MIRA INFORM REPORT
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Report No. : |
345116 |
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Report Date : |
14.10.2015 |
IDENTIFICATION DETAILS
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Name : |
STERLITE TECHNOLOGIES LIMITED (w.e.f. 14.07.2007) |
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Formerly Known
As : |
STERLITE OPTICAL TECHNOLOGIES LIMITED |
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Registered
Office : |
Survey No. 68 / 1, Rakholi Village, Madhuban Dam Road, Silvassa – 396230, Dadra and Nagar Haveli |
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Tel. No.: |
91-260-6612000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
24.03.2000 |
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Com. Reg. No.: |
54-000340 |
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Capital
Investment / Paid-up Capital : |
Rs. 788.100 Million |
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CIN No.: [Company Identification
No.] |
L31300DN2000PLC000340 |
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IEC No.: |
0300039000 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTS01199C |
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PAN No.: [Permanent Account No.] |
AAECS8719B |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Power and Telecom Products and Solutions. |
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No. of Employees
: |
1212 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2000 and it is engaged in the
manufacture and sale of power and telecom products and solutions. For the financial year ended 2015, company has reported 12.09% sales
turnover growth as compared to previous sales turnover and it has maintained
above average profitability margins at 2.78% during the year under a review. Rating also takes into account of STL’s leadership position in the
power transmission conductor and telecommunication cable segments supported
by healthy operating capabilities and adequate financial base of the company. Rating strength is partially offset by the company’s working-capital-intensive
operations and exposure to risks associated with transmission projects. Trade relations are reported as fair. Payments are reported to be
regular and as per commitment. In view of aforesaid, 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long term rating = A+ |
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Rating Explanation |
Adequate degree of safety and low credit risk |
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Date |
26.05.2015 |
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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 |
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Date |
26.05.2015 |
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 DENIED BY
|
Name : |
Mr. Hitesh |
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Designation : |
Associates Finance Officer |
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Contact No.: |
91-260-6612000 |
LOCATIONS
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Registered Office/Factory 1 : |
Survey No. 68 / 1, Rakholi Village, Madhuban Dam Road, Silvassa – 396230, Dadra and Nagar Haveli, India |
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Tel. No.: |
91-260-6612000 |
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Fax No.: |
91-260-6612013 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
4th Floor Godrej Millenium 9, Koregaon Road, Pune – 411001,
Maharashtra, India. |
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Tel. No.: |
91-20-30514000/ 66235700 |
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Fax No.: |
91-20-26138083 |
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E-Mail : |
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Factory 2 : |
Optical Fiber, E2, E3, MIDC, Waluj, Aurangabad - 431136, Maharashtra,
India |
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Tel. No.: |
91-240-2564599 |
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Fax No.: |
91-240-2564598 |
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Factory 3 : |
Optical Fiber, AL-23, Shendra MIDC SEZ, Aurangabad – 431201,
Maharashtra, India |
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Tel. No.: |
91-240-2622020 |
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Fax No.: |
91-240-2564598 |
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Factory 4 : |
Copper Telecom Cables and Structured Data Cables, Survey No. 33 / 1 / 1,
Waghdara Road, Dadra – 396191, Union Territory of Dadra and Nagar Haveli,
India |
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Tel. No.: |
91-260-6452959 |
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Fax No.: |
91-260-6612122 |
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Factory 5 : |
Power Transmission Conductors, Survey No. 99, Rakholi Village, Madhuban
Dam Road, Silvassa – 396230, Union Territory of Dadra and Nagar Haveli, India |
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Tel. No.: |
91-260-6612200 |
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Fax No.: |
91-260-6612260 |
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Factory 6: |
Plot 2D, Sector 10, IIE SIDCUL, Haridwar – 249403, Uttarakhand, India |
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Tel. No.: |
91-1334-239463 |
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Fax No.: |
91-1334-239375 |
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Factory 7: |
Burkhamunda, Jharsuguda - 768 202, Orissa, India |
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Factory 8 : |
Power Cables, No. 5, Vardhaman Industrial Estate, Haridwar – 249402,
Uttranchal, India |
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Factory 9 : |
Survey No. 209, Phase II, Piparia
Industrial Estate, Piparia, Union Territory of Dadra and Nagar Haveli |
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Sales Office : |
Unit No 202, 2nd Floor, Pentagon Tower 2 Magarpatta
Township, Hadapsar, Pune – 410028, Maharashtra, India |
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Sales, Marketing and Representative Offices: |
Located at:
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DIRECTORS
As on 31.03.2015
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Name : |
Mr. Anil Kumar Agarwal |
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Designation : |
Non - Executive Chairman |
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Address : |
113/114 Samudra Mahal, Worli, Mumbai-400018, Maharashtra, India |
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Date of Birth/Age : |
16.06.1957 |
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Date of Appointment : |
30.10.2006 |
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DIN No.: |
00010883 |
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Name : |
Mr. Pravin Agarwal |
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Designation : |
Whole Time Director |
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Address : |
117, Koregaon Park, Pune-411001, Maharashtra, India |
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Date of Birth/Age : |
16.10.1954 |
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Date of Appointment : |
29.01.2004 |
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DIN No.: |
00022096 |
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Name : |
Mr. A. R. Narayanaswamy |
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Designation : |
Non – Executive and Independent Director |
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Address : |
A-12, Archana CHS, Juhu Versova Link Road,, Andheri (West), Mumbai-400053, Maharashtra, India |
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Date of Birth/Age : |
22.12.1951 |
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Date of Appointment : |
30.04.2007 |
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DIN No.: |
00818169 |
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Name : |
Mr. Arun Lalchand Todarwal |
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Designation : |
Non – Executive and Independent Director |
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Address : |
81, Shivner, 84, Nepean Sea Road, Mumbai-400006, Maharashtra, India |
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Date of Appointment : |
25.01.2003 |
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DIN No.: |
00020916 |
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Name : |
Mr.
Krishnan Coimbatore Venkatakrishnan |
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Designation : |
Non – Executive and Independent Director |
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Address : |
Old 26 New 59 St. Mary's Road, R. A. Puram, Chennai-600028, Tamilnadu, India |
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Date of Appointment : |
26.04.2013 |
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DIN No.: |
01606522 |
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Name : |
Mr. Haigreve Khaitan |
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Designation : |
Non – Executive and Independent Director |
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Name : |
Dr. Anand Gopaldas Agarwal |
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Designation : |
Chief Executive Officer and Whole Time Director |
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Address : |
Fl.No. 401, Amar Eternity, Baner Road, Sr. No. 13, Someshwarwadi, Pune-411008, Maharashtra, India |
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Date of Birth/Age : |
07.08.1967 |
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Date of Appointment : |
30.07.2003 |
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DIN No.: |
00057364 |
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Name : |
Mr.
Pratik Agarwal |
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Designation : |
Director
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Address : |
403-A, 3rd Floor, Samudra Mahal, A-Wing, Opposite Lotus, Dr. A.B. Road, Worli, Mumbai-400018, Maharashtra, India |
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Date of Appointment : |
26.04.2013 |
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DIN No.: |
03040062 |
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Name : |
Avaantika Kakkar |
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Designation : |
Director
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KEY EXECUTIVES
|
Name : |
Mr. Hitesh |
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Designation : |
Associates Finance Officer |
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MANAGEMENT
COMMITTEE |
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Name : |
Mr. Pravin Agarwal |
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Designation : |
Vice Chairman & Whole-time Director) |
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Name : |
Mr. Anand Agarwal |
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Designation : |
(CEO and Whole-time Director |
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Name : |
Mr. Anupam Jindal |
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Designation : |
CFO |
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Name : |
Mr. K.S. Rao |
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Designation : |
COO Telecom Business and Power Conductors |
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Name : |
Mr. Pratik Agarwal |
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Designation : |
Head- Infrastructure Business |
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Name : |
Mr. Ajay Bhardwaj |
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Designation : |
COO- Grid Business |
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Name : |
Mr. Ankit Agarwal |
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Designation : |
Global Head- Telecom Business |
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Name : |
Mr. Prasanth Puliakottu |
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Designation : |
CIO |
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Name : |
Mr. Pankaj Priyadarshi |
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Designation : |
CCO |
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Name : |
Mr. Kamal Sehgal |
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Designation : |
Leader-Business Excellence |
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Name : |
Vimal Malhotra |
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Designation : |
CHRO |
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Name : |
Mr. Rajendra Mishra |
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Designation : |
COO-Power Cables |
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Name : |
Arindam Haldar |
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Designation : |
CMO |
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Name : |
Mr. Amit Deshpande |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
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|
1953556 |
0.50 |
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|
4764295 |
1.21 |
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|
6717851 |
1.71 |
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|
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|
209402750 |
53.15 |
|
|
209402750 |
53.15 |
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Total
shareholding of Promoter and Promoter Group (A) |
216120601 |
54.86 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
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|
18042113 |
4.58 |
|
|
21783882 |
5.53 |
|
|
500 |
0.00 |
|
|
914737 |
0.23 |
|
|
11320849 |
2.87 |
|
|
52062081 |
13.21 |
|
|
|
|
|
|
16217359 |
4.12 |
|
|
|
|
|
|
79029439 |
20.06 |
|
|
23830864 |
6.05 |
|
|
6713107 |
1.70 |
|
|
3658777 |
0.93 |
|
|
200 |
0.00 |
|
|
7500 |
0.00 |
|
|
2586135 |
0.66 |
|
|
376445 |
0.10 |
|
|
84050 |
0.02 |
|
|
125790769 |
31.93 |
|
Total Public
shareholding (B) |
177852850 |
45.14 |
|
Total (A)+(B) |
393973451 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
85550 |
0.00 |
|
|
85550 |
0.00 |
|
Total
(A)+(B)+(C) |
394059001 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
S. No. |
Name Of The Shareholder |
Details Of
Shares Held |
|
|
No. Of Shares
Held |
As A % Of Grand
Total |
||
|
1 |
Twin Star Overseas Ltd |
20,94,02,750 |
53.14 |
|
2 |
Vedanta Ltd (Erstwhile Known as Sesa Sterlite Ltd |
47,64,295 |
1.21 |
|
3 |
Ankit Agarwal |
5,71,471 |
0.15 |
|
4 |
Navin Kumar Agarwal |
2,86,945 |
0.07 |
|
5 |
Pratik Pravin Agarwal |
3,74,640 |
0.10 |
|
6 |
Pravin Agarwal |
6,54,500 |
0.17 |
|
7 |
Jyoti Agarwal |
50,000 |
0.01 |
|
8 |
Ruchira Agarwal |
16,000 |
0.00 |
|
|
Total |
21,61,20,601 |
54.84 |
Shareholding
belonging to the category "Public" and holding more than 1% of the Total
No. of Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
Life Insurance Corporation of India |
21282975 |
5.40 |
5.40 |
|
|
2 |
Reliance Capital Trustee Company Limited A/c Reliance
Diversified Power Sector Fund |
8480471 |
2.15 |
2.15 |
|
|
|
Total |
29763446 |
7.55 |
7.55 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the
category “Public” and holding more than 5% of the total number of shares of the
company
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
Life Insurance Corporation of India |
21282975 |
5.40 |
5.40 |
|
|
|
Total |
21282975 |
5.40 |
5.40 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Power and Telecom Products and Solutions. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1212 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
S R B C and Company LLP Chartered Accountants |
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Address : |
C – 401, 4th Floor, Panchshil Tech Park, Yerwada (Near Don
Bosco School), Pune-411006, Maharashtra, India |
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Tel No.: |
91-20-66036000 |
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Fax No.: |
91-20-66015900 |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding company : |
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Subsidiaries : |
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Joint ventures : |
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Entities where key management
personnel / relatives of key management personnel have significant influence
(EKMP) : |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares (In.
crores) |
Type |
Value |
Amount |
|
|
|
|
|
|
75.00 |
Equity Shares |
Rs.2/- each |
Rs.1500.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares (In Million) |
Type |
Value |
Amount |
|
|
|
|
|
|
39.41 |
Equity Shares |
Rs.2/- each |
Rs.788.100
Million |
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1.
Reconciliation of
the shares outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
Number
in Crores |
Rs. In Million |
|
At the beginning
of the year |
393.800 |
787.600 |
|
Issued during
the year |
0.200 |
0.400 |
|
Issued during
the year |
0.100 |
0.100 |
|
Outstanding at the end of the year * |
394.100 |
788.100 |
* The difference in
reconciliation of the number of shares is due to rounding off.
2.
Terms/rights
attached to equity shares
The Company has only one class of equity shares having a par value of Rs. 2 per share. Each holder of equity shares is entitled to one vote per share except for the underlying 85,550 ( 31 March 2014: 85,550) equity shares held by custodian bank against Global Depository Receipts (‘GDRs’) which do not have voting rights.
The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting.
During the year ended 31 March 2015, the amount of per share dividend recognised as distributions to equity shareholders was Rs. 0.60 (31 March 2014 : Rs. 0.30)
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts.
The distribution will be in proportion to the number of
equity shares held by the shareholders.
3.
Shares held by
holding company and their subsidiaries/associates
|
Particulars |
Number
in Crores |
% holding |
|
Holding Company |
|
|
|
Twin Star Overseas Limited, Mauritius |
209.400 |
53.17% |
|
Subsidiary of
Volcan Investments Limited, Bahamas |
|
|
|
(Ultimate
Holding Company) |
|
|
|
Vedanta Limited (Erstwhile Sesa Sterlite Limited) |
4.800 |
1.21% |
4.
Aggregate number of
bonus shares issued, share issued for consideration other than cash during the
period of five years immediately preceding the reporting date:
|
Particulars |
Rs.
In Million |
|
|
|
|
Equity shares allotted as fully paid bonus shares by capitalisation of
securities premium |
19.200 |
In addition company has issued total 1,088,324 shares (31 March 2014 : 1208596 shares) during the
period of five years immediately preceding the reporting date on exercise of
option granted under the employee stock option plan (ESOP) wherein part
consideration was received in form of employee services
5.
Detail of shareholders holding more than 5% of
shares in the Company
|
Particulars |
Number
in Crores |
% holding |
|
Twin Star
Overseas Limited (Holding Company) |
209.400 |
53.14 |
|
Life Insurance Corporation of India |
21.300 |
5.40 |
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 |
788.100 |
787.600 |
786.900 |
|
(b) Reserves & Surplus |
11638.400 |
11395.300 |
11043.000 |
|
(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) |
12426.500 |
12182.900 |
11829.900 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
9887.400 |
6834.400 |
2066.800 |
|
(b) Deferred tax liabilities (Net) |
495.800 |
866.400 |
872.100 |
|
(c) Other long term
liabilities |
224.800 |
0.000 |
15.900 |
|
(d) long-term
provisions |
91.600 |
51.800 |
153.100 |
|
Total Non-current
Liabilities (3) |
10699.600 |
7752.600 |
3107.900 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
5637.300 |
5597.200 |
8323.500 |
|
(b) Trade
payables |
8841.600 |
6194.600 |
6192.500 |
|
(c) Other current
liabilities |
4200.400 |
3461.400 |
3238.400 |
|
(d) Short-term
provisions |
467.700 |
274.500 |
172.300 |
|
Total Current
Liabilities (4) |
19147.000 |
15527.700 |
17926.700 |
|
|
|
|
|
|
TOTAL |
42273.100 |
35463.200 |
32864.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
9075.100 |
9982.100 |
9934.900 |
|
(ii)
Intangible Assets |
67.900 |
78.900 |
77.600 |
|
(iii)
Capital work-in-progress |
329.400 |
161.300 |
289.700 |
|
(iv)
Intangible assets under development |
0.000 |
2.700 |
0.000 |
|
(b) Non-current Investments |
13182.500 |
2286.500 |
1891.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
1168.200 |
8840.300 |
6764.500 |
|
(e) Trade receivables |
102.700 |
105.200 |
691.200 |
|
(f) Other
Non-current assets |
4.200 |
18.000 |
0.000 |
|
Total Non-Current
Assets |
23930.000 |
21475.000 |
19648.900 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
550.000 |
2050.000 |
0.000 |
|
(b)
Inventories |
3980.100 |
2994.100 |
2915.400 |
|
(c) Trade
receivables |
8987.200 |
6712.800 |
6403.700 |
|
(d) Cash
and cash equivalents |
2603.300 |
441.200 |
1957.500 |
|
(e) Short-term
loans and advances |
2169.400 |
1734.200 |
1930.900 |
|
(f) Other
current assets |
53.100 |
55.900 |
8.100 |
|
Total
Current Assets |
18343.100 |
13988.200 |
13215.600 |
|
|
|
|
|
|
TOTAL |
42273.100 |
35463.200 |
32864.500 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
30301.000 |
27263.400 |
33537.100 |
|
|
|
Other Income |
448.100 |
169.500 |
145.400 |
|
|
|
TOTAL (A) |
30749.100 |
27432.900 |
33682.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
19446.400 |
17768.600 |
22737.400 |
|
|
|
Purchases of Stock-in-Trade |
429.200 |
281.200 |
708.300 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(346.900) |
(180.500) |
60.300 |
|
|
|
Employees benefits expense |
1509.500 |
1223.900 |
1177.000 |
|
|
|
Other expenses |
5850.500 |
5627.300 |
6396.200 |
|
|
|
TOTAL (B) |
26888.700 |
24720.500 |
31079.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3860.400 |
2712.400 |
2603.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1792.800 |
952.800 |
1055.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2067.600 |
1759.600 |
1547.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1077.400 |
1028.800 |
859.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
990.200 |
730.800 |
688.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
147.800 |
228.800 |
213.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
842.400 |
502.000 |
474.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7428.600 |
7715.000 |
7402.200 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
25.100 |
23.700 |
|
|
|
Dividend |
48.100 |
20.100 |
20.100 |
|
|
|
Proposed final equity dividend (amount per share Rs. 0.60
(31 March 2014: Rs. 0.30) |
236.500 |
118.200 |
118.000 |
|
|
|
Transfer to debenture redemption reserve |
500.000 |
625.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
7486.400 |
7428.600 |
7715.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
10568.100 |
9074.300 |
9529.900 |
|
|
TOTAL EARNINGS |
10568.100 |
9074.300 |
9529.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
9812.400 |
8932.600 |
7008.800 |
|
|
|
Stores & Spares |
199.700 |
134.500 |
137.700 |
|
|
|
Capital Goods |
415.400 |
463.600 |
469.200 |
|
|
TOTAL IMPORTS |
10427.500 |
9530.700 |
7615.700 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.14 |
1.28 |
1.21 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
2585.100 |
1937.100 |
298.400 |
|
Cash generated from operations |
2726.400 |
2822.900 |
2963.800 |
|
Net cash flow from operating activities |
2551.500 |
2626.400 |
2787.900 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.78 |
1.84 |
1.42 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
12.74 |
9.95 |
7.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.46 |
2.22 |
2.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.06 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.46 |
1.18 |
0.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96 |
0.90 |
0.74 |
STOCK
PRICES
|
Face Value |
Rs. 2.00 |
|
Market Value |
Rs.95.20 |
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 |
786.900 |
787.600 |
788.100 |
|
Reserves & Surplus |
11043.000 |
11395.300 |
11638.400 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
11829.900 |
12182.900 |
12426.500 |
|
|
|
|
|
|
long-term borrowings |
2066.800 |
6834.400 |
9887.400 |
|
Short term borrowings |
8323.500 |
5597.200 |
5637.300 |
|
Current maturities of
long-term debts |
298.400 |
1937.100 |
2585.100 |
|
Total
borrowings |
10688.700 |
14368.700 |
18109.800 |
|
Debt/Equity
ratio |
0.904 |
1.179 |
1.457 |
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 |
33537.100 |
27263.400 |
30301.000 |
|
|
|
(18.707) |
11.142 |
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 |
33537.100 |
27263.400 |
30301.000 |
|
Profit |
474.600 |
502.000 |
842.400 |
|
|
1.42% |
1.84% |
2.78% |
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 |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The Compan is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The Company is primarily engaged in the manufacture and sale of Power and Telecom products and solutions.
Telecom products and solutions mainly include integrated optical fiber, other telecom products such as fiber optical cables, copper telecom cables, structured data cables, access equipments, fiber connectivity and system integration solution offerings for telecom networks and other service. The Company is also engaged in design, engineering, implementation and maintenance of Optical Fiber Cable (OFC) Network. Power products and solutions mainly includes power transmission conductors and cables.
PERFORMANCE
Fiscal Year 2014-15 closed with Revenues of 3030 Million, EBITDA of Rs. 3860.000 Million, PAT of 840.000 Million and EBITDA margins of 13%. The telecom business had revenues of Rs.15300.000 Million at an EBITDA margin of 23% and the power business had revenues of Rs.1500 Million at an EBITDA margin of 3%.
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10582958 |
16/06/2015 |
2,000,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar
Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA |
C58592171 |
|
2 |
10556768 |
24/03/2015 |
3,000,000,000.00 |
Export-Import Bank of India |
Centre One Building, Floor 21, World Trade Centre Complex, Cuffe
Parade, Mumbai, Maharashtra - 400005, INDIA |
C47605043 |
|
3 |
10542435 |
19/12/2014 |
57,930,000,000.00 |
STATE BANK OF INDIA |
Corporate Accounts Group II, The Capital, A Wing, 16th Floor,
BKC, Bandra (E), Mumbai, Maharashtra |
C40134736 |
|
4 |
10484014 |
25/06/2014 * |
2,500,000,000.00 |
STATE BANK OF INDIA |
Corporate Accounts Group II, The Capital, A Wing, |
C12269593 |
|
5 |
10486998 |
25/06/2014 * |
2,500,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar
Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA |
C11092731 |
|
6 |
10401862 |
25/06/2014 * |
1,500,000,000.00 |
STATE BANK OF INDIA |
Corporate Accounts Group II, The Capital, A Wing, 16th Flr, BKC,
Bandra (E), Mumbai, Maharashtra - |
C12257598 |
|
7 |
10402643 |
25/06/2014 * |
1,000,000,000.00 |
Export Import Bank of India |
Floor 21, World Trade Centre, Cuffe Parade, Colaba, Mumbai,
Maharashtra - 400005, INDIA |
C12246161 |
|
8 |
10403684 |
22/01/2013 |
5,730,000,000.00 |
STATE BANK OF INDIA |
Neville House, J.N. Heredia Marg, Ballard Estate, |
B68308972 |
|
9 |
10403874 |
22/01/2013 |
1,750,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. |
B68452630 |
|
10 |
10403942 |
22/01/2013 |
1,500,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, M |
B68489483 |
* Date of charge modification
STANDALONE
FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2015
|
Sr. No |
Particulars |
30.06.2015 |
|
|
Unaudited |
|||
|
(Rs In Million) |
|||
|
1 |
Income From
Operations |
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
9609.200 |
|
|
|
b. Other Operating Income |
140.800 |
|
|
|
Total Income from
Operations (Net) |
9750.000 |
|
|
2 |
Expenditure |
|
|
|
|
a. Cost of material Consumed |
6669.600 |
|
|
|
b. Purchase of Stock-in trade |
81.100 |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(228.100) |
|
|
|
d. Employees Benefit Expenses |
380.100 |
|
|
|
e. Depreciation and Amortisation Expenses |
287.600 |
|
|
|
f. Other expenses |
1695.200 |
|
|
|
Total Expenses |
8885.500 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
864.400 |
|
|
4 |
Other Income |
41.500 |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
905.900 |
|
|
6 |
Finance Costs |
619.700 |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
286.200 |
|
|
8 |
Exceptional items |
-- |
|
|
9 |
Profit from
ordinary activities before tax |
286.200 |
|
|
10 |
Tax Expense |
83.400 |
|
|
|
- Income Tax |
|
|
|
|
- Deferred Tax |
|
|
|
11 |
Net Profit from
ordinary activity after tax |
202.800 |
|
|
12 |
Extraordinary Items |
-- |
|
|
13 |
Net Profit After
Tax |
202.800 |
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
7881 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
-- |
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
0.50 |
|
|
|
Basic EPS |
0.51 |
|
|
|
Diluted EPS |
0.50 |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
17 |
Public Shareholding |
|
|
|
|
- No. of shares |
177938400 |
|
|
|
- Percentage of shareholding |
45.16% |
|
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- No. of shares |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
Nil |
|
|
|
b) Non-encumbered |
|
|
|
|
- No. of shares |
216120601 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
54.84% |
|
UNAUDITED SEGMENT WIE REVENUE, RESULTS AND
CAPITAL EMPLOYED
(Rs. In Million)
|
Particulars |
30.06.2015 (Unaudited) |
|
|
|
|
a. Information about Primary Business Segments |
|
|
1. Segment Revenue |
|
|
Telecom
Product and Solution |
4240.000 |
|
Power
Product and Solution |
5369.200 |
|
Total |
9609.200 |
|
Profit before interest, depreciation
and tax |
|
|
Telecom
Product and Solution |
1008.400 |
|
Power
Product and Solution |
185.1001 |
|
Total |
1193.5001 |
|
|
Profit before interest and tax |
|
|
|
Telecom
Product and Solution |
815.600 |
|
|
Power
Product and Solution |
90.300 |
|
|
Total |
905.900 |
|
|
|
|
|
Net
Interest Cost |
619.700 |
|
Profit Before Tax |
286.200 |
|
|
|
|
3. Capital
Employed (Segment Assets-Segment Liabilities) |
|
|
Telecom
Product and Solution |
12825.900 |
|
Power
Product and Solution |
4145.700 |
|
Unallocable |
13652.600 |
|
Total |
30624.200 |
Notes:
1. In terms of clause 41 of the listing agreement, details of
number of investor complaints for thequarter ended June 30, 2015 : Beginning -
0 , Received - 43, Disposed off - 43, Pending - 0.
2. The above results have been reviewed by the Audit
Committee. The Board of directors at its meeting held on July 23, 2015 approved
the above results
3. The Company is in the process of applying the provisions
of para 4(a) under the heading Notes after Part C in Schedule II of the
Companies Act, 2013 and the effect of the same would be taken in subsequent
quarter. Management expects that this would not have a material impact on
depreciation of the current quarter.
4. The Board of directors of the Company on May 18, 2015 had
approved the Scheme of Arrangement under Sections 391 – 394 of the Companies
Act, 1956 (‘the Scheme’) between Sterlite Technologies Limited, Sterlite Power
Transmission Limited (‘SPTL’ or ‘Resulting company’) and their respective shareholders and
creditors for the demerger of power products and solutions business (including
the investments of STL in power transmission infrastructure subsidiaries) into
its subsidiary SPTL with the appointed date of April 1, 2015 subject to the
approval of shareholders and creditors, approvals of the relevant regulatory
authorities and the sanction of the H’ble Bombay High Court. The Scheme inter
alia provides for issue of equity shares or redeemable preference shares of
SPTL to the shareholders of STL. The Scheme would become effective upon receipt
of all requisite approvals and filing of the certified copies of the Court
order with the Registrar of Companies. Pending the requisite approvals/f
116,384filings, no effect of adjustments (including tax adjustments) arising
out of the proposed demerger has been considered in the above results.
5. Pursuant to proposed demerger as mentioned in note 4
above and in accordance with Accounting Standard 24, "Discontinuing
Operations", the financial results of the Power Product & Solutions
Business (Discontinuing Operations) from Standalone result perspective is as
under :
|
Particulars |
Particulars |
|
|
June
2015 |
|
Net revenue |
5369.200 |
|
Other Operating
Income |
50.500 |
|
Income from
operations (net) |
5419.700 |
|
Other Income |
18.900 |
|
Expenses
(excluding interest cost) |
5348.300 |
|
Profit before
interest and tax |
90.300 |
6. During the year 2005-06, the CESTAT had upheld a demand
of Rs. 188 Crores (including penalties thereon and excluding interest) in the
pending Excise matter. The auditors have expressed their qualification on this
matter. The Company is contesting this case and the matter is pending the
decision of the Hon'ble Supreme Court
7. The figures for the quarter ended March 31, 2015 are
balancing figures between audited figures in respect of the full financial year
ended March 31, 2015 and the unaudited published year-to-date figures up to
December 31, 2014, being the date of the end of the third quarter of the
financial year 2014-15, which was subjected to limited review.
8. Previous period
figures have been regrouped / rearranged wherever considered necessary.
FIXED ASSETS
·
Freehold land
·
Leasehold land
·
Buildings
·
Plant and machinery
·
Furniture and fixtures
·
Data processing equipment
·
Office equipment
·
Electric fittings
·
Vehicles
PRESS RELEASE
STERLITE TECHNOLOGIES
LEADS CREATION OF DIGITAL AND POWER INFRASTRUCTURE IN THE COUNTRY
- Playing an integral role in Govt. of India’s Digital India initiative with products, network installation and managed services capabilities
- Continues focus on research and development; 10% of telecom business revenues from new and innovative products
- Overall revenue growth of 73% and EBITDA growth of 67% on a YoY basis
NEWS RELEASE
FOR IMMEDIATE
PUBLICATION
Pune, India – July 23, 2015: Sterlite Technologies Limited “Sterlite” [BSE: 532374, NSE:STRTECH], a leading global provider of solutions for the high-speed data transmission and power transmission networks, today announced its results for the quarter ended June 30, 2015
Industry and Business
Highlights
· Sterlite Technologies is integrated with Government of India’s Digital India vision of enabling digital infrastructure as a utility to every citizen. Sterlite today has become a preferred partner to deliver high speed data based end to end networks with a comprehensive suite of products, network design, installation and managed services.
· Sterlite is building an intrusion proof communication network for the Indian Army in Jammu and Kashmir under the NFS Project and is deploying highly specialized optical fiber and cable for this network creation. The NFS installation has witness an increased pace of deployment over the last quarter. Sterlite has also pioneered last mile connectivity in dense urban centers by connecting more than 160,000 homes in 6 cities with FTTH network capable of handling upto 100 Mbps of speed.
· Optical fiber remains as the most viable medium for high speed data communication and even wireless access will need to have fiber based backhaul networks. While countries like China have installed about 900 Million Kms, US with around 500 million Kms of fiber to enable the data transmission, India today has only 80 Million Kms. We expect that there will be a large demand of optical fiber over the next decade in India’s effort towards matching global standards of communication. Keeping these trends in mind, over the last few years, we have invested in plant capacities. The fiber capacity has been increased to 20 million km per annum from 12 million. The optical fiber cables capacity is being doubled to 15 million km per annum with an investment of Rs. 1500.000 million in the current fiscal. We expect to complete this capacity expansion by Q4 of this financial year
The optical fiber and cable infrastructure within the country is growing to keep pace with the demand while challenges, among them, robust installation continues to be problem areas for service providers. Sterlite has been focusing on the telecommunications needs of the country and has been investing in further building research capabilities in products, design and engineering at the state of the art Center of Excellence. The newly developed "Yogaflex" micromodule cable family and "OH-LITE NOVA" optical fiber offer superior mechanical flexibility, ease of installation and resistance to extreme situations of turns, bends and stresses during installation. These innovative designs will play an important role in the long-distance, metropolitan as well as the upcoming Fiber to the Home markets in concurrence with the needs of the country
· Power industry witnessing revival with increased focus on national projects such as 24x7 Power for All and thrust on renewable power generation will need TandD capacity to increase manifold. Sterlite Power business has built unique capabilities that are built on a combination of high specification products and strong engineering and project management capabilities
· Power business has successfully executed two challenging re-conductoring projects in urban areas, in a very compressed time frame and across congested residential colonies. The business continues to witness very good demand for such integrated offerings from utility providers.
FINANCIAL
HIGHLIGHTSFOR THE QUARTER ENDED JUNE 30, 2015
Revenues for Q1 FY16 were Rs 975 crore, higher by 73% compared to Revenues of Rs 564 crore in the same quarter last year – nearly 25% of the revenues were from export markets
· EBITDA grew by 67% from Rs. 71 crore in Q1FY15 to Rs. 1190.000 million in the current quarter.
· PAT was higher by 122% from Rs. 90.000 million in Q1 last year to Rs. 200.000 million in Q1FY16
· The total order book as of 30th June was at Rs 42050.000 million with the Telecom order book at Rs 2,087 crores and Power at 2,1180.000 million. Nearly 80% of the order book is domestic focused reflecting the underlying growth on account of the communication and power infrastructure being built out in India.
· In May, 2015 the Company announced that it would demerge its power businesses into a separate undertaking. The Demerger proceedings are underway and expected to close in Q4 2016 subject to approvals by the High Court, SEBI, shareholders and creditors of STL and other relevant regulatory authorities.
Telecom Segment
Highlights:
- Revenues from the Telecom products and solutions business for the quarter were Rs. 4240.000 Million with EBITDA of Rs 1010.000 Million.
- · Optical Fibre (OF) Volumes were 4.5 million fiber Kilometers while volumes of Optical Fibre Cables (OFC) were 1.8 million fiber Kilometers with the fibre-to-cabling mix at 40% during the quarter.
Power Segment
Highlights:
- Revenues from the Power products and solutions business revenue were Rs. 537 Crores for Q1 FY16, with EBITDA of Rs. 180.000 Million.
- · Volumes for the conductors for the quarter were 30,347MT compared to 8,794 MT for Q1 FY15.
- · Revenues for the power transmission business were Rs.880.000 Million for Q1 FY16, with EBITDA of 820.000 million. The increase is on account of progressive commissioning of elements in the BDTCL and JTCL projects.
- · Post the end of the quarter, the Company has been awarded the Maheshwaram project in Telangana, a 765KV line that is expected to generate Rs. 550.000 million of levelised tariff.
Commenting on the results, Pravin Agarwal, Vice Chairman, Sterlite Technologies Ltd., said, “We had a strong quarter of topline and bottom line growth across our telecom and power verticals during a transformational time in our business. The telecom business continues to witness strong traction on the back of scaling up of connectivity infrastructure both domestically and overseas. The quality of growth is heartening given the profile of customers who appreciate the integrated business model as well as the evolving and pioneering product portfolio. We are confident of scaling greater heights as the data opportunity unfolds further across the country and the region. And through it all, we shall continue to remain focused on building sustainable value for all stakeholders. ”
ABOUT STERLITE
TECHNOLOGIES
Sterlite Technologies Limited (STL) develops and delivers solutions for high speed data communication and power transmission networks, globally. STL is among the global leaders in all its business areas through its operations in India, China and Brazil. STL is developing several network projects across India including secure communication network creation in Jammu and Kashmir for Indian army, enabling Bharatnet, establishing urban high speed fiber to the home (FTTH) networks and multiple interstate ultra mega power transmission projects. Listed on Stock Exchanges BSE and NSE in Mumbai, India, Sterlite Technologies is a public company with broad shareholder base. The company has recently announced a demerge of its power products and transmission business into a new company. Sterlite Technologies to remain a pureplay telecom focused company.
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.64.72 |
|
|
1 |
Rs.99.29 |
|
Euro |
1 |
Rs.73.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.