MIRA INFORM REPORT
|
Report No. : |
350790 |
|
Report Date : |
19.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
THE ANDHRA SUGARS LIMITED |
|
|
|
|
Registered
Office : |
Venkatrayapuram, West Godavari District, Tanuku - 534 215, Andhra Pradesh |
|
Tel. No.: |
91- 8819-224911 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
11.08.1947 |
|
|
|
|
Com. Reg. No.: |
01-000326 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 271.101 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15420AP1947PLC000326 |
|
|
|
|
IEC No.: |
2688000268 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT6357Q |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the manufacture and sale of Sugar, Organic and Inorganic Chemicals and also engaged into wind power generation. |
|
|
|
|
No. of Employees
: |
2241 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Andhra Sugars Limited is a diversified conglomerate with presence in sugar and allied activities, chemicals and its derivatives (like caustic soda, caustic potash and hydrochloric acid) and other organic and inorganic chemicals and wind power. The company was promoted by Late Dr. Mullapudi Harischandra Prasad along with Late Shri P.S.R.V.K. Ranga Rao. The rating takes consideration on integrated operations of the company resulting in operating efficiencies, vast experienced management background and the diversified business profile. Rating further takes into account on company satisfactory financial risk profile along with strong capital structure, negligible debt and healthy liquidity position. This rating strength is partially offsets by sharp decline in its profitability margin. The ratings also continue to consider the exposure of the sugar business to cyclical trends and associated agro-climatic risks. However, trade relations are fair. Business is active. Payments are reported to be regular and as per commitment. In view of aforesaid, 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based limits : A |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
July, 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non fund based limits : A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
July, 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 DECLINED
Management non-cooperative (91-8819-224911)
LOCATIONS
|
Registered Office / Factory 1: |
Venkatrayapuram, West Godavari District, Tanuku - 534 215, Andhra Pradesh, India |
|
Tel. No.: |
91-8819-224911 ( 7 Lines ) |
|
Fax No.: |
91-8819-224168 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
Kovvur, West Godavari District, Andhra Pradesh, India |
|
|
|
|
Factory 3 : |
Saggonda, Gopalapuram Mandal, West Godavari District
Andhra Pradesh, India |
|
|
|
|
Factory 4 : |
Taduvai, Jangareddygudem Mandal, West Godavari District, Andhra Pradesh, India |
|
|
|
|
Factory 5 : |
Bhimadole, W. G. District, Andhra Pradesh, India |
|
|
|
|
Factory 6 : |
Perecherla, Guntur Andhra Pradesh, India |
|
|
|
|
Wind Power Units: |
|
DIRECTORS
As on 31.03.2015
|
Name : |
Pendyala Narendranath Chowdary |
|
Designation : |
Managing Director |
|
Address : |
(Old No. 3-122/1-2) New No. 3-159/1, Dommeru Estate, Dommeru-534351, Andhra Pradesh, India |
|
Date of Appointment : |
12.01.1976 |
|
DIN No.: |
00015764 |
|
|
|
|
Name : |
Dr. Bolla Bulli Ramaiah |
|
Designation : |
Managing Director |
|
Address : |
10-242, Venkatarayapuram, Tanuku-534215, Andhra Pradesh, India |
|
Date of Birth/Age : |
09.07.1926 |
|
Date of Appointment : |
01.04.1998 |
|
DIN No.: |
00015061 |
|
|
|
|
Name : |
Mullapudi Thimmaraja |
|
Designation : |
Whole-Time Director |
|
Address : |
5-102, Mullapudivari Street, Tanuku, 534211, Andhra Pradesh, India |
|
Date of Appointment : |
01.08.1978 |
|
DIN No.: |
00016711 |
|
|
|
|
Name : |
Pendyala Achuta Ramayya |
|
Designation : |
Whole-Time Director |
|
Address : |
10-17/1, Mandapaka, Venkatarayapuram, Tanuku-534215, Andhra Pradesh, India |
|
Date of Appointment : |
01.08.1983 |
|
DIN No.: |
00015065 |
|
|
|
|
Name : |
Dr. Mullapudi Narendranath |
|
Designation : |
Whole-Time Director |
|
Address : |
5-102/11, Mullapudivari Street, Tanuku-534211, Andhra Pradesh, India |
|
Date of Appointment : |
01.01.1998 |
|
DIN No.: |
00016764 |
|
|
|
|
Name : |
Sreeramachandra Venkata Krishna Ranga Rao Pendyala |
|
Designation : |
Whole-Time Director |
|
Address : |
H.No. 3-159/1, Dommeru Estate, Dommeru -534351, Andhra Pradesh, India |
|
Date of Appointment : |
01.05.1999 |
|
DIN No.: |
00015795 |
|
|
|
|
Name : |
Alla Venkata Rama Rao |
|
Designation : |
Director |
|
Address : |
Avra House, 7-102/54, Sai Enclave, Habsiguda, Hyderabad-500007, Telangana, India |
|
Date of Birth/Age : |
02.04.1935 |
|
Date of Appointment : |
27.04.2001 |
|
DIN No.: |
01341232 |
|
|
|
|
Name : |
Ranga Rao Akinepally |
|
Designation : |
Director |
|
Address : |
H. No. 8-2-335, Plot No. 4, Road No. 5, Banjara Hills, Hyderabad-500034, Telangana, India |
|
Date of Appointment : |
18.11.1991 |
|
DIN No.: |
00089664 |
|
|
|
|
Name : |
Pamidi Kotaiah |
|
Designation : |
Director |
|
Address : |
102, Pooja Pride, Plot No.75, Srinagar Colony, Hyderabad-500073, Telangana, India |
|
Date of Appointment : |
27.04.2001 |
|
DIN No.: |
00038420 |
|
|
|
|
Name : |
Vuppalapati Raju Sitarama |
|
Designation : |
Director |
|
Address : |
106, Dhanunjaya Towers, Main Road, Banjara Hills, Hyderabad-500034, Telangana, India |
|
Date of Appointment : |
29.10.2003 |
|
DIN No.: |
00101405 |
|
|
|
|
Name : |
Popuri Adeyya Chowdary |
|
Designation : |
Director |
|
Address : |
8-3-833/55, Phase I Street, Ward-8,Circle VII, Kamalapuri Colony, Hyderabad-500073, Telangana, India |
|
Date of Appointment : |
24.04.2010 |
|
DIN No.: |
02936505 |
|
|
|
|
Name : |
Manjulatha Dasari |
|
Designation : |
Director |
|
Address : |
Plot No.1148, Road No.59, Jubilee Hills, Hyderabad-500033, Telangana, India |
|
Date of Appointment : |
28.07.2014 |
|
DIN No.: |
02788338 |
KEY EXECUTIVES
|
Name : |
Mr. Palachandra Mokshagundam |
|
Designation : |
Secretary |
|
Address : |
F-23, ASL Colony, Venkatarayapuram, Tanuku-534215, Andhra Pradesh, India |
|
Date of Appointment : |
28.07.2008 |
|
PAN No.: |
AGGPB8621E |
|
|
|
|
Name : |
Mr. Pathuri Venkata Satya Viswanadha Kumar |
|
Designation : |
Chief finance officer |
|
Address : |
10-283/5, D-3, Andhra Sugars Colony, Venkatarayapuram, Tanuku-534215, Andhra Pradesh, India |
|
Date of Appointment : |
26.05.2014 |
|
PAN No.: |
AELPP4640N |
|
|
|
|
Name : |
P.V.S. Viswanadha Kumar |
|
Designation : |
General Manager (Finance) and Assitant Secretary |
|
|
|
|
Name : |
Mr. Rajesh |
|
Designation : |
Deputy Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Category |
No. of Shares held |
% of Shareholding |
|
Promoters |
12599651 |
46.48 |
|
Institutions, Mutual Funds and Banks |
219051 |
0.81 |
|
FII's / OCB's |
14694 |
0.05 |
|
NRI's |
439000 |
1.62 |
|
Bodies Corporate, Trusts and Clearing Members |
2051252 |
7.57 |
|
Public |
11783430 |
43.47 |
|
Total |
27107078 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacture and sale of Sugar, Organic and Inorganic Chemicals and also engaged into wind power generation. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
2241 (Approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||
|
Statutory Auditors
: |
|
|
Name : |
Brahmayya and Company Chartered Accountants |
|
Address : |
D.No. 33-25-33-B, Govindarajulu Naidu Street, Suryaraopet,
Vijayawada – 520002, Andhra Pradesh, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AADFB8032G |
|
|
|
|
Cost Auditors : |
Narasimha Murthy and Company Cost Accountants |
|
Address : |
104, Pavani Estate, 3-6-365, Himayat Nagar, Hyderabad – 500029, Telangana, India |
|
|
|
|
Secretarial Auditors |
Nekkanti S.R.V.V. Satyanarayana and Company |
|
Address : |
Flat No. 403, Malik Chambers, Hyderguda, Hyderabad - 500 029 Telangana, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiary
Companies: |
|
|
|
|
|
Associate Company : |
|
|
|
|
|
Enterprises in
which Key Management Personnel and/or their relatives are Interested : |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28750000 |
Equity Shares |
Rs.10/- each |
Rs. 287.500 Million |
|
30000 |
First Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 3.000
Million |
|
95000 |
Second Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 9.500
Million |
|
|
Total
|
|
Rs. 300.000
Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27113091 |
Equity Shares |
Rs.10/- each |
Rs. 271.131
Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27107078 |
Equity Shares |
Rs.10/- each |
Rs. 271.071 Million |
|
|
Forfeited amount on 6013 shares of Rs.10/-each, Rs.5/-paid
up |
|
Rs. 0.030
Million |
|
|
Total
|
|
Rs. 271.101 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF
FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
271.101 |
271.101 |
271.101 |
|
(b) Reserves & Surplus |
5280.099 |
5365.231 |
4411.028 |
|
(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) |
5551.200 |
5636.332 |
4682.129 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1493.672 |
1583.151 |
1361.259 |
|
(b) Deferred tax liabilities (Net) |
878.089 |
848.417 |
820.139 |
|
(c) Other long term
liabilities |
507.695 |
591.581 |
457.854 |
|
(d) long-term
provisions |
67.224 |
72.407 |
121.209 |
|
Total Non-current
Liabilities (3) |
2946.680 |
3095.556 |
2760.461 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1382.129 |
709.088 |
1285.594 |
|
(b) Trade
payables |
182.297 |
134.249 |
218.485 |
|
(c) Other current
liabilities |
1021.189 |
1267.940 |
1018.359 |
|
(d) Short-term
provisions |
816.573 |
1271.764 |
1075.977 |
|
Total Current
Liabilities (4) |
3402.188 |
3383.041 |
3598.415 |
|
|
|
|
|
|
TOTAL |
11900.068 |
12114.929 |
11041.005 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
4596.263 |
4665.260 |
4866.467 |
|
(ii)
Intangible Assets |
3.589 |
4.109 |
5.149 |
|
(iii)
Capital work-in-progress |
193.340 |
257.604 |
68.638 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1030.612 |
1030.612 |
747.226 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
288.361 |
120.357 |
115.890 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
6112.165 |
6077.942 |
5803.370 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3405.378 |
3584.645 |
3014.104 |
|
(c) Trade
receivables |
972.245 |
909.975 |
905.217 |
|
(d) Cash
and cash equivalents |
245.872 |
225.603 |
222.701 |
|
(e)
Short-term loans and advances |
1149.569 |
1307.806 |
1091.962 |
|
(f) Other
current assets |
14.839 |
8.958 |
3.651 |
|
Total
Current Assets |
5787.903 |
6036.987 |
5237.635 |
|
|
|
|
|
|
TOTAL |
11900.068 |
12114.929 |
11041.005 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
7785.395 |
7261.657 |
8320.031 |
|
|
Other Income |
106.583 |
130.088 |
137.357 |
|
|
TOTAL
(A) |
7891.978 |
7391.745 |
8457.388 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials and
Components Consumed |
3120.825 |
3081.842 |
3145.382 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
16.326 |
|
|
Increases /Decreases in
Inventories of Finished goods, Work in Progress and Traded goods |
235.365 |
(696.688) |
78.851 |
|
|
Employees benefits expense |
723.098 |
769.426 |
743.075 |
|
|
Other expenses |
3155.750 |
2844.558 |
2498.654 |
|
|
Exceptional Items |
0.000 |
0.000 |
176.415 |
|
|
TOTAL
(B) |
7235.038 |
5999.138 |
6658.703 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
656.940 |
1392.607 |
1798.685 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
223.681 |
197.768 |
193.048 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
433.259 |
1194.839 |
1605.637 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
356.906 |
432.593 |
411.929 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
76.353 |
762.246 |
1193.708 |
|
|
|
|
|
|
|
Less |
TAX (H) |
42.593 |
216.818 |
445.216 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
33.760 |
545.428 |
748.492 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1326.487 |
983.645 |
921.284 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
30.000 |
49.000 |
500.000 |
|
|
Dividend |
81.321 |
135.535 |
162.642 |
|
|
Tax on Dividend |
11.581 |
18.051 |
23.489 |
|
|
Balance
Carried to the B/S |
1237.345 |
1326.487 |
983.645 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
85.172 |
34.303 |
9.506 |
|
|
TOTAL
EARNINGS |
85.172 |
34.303 |
9.506 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
27.075 |
6.786 |
NA |
|
|
Components and Stores parts |
74.002 |
63.261 |
NA |
|
|
Capital Goods |
649.163 |
755.969 |
NA |
|
|
TOTAL
IMPORTS |
750.240 |
826.016 |
NA |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
1.25 |
20.12 |
27.61 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
387.180 |
523.205 |
456.100 |
|
Cash generated from operations |
259.430 |
870.2.61 |
NA |
|
Net cash flow from operating activity |
178.471 |
569.280 |
1508.496 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
|
|
1st Quarter |
2nd
Quarter |
|
Net Sales |
|
1853.030 |
2358.250 |
|
Total Expenditure |
|
1821.370 |
1898.560 |
|
PBIDT (Excl OI) |
|
31.660 |
459.690 |
|
Other Income |
|
21.470 |
45.760 |
|
Operating Profit |
|
53.130 |
505.450 |
|
Interest |
|
64.950 |
60.880 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
(11.820) |
444.570 |
|
Depreciation |
|
82.170 |
82.790 |
|
Profit Before Tax |
|
(93.990) |
361.780 |
|
Tax |
|
(104.030) |
179.690 |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
10.040 |
182.090 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
10.040 |
182.090 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin
(PAT / Sales) |
(%) |
0.43 |
7.51 |
9.00 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
8.44 |
19.18 |
21.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.72 |
7.04 |
11.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.14 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.59 |
0.50 |
0.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70 |
1.78 |
1.46 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.135.90/- |
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 |
271.101 |
271.101 |
271.101 |
|
Reserves & Surplus |
4411.028 |
5365.231 |
5280.099 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4682.129 |
5636.332 |
5551.200 |
|
|
|
|
|
|
long-term borrowings |
1361.259 |
1583.151 |
1493.672 |
|
Short term borrowings |
1285.594 |
709.088 |
1382.129 |
|
Current maturities of
long-term debts |
456.100 |
523.205 |
387.180 |
|
Total
borrowings |
3102.953 |
2815.444 |
3262.981 |
|
Debt/Equity
ratio |
0.663 |
0.500 |
0.588 |
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 |
8320.031 |
7261.657 |
7785.395 |
|
|
|
(12.721) |
7.212 |
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 |
8320.031 |
7261.657 |
7785.395 |
|
Profit |
748.492 |
545.428 |
33.760 |
|
|
9.00% |
7.51% |
0.43% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10589403 |
12/08/2015 |
154,000,000.00 |
STATE BANK OF
HYDERABAD |
EEMANI VARI STREET,
NEAR SATYA HOSPITAL, TANUKU- 534211, ANDHRA PRADESH, INDIA |
C63419477 |
|
2 |
10486421 |
21/03/2014 |
148,400,000.00 |
ANDHRA BANK |
VENKATARAYAPURAM,
TANUKU- 534215, ANDHRA PRADESH, |
C01008861 |
|
3 |
10480407 |
22/02/2014 |
219,400,000.00 |
ANDHRA BANK |
VENKATARAYAPURAM,
TANUKU- 534215, ANDHRA PRADESH, |
B97520159 |
|
4 |
10115235 |
01/08/2008 |
4,650,000.00 |
CANARA BANK |
DEVARKONDAVARI
STREET, OPPOSITE WHY NOT SHOPPING |
A43027622 |
|
5 |
10097209 |
29/03/2008 |
43,700,000.00 |
STATE BANK OF
HYDERABAD |
OLD POST OFFICE
ROAD, TANUKU- 534211, ANDHRA PRADESH, INDIA |
A36147338 |
|
6 |
90130597 |
03/09/2014 * |
240,000,000.00 |
INDIAN BANK |
TANUKU, TANUKU, ANDHRA
PRADESH- 534211, INDIA |
C22269054 |
|
7 |
90126819 |
24/03/2004 |
40,000,000.00 |
ICICI BANK LTD |
LAND MARK COURSE
CIRCLE, VADODARA, ANDHRA PRADESH |
- |
|
8 |
90126773 |
18/12/2003 |
300,000,000.00 |
ANDHRA BANK |
VENKATARAYAPURAM,
W.G., ANDHRA PRADESH, INDIA |
- |
|
9 |
90128473 |
24/11/2003 |
40,000,000.00 |
ANDHRA BANK |
VENKATARAYAPURM,
W.G., ANDHRA PRADESH, INDIA |
- |
|
10 |
90130259 |
17/06/2003 * |
40,000,000.00 |
STATE BANK OF
INDIA |
TANUKU, W.G.,
ANDHRA PRADESH, INDIA |
- |
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Other
Loans and advances |
|
|
|
Deferred
Sales Tax Loan |
370.699 |
395.785 |
|
Deposits
from Directors/Related Parties |
695.140 |
704.465 |
|
Others |
150.670 |
214.130 |
|
Deposits
from Hidustan Allied Chemicals Limited (Subsidiary) |
8.925 |
6.975 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Deposits
from Directors/Related Parties |
2.600 |
45.100 |
|
from
Others |
0.540 |
6.365 |
|
Loans
From Directors |
12.830 |
0.000 |
|
Total |
1241.404 |
1372.820 |
PERFORMANCE:
For the year 2014-15 the Company made a Profit of Rs. 76.400
Million (before tax) against Rs. 762.200 Million made last year. The Net Profit
(After Tax) was Rs. 33.800 Million against Rs. 545.400 Million made last year.
The steep fall in Sugar Prices, increase in Power tariff and reduction in the
quantum of Power supplied by Andhra Prades Gas Power Corporation Limited due to
the shortage of Gas have been the main reasons for the fall in profit.
MANAGEMENT DISCUSSION
AND ANALYSIS:
SUGAR INDUSTRY :
Sugar Industry in India for the past six years has been ending up with an increasing surplus of sugar that stands at about 11 Million tones today affecting the viability of this Industry. To add to this situation is the nonimplementation of the Recommendations of the Rangarajan Report, which had recommended the linking of cane price to the realization from sugar and other products. The cane price today stands above the sugar price. Drastic fall in Sugar price and steep increase in the cost of production has put this Industry in a very difficult situation. As of today apart from sugar, the Indian Sugar Industry is surviving with Co-generation and the production of Ethanol both of which are products utilizing Begasse and Molasses, which are bye-products of Sugar. It is possible to be able to get around today's situation by utilizing Sugar to produce other value added products like Fine and Bulk Chemicals, Pharmaceuticals, Bio-plastics, Bio-polymers & others. It is by utilizing sugar in this way that the ever growing expenses of Sugar Mills can be taken care of without the need of constraining the production of Sugar.
In the context of prevailing dismal scenario, there is an need for Central and State Governments to lay down some firm policies to bail the Industry which is in crisis. Abolition of VAT, CST, duty on Molasses on interstate movement, creation of buffer stocks, allowing Mills to produce Ethanol directly from Cane juice, duty exemptions for procurement of Mechanical Harvesters, providing programmes to help cane growers to switch over to mechanization of sugarcane and the farming in a big way to bring down the cost of sugarcane production and several other allied reliefs are required to be provided on priority basis to ensure the survival of the Sugar Industry.
The Company's focus has been to overcome the problems of lack of harvesting labour, Non-availability of good sugarcane varieties for achieving high recovery and yield, infestation of sugarcane by pests and diseases.
Keeping this in mind, efforts are being made for the implementation of Mechanization in sugarcane planting and harvesting. Last year, Mechanical planting with wide row spacing in 100 acres was demonstrated for mechanical harvesting. This year, Mechanical Harvesters have been used and harvested over 100 acres. Results have been encouraging with farmers being convinced about the suitability of Harvesters to maintain the cane loss to the minimum.
To develop the high sucrose and high yield sugarcane varieties, sugarcane breeding program is being carried out in sugarcane R&D farm. After the evaluation of field and Mill test, two varieties were identified and released for seed multiplication in the farmer's field in the extent of 275 acres. With this, these varieties can be supplied in commercial quantities.
To minimize the damage due to borer pests, a Bio-control Lab has been established to produce and supply the Trichogramma and Tetrastricus. Trichogramma cards are being released in the infected areas. This will improve the sugarcane recovery and yield.
We obtained CFE, on 04-09-2010 for Expansion of the Plant to 6000 TCD and to install 31 MW Power Plant. We have obtained CFO only for expanded capacity of the Plant, without power plant. The valid of the CFE to install Power Plant is up to 04-09-2015.
Keeping in view the interest of the farmers, the Company has been paying a Cane price higher than the "Fair Remunerative Price" in addition to Incentives and Subsidies to ensure that farmers see cane farming as remunerative as other commercial crops.
CHLOR-ALKALI AND
OTHER PRODUCTS:
The Company has an integrated Chlor-Alkali Chemical Complex manufacturing Caustic Soda, Chlorine and other allied chemicals. Chlor-Alkali is power intensive sector where power constitutes a major in-put cost. Power availability at a competitive cost to meet the production requirement of Chemical Plants has been a major cause of concern. The Company, as an equity investor in APGPCL, a gas based power generating company has an entitlement to 41.06 M.W. of Power. The cost of Power availed from this source has been cheaper compared to the power availed from State Electricity Board. As the Gas allocation to APGPCL has been curtailed APGPCL is not in a position to generate Power upto the full capacity. This necessitated APGPCL to restrict the power supply to their shareholders which compelled the Company to buy power from other sources at a higher tariff which has been impacting the cost of production. Keeping this in mind, the Company is implementing a 33 MW Coal based Power Project at Saggonda Chemical Complex. This would ensure required power for chemical plants.
Disposal of Chlorine, which is a bye product at Caustic Soda Plant remains a challenge as the end users have gone in for Chlorine Fuel Technology in their manufacturing process, to overcome this bottle neck, the Company is looking into the possible avenues for disposing Chlorine in order to enable the running of Caustic Soda Plant to be full capacity.
As domestic price realisation of Aspirin is not encouraging,
the Company's focus is on to widen the international client base. The Company's
Aspirin facility has been upgraded to meet the international Standards (CGMP).
Required Audit Certificates have been received from USFDA and EDQM. Aspirin
Plant has received ISO Certification. Several overseas Multinational Companies
have evinced interest in our product. During the year under report the capacity
utilasation of Aspirin plant increased consequent upon which Aspirin division
could make a marginal profit which facilitated the Company to move ahead with
optimism for establishing a firm base in international market. Steps are being
taken to obtain regulatory approvals for expanding this plant. In the coming
years our focus would be to widen the International client base.
STATEMENT
OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH
SEPTEMBER, 2015
(Rs. In Million)
|
Sr. No |
Particulars |
Standalone |
|||
|
Quarter Ended |
Six Month Ended |
||||
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|||
|
Unaudited |
Unaudited |
Unaudited |
|||
|
1 |
Income From
Operations |
|
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
2312.074 |
1820.613 |
4132.687 |
|
|
|
b. Other Operating Income |
46.176 |
32.415 |
78.591 |
|
|
|
Total Income from
Operations (Net) |
2358.250 |
1853.028 |
4211.278 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. Cost of material Consumed |
375..059 |
391.415 |
766.474 |
|
|
|
b. Purchase of Stock-in trade |
0.000 |
0.000 |
0.000 |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
643.810 |
588.423 |
1232.233 |
|
|
|
d. Employees Benefit Expenses |
187.118 |
163.983 |
351.101 |
|
|
|
e. Depreciation and Amortisation Expenses |
82.792 |
82.165 |
164.957 |
|
|
|
f. Other expenses |
233.273 |
393.820 |
853.126 |
|
|
|
g. Power and Fuel |
459.306 |
393.820 |
853.126 |
|
|
|
Total Expenses |
1981.358 |
1903.522 |
3884.880 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
376.892 |
(50.494) |
326.398 |
|
|
4 |
Other Income |
45.762 |
21.465 |
67.227 |
|
|
5 |
Profit from ordinary
activities before finance cost & exceptional items |
422.654 |
(29.029) |
393.625 |
|
|
6 |
Finance Costs |
60.876 |
64.955 |
125.831 |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
361.778 |
(93.984) |
267.794 |
|
|
8 |
Exceptional items |
0.000 |
0.000 |
0.000 |
|
|
9 |
Profit from
ordinary activities before tax |
361.778 |
(93.984) |
267.794 |
|
|
10 |
Tax Expense |
179.686 |
(104.025) |
75.661 |
|
|
11 |
Net Profit from
ordinary activity after tax |
182.092 |
10.041 |
192.133 |
|
|
12 |
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
|
13 |
Net Profit After
Tax |
182.092 |
10.041 |
192.133 |
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
271.071 |
271.071 |
271.071 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
|
|
|
|
|
16 |
Earnings Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
|
|
Basic EPS |
6.72 |
0.37 |
7.09 |
|
|
|
Diluted EPS |
6.72 |
0.37 |
7.09 |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
14507427 |
14507427 |
14507427 |
|
|
|
- Percentage of shareholding |
53.52 |
53.52 |
53.52 |
|
|
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 |
12599651 |
12599651 |
12599651 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
46.48 |
46.48 |
46.48 |
|
|
|
Particulars |
3 months ended 30.09.2015 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
3 |
|
|
Disposed off during the quarter |
3 |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL
EMPLOYED
(Rs. In Million)
|
Particulars
|
Quarter Ended (Unaudited) |
Six Month Ended |
|
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
1. Segment
Revenue (Net Sales/Income from Operations) |
|
|
|
|
a)
Sugar |
737.701 |
290.213 |
1027.914 |
|
b)
Caustic
Soda |
1166.175 |
1164.420 |
2330.595 |
|
c)
Power
Generation |
53.510 |
34.701 |
88.211 |
|
d) Industrial Chemicals |
411.665 |
433.537 |
845.202 |
|
e) Unallocated |
142.871 |
165.543 |
308.414 |
|
|
|
|
|
|
Total |
2511.922 |
2088.414 |
4600.336 |
|
Less : Inter Segment Revenue |
153.672 |
235.386 |
389.058 |
|
Net Sales |
2358.250 |
1853.028 |
4211.278 |
|
|
|
|
|
(Profit
(Loss) before tax and Interest) |
|
|
|
|
a)
Sugar |
25.635 |
(368.366) |
(342.731) |
|
b)
Caustic
Soda |
223.932 |
214.028 |
437.960 |
|
c)
Power
Generation |
20.841 |
(5.364) |
15.477 |
|
d) Industrial Chemicals |
93.523 |
75.916 |
169.439 |
|
e) Unallocated |
58.723 |
54.757 |
113.480 |
|
Total |
422.654 |
(29.029) |
393.625 |
|
Less : i) Interest Costs |
60.876 |
64.955 |
125.831 |
|
(Total
Profit / (Loss) before tax |
361.778 |
(93.984) |
267.794 |
|
|
|
|
|
|
3. Capital Employed
(Segment Current Liabilities) |
|
|
|
|
a)
Sugar |
2042.363 |
2109.028 |
2042.363 |
|
b)
Caustic
Soda |
2849.736 |
2426.513 |
2849.736 |
|
c)
Power
Generation |
1302.709 |
1217.310 |
1302.709 |
|
d) Industrial Chemicals |
451.898 |
477.624 |
451.898 |
|
e) Unallocated |
1716.382 |
1804.815 |
1716.382 |
|
Total Capital Employed in the company |
8363.088 |
8035.290 |
8363.088 |
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES AS ON 30.09.2015
(Rs. In Million)
|
SOURCES
OF FUNDS |
30.09.2015 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
271.101 |
|
(b) Reserves & Surplus |
5472.230 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5743.331 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
1747.017 |
|
(b) Deferred tax liabilities
(Net) |
872.742 |
|
(c) Other long term
liabilities |
640.172 |
|
(d) long-term provisions |
46.942 |
|
Total
Non-current Liabilities (3) |
3306.873 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
385.889 |
|
(b) Trade payables |
339.054 |
|
(c) Other current liabilities |
1171.935 |
|
(d) Short-term provisions |
841.912 |
|
Total
Current Liabilities (4) |
2738.790 |
|
|
|
|
TOTAL |
11788.994 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
4460.453 |
|
(ii) Intangible Assets |
3.329 |
|
(iii) Capital work-in-progress |
464.353 |
|
(iv) Intangible assets under
development |
0.000 |
|
(b) Non-current Investments |
1030.610 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
473.087 |
|
(e) Other Non-current assets |
54.975 |
|
Total
Non-Current Assets |
6486.807 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
100.111 |
|
(b) Inventories |
2413.336 |
|
(c) Trade receivables |
1072.848 |
|
(d) Cash and cash equivalents |
313.774 |
|
(e) Short-term loans and
advances |
1382.589 |
|
(f) Other current assets |
19.529 |
|
Total
Current Assets |
5302.187 |
|
|
|
|
TOTAL |
11788.994 |
FIXED ASSETS
- Land
- Buildings
- Plant And Machinery
- Transport Equipment
- Furniture and Fittings
- Tramways and Railway Siding
- Renewable Energy Plant: Wind
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.66.11 |
|
|
1 |
Rs.100.51 |
|
Euro |
1 |
Rs.70.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KSH |
|
|
|
|
Report Prepared
by : |
JYTK / RKI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
4 |
|
--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 |
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 |
|
57 |
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.