MIRA
INFORM REPORT
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Report No. : |
307756 |
|
Report Date : |
13.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
RAMKRISHNA FORGINGS LIMITED |
|
|
|
|
Registered
Office : |
Ramkrishna Chambers, 72, Shakespeare Sarani, Kolkata – 700017, |
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Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
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Date of
Incorporation : |
12.11.1981 |
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|
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Com. Reg. No.: |
21-034281 |
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Capital
Investment / Paid-up Capital : |
Rs. 260.994 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74210WB1981PLC034281 |
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|
IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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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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Line of Business
: |
Manufacturer and Exporter of Forged and Rolled Components for the
Railways, Automobile etc. |
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No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. The rating reflects RKFL’s established market position in the forgings
industry market by adequate operating efficiencies and sound liquidity
position of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
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 |
CRISIL |
|
Rating |
Long Term Rating = BBB+ |
|
Rating Explanation |
Moderate Degree of Safety and Moderate Credit Risk |
|
Date |
June 06, 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.
INFORMATION DENIED BY
|
Name : |
Mr. Amit Agarwal |
|
Designation : |
Finance manager |
|
Contact No.: |
91-33-39840999 |
|
Date : |
11.02.2015 |
LOCATIONS
|
Registered Office / Corporate Office : |
Ramkrishna Chambers, 72, Shakespeare Sarani, Kolkata – 700017, West
Bengal, India |
|
Tel. No.: |
91-33-39840999 |
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Fax No.: |
91-33-39840998 |
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E-Mail : |
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|
Website : |
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Location: |
Owned |
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|
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|
Factory 1 : |
Plot No. M-6, Phase VI, Gamaria, Jamshedpur - 832108, Jharkhand, India |
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Tel. No.: |
91-657-3204242/3204249 |
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Fax No.: |
91-657-2202814 |
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E-Mail : |
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Factory 2 : |
7/40, |
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Tel. No.: |
91-33-32550894 |
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Fax No.: |
91-33-26545729 |
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|
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Factory 3 : |
Plot No. M-15,16 and NS-26, Phase VII, Adityapur Industrial Area,
Jamshedpur - 832109, Jharkhand, India |
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Tel. No.: |
91-657-3984999/ 3984900 |
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Fax No.: |
91-0657-3984998 |
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E-Mail : |
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Factory 4 : |
Baliguma, Kolabira, Sareikela, Kharsawan – 833220,
Jamshedpur - 832109 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Mahabir Prasad Jalan |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
65 Years |
|
Qualification : |
B. Tech |
|
Date of Appointment : |
12.11.1981 |
|
|
|
|
Name : |
Mr. Naresh Jalan |
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Designation : |
Managing Director |
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Date of Birth/Age : |
40 Years |
|
Qualification : |
MBA (Marketing and Finance) |
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Date of Appointment : |
05.11.2001 |
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|
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|
Name : |
Mr. Pawan Kumar Kedia |
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Designation : |
Finance Director |
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Name : |
Mr. Padam Kumar Khaitan |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Satish Kumar Mehta |
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Designation : |
Non-Executive Director |
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|
Name : |
Mr. Subhasis Majumdar |
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Designation : |
Nominee Director |
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Name : |
Mr. Surendra Mohan Lakhotia |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Yudhisthir Lal Madan |
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Designation : |
Additional Director |
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Name : |
Mr. Ram Tawakya Singh |
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Designation : |
Additional Director |
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Name : |
Mr. Ravi Lekhrajani |
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Designation : |
Additional Director |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Mundhra |
|
Designation : |
Company Secretary |
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|
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Name : |
Mr. Alok Kumar Sharda |
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Designation : |
Chief Financial Officer |
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|
Name : |
Mr. Uday Choubey |
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Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of Shareholder |
Total No. of
Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1544250 |
5.62 |
|
|
11645915 |
42.40 |
|
|
13190165 |
48.02 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
13190165 |
48.02 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2883185 |
10.50 |
|
|
706671 |
2.57 |
|
|
4615463 |
16.80 |
|
|
2467063 |
8.98 |
|
|
2148400 |
7.82 |
|
|
8205319 |
29.87 |
|
|
|
|
|
|
2477964 |
9.02 |
|
|
|
|
|
|
1469178 |
5.35 |
|
|
1909773 |
6.95 |
|
|
217541 |
0.79 |
|
|
156374 |
0.57 |
|
|
21167 |
0.08 |
|
|
40000 |
0.15 |
|
|
6074456 |
22.11 |
|
Total Public shareholding (B) |
14279775 |
51.98 |
|
Total (A)+(B) |
27469940 |
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) |
27469940 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Forged and Rolled Components for the
Railways, Automobile etc. |
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|
|
|
Exports : |
|
|
Products : |
·
Forged Components ·
Rolled
Components |
|
Countries : |
·
USA ·
Italy ·
Germany ·
Brazil |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
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Products : |
·
Raw Material |
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Countries : |
·
Germany ·
Korea ·
Japan |
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Terms : |
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Selling : |
Cash and Advance Payment |
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Purchasing : |
Cash and Advance Payment |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
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No. of Employees : |
3000 (Approximately) |
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Bankers : |
·
DBS Bank ·
Export Import Bank of India ·
Hongkong and Shanghai Banking Corporation Bank ·
ICICI Bank ·
IDBI Bank ·
Indian Overseas Bank ·
Standard Chartered Bank ·
State Bank of India |
||||||||||||||||||||||||
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||||||||||||||||||||||||
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Facilities : |
(Rs.
In Millions)
|
|
Statutory Auditors : |
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|
Name : |
Singhi and Company Chartered Accountants |
|
Address : |
1B, |
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|
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Bengal Intelligent Park, Building Alpha, 1st Floor, Block-EP
and GP, Sector-V, Salt Lake Electronics Complex, Kolkata- 700091, West
Bengal, India |
|
|
|
|
Enterprises over which Key Management Personnel and their relatives
are able to exercise significant influence : |
·
Riddhi Portfolio (Private) Limited ·
Eastern Credit Capital Limited (100% subsidiary
of Riddhi Portfolio (Private) Limited) ·
Ramkrishna Rail and Infrastructure Private
Limited ·
Clifftop Infrabuild Private Limited ·
Northeast Infra Properties Private Limited |
|
|
|
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Subsidiary of the company: |
·
Globe Forex and Travels Limited |
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|
|
|
ESOP Trust of the Company : |
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CAPITAL STRUCTURE
As on 17.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29750000 |
Equity Shares |
Rs.10/- each |
Rs. 297.500 Millions |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27469900 |
Equity Shares |
Rs.10/- each |
Rs. 274.699
Millions |
|
|
|
|
|
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29750000 |
Equity Shares |
Rs.10/- each |
Rs. 297.500 Millions |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26099440 |
Equity Shares |
Rs.10/- each |
Rs. 260.994
Millions |
|
|
|
|
|
i) The Company had
issued 30,77,000 warrants to M/s. Eastern Credit Capital (P) Limited (Formally Eastern
Credit Capital Limited), Promoter group, on a preferential basis at a price of
` 130 per warrant. Out of the above 12,79,000 warrants has been converted into
equity shares during the year and the balance 17,80,000 warrants could be
converted into equity shares of ` 10/- each at a premium of ` 120/- within 18
months from the date of allotment i.e. 19th January, 2013.
The Company on 3rd
April, 2013 has issued and allotted 37,24,500 equity shares of ` 10 each to Wayzata
II Indian Ocean Limited at a Price of ` 132.75 per share.
The Company had a
balance of ` 282.45 Lacs at the beginning of the year and has received an
amount of ` Rs. 590.952 Millions on account of issue of shares to Wayzata II
Indian Ocean Limited and conversion of warrants issued to Promoters into equity
shares. Out of above an amount of Rs.
581.146 Millions has been utilised for financing the capital expenditure in
respect of the Project and an amount of ` 380.52 Lacs is lying in the bank
accounts of the Company.
The Company has
received an amount of ` 75.68 Lacs for further conversion of warrants into
equity shares and the same is also lying in the bank accounts of the Company.
a)
Reconciliation of
the number of Shares outstanding:
|
Equity Shares |
31.03.2014 |
|
|
|
|
Outstanding at
the beginning of the year |
21.096 |
|
Add: Shares
issued on Allotment |
3.724 |
|
Add: Shares
issued on conversion of warrants |
1.279 |
|
Outstanding at
the end of the year |
26.099 |
b. The Company does not have any Holding
Company.
c. The Company had
issued 30,77,000 warrants to M/s. Eastern Credit Capital (P) Limited (Formally
Eastern Credit Capital Limited), Promoter group, on a preferential basis at a
price of ` 130 per warrant . Out of the above 12,97,000 warrants has been
converted into equity shares and the balance 17,80,000 warrants could be
converted into equity shares of ` 10/- each at a premium of ` 120/- within 18
months from the date of allotment i.e 19th January, 2013.
d. Right,
Preference and restrictions attached to Shares:-
The Company has
one class of equity shares having a par value of ` 10/- per share. Each
shareholder is eligible for one vote per share held. The dividend proposed by
the Board of Director is subject to the approval of the shareholders at the
ensuing Annual General Meeting, except in case of interim dividend. In the
event of liquidon, the equity shareholders are eligible to receive
the remaining assets of the Company after distributeon of all preferential
amount, in proportion to their shareholding. For the year ended 31st March,
2014, the Board of Directors of the Company has recommended dividend of ` 1/-
per share (Previous year ` 1/- per share) to equity shareholders aggregating to
Rs. 26.099 Millions (Previous year Rs 25.109 Millions). The total payout
together with the Corporate Dividend Distribution Tax of Rs. 4.436 Millions
(Previous year Rs. 4.269 Millions), will be Rs. 30.535 Millions (Previous year
Rs. 29.378 Millions).
e.
Shareholder holding more than 5 percent
shares of the Company:
|
|
31.03.2014 |
|
|
Numbers of Shares held |
Percentage of Holding |
|
|
1. Riddhi
Portfolio Private Limited |
6025913 |
23.09 |
|
2. Wayzata II
Indian Ocean Limited. |
5937500 |
22.75 |
|
3. Eastern Credit
Private Limited. |
4248000 |
16.28 |
|
4. International
Finance Corporation |
2148000 |
8.23 |
|
5. Reliance Capital Trustee Co. Ltd. - a/c Reliance Tax Saver (ELSS)
Fund |
1438917 |
5.51 |
|
6. Unit Trust of India - a/c Investment Advisory Services Ltd. a/c
Ascent India Fund |
NIL |
NIL |
f. The Company has
not reserved any shares for issue of option and contract / commitment for sales
of shares / disinvestment.
g. The Company during
the preceding 5 years -
i. Has not
allotted shares pursuant to contracts with payment received in cash.
ii. Has not
allotted shares as fully paid up by way of bonus shares
iii. Has not
bought back any shares
i.There are no
calls unpaid by Directors / Officers.
j. The Company has not forfeited any shares.
FINANCIAL DATA
[all figures are
in Rupees Millions].
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
260.994 |
210.959 |
181.485 |
|
(b) Reserves & Surplus |
2905.386 |
2202.293 |
1702.820 |
|
(c) Money
received against share warrants |
65.418 |
127.663 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3231.798 |
2540.915 |
1884.305 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3572.170 |
1275.287 |
820.612 |
|
(b) Deferred tax liabilities (Net) |
309.006 |
318.320 |
252.880 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.338 |
2.107 |
4.182 |
|
Total Non-current Liabilities (3) |
3883.514 |
1595.714 |
1077.674 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1148.483 |
1015.009 |
709.944 |
|
(b) Trade payables |
1022.207 |
534.943 |
796.089 |
|
(c) Other current
liabilities |
804.329 |
542.289 |
413.960 |
|
(d) Short-term provisions |
35.077 |
34.936 |
46.682 |
|
Total Current Liabilities (4) |
3010.096 |
2127.177 |
1966.675 |
|
|
|
|
|
|
TOTAL |
10125.408 |
6263.806 |
4928.654 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2311.049 |
2396.792 |
2444.727 |
|
(ii) Intangible Assets |
25.926 |
25.608 |
18.926 |
|
(iii) Capital
work-in-progress |
3470.398 |
396.247 |
36.071 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
5.344 |
|
(b) Non-current Investments |
67.032 |
58.646 |
0.050 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
944.983 |
676.607 |
184.956 |
|
(e) Other Non-current assets |
0.000 |
6.720 |
5.181 |
|
Total Non-Current Assets |
6819.388 |
3560.620 |
2695.255 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1571.347 |
1491.873 |
1310.075 |
|
(c) Trade receivables |
1149.705 |
802.743 |
709.273 |
|
(d) Cash and cash
equivalents |
142.834 |
29.915 |
3.000 |
|
(e) Short-term loans and
advances |
178.699 |
235.207 |
87.090 |
|
(f) Other current assets |
263.435 |
143.448 |
123.961 |
|
Total Current Assets |
3306.020 |
2703.186 |
2233.399 |
|
|
|
|
|
|
TOTAL |
10125.408 |
6263.806 |
4928.654 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4295.278 |
4038.970 |
5012.629 |
|
|
|
Other Income |
23.869 |
13.297 |
7.650 |
|
|
|
TOTAL |
4319.147 |
4052.267 |
5020.279 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2170.963 |
2265.470 |
2872.408 |
|
|
|
Changes in inventories |
106.226 |
(180.000) |
(95.639) |
|
|
|
Employees benefits expense |
291.795 |
280.699 |
268.045 |
|
|
|
Power and Fuel |
431.072 |
444.522 |
464.802 |
|
|
|
Other expenses |
719.445 |
612.487 |
693.648 |
|
|
|
TOTAL |
3719.501 |
3423.178 |
4203.264 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
599.646 |
629.089 |
817.015 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
222.638 |
216.828 |
187.889 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
377.008 |
412.261 |
629.126 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
249.179 |
226.221 |
270.674 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
127.829 |
186.040 |
358.452 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
43.304 |
75.752 |
115.560 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
84.525 |
110.288 |
242.892 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
919.560 |
848.650 |
668.651 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.000 |
10.000 |
18.500 |
|
|
|
Dividend |
26.099 |
25.109 |
36.297 |
|
|
|
Tax on Distributed Profits |
4.436 |
4.269 |
5.889 |
|
|
|
Dividend and Tax |
0.000 |
0.000 |
2.207 |
|
|
|
Total
|
35.535 |
39.378 |
62.893 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
968.550 |
919.560 |
848.650 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB Basis |
992.474 |
519.761 |
453.458 |
|
|
|
Die design and preparation charged (recovered) |
141.141 |
2.506 |
4.919 |
|
|
TOTAL
EARNINGS |
1133.615 |
522.267 |
458.377 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
|
|
|
|
Components and Stores parts |
13.109 |
10.467 |
15.735 |
|
|
|
Capital Goods |
1726.899 |
18.302 |
123.986 |
|
|
|
TOTAL
IMPORTS |
1740.008 |
28.769 |
139.721 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.34 |
5.89 |
13.61 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
1.96 |
2.72 |
4.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.98 |
4.61 |
7.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.94 |
3.20 |
7.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.07 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.46 |
0.90 |
0.81 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10 |
1.27 |
1.14 |
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 |
181.485 |
210.959 |
260.994 |
|
Reserves & Surplus |
1702.820 |
2202.293 |
2905.386 |
|
Money received against share
warrants |
0.000 |
127.663 |
65.418 |
|
Net
worth |
1884.305 |
2540.915 |
3231.798 |
|
|
|
|
|
|
long-term borrowings |
820.612 |
1275.287 |
3572.170 |
|
Short term borrowings |
709.944 |
1015.009 |
1148.483 |
|
Total
borrowings |
1530.556 |
2290.296 |
4720.653 |
|
Debt/Equity
ratio |
0.812 |
0.901 |
1.461 |
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 |
5012.629 |
4038.970 |
4295.278 |
|
|
|
(19.424) |
6.346 |
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 |
5012.629 |
4038.970 |
4295.278 |
|
Profit |
242.892 |
110.288 |
84.525 |
|
|
4.85% |
2.73% |
1.97% |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
UNSECURED LOAN
(Rs. In Millions)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
From Banks |
|
|
|
Term Loan – VAT Deferment Payment Scheme |
0.000 |
6.884 |
|
|
|
|
|
SHORT TERM
BORROWING |
|
|
|
Loans Repayable on demand – from Bank |
49.450 |
39.252 |
|
Total |
49.450 |
46.136 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10514201 |
08/08/2014 |
100,000,000.00 |
IDBI Bank Limited |
Kolkata Main Branch,, IDBI House, 44
Shakespeare |
C15885247 |
|
2 |
10476053 |
29/01/2014 |
868,000,000.00 |
INTERNATIONAL FINANCE CORPORATION |
2121 Pennsylvania Avenue, N.W, Washington,
D.C. 2 |
B95672507 |
|
3 |
10476057 |
17/01/2014 |
868,000,000.00 |
INTERNATIONAL FINANCE CORPORATION |
2121 Pennsylvania Avenue, N.W, Washington,
D.C. 2 |
B95672747 |
|
4 |
10455941 |
07/09/2013 |
100,000,000.00 |
STATE BANK OF INDIA |
Commercial Branch, Jamshedpur, Pratap
Tower, Bist |
B87905683 |
|
5 |
10443556 |
29/07/2013 |
220,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, Guj |
B82359167 |
|
6 |
10437673 |
01/08/2013 * |
610,000,000.00 |
DBS BANK LTD. (ACTING AS AN SECURITY
TRUSTEE) |
KOLKATA BRANCH, 4A, NANDALAL BASU SARANI,
KOLKATA |
B81110652 |
|
7 |
10429409 |
30/05/2013 |
1,354,459,000.00 |
LANDESBANK BADEN-WURTTEMBERG |
Am Hauptbahnhof 2, 70173 Stuttgart,
Federal Repub |
B76445428 |
|
8 |
10421002 |
05/07/2013 * |
150,000,000.00 |
DBS BANK LTD. |
4A, NANDALAL BASU SARANI, KOLKATA, West
Bengal - 7 |
B79985693 |
|
9 |
10419296 |
17/02/2014 * |
370,000,000.00 |
DCB BANK LIMITED |
601 & 602, Peninsula Business Park,
6th floor,, T |
B97712095 |
|
10 |
10387878 |
05/07/2013 * |
1,000,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
FLOOR 21, CENTRE ONE BUILDING, WORLD TRADE
CENTRE |
B83470831 |
|
11 |
10362255 |
28/06/2012 |
550,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, Guj |
B42288670 |
|
12 |
10343181 |
27/03/2014 * |
160,000,000.00 |
DCB BANK LIMITED |
601 & 602, Peninsula Business Park,
6th floor,, T |
C06620165 |
|
13 |
10264244 |
19/09/2014 * |
400,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, Guj |
C21686076 |
|
14 |
10253083 |
17/02/2014 * |
215,000,000.00 |
DBS BANK LTD. |
KOLKATA BRANCH,, 4A, NANDALAL BASU SARANI,
KOLKAT |
B98569767 |
|
15 |
10251226 |
05/07/2013 * |
770,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, Guj |
B80872476 |
|
16 |
10238693 |
13/12/2013 * |
100,000,000.00 |
Standard Chartered Bank |
19, NETAJI SUBHAS ROAD, KOLKATA, West
Bengal - 700 |
B95615068 |
|
17 |
10238928 |
28/07/2014 * |
400,000,000.00 |
STANDARD CHARTERED BANK |
19, NETAJI SUBHAS ROAD, KOLKATA, West
Bengal - 700 |
C13811716 |
|
18 |
10197055 |
31/07/2013 * |
150,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
Centre One Building, Floor 21, World Trade
Centre |
B82756974 |
|
19 |
10161758 |
14/02/2014 * |
520,000,000.00 |
IDBI Bank Limited |
Kolkata Main Branch, IDBI House, 44
Shakespeare S |
B97695183 |
|
20 |
10150671 |
26/04/2014 * |
620,000,000.00 |
IDBI Bank Limited |
Kolkata Main Branch,, IDBI House, 44
Shakespeare |
C07316151 |
|
21 |
90252346 |
14/03/2014 * |
2,122,600,000.00 |
STATE BANK OF INDIA |
Commercial Branch, Jamshedpur, Pratap
Tower, Bist |
C00438523 |
* Date of charge modification
CONTINGENT LIABILITIES
|
|
31.03.2014 |
|
(a) Claims against the Company not acknowledged as debt |
|
|
(i) Electricity charges
demand of Jharkhand State Electricity Board. (Appeal pending before High
Court, Jharkhand) |
4.524 |
|
(ii) Demand from
Jharkhand State Electricity Board on account of disconnecon of line at Plant I (Appeal pending before Dy.
Commissioner, Sariekela) |
- |
|
(iii) Demand for
Income Tax for the AY 2007-08 (Appeal pending before the
Commissioner of Income Tax (Appeals), Kolkata) |
0.803 |
|
(iv) Demand for
Income Tax for the AY 2008-09 (Appeal pending before the Commissioner
of Income Tax (Appeals), Kolkata) |
0.396 |
|
(v) Demand for
Service Tax for the FY 2004-05, 2005-06, 2006-07 (upto July 2006) (Appeal pending before the
Excise & Service Tax Appellate Tribunal, Kolkata) |
3.598 |
|
(vi) Demand for
Sales Tax for the FY 2009-10 (Appeal pending before the
The Joint Commissioner of Sales Tax, Kolkata) |
- |
|
(vii) Demand for
sales Tax for Nov, 2012 for wrong availment of Input tax credit (Appeal pending before Joint Commissioner
of Commercial Taxes (Appeals), Jamshedpur) |
- |
|
(b) Bills
discounted with Banks |
- |
|
(c) Bank
Guarantee |
56.763 |
|
(d) Custom duty
on Capital goods imported under EPCG Scheme / Advance
Licence, against which export obligaon
of ` 37,294.89 Lacs (Previous year Rs.1 252.047 Millions) is to be fulfiled |
516.927 |
|
(e) Corporate
guarantee given to SBI, Commercial Branch, Jamshedpur, on behalf of Globe Forex & Travels Ltd. |
100.000 |
FINANCIAL AND PERFORMANCE REVIEW
- Net Sales
increased by 6.35 percent from Rs. 4038.970 Millions in 2012-13 to Rs.
4295.278 Millions in 2013-14.
- EBIDTA decreased
by 4.68 percent from Rs. 629.090 Millions in 2012-13 to Rs. 599.647
Millions in 2013-14.
- PAT decreased
by 23.36 percent from Rs. 110.288 Millions in 2012-13 to Rs. 84.525
Millions in 2013-14
With the onset of the slowing industrial growth and weakening investment
sentiment across sectors, the strong growth phase of the domestic Commercial
Vehicle (CV) industry came to standing halt in 2013-14.
Medium & Heavy Commercial Vehicles (M&HCV) segment bore the
brunt of slowing industrial activity with weak investment Sentiment and the
impact of significant fleet capacity addition over the past three years,
especially in the heavy duty categories of the trucking market.
The cumulative production of CV fell from 832649 vehicles in 2012-13 to
698864 vehicles in 2013-14 registering a fall of around 16.07%.
However, the production of M&HCVs segment registered a de-growth at
21.04 percent during the year 2013-14 and Light Commercial Vehicles registered
a de-growth of 13.54 percent
The overall domestic sales of the CV segment registered a de-growth from
793211 vehicles in 2012-13 to 632738 vehicles in 2013-14 registering a
de-growth of 20.23 percent. The M&HCVs segment registered a sharp downfall
of 25.33 percent during the year 2013-14 and light commercial vehicles
registered a de-growth of 17.62 percent.
In spite of the sluggish scenario of the CV segment the Company has been
able to register and increase the net sales.
INDUSTRY STRUCTURE AND DEVELOPMENTS
The Indian Forging
Industry has always been a major growth driver of the Indian manufacturing
sector and is one of the important industries for the success of automobile,
power sector and general engineering in the country. The products range include
rough forgings and/or machined parts like Crankshafttis, Connecting Rods,
Camshafts, Shitted Fork, Steering Components, Crown Propeller Shat s, Gear Box
Components, Crown Wheel and Pinions, Front Axle Beams, Rear Axle Shats, Earth
Moving Link, Railway Tyres, Flanges/Pipe Fittings, Quality standards in the industry
are in compliance with the applicable quality standards. The impact and changes
in the Indian automobile industry is directly proportional to the Indian
forging industry, so forging industry is option referred to as the backbone of
the automobile industry. While the automotive industry is the main customer for
forgings, the industry’s continuous eff orts in upgrading technologies and
diversifying product range have enabled it to expand its base of customers to
foreign markets.
Global OEMs and
Tier-1 fi rms have started appreciating the advantages of India’s open market
economy, transparent and liberal policies, its engineering and manufacturing
skills as well as its ability to handle global business. India holds
significant potential because of its low-cost manufacturing advantage and the
opportunity for sales-volume growth off ered by its domestic market over the
next decade. Keeping this in view, the market potential continues to grow for
the auto component sector. Within the auto sector, commercial vehicles remain
the mainstay for the forging industry. And going further, newer generation cars
will require better quality forgings. The country’s Rs. 250000.000 Millions
forging industry is under stress due to slowdown in the automotive sector and
increasing input costs. In addition, the sector is dependent on the automotive
business which contributes to about 70 percent of total business. The
Industrial Valves etc.
The forging
industry, which is a major supplier to the auto companies and a critical industry
that generates employment, has been continuously plagued with incessantly
rising industrial fuel and steel prices resulting in rising input costs and
shrinking margins.
Based on the installed
production capacity and annual sales turnover of these forging units, they were
classified into five categories namely very large, large, medium, small and
very small units. Million tonnes a year and achieved capacity utility on of
around 2.8 million tonnes. In fact, this could have gone up but for the overall
slowdown. The industry players are caught between its suppliers, who are
increasing costs and original equipment suppliers (including automotive sector
players), who want to keep tight control on costs ci ng slowdown.
The demand for
multi -axle tractor trailers is picking up and transporter enquiries are also
improving. With the Supreme Court letting the ban on mining in Karnataka and
Goa, the tempo can only build up since the mining ban was a huge drag on
commercial vehicle sales. The commercial vehicle industry has always been
linked to the country’s industrial activities and the overall GDP. Forging
industry is a basic industry and such industries tend to grow in a country in
relation to the rate of growth of its GDP. As far as India is concerned, they
expect othere GDP to continue to grow and therefore, the basic industries will
grow and so will the industry.
PERFORMANCE SCENARIO
The year 2013-2014 was not a very good year for the Industry as there
was a poor demand for the vehicles and also there was a decrease in production
trends during the year as compared to the last year.
With the onset of the slowing industrial growth and weakening investment
sentiment across sectors, the strong growth phase of the domestic commercial
vehicle industry came to standing halt since the second half of 2011-12.
M&HCV segment bore the brunt of slowing industrial activity with
weak investment sentiment and the impact of significant fleet capacity addition
over the past three years, especially in the heavy-duty categories of the
trucking market.
The cumulative automobile production data from April 2013-March 2014
showed a growth of only 4.04 percent over April 2012-March 2013.
In 2013-2014, production of passenger vehicles segment fell by 4.90
percent. The commercial vehicles and three wheelers segment saw a decline of
16.07 percent and 1.15 percent respectively. However, the production of the two
wheelers segment registered a growth of 7.21 percent this year.
DOMESTIC SALES
Passenger Vehicles
segment registered a decline of 6.05 percent during 2013-2014 as compared to
the last year. Passenger Cars segment declined by 4.65 percent during
2013-2014. In 2013-2014 sales of utility vehicles and vans declined by 5.01
percent and 19.58 percent respectively.
The overall domesc
sales of the commercial vehicles segment registered a decrease from 7,93,211
vehicles to 6,32,738 vehicles registering a decline of 20.23 percent during
2013-2014 as compared to the same period last year. The medium & heavy
commercial Vehicles (M&HCVs) segment registered a sharp downfall of 25.33
percent during the year 2013-2014 and light commercial vehicles registered a
decline of 17.62 percent.
The sale of three
wheelers sales fell by 10.90 percent in 2013-2014 but two wheelers sales
managed to register a growth of 7.31 percent during 2013-2014.
OUTLOOK
Global automotive
giants are looking at India as a competent competent supply base and are shopping
for their components here and Indian companies have even been acquiring
companies abroad. Considering the confidence of foreign automotive majors, auto
component manufacturers and original equipment manufacturers, who are
outsourcing their operations to India, it is quite likely that the forging
industry will be foremost among the segments that will steer manufacturing
growth here.
While the long
term fundamentals of the Indian economy remain robust, the sluggish global
environment has impacted sentiments in the domestic market in the short term.
But it is expected to be only a temporary phenomenon and prospects for 2013-14
look better than last year. Growth in sales would be driven by the expected
improvement in macro conditions on the domestic front, moderation in interest
rates and revival in consumer confidence, mainly attire the initial two
quarters. The future remains optimistic as factors such as increasing last-mile
connectivity, implementation of Goods and Services Taxes, re-opening of projects
in construction, infrastructure and mining sectors and reduced logistics costs
will continue to be strong growth drivers for the Industry. It is believed that
(a) the gradual traction in market share from railways, (b) changing landscape
of the logistics industry towards an organized one and (c) stricter
implementation of emission & anti -overloading norms would continue to
support demand for commercial vehicles.
However, a
meaningful recovery in M&HCV volumes remains dependent on pick-up in
industry activity, investment cycle and infrastructure and mining related
activities.
THE VISION 2020 OF RAILWAYS
“Indian Railways
shall provide efficient, affordable, customer- focused and environmentally
sustainable integrated transportation solutions. It shall be a vehicle of
inclusive growth, connecting regions, communities, ports and center of
industry, commerce, tourism and pilgrimage across the country. The reach and
access of its services will be continuously expanded and improved by its
integrated team of committed, empowered and satisfied employees and by use of
cutting-edge technology.”
In the Interim
Railway Budget for the year 2014-15 the government has tabled significant
programs as mentioned below:
·
Introduction of new 17 premium trains, 38 Express
trains, 10 passenger trains, 4 MEMU and 3 DEMU.
·
Introduction of more high speed trains.
·
Railways exploring low cost option of 160-200 kmph
·
Speed trains on select routes.
·
Introduction of AC EMU in Mumbai in July.
·
Allowing Foreign Direct Investment (FDI) in
railways is under consideration - Surveys for 19 new lines and5 doubling of
tracks.
·
Meghalaya and Arunachal Pradesh to be brought on
railway map.
·
Three new factories - Rail Wheel Plant in District
Chhapra, Bihar; Rail Coach Factory at Rae Bareli in Uttar Pradesh; and Diesel
Component Factory at Dankuni, West Bengal, have become functional and
·
Commenced production during 2013-14.
UNAUDITED FINANCIAL RESULTS FOR THE 1ST
QUARTER ENDED 31st DECEMBER, 2014
(STANDALONE RESULTS)
(Rs. In Millions)
|
Particulars |
|
||
|
Quarter Ended |
Half Year Ended |
||
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
PART
I |
|
|
|
|
Income from operations |
|
|
|
|
Domestic |
817.916 |
769.668 |
2565.888 |
|
Export |
1164.930 |
722.893 |
2144.783 |
|
|
1982.846 |
1492.561 |
4710.671 |
|
Less : Excise Duty |
89.170 |
83.316 |
279.068 |
|
|
1893.676 |
1409.245 |
4431.603 |
|
Other Operating Income |
240.134 |
216.910 |
560.246 |
|
Total
income from operations (net) |
2133.810 |
1626.155 |
4991.849 |
|
Expenses |
|
|
|
|
a)
Cost of materials consumed |
1019.904 |
763.932 |
2506.678 |
|
b)
Purchase of traded goods |
0.000 |
0.000 |
0.000 |
|
c)
Change in inventories of finished goods, work-in progress and traded
goods |
40.665 |
49.840 |
(3.897) |
|
d)
Power & fuel |
147.841 |
136.578 |
418.368 |
|
e)
Employee benefits expenses |
112.699 |
102.205 |
303.979 |
|
f)
Depreciation and amortization expenses |
76.599 |
75.202 |
219.783 |
|
g)
Other expenses |
433.034 |
305.465 |
940.266 |
|
Total
Expenses |
1830.742 |
1433.222 |
4385.177 |
|
Profit/(Loss)
from operations before other income, finance cost and Taxes |
303.068 |
192.933 |
606.672 |
|
Other Income |
4.790 |
7.650 |
51.542 |
|
Profit/(Loss) from ordinary activities
before finance costs & exceptional items |
307.858 |
200.583 |
658.214 |
|
Finance costs |
89.424 |
71.498 |
225.149 |
|
Profit/(Loss) from ordinary activities
after finance costs but before exceptional items |
218.434 |
129.085 |
433.065 |
|
Exceptional items |
-- |
74.622 |
74.622 |
|
Profit/(Loss) from ordinary activities before
tax |
218.434 |
203.707 |
507.687 |
|
Tax expense (Net) |
41.239 |
38.563 |
106.321 |
|
Net
Profit/(Loss) from ordinary activities after tax |
177.195 |
165.144 |
401.366 |
|
Extraordinary items (net of tax expenses) |
0.000 |
0.000 |
0.000 |
|
Net
Profit/(Loss) for the period |
177.195 |
165.144 |
401.366 |
|
Paid-up equity share capital (Face value
per share Re.1) |
274.699 |
274.699 |
274.699 |
|
Reserves (excluding revaluation reserve) |
|
|
|
|
Earnings per share before and after extraordinary
items (Not annualized) |
|
|
|
|
Basic
(Rs.) |
6.45 |
6.07 |
14.90 |
|
Diluted
(Rs.) |
6.34 |
6.02 |
14.63 |
|
PART
II |
|
|
|
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
Public
shareholding |
|
|
|
|
-
Number of shares (Re. 1 each) |
Nil |
Nil |
Nil |
|
-
Percentage of shareholding |
Nil |
Nil |
Nil |
|
Promoters
and promoter group shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
-
Number of shares |
Nil |
Nil |
Nil |
|
- Percentage
of shares (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
-
Percentage of shares (as a % of the total share capital of the
company) |
|
|
|
|
b) Non-Encumbered |
|
|
|
|
-
Number of shares |
13190165 |
13188663 |
13190165 |
|
-
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
100.00 |
100.00 |
100.00 |
|
-
Percentage of shares (as a % of the total share capital of the
company) |
48.02 |
48.01 |
48.02 |
|
Particulars
|
31.12.2014 |
|
Investors
Complaints (Nos.) |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
4 |
|
Disposed of during the quarter |
4 |
|
Remaining unresolved at the end of the quarter |
Nil |
NOTE:
1. The above
Unaudited Financial Results as reviewed by the Audit Committee were approved by
the Board of Directors at its meeting held on 1st November, 2014.The
Statutory Auditors has conducted Limited Review of the above Financial Results.
2. The Company operates only in one Segment i.e
Forgings.
3. The Company has paid a managerial
remuneration of Rs. 33.829 Millions and Rs. 35.448 Millions during the financial
year 2012-13 and 2013-14.Out of which an amount of Rs. 12.048 Millions and Rs.
19.172 Millions is in excess of the limits as laid down in the section 309(3)
read with schedule XIII of the Companies Act. 1956 for the financial year
2012-13 and 2013-14 respectively. Since the payment of the remuneration in
excess of the limits requires approval of the Central Government Company had
made an application to the Central Government. The Company has receivedan
approval to pay to the Managing Director Rs. 13.930 Millions tor 2012-13 and
Rs. 16.020 Millions for 2013-14 against a payment of Rs. 14.604 Millions for
2012-13 and Rs. 14.965 Millions for 2013-14. The excess remuneration of Rs.
0.674 Millions paid to the Managing Director for the year 2012-13 has been recovered
by the Company. The Central Government has rejected the application made for
the Chairman and the Company lias made a representation for the same. The
outcome of the same is awaited.
4. The Company has reassessed the remaining
useful lives of its tangible fixed assets as per the requirement of the
Schedule II to the Companies Act. 2013. The depreciation charge, as a result of
this, for the quarter and half year ended 30th September. 2014 is lower by Rs.
10.067 Millions and Rs. 20.644 Millions respectively.
In terms of MCA notification dated 29th August,
2014 amending Schedule II. the carrying amount of tangible fixed assets (after
retaining the residual value), whose remaining useful lives have been
reassessed to be nil as at April 1, 2014, has been recognised in the Statement
of Profit & Loss as depreciation which was earlier adjusted with the
balance of retained earnings as on 01.04.2014.
5. The Company during the quarter has allotted
1370500 equity shares upon conversion of 1370500 warrants issued on
preferential basis to M/s. Eastern Credit Capital Pvt Limited (Promoter) at a
price of Rs. 130 per share. On account of non-conversion of the balance 409500
warrants allotted to M/s Eastern Credit Capital (P) Ltd an amount of Rs. 13.308
Millions has been forfeited.
FIXED ASSETS
·
Land
·
Factory Shed and Building
·
Office Building
·
Plant and Machinery
·
Vehicles
·
Furniture and Fixtures
·
Computer Hardware
·
Office Equipments
·
Air Condition Machine
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.62.43 |
|
|
1 |
Rs.95.01 |
|
Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.