MIRA INFORM REPORT
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Report No. : |
322699 |
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Report Date : |
19.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
MINDA CORPORATION LIMITED |
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|
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Registered
Office : |
36A, Rajasthan Udyog Nagar, Delhi-110033 |
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Tel. No.: |
91-120-47874100 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
11.03.1985 |
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Com. Reg. No.: |
55-020401 |
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Capital
Investment / Paid-up Capital : |
Rs. 395.970 Million |
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IEC No.: |
0592001334 |
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CIN No.: [Company Identification
No.] |
L74899DL1985PLC020401 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELM09295G |
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PAN No.: [Permanent Account No.] |
AAACM0344C |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Exporter of Automotive parts and Accessories. |
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No. of Employees
: |
1200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
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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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Maximum Credit Limit : |
USD 8800000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is well established public limited company having satisfactory
track record. Company has recorded less profit in FY14 as compare to previous year. However, liquidity is good and overall financials are strong
Management has long track record. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. 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 |
|
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
|
Rating Agency Name |
ICRA |
|
Rating |
BBB- (Placed on Notice of withdrawal) |
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Rating Explanation |
Moderate degree of safety and moderate credit
risk |
|
Date |
May 2015 |
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 PARTED BY
|
Name : |
Mr. Mahindra Sharma |
|
Designation : |
Finance Executive |
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Contact No.: |
91-120-4787100 |
|
Date : |
15.05.2015 |
LOCATIONS (GENERAL DETAIL)
|
Registered Office : |
36A, Rajasthan Udyog Nagar, Delhi-110033, India |
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Tel. No.: |
91-120-4787100 |
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Fax No.: |
91-120-4787200 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office/ Factory 1 : |
D-6-11, Sector-59, Noida-201301, District G.B. Nagar, |
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Tel. No.: |
91-120-4787100 |
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Fax No.: |
91-120-4787200 |
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Location : |
Owned |
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Factory 2 : |
2D/1, Udyog Kendra,
Ecotech-III, Greater Noida - 201306, |
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Factory 3 : |
2D/2, Udyog
Kendra, Ecotech-III, Greater Noida – 201 306, |
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Factory 4 : |
E-5/2, Nanekarwadi, Chakan, Pune – 410 501, |
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Factory 5 : |
Gate No.307, Nanekarwadi, Chakan,
Tal-Khed, District Pune – 410 501, |
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Factory 6 : |
Plot No. 9, Sec-10, IIE Pantnagar, Udham Singh Nagar,
Uttarakhand-263153, |
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Factory 7 : |
Plot No. 9A, Sector-10, IIE Pantnagar, Udham Singh Ngar,
Uttrkhnd-263153, |
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Factory 8 : |
K-150, MIDC, Waluj, Aurangabad-431136, |
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Factory 9 : |
Plot No. G-1, Phase-III, Chakan Industrial Area, Chakan, Pune-410501, |
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Branch Address: |
E-87, MIDC Waluj, Aurangbad-431136, Maharashtra, India |
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Branch Address: |
Plot no. GI, Phakan Industrial Estate Pillaipakkam Sriperumbadur
Kancheepuram – 602105, Chennai, India |
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Branch Address: |
B-7/8, Phase-II, Sipcot Industrial, Estate, Pillaipakkam Sriperumbadur
Kancheepuram – 602105, Chennai, India |
DIRECTORS
As on : 31.03.2014
|
Name : |
Mr. Ashok Minda |
|
Designation : |
Executive Director |
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Date of Birth/Age : |
51 Years |
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Qualification : |
Graduate in Commerce Stream |
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Experience : |
28 Years |
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Date of Appointment : |
01.08.2007 |
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Name : |
Mr. Avinash Prakash Gandhi |
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Designation : |
Independent Director |
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Date of Birth/Age : |
73 Years |
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Qualification : |
Bachelor Degree in Machanical Engineering |
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Experience : |
50 Years |
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|
Name : |
Mr. Rakesh Chopra |
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Designation : |
Independent Director |
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Date of Birth/Age : |
61 Years |
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Qualification : |
MBA |
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Experience : |
35 Years |
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Name : |
Mr. Sunil Behari Mathur |
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Designation : |
Director |
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Name : |
Mr. Laxman Ramnarayan |
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Designation : |
Independent Director |
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Qualification : |
B.Com, CWA and MMS |
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Experience : |
48 Years |
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Name : |
Mr. Sudhir Kashyap |
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Designation : |
Executive Director and Chief Executive officer |
KEY EXECUTIVES
|
Name : |
Mr. Mahindra Sharma |
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Designation : |
Finance Executive |
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Name : |
Mr. Ajay Sancheti |
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Designation : |
Company secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 31.03.2015
|
Category of
Shareholders |
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
112895280 |
53.94 |
|
|
16585962 |
7.92 |
|
|
2700000 |
1.29 |
|
|
2700000 |
1.29 |
|
|
132181242 |
63.15 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
132181242 |
63.15 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
24648100 |
11.78 |
|
|
6271820 |
3.00 |
|
|
6271820 |
3.00 |
|
|
30919920 |
14.77 |
|
|
|
|
|
|
28596090 |
13.66 |
|
|
|
|
|
|
1085053 |
0.52 |
|
|
276238 |
0.13 |
|
|
16253097 |
7.77 |
|
|
16192540 |
7.74 |
|
|
24553 |
0.01 |
|
|
34454 |
0.02 |
|
|
1550 |
0.00 |
|
|
46210478 |
22.08 |
|
Total Public shareholding (B) |
77130398 |
36.85 |
|
Total (A)+(B) |
209311640 |
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) |
209311640 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Automotive parts and Accessories. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Automotive part Accessories |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
·
ACME ·
Aprilia
·
Bajaj
·
BOSCH
·
DANAMER
·
Fiat
·
Force
·
Ford
·
Grote
·
Honda
·
Hyudinai
·
IKEA
·
·
Maruti
·
Peugeot
|
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No. of Employees : |
1200 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
BSR and Associates LLP Chartered Accountants |
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Address : |
Building No. 10, 8th Floor, Tower - B, DLF Cyber City, Phase - II, Gurgaon, Haryana - 122 002, India |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Enterprise in which
directors of the Company and their relatives are able to exercise significant
influence: |
NOTE: (*Mayank Auto Engineers Private Limited along with its subsidiaries Minda Schenk Plastic Solutions Gmbh (LLP), Germany and Minda Schenk Plastic Solutions S.R.O. Czech Republic has become enterprise in which directors of the Company and their relatives are able to exercise significant influence w.e.f 1 April 2013. The same were appearing under “Subsidiaries” untill 31 March 2013.) |
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Joint Venture : |
Minda Furukawa Electric Private Limited (w.e.f 1 February 2014) |
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Associates : |
Minda Valeo Security Systems Private Limited (w.e.f 18 February 2014) |
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Subsidiaries : |
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|
Step Subsidiaries |
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CAPITAL STRUCTURE
As on 10.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
64200000 |
Equity Shares |
Rs.10/- each |
Rs.642.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
61062328 |
Equity Share |
Rs.10/- each |
Rs.610.623 Million |
|
|
|
|
|
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Million |
|
240000 |
Preference Shares |
Rs.800/- each |
Rs.192.000 Million |
|
|
Total |
|
Rs.442.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
209311640 |
Equity Shares (Less:534,184 (previous year 534,184) shares issued to Minda Corporation Limited Employees’ Stock Option Scheme Trust but not allotted to employees) |
Rs.10/- each |
Rs.203.970 Million |
|
240000 |
Preference Shares |
Rs.800/- each |
Rs.192.000
Million |
|
|
Total |
|
Rs.395.970 Million |
Reconciliation of
share capital outstanding as at the beginning and at the end of the year
a) Equity shares of
Rs. 10 each fully paid up
|
Particulars |
As at 31.03.2014 |
|
|
No.
of Shares |
Amount |
|
|
Balance as at the beginning of the year |
20396980 |
203.970 |
|
Balance as at
the end of the year |
20.396 |
203.970 |
b) 0.001% cumulative
redeemable preference shares of Rs. 800 each fully paid up
|
Particulars |
As at 31.03.2014 |
|
|
No.
of Shares |
Amount |
|
|
Balance as at the beginning of the year |
240000 |
192.000 |
|
Balance as at
the end of the year |
240000 |
192.000 |
Rights, preferences
and restrictions attached to each class of shares
a) Equity shares of
Rs. 10 each fully paid up
The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Further, certain investors (“Investors”) have “Antidilution rights” i.e. right to further subscription and price protection, ensuring that, in the event of finalisation of the terms of sale of additional shares, the Company shall (as per the procedure set out in the Articles) offer the additional shares on the finalized terms and conditions to the investors and in the event that the Company issues any additional equity shares at a price less than the Investor acquisition cost or have or permit an FPO, at such lower price, then either the Company or promoters shall transfer such number of equity shares (as per the procedures set out in the Articles) at either no additional consideration or at the lowest possible consideration permitted under applicable law that shall be necessary to ensure that in a revised investor acquisition cost per Investor that shall be equal or lower than the price at which the additional shares are proposed to be issued. Such investors also have “pre emptive rights” wherein any member of the promoter group shall, before
selling, transferring or otherwise disposing of any of its shares to a bona fide independent third party purchaser, first give notice to the Investors and each investor shall have the right (but not the obligation) to serve on the transferor a pre-emption notice requiring the transferor to transfer to the purchaser (as per the procedures set out in the Articles), or to any person nominated by the purchaser, some or all of the sale shares at the sale price.
Each such investor shall also have the Tag-along right (subject to the other provisions of Articles and such rights as mentioned above) but not the obligation to require the transferor to cause the transferee in a transfer of equity shares to purchase from such investor, for the same consideration per equity share and upon the same terms and conditions as are to be paid and given to the transferor.
562,500 and 267,092 equity shares allotted on preferential basis to the investors and Minda Corporation Limited
Employees Stock Option Scheme Trust (MCL ESOS Trust) on 3 November 2011 and 1 November 2011 respectively were locked in for a period of one year from the date of allotment.
b) 0.001% cumulative
redeemable preference shares of Rs. 800 each fully paid up
The Company has 240,000 cumulative redeemable preference shares of `800 each. The shares carry right of fixed preferential dividend at a rate of 0.001%. The holders of these share do not have the right to vote and are compulsorily redeemable at par on or before the expiry of 20 years from the date of allotment. The dividend on the shares shall be cumulated and any unpaid dividend shall be added to the amount payable as dividend in the following year and no dividend can be paid on equity shares until the entire backlog of unpaid dividends on these shares is cleared. In the event of liquidation, these shareholders are entitled to get their capital after satisfaction of dues for secured creditors, but they get preference over equity share capital.
Details of
shareholders holding more than 5% shares as at year end
a) Equity shares of
Rs. 10 each fully paid up
|
Name of
Shareholders |
As at 31.03.2014 |
|
|
%
of Holding |
No.
of Shares held |
|
|
Ashok Minda |
19.36% |
4052872 |
|
Sarika Minda |
15.95% |
3339490 |
|
Ashok Minda HUF |
9.59% |
2006690 |
|
Bhagwat Sewa Trust |
5.18% |
1085070 |
|
Kotak Mahindra Trusteeship Services Limited A/c- Kotak Indian Growth
Fund II |
11.78% |
2464810 |
|
Total |
|
12948932 |
b) 0.001% cumulative redeemable
preference shares of Rs. 800 each fully paid up
|
Name of
Shareholders |
As at 31.03.2014 |
|
|
%
of Holding |
No.
of Shares held |
|
|
Ashok Minda |
15.63% |
37500 |
|
Sarika Minda |
10.42% |
25000 |
|
Minda Capital Limited |
73.95% |
177500 |
|
Total |
|
240000 |
SHARES ALLOTTED AS
FULLY PAID UP BY WAY OF BONUS ISSUE (DURING FIVE YEARS IMMEDIATELY PRECEDING 31
MARCH 2014)
|
Particulars |
Year (aggregate no. of shares) |
|
2013-2014 |
|
|
Issue of fully paid up equity shares of Rs. 10/- each by way of bonus
issue |
17570522 |
Issue of shares to
Minda Corporation Limited Employees’ Stock Option Scheme
Pursuant to the Board of Director’s approval in Board meeting held on 29 September 2011, the Company has constituted a trust under the name ‘’Minda Corporation Limited Employee Stock Option Scheme Trust’’ (MCL ESOS Trust), with the objective of acquiring and holding of shares, warrants or other securities of the Company for the purpose of implementing the Company’s ESOP Scheme. The Company has contributed a sum of Rs. 1,00,000 towards initial trust fund and later on advanced a sum or Rs.133.546 Million to fund the purchase of Company’s equity shares by MCL ESOS trust. During a prior year, the Company had issued and allotted 267,092 equity shares of the face value Rs. 10 each at the premium of Rs. 490 per equity share to the MCL ESOS Trust, as approved in the Extra ordinary general meeting dated 24 October 2011. Further, the Company had issued bonus shares in proportion of one equity share for one share held on 29 March 2012, as decided in Extra ordinary general meeting held on 16 March 2012. In accordance with the guidance note on “”Guidance Note on Accounting for Employee Share-based Payments”” issued by the ICAI, the Company has reduced the amount of share capital consideration (including share premium) received from MCL ESOS trust for presentation purposes, with a corresponding reduction in advance to MCL ESOS trust.
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 |
395.970 |
395.970 |
395.970 |
|
(b) Reserves & Surplus |
2672.503 |
2500.738 |
2279.565 |
|
(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) |
3068.473 |
2896.708 |
2675.535 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
137.142 |
178.642 |
105.254 |
|
(b) Deferred tax liabilities
(Net) |
52.303 |
61.891 |
51.302 |
|
(c) Other long term
liabilities |
0.350 |
0.230 |
38.545 |
|
(d) long-term provisions |
61.250 |
46.479 |
48.696 |
|
Total
Non-current Liabilities (3) |
251.045 |
287.242 |
243.797 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
695.151 |
710.306 |
837.898 |
|
(b) Trade payables |
782.751 |
870.163 |
902.355 |
|
(c) Other current liabilities |
419.041 |
288.358 |
231.403 |
|
(d) Short-term provisions |
73.299 |
83.594 |
87.559 |
|
Total
Current Liabilities (4) |
1970.242 |
1952.421 |
2059.215 |
|
|
|
|
|
|
TOTAL |
5289.760 |
5136.371 |
4978.547 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1339.030 |
1043.618 |
949.071 |
|
(ii) Intangible Assets |
47.935 |
69.368 |
85.613 |
|
(iii) Capital work-in-progress |
35.665 |
362.048 |
97.414 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1763.438 |
1035.441 |
742.556 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
88.204 |
149.632 |
165.396 |
|
(e) Other Non-current assets |
3.239 |
5.450 |
4.240 |
|
Total
Non-Current Assets |
3277.511 |
2665.557 |
2044.290 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
144.564 |
|
(b) Inventories |
401.111 |
382.428 |
497.557 |
|
(c) Trade receivables |
1210.434 |
1180.352 |
1017.137 |
|
(d) Cash and cash equivalents |
239.210 |
159.878 |
758.208 |
|
(e) Short-term loans and
advances |
156.333 |
734.287 |
507.898 |
|
(f) Other current assets |
5.161 |
13.869 |
8.893 |
|
Total
Current Assets |
2012.249 |
2470.814 |
2934.257 |
|
|
|
|
|
|
TOTAL |
5289.760 |
5136.371 |
4978.547 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
6167.552 |
5982.140 |
5597.458 |
|
|
Other Income |
68.963 |
123.065 |
80.875 |
|
|
TOTAL
(A) |
6236.515 |
6105.205 |
5678.333 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
3849.474 |
3820.950 |
3622.141 |
|
|
Purchases of Stock-in-Trade |
20.653 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(23.384) |
38.566 |
(101.984) |
|
|
Exceptional Items |
22.466 |
23.318 |
0.000 |
|
|
Employees benefits expense |
736.529 |
699.664 |
646.829 |
|
|
Other expenses |
990.464 |
873.036 |
821.678 |
|
|
TOTAL
(B) |
5596.202 |
5455.534 |
4988.664 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
640.313 |
649.671 |
689.669 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
112.302 |
131.263 |
129.866 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
528.011 |
518.408 |
559.803 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
216.663 |
168.420 |
143.460 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
311.348 |
349.988 |
416.343 |
|
|
|
|
|
|
|
Less |
TAX (H) |
93.603 |
82.997 |
14.693 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
217.745 |
266.991 |
401.650 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
823.047 |
661.754 |
601.640 |
|
|
Royalty |
74.122 |
55.673 |
41.613 |
|
|
Technical Know-how and
services income |
0.000 |
11.516 |
4.134 |
|
|
Financial assistance fee |
12.586 |
6.904 |
0.000 |
|
|
TOTAL
EARNINGS |
909.755 |
735.847 |
647.387 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials, Components and
Stores parts |
171.680 |
205.094 |
293.979 |
|
|
Capital Goods |
15.557 |
63.020 |
1.531 |
|
|
TOTAL
IMPORTS |
187.237 |
268.114 |
295.510 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
1.07 |
1.31 |
20.02 |
Expected Sales (2015-2016) : Rs. 6500.000 Million
The above information has been parted by Mr. Mahindra Sharma (Finance
Executive)
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
85.841 |
118.733 |
140.284 |
|
Cash generated from operations |
1238.383 |
293.442 |
66.821 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin |
(%) |
3.53 |
4.46 |
7.18 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
10.38 |
10.86 |
12.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.92 |
9.36 |
10.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.12 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.30 |
0.35 |
0.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02 |
1.27 |
1.42 |
STOCK PRICES
|
Face Value |
Rs.2.00 |
|
Market Value |
Rs.92.00 |
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 |
395.970 |
395.970 |
395.970 |
|
Reserves & Surplus |
2279.565 |
2500.738 |
2672.503 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2675.535 |
2896.708 |
3068.473 |
|
|
|
|
|
|
long-term borrowings |
105.254 |
178.642 |
137.142 |
|
Short term borrowings |
837.898 |
710.306 |
695.151 |
|
Current Maturities Of
Long-Term Debts |
140.284 |
118.733 |
85.841 |
|
Total
borrowings |
1083.436 |
1007.681 |
918.134 |
|
Debt/Equity
ratio |
0.405 |
0.348 |
0.299 |
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 |
5597.458 |
5982.140 |
6167.552 |
|
|
|
6.872 |
3.099 |
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 |
5597.458 |
5982.140 |
6167.552 |
|
Profit |
401.650 |
266.991 |
217.745 |
|
|
7.18% |
4.46% |
3.53% |
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 |
Yes |
|
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
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 |
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 |
UNSECURED LOAN
|
Unsecured Loan |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Finance lease obligation for plant and machinery |
5.603 |
8.317 |
|
Less: Amount shown under other current liabilities |
|
|
|
Short-term borrowings |
|
|
|
Purchase order financing facility from others parties |
130.000 |
200.000 |
|
Total |
135.603 |
208.317 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10567256 |
10/04/2015 |
195,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
Kotak Aerocity, 1st Floor, Asset Area 9, IBIS, Co |
C52457520 |
|
2 |
10563339 |
20/02/2015 |
210,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL |
C50844414 |
|
3 |
10553238 |
22/11/2014 |
210,000,000.00 |
HDFC BANK LIMITED |
2nd floor, Indian Express Building, 9-10, Bahdurs |
C45689973 |
|
4 |
10542562 |
21/11/2014 |
5,000,000.00 |
Karnataka Bank Ltd. |
F - 27/28,, SECTOR - 18, NOIDA, Uttar Pradesh - 201301, INDIA |
C40189557 |
|
5 |
10542561 |
21/11/2014 |
6,600,000.00 |
Karnataka Bank Ltd. |
F - 27/28,, SECTOR - 18, NOIDA, Uttar Pradesh - 201301, INDIA |
C40189912 |
|
6 |
10481249 |
04/03/2015 * |
600,000,000.00 |
STANDARD CHARTERED BANK |
CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA |
C45605094 |
|
7 |
10477770 |
11/04/2014 * |
25,000,000.00 |
INDUSIND BANK LTD. |
DR. GOPAL DAS BUILDING,, 28, BARAKHAMBA ROAD, NEW DELHI, Delhi -
110001, INDIA |
C10482941 |
|
8 |
10442196 |
16/09/2013 * |
50,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PARELW |
B85113561 |
|
9 |
10432898 |
11/04/2014 * |
225,000,000.00 |
INDUSIND BANK LTD. |
DR. GOPAL DAS BUILDING,, 28, BARAKHAMBA ROAD, NEW DELHI, Delhi -
110001, INDIA |
C10484293 |
|
10 |
10413334 |
11/04/2014 * |
50,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
7th Floor, Ambadeep Building, 14, K. G. Marg, Connaught Place, New Delhi,
Delhi - 110001, INDIA |
C05181821 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
Claims against the Company not acknowledged as debts- Other than joint venture |
|
|
|
Custom duty |
161.776 |
5.513 |
|
Income Tax |
15.337 |
20.537 |
|
Sales tax/ VAT |
4.165 |
34.924 |
|
Excise duty |
8.972 |
9.264 |
|
Service Tax |
0.242 |
1.347 |
MANAGEMENT DISCUSSION
& ANALYSIS
Economic Assessment
World Economy
With global growth of 3% during the calendar year 2013, the world economy expanded almost in line with its average over the past few years. During the previous year, world GDP grew at 3.2%. The variance across the world has been significant, with some countries registering significant growth, while others trying to manage elevated levels of unemployment. The developed nations grew at 1.3%, which is almost the same growth level as last year. Emerging countries grew at 4.7% compared with 5% growth in 2012. Developing countries increased their pace of growth to 6.1% from 5.7% during the previous year.
INDIAN ECONOMY
Although India’s GDP growth was in line with the world average, it was a disappointing year for the Indian economy. India’s GDP grew at 4.6% during the fiscal year 2013-14 compared to 4.4% in the previous year. The agriculture sector is a major contributor to Indian GDP with 4.6% growth, significantly up from 1.4% last year. However, pressure remained on the industrial sector with growth estimated at 0.7%, marginally lower than the 0.9% in FY13. The services sector grew by 6.9% compared to last year’s performance at 7.0%. By 2020, as Standard & Poor’s 2013 report predicts, the global sales of vehicles will be skewed towards emerging countries such as India, China and Brazil. In response to the emergence of these markets on the global front, the global auto-makers have started enhancing their presence in these markets. Due to this there is a higher degree of competition amongst the auto-makers and increase in demand for automotive component supplies.
OUTLOOK
Going forward, the IMF World Economy Outlook April 2014 predicts that the world economy will grow at 3.6% in 2014 and continue to expand in the coming years. Growth in advanced economies is predicted to increase by 1% to reach 2.3% in 2014. In Europe, growth will be skewed towards countries with relatively low levels of debt. The United States is projected to grow at 2.7% percent. With the increasing growth momentum in advanced countries, emerging economies are expected to grow at 5% in 2014. Upcoming reforms and growing political and economic stability in India are encouraging. The new government and the fact that all sectors have grown in spite of dismal economic scenario sound positive.
AUTOMOTIVE INDUSTRY
OVERVIEW
Globally the automotive industry contributes to about 3% of
GDP output. The industry has been witnessing an increase in demand
year-over-year due to advancements in technology and growing enthusiasm amongst
people to own new and latest cars. Every sphere of the globe is witnessing an
increase in the demand. With recent rise in income and growing urbanization,
emerging countries have surfaced as the dominant market. In USA the demand for
vehicles has again picked up post recession. European countries have also seen
a growth in the overall sales of vehicles.
FINANCIAL REVIEW
Revenue – The consolidated net revenue of the business declined by 26% to ` 1624.000 Million from
` 2210.000 Million during FY13. This is due to the hive-off of a loss-making foreign subsidiary leading to loss in top line but an increase in bottom line. Net Profit – The streamlining of operations continuing since past couple of years has started bearing results for the Company with the consolidated profits reaching Rs. 790.000 Million from Rs. 6.000 Million in FY13. Has been focusing on technological advancements through cohesive R&D capabilities to bring about the best of its capability through its products. Product innovation in all its activities and segments ensures a steady demand for the products of Spark Minda – Ashok Minda Group.
Foreign Policy Risks – The Company, due to its global business presence, has to face the risk of change in government policies of India as well as a country where the Company exports its products. To assure itself a safety on this parameter, the Company follows the foreign country guidelines, maintains the quality of its products and benchmarks its products to the global market.
Procurement Risks – The Company may face unexpected increase in sourcing of its input materials used for its auto components. To take care of this, the Company has made arrangements through different vendors for timely sourcing of raw material to meet production requirement.
Commodity Price Risks – The prices of general commodities and fuel have been increasing during the recent years which may act as an impediment to affect the consumer sentiments. Consumers may delay the purchases of new vehicle in the light of fuel prices increase which may dampen the market for components. This is out of control of the Company and it has to follow the market dynamics. However, the risk takes care of itself through preference for second hand cars and vehicles which demand renewal and replacement of parts.
FIXED ASSETS
- Freehold land
- Leasehold land
- Buildings
- Leasehold improvements
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer hardware
- Assets under finance lease
- Computer software
- Technical knowhow
- Patents
- Software
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER, 2014
Standalone statement of profit and loss
(Rs. In Million)
|
Sr. No |
Particulars |
Standalone |
||
|
Quarter Ended |
Nine Month Ended |
|||
|
31.12.2014 3 Months ended |
30.09.2014 3 months 2014 |
31.12.2014 Year to date ended on |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income From Operations |
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
1632.800 |
1685.000 |
4841.200 |
|
|
b. Other Operating Income |
29.800 |
31.700 |
99.900 |
|
|
Total Income from Operations (Net) |
|
|
|
|
2 |
Expenditure |
|
|
|
|
|
a. Cost of material Consumed |
981.100 |
1036.400 |
2956.300 |
|
|
b. Purchase of Stock-in trade |
17.800 |
49.300 |
82.300 |
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
49.100 |
(11.000) |
42.000 |
|
|
d. Employees Benefit Expenses |
205.900 |
203.400 |
603.700 |
|
|
f. Depreciation and Amortization Expenses |
42.600 |
39.700 |
130.100 |
|
|
g. Other expenses |
238.600 |
235.400 |
729.600 |
|
|
Total Expenses |
1535.100 |
1553.200 |
4544.000 |
|
3 |
Profit from Operations before Other Income, Interest and Exceptional
Items |
127.500 |
163.500 |
397.100 |
|
4 |
Other Income |
8.800 |
11.000 |
31.200 |
|
5 |
Profit from ordinary activities before finance cost & exceptional
items |
136.300 |
174.500 |
428.300 |
|
|
Finance costs |
18.900 |
20.500 |
60.300 |
|
|
Profit from ordinary activities after finance cost & exceptional
items |
117.400 |
154.000 |
368.000 |
|
9 |
Exceptional items |
0.000 |
0.000 |
0.000 |
|
10 |
Profit from ordinary activities before tax |
117.400 |
154.000 |
368.000 |
|
11 |
Tax Expense |
37.000 |
48.200 |
116.200 |
|
14 |
Net Profit After Tax |
80.400 |
105.800 |
251.800 |
|
15 |
Paid-up equity share capital (face value of Rs.10 per share) |
209.300 |
209.300 |
209.300 |
|
16 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
0.000 |
0.000 |
0.000 |
|
17 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
|
Basic EPS |
0.38 |
0.51 |
1.20 |
|
|
Diluted EPS |
0.38 |
0.51 |
1.20 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
- No. of shares |
7,713,038 |
8,533,456 |
7,713,038 |
|
|
- Percentage of shareholding |
36.85% |
40.77% |
36.85% |
|
18 |
Promoter & Promoter Group Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- No. of shares |
-- |
-- |
-- |
|
|
b) Non-encumbered |
|
|
|
|
|
- No. of shares |
13,218, 126 |
12,397,708 |
13,218,126 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
63.15% |
59.23% |
63..15% |
NOTE :
1) The above results were reviewed by the Audit committee on 13 February 2015 and approved by the Board of Directors at their meeting held on the same date. The statutory auditors of the Company have carried out a limited review of the financial results for the quarter and the nine months ended 31 December 2014 and an unmodified report has been issued.
2) The Company's business activities fall within single primary business
segment, viz, manufacturing of Automobile Components and Parts thereof.
Accordingly, disclosures under Accounting Standard 17, Segment Reporting,
specified in the Companies (Accounting Standard) Rules, 2006 are not required
to be made.
3) Pursuant to the decision of the board in their meeting held on 29 May 2014
to discontinue its plastic business, the Company has sold the fixed assets of
plastic business for an aggregate consideration of Rs. 128.700 Million (WDV of
Rs. 122.800 Million). Out of this, the Company has sold off majority of the
fixed assets to its subsidiaries on the value arrived at on the basis of a fair
valuation carried out by the Company. Also, the Company has written off assets
amounting to Rs 11.900 Million in quarter ended 30 June 2014 and Rs. 1.200
Million in quarter ended 30 September 2014. The plastic business of the Company
has been treated as discontinued operation during the quarter ended 30
September 2014 in the financial results.
|
Particulars |
Quarter ended 31.12.2014 |
Quarter ended 30.09.2014 |
Year to date ended
on 31.12.2014 |
|
Total Revenue |
1.300 |
3.000 |
92.200 |
|
Total Expenditure |
0.000 |
0.000 |
91.200 |
|
Profit/ (Loss) Before tax |
1.300 |
3.000 |
1.000 |
|
Tac Expenses |
0.400 |
1.000 |
0.300 |
|
Profit (Loss) After Tax |
0.900 |
2.000 |
0.700 |
4) During the previous year, the Company (including through its subsidiaries /
step down subsidiary) acquired stake in Minda Furukawa Electric Private Limited,
Almighty International PTE Limited, Singapore (including three step
subsidiaries) and Minda Valeo Security Systems Private Limited for a
consideration of Rs 4,24.421 Million, Rs 560.000 Million and Rs.901
respectively, pursuant to which these became a joint venture, subsidiary and
associate of the Company its subsidiary. Further, during the previous year, one
of the Company's step down subsidiary (in which two of the Company's
subsidiaries held investment) was disposed off in two tranches at a total
consideration of Rs 643.800 Million, resulting in total gain of Rs 73.200
Million in the individual financial statements of the Company's subsidiaries.
Further, pursuant to an additional acquisition of 2% shareholding at a
consideration of Rs 25.027 Million, Minda Furukawa Electric Private Limited has
become a subsidiary of the Company with effect from 1 October 2014.
5) Pursuant to Companies Act, 2013 (The Act') being effective from 1st April
2014, the depreciation rates were revised based on management estimates on
internal evaluation on certain fixed assets based on the useful life specified
in part 'C' of Schedule II of the Act. As a result of this change, the
depreciation charge for the quarter ended 31 December 2014, 30 September 2014
and nine months ended 31 December 2014 is tower by Rs 4.200 Million, Rs 4.200
Million and Rs 12.500 Million respectively. In respect of those assets whose
useful life is already exhausted as on 1 April 2014, depreciation of Rs 16
lakhs (net of tax impact of Rs 0.800 Million) has been adjusted in Reserves and
Surplus in an earlier quarter in accordance with the requirements of Schedule
II of the Act.
6) Pursuant to the approval of the shareholders on 23 December 2014, subsequent
to the current quarter, the Company has allotted Bonus shares in the ratio of
1:1 and the nominal value of the shares of the Company has been sub-divided
from Rs 10 (Rupees Ten) per share to Rs 2 (Rs. Two) per share. Consequent to
the same, the number of the equity shares of the Company has increased from
20,931,164 equity shares of Rs 10 each to 209,311,640 equity shares of Rs 2
each. Earnings per share, basic and diluted has been calculated and disclosed
for all periods presented based on the 209,311,640 equity shares of Rs. 2 each.
Also, the Board of directors of the Company has declared an interim dividend of
Rs 0.20 per equity share (face value Rs. 2 per share) in its meeting held on 13
February 2015.
7) Consequent to ongoing derecognition of Madras Stock Exchange, the Company
has got itself listed on National Stock Exchange (under diluted eligibility
criteria) w.e.f. 13 October 2014. The Company has also received In- Principle
approval from the Bombay Stock Exchange for listing.
8) Mr. Ashok Kumar Jha and Mr. Sunil Behari Mathur have been appointed as
Independent Directors on the Board of the Company w.e.f 14 November 2014 and 7
January 2015 respectively.
9) The figures of the previous periods have been regrouped and adjusted
wherever necessary. A
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.57 |
|
|
1 |
Rs.100.29 |
|
Euro |
1 |
Rs.72.37 |
INFORMATION DETAILS
|
Information
Gathered by : |
RKA |
|
|
|
|
Analysis Done by
: |
KNJ |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
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.