MIRA INFORM REPORT
|
Report No. : |
329908 |
|
Report Date : |
02.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
BAJAJ ELECTRICALS LIMITED |
|
|
|
|
Registered
Office : |
45-47, Veer Nariman Road, Mumbai – 400023, Maharashtra |
|
Tel. No.: |
91-22-22823090 /
22043841 / 22045046 / 23765003 |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
14.07.1938 |
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Com. Reg. No.: |
11-009887 |
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Capital
Investment / Paid-up Capital : |
Rs.201.525 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
L31500MH1938PLC009887 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMB01798G /
PNEB03717A / PNEB03465A / PNEB02841G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB2484Q /
AAACB2484R |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and
Exporter of Lighting Appliances and Fans. |
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No. of Employees
: |
Information Declined by Management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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 : |
Clear |
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Comments : |
Bajaj Electricals Limited (BEL), a part of “BAJAJ GROUP” of companies,
was incorporated on 14th July, 1938. The company has five business
units – Fans, Lighting, Luminaries, Appliances and Engineering & Projects
BU. Subject is an established company having good track record. The company has reported year on year losses from its operations which
has led to deterioration in the overall profitability and return indicators
of the company and intense competitive pressures across the business
segments. The rating however favourably take into account the company’s
diversified business portfolio, its leading position in the consumer durable
business supported by strong brand and product development strengths and wide
distribution network. The rating also positively consider on company’s comfortable capital
structure and liquidity profile. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitment. In view of strong brand image in the market and “Bajaj Group”, the
company can be considered normal for business dealing 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 Bank Facilities = A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
February 2015 |
|
|
|
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Bank Facilities = A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
February 2015 |
RBI DEFAULTER’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTER’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION DENIED
Management Non Co- Operative (Tel No. 91-22-22045780)
LOCATIONS
|
Registered Office / Corporate Office
: |
45 – 47, |
|
Tel. No.: |
91-22-22823090 /
22043841 / 22045046 / 23765003 |
|
Fax No.: |
91-22-22828250 |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Head Office : |
51, |
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Tel. No.: |
91-22-22043780 /
22875135 / 22043733 |
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Fax No.: |
91-22-22828250 |
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|
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Factory 1 : |
Chakan Unit Mahalunge, |
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Factory 2 : |
Wind farm Village
Vankusawade, Taluka Patan, District Satara - 415 206, |
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Factory 3 : |
Ranjangaon Unit Village
Dhoksanghvi, Taluka Shirur, Ranjangaon, District Pune - 412 210, |
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Factory 4 : |
Kosi Unit 109 KM Stone, NH 2, Dautana, Chhata – 281 403,
District-Mathura, Uttar Pradesh, India
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Depots : |
Located at:
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|
Showroom : |
‘World of Bajaj Electricals’
Bajaj Bhavan, Nariman Point, Mumbai – 400 021, |
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Tel. No.: |
91-22-20236626 |
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Central Warehouse : |
Located at:
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Branches : |
Located at:
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Regional
Distribution Centers : |
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DIRECTORS
AS
ON. 31.03.2014
|
Name : |
Mr. Shekhar Bajaj |
|
Designation : |
Chairman and
Managing Director |
|
Qualification : |
B.Sc. (Hons.),
M.B.A. |
|
Date of Appointment : |
01.04.1980 |
|
|
|
|
Name : |
Mr. Harsh Vardhan
Goenka |
|
Designation : |
Director |
|
DIN No. |
00026726 |
|
|
|
|
Name : |
Mr. Ashok Jalan |
|
Designation : |
Director |
|
Date of Birth/Age : |
26.08.1943 |
|
Qualification : |
B A (Hons) from Kolkata University |
|
Experience : |
69 years |
|
Date of Appointment : |
18.01.1989 |
|
|
|
|
Name : |
Mr. Ajit
Gulabchand |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. V. B.
Haribhakti |
|
Designation : |
Director |
|
|
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|
Name : |
Mr. Madhur Bajaj |
|
Designation : |
Director |
|
Qualification : |
B.com, MBA |
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|
|
|
Name : |
Mr. Anant Bajaj |
|
Designation : |
Joint Managing Director (wef.1.4.2012) |
|
DIN No. |
00089460 |
|
|
|
|
Name : |
Dr.(Mrs.) Indu
Shahani |
|
Designation : |
Director |
|
Date of Birth/Age : |
60 years |
|
Qualification : |
Ph. D in Commerce
|
|
DIN No. |
00112289 |
|
|
|
|
Name : |
Dr. R P Singh |
|
Designation : |
Director |
|
Date of Birth/Age : |
17.07.1948 |
|
Qualification : |
Post Graduate in Mechanical Engineering from BHU, |
|
Experience : |
64 years |
|
Date of Appointment : |
28.05.2009 |
|
DIN No. |
00004812 |
|
|
|
|
Name : |
P.S. Tondon |
|
Designation : |
Executive Director
|
KEY EXECUTIVES
|
Name : |
Mr. Mangesh Patil |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. C. G. S.Mani |
|
Designation : |
Executive Vice President and Head -Lighting BU |
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|
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|
Name : |
Mr. Atul Sharma |
|
Designation : |
Vice President - Human Resources and Administration |
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|
Name : |
Mr. Prataprao S. Gharge |
|
Designation : |
Vice President and CIO |
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|
|
|
Name : |
Mr. Rakesh Ashok Markhedkar |
|
Designation : |
President – Engineering and Projects BU |
|
|
|
|
Name : |
Mr. R. Sundararajan |
|
Designation : |
President – Luminaires BU |
|
|
|
|
Name : |
Mr Vaidyanathan
Shankar |
|
Designation : |
Executive Vice
President – Domestic Appliances |
|
|
|
|
Name : |
Mr .Anil Errol
Shipley |
|
Designation : |
Executive Vice
President – Supply Chain Management |
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|
|
|
Name : |
Mr. Siddhartha
Kanodia |
|
Designation : |
Executive Vice
President – Corporate Services |
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|
|
|
Name : |
Mr. Mangesh Patil,
|
|
Designation : |
Vice President –
Legal & Company Secretary |
|
|
|
|
Name : |
Mr. Shriram
Amirchand Sehgal |
|
Designation : |
Vice President –
Canteen Stores Department |
|
|
|
|
Name : |
Mr.Karunakar Hari
Mowar |
|
Designation : |
Vice President – Morphy
Richards and Inst. & Malls |
|
|
|
|
Name : |
Mr.Pradeep D.
Patil |
|
Designation : |
Vice President –
Kitchen Appliances |
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|
|
|
Name : |
Mr.Anant M.
Purandare |
|
Designation : |
Executive Vice
President & Chief Financial Officer |
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|
|
|
Name : |
Mr. Atul Pathak,
Executive |
|
Designation : |
Vice President –
Branch Sales Support |
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|
|
|
Name : |
Mr.Sandeep Sharma |
|
Designation : |
Executive Vice
President – Export & Import |
|
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|
|
Name : |
Mr. Dileep Sharma |
|
Designation : |
Vice President –
Customer Care |
|
|
|
|
Name : |
Mr.Beena Leji
Koshy |
|
Designation : |
Vice President –
Advertising & Brand Development |
|
|
|
|
Name : |
Mr.Rohit Kumar |
|
Designation : |
Vice President –
Lighting BU |
|
|
|
|
Name : |
Mr.Sivakumar Balasubramanyam |
|
Designation : |
Vice President –
HM & SL, E&P BU |
|
|
|
|
Name : |
Mr.Vijay Anant
Bhat |
|
Designation : |
Sr. General
Manager – Special Projects, E&P BU |
|
|
|
|
Name : |
Mr. Chiranjeev
Subh Karan Soni |
|
Designation : |
General Manager –
Internal Audit |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of Shareholder |
Total No. of Shares held in Dematerialized Form |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
22584678 |
22.41 |
|
|
40954607 |
40.64 |
|
|
63539285 |
63.06 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
63539285 |
63.06 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
4886267 |
4.86 |
|
|
41023 |
0.06 |
|
|
13561738 |
13.61 |
|
|
18489028 |
18.53 |
|
|
|
|
|
|
1310114 |
1.31 |
|
|
|
|
|
|
9698077 |
10.84 |
|
|
794077 |
1.71 |
|
|
4533339 |
4.55 |
|
|
317887 |
0.32 |
|
|
1001238 |
1.04 |
|
|
1871952 |
1.86 |
|
|
679200 |
0.67 |
|
|
663062 |
0.66 |
|
|
16335607 |
18.41 |
|
Total Public shareholding
(B) |
34824635 |
36.94 |
|
Total (A)+(B) |
98363920 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
||
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
98363920 |
100.00 |
SHAREHOLDING OF
SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS
BELONGING TO THE CATEGORY PROMOTER AND PROMOTER GROUP
|
Category of Shareholder |
Total No. of Shares held in Dematerialized Form |
Total Shareholding as a % of Total No. of Shares |
|
Anant Bajaj |
45,31,823 |
4.50 |
|
Deepa Bajaj |
1,000 |
0.00 |
|
Geetika Bajaj |
8,346 |
0.01 |
|
Kiran Bajaj |
26,77,219 |
2.66 |
|
Kiran Bajaj |
12,10,000 |
1.20 |
|
Kriti Bajaj |
90,000 |
0.09 |
|
Kumud Bajaj |
4,78,200 |
0.47 |
|
Madhur Bajaj |
20,44,835 |
2.03 |
|
Minal Bajaj |
3,67,200 |
0.36 |
|
Neelima Bajaj Swamy |
1,10,000 |
0.11 |
|
Nimisha Jaipuria |
90,000 |
0.09 |
|
Niraj Bajaj |
16,31,035 |
1.62 |
|
Niraj Bajaj |
4,66,200 |
0.46 |
|
Niravnayan Bajaj |
91,000 |
0.09 |
|
Pooja Bajaj |
1,00,000 |
0.10 |
|
Rahulkumar Bajaj |
4,180 |
0.00 |
|
Sanjivnayan Bajaj |
735 |
0.00 |
|
Shekhar Bajaj |
48,40,535 |
4.80 |
|
Shekhar Bajaj |
25,36,800 |
2.52 |
|
Shekhar Bajaj |
2,40,600 |
0.24 |
|
Suman Jain |
84,645 |
0.08 |
|
Suman Jain |
15,000 |
0.01 |
|
Sunaina Kejriwal |
9,65,325 |
0.96 |
|
Bachhraj & Company Private Limited |
1,000 |
0.00 |
|
Bachhraj Factories Private Limited |
95,000 |
0.09 |
|
Bajaj Holdings & Investment Limited |
1,66,97,840 |
16.57 |
|
Bajaj International Private Limited |
8,00,000 |
0.79 |
|
Bajaj Sevashram Private Limited |
5,000 |
0.00 |
|
Baroda Industries Private Limited |
7,70,000 |
0.76 |
|
Hercules Hoists Limited |
5,54,937 |
0.55 |
|
Hind Musafir Agency Limited |
12,58,000 |
1.25 |
|
Jamnalal Sons Private Limited |
1,98,72,830 |
19.72 |
|
Kamalnayan Investment & Trading Private Limited |
1,000 |
0.00 |
|
Madhur Securities Private Limited |
1,000 |
0.00 |
|
Niraj Holdings Private Limited |
1,000 |
0.00 |
|
Rahul Securities Private Limited |
4,15,000 |
0.41 |
|
Rupa Equities Private Private Limited |
1,000 |
0.00 |
|
Sanraj Nayan Investments Limited |
1,000 |
0.00 |
|
Shekhar Holdings Private Limited |
4,80,000 |
0.48 |
|
Total |
6,35,39,285 |
63.06 |
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
|
Category of Shareholder |
Total No. of Shares held in Dematerialized Form |
Total Shareholding as a % of Total No. of Shares |
|
MFS International New Discovery Fund |
4007457 |
3.98 |
|
Mondrian Emerging Markets Small Capital Equity Fund LP |
2339462 |
2.32 |
|
HDFC Trustee Company Limited HDFC Prudence Fund |
2587131 |
2.57 |
|
Swiss Finance Corporation (Mauritius) Limited |
1459947 |
1.45 |
|
L and T Mutual Fund Trustee Limited L and T Equity Fund |
1275157 |
1.27 |
|
Ontario Pension Board Mondrian Investment Partners Limited |
1155190 |
1.15 |
|
UTI- Mid Capital Fund |
1023455 |
1.02 |
|
Total |
13847799 |
13.74 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Exporter of Lighting Appliances and Fans. |
|
|
|
|
Products : |
Not Divulged |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
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|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
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|
|
|
Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers, Retailers, End Users, OEM’s and Others
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No. of Employees : |
Information Declined by Management |
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Bankers : (31.03.2014) |
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Facilities : |
(Rs.
In Millions)
|
|
Auditors : |
|
|
Name : |
Dalal and Shah Chartered Accountant |
|
|
|
|
Cost Auditors : |
|
|
Name : |
R Nanabhoy and Company Cost Accountants |
|
|
|
|
Other related
parties where control exists : (31.03.2014) |
|
|
|
|
|
Associates, Joint ventures,
Investing Party : (31.03.2014) |
|
|
|
|
|
Relatives of Key
Management Personnel and their enterprises where transactions have taken
place: (31.03.2014) |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital : Rs. 400.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 201.525
Million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.2/- each |
Rs.400.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
99,969,178 |
Equity Shares |
Rs.2/- each |
Rs.199.938
Million |
|
|
|
|
|
Reconciliation
of the number of shares outstanding is set out below:
|
Particulars |
31.03.2014 |
|
|
|
No. of shares |
(Rs. In million) |
|
Equity
shares at the beginning of the year |
99,755,331 |
1,99.511 |
|
Add
: Shares issued on exercise of Employee Stock Option |
213,847 |
0.427 |
|
Equity
shares at the end of the year |
99,969,178 |
1,99.938 |
The
Details of Shareholders holding more than 5% Shares:
|
Particulars |
31.03.2014 |
|
|
Name
of the Shareholder |
No. of shares |
% of
Holding |
|
Jamnalal
Sons Private Limited |
22402830 |
22.41 |
|
Bajaj
Holdings and Investment Limited |
16697840 |
16.70 |
|
Mr.
Shekhar Bajaj |
4,840,535 |
4.84 |
Equity Shares reserved
for issue under options outstanding as at the end of the year on un-issued
share capital :
The Company had reserved issuance of 7,688,341 (Previous year 7,183,341) Equity Shares of ` 2 each for offering to eligible employees of the Company under Employees Stock Option Scheme.
Summary of Stock Options as on 31.03.2014 :
|
Number of Stock Options granted (net of lapsation & cancellation) |
5,878,109 |
|
Number of Stock Options Exercised |
2,651,877 |
|
Number of Stock Options Vested and Exercisable |
1,354,732 |
|
Number of Stock Options Unvested |
1,871,500 |
Terms/Rights attached
to equity shares:
The Company has only one class of equity shares having a par value of ` 2 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year ended 31 March 2014, the amount of per share dividend recognized as distribution to equity shareholders was ` 1.50 per share (31 March 2013, ` 2 per share) of Face value of ` 2 each. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Share Application money represents the application money received on 49,144 stock options exercised by an employee as on 31 March 2014 against which equity shares were pending allotment. Equity shares were allotted against these stock options subsequently on 21 April 2014.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF
FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
201.500 |
199.938 |
199.511 |
|
(b) Reserves & Surplus |
6668.300 |
6890.936 |
7086.878 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
5.007 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
6869.800 |
7095.881 |
7286.389 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1709.100 |
1306.058 |
345.410 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
111.300 |
3.319 |
0.605 |
|
(d) long-term
provisions |
439.400 |
275.433 |
247.596 |
|
Total Non-current
Liabilities (3) |
2259.800 |
1584.810 |
593.611 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2159.700 |
2137.378 |
1254.444 |
|
(b) Trade
payables |
11747.200 |
11996.899 |
9823.198 |
|
(c) Other
current liabilities |
4506.000 |
3461.955 |
2081.506 |
|
(d) Short-term
provisions |
754.600 |
649.332 |
533.909 |
|
Total Current
Liabilities (4) |
19167.500 |
18245.564 |
13693.057 |
|
|
|
|
|
|
TOTAL |
28297.100 |
26926.255 |
21573.057 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2808.400 (Including all Assets) |
2492.034 |
2264.196 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
|
|
(iii) Capital
work-in-progress |
25.598 |
58.677 |
|
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
|
|
(b) Non-current Investments |
560.900 |
673.110 |
297.557 |
|
(c) Deferred tax assets (net) |
488.800 |
253.328 |
79.287 |
|
(d) Long-term Loan and Advances |
822.400 |
827.550 |
726.166 |
|
(e) Other
Non-current assets |
3892.500 |
3829.354 |
2649.010 |
|
Total Non-Current
Assets |
8573.000 |
8100.974 |
6074.893 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
33.300 |
0.047 |
0.000 |
|
(b)
Inventories |
4746.500 |
4467.032 |
4212.391 |
|
(c) Trade
receivables |
12895.600 |
12426.505 |
9379.284 |
|
(d) Cash
and cash equivalents |
376.600 |
544.036 |
500.867 |
|
(e)
Short-term loans and advances |
1148.400 |
1192.865 |
1405.622 |
|
(f) Other
current assets |
523.700 |
194.796 |
0.000 |
|
Total
Current Assets |
19724.100 |
18825.281 |
15498.164 |
|
|
|
|
|
|
TOTAL |
28297.100 |
26926.255 |
21573.057 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
42581.100 |
40298.296 |
33773.396 |
|
|
|
Other Income |
242.900 |
152.680 |
168.104 |
|
|
|
TOTAL |
42824.000 |
40450.976 |
33941.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2252.300 |
2373.617 |
1691.629 |
|
|
|
Purchases of Traded Goods |
28887.200 |
30057.961 |
25310.12 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and Traded Goods |
(317.200) |
(415.947) |
(454.515) |
|
|
|
Employee Benefit Expense |
2262.900 |
1860.238 |
1672.596 |
|
|
|
Other Expenses |
6381.000 |
5604.309 |
4444.796 |
|
|
|
Erection and Subcontracting Expenses |
2224.900 |
0.000 |
0.000 |
|
|
|
TOTAL |
41691.100 |
39480.178 |
32664.626 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1132.900 |
970.798 |
1276.874 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1050.800 |
782.962 |
689.847 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
82.100 |
187.836 |
587.027 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
290.300 |
247.464 |
144.522 |
|
|
|
|
|
|
|
|
|
|
Exceptional
Items – Profit on sale of Investments |
0.000 |
0.000 |
247.232 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX |
(208.200) |
(59.628) |
689.737 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(68.700) |
(6.542) |
177.654 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
AFTER TAX |
(139.500) |
(53.086) |
512.083 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
86.940 |
315.464 |
286.895 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
0.000 |
250.000 |
|
|
|
Dividend |
NA |
149.954 |
199.511 |
|
|
|
Tax on Dividend |
NA |
25.484 |
33.907 |
|
|
|
Dividend paid on exercise of Stock Option along with
Dividend Distribution Tax |
NA |
0.000 |
0.096 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
86.940 |
315.464 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of exports |
NA |
349.467 |
387.864 |
|
|
|
Freight & Insurance on exports |
NA |
3.006 |
3.055 |
|
|
TOTAL EARNINGS |
NA |
352.473 |
390.919 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
86.542 |
69.944 |
|
|
|
Capital Goods |
NA |
84.314 |
24.173 |
|
|
|
Finished Goods |
NA |
2800.944 |
2870.824 |
|
|
|
Machinery Spares |
NA |
0.954 |
1.505 |
|
|
TOTAL IMPORTS |
NA |
2972.754 |
2966.446 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.40) |
(0.53) |
5.12 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current maturities
of Long Term Borrowings |
|
|
|
|
Term Loans from Banks |
NA |
12.000 |
40.000 |
|
Sales Tax Deferral liability / Loan |
NA |
28.941 |
19.124 |
|
Employee Benefit Liabilities |
NA |
1,32.521 |
1,14.913 |
|
Customer Incentive / Scheme Payable |
NA |
4,02.549 |
2,36.348 |
|
VAT/CST Payable |
NA |
3,56.267 |
3,33.115 |
|
Other Statutory Liabilities payable |
NA |
64.877 |
60.584 |
|
Interest accrued but not due on borrowings |
NA |
1.134 |
1.620 |
|
Interest accrued and due on borrowings |
NA |
1.781 |
1.936 |
|
Advances Received from Customers |
NA |
21,45.474 |
11,89.752 |
|
Unpaid Dividends |
NA |
7.238 |
7.498 |
|
Trade Deposits |
NA |
73.692 |
52.542 |
|
Unpaid matured deposits and interest accrued thereon |
NA |
1.139 |
1.337 |
|
Temporary overdraft as per books |
NA |
--- |
0.175 |
|
Gross Amount due to customers for long term contracts |
NA |
2,01.290 |
--- |
|
Other Payables |
NA |
33.052 |
23.445 |
|
Total
|
NA |
3461.955 |
2082.389 |
|
|
|
|
|
|
Cash generated from operations |
NA |
2,36.897 |
18,03.753 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin PAT / Sales |
(%) |
(0.33) |
(0.13) |
1.52 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
2.66 |
2.41 |
3.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.76) |
(0.23) |
3.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.03) |
(0.01) |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.56 |
0.97 |
0.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
1.03 |
1.13 |
STOCK
PRICES
|
Face Value |
Rs. 2.00/- |
|
Market Value |
Rs. 272.50/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
199.511 |
199.938 |
201.500 |
|
Reserves & Surplus |
7086.878 |
6890.936 |
6668.300 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
5.007 |
0.000 |
|
Net worth |
7286.389 |
7095.881 |
6869.800 |
|
|
|
|
|
|
long-term borrowings |
345.410 |
1306.058 |
1709.100 |
|
Short term borrowings |
1254.444 |
2137.378 |
2159.700 |
|
Total borrowings |
1599.854 |
3443.436 |
3868.800 |
|
Debt/Equity ratio |
0.220 |
0.485 |
0.563 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
33773.396 |
40298.296 |
42581.100 |
|
|
|
19.320 |
5.665 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
33773.396 |
40298.296 |
42581.100 |
|
Profit |
512.083 |
(53.086) |
(139.500) |
|
|
1.52% |
(0.13)% |
(0.33)% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
Yes |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
(Rs. In Millions)
|
Particular |
As on 31.03.2015 |
As on 31.03.2014 |
|
Long Term Borrowing |
|
|
|
Sales Tax Deferral Liability / Loan (an incentive under 1993 Package Scheme of Incentives of SICOM - Interest free) |
NA |
3,06.058 |
|
Other Short Term Loans |
NA |
0.000 |
|
Foreign Currency Loans |
NA |
3,65.903 |
|
Total |
NA |
671.961 |
RESULTS OF
OPERATIONS: (31.03.2014)
The net revenue from operations increased by 19.3% to Rs.40799.800 Million, despite the industry-wide slow down but has resulted in a loss of Rs. 53.100 Million.
The drop in profit was the result of various factors, including a challenging business environment. The infrastructure sector saw a low-key investment, mainly due to environmental clearances and land acquisition issues. The other major challenges faced by the Company include weakening of rupee, right-of-way issues, commodity price fluctuations, high interest rates, cost & time overrun in some of the turnkey projects and low margins in power sector projects. Even the margins in both lighting and consumer durable business have come down.
During the year, the management has taken several measures to ensure better management of working capital, monitoring of project performance on continuous basis and completion of projects as per schedule to avoid cost and time over run.
MANAGEMENT DISCUSSION
AND ANALYSIS (31.03.2014)
OVERVIEW
The financial statements have been prepared in compliance with the requirements of the provisions of the Companies Act, 2013 (to the extent notified) and the Companies Act, 1956 (to the extent applicable), guidelines issued by the Securities and Exchange Board of India (SEBI) and the Generally Accepted Accounting Principles (GAAP) in India. Thier Management accepts judgments used therein. The estimates and judgments relating to the financial statements have been made on a prudent and reasonable basis, so that the financial statements reflect in a true and fair manner the form and substance of transactions, and reasonably present their state of affairs, profits and cash flows for the year.
BUSINESS REVIEW
The Company has entered into a Diamond Jubilee year of its incorporation. The Company has diversified interests in Lighting, Luminaires, Appliances, Fans, and Engineering and Projects.
The overall performance of the Company for the year 2013-14 has been severely impacted due to additional cost that had to be incurred to close the old projects and reduction in the margins of consumer durable and lighting business. The major hits taken by the Company while closing the number of project site will reflect in the positive EBIDTA from the project business in the year 2014-15. Also, the margins in Lighting and Consumer durable business are expected to be better in 2014-15. Further, the new government at the Centre and in most of the states is considered positive for the infrastructure sector and therefore to the Company, since the new government is expected to clear major projects, which have been on hold for long. The Government is expected to support the agricultural sector for the overall growth of the economy and therefore, if the monsoon for year is normal, it will fuel the growth for the lighting and consumer durable industry in the rural markets.
The Company continues to focus on enhancing revenue growth through introduction of new products at various price points / segments, expansion of the dealer and retailer network, rural penetration along with good brand building efforts, value engineering , credit control and cost control actions.
ENGINEERING &
PROJECTS BUSINESS UNIT (E&P BU) (31.03.2014)
E&P BU has shown signs of recovery and is coming back on the performance track, the results of which will be visible in the coming years.
BU has achieved a turnover of Rs. 11500.000 Million with a growth of 66% over the last fiscal. BU has successfully closed 40 legacy project sites, as planned, by addressing the various issues which were bottlenecks in the completion of those projects.
FANS BU
The Fans BU has a wide and attractive range of ceiling, portable, fresh air & industrial air circulators and exhaust fans, in various sizes and colours, manufactured in plants having ISO 9001 / 9002 quality certifications. The BU is also marketing Portable Water lifting Pumps and Gas & Diesel Run Domestic Power Generators.
During the year under reporting, the BU has achieved sales turnover of Rs. 6200.000 Million with growth of 2% and CAGR of 7% though the industry has recorded only the marginal growth. The BU has a market share of about 16%. During the year under reporting, the BU introduced star rated ceiling fans.
In the current financial year, the BU has planned to introduce super energy efficient fans, few more models of fans in the premium category, new models of portable pumps and higher out-put portable power Generators.
According to Francis Kanoi Report 2012, Bajaj Fans is the best distributed fans, available in more than 80,000 outlets across the country, constituting 55% of Fans Selling Counters in the country. The BU enjoys leadership position in 12 major states and is among the top 3 player in 6 other states in the country.
LUMINAIRES BU
The BU markets a comprehensive range of luminaires (light fittings) covering, commercial lighting, industrial lighting, area lighting, roadway lighting, urban architectural lighting besides special luminaires for flame proof and increased safety applications. This BU is certified for ISO 9000 while the most of the products are manufactured in plants conforming to ISO 9000:2000 and select plants certified to ISO 14001 which sets out the criteria for an environmental management.
The luminaires are offered to suit a wide variety of light sources ranging from LED, CFL, FTL and HID lamps of various types and Reliance Industries for 304 High masts at J3, Jamnagar. 33 ratings. The BU has a Lighting Development Centre (LDC) and Lighting Design & Marketing Services (LDMS) to carry out scientific illumination layouts for various applications and a well-equipped laboratory approved by the Department of Science & Technology of Government of India. The BU is developing a new generation of energy saving luminaires with LEDs and Induction lamps. The BU is working seamlessly to develop energy efficient, environment friendly lighting system employing the latest technology such as LED and Induction lamp and also contributing significantly to improve lighting design practice by creating landmark lighting installation.
During the year, the BU has achieved a turnover of Rs. 4000.000 Million with a growth of 10% despite the industry in India went through a tough phase. It holds an overall No.2 position in the Indian market with leadership in area and roadway lighting. The BU is now in the process to strengthen its presence in workspace lighting segment to gain leadership status in Indoor lighting segment.
The use of renewable lighting sources has become inevitable in the current environmental conditions. With power saving and energy conservation being the key to achieve environmental balance, renewable energy sources like solar power in lighting applications has emerged as the need of the hour. The BU has taken lead in the industry by launching solar street lighting range of luminaires. In comparison with CFL based street light luminaires, solar LED based luminaires has potentially saved approx. 55% of energy consumption. During the year, the BU has saved energy of about 5,03,700 KWh by marketing its solar street light luminaires. The saving in energy consumption has resulted in reduction of electricity cost by Rs. 40.29 Million , reduction in emission of Carbon Di-oxide by 347 metric ton (equivalent to removal of 1,05,145 small cars from street) and saving of 3,49,74,72,000 gallons of water from being contaminated due to Mercury.
The BU has entered into an agreement with CREE Lighting of USA, Disano and Mareco Luce of Italy for offering an excellent outdoor street lighting and landscape lighting solutions and with Delta Controls of Canada, Securiton of Switzerland for offering Integrated Building Management Systems. The BU has executed supplies to large power plants i.e, NPCIL (Nuclear) for Gujarat & Rajasthan Projects, NTPC (Thermal) Projects in Solapur and Mauda apart from Ultra Mega Thermal Power Project at Reliance, Sassan through L&T and BGR.
This BU is now fully equipped to provide end-to-end solutions in total energy management, lighting and controls of Buildings and facilities.
LIGHTING BU
The Lighting BU markets a wide range of light sources and domestic luminaires. The light sources include General Lighting Service (GLS) lamps, Fluorescent Tube Lights (FTL), Compact Fluorescent Lamps (CFL) and special purpose lamps. Keeping in line with the objective of the Company to lay special emphasis on the green, environment – friendly technologies and products, the BU made a major foray into LED based products through introduction of LED bulbs, Panel Lights, Downlighters, LED Tube lights and portable lanterns & torches. A strong distribution network exists for marketing these products both in urban and rural areas and the special focus is on rural penetration.
The manufacturing of GLS and FTL lamps is undertaken at Hind Lamps, an associate of the Company, located in U.P. The Starlite Lighting plant makes world class products on one of its kind Swiss ‘Falma’ and GE Chains. The introduction of T3 CFLs made on the world’s fastest GE chain at Starlite has added teeth to the already robust sale of CFLs, since they are compact in size and come with an aesthetic.
The Lighting BU has done well despite intense competition and rapidly changing market dynamics. It has achieved a turnover of ` 553 crore with a growth of 11.7% and a CAGR of 17%. The CFL segment continues to register a strong growth due to greater adoption of energy saving lamps by individuals and the government bodies. The CFL sales as a product segment, has exceeded Rs. 3650.000 Million mark during the year. The year also saw consolidation of Bajaj lied range of high-end LED products which score on aesthetics, long life and energy saving.
The BU has continued to improve its retail presence by expanding its network and continues to reach close to 3.50 lac outlets both in urban and rural areas. The BU has recently embarked on the RREP (Retail Reach Expansion Program) to take its reach and range spread to a much higher level, the benefits of which will accrue in coming years.
The Lighting BU with its improved distribution network, wide product range, and efficient sourcing strategies is poised for a betterthan- the-industry growth in the future.
ECONOMIC SCENARIO,
FUTURE OUTLOOK AND SECTOR OVERVIEW (31.03.2014)
India's economic growth rate in 2013-14 has been estimated at 4.9%, a faster pace than in the previous year, mainly on an improved performance in the agriculture and allied sectors as per the estimates released by the Central Statistics Office (CSO). Manufacturing, however, is expected to register a contraction of 0.2% compared with growth of 1.1% in the previous year. The services sector, including finance, insurance, real estate and business services sectors, is likely to grow at 11.2% as compared to 10.9% in 2012-13. Growth in construction is likely to improve to 1.7% from 1.1 % in 2012-13.
CONTINGENT LIABILITIES:
(Rs. In Million)
|
Particulars |
31.03.2015 |
31.03.2014 |
|
Claims against the Company not acknowledged as debts |
NA |
1,38.639 |
|
Net of tax |
NA |
91.516 |
|
Guarantees / Letter of Comfort given on behalf of Companies `Rs.13,56.053 Million (Previous Year `Rs.1056.053 Million ) |
NA |
971.162 |
|
Liability towards Banks in respect of Bill Discounting / Channel Finance Facility |
NA |
238.737 |
|
Excise and Customs demand - matters under dispute and Claims for refund of Excise Duty, if any, against Excise Duty Refund received in the earlier year |
NA |
2.548 |
|
Net of tax |
NA |
1.682 |
|
Service Tax matters under dispute and Claims |
NA |
13.468 |
|
Net of tax |
NA |
8.890 |
|
Income Tax matters - Appeal by company |
NA |
47.976 |
|
Sales Tax matters under dispute |
NA |
2,79.795 |
|
Net of tax |
NA |
184.693 |
|
Penalty/damages/interest, if any, due to non-fulfillment of any of the terms of works contracts |
NA |
Liability unascertained |
|
(ii) Uncalled liability in respect of partly paid Shares held as investments |
NA |
0.720 |
The Company has arranged channel finance facility for its dealers and distributors from Axis Bank Limited. The outstanding in respect of this facility as at Balance Sheet date is Rs.559.387 Million (Previous Year Rs.498.754 Million). Accordingly, Trade Receivables at the end of the year stands reduced by the said amount. However, the Company has provided a recourse of 33% of the outstanding that may be overdue and irrecoverable from the dealers, which works out to Rs.0.744 Million (Previous Year `Rs.1.564 Million)
The Company has been sanctioned Sales Bills / Receivables Factoring facility by few banks for discounting the bills raised on its customers. The said facilities are with full recourse to the Company. The outstanding in respect of this facility as at Balance Sheet date is Rs.237.993 Million (Previous Year Rs.154.413 Million). Accordingly, Trade Receivables at the end of the year stands reduced by the said amount.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10488986 |
25/03/2014 |
1000000000 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, PandurangBudhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
C03053568 |
|
2 |
10240258 |
19/07/2013 * |
14967100000 |
SBICAP TRUSTEE COMPANY LIMITED |
202 MAKER TOWER
"E" CUFFE PARADE, COLABA, MUMBAI, |
B81952178 |
|
3 |
10127278 |
10/10/2008 |
1600000000 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
A49175995 |
|
4 |
80014433 |
26/03/2009 * |
400000000 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA |
SIDBI TOWER, 15, ASHOK MARG, LUCKNOW, LUCKNOW, Uttar Pradesh - 226001, INDIA |
A60432283 |
* Date of charge modification
FIXED ASSETS
- Freehold and Leasehold Land
- Buildings
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Offices Equipment
- Leasehold
Improvements
- Temporary structure
- Roads and
Culverts
- Computers
- Dies and Jigs
- Plant and Machinery
- Goodwill
- Computers Software
- Trade Marks
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.63.57 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KSP |
|
|
|
|
Report Prepared
by : |
DDD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
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 |
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 |
|
62 |
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.