home appliances such as Refrigerators, Washing Machines, Air Conditioners, Microwave Ovens and Small Appliances. (Registered Activity) |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1560 (Approximately) |
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Bankers : |
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Auditors : |
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|
Name : |
S.R Batliboi and Company Chartered Accountants |
|
Address : |
Golf Veiw Corprate Tower-B, Sector-42, Sector Road, Gurgaon – 122002, Haryana, India |
|
Tel No.: |
91-124-4644000 |
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Fax No.: |
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Secretarial
Auditors : |
Mr. N. C. Khanna Company Secretary |
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Cost Auditors: |
R. J. Goel and Company Cost accountants |
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Collaborators : |
Not Available |
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Membership : |
Not Available |
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Holding Company : |
·
Whirlpool Mauritius Limited (C/o CIM corporate services Limited, Les
cascades building, Edith Cavell Street, Port Louis, Mauritius) |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1500.000 Million |
|
155,000,000 |
10% Redeemable Non-Convertible Cumulative Preference
Shares |
Rs. 10/- each |
Rs. 1550.000 Million |
|
305,000,000 |
|
|
Rs. 3050.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
126,871,830 |
Equity Shares |
Rs. 10/- each |
Rs. 1268.718 Million |
|
|
|
|
|
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
|
Shares outstanding at the beginning of the year |
126,871,830 |
|
Shares issued during the year |
-- |
|
Shares
outstanding at the end of the year |
126,871,830 |
Terms/rights attached
to equity shares
The company has only one class of equity shares having par
value of Rs. 10 per share. Each holder of equity shares is entitled to one vote
per share. The company declares and pays dividends in Indian rupees. The
dividend proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of
equity shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders.
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Whirlpool Mauritius
Limited |
95,153,872 |
75.00 |
|
Total |
95,153,872 |
75.00 |
As per the of the company, including its register of
shareholders/members and other declaration received from the shareholders regarding
beneficial interest, the above shareholding represents both legal and
beneficial ownerships of shares.
Shares held by
holding company, ultimate holding company, subsidiaries of the holding company,
associates of the holding company, subsidiaries of the ultimate holding company
and/or associates of the ultimate holding company:
Out of equity and preference shares issued by the company,
shares held by its holding company, ultimate holding company and their
subsidiaries/ associates are as below:
|
Particulars |
31.03.2015 (Rs. In Million) |
31.03.2014 (Rs. In Million) |
|
Whirlpool Mauritius Limited, the Holding Company 95,153,872 (Previous Year 95,153,872) Equity shares of Rs.10 each |
951.539 |
951.539 |
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 |
1268.718 |
1268.718 |
1268.718 |
|
(b) Reserves & Surplus |
7889.084 |
6131.837 |
4906.686 |
|
(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) |
9157.802 |
7400.555 |
6175.404 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
40.716 |
51.575 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
24.422 |
213.386 |
248.027 |
|
(c) Other long term
liabilities |
44.001 |
47.178 |
115.090 |
|
(d) long-term
provisions |
684.021 |
523.447 |
523.329 |
|
Total Non-current
Liabilities (3) |
793.160 |
835.586 |
886.446 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
7194.097 |
6342.399 |
5808.640 |
|
(c) Other
current liabilities |
901.045 |
631.482 |
575.049 |
|
(d) Short-term
provisions |
443.230 |
480.591 |
399.245 |
|
Total Current
Liabilities (4) |
8538.372 |
7454.472 |
6782.934 |
|
|
|
|
|
|
TOTAL |
18489.334 |
15690.613 |
13844.784 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3824.648 |
3704.531 |
3870.647 |
|
(ii)
Intangible Assets |
2.317 |
8.177 |
15.004 |
|
(iii)
Capital work-in-progress |
131.950 |
531.543 |
262.916 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
460.483 |
537.967 |
679.941 |
|
(e) Other
Non-current assets |
50.295 |
50.505 |
48.541 |
|
Total Non-Current
Assets |
4469.693 |
4832.723 |
4877.049 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
6590.100 |
5766.650 |
5222.803 |
|
(c) Trade
receivables |
1550.675 |
1698.747 |
1709.097 |
|
(d) Cash
and cash equivalents |
5356.835 |
2916.366 |
1550.335 |
|
(e)
Short-term loans and advances |
479.770 |
454.976 |
478.122 |
|
(f) Other
current assets |
42.261 |
21.151 |
7.378 |
|
Total
Current Assets |
14019.641 |
10857.890 |
8967.735 |
|
|
|
|
|
|
TOTAL |
18489.334 |
15690.613 |
13844.784 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
32937.828 |
28346.425 |
27727.260 |
|
|
Other Income |
379.997 |
279.307 |
204.554 |
|
|
TOTAL SALES |
33317.825 |
28625.732 |
27931.814 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
16229.718 |
13526.228 |
14283.639 |
|
|
Purchases of
Stock-in-Trade |
4485.087 |
4874.611 |
3830.941 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1002.161) |
(476.594) |
(759.242) |
|
|
Employees benefits
expense |
3152.640 |
2631.321 |
2427.536 |
|
|
Other expenses |
6759.620 |
5675.547 |
5724.068 |
|
|
TOTAL EXPENSES |
29624.904 |
26231.113 |
25506.942 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
3692.921 |
2394.619 |
2424.872 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
6.437 |
14.219 |
30.013 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
3686.484 |
2380.400 |
2394.859 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
681.260 |
638.344 |
603.187 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
3005.224 |
1742.056 |
1791.672 |
|
|
|
|
|
|
|
Less |
TAX |
900.128 |
512.943 |
514.186 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
2105.096 |
1229.113 |
1277.486 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1116.460 |
1030.780 |
1714.175 |
|
|
Service Income |
1083.991 |
910.134 |
707.898 |
|
|
Insurance |
0.000 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
2200.451 |
1940.914 |
2422.073 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials and Components |
5856.126 |
3638.642 |
4504.130 |
|
|
Spare parts |
105.780 |
93.140 |
80.957 |
|
|
Finished Goods |
993.032 |
1055.493 |
1237.641 |
|
|
Capital Goods |
513.342 |
207.508 |
405.650 |
|
|
TOTAL IMPORTS |
7468.280 |
4994.783 |
6228.378 |
|
|
|
|
|
|
|
|
EARNINGS / (LOSS) PER SHARE (RS.) |
16.59 |
9.69 |
10.07 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
3846.585 |
2422.877 |
1817.059 |
|
Cash generated from (Used) operations |
NA |
NA |
NA |
|
Net cash flow from /(used in) operating activities |
2999.285 |
2036.248 |
1439.729 |
QUARTERLY RESULTS
|
Particulars |
30.06.2015 |
30.09.2015 |
|
UNAUDITED |
||
|
Net Sales |
11002.700 |
7135.500 |
|
Total Expenditure |
9503.500 |
6549.700 |
|
PBIDT (Excl OI) |
1499.200 |
585.800 |
|
Other Income |
124.400 |
136.600 |
|
Operating Profit |
1623.600 |
722.400 |
|
Interest |
0.800 |
2.300 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
1622.800 |
720.100 |
|
Depreciation |
164.300 |
159.800 |
|
Profit Before Tax |
1458.500 |
560.300 |
|
Tax |
477.500 |
184.300 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
981.000 |
376.000 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
981.000 |
376.000 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
6.39 |
4.34 |
4.61 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
11.21 |
8.45 |
8.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.37 |
11.49 |
13.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33 |
0.24 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.01 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64 |
1.46 |
1.32 |
STOCK
PRICES
|
Face Value |
Rs. 10.00 /- |
|
Market Value |
Rs. 670.00 /- |
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 |
1268.718 |
1268.718 |
1268.718 |
|
Reserves & Surplus |
4906.686 |
6131.837 |
7889.084 |
|
Net
worth |
6175.404 |
7400.555 |
9157.802 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
51.575 |
40.716 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
51.575 |
40.716 |
|
Debt/Equity
ratio |
0.000 |
0.007 |
0.004 |
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 |
27727.260 |
28346.425 |
32937.828 |
|
|
|
2.233 |
16.197 |
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
|
27727.260 |
28346.425 |
32937.828 |
|
Profit |
1277.486 |
1229.113 |
2105.096 |
|
|
4.61% |
4.34% |
6.39% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
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 |
CORPORATE INFORMATION:
Whirlpool of India Limited (the Company) is a public limited
company registered in India under the Companies Act, 1956. Its shares are
listed on BSE Limited and National Stock Exchange of India Limited The Company
is a leading manufacturer of home appliances. It is primarily engaged in
manufacturing and trading of Refrigerators, Washing Machines, Air Conditioners,
Microwave Ovens and small appliances and caters to both domestic and
international markets. It also provides services in the area of product development,
and procurement services to Whirlpool Corporation, USA and other group
companies.
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
The home appliances industry saw a modest revival of unit growth
in 2014-15 after a prolonged period of flat to declining volumes, going back to
FY 2012. The two peak selling seasons – summer and Diwali – fared better than
preceding years, and this translated to volume growth in all appliance
categories for the year, barring Microwaves which remained flat. However, our
understanding suggests that this growth has not been secular and specific,
category segments, channels and geographies grew ahead of others. Therefore the
business lever that continues to cause highest concern is consumer demand. We
believe that current demand is being fuelled largely by replacement buyers and
industry will see robust and sustainable growth only when the significantly
larger slice of primary or first time buyers come in to make purchases that
have been deferred due to economic factors.
The second and third quarters of the last financial year saw
supply-side benefits such as a sharp decline in oil prices, reduction of
commodity prices, moderation in inflation, modest reduction in interest rates,
and stability of currency fluctuations. However, some of these began to recede
as the year closed. With oil prices rising, it is not unlikely that we will see
a return of growth inhibiting factors such as inflation and high interest
rates. A weaker rupee cannot be ruled out either. All these will adversely
impact cost of manufacture as well as buying behavior. That said, we are
cautiously optimistic that 2015-16 will be a better year than the previous and
plan to grow in all appliance categories we are present in.
The basic structure of the industry has not seen significant
changes. The Air Conditioner and Microwave categories are highly fragmented due
to a proliferation of brands in these categories. Air Conditioners are seeing
greater technology changes, inverter technology being a case in point, which is
now 10% of the split air conditioner market, and growing. Consumer demand for
Microwaves has declined with a shift in preference to induction hobs. Water
Purifiers has seen a huge increase in the number of players and is seeing a
higher throughput in retail. The fact that the market leaders in the segment
are making changes in their business model and placing higher emphasis on
retail is an indication that this is fast becoming a category for mainstream
retail. The number of imported offerings in the premium end across all
categories has seen steady increase. The enabling factor is Free Trade
Agreements that India has entered with Thailand, South Korea and ASEAN, and
brands with manufacturing base there are able to bring in such products with
relative ease.
Whirlpool’s Built In business, operating at the super
premium price point, is seizing the niche opportunity it presents and growing
its business quarter after quarter. This business will boom when growth in
premium housing returns.
OUTLOOK AND
OPPORTUNITIES:
Demand in the short term will be modest but long term demand
for appliances, given the low levels of ownership, remains secure. It is the
long term opportunity that has attracted a number of overseas brands to enter
India, intensifying the battle for the consumer’s share of mind and wallet.
Home appliance is still an urban notion. Consumption is predominantly in the
top 50 urban centers. However, appliance presence is expanding to smaller urban
centers, led by brands who also market televisions. Modern retail formats are
also setting up shop in towns beyond state capitals, recognition that markets
are sources of future growth. Whirlpool too is working on expanding its brand
presence in Tier 2 and 3 towns.
OUTLOOK ON THREATS,
RISKS AND CONCERNS:
Revival of growth is the single largest concern for the
industry. It is therefore imperative that GDP growth returns to the 8%+ level,
creates surplus income in the hands of consumers, which is a critical factor
for discretionary businesses such as ours to thrive. Given the high import
dependence for materials and components, volatility in currency poses a risk.
The recent weakening of the rupee is thus a concern. Rise in oil prices may
reverse the softening of commodity prices and lead to price increase.
The regulatory framework governing appliances has become
tighter. Energy efficiency for Direct Cool (or single door) refrigerators,
which was voluntary until December 2014, has become mandatory from January
2015. Energy norms for Air Conditioners and Frost Free refrigerators will get
tougher in January 2016. e-Waste Rules, which came into effect in May 2012, is
being revised to make producers more accountable. Finally, CSR is now mandatory
for companies such as ours. All these have added to cost, both direct and
indirect. The only legislation that could present a cost opportunity is GST,
targeted for implementation in April 2016.
More FTA’s are on the anvil, e.g. with Australia, Japan and
EU. India is actively participating in the Regional Comprehensive Economic
Partnership (RCEP) agreement, a formation of 16-member countries comprising of
10 ASEAN members and its six FTA partners namely India, China, Japan, Korea,
Australia and New Zealand. This may alter the contours of trade for our
industry and company. However, India is neither part of Trans Pacific
Partnership (TPP), nor Trans-Atlantic Trade and Investment Partnership (TTIP)
between US and EU. The TPP in particular, led by US, which is a formation of 12
countries including countries in RCEP and ones with which India is negotiating
FTA’s, such as Japan and Australia, New Zealand and Peru, is likely to lead to
trade diversion and challenge India’s industry in many ways. Of high concern is
the establishment of a more stringent and demanding framework of rules of trade
engagement. How this will impact home appliances is as yet unknown. The
government is in continuous dialogue with industry through industry
associations and think-tanks and the message being broadcast is that Indian
industry needs to gear up to meet the challenges that would emerge from these
mega trade pacts.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2015 |
|
Claims against the Company
not acknowledged as debts: |
|
|
These claims are in respect of various cases filed by the
ex-employees, consumers and trade partners. The legal proceedings are going
on and therefore it is not practicable to state the timing of any payment. The
management is of the opinion that it is possible, but not probable, that the
action will succeed and accordingly no provision for any liability has been
recognised in these financial statements. |
108.170 |
|
Others – on account
of pending litigations |
|
|
- Excise duty & service tax |
283.891 |
|
- Custom duty |
18.214 |
|
- Sales tax/ value added tax assessments |
559.346 |
|
In view of large number of cases, it is not practicable to
disclose individual details of all the cases. On the basis of current status
of individual case and as per legal advice obtained by the Company, wherever
applicable, the Company is confident of winning the above cases and is of
view that no provision is required in respect of these litigations. The
Company has also submitted bank guarantees with respective government
authorities towards some of these pending litigations which have been
included in point (d) below. |
|
|
Letter of Credits with Bank |
760.270 |
|
Bank Guarantees given to Government Authorities |
154.733 |
|
Total |
1884.624 |
In the Income-tax assessments for preceding assessment
years, the Assessing Officer have made disallowances of various expenses (other
than transfer pricing adjustments) amounting to Rs.694.391 lacs (Previous Year
Rs.14207.547 lacs) including penalty & other adjustments. The Company’s
appeals against these orders are pending before the Appellate Authorities. This
also includes Income-tax department’s appeal against the Company before the
Appellate Authorities for certain matters wherein the CIT (Appeals) have
ordered in favor of the Company. On the basis of current status of individual
case for respective years and as per legal advice obtained by the Company,
wherever applicable, the Company is confident of winning the above cases and is
of view that no provision is required in respect of these cases.
In
the Transfer Pricing Assessment for assessment year(s) 2003-04, 2004-05,
2005-06, 2008-09, 2009-10, 2010-11 and 2011-12 the Income Tax Authorities have
made transfer pricing adjustments against various transactions undertaken by
the Company. These transfer pricing adjustments have been set-off by the
Assessing Officer against accumulated brought forward losses and depreciation
allowances of the Company by Rs.734.870 lacs (Previous Year Nil) for Assessment
Year-2010-11, Rs.2124.822 lacs (Previous year Rs.1245.819 lacs) for Assessment
Year 2009-10, Rs.1020.310 lacs (Previous Year Rs.2033.225 lacs) for Assessment
Year 2008-09, Rs.973.449 lacs (Previous Year Rs.973.449 lacs) for the
Assessment year 2005-06, and Rs.362.814 lacs (Previous Year Rs.362.814 lacs)
for Assessment year 2003-04. The Company’s objection against the draft
assessment order for A.Y 2011-12 for Transfer Pricing adjustment of Rs.2944.538
lacs (Previous year Nil) is pending before the Dispute Resolution Panel (DRP).
The final assessment order passed by the AO giving effect to DRP order
confirming Transfer Pricing adjustment of Rs.2438.515 lacs (previous year Rs.2438.515 lacs) for the Assessment
year 2010-11 has been challenged by the company by preferring an appeal before
the ITAT. For Assessment Year – 2009-10 the company also preferred an appeal
before the ITAT against the order of the DRP. In respect of Assessment year
2008-09, the Company’s appeal against the DRP order confirming Transfer Pricing
adjustments suggested by the Transfer Pricing Officer have been decided
granting part relief of Rs.1610.000 lacs in favor of the company and set aside
the matter to Transfer Pricing Officer for the balance amount. The Tax
Department and the company are in appeal before the Hon’ble High Court against
the ITAT order for A.Y 2008-09. Appeal for Assessment year 2005-06 have been
decided by the CIT (Appeals) granting relief of Rs.932.778 lacs in favor of the
company and the company preferred further appeal before the ITAT for the
balance amount of Rs.40.671 lacs. The company appeal for Assessment Year
2003-04 for the balance TP adjustment confirmed by the CIT (Appeals) is pending
before the ITAT for Rs.169.909 lacs (previous year Rs.169.999 lacs). The Tax
Department also filed appeal before the ITAT for A.Y 2003-04, 2004-05 and
2005-06 amounting Rs.192.905 lacs, Rs.796.793 lacs and Rs.932.778 lacs
respectively for relief granted by the CIT (Appeals) on account of Transfer
pricing adjustments. Depending on the outcome of the aforementioned cases,
assessments for the subsequent periods and up to March 31, 2015 could result
into demands/settlements on the similar items, amounts whereof could not be
ascertained
The
Income Tax Department appeal is pending against the deletion of the penalty of
Rs.62.442 lacs for Assessment Year 2003-04 and a corresponding cross appeal by
the Company is pending before the ITAT. Penalty imposed by the Income Tax
Department for Rs.0.235 lacs (Previous year Nil) for A.Y 2004-05, for Rs.1.120
lacs (Previous year-Nil) for A.Y 2009-10, Rs.14.843 lacs (Previous year Nil)
for A.Y 2005-06 which have been challenged by the company by filling appeal(s)
before the CIT (Appeals). An order
u/s 201(1)/201(1A) raising tax demand of Rs.1.069 lacs (Previous year-Nil) for
A.Y 2010-11 was contested by the Company by preferring an appeal before the
CIT-A. On the basis of current status of above-mentioned individual cases and
as per legal advice obtained by the Company, wherever applicable, the Company
is confident of winning the above cases and is of view that no provision is
required in respect of these litigations.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER
2015
(Rs. In Million)
|
Particulars |
3 Months Ended |
3 Months Ended |
Half Year Ended |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
UNAUDITED |
||
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
6776.900 |
10681.400 |
22876.300 |
|
b) Other operating income |
358.600 |
321.300 |
(3482.900) |
|
Total
income from Operations(net) |
7135.500 |
11002.700 |
17458.300 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
3888.300 |
4431.100 |
8319.400 |
|
b) Purchases of stock in trade |
520.900 |
1272.300 |
1793.200 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(468.500) |
1014.300 |
545.800 |
|
d) Employees benefit expenses |
944.000 |
911.500 |
1855.500 |
|
e) Depreciation and amortization expenses |
159.800 |
164.300 |
324.100 |
|
f) Other expenditure |
1665.000 |
1874.300 |
3539.300 |
|
Total expenses |
6709.500 |
9667.800 |
16377.300 |
|
3. Profit from operations before other income and
financial costs |
426.000 |
1334.900 |
1760.900 |
|
4. Other income |
136.600 |
124.400 |
261.000 |
|
5. Profit from ordinary activities before finance costs |
562.600 |
1459.300 |
2021.900 |
|
6. Finance costs |
2.300 |
0.800 |
3.100 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
560.300 |
1458.500 |
2018.800 |
|
8. Exchange Currency Fluctuation Loss/ (Gain) |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
560.300 |
1458.500 |
2018.800 |
|
10.Tax expenses |
184.300 |
477.500 |
661.800 |
|
11.Net Profit / (Loss) from
ordinary activities after tax (9-10) |
376.000 |
981.000 |
1357.000 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
376.000 |
981.000 |
1357.000 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
1268.700 |
1268.700 |
1268.700 |
|
15. Reserve excluding Revaluation Reserves as per
balance sheet of previous accounting year |
NA |
NA |
NA |
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
2.96 |
7.73 |
10.70 |
|
|
|
|
|
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
31717958 |
31717958 |
31717958 |
|
- Percentage of shareholding |
25 |
25 |
25 |
|
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) |
NA |
NA |
NA |
|
Percentage of shares (as a % of total share capital of the
company) |
NA |
NA |
NA |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
95153872 |
95153872 |
95153872 |
|
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) |
75 |
75 |
75 |
|
|
|||
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
|
Receiving during the quarter |
2 |
|
|
|
Disposed of during the quarter |
2 |
|
|
|
Remaining unreserved at the end of the quarter |
NIL |
|
|
Note:
- The Company's operations
predominantly comprise only one product segment i.e., Home Appliances. The
above figures reflect the results of this segment as per Accounting
Standard 17 on "Segment Reporting".
- Tax Expense includes
Current Tax and Deferred Tax charge/(credit).
- Previous period's/year's
figures have been regrouped / reclassified wherever necessary, to
correspond with those of the current period's classification.
- The above results, as
reviewed by the Audit Committee, have been approved by the Board of
Directors in their meeting held on November 4, 2015.
- The certificate obtained
from the Managing Director and CFO in respect of above results in terms of
Clause 41 of the Listing Agreement has been placed before Board of
Directors.
- Statement of Assets and
Liabilities as required under clause 41 of the listing agreement is as
follows:
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2015
Rs. In Million
|
SOURCES OF
FUNDS |
|
|
30.09.2015 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
1268.700 |
|
(b) Reserves & Surplus |
|
|
9246.100 |
|
(c) Pending Call Money |
|
|
|
|
Sub-total Shareholders’ |
|
|
10514.800 |
|
|
|
|
|
|
(2) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c) Other long term liabilities |
|
|
44.100 |
|
(d) long-term provisions |
|
|
835.500 |
|
Sub-total of
Non-Current liabilities |
|
|
879.600 |
|
|
|
|
|
|
(3)
Current liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
|
|
(b) Trade
payables |
|
|
5942.600 |
|
(c) Other current
liabilities |
|
|
682.600 |
|
(d) Short-term
provisions |
|
|
512.100 |
|
Sub-total of Current liabilities |
|
|
7137.300 |
|
|
|
|
|
|
TOTAL |
|
|
18531.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
3828.400 |
|
(b)
Non-Current investments |
|
|
0.000 |
|
(c) Deferred
tax assets (net) |
|
|
7.800 |
|
(d) Long
term loans and advances |
|
|
422.100 |
|
(e) Other
non-current assets |
|
|
51.200 |
|
Sub-total of
Non-Current Assets |
|
|
4309.500 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
|
|
(b)
Inventories |
|
|
5985.600 |
|
(c) Trade
receivables |
|
|
1068.800 |
|
(d) Cash and
cash equivalents |
|
|
6716.900 |
|
(e)
Short-term loans and advances |
|
|
384.800 |
|
(f) Other
current assets |
|
|
66.100 |
|
Sub-total of
Current Assets |
|
|
14222.200 |
|
|
|
|
|
|
TOTAL |
|
|
18531.700 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the
property or assets of the subject are derived from criminal conduct or a
prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No
record exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our
market survey revealed that the amount of compensation sought by the subject is
fair and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 67.04 |
|
|
1 |
Rs. 101.67 |
|
Euro |
1 |
Rs. 73.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KSP |
|
|
|
|
Report Prepared
by : |
SYL |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
10 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
10 |
|
--LEVERAGE |
1~10 |
10 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
84 |
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.