MIRA INFORM REPORT
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Report No. : |
308614 |
|
Report Date : |
19.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT AMBUJA EXPORTS LIMITED |
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Registered Office
: |
Ambuja Tower, Opposite Memnagar
Fire Station, Navrangpura, Post Navjivan, Ahmedabad – 380014, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
21.08.1991 |
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Com. Reg. No.: |
04-016151 |
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Capital
Investment / Paid-up Capital : |
Rs. 276.704 Millions |
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CIN No.: [Company Identification
No.] |
L15140GJ1991PLC016151 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMG00194F |
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PAN No.: [Permanent Account No.] |
AAACG3980A |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of Agro Processing, Cotton
Yarn, Maize Processing and Windmills Power Generation. |
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No. of Employees
: |
3290 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 21570000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having fine track record. Financial position of the company seems to be sound. Trade relations are fair. Business is active. Payment term are
reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “A4” |
|
Rating Explanation |
Have adequate degree of safety and carry low credit risk. |
|
Date |
27.11.2014 |
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Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A1” |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
27.11.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a defaulter
in the publicly available RBI Defaulters’ list and the details of the same are
as under:
|
Borrowers’ Name : |
GUJARAT AMBUJA EXPORTS LIMITED |
|
Address : |
Ambuja Tower, Opposite Memnagar
Fire Station, Navrangpura, Post Navjivan, Ahmedabad – 380014, Gujarat, India |
|
Name of Individual : |
· Mr. Jagdish Sharan Varshney · Manish Kumar Gupta · P.G. Makhija · Sulochana Gupta · Vijay Kumar Gupta |
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Name of Credit Grantors / Bank & Branch: |
Indusind Bank Limited |
|
Amount (Rs. In Millions) : |
Rs. 78.700 Millions |
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 BY
|
Name : |
Mr. N. Giridhar |
|
Designation : |
Chief Executive Officer |
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Contact No.: |
91-79-26423316 |
|
Tel. No.: |
17.02.2015 |
LOCATIONS
|
Registered Office / Corporate Office: |
“Ambuja Tower”, Opposite Memnagar Fire Station, Navrangpura, Post
Navjivan, Ahmedabad – 380014, Gujarat, India |
|
Tel. No.: |
91-79-26423316 (5 Lines)/ 26405535 (5 Lines) |
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Fax No.: |
91-79-26423079 |
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E-Mail : |
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Website : |
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FACTORIES: |
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Cotton Yarn
Division/ Maize Processing Unit : |
1, Vrindavan Road, Village Dalpur, Taluka Prantij District Sabarkantha, Gujarat, India |
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Tel. No.: |
91-2772-226252-54 |
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Fax No.: |
91-2772-226250 |
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E-Mail : |
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Maize Processing
Unit : |
C-50, Eldeco Sidcul Industrial Park, Sitargang, District Udhamsingh Nagar – 263153, Uttranchal, India |
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Tel. No.: |
91-5948-260564 |
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E-Mail : |
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Soya Processing /
Edible Oil / Vanaspati Ghee / Cattle Feed / Flour Mill Unit: |
Kadi-Thore Road, Mehsana, Kadi – 382715, Gujarat, India |
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Tel. No.: |
91-2764-264013/ 14/ 15/ 16 |
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Fax No.: |
91-2764-264012 |
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E-Mail : |
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Soya Processing / Atta
Chakki Unit : |
Plot No. : 414-417, Sector-III, Pithampur Industrial Area, District Dhar, Madhya Pradesh, India |
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Tel. No.: |
91-7292-256790/ 256264 |
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Fax No.: |
91-7292-256199 |
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E-Mail : |
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Soya Processing /
Edible Oil Unit : |
Village Post : Kanheri, Gawali, N.H.No.6, Akola-Balapur
Road, Taluka Balapur, |
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Tel. No.: |
91-7257-285026/ 285027 |
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Fax No.: |
91-7257-285025 |
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E-Mail: |
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Soya Processing / Edible Oil Unit : |
Village Sondhani
Mhow - Neemuch Road, Sondhani, District Mandsaur – 458001, Madhya Pradesh,
India |
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Tel. No.: |
91-7422-285237/ 285238 |
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E-Mail: |
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Maize Processing Unit : |
Madli Cross P.B. Road, 37 km from Hubli Towards Bangalore Haveri, Shiggoan - 581205, Karnataka, India |
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Tel. No.: |
91-836-2382432 |
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Fax No.: |
91-836-2382433 |
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E-Mail: |
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Power Division I – Wind Mills |
· B-87, R S No. 471/P, Village Lamba, Taluka Kalyanpur, District Jamnagar, Gujarat, India · WTG No. 1,Machine No.1, Survey No. 400, Village Kuranga, Taluka Dwarka, District Jamnagar, Gujarat, India · WTG No. 2, Machine No.2, Survey No. 400, Village Kuranga, Taluka Dwarka, District Jamnagar, Gujarat, India · WTG No. 3, Machine No. 6, Survey No. 400, Village Kuranga, Taluka Dwarka, District Jamnagar, Gujarat, India · Survey No.213/2, Village Satapar, Taluka Kalyanpur, District Jamnagar, Gujarat, India · WTG No.1, V-4, Survey No. 43/1/P Village Motisindhodi, Taluka Abdasa, District Kutch, Gujarat, India · WTG No.2, V-7, Survey No. 36/2/P, Village Motisindhodi, Taluka Abdasa, District Kutch, Gujarat, India · Survey No. 115/P, Village Mindiyali, Taluka Anjar, District Kutch, Gujarat, India |
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II – Power Plant
(11 MW Cogeneration Plant) : |
Located at · Himmatnagar · Shiggaon |
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III – Biogas Power
Plants : |
Located at · Himmatnagar · Sitarganj · Shiggaon |
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Branch Offices : |
Located
At: · Mumbai · New Delhi · Indore · Akola ·
Vietnam |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. Vijay Kumar Gupta |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
65 years |
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Qualification : |
B. DS |
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Experience : |
42 Years |
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Date of Appointment : |
18.04.1988 |
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|
Name : |
Mr. Manish V. Gupta |
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Designation : |
Managing Director |
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Date of Birth/Age : |
42 years |
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Qualification : |
B.Com |
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Experience : |
23 years |
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Date of Appointment : |
28.12.1998 |
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|
Name : |
Mr. Mohit V. Gupta |
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Designation : |
Joint Managing Director |
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Date of Birth/Age : |
20.11.1981 |
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Qualification : |
B. Com., Diploma in IBM, HRM, FBM and Diploma in computer Information
Systems |
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|
Name : |
Mr. Sandeep N. Agrawal, |
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Designation : |
Whole Time Director |
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Date of Birth/Age : |
12.12.1971 |
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Qualification : |
Commerce Graduate and MBA. |
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Experience : |
More than 21 Years |
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Name : |
Mrs. Sulochana V. Gupta |
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Designation : |
Non-Executive Director |
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Date of Birth/Age : |
01.11.1953 |
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Experience : |
36 Years |
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Name : |
Mr. Sudhin B. Choksey |
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Designation : |
Independent Director |
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Name : |
Mr. Chaitan M. Maniar |
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Designation : |
Independent Director |
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Date of Birth/Age : |
04.12.1935 |
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Qualification : |
B. Com. LLB, MA |
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Name : |
Mr. Prakash G. Ramrakhiani |
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Designation : |
Independent Director |
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Date of Birth/Age : |
25.11.1940 |
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Qualification : |
B.A. [Hons], M.A. [Eco], IAS |
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|
Name : |
Mr. Ashok C. Gandhi |
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Designation : |
Independent Director |
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Date of Birth/Age : |
04.12.1939 |
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Qualification : |
B. Com. LLB and Advocate |
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Experience : |
More than 42 years in the legal profession. |
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Name : |
Mr. Rohit J. Patel |
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Designation : |
Independent Director |
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Date of Birth/Age : |
22.02.1946 |
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Qualification : |
B. E. [Electrical] |
KEY EXECUTIVES
|
Name : |
Mr. N. Giridhar |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Manan C. Bhavsar |
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Designation : |
Company Secretary |
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Name : |
Dr. K.R. Chandratra |
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Designation : |
Practising Company Secretary, Pune |
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 |
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|
99564393 |
71.96 |
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|
99564393 |
71.96 |
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Total shareholding of Promoter and Promoter
Group (A) |
99564393 |
71.96 |
|
(B) Public Shareholding |
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|
|
|
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|
67095 |
0.05 |
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|
29052 |
0.02 |
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|
130822 |
0.09 |
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|
226969 |
0.16 |
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|
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|
3066504 |
2.22 |
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|
|
|
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|
30969665 |
22.38 |
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|
3745053 |
2.71 |
|
|
779291 |
0.56 |
|
|
13050 |
0.01 |
|
|
763741 |
0.55 |
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|
2500 |
0.00 |
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|
38560513 |
27.87 |
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Total Public shareholding (B) |
38787482 |
28.04 |
|
Total (A)+(B) |
138351875 |
100.00 |
|
(C) Shares held by Custodians and against which
Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
138351875 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Agro Processing,
Cotton Yarn, Maize Processing and Windmills Power Generation. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
3290 (Approximately) |
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Bankers : |
· Bank of India · State Bank of India · Union Bank of India · HDFC Bank Limited · State Bank of Mysore ·
Yes Bank Limited |
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Facilities : |
NOTE SHORT TERM
BORROWINGS Working Capital
and Short term loan from banks is secured by a hypothecation of current assets
and certain tangible movable plant and machinery and joint equitable mortgage
of certain immovable fixed assets of the Company, personal guarantee of three
promoter directors and lien on certain Fixed Deposits of the company. |
|
Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Kantilal Patel
and Company (A member firm of PrimeGlobal, USA). Chartered Accountants |
|
Address : |
2nd Floor, |
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Tel. No.: |
91-79-27551333/ 27552333 |
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Mobile No.: |
91-79-27550538 |
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E-Mail : |
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Memberships : |
-- |
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Collaborators : |
-- |
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Wholly Owned
Subsidiary : |
Gujarat Ambuja International Pte. Limited, Singapore |
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Enterprise significantly influenced by Key Managerial Persons : |
· SMAS IInverstors LLP · Jay Infrastructure and Properties LLP |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs. 2/- each |
Rs.500.000 Millions |
|
|
|
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
138351875 |
Equity Shares |
Rs. 2/- each |
Rs.276.700
Millions |
|
|
|
|
|
a. Reconciliation of the Shares Outstanding at the Beginning and at the
end of the Reporting Period
|
Equity shares |
31.03.2014 |
|
|
|
No. of Share |
Rs. in Millions |
|
Outstanding at the beginning of the period |
138351875 |
276.704 |
|
Outstanding at the end of the period. |
138351875 |
276.704 |
b. Terms/rights
attached to Equity Shares
i) The company has
only one class of equity shares carrying par value of Rs.2 per share, carrying
equal rights as to dividend, voting and in all other respects.
ii) During the
year ended 31st March 2014, the amount of per share dividend recognized as
distribution to equity shareholders was Rs.0.70 (31st March 2012: Rs.0.80).
c. During the period
from 01.04.2007 to 31.03.2014, in the year 2007-08 company bought back 966615
equity shares out of 139318490 equity shares as per the Board resolution passed
by the company at its Board Meeting held on 16th January 2007.
d. Details of
shareholders holding more than 5% shares in the company.
|
Equity shares of
Rs. 2 each fully paid |
31.03.2014 |
|
|
Name of the Shareholders |
No. of Shares
Held |
% Holding in the
class |
|
Vijay Kumar Gupta |
28023083 |
20.25 |
|
Manish V. Gupta |
37583861 |
27.17 |
|
Mohit V. Gupta |
22447442 |
16.23 |
|
Shilpa M. Gupta |
7023253 |
5.08 |
As per of the
company, including its register of shareholders/members and other declarations
received from shareholders regarding beneficial interest, the above
shareholding represents legal ownerships of shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
276.700 |
276.700 |
276.700 |
|
(b) Reserves & Surplus |
7273.700 |
6270.400 |
5271.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
7550.400 |
6547.100 |
5547.700 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
26.100 |
|
(b) Deferred tax liabilities (Net) |
519.900 |
583.500 |
493.200 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
17.400 |
6.800 |
6.800 |
|
Total Non-current Liabilities
(3) |
537.300 |
590.300 |
526.100 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
4014.700 |
1831.600 |
3563.300 |
|
(b) Trade
payables |
670.900 |
2691.200 |
1378.500 |
|
(c) Other
current liabilities |
266.600 |
309.300 |
351.900 |
|
(d) Short-term
provisions |
62.000 |
50.800 |
21.300 |
|
Total Current
Liabilities (4) |
5014.200 |
4882.900 |
5315.000 |
|
|
|
|
|
|
TOTAL |
13101.900 |
12020.300 |
11388.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
4781.000 |
4564.800 |
2881.600 |
|
(ii)
Intangible Assets |
12.400 |
14.700 |
7.400 |
|
(iii)
Capital work-in-progress |
635.800 |
381.200 |
1690.600 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
417.200 |
446.000 |
443.200 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
380.100 |
264.800 |
266.400 |
|
(e) Other
Non-current assets |
3.700 |
4.500 |
5.800 |
|
Total Non-Current
Assets |
6230.200 |
5676.000 |
5295.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.300 |
|
(b)
Inventories |
4972.900 |
4571.200 |
3711.000 |
|
(c) Trade
receivables |
1496.000 |
1088.000 |
1730.900 |
|
(d) Cash
and cash equivalents |
57.800 |
324.200 |
224.000 |
|
(e)
Short-term loans and advances |
298.300 |
275.700 |
372.400 |
|
(f) Other
current assets |
46.700 |
85.200 |
55.200 |
|
Total Current
Assets |
6871.700 |
6344.300 |
6093.800 |
|
|
|
|
|
|
TOTAL |
13101.900 |
12020.300 |
11388.800 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue From Operations (Net) |
30918.100 |
30046.200 |
21140.900 |
|
|
|
Other Income |
100.900 |
94.500 |
55.100 |
|
|
|
TOTAL (A) |
31019.000 |
30140.700 |
21196.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
23665.300 |
20691.000 |
14290.100 |
|
|
|
Purchases of Stock-in-Trade |
1902.300 |
4113.400 |
2587.900 |
|
|
|
Increase/ (Decrease) in Inventories of Finished Goods,
Work-in-Progress and Traded Goods |
(830.200) |
(49.800) |
232.800 |
|
|
|
Employees benefits expense |
722.000 |
645.200 |
471.800 |
|
|
|
Other expenses |
3509.300 |
2700.700 |
2500.700 |
|
|
|
TOTAL (B) |
28968.700 |
28100.500 |
20083.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2050.300 |
2040.200 |
1112.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
206.500 |
217.000 |
208.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1843.800 |
1823.200 |
903.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
474.100 |
366.800 |
298.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1369.700 |
1456.400 |
605.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
253.100 |
322.900 |
108.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1116.600 |
1133.500 |
497.000 |
|
|
` |
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
4371.800 |
3486.700 |
3141.200 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
96.800 |
110.600 |
83.000 |
|
|
|
Dividend Distribution Tax On Interim Dividend |
16.500 |
17.800 |
13.500 |
|
|
|
Transfer To General Reserve |
120.000 |
120.000 |
55.000 |
|
|
BALANCE CARRIED
TO THE B/S |
5255.100 |
4371.800 |
3486.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export Sales |
6068.800 |
7791.300 |
5384.800 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1464.700 |
6689.300 |
2556.400 |
|
|
|
Stores and Components |
18.900 |
14.100 |
6.800 |
|
|
|
Capital Goods |
192.000 |
53.700 |
234.600 |
|
|
TOTAL IMPORTS |
1675.600 |
6757.100 |
2797.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.07 |
8.19 |
3.59 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
5845.200 |
5337.400 |
7986.100 |
|
Total Expenditure |
5294.300 |
5047.100 |
7542.600 |
|
PBIDT (Excl OI) |
550.900 |
290.200 |
443.500 |
|
Other Income |
17.800 |
16.600 |
35.900 |
|
Operating Profit |
568.700 |
306.800 |
479.400 |
|
Interest |
45.900 |
20.300 |
27.800 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
522.800 |
286.500 |
451.600 |
|
Depreciation |
115.200 |
134.100 |
140.600 |
|
Profit Before Tax |
407.600 |
152.400 |
311.000 |
|
Tax |
110.100 |
31.800 |
88.000 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
297.500 |
120.600 |
223.0 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Prior Period
Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
297.500 |
120.600 |
223.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
3.61 |
3.77 |
2.35 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
6.63 |
6.79 |
5.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.37 |
13.01 |
6.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.22 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.53 |
0.28 |
0.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37 |
1.30 |
1.15 |
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 |
276.700 |
276.700 |
276.700 |
|
Reserves & Surplus |
5271.000 |
6270.400 |
7273.700 |
|
Net
worth |
5547.700 |
6547.100 |
7550.400 |
|
|
|
|
|
|
long-term borrowings |
26.100 |
0.000 |
0.000 |
|
Short term borrowings |
3563.300 |
1831.600 |
4014.700 |
|
Total
borrowings |
3589.400 |
1831.600 |
4014.700 |
|
Debt/Equity
ratio |
0.647 |
0.280 |
0.532 |
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 |
21140.900 |
30046.200 |
30918.100 |
|
|
|
42.124 |
2.902 |
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 |
21140.900 |
30046.200 |
30918.100 |
|
Profit |
497.000 |
1133.500 |
1116.600 |
|
|
2.35% |
3.77% |
3.61% |
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 |
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 |
LITIGATION
DETAILS:
HIGH COURT OF GUJARAT
STAMP NUMBER No. 34 of 2013 To STAMP NUMBER No. 39 of 2013
|
Status : PENDING |
CCIN No :
001087201300034 |
|
||||
|
S.NO. |
Name of the Petitioner |
Advocate On Record |
||
|
1 |
COMMISSIONER OF INCOME TAX II |
MRS MAUNA M BHATT for: null |
||
|
S.NO. |
Name of the Respondant |
Advocate On Record |
|||
|
1 |
GUJARAT AMBUJA EXPORTS LTD |
||||
|
Presented On |
: 07/01/2013 |
Registered On |
: 07/01/2013 |
||
|
Bench Category |
: DIVISION BENCH |
District |
: AHMEDABAD |
||
|
Case Originated From |
: THROUGH HIS/HER/THEIR ADVOCATE |
Listed |
: 0 times |
||
|
StageName |
: ADMISSION (FRESH MATTERS) |
||||
|
Classification |
|
|
Act |
|
Other Forums
|
|
S.No. |
CASEDETAILS |
TRIBUNAL REFERRENCE |
ORDER PASSED BY |
JUDGEMENT DATE |
PLACE |
|
1 |
ITA/202/AHD/1999 |
INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH |
JUDICIAL MEMBER
AND ACCOUNTANT MEMBER |
20/07/2012 |
AHMEDABAD |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10506595 |
23/06/2014 |
400,000,000.00 |
HDFC BANK LIMITED |
HDFC HOUSE, NR. MITHAKHALI SIX ROADS, NAVRANGPURA,,
AHMEDABAD, GUJARAT - 380009, INDIA |
C09659657 |
|
2 |
10086124 |
06/05/2013 * |
10,810,600,000.00 |
BOI CONSORTIUM - BOI LEAD + UBI + SBM +
HDFC BK + SBI + YES BK |
AHMEDABAD LARGE CORPORATE BRANCH, 2ND FLOOR
BOI BUILDING BHADRA, AHMEDABAD, GUJARAT - 380001, INDIA |
B76179225 |
* Date of charge modification
UNSECURED LOAN
|
Particular |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Short term
Borrowing |
|
|
|
Short term loan from Banks |
75.500 |
0.000 |
|
|
|
|
|
Total |
75.500 |
0.000 |
COMPANY INFORMATION
Subject is Agro Processing conglomerate with various manufacturing
plants at different locations in states of Gujarat, Maharashtra, Madhya Pradesh,
Uttarakhand and Karnataka. The Group’s product profile includes Solvent
Extraction comprising of all types of Oil Seed processing, Edible Oil Refining,
Cotton Yarn Spinning, Maize based Starch and its derivatives, Wheat Processing,
Cattle Feed and Power Generation through Wind Mills, Bio gas and Thermal Power
Plants. The Company’s shares are listed with BSE and NSE.
The company has also setup a wholly-owned subsidiary at Singapore to
focus on international trading activities.
OPERATIONAL
PERFORMANCE:
The company recorded operational revenue of Rs. 30918.100 Millions as compared to Rs. 300046.200 Millions during the previous financial year. The various profit parameters have significant growth during the year. The company achieved EBIDTA margin of 6.81% in FY 2013-14 against the same at the level of 6.77% in FY 2012-13.
Export sales for the year 2013-14 was Rs. 6261.100 Millions as compared to Rs. 7860.400 Millions for the year 2012-13 mainly due to surge in the domestic market in respect of Agro processing segment products. The company achieved Earning before Interest, Depreciation and Tax (EBIDTA) of Rs. 2050.300 Millions for the year 2013-14 against that of Rs.2040.200 Millions for the year 2012-13.
The cash Profit before tax, Profit after and EPS for the year remained at Rs 1843.800 Millions, Rs. 1116.800 Millions and Rs. 8.07 per share respectively.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
(a) Claims against the Company /disputed liabilities not acknowledged as debts |
61.600 |
63.400 |
|
(b) Disputed Statutory Claims |
|
|
|
i) Excise, Customs, Service Tax and DGFT |
74.300 |
74.300 |
|
ii) Income Tax |
|
|
|
a) Appeals preferred by Company |
7.600 |
52.900 |
|
b) Appeals preferred by Department |
6.200 |
6.200 |
|
iii) Sales Tax , VAT, Entry Tax and Mandi Tax |
17.200 |
22.300 |
|
iv) Others |
15.800 |
13.300 |
|
TOTAL |
182.700 |
232.400 |
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
31ST DECEMBER, 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
|
31.12.2014 |
31.09.2014 |
31.12.2014 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1.
Income from operations |
|
|
|
|
a) Net sales (net of excise duty) |
7965.224 |
5324.322 |
19115.758 |
|
b) Other operating Income |
20.836 |
13.030 |
52.849 |
|
Total
income from Operations(net) |
7986.060 |
5337.352 |
19168.607 |
|
2.Expenditure |
|
|
|
|
Cost of material consumed |
6104.647 |
3281.649 |
12751.087 |
|
Purchase of stock in trade |
495.746 |
894.066 |
1614.670 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(160.065) |
(2.846) |
625.690 |
|
Employees benefit expenses |
193.546 |
168.003 |
558.964 |
|
Depreciation and amortization expenses |
140.599 |
134.143 |
389.976 |
|
Exchange Fluctuation (Gain) / Loss |
(5.262) |
40.951 |
65.778 |
|
Other expenditure |
908.698 |
665.282 |
2262.502 |
|
Total expenses |
7677.909 |
5181.248 |
18268.667 |
|
3. Profit/ (Loss) from operations before other income,
financial costs and Exceptional items (1-2) |
308.151 |
156.104 |
899.940 |
|
4. Other income |
30.613 |
16.574 |
64.940 |
|
5. Profit/ (Loss) from ordinary activities before finance
costs and Exceptional items (3+4) |
338.764 |
172.678 |
964.880 |
|
6. Finance costs |
27.784 |
20.304 |
93.939 |
|
7. Net profit/(loss) from ordinary
activities after finance costs but before exceptional items and tax (5-6) |
310.980 |
152.374 |
870.941 |
|
8. Exceptional
item |
0.000 |
0.000 |
0.000 |
|
9. Profit/ (Loss) from ordinary activities
before tax Expense (7+8) |
310.980 |
152.374 |
870.941 |
|
10.Tax expenses |
|
|
|
|
Current Tax |
66.000 |
8.000 |
183.000 |
|
Deferred Tax |
21.965 |
23.772 |
46.792 |
|
(Excess)/ Short Provision of tax of earlier years |
0.000 |
0.000 |
0.000 |
|
11.Net Profit / (Loss) from ordinary activities after
tax (9-10) |
223.015 |
120.602 |
641.149 |
|
12.Extraordinary Items (net
of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for
the period (11 -12) |
223.015 |
120.602 |
641.149 |
|
14.Paid-up equity share capital (Nominal value
Rs.2/- per share) |
276.704 |
276.704 |
276.704 |
|
15. Reserve excluding Revaluation Reserves |
|
|
|
|
16.i) Earnings per share
(not Annualised) |
|
|
|
|
a. Basic and Diluted EPS Before
extraordinary items (of Rs.2/- each) |
1.61 |
0.87 |
4.63 |
|
b. Basic and Diluted EPS after
Extraordinary items (of Rs.2/- each) |
1.61 |
0.87 |
4.63 |
|
|
|
|
|
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
|
31.12.2014 |
31.09.2014 |
31.12.2013 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
A. Particulars
of shareholding |
|
|
|
|
1.
Public Shareholding |
|
|
|
|
- Number of shares |
38787482 |
38787482 |
38787482 |
|
- Percentage of shareholding |
28.04 |
28.04 |
28.04 |
|
2.
Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged
/Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the company) |
-- |
-- |
-- |
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
Number of shares |
99564393 |
99564393 |
99564393 |
|
Percentage of shares (as a % of total shareholding of the promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the company) |
71.96 |
71.96 |
71.96 |
B. INVESTOR COMPLAINTS FOR THE QUARTER ENDED DECEMBER 31, 2014
|
PENDING AT THE
BEGININNING OF THE QUARTER |
RECEIVED DURING
THE QUARTER |
DISPOSED OF DURING
THE QUARTER |
REMAINING
UNRESOLVED AT THE END OF THE QUARTER |
|
0 |
10 |
10 |
0 |
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Quarter
Ended |
Nine
Months Ended |
|
|
|
31.12.2014 |
31.09.2014 |
31.12.2014 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1.
Segment Revenue |
|
|
|
|
(Net
Sales/ Income from each segment) |
|
|
|
|
a. Cotton Yarn Division |
388.840 |
591.677 |
1454.767 |
|
b. Maize Processing Division |
2446.118 |
2384.070 |
7420.113 |
|
c. Other Agro Processing Division |
5138.123 |
2336.149 |
10229.725 |
|
d. Power Division |
199.238 |
217.085 |
653.888 |
|
e. Unallocated |
0.000 |
0.000 |
0.000 |
|
Total |
8172.319 |
5528.981 |
19758.493 |
|
Less : Inter Segment Revenue |
186.259 |
191.629 |
589.886 |
|
Net
Sales / Income Segment Revenue |
7986.060 |
5337.352 |
19168.607 |
|
|
|
|
|
|
2.
Segment Result (Profit
before Interest and Tax from each segment) |
|
|
|
|
a. Cotton Yarn Division |
(22.230) |
(17.359) |
(49.992) |
|
b. Maize Processing Division |
386.201 |
303.818 |
1158.530 |
|
c. Other Agro Processing Division |
(18.036) |
(93.704) |
(51.715) |
|
d. Power Division |
35.162 |
60.036 |
160.347 |
|
e. Unallocated |
0.000 |
0.000 |
0.000 |
|
Total |
|
|
|
|
Less
: Inter Segment
Profit/ (Loss) |
29.348 |
41.837 |
117.962 |
|
Less
: Finance Costs |
27.784 |
20.304 |
93.939 |
|
Less
: (Gain)/ Loss on account of restatement of monetary assets and Liabilities
(Borrowings) |
(24.311) |
6.212 |
0.000 |
|
Less
: Net Un-allocable expenditure
(Income/ Expenditure) |
37.296 |
320.64 |
134.328 |
|
Less
: Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Total Profit/ (Loss) before Tax |
310.980 |
152.374 |
870.941 |
|
|
|
|
|
|
3.
Capital Employed |
|
|
|
|
(Segment
Assets – Segment Liabilities) |
|
|
|
|
a. Cotton Yarn Division |
957.397 |
918.580 |
957.397 |
|
b. Maize Processing Division |
4560.989 |
4979.939 |
4560.989 |
|
c. Other Agro Processing Division |
4092.118 |
1840.784 |
4092.118 |
|
d. Power Division |
1137.749 |
789.791 |
1137.749 |
|
e. Unallocated Assets |
-- |
-- |
-- |
|
Less: Unallocated
Liabilities |
(2756.626) |
(744.124) |
(2756.626) |
|
Total |
7991.627 |
7784.970 |
7991.627 |
NOTE
1. The above standalone unaudited financial results have been reviewed by the Audit Committee of the Board and approved and taken on record by the Board of Directors of the Company at its meeting held on 7th February, 2015. Further,in accordance with the requirement of Clause - 41 of the Listing Agreement with the Stock Exchange, the Statutory Auditors have carried out Limited Review and the Review Report has been approved by the Board.
2a. The Break up details of Exchange Fluctuation (Gain)/ Loss are as follows:
|
Particulars |
Quarter
Ended |
Nine
Months Ended |
|
|
|
31.12.2014 |
31.09.2014 |
31.12.2014 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
(Gain)/ Loss (Net) on account of Sales/ Purchase @ |
21.025 |
18.362 |
52.287 |
|
(Gain)/ Loss (Net) on account of restatement of foreign currency working capital borrowings @ |
(1.976) |
16.377 |
13.491 |
|
(Gain)/ Loss (Net) on account of restatement of foreign currency working capital borrowings @@ |
(24.311) |
6.212 |
0.000 |
|
Total |
(5.262) |
40.951 |
65.778 |
@ Allocated to respective segments
@@ Shown as unallocated expenditure
2b. Till the period ended 30.09.2014, company was restating all monetary assets and liabilities denominated in foreign currency at exchange rates prevailing at the balance sheet date by recognizing the exchange difference in the Statement of Profit and Loss. Effective from 01.10.2014, company has treated pre-shipment credit in foreign currency (PCFC) which are taken and repayable in foreign currency from future export receivables as hedge instrument to mitigate foreign currency risk against export sales, the exchange gain or loss on such hedging, where such hedge is effective, is transferred to Hedge Reserve in the Balance Sheet. On occurance and crystallization of such underlying hedge transaction the exchange gain or loss is transferred to the Statement of Profit and Loss.
The Impact in respect of outstanding balance of PCFC as on 31.12.2014 is Rs. 15.670 Millions. Had the company followed the earlier policy the profits for the quarter and period ended nine months would have been lower by Rs. 15.670 Millions.
3. Consequent to the enactment of the Companies Act, 2013 (the act) and its applicability for accounting periods commencing after April 01, 2014, the Company is reviewing its policy of providing depreciation on tangible fixed assets and accordingly reassessing the remaining useful lives of assets as on April 01, 2014. The Company has reworked depreciation with reference to the estimated economic lives of fixed assets prescribed by Schedule II of the Act, except in respect of Power Plant Tangible Fixed Assets. In respect of Powerplant, during the quarter, the Company based on technical evaluation, has identified the assets and components and reassessed the remaining useful lives of tangible fixed assets and reworked the depreciation accordingly. Further, the company will be evaluating the useful life of certain components of Plant and Machinery, the impact of which, if any would be accounted for in the year end.
In case of any asset whose life is already exhausted, the carrying value as at April 01, 2014 of Rs. 483.15 Lacs (net of Deferred Tax) has been ascertained and adjusted to the General Reserve the final impact of which will be reviewed and accounted in the year end and in other cases the carrying value is depreciated overt the remaining life of the assets and recongnised in the Statement of profit and Loss.
Had the Company followed the earlier depreciation policy, the depreciation
charge for the quarter would have been lower by Rs. 7.341 Millions and profit
before tax would have been higher by Rs. 7.341 Millions and for the nine
months, depreciation would have been lower by Rs. 6.347 Millions and profit
before tax would have been higher by Rs. 6.347 Millions.
4.Figures for the previous period have been regrouped/ rearranged wherever necessary to make them comparable with current figures.
FIXED ASSETS:
Tangible Assets
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Windmills
·
Plant and Equipments
·
Office Equipments
·
Computers
·
Furniture and Fixtures
·
Vehicles
Intangible Assets
· Brands / Trademarks
·
Technical know how
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.25 |
|
|
1 |
Rs.95.57 |
|
Euro |
1 |
Rs.71.01 |
INFORMATION DETAILS
|
Information Gathered
by : |
PPT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
YES |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.