MIRA INFORM REPORT
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Report No. : |
346934 |
|
Report Date : |
29.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
GRINDWELL NORTON LIMITED |
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|
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Registered
Office : |
5th Level, Leela Business Park, Andheri-Kurla Road, Marol, Andheri
(East), Mumbai – 400059, Maharashtra |
|
Tel. No.: |
91-22-40212121 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
31.07.1950 |
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Com. Reg. No.: |
11-008163 |
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Capital Investment
/ Paid-up Capital : |
Rs.276.800 Million |
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CIN No.: [Company Identification
No.] |
L26593MH1950PLC008163 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Abrasives (Bonded, Coated,
Non-Woven, Super abrasives and Thin Wheels), Silicon Carbide and high
Performance Refractories and Performance Plastics products. |
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|
|
|
No. of Employees
: |
1718 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (81) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 18000000 |
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|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 1950 having
excellent track. Available financial indicates company sound financial risk profile
marked by healthy networth position with negligible debt recorded and decent
profit margin of the company. Fundamentals of the company are strong and healthy. The rating also takes into account company’s strong market position in
the domestic abrasives industry. Directors are reported to be well experienced and knowledgeable
businessmen. Share price are quoted high on stock exchange (Face value Rs.5 with
Share price Rs.793) Trade relations are reported as fair. Business is active. Payment
terms are reported as regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
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 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
Not Available
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 / Corporate Office : |
5th Level, Leela Business Park, Andheri-Kurla Road, Marol,
Andheri (East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-40212121 |
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Fax No.: |
91-22-40212102 |
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E-Mail : |
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Website : |
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Factory : |
Survey No.54/1/155/2/56, Village Get, Taluka-Halol, District-Panchmahals, Muvala – 389350, Gujarat, India Also Located At: ·
Mora,
District Raigad, Maharashtra, India ·
Bangalore,
Karnataka, India ·
Tirupati,
Andhra Pradesh, India ·
Nagpur,
Maharashtra, India ·
Bated,
District Solan, Himachal Pradesh, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Pradip Shah |
|
Designation : |
Chairman |
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Name : |
Mr. Anand Mahajan |
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Designation : |
Managing Director |
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Name : |
Ms. Marie-Armelle Chupin |
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Designation : |
Director |
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Name : |
Mr. Keki Elavia |
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Designation : |
Director |
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Name : |
Mr. Jean-Pierre Floris |
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Designation : |
Director |
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Name : |
Mr. Patrick Millot |
|
Designation : |
Director |
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|
Name : |
Mr. Mikhil Narang |
|
Designation : |
Director |
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|
Name : |
Mr. Shivanand Salgaocar |
|
Designation : |
Director |
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|
Name : |
Mr. Guillaume Texier |
|
Designation : |
Director |
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|
Name : |
Mr. Benoit D'iribarne |
|
Designation : |
Alternate Director |
KEY EXECUTIVES
|
MANAGEMENT COMMITTEE |
|
|
|
|
|
Name : |
Mr. Deepak Chindarkar |
|
Designation : |
Finance & IT |
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|
Name : |
Mr. Krishna Prasad |
|
Designation : |
Ceramics & Plastics |
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|
Name : |
Mr. M. Ramarathnam |
|
Designation : |
Projects & EHS |
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|
Name : |
Mr. N. Sreedhar |
|
Designation : |
Abrasives |
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|
Name : |
Ms. Anupama Vaidya |
|
Designation : |
HR |
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|
Name : |
Mr. K. Visweswaran |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4114352 |
7.43 |
|
|
150000 |
0.27 |
|
|
4264352 |
7.70 |
|
|
|
|
|
|
28414000 |
51.33 |
|
|
28414000 |
51.33 |
|
Total shareholding of Promoter and Promoter Group (A) |
32678352 |
59.03 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
6229203 |
11.25 |
|
|
6472 |
0.01 |
|
|
1454733 |
2.63 |
|
|
768326 |
1.39 |
|
|
768326 |
1.39 |
|
|
8458734 |
15.28 |
|
|
|
|
|
|
2281829 |
4.12 |
|
|
|
|
|
Individual shareholders holding nominal share capital up
to Rs.0.100 million |
4136532 |
7.47 |
|
Individual shareholders holding nominal share capital in
excess of Rs.0.100 million |
6042302 |
10.91 |
|
|
1762251 |
3.18 |
|
|
947361 |
1.71 |
|
|
814890 |
1.47 |
|
|
14222914 |
25.69 |
|
Total Public shareholding (B) |
22681648 |
40.97 |
|
Total (A)+(B) |
55360000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
55360000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Abrasives (Bonded,
Coated, Non-Woven, Super abrasives and Thin Wheels), Silicon Carbide and high
Performance Refractories and Performance Plastics products. |
|
|
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|
Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1718 (Approximately) |
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Bankers : |
· Deutsche Bank · HDFC Bank · ICICI Bank |
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Statutory
Auditors : |
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|
Name : |
Kalyaniwalla and Mistry Chartered Accountants |
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Collaborators : |
Not Available |
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Membership : |
Not Available |
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Holding Company : |
·
Compagnie de Saint-Gobain |
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Subsidiary Company
: |
· Saint-Gobain Ceramic Materials Bhutan Private Limited |
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|
|
|
Fellow Subsidiaries : |
· Saint-Gobain Abrasives Inc, USA · Saint-Gobain Diamantwerkzeuge GMBH and Co., Germany · Societe de Participations Financieres et Industrielles · Saint-Gobain Distribution Denmark, Denmark · ABC Superabrasives, USA · Saint-Gobain Do Brasil Produtos Ind. E Para Const Ltda · Certainteed Corporation, USA · Thai Gypsum Products Plc, Thailand · L.M.Van Moppes Diamond Tools India Private Limited · Saint-Gobain Gelva, BV · Norton Abrasives PTY Limited · Saint-Gobain Glass Egypt · PT Saint-Gobain Norton Hamplas, Indonesia · Societe Europeenne des Produits Refractaires, France · PT Saint-Gobain Winter Diamas, Indonesia · Saint-Gobain Isover G+H AG, Germany · PT Saint-Gobain Abrasives Indonesia · Saint-Gobain ICASA S.A., Spain · Placopatre SA, France · Saint-Gobain Industrial Ceramics Pty Limited · Point.P Development, France · Saint-Gobain Industrial Ceramics, UK · Saint-Gobain Ceramics and Plastics Inc., USA · Saint-Gobain Industriekeramik Dusseldorf GMBH, Germany · Saint-Gobain Abrasives, Poland · Saint-Gobain Materials Ceramicos Ltda., Brazil · Saint-Gobain Ceramiques Informatique Et Organisation, France · Saint-Gobain Materials Ceramicos, Venezuela · Saint-Gobain DSI Groupe · Saint-Gobain Materiaux Ceramics, Belgium · Saint-Gobain Industriekeramik Rodental GMBH, Germany · Saint-Gobain PAM, France · Saint-Gobain Abrasifs, Dubai · Saint-Gobain Performance Plastics, USA · Saint-Gobain Abrasifs Maroc, Morocco · Saint-Gobain PPL Shanghai, China · Saint-Gobain Abrasifs, France · Saint-Gobain PPL Korean Co, Limited, South Korea · Saint-Gobain Abrasifs UAE Saint-Gobain Produtos Industriais E Para Construcao Ltda. · Saint-Gobain Abrasive International Trading (Shanghai) · Saint-Gobain Sekurit India Limited · Saint-Gobain Abrasives PTY Limited, Australia · Saint-Gobain Sekurit, Thailand · Saint-Gobain Abrasives (PTY) Limited, South Africa · Saint-Gobain Sekurit, France · Saint-Gobain Abrasives (Sea) Pte. Limited · Saint-Gobain Tech Fab Hongfa (Changzhou) Limited · Saint-Gobain Abrasives (Shanghai) Co Limited, Shanghai · Saint-Gobain Technical Fabrics, S.A. · Saint-Gobain Abrasives (Suzhou) Co. Limited · Saint-Gobain Universal Superabrasives, Inc. · Saint-Gobain Abrasives BV., Netherlands · Saint-Gobain Vibros S.A. · Saint-Gobain Abrasives GMBH (CORA) · SG Isover, France · Saint-Gobain Abrasives GMBH, Gerolzhofen., Germany · SEPR Refractories India Private Limited · Saint-Gobain Abrasives International Trading (HK) Limited · Saint-Gobain Advanced Ceramics (Shanghai) Co. Limited · Saint-Gobain Abrasives Inc, Worcester USA · Saint-Gobain Materiaux Ceramiques Benelux SA · Saint-Gobain Abrasives, Korea · Saint-Gobain Performance Plastics - Bristol · Saint-Gobain Abrasives Limited – Stafford-UK · Saint-Gobain Performance Plastics Corby, UK · Saint-Gobain Abrasives Limited, New Zealand · Saint-Gobain Performance Plastics KK, Japan · Saint-Gobain Abrasives Ltda., Brazil · Saint-Gobain Performance Plastics, Les Macon, France · Saint-Gobain Abrasives Ltda., Portugal · Saint-Gobain Performance Plastics Pampus GMBH · Saint-Gobain Abrasives Singapore (PTE) Limited · Saint-Gobain Performance Plastics Verneret, France · Saint-Gobain HPM Polska SP. Z.O.O., Poland · Saint-Gobain Performance Plastics, Chaineux, Belgium · Saint-Gobain Abrasives, Thailand · Saint-Gobain Performance Plastics, Ireland · Saint-Gobain Abrasives, Indonesia · Saint-Gobain Performance Plastics, Kontich, Belgium · Saint-Gobain Abrasives Netherlands B.V. · Saint-Gobain Performance Plastics, Rencol., UK · Saint-Gobain Abrasivi S.P.A., Italy · Saint-Gobain Performance Plastics, Taiwan · Saint-Gobain Abrasivos SA, Argentina · Saint-Gobain Performance Plastics, Gembloux, Belgium · Saint-Gobain Achats, France Saint-Gobain Research India Private Limited · Saint-Gobain Adfors, France · Saint-Gobain Technical Fabrics (Changzhou) Co. Limited · Saint-Gobain Advanced Ceramics, Niagara · Saint-Gobain Weber Netservices · Saint-Gobain Advanced Materials (M) SDN BHD · Saint-Gobain Zipro · Saint-Gobain Advanced Materials (Taiwan) Co. Limited · Universal Superabrasives, USA · Saint-Gobain Building Distribution Deutschland GMbh, Germany · SAP Competence Center Verallia · Saint-Gobain Building Distribution, UK Saint-Gobain Centre De Recherches Et Detudes, European · Saint-Gobain Ceramic Materials (Zhengzhou) Co. Limited, China · Saint-Gobain Construction Products, Belgium · Saint-Gobain Ceramic Materials, Inc, Canada · SG Distribution Nordic AB, Sweden · Saint-Gobain Ceramic Materials A/S, Norway · Lapeyre, France · SG, Isover AB, Sweden · Saint-Gobain Ceramics Inc, USA · Saint-Gobain Construction Products, · SA Saint-Gobain India Foundation · Saint-Gobain Ceramics and Plastics, Brazil · Saint-Gobain India Private Limited (formerly Saint-Gobain Glass India Limited) · Saint-Gobain Crystals and Detectors India Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
56000000 |
Equity Shares |
Rs.5/- each |
Rs.280.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55360000 |
Equity Shares |
Rs.5/- each |
Rs.276.800 Million |
|
|
|
|
|
Shares held by Subsidiaries
of the Ultimate Holding Company (Compagnie de Saint-Gobain) are as below:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Saint-Gobain Abrasives Inc. |
14817760 |
26.8% |
|
Societe de Participations Financieres et
Industrielles |
13596240 |
24.5% |
|
Saint-Gobain India
Private Limited (formerly Saint-Gobain Glass India Limited) |
150000 |
0.3% |
|
Total |
28564000 |
51.6% |
Shareholders
holding more than 5% shares in the Company (in addition to those included in Note
2.1 above) are as below:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
HDFC Trustee Company Limited |
-- |
-- |
There
is no movement in the number of shares outstanding during the year ended 31st March,
2014 and year ended 31st March, 2015.
Rights and restrictions
attached to the shares
Equity Shares: The Company has only one class of equity shares having a par value of Rs.5 per share. Each shareholder is eligible for one vote per share held. The shareholders have rights in proportion to their shareholding for dividend as well as for assets, in case of liquidation.
As on 31st March, 2015, HDFC Trustee Company Limited holds 24,12,643 Shares (4.4%).
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 |
276.800 |
276.800 |
276.800 |
|
(b) Reserves & Surplus |
5893.407 |
5335.995 |
4935.461 |
|
(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) |
6170.207 |
5612.795 |
5212.261 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
214.592 |
215.658 |
149.832 |
|
(c) Other long term
liabilities |
60.835 |
57.170 |
54.447 |
|
(d) long-term
provisions |
144.993 |
159.609 |
149.442 |
|
Total Non-current
Liabilities (3) |
420.420 |
432.437 |
353.721 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
22.655 |
0.000 |
0.000 |
|
(b) Trade
payables |
855.967 |
723.335 |
617.147 |
|
(c) Other
current liabilities |
1135.921 |
858.074 |
879.568 |
|
(d) Short-term
provisions |
477.032 |
457.167 |
464.265 |
|
Total Current
Liabilities (4) |
2491.575 |
2038.576 |
1960.980 |
|
|
|
|
|
|
TOTAL |
9082.202 |
8083.808 |
7526.962 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3233.686 |
3323.809 |
2796.123 |
|
(ii)
Intangible Assets |
33.823 |
51.746 |
65.242 |
|
(iii) Capital
work-in-progress |
66.854 |
41.853 |
596.447 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
554.916 |
554.916 |
511.780 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
145.914 |
149.369 |
170.869 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
4035.193 |
4121.693 |
4140.461 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2128.377 |
1781.937 |
1531.341 |
|
(c) Trade
receivables |
1195.779 |
857.533 |
953.281 |
|
(d) Cash
and cash equivalents |
1131.106 |
843.818 |
554.842 |
|
(e)
Short-term loans and advances |
436.593 |
338.372 |
227.971 |
|
(f) Other
current assets |
155.154 |
140.455 |
119.066 |
|
Total
Current Assets |
5047.009 |
3962.115 |
3386.501 |
|
|
|
|
|
|
TOTAL |
9082.202 |
8083.808 |
7526.962 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
11103.925 |
9416.142 |
9450.947 |
|
|
|
|
Other Income |
200.208 |
147.901 |
125.202 |
|
|
|
|
TOTAL (A) |
11304.133 |
9564.043 |
9576.149 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
4280.850 |
3698.830 |
3942.098 |
|
|
|
|
Purchase of Stock-in-trade |
838.684 |
765.513 |
654.251 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(90.180) |
(138.848) |
(121.955) |
|
|
|
|
Employee Benefits Expenses |
1306.013 |
1121.164 |
1042.714 |
|
|
|
|
Other Expenses |
3117.503 |
2654.781 |
2498.439 |
|
|
|
|
TOTAL (B) |
9452.870 |
8101.440 |
8015.547 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1851.263 |
1462.603 |
1560.602 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
5.558 |
4.452 |
5.917 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
1845.705 |
1458.151 |
1554.685 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
353.398 |
259.411 |
194.200 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
1492.307 |
1198.740 |
1360.485 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
482.058 |
375.538 |
383.835 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
1010.249 |
823.202 |
976.650 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1200.000 |
1000.000 |
800.000 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Transfer to General Reserve |
277.146 |
202.207 |
355.655 |
|
|
|
|
Proposed Dividend |
359.840 |
359.840 |
359.840 |
|
|
|
|
Tax on Dividend |
73.263 |
61.155 |
61.155 |
|
|
|
BALANCE CARRIED
TO THE B/S |
1500.000 |
1200.000 |
1000.000 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Exports of goods on FOB Basis |
1375.467 |
1027.764 |
1237.227 |
|
|
|
|
Freight on Exports |
12.792 |
9.686 |
11.874 |
|
|
|
|
Commission |
2.249 |
1.555 |
5.104 |
|
|
|
|
Export of Services |
393.409 |
316.272 |
213.370 |
|
|
|
|
Other Income |
23.891 |
25.216 |
26.672 |
|
|
|
TOTAL EARNINGS |
1807.808 |
1380.493 |
1494.247 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials & Trading Goods |
2806.564 |
2591.719 |
2713.385 |
|
|
|
|
Stores & Spare Parts |
46.130 |
41.586 |
36.149 |
|
|
|
|
Capital Goods |
53.979 |
78.266 |
376.009 |
|
|
|
|
Others |
201.340 |
154.017 |
98.735 |
|
|
|
TOTAL IMPORTS |
3108.013 |
2865.588 |
3224.278 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
18.25 |
14.87 |
17.64 |
||
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
1487.283 |
1276.549 |
1378.430 |
|
Net cash from Operating Activities |
980.949 |
961.295 |
1005.583 |
QUARTERLY
RESULTS
(Rs. In Million)
|
Particulars |
|
|
30.06.2015 (Unaudited) |
|
|
|
|
1st
Quarter |
|
Net sales |
|
|
2889.50 |
|
Total Expenditure |
|
|
2469.70 |
|
PBIDT (Excluding Other Income)
|
|
|
419.80 |
|
Other income |
|
|
52.20 |
|
Operating Profit |
|
|
472.00 |
|
Interest |
|
|
1.60 |
|
Exceptional Items |
|
|
NA |
|
PBDT |
|
|
470.40 |
|
Depreciation |
|
|
87.20 |
|
Profit Before Tax |
|
|
383.20 |
|
Tax |
|
|
126.50 |
|
Provisions and contingencies |
|
|
NA |
|
Profit after tax |
|
|
256.70 |
|
Extraordinary Items |
|
|
NA |
|
Prior Period Expenses |
|
|
NA |
|
Other Adjustments |
|
|
NA |
|
Net Profit |
|
|
256.70 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin PAT / Sales |
(%) |
9.10 |
8.74 |
10.33 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
16.67 |
15.53 |
16.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
17.64 |
16.01 |
21.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.21 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.03 |
1.94 |
1.73 |
STOCK
PRICES
|
Face Value |
Rs.5 |
|
Market Value |
Rs.793 |
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 |
276.800 |
276.800 |
276.800 |
|
Reserves & Surplus |
4935.461 |
5335.995 |
5893.407 |
|
Net
worth |
5212.261 |
5612.795 |
6170.207 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
22.655 |
|
Total
borrowings |
0.000 |
0.000 |
22.655 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.004 |
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 |
9450.947 |
9416.142 |
11103.925 |
|
|
|
(0.368) |
17.924 |
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
|
9450.947 |
9416.142 |
11103.925 |
|
Profit |
976.650 |
823.202 |
1010.249 |
|
|
10.33% |
8.74% |
9.10% |
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 |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONS
The economy remained
weak and the growth of industrial production continued to be low (growth of the
Index of Industrial Production was under 3% for the fourth consecutive year).
The manufacturing sector remained vulnerable throughout the year. Decline in
inflation, led by the steep fall in global oil prices, and a stable Rupee
provided some respite for the economy. Meanwhile, with a stable, majority
Government at the Centre and improved macro-economic indicators, the overall
sentiment has seen a rise and, consequently, so has the stock market. After two
years of stagnation, your Company’s sales increased by 17% and operating profit
by 24% over the previous year.
MANAGEMENT DISCUSSION & ANALYSIS REPORT
GENERAL REVIEW
Subject is one of
the subsidiaries of Compagnie de Saint-Gobain (“Saint-Gobain”), a transnational
group with its headquarters in Paris and with sales of Euro 41.1 billion in
2014. Saint-Gobain’s businesses fall into five broad sectors of activity:
Construction Products, Flat Glass, High Performance Materials, Building
Distribution and Packaging. Subject’s businesses are a part of the High
Performance Materials sector of activity. In Subject, the businesses are
divided into two major segments:
1. Abrasives
2. Ceramics and Plastics
ABRASIVES SEGMENT
REVIEW
The major sectors
of activities within the Abrasives segment are Bonded Abrasives (including Thin
Wheels), Coated Abrasives (including Non-Woven) and Super Abrasives.
PRODUCTS AND PLANTS
Bonded Abrasives,
most commonly in the form of wheels but also in other shapes such as segment,
sticks etc., and are used for various applications ranging from polishing or
lapping to removing high quantities of materials. Bonded Abrasives are used in
precision applications such as lapping, honing, super-finishing, race grinding,
thread grinding, fluting, OD grinding, ID grinding, surface grinding etc. They
are also used in rough applications such as snagging, cutting-off, burr
removal, weld preparation etc. Bonded Abrasives are used by a very large number
of users. The variety is very high. SUBJECT makes over 15,000 different
products in a year.
Super Abrasives
are made of diamond (synthetic or natural) or Cubic Boron Nitride and are used
in precision applications.
Coated Abrasives
products are engineered composites comprising of a backing, a bond system and
abrasive grains and are designed for material removal and surface generation.
Coated Abrasives products are available in various shapes like discs, belts,
rolls etc. to suit a wide gamut of applications.
Subject offers the
widest range of cutting-edge Abrasive products to the Indian market, made in
India or sourced from other plants of Saint-Gobain. Saint-Gobain, having its
own in-house, strong Research and Development (R&D), is uniquely positioned
in the Abrasives industry, as it can leverage the capability of developing
grain technologies suited for Abrasives applications.
The Abrasives
business has four manufacturing sites: Mora (near Mumbai), Bengaluru, Nagpur and
Bated (Himachal Pradesh). All the sites are certified under ISO 9001:2008, ISO
14001:2004 and OHSAS 18001:2007.
INDUSTRY
The Abrasives
industry currently has two major players offering a full range of Abrasives
products, one of which is subject.
Subject has a
leadership position in several product-market segments. Apart from the two
major players in the market, there are a few medium-sized players and a number
of small local players. Besides, imports from China are present in many
categories, particularly, at the low end. Some of the players from Europe and
Japan have their agents and/or distributors to service mainly the precision
grinding market. In the case of Coated Abrasives, a few important international
players have set up conversion facilities and are in the process of setting up
manufacturing facilities. Also most of the Power Tool players are now focusing
on developing their accessories business which includes Thin Wheels and some
Coated Abrasives. The market, over a period of time, has become price
sensitive. Key success factors are quality, cost, service and capability to
provide total grinding solutions.
DEVELOPMENT AND
OUTLOOK
Saint-Gobain is a
major player worldwide in Abrasives. It has a strong product portfolio, a
strong R&D set-up with projects in both basic and applied areas and global
reach, with plants and marketing/sales organizations all over the world.
Subject benefits from being a part of such an organization, in terms of access
to all developments in products and process technology, sourcing of products
and development of exports.
The year was
better compared to the previous year, but it was not without its difficulties
and challenges. Industrial output registered some growth, but this was on a low
base and much below expectations. Investment demand was non-existent and
project activity remained at a very low level. Under these circumstances, the
business delivered a strong performance with improvements in several areas.
Abrasives sales registered significant growth over the previous year, primarily
on account of new products, penetration of new markets and gains in market
share. Product prices were also increased, but the increase was below
expectations and the business is yet to recover the significant cost increases
of the previous two years. As a result, while the business margin expanded in
the current fiscal (thanks to higher volumes, higher price levels and stable
input costs), it was still lower than in 2011-12.
“The Next Level”
initiative continued to engage the employees at all levels to make progress on
several dimensions. In addition, overall quality of Receivables and Inventory
was kept in good shape. All in all, the Abrasives business strengthened its
market and its financial position during the financial year.
Looking ahead, the
outlook for 2015-16 is positive. Although not visible, a gradual recovery in
the coming months is the most likely scenario. Under the circumstance, the
business will focus on growing volumes (new products, new markets – domestic
and export) and on holding/increasing prices while continuing to focus on
operational excellence, implementing various marketing programmes and the Next
Level initiatives.
CERAMICS AND
PLASTICS SEGMENT
The main
businesses in this segment are:
(i) Silicon
Carbide;
(ii) High
Performance Refractories;
(iii) Performance Plastics.
SILICON CARBIDE
(SiC)
PRODUCT PLANT
Silicon Carbide
grains are used primarily as raw material in the manufacture of Abrasives, Refractories
and for stone polishing. SiC is manufactured at the plant located at Tirupati
in Andhra Pradesh. SiC is also manufactured by the Company’s subsidiary,
Saint-Gobain Ceramic Materials Bhutan Private Limited, at its plant near
Phuentsholing in Bhutan. Both the plants are certified under ISO 9001:2008, ISO
14001:2004 and OHSAS 18001:2007.
INDUSTRY
In the domestic
market there are three main players (including SUBJECT) in the SiC business.
SUBJECT is the market leader. This market is also catered to by imports, mainly
from China and, more recently, from Vietnam. The key requirements for success
in the industry are quality and cost competitiveness. Entry barriers are high
by way of capital investment and technology.
DEVELOPMENT AND
OUTLOOK
Domestic demand in
2014-15 was stable, but weak. Exports to Europe witnessed an increase in the
first half, but declined as the year progressed. The depreciation of the Euro
was the main cause. Although, for the most part, the business managed to hold
prices, the availability of low priced imports from China and Vietnam put
increasing downward pressure on prices. On the cost side, there was a
substantial increase in the electricity tariff [mainly, Andhra Pradesh Gas
Power Corporation Limited (APGPCL)] and a significant reduction in the
availability of gas power in view of stoppage of gas supply to APGPCL for four
months on account of an accident in the GAIL pipeline. Both these factors led
to a substantial increase in the cost at Tirupati. The electricity tariff in
Bhutan also saw an increase.
The outlook for
the business in 2015-16 is uncertain. Demand is likely to remain at the current
level. While costs will rise (the electricity cost from the grid in Andhra
Pradesh has increased by 5.2%), product prices will not increase and margins
will be under pressure. Given this scenario, the focus in 2015-16 would be on
price and cost management. The business needs to find an economically viable
source of crude to grow this business.
HIGH PERFORMANCE
REFRACTORIES (HPR)
PRODUCT AND PLANT
Refractories are
used for processing ferrous and non-ferrous metals and kiln furniture to fire
ceramic wares. They are also used as filtering media, wear resistance material
and body protection plates. SUBJECT manufactures mostly silicon carbide
refractories and high alumina monolithics. Subject offers complete solutions
with expertise in design, engineering and manufacturing refractory systems for
most of the demanding, high temperature and wear applications. HPR has two
plants: one is located at Bengaluru and the other at Halol, near Vadodara in
Gujarat. Both the plants are certified under ISO 9001: 2000, ISO 14001: 2004
and OHSAS 18001:1999.
INDUSTRY
The main markets are
the Ceramic industry, the Metallurgical industry – non-ferrous (Copper,
Aluminium etc.), Foundries, Iron and Steel, Energy, and Heat treatment. In the
domestic market, there are two major manufacturers (including subject) for
silicon carbide refractories. The key requirements for success are technology,
installation service and consistency in quality. Manufacturing is relatively
capital intensive and this, coupled with technology, are the barriers to entry.
DEVELOPMENT AND
OUTLOOK
In 2014-15, the
HPR business witnessed growth due to a substantial increase in exports.
Domestic growth was relatively weak due to low demand for Ceramic and Wear
Resistant Technology products (which are driven by the Power and Mining
sectors) and, later in the year, due to foundry sector being in the doldrums.
In 2015-16, the
focus will be on developing export markets and introduction of new products in
the domestic market. The plant at Halol has the capacity and the capability to
address a number of growth opportunities in export markets.
PERFORMANCE
PLASTICS (PPL)
PRODUCT, PLANT AND
INDUSTRY
The Performance
Plastics business produces and markets more than 800 standard and custom-made
polymer products through three business segments: Engineered Components (ENC),
Fluid Systems (FLS) and Composites. Each demonstrates innovation,
responsiveness to customer needs and polymer expertise.
The major product
lines in PPL are Bearings, Seals, Tubing and Hoses, Films, Fabrics and Foams.
The major markets addressed are Automotive, Oil and Gas, Pharma and Bio Pharma,
Construction, Energy and General Industrial.
Subject has a
plant for ENC and FLS situated at Bengaluru. This plant is certified under ISO
9001: 2008, ISO 14001: 2004, OHSAS 18001:1999 and TS1694.
DEVELOPMENT AND
OUTLOOK
The major growth
drivers are:
·
New products and new markets
·
Success in new applications
·
Broad-basing of existing applications and markets
·
Specification driven approvals at customers
The PPL business had
a good year helped by strong growth in Pharma and Bio Pharma and Oil and Gas
segments of the market. One of the key markets for the Plastics business is the
automotive passenger vehicle market; this market remained stagnant in 2014-15.
The focus has been to defend the share in conventional applications, while
trying to grow into new applications. This has yielded positive results and
helped the business grow even in this segment. In 2015-16, the main aim of the
business would be to strengthen its position in existing markets while
accelerating growth in new markets in the industrial, healthcare and
construction segments. The outlook for 2015-16 is positive.
The key for growth
of the PPL business is to have a well-trained technical sales/application engineering
organization with good market coverage to identify and develop new applications
and thus deliver high growth. Building such a team will continue to be a key
priority through intensified focus on talent retention initiatives.
UNSECURED LOAN:
|
Particulars |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
Short Term
Borrowings |
|
|
|
Loan repayable on
demand |
|
|
|
From HDFC Bank Limited (Repayment to be made in a year with interest of 10% per annum as per the terms agreed upon between the Company and the Bank) |
22.655 |
0.000 |
|
|
|
|
|
Total |
22.655 |
0.000 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2015
Rs.
In Million
|
Particulars |
Quarter ended30.06.2015 |
|
|
Unaudited |
|
Net Sales/ Income from Operations |
2869.100 |
|
Other Operating Income |
20.400 |
|
Total income
from operation |
2889.500 |
|
Expenditure |
|
|
a) Cost of Materials Consumed |
1043.300 |
|
b) Purchase of Stock in trade |
194.800 |
|
c) Change in inventories of finished goods, work in progress & stock in trade |
(3.500) |
|
d) Employee benefits expense |
357.600 |
|
e) Power and Fuel expenses |
87.200 |
|
f) Depreciation and amortization expense |
163.400 |
|
g) Other expenses |
714.100 |
|
Total |
2556.900 |
|
Profit from
operations before Other Income, Interest and Exceptional Items (1-2) |
332.600 |
|
Other Income |
52.200 |
|
Profit before Interest and Exceptional Items (3+4) |
384.800 |
|
Interest |
1.600 |
|
Profit after Interest but before Exceptional Items (5-6) |
383.200 |
|
Exceptional Items |
0.000 |
|
Profit (+)/ Loss (-) from Ordinary Activities before tax (7+8) |
383.200 |
|
Tax expense |
126.500 |
|
Net Profit (+)/ Loss (-) from Ordinary Activities after tax (9-10) |
256.700 |
|
Extraordinary Items (Net of tax expense) |
0.000 |
|
Net Profit (+)/ Loss (-) for the period |
256.700 |
|
Paid-up equity share capital (Face value of Rs.10/- each) |
276.800 |
|
Reserves excluding Revaluation Reserves as per balance sheet of
previous accounting year |
-- |
|
Earnings per
share |
|
|
Before Extraordinary items (not annualized) |
|
|
- Basic (Rs.) |
4.64 |
|
- Diluted (Rs.) |
4.64 |
|
|
|
|
|
|
|
Public Shareholding |
|
|
- No. of shares |
22681648 |
|
- Percentage of shareholding |
40.97 |
|
Promoters and promoter group shareholding |
|
|
Pledged/ Encumbered |
|
|
- No. 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) |
-- |
|
Non-encumbered |
|
|
- No. of shares |
32678352 |
|
- 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) |
59.03 |
|
|
|
|
|
|
|
INVESTOR
COMPLAINTS |
|
|
Pending at the beginning of the quarter |
-- |
|
Received during the quarter |
1 |
|
Disposed during the quarter |
-- |
|
Remaining unresolved at the end of the quarter |
1 |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Particulars |
Quarter ended30.06.2015 |
|
1. Segment
Revenue |
|
|
a. Abrasives |
1905.300 |
|
b. Ceramics and
Plastics |
784.400 |
|
c. Others |
204.900 |
|
Total segment
revenue |
2894.600 |
|
Less: Inter –
segment revenue |
25.500 |
|
Total income
from operations (net sales) |
2869.100 |
|
2. Segment
Results |
|
|
Profit/ (loss)
before tax and interest |
|
|
a. Abrasives |
253.900 |
|
b. Ceramics and
Plastics |
94.600 |
|
c. Others |
39.300 |
|
Total segment
results |
387.800 |
|
(Add)/Less:
Finance Costs |
1.600 |
|
Other un-allocable
expenditure net off un-allocable other operating income |
3.000 |
|
Total Profit
Before Tax |
383.200 |
|
3. Capital
Employed |
|
|
(Segment Assets
– Segment Liabilities) |
|
|
a. Abrasives |
3162.100 |
|
b. Ceramics and
Plastics |
2056.300 |
|
c. Others |
285.800 |
|
d. Unallocable |
889.200 |
|
Total
Capital Employed |
6393.400 |
NOTES:
1. The above financial results were reviewed by the Audit Committee after a "Limited Review" by the statutory auditors of the company & approved by the Board of directors at their meeting held on 4th August, 2015.
2. Previous period's figures have been recast wherever necessary.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90225893 |
03/03/1993 * |
10,000,000.00 |
Industrial Development Bank of India |
IDBI Tower, Cuffe Parade, Colaba, Bombay, Maharashtra - 400005, India |
- |
|
2 |
90225398 |
30/07/1968 |
49,275.00 |
The Secretary To The Government of Maharashtra |
Sachivalya, Bombay, Maharashtra, India |
- |
*Date of modification Charges
FIXED ASSETS:
Tangible Assets
· Land – Freehold
· Land – Leasehold
· Building
· Leasehold Improvements
· Plant and Machinery
· Electrical Installation and Equipments
· Laboratory Equipments
· Computers
· Furniture and Fixtures
· Office Equipment
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CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.65.04 |
|
|
1 |
Rs.99.58 |
|
Euro |
1 |
Rs.71.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
81 |
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.