MIRA INFORM REPORT
|
Report No. : |
356166 |
|
Report Date : |
21.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
HIMACHAL FUTURISTIC COMMUNICATIONS LIMITED |
|
|
|
|
Registered
Office : |
8, Electronics
Complex, Chambaghat, Solan – 173213, Himachal Pradesh |
|
Tel. No.: |
91-1792-230644/230645 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
11.05.1987 |
|
|
|
|
Com. Reg. No.: |
06-007466 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2044.400 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L64200HP1987PLC007466 |
|
|
|
|
IEC No.: |
02288003341 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
DELH04057E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH4041D |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of telecom products, executing turnkey contracts and providing services relating thereto. (Registered Activity) |
|
|
|
|
No. of Employees
: |
2370 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (19) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1987. It is into manufacturing of
telecom products and providing telecommunication services. For the FY 2015, the company has good revenue profile marked by profitability
margin of 7.44%. The company possesses healthy financial risk profile marked by
comfortable capital and increase its cash reserves. Management is not favourably spoken for their dealings in local and
overseas markets. In past, it was reported that management was involved in corruption
charges with ex-communication minister. Business is active. Payments are delayed. In the view of the aforesaid, we would recommended to deal with the
company or management with some caution. |
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 |
CARE |
|
Rating |
Long term bank facilities : BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
12.10.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities : A2+ |
|
Rating Explanation |
Strong degree of safety and slow credit risk. |
|
Date |
12.10.2015 |
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 PARTED BY
|
Name : |
Mr. Vijay Raj Jain |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-11-30882624 |
LOCATIONS
|
Registered Office/ Factory 1 : |
8, Electronics
Complex, Chambaghat, Solan – 173213, Himachal Pradesh, India |
|
Tel. No.: |
91-1792-230643/ 44/ 45 |
|
Fax No.: |
91-1792-231902 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office/ Administrative Office/ Factory 2 : |
8, Commercial Complex, Masjid Moth, Greater Kailash – II, |
|
Tel. No.: |
91-11-30882624/ 30882626/ 29216298/ 29222624 |
|
Fax No.: |
91-11-30689013/ 29224448 |
|
|
|
|
Factory 3 (Optical Fibre Cable Plant) : |
Cable Division, L 35-37, Industrial Area Phase – II, Verna Electronics
City, Salcete, Goa - 403722, India |
|
Tel. No.: |
91-832-6697000-08 91-832-6697021 (Direct) |
|
Fax No.: |
91-832-2783444 |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Mahendra
Pratap Shukla |
|
Designation : |
Non-Executive
Chairman |
|
|
|
|
Name : |
Mr. Mahendra
Nahata |
|
Designation : |
Managing
Director |
|
|
|
|
Name : |
Mr. Arvind
Kharabanda |
|
Designation : |
Director
(Finance) |
|
Date of Birth/ Age : |
09.03.1947 |
|
Qualification : |
Chartered
Accountant |
|
Expertise in
specific functional areas : |
Mr. Arvind
Kharabanda has got over 37 years’ experience in managerial positions, project
implementation and finance. |
|
Date of
Appointment : |
30.10.2004 |
|
|
|
|
Name : |
Dr. R.M. Kastia |
|
Designation : |
Director |
|
Date of Birth/ Age : |
10.10.1941 |
|
Qualification : |
Ph.D., FBIM ( |
|
Expertise in
specific functional areas : |
Dr. Kastia has
to his credit more than 49 years of business experience. Dr. Kastia has
occupied various important positions in well-known industries. He has in
depth knowledge of manufacturing of telecom equipment’s. |
|
Directorship in
other Public Companies : |
HTL Limited |
|
Date of
Appointment : |
07.02.1996 |
|
|
|
|
Name : |
Mr. Y.L. Agarwal
|
|
Designation : |
Director (up
to 18th March, 2015) |
|
|
|
|
Name : |
Mr. S.G. Nadkarni |
|
Designation : |
Nominee Director (IDBI) (w.e.f. 28.02.2012) |
|
|
|
|
Name : |
Mrs. Bela Banerjee |
|
Designation : |
Director (w.e.f. 18th March, 2015) |
|
|
|
|
Name : |
Mr. Rajiv Sharma |
|
Designation : |
Nominee Director (IDBI) (w.e.f. 17th November, 2014) |
KEY EXECUTIVES
|
Name : |
Mr. V R Jain |
|
Designation : |
Chief Finance Officer |
|
|
|
|
Name : |
Mr. Manoj Baid |
|
Designation : |
Associate Vice-President (Corporate) and Company Secretary |
MAJOR SHAREHOLDERS / 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) |
||
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
638344 |
0.05 |
|
|
482285870 |
38.91 |
|
|
482924214 |
38.97 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
482924214 |
38.97 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
1211648 |
0.10 |
|
|
144159288 |
11.63 |
|
|
521000 |
0.04 |
|
|
34819963 |
2.81 |
|
|
10025 |
0.00 |
|
|
5305 |
0.00 |
|
|
4720 |
0.00 |
|
|
180721924 |
14.58 |
|
|
|
|
|
|
258277062 |
20.84 |
|
|
|
|
|
|
242855526 |
19.59 |
|
|
65340983 |
5.27 |
|
|
9257485 |
0.75 |
|
|
276560 |
0.02 |
|
|
38250 |
0.00 |
|
|
5157864 |
0.42 |
|
|
3784811 |
0.31 |
|
|
575731056 |
46.45 |
|
Total Public shareholding (B) |
756452980 |
61.03 |
|
Total (A)+(B) |
1239377194 |
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) |
1239377194 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of telecom products, executing turnkey contracts and providing services relating thereto. (Registered Activity) |
|
|
|
|
Products/ Services : |
|
|
|
|
|
Brand Names : |
Not Available |
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|
|
|
Agencies Held : |
Not Available |
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|
|
|
Exports : |
Not Available |
|
|
|
|
Imports : |
|
|
Products : |
Telecom Equipment |
|
Countries : |
·
Hong Kong ·
United State of America ·
China ·
Taiwan |
|
|
|
|
Terms : |
|
|
Selling : |
Cash / Credit (30/60/90 Days) |
|
|
|
|
Purchasing : |
Cash / Credit (30/60/90 Days) |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
·
TATA Power ·
Nokia Siemens Networks ·
ABB Limited |
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No. of Employees : |
2370 (Approximately) |
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Bankers : |
· IDBI Bank Limited · State Bank of India · Oriental Bank of Commerce · Punjab National Bank · Bank of Baroda ·
Union Bank of India |
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Facilities : |
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Auditors : |
|
|
Name : |
Khandelwal Jain and Company Chartered Accountants |
|
Address : |
12-B, Baldota Bhawan 117, Maharshi Karve Road, Mumbai – 400 020, Maharashtra, India |
|
Tel No.: |
91-22-43116000 |
|
Fax No.: |
91-22-43116060 |
|
Email : |
|
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiaries : |
· HTL Limited · Moneta Finance Private Limited · HFCL Advance Systems Private Limited (w.e.f. 23.02.2015) |
|
|
|
|
Associates: |
· Microwave Communications Limited · Exicom Tele-systems Limited · HFCL Satellite Communications Limited (up to 30.03.2015) · HFCL Dacom Infochek Limited (HDIL) (up to 26.03.2015) · HFCL Bezeq Telecom Limited · Westel Wireless Limited (up to 31.03.2015) · AB Corp Limited $ · Polixel Security Systems Private Limited · DragonWave HFCL India Private Limited |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5100000000 |
Equity Shares |
Re.1/- each |
Rs. 5100.000 Million |
|
25000000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs. 2500.000 Million |
|
|
Total |
|
Rs. 7600.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1239377194 |
Equity Shares |
Re.1/- each |
Rs. 1239.400
Million |
|
8050000 |
Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 805.000
Million |
|
|
Total |
|
Rs. 2044.400 Million |
A Equity Shares
(i) 1,45,50,000 (Previous year 1,45,50,000) shares of Re. 1/- each issued for consideration other than cash pursuant to the amalgamation of erstwhile Himachal Telematics Ltd. with the Company.
(ii) 52,96,01,640 shares of Re. 1/- each have been allotted for a consideration other than cash pursuant to the Composite Scheme of Arrangement and Amalgamation between Sunvision Engineering Company Private Limited (SECPL), its Share holders and the Optionally Convertible Debenture (OCD) holders and the Company and its Shareholders, sanctioned by the Hon’ble High Court of Himachal Pradesh at Shimla vide its Order passed on January 5, 2011.
B Preference Shares
The Cumulative Redeemable Preference Shares (CRPS) aggregating to Rs. 80,50,00,000 shall be redeemed at the rate of 25% and 75% of the face value in the financial years ending March 31, 2018 and March 31, 2019, respectively and will carry the coupon rate of 6.50% from new cut off date i.e. January 1, 2011 as mentioned in the rework package approved by the CDR EG on 29.03.2011.
However, dividend accrued on notional basis, as same has not been declared and fallen due for payment, and penal interest thereon, till the cut-off date, stands waived as per CDR rework package.
C (i) Shareholders
holding more than 5 percent of Equity Shares
|
Name of
Shareholders |
As on 31.03.2015 |
|
|
|
No. of share held |
% of Holding |
|
Nextwave Communications Private Limited |
234,765,000 |
18.94% |
|
ANM Enginnering & Works Private Limited |
238,390,000 |
19.23% |
|
IDBI Bank Limited |
117,534,018 |
9.48% |
(ii) Shareholders holding
more than 5 percent of Preference Shares
|
Name of
Shareholders |
As on 31.03.2015 |
|
|
|
No. of share held |
% of Holding |
|
Arizona Global Services Private Limited |
2,950,000 |
36.65% |
|
Everest Grow More Finance Private Limited |
700,000 |
8.70% |
|
IDBI Bank Limited |
3,500,000 |
43.48% |
|
Oriental Bank of Commerce |
600,000 |
7.45% |
D Reconciliation of
number of equity shares is set below:
|
Name of
Shareholders |
As on 31.03.2015 |
|
|
No. of share held |
|
No. of shares at the beginning of the year Add: Shares issued during the year |
1,239,377,194 |
|
Add: Bonus shares issued during the year |
-- |
|
Less: Share bought back during the year |
-- |
|
No. of shares at the end of the year |
1,239,377,194 |
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 |
2044.400 |
2044.400 |
2044.400 |
|
(b) Reserves & Surplus |
8084.400 |
6341.600 |
5065.600 |
|
(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) |
10128.800 |
8386.000 |
7110.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1622.300 |
1827.900 |
2023.500 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
1.700 |
39.700 |
|
(d) long-term
provisions |
137.800 |
94.300 |
50.300 |
|
Total Non-current
Liabilities (3) |
1760.100 |
1923.900 |
2113.500 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
1093.200 |
868.700 |
717.000 |
|
(b) Trade
payables |
3070.800 |
1938.800 |
476.800 |
|
(c) Other
current liabilities |
1807.300 |
2787.700 |
1568.900 |
|
(d) Short-term
provisions |
94.100 |
261.700 |
37.400 |
|
Total Current
Liabilities (4) |
6065.400 |
5856.900 |
2800.100 |
|
|
|
|
|
|
TOTAL |
17954.300 |
16166.800 |
12023.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1183 |
1501.800 |
1028.100 |
|
(ii)
Intangible Assets |
32.300 |
29.200 |
25.000 |
|
(iii)
Capital work-in-progress |
4.500 |
4.500 |
216.500 |
|
(iv)
Intangible assets under development |
0.000 |
0.900 |
0.900 |
|
(b) Non-current Investments |
2958.400 |
3645.800 |
3635.800 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
20.900 |
27.300 |
64.100 |
|
(e) Other
Non-current assets |
0.000 |
560.000 |
0.000 |
|
Total Non-Current
Assets |
4199.100 |
5769.500 |
4970.400 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
1.800 |
1.800 |
1.800 |
|
(b)
Inventories |
2360.400 |
1499.900 |
327.600 |
|
(c) Trade
receivables |
3674.200 |
2545.100 |
2998.400 |
|
(d) Cash
and cash equivalents |
1357.900 |
659.400 |
389.500 |
|
(e)
Short-term loans and advances |
5885.000 |
5242.800 |
3134.600 |
|
(f) Other
current assets |
475.9 |
448.300 |
201.300 |
|
Total
Current Assets |
13755.200 |
10397.300 |
7053.200 |
|
|
|
|
|
|
TOTAL |
17954.300 |
16166.800 |
12023.600 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
25510.800 |
20187.800 |
6053.500 |
|
|
|
Other Income |
200.500 |
136.900 |
259.300 |
|
|
|
TOTAL (A) |
25711.300 |
20324.700 |
6312.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3791.400 |
2579.900 |
915.400 |
|
|
|
Purchase of goods for resale |
725.100 |
170.500 |
129.100 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(823.700) |
(1079.700) |
(17.900) |
|
|
|
Employees benefits expense |
2054.400 |
1954.300 |
977.400 |
|
|
|
Other expenses |
2333.300 |
1536.600 |
786.300 |
|
|
|
Project Labour and Service charges |
13898.400 |
12221.400 |
2145.800 |
|
|
|
Provision for doubtful advances |
0.000 |
60.000 |
0.000 |
|
|
|
Bad debts, Loans & advances and Others written off
(Net) |
587.200 |
876.700 |
291.500 |
|
|
|
Loss on sale of investments |
479.600 |
0.000 |
0.000 |
|
|
|
Investments written off |
674.700 |
0.000 |
0.000 |
|
|
|
Less: Transferred from provision for diminution in value |
(674.700) |
0.000 |
0.000 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
98.200 |
|
|
|
TOTAL (B) |
23045.700 |
18319.700 |
5325.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2665.600 |
2005.000 |
987.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
427.000 |
331.400 |
271.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2238.600 |
1673.600 |
715.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
339.300 |
198.500 |
166.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1899.300 |
1475.100 |
548.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.200 |
0.300 |
0.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1899.100 |
1474.800 |
548.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2340.400 |
1064.400 |
516.400 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Residual value of assets where
useful life of assets |
95.100 |
0.000 |
0.000 |
|
|
|
Interim Dividend on Preference Shares paid |
26.200 |
0.000 |
0.000 |
|
|
|
Tax on interim dividend paid |
4.400 |
0.000 |
0.000 |
|
|
|
Proposed second interim Dividend on Preference Shares |
26.200 |
169.900 |
0.000 |
|
|
|
Tax on proposed second interim dividend |
4.400 |
28.900 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
4083.200 |
2340.400 |
1064.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
342.100 |
145.200 |
13.900 |
|
|
TOTAL EARNINGS |
342.100 |
145.200 |
13.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1667.500 |
1390.200 |
561.700 |
|
|
|
Stores & Spares |
21.900 |
4.800 |
3.600 |
|
|
|
Capital Goods |
8.100 |
109.000 |
102.000 |
|
|
TOTAL IMPORTS |
1697.500 |
1504.000 |
667.300 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.49 |
1.15 |
0.40 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
282.600 |
208.300 |
208.300 |
|
Cash generated from operations |
1458.000 |
1333.600 |
603.900 |
|
Net Cash used in operating activities |
1190.600 |
1009.100 |
510.900 |
QUARTERLY RESULTS
|
Particulars |
|
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
|
|
1st Quarter |
2nd
Quarter |
|
Net Sales |
|
6253.700 |
5785.200 |
|
Total Expenditure |
|
5376.600 |
5031.300 |
|
PBIDT (Excl OI) |
|
877.100 |
843.900 |
|
Other Income |
|
38.300 |
49.800 |
|
Operating Profit |
|
915.400 |
893.700 |
|
Interest |
|
110.50 |
115.000 |
|
Exceptional Items |
|
382.500 |
2.700 |
|
PBDT |
|
1187.400 |
781.400 |
|
Depreciation |
|
63.500 |
64.600 |
|
Profit Before Tax |
|
1123.900 |
716.800 |
|
Tax |
|
NA |
NA |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
1123.900 |
716.800 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
1123.900 |
716.800 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
7.44 |
7.31 |
9.05 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
10.45 |
9.93 |
16.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.67 |
11.79 |
6.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.18 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.30 |
0.35 |
0.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.27 |
1.78 |
2.52 |
STOCK
PRICES
|
Face Value |
Rs.1/- |
|
Market Value |
Rs.17.90/- |
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 |
2044.400 |
2044.400 |
2044.400 |
|
Reserves & Surplus |
5065.600 |
6341.600 |
8084.400 |
|
Net
worth |
7110.000 |
8386.000 |
10128.800 |
|
|
|
|
|
|
long-term borrowings |
2023.500 |
1827.900 |
1622.300 |
|
Short term borrowings |
717.000 |
868.700 |
1093.200 |
|
Current maturities of long-term
debts |
208.300 |
208.300 |
282.600 |
|
Total
borrowings |
2948.800 |
2904.900 |
2998.100 |
|
Debt/Equity
ratio |
0.415 |
0.346 |
0.296 |
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 |
6053.500 |
20187.800 |
25510.800 |
|
|
|
233.490 |
26.367 |
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 |
6053.500 |
20187.800 |
25510.800 |
|
Profit |
548.000 |
1474.800 |
1899.100 |
|
|
9.05% |
7.31% |
7.44% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
Yes |
|
8] |
Designation of contact person |
Yes |
|
9] |
Promoter’s background |
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) |
Yes |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
Yes |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
Yes |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
Loans Repayable on
Demand |
|
|
|
From Body Corporates |
673.600 |
480.100 |
|
From Banks - Vendors Bill Discounting |
28.300 |
50.000 |
|
Total |
701.900 |
530.100 |
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
|
Particular |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
Unexpired Letters of Credit |
447.500 |
265.400 |
|
Guarantees given by banks on behalf of the company |
1020.00 |
560.300 |
|
Counter Guarantees given by the Company to financial institutions/banks for providing guarantees on behalf of companies promoted by the Company |
201.600 |
201.600 |
OUTLOOK
The year FY16 is very promising for the business growth in
the existing areas of operation and new business verticals, setup during year
FY15. The Company has sound order book of over 3,000 Crore. The manufacturing
of OFC will be greatly supplemented with expansion as shall be required to
address the growing demand. Exports of OFC are expected to increase three fold
this year and new lines set up in Goa factory for FTTH cables, will address new
opportunities in Fiber to the home (FTTH) networks. Further, Company’s
subsidiary i.e. HTL Limited is also planning to setup a facility for
manufacturing of OFC in Chennai which shall lead the Company having combined
OFC Capacity of approx. 9 Million fibre KMs per annum.
In telecom equipment manufacturing, the Company will start manufacturing equipment for broadband services to address the requirements of broadband networks under Digital India programme and also address requirements of CATV operators and ISPs.
The Company is also in discussions with renowned technology provider, for acquiring technologies for manufacturing of routers & switches, needed for data networks. These products also have export potential.
Total telecom solution for railway networks is another big opportunity started during the previous year. Various city metro rail projects, planned by the government under Smart City initiative present large market for the Company. The Company, therefore, expects turnkey contracts for railway networks in future.
The Company also has participated in large tenders floated by BSNL for setting up of countrywide Telecom network and is hopeful in winning some of the large opportunities addressed. Under the Make in India programme, the government is encouraging manufacturing of civil and defence equipment in India which has attracted best of the companies from US, Europe to do business in India and HFCL is actively engaged with many top defence companies for possible tieups. In summary, the Company will see growth in business, acquisition of new technologies, new EPC contracts from railways and business opportunities in defence sector.
In Telecom manufacturing, NTP 2012 and the recent Make in India initiative of the Government shall open up more opportunities for us. It goes without saying that there lies immense potential for equipment manufacturing which is evident from research that the sector imports electronic goods worth over USD 40-50 Billion which may reach a humongous USD 300 Billion by 2020 if initiatives are not taken to support domestic manufacturing. Domestic products contribute to merely 15% of all equipment used in the sector. We believe the emphasis laid by the Government on domestic products shall yield good results in enhancing the equipment manufacturing.
High Speed Data consumption and broadband subscribers shall continue to grow in coming years. Missions like Digital India and Smart Cities shall fuel the fibre optic networks all over the Country. NOFN of 7.5 lakh kilometres in 2.5 lakh villages is being speeded up. WiFi hotspots and high speed data shall be in demand and therefore, operators shall keep on spending for improvement of their network services. We shall also see aggressive roll out of 4G networks.
Tower industry provides another big opportunity for the Company. Operators look at increasing market penetration with limited capital expenditure through leased towers from tower companies. It also enables telecom operators to rollout services in record times. There are close to 400,000 telecom towers in India at present and are estimated to reach around 500,000 by FY20. Exploding data traffic is leading to in-building solutions and smaller cell sites which is expected to drive growth of tower industry. For the Company, therefore, lies a huge business opportunity in this industry.
The defence industry is of strategic importance for India. India has the 3rd largest armed forces in the world and it spends a significant amount of resources on its national defence. Finance minister raised the defence budget for FY16 to 2.46 Trillion from 2.29 Trillion in FY15. In the next 7-8 years, India would be investing more than USD 130 Billion in modernization of its armed forces and with the present policy of Make in India, the onus is now on the industry to make best use of this opportunity. The new government projects India as an exporter of defence equipment in the next decade. Government is creating investor friendly environment for this sector. All these initiatives shall also create sufficient business opportunity for the Company.
OPERATIONAL REVIEW
The Company during the year accelerated its performance in both of its manufacturing and turnkey business segments. In manufacturing of OFC, the Company achieved record revenue and profits coupled with full capacity utilisation of the facility in Goa. Nevertheless, exports of OFC was another breakthrough during FY15. Equipment manufacturing saw production of GSM products. The Broadband Era with growing smartphones, 4G rollouts, internet driven applications will require expansion of OFC network throughout the country and therefore, the Company may explore further expansion of OFC capacity.
In turnkey projects execution, the Company has successfully completed high capacity optical transport network for Railtel by deploying 80 channel DWDM system at over 60 sites, along two connecting routes between Delhi – Mumbai. The project is under annual maintenance contract and based on excellent execution, the customer has gone ahead with 75% expansion order on the Company. Another success was the winning of a turnkey contract for laying OFC network in one of the largest states of the country from BSNL. Further, the Company was awarded large project for setting up of GSM network at extremely remote standalone sites and connecting each site to the national network. In addition to these new projects, won in severe competitive environment, the Company has continued with the rollout of nationwide OFC network for various service providers. Keeping in view the Company’s strengths and existing business, it has ventured in synergised business verticals of Defence, Railways and Smart & Safe cities. It has already participated in several prestigious large telecom RFPs and tenders and has also offered complete telecom network solutions to Railways for Greenfield railway freight corridor networks. It has a strong team in place to deliver on the said business opportunities.
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10578468 |
23/06/2015 |
3,000,000.00 |
PUNJAB NATIONAL BANK |
ECE House, A-28,, Kasturba Gandhi Marg, New Delhi |
C58196940 |
|
2 |
10578470 |
19/06/2015 |
4,400,000.00 |
Punjab National Bank |
ECE House, A-28, Kasturba Gandhi Marg, New Delhi, |
C58197013 |
|
3 |
10567745 |
19/03/2015 |
13,400,000.00 |
State Bank of India |
SME, BHIWADI, Rajasthan - 301019, INDIA |
C52843703 |
|
4 |
10567746 |
19/03/2015 |
14,500,000.00 |
State Bank of India |
SME, BHIWADI, Rajasthan - 301019, INDIA |
C52845542 |
|
5 |
10477787 |
14/02/2014 |
400,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005,
INDIA |
B96444773 |
|
6 |
10054919 |
30/03/2015 * |
4,011,900,000.00 |
State Bank of India Consortium |
N-3, 1st Floor, Commercial Branch, South Extension Part -1, New Delhi,
Delhi - 110049, INDIA |
C49987381 |
|
7 |
90183275 |
27/06/2015 * |
4,011,900,000.00 |
State Bank of India Consortium |
N-3, 1st Floor, Commercial Branch, South Extension Part - 1, New
Delhi, Delhi - 110049, INDIA |
C58690967 |
|
8 |
80019393 |
16/10/2003 |
200,000,000.00 |
RABO INDIA FINANCE PVT LTD. |
FORBES BUILDING, 2ND FLOOR,, CHARANJIT RAI MARG, |
- |
|
9 |
80019425 |
25/05/2001 |
750,000,000.00 |
GLOBAL TRUST BANK LIMITED |
15, MAKER CHAMBRS III, NARIMAN POINT, MUMBAI, Maharashtra - 400021,
INDIA |
- |
|
10 |
80019386 |
15/12/2000 |
2,500,000,000.00 |
THE INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, MUMBAI, Maharashtra - 40 |
- |
* Date of charge modification
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED AND HALF YEAR ENDED 30.09.2015
(Rs.
In Million)
|
Particulars |
Three months
ended |
Half Year |
|
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
Unaudited |
||
|
1. Income from
operations |
|
|
|
|
Net Sales/Income from operations (Net of Excise Duty) |
5875.200 |
6253.700 |
12128.900 |
|
2. Expenses |
|
|
|
|
a) Cost of materials/services consumed |
3249.800 |
3585.100 |
6834.900 |
|
b) Purchases of stock-in-trade |
731.200 |
573.100 |
1304.300 |
|
c) Changes in Inventories of finished goods, work in progress
and stock In Trade |
(204.800) |
(111.000) |
(315.800) |
|
d) Employee benefits expenses |
431.500 |
621.400 |
1052.900 |
|
e) Depreciation. Impairment and Amortisation Expenses |
64.600 |
63.500 |
128.100 |
|
f) Other expenses |
822.800 |
706.800 |
1529.600 |
|
g) Bad debts advances & Miscellaneous balances written off (net) |
0.800 |
1.200 |
2.000 |
|
Total |
5095.900 |
5440.100 |
10536.000 |
|
3. Profit/ (Loss) from Operations before Other Income, Finance Costs
and Exceptional Items (1-2) |
779.300 |
813.600 |
1592.900 |
|
4. Other Income |
49.800 |
38.300 |
88.100 |
|
5. Profit/(Loss) from ordinary activities before finance costs and
exceptional items (3+4) |
829.100 |
851.900 |
1681.000 |
|
6. Finance Cost |
115.000 |
110.500 |
225.500 |
|
7. Profit/ (Loss) from ordinary activities alter finance costs but
before exceptional items (5-6) |
714.100 |
741.400 |
1455.500 |
|
8. Exceptional Items - expenses
/(income) |
2.700 |
382.500 |
385.200 |
|
9. Profit/ (Loss) from ordinary activities before Tax |
716.800 |
1123.900 |
1840.700 |
|
10. Tax Expenses |
159.300 |
245.900 |
405.200 |
|
MAT Credit Entitlements |
(159.300) |
(245.900) |
(405.200) |
|
11. Net Profit/ (Loss) from ordinary activities after Tax (9-10) |
716.800 |
1123.900 |
1840.700 |
|
12. Extra-ordinary items – expenses / (Income) |
-- |
-- |
-- |
|
13. Net Profit/ (Loss) for the period (11+12) |
716.800 |
1123.900 |
1840.700 |
|
14 Pad-up Equity Share Capital (Face
value of Re.1/- each) |
1239.400 |
1239.400 |
1239.400 |
|
15. Reserves excluding revaluation reserves as per Balance sheet of
previous year |
|
|
|
|
16. (a) EPS before Extraordinary Item (Re. 1/-) (Not Annualised) |
|
|
|
|
Basic |
0.57 |
0.90 |
1.46 |
|
Diluted |
0.57 |
0.90 |
1.46 |
|
(b) EPS after
Extraordinary Item (Re. 1/-) (Not Annualised |
|
|
|
|
Basic |
0.57 |
0.90 |
1.46 |
|
Diluted |
0.57 |
0.90 |
1.46 |
|
|
|
|
|
|
PART – 2 |
|
|
|
|
1. Public shareholding |
|
|
|
|
- Number of shares |
756452980 |
756452980 |
756452980 |
|
- Percentage of shareholding |
61.03 |
61.03 |
61.03 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
242604750 |
240756000 |
242604750 |
|
Percentage of shares (as a % of total shareholding of the promoter and
promoter group) |
50.24 |
49.85 |
50.24 |
|
Percentage of shares (as a % of total share capital of the company) |
19.59 |
19.43 |
19.59 |
|
b) Non Encumbered |
|
|
|
|
Number of shares |
240319464 |
242168214 |
240319464 |
|
Percentage of shares (as a % of total shareholding of the promoter and
promoter group) |
49.76 |
50.15 |
49.76 |
|
Percentage of shares (as a % of total share capital of the company) |
19.39 |
19.54 |
19.39 |
|
|
|
|
|
|
B. INVESTOR COMPLAINTS |
30.09.2015 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
17 |
|
Disposed of during the quarter |
17 |
|
Remaining unresolved at the end of the
quarter |
Nil |
SEGMENTWISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Million)
|
Particulars |
Three months
ended |
Half Year |
|
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
1. Segment
Revenue |
Unaudited |
||
|
a. Telecom Products |
1599.400 |
1645.400 |
3244.800 |
|
b. Turnkey Contracts and Services |
4275.800 |
4608.300 |
8884.100 |
|
Total |
5875.200 |
6253.700 |
12128.900 |
|
|
|
|
|
|
Less: Inter segment revenue |
-- |
-- |
-- |
|
Net Sales/Income
from Operations |
5875.200 |
6253.700 |
12128.900 |
|
|
|
|
|
|
2. Segment
Results Profit /(Loss) before tax and interest for each segment |
|
|
|
|
a. Telecom Products |
158.800 |
221.900 |
380.700 |
|
b. Turnkey Contracts and Services |
674.100 |
629.800 |
1303.900 |
|
Total |
832.900 |
851.700 |
1684.600 |
|
|
|
|
|
|
Less. i. Interest |
115.00 |
110.500 |
225.500 |
|
ii. Other un-allocable expenditure net off |
2.400 |
1.300 |
3.700 |
|
un-allocable income |
(1.300) |
(384.000) |
(385.300) |
|
Total Profit
before Tax |
716.800 |
1123.900 |
1840.700 |
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
a. Telecom Products |
3833.000 |
3048.100 |
3833.000 |
|
b. Turnkey Contracts and Services |
5206.500 |
4451.000 |
5206.500 |
|
Total capital
employed in segments |
9039.500 |
7499.100 |
9039.500 |
|
Add: Un-allocable corporate assets less liabilities |
2898.600 |
3753.500 |
2898.600 |
|
Total capital employed
In Company |
11938.100 |
11252.600 |
11938.100 |
Note :
1. The above results have been reviewed by the Audit
committee and taken on record by the Board of Directors at its meeting held on 26th
October, 2015 and the Statutory Auditors have carried out Limited Review of the
same.
2. The Board of directors of the Company at its meeting held on 26th October,
2015 has declared first interim dividend of Rs.3.25 per share on Cumulative
Redeemable Preference Shares of Rs.100/- each.
3. The figures of the previous periods have been regrouped wherever necessary.
STATEMENT OF
ASSETS AND LIABILITIES AS ON 30.09.2015
|
SOURCES
OF FUNDS |
30.09.2015 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
2044.400 |
|
(b) Reserves & Surplus |
9893.700 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
11938.100 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
1534.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) long-term provisions |
159.400 |
|
Total
Non-current Liabilities (3) |
1693.400 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
1080.400 |
|
(b) Trade payables |
4179.800 |
|
(c) Other current liabilities |
2006.600 |
|
(d) Short-term provisions |
93.300 |
|
Total
Current Liabilities (4) |
7360.100 |
|
|
|
|
TOTAL |
20991.600 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
1157.200 |
|
(ii) Intangible Assets |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
|
(b) Non-current Investments |
2408.400 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
33.200 |
|
(e) Other Non-current assets |
0.000 |
|
Total
Non-Current Assets |
3598.800 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
1.800 |
|
(b) Inventories |
2585.000 |
|
(c) Trade receivables |
6496.600 |
|
(d) Cash and cash equivalents |
1005.900 |
|
(e) Short-term loans and
advances |
6833.600 |
|
(f) Other current assets |
469.900 |
|
Total
Current Assets |
17392.800 |
|
|
|
|
TOTAL |
20991.600 |
FIXED ASSETS
- Land
- Buildings
- Plant and machinery
- Electrical installation
- Furniture and fixtures
- Office equipment
- Vehicles
- Moulds and dies
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.42 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.13 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
AMT |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
19 |
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.