MIRA INFORM REPORT
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Report No. : |
351226 |
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Report Date : |
24.11.2015 |
IDENTIFICATION DETAILS
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Name : |
ACC LIMITED (w.e.f. 01.09.2006) |
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Formerly Known
As : |
THE ASSOCIATED CEMENT COMPANIES LIMITED |
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Registered
Office : |
Cement House, 121, |
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Tel. No.: |
91-22-33024321 |
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Country : |
India |
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Financials (as
on) : |
31.12.2014 |
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Date of
Incorporation : |
01.08.1936 |
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Com. Reg. No.: |
11-002515 |
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Capital
Investment / Paid-up Capital : |
Rs. 1879.500 Million |
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CIN No.: [Company Identification
No.] |
l26940mh1936plc002515 |
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IEC Code : |
388050772 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
mumt00130e |
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PAN No.: [Permanent Account No.] |
aaact1507C |
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Legal Form : |
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 the manufacturing and selling of Cement and Ready mix concrete. |
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No. of Employees
: |
9028 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (80) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was established in the year 1936 and it is a cement
manufacturing company. The company’s products include ordinary Portland
cement, blended cements, bulk cement, and ready mix concrete. Its services include
raw material evaluations and optimization, engineering consultancy services
for green field, brown field cement plants, management and operation of
cement plants and technical training and skills development. For the financial year ended December 2014, the company has reported
marginal growth of 5% growth in its revenue profile but it has maintained
decent margins at 9.95% during the year under a review. Rating takes into consideration company’s strong market position in
the cement industry and strong financial risk profile, marked by robust cash
flows, conservative gearing, strong debt protection metrics, and sound
financial flexibility. Rating strength is partially offset by partially offset by the
company’s exposure to risks related to the commodity and cyclical nature of
the cement industry. Trade relations are reported as fair. Business is active. Payments 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) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long Term Rating = “AAA” |
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Rating Explanation |
Highest degree of safety and carry lowest credit risk. |
|
Date |
07.01.2015 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Rating = “A1+” |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
07.01.2015 |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Arvind |
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Designation : |
Finance Department |
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Contact No.: |
91-9004476311 |
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Date : |
21.11.2015 |
LOCATIONS
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Registered Office/ Corporate Office : |
Cement House, 121, |
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Tel. No.: |
91-22-33024321 |
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Mobile No.: |
91-7389945055 (Mr. Ashish Soni) |
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Fax No.: |
91-22-66317440 |
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E-Mail : |
Feedback and Assistance: gulnaz.nensey@acclimited.com Enquiries
For requirements in For requirements in
Kolkata : sanjay.roy@accconcrete.com Mumbai: vishal.tandon@accconcrete.com Chennai: ramchander.rao@accconcrete.com Vendor Queries: mahendrakumar.swami@acclimited.com Shareholder queries: sujata.chitre@acclimited.com
Investor Grievances: ACC-InvestorSupport@acclimited.com Waste Management: Ulhas.parlikar@acclimited.com Media Queries: nand.kumar@acclimited.com |
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Website : |
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CEMENT PLANTS : |
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Factory 1 : |
Cement Nagar, PO Bardol, District Bargarh - 768
038, |
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Tel. No.: |
91-6646-246189/ 90 |
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Fax No.: |
91-6646-246430 |
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Factory 2 : |
P.O. Jhinkpani, District (West) Singhbhum - 833 215, |
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Tel. No.: |
91-6589-235300/ 391 |
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Fax No.: |
91-6589-235250 |
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Factory 3 : |
P.O. Cementnagar, District Chandrapur - 442 502, |
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Tel. No.: |
91-7172-285026 |
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Fax No.: |
91-7172-285165 |
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Factory 4 : |
Madhukunda, P.O. Sunuri, District Purulia - 723 121, West |
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Tel. No.: |
91-3251-272224 |
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Fax No.: |
91-3251-272202 |
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Factory 5 : |
P.O. Barmana, District Bilaspur - 174 013, |
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Tel. No.: |
91-1978-244069/ 31 |
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Fax No.: |
91-1978-244067 |
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Factory 6 : |
P.O. Jamul Cement Works, District Durg - 490 024, |
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Tel. No.: |
91-788-2285081-83 |
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Fax No.: |
91-788-2282585 |
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Factory 7 : |
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Factory 8 : |
P.O. Kymore, District Katni - 483 880, |
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Tel. No.: |
91-7626-272301/ 865 |
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Fax No.: |
91-7626-272303 |
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Factory 9 : |
P.O. Lakheri, District Bundi - 323 603, |
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Tel. No.: |
91-7438-261642 |
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Fax No.: |
91-7438-261504 |
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Factory 10 : |
P.O. Madukkarai, District |
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Tel. No.: |
91-422-2622282 |
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Fax No.: |
91-422-2622282 |
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Factory 11 : |
P.O. ACC Colony, District Dhanbad - 828 124, |
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Tel. No.: |
91-326-2245120/ 054 |
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Fax No.: |
91-326-2245515 |
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Factory 12 : |
P.O. Wadi, District |
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Tel. No.: |
91-8476-202239 |
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Fax No.: |
91-8476-202190 |
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Factory 13 : |
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Tel. No.: |
91-8155-288802 |
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Fax No.: |
91-8155-288682 |
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Techport : |
ACC Thane Complex, L.B.S. Marg, Thane (West) - 400 604, |
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Tel. No.: |
91-22-33028000, 39248200 |
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Regional Office
: |
Located at:
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Area Office : |
ICI – Business Vertical, Sales Unit Bhopal, 2nd Floor,
Block No.1, Jai Road, Arera Hills, Bhopal – 462001, Madhya Pradesh, India |
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Training Centers
: |
Located at:
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Sales Offices 1: |
Paryawas Bhawan, 2nd Floor, Block No.1, Area Hills, Jail Road, Bhopal
- 462001, Madhya Pradesh, India |
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Located at: |
DIRECTORS
As on 31.12.2014
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Name : |
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Designation : |
Chairman |
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Date of Birth/ Age : |
21.09.1949 |
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Qualification : |
Bachelor of Chemical Engineering from Bombay University |
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Date of Appointment : |
27.12.1999 |
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Name : |
Mr. Paul Hugentobler |
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Designation : |
Deputy Chairman |
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Date of Birth/ Age : |
14.02.1949 |
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Qualification : |
Degree in Civil
Engineering from ETH, |
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Date of Appointment : |
06.05.2005 |
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Name : |
Mr. Kuldip Kaura |
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Designation : |
Chief Executive
Officer and Managing Director |
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Qualification : |
BE |
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Date of Appointment : |
05.08.2010 |
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Name : |
Mr. S.M. Palia |
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Designation : |
Director |
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Date of Birth/ Age : |
25.04.1938 |
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Qualification : |
B.Com.; LL.B;
CAIIB; CIIB ( |
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Date of Appointment : |
25.01.2002 |
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Name : |
Mr. Farrokh K Kavarana |
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Designation : |
Director |
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Name : |
Mr. Bernard Fontana |
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Designation : |
Director |
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Name : |
Mr. M.L. Narula |
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Designation : |
Director |
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Date of Birth/ Age : |
25.10.1940 |
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Qualification : |
B.Sc.;
Engineering (Electrical) from |
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Date of Appointment : |
01.04.2007 |
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Name : |
Mr. Bernard Terver |
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Designation : |
Director |
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Name : |
Mr. Shailesh Haribhakti |
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Designation : |
Director |
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Date of Birth/ Age : |
12.03.1956 |
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Qualification : |
FCA; FICWA |
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Date of Appointment : |
17.02.2006 |
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Name : |
Mr. Aidan Lynam |
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Designation : |
Director |
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Name : |
Mr. Sushil Kumar Roongta |
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Designation : |
Director |
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Name : |
Mr. Ashwin Dani |
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Designation : |
Director |
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Date of Birth/ Age : |
24.10.1942 |
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Qualification : |
BSc (Honours); B.Sc
(Tech) (Pigments Paints and Varnishes); Master’s Degree in Polymer Science
(USA); Diploma in Colour Science (USA) |
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Date of Appointment : |
15.12.2011 |
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Name : |
Falguni Nayar |
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Designation : |
Director |
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Name : |
Mr. Shailesh Vishnubhai |
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Designation : |
Director |
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Name : |
Mr. Arunkumar Gandhi |
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Designation : |
Director |
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Name : |
Mr. Ashwin Dani |
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Designation : |
Director |
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Name : |
Mr. Farrokh Kavarana |
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Designation : |
Director |
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Name : |
Mr. Narotam Shkhsaria |
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Designation : |
Director |
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Name : |
Sushil Roongta |
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Designation : |
Director |
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Name : |
Mr. Harish |
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Designation : |
Director |
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Name : |
Mr. Vijay Sharma |
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Designation : |
Director |
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Name : |
Mr. Bedmard Terver |
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Designation : |
Director |
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Name : |
Mr. Eric Oisen |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Burjor Dorab Nariman |
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Designation : |
Company Secretary and Head Compliance |
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Name : |
Mr. Rajesh Kanode |
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Designation : |
General Manager (Finance) |
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Audit Committee : |
Mr. Shailesh Haribhakti, Chairman Mr. S.M. Palia Mr. Naresh Chandra Mr. Paul Hugentobler Mr. Sushil Kumar Roongta |
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Shareholders’/
Investors’ Grievance Committee : |
Mr. Paul Hugentobler, Chairman Mr. M.L. Narula Mr. Kuldip Kaura |
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Compensation Committee : |
Mr. Paul Hugentobler Mr. Shailesh Haribhakti |
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Compliance Committee : |
Mr. R A Shah, Chairman Mr. Naresh Chandra Mr. Shailesh Haribhakti Mr. Paul Hugentobler Mr. Kuldip Kaura |
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CAPEX Committee : |
Mr. Paul Hugentobler, Chairman Mr. S.M. Palia Mr. M.L. Narula Mr. Aidan Lynam Mr. Sushil Kumar Roongta Mr. Kuldip Kaura |
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Managing Committee : |
Mr. Kuldip Kaura, Chairman Mr. Sunil Nayak Mr. J. Datta Gupta Mr. Rajiv Prasad Mr. Vivek Chawla Mr. Shakti Arora Mr. P N Iyer |
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|
Name : |
Mr. Arvind |
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Designation : |
Finance Department |
SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
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|
93888120 |
50.01 |
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|
93888120 |
50.01 |
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|
541000 |
0.29 |
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|
541000 |
0.29 |
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Total shareholding of
Promoter and Promoter Group (A) |
94429120 |
50.30 |
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(B) Public
Shareholding |
||
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|
7221351 |
3.85 |
|
|
25622073 |
13.65 |
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|
287815 |
0.15 |
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|
24822380 |
13.22 |
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|
57953619 |
30.87 |
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|
4886332 |
2.60 |
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Individual shareholders holding nominal share capital up to Rs.0.100 Million |
20502329 |
10.92 |
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Individual shareholders holding nominal share capital in excess of Rs.0.100 Million |
2723461 |
1.45 |
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|
7250495 |
3.86 |
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|
166125 |
0.09 |
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|
1307933 |
0.70 |
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|
4565384 |
2.43 |
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|
2140 |
0.00 |
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|
215815 |
0.11 |
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|
824247 |
0.44 |
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|
168851 |
0.09 |
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|
35362617 |
18.84 |
|
Total Public
shareholding (B) |
93316236 |
49.70 |
|
Total (A)+(B) |
187745356 |
100.00 |
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(C) Shares held by
Custodians and against which Depository Receipts have been issued |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
187745356 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Subject
is engaged in the manufacturing and selling of Cement and Ready mix concrete |
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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 : |
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Selling : |
Cash, Advance Payment, L/C, Cheque and Credit |
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Purchasing : |
Cash, Advance Payment, L/C, Cheque and Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers and Retailers
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No. of Employees : |
9028 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
S.R. Batliboi and Associates Chartered Accountants |
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Address : |
14th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar
(West), Mumbai - 400028, Maharashtra, India |
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Tel. No.: |
91-22-61920000 |
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Fax No.: |
91-22-61921000 |
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Cost Auditor : |
N.I. Mehta and Company Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Ultimate Holding
Company : |
Holcim Limited |
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Holding Company
of Holcim ( |
Holderind Investments Limited |
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Holding Company
: |
Holcim (India) Private Limited |
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Associates/Subsidiaries : |
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Fellow Subsidiaries : |
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Associate Company of
Fellow Subsidiary w.e.f January 01, 2013 : |
Siam
City Cement Public Company Limited |
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Associate Company of Fellow Subsidiary : |
National
Cement Factory |
CAPITAL STRUCTURE
As on 31.12.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
225000000 |
Equity Shares |
Rs.10/- each |
Rs.2250.000 Million |
|
100000000 |
Preferences Shares |
Rs.10/- each |
Rs.1000.000 Million |
|
|
TOTAL
|
|
Rs.3250.000
Million |
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
188793243 |
Equity Shares |
Rs.10/- each
|
Rs.1887.900
Million |
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
187745356 |
Equity Shares |
Rs.10/- each
|
Rs.1877.500
Million |
|
|
Add: Forfeited Equity Shares |
|
Rs.2.000
Million |
|
|
TOTAL
|
|
Rs.1879.500 Million |
TERMS / RIGHTS TO EQUITY
SHARES
The company has only one
class of equity shares having par value of Rs. 10 per share. Each holder of equity
shares is entitled to one vote per share. 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.
EQUITY
SHARES HELD BY HOLDING COMPANY / ULTIMATE HOLDING AND THEIR SUBSIDIARIES
|
Particular
|
As on 31.12.2014 Rs. In Million |
|
Holcim
(India) Private Limited, the Holding Company 9,38,88,120
(Previous Year - 9,38,88,120)
Equity shares Rs. 10 each fully paid |
938.900 |
|
Holderind Investments
Limited, Mauritius, Holding Company of Holcim (India) Private Limited 5,41,000
(Previous Year - 5,41,000)
Equity shares Rs. 10 each fully paid |
5.400 |
Both
these Companies are subsidiaries of Holcim Limited, Switzerland, the ultimate holding
Company
The Company has issued
total 63,537 (Previous Year -
1,20,938) Equity shares Rs. 10 each fully paid during the period of five
years immediately preceding the reporting date on exercise of options granted
under the employee stock option plan, wherein part consideration was received
in form of employee services.
DETAILS
OF SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY
|
PARTICULAR |
AS ON 31.12.2014 |
|
|
|
No. of Shares |
% Holding |
|
Holcim
(India) Private Limited |
93888120 |
50.01 |
|
Life
Insurance Corporation of India |
15392891 |
8.20 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
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I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1879.500 |
1879.500 |
1879.500 |
|
(b) Reserves & Surplus |
80476.600 |
76368.900 |
71948.500 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
82356.100 |
78248.400 |
73828.000 |
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
850.300 |
|
(b) Deferred tax liabilities
(Net) |
5355.700 |
5072.700 |
5169.200 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
3810.900 |
|
(d) long-term provisions |
1159.400 |
1061.400 |
923.600 |
|
Total
Non-current Liabilities (3) |
6515.100 |
6134.100 |
10754.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
7502.300 |
6392.000 |
6604.900 |
|
(c) Other current liabilities |
20967.100 |
19524.400 |
15158.100 |
|
(d) Short-term provisions |
9372.700 |
10637.000 |
12917.300 |
|
Total
Current Liabilities (4) |
37842.100 |
36553.400 |
34680.300 |
|
|
|
|
|
|
TOTAL |
126713.300 |
120935.900 |
119262.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
55977.500 |
55031.300 |
58628.500 |
|
(ii) Intangible Assets |
6.400 |
8.300 |
10.200 |
|
(iii) Capital work-in-progress |
19146.300 |
8196.100 |
3113.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2909.000 |
1768.100 |
1946.700 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
8555.600 |
8668.300 |
5642.000 |
|
(e) Other Non-current assets |
3607.100 |
3082.400 |
1658.400 |
|
Total
Non-Current Assets |
90201.900 |
76754.500 |
70998.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
12820.800 |
20172.100 |
23588.800 |
|
(b) Inventories |
12555.900 |
11214.700 |
11335.500 |
|
(c) Trade receivables |
4107.100 |
3972.200 |
3034.500 |
|
(d) Cash and cash equivalents |
3043.000 |
5033.800 |
6783.800 |
|
(e) Short-term loans and
advances |
3839.200 |
3593.900 |
3232.900 |
|
(f) Other current assets |
145.400 |
194.700 |
288.000 |
|
Total
Current Assets |
36511.400 |
44181.400 |
48263.500 |
|
|
|
|
|
|
TOTAL |
126713.300 |
120935.900 |
119262.300 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
|
SALES |
|
|
|
|
|
Income |
117382.100 |
111496.100 |
113579.600 |
|
|
Other Income |
2682.800 |
2856.700 |
2648.200 |
|
|
TOTAL
|
120064.900 |
114352.800 |
116227.800 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
17883.100 |
16088.000 |
15514.700 |
|
|
Purchases of Stock-in-Trade |
1943.300 |
1611.000 |
1587.500 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(112.800) |
65.300 |
200.200 |
|
|
Employees benefits expense |
7465.900 |
6612.700 |
6166.500 |
|
|
Other expenses |
24905.100 |
24057.400 |
22120.600 |
|
|
Power and Fuel |
24418.200 |
23759.700 |
23822.600 |
|
|
Freight and Forwarding
Expenses |
25983.300 |
23088.700 |
22211.700 |
|
|
Self-Consumption of cement |
(176.600) |
(74.600) |
0.000 |
|
|
Exceptional items |
0.000 |
0.000 |
33538 |
|
|
TOTAL
|
102309.500 |
95208.200 |
94977.600 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
17755.400 |
19144.600 |
21250.200 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
827.600 |
1135.500 |
1146.500 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
16927.800 |
18009.100 |
20103.700 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
5575.800 |
5739.500 |
5588.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
11352.000 |
12269.600 |
14514.900 |
|
|
|
|
|
|
|
Less |
TAX |
(330.900) |
1312.000 |
3903.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
11682.900 |
10957.600 |
10611.900 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
41758.700 |
38618.300 |
38215.400 |
|
|
|
|
|
|
|
Add / (Less) |
ADJUSTMENT PURSUANT TO AMALGAMATION |
0.000 |
0.000 |
(2162.900) |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
1300.000 |
1200.000 |
1500.000 |
|
|
Dividend |
3567.200 |
3567.200 |
3567.200 |
|
|
Tax on Dividend |
1191.800 |
957.200 |
913.700 |
|
|
Interim Dividend |
2816.200 |
2065.200 |
2065.200 |
|
|
Previous Year Dividend Distribution Tax |
0.000 |
27.600 |
0.000 |
|
|
Total
(M) |
8875.200 |
7817.200 |
8046.100 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
44566.400 |
41758.700 |
38618.300 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
18.500 |
7.800 |
0.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1110.700 |
560.700 |
1030.000 |
|
|
Components and Stores parts |
529.2000 |
536.500 |
1075.000 |
|
|
Coal |
5120.200 |
2094.400 |
4025.200 |
|
|
Capital Goods |
1914.700 |
1043.500 |
510.000 |
|
|
TOTAL
IMPORTS |
8674.800 |
4235.100 |
6640.200 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
62.23 |
58.36 |
56.52 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Current Maturities of Long term debt |
0.000 |
350.000 |
780.300 |
|
Cash generated from operations |
15670.800 |
15056.300 |
17832.800 |
|
Net cash flow from operating activities |
13317.000 |
10562.300 |
15768.600 |
QUARTERLY
RESULTS
|
Particulars (Unaudited) |
30.06.2015 |
30.09.2015 |
|
1st
Quarter |
2nd
Quarter |
|
|
Net Sales |
30152.500 |
27898.200 |
|
Total Expenditure |
26817.200 |
24762.000 |
|
PBIDT (Excl OI) |
3335.300 |
3136.200 |
|
Other Income |
234.500 |
179.500 |
|
Operating Profit |
3569.800 |
3315.700 |
|
Interest |
142.700 |
149.900 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
3427.100 |
3165.800 |
|
Depreciation |
1656.600 |
1607.000 |
|
Profit Before Tax |
1770.500 |
1558.800 |
|
Tax |
456.400 |
388.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
1314.100 |
1170.300 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
1314.100 |
1170.300 |
KEY
RATIOS
|
PARTICULARS |
|
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
9.95 |
9.83 |
9.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.85 |
11.06 |
12.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.16 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96 |
1.21 |
1.39 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.1344.00/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
1879.500 |
1879.500 |
1879.500 |
|
Reserves & Surplus |
71948.500 |
76368.900 |
80476.600 |
|
Net worth |
73828.000 |
78248.400 |
82356.100 |
|
|
|
|
|
|
long-term borrowings |
850.300 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current Maturities of
Long Term Debt |
780.300 |
350.000 |
0.000 |
|
Total borrowings |
1630.600 |
350.000 |
0.000 |
|
Debt/Equity ratio |
0.022 |
0.004 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
113579.600 |
111496.100 |
117382.100 |
|
|
|
(1.834) |
5.279 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
113579.600 |
111496.100 |
117382.100 |
|
Profit |
10611.900 |
10957.600 |
11682.900 |
|
|
9.34% |
9.83% |
9.95% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
------------------ |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
No |
|
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 |
No |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the Annual
Report |
No |
COMPANY OVERVIEW
Subject is a public limited
company domiciled and headquartered in India and incorporated under the
provision of Companies Act, 1956. Its shares are listed on two stock exchanges
in India. The Company is engaged in the manufacturing and selling of Cement and
Ready mix concrete. The Company caters mainly to the domestic market.
ECONOMIC SCENARIO AND
OUTLOOK
Indian economic growth in 2014 rose to ~5.2% from 4.7% last year as a result of the improving macro-economic situation. The wholesale and consumer price inflation has fallen to ~4.2% and 7.4% from last year’s 6.3% and 10.1% on the back of a strong base effect. Falling oil prices, lower food and commodity prices and the proactive measures taken by the Government helped in containing inflation in 2014.
Contrary to expectations, agricultural growth was strong at ~4.5% in 2014. However, the slow pace of reforms, lack of impetus for infrastructure projects, high interest rates and tightening o fiscal policies adversely impacted the capital goods sector. Industrial production / output was also sluggish.
The low economic growth appears to have bottomed out and a gradual increase in economic activity is expected in 2015. The medium term to long term growth prospects look positive in view of the Government’s determination to bring in reforms. For the year 2015, the economy is expected to grow at a higher rate than in 2014. The long term prospects for the economy is optimistic.
FINANCE
Cash and cash equivalent as at December 31, 2014 was Rs.16860.000 Million. The Company continues to focus on judicious management of its working capital. Receivables, inventories and other working capital parameters were kept under strict check through continuous monitoring.
Non-Convertible Debentures
During the year, the Non-Convertible Debentures aggregating Rs.320.000 Million were redeemed (Rs.1250.000 Million were bought back / redeemed in 2013). Accordingly all the debentures stand extinguished.
INDEX
OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10192504 |
27/11/2009 * |
3,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
A76338987 |
|
2 |
10145237 |
29/07/2009 * |
2,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
A67783993 |
* Date of charge modification
STATEMENT OF STANALONE AUDITED RESULT FOR THE QUARTER AND NINE MONTHS
ENDED 30.09.2015
(Rs. In Million)
|
Particulars |
3 Months ended |
Preceding 3 Months Ended |
Year to date figures for current period |
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
Part - I |
|
|
|
|
1. Income from
Operations |
|
|
|
|
(a) Net Sales/Income from Operations (Net of Excise Duty) |
27400.000 |
29612.100 |
85866.500 |
|
(b) Other Operating Income |
498.200 |
540.400 |
2985.500 |
|
Total Income from
Operation |
27898.200 |
30152.500 |
88852.000 |
|
|
|
|
|
|
2. Expenses |
|
|
|
|
Cost of materials consumed |
4176.700 |
4569.000 |
13382.700 |
|
Purchases of Stock in Trade |
224.800 |
281.000 |
865.900 |
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(450.300) |
179.300 |
(1004.400) |
|
Employee benefits expense |
1660.100 |
2002.600 |
5372.300 |
|
Depreciation and amortization expense |
1607.000 |
1656.600 |
4961.900 |
|
Power and Fuel |
6183.200 |
6100.500 |
18497.600 |
|
Freight and forwarding expense |
6129.300 |
7396.500 |
20384.800 |
|
Other expenses |
6838.200 |
6288.300 |
18798.200 |
|
Total Expenses |
26369.000 |
28473.800 |
81259.000 |
|
|
|
|
|
|
3. Profit/(Loss)
from Operations before Other Income, finance cost* and Exceptional Items
(1-2) |
1529.200 |
1678.700 |
7593.000 |
|
4. Other income |
179.500 |
234.500 |
1004.900 |
|
6. Profit/(Loss)
from ordinary activities before finance costs and exceptional Items (3+4) |
1708.700 |
1913.200 |
8597.900 |
|
6. Finance Costs |
149.900 |
142.700 |
518.900 |
|
7. Profit/(Loss)
from ordinary activities after finance costs but before exceptional items
(5-6) |
1558.800 |
1770.500 |
8079.000 |
|
8. Exceptional Hems |
- |
- |
1531.700 |
|
9. Profit/(Loss)
from ordinary activities before tax (7-8) |
1558.800 |
1770.500 |
6547.300 |
|
10. Tax Expense |
388.500 |
456.400 |
1657.400 |
|
11. Net
Profit/(Loss) for the period (9-10) |
1170.300 |
1314.100 |
4889.900 |
|
12. Paid-up Equity
Share Capital (Pace Value per share : Rs.10/- |
1879.500 |
1879.500 |
1879.500 |
|
Paid-up Debt Capital |
|
|
|
|
13. Reserves excluding Revolution Reserve as per balance sheet of previous accounting year |
-- |
-- |
-- |
|
|
|
|
|
|
14. Earning* per share of Rs.10/- each (Not Annualised): |
|
|
|
|
Basic and Diluted EPS before Extraordinary items |
6.23 |
7.00 |
26.05 |
|
Basic and Diluted EPS after Extraordinary items |
6.22 |
6.98 |
25.98 |
|
|
|
|
|
|
A. PARTICULARS OF
SHAREHOLDING |
|
|
|
|
Public shareholding |
|
|
|
|
Number of shares |
93316236 |
93316236 |
93316236 |
|
Percentage of Shareholding |
49.70% |
49.70% |
49.70% |
|
|
|
|
|
|
Promoters and Promoter Group Shareholding |
|
|
|
|
Pledged /encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of the total share capital of the company) |
-- |
-- |
-- |
|
|
|
|
|
|
Non-encumbered |
|
|
|
|
Number of shares |
94429120 |
94429120 |
94429120 |
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group] |
100% |
100% |
100% |
|
Percentage of shares (as a % of the total share capital of the company) |
50.30% |
50.30% |
50.30% |
|
B |
INVESTOR
COMPLAINTS : |
3 months Ended 30.09.2015 |
|
|
Pending at the beginning of the quarter |
--- |
|
|
Received during the quarter |
10 |
|
|
Disposed of during the quarter |
8 |
|
|
Remaining unresolved at the end of the quarter |
2 |
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
|
Sr. No. |
Particular |
3 Months ended |
Preceding 3 Months Ended |
Year to date figures for current period |
|
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1. |
Segment Revenue |
|
|
|
|
|
Cement |
25909.100 |
28194.400 |
82940.500 |
|
|
Ready Mix Concrete |
2502.300 |
2425.300 |
7391.200 |
|
|
TOTAL |
28411.400 |
30619.700 |
90331.700 |
|
|
|
|
|
|
|
|
Less: Inter Segment
Revenue |
513.200 |
467.200 |
1479.700 |
|
|
|
|
|
|
|
|
Net Sales/Income
From Operations |
27898.200 |
30152.500 |
88852.000 |
|
|
|
|
|
|
|
1. |
Segment Revenue |
|
|
|
|
|
Cement |
1499.000 |
1627.600 |
7531.000 |
|
|
Ready Mix Concrete |
101.400 |
52.400 |
215.900 |
|
|
TOTAL |
1600.400 |
1680.000 |
7746.900 |
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
Less : Finance cost |
149.900 |
142.700 |
518.900 |
|
|
Other Un-allocable Expenditure net off Un-allocable income |
26.500 |
(69.000) |
(32.700) |
|
|
Add : Interest Income |
134.800 |
164.200 |
818.300 |
|
|
Total Profit before exceptional item and tax |
1558.800 |
1770.500 |
8079.000 |
|
|
Less: Exceptional Item |
- |
- |
1531.700 |
|
|
TOTAL PROFIT
BEFORE TAX |
1558.800 |
1770.500 |
6547.300 |
|
|
|
|
|
|
|
3. |
CAPITAL EMPLOYED |
|
|
|
|
|
(Segment
Assets-Segment Liabilities) |
|
|
|
|
|
Cement |
79698.600 |
79045.400 |
79698.600 |
|
|
Ready Mix Concrete |
1075.400 |
1125.500 |
1075.400 |
|
|
Unallocated |
3986.400 |
3419.200 |
3986.400 |
|
|
TOTAL |
84760.400 |
83590.100 |
84760.400 |
Note:
- The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on October 20, 2015. The Statutory Auditors have carried out a limited review of the above results.
- (a) Other income includes amount written back towards provision for interest on income tax relating to earlier years, Rs. Nil for the nine months ended September 30, 2015, Rs. 560.100 Million for the nine months ended September 30, 2014 and Rs. 693.700 Million for the year ended December 31, 2014.
(b) Tax expense is net of credit relating to earlier years, Rs. 11.800 Million
for the nine months ended September 30, 2015, Rs. 1127.500 Million for the nine
months ended September 30, 2014 and Rs. 3092.300 Million for the year ended
December 31, 2014.
- Other operating income for the nine months ended September 30, 2015 includes Rs. 1397.400 Million being accrual of sales tax incentives pertaining to the period August 2005 to March 2015.
- ACC Mineral Resources Limited (AMRL), a wholly-owned subsidiary of the Company, through its joint-venture companies had secured development and mining rights for four coal blocks allotted to Madhya Pradesh State Mining Corporation Ltd. These allocations stand cancelled pursuant to the order of the Supreme Court ruling that allocation of various coal blocks, including these, were arbitrary and illegal.
The Government of India has commenced auctioning process for all such blocks in a phased manner. The auctioning for Bicharpur, being one of the four blocks, is completed, with the block being awarded to the successful bidder. Pursuant to a vesting order in this regard, possession of the coal mine has been handed over to the successful bidder, with which the Company is in discussions for transfer of remaining assets. In respect of other three blocks, auctioning dates have not yet been announced.
- Pursuant to provisions of Schedule II of the Companies Act, 2013, becoming applicable to the Company w.e.f. January 1, 2015, the Company has reviewed and where necessary, revised estimates of useful lives of fixed assets, as per the life indicated in the said Schedule, as they more appropriately reflect useful life. Accordingly, an additional charge of Rs. 1531.700 Million, being the carrying amount as of January 1, 2015 of fixed assets with no remaining useful life (as revised) as of that date, is recognized in the nine months ended September 30, 2015 and disclosed as an exceptional item.
Had this change in the useful life of fixed assets not been made, depreciation
for the quarter ended September 30, 2015, June 30, 2015 and for the nine months
ended September 30, 2015 would have been lower by 1258.800 Million, Rs. 304.300
Million and Rs. 900.10 Million respectively, and the profit before tax would
have been higher by Rs. 258.800 Million, Rs. 304.300 Million and Rs. 2431.800
Million respectively.
- Pursuant to introduction of The Mines and Minerals (Development and Regulation) Amendment Act, 2015, effective from January 12, 2015 and subsequent notification dated September 12, 2015, the Company has made provision towards contribution to District Mineral Foundation and National Mineral Exploration Trust amounting to Rs. 379.600 Million (including Rs. 248.600 Million for the period upto June 30, 2015) in the current quarter under the head 'Other expenses'.
- The Competition Commission of India had imposed a penalty of Rs. 111475.900 Million in June 2012, concerning alleged contravention of the provisions of the Competition Act, 2002. On Company’s appeal, the Competition Appellate Tribunal stayed the penalty with a condition to deposit 10% of penalty amount, which was deposited. Based on the advice of external legal counsel, theCompany believes that it has good grounds for a successful appeal. Accordingly, no provision is considered necessary in the above financial results.
- Figures for the previous periods have been regrouped / reclassified wherever necessary to conform to the current period’s presentation.
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.12.2014 |
|
Claims not acknowledged by the Company |
|
|
Sales tax |
314.300 |
|
Customs demand |
309.700 |
|
Claim by Suppliers |
367.900 |
|
Labour related |
295.700 |
|
Claims for mining Lease rent |
734.600 |
|
Others |
231.400 |
|
Total |
2253.600 |
FIXED ASSETS:
Tangible Assets:
- Freehold Land
- Leasehold Land
- Buildings
- Plant and Machinery
- Roads, Bridges and Fences
- Railway Sidings
- Rolling Stock
- Furniture, Fixtures and Equipments
- Vehicles
Intangible Assets:
- Computer Software
- Mining Right
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.66.09 |
|
|
1 |
Rs.101.03 |
|
Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
80 |
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.