MIRA INFORM REPORT
|
Report No. : |
321678 |
|
Report Date : |
09.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered
Office : |
P. O. Petrochemicals, District Vadodara – 391346, |
|
Tel. No.: |
91-265-2232981 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
29.03.1973 |
|
|
|
|
Com. Reg. No.: |
04-002247 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 734.384 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24110GJ1973PLC002247 |
|
|
|
|
IEC No.: |
0888007655 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDG00596B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG8896M |
|
|
|
|
Legal Form : |
A Public Limited
Liability Company. The Company’s
Shares are Listed on the Stock Exchanges |
|
|
|
|
Line of Business
: |
Manufacturers and
Sellers of Caustic Soda Lye and Caustic Potash Lye, Chlorine, Chloromethanes,
Sodium Cyanide, Phosphoric Acid, Hydrogen Peroxide, etc. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 56100000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was promoted in 1973 by Government of Gujarat though its industrial
investment arm, Gujarat Industrial Corporation Limited. Subject is a well-established and a reputed company having fine track
record. The company has sound profit margin and overall good financials during
year under review. Further, there is a favorable gap between receivables and
payables of the company. Fundamentals are very strong and healthy. Trade relations are reported as fair. Business is active. Payment
terms are reported as regular and as per commitment. The company can be considered for business dealing at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
AA+ (Long Term Rating) |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
September 05, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
A1+ (Short Term Rating) |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
September 05, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
Management non co-operative (91-265-2232981)
LOCATIONS
|
Registered Office / Factory 1 : |
P. O. Petrochemicals, District Vadodara – 391346, |
|
Tel. No.: |
91-265-2232681-82/2232981-82 |
|
Fax No.: |
91-265-2232701/2272130/2273208 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
P. O. Dahej,
Taluka Vagra, District Bharuch - 392130, |
|
Tel. No.: |
91-2641-256315-16-17/
256235 |
|
Fax No.: |
91-2641-256220 |
|
|
|
|
Overseas
Market.: |
Located at: v v v v v v v v v v v v v v v v v v v v v v v v v v UAE |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Dr. Varesh Sinha, IAS |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Dr. Hasmukh Adhia |
|
Designation : |
Director, IAS |
|
|
|
|
Name : |
Mr. D. J. Pandian |
|
Designation : |
Director, IAS |
|
|
|
|
Name : |
Mr. G. C. Murmu |
|
Designation : |
Director, IAS |
|
|
|
|
Name : |
Dr. Sukh Dev |
|
Designation : |
Director, IAS |
|
|
|
|
Name : |
Mr. J. N. Godbole |
|
Designation : |
Director, IAS |
|
|
|
|
Name : |
Mr. G. M. Yadwadkar |
|
Designation : |
Director (Upto 13.08.2013) |
|
|
|
|
Name : |
Mr. Ajoy Nath Jha |
|
Designation : |
Director (From 14.08.2013 to 18.03.2014) |
|
|
|
|
Name : |
Mr. M. S. Dagur |
|
Designation : |
Director, IAS (Upto 26.02.2014) |
|
|
|
|
Name : |
Mr. Atanu Chakraborty |
|
Designation : |
Managing Director, IAS (From 27.02.2014) |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay S. Bhatt |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Dr. H. B. Patel |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
21 |
0.00 |
|
|
26867261 |
36.59 |
|
|
7119028 |
9.69 |
|
|
33986310 |
46.28 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
33986310 |
46.28 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
1319429 |
1.80 |
|
|
15805 |
0.02 |
|
|
1459101 |
1.99 |
|
|
1875165 |
2.55 |
|
|
2571 |
0.00 |
|
|
2571 |
0.00 |
|
|
4672071 |
6.36 |
|
|
|
|
|
|
20606423 |
28.06 |
|
|
|
|
|
|
10497470 |
14.29 |
|
|
3183989 |
4.34 |
|
|
490665 |
0.67 |
|
|
411729 |
0.56 |
|
|
6905 |
0.01 |
|
|
72031 |
0.10 |
|
|
34778547 |
47.36 |
|
Total Public
shareholding (B) |
39450618 |
53.72 |
|
Total (A)+(B) |
73436928 |
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) |
73436928 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and
Sellers of Caustic Soda Lye and Caustic Potash Lye, Chlorine, Chloromethanes,
Sodium Cyanide, Phosphoric Acid, Hydrogen Peroxide, etc. |
||||||||||||||
|
|
|
||||||||||||||
|
Products : |
|
||||||||||||||
|
|
|
||||||||||||||
|
Brand Names : |
Not Divulged |
||||||||||||||
|
|
|
||||||||||||||
|
Agencies Held : |
Not Divulged |
||||||||||||||
|
|
|
||||||||||||||
|
Exports : |
Not Divulged |
||||||||||||||
|
|
|
||||||||||||||
|
Imports : |
Not Divulged |
||||||||||||||
|
|
|
||||||||||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Messrs Prakash Chandra Jain and Company Chartered Accountants |
|
Address : |
Vadodara, Gujarat, India |
|
|
|
|
Solicitors : |
|
|
Name : |
Messrs Amarchand and Mangaldas and Suresh A. Shroff and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Messrs R K Patel and Company Cost Accountants |
|
Address : |
Vadodara, Gujarat, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs. 1000.000 Million |
|
5000000 |
Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs. 500.000 Million |
|
|
TOTAL |
|
Rs. 1500.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
73439875 |
Equity Shares |
Rs.10/- each |
Rs. 734.399
Million |
|
|
|
|
|
Subscribed & Fully Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
73436928 |
Equity Shares |
Rs.10/- each |
Rs. 734.369
Million |
|
|
|
|
|
Subscribed & Not Fully Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2947 |
Equity Shares |
Rs.5/- each |
Rs. 0.015
Million |
|
|
|
|
|
NOTES
Reconciliation of the number of equity shares
|
Particulars |
2013-14 |
|
|
NUMBER |
(Rs. In Million) |
|
|
Shares outstanding at the beginning of the period |
7,34,36,928 |
734.384 |
|
Shares outstanding at the end of the period |
7,34,36,928 |
734.384 |
Rights, preferences and restrictions attached to shares
The Company has
one class of equity shares having a par value of Rs.10/- each. Each shareholder
is eligible for one vote per one share held. The dividend proposed by the Board
of Directors is subject to the approval of the shareholders in the ensuing
Annual General Meeting, except in case of interim dividend. In the event of
liquidation, the equity shareholders are eligible to receive the remaining
assets of the Company after distribution of all preferential amounts, in
proportion to their shareholding.
List of shareholders holding more than 5% of total number of shares
issued by the Company
|
Particulars |
As at 31st March, 2014 |
|
|
No.
of shares held |
%
of shares held |
|
|
Lok Prakashan Limited |
1,60,75,325 |
21.89 |
|
Gujarat State Investment Limited. |
1,53,29,373 |
20.87 |
|
Gujarat Industrial Investment Corporation Limited. |
71,19,028 |
9.69 |
|
Gujarat Mineral Development Corporation Limited. |
41,45,433 |
5.64 |
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 |
734.384 |
734.384 |
734.384 |
|
(b) Reserves & Surplus |
18902.896 |
17396.306 |
15343.474 |
|
(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) |
19637.280 |
18130.690 |
16077.858 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1517.897 |
1,954.310 |
2,374.217 |
|
(b) Deferred tax liabilities
(Net) |
3363.169 |
3,347.119 |
3,258.895 |
|
(c) Other long term
liabilities |
219.525 |
178.144 |
162.829 |
|
(d) long-term provisions |
414.853 |
427.535 |
267.233 |
|
Total
Non-current Liabilities (3) |
5515.444 |
5907.108 |
6063.174 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
40.985 |
152.181 |
740.144 |
|
(b) Trade payables |
961.393 |
858.185 |
733.427 |
|
(c) Other current liabilities |
868.891 |
879.013 |
911.074 |
|
(d) Short-term provisions |
3358.403 |
3111.455 |
3729.771 |
|
Total
Current Liabilities (4) |
5229.672 |
5000.834 |
6114.416 |
|
|
|
|
|
|
TOTAL |
30382.396 |
29038.632 |
28255.448 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
16152.452 |
15,052.920 |
15,994.851 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
1005.126 |
2,591.175 |
432.646 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1797.208 |
1,697.401 |
1,584.543 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and
Advances |
410.239 |
343.598 |
1,076.309 |
|
(e) Other Non-current assets |
501.781 |
415.827 |
274.197 |
|
Total
Non-Current Assets |
19866.806 |
20100.921 |
19362.546 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
21.159 |
25.925 |
26.254 |
|
(b) Inventories |
1746.575 |
1521.451 |
1789.287 |
|
(c) Trade receivables |
2988.313 |
2720.447 |
2504.384 |
|
(d) Cash and cash equivalents |
2374.627 |
1519.431 |
578.919 |
|
(e) Short-term loans and advances |
3384.916 |
3150.457 |
3994.058 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
10515.590 |
8937.711 |
8892.902 |
|
|
|
|
|
|
TOTAL |
30382.396 |
29038.632 |
28255.448 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
18,960.630 |
18,146.035 |
17,109.681 |
|
|
Other Income |
302.716 |
187.026 |
117.738 |
|
|
TOTAL
(A) |
19263.346 |
18333.061 |
17227.419 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Material Consumed |
7172.245 |
7,147.501 |
7,207.960 |
|
|
Prior Period Items |
1.779 |
1.386 |
2.039 |
|
|
Other Exceptional Item |
0.000 |
171.967 |
159.861 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
88.588 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(44.676) |
37.058 |
(305.678) |
|
|
Employees benefits expense |
1514.442 |
1,188.961 |
1,181.322 |
|
|
Other expenses |
6583.971 |
4,819.330 |
4,942.342 |
|
|
TOTAL
(B) |
15227.761 |
13366.203 |
13276.434 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
4035.585 |
4966.858 |
3950.985 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
63.585 |
83.358 |
205.269 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3972.000 |
4883.500 |
3745.716 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1506.458 |
1515.202 |
1511.462 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
2465.542 |
3368.298 |
2234.254 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
615.282 |
1014.755 |
698.117 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
1850.260 |
2353.543 |
1536.137 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export of Goods on FOB Basis |
2523.233 |
2258.952 |
1973.424 |
|
|
TOTAL
EARNINGS |
2523.233 |
2258.952 |
1973.424 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1509.974 |
1224.832 |
1310.843 |
|
|
Membranes for Remembraning |
21.979 |
29.043 |
37.236 |
|
|
Stores and Spare Parts |
43.211 |
14.350 |
127.853 |
|
|
Others |
0.008 |
2.057 |
0.184 |
|
|
Capital Goods |
44.014 |
155.604 |
175.638 |
|
|
TOTAL
IMPORTS |
1619.186 |
1425.886 |
1651.754 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
25.20 |
32.05 |
20.92 |
QUARTERLY RESULTS
(Rs.
In Million)
|
Particulars |
June 2014 |
September 2014 |
December 2014 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
4971.300 |
4983.100 |
4571.300 |
|
Total Expenditure |
4026.400 |
4308.300 |
3976.000 |
|
PBIDT (Excl OI) |
944.900 |
674.800 |
595.300 |
|
Other Income |
56.200 |
205.400 |
67.800 |
|
Operating Profit |
1001.100 |
880.200 |
663.100 |
|
Interest |
32.300 |
29.000 |
18.900 |
|
Exceptional Items |
0.000 |
(02.700) |
00.300 |
|
PBDT |
968.800 |
848.500 |
644.500 |
|
Depreciation |
233.400 |
247.600 |
253.300 |
|
Profit Before Tax |
735.400 |
600.900 |
391.200 |
|
Tax |
165.900 |
114.100 |
132.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
569.500 |
486.800 |
259.200 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
569.500 |
486.800 |
259.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
Net Profit Margin |
(%) |
9.76 |
12.97 |
8.98 |
|
|
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
21.28 |
27.37 |
23.09 |
|
|
|
|
|
|
|
|
|
Return on Total Assets |
(%) |
8.63 |
12.32 |
8.38 |
|
|
|
|
|
|
|
|
|
Return on Investment (ROI) |
|
0.13 |
0.19 |
0.14 |
|
|
|
|
|
|
|
|
|
Debt Equity Ratio |
|
0.08 |
0.12 |
0.19 |
|
|
|
|
|
|
|
|
|
Current Ratio |
|
2.01 |
1.79 |
1.45 |
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
734.384 |
734.384 |
734.384 |
|
Reserves & Surplus |
15,343.474 |
17,396.306 |
18,902.896 |
|
Net
worth |
16,077.858 |
18,130.690 |
19,637.280 |
|
|
|
|
|
|
long-term borrowings |
2,374.217 |
1,954.310 |
1,517.897 |
|
Short term borrowings |
740.144 |
152.181 |
40.985 |
|
Total
borrowings |
3,114.361 |
2,106.491 |
1,558.882 |
|
Debt/Equity
ratio |
0.194 |
0.116 |
0.079 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
17,109.681 |
18,146.035 |
18,960.630 |
|
|
|
6.057 |
4.489 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR) |
(INR) |
(INR) |
|
Sales |
17,109.681 |
18,146.035 |
18,960.630 |
|
Profit |
1,536.137 |
2,353.543 |
1,850.260 |
|
|
8.98% |
12.97% |
9.76% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN
|
Unsecured Loan |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Long term maturities of finance lease obligations |
0.050 |
0.050 |
|
|
|
|
|
Total |
0.050 |
0.050 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10435141 |
18/06/2013 |
1,142,000,000.00 |
3i Infotech
Trusteeship Services Limited |
3rd to 6th floor, International Infotech Park,,
Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai, Maharashtra -
400703, India |
B78887585 |
|
2 |
10147712 |
03/11/2009 * |
2,020,000,000.00 |
3i Infotech
Trusteeship Services Limited |
3rd to 6th floor, International Infotech Park,,
Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai, Maharashtra -
400703, India |
A72213622 |
|
3 |
80023708 |
19/05/2005 |
50,000,000.00 |
Industrial
Development Bank Of India |
Idbi Tower, Cuffe Parade Colaba, Mumbai, Maharashtra
- 400005, India |
- |
|
4 |
90099964 |
19/05/2005 * |
250,000,000.00 |
Indian Bank |
Pro. Manekrao Road, Raopura, Vadodara,
Gujarat - 390001, India |
- |
|
5 |
90099789 |
19/05/2005 * |
100,000,000.00 |
UCO Bank Limited
|
Apsara Apartment, Pro. Manekrao
Road;Dandia Bazar, Vadodara, Gujarat - 390001, India |
- |
|
6 |
90099774 |
19/05/2005 * |
200,000,000.00 |
UTI Bank
Limited. |
Opp. G. E. B. Office, Near Pizza Hut; Race
Course Circle (North), Vadodara, Gujarat - 390001, India |
- |
|
7 |
90099517 |
19/05/2005 * |
170,000,000.00 |
HDFC Bank
Limited. |
Hdfc House, Near Mithakhali Six Road;
Navrangpura, Ahmedabad, Gujarat - 380009, India |
- |
|
8 |
90102003 |
18/11/2003 * |
175,000,000.00 |
Central Bank of
India |
Corporate Finance Branch, Race Couse Road,
Vadodara, Gujarat - 390007, India |
- |
|
9 |
80023701 |
19/05/2005 * |
805,000,000.00 |
State Bank of
India |
Gacl Project Site Branch, Po Petrochemicals,
Vadodara, Gujarat - 391346, India |
- |
* Date of charge modification
MANAGEMENT DISCUSSION AND ANALYSIS
AN OVERVIEW OF
INDIAN ECONOMY :
The general
slow-down trend of economy has continued during the year 2013-14 affecting almost
all sectors of the economy. The world economy has been slowly recovering from
the very bad phase of financial crisis in Europe and general slowdown in
developed countries including United State. According to the first advance
estimates, the Indian economy is expected to grow at its slowest pace in a
decade at a mere 4.9 per cent in 2013-14. The industrial and service sector
growth performance in 2013-14 is likely to be lower than 2012-13. However, the
current account position is expected to improve. This will strengthen Rupee
against US Dollar. Yet there are many challenges ahead for Indian Economy viz.
fiscal deficit, higher interest rates, volatile current account movement,
higher inflation and general slow down etc. The initiatives taken by the Government
and Reserve Bank of India and SEBI has helped to stabilize financial market
conditions. However, the domestic macro-economic condition is passing through a
challenging phase.
INDIAN
CHLOR-ALKALI INDUSTRY AT A GLANCE :
There are 33
Chlor-Alkali Units in India. The actual production of Caustic Soda during the
Financial Year 2013-14 has been approximately 26,00,000 MTPA. The products from
the alkali industry are the basic raw materials for industries like Alumina,
Paper and Pulp, Soaps and Detergents, Pharmaceuticals, Dyes, Pesticides and
Water Treatment etc.
However, due to
global Ethylene Dichloride (EDC) price fall, many Indian producers opted to
import EDC which is the key input in the production of Poly Vinyl Chloride
(PVC) as also due to new Chlor-Alkali capacity addition and expansions of
existing ones, Chlorine demand remain depressed whereas supply was in excess
during the entire fiscal year, with some revival in the 3rd and 4th Quarter.
Depressed Chlorine demand and negative Chlorine values impacted overall
capacity utilizations of Chlor-Alkali plants across the industry, which reduced
domestic availability of Caustic Soda as also because of global rise in Caustic
Soda prices, Caustic remain firmed during the whole fiscal year.
THE CAUSTIC SODA
MARKET SCENARIO :
The Company is a
multi-product Company, having 37 products in their basket, yet the major
revenues are coming from Caustic Soda Group and therefore market scenario of
Caustic Soda and Chlorine is of utmost importance to us.
The installed
capacity of Caustic Soda in the country is about 34,02,260 MTPA as on
31.03.2014 as compared to 31,33,510 MTPA as on 31.03.2013. Out of the installed
capacity of 34,02,260 MTPA, about 47,300 MTPA is based on Mercury Cell and
remaining 33,54,960 MTPA on Membrane Cell. The Membrane Cell process is energy
efficient as the power requirement is much less and is in the range of
2400-2650 Kwh / MT as compared to Mercury Cell where it is around 3150- 3300
Kwh / MT. GACL has the advantage of having its entire production from Membrane
Cell. However, now most of the medium and large scale Chlor-Alkali units have
converted their plants to Membrane Cell Technology.
ABOUT GACL :
The Company was
established in 1973 and over a period of time, it has emerged as one of the
largest producers of Caustic Soda in India with present installed production
capacity of 4,29,050 MT of Caustic Soda as on 31st March, 2014 and enjoys the
economies of scale. The Company has about 14% share in the domestic
Chlor-Alkali market.
The Company has
achieved ISO 9001:2008, ISO 14001:2004, BS/OHSAS 18001:2007 in its pursuit for
excellence and sustainable growth. The Quality Policy of the Company reflects
its emphasis and commitments. Since inception, the Company has from time to
time expanded its operations in Chlor-Alkali Sector and also diversified into
several higher end products, through forward and backward integration.
GACL has always
ensured upgrading and adapting eco-friendly and green technologies. Being a chemical
manufacturing Company, GACL carries its passion for protecting the environment
at every stage of its operations, keeping interest of Customers, Shareholders,
Employees, Society, Stakeholders and Mother Nature.
The Company’s
products basket comprises total 37 products including Caustic Soda, Chlorine,
Hydrochloric Acid, Hydrogen, Chloromethanes, Potassium Hydroxide, Potassium
Carbonate, Phosphoric Acid (85%), Sodium Cyanide, Sodium Ferro Cyanide,
Hydrogen Peroxide, Calcium Chloride, Stable Bleaching Powder, Poly Aluminium
Chloride, Anhydrous Aluminium Chloride, Toluene based chemicals, Chlorinated
Paraffin Wax and Sodium Chlorate etc. The major revenues are derived from
Caustic Soda Group and therefore, Caustic Soda and Chlorine market scenario has
a wide impact on the Company’s performance.
The Company’s
products are used by various industries viz. Textiles, Pulp and Paper, Soaps
and Detergents, Alumina, Water Treatment, Petroleum, Plastics, Fertilizers,
Pharmaceuticals, Agrochemicals, Plant Protection, Dyes and Dyes Intermediates,
refrigeration gases, epoxy etc. and it has marked its presence across the globe
even against stiff international competition by exporting its world class
products viz. Aluminium Chloride, Hydrogen Peroxide, Caustic Soda Flakes and
Prills, Caustic Potash Flakes, Sodium Cyanide, Benzyl Alcohol, Calcium Chloride
Powder, Methylene Chloride, Poly Aluminium Chloride (30%), Potassium Carbonate
and Chlorinated Paraffin Wax to various Countries.
Production of
Caustic Soda by electrolysis process is highly power intensive and the Company
devised a sustainable strategy to meet its growing energy demands. Besides 90
MW gas based Captive Power Plant and participation in a 140 MW Joint Captive
Co-generation Power Plant, the Company has taken major initiative for green
energy by setting up Wind Farms for a total installed capacity of 104.75 MW.
Further, the Company is installing 10.5 MW Wind Farm Project Phase VI and upon
installation of Phase VI, the total installed capacity will be 115.25 MW. The
Company is aiming to meet substantial part of its power requirements through
alternative environment friendly sustainable renewable energy sources.
BUSINESS, OPERATIONS AND FINANCIAL PERFORMANCE:
The total
production of all the products of the Company has increased by 4.86% to
14,68,314 MT during the year 2013-14 from 14,00,219 MT in previous year. The
production of Caustic Soda Lye, Liquid Chlorine and Hydrochloric Acid has
increased during Financial Year 2013-14 as compared to the previous year.
However, the production of Caustic Soda Flakes / Prills has decreased during
Financial Year 2013-14 mainly due to market condition. With the concerted
efforts, the Company has improved operational efficiency of Chloromethanes
Plant,
Phosphoric Acid Plant,
Aluminium Chloride Plant and Stable Bleaching Powder Plant and exercised
adequate cost control measures. The actual capacity utilisation of majority of
plants has remained high as compared to the previous Financial Year except
Hydrogen Peroxide Plant.
During the year
2013-14, despite competitive market conditions and depressed economic scenario,
the Company has achieved highest ever sales in respect of Caustic Soda Group,
Caustic Potash Group, Hydrogen Peroxide, Phosphoric Acid, Aluminium Chloride,
Poly Aluminium Chloride Group, Calcium Chloride, Chloro Toluene Group and
Stable Bleaching Powder products. The sales realisation of Chloromethanes
Group, Phosphoric Acid, Hydrogen Peroxide, Calcium Chloride, Poly Aluminium
Chloride Group, KOH Group, Aluminium Chloride and Chloro Toluene products have
improved.
For the Financial
Year ended 31.03.2014, the Company has achieved turnover (including Excise
Duty) of Rs.2,0875.000 Million, as against Rs.1,9925.100 Million in the
previous year.
The other
operating income for the Financial Year 2013-14 had been Rs.132.100 Million, as
compared with Rs.202.900 Million for the previous year and the other income
increased to Rs.302.700 Million as compared with Rs.187.000 Million for the
previous year. The other income includes Rs.105.500 Million for receipt of
dividend and Rs.189.200 Million towards interest income.
With the concerted
efforts, the Company has improved operational efficiency of Caustic Soda Group
Plants, Chloromethanes Plant, Sodium Cyanide Plant, Caustic Potash Group
Plants, Phosphoric Acid Plant, Aluminium Chloride Plant, Poly Aluminium
Chloride Plant and Stable Bleaching Powder Plant and exercised adequate cost
control measures. The Earning Per Share has been achieved to Rs.25.20 per share
as on 31.03.2014, as compared to Rs.32.05 per share as on 31.03.2013. Cash
Earning per share has been achieved to Rs.54.09 as on 31.03.2014, as compared
to Rs.66.50 per share as on 31.03.2013. Book value of Share has improved to
Rs.262.71 per share as on 31.03.2014, as compared to Rs.241.93 per share as on
31.03.2013. The Return on Capital Employed achieved at 9.18% as on 31.03.2014,
as compared to 12.26% as on 31.03.2013. Despite increase in the value of
external commercial borrowings due to depreciation of rupee currency during the
year, the Company has decreased its total debts level to Rs.1558.900 Million as
on 31.03.2014 as compared to Rs.2106.500 Million as on 31.03.2013, resulted to
decrease in the Debt : Equity Ratio to 0.08 : 1 as on 31.03.2014, as compared to
0.12 : 1 as on 31.03.2013. The Interest Coverage Ratio has increased to 63.50
times as on 31.03.2014, as compared to 61.66 times as on 31.03.2013.
The Raw Material
expenses have remained at Rs.7172.200 Million as compared with Rs.7147.500
Million for the previous year, mainly due to increase in production and
reduction in consumption of Natural Gas for Captive Power Plant at Dahej
Complex due to under utilization of capacity. However, partly it is affected
negatively due to general increase in the procurement cost of various raw
materials like Common Salt, Aluminium Ingots, Hydrocyanic Acid, Barium
Carbonate, Heavy Normal Paraffin, Soda Ash, Hydrated Lime, ISO Amyl Alcohol,
Tolune and Natural Gas etc. Electricity charges have increased by 56.75% to
Rs.3734.800 Million in the current Financial Year from Rs.2382.600 Million
during the previous year mainly due to increase in fuel cost adjustment
charges, energy charges. Employees’ remuneration has increased to Rs.1514.400
Million as compared with Rs.1188.900 Million for the previous year mainly due
to wage settlement of Union employees and normal increments. Depreciation and
amortization expense has remained at Rs.1506.500 Million in the current
Financial Year as compared with Rs.1515.200 Million for the previous year.
Other expenses (excluding power, fuel, Natural Gas and Water Charges) have
increased by 12.10% to Rs.2081.700 Million in the current Financial Year from
Rs.1857.000 Million for the previous year. The Finance costs have reduced by
23.86% to Rs.63.500 Million from Rs.83.400 Million in the previous year.
Gross Profit has
decreased to Rs.4037.300 Million in Financial Year 2013-14 from Rs.5140.200
Million in the previous year. The Profit after finance costs but before
depreciation and amortization (Cash Profit) has decreased to Rs.3973.800
Million in Financial Year 2013-14 from Rs.5056.800 Million in the previous
year. The Company has achieved Profit Before Tax of Rs.2465.500 Million for the
Financial Year 2013-14 as compared with Rs.3368.300 Million of the previous
year. Similarly, it has achieved Profit After Tax for the Financial Year to
Rs.1850.200 Million as compared with Rs.2353.500 Million of the previous year.
The Profit has been adversely affected due to increase in power cost, fuel and
natural gas cost, increase in employees cost, increase in raw material cost,
packing material cost and job work / processing charges and lower contribution
from cyanide group.
FIXED ASSETS
- Freehold land
- Leasehold land
- Buildings
- Roads and Culverts
- Plant and Machinery
- Furniture
- Fixtures and equipments
- Vehicles
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED ON 31ST DECEMBER, 2014
(Rs. In Million)
|
|
Particulars |
QTR. Ended |
QTR. Ended |
Nine
Month s Ended |
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
|
Income from operation |
|
|
|
|
|
|
(a)
Net Sales/ Income from operation (Net of Excise Duty) |
4,552.000 |
4,951.000 |
14,442.100 |
|
|
(b)
Other Operating Income |
19.300 |
32.100 |
83.600 |
|
|
Total Income |
4,571.300 |
4,983.100 |
14,525.700 |
|
|
|
|
|
|
|
2 |
Expenses |
|
|
|
|
|
a. Cost of Materials Consumed |
1,644.300 |
1,837.500 |
5,232.900 |
|
|
b. Change in inventories of finished goods
& work-in- progreess |
(85.600) |
(75.900) |
68.700 |
|
|
c. Employee benefits expense |
326.000 |
500.600 |
1,216.100 |
|
|
d. Depreciation and amortisation |
253.300 |
247.600 |
734.300 |
|
|
e.
Other Expenses |
79.900 |
153.600 |
327.900 |
|
|
f. Power, Fuel and Other Utilities |
1,660.200 |
1,382.400 |
4,121.600 |
|
|
g. Other Manufacturing & Operative
Expenditure |
351.200 |
510.100 |
1,343.500 |
|
|
Total expenses |
4,229.300 |
4,555.900 |
13,045.000 |
|
|
|
|
|
|
|
3 |
Profit from Operations before other Income
Interest & Exceptional Item(1-2) |
342.000 |
427.200 |
1,480.700 |
|
|
|
|
|
|
|
4 |
Other Income |
67.800 |
205.400 |
329.400 |
|
|
|
|
|
|
|
5 |
Profit before Interest & Exceptional
Item |
409.800 |
632.600 |
1,810.100 |
|
|
|
|
|
|
|
6 |
Finance Costs |
18.900 |
29.000 |
80.200 |
|
|
Exchange Difference and Derivative Loss |
|
|
|
|
|
|
|
|
|
|
7 |
Profit after Interest but before
Exceptional Item (4-5) |
390.900 |
603.600 |
1,729.900 |
|
|
|
|
|
|
|
8 |
Exceptional Items |
0.300 |
-2.700 |
-2.400 |
|
|
|
|
|
|
|
9 |
Profit from
ordinary activities before Tax (6-7) |
391.200 |
600.900 |
1,727.500 |
|
|
|
|
|
|
|
10 |
Tax Expenses |
132.000 |
114.100 |
412.000 |
|
|
|
|
|
|
|
11 |
Net Profit from ordinary activities after
Tax (8-9) |
259.200 |
486.800 |
1,315.500 |
|
|
|
|
|
|
|
12 |
Extraordinary Items (Net of Tax Expense
Rs.________) |
- |
- |
- |
|
|
|
|
|
|
|
13 |
Net Profit for
the period (10-11) |
259.200 |
486.800 |
1315.500 |
|
|
|
|
|
|
|
14 |
Share of Loss of Minority Interest |
- |
- |
- |
|
|
|
|
|
|
|
15 |
Share of Loss of Attributable to cost of
control |
- |
- |
- |
|
|
|
|
|
|
|
16 |
Net Profit after
tax, minority interest & attributable
to cost of control ( 12+13+14) |
259.200 |
486.800 |
1,315.500 |
|
|
|
|
|
|
|
17 |
Paid Up Equity Share Capital (Face Value
of Rs.10 Per Share) |
734.400 |
734.400 |
734.400 |
|
|
|
|
|
|
|
17 |
Reserves excluding Revaluation Reserves as
per Balance Sheet of Previous Accounting Year |
- |
- |
- |
|
|
|
|
|
|
|
18 |
Earning per Share (EPS) |
|
|
|
|
|
|
|
|
|
|
|
a) Basic and diluted EPS before extraordinary
items for the period, for the year to date & for the previous year
(not annualised) |
3.53 |
6.63 |
17.91 |
|
|
|
|
|
|
|
|
b) Basic and diluted EPS after extraordinary
items for the period, for the year to date & for the previous year
(not annualised) |
3.53 |
6.63 |
17.91 |
|
|
|
|
|
|
|
A |
Particulars of shareholding |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
Number of Shares |
39,450,618 |
39,450,618 |
39,450,618 |
|
|
% of Share holding |
53.72% |
53.72% |
53.72% |
|
|
|
|
|
|
|
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) |
- |
- |
- |
|
|
b) Non-encumbered |
|
|
|
|
|
-
Number of shares |
33,986,310 |
33,986,310 |
33,986,310 |
|
|
- 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) |
46.28% |
46.28% |
46.28% |
|
|
|
|
|
|
|
Particulars
|
3
MONTHS ENDED 31.12.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
30 |
|
Disposed of during the quarter |
30 |
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES
- The above results have been reviewed by
the Audit Committee and approved by the Board of Directors of the Company
at their respective meetings held on
5th February, 2015.
- The Financial Results for the quarter
ended 31st December, 2014 have been reviewed by the Statutory Auditors of
the Company.
- Effective from 1st April, 2014, the Company has provided
depreciation as per Schedule II of The Companies Act, 2013 based on useful
life of assets and has consequently (i) adjusted Rs.2,291.10 lakhs against
General Reserve towards carrying amount of assets for which remaining
useful life of assets was Nil as on 1st April, 2014 and (ii) the
depreciation for the quarter and nine months ended on December 31, 2014 is
lower by Rs. 1,458.02 lakhs and Rs. 4,413.02 lakhs respectively.
- The Company's operations fall under single segment namely
"Chemicals"
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.88 |
|
|
1 |
Rs.97.20 |
|
Euro |
1 |
Rs.72.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
67 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and
principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.