MIRA INFORM REPORT
|
Report No. : |
343002 |
|
Report Date : |
01.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
BGR ENERGY SYSTEMS LIMITED |
|
|
|
|
Registered
Office : |
Plot No. A - 5, Pannamgadu Industrial Estate, Ramapuram Post, Sullurpet
(T), Nellore – 524401, Andhra Pradesh |
|
Tel. No.: |
91-44-24301000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
18.02.1985 |
|
|
|
|
Com. Reg. No.: |
01-005318 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.721.616 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40106AP1985PLC005318 |
|
|
|
|
IEC NO.: |
0489018611 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDG01305D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCG2202J |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer
of Capital Equipment’s for Power Plants, Petrochemical Industries,
Refineries, Process Industries and Undertakes Turnkey Balance of Plant (BOP)
and Erection Procurement and Construction (EPC) Contracts for Power Plants. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject was incorporated in the year 1985. It is into manufacturer of Capital
Equipment’s for Power Plants. Petrochemical Industries, Refineries, Process
Industries and Undertakes Turnkey Balance of Plant (BOP) and Erection
Procurement and Construction (EPC) Contacts for Power Plants. For the FY15, the company has recorded sales turnover of Rs. 33650.000
Million which has increased from Rs. 32956.000 Million, but drastic decline
of 61% in its profit margin when compared to previous year. However, the company possesses good networth base and there is favourable
gap between trade payables and receivables but recorded increase in its
borrowings. The rating are constrained by the execution delays in many of the
on-going projects which has impacted the company’s growth in the last three
year period ended March 2014, uncertaintly with respect to investments in
Joint ventures (JVs). However, Trade relations are fair. Business is active. Payments are
reported to be slow but correct. In the view of long operational track record and established position
in the power projects business, the company can be considered for normal
business dealing at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long-term Banking Facilities = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
09.04.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short-term Banking Facilities = A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
09.04.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Mr. Somnath |
|
Designation : |
VP in Finance |
|
Contact No.: |
91-44-24301000 |
|
Date : |
30.09.2015 |
LOCATIONS
|
Registered Office : |
Plot No. A5, Pannamgadu Industrial Estate, Ramapuram Post, Sullurpet
(T), Nellore – 524401, Andhra Pradesh, India |
|
Tel. No.: |
91-44-24301000 |
|
Fax No.: |
91-44-27948359/ 27948249 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
304 / 305 Anna Salai Teynampe, Chennai – 600018, |
|
|
|
|
Corporate/ Marketing/
Sales Office: |
443, Anna Salai, Teynampet, Chennai – 600018, Tamilnadu, India |
|
Tel. No.: |
91-44-24335958/ 24334940/ 24326171/ 24301000 |
|
Fax No.: |
91-44-24338775/ 24360576/ 24364656/ 24315678 |
|
E-Mail : |
|
|
|
|
|
Regional
Offices : |
Located at: · Noida ·
Mumbai ·
Hyderabad |
|
|
|
|
Overseas Office : |
BFR Energy Systems Limited 610036, Room 1, 4th Floor, Unit 1, 4th Building
in Ming Yuan, Jing Cheng Yuan Garden, No.289 Shuhan Road, Chengdu, China |
|
Tel. No.: |
+86-28-87583520 |
DIRECTORS
As on 30.03.2015
|
Name : |
Mrs. Sasikala Raghupathy |
|
Designation : |
Chairman |
|
Address : |
New No.60 (Old No.100), 4th Street,, Abhiramapuram, Chennai - 600018, Tamil Nadu, India |
|
Date of Appointment : |
20.08.1985 |
|
DIN No.: |
00490686 |
|
|
|
|
Name : |
Mr. Vellore Ranganathan Mahadevan |
|
Designation : |
Joint Managing Director |
|
Address : |
A5, Shanthi Haven, No.128, St. Marys Road, Alwarpet, Chennai - 600018, Tamil Nadu, India |
|
Date of Appointment : |
01.06.2005 |
|
DIN No.: |
00174667 |
|
|
|
|
Name : |
Mr. Arumugam Swaminathan |
|
Designation : |
Joint Managing Director and CEO |
|
Address : |
Old No 51 New No 37, Luz Avenue, Mylapore, Chennai - 600004, Tamil Nadu, India |
|
Date of Appointment : |
24.09.2010 |
|
DIN No.: |
00673790 |
|
|
|
|
Name : |
Ms. Swarnamugi Karthik |
|
Designation : |
Director - Corporate Strategy |
|
Address : |
4/17 Shobana Apartments, 3rd Floor, Bishop Wallers Avenue West Cit Colony, Mylapore, Chennai, 600004, Tamilnadu, India |
|
Date of Appointment : |
08.02.2013 |
|
DIN No.: |
03494012 |
|
|
|
|
Name : |
Mr. Gopalakrishna Muddusetty |
|
Designation : |
Director |
|
Address : |
12-2-823a/23, Santosh Nagar, Mehdipatnam, Hyderabad - 500028, Telangana, India |
|
Date of Appointment : |
18.07.2007 |
|
DIN No.: |
00088454 |
|
|
|
|
Name : |
Mr. Sharaf Ali Bohra |
|
Designation : |
Director |
|
Address : |
57,Shriniketan, Anushaktingar, Mumbai - 400094, Maharashtra, India |
|
Date of Appointment : |
18.07.2007 |
|
DIN No.: |
00791861 |
|
|
|
|
Name : |
Mr. Srinath Ragapathy Tagat |
|
Designation : |
Director |
|
Address : |
Old No 4 New No 7 Srikrishnapuram, Royapettah, Chennai - 600014, Tamil Nadu, India |
|
Date of Appointment : |
18.07.2007 |
|
DIN No.: |
01632756 |
|
|
|
|
Name : |
Mr. Swaminathan Sundararajan Mittur |
|
Designation : |
Director |
|
Address : |
Ashwarooda, Flat No.11, 2nd Floor, Building No.248, Ambujammal Street, T.T.K. Salai, Alwarpet, Chennai - 600018, Tamil Nadu, India |
|
Date of Appointment : |
14.11.2011 |
|
DIN No.: |
00169775 |
|
|
|
|
Name : |
Mr. Gnana Rajasekaran |
|
Designation : |
Director |
|
Address : |
479 Erischeme 1st Main Road Ward 35, Ambathur(M) Mugappair, Thiruvallur, Chennai - 600037, Tamil Nadu, India |
|
Date of Appointment : |
10.02.2011 |
|
DIN No.: |
03194244 |
|
|
|
|
Name : |
Heinrich Bohmer |
|
Designation : |
Director |
|
Address : |
Blumenweg 1, D - 40489, Dusseldorf, 0, Germany |
|
Date of Appointment : |
18.07.2007 |
|
DIN No.: |
01710788 |
KEY EXECUTIVES
|
Name : |
Mr. Somnath |
|
Designation : |
VP in Finance |
|
|
|
|
Name : |
Mr. Perumbavoor Ramachandran Easwarkumar |
|
Designation : |
Chief Executive Officer |
|
Address : |
Door No.15/8, Flat No.C-1, 2nd Crescent Park Road, Gandhi Nagar, Adyar, Chennai - 600020, Tamil Nadu, India |
|
Date of Appointment : |
01.04.2014 |
|
PAN No.: |
AABPE0760G |
|
|
|
|
Name : |
Mr. Ramanujam Ramesh Kumar |
|
Designation : |
Company Secretary |
|
Address : |
14 (Old No W-3) North Main Road, Anna Nagar West Extn, Chennai - 600101, Tamil Nadu, India |
|
Date of Appointment : |
21.12.1992 |
|
PAN No.: |
AAFPR1688G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of Total No. of Shares |
|
|
||
|
(A)
Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
26872770 |
37.24 |
|
|
27248400 |
37.76 |
|
|
54121170 |
75.00 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
54121170 |
75.00 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
1781242 |
2.47 |
|
|
75234 |
0.10 |
|
|
260128 |
0.36 |
|
|
1344168 |
1.86 |
|
|
3460772 |
4.80 |
|
|
|
|
|
|
1489505 |
2.06 |
|
|
|
|
|
|
9746631 |
13.51 |
|
|
872046 |
1.21 |
|
|
2471436 |
3.42 |
|
|
249161 |
0.35 |
|
|
386813 |
0.54 |
|
|
98 |
0.00 |
|
|
1804057 |
2.50 |
|
|
12356 |
0.02 |
|
|
18951 |
0.03 |
|
|
14579618 |
20.20 |
|
Total
Public shareholding (B) |
18040390 |
25.00 |
|
Total
(A)+(B) |
72161560 |
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) |
72161560 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Capital Equipment’s for Power Plants, Petrochemical Industries,
Refineries, Process Industries and Undertakes Turnkey Balance of Plant (BOP)
and Erection Procurement and Construction (EPC) Contracts for Power Plants. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
(Formerly ING Vysya Bank Limited)
|
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|
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Facilities : |
|
|||||||||||||||||||||||||||
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Auditors : |
|
|
Name : |
Manohar Chowdhry and Associates Chartered Accountants |
|
Address : |
No. 27,
Subramanian Street Abhiramapuram Chennai - 600 018, Tamil Nadu, India |
|
|
|
|
Internal Auditors : |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary
companies |
|
|
|
|
|
Other companies (enterprises
where significant influence exists and enterprises where key management
personnel have significant
influence) |
|
|
|
|
|
Joint venture : |
Mecon – GEA Energy System (India) Limited (JV) |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
72161560 |
Equity Shares |
Rs.10/- each |
Rs.721.600
Million |
|
|
|
|
|
a. Reconciliation of
the number of shares outstanding at the beginning and at the end of the
reporting year
|
Equity Shares |
As
at March 31, 2015 |
|
|
|
No. of Shares |
Rs. In Million |
|
Outstanding at the beginning of the year |
72161560 |
721.600 |
|
Issued during the year - Employee Stock Option Scheme |
-- |
-- |
|
Outstanding at the end of the year |
72161560 |
721.600 |
b. Terms/rights
attached to equity shares
The company has one class of shares referred to as equity shares having a par value of Rs 10. Each holder of equity shares is entitled to one vote per share.
c. Details of
shareholders holding more than 5% shares in the company
|
Name of
Shareholders |
As
at March 31, 2015 |
|
|
|
No. of Shares |
% held |
|
Mrs Sasikala Raghupathy |
26868450 |
37.23 |
|
BGR Investments Holdings Company Limited |
27248400 |
37.76 |
d. The company has reserved issuance of 259178 (271396) equity shares of Rs.10 each for offering to eligible employees of the company and its subsidiaries under the Employee Stock Option Scheme - 2007.
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 |
721.600 |
721.600 |
721.600 |
|
(b) Reserves & Surplus |
12721.300 |
12316.100 |
11473.800 |
|
(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) |
13442.900 |
13037.700 |
12195.400 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3514.300 |
72.300 |
130.900 |
|
(b) Deferred tax liabilities
(Net) |
3467.200 |
5106.600 |
4242.700 |
|
(c) Other long term liabilities |
7075.800 |
9850.500 |
8405.500 |
|
(d) long-term provisions |
1668.400 |
2063.100 |
2219.500 |
|
Total
Non-current Liabilities (3) |
15725.700 |
17092.500 |
14998.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
17602.000 |
20060.700 |
21880.000 |
|
(b) Trade payables |
10343.900 |
9796.100 |
10502.500 |
|
(c) Other current liabilities |
4759.000 |
2748.200 |
4515.100 |
|
(d) Short-term provisions |
88.600 |
440.900 |
701.300 |
|
Total
Current Liabilities (4) |
32793.500 |
33045.900 |
37598.900 |
|
|
|
|
|
|
TOTAL |
61962.100 |
63176.100 |
64792.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1735.900 |
1873.000 |
1916.800 |
|
(ii) Intangible Assets |
41.200 |
71.100 |
112.500 |
|
(iii) Capital work-in-progress |
50.100 |
36.400 |
73.500 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3636.100 |
3636.100 |
3637.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1346.600 |
2933.000 |
2495.000 |
|
(e) Other Non-current assets |
5162.000 |
4726.600 |
5955.500 |
|
Total
Non-Current Assets |
11971.900 |
13276.200 |
14190.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
411.600 |
504.100 |
298.900 |
|
(c) Trade receivables |
24156.300 |
27558.400 |
28600.000 |
|
(d) Cash and cash equivalents |
7648.800 |
6615.800 |
9151.600 |
|
(e) Short-term loans and
advances |
5073.700 |
3841.200 |
4557.200 |
|
(f) Other current assets |
12699.800 |
11380.400 |
7994.800 |
|
Total
Current Assets |
49990.200 |
49899.900 |
50602.500 |
|
|
|
|
|
|
TOTAL |
61962.100 |
63176.100 |
64792.900 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
33650.000 |
32956.000 |
31071.700 |
|
|
Other Income |
15.000 |
5.000 |
54.400 |
|
|
TOTAL
(A) |
33665.000 |
32961.000 |
31126.100 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
22643.600 |
20970.800 |
16913.800 |
|
|
Cost of Manufacturer and
Constructions |
4867.600 |
4514.900 |
6023.100 |
|
|
Other Direct cost |
743.400 |
705.800 |
626.700 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(44.300) |
(52.300) |
(64.700) |
|
|
Employees benefits expense |
1618.000 |
1831.400 |
1963.100 |
|
|
Other expenses |
732.700 |
1053.600 |
1276.300 |
|
|
TOTAL
(B) |
30561.000 |
29024.200 |
26738.300 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
3104.000 |
3936.800 |
4387.800 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2066.200 |
1817.400 |
1747.100 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1037.800 |
2119.400 |
2640.700 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
250.800 |
195.500 |
185.700 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
787.000 |
1923.900 |
2455.000 |
|
|
|
|
|
|
|
Less |
TAX (H) |
365.500 |
824.400 |
818.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
421.500 |
1099.500 |
1636.700 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
sales |
10363.400 |
1777.100 |
848.200 |
|
|
Services |
127.200 |
22.400 |
0.600 |
|
|
TOTAL
EARNINGS |
10490.600 |
1799.500 |
848.800 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials and Components
and Stores parts |
7093.700 |
288.400 |
2188.100 |
|
|
Capital Goods |
16.700 |
0.000 |
56.900 |
|
|
TOTAL
IMPORTS |
7110.400 |
288.400 |
2245.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
5.84 |
15.24 |
22.68 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
58.000 |
58.600 |
132.500 |
|
Cash generated from operations |
3624.100 |
1842.100 |
603.100 |
|
Net cash flow from operating activity |
1508.600 |
1526.000 |
196.400 |
QUARTERLY RESULTS
|
Particulars |
June 2015 |
|
Audited / Unaudited |
Unaudited |
|
Net Sales |
8940.700 |
|
Total Expenditure |
8164.500 |
|
PBIDT (Excl OI) |
776.200 |
|
Other Income |
8.600 |
|
Operating Profit |
784.800 |
|
Interest |
559.800 |
|
Exceptional Items |
NA |
|
PBDT |
225.000 |
|
Depreciation |
50.000 |
|
Profit Before Tax |
175.000 |
|
Tax |
60.600 |
|
Provisions and contingencies |
NA |
|
Profit After Tax |
114.400 |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
114.400 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.25 |
3.34 |
5.27 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
9.22 |
11.95 |
14.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.35 |
3.23 |
4.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.15 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.58 |
1.55 |
1.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52 |
1.51 |
1.35 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs.105.70/- |
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 |
721.600 |
721.600 |
721.600 |
|
Reserves & Surplus |
11473.800 |
12316.100 |
12721.300 |
|
Net
worth |
12195.400 |
13037.700 |
13442.900 |
|
|
|
|
|
|
long-term borrowings |
130.900 |
72.300 |
3514.300 |
|
Short term borrowings |
21880.000 |
20060.700 |
17602.000 |
|
Current Maturities of
Long-Term Debts |
132.500 |
58.600 |
58.000 |
|
Total
borrowings |
22143.400 |
20191.600 |
21174.300 |
|
Debt/Equity
ratio |
1.816 |
1.549 |
1.575 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
31071.700 |
32956.000 |
33650.000 |
|
|
|
6.064 |
2.106 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
31071.700 |
32956.000 |
33650.000 |
|
Profit |
1636.700 |
1099.500 |
421.500 |
|
|
5.27% |
3.34% |
1.25% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
CP 157 / 2014 CPSR
4497 / 2014
CASE IS: PENDING
PETITIONER
RESPONDENT
M/S
SANGHVI MOVERS LIMITED, PUNE VS BGR ENERGY SYSTEMS LIMITED, NELLORE
DIST
PET’S
ADV. : CHOWDARY RES’S ADV.+- :
PRIYADARSHAN REDDY
SUBJECT : COMPANY PETITTION DISTRICT:
HYDERABAD
|
FILING DATE: 11.07.2014 POSTING
STAGE : FOR FILING PROOF OF PUBLICATION REG. DATE : 16.07.2014 LISTING
DATE : 09.06.2015 STATUS : ADMIT HON’BLE
JUDGE(S):
C.V. NAGARJUNA
REDDY |
COMPANY OVERVIEW
BGR Energy Systems Limited (‘the company’) is a public limited company incorporated under the provisions of the Companies Act, 1956. Its equity shares are listed on Bombay Stock Exchange (‘BSE’) and National Stock Exchange (‘NSE’).The company is a manufacturer of capital equipments for Power Plants, Petrochemical Industries, Refineries, Process Industries and undertakes turnkey Balance of Plant (‘BOP’) and Erection Procurement and Construction (‘EPC’) contracts for Power plants. The company has been achieving its objectives through its five business units: Power projects, Electrical projects, Oil and Gas equipment, Environmental engineering and Air Fin Coolers.
OPERATING PERFORMANCE
During the year, the Company has successfully commissioned the 1 x 600 MW Mettur thermal power plant in Tamil Nadu. The plant has achieved commercial operation and was handed over to the client TANGEDCO for regular commercial operations. Another major milestone for the Company was the successful achievement of commercial operation date for Unit 1 of the 2x660 MW Krishnapatnam Project, which was the first Super Critical BoP project undertaken by the Company. Your Company has achieved commercial operation date (COD) for Unit 1 of the 2 x 600 MW EPC Kalisindh Project and the Unit is currently under commercial operation by the client, RRVUNL.
Air Fin Cooler (“AFC”) division has achieved a record growth of turnover in the backdrop of tough market conditions. The division has maintained its market leadership in India with significant orders from Reliance and BPCL. The division is expected to reach the position of a dominant player in international market in the foreseeable future. The Company now lays thrust on high value orders and higher grade of materials of construction. Investments have been made in manpower as well as manufacturing capability and quality systems so that AFC is competent for bigger growth in international markets.
In the year 2014-15, Electrical Project Division (“EPD”) has secured despite a competitive environment, 4 Sub-station project contracts from TANTRANSCO. These projects cover installation of EHV switchyard of 63 bays with
2740 MVA of transformation capacity. EPD made substantial completion of supplies for the first unit of Nuclear Power Project of Kakrapar(KAPP) in Gujarat.
Environmental Engineering Division (“EED”) has bagged order for supply of Deaerators for 2 x 660 MW for super critical project at Malwa. During the year the division manufactured and supplied 13 numbers of Deaerators which includes super critical and nuclear power stations. The division has successfully executed first large size desalination plant with a capacity of 13.5 Millions of Liters per Day (MLD) in a record time of seven months. The division successfully commissioned two water treatment plants during the year
Oil and Gas Equipment division (“OGED”) has signed a co-operation agreement for technical support with AMR Process, Canada. This tie-up, is expected to enable the division to widen its potential.
FUTURE OUTLOOK
India’s demand for Electricity is expected to take a sharp leap upwards with “Make I India” programme of the Government of India gaining momentum. The Company envisages opportunities for EPC/BoP projects for combined capacity of around 30,000 MW over the next 3 years. The Company is well placed to secure a significant market share in these prospects. The completion of first and second stage of coal mines allotment through e-auction to both the Power and Industry Sectors likely to give impetus to many projects which were at planning stage to move forward with implementation of projects.
The water market especially on the municipal and urban sector are growing at an exponential pace and since water is fast becoming a scarce commodity, the business to treat waste water is gaining critical importance. Having gained the requisite experience in primary and secondary treatment of water, the Company now making efforts to leap into the waste water treatment business in a big way by associating with international leaders in respective field of specialization. Central power PSUs viz., NTPC and NLC and several State Gencos are now moving towards BTG and BoP method of contracting. The Company will continue to leverage its capability and value proposition in BoP contracting and will extend this proposition to all customers who are following the BoP contractual methodology.
India is also set to triple its Nuclear Power Project generation capacity in the next decade. Prospects for capacity addition of 2800 MW are on the horizon and scope of work for Balance of Plant (BoP) and construction are likely to be available. Nuclear Power Projects for capacity addition of 3400 MW have witnessed the initial groundbreaking ceremonies and civil works are now being awarded. The tendering processes for downstream activities are slated to commence in FY 2015-16 for 3400 MW. This provides another opportunity for EPD given its proven credentials in this segment.
Considering the slowdown in the Indian power sector, the Company has identified Bangladesh, Indonesia and Africa as potential markets and is now bidding for contracts. The Company will utilize the next 12-18 months to augment and address international markets for Oil and Gas for supply of gas processing equipment and systems, EPC power projects in South East Asia, Middle East and CIS countries. The company has given thrust to high “Health, Safety and Environment” Standards, high quality, superior engineering so as to sustain the confidence of international clients. AFC and OGED are focusing on domestic and international markets with emphasize on
Middle East, East Europe and South East Asia and to achieve greater penetration forging alliances for technical and sales support services.
The Company’s in depth expertise in engineering of complex power projects gives confidence to undertake projects in water, oil and gas, nuclear power, transmission and distribution, desalination projects, sewage treatment plants and infrastructure projects.
MANAGEMENT DISCUSSION
AND ANALYSIS
OPERATING HIGHLIGHTS OF FINANCIAL YEAR
2014-15
During the year, the Company has successfully commissioned the 1x600 MW Mettur thermal power plant. The plant has achieved commercial operation and has been handed over to the client TNEB for regular operations.
Another major milestone for the Company was the successful achievement of commercial operation date for Unit 1 of the 2 x 660 MW Krishnapatnam Project, which was the first Super Critical BoP project undertaken by the Company
The Company has also achieved commercial operation date for Unit 1 of the 2 x 600 MW EPC Kalisindh Project and the Unit is currently under commercial operation by the client, RRVUNL.
Unit 2 of 2 X 600 MW EPC of Kalisindh Project has been synchronised and coal firing completed. Project completion is scheduled during the current financial year.
2 X 500 MW BoP with BTG Civil works – Marwa Project: Unit 1 has achieved full load operation with coal firing and Unit 2 has been synchronized with oil firing. Project completion is expected during the current financial year.
Work on 2 X 660 MW Boiler and its auxiliary – NTPC Solapur and Meja projects, 2 X 800 MW STG and its auxiliary – NTPC Lara Project and 2 X 660 MW OPGCL Project, Orissa are progressing at a brisk pace.
Environmental Engineering Division (EED) has successfully manufactured and supplied the largest Deaerator in India to Nuclear Power Corporation of India Limited (NPCIL) for their 2x700 MW Kakrapar Plant. This is the largest ever Deaerator supplied by the Company. For the first time, the Deaerator and the Storage Tank were built and transported as single package.
INDUSTRY OUTLOOK
The year 2014 was a watershed in the Indian political landscape; ushering in a new government with a strong mandate at the Centre. With the gradual reduction in inflationary pressures and further softening in the interest rate by RBI in the next 6-12 months, the Indian economy is all set to witness growth in GDP in the coming years.
IMF, World Bank and international rating agencies have projected the GDP of the Indian economy to clock 7.2% - 7.5% in FY16 and likely to grow further in the coming years.
For a boost in GDP growth, for the ambitious ‘Make in India’ campaign to materialize and for their country to become a global manufacturing hub, the Indian economy would require more electricity. The government is committed to its dream to provide 24 X 7 power across the country in the years to come and this augers well for the power sector. The recently concluded coal block auctions is already being hailed as the biggest game changer for the power sector in 2015. Capacity addition in the power sector, by way of completion of the stalled projects and new power projects to be announced soon, is expected to happen at a frenetic pace in the years to come. The speed and commitment exhibited by the Government in taking policy decisions in areas like infrastructure, defence, housing etc. to boost the growth rate of the Indian economy is very positive for the economy and industry in general and the power sector in particular.
India’s total power generation grew at an aggressive pace of 9% during the first eleven months of the financial year 2014-15. This growth was fuelled by impressive performance by thermal power segment, which clocked an 11.7% growth rate. As per CEA, total power generation target for 2015-16 is 1,136 billion units, a growth of approximately 8.2 per cent. Thermal power generation is expected to contribute about 85% of this output. Out of the targeted capacity addition of 88,537 MW during the 12th Plan, 61,014.12 MW (i.e. 69%) had been achieved till March ’15.
.
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10555404 |
16/03/2015 |
5,000,000,000.00 |
Syndicate Bank |
CORPORATE FINANCE BRANCH, 170, ELDAMS ROAD, CHENNAI, Tamil Nadu -
600018, INDIA |
C46864393 |
|
2 |
10544237 |
02/01/2015 |
1,050,000,000.00 |
STATE BANK OF MYSORE |
INDUSTRIAL FINANCE BRANCH, II FLOOR, M O H BUILDING, NO. 576, ANNA SALAI,
CHENNAI, Tamil Nadu - 600 |
C40990889 |
|
3 |
10519211 |
30/07/2014 |
11,750,000,000.00 |
PUNJAB NATIONAL BANK |
RAJA ANNAMALAI ROAD, PURASAWALKAM, CHENNAI, Tamil |
C20003315 |
|
4 |
10482565 |
07/03/2014 |
7,000,000,000.00 |
IDBI Bank Limited |
115, ANNA SALAI, P.B. NO.805, SAIDAPET, CHENNAI, |
B98477128 |
|
5 |
10439794 |
11/07/2013 |
3,850,000,000.00 |
PUNJAB NATIONAL BANK |
Raja Annamalai road,, Purasawalkam, Chennai, Tamil Nadu - 600084,
INDIA |
B80762883 |
|
6 |
10428385 |
30/04/2013 |
13,260,000,000.00 |
Allahabad bank |
Industrial Finance Branch,, 40 & 41, Mount Road, |
B75973099 |
|
7 |
10397694 |
20/12/2012 |
13,300,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
B66131970 |
|
8 |
10382324 |
21/06/2014 * |
14,200,000,000.00 |
Axis Bank Limited |
CORPORATE BANKING BRANCH, NO.192, KARUMUTTU NILAYAM, ANNA
SALAI,CHENNAI, CHENNAI, Tamil Nadu - 600002, INDIA |
C14372619 |
|
9 |
10314444 |
26/09/2011 |
1,600,000,000.00 |
ALLAHABAD BANK |
Industrial Finance Branch, "Anna Theatre Building", No.41, Mount
Road, Chennai, Tamil Nadu - 600002 |
B24036287 |
|
10 |
10288679 |
16/04/2011 |
290,000,000.00 |
STATE BANK OF TRAVANCORE |
CHENNAI MAIN BRANCH, UNITED INDIA BUILDING, ESPLANADE, CHENNAI, Tamil
Nadu - 600018, INDIA |
B13656061 |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED JUNE 30, 2015
(Rs. In Million)
|
|
|
Particulars |
Quarter ended
30.06.2015 |
|
1 |
|
Income from
Operations |
|
|
|
|
Sales/Income from Operations (Gross) |
8919.200 |
|
|
|
b) Other Operating Income |
21.500 |
|
|
Total Income from
Operations (Net) |
8940.700 |
|
|
2 |
Expenses |
|
|
|
|
a) |
Cost of Materials consumed |
7478.500 |
|
|
b) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
38.500 |
|
|
c) |
Employee benefit expenses |
501.600 |
|
|
d) |
Depreciation and amortization expense |
50.00 |
|
|
e) |
Other expenses |
145.900 |
|
|
Total Expenses |
8214.500 |
|
|
|
|
|
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items |
726.200 |
|
4 |
Other Income |
8.600 |
|
|
5 |
Profit /(Loss) from
ordinary activities before finance costs and exceptional items |
734.800 |
|
|
6 |
Finance Costs |
559.800 |
|
|
7 |
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items |
175.000 |
|
|
8 |
Exceptional Items |
-- |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
175.000 |
|
|
10 |
Tax Expense |
60.600 |
|
|
11 |
Net Profit /(Loss)
from ordinary activities after tax |
114.400 |
|
|
12 |
Paid up equity share capital (Eq. shares of Rs.10/- each) |
721.600 |
|
|
13 |
Reserve excluding revaluation reserves |
|
|
|
14 |
|
Earnings per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
Basic & Diluted |
1.59 |
|
|
|
|
|
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
|
Public Shareholding |
|
|
|
|
- No. of Shares |
18040390 |
|
|
|
- Percentage of Shareholding |
25.00% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
-- |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
-- |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
-- |
|
|
|
b) Non- encumbered |
|
|
|
|
- Number of shares |
54121170 |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
100.00% |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
75.00% |
|
Particulars |
Quarter Ended 30.06.2015 |
|
Pending at the beginning of the quarter |
3 |
|
Received during the quarter |
7 |
|
Disposed of during the quarter |
7 |
|
Remaining unresolved at the end of the
quarter |
3 |
SEGMENT-WISE REVENUE,
RESULT AND CAPITAL EMPLOYED
(Rs. In Million)
|
Sr. No. |
Particular |
Quarter ended |
|
|
|
30.06.2015 |
|
|
|
(Unaudited) |
|
1. |
Segment Revenue |
|
|
|
|
412.400 |
|
|
b. Construction and EPC Contracts |
8528.300 |
|
|
Total |
8940.700 |
|
|
Less: Inter
Segment Revenue |
-- |
|
|
Net Sales / Income
from Operations |
8940.700 |
|
2. |
Segment Result
(before tax and Interest) |
|
|
|
|
(19.200) |
|
|
b. Construction and EPC Contracts |
745.400 |
|
|
|
8.600 |
|
|
Total |
734.800 |
|
|
Less : i.
Interest |
559.800 |
|
|
Total Profit/(Loss)
before tax |
175.000 |
|
3. |
Segment Capital
Employed |
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
|
2016.000 |
|
|
b. Construction and EPC Contracts |
11541.300 |
|
|
c. Unallocated |
-- |
|
|
Total capital
employed in Segment |
13557.300 |
Note:
- The above results were reviewed by the
Committee and approved by the Board of Directors at their meeting held on August
03.2015
- The financial results for the quarter
ended June 30, 2015 of the company on standalone basis have been subjected
to a “Limited Review” by the Statutory Auditors of the Company.
- Cost of material consumed is net of
provision of cost of Rs. 451.900 Million, no longer required.
- The figures for the previous period
have been regrouped/rearranged wherever necessary to conform to the
current period of presentation.
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Claims against the
company not acknowledged as debt |
|
|
|
a) On account of sales tax * |
2915.400 |
422.200 |
|
b) On account of income-tax |
1084.800 |
1084.800 |
|
c) On account of service tax ** |
2.500 |
2.500 |
|
d) On account of provident fund |
52.100 |
0.000 |
|
e) On account of contractual obligations |
235.000 |
235.000 |
|
f) On account of royalty |
454.700 |
454.700 |
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Office fixtures
- Office equipments
- Electrical installations
- Vehicles
Intangible assets *
- Technical know-how
- Softwares
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.66.74 |
|
|
1 |
Rs.99.53 |
|
Euro |
1 |
Rs.73.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
AMT |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.