MIRA INFORM REPORT
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Report No. : |
327898 |
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Report Date : |
18.06.2015 |
IDENTIFICATION DETAILS
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Name : |
CENTURY TEXTILE AND INDUSTRIES LIMITED |
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Registered
Office : |
‘Century Bhavan’, |
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Tel. No.: |
91- |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
20.10.1897 |
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Com. Reg. No.: |
11-000163 |
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Capital Investment
/ Paid-up Capital : |
Rs. 1015.100 Million |
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CIN No.: [Company Identification
No.] |
L17120MH1897PLC000163 |
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IEC No.: |
0388024135 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC10668A |
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PAN No.: [Permanent Account No.] |
AAACC2659Q |
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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
: |
Manufacturing of Textiles including Yarn, Viscose Filament
Yarn, Cement, Pulp and Paper and Others like Salt Works, Chemicals,
Floriculture and Real Estate. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
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MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a part of the B. K. Birla Group. It was incorporated in
1897. Till 1951, the company operated only one cotton textile mill at Mumbai.
Subsequently, the company has expanded and diversified its activities. At
present, it is a trendsetter in cotton textiles and also has a remarkable
presence in the yarn, denim, viscose filament rayon yarn, tyrecords, caustic
soda, sulphuric acid, salt, cement and pulp and paper industries. General financial position of the company seems to be strong and
healthy. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitments. In the view of extensive experience of promoters and well diversified
business profile the company can be considered for the business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long term rating: “AA-” |
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Rating Explanation |
High degree of safety and very low credit risk. |
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Date |
06.08.2014 |
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Rating Agency Name |
CARE |
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Rating |
Short term rating: “A1+” |
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Rating Explanation |
Very strong degree of safety and lowest credit risk. |
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Date |
06.08.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-24957000)
LOCATIONS
|
Registered/ Corporate Office : |
‘Century Bhavan’, |
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Tel. No.: |
91-22-24957000 |
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Fax No.: |
91-22-24309491/ 24361980 |
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E-Mail : |
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Website : |
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PLANTS : |
Located at: ¯
BIRLA
CENTURY Plot No. 826, GIDC Industrial Estate, Jhagadia, District Bharuch - 393110, Gujarat, India ¯
CENTURY
RAYON Rayon, Tyre Cord and Chemical Plants, Murbad Road, Kalyan - 421103, Maharashtra, India ¯
CENRAY MINERALS
AND CHEMICALS Nawa Nagna, Jamnagar - 361007, Gujarat, India ¯
CENTURY
CEMENT P.O. Baikunth, District Raipur - 493116, Chhattisgarh, India ¯
MAIHAR
CEMENT UNITS I and II P.O. Sarlanagar, Maihar, District Satna - 485772, Madhya Pradesh, India ¯
MANIKGARH
CEMENT P.O. Gadchandur, District Chandrapur - 442908, Maharashtra, India ¯
SONAR
BANGLA CEMENT Village Dhalo, P.O. Gankar, P.S. Raghunathganj, District Murshidabad - 742227, West Bengal, India ¯
CENTURY
PULP AND PAPER Ghanshyamdham, P.O. Lalkua, District Nainital - 262402, Uttarakhand, India ¯ CENTURY PULP AND PAPER Plot no. 3, Vilayat Industrial Estate, Dist – Bharuch – 392001, Gujarat, India ¯
CENTURY
YARN/ CENTURY DENIM Village and Post Satrati, Tehsil – Kasrawad, District Khargone - 451660, Madhya Pradesh, India Tel. No.: 91-7285-255277/ 255281/ 82/ 83/ 84 Fax No.: 91-7285-255305 |
DIRECTORS
As on 05.05.2014
|
Name : |
B. K. Birla |
|
Designation : |
Chairman |
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Name : |
Saraladevi Birla |
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Designation : |
Director |
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Name : |
Kumar Mangalam Birla |
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Designation : |
Director |
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Name : |
Pradip Kumar Daga |
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Designation : |
Director |
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Name : |
Amal Ganguli |
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Designation : |
Director |
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Name : |
Y. P. Dandiwala |
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Designation : |
Director |
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Name : |
Rajan A. Dalal |
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Designation : |
Director |
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Name : |
B. L. Jain |
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Designation : |
Whole-time Director |
KEY EXECUTIVES
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TEXTILES |
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Birla Century,
Century Yarn and Denim : |
· Mr. R.K. Dalmia - Senior President · Mr. D.K. Agrawal - President (Corporate Finance) & Secretary · Mr. U.C. Garg - Executive President (Purchase & Projects) · Mr. R.C. Panwar - Joint President (Marketing) · Mr. Sanjay Khimesra - Joint President (Works) · Mr. Pradeep Kher - Vice President (Marketing) · Mr. Abhijit Bhatwadekar - Vice President (Spinning) · Mr. Abhay K. Nahar - Vice President (Finance) · Mr. Nilay Rathi - Vice President (Commercial) · Mr. Atul K. Kedia - Vice President (Legal & Secretarial) |
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RAYON |
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Century Rayon,
Tyrecord and Chemicals: |
· Mr. O.R. Chitlange - Senior President · Mr. R. Lalwani - President (Commercial) · Mr. S.M. Sanklecha - Executive President (Purchase) · Mr. S.K. Mital - Executive President (Engineering, Auxiliary & Instrument) · Mr. Subodh Dave - Joint President (Personnel & Administration) · Mr. Apurva Gupta - Joint President (Rayon) · Mr. V.K. Jhingon - Joint President (Tyrecord, CSY & TQM) · Mr. Sudhir Luthra - Joint President (Chemicals & Safety) · Mr. B. Manmohan - Senior Vice President (Finance) · Mr. Arun Jhawar - Senior Vice President (Marketing) |
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CEMENT |
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Century, Maihar,
Manikgarh and Sonar Bangla Cements : |
Mr. B.L. Jain - Senior President |
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Century Cement and
Sonar Bangla Cement : |
· Mr. Alok Patni - President (Works) · Mr. Vijay Kumar - Executive President (Plant) · Mr. A.K. Panja - Executive President (Plant) - Sonar Bangla Cement · Mr. Satish Gurtoo - Joint President (Electrical & Instrumentation) · Mr. Arun Gaur - Joint President (Finance) · Mr. M.K. Jain - Senior Vice President (Plant) · Mr. C.S. Vithalkar - Senior Vice President (Mechanical) · Mr. A.K. Bajpai - Senior Vice President (Marketing) · Mr. B.P. Mishra - Vice President (Mines) |
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Maihar Cement Units
I & II : |
Unit I · Mr. R.K. Vaishnavi - President (Works) · Mr. P.M. Intodia - Executive President (Marketing) · Mr. Arvind Kumar Jain - Joint President (Mechanical) · Mr. Manoj Gupta - Joint President (Finance) · Mr. R. Deshpande - Senior Vice President (Purchase) · Mr. Ajai Kumar Jain - Senior Vice President (Production) · Mr. Govind Mahajan - Vice President (Electrical & Instrumentation) Unit II · Mr. R.S. Doshi - Executive President (Commercial) · Mr. Ashok Maheshwari - Joint President (Marketing) · Mr. P.K. Agarwal - Joint President (Purchase) · Mr. A.S. Thakur - Senior Vice President (Systems & Materials) · Mr. J.P. Pandey - Senior Vice President (Mechanical) ·
Mr.
S.K. Singh - Senior Vice President (Personnel) |
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Manikgarh Cement
Units I & II : |
Unit I · Mr. P.S. Bakshi - President (Works) · Mr. A.D. Karwa - Executive President (Finance & Marketing) · Mr. R.K. Udge - Joint President (Mines) · Mr. A.K. Jain - Joint President (Mechanical) · Mr. M.P. Joshi - Joint President (Electrical & Instrumentation) · Mr. Deepak Jaisinghani - Vice President (Mechanical) · Mr. P.K. Bajaj - Vice President (Commercial) · Mr. Piyush Kumar Choudhary - Vice President (Power Plant) Unit II · Mr. J.L. Tiwari - Senior Executive President (Plant) · Mr. N.D. Hemke - Senior Vice President (Mechanical) · Mr. E.V. Ravikumar - Vice President (Finance) · Mr. V.K. Sharma - Vice President (Mechanical) ·
Mr.
G.V. Suryanarayan - Vice President (Instrumentation) |
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PAPER |
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Century Pulp and
Paper : |
· Mr. Bipin Lal - Chief Executive Officer · Mr. J. P. Narain - Chief Operating Officer (Works) · Mr. Karthik V. Kumar - Chief Strategy and Marketing Officer · Mr. Indranil Roy - Chief Sales Officer · Mrs. Archana Singh - Chief Finance and Business Planning Officer · Mr. Ashutosh Bhalerao - Chief Supply Chain Officer · Mr. Naveen Rai - Chief Procurement Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Names of Shareholders |
No. of Shares |
Percentage of
Shareholding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
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|
207970 |
0.20 |
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|
45698170 |
45.02 |
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|
45906140 |
45.22 |
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Total shareholding of Promoter
and Promoter Group (A) |
45906140 |
45.22 |
|
(B) Public Shareholding |
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|
|
|
|
|
|
|
5262296 |
5.18 |
|
|
3595003 |
3.54 |
|
|
2591 |
0.00 |
|
|
1452981 |
1.43 |
|
|
8821617 |
8.69 |
|
|
2052569 |
2.02 |
|
|
2052569 |
2.02 |
|
|
21187057 |
20.87 |
|
|
|
|
|
|
11485673 |
11.31 |
|
|
|
|
|
|
13428658 |
13.23 |
|
|
8011166 |
7.89 |
|
|
1496986 |
1.47 |
|
|
564482 |
0.56 |
|
|
455258 |
0.45 |
|
|
365820 |
0.36 |
|
|
110456 |
0.11 |
|
|
450 |
0.00 |
|
|
240 |
0.00 |
|
|
280 |
0.00 |
|
|
34422483 |
33.91 |
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Total Public shareholding (B) |
55609540 |
54.78 |
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Total (A)+(B) |
101515680 |
100.00 |
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(C) Shares held by Custodians and
against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
101515680 |
100.00 |
Shareholding of securities (including
shares, warrants, convertible securities) of persons belonging to the category
Promoter and Promoter Group
|
Sl.
No. |
Name
of the Shareholder |
Details
of Shares held |
|
|
No.
of Shares held |
As
a % |
||
|
1 |
Pilani Investment
and Industries Corporation Limited |
3,42,20,520 |
33.71 |
|
2 |
Kesoram
Industries Limited |
27,46,100 |
2.71 |
|
3 |
Aditya Marketing
and Manufacturing Limited |
34,60,900 |
3.41 |
|
4 |
IGH Holdings
Private Limited |
50,70,000 |
4.99 |
|
5 |
Prakash
Educational Society |
1,28,000 |
0.13 |
|
6 |
Birla Educational
Institution |
44,000 |
0.04 |
|
7 |
Manav Investment
and Trading Co Limited |
11,950 |
0.01 |
|
8 |
Padmavati
Investment Limited |
16,700 |
0.02 |
|
9 |
Basant Kumar
Birla |
1,31,900 |
0.13 |
|
10 |
Sarala Devi Birla |
67,900 |
0.07 |
|
11 |
Ramavatar
Makharia |
1,110 |
0.00 |
|
12 |
Ravi Makharia |
3,620 |
0.00 |
|
13 |
Laxmi Devi
Makharia |
3,440 |
0.00 |
|
|
Total |
4,59,06,140 |
45.22 |
Shareholding of securities (including
shares, warrants, convertible securities) of persons belonging to the category
Public and holding more than 1% of the total number of shares
|
Sl.
No. |
Name
of the Shareholder |
No.
of Shares held |
Shares
as % of Total No. of Shares |
|
|
1 |
Life Insurance
Corporation Of India and Others |
3276238 |
3.23 |
|
|
2 |
Shivanand Shankar
Mankekar |
2000000 |
1.97 |
|
|
3 |
Birla Corporation
Limited |
1807660 |
1.78 |
|
|
4 |
Bajaj Allianz Life
Insurance Company Limited |
1233678 |
1.22 |
|
|
5 |
SBI Magnum Tex
Industries Limited |
1323000 |
1.30 |
|
|
6 |
Orient Paper and
Industries Limited |
1545140 |
1.52 |
|
|
7 |
Radhakishan S
Damani |
1306741 |
1.29 |
|
|
8 |
Birla Sunlife Trustee
Co Private Limited A/c Birla Sunlife Tax Relief 1996 |
1147202 |
1.13 |
|
|
|
Total |
13639659 |
13.44 |
Details of Locked-in Shares
|
Sl.
No. |
Name
of the Shareholder |
No.
of Shares |
Locked-in
Shares as % of |
|
1 |
Aditya Marketing
And Manufacturing Limited |
34,60,900 |
3.41 |
|
2 |
Padmavati
Investment Limited |
15,000 |
0.01 |
|
3 |
Padmavati
Investment Limited |
1,700 |
0.00 |
|
4 |
IGH Holdings
Private Limited |
50,70,000 |
4.99 |
|
|
Total |
85,47,600 |
8.42 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Textiles including Yarn, Viscose Filament
Yarn, Cement, Pulp and Paper and Others like Salt Works, Chemicals,
Floriculture and Real Estate. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
PRODUCTION STATUS (AS ON 31.03.2014): NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
NOTE @ represents effective interest rate net of 4% - 5% subsidy under Technology Upgradation Fund (TUF) Scheme. |
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Banking
Relations : |
-- |
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Auditors : (AS ON
31.03.2014) |
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Name : |
Dalal and Shah Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Memberships : |
-- |
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Collaborators : |
-- |
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Related Parties : (AS
ON 31.03.2014) |
· Pilani Investment and Industries Corporation Limited · Kesoram Insurance Broking Services Limited · Vasavadatta Services Limited · Industry House Limited · Bander Coal Company Private Limited · Kesoram Industries Limited · Century Enka Limited · Jayshree Tea and Industries Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.
1015.100 Million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14,80,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 1480.000 Million |
|
1,00,00,000 |
Redeemable Cumulative Non-convertible Preference Shares |
Rs.100/- each |
Rs. 1000.000 Million |
|
|
Total |
|
Rs. 2480.000
Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9,30,61,090 |
Equity Shares |
Rs.10/- each |
Rs. 930.600 Million |
|
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Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9,30,45,680 |
Equity Shares |
Rs.10/- each |
Rs. 930.400 Million |
|
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(The Company has only one class of equity share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board is subject to the approval of shareholders except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts in proportion to their shareholding.)
Shareholders holding more than 5%
shares of the Company
|
PARTICULARS |
31st March, 2014 |
|
|
Number |
Percentage |
|
|
|
|
|
|
Pilani Investment and Industries Corporation Limited |
34220520 |
36.78% |
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 |
1015.100 |
930.400 |
930.400 |
|
(b) Reserves & Surplus |
18724.300 |
16543.600 |
17119.100 |
|
(c) Money received against share warrants |
903.200 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
20642.600 |
17474.000 |
18049.500 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
35672.700 |
28104.200 |
31481.500 |
|
(b) Deferred tax liabilities (Net) |
2046.400 |
2667.900 |
2429.200 |
|
(c)
Other long term liabilities |
2398.200 |
2355.600 |
1912.100 |
|
(d)
long-term provisions |
4344.600 |
4055.600 |
3633.200 |
|
Total
Non-current Liabilities (3) |
44461.900 |
37183.300 |
39456.000 |
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a)
Short-term borrowings |
12686.400 |
16592.800 |
12125.000 |
|
(b)
Trade payables |
4507.400 |
5035.300 |
3595.800 |
|
(c)
Other current liabilities |
17313.500 |
15702.900 |
8366.400 |
|
(d)
Short-term provisions |
1164.200 |
927.300 |
1024.000 |
|
Total
Current Liabilities (4) |
35671.500 |
38258.300 |
25111.200 |
|
|
|
|
|
|
TOTAL |
100776.000 |
92915.600 |
82616.700 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
|
66493.000 |
43760.800 |
42292.800 |
|
(ii)
Intangible Assets |
|
35.800 |
31.100 |
|
(iii)
Capital work-in-progress |
0.000 |
22286.600 |
17107.600 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
4.800 |
|
(b) Non-current
Investments |
4950.400 |
936.200 |
737.800 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
2533.000 |
2622.600 |
2917.000 |
|
(e)
Other Non-current assets |
1745.200 |
659.700 |
196.400 |
|
Total
Non-Current Assets |
75721.600 |
70301.700 |
63287.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
5.600 |
0.000 |
|
(b)
Inventories |
14239.400 |
13004.400 |
12037.900 |
|
(c)
Trade receivables |
6589.900 |
5257.900 |
4080.100 |
|
(d)
Cash and cash equivalents |
946.200 |
728.800 |
534.900 |
|
(e)
Short-term loans and advances |
2727.500 |
3193.600 |
2377.600 |
|
(f)
Other current assets |
551.400 |
423.600 |
298.700 |
|
Total
Current Assets |
25054.400 |
22613.900 |
19329.200 |
|
|
|
|
|
|
TOTAL |
100776.000 |
92915.600 |
82616.700 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
73007.500 |
66659.200 |
59494.700 |
|
|
|
Other Income |
2785.600 |
282.600 |
269.000 |
|
|
|
TOTAL (A) |
75793.100 |
66941.800 |
59763.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
27583.600 |
23945.000 |
20256.400 |
|
|
|
Purchases of Stock-in-Trade |
139.200 |
49.600 |
182.900 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(1374.900) |
104.200 |
(565.400) |
|
|
|
Employees benefits expense |
6163.000 |
5014.800 |
4928.900 |
|
|
|
Other expenses |
36308.500 |
30455.500 |
29080.000 |
|
|
|
Expenditure transferred to Capital Account |
(27.700) |
(81.500) |
(166.000) |
|
|
|
TOTAL (B) |
68791.700 |
59487.600 |
53716.800 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
7001.400 |
7454.200 |
6046.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4846.200 |
3628.000 |
3199.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2155.200 |
3826.200 |
2847.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2492.100 |
3546.200 |
3559.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
(336.900) |
280.000 |
(712.100) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(491.800) |
252.800 |
(367.200) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
154.900 |
27.200 |
(344.900) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1373.100 |
1975.800 |
2915.500 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Equity Dividend |
NA |
511.800 |
511.800 |
|
|
|
Tax on Proposed Equity Dividend (includes Rs. 3.900 Million relating to previous year) |
NA |
90.900 |
83.000 |
|
|
|
Transfer to General Reserve |
NA |
3.200 |
0.000 |
|
|
|
Transferred to Debenture Redemption Reserve |
NA |
24.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1373.100 |
1975.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of exports |
NA |
4383.400 |
3220.300 |
|
|
|
Dividend |
NA |
0.900 |
0.700 |
|
|
|
Others |
NA |
0.000 |
1.000 |
|
|
TOTAL EARNINGS |
NA |
4384.300 |
3222.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
4083.400 |
2788.700 |
|
|
|
Spare Parts, etc. |
NA |
742.000 |
457.200 |
|
|
|
Capital Goods |
NA |
373.100 |
1161.300 |
|
|
TOTAL IMPORTS |
NA |
5198.500 |
4407.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
1.66 |
0.29 |
(3.71) |
|
|
|
Diluted
|
1.60 |
0.29 |
(3.71) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
12081.500 |
4894.500 |
|
|
|
|
|
|
Cash generated from operations |
NA |
6036.000 |
4780.500 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.21 |
0.04 |
-0.58 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
9.59 |
11.18 |
10.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.35) |
0.40 |
(1.10) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02) |
0.02 |
(0.04) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.34 |
2.56 |
2.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.70 |
0.59 |
0.77 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
STOCK
PRICES
|
Face Value |
Rs. 10.00 |
|
|
|
|
Market Value |
Rs. 651.95 |
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 |
930.400 |
930.400 |
1015.100 |
|
Reserves & Surplus |
17119.100 |
16543.600 |
18724.300 |
|
Money received against share
warrants |
0.000 |
0.000 |
903.200 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
18049.500 |
17474.000 |
20642.600 |
|
|
|
|
|
|
Long-term borrowings |
31481.500 |
28104.200 |
35672.700 |
|
Short term borrowings |
12125.000 |
16592.800 |
12686.400 |
|
Total
borrowings |
43606.500 |
44697.000 |
48359.100 |
|
Debt/Equity
ratio |
2.416 |
2.558 |
2.343 |
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 |
59494.700 |
66659.200 |
73007.500 |
|
|
|
12.042 |
9.524 |
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 |
59494.700 |
66659.200 |
73007.500 |
|
Profit/ (Loss) |
(344.900) |
27.200 |
154.900 |
|
|
(0.58%) |
0.04% |
0.21% |
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION
DETAILS:
|
HIGH COURT OF
BOMBAY |
|||
|
CASE DETAILS BENCH: BOMBAY |
|||
|
PRESENTATION
DATE: 12/02/2014 |
|||
|
LODGING NO.: ITXAL/361/2014 |
FILING DATE: 12/02/2014 |
REG. NO.: ITXA/1764/2014 |
REG. DATE: 05/12/2014 |
|
PETITIONER: COMMISSIONER OF INCOME TAX-6-
RESPONDENT: CENTURY TEXTILE AND INDUSTRIES
LIMITED PETN.ADV: SHEHNAZ (SHEROO) VISPY BHARUCHA DISTRICT: MUMBAI |
|||
|
BENCH: DIVISION STATUS: PRE-ADMISSION CATEGORY:
TAX APPEALS NEXT DATE:
22/06/2015
STAGE: FOR REJECTION
[ORIGINAL SIDE CORAM: ACCORDING TO SITTING LIST MATTERS] ACCORDING TO SITTING LIST LAST DATE: 08/05/2014 STAGE: FOR REJECTION [ORIGINAL SIDE MATTERS] LAST CORAM:
REGISTRAR (OS)/PROTHONOTARY AND SR. MASTER |
|||
|
ACT: INCOME
TAX ACT, 1961 UNDER SECTION: 260A |
|||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION
|
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10572640 |
20/05/2015 |
3,000,000,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE, C-2, WADIA INTERNATIONAL CENTRE, PAND |
C55291736 |
|
2 |
10567972 |
17/04/2015 |
500,000,000.00 |
THE SOUTH INDIAN BANK LIMITED |
INDUSTRIAL FINANCE BRANCH, AT 110 , RAHEJA TOWERS, |
C52952389 |
|
3 |
10567561 |
17/04/2015 |
750,000,000.00 |
ADITYA BIRLA FINANCE LIMITED |
INDIAN RAYON COMPOUND, VERAVAL, GUJARAT - 362266, |
C52728557 |
|
4 |
10567563 |
17/04/2015 |
750,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, |
C52729936 |
|
5 |
10559965 |
24/03/2015 |
2,000,000,000.00 |
STATE BANK OF TRAVANCORE |
CORPORATE FINANCE BRANCH 112-115 TULSIANI CHAMBERS, WEST WING 1ST FLOOR F.P.JOURNAL MARG,NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
C49427099 |
|
6 |
10546880 |
22/01/2015 |
4,000,000,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE, C-2 WADIA INTERNATIONAL CENTRE, PANDU |
C42361675 |
|
7 |
10546987 |
22/01/2015 |
4,000,000,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE, C-2 WADIA INTERNATIONAL CENTRE, PANDU |
C42360818 |
|
8 |
10486213 |
24/03/2014 |
500,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP II BRANCH, "THE
CAPITAL" A WING, 16TH FLOOR B.K.C., MUMBAI, MAHARASHTRA - |
C00946418 |
|
9 |
10486380 |
24/03/2014 |
2,940,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP II BRANCH, "THE
CAPITAL" |
C00997528 |
|
10 |
10486338 |
12/03/2014 |
4,000,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
C00731059 |
|
11 |
10456590 |
25/10/2013 |
3,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP II BRANCH, "THE
CAPITAL" A WING 16TH FLOOR B. K. C., MUMBAI, MAHARASHTRA |
B88167440 |
|
12 |
10433162 |
07/03/2015 * |
300,000,000.00 |
STATE BANK OF INDIA |
THE CAPITAL 16TH FLOOR BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA |
C46329124 |
|
13 |
10402127 |
14/01/2013 * |
5,000,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B67999219 |
|
14 |
10395550 |
26/12/2012 * |
437,500,000.00 |
STATE BAN OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, NEVILLE HOUSE J. N. HEREDIA MARGE BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B65841835 |
|
15 |
10350203 |
10/04/2012 * |
3,900,000,000.00 |
DENA BANK |
CORPORATE BUSINESS BRANCH, C-10, G -BLOCK, BANDRA |
B38774675 |
|
16 |
10348102 |
10/04/2012 * |
4,000,000,000.00 |
INDUSIND BANK LTD. |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA |
B37180239 |
|
17 |
10339007 |
10/04/2012 * |
4,000,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B36662880 |
|
18 |
10325474 |
16/12/2011 * |
11,460,000,000.00 |
STATE BANK OF INDIA |
CORPORAT ACCOUNTS GROUP BRANCH, NEVILLE HOUSE, J. N. HEREDIA MARG BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B29040151 |
|
19 |
10253715 |
23/12/2010 * |
2,850,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP, NEVILLE HOUSE J.N. HERE |
B03371838 |
|
20 |
10257264 |
23/12/2010 * |
8,334,700,000.00 |
STATE BANK OF INDIA (AS SECURITY AGENT) |
CORPORATE ACCOUNTS GROUP BRANCH, NEVILLE HOUSE J. N. HEREDIA MARG BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B03369352 |
|
21 |
10225179 |
23/12/2010 * |
72,400,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP, NEVILLE HOUSE J.N. HEREDIA MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B03430931 |
|
22 |
10157532 |
23/12/2010 * |
4,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP, 23, J.N. HEREDIA MARG , |
B03431640 |
|
23 |
10144100 |
16/02/2009 |
10,630,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, VOLTAS HOUSE, 23 J.N
HEREDIA MARG, BALLARD ESTATE, MUMBAI, MAHARA |
A57158602 |
|
24 |
10120215 |
23/12/2010 * |
802,400,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP, 23, J.N. HEREDIA MARG , |
B03431277 |
|
25 |
10073621 |
10/12/2014 * |
5,230,000,000.00 |
STATE BANK OF INDIA |
THE CAPITAL, 16TH FLOOR BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA |
C38815320 |
|
26 |
10069808 |
23/12/2010 * |
5,230,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP, 23, J.N. HEREDIA MARG , |
B03432044 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
Unsecured Non-Convertible
Debentures 1,000 (31.03.2013 - Nil) Redeemable Non-Convertible Debentures (Repayment due on June’2015. Interest rate as at 31.03.2014 - 10.80 % p.a) |
1000.000 |
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
Fixed Deposits |
418.700 |
|
Short Term Borrowings from Banks: |
|
|
Under a buyer’s credit arrangement in foreign currency |
2102.800 |
|
Rupee Loans |
500.000 |
|
Commerical Paper (Maximum balance outstanding during the year Rs. 13000.000 Million; Previous year Rs. 1300.00 Million) |
6750.000 |
|
Total |
10771.500 |
AWARDS: (AS ON 31.03.2014)
Various
Divisions of the Company have received notable awards as mentioned below:-
(a) Rayon, Tyre Cord and Chemicals:
* Century Rayon
was felicitated by OEKO-TEX Association of STeP (Sustainable Textiles
Production) at Frankfurt in Germany for its outstanding achievements with
regard to human-ecologically optimised textiles and sustainable
production.
* Two
Quality Circles participated in National Convention of Quality Circles at
Kolkata and won the Par Excellence
Award (the
highest recognition).
* Two
Quality Circles participated in the Maharashtra Convention for Best Quality
Circles at Aurangabad and won the Diamond Award (the highest recognition).
* Seven
Quality Circles participated in the Chapter Convention on Quality Concept held
at Mumbai. Six quality circles won the Gold Award and one Circle the Silver
Award.
(b) Century Cement:
* First
prize for “Innovative Practices and Technology Adopted” and “Compliance of
Recommendation of 10th Safety Conference” for the limestone mines from the
Directorate General of Mines Safety, Bilaspur Region.
* First
prize for “Top Soil Management” for the limestone mines from the Indian Bureau
of Mines, Nagpur Region.
(c) Maihar Cement:
* First
prize for “Standard of Working” and “Welfare Amenities and Injury Rate
Performance” for the limestone mines from the Directorate General of Mines
Safety, Jabalpur Region.
* First
prize in “Noise, Vibration and Aesthetic Beauty” and “Afforestation” for the
limestone mines from the Indian
Bureau of
Mines, Jabalpur Region.
(d) Manikgarh Cement:
* First
prize in the “Overall Best Performance” and “Provision of Safety Equipments and
Statutory Survey Plans and Equipments” for its limestone mines from the
Directorate General of Mines Safety, Western Zone, Nagpur Region I and II.
* First
prize in the “Afforestation and Noise Vibration Control and Aesthetic Beauty”
for its limestone mines from the Indian Bureau of Mines, Nagpur Region.
* Units
Akshaya Quality Circle and Electron Quality Circle, both have won Gold Awards
in the “24th Chapter Level Convention and Competition on Quality Circles” held
at Nagpur in September, 2013 on the case studies “Frequent stoppage of Cement
Mill No.3 due to tripping of Belt Conveyors 1 and 2 belts” and “Undetected
breaking of Raw mill hydro pneumatic cylinder rocker arm spring rod”
respectively.
* At
“Quality Progress-2014” organized by “The Institution of Engineers (India)” at
Nagpur in February, 2014 unit’s
Electron
Quality Circle team has won the Gold Award and Akshaya Quality Circle team has
won Par Excellence Award.
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2014 (Rs.
In Million) |
|
(a) (i) Claims
against the Company not acknowledged as debts in respect of : |
|
|
- Custom Duty and Excise Duty |
147.700 |
|
- Sales Tax and Entry Tax |
1114.600 |
|
- Power Charges |
259.400 |
|
- Royalty |
3453.200 |
|
- Others |
298.500 |
|
(ii) Claims not acknowledged as debts jointly with other members of "Business Consortium of Companies" in which the Company had an interest (proportionate) |
208.400 |
|
(b) Disputed income tax matters under appeal |
156.500 |
|
(c) The Competition Commission of India (CCI) has imposed a penalty of Rs. 2740.200 Million on the Company based on the complaint filed by the Builders Association of India alleging cartelisation by the Company along with other cement manufacturing companies. Based on the legal opinion, the Company believes that it has a good case and has filed an appeal against the order before the Competition Appellate Tribunal (COMPAT). Accordingly no provision has been made in the accounts. During the year, the Company was directed to deposit 10% of this demand pending disposal of the appeal by COMPAT. Consequently, an amount of Rs. 274.000 Million was deposited by the Company as Fixed Deposit with its bankers in the name of the “Registrar, Competition Appellate Tribunal A/c Century Textiles and Industries Limited” |
2740.200 |
|
(d) Guarantees given by the Company's bankers Guarantees have been given by the Company's bankers in the normal course of business and are not expected to result in any liability on the Company. |
132.900 |
|
(e) Undertaking given by the Company under concessional duty / exemption scheme to government authorities (net of obligation fulfilled) |
5530.300 |
|
Total |
14041.700 |
FIXED ASSETS (AS
ON 31.03.2014)
TANGIBLE ASSETS
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office equipment
· Water Pipe Lines and Tanks
· Railway Sidings and Locomotives
· Ropeway
· Reservoir and Pans, etc.
· Electric Installations
· Improvement to Leased Premises
· Floral Plantation – Roses
INTANGIBLE
ASSETS
·
Computer software
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. 64.11 |
|
|
1 |
Rs. 100.32 |
|
Euro |
1 |
Rs. 72.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
MRI |
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 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
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.