MIRA
INFORM REPORT
|
Report No. : |
307102 |
|
Report Date : |
12.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
VA TECH WABAG
LIMITED |
|
|
|
|
Registered
Office : |
“WABAG HOUSE” No.17, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
17.02.1995 |
|
|
|
|
Com. Reg. No.: |
18-30231 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 53.200 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L45205TN1995PLC030231 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEV02389C |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Subject provided a comprehensive range of services which includes
Drinking Eater, Industrial Water, Waste Water, Sea and Brackish Water
desalination etc, for the public and private sectors. |
|
|
|
|
No. of Employees
: |
1,500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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 17000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established company providing turkey solutions for
water and waste treatment to municipal and industrial segments having fine
track record. Management has seen an increase in its sales volume during 2014. The company possesses a strong financial profile characterized by a
highly conservative capital structure, comfortable coverage indicators and
large cash reserves. The ratings also take into consideration the large receivables
position reported during the year under review and the favourable long term
demand prospects for waste water treatment project. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. It view of strong technical capabilities arising out of experienced
promoters and management, the subject 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 – 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 fund based facilities: A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
September, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term non fund based facilities: A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
September, 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 co-operative
LOCATIONS
|
Registered / Corporate Office : |
“WABAG HOUSE” No.17, 200 Feet Thoraipakam Pallavram Main Road,
Sunnambu Kolthur, Chennai – 600117, Tamilnadu, India |
|
Tel. No.: |
91-44-39232323 |
|
Fax No.: |
91-44-39232324 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Regional Office 1 : |
|
|
Tel. No.: |
91-20-66424900 / 66424901 |
|
Fax No.: |
91-20-66424949 |
|
|
|
|
Regional Office 2 : |
Nagras Road, New DP Road, 1st Floor, Harsh Orchid Aundh
Pune – 411007, Maharashtra, India |
|
|
|
|
Regional Office 3 : |
Ec-33, Sector -1, 1st Floor, Salt Lake City, Kolkata-700064,
Maharashtra, India |
|
Tel. No.: |
91-33-23376779/ 23376778 |
|
Fax No.: |
91-33-23376779 |
|
|
|
|
Regional Office 4 : |
S-14, Second Floor, |
|
Tel. No.: |
91-11-41006634 / 41006635 / 41006636 |
|
Fax No.: |
91-11-41006637 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Bhagwan Dass Narang |
|
Designation : |
Independent Chairman |
|
Address : |
Flat No. 29, DDA Apartments, Pocket-F, SFS Scheme, Sheikh Sarai,
Phase-I, New Delhi-110017, |
|
Date of Birth/Age : |
12.04.1945 |
|
Date of Appointment : |
07.09.2009 |
|
DIN No. : |
00038052 |
|
|
|
|
Name : |
Mr. Rajiv Mittal |
|
Designation : |
Managing Director |
|
Address : |
No. 13A , Jeevarathinam Nagar, |
|
Date of Birth/Age : |
08.04.1960 |
|
Date of Appointment : |
27.09.2000 |
|
DIN No. : |
01299110 |
|
|
|
|
Name : |
Mr. Jaithirth Rao |
|
Designation : |
Independent Director |
|
Address : |
# 61, Umang, Kashibai Navrang Marg, Gamdevi, Mumbai-400007, |
|
Date of Birth/Age : |
12.07.1953 |
|
Date of Appointment : |
31.01.2007 |
|
DIN No. : |
00025289 |
|
|
|
|
Name : |
Mr. Sumit Chandwani |
|
Designation : |
Independent Director |
|
Address : |
2001, Era3, Marathon Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400
013, |
|
Date of Birth/Age : |
11.11.1967 |
|
Date of Appointment : |
13.09.2005 |
|
DIN No. : |
00179100 |
|
|
|
|
Name : |
Mr. Revathi Kasturi |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. S. Varadarajan |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Rajiv Balakrishnan |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3031999 |
11.20 |
|
|
3031999 |
11.20 |
|
|
|
|
|
|
4854703 |
17.93 |
|
|
4854703 |
17.93 |
|
Total shareholding
of Promoter and Promoter Group (A) |
7886702 |
29.13 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
5819778 |
21.49 |
|
|
12967 |
0.05 |
|
|
29310 |
0.11 |
|
|
7731562 |
28.55 |
|
|
13593617 |
50.20 |
|
|
|
|
|
|
1878179 |
6.94 |
|
|
|
|
|
|
2671030 |
9.86 |
|
|
74000 |
0.27 |
|
|
973367 |
3.59 |
|
|
114884 |
0.42 |
|
|
20114 |
0.07 |
|
|
19758 |
0.07 |
|
|
799776 |
2.95 |
|
|
18835 |
0.07 |
|
|
5596576 |
20.67 |
|
Total Public
shareholding (B) |
19190193 |
70.87 |
|
Total (A)+(B) |
27076895 |
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) |
27076895 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject provided a comprehensive range of services which includes
Drinking Eater, Industrial Water, Waste Water, Sea and Brackish Water
desalination etc, for the public and private sectors. |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Available |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Available |
||||||
|
|
|
||||||
|
Exports : |
Not Divulged |
||||||
|
|
|
||||||
|
Imports : |
Not Divulged |
||||||
|
|
|
||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Customers : |
|
||||||||||||||||||
|
|
|
||||||||||||||||||
|
No. of Employees : |
1,500 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
·
ICICI Bank Limited Landmarkrace Cource Circle, Alkapuri, Baroda – 390 015, Gujarat,
India ·
State Bank of India Industrial Finance Branch, 155, Anna Salai, Chennai – 600002,
Tamilnadu, India ·
The HongKong and Shanghai Banking Corporation
Limited 76, Cathedral Road, Chennai-600086, Tamilnadu, India ·
YES Bank Limited ·
HDFC Bank Limited ·
IDBI Bank Limited ·
Punjab National
Bank ·
Societe Generale
Bank ·
ING VYSYA Bank ·
Standard Chartered Bank |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
Note : 1. During the year the Company has availed packing credit in foreign currency for USD 8,000,000 (Rs.441.100 Millions) from Housing Development Finance Corporation (HDFC) bank and USD 4,820,000 (Rs.283.500 Millions) from Hongkong and Shanghai Banking Corporation (HSBC) bank at average interest rate of 1.47% and availed INR packing credit Rs. 97.400 Millions from HSBC bank, Rs. 6,860 Lakhs from HDFC bank and Rs. 2,07.800 Millions (Previous year USD 10,000,000 (Rs.5,45.100 Millions)) from Standard Chartered bank at average rate of interest of 7.44%. These packing credits are repayable within 180 to 270 days, as applicable, from the date of availment and is secured against foreign currency receivables 2. During the year the Company has availed secured overdraft facility from Punjab National Bank, Chennai for Rs.16,79.000 Millions and repaid Rs. 15,09.500 Millions s. This overdraft facility availed at 9.50% - 9.75% rate of interest, which was secured against fixed deposits. |
|
Statutory Auditors : |
|
|
Name : |
Walker,
Chandiok and company Chartered Accountants |
|
Address : |
Arihant Nitco Park, 6th floor No.90, Dr. Radhakrishnan Salai Mylapore, Chennai - 600 004, Tamilnadu, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries : |
·
VA Tech Wabag (Singapore) Pte. Limited ·
VA Tech Wabag ·
WABAG Wassertechnik AG, ·
Va Tech Wabag Deutschland ·
VA Tech Wabag Brno. Spol. S.R.O, ·
Engenharia Hidraulica De Macau Limitada, Macao
(upto 31.12.2012) ·
Wabag Water Services (Macao) Limited, Macao ·
Wabag Water Services s.e.l., ·
Va Tech Wabag ·
Va Tech Wabag (Hong Kong) Limited, Hongkong ·
Beijing Va Tech Wabag Water Treatment Technology
Company Limited, China ·
VA Tech Wabag Muscat LLC, Oman ·
VA Tech Wabag (Philippines) Inc., Philippines ·
VA Tech Wabag Algeria SARL, Algeria ·
VA Tech Wabag Tecknolojisi Ve Ticaret Limited, Turkey ·
VA Tech Wabag Egypt Limited, Egypt ·
VA Tech Wabag (Spain) S.L.U, Spain (Incorporated on 8 January 2013) ·
Ujams Wastewater Treatment Company (Pty) Limited, Namibia ·
VA Tech Wabag (Gulf) Contracting LLC, Dubai (Upto 31 March 2012) |
|
|
|
|
Associates : |
· Windhoek Goreangab Operating Company Limited, Namibia |
|
|
|
|
Joint Ventures : |
· International Water Treatment LLC, Oman (Incorporated on 23 February 2013) |
CAPITAL STRUCTURE
After 21.07.2014
Authorised Capital: Rs. 150.000 Millions
Issued, Subscribed & Paid-up Capital: Rs. 54.154
Millions
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50875000 |
Equity Shares |
Rs.2/- each |
Rs.101.800 Millions |
|
4825000 |
Preference Shares |
Rs.10/- each |
Rs.48.200 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.150.000
Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26592130 |
Equity Shares |
Rs.2/- each |
Rs.53.200
Millions |
|
|
|
|
|
a. Reconciliation of share capital (Equity)
|
Balance at the beginning of the year |
2,65,45,772 |
531 |
|
Add : Issued pursuant to Employee Stock Option Plan |
46,358 |
1 |
|
Balance at the end of the year |
2,65,92,130 |
532 |
Shareholders holding more than 5% of the aggregate shares in the
Company
|
|
Nos. |
% holding |
|
Equity Shares of Rs. 2 each |
|
|
|
Mr. Rajiv Mittal (Managing Director) |
48,54,703 |
18% |
|
IDFC Premier Equity Fund |
19,37,417 |
7% |
|
IDFC Premier Equity Fund |
15,84,552 |
6% |
|
Emerging Markets Growth Fund Inc. |
83,76,672 |
|
Details of shares
issued as fully paid up by way of bonus issues
|
Year |
Face value |
Bonus issue |
|
Equity Shares |
|
|
|
31 March 2010 |
5 |
10,39,629 |
d) Terms/ rights
attached to equity shares
The Company has issued only one class of equity shares having a face value of Rs.2 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors, if any, is subject to the approval of the shareholders in the ensuing Annual General Meeting, except interim dividend.
In the event of liquidation, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts, if any. The distribution will be in proportion to the number of equity shares held by the shareholders.
During the year ended 31 March 2014, the amount of dividend per share, recognised as distributions to the equity
shareholders of face value Rs.2 each was Rs.8 (Previous year : Rs.7).
e) Shares reserved
for issue under options
The Company had reserved issuance of Equity shares 960,813 of Rs.2 each (Previous year : 899,131 shares of Rs.2 each) for offering to eligible employees of the Company and its subsidiaries under Employees Stock Option Plan (ESOP).
f) Employee share
based plan
Employee share based plan- ESOP 2006 Scheme
In August 2006, the Board of Directors approved and the Company adopted the “ESOP 2006” (the “Plan”) under which not more than 204,080 shares of the Company’s equity shares was reserved for issuance to employees. The Board of Directors determined that the options granted under the Plan would vest not less than one year and not more than five years from the date of grant. The exercise price of options shall be `200 (face value of `10 each) on the grant date. The exercise period of the options is 4 years.
|
Particulars |
Number of options |
Weighted average exercise price (`) |
|
Outstanding as at 01 April 2012 |
24,144 |
36 |
|
Exercised |
6,321 |
36 |
|
Outstanding as at 31 March 2013 |
17,823 |
36 |
|
Exercised |
11,814 |
36 |
|
Lapsed |
875 |
36 |
|
Outstanding as at 31 March 2014 |
5,134 |
36 |
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 |
53.200 |
53.100 |
53.000 |
|
(b) Reserves & Surplus |
5975.100 |
5312.600 |
4609.800 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
2.200 |
0.400 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
6030.500 |
5366.100 |
4662.800 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1548.800 |
798.000 |
475.600 |
|
(d) long-term provisions |
73.700 |
55.200 |
70.600 |
|
Total
Non-current Liabilities (3) |
1622.500 |
853.200 |
546.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
890.300 |
545.100 |
1031.800 |
|
(b) Trade payables |
5444.300 |
5335.600 |
4961.600 |
|
(c) Other current liabilities |
1361.400 |
728.600 |
1080.100 |
|
(d) Short-term provisions |
673.700 |
701.500 |
441.700 |
|
Total
Current Liabilities (4) |
8369.700 |
7310.800 |
7515.200 |
|
|
|
|
|
|
TOTAL |
16022.700 |
13530.100 |
12724.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
927.500 |
274.300 |
269.300 |
|
(ii) Intangible Assets |
91.400 |
117.600 |
121.500 |
|
(iii) Capital work-in-progress |
0.500 |
320.600 |
176.300 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
184.200 |
153.600 |
146.500 |
|
(c) Deferred tax assets (net) |
104.700 |
87.000 |
85.800 |
|
(d) Long-term Loan and Advances |
9.700 |
32.000 |
32.000 |
|
(e) Other Non-current assets |
1970.000 |
1327.100 |
800.700 |
|
Total
Non-Current Assets |
3288.000 |
2312.200 |
1632.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
200.000 |
0.000 |
0.000 |
|
(b) Inventories |
144.200 |
158.700 |
349.200 |
|
(c) Trade receivables |
9236.800 |
7823.300 |
7924.000 |
|
(d) Cash and cash equivalents |
1564.300 |
1713.700 |
1837.100 |
|
(e) Short-term loans and
advances |
735.300 |
909.300 |
754.100 |
|
(f) Other current assets |
854.100 |
612.900 |
227.700 |
|
Total
Current Assets |
12734.700 |
11217.900 |
11092.100 |
|
|
|
|
|
|
TOTAL |
16022.700 |
13530.100 |
12724.200 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
11522.400 |
10,571.70 |
10,034.70 |
|
|
Other Income |
116.300 |
125.6 |
133 |
|
|
TOTAL
(A) |
11638.700 |
10697.300 |
10167.700 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of sales and Services |
8671.800 |
7981.800 |
7743.60 |
|
|
Decrease in inventories |
14.500 |
190.500 |
166.700 |
|
|
Employees benefits expense |
801.900 |
688.700 |
639.800 |
|
|
Other expenses |
623.300 |
322.300 |
330.400 |
|
|
TOTAL
(B) |
10111.500 |
9183.300 |
8880.500 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
1527.200 |
1514.000 |
1287.200 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
123.600 |
115.200 |
129.700 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1403.600 |
1398.800 |
1157.500 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
80.900 |
66.100 |
57.300 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
1322.700 |
1332.700 |
1100.200 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
436.900 |
431.600 |
349.00 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
885.800 |
901.100 |
751.200 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
2512.300 |
1918.700 |
1427.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
(88.600) |
90.100 |
75.100 |
|
|
Proposed Dividend (Including Dividend Tax) |
0.000 |
217.400 |
184.400 |
|
|
Total
(M) |
(88.600) |
307.500 |
184.400 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
3486.700 |
2512.300 |
1993.800 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
3180.800 |
1850.400 |
2172.400 |
|
|
TOTAL
EARNINGS |
3180.800 |
1850.400 |
2172.400 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
694.700 |
2358.500 |
1105.300 |
|
|
Components and Stores parts |
3.600 |
0.000 |
0.000 |
|
|
Capital Goods |
0.000 |
0.000 |
11.4 |
|
|
TOTAL
IMPORTS |
698.300 |
2358.500 |
1116.700 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
33.30 |
34.00 |
28.41 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
7.69 |
8.52 |
7.49 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
13.25 |
14.32 |
12.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.41 |
10.28 |
8.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.25 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.15 |
0.10 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52 |
1.53 |
1.48 |
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 |
53.000 |
53.100 |
53.200 |
|
Reserves & Surplus |
4609.800 |
5312.600 |
5975.100 |
|
Share Application money
pending allotment |
0.000 |
0.400 |
2.200 |
|
Net
worth |
4662.800 |
5366.100 |
6030.500 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
1031.800 |
545.100 |
890.300 |
|
Total
borrowings |
1031.800 |
545.100 |
890.300 |
|
Debt/Equity
ratio |
0.221 |
0.102 |
0.148 |
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 |
10034.700 |
10571.700 |
11522.400 |
|
|
|
5.351 |
8.993 |
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 |
10034.700 |
10571.700 |
11522.400 |
|
Profit |
751.200 |
901.100 |
885.800 |
|
|
7.49% |
8.52% |
7.69% |
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 |
Yes |
|
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 |
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 |
LITIGATIONS DETAILS
MADRAS HIGH COURT
|
Case Status : |
Pending (Pre-Admitted) |
||||||
|
Status of |
ORIGINAL PETITION |
||||||
|
M/S. BHARATH
INTEGRATED |
VA TECH WABAG LIMITED |
||||||
|
Petitoner
Adv. : |
M/S. NAJEEB USMAN KHAN |
||||||
|
Respondent
Adv. : |
|
||||||
|
Last Listed on : |
Not Available |
Last Listed on : |
No Date Mentioned |
||||
|
Vategory : |
Section 11 |
||||||
|
|||||||
|
This Case is updated on : Thursday, January 29, 2015 |
|||||||
Overview
IWG provides water management solutions for demineralisation plants, reverse osmosis plants and CPU plants used by various industries (steel, petrochemical, fertilisers and power, among others). During the year, the Company largely focused on the petrochemical and power sectors while the steel sector remained subdued. The SBU expanded its global footprint across the petrochemical and fertilizer sectors. It created a strong track record by virtue of on-time project delivery which, in turn, reinforced relationships, generated repeat orders and the receipt of timely payments from its customers
Highlights, 2013-14
· Won repeat orders from Reliance Industries
· Received orders from international petrochemical and fertiliser industry majors
· Executed projects involving complex processes like boron removal, a first-ofits- kind treatment in India
Strengths of IWG
· The SBU leveraged the rich technology bank of WABAG.
· Created a strong presence in the steel, power, petrochemical, and fertilizer industries in India and abroad
· Focused on niche projects marked by imited competition
· Created robust client relationships through timely delivery and superior servicing
Road ahead
· Going ahead, the SBU intends to embark on the following initiatives:
· Concentrate more on international projects
· Recycle water from complex oil and gas wastewaters
· Grow the domestic order book substantially
General Information
VA Tech Wabag Limited (`the Company’), its subsidiaries, associates and joint ventures (collectively referred to as `the Group’) is one of the world’s leading companies in the water treatment field. The group’s principal activities include design, supply, installation, and operational management of drinking water and waste water treatment plants. The shares of the Company are listed in the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
All amounts in the financial statements are presented in Rupees in lakhs except per share data and as otherwise stated. Figures for the previous year have been regrouped / rearranged wherever considered necessary to conform to the figures presented in the current year.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER AND HALF YEAR ENDED 30TH
SEPTEMBER, 2014
(Rs. In Millions)
|
Sr. No |
Particulars |
Standalone |
|||
|
Quarter Ended |
Six Month 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) |
2338.600 |
1251.300 |
3589.900 |
|
|
|
b. Other Operating Income |
22.300 |
43.600 |
65.900 |
|
|
|
Total Income from
Operations (Net) |
2360.9 |
1294.900 |
3655.800 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. a. Cost of material Consumed |
2194.200 |
823.300 |
3017.500 |
|
|
|
b. c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(428.100) |
(65.600) |
(493.700) |
|
|
|
c. d. Employees Benefit Expenses |
214.300 |
216.700 |
431.000 |
|
|
|
d. e. Depreciation and Amortisation Expenses |
33.300 |
(24.300) |
9.000 |
|
|
|
e. f. Other expenses |
144.900 |
205.400 |
350.300 |
|
|
|
Total Expenses |
2158.600 |
1155.500 |
3314.100 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
202.300 |
139.400 |
341.700 |
|
|
4 |
Other Income |
20.400 |
10.800 |
31.200 |
|
|
|
Foreign Exchange
Flucations (Gain)/Loss |
7.000 |
(9.500) |
(2.500) |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
174.900 |
138.100 |
313.000 |
|
|
6 |
Finance Costs |
-- |
-- |
-- |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
174.900 |
138.100 |
313.000 |
|
|
8 |
Exceptional items |
-- |
-- |
-- |
|
|
9 |
Profit from
ordinary activities before tax |
174.900 |
138.100 |
313.000 |
|
|
10 |
Tax Expense |
58.500 |
46.400 |
104.900 |
|
|
|
- Income Tax |
|
|
|
|
|
|
- Deferred Tax |
|
|
|
|
|
11 |
Net Profit from
ordinary activity after tax |
116.400 |
91.700 |
208.100 |
|
|
12 |
Extraordinary Items |
-- |
-- |
-- |
|
|
13 |
Net Profit After Tax |
116.400 |
91.700 |
208.100 |
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
53.6 |
53.400 |
53.600 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
-- |
-- |
-- |
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
4.36 |
3.45 |
7.79 |
|
|
|
Basic EPS |
4.28 |
3.38 |
7.65 |
|
|
|
Diluted EPS |
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
18915671 |
18653218 |
18915671 |
|
|
|
- Percentage of shareholding |
70.57% |
69.84% |
70.57% |
|
|
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 |
8056702 |
8056702 |
7886702 |
|
|
|
- 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) |
30.30% |
30.16% |
29.43% |
|
|
|
Particulars |
Quarter ended 30.09.2014 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
2 |
|
|
Disposed off during the quarter |
2 |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
Quarter Ended |
Six Month
Ended |
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
a. Information about
Primary Business Segments |
|
|
|
|
1. Segment Revenue |
|
|
|
|
India |
1583.200 |
946.500 |
2529.700 |
|
Res of World |
15112.600 |
755.400 |
1060.200 |
|
Total |
23331.700 |
2338.600 |
3589.900 |
|
Less : Inter Segment Revenue |
-- |
-- |
-- |
|
Net
Sales |
2338.600 |
1251.300 |
3589.900 |
|
|
|
|
|
|
2.
Segment Result |
|
|
|
|
India |
343.000 |
310.000 |
653.000 |
|
Res of World |
229.500 |
183.600 |
413.100 |
|
Total |
572.500 |
493.600 |
1066.100 |
|
Less : Interest and bank charges |
20.400 |
10.800 |
31.200 |
|
Other unallocable expenditure |
392.500 |
397.800 |
790.300 |
|
Add : Unallocable income |
15.300 |
53.100 |
68.400 |
|
Total |
138.100 |
313.000 |
345.500 |
|
|
|
|
|
|
3. Capital
Employed (Segment Assets-Segment Liabilities) |
|
|
|
|
India |
4524.200 |
5316.500 |
4399.300 |
|
Res of World |
837.100 |
477.500 |
423.900 |
|
Unallocated |
794.700 |
511.600 |
782.100 |
|
Total Capital
Employed |
6156.000 |
6305.600 |
5605.300 |
Note :
1. The above results were reviewed by the Audit Committee and approved and taken on record by the Board at its meeting held on November 08, 2014 and a limited review of the same has been carried out by the Statutory Auditors of the Company.
2. The figures for the corresponding periods have been regrouped / reclassified
wherever considered necessary to conform to the figures presented in the
current year.
3. Considering the risk/return profiles of the segments between product and
geography, the Company has identified geography as primary segment in
accordance with Accounting Standard (AS) 17 on Segment Reporting. The Company
does not have any secondary Segment. Segment revenue comprises sales and
operational income allocable specifically to a segment. Un-allocable
expenditure mainly includes employee expense, depreciation, foreign exchange
loss and other expenses. Un-allocable income primarily includes other operating
income and foreign exchange gain.
4. Depreciation for the half year ended September 30, 2014 includes a reversal
of Rs.597 lakhs (in the standalone results) and of Rs. 27.6Millions (net) (in the consolidated results), which
represents the impact of change in accounting policy for providing depreciation
on fixed assets from Written Down Value' method to 'Straight Line' method
effective April 1, 2014, in order to reflect a more appropriate
preparation/presentation of financial statements. Further, effective April 1,
2014, the Company has also revised the useful life of fixed assets based on
Schedule II to the Companies Act, 2013. Consequently, the depreciation for the
half year ended September 30, 2014 is higher to the extent of Rs. 24.000
Millions. Further, an amount of Rs. 7.500 lakhs Millions (net of tax)
representing the carrying value of assets with revised useful life as nil, has
been charged to the opening reserves as on April 1, 2014.
5. Exceptional item for the previous periods represents reversal of actuarial
liability provisions, net of deferred taxes, by WABAG Wassertechnik AG
Switzerland, Company's subsidiary on account of classifying the pension plan as
a defined contribution plan during the previous year. This change reflects the
substance of the pension plan and is consistent with the accounting principles
locally followed by the said subsidiary.
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
Particulars |
As at half year ended on 30.09.2014 (Unaudited) |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholders' Funds |
|
|
|
(a)
Share Capital |
53.600 |
|
|
(b)
Reserves & Surplus |
6251.200 |
|
|
Share
application money pending allotment |
0.800 |
|
|
Total
Shareholders’ Funds |
6305.600 |
|
|
|
|
|
2 |
Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
0.000 |
|
|
(b) Deferred tax liabilities (Net) |
0.000 |
|
|
(c) Other long term liabilities |
1449.000 |
|
|
(d) long-term provisions |
110.900 |
|
|
Sub Total Non-current Liabilities |
1559.900 |
|
|
|
|
|
3 |
Current Liabilities |
|
|
|
(a) Short term borrowings |
1448.200 |
|
|
(b) Trade payables |
4513.800 |
|
|
(c) Other current liabilities |
1081.700 |
|
|
(d) Short-term provisions |
263.200 |
|
|
Sub
Total Current Liabilities |
7306.900 |
|
|
|
|
|
|
TOTAL- EQUITY AND LIABILITIES |
15172.400 |
|
|
|
|
|
A |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed Assets |
1026.000 |
|
|
(b) Non-current Investments |
203.700 |
|
|
(c) Long-term Loan and Advances |
10.900 |
|
|
(d) Other Non-current assets |
1132.000 |
|
|
€ Deferred tax assets (net) |
109.300 |
|
|
Sub Total Non-Current Assets |
2481.900 |
|
|
|
|
|
2 |
Current assets |
|
|
|
(a) Current investments |
350.000 |
|
|
(b) Inventories |
637.900 |
|
|
(c) Trade receivables |
8983.100 |
|
|
(d) Cash and cash equivalents |
643.800 |
|
|
(e) Short-term loans and advances |
1067.100 |
|
|
(f) Other current assets |
1008.600 |
|
|
Sub Total Current Assets |
12690.500 |
|
|
|
|
|
|
TOTAL-ASSETS |
15172.400 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10449852 |
29/08/2013 |
1,350,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, 155, ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA |
B85313211 |
|
2 |
10053844 |
25/06/2012 * |
11,925,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH,
155, ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA |
B58406331 |
* Date of charge modification
FIXED ASSETS:
·
· Plant and Machinery
· Furniture and Fittings
· Electrical Equipments
· Office Equipments
· Computers
· Vehicles
Press Release
WABAG bags Rs. 100
cr World Bank funded Sewage Treatment order in Phillippines
VA Tech Wabag Ltd has informed BSE regarding a Press Release dated November 24, 2014 titled "WABAG bags INR 100 crore World Bank funded Sewage Treatment order in Philippines". VA Tec WABAG bagged an order from Maynilad Water Services, Philippines for construction of 20 MLD Sewage Treatment Plant at Tunasan.
VA Tech
Wabag up 8% on Ganga action Plan project order
VA Tech Wabag up 8% on Ganga Action Plan project order Shares of VA Tech Wabag climbed 8 percent intraday Monday on bagging order for construction of sewage treatment plant in Varanasi. 0 1 Google +0 0 Moneycontrol Bureau Shares of VA Tech Wabag climbed 8 percent intraday Monday on bagging order for construction of sewage treatment plant in Varanasi. "Va Tech won an order for a value of Rs 2200.000 Millions for design and construction of 140 MLD sewage treatment plant at Dinapur, Varanasi including operation and maintenance for 10 years," said the leading Indian MNC in water and waste water treatment. The scope of work includes design, engineering, supply, installation, testing and commissioning of the sewage treatment plant whereas the civil construction will be carried out by the joint venture partner, it added. The order is part of JICA - Funded Ganga Action Plant Project and the implementation agency for this project is Ganga Pollution Prevention Unit of UP Jal Nigam, Varanasi. "Activated sludge process with biogas based power generation will not only help the project to reduce its operational costs but will also reduce the carbon emissions and thus will qualify for carbon credits," Va Tech explained the benefits. At 14:44 hours IST, the stock was quoting at Rs 1,595.35, up Rs 93.35, or 6.22 percent amid high volumes on the Bombay Stock Exchange.
WABAG JV wins Rs 220 Crore JICA funded
Ganga action plan project in varanasi
VA Tech Wabag Ltd has informed BSE regarding a Press Release dated January 04, 2015 titled "WABAG JV wins INR 2200.000 Millions JICA funded Ganga Action Plan Project in Varanasi". Va Tech Wabag won an order for a value of Rs 2200.000 Millions for design and construction of 140 MLD Sewage Treatment Plant (STP) at Dinapur, Varanasi including Operation and Maintenance
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.61.96 |
|
|
1 |
Rs.94.41 |
|
Euro |
1 |
Rs.70.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ART |
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 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
66 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.