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|
MIRA INFORM REPORT
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Report No. : |
502127 |
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Report Date : |
05.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
KIRLOSKAR OIL
ENGINES LIMITED (w.e.f.02.06.2010) |
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Formerly Known
As : |
KIRLOSKAR ENGINES INDIA LIMITED |
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Registered
Office : |
Laxmanrao Kirloskar Road, Khadki, Pune – 411003,
Maharashtra |
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Tel. No.: |
91-20-25810341 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
12.01.2009 |
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Com. Reg. No.: |
11-133351 |
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Capital
Investment / Paid-up Capital : |
INR 289.200 Million |
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CIN No.: [Company Identification
No.] |
L29120PN2009PLC133351 |
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IEC No.: |
3109009463 |
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TIN No.: |
27020762163V |
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GST No.: |
27AADCK5714H1ZK |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AADCK5714H |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of Manufacturing of Engines, Generating Sets, Pump Sets and Power Tillers and Spares. (Registered Activity) |
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No. of Employees
: |
2394 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Kirloskar Oil Engines Limited (KOEL), is one of the flagship companies of the Kirloskar group, it is engaged into manufacturing and services of diesel engines. For the financial year 2017, the company has registered decent operational activity marked by good sales turnover along with profitability margin of 6.03%. Further, rating takes into consideration on company’s strong financial risk profile marked by debt-free capital structure and healthy liquidity profile. As per the quarterly financials of December 2017, the company achieved revenue of INR 6846.100 million along with a profit of INR 394.500 million. Rating derives strength from established business track record, good support received from its group company and established position in the small and medium-sized diesel engines segment across key end-user industries. This rating strength is partially offset by the company’s susceptibility to cyclicality in its end–user segments, volatility in raw material prices and to intense completion in the diesel engine market. Business is active. Payment seems to be regular and as per commitment. In view of strong financial risk profile, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term = AA |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
27.06.2017 |
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Rating Agency Name |
CRISIL |
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Rating |
Short term = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
27.06.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 05.04.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [TEL. NO.:91-20-25810341]
[91-20-66084461] Continuously ringing
LOCATIONS
|
Registered Office : |
Laxmanrao Kirloskar Road, Khadki, Pune – 411003, Maharashtra, India |
|
Tel. No.: |
91-20-25810341/ 66084461 |
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Fax No.: |
91-20-25813208 |
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E-Mail : |
smita.raichurkar@kirloskar.com |
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Website : |
|
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|
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Factories : |
·
PUNE Laxmanrao Kirloskar Road, Khadki, Pune - 411003, Maharashtra, India ·
NASIK A-11/1, MIDC,
Ambad, Nashik – 422010, Maharashtra, India ·
KAGAL ·
Plant I Plot No. D-1, 5
Star MIDC, Kagal-Hatkanangale Industrial Area, At post Talandage, Taluka –
Hatkanangale, District Kolhapur – 416202, Maharashtra, India ·
Plant
II Plot No. E-18,
Opposite Soktas India Limited, 5 Star MIDC, Kagal-Hatkanangale Industrial
Area, Kagal- Hatkanangale, District Kolhapur, Maharashtra, India ·
Spares
Parts - Plot No. A / 262,
5 Star MIDC, Kagal-Hatkanangale Industrial Area, Taluka – Hatkanangale,
District Kolhapur – 416202, Maharashtra, India ·
RAJKOT Engines Division - Plot No. 2315/16,
2330/31, GIDC, Lodhika Industrial Estate, D4 Almighty Gate Road, Village Metoda,
Rajkot – 360035, Gujarat, India Spares Parts - Plot No.
2320/2/A, GIDC, Lodhika Industrial Estate, D4 Almighty Gate Road, Village
Metoda, Rajkot – 360035, Gujarat, India |
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Factories: |
Located at: · Pune · Nashik · Kagal · Rajkot |
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Generating Sets |
Located at: · Ahmedabad · Bangalore · Bhubaneswar · Chennai · Cochin · Guwahati · Indore · Jaipur · Kolkata · Lucknow · Ludhiana · New Delhi · Secunderabad · Maharashtra - Pune |
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|
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Koel Service
Offices : |
Located at: · New Delhi · Guwahati · Kolkata · Patna · Ludhiana · Jaipur · Lucknow · Chennai · Ahmedabad · Indore · Pune · Bangalore · Secunderabad ·
Cochin |
|
|
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|
Agri Engines and
Pumpsets : |
Located at: · Ahmedabad · Bangalore · Bhubaneswar · Chennai · Cochin · Delhi · Guwahati · Indore · Jaipur · Kolkata · Lucknow · Ludhiana · Patna · Ranchi ·
Secundrabad |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Rahul Chandrakant Kirloskar |
|
Designation : |
Director |
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Address : |
Lakaki Compound, Shivajinagar, Model Colony, Pune - 411016, Maharashtra, India |
|
Date of Appointment : |
31.03.2010 |
|
DIN No.: |
00007319 |
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Name : |
Mr. Atul Chandrakant Kirloskar |
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Designation : |
Whole-time Director |
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Address : |
'Radha' 453, Gokhale Road, Pune - 411016, Maharashtra, India |
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Date of Appointment : |
12.01.2009 |
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DIN No.: |
00007387 |
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Name : |
Mr. Rajendra Ramchandra Deshpande |
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Designation : |
Whole-time Director |
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Address : |
Flat No. 704, Tulip Co-operative Housing Society, Mahaganesh Colony, Pl. 22, Paud Road, Ko thrud, Pune - 411038, Maharashtra, India |
|
Date of Appointment : |
12.01.2009 |
|
DIN No.: |
00007439 |
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|
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Name : |
Mr. Pradeep Ramwilas Rathi |
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Designation : |
Director |
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Address : |
2, Boat Club Road, Pune - 411001, Maharashtra, India |
|
Date of Appointment : |
31.03.2015 |
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DIN No.: |
00018577 |
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Name : |
Mr. Pratap Govind Pawar |
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Designation : |
Director |
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Address : |
S.No.73 Off Baner Road Near Pancard Club Road, Behind Shroff Build, Baner, Pune - 411045, Maharashtra, India |
|
Date of Appointment : |
30.03.2010 |
|
DIN No.: |
00018985 |
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|
|
|
Name : |
Mr. Satish Jamdar |
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Designation : |
Director |
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Address : |
32,Orchid, 73, Nargis Dutt Road, Pali Hill, Bandra, Mumbai - 400050, Maharashtra, India |
|
Date of Appointment : |
10.05.2017 |
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DIN No.: |
00036653 |
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Name : |
Mr. Srinivasan Rangarajan |
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Designation : |
Director |
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Address : |
Dhanya, 126, Nandidurg Road, Bangalore - 560046, Karnataka, India |
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Date of Appointment : |
30.03.2010 |
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DIN No.: |
00043658 |
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Name : |
Mr. Muthuswami Lakshminarayan |
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Designation : |
Director |
|
Address : |
No.464, 7th Main, Sadanand Nagar, NGEF Layout, Bangalore - 560038, Karnataka, India |
|
Date of Appointment : |
30.03.2010 |
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DIN No.: |
00064750 |
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|
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|
Name : |
Mr. Mahesh Ramchand Chhabria |
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Designation : |
Director |
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Address : |
11 Golden Beach, Ruia Park, Juhu, Mumbai - 400049, Maharashtra, India |
|
Date of Appointment : |
17.06.2014 |
|
DIN No.: |
00166049 |
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|
|
Name : |
Mr. Vinesh Kumar Jairath |
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Designation : |
Director |
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Address : |
194-B, Kalpataru Horizon, S.K. Ahire Marg, Worli, Mumbai - 400018, Maharashtra, India |
|
Date of Appointment : |
27.01.2016 |
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DIN No.: |
00391684 |
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|
Name : |
Mr. Nihal Kulkarni Gautam |
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Designation : |
Managing Director |
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Address : |
Yena Bunglow, Paud Road, Adwait Nagar 1, Pune - 411038, Maharashtra, India |
|
Date of Appointment : |
30.03.2010 |
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DIN No.: |
01139147 |
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|
Name : |
Mrs. Gauri Atul Kirloskar |
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Designation : |
Director |
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Address : |
Radha 453, Gokhale Road, Pune - 411016, Maharashtra, India |
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Date of Appointment : |
17.06.2014 |
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DIN No.: |
03366274 |
KEY EXECUTIVES
|
Name : |
Mr. Vinod Kumar Thamattoor |
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Designation : |
CFO(KMP) |
|
Address : |
1003 Sapodilla Marigold Phase 2 Co Op HSG Kalyani Nagar, Pune - 411014, Maharashtra, India |
|
Date of Appointment : |
17.06.2014 |
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PAN No.: |
AFSPK5522L |
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|
Name : |
Mrs. Smita Arun Raichurkar |
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Designation : |
Company Secretary |
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Address : |
Flat No. 303, D Wing, Vanaz Co-Op. Society, Behind Vanaz Company, Paud Road, Pune - 411038, Maharashtra, India |
|
Date of Appointment : |
31.03.2010 |
|
PAN No.: |
ALQPR0654J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2017
|
Names of Shareholders |
No. of Shares |
% age holding |
|
(A) Promoter & Promoter Group |
85802905 |
59.33 |
|
(B) Public |
58810956 |
40.67 |
|
|
|
|
|
Total |
144613861 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated
as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
77477743 |
53.58 |
|
|
Atul Chandrakant
Kirloskar as individual, as a Trustee of C.S. Kirloskar Testamentary Trust and
as a Karta of Atul C. Kirloskar HUF |
18456667 |
12.76 |
|
|
Rahul Chandrakant
Kirloskar as individual, as a Karta of Rahul C. Kirloskar HUF and as a
Trustee of C. S. Kirloskar Testamentary Trust |
17732902 |
12.26 |
|
|
Sanjay Chandrakant
Kirloskar as individual, as a Trustee of Kirloskar Brothers Limited Employees
Welfare Trust Scheme, as a trustee of C.S. Kirloskar |
46654 |
0.03 |
|
|
Suman Chandrakant
Kirloskar as individual, as Karta of C. S. Kirloskar HUF, as a Trustee of Vijaya
Durga Devi Trust and as a Trustee of C. S. Kirloska |
62648 |
0.04 |
|
|
Vikram Shreekant
Kirloskar as individual as a Karta of Vikram S. Kirloskar HUF and as Trustee
of Rooplekha (Life Interest) Trust |
140655 |
0.10 |
|
|
Mrinalini
Shreekant Kirloskar as individual and as Karta of Shreekant S. Kirloskar HUF |
101800 |
0.07 |
|
|
Roopa Jayant Gupta |
20887 |
0.01 |
|
|
Geetanjali Vikram
Kirloskar |
37 |
0.00 |
|
|
Gautam Achyut
Kulkarni |
18398233 |
12.72 |
|
|
Jyostna Gautam
Kulkarni |
7572631 |
5.24 |
|
|
Arti Atul Kirloskar |
7065174 |
4.89 |
|
|
Nihal Gautam
Kulkarni |
159756 |
0.11 |
|
|
Alpana Rahul
Kirloskar |
7711817 |
5.33 |
|
|
Akshay Sahni |
100 |
0.00 |
|
|
Alok Kirloskar |
6262 |
0.00 |
|
|
Pratima Sanjay
Kirloskar |
1520 |
0.00 |
|
|
Any Other
(specify) |
8325162 |
5.76 |
|
|
Kirloskar
Industries Limited |
8210439 |
5.68 |
|
|
Kirloskar Chillers
Private Limited |
40000 |
0.03 |
|
|
Achyut and Neeta
Holdings and Finance Pvt. Ltd. |
73203 |
0.05 |
|
|
Navsai Investments
Private Limited |
760 |
0.00 |
|
|
Alpak Investments
Private Limited |
760 |
0.00 |
|
|
Sub Total A1 |
85802905 |
59.33 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
85802905 |
59.33 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
|
|
|||
|
|||
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|||
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
9498835 |
6.57 |
|
|
SBI Emerging
Businesses Fund |
6322660 |
4.37 |
|
|
Kotak Emerging
Equity Scheme |
2328174 |
1.61 |
|
|
Foreign Portfolio
Investors |
14814403 |
10.24 |
|
|
Nalanda India Fund
Limited |
10896124 |
7.53 |
|
|
Nalanda India
Equity Fund Limited |
3013690 |
2.08 |
|
|
Financial
Institutions/ Banks |
5428801 |
3.75 |
|
|
General Insurance
Corporate of India |
3198832 |
2.21 |
|
|
Life Insurance
Corporation of India |
1982964 |
1.37 |
|
|
Insurance
Companies |
4375869 |
3.03 |
|
|
The New India
Assurance Company Limited |
2591907 |
1.79 |
|
|
The Oriental
Insurance Company Limited |
1509956 |
1.04 |
|
|
Any Other
(specify) |
6375 |
0.00 |
|
|
Foreign
Institutional Investors |
6375 |
0.00 |
|
|
Sub Total B1 |
34124283 |
23.60 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
Central
Government/ State Government(s)/ President of India |
366952 |
0.25 |
|
|
Sub Total B2 |
366952 |
0.25 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share
capital upto INR 0.200 Million |
19931310 |
13.78 |
|
|
Individual share
capital in excess of INR 0.200 Million |
2862035 |
1.98 |
|
|
Any Other
(specify) |
1526376 |
1.06 |
|
|
NRI – Repat |
132252 |
0.09 |
|
|
NRI – Non- Repat |
215549 |
0.15 |
|
|
Trusts |
10290 |
0.01 |
|
|
Clearing Members |
110731 |
0.08 |
|
|
HUF |
415245 |
0.29 |
|
|
Bodies Corporate |
616995 |
0.43 |
|
|
Office Bearers |
14057 |
0.01 |
|
|
Foreign National |
11257 |
0.01 |
|
|
Sub Total B3 |
24319721 |
16.82 |
|
|
B=B1+B2+B3 |
58810956 |
40.67 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Manufacturing of Engines, Generating Sets, Pump Sets and Power Tillers and Spares. (Registered Activity) |
|
|
|
|
Brand Names : |
Not Available |
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|
|
|
Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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|
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Imports : |
Not Divulged |
|
|
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|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
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 : |
2394 [Approximately] |
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Bankers : |
· State Bank of India · Bank of Maharashtra · HDFC Bank Limited · ICICI Bank Limited · The HSBC Limited |
|||||||||||||||||||||
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|
|||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Auditors : |
|
|
Name : |
P. G. Bhagwat Chartered Accountant |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Companies controlled by KOEL (KOEL controlling>50% of voting
power): |
KOEL Ameries Corp. USA |
|
|
|
|
Entity controlled by key managerial personnel: |
· Achyut and Neeta Holding and Finance Private Limited · Expert Quality Cloud Information Technology Private Limited · Kirloskar Energen Private Limited · Kirloskar Solar Technologies Private Limited · Kloudq Technologies Limited (Formerlly known as Kloudworks Consulting Services Limited) · Lakeland Universal Limited BVI · Navsai Investments Private limited |
|
|
|
|
Entity controlled by close member of key managerial personnel: |
· Alpak Investment Private Limited · Snow Leopard Technology Ventures LLP |
CAPITAL STRUCTURE
AFTER 04.08.2017
Authorised Capital : INR 540.000 Million
Issued Subscribed & Paid-up Capital : INR 289.200
Million
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
144614326 |
Equity Shares |
INR 2/- each |
INR 289.200 Million |
|
|
|
|
|
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
144613861 |
Equity Shares |
INR 2/- each |
INR 289.200 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
289.200 |
289.200 |
289.200 |
|
(b) Reserves & Surplus |
15877.900 |
14147.400 |
14103.700 |
|
(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) |
16167.100 |
14436.600 |
14392.900 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
116.700 |
129.600 |
207.200 |
|
(c)
Other long term liabilities |
231.900 |
192.000 |
168.400 |
|
(d)
long-term provisions |
315.000 |
229.000 |
244.600 |
|
Total
Non-current Liabilities (3) |
663.600 |
550.600 |
620.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
124.500 |
71.700 |
0.000 |
|
(b)
Trade payables |
3549.800 |
3461.300 |
3484.800 |
|
(c)
Other current liabilities |
710.300 |
686.400 |
553.200 |
|
(d)
Short-term provisions |
480.400 |
488.800 |
302.200 |
|
Total
Current Liabilities (4) |
4865.000 |
4708.200 |
4340.200 |
|
|
|
|
|
|
TOTAL |
21695.700 |
19695.400 |
19353.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3849.500 |
4440.200 |
4742.200 |
|
(ii)
Intangible Assets |
525.000 |
309.900 |
357.400 |
|
(iii)
Capital work-in-progress |
87.100 |
38.500 |
56.200 |
|
(iv) Intangible assets under development |
62.000 |
254.100 |
156.900 |
|
(b) Non-current
Investments |
64.600 |
67.200 |
93.500 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
421.900 |
294.500 |
463.400 |
|
(e)
Other Non-current assets |
350.900 |
820.000 |
895.700 |
|
Total
Non-Current Assets |
5361.000 |
6224.400 |
6765.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
9855.400 |
7859.000 |
8735.600 |
|
(b)
Inventories |
2260.900 |
2057.900 |
1756.900 |
|
(c)
Trade receivables |
2009.700 |
1593.400 |
526.200 |
|
(d)
Cash and cash equivalents |
180.400 |
395.300 |
252.600 |
|
(e)
Short-term loans and advances |
677.400 |
457.200 |
502.700 |
|
(f)
Other current assets |
1350.900 |
1108.200 |
814.000 |
|
Total
Current Assets |
16334.700 |
13471.000 |
12588.000 |
|
|
|
|
|
|
TOTAL |
21695.700 |
19695.400 |
19353.300 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
28751.500 |
26440.300 |
25071.100 |
|
|
|
Other Income |
850.300 |
743.400 |
589.300 |
|
|
|
TOTAL |
29601.800 |
27183.700 |
25660.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
Cost of Materials Consumed |
13515.700 |
12389.500 |
12691.300 |
|
|
|
Purchases of Trader |
3482.000 |
3213.400 |
3629.200 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(114.700) |
(180.200) |
(63.500) |
|
|
|
Employees benefits expense |
2015.700 |
1854.100 |
1884.000 |
|
|
|
Excise duty on sale of goods |
2047.300 |
1809.800 |
0.000 |
|
|
|
Expense capitalised |
(24.100) |
(28.200) |
(31.600) |
|
|
|
Exceptional items |
0.000 |
254.800 |
0.000 |
|
|
|
Other expenses |
5022.100 |
4617.200 |
4475.700 |
|
|
|
TOTAL |
25944.000 |
23930.400 |
22585.100 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST TAX DEPRECIATION AND AMORTISATION |
3657.800 |
3253.300 |
3075.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
28.000 |
90.400 |
2.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX DEPRECIATION AND AMORTISATION |
3629.800 |
3162.900 |
3073.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1106.800 |
1113.100 |
1019.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2523.000 |
2049.800 |
2054.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
786.800 |
396.700 |
622.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1736.200 |
1653.100 |
1431.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
12.01 |
11.43 |
9.90 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
2049.600 |
1427.700 |
4171.400 |
|
|
|
|
|
|
Net Cash flow from Operating Activities |
1767.400 |
978.500 |
3392.600 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
25.51 |
22.00 |
7.66 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
14.31 |
16.59 |
47.65 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
76.23 |
80.97 |
77.94 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.62 |
1.58 |
1.75 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.81 |
0.65 |
0.58 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.22 |
0.24 |
0.22 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.01 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.30 |
0.33 |
0.30 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.28 |
0.35 |
0.37 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
130.64 |
35.99 |
1537.65 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
6.04 |
6.25 |
5.71 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
8.00 |
8.39 |
7.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
10.74 |
11.45 |
9.95 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
3.36 |
2.86 |
2.90 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
2.89 |
2.42 |
2.50 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.75 |
0.73 |
0.74 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.43 |
0.25 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
3.36 |
2.86 |
2.90 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 2/- |
|
|
|
|
Market Value |
INR 327.70/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
289.200 |
289.200 |
289.200 |
|
Reserves & Surplus |
14103.700 |
14147.400 |
15877.900 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
14392.900 |
14436.600 |
16167.100 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
71.700 |
124.500 |
|
Total
borrowings |
0.000 |
71.700 |
124.500 |
|
Debt/Equity
ratio |
0.000 |
0.005 |
0.008 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
25071.100 |
26440.300 |
28751.500 |
|
|
|
5.461 |
8.741 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
25071.100 |
26440.300 |
28751.500 |
|
Profit |
1431.400 |
1653.100 |
1736.200 |
|
|
5.71% |
6.25% |
6.04% |
LEGAL CASE
|
Case details Bench Bombay |
|
Presentation Date: 11.07.2017 |
|
Lodging No.: ITXAL/1727/2017 Filing Date: 11.07.2017 |
|
Petitioner : PR COMMISSIONER OF INCOME TAX -6 Respondent: Kirloskar Oil Engines Limited Petn. Adv.: Sham V Walve (I3200) District: Pune |
|
Bench : Single Staus: Pre-admission Category: Tax Appeals Last Date: 05/10/2017 Stage: for rejection [original side matters] Last Coram: Registrar (OS)/Prothonotary and Sr. Master |
|
Act: Income Tax Act, 1961 Under Section: 260A |
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the Annual
Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G34670935 |
10227030 |
STATE
BANK OF INDIA |
31/03/2010 |
11/01/2017 |
- |
4100000000.0 |
TARA
CHAMBERS, WAKDEWADI,OLD MUMBAI-PUNE ROADPUNEMH411003IN |
|
2 |
B74156290 |
10227029 |
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
31/03/2010 |
23/11/2012 |
04/04/2013 |
7500000000.0 |
SHIV BUILDING,
PLOT NO. 139-140B, WESTERN EXPRESSHIGHWAY,SAHAR ROAD JUNCTIONMUMBAIMH400057IN |
CORPORATE
INFORMATION
The company is a public limited company domiciled in India and is incorporated under the provisions of the company Act 1956. The registered office of the company is located at Laxmanroao Kriloskar Road, Khadki, Pune-411003. The equity shares of the company are listed on two recognised stock exchanges in India i.e. BSE Limited and national stock exchange of India Limited.
The company is engaged in the business of manufacturing of engines, generating sets, pump sets and power tillers and spares thereof.
STATEMENT OF
STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31st
DECEMBER, 2017
(INR IN MILLION)
|
|
Particulars |
Quarter
Ended 31.12.2017 |
Quarter
Ended 30.09.2017 |
Nine
Months Ended 31.12.2017 |
|
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
1. |
Income
from operations |
|
|
|
|
|
a)
Revenue from operations (Net of excise duty) |
6846.100 |
6667.100 |
20405.700 |
|
|
b)
Other operating income |
223.000 |
155.900 |
553.300 |
|
|
Total Income from Operations (net) |
7069.100 |
6623.000 |
20959.000 |
|
|
|
|
|
|
|
2. |
Expenses |
|
|
|
|
|
a)
Cost of raw material and component consumed |
3550.900 |
3300.800 |
10386.800 |
|
|
b)
purchases of traded goods |
814.800 |
813.700 |
2822.200 |
|
|
c)
Changes in inventories of finished goods, work-in-progress and traded goods |
(35.900) |
26.100 |
(152.900) |
|
|
d)
Excise duty on sale of good |
0.000 |
0.000 |
553.300 |
|
|
e)
Employee benefits expense |
528.500 |
534.500 |
1572.600 |
|
|
f)
Finance costs |
7.600 |
7.500 |
23.500 |
|
|
g)
Depreciation and amortisation expense |
280.600 |
279.400 |
838.200 |
|
|
h)
Other expenses |
1347.100 |
1221.900 |
3916.100 |
|
|
Total Expenses |
6493.600 |
6183.900 |
19959.800 |
|
|
|
|
|
|
|
3. |
Profit before exceptional items and tax |
575.500 |
439.100 |
1559.300 |
|
|
|
|
|
|
|
4. |
Exceptional
items |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
5. |
Profit before tax |
575.500 |
439.100 |
1559.300 |
|
|
|
|
|
|
|
6. |
Tax
expenses |
|
|
|
|
|
Current tax |
179.400 |
163.400 |
541.100 |
|
|
Deferred tax |
1.600 |
(23.200) |
(39.700) |
|
|
Total tax expenses |
181.000 |
140.200 |
501.400 |
|
|
|
|
|
|
|
7. |
Net
Profit/(Loss) for the period |
394.500 |
298.900 |
1057.900 |
|
|
|
|
|
|
|
8. |
Other
comprehensive income |
|
|
|
|
|
Re-measurement
gains/(Loss) on benefit plans |
7.000 |
(2.300) |
2.300 |
|
|
Income
tax effect |
4.600 |
0.007 |
(3.200) |
|
9. |
Total comprehensive income |
2.400 |
(1.600) |
(0.900) |
|
|
|
|
|
|
|
10. |
Total comprehensive income |
396.900 |
297.300 |
1057.000 |
|
|
|
|
|
|
|
11. |
Paid-up Equity share capital (face value
INR 2) |
289.200 |
289.200 |
289.200 |
|
|
|
|
|
|
|
12. |
Basic and diluted EPS for
the period (Face value of INR 2/-
each) (not annualised) |
2.73 |
2.07 |
7.32 |
NOTES:
1. The Company operates in single reportable segment namely 'Engines'.
2. The above statement has been prepared in accordance with the Companies
(Indian Accounting Standards) Rules, 2015 (IND AS) prescribed under section 133
of the Companies Act, 2013 and other recognised accounting practices and
policies to the extent applicable.
3. The figures for the previous periods have been regrouped wherever required
to make them comparable with those of the current period.
4. Revenue from operations includes excise duty collected as per the extant
guideline prescribed in Ind AS 18 "Revenue". As per said guideline
Goods and Services Tax collected w.e.f. 1 July 2017 is excluded from the
same.
5. The Board of Directors in its meeting held on 19 January 2018 declared an
interim dividend of INR 2.5 (125%) per equity share of INR 2 each for Financial
Year 2017-18.
6. The results for the quarter and Nine months ended 31 December 2017 are
reviewed and recommended by the Audit Committee and approved by the Board of
Directors of the Company in their respective meetings held on 19 January 2018
and are subjected to a "Limited Review" by the Statutory Auditors.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Disputed central excise demand |
336.200 |
42.100 |
|
Disputed sales tax and Octroi demands |
169.200 |
155.300 |
|
Disputed customs duty demands |
8.600 |
8.600 |
|
Disputed income tax liability-matter under appeal |
135.400 |
125.800 |
|
Claim against company not acknowledged as debt |
590.500 |
623.100 |
FIXED ASSETS:
· Land Freehold
· Land Leasehold
· Buildings
· Plant and Equipment
· Furniture and Fixture
· Vehicles
· Aircraft
· Office Equipment
· Computer
· Electrical Installation
PRESS RELEASES
CUMMINS IN TALKS TO
ACQUIRE KIRLOSKAR OIL ENGINES IN $500 MILLION DEAL
Dec 26 2017.
Mumbai: The Cummins Group, one of the world’s largest manufacturers of engines and power generation products, is in talks to acquire a controlling stake in Kirloskar Oil Engines Ltd in a deal valued at over $500 million through one of its Indian subsidiaries, two people aware of talks between the companies said.
Mint reported on 5 December that the Kirloskar group was in talks to exit its diesel generator set business. Ambit Capital is advising Kirloskar on the deal, the people cited above said, speaking on condition of anonymity.
Kirloskar Oil Engines, among the Pune-based group’s leading businesses, makes diesel generators ranging in power output from 5kVA to 3,000kVA. The Kirloskar group, founded in 1888 by Laxman Rao Kirloskar, currently clocks over $3.5 billion a year in revenue.
Emails sent to Kirloskar group, Cummins India and Ambit Capital remained unanswered till press time on Monday.
“There have been initial rounds of discussions with several potential buyers, including a few global private equity funds, but talks with Cummins are progressing well,” one of the people cited earlier said, adding that “the acquisition is a natural fit for Cummins which is largely present in the segment and will consolidate its market position”.
Part of the $19.2 billion Cummins Inc., Cummins in India has eight legal entities with a combined turnover of INR 108800.000 Million in 2016. The seven entities are Cummins India Ltd, Cummins Generator Technologies India Pvt. Ltd, Cummins Technologies India Pvt. Ltd, Fleetguard Filters Pvt. Ltd, Tata Cummins Pvt. Ltd, Valvoline Cummins Pvt. Ltd, Cummins Sales and Service Pvt. Ltd and Cummins Research and Technology India Pvt. Ltd.
If a deal materializes, it will be the second time in recent years that the Kirloskar group will offload its stake in a group entity to Cummins. In 2013, Kirloskar Oil Engines sold its stake in diesel engine manufacturer Kirloskar Cummins Ltd (KCL), originally set up as a joint venture between the erstwhile Cummins Engine Co. Inc. and Kirloskar Oil Engines in 1962. However, the two companies decided to part ways in 2013, with Cummins India acquiring majority stake in Kirloskar Cummins.
Incorporated in 1946, Kirloskar Oil Engines manufactures and services diesel engines (primarily in the 2.5 to 740 horsepower range) and diesel generator sets. The company has manufacturing units in Pune, Kagal and Nashik (all in Maharashtra) and Rajkot (Gujarat) and caters to the agriculture, power generation, industrial and construction machinery sectors.
Kirloskar Oil Engines reported profit after tax of Rs173 crore on net revenue of INR 26740.000 million in fiscal 2017, against a profit after tax of INR 1650.000 million on net revenue of INR 24640.000 million a year earlier, show corporate filings by the company. Revenue for fiscal 2017 grew 8.5% over the previous fiscal, supported by growth across business segments. The company had a surplus of about INR 10060.000 million as on 31 March 2017.
In the domestic market, apart from unorganized players, Kirloskar Oil Engines competes with branded manufacturers such as Cummins India, Ashok Leyland Ltd and Mahindra and Mahindra Ltd in the medium-range diesel engine segment.
KIRLOSKAR GROUP IN
TALKS FOR MAJORITY STAKE SALE IN DIESEL GENERATOR UNIT
December 05 2017
Mumbai: The Kirloskar group is in talks to sell a controlling stake in Kirloskar Oil Engines Ltd, its diesel generator manufacturing business, two people aware of the plan said.
Kirloskar Oil Engines, one of the leading businesses of the Pune-based group, makes diesel generators ranging in power output from 5kVA to 3,000kVA. The Kirloskar group was founded in 1888 by Laxman Rao Kirloskar and currently clocks over $3.5 billion in revenue.
“The company is currently engaged in talks with a few prospective buyers for the transaction,” one of the two persons cited above said, adding, “a few large private equity funds and strategic buyers have shown initial interest and the talks are centered around valuation”.
Both persons spoke on condition of anonymity.
The reason for the stake sale was not immediately known. A spokesperson for the company said, “As a matter of policy, Kirloskar Oil Engines does not respond to any kind of speculation and rumours.”
The second person cited above said, “While there is no certainty that a deal will happen, the transaction is expected to fetch more than $500 million, which will also include a control premium. Kirloskar Oil Engines is a market leader and the business is almost debt-free and remains Ebitda-positive.”
Ebitda is short for earnings before interest, tax, depreciation and amortization.
Incorporated in 1946, Kirloskar Oil Engines manufactures and services diesel engines (primarily in the range of 2.5 to 740 horsepower) and diesel generator sets.
The company has manufacturing units in Pune, Kagal and Nashik (all in Maharashtra), and Rajkot (Gujarat) and caters to the agriculture, power generation, industrial and construction machinery sectors. According to its recent corporate filings for fiscal 2017, Kirloskar Oil Engines’s profit after tax (PAT) was INR 1730.000 million on net revenue of INR 26740.000 million, against a PAT of INR 1650.000 million on net revenue of INR 24640.000 million in fiscal 2016. Revenue for fiscal 2017 grew 8.5% over the previous fiscal, supported by growth across business segments. In addition, Kirloskar Oil Engines also has a surplus of about INR 10060.000 million as on 31 March 2017.
In the domestic market, apart from unorganized players, Kirloskar Oil Engines competes with branded manufacturers such as Cummins India Ltd, Ashok Leyland Ltd and Mahindra & Mahindra Ltd in the medium-range diesel engine segment.
Diesel generator sets manufactured by the company are branded as Kirloskar Oil Engines Green Gensets. Kirloskar Oil Engines Green also offers customised power solutions.
In June this year, Kirloskar Oil Engines acquired a majority stake in La-Gajjar Machineries (LGM), the maker of Varuna and Raindrop brands of electric pumps, at a valuation of 7.89 times earnings before interest, taxes, depreciation and amortization.
The Kirloskar group also manufactures a wide range of industrial products such as automotive castings, air compressors and air conditioning solutions among others. Another flagship company of the group, Kirloskar Brothers Ltd (KBL), is one of the largest manufacturers of industrial pumps in the country. KBL provides fluid management solutions for large infrastructure projects in the areas of water supply, power plants, irrigation, oil & gas and marine & defence. The company manufactures a range of industrial & petrochemical, agriculture & domestic pumps, valves and hydro turbines.
The Kirloskar group is also a minority shareholder in Toyota Kirloskar Motor Private Limited which manufactures Toyota cars in India.
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
|
INR |
|
US Dollar |
1 |
INR 65.02 |
|
UK Pound |
1 |
INR 91.49 |
|
Euro |
1 |
INR 79.79 |
INFORMATION
DETAILS
|
Information
Gathered by : |
SHR |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.