MIRA INFORM REPORT
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Report No. : |
348619 |
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Report Date : |
10.11.2015 |
IDENTIFICATION DETAILS
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Name : |
STERLITE TECHNOLOGIES LIMITED (w.e.f. 14.07.2007) |
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Formerly Known
As : |
STERLITE OPTICAL TECHNOLOGIES LIMITED |
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Registered Office
: |
E1, MIDC Industrial Area, Waluj, Aurangabad-431136, Maharashtra |
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Tel. No.: |
91-240-2564599 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
24.03.2000 |
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Com. Reg. No.: |
11-269261 (New) 54-000340 (Old) |
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Capital
Investment / Paid-up Capital : |
Rs. 788.100 Million |
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CIN No.: [Company Identification
No.] |
L31300MH2000PLC269261 (New) L31300DN2000PLC000340 (Old) |
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IEC No.: |
0300039000 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAECS8719B |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is primarily engaged in the manufacture and sale of Power and Telecom products and solutions. |
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No. of Employees
: |
1212 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 35500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject was incorporated in the year 2000 and it is engaged in the manufacture
and sale of power and telecom products and solutions. For the financial year ended 2015, company has reported 12.09% sales
turnover growth as compared to previous sales turnover and it has maintained
above average profitability margins at 2.78% during the year under a review. Rating also takes into account of STL’s leadership position in the
power transmission conductor and telecommunication cable segments supported
by healthy operating capabilities and adequate financial base of the company. Rating strength is partially offset by the company’s
working-capital-intensive operations and exposure to risks associated with
transmission projects. Trade relations are reported as fair. Payments are reported to be
regular and as per commitment. In view of aforesaid, the company can be considered good for normal
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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long term rating = A+ |
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Rating Explanation |
Adequate degree of safety and low credit risk |
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Date |
October 23, 2015 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Rating = A1 |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
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Date |
October 23, 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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Mr. Hitesh |
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Designation : |
Associates Finance Officer |
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Contact No.: |
91-260-6612000 |
LOCATIONS
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Registered Office/Factory 1 : |
E1, MIDC Industrial Area, Waluj, Aurangabad-431136, Maharashtra, India |
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Tel. No.: |
91-240-2564599 |
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Fax No.: |
91-240-2564598 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
4th Floor Godrej Millenium 9, Koregaon Road, Pune – 411001,
Maharashtra, India. |
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Tel. No.: |
91-20-30514000/ 66235700 |
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Fax No.: |
91-20-26138083 |
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E-Mail : |
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Factory 2 : |
Optical Fiber, E2, E3, MIDC, Waluj, Aurangabad - 431136, Maharashtra, India |
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Factory 3 : |
Optical Fiber, AL-23, Shendra MIDC SEZ, Aurangabad – 431201,
Maharashtra, India |
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Tel. No.: |
91-240-2622020 |
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Fax No.: |
91-240-2564598 |
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Factory 4 : |
Copper Telecom Cables and Structured Data Cables, Survey No. 33 / 1 /
1, Waghdara Road, Dadra – 396191, Union Territory of Dadra and Nagar Haveli,
India |
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Tel. No.: |
91-260-6452959 |
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Fax No.: |
91-260-6612122 |
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Factory 5 : |
Power Transmission Conductors, Survey No. 99, Rakholi Village,
Madhuban Dam Road, Silvassa – 396230, Union Territory of Dadra and Nagar
Haveli, India |
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Tel. No.: |
91-260-6612200 |
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Fax No.: |
91-260-6612260 |
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Factory 6: |
Plot 2D, Sector 10, IIE SIDCUL, Haridwar – 249403, Uttarakhand, India |
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Tel. No.: |
91-1334-239463 |
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Fax No.: |
91-1334-239375 |
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Factory 7: |
Burkhamunda, Jharsuguda - 768 202, Orissa, India |
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Factory 8 : |
Power Cables, No. 5, Vardhaman Industrial Estate, Haridwar – 249402,
Uttranchal, India |
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Factory 9 : |
Survey No. 209, Phase II, Piparia
Industrial Estate, Piparia, Union Territory of Dadra and Nagar Haveli |
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Sales Office : |
Unit No 202, 2nd Floor, Pentagon Tower 2 Magarpatta
Township, Hadapsar, Pune – 410028, Maharashtra, India |
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Sales, Marketing and Representative Offices: |
Located at:
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DIRECTORS
As on 31.03.2015
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Name : |
Mr. Anil Kumar Agarwal |
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Designation : |
Non - Executive Chairman |
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Address : |
113/114 Samudra Mahal, Worli, Mumbai-400018, Maharashtra, India |
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Date of Birth/Age : |
16.06.1957 |
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Date of Appointment : |
30.10.2006 |
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DIN No.: |
00010883 |
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Name : |
Mr. Pravin Agarwal |
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Designation : |
Whole Time Director |
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Address : |
117, Koregaon Park, Pune-411001, Maharashtra, India |
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Date of Birth/Age : |
16.10.1954 |
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Date of Appointment : |
29.01.2004 |
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DIN No.: |
00022096 |
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Name : |
Mr. A. R. Narayanaswamy |
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Designation : |
Non – Executive and Independent Director |
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Address : |
A-12, Archana CHS, Juhu Versova Link Road,, Andheri (West), Mumbai-400053, Maharashtra, India |
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Date of Birth/Age : |
22.12.1951 |
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Date of Appointment : |
30.04.2007 |
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DIN No.: |
00818169 |
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Name : |
Mr. Arun Lalchand Todarwal |
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Designation : |
Non – Executive and Independent Director |
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Address : |
81, Shivner, 84, Nepean Sea Road, Mumbai-400006, Maharashtra, India |
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Date of Appointment : |
25.01.2003 |
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DIN No.: |
00020916 |
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Name : |
Mr.
Krishnan Coimbatore Venkatakrishnan |
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Designation : |
Non – Executive and Independent Director |
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Address : |
Old 26 New 59 St. Mary's Road, R. A. Puram, Chennai-600028, Tamilnadu, India |
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Date of Appointment : |
26.04.2013 |
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DIN No.: |
01606522 |
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Name : |
Mr. Haigreve Khaitan |
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Designation : |
Non – Executive and Independent Director |
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Name : |
Dr. Anand Gopaldas Agarwal |
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Designation : |
Chief Executive Officer and Whole Time Director |
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Address : |
Fl.No. 401, Amar Eternity, Baner Road, Sr. No. 13, Someshwarwadi, Pune-411008, Maharashtra, India |
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Date of Birth/Age : |
07.08.1967 |
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Date of Appointment : |
30.07.2003 |
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DIN No.: |
00057364 |
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Name : |
Mr.
Pratik Agarwal |
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Designation : |
Director
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Address : |
403-A, 3rd Floor, Samudra Mahal, A-Wing, Opposite Lotus, Dr. A.B. Road, Worli, Mumbai-400018, Maharashtra, India |
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Date of Appointment : |
26.04.2013 |
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DIN No.: |
03040062 |
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Name : |
Avaantika Kakkar |
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Designation : |
Director
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KEY EXECUTIVES
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Name : |
Mr. Hitesh |
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Designation : |
Associates Finance Officer |
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MANAGEMENT
COMMITTEE |
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Name : |
Mr. Pravin Agarwal |
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Designation : |
Vice Chairman & Whole-time Director) |
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Name : |
Mr. Anand Agarwal |
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Designation : |
(CEO and Whole-time Director |
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Name : |
Mr. Anupam Jindal |
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Designation : |
CFO |
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Name : |
Mr. K.S. Rao |
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Designation : |
COO Telecom Business and Power Conductors |
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Name : |
Mr. Pratik Agarwal |
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Designation : |
Head- Infrastructure Business |
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Name : |
Mr. Ajay Bhardwaj |
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Designation : |
COO- Grid Business |
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Name : |
Mr. Ankit Agarwal |
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Designation : |
Global Head- Telecom Business |
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Name : |
Mr. Prasanth Puliakottu |
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Designation : |
CIO |
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Name : |
Mr. Pankaj Priyadarshi |
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Designation : |
CCO |
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Name : |
Mr. Kamal Sehgal |
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Designation : |
Leader-Business Excellence |
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Name : |
Vimal Malhotra |
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Designation : |
CHRO |
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Name : |
Mr. Rajendra Mishra |
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Designation : |
COO-Power Cables |
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Name : |
Arindam Haldar |
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Designation : |
CMO |
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Name : |
Mr. Amit Deshpande |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
1978556 |
0.50 |
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|
4764295 |
1.21 |
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|
6742851 |
1.71 |
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|
209402750 |
53.08 |
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|
209402750 |
53.08 |
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Total shareholding of Promoter and Promoter Group (A) |
216145601 |
54.79 |
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(B) Public Shareholding |
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|
24020527 |
6.09 |
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|
19380524 |
4.91 |
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|
500 |
0.00 |
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|
914737 |
0.23 |
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|
15057839 |
3.82 |
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|
59374127 |
15.05 |
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|
13620570 |
3.45 |
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|
80046396 |
20.29 |
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|
20328921 |
5.15 |
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|
5006234 |
1.27 |
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|
3807606 |
0.97 |
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|
200 |
0.00 |
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|
7500 |
0.00 |
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|
674233 |
0.17 |
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|
49250 |
0.01 |
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|
467445 |
0.12 |
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|
119002121 |
30.16 |
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Total Public shareholding (B) |
178376248 |
45.21 |
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Total (A)+(B) |
394521849 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
85550 |
0.00 |
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|
85550 |
0.00 |
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Total (A)+(B)+(C) |
394607399 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is primarily engaged in the manufacture and sale of Power and Telecom products and solutions. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1212 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
S R B C and Company LLP Chartered Accountants |
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Address : |
C – 401, 4th Floor, Panchshil Tech Park, Yerwada (Near Don
Bosco School), Pune-411006, Maharashtra, India |
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Tel No.: |
91-20-66036000 |
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Fax No.: |
91-20-66015900 |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding company : |
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Subsidiaries : |
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Joint ventures : |
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Entities where key management
personnel / relatives of key management personnel have significant influence
(EKMP) : |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares (In.
crores) |
Type |
Value |
Amount (Rs. In Million) |
|
|
|
|
|
|
75.00 |
Equity Shares |
Rs.2/- each |
Rs.1500.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares (In.
crores) |
Type |
Value |
Amount (Rs. In Million) |
|
|
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|
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|
39.41 |
Equity Shares |
Rs.2/- each |
Rs.788.100
Million |
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1.
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
Number
in Crores |
Rs. In Million |
|
At the beginning
of the year |
393.800 |
787.600 |
|
Issued during
the year |
0.200 |
0.400 |
|
Issued during the
year |
0.100 |
0.100 |
|
Outstanding at the end of the year * |
394.100 |
788.100 |
* The difference in
reconciliation of the number of shares is due to rounding off.
2.
Terms/rights
attached to equity shares
The Company has only one class of equity shares having a par value of Rs. 2 per share. Each holder of equity shares is entitled to one vote per share except for the underlying 85,550 ( 31 March 2014: 85,550) equity shares held by custodian bank against Global Depository Receipts (‘GDRs’) which do not have voting rights.
The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting.
During the year ended 31 March 2015, the amount of per share dividend recognised as distributions to equity shareholders was Rs. 0.60 (31 March 2014 : Rs. 0.30)
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts.
The distribution will be in proportion to the number of
equity shares held by the shareholders.
3.
Shares held by
holding company and their subsidiaries/associates
|
Particulars |
Number
in Crores |
% holding |
|
Holding Company |
|
|
|
Twin Star Overseas Limited, Mauritius |
209.400 |
53.17% |
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Subsidiary of
Volcan Investments Limited, Bahamas |
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(Ultimate
Holding Company) |
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|
Vedanta Limited (Erstwhile Sesa Sterlite Limited) |
4.800 |
1.21% |
4.
Aggregate number
of bonus shares issued, share issued for consideration other than cash during
the period of five years immediately preceding the reporting date:
|
Particulars |
Rs.
In Million |
|
|
|
|
Equity shares allotted as fully paid bonus shares by capitalisation of
securities premium |
19.200 |
In addition company has issued total 1,088,324 shares (31 March 2014 : 1208596 shares) during the period
of five years immediately preceding the reporting date on exercise of option
granted under the employee stock option plan (ESOP) wherein part consideration
was received in form of employee services
5.
Detail of shareholders holding more than 5% of shares
in the Company
|
Particulars |
Number
in Crores |
% holding |
|
Twin Star
Overseas Limited (Holding Company) |
209.400 |
53.14 |
|
Life Insurance Corporation of India |
21.300 |
5.40 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
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|
|
|
(a) Share Capital |
788.100 |
787.600 |
786.900 |
|
(b) Reserves & Surplus |
11638.400 |
11395.300 |
11043.000 |
|
(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) |
12426.500 |
12182.900 |
11829.900 |
|
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|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
9887.400 |
6834.400 |
2066.800 |
|
(b) Deferred tax liabilities (Net) |
495.800 |
866.400 |
872.100 |
|
(c) Other long term
liabilities |
224.800 |
0.000 |
15.900 |
|
(d) long-term
provisions |
91.600 |
51.800 |
153.100 |
|
Total Non-current
Liabilities (3) |
10699.600 |
7752.600 |
3107.900 |
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
5637.300 |
5597.200 |
8323.500 |
|
(b) Trade
payables |
8841.600 |
6194.600 |
6192.500 |
|
(c) Other
current liabilities |
4200.400 |
3461.400 |
3238.400 |
|
(d) Short-term
provisions |
467.700 |
274.500 |
172.300 |
|
Total Current
Liabilities (4) |
19147.000 |
15527.700 |
17926.700 |
|
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TOTAL |
42273.100 |
35463.200 |
32864.500 |
|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
9075.100 |
9982.100 |
9934.900 |
|
(ii)
Intangible Assets |
67.900 |
78.900 |
77.600 |
|
(iii)
Capital work-in-progress |
329.400 |
161.300 |
289.700 |
|
(iv)
Intangible assets under development |
0.000 |
2.700 |
0.000 |
|
(b) Non-current Investments |
13182.500 |
2286.500 |
1891.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
1168.200 |
8840.300 |
6764.500 |
|
(e) Trade receivables |
102.700 |
105.200 |
691.200 |
|
(f) Other
Non-current assets |
4.200 |
18.000 |
0.000 |
|
Total Non-Current
Assets |
23930.000 |
21475.000 |
19648.900 |
|
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|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
550.000 |
2050.000 |
0.000 |
|
(b)
Inventories |
3980.100 |
2994.100 |
2915.400 |
|
(c) Trade
receivables |
8987.200 |
6712.800 |
6403.700 |
|
(d) Cash
and cash equivalents |
2603.300 |
441.200 |
1957.500 |
|
(e)
Short-term loans and advances |
2169.400 |
1734.200 |
1930.900 |
|
(f) Other
current assets |
53.100 |
55.900 |
8.100 |
|
Total
Current Assets |
18343.100 |
13988.200 |
13215.600 |
|
|
|
|
|
|
TOTAL |
42273.100 |
35463.200 |
32864.500 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
30301.000 |
27263.400 |
33537.100 |
|
|
|
Other Income |
448.100 |
169.500 |
145.400 |
|
|
|
TOTAL (A) |
30749.100 |
27432.900 |
33682.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
19446.400 |
17768.600 |
22737.400 |
|
|
|
Purchases of Stock-in-Trade |
429.200 |
281.200 |
708.300 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(346.900) |
(180.500) |
60.300 |
|
|
|
Employees benefits expense |
1509.500 |
1223.900 |
1177.000 |
|
|
|
Other expenses |
5850.500 |
5627.300 |
6396.200 |
|
|
|
TOTAL (B) |
26888.700 |
24720.500 |
31079.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
3860.400 |
2712.400 |
2603.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
1792.800 |
952.800 |
1055.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
2067.600 |
1759.600 |
1547.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
1077.400 |
1028.800 |
859.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
990.200 |
730.800 |
688.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
147.800 |
228.800 |
213.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
842.400 |
502.000 |
474.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7428.600 |
7715.000 |
7402.200 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
25.100 |
23.700 |
|
|
|
Dividend |
48.100 |
20.100 |
20.100 |
|
|
|
Proposed final equity dividend (amount per share Rs. 0.60
(31 March 2014: Rs. 0.30) |
236.500 |
118.200 |
118.000 |
|
|
|
Transfer to debenture redemption reserve |
500.000 |
625.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
7486.400 |
7428.600 |
7715.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
10568.100 |
9074.300 |
9529.900 |
|
|
TOTAL EARNINGS |
10568.100 |
9074.300 |
9529.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
9812.400 |
8932.600 |
7008.800 |
|
|
|
Stores & Spares |
199.700 |
134.500 |
137.700 |
|
|
|
Capital Goods |
415.400 |
463.600 |
469.200 |
|
|
TOTAL IMPORTS |
10427.500 |
9530.700 |
7615.700 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
2.14 |
1.28 |
1.21 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
2585.100 |
1937.100 |
298.400 |
|
Cash generated from operations |
2726.400 |
2822.900 |
2963.800 |
|
Net cash flow from operating activities |
2551.500 |
2626.400 |
2787.900 |
QUARTERLY RESULTS
|
Particulars |
|
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
|
|
1st Quarter |
2nd Quarter |
|
Net Sales |
|
9750.000 |
10561.500 |
|
Total Expenditure |
|
8598.000 |
9234.600 |
|
PBIDT (Excl OI) |
|
1152.000 |
1326.900 |
|
Other Income |
|
41.500 |
36.600 |
|
Operating Profit |
|
1193.500 |
1363.500 |
|
Interest |
|
619.700 |
660.500 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
573.800 |
703.000 |
|
Depreciation |
|
287.600 |
308.600 |
|
Profit Before Tax |
|
286.200 |
394.400 |
|
Tax |
|
83.400 |
100.500 |
|
Provisions and
contingencies |
|
202.800 |
293.900 |
|
Profit After Tax |
|
0.000 |
0.000 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
202.800 |
293.900 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.78 |
1.84 |
1.42 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
12.74 |
9.95 |
7.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.46 |
2.22 |
2.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.06 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.46 |
1.18 |
0.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96 |
0.90 |
0.74 |
STOCK
PRICES
|
Face Value |
Rs. 2.00 |
|
Market Value |
Rs.91.50 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
786.900 |
787.600 |
788.100 |
|
Reserves & Surplus |
11043.000 |
11395.300 |
11638.400 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
11829.900 |
12182.900 |
12426.500 |
|
|
|
|
|
|
long-term borrowings |
2066.800 |
6834.400 |
9887.400 |
|
Short term borrowings |
8323.500 |
5597.200 |
5637.300 |
|
Current maturities of
long-term debts |
298.400 |
1937.100 |
2585.100 |
|
Total
borrowings |
10688.700 |
14368.700 |
18109.800 |
|
Debt/Equity
ratio |
0.904 |
1.179 |
1.457 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
33537.100 |
27263.400 |
30301.000 |
|
|
|
(18.707) |
11.142 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
33537.100 |
27263.400 |
30301.000 |
|
Profit |
474.600 |
502.000 |
842.400 |
|
|
1.42% |
1.84% |
2.78% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
Yes |
|
8] |
Designation of contact person |
Yes |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
Yes |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
|
LITIGATION DETAILS |
||||||
|
Bench:- Bombay |
||||||
|
Presentation
Date:- 27/03/2015 |
||||||
|
Lodging No. : |
ITXAL/434/2015 |
Failing Date:- |
27/03/2015 |
Reg. No.:- |
ITXA/910/2015 |
|
|
Reg. Date:- |
27/08/2015 |
|
|
|
|
|
|
Petitioner:- |
COMMISSIONER OF INCOME TAX –LTU |
Respondent:- |
M/S.STERLITE TECHNOLOGIES LIMITED |
|||
|
Petn.Adv:- |
TEJVEER SINGH MASTAN SINGH (I3678) |
Resp.Adv.:- |
0 (0) |
|||
|
District:- |
MUMBAI |
|||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
|||
|
Status:- |
Pre-Admission |
Stage:- |
FOR REJECTION [ORIGINAL SIDE MATTERS] |
|||
|
Next Date:- |
21/11/2015 |
Stage:- |
-- |
|||
|
Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
|
|
|||
|
Act. : |
Income Tax Act, 1961 |
Under Section: |
260A |
|||
NOTE: Registered office of the company has been shifted from Survey No. 68 / 1, Rakholi Village, Madhuban Dam Road, Silvassa – 396230, Dadra and Nagar Haveli to the present address w.e.f. 16.10.2015
CORPORATE INFORMATION
The Compan is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The Company is primarily engaged in the manufacture and sale of Power and Telecom products and solutions.
Telecom products and solutions mainly include integrated optical fiber, other telecom products such as fiber optical cables, copper telecom cables, structured data cables, access equipments, fiber connectivity and system integration solution offerings for telecom networks and other service. The Company is also engaged in design, engineering, implementation and maintenance of Optical Fiber Cable (OFC) Network. Power products and solutions mainly includes power transmission conductors and cables.
PERFORMANCE
Fiscal Year 2014-15 closed with Revenues of 3030 Million, EBITDA of Rs. 3860.000 Million, PAT of 840.000 Million and EBITDA margins of 13%. The telecom business had revenues of Rs.15300.000 Million at an EBITDA margin of 23% and the power business had revenues of Rs.1500 Million at an EBITDA margin of 3%.
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10582958 |
16/06/2015 |
2,000,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar
Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA |
C58592171 |
|
2 |
10556768 |
24/03/2015 |
3,000,000,000.00 |
Export-Import Bank of India |
Centre One Building, Floor 21, World Trade Centre Complex, Cuffe
Parade, Mumbai, Maharashtra - 400005, INDIA |
C47605043 |
|
3 |
10542435 |
19/12/2014 |
57,930,000,000.00 |
STATE BANK OF INDIA |
Corporate Accounts Group II, The Capital, A Wing, 16th Floor,
BKC, Bandra (E), Mumbai, Maharashtra |
C40134736 |
|
4 |
10484014 |
25/06/2014 * |
2,500,000,000.00 |
STATE BANK OF INDIA |
Corporate Accounts Group II, The Capital, A Wing, |
C12269593 |
|
5 |
10486998 |
25/06/2014 * |
2,500,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg,
Worli,, Mumbai, Maharashtra - 400025, INDIA |
C11092731 |
|
6 |
10401862 |
25/06/2014 * |
1,500,000,000.00 |
STATE BANK OF INDIA |
Corporate Accounts Group II, The Capital, A Wing, 16th Flr, BKC,
Bandra (E), Mumbai, Maharashtra - |
C12257598 |
|
7 |
10402643 |
25/06/2014 * |
1,000,000,000.00 |
Export Import Bank of India |
Floor 21, World Trade Centre, Cuffe Parade, Colaba, Mumbai,
Maharashtra - 400005, INDIA |
C12246161 |
|
8 |
10403684 |
22/01/2013 |
5,730,000,000.00 |
STATE BANK OF INDIA |
Neville House, J.N. Heredia Marg, Ballard Estate, |
B68308972 |
|
9 |
10403874 |
22/01/2013 |
1,750,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. |
B68452630 |
|
10 |
10403942 |
22/01/2013 |
1,500,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, M |
B68489483 |
* Date of charge modification
STANDALONE FINANCIAL
RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2015
(Rs.
In Million)
|
Sr. No |
Particulars |
Standalone |
||
|
Quarter Ended |
Half Year Ended |
|||
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
||
|
|
(Rs In Million) |
|
||
|
1 |
Income From
Operations |
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
10405.400 |
9609.200 |
20014.600 |
|
|
b. Other Operating Income |
156.100 |
140.800 |
296.900 |
|
|
Total Income from
Operations (Net) |
10561.500 |
9750.000 |
20311.500 |
|
2 |
Expenditure |
|
|
|
|
|
a. Cost of material Consumed |
7146.900 |
6669.600 |
13816.500 |
|
|
b. Purchase of Stock-in trade |
44.700 |
81.100 |
125.800 |
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(345.800) |
(228.100) |
(573.900) |
|
|
d. Employees Benefit Expenses |
484.800 |
380.100 |
864.900 |
|
|
e. Depreciation and Amortisation Expenses |
308.600 |
287.600 |
596.200 |
|
|
f. Other expenses |
1904.000 |
1695.200 |
3599.300 |
|
|
Total Expenses |
9543.200 |
8885.500 |
18428.800 |
|
3 |
Profit from Operations
before Other Income, Interest and Exceptional Items |
1018.300 |
864.400 |
1882.700 |
|
4 |
Other Income |
36.600 |
41.500 |
78.100 |
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
1054.900 |
905.900 |
1960.800 |
|
6 |
Finance Costs |
660.500 |
619.700 |
1280.200 |
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
394.400 |
286.200 |
680.600 |
|
8 |
Exceptional items |
-- |
-- |
|
|
9 |
Profit from
ordinary activities before tax |
394.400 |
286.200 |
680.600 |
|
10 |
Tax Expense |
100.500 |
83.400 |
183.900 |
|
11 |
Net Profit from
ordinary activity after tax |
293.900 |
202.800 |
496.700 |
|
12 |
Extraordinary Items |
-- |
-- |
-- |
|
13 |
Net Profit After
Tax |
293.900 |
202.800 |
496.700 |
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
789.200 |
788.100 |
789.200 |
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
-- |
-- |
19810.900 |
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
|
Basic EPS |
0.74 |
0.51 |
1.26 |
|
|
Diluted EPS |
0.73 |
0.50 |
1.23 |
|
|
Debt Equity Ratio |
-- |
-- |
1.54 |
|
|
Debt Service Coverage Ratio |
-- |
-- |
0.87 |
|
|
Interest Service Coverage Ratio |
-- |
-- |
1.53 |
|
|
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
- No. of shares |
178461798 |
177938400 |
178461798 |
|
|
- Percentage of shareholding |
45.23% |
45.16% |
45.23% |
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- No. of shares |
Nil |
Nil |
Nil |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
Nil |
Nil |
Nil |
|
|
b) Non-encumbered |
|
|
|
|
|
- No. of shares |
216145601 |
216120601 |
216145601 |
|
|
- 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) |
54.77% |
54.84% |
54.77% |
UNAUDITED SEGMENT WIE REVENUE, RESULTS AND
CAPITAL EMPLOYED
(Rs. In Million)
|
Particulars |
Standalone |
||
|
|
Quarter Ended |
Half year ended |
|
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
Unaudited |
||
|
a. Information about Primary Business Segments |
|
|
|
|
1. Segment Revenue |
|
|
|
|
Telecom
Product and Solution |
4784.600 |
4240.000 |
9024.600 |
|
Power
Product and Solution |
5620.800 |
5369.200 |
10990.000 |
|
Total |
10405.400 |
9609.200 |
20014.600 |
|
Profit before interest, depreciation
and tax |
|
|
|
|
Telecom
Product and Solution |
1117.000 |
1008.400 |
2125.400 |
|
Power
Product and Solution |
246.500 |
185.1001 |
431.600 |
|
Total |
1363.500 |
1193.5001 |
2557.000 |
|
|
Profit before interest and tax |
|
|
|
|
|
Telecom
Product and Solution |
901.600 |
815.600 |
1717.200 |
|
|
Power
Product and Solution |
153.300 |
90.300 |
243.600 |
|
|
Total |
1054.900 |
905.900 |
1960.800 |
|
|
|
|
|
|
|
Net
Interest Cost |
660.500 |
619.700 |
1280.200 |
|
Profit Before Tax |
394.400 |
286.200 |
680.600 |
|
|
|
|
|
|
3. Capital
Employed (Segment Assets-Segment Liabilities) |
|
|
|
|
Telecom
Product and Solution |
15387.100 |
12825.900 |
15387.100 |
|
Power
Product and Solution |
4712.200 |
4145.700 |
4712.200 |
|
Unallocable |
12609.300 |
13652.600 |
12609.300 |
|
Total |
32708.600 |
30624.200 |
32708.600 |
Notes:
1. In terms of clause 41 of the listing agreement, details of number of investor complaints for the quarter ended September 30, 2015 : Beginning - 0 , Received - 51, Disposed off - 51, Pending - 0.
2. The above results have been reviewed by the Audit Committee. The Board of directors at its meeting held on October 26, 2015 approved the above results.
3. During the quarter ended Sep 30, 2015, the Company acquired 100% of the paid up equity share capital of Elitecore Technologies Private Limited, a global telecom software product company, which is proposed to be merged into Sterlite Technologies Limited.
4. The Board of directors of the Company on May 18, 2015 had approved the Scheme of Arrangement under Sections 391 – 394 of the Companies Act, 1956 (‘the Scheme’) between Sterlite Technologies Limited (‘STL’ or ‘Demerged company’), Sterlite Power Transmission Limited (‘SPTL’ or ‘Resulting company’) and their respective shareholders and creditors for the demerger of power products and solutions business (including the investments of STL in power transmission infrastructure subsidiaries) into its subsidiary SPTL with the appointed date of April 1, 2015 subject to the approval of shareholders and creditors, approvals of the relevant regulatory authorities and the sanction of the H’ble Bombay High Court. The Scheme inter alia provides for issue of equity shares or redeemable preference shares of SPTL to the shareholders of STL. The Scheme would become effective upon receipt of all requisite approvals and filing of the certified copies of the Court order with the Registrar of Companies. Pending the requisite approvals/filings, no effect of adjustments (including tax adjustments) arising out of the proposed demerger has been considered in the above results.
5. Pursuant to proposed demerger as mentioned in note 4 above and in accordance with Accounting Standard 24, "Discontinuing Operations", the financial results of the Power Product & Solutions Business (Discontinuing Operations) from Standalone result perspective is as under :
|
Particulars |
Quarter ended |
Half Year ended |
|
|
|
Sep 2015 |
June
2015 |
Sep 2015 |
|
Net revenue |
5620.800 |
5369.200 |
10990.000 |
|
Other Operating
Income |
72.000 |
50.500 |
122.500 |
|
Income from
operations (net) |
5692.800 |
5419.700 |
11112.500 |
|
Other Income |
15.800 |
18.900 |
34.700 |
|
Expenses
(excluding interest cost) |
5555.300 |
5348.300 |
10903.600 |
|
Profit before
interest and tax |
153.300 |
90.300 |
243.600 |
6. During the quarter ended Sep 30, 2015, as permitted by MCA Notification dated August 29, 2014, the Company has applied the provisions of para 4(a) under the heading Notes after Part C in Schedule II of the Companies Act, 2013 relating to identification of components of fixed assets w.e.f April 1,2015. As a result, the depreciation charge for the quarter and half year ended September 30, 2015 is higher by Rs. 11.800 Million. Further, an amount of Rs.123.800 Million (net of tax of Rs. 65.500 Million) pertaining to components of fixed assets for which the remaining useful lives were nil as at April 1, 2015 has been adjusted to General Reserve.
7. Formulae for computation of ratios are as follows: Debt Service Coverage Ratio = Earnings before Gross Interest and Tax/ (Gross Interest Expense + Principal Term Loan Repayment) Interest Service Coverage Ratio = Earnings before Gross Interest and Tax / Gross Interest Expense
For paid up debt capital and debt equity ratio computation, debt includes long-term borrowings + short term borrowings + current matuirties of long-term borrowings.
8. During the year 2005-06, the CESTAT had upheld a demand of Rs. 188 Crores (including penalties and excluding interest) thereon in the pending Excise matter. The auditors have expressed their qualification on this matter. The Company is contesting this case and the matter is pending the decision of the Hon'ble Supreme Court.
9. Previous period figures have been regrouped / rearranged wherever considered necessary.
STATEMENT
OF ASSETS AND LIABILITIES
(Rs. In Million)
|
SOURCES
OF FUNDS |
30.09.2015 |
|
|
Unaudited |
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
789.200 |
|
(b) Reserves & Surplus |
12108.700 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
12897.900 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
8648.800 |
|
(b) Deferred tax liabilities
(Net) |
577.200 |
|
(c) Other long term
liabilities |
678.100 |
|
(d) long-term provisions |
125.700 |
|
Total
Non-current Liabilities (3) |
10029.800 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
9482.400 |
|
(b) Trade payables |
7898.700 |
|
(c) Other current liabilities |
5860.300 |
|
(d) Short-term provisions |
189.500 |
|
Total
Current Liabilities (4) |
23430.900 |
|
|
|
|
TOTAL |
46358.600 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
10236.600 |
|
(ii) Intangible Assets |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
|
(b) Non-current Investments |
15627.400 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
1480.300 |
|
(e) Other Non-current assets |
279.700 |
|
Total
Non-Current Assets |
27624.000 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
4921.300 |
|
(c) Trade receivables |
10321.700 |
|
(d) Cash and cash equivalents |
549.800 |
|
(e) Short-term loans and
advances |
2896.100 |
|
(f) Other current assets |
45.700 |
|
Total
Current Assets |
18734.600 |
|
|
|
|
TOTAL |
46358.600 |
FIXED ASSETS
·
Freehold land
·
Leasehold land
·
Buildings
·
Plant and machinery
·
Furniture and fixtures
·
Data processing equipment
·
Office equipment
·
Electric fittings
·
Vehicles
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.66.33 |
|
|
1 |
Rs.100.03 |
|
Euro |
1 |
Rs.71.44 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.