MIRA INFORM REPORT
|
Report No. : |
349562 |
|
Report Date : |
20.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
SKIPPER LIMITED (w.e.f. 20.05.2010) |
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Formerly Known
As : |
SKIPPER STEELS LIMITED |
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Registered
Office : |
3A, Loudon Street, 1st Floor, Kolkata – 700017, West Bengal |
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Tel. No.: |
91-33-22895731/32/33 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
05.03.1981 |
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Com. Reg. No.: |
21-033408 |
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Capital
Investment / Paid-up Capital : |
Rs.102.320 Million |
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CIN No.: [Company Identification
No.] |
L40104WB1981PLC033408 |
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IEC No.: |
0294006109 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AADCS7272A |
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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 engaged in engineering products (manufacturing of
transmission towers for power sector) and manufacturing of PVC pipes, mild
steel (M.S.) and galvanized iron (G.I.) pipes, steel tabular poles,
scaffoldings and accessories. |
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|
|
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No. of Employees
: |
1146 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old company, incorporated in the year 1981. For the year 2015, the company has achieved good sales turnover marked
satisfactory profitability margin. Operational performance has improved as
compared to last year. The company possesses healthy financial profile marked by sound
networth base and decent liquidity position. Rating also takes into consideration the experience of the promoters,
improvement in profitability, capital structure and reputed clientele. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. 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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
|
Rating Agency Name |
CARE |
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Rating |
Commercial Paper=A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
23.10.2015 |
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 (Tel No.: 91-33-22895731)
LOCATIONS
|
Registered Office : |
3A, Loudon Street, 1st Floor, Kolkata – 700017, West Bengal, India |
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Tel. No.: |
91-33-22895731/32/33 |
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Fax No.: |
91-33-22895733 |
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E-Mail : |
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Website : |
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Factory 1: |
Unit Uluberia, N H No-VI, Village-Madhavpur, P. O. Mahishrekha,
Howrah-711 303, West Bengal, India |
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Factory 2: |
Jalan Complex, NH6 (Bombay Road), Village: Jangalpur Post: Andul Mouri Howrah – 711302, West Bengal, India |
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Factory 3: |
Survey No. 823, Opposite Rajvi Apartment Rajoda Village, Pavla, Taluka: Bavla District - Ahmedabad, India |
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Marketing Office 1: |
6, Bishop Leffroy Road, 1st Floor, Paul Mansion, Near Lee Banquets, Kolkata - 700020, West Bengal, India |
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Marketing Office 1: |
Solitaire Corporate Park 1, Building No. 6, 5th Floor 652, Andheri Ghatkopar, Link Road, Chakala, Andheri (East) Mumbai - 400093, Maharashtra, India |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Amit Kiran Deb |
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Designation : |
Chairman |
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Name : |
Mr. Sajan Kumar Bansal |
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Designation : |
Managing Director |
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Address : |
17, Moore Avenue, Regent Estate, Kolkata - 700040, West Bengal, India |
|
Date of Appointment : |
26.10.1984 |
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DIN No.: |
00063555 |
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Name : |
Mr. Siddharth Bansal |
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Designation : |
Whole-time director |
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Address : |
17, Moore Avenue, Regent Park, Kolkata - 700040, West Bengal, India |
|
Date of Appointment : |
10.03.2010 |
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DIN No.: |
02947929 |
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Name : |
Mr. Sharan Bansal |
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Designation : |
Whole-Time Director |
|
Address : |
17, Moore Avenue, Regent Estate, Kolkata - 700040, West Bengal, India |
|
Date of Appointment : |
29.06.2004 |
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DIN No.: |
00063481 |
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Name : |
Mr. Devesh Bansal |
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Designation : |
Whole-Time Director |
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Address : |
17, Moore Avenue, Regent Estate, Kolkata - 700040, West Bengal, India |
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Date of Appointment : |
05.04.2002 |
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DIN No.: |
00162513 |
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Name : |
Mr. Manindra Nath Banerjee |
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Designation : |
Director |
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Address : |
124, Jodhpur Park, Kolkata - 700068, West Bengal, India |
|
Date of Appointment : |
17.09.2007 |
|
DIN No.: |
00312918 |
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|
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Name : |
Ms. Mamta Binani |
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Designation : |
Director |
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Address : |
105/1, Bidannagar (Ultadanga) Main Road, Sun-City Complex, Tower C, Flat Nos.202-203, Kolkat - 700067, West Bengal, India |
|
Date of Appointment : |
12.02.2015 |
|
DIN No.: |
00462925 |
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Name : |
Mr. Shyam Bahadur Singh |
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Designation : |
Director |
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Address : |
135, Chira Chas, Chas P.O., Bokaro - 827013, Jharkhand, India |
|
Date of Appointment : |
25.11.2009 |
|
DIN No.: |
01982407 |
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|
|
|
Name : |
Mr. Amit Kiran Deb |
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Designation : |
Director |
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Address : |
Block - Da -38, Sector - 1, Salt Lake, Bidhannagar (N), North 24, Salt Lake, Parganas - 700064, West Bengal, India |
|
Date of Appointment : |
28.01.2010 |
|
DIN No.: |
02107792 |
KEY EXECUTIVES
|
Name : |
Mr. Arbind Kumar Jain |
|
Designation : |
Secretary |
|
Address : |
Asit Apartment, 65/2, Green Park, Kolkata, 700055, West Bengal, India |
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Date of Appointment : |
01.03.2009 |
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PAN No.: |
ACPPJ1850Q |
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|
|
|
Name : |
Mr. Sanjay Kumar Agrawal |
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Designation : |
Chief Financial Officer |
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Address : |
83/84/85 Salkia School Road, Block-A, 2nd Floor, Howrah, 711106, West Bengal, India |
|
Date of Appointment : |
12.08.2014 |
|
PAN No.: |
AEWPA6446E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
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|
|
|
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(A)
Shareholding of Promoter and Promoter Group |
||
|
(1) Indian |
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|
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|
42447337 |
41.49 |
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|
31607625 |
30.89 |
|
|
74054962 |
72.38 |
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|
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Total
shareholding of Promoter and Promoter Group (A) |
74054962 |
72.38 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
15474 |
0.02 |
|
|
3000 |
0.00 |
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|
18474 |
0.02 |
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|
|
|
|
|
19027091 |
18.60 |
|
|
|
|
|
|
2614204 |
2.56 |
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|
6532857 |
6.38 |
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|
68874 |
0.07 |
|
|
68874 |
0.07 |
|
|
28243026 |
27.60 |
|
Total
Public shareholding (B) |
28261500 |
27.62 |
|
Total
(A)+(B) |
102316462 |
100.00 |
|
(C) Shares
held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
102316462 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in engineering products (manufacturing of
transmission towers for power sector) and manufacturing of PVC pipes, mild steel
(M.S.) and galvanized iron (G.I.) pipes, steel tabular poles, scaffoldings
and accessories. |
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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 : |
1146 (Approximately) |
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Bankers : |
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Facilities : |
Rupee Term Loans from Banks of Rs.64.170 million (Previous Year Rs.84.540 million) and Buyers Credit of Rs. Nil (Previous year Rs. 86.900 million) are secured by way of first pari- passu charge over all immovable and moveable fixed assets, both present and future of Jangalpur unit, Howrah of the company excluding those assets for which there is an exclusive charge of other bankers. It is further secured by the second pari-passu charge on the current assets of the unit both present and future, excluding those assets for which there is an exclusive charge of other bankers. Rupee Term Loans from Banks of Rs.678.210 million (Previous Year Rs. 529.100 million) and foreign currency term loans of` 346.46 million (Previous Year Rs.458.280 million) are secured by way of first pari- passu charge over all immovable and moveable fixed assets, both present and future of Uluberia unit, Howrah of the company excluding those assets for which there is an exclusive charge of other bankers. It is further secured by the second pari-passu charge on the current assets of the unit both present and future, excluding those assets for which there is an exclusive charge of other bankers. Vehicle loans from Banks of Rs.44.480 million (Previous Year Rs.25.580 million) are secured against hypothecation of respective fixed assets financed by them. Loans from related parties of Rs.57.960 million and loans from other body corporate of Rs. 619.890 million, being long term in nature, have not been considered in the above repayment schedule. SHORT TERM
BORROWINGS Working Capital and Buyers Credit are secured by first charge on current assets and second charge on fixed assets of Jangalpur and Uluberia Units of the Company and also by personal guarantees of some of the directors of the Company. |
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Auditors : |
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|
Name : |
Singhi and Company Chartered Accountants |
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Address : |
Emerald House, 4th Floor, 1B, Old Post office Street, Kolkata – 700001, West Bengal, India |
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Tel. No.: |
91-33-22484573/77 |
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Mobile No.: |
91-9836233222 |
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Fax No.: |
91-33-22307146 |
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E-Mail : |
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Website: |
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PAN N Income-tax PAN of auditor or auditor's firm : |
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Memberships : |
-- |
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Collaborators : |
-- |
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Parties where key
management personnel along with their relatives have significant influence : |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
410000000 |
Equity Shares |
Re.1/- each |
Rs.410.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
102316462 |
Equity Shares |
Re.1/- each |
Rs.102.320
Million |
|
|
|
|
|
The Reconciliation of
the number of shares outstanding is set out below
|
Particulars |
As at 31-03-2015 |
|
Equity Shares at the beginning of the year |
102,316,462 |
|
Add: Equity Shares issued during the year |
-- |
|
Equity Shares At the end of the year |
102,316,462 |
Rights, Preferences and
Restrictions attached to Equity Shares:
The Company has one class of equity shares having a par value of Re.1 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Details of
shareholders holding more than 5% shares:
|
Name of
Shareholders |
As at 31-03-2015 |
|
|
|
No of Shares |
% |
|
Sajan Kumar Bansal |
8248596 |
8.06 |
|
Siddharth Bansal |
10468725 |
10.23 |
|
Rashmi Bansal |
6864396 |
6.71 |
|
Sumedha Bansal |
5766631 |
5.64 |
|
Skipper Plastics Limited (Formerly known as Rama Consultancy Company (1993) Limited) |
22050000 |
21.55 |
a) The Company does not have any Holding Company
b) The Company has not reserved any shares for issue of option and contract / commitment for sales of shares / disinvestment.
c) None of the securities are convertible into shares at the end of the reporting period.
The Company during the preceding 5 years –
i. Has not allotted shares pursuant to contracts without payment received in cash.
ii. Has issued 4872212 nos. of shares as fully paid up by way of bonus shares.
iii. Has not bought back any shares.
There are no calls unpaid by Directors / Officers.
The Company has not forfeited any shares
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 |
102.320 |
102.320 |
97.444 |
|
(b) Reserves & Surplus |
2936.340 |
2209.440 |
1963.482 |
|
(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) |
3038.660 |
2311.760 |
2060.926 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1706.930 |
2306.810 |
1985.999 |
|
(b) Deferred tax liabilities
(Net) |
264.660 |
217.750 |
181.248 |
|
(c) Other long term
liabilities |
0.000 |
9.690 |
15.740 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
1971.590 |
2534.250 |
2182.987 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1724.080 |
1755.490 |
1990.357 |
|
(b) Trade payables |
2415.030 |
1562.610 |
1161.603 |
|
(c) Other current liabilities |
1277.330 |
625.720 |
461.289 |
|
(d) Short-term provisions |
210.210 |
25.370 |
11.485 |
|
Total
Current Liabilities (4) |
5626.650 |
3969.190 |
3624.734 |
|
|
|
|
|
|
TOTAL |
10636.900 |
8815.200 |
7868.647 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3500.770 |
3373.510 |
3250.028 |
|
(ii) Intangible Assets |
11.900 |
11.640 |
12.043 |
|
(iii) Capital work-in-progress |
34.680 |
82.940 |
35.900 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
30.600 |
21.110 |
8.692 |
|
Total
Non-Current Assets |
3577.950 |
3489.200 |
3306.663 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2282.400 |
2290.110 |
2377.858 |
|
(c) Trade receivables |
3757.810 |
2318.190 |
1548.709 |
|
(d) Cash and cash equivalents |
560.940 |
263.070 |
128.200 |
|
(e) Short-term loans and
advances |
457.800 |
454.630 |
507.217 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
7058.950 |
5326.000 |
4561.984 |
|
|
|
|
|
|
TOTAL |
10636.900 |
8815.200 |
7868.647 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
13127.970 |
10415.060 |
9003.464 |
|
|
Other Income |
16.560 |
21.250 |
14.173 |
|
|
TOTAL
(A) |
13144.530 |
10436.310 |
9017.637 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
8550.870 |
7869.840 |
7193.857 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
246.460 |
(269.360) |
(365.253) |
|
|
Employees benefits expense |
340.980 |
273.930 |
194.630 |
|
|
Manufacturing, Administrative, Selling and Other Expenses |
1838.050 |
1438.530 |
1127.543 |
|
|
TOTAL
(B) |
10976.360 |
9312.940 |
8150.777 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
2168.170 |
1123.370 |
866.860 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
582.570 |
605.430 |
463.585 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1585.600 |
517.940 |
403.275 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
219.920 |
150.790 |
125.665 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
1365.680 |
367.150 |
277.610 |
|
|
|
|
|
|
|
Less |
TAX (H) |
473.970 |
98.050 |
90.480 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
891.710 |
269.100 |
187.130 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
134.720 |
20.000 |
15.000 |
|
|
Proposed Dividend on Equity
Shares |
133.010 |
15.350 |
9.744 |
|
|
Tax on Dividend |
27.080 |
2.680 |
1.581 |
|
|
Total
(M) |
294.810 |
38.030 |
26.325 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
596.900 |
231.070 |
160.805 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
523.120 |
252.410 |
316.621 |
|
|
TOTAL
EARNINGS |
523.120 |
252.410 |
316.621 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
483.770 |
597.800 |
671.825 |
|
|
Capital Goods |
94.810 |
76.400 |
53.290 |
|
|
Stores and Spares |
3.480 |
0.710 |
0.000 |
|
|
TOTAL
IMPORTS |
582.060 |
674.910 |
725.115 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
8.72 |
2.72 |
2.52 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
380.490 |
321.250 |
253.659 |
|
Cash generated from operations |
2076.290 |
1055.580 |
(100.963) |
|
Net cash flow from operating activity |
1738.160 |
1007.340 |
(618.862) |
QUARTERLY RESULTS
|
Particulars |
30.06.2015 |
30.09.2015 |
|
Unaudited |
1st Quarter |
2nd Quarter |
|
Net Sales |
2366.590 |
3499.080 |
|
Total Expenditure |
2013.150 |
3070.460 |
|
PBIDT (Excl OI) |
353.440 |
428.620 |
|
Other Income |
6.130 |
207.360 |
|
Operating Profit |
359.570 |
635.980 |
|
Interest |
147.270 |
114.260 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
212.300 |
521.720 |
|
Depreciation |
58.800 |
57.790 |
|
Profit Before Tax |
153.500 |
463.930 |
|
Tax |
53.280 |
160.990 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
100.220 |
302.940 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
100.220 |
302.940 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
6.79 |
2.58 |
2.08 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
16.52 |
10.79 |
9.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.88 |
4.20 |
3.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45 |
0.16 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.25 |
1.90 |
2.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.34 |
1.26 |
STOCK
PRICES
|
Face Value |
Rs.1/- |
|
Market Value |
Rs.160/- |
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 |
97.444 |
102.320 |
102.320 |
|
Reserves & Surplus |
1963.482 |
2209.440 |
2936.340 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2060.926 |
2311.760 |
3038.660 |
|
|
|
|
|
|
long-term borrowings |
1985.999 |
2306.810 |
1706.930 |
|
Short term borrowings |
1990.357 |
1755.490 |
1724.080 |
|
Current Maturities of
Long-Term Debts |
253.659 |
321.250 |
380.490 |
|
Total
borrowings |
4230.015 |
4383.550 |
3811.500 |
|
Debt/Equity
ratio |
2.052 |
1.896 |
1.254 |
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 |
9003.464 |
10415.060 |
13127.970 |
|
|
|
15.678 |
26.048 |
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 |
9003.464 |
10415.060 |
13127.970 |
|
Profit |
187.130 |
269.100 |
891.710 |
|
|
2.08% |
2.58% |
6.79% |
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 |
No |
|
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 |
PERFORMANCE
They achieved a net revenue of Rs.13128.000 Million in FY 2014-15 (Rs.10415.000 in Million FY 2013-14). There EBIDTA and net profit for FY 2014-15 stood at Rs.2168.000 Million and ` 892 Million, respectively, compared to ` 1123 Million and Rs.269.000 Million, respectively in FY 2013-14. There earnings per share stood at Rs.8.72 as on 31st March 2015 (Rs.2.72 as on 31st March, 2014)
The reason for there performance is balanced growth across both divisions. In the Engineering products there has been a steady order book growth, enhanced export presence and a growing portfolio of value-added products. They also witnessed significant growth in there pipes business owing to proactive market foray and enhanced scale. Moreover, our backward and horizontal integration, scale of manufacturing and seamless raw material availability provides huge cost advantage.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Indian economy has registered a growth in GDP of 7.3 % in spite of the Global slowdown. The same trend has been followed in the industry also. Accordingly there has been growth in the performance of the Company. With the initiative of the new Government in India there is a further wave of positive sentiment in the country.
The Company has achieved robust growth in all its business i.e. the Power Transmission and Distribution (T&D) business and the PVC Products business. The Company is in process of increasing capacities in both of these segments.
The Company, in keeping with its focus of becoming a global player in its Power T&D business has secured multiple contracts in various geographies, and it is expected that more than 30% of the revenue in the coming year will be from international business alone.
The Company has plans to expand its PVC business both vertically by adding more products into its portfolio as well as horizontally by adding new geographies. The company’s target is to emerge as a Pan India brand in the near future.
SEGMENT-WISE OR
PRODUCTWISE
PERFORMANCE:
The Company is operating in three business Segments :
1. Engineering Products
2. Infrastructure projects
3. PVC products
Engineering Product Segment
The segment consists of:
1. Transmission Towers
2. Tubular Poles and Scaffoldings
3. Hot Rolled Product
4. Nuts and Bolts
5. Black pipes and GI pipes
The performance of this segment has improved as is evidenced from the improvement in the Net revenue of this segment which increased from Rs.9553.820 million in 2013-2014 to Rs.11768.300 million in 2014-15 showing a growth of around 23%. The profit of this segment has increased from Rs. 903.640 million in 2013-14 to Rs.1809.11 million in the year, which is more than double of the previous year.
Infrastructure
Projects Segment
This segment consists of EPC projects for the Power T and D industry as well as Trenchless Technology services for underground installation of utilities. The net revenue of the segment during the year has increased to Rs. 462.410 million from Rs.270.09 million in 2013-14. Profit from this segment has marginally increased from 107.26 million in 2013-14 to Rs.110.060 million in 2014-15.
OUTLOOK
The Power T & D business of the company is expected to post strong growth in the current year as well. On the domestic front, the Government of India has announced various initiatives vand investments into this sector. Already the Power Transmission sector is being hailed as the next “sunshine” sector of the economy. Being one of the top three players in the manufacturing of Power T and D products, the company is expected to capitalize on this business prospect. On the international front as well, the company has already secured large contracts in the geographies of Latin America, Europe, Africa and Middle east. The order book of the company increased from approximately 12000.000 Million in March 2014 to over 24500.000 Million in March 2015 with almost a 50% share from International business.
The Company is going for expansion of its PVC division by setting up manufacturing facilities in northern and north eastern part of the Country. The outcome of which will be seen in the forthcoming periods. This division is expected to grow nationwide and make a valuable contribution to the growth of Company. The Company has entered into the technological tie ups with two foreign companies, who are pioneers in their respective field and have a global presence. The Company has become the manufacturing partner of Sekisui a Japanese Company which is one of the world’s leading manufacturers of CPVC compound, for manufacturing premium quality CPVC pipes. Secondly the Company has entered into tie up with WAVIN, a Netherland based Company, which is one of the world’s most renowned plumbing technology companies, for launching in India, the most advanced plumbing systems in the world. With these the Company is hopeful of becoming a Pan India brand in the PVC piping space in the near future.
FINANCIAL PERFORMANCE
REVIEW
Revenue Achievements
The total gross income of the Company increased to Rs.14589.000 million from Rs11672.860 million in the previous year achieving a growth of around 25% on year to year basis.
Profitability
The Company has registered operational growth as evidenced by the fact that it has achieved EBIDTA of Rs. 2168.170 million this year which is 93% higher than the EBIDTA of the previous year. At the same time Profit before taxation has also increased to Rs. 1365.680 million from Rs. 367.150 million in the previous year showing a marvelous growth of 272%. Similarly, the Profit after taxation has also increased to Rs.891.710 million from Rs. 269.100 million in the previous year registering a growth of 231%.
STATE OF COMPANY’S
AFFAIRS/
BUSINESS OPERATIONS
The Company has been continuously doing well and during the year it has come with improved performance. During the year the Company has crossed the Rs.1000.000 million level of gross revenue from its PVC segment. The gross revenue from this segment is Rs.1023.000 million which is higher by more than 48% of the turnover achieved in this segment in the previous year. The management is planning to make further expansion in this segment both in terms of volume as well as areas of operations geographically.
This year engineering products (catering to Power T & D) division has been the major contributor to the turnover of the Company. The Company is having plenty of orders for both domestic as well as Export for supply of Tower. The Export Revenue of the Company during the year has doubled in comparison to the previous year. The Company has started exports in large volume to key markets in Latin America. The positive effect of backward integration towards production of Nuts and Bolts together with angles has been seen in the performance of the Company. The inflow of orders and consequent increase in the volume of operations has necessitated enhancement of production capacity and the company has done capital expenditure for the purpose.
Tubular products business of the Company which is engaged in production of Swaged Poles, High mast Poles and other tubular products is doing very well and has been contributing to the top line as well as bottom-line of the Company.
All the divisions of the Company have been performing well and efforts have always been there to make improvement in the working of all the divisions.
CURRENT YEAR’S
OUTLOOK
In the Current year the Company is going for expansion of its PVC division by setting up manufacturing facilities in northern and north eastern part of the Country. The outcome of which will be seen in the forthcoming periods. This division is expected to grow nationwide and make a valuable contribution to the growth of Company. The Company has entered into the technological tie ups with two foreign companies, who are pioneers in their respective field and have a global presence. The Company has become the manufacturing partner of Sekisui a Japanese Company which is one of the world’s leading manufacturers of CPVC compound, for manufacturing premium quality CPVC pipes. Secondly the Company has entered into tie up with WAVIN, a Netherland based Company, which is one of the world’s most renowned plumbing technology companies, for launching in India, the most advanced plumbing systems in the world.
The PVC segment of the Company is expected to grow at a rapid pace with the above referred tie- ups with foreign companies and the Company is hopeful of becoming a Pan India brand in the PVC piping space in the near future.
The Company has a very strong order book position, including export orders, which along with domestic market is likely to put the Transmission and Distribution business of the Company loaded with high volume of operations. The Company has been making continuous enhancement in production capacity for catering to the needs of the business. This division is expected to contribute more and more in the growth of the Company.
The Company is having orders for tubular products like high mast poles, swaged poles as well as in Service divisions like Horizontal Directional Drilling and Erection, Painting and Commission which are expected to provide the improved performance in the current year.
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-Term
Borrowings |
|
|
|
Long Term Advances |
0.000 |
528.930 |
|
Loans and Advances from Related Parties |
57.960 |
344.720 |
|
Other Loans and Advances |
0.000 |
|
|
From Bodies Corporates |
859.050 |
523.900 |
|
Less: Current maturities of loans |
(59.790) |
(31.580) |
|
From Banks |
54.180 |
57.480 |
|
Less: Current maturities of loans |
(3.710) |
(3.300) |
|
|
|
|
|
Total |
907.690 |
1420.150 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10583609 |
10/07/2015 |
850,000,000.00 |
UNION BANK OF
INDIA |
Industrial
Finance Branch, 1/1, Camac Street, 1st |
C60598109 |
|
2 |
10578697 |
27/03/2015 |
2,250,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL WES, MUMBAI, Maharashtra - 400013,
INDIA |
C58289489 |
|
3 |
10568800 |
06/03/2015 |
1,282,500.00 |
Axis Bank
Limited |
RISHUL 3RD FLOOR
OPP SAMARTHESHWAR TEMPLE, LAW GA |
C53276903 |
|
4 |
10525805 |
15/10/2014 |
1,000,000,000.00 |
IDBI Bank
Limited |
IDBI HOUSE, 44,
SHAKESPEARE SARANI, KOLKATA, West |
C29621398 |
|
5 |
10525822 |
29/09/2014 |
1,186,000.00 |
Axis Bank
Limited |
TRISHUL 3RD
FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G |
C29625837 |
|
6 |
10525828 |
29/09/2014 |
15,000,000.00 |
Axis Bank
Limited |
TRISHUL 3RD FLOOR
OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, Gujarat -
380006, INDIA |
C29629979 |
|
7 |
10503413 |
27/05/2014 |
150,000,000.00 |
BANK OF BARODA |
INDIA EXCHANGE
BRANCH, 4, INDIA EXCHANGE PLACE, KOLKATA, West Bengal - 700001, INDIA |
C06852230 |
|
8 |
10501593 |
24/11/2014 * |
730,000,000.00 |
Corporation Bank |
Corporate
Banking Branch, 21, Hemant Basu Sarani, Kolkata, West Bengal - 700001,
INDIA |
C35167741 |
|
9 |
10486990 |
06/03/2014 |
460,000,000.00 |
INDIAN OVERSEAS
BANK |
3, CHOWRINGHEE
APPROACH, Near Statesman Building, |
C01179688 |
|
10 |
10469806 |
31/12/2013 |
475,000,000.00 |
BANK OF INDIA |
KOLKATA LARGE
CORPORATE BRANCH,, 5, B.T.M. SARANI, KOLKATA, West Bengal - 700001, INDIA |
B93372175 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2015
(Rs.
In MILLION)
|
|
|
Particulars |
Quarter Ended 30.09.2015 |
Quarter Ended 30.06.2015 |
Half Year Ended 30.09.2015 |
|
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
|
Sales/Income from
Operations |
3681.235 |
2558.650 |
6239.885 |
|
|
|
Less: Excise Duty and Sales Tax |
244.963 |
214.437 |
459.400 |
|
|
|
Net Sales/Income
from Operations (Gross) |
3436.272 |
2344.213 |
5780.485 |
|
|
|
Income from forward contract |
181.375 |
0.000 |
181.375 |
|
|
|
b) Other Operating Income |
62.807 |
22.374 |
85.181 |
|
|
Total Income from
Operations (Net) |
3680.454 |
2366.587 |
6047.041 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
2486.443 |
2164.317 |
4650.760 |
|
|
b) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(196.775) |
(704.425) |
(901.200) |
|
|
c) |
Employee benefit expenses |
123.602 |
101.998 |
225.600 |
|
|
d) |
Depreciation and amortization expense |
57.793 |
58.802 |
116.595 |
|
|
e) |
Other expenses |
657.185 |
451.256 |
1108.441 |
|
|
Total Expenses |
3128.248 |
2071.948 |
5200.196 |
|
|
|
|
|
|
|
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items |
552.206 |
294.639 |
846.845 |
|
4 |
Other Income |
25.984 |
6.127 |
32.111 |
|
|
5 |
Profit /(Loss) from
ordinary activities before finance costs and exceptional items |
578.190 |
300.766 |
878.956 |
|
|
6 |
Finance Costs |
114.262 |
147.268 |
261.530 |
|
|
7 |
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items |
463.928 |
153.498 |
617.426 |
|
|
8 |
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
463.928 |
153.498 |
617.426 |
|
|
10 |
Tax Expense |
160.993 |
53.278 |
214.271 |
|
|
11 |
Net Profit /(Loss)
from ordinary activities after tax |
302.935 |
100.220 |
403.155 |
|
|
12 |
Paid up equity share capital (Eq. shares of Re.1/- each) |
102.316 |
102.316 |
102.316 |
|
|
13 |
Face Value |
1.00 |
1.00 |
1.00 |
|
|
14 |
Reserve excluding revaluation reserves |
|
|
|
|
|
15 |
|
Earnings per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
|
|
Basic and Diluted |
2.93 |
0.98 |
3.94 |
|
|
|
|
|
|
|
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of Shares |
28261500 |
28261500 |
28261500 |
|
|
|
- Percentage of Shareholding |
27.62 |
27.62 |
27.62 |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
b) Non- encumbered |
|
|
|
|
|
|
- Number of shares |
74054962 |
74054962 |
74054962 |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
100 |
100 |
100 |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
72.38 |
72.38 |
72.38 |
SEGMENT-WISE REVENUE, RESULT AND CAPITAL EMPLOYED
(Rs. In Million)
|
Sr. No. |
Particular |
Quarter Ended 30.09.2015 |
Quarter Ended 30.06.2015 |
Half Year Ended 30.09.2015 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
|
|
|
|
|
1. |
Segment Revenue |
|
|
|
|
|
|
39.398 |
82.787 |
122.185 |
|
|
c. Engineering Products |
3377.432 |
1951.084 |
5328.516 |
|
|
|
263.624 |
332.716 |
596.340 |
|
|
Net Sales / Income
from Operations |
3680.454 |
2366.587 |
6047.041 |
|
2. |
Segment Result |
|
|
|
|
|
|
4.923 |
19.333 |
24.256 |
|
|
c. Engineering Products |
611.600 |
295.080 |
906.680 |
|
|
|
32.217 |
40.205 |
72.422 |
|
|
Total |
648.740 |
354.618 |
1003.358 |
|
|
Less : i.
Interest |
114.262 |
147.268 |
261.530 |
|
|
ii. Other Un-allocable expenditure net off un-allocable income |
70.550 |
53.852 |
124.402 |
|
|
Total Profit/(Loss)
before tax |
463.928 |
153.498 |
617.426 |
|
3. |
Segment Capital
Employed |
|
|
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
|
|
|
281.427 |
213.887 |
281.427 |
|
|
c. Engineering Products |
7710.914 |
6600.386 |
7710.914 |
|
|
|
503.067 |
375.149 |
503.067 |
|
|
Total capital
employed in Segment |
8495.408 |
7189.422 |
8495.408 |
STATEMENT
OF ASEETS AND LIABILITIES
(Rs.
In Million)
|
SOURCES
OF FUNDS |
Half Year Ended 30.09.2015 |
|
|
Unaudited |
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
102.316 |
|
(b) Reserves & Surplus |
3339.492 |
|
Total
Shareholders’ Funds (1) + (2) |
3441.808 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
1410.913 |
|
(b) Deferred tax liabilities
(Net) |
280.856 |
|
Total
Non-current Liabilities (3) |
1691.769 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
2941.281 |
|
(b) Trade payables |
2811.412 |
|
(c) Other current liabilities |
1451.599 |
|
(d) Short-term provisions |
179.401 |
|
Total
Current Liabilities (4) |
7383.693 |
|
|
|
|
TOTAL |
12517.270 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
3636.286 |
|
(d) Long-term Loan and Advances |
115.569 |
|
Total
Non-Current Assets |
3751.855 |
|
|
|
|
(2) Current assets |
|
|
(b) Inventories |
|
|
(c) Trade receivables |
3391.061 |
|
(d) Cash and cash equivalents |
4069.879 |
|
(e) Short-term loans and
advances |
582.818 |
|
Total
Current Assets |
8765.415 |
|
|
|
|
TOTAL |
12517.270 |
NOTES:
The above financial Results as reviews by the audit committee were taken
on record by the Board of Directors at its meeting held on 3rd
November, 2015. The Statutory Auditors have carried out limited review of the
financial results.
Income from forward contracts represents derivative gain realized on
cancellation/ roll-over of forward contracts (Foreign currency) relating to
future exports sale (Firm Commitment).
Other operating income represents incentive on exports.
Tax Expenses includes current tax and deferred Tax.
No Investors complaints were pending at the beginning of the Quarter. No
complaints were received during the quarter.
Previous year’s / quarter figures have been re-arranged- re-grouped
wherever necessary.
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Claims against the Company not acknowledged as debt Disputed tax/duties |
201.520 |
170.420 |
|
Bank Guarantee issued by Banks |
3007.180 |
2182.530 |
|
Less: Margin money pledged against Bank Guarantee |
87.930 |
62.250 |
|
Bank Guarantee net of Margin Money |
2919.250 |
2120.280 |
FIXED ASSETS
- Land and Land Development
- Buildings
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
- Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.11 |
|
|
1 |
Rs.101.03 |
|
Euro |
1 |
Rs.70.77 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
AMT |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--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 |
|
54 |
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.