MIRA INFORM REPORT
|
Report No. : |
326716 |
|
Report Date : |
11.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
SCHNEIDER ELECTRIC INFRASTRUCTURE LIMITED (w.e.f. 08.12.2011) |
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Formerly Known
As : |
SMARTGRID AUTOMATION DISTRIBUTION AND SWITCHGEAR LIMITED |
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Registered
Office : |
Milestone 87, Vadodara, Halol Highway, Village Kotambi, Post Office
Jarod, Vadodara – 391510, Gujarat |
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Tel. No.: |
91-120-3940400 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
12.03.2011 |
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Com. Reg. No.: |
04-064420 |
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Capital
Investment / Paid-up Capital : |
Rs.478.210 Million |
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CIN No.: [Company Identification
No.] |
L31900GJ2011PLC064420 |
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PAN No.: [Permanent Account No.] |
AAPCS6078Q |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of manufacturing,
designing, building and servicing technologically advanced products and
systems for electricity distribution including products such as distribution
transformers, medium voltage switchgears, medium and low voltage protection
relays and electricity distribution and automation equipment’s. |
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No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a stepdown subsidiary of “Schneider Electric SA”, France.
It is an established company having satisfactory track record. Company has incurred losses from its operational activities over past
2 year. However, company receives strong financial and managerial support from
its ultimate parent company and it has sound liquidity profile. Trade relations are reported as fair. Payments are reported to be slow
but correct. In view of strong support from ultimate parent company, the company
can be considered for business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
Not Available
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
31-03-2013.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Alok |
|
Designation : |
Administrative Department |
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Contact No.: |
91-265-2662000 |
|
Date : |
10.06.2015 |
LOCATIONS
|
Registered Office : |
Milestone 87, Vadodara, Halol Highway, Village Kotambi, Post Office
Jarod, Vadodara – 391510, Gujarat, India |
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Tel. No.: |
91-120-3940400 / 3898703 |
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Fax No.: |
91-120-3898700 |
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E-Mail : |
company.secretary@schneider-electric.com
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Website : |
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Corporate Office : |
4-7th Floor, Tower 3, IGL Complex, Plot 2B Sector 126,
Noida – 201304, Uttar Pradesh, India |
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Tel. No.: |
91-120-3898703 |
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Fax No.: |
91-120-3898700 |
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E-Mail : |
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Factory 1 : |
Survey No. 215, Gagilapur Village, Qutbullapur Mandal, District
Rangareddy, Hyderabad – 500043, Telangana, India |
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Factory 2 : |
PSS – 58, MIDC Satpur, Nasik – 422007, Maharashtra, India |
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Tel. No.: |
91-253-3915100 |
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Factory 3 : |
Technopolis, 3rd Floor, Wing-B, Plot - 4, Block
- BP, Sector - V, Salt Lake City, Bidhan Nagar, Kolkata – 700091, West
Bengal, India |
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Factory 4 : |
Equipment Division Block BN 3, Sector - V, Salt Lake, Kolkata – 700091, West
Bengal, India |
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Factory 5 : |
Automation Division No - 172, Poonamallee, By Pass Road, Poonamalle, Chennai -
600056 |
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Regional Offices : |
Located At: · Noida · Kolkata · Mumbai · Bangalore · Secunderabad · Chennai |
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Branch Offices : |
1-8-271 to 273, 401 to 404A, Ashoka Bhoopal Chambers, S P Road,
Secunderabad – 500003, Telangana, India Also Located At: · Chandigarh · Jaipur · Lucknow · Jamshedpur · Guwahati · Bhubaneshwar · Vadodara · Ahmedabad · Nagpur · Pune |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Vinod Kumar Dhall |
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Designation : |
Chairman (Non-Executive) |
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Name : |
Mr. Prakash Kumar Chandraker |
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Designation : |
Managing Director |
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Name : |
Mr. Anil Chaudhry |
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Designation : |
Director |
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Name : |
Mr. Ranjan Pant |
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Designation : |
Director |
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Name : |
Mr. Rajani Kesari |
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Designation : |
Director |
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Date of Appointment : |
22.05.2013 |
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Name : |
Mr. V. S. Vsudevan |
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Designation : |
Director |
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Date of Appointment : |
11.03.2013 |
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Name : |
Mr. Javed Ahmad |
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Designation : |
Director (for the period of 01.08.2013 to 22.05.2014) |
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Name : |
Mr. Alexander Tagger |
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Designation : |
Director |
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Date of Appointment : |
10.07.2013 |
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Name : |
Mr. Manish Jaiswal |
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Designation : |
Director |
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Date of Appointment : |
22.05.2014 |
KEY EXECUTIVES
|
Name : |
Mr. Sameet Gambhir |
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Designation : |
Company Secretary |
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Name : |
Mr. Anurag Mantri |
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Designation : |
Chief Financial Officer |
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COMMITTEES OF DIRECTORS : |
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Nomination and Remuneration Committee : |
· Mr. Vinod Kumar Dhall - Chairman · Mr. Prakash Kumar Chandraker · Mr. Ranjan Pant · Mr. V. S. Vsudevan |
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Corporate Social Responsibility (CSR) Committee : |
· Mr. Ranjan Pant · Mr. V. S. Vsudevan - Chairman · Mr. Prakash Kumar Chandraker |
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Risk Management Committee : |
· Mr. Ranjan Pant - Chairman · Mr. V. S. Vsudevan · Mr. Prakash Kumar Chandraker |
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Stakeholder’s Relationship Committee : |
· Mr. Ranjan Pant · Mr. V. S. Vsudevan - Chairman · Mr. Prakash Kumar Chandraker |
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Audit Committee : |
· Mr. Vinod Kumar Dhall - Chairman · Mr. Ranjan Pant · Mr. Rajani Kesari · Mr. V. S. Vsudevan |
SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Bodies Corporate |
168735367 |
70.57 |
|
|
168735367 |
70.57 |
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|
|
|
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|
10592659 |
4.43 |
|
|
10592659 |
4.43 |
|
Total shareholding of Promoter and Promoter Group (A) |
179328026 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
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|
14817892 |
6.20 |
|
|
51879 |
0.02 |
|
|
605 |
0.00 |
|
|
8280941 |
3.46 |
|
|
331156 |
0.14 |
|
|
23482473 |
9.82 |
|
|
|
|
|
|
11332418 |
4.74 |
|
|
|
|
|
|
19223247 |
8.04 |
|
|
3286440 |
1.37 |
|
|
2451431 |
1.03 |
|
|
582905 |
0.24 |
|
|
4655 |
0.00 |
|
|
5545 |
0.00 |
|
|
1858326 |
0.78 |
|
|
36293536 |
15.18 |
|
Total Public shareholding (B) |
59776009 |
25.00 |
|
Total (A)+(B) |
239104035 |
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) |
239104035 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing,
designing, building and servicing technologically advanced products and systems
for electricity distribution including products such as distribution
transformers, medium voltage switchgears, medium and low voltage protection
relays and electricity distribution and automation equipment’s. |
|
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|
Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
400 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
S.R Batliboi and Company Chartered Accountants |
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Address : |
Golf View, Corporate Tower B, Sector 42, Sector Road, Gurgaon -
122002, Haryana, India |
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Tel. No.: |
91-124-4644000 |
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Fax No.: |
91-124-4644050 |
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Holding Company : |
Energy Grid Automation Transformers and Switchgears India Limited |
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Ultimate Holding
Company : |
Schneider Electric SA, France |
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Parent of Holding
Company and Others : |
Schneider Electric Singapore Pte. Limited, Singapore |
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Fellow Subsidiaries
: |
· Schneider Electric India Private Limited, India · Schneider Electric Canada Inc., Canada · Schneider Electric Protec Controle, France · Schneider Electric FZE, Oman (UAE) · Schneider Electric Sachsenwerk Gmbh, Germany · Schneider Electric Brasil Ltda, Brazil · Schneider Electric Services International SPRL, Belgium · Schneider Electric Indonesia PT, Indonesia · Schneider Switchgear (Suzhou) Co. Limited, China · APW President Systems Limited, India · Schneider Electric Energy Poland SP ZOO, Poland · Schneider Electric Huadian Switchgear (Xiamen) Co. Limited, China · Schneider Electric Energy, France · Schneider Electric Taiwan Co., Limited, Taiwan · Schneider Electric (Honk Kong) Limited · Schneider Electric Energy Hungary Limited, Hungary · Schneider Electric Telecontrol, France · Schneider Electric (China) Investment Co. Limited, Shanghai · Schneider Electric DMS Ns LLC, Serbia · Schneider Electric de Columbia, S.A., Columbia · Schneider Electric Lanka Private Limited, Sri Lanka · Schneider Electric Vietnam Limited, Vietnam · Schneider Electric Overseas Asia PTE Limited, Singapore · Schneider Electric Industries SAS, France · Schneider Electric Industries (M) SDN BHD, Malaysia · Schneider Electric (Australia) Pty Ltd., Australia · Schneider Electric Energy Manufacturing Italia Srt, Italy · Schneider Electric Nigeria Limited, Nigeria · Schneider Electric Energy UK Limited, United Kingdom · Shanghai Schneider Electric Power Automation Co. Limited · Schneider Enerji Industrisi Sanayi ve Ticaret AS, Turkey · Schneider Electric Espana SA, Spain · Schneider Electrik Sanayi ve Ticaret AS, Turkey · Schneider Electric Limited, United Kingdom |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs.2/- each |
Rs.500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
239104035 |
Equity Shares |
Rs.2/- each |
Rs.478.210 Million |
|
|
|
|
|
a.
Terms/rights attached to equity shares
The company has only one class of equity shares having a par value of Rupees 2/- per share. Each holder of equity shares is entitled to one vote per share. The company shall declare and pay dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of winding-up of the company, the equity shareholders shall be entitled to be repaid remaining assets of the company, in the ratio of the amount of capital paid up on such equity shares.
b. Shares held by
Holding Company and Parent of Holding Company
|
Particulars |
March 31, 2014 |
|
|
Number of shares (in Million) |
Amount (in Million) |
|
|
Energy Grid Automation Transformers and Switchgears India Limited, the Holding Company |
168.740 |
337.470 |
|
Schneider Electric Singapore Pte. Limited, Parent of Holding Company |
10.590 |
21.180 |
c. Reconciliation of
the equity shares outstanding at the beginning and at the end of the reporting
year
|
Particulars |
March 31, 2014 |
|
|
Number of shares (in Million) |
Amount (in Million) |
|
|
Outstanding at the beginning of the year |
239.100 |
478.210 |
|
Issued during the year |
-- |
-- |
|
Cancelled during the year |
-- |
-- |
|
Outstanding at the end of the year |
239.100 |
478.210 |
d. Details of
shareholders holding more than 5% shares in the company
|
Particulars |
March 31, 2014 |
|
|
Number of shares (in Million) |
Percentage (%) |
|
|
Equity shares of Rupees 2/- each fully paid: |
|
|
|
Energy Grid Automation Transformers and Switchgears India Limited, the Holding Company |
168.740 |
70.57% |
|
Reliance Capital Trustee Company Limited A/c through Reliance Regular Vision Fund, (Scheme of Reliance Mutual Fund) |
11.380 |
4.76% |
As per of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
478.210 |
478.210 |
478.210 |
|
(b) Reserves & Surplus |
657.580 |
1906.850 |
2191.440 |
|
(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) |
1135.790 |
2385.060 |
2669.650 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1900.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
428.320 |
244.660 |
206.100 |
|
Total Non-current
Liabilities (3) |
2328.320 |
244.660 |
206.100 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
696.630 |
2341.380 |
2248.170 |
|
(b) Trade payables |
6522.660 |
6154.590 |
4867.630 |
|
(c) Other
current liabilities |
1725.770 |
1767.110 |
2096.230 |
|
(d) Short-term
provisions |
157.090 |
158.060 |
332.530 |
|
Total Current
Liabilities (4) |
9102.150 |
10421.140 |
9544.560 |
|
|
|
|
|
|
TOTAL |
12566.260 |
13050.860 |
12420.310 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1755.600 |
1932.590 |
2072.690 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
190.840 |
56.510 |
13.450 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
114.230 |
114.230 |
82.390 |
|
(d) Long-term Loan and Advances |
402.870 |
533.080 |
0.000 |
|
(e) Other
Non-current assets |
224.770 |
88.750 |
85.790 |
|
Total Non-Current
Assets |
0.000 |
0.000 |
0.000 |
|
|
2688.310 |
2725.160 |
2254.320 |
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
|
|
|
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
1799.300 |
1497.200 |
1639.370 |
|
(d) Cash
and cash equivalents |
6810.910 |
7556.800 |
7262.540 |
|
(e)
Short-term loans and advances |
11.230 |
43.940 |
107.720 |
|
(f) Other
current assets |
916.790 |
1088.070 |
943.120 |
|
Total
Current Assets |
339.720 |
139.690 |
213.240 |
|
|
9877.950 |
10325.700 |
10165.990 |
|
TOTAL |
|
|
|
|
|
12566.260 |
13050.860 |
12420.310 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12156.510 |
13104.130 |
13491.920 |
|
|
|
Other Income |
450.330 |
68.310 |
43.090 |
|
|
|
TOTAL (A) |
12606.840 |
13172.440 |
13535.010 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material and components consumed |
8817.650 |
9073.920 |
9289.020 |
|
|
|
(Increases/ Decreases in
inventories of finished goods and work in progress |
(120.790) |
(92.540) |
252.460 |
|
|
|
Employee benefits expenses |
1434.690 |
1482.690 |
1224.380 |
|
|
|
Exceptional Item |
373.000 |
100.000 |
0.000 |
|
|
|
Other expenses |
2864.150 |
2311.200 |
1782.730 |
|
|
|
TOTAL (B) |
13368.700 |
12875.270 |
12548.590 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B)
(C) |
(761.860) |
297.170 |
986.420 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
227.090 |
259.510 |
215.010 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(988.950) |
37.660 |
771.410 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
260.320 |
318.340 |
158.470 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
(1249.270) |
(280.680) |
612.940 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
3.91 |
215.29 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(1249.270) |
(284.590) |
397.650 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(38.030) |
246.560 |
(0.160) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
39.770 |
|
|
|
Dividend |
0.000 |
0.000 |
95.640 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
15.520 |
|
|
BALANCE CARRIED
TO THE B/S |
(1287.300) |
(38.030) |
246.560 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value Export |
546.580 |
1039.900 |
648.380 |
|
|
|
Other Services Income |
149.070 |
315.070 |
0.000 |
|
|
TOTAL EARNINGS |
695.650 |
1354.970 |
648.380 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2173.090 |
2061.850 |
1759.750 |
|
|
|
Components and Spares parts |
0.000 |
1.120 |
4.340 |
|
|
|
Capital Goods |
0.000 |
9.310 |
87.730 |
|
|
TOTAL IMPORTS |
2173.090 |
2072.280 |
1851.820 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(5.22) |
(1.19) |
1.66 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
206.070 |
546.660 |
270.040 |
|
Cash generated from operations |
NA |
NA |
NA |
QUARTERLY
RESULTS
(Rs.
In Million)
|
Particulars |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
31.03.2015 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th Quarter |
|
Net Sales |
2593.600 |
2552.100 |
4743.800 |
3213.600 |
|
Total Expenditure |
2732.000 |
2740.100 |
4560.900 |
3304.900 |
|
PBIDT (Excluding Other
Income) |
(138.400) |
(188.000) |
182.900 |
(91.300) |
|
Other Income |
9.500 |
20.300 |
6.400 |
661.200 |
|
Operating Profit |
(128.900) |
(167.700) |
189.300 |
569.900 |
|
Interest |
90.600 |
86.900 |
109.200 |
98.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
(219.500) |
(254.600) |
80.100 |
471.600 |
|
Depreciation |
59.300 |
58.900 |
63.700 |
66.800 |
|
Profit Before Tax |
(278.800) |
(313.500) |
16.400 |
404.800 |
|
Tax |
114.200 |
0.000 |
0.000 |
0.000 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(393.000) |
(313.500) |
16.400 |
404.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(393.000) |
(313.500) |
16.400 |
404.800 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(10.28) |
(2.170 |
2.95 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(6.27) |
2.27 |
7.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(45.88) |
(10.42) |
25.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.10) |
(0.12) |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.29 |
0.98 |
0.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09 |
0.99 |
1.07 |
STOCK
PRICES
|
Face Value |
Rs.2 |
|
Market Value |
Rs.208.50 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
478.210 |
478.210 |
478.210 |
|
Reserves & Surplus |
2191.440 |
1906.850 |
657.580 |
|
Net
worth |
2669.650 |
2385.060 |
1135.790 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
1900.000 |
|
Short term borrowings |
2248.170 |
2341.380 |
696.630 |
|
Total
borrowings |
2248.170 |
2341.380 |
2596.630 |
|
Debt/Equity
ratio |
0.842 |
0.982 |
2.286 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
13491.920 |
13104.130 |
12156.510 |
|
|
|
(2.874) |
(7.231) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
13491.920 |
13104.130 |
12156.510 |
|
Profit/ (Loss) |
397.650 |
(284.590) |
(1249.270) |
|
|
2.95% |
(2.17%) |
(10.28%) |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES: NO CHARGES
EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and Advances
from Related Parties: Loan from Schneider Electric IT Business India Private Limited |
1900.000 |
0.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loan from banks repayable on demand |
275.190 |
0.000 |
|
Short term loan from banks |
250.000 |
1175.000 |
|
Short term foreign currency loan from banks |
171.440 |
166.380 |
|
Loans and Advances
from Related Parties: Loan from Schneider Electric IT Business India Private Limited |
0.000 |
1000.000 |
|
Total |
2596.630 |
2341.380 |
|
NOTE: a. Loan from banks repayable on demand comprises of Bank Overdraft availed in Current Accounts carrying interest rate of 11.50% per annum. b. Short term loan from banks includes- (i) Rupees 250.000 Million which carries interest rate 7.00% per annum. The loan is payable in 150 days from the end of the balance sheet date (March 31, 2013 - Rupees 1175.000 Million carrying interest rate of 7.50% per annum. c. Short term foreign currency loan includes- (i) USD 1.38 Million (Rupees 82.940 Million) Export Loan which carries interest rate LIBOR plus 0.50 % per annum. This loan is repayable within 150 days from the end of the balance sheet date. (March 31, 2013 - USD 0.98 Million (Rupees 56.890 Million) which carries interest rate LIBOR plus 1.16 % per annum) (ii) USD 0.38 & 0.22 Million (Rupees 23.140 and 13.350 Million) Buyer Credit Loan which carries interest rate LIBOR plus 0.50 % and 0.45% per annum respectively. This loan is repayable in 58 and 25 days respectively from the end of the balance sheet date. (March 31, 2013 - USD 2 Million (Rupees 108.780 Million) which carries interest rate LIBOR plus 1.27 % per annum) (iii) EUR 0.49 Million and 0.13 Million (Rupees 41.210 and 10.790 Million) Buyer Credit Loan which carries interest rate LIBOR plus 0.45 % and 0.50% per annum respectively. This loan is repayable in 29 and 63 days respectively from the end of the balance sheet date d. Short term Loan taken from Schneider Electric IT
Business India Private Limited of Rupees 1000.000 Million carried forward
from previous year (carrying interest rate of 8.00% per annum) and short term
loan of Rupees 900 Million taken during the current year was converted into
long term loan during the current year. Accordingly, long term loan of Rupees
1900.000 Million, which carries interest rate of 7.50% per annum, is
repayable after 12 months from end of Balance Sheet date. |
||
NATURE OF OPERATIONS
Subject was incorporated on March 12, 2011. It is a public company domiciled in India and incorporated under the provision of the Companies Act, 1956. Its shares are listed on three stock exchanges in India. The company is engaged in the business of manufacturing, designing, building and servicing technologically advanced products and systems for electricity distribution including products such as distribution transformers, medium voltage switchgears, medium and low voltage protection relays and electricity distribution and automation equipment’s.
PERFORMANCE REVIEW
2013-2014 proved to be one of the difficult years in the recent times for the power sector. Driven by the decrease in Capex investment, the year witnessed a decline in the size of electrical infrastructure market. Despite the harsh and difficult market conditions, The Company, through efficient management strategies and pragmatic decision making, managed to maintain its market leadership position' in the medium voltage electrical infrastructure sector. Order intake in 201 3-2014 stood at INR 13,549 million as against INR 13,115 million during the same period last year, translating into 3.3 percent RISE. The Company reported sales worth INR 12,156 million as against INR 13,104 million achieved during the previous year, a 7.2 percent drop. The recoverability of older receivables has remained a challenge due to the tough market conditions. Still, considering the circumstances, the Company has dealt with most of the issues admirably and also managed to streamline the operations to improve the efficiencies.
The focus of Schneider Electric infrastructure Limited (SEIL) remained the same as always: Providing consumers with products and solutions that achieve maximum efficiency with minimum energy usage. This has helped The Company to further strengthen its position, even in this tough market environment. Identifying the potential of smart devices, The Company has also created a team - focused on Smart City portfolio. Smart devices with 'Smart' solutions are going to be the future and SElL is already positioning itself to be the pioneer in this segment.
During 2013-2014 SElL's focus was on increasing the range of offerings, widening the market coverage, and innovation. It increased its local presence and the range of offerings. It has been part of several highly prestigious projects and acquired an impressive portfolio of new clients in Advance Distribution Management System (ADMS) and Smart Grid domain. The Company is also known in the industry for its customer centric approach and superior customer care. To maintain the high quality customer care it is extremely important to have an excellent internal collaboration. In this regard, SElL has introduced SPICE - Schneider Electric Platform for Information Collaboration and Efficiency.
Employees are the greatest assets of SEIL. They are the factor that helps The Company achieve its goals and retain its market leadership position. It launched several training and engagement, initiatives to further enhance their competencies. The workforce remains focused on creating value to the customers and shareholders.
In an overall tough year, The Company's focus remained on sustainable and profitable growth. SElL would like to thank the shareholders, customers and employees for their continuous support and confidence in the Company.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
MARKET OVERVIEW
The overall external market environment in 2013 remained stiff and tough.
The economy went through challenging times since the crisis in the Euro area in 201 1-1 2, with a cyclical down turn resulting in growth slowdown, elevated current account deficit and persistent inflation, and the need to restore fiscal policy to a sustainable path.
DEMAND OVERVIEW
lndia ranks among the top five Countries in the world on both. Generation and consumption of electricity and has also witnessed robust growth in the demand for past many years.
As of the closure of the last financial year the Country stands at close to 243 GW of installed generation capacity (excluding captive plants contribution). The contribution from the captive generation sector stands at about 39 GW.
Several long term Government initiatives are underway to improve the overall situation of power sector. As regards the generation planning, the working group on power for 12th Plan has taken under consideration various aspects like the demand forecast, sensitivities studies for right mix of generation sources, fuel availability, captive generation, optimization of existing generation 'etc.
The generation capacity for the Country has grown at a rate of over 8.5% during the Eleventh Five Year Plan period and stands today at 243 GW. There is an ambition to add another 88.5 GW is in the Twelfth Five Year Plan (2012-17).
Similar to the generation sector there are different important areas of transmission sector that are drawing attention. To name a few, Open Access in Transmission Planning which includes long-term, medium-term and shot-term agreements, Smart Transmission Grid, Inter Regional Capacity Program and Renewable Generation Integration.
DISTRIBUTION OVERVIEW
The past year has seen some definite steps being taken by the key stakeholdes in the Country for addressing the prime challenges of distribution sector like high losses in the network, inadequate infrastructure and jittery financial health of the operators, on account of both the need of tariff revision as well as desired revenue realisation.
Debt restructuring, infrastructure modernization and smart technologies are the focus areas for immediate action.
Though the AT&C losses in the segment have been consistently decreasing, yet the present level of 25-26% is a matter of concern. RAPDRP program is one of the biggest and comprehensive initiatives undertaken by the Government to directly address this concern. But even though the program facilitates a fund of 500 BlNR to the utilities to tackle their challenges the progress has been slow and by the end of 11th plan only 12% of the funds were utilized. The biggest deterrent to the programme has been the operational challenges. Apart from the above mentioned fields the long term vision of the Country includes investments on projects to ensure accessibility of power in rural areas, demand side management, private sector participation and PPP model. Under the initiatives
for power accessibility to all, RGGW scheme aims at providing power to all households especially in rural areas and DDG (Distributed Decentralized Generation) scheme provides for funds to the tune of 10 BlNR to consider VGF (Viability Gap Funding) for the related projects.
SMART GRID
The need for reliable and quality power to the consumers has
fuelled the growth of markets'/technologies like Open Access, Underground
Cabling and Smart Grids. Smart Grids and Smart Metering using two way
communication can enable advance metering infrastructure, time-of-day metering
including consumer home energy management systems. Smart Grids having AM1 with
two-way communication along with customer interface, integration of
renewable and electrical vehicles with the grid, intelligent sub-stations with
self-healing, are emerging technologies worldwide.
Government has set aside a separate budget for these emerging Smart Grid
technologies in India by announcing 14 pilots
covering different value propositions. Post observation of the performance of
these pilots the actual full roll-outs of the projects will be facilitated. All
14 Utilities have hired consultants for these
pilot projects, with PGCIL as the major consultant.
OUTLOOK
Optimism prevails in the market today after the general elections. The
new Government is expected to work towards effective implementation of
different existing initiatives across the Power sector and also provide a boost
by making substantial investments overall in different segments. Under the
proposed National Energy Policy there is a visible emphasis on expanding
the National Solar Mission, enablement for higher contribution from nuclear power
and clear and transparent policies on coal allocation.
Apart from the various projects and plans outlined in the 12th Five Year
Plan there could be an additional push to the sector as a result of recent announcements in the Infrastructure Segment. 8 National
Investment and Manufacturing Zones (NIMZ) along Delhi Mumbai Industrial
Corridor (DMIC) were announced. 9 Projects have been approved by the DMIC. 3
more Industrial Corridors connecting Chennai and Bengaluru, Bengaluru and
Mumbai and Amritsar and Kolkata are under different stages of preparatory work.
Additional capacities are being installed in major manufacturing industries. It
is expected that 100 smart
cities would be built across the country enabled with latest in technology and
infrastructure. Work on dedicated freight corridors would be expedited.
Overall it seems that there
would be positive growth of the market in the medium-term but in the short term
the market might still be a little sluggish trying to recover from difficult
year that they witnessed.
CONTINGENT
LIABILITIES (AS ON 31.03.2014):
a. Post demerger, Company and ALSTOM T&D India Limited (ALSTOM) have bifurcated the total outstanding demands of Excise/ Service Tax and Sales tax in accordance with the arrangement agreed between the two Companies. Accordingly, ALSTOM is contesting the total outstanding demands, before various appellate authorities, including the share of the Company
(i) Total outstanding demands of Excise / Service tax aggregates to Rupees 277.810 Million out of which Company share is Rupees 67.270 Million. The Company has considered NIL demand as contingent as at March 31, 2014, net of provisions of Rupees 50.450 Million.
(March 31, 2013- Total outstanding demands of Excise / Service tax aggregates to Rupees 277.810 Million out of which Company share is Rupees 67.270 Million. The Company has considered demands amounting to Rupees 3.84 Million as contingent , net of service tax provision of Rupees 46.610 Million) The deposits pertaining to Excise/ Service tax considered as contingent aggregates to Rupees 17.920 Million (March 31, 2013 - NIL).
(ii) Total outstanding demands of Sales Tax aggregates to Rupees 2193.170 Million out of which Company share is Rupees 628.200 Million. The Company has considered demands amounting to Rupees 397.920 Million as contingent, net of provisions of Rupees 227.430 Million.
(March 31, 2013- Total outstanding demands of Sales Tax aggregates to Rupees 820.170 Million out of which Company share is Rupees 324.900 Million. The Company has considered demands amounting to Rupees 171.300 Million as contingent, net of provisions of Rupees 144.24 Million).
The deposits pertaining to Sales tax cases considered as contingent aggregates to Rupees 160.150 Million (March 31, 2013- Rupees 61.200 Million).
b. For the demands pertaining to the Company only (with no ALSTOM share being there), the Company has considered Excise/ Service Tax demands amounting to Rupees 361.590 Million as contingent, net of provisions of Rupees 10.340 Million . (March 31, 2013 - NIL).
The deposits pertaining to Excise/ Service tax considered as contingent aggregates to Rupees 2.000 Million (March 31, 2013 - NIL).
c. For the demands pertaining to the Company only (with no ALSTOM share being there), the Company has considered Sales Tax demands amounting to Rupees 144.810 Million as contingent, net of provisions of Rupees 74.590 Million. (March 31, 2013 - Rupees 195.740 Million, net of provision of Rupees 42.000 Million).
The deposits pertaining to Sales Tax cases considered as contingent aggregates to Rupees 8.910 Million (March 31, 2013 - Rupees 2.940 Million).
The Company has preferred appeals against the above demands which is pending before various appellate authorities, and has been advised by the reputed professional advisers, engaged by it, that there are reasonable chances of success in these appeals.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED DECEMBER 31, 2014
(Rs. in Million)
|
PARTICULARS |
3 Months ended 31.12.2014 (Unaudited) |
3 Months ended 30.09.2014 (Unaudited) |
Year to date figures ended 31.12.2014 (Unaudited) |
|
Part I – Statement
of Standalone Financial Results |
|
|
|
|
|
|
|
|
|
1. Income from
operations |
|
|
|
|
(a) Net Sales/ Income from operations (net of excise duty) |
4718.400 |
2535.500 |
9822.400 |
|
(b) Other Operating Income |
25.400 |
16.600 |
67.100 |
|
Total income from
operations (net) |
4743.800 |
2552.100 |
9889.500 |
|
|
|
|
|
|
2. Expenses |
|
|
|
|
a. Cost of materials consumed |
2958.800 |
2292.400 |
7112.700 |
|
b. Purchase of stock-in-trade |
0.000 |
0.000 |
0.000 |
|
c. Changes in inventories of finished goods, work-in-progress and stock-in-trade |
607.800 |
(386.300) |
199.300 |
|
d. Employees benefits expense |
386.700 |
387.000 |
1170.600 |
|
e. Depreciation and amortization |
63.700 |
58.900 |
181.900 |
|
f. Other expenses |
607.600 |
447.000 |
1550.400 |
|
Total expenses |
4624.600 |
2799.000 |
10214.900 |
|
|
|
|
|
|
3. Profit/(Loss) from operations before other income, finance cost and exceptional items (1-2) |
119.200 |
(246.900) |
(325.400) |
|
4. Other income |
6.400 |
20.300 |
36.200 |
|
5. Profit/(Loss) from ordinary activities before finance costs and exceptional items (3+4) |
125.600 |
(226.600) |
(289.200) |
|
6. Finance Costs |
109.200 |
86.900 |
286.700 |
|
7. Profit/(Loss) from ordinary activities after finance costs but before exceptional items (5-6) |
16.400 |
(313.500) |
(575.900) |
|
8. Exceptional items |
0.000 |
0.000 |
0.000 |
|
9. Profit/(Loss) from ordinary activities before tax (7-8) |
16.400 |
(313.500) |
(575.900) |
|
10. Tax expense |
0.000 |
0.000 |
114.200 |
|
11. Net profit/ (loss) from ordinary activities after tax (9-10) |
16.400 |
(313.500) |
(690.100) |
|
12. Extraordinary items |
0.000 |
0.000 |
0.000 |
|
13. Net profit/(loss) for the period (11-12) |
16.400 |
(313.500) |
(690.100) |
|
14. Paid-up equity share capital (face value of Rs. 2/- each) |
478.200 |
478.200 |
478.200 |
|
15. Reserves excluding revaluation reserves |
|
|
|
|
16. Earnings per share (EPS) |
|
|
|
|
a) Basic and diluted EPS before extraordinary items (not annualised) |
0.07 |
(1.31) |
(2.89) |
|
b) Basic and diluted EPS after extraordinary items (not annualised) |
0.07 |
(1.31) |
(2.89) |
|
|
|
|
|
|
|
|
|
|
|
Part II – Select
information for the Quarter ended March 31, 2014 |
|
|
|
|
|
|
|
|
|
1. Public shareholding |
|
|
|
|
- Number of shares |
59776009 |
59776009 |
59776009 |
|
- Percentage of
shareholding |
25.00% |
25.00% |
25.00% |
|
|
|
|
|
|
2. Promoters and promoter group shareholding |
|
|
|
|
(a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
-- |
-- |
-- |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
- Percentage of shares (as a % of the total share capital of the Company) |
-- |
-- |
-- |
|
Non-encumbered |
|
|
|
|
- Number of shares |
179328026 |
179328026 |
179328026 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
- Percentage of shares (as a % of the total share capital of the Company) |
75.00% |
75.00% |
75.00% |
|
|
|
|
|
|
B INVESTOR COMPLAINTS (Nos.) |
|
|
|
|
Pending at the beginning of the quarter |
-- |
|
|
|
Received during the quarter |
2 |
|
|
|
Disposed of during the quarter |
2 |
|
|
|
Remaining unresolved at the end of the quarter |
-- |
|
|
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.88 |
|
|
1 |
Rs.98.47 |
|
Euro |
1 |
Rs.72.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
42 |
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.