MIRA INFORM REPORT
|
Report No. : |
344211 |
|
Report Date : |
08.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT FLUOROCHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
Survey No 16/3, 26 and 27 Ranjitnagar, Ghoghamba Taluka, Panchmahal -
389380, Gujarat |
|
Tel. No.: |
91-2678-248153 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
04.02.1987 |
|
|
|
|
Com. Reg. No.: |
04-009362 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.109.850 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24110GJ1987PLC009362 |
|
|
|
|
IEC No.: |
0888017201 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
BRDG01210G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG6725H |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Refrigerates, Chemicals, Fluorospeciality chemicals,
Fluoroelastomer, PTFE products, industrial chemicals. |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is the flagship company of Inox group, incorporated in the
year 1987. It is having fine track record. For the FY 2015, the company has achieved sales turnover Rs. 13209.708
Million marked by impressive profit margin of 28.95 %. The company possesses healthy financial risk profile along with good net
worth base marked by huge increase in its cash and cash equivalents and there
is favourable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments are regular and
as per commitment. In view of long business track record, the company can be considered
for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: AA |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
07.05.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: A1+ |
|
Rating Explanation |
Very strong degree of safety and carry low credit risk. |
|
Date |
07.05.2015 |
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
|
Name : |
Mr. Kaushal Patel |
|
Designation : |
Account Manager |
|
Contact No.: |
91-265-6198111 |
|
Date : |
07.10.2015 |
LOCATIONS
|
Registered Office / Factory 1 : |
Survey No 16/3, 26 And 27 Ranjitnagar, Ghoghamba Taluka, Panchmahal –
389380, Gujarat, India |
|
Tel. No.: |
91-2678-248153 |
|
Fax No.: |
91-2641-256072 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Corporate Office : |
|
|
Tel. No.: |
91-265-6198111 |
|
Fax No.: |
91-265-2310312 |
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|
|
|
Factory 2 : |
Dahej Project Plot No 12A, GIDC Dahej Industrial Estate, Taluka vagra District,
Bharuch, |
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|
Regional Offices / Refrigerant Gas Division : |
INOX Towers, Plot No. 17, Sector 16-A, Noida – 201301, Uttar Pradesh, India. |
|
Tel. No.: |
91-120-6149600 |
|
Fax No.: |
91-120-6149610 |
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|
|
|
Marketing Office 1 : |
Western Region INOX APL, A/2, TTC Industrial area, Off Thane Belapur Road, Pawane MIDC, Navi Mumbai – 400 710, Maharashtra, India |
|
Tel. No.: |
91-22-3294 4123 |
|
Fax No.: |
91-22-2767 2458 |
|
|
|
|
Marketing Office 2 : |
Southern Region 3C, III Floor, |
|
Tel. No.: |
91-44-2819 2373 |
|
Fax No.: |
91-44-2819 2374 |
|
|
|
|
Marketing Office 3: |
Inox, B-502, Everest Nivara, Infotech Park-1, Near Lubrizol Indiranagar Bus top, Turbhe, Navi Mumbai – 400703, Maharashtra, India |
|
|
|
|
Branch Office : |
Flat No 68, Jolly Maker Chambers No 2, Near Bajaj Bhavan, Nariman Point, Mumbai – 400021, Maharashtra, India |
|
Tel. No.: |
91-22 - 22041860 |
|
Fax No.: |
91-22-22855675 / 22025588 |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Devendra Kumar Jain |
|
Designation : |
Chairman and Non-Independent Director |
|
|
|
|
Name : |
Mr. Shailendre D Swarup |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
20.11.1944 |
|
Date of Appointment : |
01.01.1988 |
|
|
|
|
Name : |
Mr. Pavan Jain |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Vivek Jain |
|
Designation : |
Managing Director and Non-Independent Director |
|
Date of Birth/Age : |
30.08.1955 |
|
Date of Appointment : |
04.02.1987 |
|
|
|
|
Name : |
Mr. Dinesh Kumar Sachdeva |
|
Designation : |
Whole-Time Director and Non-Independent Director |
|
Date of Birth/Age : |
12.12.1944 |
|
Date of Appointment : |
29.11.1996 |
|
|
|
|
Name : |
Mr. Om Prakash. Lohia |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Dr. S. Rama lyer |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr. Deepak Asher |
|
Designation : |
Director and Group Head Corporate Finance and Non-Independent Director |
|
|
|
|
Name : |
Mr. Shanti Prasad Jain |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Rajagopalan Doraiswami |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Ms Vanita Bhargava |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Anand Bhusari |
|
Designation : |
Whole-Time Director and Non-Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Bhavin Desai |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Kaushal Patel |
|
Designation : |
Finance Manager |
|
|
|
|
Name : |
Mr. Manoj Agrawal |
|
Designation : |
Chief Financial Officer |
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|
|
|
Audit Committee |
Chairman and Independent Director
Non-Independent Director
Independent Director |
|
|
|
|
Committee of
directors for Operations |
Chairman and Non-Independent Director
Managing Director and Non-Independent Director
Director and Group Head Corporate Finance and Non-Independent Director |
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|
|
|
Nomination and
remuneration Committee: |
Chairman and Independent Director
Director and Group Head Corporate Finance and Non-Independent Director
Independent Director |
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|
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|
Stake holders ’
relationship Committee: |
Chairman and Independent Director
Non-Independent Director
Managing Director and Non-Independent Director |
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|
|
|
Corporate social Responsibility committee: |
Chairman and Independent Director
Managing Director and Non-Independent Director
Director and Group Head Corporate Finance and Non-Independent Director |
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 |
|
|
|
|
|
|
|
|
136300 |
0.12 |
|
|
74928600 |
68.21 |
|
|
75064900 |
68.33 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
75064900 |
68.33 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
4848560 |
4.41 |
|
|
92288 |
0.08 |
|
|
500 |
0.00 |
|
|
3586982 |
3.27 |
|
|
2000 |
0.00 |
|
|
2000 |
0.00 |
|
|
8530330 |
7.77 |
|
|
|
|
|
|
11063380 |
10.07 |
|
|
|
|
|
|
8124900 |
7.40 |
|
|
5620754 |
5.12 |
|
|
1445736 |
1.32 |
|
|
120256 |
0.11 |
|
|
573934 |
0.52 |
|
|
39400 |
0.04 |
|
|
712146 |
0.65 |
|
|
26254770 |
23.90 |
|
Total Public shareholding (B) |
34785100 |
31.67 |
|
Total (A)+(B) |
109850000 |
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) |
109850000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Refrigerates, Chemicals, Fluorospeciality chemicals,
Fluoroelastomer, PTFE products, industrial chemicals. |
|
|
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Products : |
|
|
|
|
|
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 and Credit (30,60,90 Days) |
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|
|
|
Purchasing : |
Cash and Credit (30,60,90 Days) |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users and OMES
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No. of Employees : |
500 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
Patankar and Associates Chartered Accountants |
|
Address : |
Office No 19 to 23, 4th Floor, Gold Wings, S No 118/A, Plot no 543, Singhad Road, Parvati Nagar, Pune - 411030, Maharashtra, India |
|
Tel. No.: |
91-20-2425 2117 |
|
Mobile No.: |
91-20-2425 2118 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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|
Holding Company: |
|
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|
Subsidiary
Companies: |
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|
|
|
|
Joint Venture: |
|
|
|
|
|
Enterprises over
which Key Management Personnel, or their relatives, have significant
influence : |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,00,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,98,50,000 |
Equity Shares |
Rs.10/- each |
Rs. 109.850
Million |
|
|
|
|
|
NOTE:
TERMS/RIGHTS ATTACHED
TO EQUITY SHARES
The Company has only one class of equity shares having a par value of Rs.1 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. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, in proportion of their shareholding, after distribution of all preferential amounts, if any. During the year, final dividend of Rs.3.50 per equity share (previous year Rs.3.50 per equity share) is proposed to be distributed to the equity shareholders.
Shares held by
holding company
|
Particulars |
Nos. |
Rs. (In Million) |
|
Inox Leasing and Finance Limited |
57715310 |
57.715 |
|
|
(57715310) |
(57.715) |
Details of
shareholders holding more than 5% shares in the company
|
Particulars |
Nos. |
holding % |
|
Inox Leasing and Finance Limited |
57715310 |
52.54% |
|
|
(57715310) |
(52.54%) |
|
Devansh Trading and Finance Private Limited |
6662360 |
6.06% |
|
|
(6662360) |
(6.06%) |
|
Siddhapavan Trading and Finance Private Limited |
5576440 |
5.08% |
|
|
(5576440) |
(5.08%) |
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 |
109.850 |
109.850 |
109.850 |
|
(b) Reserves & Surplus |
28446.039 |
25137.078 |
24842.715 |
|
(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) |
28555.889 |
25246.928 |
24952.565 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2379.989 |
2931.033 |
3344.258 |
|
(b) Deferred tax liabilities
(Net) |
2655.072 |
2019.917 |
1583.153 |
|
(c) Other long term
liabilities |
18.878 |
23.598 |
20.520 |
|
(d) long-term provisions |
91.430 |
74.193 |
71.918 |
|
Total
Non-current Liabilities (3) |
5145.369 |
5048.741 |
5019.849 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4183.263 |
3520.218 |
4562.007 |
|
(b) Trade payables |
1065.398 |
1201.886 |
1022.937 |
|
(c) Other current liabilities |
1231.258 |
1009.509 |
1407.506 |
|
(d) Short-term provisions |
516.884 |
501.549 |
304.288 |
|
Total
Current Liabilities (4) |
6996.803 |
6233.162 |
7296.738 |
|
|
|
|
|
|
TOTAL |
40698.061 |
36528.831 |
37269.152 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
19347.788 |
15945.870 |
16052.628 |
|
(ii) Intangible Assets |
593.664 |
335.340 |
195.421 |
|
(iii) Capital work-in-progress |
1089.545 |
4282.338 |
3909.915 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4204.733 |
2477.553 |
2690.758 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3776.472 |
4133.537 |
3930.510 |
|
(e) Other Non-current assets |
0.224 |
0.100 |
0.053 |
|
Total
Non-Current Assets |
29012.426 |
27174.738 |
26779.285 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
126.638 |
2160.535 |
2050.000 |
|
(b) Inventories |
3671.282 |
3169.540 |
4211.120 |
|
(c) Trade receivables |
3854.162 |
3167.192 |
3308.880 |
|
(d) Cash and cash equivalents |
3463.661 |
84.803 |
192.586 |
|
(e) Short-term loans and
advances |
537.804 |
552.425 |
578.299 |
|
(f) Other current assets |
32.088 |
219.598 |
148.982 |
|
Total
Current Assets |
11685.635 |
9354.093 |
10489.867 |
|
|
|
|
|
|
TOTAL |
40698.061 |
36528.831 |
37269.152 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
13209.708 |
11409.358 |
15960.809 |
|
|
Other Income |
561.927 |
650.595 |
569.038 |
|
|
TOTAL
(A) |
13771.635 |
12059.953 |
16529.847 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
4100.909 |
3192.509 |
3034.728 |
|
|
Purchases of Stock-in-Trade |
17.118 |
9.252 |
20.956 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(470.511) |
410.484 |
(750.826) |
|
|
Employees benefits expense |
961.566 |
806.945 |
745.333 |
|
|
Other expenses |
5819.359 |
5092.461 |
5887.970 |
|
|
Exceptional Items |
(2790.505) |
0.000 |
0.000 |
|
|
TOTAL
(B) |
7637.936 |
9511.651 |
8938.161 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
6133.699 |
2548.302 |
7591.686 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
519.780 |
552.846 |
689.460 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5613.919 |
1995.456 |
6902.226 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1238.532 |
1017.012 |
963.827 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
4375.387 |
978.444 |
5938.399 |
|
|
|
|
|
|
|
Less |
TAX (H) |
551.765 |
234.264 |
1954.966 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
3823.622 |
744.180 |
3983.433 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
66.600 |
72.200 |
37.400 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Transferred to General
Reserves |
3330.300 |
300.000 |
3500.000 |
|
|
Interim Dividend |
0.000 |
0.000 |
164.800 |
|
|
Proposed Dividend subject to
approval of the Shareholders |
384.500 |
384.500 |
219.700 |
|
|
Tax on Dividend |
78.200 |
65.300 |
64.000 |
|
|
Balance
Carried to the B/S |
97.100 |
66.600 |
72.333 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
5083.804 |
4135.847 |
7967.493 |
|
|
Dividend |
0.000 |
0.000 |
21.676 |
|
|
Other recoveries on Exports |
156.446 |
116.801 |
70.621 |
|
|
Other Operating Income |
0.690 |
16.807 |
867.375 |
|
|
TOTAL
EARNINGS |
5240.940 |
4269.455 |
8927.165 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
2300.663 |
1398.593 |
1215.626 |
|
|
Fuel |
817.656 |
528.827 |
533.771 |
|
|
Traded goods |
4.172 |
2.914 |
15.768 |
|
|
Components and Stores parts |
73.023 |
55.919 |
146.836 |
|
|
Capital Goods |
28.849 |
61.204 |
391.217 |
|
|
TOTAL
IMPORTS |
3224.363 |
2047.457 |
2303.218 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
-- Basic |
34.81 |
6.77 |
36.22 |
|
|
-- Diluted |
34.81 |
6.77 |
36.26 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
605.772 |
598.192 |
757.966 |
|
Cash generated from operations |
1587.215 |
3571.197 |
5040.341 |
|
Net cash generated from operating activities |
814.500 |
3334.056 |
3670.701 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
|
30.06.2015 1st
Quarter |
|
Audited
/ UnAudited |
|
|
|
|
|
|
|
|
|
Net Sales |
|
|
3527.200 |
|
Total Expenditure |
|
|
2775.100 |
|
PBIDT (Excl OI) |
|
|
752.100 |
|
Other Income |
|
|
122.300 |
|
Operating Profit |
|
|
874.400 |
|
Interest |
|
|
133.900 |
|
Exceptional Items |
|
|
NA |
|
PBDT |
|
|
740.500 |
|
Depreciation |
|
|
343.600 |
|
Profit Before Tax |
|
|
396.900 |
|
Tax |
|
|
126.100 |
|
Provisions and contingencies |
|
|
NA |
|
Profit After Tax |
|
|
270.800 |
|
Extraordinary Items |
|
|
NA |
|
Prior Period Expenses |
|
|
NA |
|
Other Adjustments |
|
|
NA |
|
Net Profit |
|
|
270.800 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
28.95 |
6.52 |
24.96 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
46.43 |
22.34 |
47.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.36 |
3.29 |
19.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.04 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.25 |
0.28 |
0.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67 |
1.50 |
1.44 |
STOCK
PRICES
|
Face Value |
Rs.1.00/- |
|
Market Value |
Rs.676.00/- |
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 |
109.850 |
109.850 |
109.850 |
|
Reserves & Surplus |
24842.715 |
25137.078 |
28446.039 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
24952.565 |
25246.928 |
28555.889 |
|
|
|
|
|
|
long-term borrowings |
3344.258 |
2931.033 |
2379.989 |
|
Short term borrowings |
4562.007 |
3520.218 |
4183.263 |
|
Current maturities of
long-term debts |
757.966 |
598.192 |
605.772 |
|
Total
borrowings |
8664.231 |
7049.443 |
7169.024 |
|
Debt/Equity
ratio |
0.347 |
0.279 |
0.251 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
15960.809 |
11409.358 |
13209.708 |
|
|
|
(28.516) |
15.780 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
15960.809 |
11409.358 |
13209.708 |
|
Profit |
3983.433 |
744.180 |
3823.622 |
|
|
24.96% |
6.52% |
28.95% |
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 |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
MANAGEMENT DISCUSSION
AND ANALYSIS
GLOBAL ECONOMY
The
global economy grew at a slightly faster pace in 2014, as a modest revival in
the Eurozone and a pick-up in India helped offset slowdowns in China and Japan.
Growth picked up, albeit marginally, from 2.5% to 2.6%, mainly driven by
momentum in United States and U.K. It is seen shifting upwards to an average of
3.3% between 2015 and 2017, brought about by an upward shift of growth in Gross
Domestic Product (GDP) of the developed economies from 1.8% to 2.2% and with
developing economies accelerating from 4.8% to 5.4 %. The combined gross
domestic output of the Group of 20 largest economies, which accounts for 90% of
the global economic output, expanded 3.4% in 2014, up slightly from 3.2% in
2013, aided by a return to growth in the Eurozone. Global growth is forecast to
rise moderately to 3.5% in 2015 and 3.7% in 2016, the net positive being a
sharp decline in oil prices. International Monetary Fund (IMF) projects growth
in emerging markets and developing economies to remain broadly stable at 4.3%
in 2015 and increase to 4.7% in 2016. Moving ahead, across nations, the mandate
to Governments is to control inflation, improve fiscal prudence and sustainable
growth, with concerted efforts being on job creation through public and private
investments.
COMPANY BACKGROUND
AND EVOLUTION
Subject
was incorporated in 1987 and it commenced commercial operations in 1989. The
Company started its chemicals business by setting up Refrigerant Plant in
Ranjitnagar in 1989 under the know-how and expertise from M/s Stauffer
Chemicals USA and Pennwalt Corporation of USA. The chemical business primarily
consisted of sale of CFC (Chloro-fluoro-carbon) - 70%, and HCFC
(Hydro-chloro-fluoro-carbon) – 30%. At one time, GFL exported refrigerants to
more than 75 countries across the globe. The Company’s business model hit a
speed breaker on account of the coming into force of the Montreal Protocol. The
Montreal Protocol, an international treaty created to eliminate the production
of ozone depleting substances, prescribed a legally binding phase-out schedule
for CFCs, so as to bring down production to zero by 2010. The Company was able
to phase-out CFCs completely by 2005- 06, and shift its entire business focus
on HCFCs, which have a much lower ozone depleting potential and hence a much
longer phase-out schedule under the Montreal Protocol.
In the 2000s, the
Kyoto Protocol came into force to address the environmental concerns around global
warming and climate change, caused by anthropogenic emissions of global warming
gases. The Kyoto Protocol placed legally binding emission reduction targets on
the signatory countries from the developed world, and permitted entities such
as GFL, in the developing world, to reduce emissions voluntarily, and through
the process of the Clean Development Mechanism, convert the emission reductions
into carbon credits, for selling to buyers in the developed world, who required
them for their compliance targets.
GFL used the cash
from its Clean Development Mechanism project to strengthen and integrate its
chemicals business and to set up its renewable energy business. As part of
strengthening its chemicals business, GFL set up an integrated chemicals
complex at Dahej, Gujarat, where it has set up India’s largest manufacturing
facility of PTFE (polytetrafluoroethylene) with an initial capacity of 6,000
tonnes per annum
(tpa), based on
state-of-the-art international technology. GFL also set up a 50,000 tpa caustic
soda / chlorine plant, and a 40,000 tpa chloromethane plant to become one of
the most backward integrated PTFE producers in the world. Eventually, the PTFE
plant was expanded and debottlenecked to its present capacity of 16,200 tpa,
and the caustic soda / chlorine plant presently stand at 134,750 tpa and the
chloromethane plant at 108,500 tpa. In FY2014-15, GFL also commissioned a
40,000 HCFC plant to make the Dahej complex totally integrated. In addition,
GFL has about 75 MW of captive power plants at its Dahej facility.
With these
investments, GFL has evolved to become the largest producer of chloromethantes,
the largest producer of HCFC, and the largest producer of PTFE in the country.
In addition, it is amongst the largest and most competitive producers of PTFE
globally.
As part of its
diversification strategy for value creation, in 2002 GFL mandated McKinsey and
Co. Inc. to advise it on identifying new business opportunities. As a result of
that study, due to the strong fundamentals of the Indian theatrical exhibition
business, and to top into the strong and growing consumption story of India,
GFL decided to invest in setting up a national chain of state-of-the-art
multiplex cinema theatres. This business was implemented through its
subsidiary,
Inox Leisure
Limited, which eventually got listed in 2006. As a result of another study
carried out by McKinsey and Co. Inc., GFL decided to invest in the renewable
energy business, essentially to capitalise on the global trends of emission
reduction measures. In pursuance thereof, it entered the wind farming business
in 2007 and the wind turbine manufacturing business in 2009. These businesses
are being carried out by Inox Renewables Limited and Inox Wind Limited,
respectively, both subsidiaries, of which Inox Wind Limited got listed in
April, 2015.
OUTLOOK AND
STRATEGY
GFL
has emerged as a niche player with strong operational specialty chemicals
business with a sizeable ownership in thriving renewable energy and film
exhibition businesses. The domestic and global markets for GFL’s products
remain resilient and steady, despite economic growth challenges in various
pockets of the world. GFL believes that its Chemical business is on the verge
of taking off in terms of value addition, market penetration, capacity
utilisation and margin expansion.
In the
medium term, the Company expects to reach maximum capacity utilization and be
able to generate strong revenue streams to drive cash flows. The ensuing
revenue growth along with improvement in operating margins would enable GFL to
generate significant gross cash flows in the next few years and the Company is
confident that it would be able to further deleverage its balance sheet
significantly. As it delivers strong operating leverage, the margins on GFL’s
product portfolio could also improve disproportionately. In the near term, they
have no plans for making any major capital expenditure. They plan to spend
modestly between Rs. 1000.000-1500.000 Million per year for de-bottlenecking
and routine maintenance.
As a
result, they expect that the improving capacity utilisation will result in
higher operating leverage and better margins. As it is a highly vertically
integrated setup, this should help the Company to generate incremental margins
at every stage of production. Further, increasing contribution from value added
products are expected to help improve its margin profile. The Company
introduced solutions around aqueous dispersion technology last year and is
currently in advances stages of final qualification with major customers. This should further
add to the Company’s growth and margins.
Finally, GFL is
well positioned as a peer within its industry and is planning to expand its
offerings into other value added products in the Specialty Fluoro Chemicals
family. This would provide GFL new avenues for growth on top of the existing
organic growth of the established product portfolio. The Company is placing
special RandD focus on this new class of fluoro specialty chemicals, which are
based on TFE, the precursor to PTFE. With only marginal investment required to
enter this segment, GFL expects to leverage its PTFE plant capabilities to make
this a reality
CORPORATE
INFORMATION
Subject
is a public limited company engaged in the business of manufacturing and
trading of Refrigeration Gases, Anhydrous Hydrochloric Acid, Caustic Soda,
Chlorine, Chloromethanes, Poly Tetrafluoroethylene (PTFE), Post Treated Poly
Tetrafluorethylene (PTPTFE) and revenue from carbon credits. The Company caters
to both domestic and international markets. The shares of the Company are
listed on Bombay Stock Exchange and National Stock Exchange of India. The
Company is a subsidiary of Inox Leasing and Finance Limited.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
SHORT TERM
BORROWING |
|
|
|
Rupee Loan |
490.000 |
1750.000 |
|
Foreign Currency Loans |
2007.569 |
846.749 |
|
Commercial papers |
1089.349 |
0.000 |
|
Total |
3586.918 |
2596.749 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10435190 |
27/05/2013 |
990,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ |
B78903838 |
|
2 |
10406949 |
31/01/2013 |
2,835,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G |
B69150712 |
|
3 |
10343720 |
09/03/2012 |
3,075,000,000.00 |
ICICI BANK LIMITED |
MEZZANINE FLOOR, WEST WING, ICICI BANK LIMITED,, |
B35639525 |
|
4 |
10334116 |
03/02/2015 * |
1,028,710,650.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ |
C42831057 |
|
5 |
10295326 |
26/12/2012 * |
920,000,000.00 |
DBS BANK LTD |
FORT HOUSE , THIRD FLOOR,, 221, DR DN ROAD, FORT, |
B65088643 |
|
6 |
10291692 |
31/01/2013 * |
2,835,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G |
B69149342 |
|
7 |
10086531 |
17/12/2008 * |
850,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
A53463055 |
|
8 |
10059189 |
19/06/2007 |
850,000,000.00 |
ABN AMRO BANK N. V. |
71/72, 7TH FLOOR, SAKHAR BHAVAN,, NARIMAN POINT, |
A18604074 |
* Date of charge modification
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED 30th JUNE, 2015
|
Sr. No. |
Particulars
|
3 months ended |
|
|
|
30.06.2015 |
|
A 1 |
|
(Unaudited) |
|
|
|
|
|
Income from operations |
|
|
|
a) Net Sales /
Income from operations (net of excise duty) |
3432.100 |
|
|
b) Other Operating
Income |
95.100 |
|
|
Total
Income from operations (net) |
3527.200 |
|
|
2 |
Expenses |
|
|
a) Cost of
materials consumed |
875.500 |
|
|
b) Purchases of
stock-in-trade |
6.800 |
|
|
c) Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
290.200 |
|
|
d) Employee
benefits expense |
266.700 |
|
|
e) Power and fuel |
768.500 |
|
|
f) Foreign Exchange
Fluctuation (Gain)/Loss (net) |
(29.900) |
|
|
g) Depreciation
and amortization expense |
343.600 |
|
|
h) Other expenses |
567.400 |
|
|
i) Total Expenses
(a to h) |
3088.800 |
|
|
3 |
Profit from operations before other income,
finance costs & exceptional items (1-2) |
438.400 |
|
4 |
Other Income |
92.400 |
|
5 |
Profit from
ordinary activities before finance costs and exceptional items (3+4) |
530.800 |
|
6 |
Finance costs |
133.900 |
|
7 |
Profit from ordinary
activities after Finance Costs but before exceptional items (5-6) |
396.900 |
|
8 |
Exceptional Items |
0.000 |
|
9 |
Profit from
ordinary activities before tax (7+8) |
396.900 |
|
10 |
Tax Expense |
|
|
a) Current Tax |
81.300 |
|
|
b) MAT Credit
Entitlement |
(11.000) |
|
|
c) Deferred Tax |
55.800 |
|
|
d) Taxation in
respect of earlier years |
0.000 |
|
|
Total Provision
for Taxation (a to d) |
126.100 |
|
|
11 |
Net Profit from ordinary activities after
tax |
270.800 |
|
12 |
Extraordinary
Items (net of tax) |
0.000 |
|
13 |
Net
Profit for the period (11-12) |
270.800 |
|
14 |
Earnings
Before Interest, Tax ,Depreciation and
Amortization and Exceptional Items
(EBITDAE) |
782.000 |
|
15 |
Cash profit
(profit After
Tax + Deferred Tax + Depreciation) |
670.200 |
|
16 |
Paid-up Equity
Share Capital (Face value of Re 1 each) |
109.900 |
|
17 |
Reserves excluding
revaluation reserves as per balance sheet of previous accounting year |
|
|
18 |
Basic and Diluted
Earnings per share (Rs) (Face value of Re 1 each) - Not annualized |
2.46 |
|
|
|
|
|
Part II |
|
|
|
A |
Particulars
of Shareholding |
|
|
1 |
Public
shareholding - Number of shares
|
34785100 |
|
|
- Percentage of
shareholding |
31.67 |
|
2 |
Promoters and promoter group Shareholding a) Pledged/Encumbered- Number of shares |
NIL |
|
|
- Percentage of
shares (as a percentage of the total shareholding of promoter and promoter
group) |
NIL |
|
|
- Percentage of shares
(as a percentage of the total share capital of the company) |
NIL |
|
|
b) Non-encumbered
- Number of shares |
75064900 |
|
|
- Percentage of
shares (as a percentage of the total shareholding of promoter and promoter
group) |
100.00 |
|
|
- Percentage of
shares (as a percentage of the total share capital of the company) |
68.33 |
|
B |
Investor
Complaints |
|
|
|
Pending at the
beginning of the quarter |
NIL |
|
|
Received during
the quarter |
2 |
|
|
Disposed of during
the quarter |
2 |
|
|
Remaining un
resolved at the end of the quarter |
NIL |
Note:
1. The above results, reviewed by the Audit Committee, were approved by the Board of Directors at their meeting held on July 30, 2015 and have undergone “Limited Review” by the Statutory Auditors.
2. The figures for the previous periods/year have been regrouped/reclassified
to make them comparable with those of current period/year. The figures for the
quarter ended March 31, 2015 are the balancing figures between the audited
figures in respect of the full financial year and the published year to date
figures up to the third quarter of the relevant financial year.
3. In terms of Clause 46A of Accounting Standard 11 “The Effects of Changes in
Foreign Exchange Rates” inserted by Notification No. G.S.R. 914(E) dated
December 29, 2011 issued by the Ministry of Corporate Affairs, Government of
India, the Company has opted, w.e.f. April 01, 2011, to capitalize the exchange
differences arising on long term monetary items, in so far they relate to
acquisition of depreciable capital assets.
Exceptional items comprise of
|
Sr No. |
Particulars
|
3 months ended |
|
|
|
30.06.2015 |
|
|
|
(Unaudited) |
|
|
|
|
|
|
Donation to
electoral trust |
0.000 |
|
|
Project
abandonment expenses |
0.000 |
|
|
Loss on sale of
significant fixed assets – gas turbines |
0.000 |
|
|
Gain (Net of
expense) on sale of equity share of a subsidiary, Inox Wind Limited, By way
of offer for sale in its IPO |
0.000 |
|
|
Total Exceptional Items |
0.000 |
4. The Company operates in a single primary business segment
viz. “Chemicals”.
CONTINGENT
LIABILITIES (AS ON 31.03.2015):
a) Claims against the Company not acknowledged as debt – in respect of claim by a service provider - Rs.0.722 Million (previous year Rs.0.722 Million):
b) Income tax demands – Rs.809.333 Million (previous year Rs.821.606 Million)
The Company has received CIT(A) order for the Assessment Year 2008-09 and for the Assessment Year 2009-10, wherein the CIT(A) has confirmed the action of the Assessing Officer in respect of
i) Treatment of Investment activity of the Company in respect of investment in shares as a business activity, and
ii) Re-computation of the amount of deduction u/s 80IA by applying the regulatory prices in respect of power generated at its captive power units.
The Company has not accepted the orders of the CIT(A) and has preferred appeal before ITAT, Ahmedabad. The said issues were decided in favour of the Company by CIT(A) in earlier years. Consequently, the amount of demands in respect of the above are included in the amount of contingent liabilities including for subsequent years where assessment orders are received. Amount of Rs.809.333 Million (previous year Rs.809.333 Million) has been paid in respect of above Income Tax demands and not charged to the Statement of Profit and Loss.
c) Service tax demands – Rs.41.767 Million (previous year Rs.28.051 Million). This includes:
Amount of Rs.41.083 Million (previous year Rs.27.366 Million) for which the Company has received various show cause notices regarding levy of service tax on certain items. The Company has filed the replies or is in the process of filing replies.
d) Excise duty demands – Rs.281.665 Million (previous year Rs.228.671 Million). This includes:
i) Amount of Rs.218.912 Million (previous year Rs.171.690 Million) for which the Company has received various show cause notices regarding service tax input credit on certain items and inter-unit transfers. The Company has filed the replies or is in the process of filing replies.
ii) Amount of Rs.62.753 Million (previous year Rs.56.981 Million) in respect of demand on account of cenvat credit availed on certain items and levy of excise duty on freight recovered from customers. The Company has filed appeal before CESTAT and the matters are pending.
e) Custom duty demands – Rs.97.357 Million (previous year Rs.98.751 Million)
In respect of demands on account of differential custom duty on imported material on high seas basis. The Company has filed appeal before CESTAT and the matters are pending. Amount of Rs.4.017 Million (previous year Rs. Nil) has been paid in respect of above Custom duty demand and not charged to the Statement of Profit and Loss.
f ) Electricity duty demands – Rs. Nil Lakh (previous year Rs.120.486 Million) In respect of demand on account of electricity duty on cancellation of exemption certificate. During the year, the Company has received favourable order on this matter.
g) Claims in respect of labour matters – amount is not ascertainable
h) Corporate guarantee given to bank in respect of loan taken by a step-down-subsidiary – Rs.106.250 Million (previous year Rs. Nil) – equivalent to USD 1.70 million (previous year USD Nil).
In respect of above matter, no provision is considered necessary as the Company expects favourable outcome. Further, it is not possible for the Company to estimate the timing of further cash outflows, if any, in respect of above matters.
FIXED ASSETS
TANGIBLE ASSETS
- Land
- Buildings
- Plant and Equipments
- Furniture and Fixtures
- Vehicles
- Office Equipments
INTANGIBLE ASSETS
- Product Development
- Technical Know How
- Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.65.26 |
|
UK Pound |
1 |
Rs.99.53 |
|
Euro |
1 |
Rs.73.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
AMR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
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 |
|
68 |
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.