MIRA INFORM REPORT
|
Report No. : |
307157 |
|
Report Date : |
10.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
KAJARIA CERAMICS LIMITED |
|
|
|
|
Registered
Office : |
A-27 to 30, Industrial Area, Sikandrabad, District Bulandshahr - 203205, Uttar Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
20.12.1985 |
|
|
|
|
Com. Reg. No.: |
20-007595 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 151.170 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26924UP1985PLC007595 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account No.] |
Not Available |
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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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|
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Line of Business
: |
Manufacturer and Trader of Vitrified and Ceramic Tiles. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having good track record and strong
position in the market. Financial position of the company is decent. Profitability of the
company is sound. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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
|
Rating Agency Name |
ICRA |
|
Rating |
Long term rating = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
December 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
December 2013 |
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
[CONTACT NO.: 91-11-26946409]
LOCATIONS
|
Registered Office/ Factory 1 : |
A-27 to 30, Industrial Area, Sikandrabad, District Bulandshahr - 203205, Uttar Pradesh, India |
|
Tel. No.: |
91-5735-222393/ 222819 |
|
Fax No.: |
91-5735-222140 |
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E-Mail : |
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|
Website : |
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Corporate Office : |
J-1/B-1 [Extn], Mohan Co-operative Industrial Estate, Mathura Road, New Delhi - 110044, India |
|
Tel. No.: |
91-11-26946409 |
|
Fax No.: |
91-11-26946407 |
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E-Mail : |
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|
|
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Factory 2 : |
19 KM Stone, Bhiwadi - Alwar Road, Village Gailpur,
District Alwar, Rajasthan, India |
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Regional Offices : |
Located at: NORTH · Amritsar · Chandigarh · Dehradun · Delhi · Jaipur · Ludhiana · Lucknow · Varanasi WEST · Ahmedabad · Aurangabad · Mumbai · Nagpur · Pune CENTRAL · Indore · Raipur EAST · Guwahati · Kolkata · Patna SOUTH · Bangalore · Chennai · Cochin · Coimbatore ·
Hyderabad |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Ashok Kajaria |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Chetan Kajaria |
|
Designation : |
Joint Managing Director |
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|
|
|
Name : |
Mr. Rishi Kajaria |
|
Designation : |
Joint Managing Director |
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|
|
|
Name : |
Mr. B. K. Sinha |
|
Designation : |
Director-Technical |
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|
|
|
Name : |
Mr. Sandeep Singhal |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
31.12.1969 |
|
Qualification : |
M.B.A form IIM Ahmedabad, B. tech From IIT from Delhi Chemical
Engineering & MS in Molecular Simulation from University of Illinois. |
|
Experience in
specific : |
He is a co-founder and managing director of the Westbridge
Capital India and Sequioa Capital India and 18 years of Work experience that
includes 13 years on investing and 5 years of Operating/consulting experience
in India. He started with Hindustan Unilever Limited, heads New product
developments for SURF and RIN. |
|
Date of Appointment : |
08.10.2013 |
|
DIN No.: |
00040491 |
|
Other Directorship : |
DFM Foods Limited |
|
|
|
|
Name : |
Mr. R. K. Bhargava |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
26.10.1935 |
|
Qualification : |
IAS officer, B.A (Hon.) and M.A |
|
Experience in
specific : |
He served as industry Secretary, finance Secretary,
irrigation & Power Secretary and Chief Secretary in U.P. He Served as Jt.
secretary Petroleum to Govt. of India, Jt. Secretary industries, Secretary
Home and Secretary Urban Development. He has wide experience in industry,
finance and infrastructure. |
|
Date of Appointment : |
09.11.1998 |
|
DIN No.: |
00016949 |
|
Other Directorship : |
(i) Duncan’s Limited (ii) H.B Portfolio Limited (iii) Asian Hotels Limited (West) (iv) Noida Toll Bridge Company Limited |
|
|
|
|
Name : |
Mr. D. P. Bagchi |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
21.10.1942 |
|
Qualification : |
IAS officer, M.A (Economics) & M. Phil in public
Administration. |
|
Experience in
specific : |
He served as Secretary to The Govt. of India, he was also
chief secretary to Govt. of Orissa, is also serving the Board of Directors of
the other companies of different business He has a rich experience in general
administration, management strategy, government industry, relationship and
corporate governance. |
|
Date of Appointment : |
29.06.2007 |
|
DIN No.: |
00061648 |
|
Other Directorship : |
(i) TK International Limited (Ii) Visa Steel Limited (iii) Mideast Integrated Steels Limited (iv) Nilachal Ispat Nigam Limited (v) Jindal India Thermal Power Limited (vi) Ind Barath Power Infra Limited (vii) Green Valley Energy Ventures Limited |
|
|
|
|
Name : |
Mr. R. R. Bagri |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. H. Rathnakara Hegde |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. R. C. Rawat |
|
Designation : |
Executive VP (A&T) and Company Secretary |
|
|
|
|
Name : |
Mr. Sanjeev Agarwal |
|
Designation : |
Senior VP (Finance and Corporate Strategy) |
|
|
|
|
Committee of the
Board : |
AUDIT COMMITTEE Mr. R. K. Bhargava Chairman Mr. Ashok Kajaria Member Mr. R. R. Bagri Member Mr. H. Rathnakara Hegde Member STAKEHOLDERS RELATIONSHIP COMMITTEE Mr. R. R. Bagri Chairman Mr. Ashok Kajaria Member Mr. Chetan Kajaria Member NOMINATION AND REMUNERATION COMMITTEE Mr. D. P. Bagchi Chairman Mr. Ashok Kajaria Member Mr. H. Rathnakara Hegde Member Mr. R. R. Bagri Member PROJECT MANAGEMENT COMMITTEE Mr. Ashok Kajaria Chairman Mr. Chetan Kajaria Member Mr. Rishi Kajaria Member Mr. R. R. Bagri Member CORPORATE SOCIAL RESPONSIBILITY COMMITTEE Mr. Ashok Kajaria Chairman Mr. Chetan Kajaria Member Mr. Rishi Kajaria Member Mr. R. R. Bagri Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7309180 |
9.20 |
|
|
32062529 |
40.35 |
|
|
39371709 |
49.54 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
39371709 |
49.54 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
3267345 |
4.11 |
|
|
34610 |
0.04 |
|
|
15000 |
0.02 |
|
|
18563792 |
23.36 |
|
|
21880747 |
27.53 |
|
|
|
|
|
|
2567202 |
3.23 |
|
|
|
|
|
|
6686315 |
8.41 |
|
|
2196916 |
2.76 |
|
|
6766111 |
8.51 |
|
|
143582 |
0.18 |
|
|
737109 |
0.93 |
|
|
5885420 |
7.41 |
|
|
18216544 |
22.92 |
|
Total Public
shareholding (B) |
40097291 |
50.46 |
|
Total (A)+(B) |
79469000 |
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) |
79469000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Vitrified and Ceramic Tiles. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· State Bank of India · IDBI Bank · HDFC Bank Limited ·
Canara Bank |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
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Auditors : |
|
|
Name : |
O. P. Bagla and Company Chartered Accountants |
|
|
|
|
Subsidiary
Companies : |
· Soriso Ceramic Private Limited ·
Jaxx Vitrified Private
Limited ·
Cosa Ceramics Private
Limited ·
Vennar Ceramics Limited ·
Kajaria Sanitaryware Private
Limited |
|
|
|
|
Enterprises over which key management personnel or their relatives are
able to exercise significant influence : |
· Kajaria Infrastructure Limited · Dua Engineering Works Private Limited ·
Malti Devi Kajaria Charitable Trust |
CAPITAL STRUCTURE
AFTER 01.08.2014
Authorised Capital : Rs. 350.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 158.938
Millions
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125,000,000 |
Equity Shares |
Rs. 2/- each |
Rs. 250.000 Millions |
|
1,000,000 |
Preference Shares |
Rs. 100/- each |
Rs. 100.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 350.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75,583,580 |
Equity Shares |
Rs. 2/- each |
Rs. 151.170 Millions |
|
|
|
|
|
a) Reconciliation of
equity shares outstanding at the beginning and at the end of the reporting
period is given below:
|
Particulars |
31.03.2014 |
|
Number of shares outstanding as at the beginning of the year |
73,583,580 |
|
Shares issued during the year |
2,000,000 |
|
|
|
|
Number of shares outstanding as at the closing of the year |
75,583,580 |
b) The holders of
the equity shares are entitled to receive dividends as declared from time to
time, and are entitled to voting rights proportionate to their share holding at
the meetings of shareholders.
c) Following
Shareholders hold equity shares more than 5% of the total equity shares of the
Company at the end of the period:
|
Name of
Shareholders |
As at 31.03.2014 |
|
|
|
No. of Shares |
% of Shareholding |
|
Kajaria Exports Limited |
15283545 |
20.22 |
|
Kajaria Securities Private Limited |
6581905 |
8.71 |
|
Pearl Tile Marketing Private Limited |
5080240 |
6.72 |
|
Cheri Ceramics Private Limited |
5088385 |
6.73 |
|
HSBC Bank (Mauritius) Limited A/c Jawalamukhi Investments Holdings |
7252005 |
9.59 |
D) The Company has not issued shares for a consideration other than cash
or bonus shares during the immediately preceding 5 years.
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 |
151.170 |
147.170 |
147.170 |
|
(b) Reserves & Surplus |
4774.610 |
3420.680 |
2671.800 |
|
(c) Money received against share warrants |
250.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5175.780 |
3567.850 |
2818.970 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
15.890 |
278.710 |
709.980 |
|
(b) Deferred tax liabilities (Net) |
663.020 |
638.590 |
636.280 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
87.550 |
87.320 |
62.240 |
|
Total
Non-current Liabilities (3) |
766.460 |
1004.620 |
1408.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
593.790 |
1425.780 |
1038.000 |
|
(b)
Trade payables |
1441.180 |
1558.980 |
1678.120 |
|
(c)
Other current liabilities |
1142.270 |
965.900 |
1111.180 |
|
(d)
Short-term provisions |
374.360 |
336.410 |
288.170 |
|
Total
Current Liabilities (4) |
3551.600 |
4287.070 |
4115.470 |
|
|
|
|
|
|
TOTAL |
9493.840 |
8859.540 |
8342.940 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
5018.160 |
4630.000 |
4674.880 |
|
(ii)
Intangible Assets |
22.600 |
17.070 |
15.790 |
|
(iii)
Capital work-in-progress |
119.360 |
68.460 |
17.600 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
449.460 |
371.560 |
123.520 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
386.050 |
362.190 |
157.860 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
5995.630 |
5449.280 |
4989.650 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1517.990 |
1765.300 |
1757.820 |
|
(c)
Trade receivables |
1583.240 |
1365.810 |
1157.380 |
|
(d)
Cash and cash equivalents |
39.500 |
27.940 |
58.960 |
|
(e)
Short-term loans and advances |
354.630 |
246.250 |
377.480 |
|
(f)
Other current assets |
2.850 |
4.960 |
1.650 |
|
Total
Current Assets |
3498.210 |
3410.260 |
3353.290 |
|
|
|
|
|
|
TOTAL |
9493.840 |
8859.540 |
8342.940 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
18778.870 |
15882.010 |
13127.870 |
|
|
|
Other Income |
64.920 |
34.230 |
11.330 |
|
|
|
TOTAL (A) |
18843.790 |
15916.240 |
13139.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2748.660 |
2867.250 |
2862.790 |
|
|
|
Purchases of Stock-in-Trade |
7947.770 |
5787.460 |
4117.750 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
254.040 |
(49.100) |
(154.710) |
|
|
|
Employees benefits expense |
1498.250 |
1221.300 |
1036.570 |
|
|
|
Other expenses |
3999.440 |
3840.210 |
3261.030 |
|
|
|
Provision for loss in subsidiary |
0.000 |
30.330 |
0.000 |
|
|
|
TOTAL (B) |
16448.160 |
13697.450 |
11123.430 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2395.630 |
2218.790 |
2015.770 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
262.720 |
354.770 |
469.820 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2132.910 |
1864.020 |
1545.950 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
364.850 |
383.630 |
370.770 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1768.060 |
1480.390 |
1175.180 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
600.620 |
474.940 |
368.030 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1167.440 |
1005.450 |
807.150 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
347.850 |
132.050 |
129.360 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
474.720 |
130.310 |
93.320 |
|
|
|
Raw Materials |
39.540 |
64.160 |
177.880 |
|
|
|
Spares and Consumables |
145.240 |
167.860 |
175.450 |
|
|
|
Traded Goods |
1004.940 |
1753.480 |
2119.620 |
|
|
TOTAL IMPORTS |
1664.440 |
2115.810 |
2566.270 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
15.70 |
13.66 |
10.97 |
|
|
|
Diluted
|
15.68 |
13.66 |
10.97 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
5119.400 |
5469.700 |
5667.900 |
|
Total Expenditure |
4466.700 |
4798.600 |
4955.600 |
|
PBIDT (Excl OI) |
652.700 |
671.100 |
712.300 |
|
Other Income |
12.200 |
24.200 |
27.500 |
|
Operating Profit |
664.900 |
695.300 |
739.800 |
|
Interest |
23.900 |
24.200 |
2.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
641.000 |
671.100 |
737.800 |
|
Depreciation |
98.600 |
102.700 |
96.700 |
|
Profit Before Tax |
542.400 |
568.400 |
641.100 |
|
Tax |
179.000 |
176.200 |
188.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
363.400 |
392.200 |
452.900 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
363.400 |
392.200 |
452.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
6.22 |
6.33 |
6.15 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
12.76 |
13.97 |
15.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.81 |
17.58 |
14.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34 |
0.41 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.12 |
0.48 |
0.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98 |
0.80 |
0.81 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
147.170 |
147.170 |
151.170 |
|
Reserves & Surplus |
2671.800 |
3420.680 |
4774.610 |
|
Money received against share warrants |
0.000 |
0.000 |
250.000 |
|
Net
worth |
2818.970 |
3567.850 |
5175.780 |
|
|
|
|
|
|
Long-term borrowings |
709.980 |
278.710 |
15.890 |
|
Short term borrowings |
1038.000 |
1425.780 |
593.790 |
|
Total
borrowings |
1747.980 |
1704.490 |
609.680 |
|
Debt/Equity ratio |
0.620 |
0.478 |
0.118 |
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 |
13127.870 |
15882.010 |
18778.870 |
|
|
|
20.979 |
18.240 |
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 |
13127.870 |
15882.010 |
18778.870 |
|
Profit |
807.150 |
1005.450 |
1167.440 |
|
|
6.15% |
6.33% |
6.22% |
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 |
Yes |
|
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 |
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 |
Yes |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10229228 |
25/01/2011 * |
800,000,000.00 |
IDBI BANK
LIMITED |
INDIAN RED CROSS
SOCIETY BLDG.3RD FLOOR, 1, RED |
B05035589 |
|
2 |
10163191 |
29/03/2012 * |
800,000,000.00 |
IDBI BANK
LIMITED |
INDIAN RED CROSS
SOCIETY BLDG.3RD FLOOR, 1, RED |
B36800548 |
|
3 |
80022109 |
31/03/2012 * |
1,970,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, RELATIONSHIP MANAGER-II, JAWAHAR VYAPAR BHAVAN, 14TH FLOOR, 1
TOLSTOY MARG, NEW DELHI, DELHI - 110044, INDIA |
B40119208 |
|
4 |
80021645 |
10/07/2008 * |
250,000,000.00 |
STATE BANK OF
MYSORE |
NO. 3,4 AND 5, D
D A BUILDING, NEHRU PLACE, NEW |
A42670885 |
|
5 |
90275989 |
12/01/2010 * |
100,000,000.00 |
HDFC BANK
LIMITED |
26, K.G. MARG,
CANNAUGHT PLACE, NEW DELHI, DELHI - |
A78630035 |
|
6 |
90269684 |
26/10/2006 * |
100,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
- |
|
7 |
90277729 |
10/07/2008 * |
5,000,000.00 |
STATE BANK OF
MYSORE |
NO. 3,4 AND 5, D
D A BUILDING, NEHRU PLACE, NEW |
A42671297 |
|
8 |
80022319 |
01/06/2009 * |
153,000,000.00 |
STATE BANK OF
MYSORE |
NO. 3, 4 AND 5,
DDA BUILDING, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
A63869812 |
|
9 |
90270045 |
25/03/2011 * |
607,500,000.00 |
CANARA BANK |
D.D.A.BUILDING,
NEAR PARAS CINEMA, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
B10650315 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Short Term Loans From Banks |
0.000 |
200.000 |
|
|
|
|
|
Total |
0.000 |
200.000 |
FINANCIAL REVIEW
The Company’s strong business model stood the test of challenges for another
year. Despite the economic slowdown, policy paralysis and rising fuel prices
which dampened industry prospects, the Company sustained its growth momentum.
The Company’s ability in fueling and consistently delivering on
customer’s aspiration resulted in a 18% growth in net sales from Rs.15882.000
millions to Rs.18779.000 millions. Its painstaking efforts in streamlining
costs facilitated in a 6.51 % increase in EBIDTA from Rs.2249.000 millions in
2012-13 to Rs.2396.000 millions in 2013-14.
Profit after tax increased from Rs.1005 million to Rs.1167.000 millions,
a 16.11 % growth over the previous year. The earnings per share (basic)
increased from Rs.13.66 to Rs.15.70 per share during the same period. The book
value per share strengthened from Rs.48.49 as on 31st March 2013 to Rs.68.48 as
on 31st March 2014.
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC OVERVIEW
The world economy reached subdued growth of 3% in 2013 against 3.1% in
2012 primarily due to the economic volatility in the first half of the year.
While most developed economies continued to grapple with the challenge of
taking appropriate fiscal and monetary policy actions in the aftermath of the
financial crisis, a number of emerging economies, which had already experienced
a notable slowdown in the past two years, encountered new domestic and
international headwinds during the period.
In the second half of the year however, demand in advanced economies
improved primarily due to inventory restocking. In emerging market economies,
an export rebound strengthened the improved performance even as domestic demand
remained subdued – providing momentum to the global GDP. India’s economic
growth in 2013-14 was estimated at 4.9%, faster than in the previous year
mainly following improved performance in the agriculture and allied sectors.
The IMF indicates that emerging markets will account for much of global
growth, with their economies forecast to expand nearly four times faster over
advanced economies. As far as advanced economies are concerned, the US is
expected to emerge as the key growth driver. The Eurozone is turning the corner
after recovering from recession and is expected to post positive economic
growth in 2014. The result is that global growth is projected slightly higher
(around 3.7%) in 2014, rising to 3.9% in 2015. According to NCAER, India’s
economic growth is likely to rebound to 5.6% while Asian Development Bank has
projected India’s GDP growth at 5.5% for 2014-15 depending on its ability to
implement structural reforms.
THE INDIAN TILE
INDUSTRY
Ceramic tiles are integral to home improvement. The Indian tile
industry, despite an overall economic slowdown, continues to grow at about 11%
in 2013-14. Ceramic tiles are primarily hygiene products, evident from their
varied use in bathrooms and kitchens in most Indian households to medical
centres, labs, milk booths, schools, public convenience spaces, shopping malls
and other centres.
OUTLOOK
The spread of roads, telephones and electricity is helping urban centres
extend, creating new population clusters – the number of ‘census towns’ in 2011
was 3x that in 2001, resulting in the emergence of significant housing demand
from non-metro locations (smaller urban centres, Tier-II and III towns).
CERAMIC WALL AND
FLOOR TILES
Business in
2013-14
· Sales volumes and value increased by 10% and 15% respectively over the previous year
· Average realisation increased 4% over the previous year
Overview
At Kajaria, ceramic tiles are manufactured in four locations – wall
tiles are manufactured in Gailpur and Vijayawada (Vennar); floor tiles are
produced in Sikandrabad and Morbi (Soriso); in addition the Company also
procures these tiles from quality-conscious manufacturers in Morbi.
Kajaria offers ceramic wall and floor tiles in diverse sizes, designs
and finishes to cater to all customer segments. The Company’s investment in
contemporary digital printing machines widened its product range with novel
finishes (stone, wood and natural stone). Kajaria has the largest number of digital
printing machines in India in this segment.
Kajaria’s products are marketed through a robust distribution network of
dealers and sub-dealers; Kajaria Galaxy and Kajaria Prima showrooms are present
in major Indian towns.
Performance in
2013-14
Making their
business more Competitive
· Maximised the production of large tiles, which improved realisations
· Streamlined operations at the Gailpur unit, which enhanced Productivity
Making their
business more Compelling
· Increased the production of digitallyprinted tiles (70% of production), which improved offtake and realisations
· Introduced more than 200 designs in 2013-14 – more than 75% digitally printed – which enhanced aesthetic appeal
Making their
business more Connected
· Added more dealers to the network in North and South India’s Tier II and III towns
· Strengthened their dealer presence; introduced novel product display techniques
· Invested in branding and promotion, which enhanced customer awareness
· Engaged entrepreneurs from other businesses as dealers
Outlook
The Company plans to acquire more wall and floor ceramic tile capacities
in Morbi, introduce new sizes, enhance product display and widen its
distribution network.
POLISHED VITRIFIED
TILES
Overview
Kajaria manufactures polished vitrified tiles at its Gailpur, Jaxx and
Cosa facilities, which allows it to address its pan-India distribution network.
Its wide tile variety is marketed through Kajaria Galaxy and Kajaria Studio
chains as well as the pan-India Kajaria dealer network.
Performance in
2013-14
Making their
business more Competitive
· Replaced the import of soluble salts from China with outsourced products from Morbi; streamlined logistics and distribution channels, which reduced the lead time between the Morbi plant and dealer warehouse; reduced the depot sizes, which optimized distribution costs
· Streamlined operations at the Gailpur unit to enhance productivity; replaced natural gas with coal gas in spray driers to optimise production costs
· Streamlined processes at the Cosa unit (acquired November 2012), which enhanced capacity utilisation to 100%; improved operational practices to increase output from the newly acquired unit
Making their
business more Compelling
Launched 10 new designs which received a heartening customer response
Making their
business more Connected
· Added new dealers in East, Central and South India; consolidated the sizeable network addition in the last 24 months
· Occupied more showroom space among leading 200 dealers; institutionalised regular display monitoring and upgradation; improved the offtake of value-added tiles (35% of the total segment sales against 30% in 2012-13)
Outlook
The team is gearing for strong valueled and volume-driven growth to
achieve Rs.1,000 crore revenues by 2015.
The Company is commissioning its 4.50 MSM unit at Jaxx by August 2014 to
produce large tiles (80x80 cm and 80x120cm), increasing the valueadded
portfolio. It is implementing a brownfield expansion of 3.00 MSM per annum of
soluble salt vitrified tiles (Cosa unit).
The Company is commissioning a 5 MSM greenfield polished vitrified tile
unit in Rajasthan. It is also working on the addition of 5 MSM polished
vitrified tiles capacity at Morbi through the joint-venture route.
GLAZED VITRIFIED
TILES
Overview
Having introduced glazed vitrified tiles (GVT) in India in 2007-08 for
the first time in an organised manner by way of imports, Kajaria today
possesses the largest product basket in terms of designs and sizes.
Currently, Kajaria manufactures glazed vitrified tiles at its Gailpur
and Sikandrabad facilities. The Company offers the largest number of wood and
stone finish tiles in the large format. Its products are marketed through its
high-end Kajaria World, Kajaria Galaxy and Kajaria Studio chains, primarily in
metros and urban locations.
Performance in
2013-14
Making their
business more competitive
· Streamlined operations of the Sikandrabad line commissioned in February 2013, which resulted in robust sales volumes
· Invested in a line commissioned in March 2014.
Making their
business more compelling
· Introduced the Eternity HD Wood range in two sizes
· Launched 80x80 cm, 40x80 cm and 20x120 cm Digital Wooden planks
Making their
business more connected
· Increased the dealer network in Tier I and II cities and towns
· Increased space occupation within select dealer showrooms
· Initiated exports to the US for the first Time
· Increased the domestic retail presence
Outlook
The team will streamline operations of the newly converted line to
maximize productivity. The Company will also shift product manufacture between
facilities with the objective to enhance margins. The team will enhance product
display across various showrooms pan-India and create a market for some high
value product sizes. The team will also expand its global presence.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER / PERIOD ENDED 31.12.2014
[RS.
IN MILLIONS]
|
PARTICULARS |
Quarter Ended |
Nine Months
Ended |
|
|
|
31.12.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
Gross Sales/
Income from Operations |
6014.900 |
5823.700 |
17295.700 |
|
Less: Excise
Duty |
360.600 |
375.700 |
1077.800 |
|
Net
Sales/Income from Operations |
5654.300 |
5448.000 |
16217.900 |
|
Other
Operating Income |
13.600 |
21.700 |
39.100 |
|
Total Income from operations (net) |
5667.900 |
5469.700 |
16257.000 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of
materials consumed |
890.500 |
846.400 |
2550.300 |
|
(b) Purchase
of stock in trade |
2518.600 |
2262.900 |
7013.800 |
|
(c) Changes in inventories of finished goods, work in progress
and stock in trade |
(274.600) |
(31.100) |
(481.000) |
|
(d) Employee
benefit expenses |
430.500 |
415.400 |
1254.400 |
|
(e)
Depreciation and amortization expenses |
96.700 |
102.700 |
298.000 |
|
(f) Power and
Fuel |
722.000 |
744.600 |
2190.200 |
|
(g) Other
Expenses |
668.600 |
560.400 |
1693.200 |
|
Total Expenses |
5052.300 |
4901.300 |
14518.900 |
|
Profit from Operations before Other Income,
Finance costs and Exceptional item |
615.600 |
568.400 |
1738.100 |
|
Other Income |
27.500 |
24.200 |
63.900 |
|
Profit/ Loss from Ordinary Activities
before Finance costs and Exceptional item |
643.100 |
592.600 |
1802.000 |
|
Finance costs |
2.000 |
24.200 |
50.100 |
|
Profit/ Loss from Ordinary Activities after
Finance costs but Exceptional item |
641.100 |
568.400 |
1751.900 |
|
Exceptional item |
-- |
-- |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
641.100 |
568.400 |
1751.900 |
|
Tax Expenses |
188.200 |
176.200 |
543.400 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
452.900 |
392.200 |
1208.500 |
|
Extraordinary
Items |
-- |
-- |
-- |
|
Net Profit for the period |
452.900 |
392.200 |
1208.500 |
|
Share of
profit/ (Loss) of Associates |
-- |
-- |
-- |
|
Minority
Interest |
-- |
-- |
-- |
|
Net Profit after taxes, minority interest
and share of profit/ (Loss) of Associates |
452.900 |
392.200 |
1208.500 |
|
Paid- up Equity Share Capital (Face value
of the share – Rs. 2/-) |
158.900 |
151.200 |
158.900 |
|
Reserves excluding revaluation reserves as
per balance sheet of Previous Accounting Year |
-- |
-- |
-- |
|
Earnings per share [EPS] in Rs. |
|
|
|
|
Basic EPS before/ after Extraordinary items
[not annualized] |
5.78 |
5.19 |
15.79 |
|
Diluted EPS before/ after Extraordinary
items [not annualized] |
5.78 |
5.12 |
15.79 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public shareholding |
|
|
|
|
Number of Shares |
40097291 |
36211765 |
40097291 |
|
Percentage of
Shareholding |
50.46% |
47.91% |
50.46% |
|
|
|
|
|
|
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) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non - encumbered |
|
|
|
|
- Number of Shares |
39371709 |
39371815 |
39371709 |
|
- Percentage of Shares (as a % of the total shareholding of
promoter and promoter group) |
100% |
100% |
100% |
|
- Percentage of Shares (as a % of the total share capital of the
company) |
49.54% |
52.09% |
49.54% |
|
|
Particulars |
Quarter
Ended 31.12.2014 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
2 |
|
|
Received during the quarter |
8 |
|
|
Disposed of during the quarter |
9 |
|
|
Remaining unresolved at the end of the quarter |
1 |
NOTES:
1)
The above
financial results were reviewed by the Audit Committee and approved by the
Board of Directors in its meeting held on 14th January 2015.
2)
The Statutory
Auditors have carried out a limited review of the above results of the Company
for the quarter ended 31st December 2014.
3)
The fund raised
by the company by allotment of 3885420 equity shares of Rs. 2/- each @ Rs
257.37 per equity share to West bridge Crossover Fund LLC on preferential basis
during the quarter ended 31st December 2014 has been utilised for the purposes
as approved by the shareholders.
4)
Consequent to the
enactment of the Companies Act 2013 (the Act) and its applicability for
accounting period commencing after 1st April 2014, the Company has reviewed and
revised the estimated useful lives of its fixed assets, generally in accordance
with the provisions of the Schedule II of the Act On account of these changes,
there is no material impact on the depreciation charged for the quarter.
5)
Accounting
Standard (AS-17) relating to "Segment Reporting" has been complied
with. The Gross income and Profit from other segment is below the norms
prescribed in AS-17, separate disclosures have not been made.
6)
Previous periods
figures have been re-grouped/rearranged wherever necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
a) In respect of Bills discounted With the Company’s Bankers |
37.860 |
73.720 |
|
b) Counter guarantees issued in respect of guarantees issued by company’s bankers |
0.500 |
0.000 |
|
c) Guarantees issued on behalf of subsidiaries |
1457.500 |
299.000 |
|
d) In respect of Excise Duty, Sales Tax, Service Tax, Custom Duty Demands pending before various authorities and in dispute |
94.560 |
57.110 |
|
e) In respect of pending income tax demands. |
7.220 |
0.000 |
|
f) In respect of Consumer Cases |
25.210 |
16.000 |
|
g) In respect of disputed Electricity Demand pending with appellate authorities. |
0.000 |
9.410 |
FIXED ASSETS:
· Land
· Building
· Plant and machinery
· Furniture and Fixture
· Vehicles
· Office equipment
· Computers
· Other Equipments
· Software
PRESS RELEASE
KAJARIA CERAMICS TO INVEST UP TO RS 2000.000
MILLIONS NEXT FISCAL
Jan 14, 2015
NEW DELHI: Kajaria Ceramics will invest up
to Rs 2000.000 Millions next fiscal to enhance
capacity of its tiles business as it targets over 20 per cent year-on-year
growth in its turnover.
The company today
reported a 55.18 per cent jump in consolidated net profit at Rs 456.100
Millions for the third quarter ended December 31, 2014 as against net profit of
Rs 293.900 Millions in the corresponding period last year.
"We will invest
Rs 1500.000 – 2000.000 Millions in the next financial year to increase capacity
of tiles. This is needed as we are targeting 20 per cent plus growth for the
next five years," Kajaria Ceramics Managing Director Ashok Kajaria told PTI.
He said the company
is also looking at entering into a joint venture to increase capacity for its
tiles business next year.
The company, which
has recently entered into sanitary ware and
sanitary fittings segment, will continue to focus on tiles as it accounts for
over 90 per cent of total turnover.
"For the next
five years, our main business will be titles. It accounts of over 90 per cent
of total sales," Kajaria said.
In the quarter ended
December 30, 2014, Kajaria Ceramics reported net sales at Rs 5538.300 Millions,
up 30.11 per cent, from Rs 4256.600 Millions in the year-ago period.
Its overall expenses
rose to Rs 4831.100 Millions in the October-December quarter, up 30.05 per cent
as compared with Rs 3714.700 Millions in the same period a year ago.
The company's scrips
were trading at Rs 628 apiece, up 1.08 per cent from its previous close on the BSE.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
reistered 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. 62.14 |
|
|
1 |
Rs. 94.79 |
|
Euro |
1 |
Rs. 70.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
65 |
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.