MIRA INFORM REPORT
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Report No. : |
342169 |
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Report Date : |
26.09.2015 |
IDENTIFICATION DETAILS
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Name : |
KESORAM INDUSTRIES LIMITED KESORAM RAYON (DIVISION OF KESORAM INDUSTRIES LIMITED) |
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Registered
Office : |
8th Floor, Birla Building, 9/1, R. N. Mukherjee Road, Kolkata –
700001, West Bengal |
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Tel. No.: |
91-33-22429454 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18.10.1919 |
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Com. Reg. No.: |
21-003429 |
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Capital
Investment / Paid-up Capital : |
Rs. 1097.700 Million |
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CIN No.: [Company Identification
No.] |
L17119WB1919PLC003429 |
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IEC No.: |
0288017889 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCK2417P |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in manufacturing of tyres and tubes, cement,
viscose filament rayon yarn (VFRY), transparent paper. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (41) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behavior : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is a flagship company of the B.K. Birla Group. Subject is an
old company incorporated in the year 1919. Rating constraints on account of moderate financial risk profile of
the company marked by highly leveraged capital structure and continuous
losses from its operations. However, rating takes into consideration long and established track
record of the company and strong brand recognition of BK Birla group in the
cement and tyre segment. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. In view of experience promoters and strong group support, the company
can be considered for business dealings with 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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long-term Bank Facilities = A- “Credit watch” |
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Rating Explanation |
Adequate degree of safety and low credit risk. |
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Date |
April 03, 2015 |
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Rating Agency Name |
CARE |
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Rating |
Short-term Bank Facilities = A2+ “Credit Watch” |
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Rating Explanation |
Strong degree of safety and low credit risk. |
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Date |
April 03, 2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DENIED
MANAGEMENT NON-CORPORATIVE
CONTACT NO. 91-33-22435453
LOCATIONS
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Registered Office : |
8th Floor, Birla Building, 9/1, R. N. Mukherjee Road, Kolkata –
700001, West Bengal, India |
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Tel. No.: |
91-33-22429454 / 22480764 / 2213 0441 / 2243 5453 |
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Fax No.: |
91-33-22109455 |
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E-Mail : |
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Website : |
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Factory 1 : |
Industry House 10, Camac
Street, 11th floor, Kolkata
– 700017, West Bengal, India |
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Tel. No.: |
91-33-2282472 / 22828277 |
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Fax No.: |
91-33-33828879 |
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Plant Locations : |
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Factory 2 : |
Sedam, Dist. Gulbarga - 585222, Karnataka, India |
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Tel. No.: |
91-8441-276005/277403, |
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Fax No.: |
91-8441-276139 |
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E-mail: |
Communication@Vasavadattacement.Com |
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Storage and Packing
Unit : |
I) Survey No.296/7/4, IDA Bollaram Village, Jinnaram Mandel, Medak District. - 502325, Telangana, India II) T-3 MIDC Chincholi, Taluk : Mohal, Solapur- 413255, Maharashtra, India |
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Phone : |
91-217-2357060 |
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Factory 3 : |
Basantnagar, District. Karimnagar - 505187, Telangana - India |
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Tel. No.: |
91-8728-228122/228125/228156 |
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Fax No.: |
91-8728-228160 |
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E-mail: |
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Factory 4 : |
P.O. Chhanpur, Via.Kuruda, District. Balasore - 756056, Baleswar, Odisha, India |
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Tel. No.: |
91-6782-255259/780/620 |
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Fax No.: |
91-6782-255225 |
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E-mail: |
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Factory 5 : |
Gram Khedimubarakpur, Tehsil-Laksar, District-Haridwar - 247663, Uttarakhand, India |
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Tel. No.: |
91-1332- 256000/256001 |
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Fax No.: |
91-1332- 255226 |
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E-mail: |
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RAYON DIVISION |
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Factory 6 : |
P.O. Nayasarai, Railway. Station: Kuntighat, On Howrah-Katwa Route, District. Hooghly - 712513, West Bengal, India |
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Tel. No.: |
91-33-26846431-34/ 26846457 |
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Fax No.: |
91-33-26846461 |
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E-mail: |
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Factory 7 : |
P.O. Adcconagar, Bansberia, District Hooghly - 712121, West Bengal, India |
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Tel. No.: |
91-33-26346465 |
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Factory 8 : |
19, B. T. Road, Khardah, P.O. Balaram Dharma Sopan - 700116, Kolkata, India |
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Tel. No.: |
91-33-25535183 |
DIRECTORS
AS ON 08.07.2014
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Name : |
Pesi Kushru Choksey |
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Designation : |
Director |
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Address : |
Bentleys - Room 16, 17 Oliver Street Colaba, Mumbai - 400039, Maharashtra, India |
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Date of Birth/Age : |
02.02.1923 |
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PAN No.: |
ACTPC6994J |
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Date of Appointment : |
03.08.1984 |
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DIN No.: |
00060508 |
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Name : |
Amitabha Jugalkishore Ghosh |
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Designation : |
Director |
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Address : |
Flat No-32, Mehr Naz, 91, Cuffe Parade, Mumbai - 400005, Maharashtra, India |
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Date of Appointment : |
08.07.2014 |
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DIN No.: |
00055962 |
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Name : |
Sudip Banerjee |
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Designation : |
Director |
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Address : |
255 Adarsh Palm Meadows, Ramagondanahalli Whitefie, Bangalore - 560066, Karnataka, India |
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Date of Birth/Age : |
01.02.1960 |
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PAN No.: |
AANPB2951Q |
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Date of Appointment : |
29.04.1914 |
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DIN No.: |
05245757 |
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Name : |
Kashi Prasad Khandelwal |
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Designation : |
Director |
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Address : |
24A Shakespeare Sarani, Circus Avenue, Kolkata - 700017, West Bengal, India |
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Date of Birth/Age : |
04.03.1951 |
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PAN No.: |
AETPK9443E |
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Date of Appointment : |
10.04.2012 |
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DIN No.: |
00748523 |
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Name : |
Basant Kumar Birla |
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Designation : |
Director |
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Address : |
Basant Vihar, 18, Gurusaday Road, Kolkata - 700019, West Bengal, India |
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Date of Birth/Age : |
16.02.1921 |
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PAN No.: |
AEKPB3110L |
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Date of Appointment : |
23.08.1940 |
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DIN No.: |
00055856 |
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Name : |
Vinay Sah |
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Designation : |
Nominee Director |
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Address : |
B-4/4 Jeevan Santhi Colony, S.V. Road, Santacruuz - West, Mumbai - 400054, Maharashtra, India |
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Date of Birth/Age : |
09.11.1959 |
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PAN No.: |
AFBPS4740M |
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Date of Appointment : |
03.11.1911 |
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DIN No.: |
02425847 |
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Name : |
Kamal Chand Jain |
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Designation : |
Whole-Time Director |
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Address : |
Plot No 12, Whisper Valley Behind Darga, Hyderabad - 500008, Andhra Pradesh, India |
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Date of Birth/Age : |
10.10.1939 |
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PAN No.: |
AAMPJ3188A |
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Date of Appointment : |
15.04.1911 |
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DIN No.: |
00029985 |
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Name : |
Manjushree Khaitan |
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Designation : |
Whole-Time Director |
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Address : |
Basant Vihar, 18. Gurusadya Road, Kolkata - 700019, West Bengal, India |
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Date of Birth/Age : |
24.12.1955 |
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PAN No.: |
AGFPK0198L |
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Date of Appointment : |
30.10.1998 |
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DIN No.: |
00055898 |
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Name : |
Lee Seow Chuan |
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Designation : |
Additional Director |
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Address : |
59, Lentor Walk, Singapore - 2678, Singapore |
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Date of Appointment : |
08.08.2014 |
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DIN No.: |
02696217 |
KEY EXECUTIVES
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CORPORATE OFFICE : |
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Name : |
Arvind Kumar Singh |
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Designation : |
Chief Executive Officer – Business Operations |
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Address : |
Le Palmerie, 23B, Ballygaunge Circular Road,, Kolkata - 700019, West Bengal, India |
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PAN No : |
AOAPS0881B |
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Name : |
Tridib Kumar Das |
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Designation : |
Chief Finance Officer |
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Address : |
5 A/B, Amravati, 63, Purna Das Road, Kolkata - 700029, West Bengal, India |
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PAN No : |
AGFPD1367E |
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Name : |
Gautam Ganguli |
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Designation : |
Company Secretary |
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Address : |
49 C, Block - C, New Alipore, Kolkata - 700053, West Bengal, India |
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PAN No : |
ACWPG0195L |
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BIRLA TYRES : |
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Name : |
Mr. Ashwani Maheshwari |
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Designation : |
President |
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CEMENT : |
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Name : |
Mr. Animesh Banerjee |
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Designation : |
President |
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RAYON AND TRANSPARENT PAPER : |
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Name : |
Mr. Roy Kurian Kuruvilla |
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Designation : |
President |
SHAREHOLDING PATTERN
AS ON 30.06.2015
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Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
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(A) Shareholding of
Promoter and Promoter Group |
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1312409 |
1.28 |
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51064793 |
49.71 |
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52377202 |
50.99 |
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Total shareholding of
Promoter and Promoter Group (A) |
52377202 |
50.99 |
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(B) Public Shareholding |
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|
79315 |
0.08 |
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1515744 |
1.48 |
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4337286 |
4.22 |
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4078147 |
3.97 |
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10010492 |
9.74 |
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13230663 |
12.88 |
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15609525 |
15.20 |
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7002969 |
6.82 |
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4495924 |
4.38 |
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516863 |
0.50 |
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3742735 |
3.64 |
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3422 |
0.00 |
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232904 |
0.23 |
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40339081 |
39.27 |
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Total Public shareholding
(B) |
50349573 |
49.01 |
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Total (A)+(B) |
102726775 |
100.00 |
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(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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|
7041875 |
0.00 |
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|
7041875 |
0.00 |
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Total (A)+(B)+(C) |
109768650 |
0.00 |
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BUSINESS DETAILS
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Line of Business : |
Subject is engaged in manufacturing of tyres and tubes, cement,
viscose filament rayon yarn (VFRY), transparent paper. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
Note: Short term
borrowing : Working capital loans is secured against hypothecation of current
assets and second charge on movable and immovable fixed assets, both present
and future unit of the company (excluding spun pipes and foundry and
Hindustan heavy chemicals units) subject to prior subsisting charge on
movable and immovable fixed assets pertaining to vasavadatta cement. The cash
credit and working capital demand loans are repayable on demand. |
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Financial institutions : |
West Bengal Infrastructure Development Finance Corporation Limited, 36A,, Hemanta Basu Sarani, Kolkata - 700001, West Bengal, India |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
Plot No Y14, Block Ep, Sector - V , Salt Lake Electronic Complex , Bidhannagar, Kolkata - 700091, West Bengal, India |
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PAN. No.: |
AAEFP3641G |
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Cost Auditor : |
Mani and Company Chartered Accountants |
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Memberships : |
----- |
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Collaborators : |
----- |
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Enterprise which
management personnel have significant influence : |
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Enterprise over which
relative of key management personnel above is able to exercise significant
influence : |
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Other Related
Parties: |
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Joint Venture: |
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** Related to Smt Manjushree Khaitan, a key management personnel.
*** Shri Sunil Kumar Jain is son of Shri K.C. Jain, proprietor of A.K. Enterprise and partner of Synergy Enterprises.
**** The parties stated in (f) above are Related Parties in the broader sense of the term and are included for making the financial statements more
Transparent.
@ Subsidiary companies of Jay Shree Tea and Industries Limited of which Smt Jayashree Mohta is a key personnel.
## Smt Vidula Jalan is a key management personnel of it.
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
550000000 |
Equity Shares |
Rs.10/- each |
Rs. 5500.000 Million |
|
15000000 |
Preference shares |
Rs.100/- each |
Rs. 1500.000 Million |
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Total
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|
Rs. 7000.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
109768650 |
Equity Shares |
Rs.10/- each |
Rs. 1097.700 Million |
(a) During the year the authorized share capital was increased from Rs. 1200.000 Million Comprising of 12,00,00,000 Equity shares of Rs. 10 each to Rs. 7000.000 Million Comprising of 1,50,00,000 Preference Shares of face value of Rs. 100 each amounting to Rs. 1500.000 Million and 55,00,00,000 Equity Shares of face value of Rs. 10 each amounting to Rs. 5500.000 Million.
(b) During the year, the Company issued and allotted 6,40,27,570 Equity shares of face value Rs. 10/- each for cash at a price of Rs. 65/- per Equity Share including a premium of Rs. 55/- per Equity Share aggregating to ` 4,16,17,92,050 to the Equity shareholders of the Company on “Rights Basis” in the ratio of seven Equity shares for every five Equity shares held on the “Record date” of 16 May 2013. The proceeds of the “Right Issue” have been utilized for the purposes as stated in the “Letter of Offer” dated 22 May 2013.i.e. to repay/prepay existing term loans aggregating to Rs. 3120.000 Million, to meet “Right Issue” related expenses of Rs. 99.400 Million and balance amount of Rs. 942.400 Million was utilized for general corporate purposes.
(c) Forfeiture of Equity Shares In terms of Company‘s
Article of Association, the Company, during the year previous year 2012-13
forfeited 2,238 Equity shares standing in the names of 175 allottees who failed
to pay allotment money despite several reminders.
(d) Reconciliation of
the number of shares outstanding as at 31st March, 2014 is set out below:
|
Particulars |
31st March, 2014 |
|
Number of shares outstanding at the beginning of the year |
45741080 |
|
Add : Shares issues during the year |
64027570 |
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Less : Shares forfeited during the year |
---- |
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Number of shares
outstanding at the end of the year |
109768650 |
(e) Terms/rights
attached to equity shares
The company has only one class of equity shares having a par value of Rs. 10 per share. All equity shareholder are entitled to one vote per share.
The company declares and pays dividend in Indian rupees. The
dividend proposed by the board of directors is subject to the approval of the
shareholders in ensuing Annual General Meeting except in the 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 the proportion to their shareholdings.
(f) Details of shares
held by shareholders holding more than 5% of the aggregate shares in the
Company
|
Name of the
shareholders |
31st March, 2014 |
|
|
|
No. of shares |
% age holding |
|
Pilani Investments and Industries Corporation Limited |
27338750 |
24.91 |
|
Manav Investment and Training Company Limited |
9887525 |
9.01 |
|
Jhunjhunwala Rekha Rakesh |
7500000 |
6.83 |
|
Life Insurance Corporation of India |
– |
– |
|
Finquest Securities Private Limited |
– |
– |
FINANCIAL DATA
[All figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
1097.700 |
457.400 |
457.400 |
|
(b) Reserves &
Surplus |
3610.400 |
5345.000 |
8692.700 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
4708.100 |
5802.400 |
9150.100 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
25497.500 |
27743.900 |
27557.700 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
572.100 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
25497.500 |
27743.900 |
28129.800 |
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(4) Current Liabilities |
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|
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(a) Short term borrowings |
14941.100 |
16308.000 |
13495.700 |
|
(b) Trade payables |
5853.900 |
4906.300 |
4834.000 |
|
(c) Other current
liabilities |
10590.800 |
9180.900 |
8901.900 |
|
(d) Short-term provisions |
732.400 |
797.500 |
715.600 |
|
Total Current Liabilities
(4) |
32118.200 |
31192.700 |
27947.200 |
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TOTAL |
62323.800 |
64739.000 |
65227.100 |
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|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
32166.200 |
34438.400 |
35847.400 |
|
(ii) Intangible Assets |
104.900 |
29.300 |
21.100 |
|
(iii) Capital work-in-progress |
7308.300 |
7044.900 |
6235.200 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
3.600 |
|
(b) Non-current
Investments |
663.600 |
663.600 |
663.600 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
897.700 |
1266.600 |
1562.300 |
|
(e) Other Non-current
assets |
3.200 |
9.400 |
22.100 |
|
Total Non-Current Assets |
41143.900 |
43452.200 |
44355.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
8941.300 |
9127.500 |
9951.600 |
|
(c) Trade receivables |
9040.000 |
8356.700 |
6724.400 |
|
(d) Cash and cash
equivalents |
772.100 |
836.600 |
695.900 |
|
(e) Short-term loans and advances |
2175.400 |
2829.700 |
3117.300 |
|
(f) Other current assets |
251.100 |
136.300 |
382.600 |
|
Total Current Assets |
21179.900 |
21286.800 |
20871.800 |
|
|
|
|
|
|
TOTAL |
62323.800 |
64739.000 |
65227.100 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
50809.100 |
57108.200 |
59208.600 |
|
|
Other Income |
1245.400 |
1310.400 |
840.000 |
|
|
TOTAL |
52054.500 |
58418.600 |
60048.600 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
24117.300 |
28495.700 |
34240.200 |
|
|
Purchases of
Stock-in-Trade |
611.600 |
835.300 |
521.900 |
|
|
Exceptional Items |
0.000 |
0.000 |
(112.200) |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(426.800) |
(559.600) |
1251.400 |
|
|
Employees benefits
expense |
4087.000 |
3809.100 |
3346.800 |
|
|
Other expenses |
19559.100 |
21407.100 |
20827.500 |
|
|
TOTAL |
47948.200 |
53987.600 |
60075.600 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
4106.300 |
4431.000 |
(27.000) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
5728.300 |
5143.600 |
4101.500 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(1622.000) |
(712.600) |
(4128.500) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3181.000 |
3059.300 |
2974.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(4803.000) |
(3771.900) |
(7102.500) |
|
|
|
|
|
|
|
Less |
TAX |
352.500 |
(479.600) |
(3305.100) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
(5155.500) |
(3292.300) |
(3797.400) |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD |
2938.800 |
6284.600 |
(2434.100) |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend |
0.000 |
45.700 |
45.700 |
|
|
Dividend |
0.000 |
7.800 |
7.400 |
|
|
Total |
0.000 |
53.500 |
53.100 |
|
|
|
|
|
|
|
|
Balance Carried to the B/S |
(2216.700) |
2938.800 |
6284.600 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
3706.900 |
4276.600 |
5118.700 |
|
|
TOTAL EARNINGS |
3706.900 |
4276.600 |
5118.700 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
5068.900 |
5381.600 |
8873.500 |
|
|
Components and Stores parts |
588.900 |
236.000 |
164.500 |
|
|
Capital Goods |
191.400 |
790.100 |
1365.400 |
|
|
TOTAL IMPORTS |
5849.200 |
6407.700 |
10403.400 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(54.32) |
(69.37) |
(83.02) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
8592.700 |
6732.700 |
6481.900 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
4166.900 |
4405.900 |
2205.600 |
|
Net cash flows from operating activities |
4284.800 |
4487.100 |
2455.300 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(10.15) |
(5.77) |
(6.41) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
8.08 |
7.76 |
(0.05) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.84) |
(6.61) |
(12.18) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.02) |
(0.65) |
(0.78) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
10.41 |
8.75 |
5.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.66 |
0.68 |
0.75 |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
Unaudited 31.12.2014 |
|
|
|
|
1st Quarter |
|
Net Sales |
|
|
12141.100 |
|
Total Expenditure |
|
|
12283.900 |
|
PBIDT (Excl OI) |
|
|
(142.800) |
|
Other Income |
|
|
158.900 |
|
Operating Profit |
|
|
16.100 |
|
Interest |
|
|
1666.800 |
|
Exceptional Items |
|
|
NA |
|
PBDT |
|
|
(1650.700) |
|
Depreciation |
|
|
795.300 |
|
Profit Before Tax |
|
|
(2446.000) |
|
Tax |
|
|
NA |
|
Provisions and contingencies |
|
|
NA |
|
Profit After Tax |
|
|
(2446.000) |
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
Market Value |
Rs. 87.85/- |
FINANCIAL ANALYSIS
[All figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
457.400 |
457.400 |
1097.700 |
|
Reserves & Surplus |
8692.700 |
5345.000 |
3610.400 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
9150.100 |
5802.400 |
4708.100 |
|
|
|
|
|
|
long-term borrowings |
27557.700 |
27743.900 |
25497.500 |
|
Short term borrowings |
13495.700 |
16308.000 |
14941.100 |
|
Current maturities of
long-term debts |
6481.900 |
6732.700 |
8592.700 |
|
Total borrowings |
47535.300 |
50784.600 |
49031.300 |
|
Debt/Equity ratio |
5.195 |
8.752 |
10.414 |
%20-%20342169%2026-Sep-2015_files/image017.gif)
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
59208.600 |
57108.200 |
50809.100 |
|
|
|
(3.547) |
(11.030) |
%20-%20342169%2026-Sep-2015_files/image020.gif)
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
59208.600 |
57108.200 |
50809.100 |
|
Profit |
(3797.400) |
(3292.300) |
(5155.500) |
|
|
(6.41%) |
(5.77%) |
(10.15%) |
%20-%20342169%2026-Sep-2015_files/image024.gif)
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 |
Yes |
|
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 |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION
DETAILS:
|
|
GENERAL REVIEW
The Company took in its stride significant operating adversities during the year under report to record a positive Earning before Interest, Depreciation, Tax and other Amortizations (“EBIDTA”) of Rs. 4106.300 Million during the year. The Company continues to strive for recovery and improvement driven by a series of initiatives across the organization. Some of these initiatives have begun to bear fruit, while more are being actioned on.
Brief commentaries on the performance of the Tyre, Cement
and Rayon Businesses:
Tyre
The year under report saw the Tyre Business steadily improve profitability. EBIDTA was at a positive Rs. 2120.000 Million as compared to EBIDTA of Rs. 730.000 Million in the previous year. Net Revenue at Rs. 30920.000 Million Declined by approximately 12%.
The continued improvements in EBIDTA over the year compared to the previous year was on account of a variety of operational initiatives, both on the revenue as well as cost and productivity fronts, through the value chain that the business encompasses.
The Business continues to have the distinction of being certified for ISO - 9001, TS-16949, ISO-14001, SA-8000, OSHAS18001 and TPM.
With operations of the Tyre Business showing continuous improvement, the Board views the Business’s future prospects with confidence.
Cement
The Cement Business saw a challenging year. EBIDTA declined to Rs. 2770.000 Million in 2013-14 as compared to Rs. 4340.000 Million in the previous year. Sales in value terms declined to Rs. 17020.000 Million in 2013-14 as compared to Rs.18570.000 Million in the previous year, representing a decline of 8%. This was in spite of the fact that sales in volume terms were almost constant at 5.04 Million MT in 2013-14 as compared to 5.14 Million MT the year before. Average price per MT declined by almost 12% in 2013-14 as compared to the previous year, driven by poor demand and significant capacity accretion in the cement industry, especially in the areas serviced by the Company.
A number of initiatives were taken on the operating front. This resulted in alleviating some of the burden on account of low pricing, but was not able to result in a complete recovery of profitability margins.
The challenge before the Cement Business during the current
year would be to enhance margins for increased profitability. This goal is
being seriously pursued through modulated inputs in all sectors of the
Business. Special focus is being given to increasing market penetration into
areas beyond traditional markets and customer segments.
Rayon
The Rayon Business, after reporting a positive EBIDTA in 2012-13, turned marginally EBIDTA negative in 2013-14. The viscose filament yarn industry in the country was impacted by low demand in the international market and imports from China. The Company’s Rayon Business maintained its market share by improving and further diversifying its product range. Over the year, the Rayon Business worked on a project to install a Continuous Spun Yarn (CSY) production facility. Once this facility is in full operation in 2014-15, there should be significant value accretion to the Business.
Spun Pipes and Heavy
Chemicals
Kesoram Spun Pipes and Foundries and Hindustan Heavy
Chemicals facilities continued to be under suspension of work during the year
under report.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long term
borrowing |
|
|
|
Deposits from others |
3068.900 |
2958.200 |
|
Short term
borrowing |
|
|
|
Rupee term loans from banks |
350.000 |
500.000 |
|
Foreign currency term loans from banks |
118.200 |
0.000 |
|
Public deposits |
51.100 |
37.100 |
|
Deposits from others |
232.000 |
33.200 |
|
Rupee term loans from others |
0.000 |
1000.000 |
|
Total |
3820.200 |
4528.500 |
CONTINGENT
LIABILITIES:
(Rs. in Million)
|
PARTICULARS |
31.03.2014 |
|
|
|
|
a) Guarantees given
- |
|
|
(i) to excise authorities |
1.200 |
|
(ii) by Banks on behalf of the Company (excluding relating to joint venture referred to in note 33 below) |
1104.700 |
|
|
|
|
(b) Claims against
the Company not acknowledged as debts : |
|
|
i) Rates, Taxes, Duties etc. demanded by various Authorities |
3697.400 |
|
ii) Amount demanded by Provident Fund Authorities which is sub judice |
8.700 |
|
|
|
|
(c) Rates, Taxes, Duties etc. |
168.000 |
|
(d) Amount payable in connection with reorganization of the Company in earlier year |
0.000 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10583830 |
02/07/2015 |
2,500,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF
INDIA, DR. |
C60688751 |
|
2 |
10579044 |
27/06/2015 |
2,250,000,000.00 |
INDUSIND BANK LTD. |
SAVITRI TOWERS, 3A UPPER WOOD STREET,
KOLKATA - 700017, WEST BENGAL, INDIA |
C58480021 |
|
3 |
10568067 |
24/02/2015 |
450,000,000.00 |
INDUSIND BANK LIMITED |
SAVITRI TOWERS, 3A UPPER WOOD STREET,
KOLKATA - 700017, WEST BENGAL, INDIA |
C53002390 |
|
4 |
10559804 |
31/12/2014 |
150,000,000.00 |
THE KARUR VYSYA BANK
LIMITED |
POST BOX NO.21, ERODE ROAD, KARUR - |
C49369770 |
|
5 |
10542102 |
29/05/2015 * |
2,000,000,000.00 |
SBICAP TRUSTEE COMPANY
LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,
COLABA, MUMBAI - 400005, Maharashtra, INDIA |
C56036932 |
|
6 |
10530252 |
29/05/2015 * |
1,500,000,000.00 |
THE SOUTH INDIAN BANK
LIMITED |
CORPORATE BRANCH, OSWAL CHAMBERS, 2 CHURCH
LANE, |
C57062234 |
|
7 |
10520249 |
29/05/2015 * |
1,500,000,000.00 |
IFCI LIMITED |
IFCI TOWER61 NEHRU PLACE, NEW DELHI -
110019, INDIA |
C56987308 |
|
8 |
10517805 |
29/05/2015 * |
4,000,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH (CBB),, 1,
SHAKESPEARE S |
C58162033 |
|
9 |
10506736 |
12/02/2015 * |
5,250,000,000.00 |
INDUSIND BANK LIMITED. |
SAVITRI TOWERS, 3A UPPER WOOD STREET, KOLKATA
- 700017, WEST BENGAL, INDIA |
C46153656 |
|
10 |
10490261 |
29/05/2014 * |
1,000,000,000.00 |
WEST BENGAL INFRASTRUCTRE
DEVELOPMENT FINANCE COR |
36A, HEMANTA BASU SARANI, KOLKATA - |
C04856217 |
STATEMENT
OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
31-12-2014
|
Particulars |
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
Income from Operations |
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
12111.800 |
11897.000 |
36634.800 |
|
(b) Other Operating Income |
29.300 |
24.900 |
95.100 |
|
Total income from operations (net) |
12141.100 |
11921.900 |
36729.900 |
|
Expenses |
|
|
|
|
(a) Cost of materials consumed |
4970.400 |
4892.400 |
15582.700 |
|
(b) Purchases of stock-in trade |
174.300 |
126.700 |
440.400 |
|
(c) Changes in inventories of finished goods. work-in-progress and
stock in trade |
338.100 |
430.600 |
688.500 |
|
(d) Employee benefits expense |
1177.500 |
1270.900 |
3513.000 |
|
(e) Depreciation and Amortization Expenses |
795.300 |
826.100 |
2421.300 |
|
(f) Other Expenses |
1922.400 |
2122.100 |
5735.700 |
|
(g) Power and Fuel |
2022.800 |
1762.800 |
5956.400 |
|
package and carriage |
1601.400 |
1526.100 |
4720.200 |
|
Total expenses |
13002.200 |
12957.700 |
39058.200 |
|
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
(861.100) |
(1035.800) |
(2328.300) |
|
Other Income |
158.900 |
164.700 |
533.000 |
|
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
(702.200) |
(1200.500) |
(2861.300) |
|
Finance Costs |
1743.800 |
1635.200 |
5176.200 |
|
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
(2446.000) |
(2835.700) |
(8037.500) |
|
Exceptional items |
---- |
---- |
---- |
|
Profit/ (Loss) from ordinary activities before tax (7+8) |
(2446.000) |
(2835.700) |
(8037.500) |
|
Tax expenses |
---- |
---- |
---- |
|
Net Profit / (Loss) from ordinary activities after tax (9-10) |
(2446.000) |
(2835.700) |
(8037.500) |
|
Extraordinary item (net of tax expense) |
---- |
---- |
---- |
|
Net Profit / (Loss) for the period (11-12) |
(2446.000) |
(2835.700) |
(8037.500) |
|
Share of profit' (loss) of associates |
|
|
|
|
Minority Interest |
|
|
|
|
Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss)
of associates (13+14+15) |
|
|
|
|
Paid up equity share capital (Face Value of Rs 10/-each) |
109.77 |
109.77 |
109.77 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet of previous
accounting year |
|
|
|
|
Earnings per share (before extraordinary items) of Rs.10/- each (not
annualized): |
|
|
|
|
(a) Basic |
(22.28) |
(22.83) |
(63.51) |
|
(b) Diluted |
(22.28) |
(22.83) |
(63.51) |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
A. Public Shareholding |
|
|
|
|
- Number of shares |
49969134 |
49789134 |
49969134 |
|
- Percentage of shareholding |
45.52 |
45.36 |
45.52 |
|
Promoters and Promoter group shareholding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of shares |
---- |
---- |
---- |
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
---- |
---- |
---- |
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
---- |
---- |
---- |
|
b) Non Encumbered |
|
|
|
|
- Number of shares |
52757641 |
52937641 |
52757641 |
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
100 |
100 |
100 |
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
48.06 |
48.23 |
48.06 |
|
INVESTOR
COMPLAINTS |
|
|
Pending at the beginning
of the quarter |
0 |
|
Received during the
quarter |
10 |
|
Disposed of during the
quarter |
10 |
|
Remaining unresolved at
the end of the quarter |
0 |
SEGMENTWISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Million)
|
Particulars |
3
Months Ended |
Year
of current period |
|
|
|
31.12.2014 [Unaudited] |
30.09.2014 [Unaudited] |
31.12.2014 [Unaudited] |
|
1.
Segment Revenue |
|
|
|
|
Tyres |
6501.800 |
6693.100 |
20438.500 |
|
Cement |
5034.100 |
4530.000 |
14359.500 |
|
Rayon, T.P. and Chemicals |
575.900 |
673.900 |
1836.800 |
|
Unallocated |
0.000 |
0.000 |
0.000 |
|
Total |
12111.800 |
11897.000 |
36634.800 |
|
Less : Inter Segment Revenue |
---- |
----- |
---- |
|
Net
Sales |
12111.800 |
11897.000 |
36634.800 |
|
|
|
|
|
|
2.
Segment Result |
|
|
|
|
Profit before tax and interest from each
segment |
|
|
|
|
Tyres |
(1034.300) |
(1322.500) |
(2938.700) |
|
Cement |
680.500 |
629.800 |
1791.900 |
|
Rayon, T.P. and Chemicals |
(150.200) |
(71.500) |
(219.600) |
|
Unallocated |
(11.000) |
(11.200) |
(33.100) |
|
Total |
(515.000) |
(775.400) |
(1399.500) |
|
Less : (i)
Interest |
1384.400 |
1448.700 |
4271.400 |
|
(ii) Other un-allocable expenditure |
525.900 |
344.100 |
1360.100 |
|
(ii) Other un-allocable income |
(20.700) |
61.900 |
59.500 |
|
Other un-allocable expenditure net off other
un-allocable income [(ii)-(iii) |
546.600 |
282.200 |
1300.600 |
|
Profit
from ordinary activities before tax |
(2446.000) |
(2506.300) |
(6971.500) |
|
|
|
|
|
|
3. Capital Employed (Segment Assets-Segment
Liabilities) |
|
|
|
|
Tyres |
29763.000 |
31877.200 |
29763.000 |
|
Cement |
15275.300 |
15547.000 |
15275.300 |
|
Rayon, T.P. and Chemicals |
1127.100 |
1301.800 |
1127.100 |
|
Unallocated |
154.900 |
159.700 |
154.900 |
|
Total |
46320.300 |
48885.700 |
46320.300 |
Note:
1. The Company's Spun Pipes and Foundries Unit continues to be under suspension of work effective 2nd May, 2008.
2. a. Pending disposal (consented by the shareholders in March, 2006) of the Company`s Hindustan Heavy Chemicals Unit, the revenue / expenses of the unit (insignificant in terms of the Company's total revenue / expenses) have been and will be included in these and subsequent results till its disposal).
b. The Company had to declare suspension of work at the unit effective 8th December, 2010 in consequence of illegal strike/activities by workmen.
3. The company is in the process of technically evaluating the useful lives of its fixed assets vis-à- vis the useful lives stated under Schedule II to the Companies Act, 2013. Pending such evaluation, depreciation for the quarter and nine month ended 31st December, 2014 has been calculated by applying the rates that were applicable for the previous financial year. On completion of the technical evaluation of estimated useful life of fixed assets, the difference (presently unascertainable) between depreciation using previous year’s applicable depreciation rates and as per Schedule II of the Companies Act, 2013 will be adjusted in subsequent period.
4. "Finance Costs" include mark-to-market losses of Rs. 77.000 Million recognized on account of outstanding derivative transactions.
5. The management had carried out an impairment testing as at March 31, 2014 for its tyre division, and no impairment loss was identified. However, no such impairment testing has been conducted as at 31st December 2014 as the same will be carried out as at the year end.
6. The auditor have commented on notes 3 and 5 above in current as well as previous quarter's review report. These notes are self-explanatory and needs no further comment.
7. The Board, upon the recommendation of a Committee of
Directors has decided to reorganize Company’s Tyre Business through transfer of
the tyre manufacturing facility at Laksar, Haridwar, Uttrakhand into a
subsidiary, subject to the required consents and approvals.
FIXED ASSETS
Tangible Assets
- Land
- Buildings
- Furniture and fixtures
- Plant and equipment
- Vehicles
- Office equipment
- Livestock
- Railway sidings
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No 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. 65.96 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs. 73.38 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
SANS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
44 |
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
unfavorable 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.