MIRA INFORM REPORT
|
Report No. : |
345373 |
|
Report Date : |
16.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SIMPLEX INFRASTRUCTURE LIMITED |
|
|
|
|
Registered
Office : |
‘Simplex House’,
27, Shakespeare Sarani, Kolkata – 700 017, |
|
Tel. No.: |
91-33-23011600, 2289-1476-81, 71002216 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
19.12.1924 |
|
|
|
|
Com. Reg. No.: |
21-004969 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.99.300 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L45209WB1924PLC004969 |
|
|
|
|
IEC No.: |
0288021746 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALS00978F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECS0765R |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is primarily
engaged in foundation work, turnkey projects and general civil construction. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 41200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Exist |
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|
|
Comments : |
Subject is an established company incorporated in the year 1924 having
satisfactory track. Subject is primarily engaged in foundation work, turnkey projects and
general civil construction. Available financial indicates company’s acceptable financial base
marked by satisfactory net worth position along with fair profitability and
favorable gap between trade payables and trade receivables. Share price are quoted high on stock exchange (Share price Rs. 338
with Face value Rs. 2) Moreover, this rating strength is partially offset by increased in the
borrowings of the company during FY 2015 and risk associated with
construction industry. Trade relations are reported as fair. Business is active. Payment are
reported as slow. In view of long track record and acceptable financial base, the
company can be considered normal for business dealings at usual trade terms
and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = A |
|
Rating Explanation |
Adequate degree of safety and carry low credit risk |
|
Date |
September 28, 2015. |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
September 28, 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.
LOCATIONS
|
Registered Office : |
‘Simplex House’,
27, Shakespeare Sarani, Kolkata – 700 017, West Bengal, India |
|
Tel. No.: |
91-33-23011600, 2289-1476-81, 71002216 |
|
Fax No.: |
91-33-2283 5964 |
|
E-Mail : |
simplexkolkata@simplexinfrastructures.com banwari.bajoria@simplexinfrastructures.com
simplexcal@simplexindia.com calpersonnel@simplexindia.com calpurchase@simplexindia.com |
|
Website : |
|
|
Area : |
10,000
sq. ft. |
|
Location : |
Owned |
|
|
|
|
Administrative
Office: |
12/1,
Nellie Sengupta Sarani, Kolkata – 700087, West Bengal, India |
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|
|
|
Branches : |
‘Vaikunth’, 2nd floor, 82-83, Nehru Place, New Delhi – 110 019, India Fax: 91-11-2646 5869 / 91-22-24912735 Email: scpl.del@smj.sril.in delpersonnel@simplexindia.com delpurchase@simplexindia.com delaccts@simplexindia.com Mumbai Office 502-A, Poonam
Chambers, Shiv Sagar Estate A wing, Dr. A.B. Road, Worli, Mumbai – 400 018, Maharashtra, India Tel: 91-22-24913481 / 8397, 2492 9034 / 2756/ 2064 / 24922064 /
24929034 / 24913481 / 8397 / 1849 / 3537 bompersonnel@simplexindia.com bompurchase@simplexindia.com bomaccts@simplexindia.com Chennai Office: Doha office: Home centre building, HBK Tower, Room no 1, 1st floor, Post Box No 22472, Doha, Qatar. Tel: 974-4435408 / 4421545 / 4328843 Bahrain office: Simplex Infrastructures Limited C/o Almoyyed Contracting, P O Box – 32571 and 32471, Manama, Kingdom of Bahrain Email: SimplexBahrain@simplexinfra.net Baroda office 3rd Floor, ' Tel.: 91-265-2354566, 2330639. Fax: 91-265-2342416 E-mail: simplexbaroda@simplexinfra.net Bangalore Office Brigade Plaza, Unit – C, # 71/1, Near Anandrao Circle, S.C. Road, Bangalore – 560009, Karnataka, India Dubai Office Office No.312, Pinnacle Building, AI Barsha 1st(above Caesars Restaurant), Sheikh Zayed Road Dubai (UAE), P.O. Box 124748 Tel: 91-71-43996785 Fax : 91-71-43996785 E-Mail: simplexdubai@simplexinfra.com Oman Office 2nd Floor, “Sohar House:, Building No.1899, Way No.2137,
Madinat AI Sultan Qaboos, P.O. Box 1945, PC:114, Muscat, Sultanate of Oman Tel: 91-68-24699429 Fax: 91-68-24699516 |
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|
|
|
Overseas Branch Office : |
Located at
|
DIRECTORS
AS ON 31.03.2015
|
CHAIRMAN
EMERITUS |
|
|
|
|
|
Name : |
Mr. Dr. B. D. Mundhra |
|
|
|
|
Name : |
Mr. A.D. Mundhra |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. Rajiv Mundhra |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. S. Dutta |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. A.K. Chatterjee |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Dr. R. Natarajan |
|
Designation : |
(Independent Director) |
|
|
|
|
Name : |
Mr. B. Sengupta |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. N.N. Bhattacharyya |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Sheo Kishan Damani |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Asutosh Sen |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Ms. Leena Ghosh |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. B.L. Bajoria |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of
Shareholder |
No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
9433875 |
19.07 |
|
|
18264500 |
36.92 |
|
|
27698375 |
55.99 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
27698375 |
55.99 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
11223809 |
22.69 |
|
|
718078 |
1.45 |
|
|
56913 |
0.12 |
|
|
2850310 |
5.76 |
|
|
14849110 |
30.01 |
|
|
|
|
|
|
3843025 |
7.77 |
|
|
|
|
|
|
2298605 |
4.65 |
|
|
349676 |
0.71 |
|
|
433539 |
0.88 |
|
|
338145 |
0.68 |
|
|
11882 |
0.02 |
|
|
83512 |
0.17 |
|
|
6924845 |
14.00 |
|
Total Public
shareholding (B) |
21773955 |
44.01 |
|
Total (A)+(B) |
49472330 |
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) |
49472330 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
primarily engaged in foundation work, turnkey projects and general civil
construction. |
|
|
|
|
Products : |
·
Piling ·
Concrete Works ·
Structural Steel ·
Road Work ·
Miscellaneous Works |
|
|
|
|
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 |
|
|
|
|
Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged
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Customers : |
Not Divulged
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
Plot No Y – 14,
Block – EP, Sector – V, Salt Lake Electronic Complex, Bidhan Nagar,
Kolkata – 700 091, West Bengal, India |
|
|
|
|
Name : |
H.S. Bhattacharjee and Company Chartered Accountants |
|
Address : |
Kamalalaya Centre, 3rd Floor, Room No – 316, 156A, Lenin
Sarani, Kolkata – 700 013, West Bengal, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiaries : |
|
|
|
|
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Joint Venture : |
|
|
|
|
|
Entities in which Key
Management Personnel or Relatives of Key Management Personnel have control or
significant influence : |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
374,900,000 |
Equity Shares |
Rs. 2/- each |
Rs. 749.800 Million |
|
20,000 |
15% Cumulative Preference Shares |
Rs. 10/- each |
Rs. 0.200 Million |
|
|
Total |
|
Rs. 750.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
49,472,330 |
Equity Shares |
Rs. 2/- each |
Rs. 98.900
Million |
|
|
Add: 1,26,000 Equity Shares of Rs.10/- each (equivalent of 6,30,000 Equity Shares of Rs.2/- each) forfeited in earlier years |
|
Rs. 0.400
Million |
|
|
Total |
|
Rs. 99.300 Million |
a) Rights, preferences
and restrictions attached to shares
The Company has one class of equity shares having a par value of `2/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
b) Details of Equity
Shares held by shareholders holding more than 5% of the aggregate shares in the
Company
|
Details of
shareholder |
31.03.2015 |
31.03.2014 |
|
(1) Anupriya Consultants Private Limited |
7089912 |
7089912 |
|
|
14.33% |
14.33% |
|
(2) RBS Credit And Financial Developments Private Limited |
4756849 |
4756849 |
|
|
9.62% |
9.62% |
|
(3) HDFC Trustee
Company Limited - HDFC Prudence, HDFC Equity Fund, HDFC Infrastructures, HDFC Monthly Income |
4434780 |
4434780 |
|
|
8.96% |
8.96% |
|
(4) Reliance Capital Trustee Co Ltd - Reliance Tax Saver(ELSS) Fund, Reliance Capital Builder Fund 2 SR B, Reliance Equity
Opportunities Fund |
4449817 |
-- |
|
|
8.99% |
-- |
|
(5) Bithal Das Mundhra |
2794950 |
2794950 |
|
|
5.65% |
5.65% |
ii) Details of shares
held by each shareholder holding more than 5% shares:
|
Particulars |
31.03.2015 |
|
|
No. of shares |
%of holding in
that class of shares |
|
|
Equity shares with voting rights |
|
|
|
Prozen Merchants Private Limited |
2394267 |
19.01 |
|
Simplex Fiscal Holdings Private Limited |
2080714 |
16.51 |
|
Lata Bhanshali |
786700 |
6.24 |
|
Bharat Gypsum Private Limited |
691429 |
5.49 |
|
|
|
|
iii) Terms/rights
attached to equity shares:
The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. No dividend is proposed by the Board of Directors of the Company for the current year.
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.
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 |
99.300 |
99.300 |
99.300 |
|
(b) Reserves & Surplus |
14322.600 |
13878.600 |
12741.100 |
|
(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) |
14421.900 |
13977.900 |
12840.400 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
5273.700 |
3769.700 |
2768.400 |
|
(b) Deferred tax liabilities (Net) |
1919.200 |
2073.300 |
2049.100 |
|
(c) Other long term
liabilities |
82.000 |
91.700 |
96.300 |
|
(d) long-term
provisions |
93.500 |
89.000 |
83.700 |
|
Total Non-current
Liabilities (3) |
7368.400 |
6023.700 |
4997.500 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
26677.800 |
25304.700 |
23788.000 |
|
(b) Trade
payables |
17687.700 |
17441.900 |
16026.500 |
|
(c) Other
current liabilities |
12159.400 |
10014.300 |
12979.700 |
|
(d) Short-term
provisions |
78.000 |
104.000 |
99.900 |
|
Total Current
Liabilities (4) |
56602.900 |
52864.900 |
52894.100 |
|
|
|
|
|
|
TOTAL |
78393.200 |
72866.500 |
70732.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
11142.000 |
11615.700 |
12175.000 |
|
(ii)
Intangible Assets |
17.900 |
22.500 |
35.100 |
|
(iii)
Capital work-in-progress |
48.500 |
531.100 |
175.200 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1168.800 |
1146.400 |
1085.700 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
438.300 |
363.000 |
303.600 |
|
(e) Other
Non-current assets |
21.900 |
1097.500 |
1447.500 |
|
Total Non-Current
Assets |
12837.400 |
14776.200 |
15222.100 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
307.300 |
194.100 |
183.200 |
|
(b)
Inventories |
9524.300 |
8618.900 |
7849.400 |
|
(c) Trade
receivables |
21654.400 |
20951.000 |
22743.400 |
|
(d) Cash
and cash equivalents |
227.000 |
807.000 |
719.800 |
|
(e)
Short-term loans and advances |
8219.500 |
7225.700 |
7415.600 |
|
(f) Other
current assets |
25623.300 |
20293.600 |
16598.500 |
|
Total
Current Assets |
65555.800 |
58090.300 |
55509.900 |
|
|
|
|
|
|
TOTAL |
78393.200 |
72866.500 |
70732.000 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
55815.800 |
55129.800 |
58208.100 |
|
|
Other Income |
530.200 |
394.000 |
419.600 |
|
|
TOTAL |
56346.000 |
55523.800 |
58627.700 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
18133.400 |
19703.000 |
21954.400 |
|
|
Purchases of Stock-in-Trade |
253.000 |
85.100 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
359.800 |
-175.900 |
261.000 |
|
|
Employees benefits expense |
4811.200 |
4616.600 |
4897.600 |
|
|
Other expenses |
26638.400 |
25741.700 |
26414.200 |
|
|
TOTAL |
50195.800 |
49970.500 |
53527.200 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
6150.200 |
5553.300 |
5100.500 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
3843.300 |
3341.700 |
2893.700 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2306.900 |
2211.600 |
2206.800 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1368.000 |
1355.600 |
1303.600 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
938.900 |
856.000 |
903.200 |
|
|
|
|
|
|
|
Less |
TAX |
314.600 |
250.200 |
305.000 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
624.300 |
605.800 |
598.200 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5905.300 |
5504.500 |
5024.200 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
62.000 |
60.600 |
60.000 |
|
|
Transfer to Debenture
Redemption Reserve |
158.000 |
115.500 |
0.000 |
|
|
Proposed Dividend on Equity
Shares |
25.000 |
24.700 |
49.500 |
|
|
Dividend Tax on above |
0.000 |
4.200 |
8.400 |
|
|
Tax on Dividend |
5.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
6279.000 |
5905.300 |
5504.500 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
Contract Turnover |
5019.700 |
7846.300 |
8756.800 |
|
|
Proceeds from sale of Fixed
Assets, Tools etc. |
104.100 |
6.500 |
1.800 |
|
|
Interest Income |
0.000 |
0.000 |
0.100 |
|
|
Sale of Scrap, etc |
10.500 |
12.000 |
9.900 |
|
|
Hire Charges |
67.00 |
23.900 |
0.000 |
|
|
Guarantee Charges |
38.100 |
25.600 |
3.100 |
|
|
Oil Drilling Services |
278.500 |
263.800 |
251.100 |
|
|
Maintennance and Labour Supply |
4.200 |
6.900 |
8.000 |
|
|
Rent Income |
9.000 |
0.000 |
0.700 |
|
|
FOB value of Exports of
trading Goods |
66.300 |
81.700 |
0.000 |
|
|
Share of Profit from Joint Ventures |
120.800 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
5718.200 |
8266.700 |
9031.500 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital Goods |
324.100 |
615.000 |
301.000 |
|
|
Tools |
16.800 |
8.200 |
108.000 |
|
|
Components and Spare Parts |
79.200 |
128.500 |
129.500 |
|
|
Construction Material |
54.600 |
77.300 |
72.100 |
|
|
Traded Goods |
0.000 |
17.800 |
0.000 |
|
|
TOTAL IMPORTS |
474.700 |
846.800 |
610.600 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.62 |
12.25 |
12.09 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
301.800 |
222.000 |
221.400 |
|
Cash generated from operations |
487.700 |
1820.000 |
(589.500) |
|
Net cash flow from (used in) operation |
686.000 |
1985.800 |
(1333.200) |
QUARTERLY RESULTS
(Rs.
In Million)
|
PARTICULARS |
30.06.2015 Unaudited |
|
Net Sales |
15119.200 |
|
Total Expenditure |
13588.600 |
|
PBIDT (Excl OI) |
1530.600 |
|
Other Income |
140.200 |
|
Operating Profit |
1670.800 |
|
Interest |
1056.000 |
|
Exceptional Items |
NA |
|
PBDT |
614.800 |
|
Depreciation |
338.200 |
|
Profit Before Tax |
276.600 |
|
Tax |
97.500 |
|
Provisions and contingencies |
NA |
|
Profit After Tax |
179.100 |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
179.100 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.12 |
1.10 |
1.03 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
11.02 |
10.07 |
8.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.22 |
1.20 |
1.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.06 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.22 |
2.08 |
2.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16 |
1.10 |
1.05 |
STOCK
PRICES
|
Face Value |
Rs. 2.00/- |
|
High |
Rs. 338.00/- |
FINANCIAL ANALYSIS
[all figures are in
Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
99.300 |
99.300 |
99.300 |
|
Reserves & Surplus |
12741.100 |
13878.600 |
14322.600 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
12840.400 |
13977.900 |
14421.900 |
|
|
|
|
|
|
long-term borrowings |
2768.400 |
3769.700 |
5273.700 |
|
Short term borrowings |
23788.000 |
25304.700 |
26677.800 |
|
Current Maturities of Long
Term Debt |
221.400 |
222.000 |
301.800 |
|
Total
borrowings |
26777.800 |
29296.400 |
32253.300 |
|
Debt/Equity
ratio |
2.085 |
2.096 |
2.236 |
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 |
58208.100 |
55129.800 |
55815.800 |
|
|
|
(5.288) |
1.244 |
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 |
58208.100 |
55129.800 |
55815.800 |
|
Profit |
598.200 |
605.800 |
624.300 |
|
|
1.03% |
1.10% |
1.12% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
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 |
Yes |
|
33 |
Market information |
---- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS:
|
HIGH COURT OF CALCUTTA - ORIGINAL SIDE |
|
CASE STATUS INFORMATION SYSTEM |
|
Case Status : |
Pending |
|
Status Of : |
APPEAL FROM ORDER (APO) 83 Of 2015 |
|
Litigants : |
THE COMMISSIONER OF SERVICE TAX, SERVICE Vs. SIMPLEX INFRASTRUCTURES LTD. & ORS. |
|
Pet's Adv : |
K. K. MAITI |
|
Res's Adv : |
|
|
Last Date of
Hearing : |
--- |
|
Next / Final Date
of Hearing : |
--- |
|
Case Updated On : |
Saturday, February 21, 2015 |
|
Category : |
EXCISE : REVENUE |
UNSECURED LOAN
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Rupee Loans from banks |
0.400 |
1.200 |
|
SHORT TERM
BORROWING |
|
|
|
Rupee Term Loans from Banks |
500.000 |
1500.000 |
|
Commercial Papers |
5000.000 |
700.000 |
|
Working Capital Loans repayable on demand from a Bank |
49.400 |
37.200 |
|
Intercorporate Deposit (repayable on demand) |
0.500 |
0.500 |
|
Total |
5550.300 |
2238.900 |
|
|
|
|
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10595263 |
22/09/2015 |
1,800,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
C66326430 |
|
2 |
10594399 |
18/09/2015 |
650,000,000.00 |
INDUSIND BANK LTD. |
3A, UPPER WOOD STREET, KOLKATA, West Bengal - 700017, INDIA |
C65904021 |
|
3 |
10595015 |
17/09/2015 |
250,000,000.00 |
THE FEDERAL BANK LTD |
FEDERAL TOWERSP B NO 103, ALWAYE, ERANAKULAM, Kerala - 683101, INDIA |
C66222738 |
|
4 |
10595265 |
17/09/2015 |
800,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
C66326984 |
|
5 |
10590687 |
11/09/2015 |
750,000,000.00 |
IL & FS TRUST COMPANY LIMITED |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI, Maharashtra - 400051, INDIA |
C63949101 |
|
6 |
10593075 |
26/08/2015 |
9,802,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
C65242026 |
|
7 |
10585548 |
06/08/2015 |
2,932,000.00 |
THE FEDERAL BANK LTD |
FEDERAL TOWERSP B NO 103, ALWAYE, ERANAKULAM, Kerala - 683101, INDIA |
C61422838 |
|
8 |
10586232 |
29/07/2015 |
8,593,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
C61815601 |
|
9 |
10585444 |
28/07/2015 |
626,000.00 |
THE FEDERAL BANK LTD |
FEDERAL TOWERSP B NO 103, ALWAYE, ERANAKULAM, Kerala - 683101, INDIA |
C61422531 |
|
10 |
10585412 |
22/07/2015 |
83,012,001.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
C61403572 |
* Date of charge modification
REVIEW OF OPERATIONS
During the year, on standalone basis, revenue from operations increased to Rs. 5581.600 million from Rs. 5513.000 million in the previous year. Profit before tax increased to Rs. 93.900 million from RS. 85.600 million last year. Profit for the period increased to Rs. 62.400 million from Rs. 60.600 million in previous financial year.
On a consolidated basis, the revenue from operations increased to Rs. 6202.400 million from Rs. 5615.400 million in the previous year. Profit before tax increased to Rs. 87.300 million as compared to Rs. 85.600 million in the previous year and profit for the period stood at Rs. 57.300 million as against Rs. 58.500 million in the previous financial year.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC OVERVIEW
One of the redeeming features, while comparing economic performance across different countries for the year 2014-15, has been the emergence of India among the few large economies with favorable economic outlook, amidst the mood of pessimism and uncertainties engulfing a number of advanced and emerging economies. Brighter prospects in India owe mainly to the fact that the economy stands largely relieved of the vulnerabilities associated with an economic slowdown, persistent inflation, elevated fiscal deficit, slackening domestic demand, external account imbalances. The latest indicators, emerging from the recently revised estimates of national income brought out by the Central Statistics Office, point to the fact that the revival of growth had started in 2013-14 and attained further vigour in 2014-15. Factors like the steep decline in oil prices and potential impact of the reform initiatives of the new government at the centre along with its commitment to calibrated fiscal management and consolidation bode well for the growth prospects and the overall macroeconomic situation. Encouraged by the greater macro-economic stability and the reformist intent and actions of the government, coupled with the improving business entiments in the country, institutions like the IMF and the World Bank have presented an optimistic growth outlook for India for the year 2015 and beyond. The possible headwinds to such promising prospects, however, emanate from factors like inadequate support from the global economy saddled with subdued demand conditions, particularly in Europe and Japan, recent slowdown in China, and, on the domestic front, from possible spill-overs of below normal agricultural growth and challenges relating to the massive requirements of skill creation and infrastructural upgradation. The encouraging results from the Advance Estimates for 2014-15 suggest that though the global sluggishness has partly fed into the lacklustre growth in foreign trade; yet this downward pressure has been compensated by strong domestic demand, keeping the growth momentum going.
The Indian economy in 2014-15 has emerged as one of the largest economies with a promising economic outlook on the back of controlled inflation, rise in domestic demand, increase in investments, decline in oil prices and reforms among others. According to the Indian Finance Ministry the annual growth rate of the Indian economy is projected to have increased to 7.4% in 2014-15 as compared with 6.9% in the fiscal year 2013-14. Monetary policy is also likely to be supportive with the Reserve bank of India (RBI) having moved to flexible inflation targeting. Therefore India's economy is all poised to return to its high-growth path, reviving business sentiments of investors.
INDUSTRY OVERVIEW
Construction activity creates physical assets in a number of sectors of the economy. Construction sector has two key segments: (i) Buildings, falling into one of the following categories: residential, commercial, industrial and institutional; and (ii) Infrastructure such as road, rail, ports, dams, canals, airports, power systems, telecommunication systems, urban infrastructure including urban transport, water supply, sewerage, and drainage and rural infrastructure. Assets once created also need to be maintained. Many upstream and downstream economic activities depend upon the construction sector.
Construction accounts for nearly 60–80 per cent of the of project cost of roads and housing and a significant portion in case of other infrastructure sectors. Construction materials such as cement and steel, bricks and tiles, sands and aggregates, fixtures and fittings, paints and chemicals, fuel, petro-products, timber, aluminium, glass and plastics account for nearly twothird of the construction costs. The forward and backward multiplier impact of the construction industry is significant. The growth in construction sector in GDP has primarily been on account of increased spending on physical infrastructure in the last few years through programmes such as National Highway Development (NHDP) and Pradhan Mantri Gram Sadak Yojna (PMGSY)/Bharat Nirman. India’s construction sector is forecast to grow at 7-8 per cent each year over the next decade. With the new government, the country is expected to see increased economic growth and the removal of barriers to foreign investment that will increase demand for construction.It is estimated that $1 trillion would be spent on infrastructure over the next three years to 2017 by the government.
The total construction market in India for fiscal year ending March 2014 was $157 billion, an increase of $4 billion over FY2013. The cement production went up 20% in FY 14 to 300 MMTA from 250 MMTA in FY 13, which has risen further by 10% in FY 15 to 332 MMTA. Infrastructure accounts for 49 per cent, housing and real estate for 42 per cent and industrial projects for 9 per cent.
Infrastructure sector have been impacted due to challenging bidding process, higher raw material expenses and levereged Balance sheet. Further, Land acquisition issues, delay in obtaining Environmental and forest clearance, fuel supply to power plants and lack of financing alternatives, the growth prospects of the sector are hindered. However, the new government has chosen the path of infrastructure development to achieve long term sustainable economic growth and has provided a lot of measurement to fuel infrastructure development which will help infra and construction companies to bag new orders.
BUSINESS OVERVIEW
Simplex is one of the most diversified players in the infrastructure space with a presence across all construction verticals. This approach is part of its overall strategy towards risk mitigation ensuring that the Company is not overly dependent on any one vertical for its revenues and at the same time can factor in the multiple risks of the business. Till date, Simplex has successfully completed about 2800 projects across business segments and geographies and been recognized and rewarded for excellence by some of the best known names in the industry. Experienced management and execution teams and focus on investing in owning a large fleet of modern machinery and equipment to meet the growing project requirements, coupled with robust planning and management systems implemented for projects, plants and human resources, ensure better utilization of assets and allow leverage to ensure our client’s timelines are met.
Simplex’s order book as on March 31, 2015 stood over `160000 mns was diversified sectorally and geographically and comprised of 225 contracts across 206 project sites, insulating the company from slowdown pertaining to any specific client, sector and/or geography to an extent. The order book having an average project execution period of around two and half years consisted of orders from building & housing sector (39%, including 7% for institutional building and 32% from residential towers), roads & bridges (20%), power sector (12%), industrial sector (7%) and urban infra (13%). While 86% of the orders were domestic, the remaining order book 14% comprised overseas projects mainly in the Middle East countries. Simplex has an impressive client portfolio, including reputed public sector entities (56% of order book) and established private sector companies (44% of order book).
The large number of projects executed over the years with more than 200 in-house independent project execution teams, large construction equipment base of around ` 2,073 crore as on March 31, 2015 along with continuously growing order book corroborate Simplex’s proven project execution capability. The company has access to latest technology through tie-ups with consultants, architects and engineers and has absorbed advanced technology in a number of areas like foundation engineering, micro piling technique, etc. The company also has a full-fledged designing and drawing department and a separate R&D department as well.
FUTURE OUTLOOK
Indian economy is likely to clock 8.1 percent growth in the current financial year 2015-16, benefiting from the acceleration of infrastructure projects, strong consumer spending due to lower inflation and monetary easing and gradual improvements in market sentiments. “The Make in India” initiative launched in September 2014 to promote India as a global manufacturing hub would require broad-based policy actions in enhancing human capital, access to inputs and finance, and better connectivity which will require significant investment in infrastructure, both to meet the increasing demand due to growing incomes and populations together with the requirements of rapid urbanisation.
Indian infrastructure and construction industry has grown exponentially, in part due to massive government impetus and in part due to high market sentiments. The country is now poised to take up more complex and technologically intense projects. The focus has moved from cost efficiency to time and competence. This has created excellent opportunities for foreign construction companies to conduct business in India. The Indian regulatory environment is expected to further boost the construction industry in order to provide the basic physical infrastructure for the nation. There is a huge scope for foreign investment in the infrastructure and construction industry. Already, a number of international construction majors, including those from South East Asia, have entered the Indian market. Careful selection of project, indepth understanding of taxation structure, proper feasibility analysis and tie-up of funding would considerably smoothen the way forward.
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
|
Claims
against the Company not acknowledged as debts |
|
|
Interest (others) |
0.600 |
|
Professional Tax |
0.400 |
|
Sales Tax / Value Added
Tax |
1516.000 |
|
Entry Tax |
31.000 |
|
Excise Duty |
111.500 |
|
Income Tax |
222.900 |
|
Service Tax |
314.400 |
|
|
|
|
Total |
2196.800 |
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30TH JUNE 2015
(Rs. in million)
|
Sr. No. |
Particulars |
Quarter Ended |
|
30.06.2015 |
||
|
Unaudited |
||
|
Part I |
|
|
|
1. |
Income from Operations |
|
|
|
a) Net Sales / Income
from Operations |
15054.800 |
|
|
b) Other Operating Income |
64.400 |
|
|
Total Income from
Operations (net) |
15119.200 |
|
2. |
Expenditure |
|
|
|
a) Cost of materials
consumed |
5054.900 |
|
|
b) Purchase of
stock-in-trade |
3.100 |
|
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
-- |
|
|
d) Employee benefits
expense |
1308.200 |
|
|
e) Sub-contractor Charges |
4559.300 |
|
|
f) Tools Written off |
166.500 |
|
|
g) Depreciation and
amortisation expense |
338.200 |
|
|
h) Power and Fuel Charges |
0.000 |
|
|
i) Other expenses |
2496.600 |
|
|
Total Expenses |
13926.800 |
|
3. |
Profit/ (Loss) from Operations before Other
Income, Exchange gain/(loss), Finance costs and Exceptional items (1-2) |
1192.400 |
|
4. |
Other Income |
140.200 |
|
5. |
Profit /(Loss) from Ordinary activities before finance costs and Exceptional
items (3+4a+4b) |
1332.600 |
|
6. |
Finance
Costs |
1056.000 |
|
7. |
Profit
/ (Loss) from ordinary activities after Finance costs but before Exceptional
items (5-6) |
276.600 |
|
8. |
Exceptional
items |
0.000 |
|
9. |
Profit/
(Loss) from ordinary activities before tax (7+8) |
276.600 |
|
10. |
Tax
expenses |
97.500 |
|
11. |
Net
Profit / (Loss) from ordinary activities after tax (9-10) |
179.100 |
|
12. |
Extraordinary items |
-- |
|
13. |
Net Profit / (Loss) for the period (11+12) |
179.100 |
|
14. |
Paid-up equity share
capital (Face Value of Rs. 10 per share) |
99.300 |
|
15. |
Reserve excluding
Revaluation reserve |
|
|
16. |
Earnings Per Share (EPS) before
and after extraordinary items (of Rs. 10/- each) a) Basic b) Diluted |
3.62 3.62 |
|
|
|
|
|
Part II |
|
|
|
A. |
PARTIULARS
OF SHAREHOLDINGS |
|
|
|
Public Shareholding |
|
|
|
- Number of Shares |
21773955 |
|
|
- Percentage of
Shareholding |
44.01 |
|
|
Promoters and Promoter Group Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of Shares |
-- |
|
|
- Percentage of Shares
(as a % of the Total Shareholding of promoter and promoter group) |
-- |
|
|
- Percentage of Shares (as
a % of the Total Share Capital of the Company) |
-- |
|
|
b) Non Encumbered |
|
|
|
- Number of Shares |
27698375 |
|
|
- Percentage of Shares
(as a % of the Total Shareholding of Promoter and Promoter Group) |
100.00 |
|
|
- Percentage of Shares (as
a % of the Total Share Capital of the Company) |
55.99 |
|
PARTICULARS |
For the quarter ended 30th June 2015 |
|
B INVESTORS
COMPLAINTS |
|
|
Pending at
the beginning of the quarter |
Nil |
|
Received
during the quarter |
1 |
|
Disposed during
the quarter |
1 |
|
Remaining
unresolved at the end of the quarter |
Nil |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL
EMPLOYED
FOR THE QUARTER ENDED 30TH JUNE
2014
(Rs. in millions)
|
Sr. No. |
Particulars |
Quarter Ended |
|
30.06.2014 |
||
|
Unaudited |
||
|
A |
Segment Revenue |
|
|
|
a) Construction |
15043.600 |
|
|
b) Others |
75.600 |
|
|
Total |
1519.200 |
|
|
|
|
|
|
Less: Inter Segment
Revenue |
-- |
|
|
Net Sales and Income from Operation |
1519.200 |
|
|
|
|
|
B |
Segment Results |
|
|
|
a) Construction |
1415.300 |
|
|
b) Others |
29.900 |
|
|
Total |
1445.200 |
|
|
|
|
|
|
Less: Finance Cost |
1056.000 |
|
|
Add :Other Net
Unallocable Income / (Expenses) |
112.600 |
|
|
Total
Profit Loss Before Taxation |
276.600 |
|
|
|
|
|
C |
Capital Employed (Segment Assets - Segment
Liabilities) |
|
|
|
a) Construction |
48489.400 |
|
|
b) Others |
681.100 |
|
|
Total
|
49170.500 |
FIXED ASSETS
- Freehold Land
- Leasehold
Land
- Plant and
Equipments
- Furniture and
Fixture
- Office
Equipments
- Motor
Vehicles
- Computer
- Electrical
Equipments
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 records 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. 64.82 |
|
UK Pound |
1 |
Rs. 100.41 |
|
Euro |
1 |
Rs. 74.50 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYO |
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 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.