MIRA INFORM REPORT
|
Report No. : |
302772 |
|
Report Date : |
13.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT NARMADA VALLEY FERTILIZERS AND CHEMICALS LIMITED (w.e.f.
10.10.2012) (N) CODE SOLUTION (A DIVISION OF GUJARAT NARMADA VALLEY FERTILIZERS
AND CHEMICALS LIMITED) |
|
|
|
|
Formerly Known
As : |
GUJARATNARMADA VALLEY FERTILIZERS COMPANY LIMITED |
|
|
|
|
Registered
Office : |
P.O. Narmadanagar, Dist. Bharuch - 392015, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
10.05.1976 |
|
|
|
|
Com. Reg. No.: |
04-002903 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 1554.188 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24110GJ1976PLC002903 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDG00702C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG8372Q |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Fertilizers and Chemicals like Methanol, Acetic Acid, Formic
Acid, TDI etc. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a jointly promoted by the government of Gujarat and Gujarat
state Fertilizers and Chemical Limited. It is a well-established and reputed company having a good track
record. Financially position of the company is strong. Fundamentals of the
company are healthy. Trade relations are reported as fair. Business is active. Payment are
reported to be regular and as per commitment. The company can be considered for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term bond programme = AA- |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
October 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Chirag Modi |
|
Designation : |
Senior Admin Executive |
|
Contact No.: |
91-79-40007300/ 40007322 |
|
Date : |
09.01.2015 |
LOCATIONS
|
Registered Office/ Factory : |
P.O. Narmadanagar, Dist. Bharuch - 392015, Gujarat, India |
|
Tel. No.: |
91-2642-247001/ 247001 (Head Office Bharuch) 91-2642-663626 (Fertilizers Division/ Chemical Division) |
|
Fax No.: |
91-2642-247084/ 247057/ 247122 91-2642-247065 (Fertilizers Division/ Chemical Division) |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
301, GNFC Infotower, Bodakdev, Ahmedabad – 380054, Gujarat, India |
|
Tel. No. |
91-79-40007323/ 40007300 |
|
E-Mail : |
|
|
|
|
|
Sales Offices : |
Located at :
|
DIRECTORS
AS ON 31.03.2014
|
Name : |
Dr. Varesh Sinha |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Shri D J Pandian, IAS |
|
Designation : |
Directors |
|
|
|
|
Name : |
Dr. Hasmukh Adhia, IAS |
|
Designation : |
Director |
|
|
|
|
Name : |
Shri Murmu, IAS |
|
Designation : |
Director |
|
|
|
|
Name : |
Shri Atanu Chakraborty, IAS |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. TT Ram Mohan |
|
Designation : |
Director |
|
|
|
|
Name : |
Prof. Arvind Sahay |
|
Designation : |
Director |
|
|
|
|
Name : |
Shri. Chandrashekhar Mani |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Rajiv Kumar Gupta, IAS |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Shri RA Shah, CFO |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Shri RT Bhargava |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Shri JC Kochar |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Shri AT Patadia |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Shri JS Patadia |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Shri VS Sirohi |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Shri PA Mankad |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Shri RB Panchal |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of
Shareholder |
Total No. of Shares |
% of holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
64003713 |
41.21 |
|
|
64003713 |
41.21 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
64003713 |
41.21 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
3413325 |
2.20 |
|
|
21458171 |
13.81 |
|
|
17720626 |
11.41 |
|
|
42592122 |
27.42 |
|
|
|
|
|
|
4946617 |
3.18 |
|
|
|
|
|
|
33868421 |
21.80 |
|
|
9075621 |
5.84 |
|
|
841049 |
0.54 |
|
|
207183 |
0.13 |
|
|
108583 |
0.07 |
|
|
3000 |
0.00 |
|
|
352614 |
0.23 |
|
|
169669 |
0.11 |
|
|
48731708 |
31.37 |
|
Total Public
shareholding (B) |
91323830 |
58.79 |
|
Total (A)+(B) |
155327543 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
91240 |
0.00 |
|
|
91240 |
0.00 |
|
Total
(A)+(B)+(C) |
155418783 |
0.00 |
%20CODE%20SOLUTION%20(A%20DIVISION%20OF%20GUJARAT%20NARMADA%20VALLEY%20FERTILIZERS%20AND%20CHEMICALS%20LIMITED)%20-%20302772_MIRA%2013-Jan-2015_files/image016.gif){kind=small}
%20CODE%20SOLUTION%20(A%20DIVISION%20OF%20GUJARAT%20NARMADA%20VALLEY%20FERTILIZERS%20AND%20CHEMICALS%20LIMITED)%20-%20302772_MIRA%2013-Jan-2015_files/image017.gif){kind=small}
%20CODE%20SOLUTION%20(A%20DIVISION%20OF%20GUJARAT%20NARMADA%20VALLEY%20FERTILIZERS%20AND%20CHEMICALS%20LIMITED)%20-%20302772_MIRA%2013-Jan-2015_files/image018.gif){kind=small}
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl.No. |
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
||
|
1 |
Gujarat State Investments Limited |
3,32,24,546 |
21.38 |
|
2 |
Gujarat State Fertilizers & Chemicals Limited |
3,07,79,167 |
19.80 |
|
|
Total |
6,40,03,713 |
41.18 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Life Insurance Corporation of India |
14083612 |
9.06 |
|
|
2 |
Fidelity Puritan Trust - Fidelity low priced stock fund |
12000000 |
7.72 |
|
|
3 |
General Insurance Corporation of India |
4540053 |
2.92 |
|
|
4 |
The New India Assurance Company Limited |
2090613 |
1.35 |
|
|
5 |
Reliance Capital Trustee Company Limited - Reliance Long term Equity
Fund |
2039975 |
1.31 |
|
|
6 |
Fidelity Northstar Fund |
2000000 |
1.29 |
|
|
|
Total |
36754253 |
23.65 |
Shareholding of securities
(including shares, warrants, convertible securities) of persons (together with
PAC) belonging to the category “Public” and holding more than 5% of the total
number of shares of the company
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons
Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
|
|
1 |
Life Insurance Corporation of India |
14083612 |
9.06 |
|
|
2 |
Fidelity Puritan Trust - Fidelity low priced stock fund |
12000000 |
7.72 |
|
|
3 |
Fidelity Northstar Fund |
2000000 |
1.29 |
|
|
|
Total |
28083612 |
18.07 |
Details of Depository Receipts (DRs)
|
Sl. No. |
Type of
Outstanding DR (ADRs, GDRs, SDRs, etc.) |
No. of
Outstanding DRs |
No. of Shares
Underlying |
Shares Underlying
Outstanding DRs as % of Total No. of Shares |
|
1 |
GDRs |
18,248 |
91,240 |
0.06 |
|
|
Total |
18,248 |
91,240 |
0.0 |
%20CODE%20SOLUTION%20(A%20DIVISION%20OF%20GUJARAT%20NARMADA%20VALLEY%20FERTILIZERS%20AND%20CHEMICALS%20LIMITED)%20-%20302772_MIRA%2013-Jan-2015_files/image020.gif)
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Fertilizers and Chemicals like Methanol, Acetic Acid,
Formic Acid, TDI etc. |
|
|
|
|
Products : |
Not Available |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Available |
|
|
|
|
Purchasing : |
Not Available |
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management. |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Ahmedabad, Gujarat, India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Diwanji and Associates Chartered Accountants |
|
Address : |
Vadodara, Gujarat, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25,00,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15,54,18,783 |
Equity Shares |
Rs. 10/-
each |
Rs. 1554.188
Millions |
|
|
|
|
|
Terms/ Rights attached to Equity shares:
The Company has only one class of shares, i.e. equity shares which rank pari passu in all respects. All the equity shares are fully paid up and no restrictions are attached to equity shares.
Details of Shareholders
holding more than 5% shares in the Company:
|
Name of the
shareholder |
No. of shares |
% of total Equity Capital |
|
Gujarat State Investment Limited |
3,32,24,546 |
21.38 |
|
Gujarat State Fertilizers and Chemicals Limited |
3,07,79,167 |
19.80 |
|
Life Insurance Corporation of India |
1,40,83,612 |
9.06 |
|
Fidelity Puritan Trust-Fidelity Low Priced Stock Fund |
1,10,00,000 |
7.08 |
Reconciliation of the
number of shares outstanding:
|
Particulars |
31.03.2014 |
|
No. of shares |
|
|
Equity Shares at beginning of the year |
15,54,18,783 |
|
Add : Equity Shares issued during the year |
0 |
|
Less : Equity Shares cancelled during the year |
0 |
|
Equity Shares at the end of the year |
15,54,18,783 |
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 |
1554.188 |
1554.188 |
1554.188 |
|
(a) Share Capital |
27901.441 |
25615.201 |
23520.634 |
|
(b) Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
(c) Money
received against share warrants |
|
|
|
|
|
0.000 |
0.000 |
0.000 |
|
(2) Share Application money pending
allotment |
29455.629 |
27169.389 |
25074.822 |
|
Total Shareholders’
Funds (1) + (2) |
1554.188 |
1554.188 |
1554.188 |
|
|
|
|
|
|
(3) Deferred Income |
|
|
|
|
Grant from Government of India |
11837.324 |
0.000 |
0.000 |
|
|
|
|
|
|
(4)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
16718.692 |
18186.713 |
7941.385 |
|
(b) Deferred tax liabilities (Net) |
3364.072 |
2358.272 |
2211.572 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
876.038 |
939.122 |
812.609 |
|
Total Non-current Liabilities
(3) |
20958.802 |
21484.107 |
10965.566 |
|
|
|
|
|
|
(5)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
16781.761 |
10119.732 |
4566.260 |
|
(b) Trade
payables |
2940.317 |
2207.720 |
4662.898 |
|
(c) Other current
liabilities |
9612.548 |
7940.360 |
10582.284 |
|
(d) Short-term
provisions |
1111.100 |
1298.515 |
1041.976 |
|
Total Current
Liabilities (4) |
30445.726 |
21566.327 |
20853.418 |
|
|
|
|
|
|
TOTAL |
92697.481 |
70219.823 |
56893.806 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
48528.617 |
17959.075 |
15717.792 |
|
(ii)
Intangible Assets |
206.302 |
115.749 |
133.754 |
|
(iii)
Capital work-in-progress |
232.519 |
27524.529 |
18672.008 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1321.490 |
1298.402 |
975.626 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2696.774 |
1196.682 |
2781.664 |
|
(e) Other
Non-current assets |
8510.288 |
0.258 |
0.151 |
|
Total Non-Current
Assets |
61495.990 |
48094.695 |
38280.995 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
8245.864 |
6369.933 |
5992.048 |
|
(c) Trade
receivables |
14547.238 |
11769.909 |
7786.422 |
|
(d) Cash
and cash equivalents |
1734.248 |
2211.931 |
2998.957 |
|
(e)
Short-term loans and advances |
2550.075 |
1773.355 |
1635.384 |
|
(f) Other
current assets |
4124.066 |
0.000 |
0.000 |
|
Total
Current Assets |
31201.491 |
22125.128 |
18412.811 |
|
|
|
|
|
|
TOTAL |
92697.481 |
70219.823 |
56693.806 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
48471.881 |
42525.705 |
38620.067 |
|
|
|
Other Income |
450.532 |
403.793 |
300.939 |
|
|
|
TOTAL (A) |
48922.413 |
42929.498 |
38921.006 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
29865.886 |
24683.241 |
21350.695 |
|
|
|
Purchases of Stock-in-Trade |
888.542 |
819.351 |
1493.875 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(387.258) |
(403.275) |
(679.400) |
|
|
|
Employees benefits expense |
2534.867 |
2572.550 |
2839.177 |
|
|
|
Other expenses |
9405.195 |
8921.294 |
8101.565 |
|
|
|
TOTAL (B) |
42307.232 |
36593.161 |
33105.912 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
6615.181 |
6336.337 |
5815.094 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
923.712 |
626.837 |
335.855 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5691.469 |
5709.500 |
5479.239 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1453.146 |
1485.549 |
1305.253 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
4238.323 |
4223.951 |
4173.986 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1315.600 |
1492.900 |
1335.636 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
2922.723 |
2731.051 |
2838.350 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
723.960 |
285.131 |
86.646 |
|
|
TOTAL EARNINGS |
723.960 |
285.131 |
86.646 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1809.783 |
3025.675 |
2304.107 |
|
|
|
Stores & Spares |
262.033 |
189.775 |
366.884 |
|
|
|
Capital Goods |
341.645 |
434.888 |
755.880 |
|
|
TOTAL IMPORTS |
2413.461 |
3650.338 |
3426.871 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
18.81 |
15.57 |
18.26 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
6.03
|
6.42 |
7.35 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
13.65
|
14.90 |
15.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.65 |
10.20 |
11.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.16 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.14 |
1.04 |
0.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02 |
1.03 |
0.88 |
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 |
1554.188 |
1554.188 |
1554.188 |
|
Reserves & Surplus |
23520.634 |
25615.201 |
27901.441 |
|
Net
worth |
25074.822 |
27169.389 |
29455.629 |
|
|
|
|
|
|
long-term borrowings |
7941.385 |
18186.713 |
16718.692 |
|
Short term borrowings |
4566.260 |
10119.732 |
16781.761 |
|
Total
borrowings |
12507.645 |
28306.445 |
33500.453 |
|
Debt/Equity
ratio |
0.499 |
1.042 |
1.137 |
%20CODE%20SOLUTION%20(A%20DIVISION%20OF%20GUJARAT%20NARMADA%20VALLEY%20FERTILIZERS%20AND%20CHEMICALS%20LIMITED)%20-%20302772_MIRA%2013-Jan-2015_files/image022.gif)
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 |
38620.067 |
42525.705 |
48471.881 |
|
|
|
10.113 |
13.983 |
%20CODE%20SOLUTION%20(A%20DIVISION%20OF%20GUJARAT%20NARMADA%20VALLEY%20FERTILIZERS%20AND%20CHEMICALS%20LIMITED)%20-%20302772_MIRA%2013-Jan-2015_files/image024.gif)
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 |
38620.067 |
42525.705 |
48471.881 |
|
Profit |
2838.350 |
2731.051 |
2922.723 |
|
|
7.35% |
6.42% |
6.03% |
%20CODE%20SOLUTION%20(A%20DIVISION%20OF%20GUJARAT%20NARMADA%20VALLEY%20FERTILIZERS%20AND%20CHEMICALS%20LIMITED)%20-%20302772_MIRA%2013-Jan-2015_files/image026.gif)
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM BORROWINGS:
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current
Maturities of Long-Term Borrowings |
|
|
|
|
Rupee Term Loans From Banks (Secured) |
3083.060 |
2696.060 |
1731.795 |
|
Foreign Currency Term Loan From Bank (Secured) |
175.846 |
0.000 |
0.000 |
|
Rupee Term Loan From Bank (Unsecured) |
79.972 |
160.000 |
160.000 |
|
Rupee Term Loan From other (Unsecured) |
2200.000 |
800.000 |
5500.000 |
|
Total |
5538.878 |
3656.060 |
7391.795 |
|
Sr. No. |
Check
List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year
of Establishment |
Yes |
|
2] |
Locality
of the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type
of Business |
Yes |
|
6] |
Line
of Business |
Yes |
|
7] |
Promoter's
background |
Yes |
|
8] |
No.
of employees |
No |
|
9] |
Name
of person contacted |
No |
|
10] |
Designation
of contact person |
No |
|
11] |
Turnover
of firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons
for variation <> 20% |
--------------- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital
in the business |
Yes |
|
16] |
Details
of sister concerns |
No |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export
/ Import details (if applicable) |
No |
|
21] |
Market
information |
--------------- |
|
22] |
Litigations
that the firm / promoter involved in |
---------------- |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct
of the banking account |
---------------- |
|
26] |
Buyer
visit details |
----------------- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last accounts
filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN
of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
PERFORMANCE REVIEW
The year 2013-14 was one of the challenging year for chemical business in the country due to overall cost increase and moderate industrial growth coupled with increased competition due to free flow of material from international markets. The company has to sell its products keeping parity in prices with imports.
In order to get an edge over competition, a strategy had been formulated by your company during the year to excel both in production and marketing of its products. Keeping this strategy in mind, concerted efforts were made to achieve highest production levels in most of the products with optimum cost. Accordingly, various all time best were established during 2013-14.
MANAGEMENT DISCUSSION AND
ANALYSIS
INDUSTRY OVERVIEW
CHEMICAL BUSINESS:
The Chemical
Industry is among one of the fastest growing sector in India. The bulk of
chemicals produced in India comprise either upstream products or intermediates,
which go into variety of manufacturing applications including fertilizers,
pharmaceuticals, textiles, paints, agrochemicals, dye etc. Imports of various chemicals
are on a rise, as increased/enhanced capacities are not able to cope up with
the increasing demand.
The Indian
chemical sector accounts for 13-14% of total exports and 8-9 % of total imports
of India. Currently, per capita consumption of products of the Indian chemical
industry is one-tenth of the world average, which reflects the huge potential
for growth.
FERTILIZER
BUSINESS:
The fertilizer
industry has been passing through difficult time in recent years. Production of
urea, Di-Ammonium
Phosphate (DAP)
& NPK has remained more or less stagnant. The industry’s woes have been
aggravated by factors like lack of clarity in the policy for P&K
fertilizers particularly in relation to priority allocation of domestic gas,
mounting subsidy Bill, imbalance use of Fertilizers and deteriorating soil
health in the Country. However, a better monsoon as compared to the previous
year helped in improved consumption of Urea & Muriate of Potash (MOP).
IT BUSINESS:
The sector is
highly innovative, intensely competitive and subject to constant technological
development which is characterized by rapidly changing technology, evolving
industry standards, frequent new product introductions and price and cost
reductions. However, an increasing acceptance of the fact that digital
technologies will impact business models, processes, new products and services
offerings, access to new markets, new customer base and will open up completely
new set of opportunities for their companies, is a common feature across
industries and markets. As a result, spending on technology and technology
services grew at a faster pace (4.5%) than global economic growth in 2013. This
fact reflects the huge potential for growth. The overall IT market remains
challenging with general slowdown and drying up of foreign markets making large
Indian IT players to aggressively operate in the domestic market thereby
increasing competition.
OUTLOOK
In the past few
years, the Company adopted thestrategy of expanding the capacities of various
plants which has resulted into optimum utilization of assets with minimum
investment. Business of the company is being consolidated. Company is
continuously looking for growth avenues and has identified certain projects for
further expansion in the capacities of various products and for the operational
cost reduction.
CHEMICAL BUSINESS
The outlook for
Chemical Business is positive given its growth and demand over the past few
years. Depending upon market dynamics, the company will explore trading
opportunities to meet the growing needs of its valued customers and maintain
its existing leadership position. Looking to the new capacities added recently,
the Company has already identified the primary markets abroad (Middle-East,
Turkey, Africa and South East Asia) for expanding its footprints globally,
thereby ensuring availability of new market for TDI, Ethyl Acetate and other
products. 50,000 MTPA TDI Dahej plant of the company has been completed during
the year which is facing the teething problems of stabilization on account of
very complex and difficult technology. However, the Management is confident of
stabilizing the plantrelying on its proven track record of technology
absorption, adaption and innovation and technically proficient human resources.
FERTILIZER BUSINESS
Monsoon is delayed this year. However, company’s fertilizer products
have good brand image and sale of fertilizers is expected to be normal.
RAW MATERIALS
• Increase in
Natural Gas prices is likely to have impact on margin of the company.
• Company’s major
Petroleum inputs are being procured on import price parity basis. International
prices of Petroleum products have remained range bound in vicinity of their
peak levels. It is expected that the prices of these products shall remain
range bound during current financial year.
• The prices of
indigenous coal have increased by about 25% during FY 2013-14 as compared to
prices of FY 2012-13. Further increase in coal prices during the FY 2014-15
cannot be ruled out due to increased demand of power sector and volatile prices
of imported coal in International market.
• Due to higher
inventory of phosphatic fertilizers in the Country and demand-supply gap, the
price of rock phosphate has come down by approx. 15% and shall continue to remain
in the same range in 2014-15.
• Price of Ammonia
is likely to remain range bound in the near future.
• Stable Rupee will
help in maintaining cost of imported/ import parity raw materials being
consumed by the company.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10384762 |
27/06/2013 * |
15,050,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA, MUMBAI, Maharashtra - 400005, INDIA |
B80007164 |
|
2 |
10270315 |
28/02/2012 * |
11,545,300,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, Maharashtra - 400005, INDIA |
B34378125 |
|
3 |
10178704 |
26/09/2009 |
800,000,000.00 |
DENA BANK |
Manilal Chambers, Alkapuri, Vadodara, Gujarat - 390005, INDIA |
A70984190 |
|
4 |
80004923 |
23/02/1999 |
655,800,000.00 |
BANK OF BARODA |
BHARUCH, BHARUCH, Gujarat - 392015, INDIA |
- |
|
5 |
90109781 |
13/02/2002 * |
937,000,000.00 |
BANK OF BARODA |
INDL. ESTATE
BRANCH, OPP. SHITAL GUEAT HOUSE; OLD |
- |
|
6 |
80052774 |
30/03/1998 |
34,000,000.00 |
STATE BANK OF INDIA |
STATION ROAD, BHARUCH, Gujarat - 392001, INDIA |
- |
|
7 |
90109682 |
13/10/1997 |
180,000,000.00 |
BANK OF BARODA |
INDL. ESTATE
BRANCH, OPP. SHITAL GUEAT HOUSE; OLD Gujarat, INDIA |
- |
|
8 |
90103695 |
27/09/2014 * |
12,000,000,000.00 |
Bank of Baroda |
GNFC Complex Branch, P.O. Narmadanagar-392 015, District Bharuch, Gujarat - 392015, INDIA |
C28624351 |
|
9 |
80004914 |
31/12/1996 |
61,950,000.00 |
BANK OF BARODA |
BHARUCH, BHARUCH, Gujarat - 392015, INDIA |
- |
|
10 |
90109371 |
31/03/1997 * |
89,000,000.00 |
BANK OF BARODA |
INDL ESTATE BRANCH,
OPP. SHITAL GUEAT HOUSE; OLD Gujarat - 395001, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Rupee term loan from banks |
0.000 |
80.038 |
|
Rupee term loan form others |
3000.000 |
3200.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
From others |
30.500 |
30.500 |
|
Buyers credit in foreign currency from banks |
528.064 |
362.293 |
|
Total |
3558.564 |
3672.831 |
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2014
|
Sr. No. |
Particulars |
Quarter Ended |
Quarter Ended |
Half Year Ended |
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
Part I |
|
|
|
|
|
1. |
Income from
Operations |
|
|
|
|
|
a)
Sales / Income from Operations |
12935.800 |
10132.300 |
23068.100 |
|
|
b)
Other Operating Income |
0.000 |
0.000 |
0.000 |
|
|
Total
Income from Operations (net) |
12935.800 |
10132.300 |
23068.100 |
|
2. |
Expenditure |
|
|
|
|
|
a)
Cost of materials consumed |
7472.100 |
6029.700 |
13501.800 |
|
|
b)
Purchase of stock-in-trade |
533.600 |
515.600 |
1049.200 |
|
|
c)
Power, fuel and other utilities |
1378.700 |
1253.400 |
2632.100 |
|
|
d) Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
589.000 |
10.300 |
599.300 |
|
|
e)
Employee benefits expense |
1073.000 |
721.500 |
1794.400 |
|
|
f)
Depreciation and amortisation expense |
619.500 |
512.800 |
1032.400 |
|
|
g)
Other expenses |
1169.100 |
1070.700 |
2239.700 |
|
|
Total Expenses |
12735.000 |
10114.000 |
22848.900 |
|
3. |
Profit from Operations
before Other Income and Finance Costs (1-2) |
200.800 |
18.300 |
219.200 |
|
4. |
Other Income |
138.700 |
100.700 |
219.200 |
|
5. |
Profit
before finance costs (3+4) |
337.600 |
119.000 |
456.600 |
|
6. |
Finance Costs |
641.200 |
618.000 |
1259.200 |
|
7. |
Profit/
Loss from Operation before other Income, Finance Costs and Exceptional (5-6) |
(303.700) |
(499.000) |
(802.600) |
|
8. |
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
9. |
Profit/ (Loss) from ordinary activities
before tax (7+8) |
(303.700) |
(499.000) |
(802.600) |
|
10. |
Tax
Expenses |
0.000 |
0.000 |
0.000 |
|
11. |
Net Profit from
ordinary activities after tax (10-11) |
(303.700) |
(499.000) |
(802.600) |
|
12. |
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
13. |
Net Profit for the period/year (12+13) |
(303.700) |
(499.000) |
(802.600) |
|
14. |
Paid-up equity share capital (face value Rs. 10 per share) |
1554.200 |
1554.200 |
1554.200 |
|
15. |
Reserve excluding Revaluation Reserves as per
balance sheet of previous accounting year |
-- |
-- |
-- |
|
16. |
Earning per equity shares |
|
|
|
|
|
(a) Basic |
(1.95) |
(3.21) |
(5.16) |
|
|
(b) Diluted |
(1.95) |
(3.21) |
(5.16) |
|
Part II |
|
|
|
|
|
A. |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
|
Public
Shareholding |
|
|
|
|
|
- Number of Shares |
9,13,23,830 |
9,12,23,830 |
9,13,23,830 |
|
|
- Percentage of Shareholding |
58.76% |
58.74% |
58.78% |
|
|
Promoters and
Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the Total Shareholding of promoter
and promoter group) |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
-- |
-- |
-- |
|
|
b) Non
Encumbered |
|
|
|
|
|
- Number of Shares |
6,40,03,713 |
6,40,03,173 |
6,40,03,213 |
|
|
- 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) |
41.18% |
41.18% |
41.18% |
|
PARTICULARS |
For the quarter ended 30th September
2014 |
|
B INVESTORS COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
175 |
|
Disposed during the quarter |
175 |
|
Remaining unresolved at the end of the quarter |
Nil |
STANDALONE / CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
|
Particulars |
As at 30.09.2014 (Rs. In Millions) |
|
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholder’s Funds |
|
|
|
a) Share Capital |
1554.200 |
|
|
b) Reserves & Surplus |
26965.700 |
|
|
c) Money received against share warrants |
0.000 |
|
|
Sub Total-
Shareholders funds |
28519.900 |
|
2 |
Share application
money pending allotment |
0.000 |
|
3 |
Minority Interest |
0.000 |
|
4 |
Non-current
liabilities |
|
|
|
(a) Long term borrowings |
14138.100 |
|
|
(b) Other long term liabilities |
0.000 |
|
|
(c) Long term provisions |
881.000 |
|
|
(f) Deferred tax liabilities (net) |
3295.500 |
|
|
Sub Total- Non
Current Liabilities |
18314.600 |
|
5 |
Current liabilities |
|
|
|
(a) Short term borrowings |
11426.700 |
|
|
(b) Trade Payables |
2294.500 |
|
|
(c) Other current liabilities |
1882.500 |
|
|
(d) Short term provisions |
7294.500 |
|
|
Sub Total- Current
Liabilities |
59464.300 |
|
|
TOTAL-EQUITY AND
LIABILITIES |
|
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
48905.800 |
|
|
(b) Non-current Investment |
1371.500 |
|
|
(c) Long term loans and advances |
1862.500 |
|
|
(d) Other non-current assets |
7294.500 |
|
|
Sub-Total-
Non-current assets |
59464.300 |
|
2 |
Current assets |
|
|
|
a) Current Investments |
0.000 |
|
|
b) Inventories |
7239.000 |
|
|
c) Trade Receivables |
8530.000 |
|
|
d) Cash and cash equivalents |
163.900 |
|
|
(e) Short term loans and advances |
2434.000 |
|
|
(f) Other current assets |
5755.800 |
|
|
Sub-Total- current
assets |
24122.700 |
|
|
TOTAL ASSETS |
83577.000 |
Segment wise Revenue Results and Capital Employed
|
Particulars |
Three months ended |
Year ended |
||
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Segment Revenue |
|
|
|
|
|
A. Fertilizers |
6480.600 |
4488.300 |
10968.900 |
|
|
B. Chemicals |
6262.000 |
5396.700 |
11648.700 |
|
|
C. Others |
203.200 |
247.300 |
460.500 |
|
|
Total |
12935.800 |
10132.300 |
23068.100 |
|
|
Less: Inter-Segment revenue |
0.000 |
0.000 |
0.000 |
|
|
Net Sales I Income
from Operations |
12935.800 |
10132.300 |
23068.100 |
|
|
|
|
|
|
|
2 |
Segment Results
Profit I (Loss) (before tax, finance cost and exceptional items) from Segment |
|
|
|
|
|
A. Fertilizers |
(213.100) |
(247.700) |
(460.700) |
|
|
B. Chemicals |
405.400 |
263.800 |
669.200 |
|
|
C. Others |
59.900 |
29.500 |
89.400 |
|
|
Total |
252.200 |
45.800 |
297.900 |
|
|
Less: |
|
|
|
|
|
i) Finance costs |
641.200 |
618.000 |
1259.200 |
|
|
ii) Other un-allocable expenditure net off un-allocable income l
expenditure |
50.500 |
27.300 |
77.800 |
|
|
iii) Unallocable Income |
(135.800) |
(100.700) |
(236.600) |
|
|
Total
Profit(Loss) before Tax |
(303.700) |
(499.000) |
(802.600) |
|
|
|
|
|
|
|
3 |
Segment Capital
employed |
|
|
|
|
|
A. Fertilizers |
22007.700 |
25362.800 |
22007.700 |
|
|
B. Chemicals |
31770.700 |
31945.000 |
31770.700 |
|
|
C. Others |
476.200 |
447.300 |
476.200 |
|
|
D. Unallocated assets/ (liabilities) (net) |
(25734.700) |
(29000.100) |
(25734.700) |
|
|
Total Segment
Capital Employed |
28519.900 |
28755.000 |
28519.900 |
Note:
1. In Q2 and H1 of 2013-14, the Company had operations at Barouche
only; from which profit before tax of Rs. 1110.500 Millions and Rs. 1491.700
Millions respectively was achieved. In the current reporting periods Q2 and H1,
profit before tax from Barouche operations Is Rs. 728.000 Millions and Rs.
1233.100 Millions respectively. TDl Dahaj plant has been operative from end
March 2014, Re start up of the plant, after gas emission, has taken long time
due to initial teething troubles resulting In ‘Nil’ production during the
current reporting periods. Due to this, there Is a loss of Rs. 1028.700
Millions and Rs. 2035.700 Millions respectively during current reporting
periods Q2 and H1 from TDl Dahej plant, resulting In net loss to the Company of
Rs. 303.700 Millions and Rs. 802.600
Millions respective during current reporting periods Q2 and H1. The details are
as under:
For the Q2 of FY 2014-15 (Rs in Lacs)
Profit /(Loss) from Ordinary Activities before
Tax - (3037)
- TDI Dahej Plant - (10287)
- Other Operations - 7250
2. Effective from 1st April, 2014, the company has charged depreciation based
on the remaining useful life of the assets as per the requirements of Schedule
II of the Companies Act, 2013 ("the Act"). Consequent to this,
depreciation charged for the quarter end six months ended on 30th September,
2014 Is lower by Rs. 71.500 Millions and Rs 144.300 Millions respectively. In
respect of assets having completed their useful life, an amount of Rs. 133.100
Millions (net of Deferred Tax) has been adjusted against the opening balance of
retained earnings In accordance with the transitional provisions provided In
Note 7(b) of Schedule II of the Act However, due to capitalization of TDl DaheJ
plant in March, 2014, the overall depreciation for the reporting period Is
higher as compared to Q2 and H1 of 2013-14.
3. Previous periods’ figures have been regrouped wherever necessary.
4. A limited review of the above results has been carried out by the Auditors
of the Company.
5. The above results have been reviewed by the Audit Committee in Its meeting
held on 20-10-2014 and the same have been approved by the Board of Directors in
its meeting held on 21-10-2014.
FIXED ASSETS
- Leasehold
land
- Freehold land
- Buildings
- Plant and
equipments
- Furniture and
fixture
- Vehicles
- Office
equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
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. 62.16 |
|
|
1 |
Rs. 94.28 |
|
Euro |
1 |
Rs. 73.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
67 |
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.