MIRA INFORM REPORT
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Report No. : |
354625 |
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Report Date : |
22.12.2015 |
IDENTIFICATION DETAILS
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Name : |
FEDERAL-MOGUL GOETZE (INDIA) LIMITED (w.e.f. 16.06.2006) |
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Formerly Known
As : |
GOETZE (INDIA) LIMITED (w.e.f. 17.04.1961) GOETZE (INDIA) PRIVATE LIMITED |
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Registered
Office : |
G-4, J.R Complex, Gate No.-4, Mandoli, Delhi - 110093 |
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Tel. No.: |
91-11-71745675 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
26.11.1954 |
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Com. Reg. No.: |
55-002452 |
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Capital
Investment / Paid-up Capital : |
Rs.556.321 Million |
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CIN No.: [Company Identification
No.] |
L74899DL1954PLC002452 |
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IEC No.: |
0592060161 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRG03352G |
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PAN No.: [Permanent Account No.] |
AAACG3769M |
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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 the Manufacture, Supply and Distribution of
‘Automotive Components’ used in two/three/four wheeler automobiles.
(Registered Activity) |
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No. of Employees
: |
4227 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (66) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 12879000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Federal Mogul Holding Limited, Mauritius. It
is an old company incorporated in the year 1954. For the financial year ended 2015, the company has healthy scale of
operations marked by sizeable top line growth of 33.85 along with
profitability margin of 1.8%. The company has strong financial risk profile marked by efficient net
worth position along with sound liquidity profile. Trade relations are trustworthy. Business is active. Payments are
regular and as per commitments. In view of long business track and extensive experience of its
promoters, the company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long Term Bank Facilities: A- |
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Rating Explanation |
Adequate degree of safety and low credit
risk. |
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Date |
April, 2015 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities: A1 |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
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Date |
April, 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.
LOCATIONS
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Registered Office : |
G-4, J.R Complex, Gate No.-4, Mandoli, Delhi – 110093, India |
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Tel. No.: |
91-11-71745675 |
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Fax No.: |
91-11-71745670 |
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E-Mail : |
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Website : |
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Corporate Office : |
10th Floor, Tower B, Paras Twin Towers, Sector-54, Golf Course Road, Gurgaon, Haryana - 122002, India |
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Tel. No.: |
91-124-4784530 |
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Fax No.: |
91-124-4292840 |
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Factory 1 : |
Bahadurgarh, Patiala, Punjab, India |
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Factory 2 : |
Bellary Road, Yelahanka, Bangalore - 560064, Karnataka, India |
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Factory 3 : |
SPL 1240-44, RIICO Industrial Area, Phase-I Extension, Bhiwadi, Rajasthan, India |
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Factory 4 : |
Plot No. 46, Sector-11, IIE-Pantnagar, Udham Singh Nagar, Uttarakhand, India |
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Marketing
Network : |
Located at: ·
Patiala ·
Gurgaon ·
Delhi ·
Jaipur ·
Ghaziabad ·
Patna ·
Guwahati ·
Ahmedabad ·
Indore ·
Ranchi ·
Raipur ·
Kolkata ·
Cuttack ·
Mumbai ·
Hyderabad ·
Bengaluru ·
Chennai |
DIRECTORS
AS ON : 31.03.2015
|
Name : |
Mr. Andreas Wilhelm Kolf |
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Designation : |
Managing Director |
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Address : |
Bruchhauser Street 66, 51377, Lerverkusen, NA, Germany |
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Date of Appointment : |
06.11.2013 |
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DIN No.: |
00519780 |
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Name : |
Mr. Sunit Kapur |
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Designation : |
Director |
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Address : |
H. No - 335, Sector 9 D, Chandigarh – 160009, India |
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Date of Birth/Age : |
12.11.1974 |
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Qualification : |
Mechanical Engineer |
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Date of Appointment : |
08.05.2012 |
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DIN No.: |
03435110 |
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Name : |
Mr. Bernhard Georg Motel |
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Designation : |
Director |
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Address : |
Durerstrasse 18A, Berlin, 12203, Germany |
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Date of Birth/Age : |
18.04.1968 |
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Qualification : |
Master Degree in Engineering |
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Date of Appointment : |
08.05.2012 |
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DIN No.: |
05282143 |
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Name : |
Ms. Janice Maiden Rusky |
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Designation : |
Director |
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Address : |
7012, Redcoat Drive, Flourtown, 19031, United States Of America |
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Date of Birth/Age : |
16.04.1959 |
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Date of Appointment : |
13.08.2014 |
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DIN No.: |
06847230 |
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Name : |
Mr. Mahendra Kumar Goyal |
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Designation : |
Director |
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Address : |
18, Anand Farm, 25.3km Palam Gurgaon Road, Shri Krishna Chowk, Sector - 22, Gurgaon - 122016, Haryana, INDIA |
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Date of Birth/Age : |
01.11.1969 |
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Qualification : |
C.A., C.S., Cost and Management Accountant and Advance Management
Program Certificate |
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Date of Appointment : |
13.08.2014 |
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DIN No.: |
02605616 |
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Name : |
Mr. Krishnamurthy Naga Subramaniam |
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Designation : |
Director |
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Address : |
13-14, Anfilco Housing Colony, Dundahera, Gurgaon - 122016, Haryana, India |
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Date of Birth/Age : |
15.07.1953 |
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Qualification : |
B. Tech. and MBA |
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Date of Appointment : |
30.04.2009 |
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DIN No.: |
00041843 |
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Name : |
Mr. Mukul Gupta |
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Designation : |
Director |
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Address : |
R - 13/24, Raj Nagar, Opposite ALT Centre, Ghaziabad - 201002, Uttar Pradesh, India |
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Date of Birth/Age : |
16.08.1957 |
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Qualification : |
Bachelor of Law |
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Date of Appointment : |
12.05.2006 |
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DIN No.: |
00254597 |
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Name : |
Dr. Khalid Iqbal Khan |
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Designation : |
Whole-Time Director |
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Address : |
2136 Mir Bukhari Street, Turkman Gate, Delhi - 110006, India |
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Date of Birth/Age : |
15.07.1968 |
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Qualification : |
Company Secretary, C.A., Bachelor of Law and PhD in Corporate Governance |
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Date of Appointment : |
22.05.2015 |
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DIN No.: |
05253556 |
KEY EXECUTIVES
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Name : |
Mr. Khalid Iqbal Khan |
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Designation : |
Secretary |
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Address : |
2136, Mir Bukhari Street, Turkman Gate, Delhi - 110006 India |
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Date of Birth/Age : |
15.07.1968 |
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Qualification : |
Company Secretary, C.A., Bachelor of Law and PhD in Corporate Governance |
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PAN No.: |
AAZPK8805E |
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Date of Appointment : |
02.11.2009 |
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Name : |
Mr. Manish Chadha |
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Designation : |
Chief Financial Officer |
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Address : |
H No.-1C-60, N.H. NIT Faridabad – 121001, Haryana, India |
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PAN No.: |
ADWPC4746J |
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Date of Appointment : |
01.06.2015 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
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Names of Shareholders |
No. of Shares |
%age
holding |
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(A)
Shareholding of Promoter and Promoter Group |
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41715454 |
74.98 |
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|
41715454 |
74.98 |
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Total
shareholding of Promoter and Promoter Group (A) |
41715454 |
74.98 |
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(B)
Public Shareholding |
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|
5683349 |
10.22 |
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|
3149 |
0.01 |
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1869816 |
3.36 |
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113239 |
0.20 |
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|
31666 |
0.06 |
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|
31666 |
0.06 |
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|
7701219 |
13.84 |
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|
353703 |
0.64 |
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|
2143915 |
3.85 |
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3713012 |
6.67 |
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|
4827 |
0.01 |
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4827 |
0.01 |
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|
6215457 |
11.17 |
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Total
Public shareholding (B) |
13916676 |
25.02 |
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Total
(A)+(B) |
55632130 |
100.00 |
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(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total
(A)+(B)+(C) |
55632130 |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the Manufacture, Supply and Distribution of
‘Automotive Components’ used in two/three/four wheeler automobiles. (Registered
Activity) |
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Products : |
·
Pistons ·
Piston Rings ·
Cylinder Liners ·
Light Metal Castings ·
Sintered Metal Products |
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Brand Names : |
GOETZE AND BRICOGOETZE |
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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 : |
4227 (Approximately) |
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Bankers : |
·
HDFC Bank Limited · ING Vysya Bank Limited, Narian Manzil, Ground Floor, Shop No. G1 to G5, I Floor, Shop No.1001 To 1007, Barakhamba Road,, New Delhi, Delhi - 110001, India · State Bank of India · State Bank of Patiala · Axis Bank Limited, Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India ·
Yes Bank Limited, 9th Floor, Nehru Centre,
Discovery of India, Dr. A. B. Road, Worli, Mumbai - 400018, Maharashtra,
India |
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Facilities : |
NOTE : LONG TERM BORROWING Indian rupee loans amounting to Rs. 200.000 million from Yes Bank in two tranches of Rs 100.000 million each taken on 31 May 2013 and 28 June 2013, carries interest @ 12.20% p.a. Both tranches are repayable in 36 equal monthly instalments of Rs. 2.777 million each along with interest, after a moratorium period of 12 months from the date of disbursement of loan i.e. 31 May 2014 and 28 June 2014. The loan is secured by first parri passu charge on moveable assets of the Company including plant and machinery, spares, tools and accessories, furniture and fixtures and other movable assets of the Company, excluding vehicles. SHORT TERM
BORROWING Indian rupees working capital loans and cash credit facilities are secured against hypothecation of current assets of the Company, both present and future with HDFC, Yes Bank, ING Vysya Bank, State Bank of India and Deutsche Bank. Cash credit facilities carries interest rate ranging from 10.00 % p.a. to 12.50% p.a. Details of working capital loans: (Rs. in million)
Inter-corporate deposits are repayable on demand and carry rate of interest ranging between 9.35%p.a to 10.50%p.a Indian rupees working capital loan and cash credit facilities taken from Bank of America is at interest rate of 10.5%p.a., which was repayable in 30 days from the date of loan. Indian rupees loan amounting to Rs.6.100 million taken from Goetze India employee welfare trust is at interest rate of 8% p.a. Entire loan is repayable on 31 march 2014. |
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Auditors : |
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Name : |
Walker, Chandiok and Company Chartered Accountants |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
Federal Mogul Holdings Limited, Mauritius |
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Ultimate Holding
Company: |
Federal Mogul Corporation, United States of America |
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Subsidiary Company : |
Federal-Mogul TPR (India) Limited |
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Fellow subsidiaries
: |
· Federal Mogul Burscheid GMBH, Germany · Federal Mogul Nurnberg, GMBH (Germany) · Federal Mogul Holding Deutschland (Germany) · Federal Mogul Limited (U.K.) · Federal Mogul Financial Services FRANCTNL (France) · Federal Mogul Gorzyce, S.A. (Poland) · Federal Mogul Friedberg, GMBH (Germany) · Federal Mogul Sintered Products Limited (U.K.) · Federal Mogul Friction Products Limited (Thailand) · Federal Mogul Thailand Manufacturina Ayutthaya, (Thailand) · Federal Mogul France, S.A. (France) · Federal Mogul Corporation, Garennes (France) · Federal Mogul (Shanghai) · Federal Mogul Friction Products Limited · Federal Mogul Worldwide Aftermarket · Federal Mogul Sistemas Brazil · Federal Mogul Dongsuh Piston Company Limited (China) · Federal Mogul Bradford Limited · Federal Mogul Powertrain Sparta, MII · Federal Mogul KK Yokohama · Federal Mogul Powertrain Inc, Southbend · Federal Mogul Chasseneuil · Federal Mogul Kontich · Federal Mogul Bearings India Limited (India) · Federal-Mogul Ignition Products India Limited (India) (Formerly Federal Mogul Automotive Product (India) Private Limited) · Federal-Mogul Motorparts Limited (India) (Formerly known as Federal Mogul VSP India Limited) · Federal-Mogul PTSB India Private Limited (India) (Formerly known as Federal-Mogul Trading India Private Limited) |
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Associates : |
GI Power Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs.800.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
55632130 |
Equity Shares |
Rs.10/- each |
Rs.556.321 Million |
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(a) There is no movement in equity share capital during the current and comparative period.
(b) Right/restriction 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. 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 liabilities. The distribution will be in proportion to the number of equity shares held by the shareholders.
(c) List of
shareholders holding more than 5% of the equity share capital of the Company at
the beginning and at the end of the reporting year
|
Name of the
shareholder |
As at 31.03.2015 |
|
|
No
of Shares held |
%
of holding |
|
|
Equity shares of
Rs.10 each fully paid |
|
|
|
Federal Mogul Holding Limited, Mauritius, the Parent company |
33408581 |
60.05% |
|
Federal Mogul Vemogensuverwaltungs GMBH, a fellow subsidiary company |
8306873 |
14.93% |
|
Reliance Capital Trustee Company Limited |
5479189 |
9.85% |
(d) Shares held by
holding/ ultimate holding company and/ or their subsidiaries/ associates
|
Name of the
shareholder |
As at 31.03.2015 |
|
|
No
of Shares held |
%
of holding |
|
|
Equity shares of Rs.10 each fully paid |
|
|
|
Federal Mogul Holding Limited, Mauritius, the Parent company |
33408581 |
60.05% |
|
Federal Mogul Vemogensuverwaltungs GMBH, a fellow subsidiary company |
8306873 |
14.93% |
(e) The Company has not issued any equity shares pursuant to any contract without payment being received in cash, allotted as fully paid up by way of bonus issues and bought back during the current reporting period and immediately preceding four years.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 (15 months) |
31.12.2013 (12 months) |
31.12.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
556.321 |
556.321 |
556.321 |
|
(b) Reserves & Surplus |
3951.426 |
3637.872 |
3432.016 |
|
(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) |
4507.747 |
4194.193 |
3988.337 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
72.222 |
155.556 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
43.398 |
152.379 |
143.099 |
|
(c) Other long term
liabilities |
39.694 |
27.838 |
24.517 |
|
(d) long-term
provisions |
603.865 |
616.562 |
561.227 |
|
Total Non-current
Liabilities (3) |
759.179 |
952.335 |
728.843 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2125.332 |
1868.857 |
1902.130 |
|
(b) Trade
payables |
2233.488 |
1755.322 |
1710.846 |
|
(c) Other current
liabilities |
216.979 |
252.153 |
198.478 |
|
(d) Short-term
provisions |
19.700 |
14.383 |
32.050 |
|
Total Current
Liabilities (4) |
4595.499 |
3890.715 |
3843.504 |
|
|
|
|
|
|
TOTAL |
9862.425 |
9037.243 |
8560.684 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
4676.725 |
4739.167 |
4593.439 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
1.559 |
|
(iii)
Capital work-in-progress |
564.220 |
331.935 |
360.726 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
51.000 |
51.000 |
51.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
317.001 |
414.595 |
371.014 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
5608.946 |
5536.697 |
5377.738 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1979.014 |
1484.527 |
1334.605 |
|
(c) Trade
receivables |
1729.325 |
1466.450 |
1504.719 |
|
(d) Cash
and cash equivalents |
97.721 |
59.280 |
18.522 |
|
(e)
Short-term loans and advances |
397.676 |
450.254 |
286.617 |
|
(f) Other
current assets |
49.743 |
40.035 |
38.483 |
|
Total Current
Assets |
4253.479 |
3500.546 |
3182.946 |
|
|
|
|
|
|
TOTAL |
9862.425 |
9037.243 |
8560.684 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 (15 months) |
31.12.2013 (12 months) |
31.12.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
15365.290 |
11369.717 |
11788.457 |
|
|
|
Other Income |
374.253 |
225.690 |
218.797 |
|
|
|
TOTAL (A) |
15739.543 |
11595.407 |
12007.254 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5511.252 |
3948.352 |
4319.975 |
|
|
|
Purchases of Stock-in-Trade |
537.944 |
377.698 |
360.036 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(332.678) |
(205.504) |
(110.782) |
|
|
|
Employees benefits expense |
3194.953 |
2361.572 |
2351.094 |
|
|
|
Other expenses |
5090.083 |
3880.532 |
4244.591 |
|
|
|
Exceptional items |
0.000 |
0.000 |
62.581 |
|
|
|
TOTAL (B) |
14001.554 |
10362.650 |
11227.495 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1737.989 |
1232.757 |
779.759 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
369.685 |
267.817 |
298.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1368.304 |
964.940 |
480.959 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
893.731 |
661.355 |
619.352 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
474.573 |
303.585 |
(138.393) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
161.019 |
97.729 |
25.181 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
313.554 |
205.856 |
(163.574) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
857.031 |
651.175 |
814.748 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1170.585 |
857.031 |
651.175 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
1885.398 |
1224.770 |
771.117 |
|
|
TOTAL EARNINGS |
1885.398 |
1224.770 |
771.117 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1591.503 |
1067.467 |
1444.842 |
|
|
|
Stores & Spares |
239.504 |
184.747 |
190.074 |
|
|
|
Capital Goods |
428.601 |
433.676 |
573.150 |
|
|
TOTAL IMPORTS |
2259.608 |
1685.890 |
2208.066 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
5.64 |
3.70 |
(2.94) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.12.2013 |
31.12.2012 |
|
Current Maturities of Long term borrowings |
66.667 |
44.444 |
40.000 |
|
Cash generated from Operations |
253.798 |
266.619 |
148.296 |
|
Net Cash from Operating Activities |
154.000 |
164.582 |
38.513 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2015 |
30.09.2015 |
|
Unaudited |
(1st
Quarter) |
(2nd
Quarter) |
|
Net Sales |
3426.540 |
3420.660 |
|
Total Expenditure |
3058.730 |
3132.020 |
|
PBIDT (Excl OI) |
367.810 |
288.640 |
|
Other Income |
45.400 |
132.620 |
|
Operating Profit |
413.210 |
421.260 |
|
Interest |
78.290 |
71.040 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
334.920 |
350.220 |
|
Depreciation |
185.250 |
188.340 |
|
Profit Before Tax |
149.670 |
161.880 |
|
Tax |
51.790 |
56.010 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
97.880 |
105.870 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
97.880 |
105.870 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 (15 months) |
31.12.2013 (12 months) |
31.12.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.04 |
1.81 |
(1.39) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
11.31 |
10.84 |
6.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.13 |
3.51 |
(1.70) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.07 |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.50 |
0.49 |
0.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93 |
0.90 |
0.83 |
STOCK
PRICES
|
Face Value |
Rs.10.00 |
|
Market Value |
Rs.365.00 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2012 |
31.12.2013 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
556.321 |
556.321 |
556.321 |
|
Reserves & Surplus |
3432.016 |
3637.872 |
3951.426 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3988.337 |
4194.193 |
4507.747 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
155.556 |
72.222 |
|
Short term borrowings |
1902.130 |
1868.857 |
2125.332 |
|
Current Maturities Of
Long-Term Debts |
40.000 |
44.444 |
66.667 |
|
Total
borrowings |
1942.130 |
2068.857 |
2264.221 |
|
Debt/Equity
ratio |
0.487 |
0.493 |
0.502 |
%20LIMITED%20-%20354625%2022-Dec-2015_files/image022.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2012 |
31.12.2013 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
11788.457 |
11369.717 |
15365.290 |
|
|
|
(3.552) |
35.142 |
%20LIMITED%20-%20354625%2022-Dec-2015_files/image024.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2012 |
31.12.2013 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
11788.457 |
11369.717 |
15365.290 |
|
Profit / (Loss) |
(163.574) |
205.856 |
313.554 |
|
|
(1.39)% |
1.81% |
2.04% |
%20LIMITED%20-%20354625%2022-Dec-2015_files/image026.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
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 |
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 financial
year |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three financial
year |
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:
The Company, is inter-alia engaged in the manufacture, supply and distribution of 'automotive components' used in two/three/four wheeler automobiles.
The principal facilities of the Company are located at Patiala (Punjab), Bangaluru (Karnataka) and Bhiwadi (Rajasthan), with its registered office in Delhi. The Company is listed at National Stock Exchange of India Limited and Bombay Stock Exchange.
Federal Mogul Holdings Limited, Mauritius, is the immediate parent company and ultimate parent company is Federal Mogul Corporation, USA.
OPERATIONS:
The Board of Directors of the Company in the Board meeting held on October 31, 2014 approved the change in the financial year of the Company from January-December to April-March effective April 1, 2014. In view of this, the current financial year comprises of a period of 15 months i.e. January 1, 2014 to March 31, 2015.
The Net income of the Company during the financial year ended 31st March 2015 was Rs.16072.221 million as against Rs. 11800.911 million for the financial year ended 31st December 2013.
During the year, the Company made a net profit after tax of Rs. 313.554 million as against the net profit after tax of Rs. 205.856 million in the previous financial year.
During the period from January 1, 2014 to March 31, 2015, the automobile component industry recovered in terms of business growth as compared to previous year. During first half of 2014, the automotive industry has provided mixed signals, as Light Vehicles and Commercial vehicles had a negative growth, however, strong growth was seen in the two wheeler and three wheeler market segments.
MANAGEMENT DISCUSSION
AND ANALYSIS :
Industry Structures and Developments
Indian auto component makers faced the heat of a global auto slowdown during first half of 2014. Due to the slipping growth in commercial vehicle and passenger car segments, the supplies of component makers fell too. Two wheeler and three wheeler market segments, however, witnessed strong growth. The auto industry seems to be in recovery mode since July 2014.
Indian auto components industry treads a difficult path through an uncertain near term future. Operational excellence, scenario planning and risk management are poised to become the key arsenal for success. The auto component industry, globally has witnessed economic restructuring whose macro and microeconomic implications on nations and regions has been profound.
The slowdown of sales in several markets in the auto component industry was a short-term challenge, but loss of market share to increasing competition in the domestic markets was another key challenge for automakers over the long term.
A host of domestic factors in the form of decrease in fuel prices, and low interest rates as compared to previous year led to increase in the demand for cars.
Though, in the short term, the global economic uncertainties and domestic monetary tightening measures had built up a near term negative sentiment on the Indian auto component industry. However, the long term prospects of the industry are definitely perceived as a huge opportunity area.
Segment Wise or
Product Wise Performance
We operate mainly in two segments i.e. OEM's and the Aftermarket (Motorparts). The Company has a balanced approach to the OEM's and Motorparts, which helps us in capitalizing on our strengths in both segments and to respond to market fluctuations and customer strategies.
Outlook
It has always been wafer thin margin rates and it could not get any thicker until the first half, with increased competition, weak sales and heavy discounts doled out by manufacturers to attract buyers. The second half of the financial year 2015-16 may hold the key to success for many auto component manufacturers in India, with new launches coming up. It would be a mixed year for the auto component industry ahead. The auto component companies need to achieve significant productivity improvements in order to position themselves in the industry.
The Company will endeavor to revitalize in near future as consumers regain confidence and vehicle demand increases. To remain competitive in the challenging and demanding environment, the benchmark has to be high in anticipation of the stated and unstated need of the customers and markets.
Shifting of
Registered Office :
The registered office of the Company was shifted from 7870-7877, F-1, Roshanara Plaza Building, Roshanara Road, Delhi - 110007 to G-4, J.R Complex, Gate No.-4, Mandoli, Delhi – 110093 w.e.f. 28.02.2014.
FUTURE PLAN OF ACTION
:
· Develop products that meet latest emission norms and meet the stringent fuel efficiency and oil consumption requirements of the market
· To develop parts for the engines meeting emission regulations and improved performance in terms of fuel consumption, friction and lube oil consumption and LKR piston rings for improved fuel efficiency
· To increase capacity for Chrome Ceramic Rings
· To implement bushing technology for High end diesel applications
· To introduce Automatic hard anodizing technology; premium surface technologies for pistons and rings
· To upgrade the FATA machine for Elastoval-II pistons and forge plant for small diameter pistons;
· New coating GDC to be introduced for better wear performance
· PVD coating technology to be introduced in the latest engines
· Improved architecture pistons to be developed
· New skirt coatings to be developed to reduce friction.
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.12.2013 (Rs.
in Million) |
|
SHORT TERM
BORROWINGS |
|
|
|
Inter-corporate deposit |
881.500 |
965.500 |
|
Working capital loan |
211.893 |
83.894 |
|
Deposits from others |
0.000 |
6.100 |
|
Total |
1093.393 |
1055.494 |
NOTES:
1. Inter-corporate deposits are repayable on demand and carry rate of interest ranging between 9.35 % p.a to 10.50 % p.a.
2. Indian rupees working capital loan and cash credit facilities taken from Bank of America is at interest rate of 10.5% p.a., which was repayable in 30 days from the date of loan.
3. Indian rupees loan amounting to Rs 6.100 million taken from Goetze India employee welfare trust is at interest rate of 8% p.a. Entire loan is repayable on 31 March 2014.
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.12.2013 |
|
Bank guarantees |
59.625 |
55.454 |
|
Claims/notices contested by the Company |
|
|
|
(i) Excise duty and service tax |
405.140 |
68.720 |
|
(ii) Sales tax |
225.091 |
178.170 |
|
(iii) Employee related cases |
28.605 |
24.299 |
|
(iv) Electricity demand |
5.224 |
5.224 |
|
(v) Income tax demands |
80.028 |
60.955 |
STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER ENDED SEPTEMBER 30,
2015
(Rs.
in million)
|
Particulars
|
Quarter ended ( Unaudited) |
Quarter ended ( Unaudited) |
Year to Date ended ( Unaudited) |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
1. Income from
operations |
|
|
|
|
Gross Sales |
3637.616 |
3665.687 |
7333.303 |
|
Less: Excise
duty |
341.835 |
341.131 |
682.000 |
|
a) Net sales (Net of Excise Duty) |
3325.781 |
3324.556 |
6650.337 |
|
b) Other operating income |
94.876 |
101.983 |
196.859 |
|
Total
income from Operations(net) |
3420.657 |
3428.539 |
6847.196 |
|
2.Expenses |
|
|
|
|
a) Cost of material consumed |
1230.823 |
1244.258 |
2476.081 |
|
b) Purchase of stock-in-trade |
128.043 |
152.810 |
280.853 |
|
c) Increase/decrease in stock in trade and work in
progress |
68.377 |
(44.585) |
23.792 |
|
d) Employee benefit expense |
608.067 |
709.277 |
1377.344 |
|
e) Depreciation and amortization expense |
188.338 |
185.249 |
373.587 |
|
f) Consumption of stores and spares |
291.060 |
296.291 |
587.351 |
|
g) Other expenses |
743.748 |
700.683 |
1444.431 |
|
Total expenses |
3310.456 |
3243.983 |
6563.439 |
|
3. Profit from operations before other income, Interest,
Exceptional item (1-2) |
101.201 |
182.556 |
283.757 |
|
4. Other income |
132.617 |
45.401 |
178.018 |
|
5. Profit from ordinary activities before finance costs
and exceptional items (3 +4) |
233.818 |
227.957 |
461.775 |
|
6. Finance costs |
71.935 |
78.289 |
150.224 |
|
7. Profit / (Loss) from ordinary activities after
finance cost but before Exceptional items (5 - 6) |
161.883 |
149.668 |
199.952 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit / (Loss) from ordinary activities before tax (7 - 8) |
161.883 |
149.663 |
311.551 |
|
10.Tax expenses |
56.012 |
51.785 |
107.797 |
|
11. Net Profit / (Loss) from ordinary activities after tax (9-10) |
105.871 |
97.883 |
203.754 |
|
12. Net Profit / (Loss) from ordinary activities after tax and prior period items |
105.871 |
97.883 |
131.988 |
|
13. Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
14. Net profit/ (Loss) for the period |
105.871 |
97.883 |
203.754 |
|
15. Paid-up equity share capital (Face Value Rs.10/- each) |
556.321 |
556.321 |
556.321 |
|
16. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
-- |
-- |
-- |
|
17.i) Earnings per share (EPS) |
|
|
|
|
(a) Basic and diluted Eps before Extraordinary items for the period, for the year to date and for the previous year (not to be annualized) |
1.90 |
1.76 |
3.66 |
|
(b) Basic and diluted Eps before Extraordinary items for the period, for the year to date and for the previous year (not to be annualized) |
1.90 |
1.76 |
3.66 |
|
18. Public Shareholding - No. of shares |
13916876 |
13916876 |
13916876 |
|
- Percentage of shareholding |
25.02 |
25.02 |
25.02 |
|
18. Promoters and promoter group Shareholding |
|
|
|
|
a) Pledged/Encumbered: |
NIL |
NIL |
NIL |
|
- Number of shares |
|
|
|
|
b) Non-encumbered : |
|
|
|
|
- Number of shares |
41715454 |
41715454 |
41715454 |
|
- Percentage of shares (as a% of the total shareholding of promoters and promoter group |
100.00 |
100.00 |
100.00 |
|
- Percentage of shares (as a% of the total share capital of the issuer) |
74.98 |
74.98 |
74.98 |
STATEMENT OF ASSETS
AND LIABILITIES
(Rs.
In Million)
|
Particulars
|
Half year ended Unaudited |
|
|
30.09.2015 |
|
A EQUITY AND LIABILITIES |
|
|
i Shareholder’s Funds: |
|
|
(a) Capital |
556.321 |
|
(b) Reserves and Surplus |
4111.433 |
|
Sub-total – Shareholders’ Fund |
4667.754 |
|
|
|
|
ii
Non-current Liabilities |
|
|
(a) Long-term Borrowings |
38.889 |
|
(b) Deferred Tax Liabilities (Net) |
55.328 |
|
(c) Other Long-term Liabilities |
43.137 |
|
(d) Long-term Provisions |
689.583 |
|
Sub-total – Non-current Liabilities |
828.937 |
|
|
|
|
iii
Current Liabilities |
|
|
(a) Short-term Borrowings |
1693.140 |
|
(b) Trade Payables |
2680.977 |
|
(c) Other Current Liabilities |
310.901 |
|
(d) Short-term Provisions |
22.841 |
|
Sub-total – Current Liabilities |
4907.859 |
|
|
|
|
TOTAL
– EQUITY AND LIABILITIES |
10402.550 |
|
|
|
|
B ASSETS |
|
|
i
Non-current Assets |
|
|
(a) Fixed Assets |
5543.952 |
|
(b) Non-current investments |
53.600 |
|
(c) Long-term Loans and Advances |
268.998 |
|
Sub-total – Non-current assets |
5866.550 |
|
|
|
|
CURRENT
ASSETS |
|
|
(a) Inventories |
1986.806 |
|
(a)
Trade Receivables |
1968.824 |
|
(b) Cash and Cash Equivalents |
113.750 |
|
(c) Short-term Loans and Advances |
425.965 |
|
(d) Other current assets |
40.665 |
|
Sub-total – Current assets |
4536.000 |
|
|
|
|
TOTAL
- ASSETS |
10402.550 |
NOTES :
- The above
financial results of the Company have been reviewed by the Audit Committee
and thereafter have been approved by the Board of Directors at their
meeting held on October 28, 2015.
- The limited review
as required has been completed by statutory auditor for the quarter ended
September 30, 2015.
- Segment
Reporting As the Company’s business activities fall within a single
primary business segment viz. auto components for two wheeler and four
wheeler industry, Segment Reporting is not applicable.
- The estimated
useful lives of certain fixed assets have been revised with effect from
April 1, 2015.
- To make the
half year results of September 2015 comparable with September 2014 we are
disclosing half year results of September 2014 which has been arrived at
after adding June 2014 quarter results and September 2014 quarter results.
Till last year due to change in annual reporting period from December year
end to March year end, year to date results of September 2014 was
published for 9 months.
- Previous
period figures have been regrouped/ recasted wherever necessary.
INDEX OF CHARGES :
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10570334 |
29/04/2015 |
20,896,921.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. |
C54112487 |
|
2 |
10426215 |
23/04/2013 |
400,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. |
B75298182 |
|
3 |
10252079 |
26/02/2015 * |
250,000,000.00 |
ING VYSYA BANK LIMITED |
NARIAN MANZIL, GROUND FLOOR, SHOP NO. G1 TO G5, I |
C45761277 |
|
4 |
10193383 |
01/10/2011 * |
150,000,000.00 |
ING VYSYA BANK LIMITED |
NARIAN MANZIL, GROUND FLOOR, SHOP NO. G1 TO G5, I |
B23129547 |
|
5 |
10093089 |
25/02/2008 |
125,000,000.00 |
ING VYSYA BANK LIMITED |
NO. 23, NARAIN MANZIL, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
A34435313 |
|
6 |
10033529 |
18/05/2007 * |
300,000,000.00 |
UTI BANK LTD |
TRISHUL 3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD – 380006, GUJARAT, INDIA |
A09618935 |
|
7 |
10023677 |
10/04/2007 * |
105,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. |
A06007074 |
|
8 |
10000448 |
21/02/2006 |
145,000,000.00 |
ING VYSYA BANK LIMITED |
23, BARAKHAMBA ROAD, NARRAIN MANZIL, NEW DELHI - 110001, INDIA |
A00103770 |
|
9 |
90051250 |
20/01/2005 |
100,000,000.00 |
KOTAK MAHINDRA BANK LTD |
36-38; NARIMAN BHAWAN, 227; NARIMAN POINT, MUMBAI – 40002, MAHARASHTRA, INDIA |
- |
|
10 |
80000629 |
26/05/2015 * |
2,340,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
NARIAN MANZIL, GROUND FLOOR, SHOP NO. G1 TO G5, I |
C57722894 |
FIXED ASSETS
Tangible Assets
·
Freehold Land
·
Leasehold Land
·
Building
·
Furniture and Fittings
·
Office Equipment
·
Plant and Machinery
·
Vehicles
Intangible Assets
·
Designs and Drawings
·
Patents and Trademarks
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.66.32 |
|
|
1 |
Rs.99.99 |
|
Euro |
1 |
Rs.72.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
ASN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
66 |
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.