MIRA INFORM REPORT
|
Report No. : |
306083 |
|
Report Date : |
02.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SCHNEIDER ELECTRIC INFRASTRUCTURE LIMITED (w.e.f. 08.12.2011) |
|
|
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|
Formerly Known
As : |
SMARTGRID AUTOMATION DISTRIBUTION AND SWITCHGEAR LIMITED |
|
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Registered
Office : |
Milestone 87, Vadodara, Halol Highway, Village Kotambi, Post Office
Jarod, Vadodara – 391510, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
12.03.2011 |
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Com. Reg. No.: |
04-064420 |
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Capital
Investment / Paid-up Capital : |
Rs.478.210 Millions |
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CIN No.: [Company Identification
No.] |
L31900GJ2011PLC064420 |
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PAN No.: [Permanent Account No.] |
AAPCS6078Q |
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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 business of manufacturing, designing,
building and servicing technologically advanced products and systems for
electricity distribution including products such as distribution
transformers, medium voltage switchgears, medium and low voltage protection
relays and electricity distribution and automation equipment’s. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The rating is constrained on account of company’s weak operational
performance marked by losses from its operational activities and moderate
liquidity profile of the company. However, trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The company can be considered for business dealing 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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
Not Available
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-265-2662000)
LOCATIONS
|
Registered Office : |
Milestone 87, Vadodara, Halol Highway, Village Kotambi, Post Office
Jarod, Vadodara – 391510, Gujarat, India |
|
Tel. No.: |
91-120-3940400 / 3898703 |
|
Fax No.: |
91-120-3898700 |
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E-Mail : |
company.secretary@schneider-electric.com
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Website : |
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Corporate Office : |
4-7th Floor, Tower 3, IGL Complex, Plot 2B Sector 126,
Noida – 201304, Uttar Pradesh, India |
|
Tel. No.: |
91-120-3898703 |
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Fax No.: |
91-120-3898700 |
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E-Mail : |
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Factory 1: |
Transformer
Division Naini Works, P. O. Naini, Allahabad – 211008, Uttar Pradesh, India |
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Tel. No.: |
91-532-2699990 |
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Fax No.: |
91-532-2699990 |
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Factory 2: |
Survey No. 215, Gagilapur Village, Qutbullapur Mandal, District
Rangareddy, Hyderabad – 500043, Telangana, India |
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Factory 3 : |
PSS – 58, MIDC Satpur, Nasik – 422007, Maharashtra, India |
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Tel. No.: |
91-253-3915100 |
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Factory 4: |
Technopolis, 3rd Floor, Wing-B, Plot - 4, Block
- BP, Sector - V, Salt Lake City, Bidhan Nagar, Kolkata – 700091, West
Bengal, India |
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|
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Factory 5: |
Automation Division A-88, Sector – 57, Noida – 201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-4204587/ 4204588/ 4204589 |
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Factory 6: |
Equipment Division Block BN 3, Sector - V, Salt Lake, Kolkata – 700091, West
Bengal, India |
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Factory 7: |
Automation Division No - 172, Poonamallee, By Pass Road, Poonamalle, Chennai -
600056 |
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Regional Offices : |
Located At: · Noida · Kolkata · Mumbai · Bangalore · Secunderabad · Chennai |
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Branch Offices : |
Located At: · Chandigarh · Jaipur · Lucknow · Jamshedpur · Guwahati · Bhubaneshwar · Vadodara · Ahmedabad · Nagpur · Pune |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Vinod Kumar Dhall |
|
Designation : |
Chairman (Non-Executive) |
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|
Name : |
Mr. Prakash Kumar Chandraker |
|
Designation : |
Managing Director |
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Name : |
Mr. Anil Chaudhry |
|
Designation : |
Director |
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Name : |
Mr. Ranjan Pant |
|
Designation : |
Director |
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|
Name : |
Mr. Rajani Kesari |
|
Designation : |
Director |
|
Date of Appointment : |
22.05.2013 |
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Name : |
Mr. V. S. Vsudevan |
|
Designation : |
Director |
|
Date of Appointment : |
11.03.2013 |
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Name : |
Mr. Javed Ahmad |
|
Designation : |
Director (for the period of 01.08.2013 to 22.05.2014) |
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Name : |
Mr. Alexander Tagger |
|
Designation : |
Director |
|
Date of Appointment : |
10.07.2013 |
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|
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|
Name : |
Mr. Manish Jaiswal |
|
Designation : |
Director |
|
Date of Appointment : |
22.05.2014 |
KEY EXECUTIVES
|
Name : |
Mr. Sameet Gambhir |
|
Designation : |
Company Secretary |
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|
Name : |
Mr. Anurag Mantri |
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Designation : |
Chief Financial Officer |
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COMMITTEES OF DIRECTORS : |
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Nomination and Remuneration Committee : |
· Mr. Vinod Kumar Dhall - Chairman · Mr. Prakash Kumar Chandraker · Mr. Ranjan Pant · Mr. V. S. Vsudevan |
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Corporate Social Responsibility (CSR) Committee : |
· Mr. Ranjan Pant · Mr. V. S. Vsudevan - Chairman · Mr. Prakash Kumar Chandraker |
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Risk Management Committee : |
· Mr. Ranjan Pant - Chairman · Mr. V. S. Vsudevan · Mr. Prakash Kumar Chandraker |
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Stakeholder’s Relationship Committee : |
· Mr. Ranjan Pant · Mr. V. S. Vsudevan - Chairman · Mr. Prakash Kumar Chandraker |
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Audit Committee : |
· Mr. Vinod Kumar Dhall - Chairman · Mr. Ranjan Pant · Mr. Rajani Kesari · Mr. V. S. Vsudevan |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
168735367 |
70.57 |
|
|
168735367 |
70.57 |
|
|
|
|
|
|
10592659 |
4.43 |
|
|
10592659 |
4.43 |
|
Total shareholding of Promoter and Promoter
Group (A) |
179328026 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
14581500 |
6.10 |
|
|
41677 |
0.02 |
|
|
605 |
0.00 |
|
|
7705807 |
3.22 |
|
|
368700 |
0.15 |
|
|
22698289 |
9.49 |
|
|
|
|
|
|
12343958 |
5.16 |
|
|
|
|
|
Individual shareholders holding nominal share
capital up to Rs. 0.100 Million |
19205848 |
8.03 |
|
Individual shareholders holding nominal
share capital in excess of Rs.0.100 Million |
3502642 |
1.46 |
|
|
2025272 |
0.85 |
|
|
534853 |
0.22 |
|
|
655 |
0.00 |
|
|
5415 |
0.00 |
|
|
1484349 |
0.62 |
|
|
37077720 |
15.51 |
|
Total Public shareholding (B) |
59776009 |
25.00 |
|
Total (A)+(B) |
239104035 |
100.00 |
|
(C) Shares held by Custodians and against which
Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
239104035 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing,
designing, building and servicing technologically advanced products and systems
for electricity distribution including products such as distribution
transformers, medium voltage switchgears, medium and low voltage protection
relays and electricity distribution and automation equipment’s. |
|
|
|
|
Exports : |
-- |
|
|
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Imports : |
-- |
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Terms : |
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Selling : |
-- |
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Purchasing : |
-- |
GENERAL INFORMATION
|
Suppliers : |
-- |
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Customers : |
-- |
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No. of Employees : |
Not Divulged |
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|
|
Bankers : |
Not Available |
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Banking Relations
: |
-- |
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Auditors : |
|
|
Name : |
S.R Batliboi and Company Chartered Accountants |
|
Address : |
Golf View, Corporate Tower B, Sector 42, Sector Road, Gurgaon -
122002, Haryana, India |
|
Tel. No.: |
91-124-4644000 |
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Fax No.: |
91-124-4644050 |
|
|
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|
Holding Company : |
Energy Grid Automation Transformers and Switchgears India Limited |
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Ultimate Holding
Company : |
Schneider Electric SA, France |
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Parent of Holding
Company and Others : |
Schneider Electric Singapore Pte. Limited, Singapore |
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Fellow Subsidiaries
: |
· Schneider Electric India Private Limited, India · Schneider Electric Canada Inc., Canada · Schneider Electric Protec Controle, France · Schneider Electric FZE, Oman (UAE) · Schneider Electric Sachsenwerk Gmbh, Germany · Schneider Electric Brasil Ltda, Brazil · Schneider Electric Services International SPRL, Belgium · Schneider Electric Indonesia PT, Indonesia · Schneider Switchgear (Suzhou) Co. Limited, China · APW President Systems Limited, India · Schneider Electric Energy Poland SP ZOO, Poland · Schneider Electric Huadian Switchgear (Xiamen) Co. Limited, China · Schneider Electric Energy, France · Schneider Electric Taiwan Co., Limited, Taiwan · Schneider Electric (Honk Kong) Limited · Schneider Electric Energy Hungary Limited, Hungary · Schneider Electric Telecontrol, France · Schneider Electric (China) Investment Co. Limited, Shanghai · Schneider Electric DMS Ns LLC, Serbia · Schneider Electric de Columbia, S.A., Columbia · Schneider Electric Lanka Private Limited, Sri Lanka · Schneider Electric Vietnam Limited, Vietnam · Schneider Electric Overseas Asia PTE Limited, Singapore · Schneider Electric Industries SAS, France · Schneider Electric Industries (M) SDN BHD, Malaysia · Schneider Electric (Australia) Pty Ltd., Australia · Schneider Electric Energy Manufacturing Italia Srt, Italy · Schneider Electric Nigeria Limited, Nigeria · Schneider Electric Energy UK Limited, United Kingdom · Shanghai Schneider Electric Power Automation Co. Limited · Schneider Enerji Industrisi Sanayi ve Ticaret AS, Turkey · Schneider Electric Espana SA, Spain · Schneider Electrik Sanayi ve Ticaret AS, Turkey · Schneider Electric Limited, United Kingdom |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs.2/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
239104035 |
Equity Shares |
Rs.2/- each |
Rs.478.210 Millions |
|
|
|
|
|
NOTE
a.
Terms/rights attached to equity shares
The company has only one class of equity shares having a par value of Rupees 2/- per share. Each holder of equity shares is entitled to one vote per share. The company shall declare and pay dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of winding-up of the company, the equity shareholders shall be entitled to be repaid remaining assets of the company, in the ratio of the amount of capital paid up on such equity shares.
b. Shares held by
Holding Company and Parent of Holding Company
|
Particulars |
March 31, 2014 |
|
|
Number of shares (in Millions) |
Amount (in Millions) |
|
|
Energy Grid Automation Transformers and Switchgears India Limited, the Holding Company |
168.740 |
337.470 |
|
Schneider Electric Singapore Pte. Limited, Parent of Holding Company |
10.590 |
21.180 |
c. Reconciliation of
the equity shares outstanding at the beginning and at the end of the reporting
year
|
Particulars |
March 31, 2014 |
|
|
Number of shares (in Millions) |
Amount (in Millions) |
|
|
Outstanding at the beginning of the year |
239.100 |
478.210 |
|
Issued during the year |
-- |
-- |
|
Cancelled during the year |
-- |
-- |
|
Outstanding at the end of the year |
239.100 |
478.210 |
d. Details of
shareholders holding more than 5% shares in the company
|
Particulars |
March 31, 2014 |
|
|
Number of shares (in Millions) |
Percentage (%) |
|
|
Equity shares of Rupees 2/- each fully paid: |
|
|
|
Energy Grid Automation Transformers and Switchgears India Limited, the Holding Company |
168.740 |
70.57% |
|
Reliance Capital Trustee Company Limited A/c through Reliance Regular Vision Fund, (Scheme of Reliance Mutual Fund) |
11.380 |
4.76% |
As per of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
478.210 |
478.210 |
478.210 |
|
(b) Reserves & Surplus |
657.580 |
1906.850 |
2191.440 |
|
(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) |
1135.790 |
2385.060 |
2669.650 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1900.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
428.320 |
244.660 |
206.100 |
|
Total Non-current
Liabilities (3) |
2328.320 |
244.660 |
206.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
696.630 |
2341.380 |
2248.170 |
|
(b) Trade
payables |
6522.660 |
6154.590 |
4867.630 |
|
(c) Other
current liabilities |
1725.770 |
1767.110 |
2096.230 |
|
(d) Short-term
provisions |
157.090 |
158.060 |
332.530 |
|
Total Current
Liabilities (4) |
9102.150 |
10421.140 |
9544.560 |
|
|
|
|
|
|
TOTAL |
12566.260 |
13050.860 |
12420.310 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1755.600 |
1932.590 |
2072.690 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
190.840 |
56.510 |
13.450 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
114.230 |
114.230 |
82.390 |
|
(d) Trade receivables |
402.870 |
533.080 |
0.000 |
|
(e) Long-term Loan
and Advances |
224.770 |
88.750 |
85.790 |
|
(f) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2688.310 |
2725.160 |
2254.320 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1799.300 |
1497.200 |
1639.370 |
|
(c) Trade
receivables |
6810.910 |
7556.800 |
7262.540 |
|
(d) Cash
and cash equivalents |
11.230 |
43.940 |
107.720 |
|
(e)
Short-term loans and advances |
916.790 |
1088.070 |
943.120 |
|
(f) Other
current assets |
339.720 |
139.690 |
213.240 |
|
Total
Current Assets |
9877.950 |
10325.700 |
10165.990 |
|
|
|
|
|
|
TOTAL |
12566.260 |
13050.860 |
12420.310 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12156.510 |
13104.130 |
13491.920 |
|
|
|
Other Income |
450.330 |
68.310 |
43.090 |
|
|
|
TOTAL (A) |
12606.840 |
13172.440 |
13535.010 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material and components consumed |
8817.650 |
9073.920 |
9289.020 |
|
|
|
(Increases/ Decreases in inventories of finished goods and
work in progress |
(120.790) |
(92.540) |
252.460 |
|
|
|
Employee benefits expenses |
1434.690 |
1482.690 |
1224.380 |
|
|
|
Exceptional Item |
373.000 |
100.000 |
0.000 |
|
|
|
Other expenses |
2864.150 |
2311.200 |
1782.730 |
|
|
|
TOTAL (B) |
13368.700 |
12875.270 |
12548.590 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B)
(C) |
(761.860) |
297.170 |
986.420 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
227.090 |
259.510 |
215.010 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(988.950) |
37.660 |
771.410 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
260.320 |
318.340 |
158.470 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
(1249.270) |
(280.680) |
612.940 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
3.91 |
215.29 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(1249.270) |
(284.590) |
397.650 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(38.030) |
246.560 |
(0.160) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
39.770 |
|
|
|
Dividend |
0.000 |
0.000 |
95.640 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
15.520 |
|
|
BALANCE CARRIED
TO THE B/S |
(1287.300) |
(38.030) |
246.560 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value Export |
546.580 |
1039.900 |
648.380 |
|
|
|
Other Services Income |
149.070 |
315.070 |
0.000 |
|
|
TOTAL EARNINGS |
695.650 |
1354.970 |
648.380 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2173.090 |
2061.850 |
1759.750 |
|
|
|
Components and Spares parts |
0.000 |
1.120 |
4.340 |
|
|
|
Capital Goods |
0.000 |
9.310 |
87.730 |
|
|
TOTAL IMPORTS |
2173.090 |
2072.280 |
1851.820 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(5.22) |
(1.19) |
1.66 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
|
|
1st
Quarter |
|
Net Sales |
2593.600 |
|
Total Expenditure |
2732.000 |
|
PBIDT (Excl OI) |
(138.400) |
|
Other Income |
9.500 |
|
Operating Profit |
(128.900) |
|
Interest |
90.600 |
|
Exceptional Items |
0.000 |
|
PBDT |
(219.500) |
|
Depreciation |
59.300 |
|
Profit Before Tax |
(278.800) |
|
Tax |
114.200 |
|
Provisions and
contingencies |
0.000 |
|
Profit After Tax |
(393.000) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(10.28) |
(2.170 |
2.95 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(6.27) |
2.27 |
7.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(45.88) |
(10.42) |
25.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.10) |
(0.12) |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.29 |
0.98 |
0.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09 |
0.99 |
1.07 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
478.210 |
478.210 |
478.210 |
|
Reserves & Surplus |
2191.440 |
1906.850 |
657.580 |
|
Net
worth |
2669.650 |
2385.060 |
1135.790 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
1900.000 |
|
Short term borrowings |
2248.170 |
2341.380 |
696.630 |
|
Total
borrowings |
2248.170 |
2341.380 |
2596.630 |
|
Debt/Equity
ratio |
0.842 |
0.982 |
2.286 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
13491.920 |
13104.130 |
12156.510 |
|
|
|
(2.874) |
(7.231) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
13491.920 |
13104.130 |
12156.510 |
|
Profit/ (Loss) |
397.650 |
(284.590) |
(1249.270) |
|
|
2.95% |
(2.17%) |
(10.28%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and Advances
from Related Parties: Loan from Schneider Electric IT Business India Private Limited |
1900.000 |
0.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loan from banks repayable on demand |
275.190 |
0.000 |
|
Short term loan from banks |
250.000 |
1175.000 |
|
Short term foreign currency loan from banks |
171.440 |
166.380 |
|
Loans and Advances
from Related Parties: Loan from Schneider Electric IT Business India Private Limited |
0.000 |
1000.000 |
|
Total |
2596.630 |
2341.380 |
|
NOTE: a. Loan from banks repayable on demand comprises of Bank Overdraft availed in Current Accounts carrying interest rate of 11.50% per annum. b. Short term loan from banks includes- (i) Rupees 250.000 Millions which carries interest rate 7.00% per annum. The loan is payable in 150 days from the end of the balance sheet date (March 31, 2013 - Rupees 1175.000 Millions carrying interest rate of 7.50% per annum. c. Short term foreign currency loan includes- (i) USD 1.38 Millions (Rupees 82.940 Millions) Export Loan which carries interest rate LIBOR plus 0.50 % per annum. This loan is repayable within 150 days from the end of the balance sheet date. (March 31, 2013 - USD 0.98 Millions (Rupees 56.890 Millions) which carries interest rate LIBOR plus 1.16 % per annum) (ii) USD 0.38 & 0.22 Millions (Rupees 23.140 and 13.350 Millions) Buyer Credit Loan which carries interest rate LIBOR plus 0.50 % and 0.45% per annum respectively. This loan is repayable in 58 and 25 days respectively from the end of the balance sheet date. (March 31, 2013 - USD 2 Millions (Rupees 108.780 Millions) which carries interest rate LIBOR plus 1.27 % per annum) (iii) EUR 0.49 Millions and 0.13 Million (Rupees 41.210 and 10.790 Millions) Buyer Credit Loan which carries interest rate LIBOR plus 0.45 % and 0.50% per annum respectively. This loan is repayable in 29 and 63 days respectively from the end of the balance sheet date d. Short term Loan taken from Schneider Electric IT
Business India Private Limited of Rupees 1000.000 Millions carried forward
from previous year (carrying interest rate of 8.00% per annum) and short term
loan of Rupees 900 Millions taken during the current year was converted into
long term loan during the current year. Accordingly, long term loan of Rupees
1900.000 Millions, which carries interest rate of 7.50% per annum, is
repayable after 12 months from end of Balance Sheet date. |
||
NATURE OF OPERATIONS
Subject was incorporated on March 12, 2011. It is a public company domiciled in India and incorporated under the provision of the Companies Act, 1956. Its shares are listed on three stock exchanges in India. The company is engaged in the business of manufacturing, designing, building and servicing technologically advanced products and systems for electricity distribution including products such as distribution transformers, medium voltage switchgears, medium and low voltage protection relays and electricity distribution and automation equipment’s.
PERFORMANCE REVIEW
2013-2014 proved to be one of the difficult years in the recent times for the power sector. Driven by the decrease in Capex investment, the year witnessed a decline in the size of electrical infrastructure market. Despite the harsh and difficult market conditions, The Company, through efficient management strategies and pragmatic decision making, managed to maintain its market leadership position' in the medium voltage electrical infrastructure sector. Order intake in 201 3-2014 stood at INR 13,549 million as against INR 13,115 million during the same period last year, translating into 3.3 percent RISE. The Company reported sales worth INR 12,156 million as against INR 13,104 million achieved during the previous year, a 7.2 percent drop. The recoverability of older receivables has remained a challenge due to the tough market conditions. Still, considering the circumstances, the Company has dealt with most of the issues admirably and also managed to streamline the operations to improve the efficiencies.
The focus of Schneider Electric lnfrastructure Limited (SEIL) remained the same as always: Providing consumers with products and solutions that achieve maximum efficiency with minimum energy usage. This has helped The Company to further strengthen its position, even in this tough market environment. Identifying the potential of smart devices, The Company has also created a team - focussed on Smart City portfolio. Smart devices with 'Smart' solutions are going to be the future and SElL is already positioning itself to be the pioneer in this segment.
During 2013-2014 SElL's focus was on increasing the range of offerings, widening the market coverage, and innovation. It increased its local presence and the range of offerings. It has been part of several highly prestigious projects and acquired an impressive portfolio of new clients in Advance Distribution Management System (ADMS)
and Smart Grid domain. The Company is also known in the industry for its customer centric approach and superior customer care. To maintain the high quality customer care it is extremely important to have an excellent internal collaboration. In this regard, SElL has introduced SPICE - Schneider Electric Platform for Information Collaboration and Efficiency.
Employees are the greatest assets of SEIL. They are the factor that helps The Company achieve its goals and retain its market leadership position. It launched several training and engagement, initiatives to further enhance their competencies. The workforce remains focused on creating value to the customers and shareholders.
In an overall tough year, The Company's focus remained on sustainable and profitable growth. SElL would like to thank the shareholders, customers and employees for their continuous support and confidence in the Company.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
MARKET OVERVIEW
The overall external market environment in 2013 remained stiff and tough.
The economy went through challenging times since the crisis in the Euro area in 201 1-1 2, with a cyclical down turn resulting in growth slowdown, elevated current account deficit and persistent inflation, and the need to restore fiscal policy to a sustainable path.
DEMAND OVERVIEW
lndia ranks among the top five Countries in the world on both. generation and consumption of electricity and has also witnessed robust growth in the demand for past many years.
As of the closure of the last financial year the Country stands at close to 243 GW of installed generation capacity (excluding captive plants contribution). The contribution from the captive generation sector stands at about 39 GW.
Several long term Government initiatives are underway to improve the overall situation of power sector. As regards the generation planning, the working group on power for 12th Plan has taken under consideration various aspects like the demand forecast, sensitivities studies for right mix of generation sources, fuel availability, captive generation, optimization of existing generation 'etc.
The generation capacity for the Country has grown at a rate of over 8.5% during the Eleventh Five Year Plan period and stands today at 243 GW. There is an ambition to add another 88.5 GW is in the Twelfth Five Year Plan (2012-17).
Similar to the generation sector there are different important areas of transmission sector that are drawing attention. To name a few, Open Access in Transmission Planning which includes long-term, medium-term and shot-term agreements, Smart Transmission Grid, Inter Regional Capacity Program and Renewable Generation Integration.
DISTRIBUTION OVERVIEW
The past year has seen some definite steps being taken by the key stakeholdes in the Country for addressing the prime challenges of distribution sector like high losses in the network, inadequate infrastructure and jittery financial health of the operators, on account of both the need of tariff revision as well as desired revenue realisation.
Debt restructuring, infrastructure modernization and smart technologies are the focus areas for immediate action.
Though the AT&C losses in the segment have been consistently decreasing, yet the present level of 25-26% is a matter of concern. RAPDRP program is one of the biggest and comprehensive initiatives undertaken by the Government to directly address this concern. But even though the program facilitates a fund of 500 BlNR to the utilities to tackle their challenges the progress has been slow and by the end of 1 1 th plan only 12% of the funds were utilised. The biggest deterrent to the programme has been the operational challenges. Apart from the above mentioned fields the longterm vision of the Country includes investments on projects to ensure accessibility of power in rural areas, demand side management, private sector participation and PPP model. Under the initiatives
for power accessibility to all, RGGW scheme aims at providing power to all households especially in rural areas and DDG (Distributed Decentralised Generation) scheme provides for funds to the tune of 10 BlNR to consider VGF (Viability Gap Funding) for the related projects.
SMART GRID
The need for reliable and quality power to the consumers has
fuelled the growth of markets'/technologies like Open Access, Underground
Cabling and Smart Grids. Smart Grids and Smart Metering using two way
communication can enable advance metering infrastructure, time-of-day metering
including consumer home energy management systems. Smart Grids having AM1 with
two-way communication along with customer interface, integration of
renewable and electrical vehicles with the grid, intelligent sub-stations with
selfhealing, are emerging technologies worldwide.
Government has set aside a separate budget for these emerging Smart Grid
technologies in India by announcing 14 pilots
covering different value propositions. Post observation of the performance of
these pilots the actual full roll-outs of the projects will be facilitated. All
14 Utilities have hired consultants for these
pilot projects, with PGCIL
as the major consultant.
OUTLOOK
Optimism prevails in the market today after the general elections. The
new Government is expected to work towards effective implementation of
different existing initiatives across the Power sector and also provide a boost
by making substantial investments overall in different segments. Under the
proposed National Energy Policy there
is a visible emphasis on expanding the National Solar
Mission, enablement for higher contribution from nuclear power and clear and
transparent policies on coal allocation.
Apart from the various projects and plans outlined in the 12th Five Year
Plan there could be an additional push to the sector as a result of recent announcements in the Infrastructure Segment. 8 National
Investment and Manufacturing Zones (NIMZ) along Delhi Mumbai Industrial
Corridor (DMIC) were announced. 9 Projects have been approved by the DMIC. 3
more Industrial Corridors connecting Chennai and Bengaluru, Bengaluru and
Mumbai and Amritsar and Kolkata are under different stages of preparatory work.
Additional capacities are being installed in major manufacturing industries. It
is expected that 100 smart
cities would be built across the country enabled with latest in technology and
infrastructure. Work on dedicated freight corridors would be expedited.
Overall it seems that there
would be positive growth of the market in the medium-term but in the short term
the market might still be a little sluggish trying to recover from difficult
year that they witnessed.
CONTINGENT
LIABILITIES (AS ON 31.03.2014):
a. Post demerger, Company and ALSTOM T&D India Limited (ALSTOM) have bifurcated the total outstanding demands of Excise/ Service Tax and Sales tax in accordance with the arrangement agreed between the two Companies. Accordingly, ALSTOM is contesting the total outstanding demands, before various appellate authorities, including the share of the Company
(i) Total outstanding demands of Excise / Service tax aggregates to Rupees 277.810 Millions out of which Company share is Rupees 67.270 Millions. The Company has considered NIL demand as contingent as at March 31, 2014, net of provisions of Rupees 50.450 Millions.
(March 31, 2013- Total outstanding demands of Excise / Service tax aggregates to Rupees 277.810 Millions out of which Company share is Rupees 67.270 Millions. The Company has considered demands amounting to Rupees 3.84 Millions as contingent , net of service tax provision of Rupees 46.610 Millions) The deposits pertaining to Excise/ Service tax considered as contingent aggregates to Rupees 17.920 Millions (March 31, 2013 - NIL).
(ii) Total outstanding demands of Sales Tax aggregates to Rupees 2193.170 Millions out of which Company share is Rupees 628.200 Millions. The Company has considered demands amounting to Rupees 397.920 Millions as contingent, net of provisions of Rupees 227.430 Millions.
(March 31, 2013- Total outstanding demands of Sales Tax aggregates to Rupees 820.170 Millions out of which Company share is Rupees 324.900 Millions. The Company has considered demands amounting to Rupees 171.300 Millions as contingent, net of provisions of Rupees 144.24 Millions).
The deposits pertaining to Sales tax cases considered as contingent aggregates to Rupees 160.150 Millions (March 31, 2013- Rupees 61.200 Millions).
b. For the demands pertaining to the Company only (with no ALSTOM share being there), the Company has considered Excise/ Service Tax demands amounting to Rupees 361.590 Millions as contingent, net of provisions of Rupees 10.340 Millions . (March 31, 2013 - NIL).
The deposits pertaining to Excise/ Service tax considered as contingent aggregates to Rupees 2.000 Millions (March 31, 2013 - NIL).
c. For the demands pertaining to the Company only (with no ALSTOM share being there), the Company has considered Sales Tax demands amounting to Rupees 144.810 Millions as contingent, net of provisions of Rupees 74.590 Millions. (March 31, 2013 - Rupees 195.740 Millions, net of provision of Rupees 42.000 Millions).
The deposits pertaining to Sales Tax cases considered as contingent aggregates to Rupees 8.910 Millions (March 31, 2013 - Rupees 2.940 Millions).
The Company has preferred appeals against the above demands which is pending before various appellate authorities, and has been advised by the reputed professional advisers, engaged by it, that there are reasonable chances of success in these appeals.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED JUNE 30, 2014
(Rs. in Millions)
|
PARTICULARS |
3 Months ended June 30, 2014 (Unaudited) |
|
Part I – Statement
of Standalone Financial Results |
|
|
|
|
|
1. Income from
operations |
|
|
(a) Net Sales/ Income from operations (net of excise duty) |
2568.500 |
|
(b) Other Operating Income |
25.100 |
|
Total income from
operations (net) |
2593.600 |
|
|
|
|
2. Expenses |
|
|
a. Cost of materials consumed |
1861.500 |
|
b. Purchase of stock-in-trade |
0.000 |
|
c. Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(22.200) |
|
d. Employees benefits expense |
396.900 |
|
e. Depreciation and amortization |
59.300 |
|
f. Other expenses |
495.800 |
|
Total expenses |
2791.300 |
|
|
|
|
3. Profit/(Loss) from operations before other income, finance cost and exceptional items (1-2) |
(197.700) |
|
4. Other income |
9.500 |
|
5. Profit/(Loss) from ordinary activities before finance costs and exceptional items (3+4) |
(188.200) |
|
6. Finance Costs |
90.600 |
|
7. Profit/(Loss) from ordinary activities after finance costs but before exceptional items (5-6) |
(278.800) |
|
8. Exceptional items |
0.000 |
|
9. Profit/(Loss) from ordinary activities before tax (7-8) |
(278.800) |
|
10. Tax expense |
114.200 |
|
11. Net profit/ (loss) from ordinary activities after tax (9-10) |
(393.000) |
|
12. Extraordinary items |
0.000 |
|
13. Net profit/(loss) for the period (11-12) |
(393.000) |
|
14. Paid-up equity share capital (face value of Rs. 2/- each) |
478.200 |
|
15. Reserves excluding revaluation reserves |
|
|
16. Earnings per share (EPS) |
|
|
a) Basic and diluted EPS before extraordinary items (not annualised) |
(1.64) |
|
b) Basic and diluted EPS after extraordinary items (not annualised) |
(1.64) |
|
|
|
|
|
|
|
Part II – Select
information for the Quarter ended March 31, 2014 |
|
|
|
|
|
1. Public shareholding |
|
|
- Number of shares |
59776009 |
|
- Percentage of shareholding |
25.00% |
|
|
|
|
2. Promoters and promoter group shareholding |
|
|
(a) Pledged/Encumbered |
|
|
- Number of shares |
-- |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
-- |
|
- Percentage of shares (as a % of the total share capital of the Company) |
-- |
|
Non-encumbered |
|
|
- Number of shares |
179328026 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00% |
|
- Percentage of shares (as a % of the total share capital of the Company) |
75.00% |
|
|
|
|
B INVESTOR COMPLAINTS (Nos.) |
|
|
Pending at the beginning of the quarter |
-- |
|
Received during the quarter |
-- |
|
Disposed of during the quarter |
-- |
|
Remaining unresolved at the end of the quarter |
-- |
NOTE:
1. The above Financial Results were reviewed by the Audit Committee and taken on record by the Board of Directors at the meeting held on August 06, 2014.
2. The Company has only one business segment, i.e, business relating to product
and systems for electricity distribution, and accordingly disclosure requirements
as per Accounting Standard -17 on Segment Reporting are not applicable.
3. Prior period figures have been reclassified/regrouped wherever necessary for
comparative purposes.
4. During the quarter ended June 30, 2014, the Company has realigned the useful
life of certain assets, primarily consisting of office equipment and computers,
pursuant to the requirements of Schedule II to the Companies Act 2013.
Accordingly, the Company has accounted for additional depredation charge of Rs.
112.100 Millions in these results.
5. During the quarter, the Company has reassessed and reversed net deferred tax
asset of Rs 114.200 Millions as per Accounting Standard 22 Accounting for Taxes
on Income
FIXED ASSETS
Tangible Assets
· Freehold Land
· Leasehold Land
· Leasehold Improvements
· Buildings
· Plant and Equipments
· Furniture and Fixtures
· EDP Equipments
· Motor Vehicles
PRESS RELEASE
SCHNEIDER ELECTRIC SAYS WILL REMAIN FOCUSED ON INDIA
New Delhi June 7, 2014
Schneider Electric Infrastructure, part of the euro 24-billion French Schneider Electric Group, wants to remain focused on high-end power distribution equipment and solutions in India. The company sees an opportunity in the high transmission and distribution (T&D) losses in India.
“A third of the energy in India is wasted in T&D losses,” Prakash
Chandraker, vice-president and managing director of infrastructure business at
Schneider Electric Infrastructure said.
Chandraker refused to share or give any indication of the outlook on the
company’s India revenues in the current year or its plan to add manpower in the
country.
He said the company’s interest was backed by government policies aimed at
deploying smart-grid solutions to bring down losses. The company, in India for
50 years, is providing smart-grid solutions in Bihar, Kerala, Jammu and Kashmir
and Odisha.
The company supplies medium voltage switch gear and transformers apart from
digitised substations, network automation systems and renewable integration
systems.
Schneider Electric employs 29,000 in 33 factories in India. Chandraker said the
company had added enough capacity for expansion. “Most investment required for
hardware has been done. We are investing in integration capabilities on the
smart-grid side.”
Chandraker said there were no constraints for growth “but some policy change is
required for demand growth. We see there is potential to reduce losses by 10 to
15 per cent.” He added the company saw opportunity also because of the new
government’s 10-point agenda that focused on energy.
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 records 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.61.76 |
|
|
1 |
Rs.93.13 |
|
Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
32 |
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.