MIRA INFORM REPORT
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Report No. : |
345100 |
|
Report Date : |
14.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
USHER AGRO LIMITED |
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Registered
Office : |
422, Laxmi Plaza, Laxmi Industrial Estate, New Link Road
Andheri (West), Mumbai – 400053, Maharashtra |
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Tel. No.: |
91-22-39381100 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
20.06.1996 |
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Com. Reg. No.: |
11-100380 |
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Capital
Investment / Paid-up Capital : |
Rs.380.590 Million |
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CIN No.: [Company Identification
No.] |
L01100MH1996PLC100380 |
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IEC No.: |
0397083106 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACU1095N |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of food processing, mainly basic food i.e. wheat, rice and pulses and also engaged in Bio Mass Power generation and Logistic. |
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No. of Employees
: |
700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1996 and it is engaged in the
business of food processing. Subject is an established company has a
satisfactory track record. Rating takes into consideration extensive industry experience of
promoters in food processing business backed by sound financial base along
with above average profit margins and established rice and wheat distribution
network. However, rating strength partially offset by uncertainties associated with
agro commodities business coupled with higher influence of government
regulations on pricing, volatile commodity prices and competition from the
unorganized sector. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and condition. |
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 |
CARE |
|
Rating |
Long Term Bank Facilities (Term Loans) = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
April 07, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Vendor Financing (Non Fund Based) = A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk |
|
Date |
April 07, 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. Hemant |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-39381100 |
LOCATIONS
|
Registered Office / Corporate Office : |
422, Laxmi Plaza, Laxmi Industrial Estate, New Link Road
Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Tel. No.: |
91-22-39381100 |
|
Fax No.: |
91-22-39381123 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. ft. |
|
Location : |
Owned |
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Marketing Office : |
405, Pearls Best Heights-II, Netaji Subhas Place, New Delhi - 110034,
India |
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E-Mail : |
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Plant 1 : |
158, Gohari, Delhi- Agra Highway, Chhata, District
Mathura – 281001, Uttar Pradesh, India |
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Plant 2 : |
632-634, Duatana, Delhi Agra Highway, Chhata, District Mathura –
281001, Uttar Pradesh, India |
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Plant 3 : |
239, Maholi, Krishna Nagar, Off Delhi- Agra Highway, Mathura, District
Mathura - 281004, Uttar Pradesh, India |
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Plant 4 : |
Plot No. 1898, Chaubeji ki Chhavani. Jalilpur Thana, Rajpur, District
Buxar - 801144, Bihar, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Dr. Vinod Kumar Chaturvedi |
|
Designation : |
Managing Director and Chief Financial Officer |
|
Address : |
B-5/202, Mangal Nagar, Yari Road, Andheri (West), Mumbai-40006, Maharashtra, India |
|
Date of Birth : |
01.08.1965 |
|
Date of Appointment
: |
30.12.2000 |
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DIN NO.: |
00325197 |
|
|
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|
Name : |
Mr. Manoj Pathak |
|
Designation : |
Whole Time Director |
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Qualification : |
Graduate in Commerce and law |
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|
Name : |
Mr. Vijay Ranchan |
|
Designation : |
Non-Executive Independent Director |
|
Address : |
Plot No. 131, Sector 8, Gandhinagar-382000, Gujarat, India |
|
Date of Birth : |
01.10.1942 |
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Date of Appointment
: |
30.12.2004 |
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Qualification : |
Master degree in Arts |
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|
|
|
Name : |
Mr. Ajay Prakash Arora |
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Designation : |
Non-Executive Independent Director |
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Address : |
305, Wing 3-B, Dheeraj Enclave, Borivali (East), Mumbai – 400066, Maharashtra, India |
|
Date of Birth : |
08.05.1941 |
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Date of Appointment
: |
29.12.2006 |
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Qualification : |
Master Degree in Commerce and is a Certified Associate of Indian
Institute of Bankers (CAIIB). |
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|
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Name : |
Mr. Shriprakash Arora |
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Designation : |
Non-Executive Independent Director |
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Qualification : |
Graduate in Animal Science |
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Name : |
Mr. Prem Chand Tiwari |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mrs. Baljinder Kaur Mandal |
|
Designation : |
Nominee Director IDBI Bank (Appointed 29.06.2013) |
KEY EXECUTIVES
|
Name : |
Mrs. Sarika S. Singh |
|
Designation : |
Company Secretary |
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|
Name : |
Mr. Hemant |
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Designation : |
Finance Department |
SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of
Promoter and Promoter Group |
||
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|
|
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|
8308630 |
21.83 |
|
|
3953740 |
10.39 |
|
|
3953740 |
10.39 |
|
|
12262370 |
32.22 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
12262370 |
32.22 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
1565999 |
4.11 |
|
|
2844767 |
7.47 |
|
|
4410766 |
11.59 |
|
|
|
|
|
|
7891181 |
20.73 |
|
|
|
|
|
Individual shareholders
holding nominal share capital up to Rs. 0.100 Million |
5698217 |
14.97 |
|
Individual shareholders holding
nominal share capital in excess of Rs. 0.100 Million |
6986661 |
18.36 |
|
|
809844 |
2.13 |
|
|
746371 |
1.96 |
|
|
61284 |
0.16 |
|
|
2189 |
0.01 |
|
|
21385903 |
56.19 |
|
Total Public shareholding
(B) |
25796669 |
67.78 |
|
Total (A)+(B) |
38059039 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
38059039 |
0.00 |
SHAREHOLDING OF
SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS
BELONGING TO THE CATEGORY PROMOTER AND PROMOTER GROUP
|
No. |
Name of the
Shareholder |
Details of Shares
held |
Encumbered shares
(*) |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|||
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
|||
|
1 |
Vinod Kumar Chaturvedi |
46,92,470 |
12.33 |
0 |
0.00 |
0.00 |
12.33 |
|
2 |
Manoj Pathak |
32,84,060 |
8.63 |
0 |
0.00 |
0.00 |
8.63 |
|
3 |
Narayani Nivesh Nigam Private Limited |
20,08,740 |
5.28 |
300000 |
14.93 |
0.79 |
5.28 |
|
4 |
Usher Capital Limited |
15,00,000 |
3.94 |
0 |
0.00 |
0.00 |
3.94 |
|
5 |
Samata Vinodkumar Chaturvedi |
3,32,100 |
0.87 |
0 |
0.00 |
0.00 |
0.87 |
|
6 |
Vedika Finance Private Limited |
4,45,000 |
1.17 |
0 |
0.00 |
0.00 |
1.17 |
|
|
Total |
1,22,62,370 |
32.22 |
300000 |
2.45 |
0.79 |
32.22 |
SHAREHOLDING OF
SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING
TO THE CATEGORY PUBLIC AND HOLDING MORE THAN 1% OF THE TOTAL NUMBER OF SHARES
|
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 |
Abhi Ambi Financial Services Limited |
4951893 |
13.01 |
0.00 |
|
|
2 |
Elara India Opportunities Fund Limited |
2590312 |
6.81 |
0.00 |
|
|
3 |
Axis Bank Limited |
1375000 |
3.61 |
0.00 |
|
|
4 |
Nirmal Narendra Kotecha |
502754 |
1.32 |
0.00 |
|
|
5 |
Hemchand C Gandhi |
412336 |
1.08 |
0.00 |
|
|
6 |
Balraj Krishan Gupta |
398994 |
1.05 |
0.00 |
|
|
7 |
Newway Constructions Limited |
389000 |
1.02 |
0.00 |
|
|
|
Total |
10620289 |
27.90 |
0.00 |
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
|
No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
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 |
Abhi Ambi Financial Services Limited |
4951893 |
13.01 |
0.00 |
|
|
2 |
Elara India Opportunities Fund Limited |
2590312 |
6.81 |
0.00 |
|
|
|
Total |
7542205 |
19.82 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of food processing, mainly basic food i.e. wheat, rice and pulses and also engaged in Bio Mass Power generation and Logistic. |
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Products / Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Machinery |
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Countries : |
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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) |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
700 (Approximately) |
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Bankers : |
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Facilities : |
Notes: Long Term Borrowings Foreign Currency borrowings are secured by way of first pari passu charge on the entire immovable and movable fixed assets of the company and second pari passu charge on the entire current assets of the company present and future created in favour of respective Banks/Trustees along with the personal guarantees of the Directors of the Company namely Dr.Vinod K. Chaturvedi and Mr. Manoj Pathak.
Rupee Term Loan are secured by way of first pari passu charge on the entire immovable and movable fixed assets of the company and second pari passu charge on the entire current assets of the company, both present and future created in favour of respective Banks/Trustees along with the personal guarantees of the Directors of the company namely Dr. Vinod K. Chaturvedi and Mr. Manoj Pathak.
Equipment and Vehicle loans are secured
against the respective equipment/vehicles financed through the said loans. Short Term Borrowings * Cash credit /working capital credit facilities are secured by way of first pari passu charge over the entire current assets and second paripassu charge over the entire Immovable and moveable fixed assets of the company, both present and future created in favour of respective banks/trustees along with personal guarantees of the Directors of the company namely Dr. Vinod K. Chaturvedi and Mr. Manoj Pathak. |
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Auditors : |
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|
Name : |
V S Kankaria and Company Chartered Accountants |
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Internal
Auditors: |
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Name
: |
Dinesh Bangar and Company Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary
Company : |
Usher Eco Power Limited |
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(Wholly Owned
Foreign Subsidiary Company from 4th July, 2012) : |
Usher World Wide FZE |
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Enterprises owned
or significantly influenced by key management
personnel or their relatives |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38059039 |
Equity Shares |
Rs.10/- each |
Rs.380.590 Million |
A reconciliation of the number of shares
outstanding at the beginning and at the end of the accounting year, is set out
below:
|
Equity Shares |
|
Number
of Shares |
|
Shares outstanding at the beginning of the year |
|
38059039 |
|
Shares issued during the year |
|
-- |
|
Shares outstanding at the end of the year |
|
38059039 |
The Company has only one class of equity shares having a par value of Rs.10. The equity shares have rights, preferences and restrictions which are in accordance with the provisions of law, in particular the Companies Act, 1956.
There are nil number of shares in respect of each class in the company held by its holding company or its ultimate holding company including shares held by or by subsidiary or associates of the holding company or the ultimate holding company in aggregate.
Shares in the company
held by each shareholders holding more than 5% shares, as on 31.03.2015
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Mr. Vinod Kumar Chaturvedi |
4692470 |
12.33% |
|
Mr. Manoj Pathak |
3284060 |
8.63% |
|
Narayani Nivesh Nigam Private Limited |
2008740 |
5.28% |
|
Elara India Opportunities Fund Limited |
2590312 |
6.81% |
|
Abhi Ambi Financial Services Limited |
4951893 |
13.01% |
There are
nil number of shares reserved for issue under option and contracts /commitment
for the sale of shares/disinvestment including the terms and amounts.
For the period of five years immediately
preceding the date as at which the balance sheet is prepared
|
Equity Shares |
Number
of Shares |
|
Aggregate number and class of shares allotted as fully paid-up pursuant to contract(s) without payment being received in cash |
Nil |
|
Aggregate number and class of shares allotted as fully paid-up by way of bonus shares. |
Nil |
|
Aggregate number and class of shares bought back |
Nil |
During the year there are no securities issued/converted which are convertible into equity/preference shares. However On 15th December 2009 the company has issued 60,00,000 warrants on preferential basis to the promoters and others to raise Rs.246.000 Million through preferential allotment. Out of which, 10,00,000 warrants and 50,00,000 warrants have been converted in to equity share in financial year 2009-10 and 2010-11 respectively.
There are no calls unpaid including calls unpaid by Directors and Officers as on balance sheet date
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 (9 Months) |
30.06.2014 (12 Months) |
30.06.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
380.590 |
380.590 |
380.590 |
|
(b) Reserves & Surplus |
3743.091 |
3458.173 |
2788.707 |
|
(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) |
4123.681 |
3838.763 |
3169.297 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1683.287 |
1977.559 |
1837.646 |
|
(b) Deferred tax liabilities (Net) |
257.425 |
70.636 |
113.437 |
|
(c) Other long term
liabilities |
149.465 |
146.395 |
0.144 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
2090.177 |
2194.590 |
1951.227 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
6955.655 |
5296.934 |
4252.242 |
|
(b) Trade
payables |
961.814 |
910.867 |
494.760 |
|
(c) Other
current liabilities |
1425.658 |
662.533 |
321.999 |
|
(d) Short-term
provisions |
66.606 |
67.929 |
172.900 |
|
Total Current Liabilities
(4) |
9409.733 |
6938.263 |
5241.901 |
|
|
|
|
|
|
TOTAL |
15623.591 |
12971.616 |
10362.425 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3396.538 |
3593.712 |
1382.702 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
362.005 |
300.187 |
1406.702 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
172.536 |
172.536 |
172.536 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
185.839 |
63.783 |
118.059 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
4116.918 |
4130.218 |
3079.999 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
6904.623 |
5668.764 |
4092.080 |
|
(c) Trade
receivables |
3500.230 |
2649.098 |
2398.468 |
|
(d) Cash
and cash equivalents |
320.013 |
140.432 |
325.387 |
|
(e)
Short-term loans and advances |
48.215 |
148.292 |
152.745 |
|
(f) Other
current assets |
733.592 |
234.812 |
313.746 |
|
Total
Current Assets |
11506.673 |
8841.398 |
7282.426 |
|
|
|
|
|
|
TOTAL |
15623.591 |
12971.616 |
10362.425 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 (9 Months) |
30.06.2014 (12 Months) |
30.06.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12767.496 |
12228.201 |
9493.389 |
|
|
|
Other Income |
9.116 |
15.425 |
22.315 |
|
|
|
TOTAL |
12776.612 |
12243.626 |
9515.704 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
10967.749 |
9916.511 |
7905.211 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(437.031) |
94.969 |
(180.310) |
|
|
|
Employees benefits expense |
134.157 |
126.572 |
102.262 |
|
|
|
Other expenses |
433.232 |
480.340 |
381.470 |
|
|
|
Exceptional Items |
0.000 |
(19.511) |
0.000 |
|
|
|
TOTAL |
11098.107 |
10598.881 |
8208.633 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1678.505 |
1644.745 |
1307.071 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
823.167 |
768.171 |
504.574 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
855.338 |
876.574 |
802.497 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
313.612 |
205.906 |
150.179 |
|
|
|
|
|
|
|
|
|
|
PROFIT /
(LOSS) BEFORE TAX |
541.726 |
670.668 |
652.318 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
123.228 |
26.115 |
198.710 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
418.498 |
644.553 |
453.608 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1678.352 |
1308.886 |
965.278 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Debt Redemption Reserve |
400.000 |
300.000 |
50.000 |
|
|
|
Proposed Dividends |
19.030 |
0.000 |
0.000 |
|
|
|
Corporate Dividend Tax |
3.874 |
0.000 |
0.000 |
|
|
|
Transfer to Reserves |
0.000 |
0.000 |
60.000 |
|
|
|
Deferred tax / current tax earlier years |
0.000 |
(24.913) |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1673.945 |
1678.352 |
1308.886 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
375.514 |
494.443 |
798.283 |
|
|
TOTAL EARNINGS |
375.514 |
494.443 |
798.283 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
Nil |
153.430 |
2.722 |
|
|
TOTAL IMPORTS |
Nil
|
153.430 |
2.722 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.00 |
16.94 |
11.92 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2015 (Unaudited) |
|
|
1st
Quarter |
|
Net Sales |
4564.770 |
|
Total Expenditure |
3926.840 |
|
PBIDT (Excl OI) |
637.930 |
|
Other Income |
2.530 |
|
Operating Profit |
640.460 |
|
Interest |
283.260 |
|
Exceptional Items |
NA |
|
PBDT |
357.20 |
|
Depreciation |
99.620 |
|
Profit Before Tax |
257.580 |
|
Tax |
55.170 |
|
Provisions and
contingencies |
NA |
|
Profit After Tax |
202.410 |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
202.410 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 (9 Months) |
30.06.2014 |
30.06.2013 |
|
Current Maturities of Long term debt |
682.085 |
501.272 |
181.240 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Cash from / (Used in) Operating Activities |
1462.208 |
1337.010 |
882.452 |
|
Net Cash from / (Used in) Operating Activities |
1393.218 |
1188.848 |
772.463 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 (9 Months) |
30.06.2014 (12 Months) |
30.06.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.28 |
5.27 |
4.78 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
13.15 |
13.45 |
13.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.59 |
5.37 |
7.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.17 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.26 |
2.03 |
1.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22 |
1.27 |
1.39 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs. 35.00/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
30.06.2013 |
30.06.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
380.590 |
380.590 |
380.590 |
|
Reserves & Surplus |
2788.707 |
3458.173 |
3743.091 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
3169.297 |
3838.763 |
4123.681 |
|
|
|
|
|
|
long-term borrowings |
1837.646 |
1977.559 |
1683.287 |
|
Short term borrowings |
4252.242 |
5296.934 |
6955.655 |
|
Current maturities of
long term debt |
181.240 |
501.272 |
682.085 |
|
Total borrowings |
6271.128 |
7775.765 |
9321.027 |
|
Debt/Equity ratio |
1.979 |
2.026 |
2.260 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
30.06.2013 |
30.06.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
9493.389 |
12228.201 |
12767.496 |
|
|
|
28.808 |
4.410 |
NET PROFIT MARGIN
|
Net Profit Margin |
30.06.2013 |
30.06.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
9493.389 |
12228.201 |
12767.496 |
|
Profit |
453.608 |
644.553 |
418.498 |
|
|
4.78% |
5.27% |
3.28% |
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 |
Yes |
|
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) |
Yes |
|
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 |
UNSECURED LOAN:
|
PARTICULARS |
31.03.2015 (9
Months) |
30.06.2014 |
|
|
Rs. In Million |
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans Repayable on Demand- From Banks |
250.000 |
250.000 |
|
Loans Repayable on Demand- From Other Parties |
77.500 |
80.987 |
|
|
|
|
|
Total |
327.500 |
330.987 |
CONTINGENT
LIABILITIES NOT PROVIDED FOR
|
PARTICULARS |
31.03.2015 (9
Months) |
30.06.2014 |
|
|
Rs. In Million |
|
|
The bankers of the Company has issued Bank Guarantees for EPCG License to President of India and for Performance Guarantee to Indian Army (Fixed deposits of Rs. 3.525 Million (P.Y. Rs. 2.525 Million) have been kept with respective Banks for the said bank guarantees) |
12.506 |
2.525 |
|
VAT and CST Liability in respect of A.Y. 2008-09 for which company has filed appeal with Appellate Tribunal, Agra in 2013 the appeal still pending for hearing at same level. |
2.917 |
2.917 |
|
Entry Tax Liability in respect of A.Y. 2008-09 for which company had gone into appeal with the appropriate authority in the year 2011, the case has been decided in the favour of Department however order is yet to receive, the company is planning to file appeal against the order. |
0.426 |
0.426 |
|
VAT Liability in respect of A.Y. 2009-10 for which company has filed appeal with Additional Commissioner Grade -II (Appeal) Mathura in the year 2012 the matter is returned by the Additional Commissioner to Assessing authority for reassessment. |
0.021 |
0.021 |
|
VAT and CST Liability in respect of A.Y. 2010-11 for which company had gone into the appeal with the appropriate authority, now the appeal was decided partially in their favour and the Appelleat Authority has reduced the demand of Rs. 13.545 Million in their favour, for pending amount we are planning to move in to higher authorities with in time frame. |
6.642 |
20.187 |
|
VAT Liability in respect of A.Y. 2012-13 for which company had gone into the appeal with the appropriate authority, now the demand order has been quashed by the authority and send back the case for regular assessment to Assessing Officer. |
0.215 |
0.215 |
|
Stamp Duty Liability persuant to letter by Stamp Authority, Mathura, date 13.02.2012, date 22.02.2012 and date 09.12.2011 (The management has taken expert legal opinion on the said stamp duty matter and based on that opinion, the total liability in the subject matter may not exceed to Rs. 1.200 Million and the matter has already been taken up with the appropriate authorities.) |
45.200 |
45.200 |
|
Note: The Company has given Corporate Guarantee for Foreign Currency Loan (ECB) of USD 13.250 Million (equivalent to Rs. 585.223 Million) (P.Y. USD 13.250 Million (equivalent to Rs. 670.113 Million)) taken by its Subsidiary Company i.e. Usher Eco Power Limited from Axis Bank Limited. This guarantee was given for the intervening period till the stabilization of commercial power generation by the said subsidiary company and is due for withdrawal. |
||
CORPORATE OVERVIEW
Subject is engaged in the business of food processing, mainly basic food i.e. wheat, rice and pulses. The Company is having manufacturing facilities for rice, wheat and pulses milling. The company is also engaged in Bio Mass Power generation and Logistic, however the operations in these two segments are comparatively not significant and mainly for captive purpose only.
STATE OF COMPANY’S
AFFAIRS
The Company has achieved stabilization of all of its existing Rice and Wheat milling capacities, which are operational now at optimum capacity utilization levels. The enhancement of production capacities and consolidation of processes and systems derived the synergies and optimized the use of available resources because of which the Company is being able to maintain its growth irrespective of prevailing difficult economic and market conditions.
During the period (Nine Month), the sales and other income of the Company have increased to Rs. 12767.496 Million from Rs. 12228.201 Million in the previous year, recording a growth of over 39%. Profit after tax is Rs. 418.498 Million against that of Rs. 644.553 Million in previous year. Management of the Company under the direction of the Board of Directors continued to achieve the targets of cutting down the cost of operations and bettering the efficiency by using better alternated resources/ means and methods of operations.
COMPANY PERFORMANCE
The Company achieved a new landmark in revenues, crossing the Rs. 13000.000 Million milestone on a consolidated basis. The Company’s profit before tax on a consolidated basis is Rs. 476.700 Million during the nine months period, as compared to Rs. 615.300 Million in the previous year. The Company earned a net profit of Rs. 409.300 Million during the period of nine months, as against a net profit of Rs. 603.200 Million in the previous year, on a consolidated basis.
OPERATIONS
RICE MILLING
Usher Agro is amongst the largest producer and processor of non-basmati rice in India. The company has the largest single location Rice milling facilities in India for rice processing. The company does processing of paddy in its four high-capacity plants at Mathura, Chhata and Buxar. The company has a Total Rice Milling Capacity of 1,081,440 MTPA.
WHEAT
Usher Agro is into producing fine and superfine Wheat flour (Maida), Semolina premium (Rawa/Suji), R-Aata, Whole meal Aata (Chakki Aata), Daliya and Wheat Bran (Choker). Their Wheat products are also sold under the well-known brand ‘Rasoi Raaja’. It has 125,400 MTPA milling capacity for Wheat.
PULSES
With an overall vision to emerge as one stop solution to all basic food, the company has set up a plant for Pulses and Pulses Flour Milling at Chhata, District- Mathura, Uttar Pradesh. The company has set up pulses Processing plant with a capacity of 105,600 MTPA and a Pulses Flour mill with a capacity of 23,100 MTPA. After the said expansion the company has moved one step further in its vision to become a complete basic food processor.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMIC OVERVIEW
It was another year of uphill challenges for the global economy as most western countries as well as emerging economies faced slowdowns. To compound matters, geo-political tensions in the Middle East and Ukraine further shook market sentiments. The continuing Greek debt repayment crisis made investors anxious as the future of the euro as a currency looked in jeopardy as fears of a Grexit loomed large. According to the World Economic Outlook published by the International Monetary Fund (IMF) in April 2015, the global economy grew by the global economy grew by 3.4 per cent during 2014, which is the same as in 2013. However, in 2014, the emerging and developing countries, that were growth hotspots in previous years, started to slowdown, while developed economies, where growth had stalled, saw an encouraging spike. The USA, the largest economy in the world, grew at 2.4 per cent in 2014, compared to 2.2 per cent in 2014.This uptrend was largely due to rise in consumption, which in turn was driven by fall in oil prices, particularly in the second half of the year.
In India, the newly elected government showed its serious intent to put growth back on track by bringing in major structural reforms in core sectors like banking, insurance, defense and infrastructure. These measures sent strong and positive signal to investors, both within the country as well as globally. There was a marked revival of sentiments during the year, resulting in a revival of consumer demand across all sectors. The abrupt and sharp fall in prices of crude oil, particularly in the latter half of the year had a benign impact on inflation as well as the precarious current account deficit (CAD). As inflation tamed to desirable levels in the vicinity of 5 per cent, the Reserve Bank of India (RBI) eased monetary policies. The repo rates was reduced in January 2015.
According to the new method of GDP measurement, India’s GDP for FY2015 grew by 7.3 per cent, against 6.9 per cent in the previous fiscal year. For the first time, the Indian economy crossed the threshold of US$ 2 trillion in FY 2015.
AGRICULTURE SECTOR
OVERVIEW IN INDIA
Given the Normal monsoon, the agriculture sector in India is likely to grow in the range of 5.2–5.7 per cent in the 2014–15 agriculture year (July-June), nearly three times as compared to the previous year. In FY 15, total food grains production in India reached an all-time high of 259.3 million tonnes (MT). Rice and wheat production stood at 105.3 MT and 94.9 MT respectively.
Total exports of Indian agri and processed food products in the period April–February 2013–14 stood at US$ 20,331.05 million as compared to US$ 19,144.45 million during the corresponding period of the previous year, according to the Agricultural and Processed Food Products Export Development Authority (APEDA).
AGRICULTURE SECTOR
OVERVIEW IN INDIA
Agriculture plays a vital role in India’s economy. Over 58 per cent of the rural households depend on agriculture as their principal means of livelihood. Agriculture, along with fisheries and forestry, is one of the largest contributors to the GDP.
As per estimates by the Central Statistics Office (CSO), the share of agriculture and allied sectors was 16.1 per cent of the Gross Value Added (GVA) during 2014–15. The Department of Agriculture and Cooperation under the Ministry of Agriculture is responsible for the development of the agriculture sector in India. It manages several other bodies, such as the National Dairy Development Board (NDDB), to develop other allied agricultural sectors.
Over the recent past, multiple factors have worked together to facilitate growth in the agriculture sector in India. These include growth in household income and consumption, expansion in the food processing sector and increase in agricultural exports. Rising private participation in Indian agriculture, growing organic farming and using information technology are some of the key trends in the agriculture industry.
As per the 3rd Advance Estimates, food grain production is estimated at 251.12 million tonnes (MT) for 2014-15.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30TH JUNE 2015
(Rs. in million)
|
Particulars |
Quarter Ended |
|
30.06.2015 |
|
|
Unaudited |
|
|
|
|
|
Income from Operations |
|
|
a) Net Sales / Income
from Operations |
4550.087 |
|
b) Other Operating Income |
14.687 |
|
Total Income from
Operations (net) |
4564.774 |
|
Expenditure |
|
|
a) Cost of materials
consumed |
4108.250 |
|
b) Purchase of stock-in-trade |
0.000 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(342.612) |
|
d) Employee benefits
expense |
44.939 |
|
e) Depreciation and
amortisation expense |
99.622 |
|
f) Power and Fuel Charges |
0.000 |
|
g) Other expenses |
116.271 |
|
Total Expenses |
4026.470 |
|
Other Income |
2.530 |
|
Exchange Gain / (Loss)
(Net) |
|
|
Profit /(Loss) from Ordinary activities before finance costs and
Exceptional items (3+4a+4b) |
540.834 |
|
Finance
Costs |
283.257 |
|
Profit
/ (Loss) from ordinary activities after Finance costs but before Exceptional
items (5-6) |
257.578 |
|
Exceptional
items |
-- |
|
Profit/
(Loss) from ordinary activities before tax (7+8) |
257.578 |
|
Tax
expenses |
55.166 |
|
Net
Profit / (Loss) from ordinary activities after tax (9-10) |
202.412 |
|
Extraordinary items |
-- |
|
Net Profit / (Loss) for the period (11+12) |
202.412 |
|
Paid-up equity share
capital (Face Value of Rs. 10 per share) |
380.590 |
|
Reserve excluding Revaluation
reserve |
3945.503 |
|
Earnings Per Share (EPS)
before and after extraordinary items (of Rs. 10/- each) a) Basic b) Diluted |
5.32 5.32 |
|
|
|
|
|
|
|
PARTIULARS OF
SHAREHOLDINGS |
|
|
Public Shareholding |
|
|
- Number of Shares |
25796669 |
|
- Percentage of
Shareholding |
67.78% |
|
Promoters and Promoter Group Shareholding |
|
|
a) Pledged/Encumbered |
|
|
- Number of Shares |
300000 |
|
- Percentage of Shares
(as a % of the Total Shareholding of promoter and promoter group) |
2.45% |
|
- Percentage of Shares
(as a % of the Total Share Capital of the Company) |
0.79% |
|
b) Non Encumbered |
|
|
- Number of Shares |
11962370 |
|
- Percentage of Shares
(as a % of the Total Shareholding of Promoter and Promoter Group) |
97.55% |
|
- Percentage of Shares
(as a % of the Total Share Capital of the Company) |
31.43% |
|
PARTICULARS |
For the quarter ended 30th June 2015 |
|
B INVESTORS
COMPLAINTS |
|
|
Pending at
the beginning of the quarter |
Nil |
|
Received
during the quarter |
2 |
|
Disposed
during the quarter |
2 |
|
Remaining
unresolved at the end of the quarter |
Nil |
NOTE :
1. The above unaudited financial results for the first quarter ended on June 30, 2015 have been reviewed by the audit committee and approved at the meeting of board of directors held on August 11, 2015.
2. The statutory auditors of the company have carried out limited review of the above unaudited financial results of the company for the quarter ended as on June 30, 2015.
3. The Company operates in only one primary business segment i.e. food processing, which constitutes a single business segment in terms of Accounting Standard (AS) 17 on "Segment Reporting" issued by the Institute of Chartered Accountants of India, hence no separate segment reporting is required, in Geographical Business segment the revenue is as follows,!) Domestic Rs. 45,21.240 Million, 2) Exports Rs. 43.534 Million.
4. The Company will account for MAT credit entitlement, if any, and Deferred Tax liabilities/Assets as per Accounting Standard (AS) 22 on Accounting for taxes on Income at the end of the financial year.
5. Previous years/Periods Figures have been regrouped/rearranged wherever necessary.
6. Pursuant to clause 41 of the listing agreement, the company has opted to publish only the standalone financial results quarterly basis.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10589058 |
01/09/2015 |
150,000,000.00 |
IDBI BANK LIMITED |
IDBI HOUSE, 44 SHAKESPEARE SARANI, KOLKATA, KOLKATA - 700017, WEST BENGAL, INDIA |
C63187264 |
|
2 |
10564656 |
15/04/2015 |
250,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - - 390015, GUJARAT, INDIA |
C51369247 |
|
3 |
10559599 |
11/03/2015 |
250,000,000.00 |
TAMILNAD MERCANTILE BANK LIMITED |
MUMBAI, ANDHERI (WEST) BRANCH, MUMBAI - 400053, MAHARASHTRA, INDIA |
C49297203 |
|
4 |
10553714 |
31/12/2014 |
300,000,000.00 |
KARUR VYSYA BANK |
PLOT NO. 1&2, PLOT 34, EVEREST GRANDE MAHAKALI
CA |
C45929650 |
|
5 |
10537628 |
18/12/2014 |
1,450,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WORLD TRADE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
C37505740 |
|
6 |
10518047 |
23/08/2014 * |
2,888,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
C19697523 |
|
7 |
10518051 |
19/08/2015 * |
7,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
C62466982 |
|
8 |
10481445 |
27/02/2014 |
250,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B97999239 |
|
9 |
10472268 |
27/11/2013 |
270,000,000.00 |
BANK INTERNASIONAL INDONESIA |
ONE INDIA BULLS CENTER, TOWER 2B, 702, 7TH FLOOR, |
B94280526 |
|
10 |
10366270 |
28/10/2013 * |
7,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B92239292 |
* Date of charge modification
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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. 65.02 |
|
UK Pound |
1 |
Rs. 99.88 |
|
Euro |
1 |
Rs. 73.92 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.