MIRA INFORM REPORT
|
Report No. : |
304818 |
|
Report Date : |
24.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
THERMAX LIMITED |
|
|
|
|
Registered
Office : |
D-13, MIDC
Industrial Area, R.D. Aga Road, Chinchwad, Pune – 411019, Maharashtra |
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|
Country : |
India |
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|
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|
Financials (as
on) : |
31.03.2014 |
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|
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|
Date of
Incorporation : |
30.06.1980 |
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|
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|
Com. Reg. No.: |
11-022787 |
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Capital
Investment / Paid-up Capital : |
Rs.238.300 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29299PN1980PLC022787 |
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|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNET00953B PNET00081E PNET03854E PNET00017D |
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PAN No.: [Permanent Account No.] |
AAACT6284E AAACT3910D |
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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 of
Solar Power Generation, Water Treatment Plant, Industrial Boiler, Air Pollution
Control System. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. Sales turnover of the company has declined which resulting into dip in
profit of the company during financial year 2014. However, the rating reflects company’s strong market position in the energy
segment business supported by sound financial risk profile and adequate
liquidity position of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Limits = AA+ |
|
Rating Explanation |
High degree of safety and carry very low
credit risk. |
|
Date |
January 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Non Fund Based Limits = A1+ |
|
Rating Explanation |
Have very strong
degree of safety and carry lowest credit risk. |
|
Date |
January 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.
LOCATIONS
|
Registered Office/ Factory 1 : |
D-13, MIDC
Industrial Area, R.D. Aga Road, Chinchwad, Pune – 411019, Maharashtra, India |
|
Tel. No.: |
91-20-27475941-
42/ 66122100 |
|
Fax No.: |
91-20-27472049 |
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E-Mail : |
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|
Website : |
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Corporate Office : |
Thermax House,
14, Mumbai – Pune Road, Wakdewadi, Pune – 411003, Maharashtra, India |
|
Tel. No.: |
91-20-66051200 /
25542122 |
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Fax No.: |
91-20-25542242 |
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E-Mail : |
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Factory 2 : |
D-1 Block, MIDC Industrial
Area, Chinchwad, Pune - 411019, Maharashtra, India |
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Factory 3 : |
At Paudh, Post
Mazgaon Taluka Khalapur, District Raigad – 410206, Maharashtra, India |
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Factory 4 : |
Gat No. 125, |
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Factory 5 : |
Plot No.21/1-2-3, GIDC Manjusar, Taluka - Savli, District - Vadodara –
391775, Gujarat, India |
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Factory 6 : |
Survey No-169, Village
Dhrub, Taluka Mundra, Mundra – 370201, District Kutch, |
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Factory 7 : |
Plot No 903/1, GIDC, Jhagadia Industrial Estate, Jhagadia, District
Bharuch – 393110, Gujarat,
India |
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Factory 8 : |
Plot No. T-1, MIDC, Chincholi, Taluka Mohol, District Solapur –
413255, Maharashtra, India |
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Factory 9 : |
Gat No. 125, Crusher Road, At Post Rohakal, Taluka Khed, District Pune
– 410501, Maharashtra, India |
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Factory 10 : |
4th Floor, Energy
House, D-II Block, Plot No. 38 and 39, MIDC, Chinchwad, Pune – 411019, Maharashtra,
India |
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Factory 11 : |
Dhanrajmahal 2nd floor, Chhatrapati Shivaji Maharaj Marg, Near Gateway of India, Colaba, Mumbai - 400039, Maharashtra, India |
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Tel No.: |
91-22-22045391/ 2 |
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Fax No.: |
91-22-22040859 |
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Branch Office : |
409-411, Mahakant, Opposite V.S. Hospital, Ashram Road, Ahmedabad –
380006, Gujarat, India |
|
Tel. No.: |
91-79-26577073 |
|
Fax No. : |
91-79-26577270 |
DIRECTORS
As on 31.03.2014
|
Name : |
Ms. Meher Pudumjee |
|
Designation : |
Chairperson |
|
|
|
|
Name : |
Mr. M.S. Unnikrishnan |
|
Designation : |
Managing Director and Chief Executive Officer |
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|
|
|
Name : |
Mr. Anu Aga |
|
Designation : |
Director |
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|
Name : |
Dr. Raghunath A. Mashelkar |
|
Designation : |
Director |
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|
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|
Name : |
Dr. Valentin Von Massow |
|
Designation : |
Director |
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|
Name : |
Mr. Nawshir Mirza |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Tapan Mitra |
|
Designation : |
Director |
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|
Name : |
Mr. Pheroz Pudumjee |
|
Designation : |
Director |
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|
|
|
Name : |
Dr. Jairam Varadaraj |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Gajanan P. Kulkarni |
|
Designation : |
Vice President – Legal and Company Secretary |
|
|
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|
Name : |
Mr. Amitabha Mukhopadhyay |
|
Designation : |
Group CFO and Member – Executive Council |
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|
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|
Name : |
Mr. M.S. Unnikrishnan |
|
Designation : |
Chief Executive Officer |
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Executive Council: |
|
|
|
|
|
Name : |
Mr. Ravinder
Advani |
|
Designation : |
Key Executive |
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|
|
|
Name : |
Mr. K. Chakravarthy |
|
Designation : |
Key Executive |
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|
|
|
Name : |
Mr. Sharad Gangal |
|
Designation : |
Key Executive |
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|
|
|
Name : |
Mr. Pravin Karve |
|
Designation : |
Key Executive |
|
|
|
|
Name : |
Mr. Amitabha Mukhopadhyay |
|
Designation : |
Key Executive |
|
|
|
|
Name : |
Mr. Hemant
Mohgaonkar |
|
Designation : |
Key Executive |
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|
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|
Name : |
Mr. Rajan Nair |
|
Designation : |
Key Executive |
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|
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|
Name : |
Mr. R V Ramani |
|
Designation : |
Key Executive |
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|
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|
Name : |
Dr. R.R. Sonde |
|
Designation : |
Key Executive |
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|
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|
Name : |
Mr. M. S. Unnikrishnan |
|
Designation : |
Key Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
73849305 |
61.98 |
|
|
6000 |
0.01 |
|
|
6000 |
0.01 |
|
|
73855305 |
61.98 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
73855305 |
61.98 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
7468297 |
6.27 |
|
|
1962641 |
1.65 |
|
|
18207799 |
15.28 |
|
|
27638737 |
23.20 |
|
|
|
|
|
|
3708926 |
3.11 |
|
|
|
|
|
|
6493833 |
5.45 |
|
|
7013850 |
5.89 |
|
|
445649 |
0.37 |
|
|
302412 |
0.25 |
|
|
830 |
0.00 |
|
|
16302 |
0.01 |
|
|
126105 |
0.11 |
|
|
17662258 |
14.82 |
|
Total
Public shareholding (B) |
45300995 |
38.02 |
|
Total
(A)+(B) |
119156300 |
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) |
119156300 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Solar Power Generation, Water Treatment Plant, Industrial Boiler, Air
Pollution Control System. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
|
Auditors : |
|
|
Name : |
B.K. Khare and
Company Chartered
Accountants |
|
Address : |
706/ 707, Sharda
Chambers, New Marine Lines, Mumbai – 400020, |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
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Wholly Owned Subsidiaries Domestic : |
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Wholly Owned Subsidiaries Overseas : |
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Joint Ventures : |
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Enterprise, over which control is
exercised : |
|
CAPITAL STRUCTURE
As on 22.07.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
375000000 |
Equity Shares |
Rs.2/- each |
Rs.750.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
119156300 |
Equity Shares |
Rs.2/- each |
Rs. 238.313
Millions |
|
|
|
|
|
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
375000000 |
Equity Shares |
Rs.2/- each |
Rs.750.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
119156300 |
Equity Shares |
Rs.2/- each |
Rs.238.300
Millions |
a)
Reconciliation of the number of shares
|
Equity Shares |
No. of Shares |
Rs. in Millions |
|
Shares outstanding at the beginning of period |
119156300 |
238.300 |
|
Shares outstanding at the end of period |
119156300 |
238.300 |
b) Rights,
preferences and restrictions attached to shares
Equity Shares: The Company has one class of equity shares having a par
value of Rs. 2 per share. Each shareholder is eligible for one vote per share
held. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting, except in
case of interim dividend. In the event of liquidation, the equity shareholders
are eligible to receive the remaining assets of the Company after distribution
of all preferential amounts, in proportion to their shareholding.
c) Equity
Shares held by holding company
64328500 shares are held by holding company, RDA Holdings Private
Limited
d)
Details of equity shares held by shareholders
holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
RDA Holding and Trading Private Limited |
64328500 |
53.99 |
|
Anu Aga |
6888305 |
5.78 |
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 |
238.300 |
238.300 |
238.300 |
|
(b) Reserves & Surplus |
20,011.600 |
18,454.400 |
15,773.500 |
|
(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) |
20,249.900 |
18,692.700 |
16,011.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6.000 |
4.300 |
0.800 |
|
(b) Deferred tax liabilities (Net) |
136.400 |
247.200 |
229.800 |
|
(c) Other long term
liabilities |
1,593.200 |
418.900 |
219.600 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
1,735.600 |
670.400 |
450.200 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1,887.100 |
119.100 |
1,663.600 |
|
(b) Trade
payables |
8,412.200 |
8,880.500 |
8,954.400 |
|
(c) Other
current liabilities |
13,874.000 |
10,346.200 |
10,160.000 |
|
(d) Short-term
provisions |
2,379.700 |
2,557.400 |
2,457.300 |
|
Total Current
Liabilities (4) |
26,553.000 |
21,903.200 |
23,235.300 |
|
|
|
|
|
|
TOTAL |
48,538.500 |
41,266.300 |
39,697.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
6,098.500 |
5,275.500 |
4,988.000 |
|
(ii)
Intangible Assets |
305.700 |
270.600 |
328.200 |
|
(iii)
Capital work-in-progress |
235.000 |
909.000 |
419.700 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4,620.800 |
3,936.900 |
3,509.700 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
208.700 |
261.700 |
301.500 |
|
(e) Other
Non-current assets |
1,731.500 |
1,983.000 |
1,020.000 |
|
Total Non-Current
Assets |
13,200.200 |
12,636.700 |
10,567.100 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
6,334.400 |
4,102.900 |
2,017.200 |
|
(b)
Inventories |
2,528.500 |
2,103.300 |
2,792.200 |
|
(c) Trade
receivables |
13,523.600 |
14,238.900 |
12,456.300 |
|
(d) Cash
and cash equivalents |
3,201.400 |
2,226.200 |
5,697.500 |
|
(e) Short-term
loans and advances |
1,879.000 |
1,250.500 |
1,581.200 |
|
(f) Other
current assets |
7,871.400 |
4,707.800 |
4,585.800 |
|
Total
Current Assets |
35,338.300 |
28,629.600 |
29,130.200 |
|
|
|
|
|
|
TOTAL |
48,538.500 |
41,266.300 |
39,697.300 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
43,021.600 |
46,908.700 |
53,040.600 |
|
|
|
Other Income |
643.000 |
730.100 |
704.900 |
|
|
|
TOTAL (A) |
43,664.600 |
47,638.800 |
53,745.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
26,590.200 |
30,584.600 |
35,283.600 |
|
|
|
Purchases of Stock-in-Trade |
1,098.100 |
1,178.900 |
1,558.800 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(40.800) |
(26.300) |
(33.800) |
|
|
|
Employees benefits expense |
4,226.400 |
4,015.700 |
3,874.300 |
|
|
|
Other expenses |
7,055.600 |
6,084.500 |
6,518.600 |
|
|
|
TOTAL (B) |
38,929.500 |
41,837.400 |
47,201.500 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4,735.100 |
5,801.400 |
6,544.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
88.500 |
96.500 |
65.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4,646.600 |
5,704.900 |
6,478.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
577.700 |
548.600 |
469.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4,068.900 |
5,156.300 |
6,009.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1,539.200 |
1,656.700 |
1,940.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2,529.700 |
3,499.600 |
4,068.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
13088.300 |
10914.600 |
8235.400 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
260.000 |
350.000 |
420.000 |
|
|
|
Proposed Equity Dividend |
714.900 |
834.100 |
834.100 |
|
|
|
Tax on Dividend |
121.500 |
141.800 |
135.300 |
|
|
BALANCE CARRIED
TO THE B/S |
14521.600 |
13088.300 |
10914.600 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on FOB |
10145.500 |
6567.200 |
7257.300 |
|
|
|
Other Earnings |
238.400 |
140.000 |
61.400 |
|
|
TOTAL EARNINGS |
10383.900 |
6707.200 |
7318.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1753.700 |
1311.900 |
4649.700 |
|
|
|
Components & Spares |
932.300 |
708.000 |
1167.800 |
|
|
|
Consumables |
69.800 |
51.200 |
63.200 |
|
|
|
Capital Goods |
111.200 |
146.200 |
31.700 |
|
|
TOTAL IMPORTS |
2867.000 |
2217.300 |
5912.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.23 |
29.37 |
34.15 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
5.88 |
7.46 |
7.67 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
11.01 |
12.37 |
12.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.31 |
14.16 |
16.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.28 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.09 |
0.01 |
0.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
1.31 |
1.25 |
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 |
238.300 |
238.300 |
238.300 |
|
Reserves & Surplus |
15773.500 |
18454.400 |
20011.600 |
|
Net
worth |
16011.800 |
18692.700 |
20249.900 |
|
|
|
|
|
|
long-term borrowings |
0.800 |
4.300 |
6.000 |
|
Short term borrowings |
1663.600 |
119.100 |
1887.100 |
|
Total
borrowings |
1664.400 |
123.400 |
1893.100 |
|
Debt/Equity
ratio |
0.104 |
0.007 |
0.093 |
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 |
53,040.600 |
46,908.700 |
43,021.600 |
|
|
|
(11.561) |
(8.287) |
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
|
53,040.600 |
46,908.700 |
43,021.600 |
|
Profit |
4,068.600 |
3,499.600 |
2,529.700 |
|
|
7.67% |
7.46% |
5.88% |
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
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 |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
|
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS:
|
Case
Details |
||||||
|
Bench:-
Bombay |
||||||
|
Presentation Date:- |
19/09/2014 |
|||||
|
Lodging No.:- |
CEXAL/310/2014 |
Filing Date:- |
19/09/2014 |
|||
|
|
||||||
|
Petitioner:- |
COMMISSIONER OF
CENTRAL EXCISE PUNE |
Respondent:- |
THERMAX LIMITED |
|||
|
Petn. Adv:- |
NEELESH VASANT
KALANTRI (I4349) |
|
|
|||
|
District:- |
PUNE |
|||||
|
Bench:- |
DIVISION |
|||||
|
Status:- |
Pre-Admission |
Category : |
CENTRAL EXCISE
APPEAL (CEXA) |
|||
|
Act :- |
Central Excise
and Salt Act |
Under Section :- |
35(G) |
|||
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2013 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
From Other than Banks |
5.000 |
3.000 |
|
Short Term
Borrowings |
|
|
|
From Banks |
960.000 |
0.000 |
|
Total |
965.000 |
3.000 |
ANNUAL PERFORMANCE
The
company posted a total revenue of Rs.43665.000 Millions for the financial year 2013-14,
against last year’s Rs.47639.000 Millions, a reduction of 8.3%. During the
year, the manufacturing sector has had a continued decline in capacity
utilisation. Capacity additions, both in brown field and green field, remained
subdued barring a few sectors like food, food processing, pharma and textiles.
The core sectors such as power, steel, cement and infrastructure were virtually
stagnant in terms of investment and expansion. Moreover, orders onhand were
executed at a slower pace in comparison to the previous year owing to a lack of
sense of urgency within the user industry. The limited number of orders
finalised in the market were fiercely competed by all the players, reducing
margins substantially. The company has strived to navigate its business through
these challenging times by focusing on improving internal efficiencies.
Thermax’s
Energy business – Boiler and Heater, Power, Cooling and Heating divisions and
the Solar performance unit – contributed 76% of the total revenue while the
Environment business comprising Air Pollution Control, Water &Waste
Solutions and Chemical divisions accounted for the remaining 24% – almost the
same as last year.
During
the year, the revenue from international markets including deemed exports
increased by 11.9% to Rs.11011.000 Millions against Rs.9839.000 Millions last
year. In order to reverse a declining trend of revenues, the company is
focusing its energies in international markets to further consolidate its
position in the current year.
Profit
before tax at Rs.4069.000 Millions was 9.3% of the total revenue, compared to
Rs.5156.000 Millions, 10.8% in the previous year. During adverse market
conditions, The Company continued to invest in research and innovation
initiatives. Profit after tax stood at Rs.2530.000 Millions compared to
Rs.3500.000 Millions in the previous year. Earnings per share (EPS) declined to
Rs.21.23 from Rs.29.37 in FY 2012-13.
Order
booking for the year was Rs.53940.000 Millions against Rs.48590.000 Millions
last year, registering an increase of 11%.
The company completed the year with an order backlog of Rs.53890.000
Millions as against Rs.43570.000 Millions in FY 2012-13. As stated earlier, FY
2013-14 has been a challenging year for the capital goods sector. The improved
order intake was facilitated by two specific projects in the oil and gas sector
and an improvement in exports.
Profit
after tax on a consolidated basis is lower than the stand-alone results owing
to the losses incurred by Thermax (Zhejiang) Cooling & Heating Engineering
Co. Private Limited. (TZL) and the company’s share of losses in the joint
venture subsidiaries, Thermax Babcock and Wilcox Energy Solutions Private
Limited (TBWES) and Thermax SPX Energy Technologies Private Limited. (TSPX).
The
manufacturing facility of TBWES has been completed and the commercial
operations commenced in December 2013.
FUTURE PLAN OF ACTION
Renewable
energy technologies will continue to be focal areas. Solar thermal technologies
for power, heating, cooling will continue to be thrust areas for development of
technologies. The company will continue to focus on the development of
environmental technologies in the domain of air purification, air pollution
control and waste water treatment.
OVERVIEW OF COMPANY OPERATIONS
Tough market
conditions continued to affect the company’s performance. The project
businesses accounting for nearly two-thirds of the company’s turnover struggled
to maintain their growth momentum and provided returns below par. Owing to
negative sentiments prevailing in the market, pace of execution of projects has
slowed down.
This
has had a noticeable impact on accounts receivable in some of the businesses.
The company posted lower results for FY 2013-14, with a total revenue of
Rs.43665.000 Millions and a net profit after tax of Rs.2530.000 Millions.
However,
in a challenging year, the company was able to marginally improve its order
booking from Rs.48590.00 Millions (2012-13) to Rs.53940.000 Millions. The most
significant among orders received last year was the Rs.13500.000 Millions order
received from an Indian petrochemical company for nine CFBC boilers to support
their expansion plans. The order booking during the year was mainly from
petrochemical, cement, food processing, textile, chemical, metal, pharma, sugar
and distillery. During the year, the product divisions introduced new offerings
for the customers. A separate section in this report provides information on
these new products.
The
service business of the company continued to grow. Plant improvements, fuel
shift retrofits and energy enhancement projects improved the performance of the
company’s service business by 30.6% over the previous year. Income from exports
including deemed exports at Rs.11011.000 Millions (Rs.9839.000 Millions, the
previous year) accounted for 26% of the total income. South East Asia and the
Middle East continued to contribute the major share of export earnings. Despite
the better order carry-forward position, in view of the time required for the
investment climate to improve, 2014-15 is not expected to be significantly
different for the company. However, it is cautiously optimistic about a likely
positive shift in the economic environment. Coupled with its rigorous
operational excellence and cost optimisation strategies, it is also putting in
place a programme to take its selective internationalization programme to its
next level for improved revenue and profits.
NEW PRODUCTS
The
triple effect absorption chiller launched earlier by the Cooling business unit
for a technology demonstration project has been commercialised in the Indian
market. The chiller reduces energy consumption by 25%. One such chiller has
been installed at Thermax’s own facility in Chinchwad, to demonstrate how
energy efficient air conditioning for multiple locations can be organised from
a central source.
The
Heating business group launched a versatile solid fuel fired steam boiler, ComBloc, that offers customers the
flexibility to switch between a wide variety of solid fuels depending on
availability and cost. A fully packaged boiler, it helps clients avoid the
hassles of civil work at site and longer installation time.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10245831 |
30/09/2010 |
2,868,580.00 |
Department of Biotechnology |
6-8th Floor, Block No. 2, CGO Complex,
Lodhi Road, Delhi - 110003, India |
A97082846 |
|
2 |
90090872 |
26/03/2010 * |
27,850,000,000.00
|
Union Bank of India Limited |
Industrial Finance Branch, 619, Sachapir
Street, Camp, Pune, Maharashtra - 411001, India |
A82908773 |
|
3 |
90084773 |
03/07/1998 * |
1,500,000.00 |
Union Bank of India |
Industrial Finance Branch, Camp, Pune, Maharashtra
- 411001, India |
- |
|
4 |
90084586 |
01/09/1998 * |
26,000,000.00 |
Corporation Bank |
Industrial Finance Branch, Pune Mumbai
Road Wakde Wadi, Pune, Maharashtra - 411003, India |
- |
STANDALONE AUDITED FINANCIAL RESULT FOR THE QUARTER ENDED
SEPTEMBER 30, 2014
(Rs. in Million)
|
Sr. No |
Particulars |
Standalone |
|||
|
Quarter Ended |
Half Year Ended
|
||||
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|||
|
Audited |
Unaudited |
Audited |
|||
|
1 |
Income From
Operations |
|
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
11813.122 |
8307.076 |
20120.198 |
|
|
|
b. Other Operating Income |
94.533 |
87.009 |
181.542 |
|
|
|
Total Income from
Operations (Net) |
11907.655 |
8394.085 |
20301.740 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. Cost of material Consumed |
7282.913 |
5030.588 |
12313.501 |
|
|
|
b. Purchase of Stock-in trade |
432.881 |
208.874 |
641.755 |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
33.956 |
(81.758) |
(47.802) |
|
|
|
d. Employees Benefit Expenses |
1137.496 |
1027.314 |
2164.810 |
|
|
|
e. Depreciation and Amortisation Expenses |
182.141 |
149.508 |
331.649 |
|
|
|
f. Other expenses |
1798.119 |
1631.809 |
3415.320 |
|
|
|
Total Expenses |
10867.506 |
7966.335 |
18819.232 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
1040.150 |
427.750 |
1482.508 |
|
|
4 |
Other Income |
231.969 |
190.997 |
408.358 |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
1272.119 |
618.747 |
1890.866 |
|
|
6 |
Finance Costs |
24.099 |
29.690 |
53.789 |
|
|
7 |
Profit from ordinary
activities after finance costs & exceptional items |
1248.020 |
589.057 |
1837.077 |
|
|
8 |
Exceptional items |
-- |
-- |
-- |
|
|
9 |
Profit from
ordinary activities before tax |
1248.020 |
589.057 |
1837.077 |
|
|
10 |
Tax Expense |
|
|
|
|
|
|
- Income Tax |
|
|
|
|
|
|
- Deferred Tax |
387.911 |
174.996 |
562.907 |
|
|
11 |
Net Profit from
ordinary activity after tax |
860.110 |
414.061 |
1274.170 |
|
|
12 |
Extraordinary Items |
-- |
-- |
-- |
|
|
13 |
Net Profit After
Tax |
860.110 |
414.061 |
1274.170 |
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
238.313 |
238.313 |
238.313 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
-- |
-- |
-- |
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
|
|
Basic EPS |
7.22 |
3.47 |
10.69 |
|
|
|
Diluted EPS |
7.22 |
3.47 |
10.69 |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
45300995 |
45300995 |
45300995 |
|
|
|
- Percentage of shareholding |
38.02 |
38.02 |
38.02 |
|
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
- |
- |
- |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
- |
- |
- |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
73855305 |
73855305 |
73855305 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
61.98 |
61.98 |
61.98 |
|
|
|
Particulars |
Quarter ended
30.09.2014 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
91 |
|
|
Disposed off during the quarter |
91 |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
SEGMENTWISE REVENUE, RESULTS AND CAPITAL
EMPLOYED
(Rs. in Million)
|
Particulars |
Quarter
Ended |
Half
Year Ended |
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
Audited |
Unaudited |
Audited |
|
a.
Information about Primary Business Segments |
|
|
|
|
1.
Segment Revenue |
|
|
|
|
Energy |
9561.729 |
6446.140 |
16007.869 |
|
Environment |
2646.484 |
2147.784 |
4794.268 |
|
Total |
12208.213 |
8593.924 |
20802.137 |
|
Less : Inter Segment Revenue |
300.559 |
199.839 |
500.397 |
|
Net
Sales |
11907.655 |
8394.085 |
20301.740 |
|
|
|
|
|
|
2.
Segment Result |
|
|
|
|
Energy |
1162.211 |
421.493 |
1583.704 |
|
Environment |
198.639 |
98.473 |
297.111 |
|
Total |
1360.85 |
5199.66 |
1880815 |
|
Less : Interest |
24.099 |
29.690 |
53.789 |
|
Less : Other Unallocable Expenditure net of
unallocable income |
88.730 |
(98.781) |
(10.051) |
|
Total |
1248.020 |
589.057 |
1837.077 |
|
|
|
|
|
|
3. Capital Employed (Segment
Assets-Segment Liabilities) |
|
|
|
|
Energy |
6833.075 |
5127.466 |
6833.075 |
|
Environment |
3440.734 |
3627.992 |
3440.734 |
|
Unallocated |
11237.308 |
11925.563 |
11237.308 |
|
Total |
21511.117 |
20681.021 |
21511.117 |
STATEMENT OF ASSETS AND LIABILITIES
(Rs. in Million)
|
SOURCES OF FUNDS |
|
|
As on 30.09.2014 (Audited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
|
238.313 |
|
(b) Reserves & Surplus |
|
|
21272.805 |
|
|
|
|
21511.118 |
|
|
|
|
|
|
(2)
Minority Interest |
|
|
0.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
6.005 |
|
(b) Deferred tax liabilities (Net) |
|
|
111.189 |
|
(c) Other long term
liabilities |
|
|
1037.135 |
|
(d) long-term
provisions |
|
|
0.000 |
|
|
|
|
1154.329 |
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
|
827.491 |
|
(b) Trade
payables |
|
|
6772.269 |
|
(c) Other
current liabilities |
|
|
13905.837 |
|
(d) Short-term
provisions |
|
|
11396.182 |
|
|
|
|
32901.779 |
|
|
|
|
|
|
TOTAL |
|
|
45567.226 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
6497.712 |
|
(b)Goodwill
on Consolidation |
|
|
0.000 |
|
(c) Non-current Investments |
|
|
4626.801 |
|
(d) Deferred tax assets (net) |
|
|
0.000 |
|
(e) Long-term Loan and Advances |
|
|
215.172 |
|
(f) Other
Non-current assets |
|
|
2040.880 |
|
|
|
|
13380.565 |
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
5188.749 |
|
(b)
Inventories |
|
|
2780.456 |
|
(c) Trade receivables |
|
|
13661.142 |
|
(d) Cash
and cash equivalents |
|
|
1157.089 |
|
(e)
Short-term loans and advances |
|
|
2023.216 |
|
(f) Other
current assets |
|
|
7376.011 |
|
|
|
|
32186.663 |
|
|
|
|
|
|
TOTAL |
|
|
45567.226 |
NOTES
:
- The above
audited financial results, reviewed by the Audit Committee, were approved
at the meeting of the Board of Directors held on November 4, 2014.
- The
management has carried out the estimation of the useful life of assets
based on internal and external technical evaluation. Based on such
evaluation, depreciation amounting to Rs. 18.559 Millions (Net of Deferred
Tax Rs. 9.556 Millions) has been adjusted against reserves in respect of
assets which have already completed their useful lives before 1st
April 2014 and for other assets depreciation has been charged based on
their remaining useful life. Had the company continued with the previously
assessed useful lives, the charge for depreciation would have been lower by
Rs. 24.500 Millions for the quarter and six months ending 30th September
2014.
- Tax expense
for the quarter and half year ended 30th September 2013 includes Rs.
290.000 Millions (Rs. 345.600 Millions for Thermax Group) being provision
made for estimated liability likely to arise upon its claim for deduction
of certain business expenses being held inadmissible consequent to a
survey u/s 133A of the Income Tax Act, conducted by the Income Tax
Department in October 2013. Consequential orders to the extent received
have been contested by the Company in appeal.
- Additional
Information : Key unaudited financial parameters/figures (Consolidated)
for the Thermax Group are as follows :
(Rs. in Million)
|
|
6 Months ended |
6 Months ended |
|
September 30, 2014 |
September 30, 2013 |
|
|
Total Income from operations |
23796.171 |
22847.613 |
|
Profit Before Tax but after Exceptional Loss |
846.072 |
1696.067 |
|
Profit After Tax and minority interest (Refer Note No.
"3") |
541.817 |
882.116 |
- The figures
for the second quarter of FY 2014-15 and of FY 2013-14 are the balancing
figures between audited figures for the half year and the published
figures for the first quarter.
- Previous
periods' figures, including those related to segments, have been regrouped
wherever necessary to conform to current periods' grouping.
FIXED ASSETS:
·
Land – Freehold
·
Land – Leasehold
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Office Equipment and Computer
·
Furniture and Fixtures
·
R and D Equipments
·
Vehicles
PRESS RELEASE
THERMAX WINS
ANOTHER ORDER WORTH RS. 3510.000 MILLIONS IN AFRICA: TO BUILD AND COMMISSION A
CAPTIVE POWER PLANT
Pune: December 06, 2014
Energy and environment major, Thermax Limited won a repeat order from a leading African industrial major. The new order worth Rs. 3510.000 Millions is also for supplying a captive power project for one of the conglomerate’s cement plants.
The scope of work includes system design, manufacture, supply and supervision of erection and commissioning of the plant. The order was won against stiff global competition. As a back-to- back repeat order, it further strengthens Thermax’s credentials to provide lump sum turnkey solutions for African customers.
“They are excited about the business opportunities emerging in Africa. Our two-year project management experience in the continent should really help in seamlessly executing these projects,” says Thermax MD and CEO, M.S. Unnikrishnan.
The power plant, to be commissioned within a time frame of 15-16 months, will utilise the latest generation AFBC (Atmospheric Fluidised Bed Combustion) boilers and high pressure steam cycle to facilitate optimal plant efficiency. Air-cooled condensers will ensure low water utilisation by the power plant, which has also been designed to respond to varying load requirements of the cement plant.
About Thermax
Limited: Thermax Limited, a leading energy and environment solutions
provider is one of the few companies in the world that offers integrated
innovative solutions in the areas of heating, cooling, power, water and waste
management, air pollution control and chemicals. Thermax has manufacturing
facilities in India, China and Europe. The sustainable solutions Thermax
develops for client companies are environment-friendly and enable efficient
deployment of energy and water resources. For more information visit
www.thermaxindia.com
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.50 |
|
|
1 |
Rs.92.16 |
|
Euro |
1 |
Rs.69.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KLS |
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 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
66 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.