MIRA
INFORM REPORT
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Report No. : |
305811 |
|
Report Date : |
04.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
NAVA BHARAT VENTURES LIMITED |
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Registered
Office : |
N. B. Ventures Chambers, 6-3-1109/1, Raj |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
07.11.1972 |
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Com. Reg. No.: |
01-001549 |
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Capital
Investment / Paid-up Capital : |
Rs. 178.701 Millions |
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CIN No.: [Company Identification
No.] |
L27101AP1972PLC001549 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDN00160G |
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PAN No.: [Permanent Account No.] |
AAACN7327C |
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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
: |
Manufacture of Ferro Alloys, Sugar and Generation of Power. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 70000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and sound profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal 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 – 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 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
August 08, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
August 08, 2014 |
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.
LOCATIONS
|
Registered Office : |
N. B. Ventures Chambers, 6-3-1109/1, Raj Bhavan Road, Hyderabad –
500082, Telangana, India |
|
Tel No.: |
91-40-23403501/ 40345999 |
|
Fax No.: |
91-40-23403013 |
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E-Mail : |
nbvl@nbv.in |
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Website : |
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Factory 1: |
Ferro Alloy Plant
(A.P.) / Power
Plant (A.P.) Khammam District, Paloncha – 507154, Tel No.: 91-8744256015 to 256018 Fax No.: 91-8744256077 Ferro Alloy Plant
(Orissa)/ Power Plant (Orissa) Tel No.: 91-6732258070/
258130/ 258131 Fax No.: 91-6732258054 Sugar Division East Godavari District, Samalkot –
533440, Nacharam, |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Ashok Devineni |
|
Designation : |
Chairman |
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Name : |
Mr. P. Trivikrama Prasad |
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Designation : |
Managing Director |
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Name : |
Mr. C. V. Durga Prasad |
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Designation : |
Director (Business Development) |
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Name : |
Mr. G R K Prasad |
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Designation : |
Executive Director |
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Name : |
Mr. K. Balarama Reddi |
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Designation : |
Director |
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Name : |
Dr. M V G Rao |
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Designation : |
Director |
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Name : |
Dr. E R C Shekar |
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Designation : |
Director |
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Name : |
Dr. D. Nageswara Rao |
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Designation : |
Director |
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Name : |
Dr. C.V. Madhavi |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. M. Subrahmanyam |
|
Designation : |
Company Secretary |
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Name : |
Mr.I T. Hari Babu |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
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|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
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|
15478686 |
17.34 |
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|
18533695 |
20.76 |
|
|
4973510 |
5.57 |
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|
4973510 |
5.57 |
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|
38985891 |
43.66 |
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Total
shareholding of Promoter and Promoter Group (A) |
38985891 |
43.66 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
199516 |
0.22 |
|
|
21003 |
0.02 |
|
|
29313210 |
32.83 |
|
|
29533729 |
33.08 |
|
|
|
|
|
|
1472216 |
1.65 |
|
|
|
|
|
|
7880494 |
8.83 |
|
|
8460689 |
9.48 |
|
|
2954722 |
3.31 |
|
|
182430 |
0.20 |
|
|
1407269 |
1.58 |
|
|
5585 |
0.01 |
|
|
282631 |
0.32 |
|
|
416502 |
0.47 |
|
|
660305 |
0.74 |
|
|
20768121 |
23.26 |
|
Total Public
shareholding (B) |
50301850 |
56.34 |
|
Total (A)+(B) |
89287741 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
89287741 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Trusts
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Ferro Alloys, Sugar and Generation of Power. |
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Products : |
·
Ferro Alloys ·
Sugar ·
Generation of Power |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
*The above loans
are secured by first charge by way of equitable mortgage by deposit of title deeds
to cover all immovable properties of the Company and hypothecation of all
movable properties including movable Plant and Machinery, spares, tools and
accessories, both present and future and a second charge by way of
hypothecation of all movable properties both present and future (except book
debts) subject to prior charges created/to be created in favour of Company’s
bankers on its stocks of raw materials, semi-finished and finished goods,
consumable stores for securing borrowings for working capital requirements.
The mortgage/charge created above shall rank paripassu with the charges
created/to be created in favour of other Financial Institutions/Banks. **Loan from State Bank of India is secured by pledge of 51% shares
held by the Company in its subsidiary, Nava Bharat (Singapore) Private
Limited. Carries floating rate of interest (at present 11.80% p.a.) payable
monthly. The principal is repayable in quarterly instalments of `1,904.00
lakhs commencing from 1st April, 2014 Short Term
Borrowing Working Capital Loans from Banks are secured by hypothecation of raw
materials, work-in-progress, finished goods, stores and spares and book debts
to the extent of Rs. 2200.000 Millions and a second charge on fixed assets of
the Company. |
|
Auditors : |
|
|
Name : |
Brahmayya and Company Chartered Accountant |
|
Address : |
Flat No.403, Golden Green Apartments, Irrum Manzil Colony, Somajiguda,
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Cost Auditors : |
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Name : |
Narasimha Murthy and Company Chartered Accountant |
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Address : |
104, Pavani Estates, 3-6-365, Himayat Nagar, |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises over
which key management personnel/ their relatives exercise significant
influence:: |
·
Nava Bharat Natural Resources India Limited ·
Nav Developers Limited ·
S R T Investments Private Limited ·
A N Investments Private Limited ·
V9 Avenues Private Limited ·
A9 Homes Private Limited ·
AV Dwellings Private Limited ·
Brahmani Skyline Constructions Private Limited ·
Brahmani Infrastructure Projects Private Limited ·
Brahmani Infotech Private Limited ·
V9 Infra Ventures Private Limited ·
Pinnamaneni Healthcare Private Limited ·
Malaxmi Highway Private Limited ·
Kinnera Power Company Limited ·
Dr. Devineni Subba Rao Trust ·
Gunnam Subbarao and Ramayamma Trust |
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 Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
89539214 |
Equity Shares |
Rs.2/- each |
Rs. 179.078
Millions |
|
|
|
|
|
Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
89287741 |
Equity Shares |
Rs.2 /- each |
Rs. 178.575
Millions |
|
|
Add: Forfeited Shares (amount originally paid up) |
|
Rs. 0.126
Million |
|
|
Total |
|
Rs. 178.701 Millions |
Rights attached to equity Shares:
The company has
only one class of equity shares having a face value of Rs. 2/- per share with
one vote per each equity share. The company declares and pays dividends in
Indian rupees. The dividend proposed by the Board of
Directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting.
The amount of
dividend proposed to be distributed for the year ended 31st March 2014, to
equity shareholders is
Rs. 5.00 per share
(31st March 2013 Rs. 5.00 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 preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
Details of shareholders holding more than 5% shares in the company
|
Particulars |
31.03.2014 |
|
|
Equity Shares of Rs. 2/- each fully paid: |
No. of shares |
% in the class |
|
Wellington Management Company, |
|
|
|
LLP with its PACs |
11468283 |
12.84 |
|
Highfields Capital Management |
|
|
|
LP A/c. HC Mauritius Limited |
8482989 |
9.50 |
|
Nav Developers Limited |
7467845 |
8.36 |
Aggregate number of
shares bought back during the period of five years immediately preceding the
reporting date:
|
Financial year |
31.03.2014 |
|
|
No. of shares |
|
2009-10 |
12500 |
|
Total |
12500 |
The paid up share capital
includes 49,73,510 equity shares of Rs. 2/- each fully paid-up, owned by the
company, pursuant to the order of Hon’ble High Court of Andhra Pradesh dated
30.12.1996 in the Scheme of amalgamation
of Nav Chrome
Limited with the Company, which are vested in a Trustee for the benefit of the
Company which are to be sold and net sale proceeds are to be paid to the
Company and such shares are not considered for dividend.
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 |
178.701 |
178.701 |
178.701 |
|
(b) Reserves & Surplus |
24310.021 |
22872.249 |
20982.346 |
|
(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) |
24488.722 |
23050.950 |
21161.047 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
542.933 |
452.757 |
388.201 |
|
(b) Deferred tax liabilities (Net) |
264.192 |
339.374 |
347.128 |
|
(c) Other long term liabilities |
22.106 |
24.247 |
20.061 |
|
(d) long-term provisions |
102.979 |
96.800 |
85.473 |
|
Total Non-current Liabilities (3) |
932.210 |
913.178 |
840.863 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
418.527 |
816.965 |
977.521 |
|
(b) Trade payables |
747.880 |
728.553 |
797.267 |
|
(c) Other current
liabilities |
988.702 |
532.756 |
968.233 |
|
(d) Short-term provisions |
570.176 |
565.550 |
465.957 |
|
Total Current Liabilities (4) |
2725.285 |
2643.824 |
3208.978 |
|
|
|
|
|
|
TOTAL |
28146.217 |
26607.952 |
25210.888 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
8458.380 |
6395.400 |
6461.744 |
|
(ii) Intangible Assets |
53.136 |
64.305 |
75.588 |
|
(iii) Capital
work-in-progress |
63.340 |
2605.577 |
2603.928 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
9540.936 |
4743.227 |
2958.954 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
485.246 |
494.157 |
446.836 |
|
(e) Other Non-current assets |
1776.412 |
1653.441 |
1565.022 |
|
Total Non-Current Assets |
20377.450 |
15956.107 |
14112.072 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3217.094 |
2926.406 |
2915.355 |
|
(c) Trade receivables |
1596.990 |
1659.666 |
1165.956 |
|
(d) Cash and cash
equivalents |
1171.066 |
4637.077 |
4869.773 |
|
(e) Short-term loans and
advances |
1626.272 |
1204.784 |
1837.170 |
|
(f) Other current assets |
157.345 |
223.912 |
310.562 |
|
Total Current Assets |
7768.767 |
10651.845 |
11098.816 |
|
|
|
|
|
|
TOTAL |
28146.217 |
26607.952 |
25210.888 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11005.482 |
11241.963 |
9699.610 |
|
|
|
Other Income |
541.079 |
618.518 |
737.437 |
|
|
|
TOTAL |
11546.561 |
11860.481 |
10437.047 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5891.805 |
6121.044 |
5168.729 |
|
|
|
Purchase of traded goods |
35.762 |
46.162 |
54.286 |
|
|
|
(Increase)/Decrease in Inventories |
162.209 |
(231.668) |
68.484 |
|
|
|
Other Manufacturing expenses |
761.786 |
710.394 |
604.761 |
|
|
|
Employee benefits expense |
747.246 |
718.668 |
603.154 |
|
|
|
Other expenses |
873.723 |
903.770 |
1015.468 |
|
|
|
Exceptional Items |
43.717 |
3.925 |
5.240 |
|
|
|
TOTAL |
8516.248 |
8272.295 |
7520.122 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3030.313 |
3588.186 |
2916.925 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
182.399 |
138.162 |
161.013 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2847.914 |
3450.024 |
2755.912 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
615.782 |
482.571 |
473.144 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
2232.132 |
2967.453 |
2282.768 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
301.143 |
584.333 |
474.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1930.989 |
2383.120 |
1808.068 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
12373.568 |
10983.665 |
10067.567 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
500.000 |
500.000 |
500.000 |
|
|
|
Dividend |
71.646 |
71.646 |
54.713 |
|
|
|
Tax on Dividend |
421.571 |
421.571 |
337.257 |
|
|
|
TOTAL |
993.217 |
993.217 |
891.970 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
13311.340 |
12373.568 |
10983.665 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
2286.561 |
2322.687 |
2364.091 |
|
|
|
Guarantee Commission Eared |
24.813 |
57.439 |
42.783 |
|
|
|
Sale of Certifi ed Emission
Reductions |
0.000 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
2311.374 |
2380.126 |
2409.085 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1429.038 |
776.399 |
431.047 |
|
|
|
Components and Stores parts |
193.836 |
33.353 |
62.848 |
|
|
|
Capital Goods |
0.000 |
0.331 |
15.135 |
|
|
TOTAL IMPORTS |
1622.874 |
810.083 |
509.030 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.63 |
26.69 |
21.46 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
17.55 |
21.20 |
18.64 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
27.53 |
31.92 |
30.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.04 |
15.41 |
11.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.13 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.04 |
0.06 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.85 |
4.03 |
3.46 |
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 |
178.701 |
178.701 |
178.701 |
|
Reserves & Surplus |
20982.346 |
22872.249 |
24310.021 |
|
Net worth |
21161.047 |
23050.950 |
24488.722 |
|
|
|
|
|
|
long-term borrowings |
388.201 |
452.757 |
542.933 |
|
Short term borrowings |
977.521 |
816.965 |
418.527 |
|
Total
borrowings |
1365.722 |
1269.722 |
961.460 |
|
Debt/Equity
ratio |
0.065 |
0.055 |
0.039 |
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 |
9699.610 |
11241.963 |
11005.482 |
|
|
|
15.901 |
(2.104) |
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 |
9699.610 |
11241.963 |
11005.482 |
|
Profit |
1808.068 |
2383.120 |
1930.989 |
|
|
18.64% |
21.20% |
17.55% |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
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 |
Yes |
LITIGATION DETAILS
CASE STATUS
INFORMATION
|
PETITIONER |
|
RESPONDENT |
|
THE COMMISSIONER
OF INCOME TAX-IV, HYDERABAD |
VS |
M/S NAVA BHARAT
VENTURES LTD., HYDERABAD |
|
PET.ADV. : PRASAD
(SC FOR INCOME TAX) |
|
RESP.ADV. : GUNARANJAN |
|
SUBJECT: U/Sec.
143 Assessment |
|
DISTRICT: HYDERABAD |
|
FILING
DATE: 10-12-2012 |
POSTING
STAGE : FOR ISSUES |
|
|
REG.
DATE : 10-04-2014 |
LISTING
DATE : 02-01-2015 |
STATUS : --------- |
|
HON'BLE
JUDGE(S): |
|
HON'BLE THE
CHIEF JUSTICE |
SANJAY KUMAR
|
|
|
|
|
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long Term
Borrowing |
|
|
|
Other
Loans and Advances |
|
|
|
From other Bodies Corporate |
3.001 |
3.001 |
|
Deferred Sales Tax Liability |
0.000 |
0.889 |
|
|
|
|
|
Short Term
Borrowing |
|
|
|
Deposits |
300.000 |
300.000 |
|
Total |
303.001 |
303.890 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
CHARGE HOLDER |
ADDRESS |
Service Request
Number (SRN) |
|
1 |
10534942 |
04/12/2014 |
4,660,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA -
400001, INDIA |
C35975200 |
|
2 |
10532499 |
30/10/2014 |
1,690,000,000.00 |
STANDARD
CHARTERED BANK |
MARINA BAY
FINANCIAL CENTRE, TOWER 1, LEVEL 24,, |
C34413989 |
|
3 |
10519555 |
22/10/2014 * |
108,500,000.00 |
STATE BANK OF INDIA |
CORPORATE
ACCOUNTS GROUP BRANCH-13039, "OZONE", 2 ND FLOOR, # 6-3-669,
PUNJAGUTTA MAIN ROAD, HYDERAB |
C30980478 |
|
4 |
10465342 |
27/03/2014 * |
6,600,000,000.00 |
STATE BANK OF
INDIA |
CORPORATES ACCOUNTS
GROUP BRANCH - 13039, 'OZONE',2ND FLOOR, #6-3-669,PUNJAGUTTA MAIN ROAD,
HYDERAB |
C06956387 |
|
5 |
10444493 |
27/03/2014 * |
200,000,000.00 |
STANDARD
CHARTERED BANK |
ORIGINATION
& CLIENT COVERAGE, 6-3-1090, TSR TOWERS, RAJ BHAVAN ROAD, SOMAJIGUDA,
HYDERABAD, ANDHRA |
C06949614 |
|
6 |
10371808 |
05/01/2013 * |
2,500,000,000.00 |
STATE BANK OF
INDIA |
CORPORATE
ACCOUNTS GROUP BRANCH - 13039, OZONE, 2 |
B65770638 |
|
7 |
90262145 |
27/03/2014 * |
200,000,000.00 |
STATE BANK OF
HYDERABAD |
INDUSTRIAL
FINANCE BRANCH, TOPAZ BUILDING, AMRUTH |
C06940571 |
|
8 |
80026242 |
27/03/2014 * |
680,000,000.00 |
ANDHRA BANK |
SULTAN BAZAR
BRANCH,, KOTI, HYDERABAD, ANDHRA PRA |
C06948624 |
|
9 |
90261930 |
27/03/2014 * |
200,000,000.00 |
UCO BANK |
BANJARA HILLS
BRANCH, DOOR NO. 82-624, GROUND FLOOR, ROAD NO.10, BANJARA HILLS, HYDERABAD,
ANDHRA PRADESH - 500034, INDIA |
C06944581 |
|
10 |
80004560 |
27/03/2014 * |
720,000,000.00 |
STATE BANK OF
INDIA |
CORPORATES
ACCOUNTS GROUP BRANCH, OZONE, 2ND FLOOR, #6-3-669, PUNJAGUTTA MAIN ROAD,
HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
C06958607 |
|
11 |
80026243 |
27/03/2014 * |
200,000,000.00 |
BANK OF INDIA |
HYDERABAD MAIN
BRANCH 5-8-659, NAMPALLY STATION R OAD, HYDERABAD, ANDHRA PRADESH -
500001, INDIA |
C06941611 |
* Date of charge modification
REVIEW OF
OPERATIONS
The foresight
shown by the group by making investments in the power business is yielding results.
The consolidated performance for the year 2013-14 saw marked improvement in the
contribution of the Power business with the inclusion of the 150 MW plant
operated by subsidiary company, Nava Bharat Energy India Limited Total Income
from Operations stood at Rs. 17275.95 Millions, up 51% YoY. Profit Before Tax
stood at Rs. 3117.150 Millions, growing 33% YoY, notwithstanding the
operational deficit incurred at the Zambian operations. The Profit after Tax
showed a similar strong trend at Rs. 2762.233 Millions, up by 62%.
The standalone
performance was moderated on account of lower profitability in ferro alloy and
sugar segments, depreciation charge on idle power facility in Odisha and
reduced treasury income. The power segment performance was satisfactory in the
light of maintenance outages and Grid backing down in AP and very low merchant
power rates prevailing outside of southern region. Total Income from Operations
were at Rs. 11005.482 Millions. Profit before Tax was at Rs. 2232.132 Millions
and Profit after Tax was at Rs.1930.989 Millions.
NATURE OF
OPERATIONS:
Nava Bharat Ventures Limited (the Company) has been incorporated on 7th
November, 1972. At present the
Company is engaged in the business of manufacture of ferro alloys, sugar
and generation of power
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
POWER
India perennially
ranks as one of the largest generators and consumers of power. With installed
capacity of 0.24 TWh, the country is seeking to add 118 GW (including carry
over additions from the previous period) in the 12th 5-year plan. The share of
the private sector in the new capacities coming up stands at about 60%.
Traditionally the share of thermal power has stood at over 60% of the total
generation mix owing to abundance of coal in the country. An estimated 300 bn
tonnes of coal are minable domestically (total coal reserves) compared to 438
mn tonnes that are actually produced by the PSU monopoly for coal each year.
The national tariff policy (NTP 2006) has encouraged a market driven model for
power with sufficient incentive for companies engaged in the generation,
transmission and distribution of electricity on one hand and the benefit of
reliability and affordability of power to end users on the other.
It is estimated
that power consumption will rise from 821.2 TWh in the year 2013 to 1,433.2 TWh
in the year 2022 driven by increasing industrial activity and on account of
demographic growth. India nominally faces a deficit of 3.5-4.5% every year,
representing the gap between the demand and supply of power.
Regardless of the
reforms, the chief impediments to growth in thermal capacities are constraints
in enhancing the production of both coal and gas domestically. The imported
coal that gets utilised as a substitute often comes in at a higher cost,
upsetting the operating economics of Independent Power Producers (IPPs) who
also additionally have to contend with stagnating merchant tariffs and
under-remunerative PPAs. The long-term antidote to the ills befalling the power
industry includes balancing the tariffs with the cost of generation, reduction
in cross-subsidisation amongst consumers and curtailment in Transmission and
Distribution (T&D) losses.
The challenges and
dynamics of the sector notwithstanding, the persistent deficit has given rise
to a vibrant market for merchant trading of power across the country. In the
year 2013-14 the market for short-term trading stood at 115.1 bn kWh. The
Company is an active participant in this market and delivered 864.7 mn units
under the merchant dispensation in the financial year 2013-14.
FERRO ALLOYS
Ferro Alloys are
additives used in the manufacture of steel, where their addition produces
different grades of steel.
These additives also
find usage in the manufacture of cast iron. Ferro Alloys are primarily alloys
of Iron mixed with other elements such as Manganese, Silicon, Chromium and
Aluminium. These alloys impart distinctive qualities to steel (corrosion
resistance, hardness and tensile strength at high temperature, wear resistance
and better creep strength) and cast iron ore serve important functions during
their production.
Production of Ferro
Alloys across the globe is concentrated in areas where the input materials are
usually abundant; countries like Ukraine, Russia, China and South Africa
account for the lion’s share. Like many other industries within India, the
manufacturing of Ferro Alloys is fragmented, although a large percentage gets
exported through the Kolkata, Haldia and Vishakhapatnam ports. India occupies a
significant proportion of Ferro Chrome production pie after South Africa, China
and Kazakhstan. In Manganese Alloys the leading producers are China, South
Africa, Ukraine and Brazil.
The manufacturing
process is power intensive, and, as a result, Indian producers have opted to
set-up captive power generation. The Company too has developed a captivepower
that is backed up to 70% of its requirement by linked coal (the rest of the
requirement is met through a combination of coal obtained through e-auction,
washery rejects and imports). The Manganese ore used in the manufacturing of
Ferro Manganese and Silico Manganese is mined by Manganese Ore India Ltd., a
PSU whereas pricing is linked to international prices as is the case with all
commodities. Chromite ore is available from Odisha Mining Corporation. In order
to limit the risk arising due to volatility in supplies and pricing of Chromite
ore, we are engaged in a conversion agreement with Tata Steel. This agreement mandates
that we convert a fixed quantum of ore into finished product such that we are
able to recover fixed cost/ sunk costs.
SUGAR
The consumption of
sugar has increased at about 2.7% per annum over the last 5 decades with India
being the second largest producer and largest consumer of sugar globally. The
demand for sugar in the year 2013-14 is expected to stand at 23.5 MT. While it
can be manufactured from a variety of crops, sugarcane is the most common
source of producing sugar in India and the other major producers. Within the
country, Maharashtra enjoys the largest share in production followed by Uttar
Pradesh, Tamil Nadu, Karnataka, Madhya Pradesh and Andhra Pradesh. The
dependence on favourable agro-climatic conditions renders sugar a cyclical commodity
and the year 2013-14 is likewise expected to be a surplus year with 25 MT
production.
Sugar is both a key
contributor to the rural economy and an irreplaceable ingredient of consumption
in every Indian household. Historically, therefore, the sector has been closely
regulated, in the process stymieing sustainable
growth for sugar
and its associated by-products i.e. alcohol and spirit. Cane price poses the
chief burden on sugar millers as the same is determined ad-hoc by respective
State Governments; sugar season 2013-14 saw a State Advised Price (basic cane
price) of Rs. 280 per quintal for Uttar Pradesh whereas Karnataka has asked for
Rs. 250 per quintal. Underlying the individual state advised prices for
sugarcane is a Fair and Remunerative Price (FRP) that gets determined by the
Central government and which stood at Rs. 210 per quintal in the sugar season
2013-14.
On the other hand,
the price of sugar within the country remained under pressure in the range of
Rs. 28-31/kg following an oversupply scenario. With sugar season 2013-14
expected to result in surplus production, we are looking at th 3rd straight year of surpluses. The
government has sought to remedy the situation by proposing an export subsidy
thereby encouraging an outward passage for sugar and allowing prices to rise
domestically. Internationally, there are expectations that there will be a
small surplus at the end of sugar season 2013-14. It is pertinent to note that
gradual enhancement in the fuel blending ratio for ethanol
(which is a
by-product of sugar) will help support firmer prices for sugar.
FIXED ASSETS
·
Land
·
Building
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Air Conditioner
·
Railway Sidings
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF ENDED 30TH SEPTEMBER 2014
|
Sr. No |
|
Standalone |
|||
|
Quarter Ended |
Half Year Ended |
||||
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|||
|
Unaudited |
Unaudited |
Unaudited |
|||
|
1 |
Income From
Operations |
|
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
2890.056 |
3061.920 |
5951.976 |
|
|
|
b. Other Operating Income |
- |
-- |
-- |
|
|
|
Total Income from
Operations (Net) |
2890.056 |
3061.920 |
5951.976 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. Cost of material Consumed |
1768.015 |
1629.829 |
3397.844 |
|
|
|
b. Purchase of Stock-in trade |
1.702 |
11.558 |
13.260 |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
179.154 |
143.975 |
323.129 |
|
|
|
d. Employees Benefit Expenses |
157.737 |
181.777 |
339.514 |
|
|
|
e. Depreciation and Amortisation Expenses |
74.920 |
81.587 |
156.507 |
|
|
|
f. Foreign Exchange fluctuations |
(36.537) |
(13.476) |
(50.013) |
|
|
|
g. Other expenses |
406.505 |
409.891 |
816.396 |
|
|
|
Total Expenses |
2551.496 |
2445.141 |
4996.637 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
338.560 |
616.779 |
955.339 |
|
|
4 |
Other Income |
78.378 |
74.778 |
153.156 |
|
|
5 |
Profit from ordinary
activities before finance cost & exceptional items |
416.938 |
691.557 |
1108.495 |
|
|
6 |
Finance Costs |
72.599 |
75.868 |
148.464 |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
344.339 |
615.692 |
960.031 |
|
|
8 |
Exceptional items |
(2.170) |
-- |
(2.170) |
|
|
9 |
Profit from
ordinary activities before tax |
342.169 |
615.692 |
957.861 |
|
|
10 |
Tax Expense |
|
|
|
|
|
|
- Current Tax |
71.000 |
130.000 |
210.000 |
|
|
|
- Deferred Tax |
(10.961) |
(12.758) |
(23.719) |
|
|
|
- Earlier years |
-- |
-- |
-- |
|
|
|
- MAT Credit Entitlement |
(41.000) |
(64.000) |
72.281 |
|
|
11 |
Net Profit from
ordinary activity after tax |
323.130 |
562.450 |
885.580 |
|
|
12 |
Extraordinary Items |
-- |
-- |
-- |
|
|
13 |
Net Profit After
Tax |
323.130 |
562.450 |
885.580 |
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
178.575 |
178.575 |
178.575 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
-- |
-- |
-- |
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
|
|
Basic EPS |
3.62 |
6.30 |
9.92 |
|
|
|
Diluted EPS |
3.62 |
6.30 |
9.92 |
|
|
|
|
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
50464007 |
50563051 |
50464007 |
|
|
|
- Percentage of shareholding |
56.52 |
56.63 |
56.52 |
|
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
Nil |
Nil |
Nil |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
38823734 |
38724690 |
38823734 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
43.48 |
43.37 |
43.48 |
|
|
|
Particulars |
Quarter ended 30.09.2014 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
4 |
|
|
Disposed off during the quarter |
4 |
|
|
Remaining unresolved at the end of the
quarter |
0 |
UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
Year
Ended (
Unaudited) |
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
1. Segment Revenue |
|
|
|
|
Ferro Alloys |
1729.414 |
1494.624 |
3224.038 |
|
Power |
1359.032 |
1747.564 |
3106.596 |
|
Sugar |
377.071 |
450.208 |
827.279 |
|
Others |
-- |
-- |
-- |
|
Unallocated |
-- |
-- |
-- |
|
Total |
3466.517 |
3692.396 |
7157.913 |
|
Less : Inter Segment Revenue |
575.461 |
630.476 |
1205.937 |
|
Net
Sales |
2890.056 |
3061.920 |
5951.976 |
|
|
|
|
|
|
2.
Segment Result (Profit before Tax and Finance charges from
each segment) |
|
|
|
|
Ferro Alloys |
92.034 |
39.453 |
131.487 |
|
Power |
287.499 |
614.415 |
901.914 |
|
Sugar |
27.000 |
36.357 |
63.357 |
|
Others |
(6.489) |
(1.085) |
(7.574) |
|
Unallocated |
-- |
-- |
-- |
|
Total |
400.044 |
689.140 |
1089.184 |
|
Less : Finance charges |
72.599 |
75.865 |
148.464 |
|
Add : Un-allocable income |
14.724 |
2.417 |
17.141 |
|
Total |
342.169 |
615.692 |
957.861 |
|
|
|
|
|
|
3. Capital Employed (Segment Assets-Segment
Liabilities) |
|
|
|
|
Ferro Alloys |
3724.038 |
3318.909 |
3724.038 |
|
Power |
8924.993 |
8716.270 |
8924.993 |
|
Sugar |
1041.310 |
1310.992 |
1041.310 |
|
Others |
4.768 |
(0.686) |
4.768 |
|
Unallocated |
12961.238 |
13194.566 |
12961.238 |
|
Total |
26656.347 |
26540.051 |
26656.347
|
NOTES:
1. (a) Employees retirement benefits for the Quarter and half year ended 30th September, 2014 were provided on an estimated basis as actuarial valuation is deferred to year end.
(b) Diminution in the value of investments, if any, will be considered at year end.
(c) The Company will ensure the compliance conditions of Corporate Social Responsibility under Section 135 of the Companies Act, 2013 by the end of the financial year.
2. Depreciation for the half year has been provided as per the Companies Act 2013, and accordingly an amount of Rs. 52.473 Millions being the remaining carrying amount of the assets whose useful lives are already exhausted and Rs. 15.722 millions being the deferred tax thereon are adjusted to Retained Earnings.
3. The figures for the previous year/period have been restated/regrouped wherever necessary to make them comparable with those of the
4. The above financial results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meetings held on 30.10.2014. The Statutory Auditors of the Company have carried out a Limited Review of the results.
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
|
SOURCES OF FUNDS |
|
|
As on 30.09.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a)
Share
Capital |
|
|
178.701 |
|
(b) Reserves & Surplus |
|
|
25158.851 |
|
Sub-total
Shareholders' Funds |
|
|
25337.552 |
|
|
|
|
|
|
(2)
Minority Interest |
|
|
-- |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
557.196 |
|
(b) Deferred tax liabilities (Net) |
|
|
224.751 |
|
(c) Other long term liabilities |
|
|
19.855 |
|
(d) long-term provisions |
|
|
102.978 |
|
Sub Total Non-Current Liabilities |
|
|
904.780 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
606.312 |
|
(b) Trade payables |
|
|
1541.459 |
|
(c) Other current
liabilities |
|
|
1064.686 |
|
(d) Short-term provisions |
|
|
76.959 |
|
Sub Total- Current Liabilities |
|
|
3289.416 |
|
|
|
|
|
|
TOTAL- EQUITY AND LIABILITIES |
|
|
29531.748 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
8414.356 |
|
(b)Goodwill on
Consolidation |
|
|
0.000 |
|
(c) Non-current Investments |
|
|
10140.236 |
|
(d) Deferred tax assets (net) |
|
|
0.000 |
|
(e) Long-term Loan and Advances |
|
|
562.913 |
|
(f) Other Non-current assets |
|
|
1894.404 |
|
Sub
Total- Non-current assets |
|
|
21011.909 |
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
590.133 |
|
(b) Inventories |
|
|
2775.538 |
|
(c) Trade receivables |
|
|
2051.556 |
|
(d) Cash and cash
equivalents |
|
|
438.652 |
|
(e) Short-term loans and
advances |
|
|
2435.414 |
|
(f) Other current assets |
|
|
228.546 |
|
Sub Total- Current
assets |
|
|
8519.839 |
|
|
|
|
|
|
TOTAL
ASSETS |
|
|
29531.748 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.73 |
|
|
1 |
Rs.92.71 |
|
Euro |
1 |
Rs.69.94 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KLS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.