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MIRA INFORM REPORT
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Report No. : |
494203 |
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Report Date : |
26.02.2018 |
IDENTIFICATION DETAILS
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Name : |
NUVOCO VISTAS CORPORATION LIMITED (w.e.f.10.03.2017) |
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Formerly Known
As : |
LAFARGE INDIA LIMITED (w.e.f.12.03.2016) LAFARGE INDIA PRIVATE LIMITED (w.e.f.25.05.1999) INFRA CEMENT |
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Registered
Office : |
Equinox Business Park, Tower-3, East Wing, 4th Floor, Off.
Bandra-Kurla Complex, LBS Marg, Kurla (West), Mumbai – 400070, Maharashtra |
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Tel. No.: |
91-22-67692530/ 66306510/ 11/ 61202633 |
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Country : |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
08.02.1999 |
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Com. Reg. No.: |
11-118229 |
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Capital
Investment / Paid-up Capital : |
INR 1500.000 Million |
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CIN No.: [Company Identification
No.] |
U26940MH1999PLC118229 |
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IEC No.: |
0300000171 |
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TIN No.: |
27750000651 |
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GSTIN/UIN : |
27AAACL4159L1Z8 [Nagpur] |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACL4159L |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
· Manufacturer and Supplier of Cement and Ready Mix and Trader of Aggregates. [Confirmed by Management] · The Company is principally engaged in the business of Manufacturing and Sale of cement and ready mix along with Trading and Manufacturing of Aggregates. [Registered Activity] |
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No. of Employees
: |
2369 (Approximately) |
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MIRA’s Rating : |
A++ |
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
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 : |
Subject is an established company incorporated in the year 1999. It operates as a subsidiary of Financiere Lafarge, France. It is engaged in manufacturing of cement.
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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
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Rating Agency Name |
CRISIL |
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Rating |
Long Term bank Facilities (AA) |
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Rating Explanation |
High degree of safety and very low credit risk. |
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Date |
14.09.2017 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Bank Facilities (A1+) |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
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Date |
14.09.2017 |
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 26.02.2018.
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 PARTED BY [GENERAL DETAILS]
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Name : |
Mr. Dhaval Panchal |
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Designation : |
Accounts Executive |
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Contact No.: |
91-9821148887 |
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Date : |
23.02.2018 |
LOCATIONS
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Registered/ Corporate Office : |
Equinox Business Park, Tower-3, East Wing, 4th Floor, Off.
Bandra – Kurla Complex, LBS Marg, Kurla (West), Mumbai – 400070, Maharashtra,
India |
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Tel. No.: |
91-22-67692500/ 30/ 66306510/ 11/ 61202633 / 66306511 |
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Mobile No.: |
91-9821148887 [Mr. Dhaval Panchal] |
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Fax No.: |
91-22-67692517/ 2572/ 66306510/ 67692572 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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Locality: |
Commercial |
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Eastern Operations Office: |
DLF IT Park-1, Block- A1, 8th floor, Major Arterial Road, New Town, Rajarhat, Kolkata-700015, West Bengal, India |
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Tel No.: |
91-33-39832100 |
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Fax No.: |
91-33-39832133 |
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Northern Operations Office: |
1st Floor. Batra House, Plot no.52, Sector 32, Gurugram – 122001, Haryana, India |
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Tel No.: |
91-124-4412250 |
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Fax No.: |
91-124-4788887 |
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Sustainable
Development 1: |
Bakhtawar, 14th Floor, 229, Nariman Point, Mumbai-400021, Maharashtra, India |
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Tel No.: |
91-22-6630 6511 |
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Fax No.: |
91-22-6630 6510 |
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Sustainable
Development 1: |
Sr. No. 32/1, Poonamalla Bypass Road, Poonamalla Opposite RTO Office,
Poonamallee, Chennai – 600056, Tamilnadu, India |
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Tel No.: |
91- 44-24968500 |
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MANUFACTORY UNITS |
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Cement Plants: |
·
Sonadih
Cement Plant P.O.: Raseda, District Balodabazar-Bhatapara, Raipur – 493332, Chhattisgarh, India ·
Arasmeta
Cement Plant Gopalnagar, Janjgir-Champa – 495663, Chhattisgarh, India Fax No.: 91-7817- 234286 ·
Chittor
Cement Plant Village Bhawaliya, P.O.:Arniya Joshi, Tehsil: Nimbahera, Chittorgarh - 312620, Rajasthan, India Tel. No.: 91-1477-225121 Fax No.: 91-1477-225166. ·
Jojobera
Cement Plant P.O.: Rahargora. Jamshedpur-831016, Jharkhand, India Tel. No.: 91-657-2277252/ 2277253 Fax No.: 91-657-2277244 ·
Mejia
Cement Plant Vill – Amdanga, P.O: Mtps (DVC), Bankura – 722183 West Bengal, India Tel. No.: 91-3214-262120 Fax No.: 91-3241-262688 ·
Bhiwani
Cement Plant Village: Chiriya. Tahsil: Charkhi Dadri, District Bhiwani - 127306, Haryana, India Tel. No.: 91-1250-281902/ 281903 |
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RMX Plants : |
Located at:
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Regional Sales Offices : |
West Bengal DLF IT Park-1, Block A1, 8th Floor, New Town, Rajarhat, Kolkata – 700156, West Bengal, India Tel No.:91-33-39832100 Fax No.:91-33-39832133 Chhattisgarh Magneto Offizo.501. 5th Floor, Labhandi, OE Road, Raipur – 492001, Chhattisgarh, India Tel No.: 91-771-4225122 Fax No.: 91-771-4056032 Jharkhand 408-409, Eastern Mall, Circular Road, Ranchi – 834001,
Jharkhand, India Bihar Bibha Complex. 5th Floor, New Dak Bunglow Road, Patna – 800001, Bihar, India Tel No.:91-612-6505608/6505609/6505610 Odisha Room No.504, 5th Floor, 89 Kharvela Nagar. Big Bazar,
Forum Mart, Unit-III, Tel No.:91-674-2380571 North East Ahmad Manzill, M.S. Road, Athgaon. Guwahati – 781001, Assam, India Tel No.:91-361-2632333 Jaipur UDB Corporate Tower. A-1, 4th Floor, JLN Marg, Jaipur –
302017, Rajasthan, India Fax No.:91-141-4433199 Udaipur The Idea. Flat No.4. 14A-1, New Fatehpura, Udaipur –
313001, Rajasthan, India Shared Service
Center Shalla Tower, 4th Floor, JL/16, Block EP & GP, Sector V, Salt Lake, Kolkata – 700091, West Bengal, India Tel No.:91-33-40271700 |
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AREA OFFICES (RMX): |
Chennai No:142. Developed Industrial Estate, Palavakkam Village.
Perungudi, Tel No.:91-44-24968500 Bangalore Ready Mix concrete- Plant 2, Survey No:11.12 & 13, Thirumanahalli Village, Hegde Nagar, Landmark: near KNS College, Bangalore – 560064, Karnataka, India Hyderabad Plot No.8 & 9, Phase IV, IDA Jeedimetla, Hyderabad –
500055, Telangana, India Mumbai Near Phoenix Market City, Behind Mukund Company Bus Stop, LBS Road, Kurla-(West), Mumbai – 400070, Maharashtra, India Tel No.:91-22-67692595 Kolkata DLF IT Park-1, Block AI, 8th Floor, New Town, Rajarhat Forum Mart, Unit-III, Kolkata – 700156, West Bengal, India Tel No.:91-33-39832100 Delhi NCR 1st Floor, Batra House,
Plot No.52, Sector 32, Gurugram, Haryana, India Ahmedabad Plot No. Cl4, Cl5 & Cl6, Behind Sanghi Cement Godown, Sarkhej-Sanand Road, Vill: Ulariya, Taluka Sanand, Ahmedabad, Gujarat, India Punjab Plot No.101, Phase 1,
Industrial Area, Panchkula – 134109, Haryana, India |
DIRECTORS
AS ON 31.03.2017
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Name : |
Mr. Ujjwal Batria |
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Designation : |
Managing Director |
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Address : |
Flat No. 302, 3rd Floor, Wilnomona B/62, Pali Hill, Nargis Dutt Road,
Bandra (West), Mumbai – 400050, Maharashtra, India |
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Date of Birth/Age : |
24.12.1963 |
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Qualification : |
Technical Grad |
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Date of Appointment : |
16.11.2010 |
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PAN No.: |
AGLPB2907Q |
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DIN No.: |
01737515 |
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Name : |
Mr. Suketu Nareshbhai Shah |
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Designation : |
Additional Director |
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Address : |
12, Kadam Apartment New Brahmkshatriya Society, Ellisbridge, Ahmedabad-380006, Gujarat, India |
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Date of Birth/Age : |
04.03.1973 |
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Qualification : |
CA |
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Date of Appointment : |
04.10.2016 |
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PAN No.: |
AGVPS0407J |
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DIN No.: |
07211283 |
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Name : |
Mr. Kaushikbhai Nandubhai Patel |
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Designation : |
Additional Director |
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Address : |
B No. 5 Tapas Bunglow Vijay Bapunagar Soc. Near Setu Bunglow Opp Tivera-II ,Vejalpur, Ahmedabad - 380051, Gujarat, India |
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Date of Appointment : |
09.11.2017 |
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DIN No.: |
00145086 |
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Name : |
Mr. Hiren Karsanbhai Patel |
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Designation : |
Additional Director |
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Address : |
Nima Farm, Opposite Ymca Club , Sarkhej-G'nagar Road, Ahmedabad - 380054, Gujarat, India |
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Date of Appointment : |
11.11.2017 |
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DIN No.: |
00145149 |
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Name : |
Mr. Berjis Minoo Desai |
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Designation : |
Additional Director |
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Address : |
Yezerina-II, Road No 5, 740/741, Dadar Parsi Colony, Dadar, Mumbai-400014, Maharashtra, India |
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Date of Appointment : |
03.01.2017 |
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DIN No.: |
00153675 |
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Name : |
Ms. Bhavna Gautam Doshi |
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Designation : |
Additional Director |
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Address : |
Flat C - 191, Grand Paradi, August Kranti Road, Kemps Corner, Mumbai-400036, Maharashtra, India |
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Date of Appointment : |
03.01.2017 |
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DIN No.: |
00400508 |
KEY EXECUTIVES
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Name : |
Mr. Ajay Pratap Singh |
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Designation : |
Company Secretary |
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Address : |
A-1901, Videocon Tower, Thakur Complex, Kandivali (East), Mumbai -
400101, Maharashtra, India |
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Date of Birth/Age : |
10.10.1974 |
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Date of Appointment : |
01.05.2013 |
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PAN No.: |
AMDPS9689J |
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Name : |
Mr. Ujjwal Batria |
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Designation : |
Chief Executive Officer |
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Address : |
Flat No. 302, 3rd Floor, Wilnomona B/62, Pali Hill, Nargis Dutt Road,
Bandra (West), Mumbai – 400050, Maharashtra, India |
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Date of Birth/Age : |
24.12.1963 |
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Date of Appointment : |
18.08.2011 |
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PAN No.: |
AGLPB2907Q |
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Name : |
Mr. Maneesh Agrawal |
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Designation : |
CFO(KMP) |
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Address : |
D-696, Chittaranjan Park, New Delhi - 110019, India |
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Date of Appointment : |
10.10.2017 |
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PAN No.: |
AAOPA3272A |
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Name : |
Mr. Dhaval Panchal |
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Designation : |
Accounts Executive |
SHAREHOLDING PATTERN
AS ON 31.03.2017
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Names of Shareholders |
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No. of Shares |
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Nirma Limited |
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149999994 |
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Sharad Jaynarayan Shrimali |
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1 |
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Suketu Nareshkuamar Shah |
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1 |
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Vatsal Rameshcharkant Shah |
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1 |
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Satish Chandrakant Shah |
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1 |
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Ajay Bhushanlal Khushu |
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1 |
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Paresh Balmukund Sheth |
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1 |
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Total |
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150000000 |
AS ON 12.09.2017
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Equity Share Breakup |
Percentage of Holding |
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Category |
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Promoters (Body corporate) |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
· Manufacturer and Supplier of Cement and Ready Mix and Trader of Aggregates. [Confirmed by Management] · The Company is principally engaged in the business of Manufacturing and Sale of cement and ready mix along with Trading and Manufacturing of Aggregates. [Registered Activity] |
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Products / Services
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
L/C, Cheque and RTGS |
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Purchasing : |
L/C, Cheque and RTGS |
PRODUCTION STATUS (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users and Manufacturer
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No. of Employees : |
2369 (Approximately) |
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Bankers : [As On 31.03.2016] |
· State Bank of India CAG Branch, Neville House, J.N. Heredia Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India · Deutsche Bank AG Deutsche Bank House Hazariman Somani Marg, Fort, Mumbai - 400001, Maharashtra, India · Citibank N.A. Kanak
Building, 41 Chowringhee
Road, Kolkata - 700071, West Bengal, India |
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Facilities : |
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Financial
Institution: |
·
IDBI Trusteeship Services Limited Asian Building, Ground Floor, 17, R. Kamani Marg,
Ballard Estate, Mumbai – 400001, Maharashtra, India |
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Statutory Auditors |
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Name : |
MZSK and Associates Chartered Accountants |
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Cost Auditors |
R. Nanabhoy and Company Cost Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company: |
· Financiere Lafarge SAS (Holding Company) till 3rd October, 2016 · Nirma Limited (Ultimate Holding Company) w.e.f 4th October, 2016 |
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Ultimate Holding
Company: |
Lafarge Holcim Limited (formerly known as Holcim Limited) (Ultimate Holding company) till 3rd October, 2016 |
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Intermediate
Holding Company: |
Lafarge SAS (Intermediate Holding Company) till 3rd October, 2016 |
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Joint Venture
Company: |
Wardha Vaalley Coal Field Private Limited |
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Subsidiary Company: |
Rima Eastern Cement Limited |
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Other Related
Parties with whom transactions have taken place during the year |
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|
Fellow Subsidiary
Companies till 3rd October, 2016 |
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CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
7801110000 |
Equity Shares |
INR 10/- each |
INR 78011.100 Million |
|
1000000000 |
Preference Shares |
INR 10/- each |
INR 10000.000 Million |
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Total |
|
INR 88011.100
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
INR 10/- each |
INR 1500.000 Million |
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*The movement in authorised and issued share capital during
the year is due to merger scheme
(a)
Terms/ rights attached to equity shares
The Company has only one class of equity
shares having a par value of INR 10 per share. Each holder of equity shares is
entitled to one share. The shareholders are entitled to dividends in Indian
Rupees, proposed by the Board of Directors and subject to the approval of the
shareholders in the Annual General Meetings.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
(b) Shares held by Nirmal Limited (Holding
Company) and shareholders holding more than 5% in the Company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Nirma Limited (Holding company w.e.f. 4th October 2016) |
149999994 |
100.00 |
|
Total |
149999994 |
100.00 |
d) Aggregate number
of equity shares issued as bonus, shares issued for consideration other than cash
and shares bought back during the period of five years immediately preceding
the reporting date:
|
Particulars |
|
Number
of Shares |
|
Equity shares issued pursuant to merger scheme |
|
150000000 |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
1500.000 |
4564.100 |
4564.100 |
|
(b) Reserves &
Surplus |
37989.500 |
37483.800 |
35184.100 |
|
(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) |
39489.500 |
42047.900 |
39748.200 |
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(3) Non-Current
Liabilities |
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|
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(a) long-term borrowings |
42984.600 |
1500.000 |
3000.000 |
|
(b) Deferred tax
liabilities (Net) |
12243.800 |
1268.900 |
411.100 |
|
(c) Other long term
liabilities |
7.600 |
76.700 |
85.000 |
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(d) long-term provisions |
486.500 |
278.300 |
287.200 |
|
Total Non-current
Liabilities (3) |
55722.500 |
3123.900 |
3783.300 |
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
159.200 |
1525.000 |
5069.600 |
|
(b) Trade payables |
7399.900 |
6260.900 |
5883.500 |
|
(c) Other current
liabilities |
7318.100 |
6471.300 |
6931.800 |
|
(d) Short-term provisions |
2765.000 |
2501.500 |
2003.600 |
|
Total Current Liabilities
(4) |
17642.200 |
16758.700 |
19888.500 |
|
|
|
|
|
|
TOTAL |
112854.200 |
61930.500 |
63420.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
50873.200 |
36466.600 |
35838.200 |
|
(ii) Intangible Assets |
38272.400 |
5660.600 |
5692.400 |
|
(iii) Capital
work-in-progress |
1279.800 |
1116.500 |
2467.700 |
|
(iv) Intangible assets
under development |
151.600 |
125.800 |
0.000 |
|
(b) Non-current
Investments |
14.800 |
15.600 |
15.900 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1288.100 |
778.400 |
1278.100 |
|
(e) Other Non-current
assets |
4238.700 |
2791.200 |
2981.700 |
|
Total Non-Current Assets |
96118.600 |
46954.700 |
48274.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
4121.900 |
0.000 |
0.000 |
|
(b) Inventories |
3610.400 |
4581.900 |
4402.500 |
|
(c) Trade receivables |
4442.200 |
5233.700 |
4581.900 |
|
(d) Cash and cash
equivalents |
769.300 |
1713.900 |
2983.600 |
|
(e) Short-term loans and
advances |
1023.000 |
914.800 |
742.400 |
|
(f) Other current assets |
2768.800 |
2531.500 |
2435.600 |
|
Total Current Assets |
16735.600 |
14975.800 |
15146.000 |
|
|
|
|
|
|
TOTAL |
112854.200 |
61930.500 |
63420.000 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
51569.800 |
52785.300 |
52869.900 |
|
|
Other Income |
292.700 |
390.900 |
377.000 |
|
|
TOTAL |
51862.500 |
53176.200 |
53246.900 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
11119.900 |
11114.200 |
10858.100 |
|
|
Purchases of
Stock-in-Trade |
140.100 |
102.100 |
333.300 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
275.900 |
(309.900) |
(40.500) |
|
|
Power and fuel |
8471.700 |
8890.300 |
0.000 |
|
|
Freight and forwarding
charges |
13614.000 |
13722.500 |
0.000 |
|
|
Employees benefits
expense |
2899.700 |
3001.000 |
2707.800 |
|
|
CSR
expenditure |
0.000 |
0.000 |
37.200 |
|
|
Exceptional items |
178.100 |
428.700 |
596.600 |
|
|
Other expenses |
7764.800 |
9128.700 |
30783.900 |
|
|
TOTAL |
44464.200 |
46077.600 |
45276.400 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
7398.300 |
7098.600 |
7970.500 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
2311.700 |
879.000 |
1439.400 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
5086.600 |
6219.600 |
6531.100 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
3125.200 |
2504.600 |
3658.200 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1961.400 |
3715.000 |
2872.900 |
|
|
|
|
|
|
|
Less |
TAX |
304.700 |
1406.500 |
(2121.500) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
1656.700 |
2308.500 |
4994.400 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
|
|
176.700 |
|
|
Components and Stores
parts |
|
|
1214.900 |
|
|
Capital Goods |
|
|
66.000 |
|
|
TOTAL IMPORTS |
NA |
NA |
1457.600 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic |
2.08 |
5.06 |
10.94 |
|
|
Diluted |
2.08 |
5.06 |
10.94 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
159.200 |
1525.000 |
5069.600 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from operating activities |
9222.200 |
6599.100 |
5865.900 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
31.44 |
36.19 |
31.63 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
11.61 |
10.09 |
11.54 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
239.87 |
203.74 |
191.89 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
2.05 |
1.55 |
1.81 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.08 |
0.16 |
0.18 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.54 |
0.32 |
0.44 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.10 |
0.11 |
0.33 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.45 |
0.40 |
0.50 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
2.29 |
1.03 |
1.11 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.20 |
8.08 |
5.54 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
3.21 |
4.37 |
9.45 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.47 |
3.73 |
7.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
4.20 |
5.49 |
12.57 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.95 |
0.89 |
0.76 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.74 |
0.62 |
0.54 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.35 |
0.68 |
0.63 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
28.87 |
1.00 |
2.88 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.95 |
0.89 |
0.76 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR In
Million |
|
Share Capital |
4564.100 |
4564.100 |
1500.000 |
|
Reserves & Surplus |
35184.100 |
37483.800 |
37989.500 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
39748.200 |
42047.900 |
39489.500 |
|
|
|
|
|
|
long-term borrowings |
3000.000 |
1500.000 |
42984.600 |
|
Short term borrowings |
5069.600 |
1525.000 |
159.200 |
|
Current Maturities of Long
term debt |
5069.600 |
1525.000 |
159.200 |
|
Total
borrowings |
13139.200 |
4550.000 |
43303.000 |
|
Debt/Equity
ratio |
0.331 |
0.108 |
1.097 |
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 |
52869.900 |
52785.300 |
51569.800 |
|
|
|
(0.160) |
(2.303) |
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 |
52869.900 |
52785.300 |
51569.800 |
|
Profit |
4994.400 |
2308.500 |
1656.700 |
|
|
9.45% |
4.37% |
3.21% |
LEGAL CASES
|
Case Details Bench:-Bombay |
|
Presentation Date:-12/01/2018 |
|
Lodging No.:-
CHSCDL/54/2018 Filing Date:- 12/01/2018
Reg. No.:- CHSCD/84/2018 Reg. Date:- 02/02/2018 |
|
MAIN MATTER Lodging No.:- SSL/1050/2013 Reg No.:- COMS/78/2014 |
|
Petitioner:- LAFARGE AGGREGATES AND CONCRETE Respondent:- RAJEEV AHUJA AND NUVOCO INDIA PRIVATE LIMITED VISTAS CORPORATION LIMITED
District:-
MUMBAI |
|
Bench:- SINGLE
Last Date:- 23/02/2018 Stage:- CHAMBER SUMMONS FOR HEARING [ORIGINAL SIDE MATTERS] Last Coram:- HON'BLE SHRI JUSTICE S.C. GUPTE |
|
Act :- Code of Civil Procedure 1908 |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
COMPANY INFORMATION
Nuvoco Vistas Corporation Limited (Formerly known as Lafarge India Limited) (“the Company”) is a limited company domiciled and headquartered in India and incorporated under the provisions of the Companies Act, 1956. The registered office is located at Equinox Business Park, Tower-3, 4th Floor, LBS Marg, Off BKC, Kurla (West), Mumbai – 400070. The Company is principally engaged in the business of manufacturing and sale of Cement and Ready Mix along with trading and manufacturing of Aggregates. The Company caters mainly to the domestic market.
The financial statement of the Company for the year ended 31st March, 2017 was authorized for issue in accordance with a resolution of Directors on 22nd May, 2017.
PERFORMANCE REVIEW
The Company produced 9,574 KT of Cement as against 9,677 KT in the previous year. Sales volume remains flat at 9,656 KT during the year as against 9,613 KT during the previous year. The Company’s Revenue from Operations has decreased by 2% to INR 58320.000 million as against INR 59580.000 million in the previous year. EBIDTA has increased by 1% to INR 7580.000 million during the year as against INR 7520.000 million during the previous year. This increase in EBIDTA was mainly on account of reduction in Royalty and Managerial & Technical Fees to Lafarge SA.
AMALGAMATION OF
NIRCHEM CEMENT LTD WITH THE COMPANY
Hon’ble National Company Law Tribunal (NCLT), Mumbai Bench vide its order dated 6th April, 2017 has approved the scheme of amalgamation (Scheme) of Nirchem Cement Limited (Nirchem) with Nuvoco Vistas Corporation Ltd (formerly Lafarge India Ltd). The copy of order of NCLT has been filed with the Registrar of Companies, Mumbai and the Scheme has become effective from 19th April, 2017.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC SCENARIO AND
OUTLOOK
The Economic growth for India registered ~ 7.0% growth during the period Apr-Dec 2016 and is expected to record the full year 2016- 17 growth at the same levels amidst the temporary slowdown due to cash shortage on account of demonetization in November 2016. Growth in service sector and industrial segment along with the good monsoon which improved agricultural output led to the overall growth during this period.
The year 2017-18 is expected to be better on account of Government’s thrust in Infrastructure development through its focus on road and highways along with renewed focus on rural development, as indicated in the budget session. It is expected that the initiatives such as to curb menace of Black Money and Real Estate (Regulation and Development) Act, 2016 to bring more transparency and accountability in real estate sector along with economic reforms such as introduction of GST and liberalization of FDI regime is expected to improve the overall business climate, create better opportunities and attract more investments, thereby aiding the overall growth.
Normal/average monsoon is expected to maintain the positive sentiments in the rural segment, will also lead to a better economic growth. The above positive reforms along with control on inflation and government’s plan to meet the fiscal deficit target of 3.2% of GDP for FY 18 by stake sale in state run firms (~INR 72,500 cr.) is likely to boost the overall investment climate in the country. In the medium/ long term growth prospects on India’s economic growth look positive.
INDUSTRY SCENARIO
Cement demand in the country is estimated to have grown by ~2% in 2016-17. The demand in 2016-17 was impacted largely due to demonetization which led to shortage in cash supply and thereby weakened consumer spending.
Demand in East region of the country grew by ~4% in 2016-17 in line with regional development amidst demonetization impact.
All India demand is expected to improve in 2017-18 and grow by ~5% primarily led by higher Government spending in various infrastructure initiatives along with focus on rural development and incentives for affordable housing as announced in the Union budget.
The industry witnessed pricing pressure on account of high demand-supply gap which was further burdened by ramp up of capacity addition in the last few years. Continued focus on operational excellence along with innovation and impetus towards enhancing premium product sales is expected to aid the Company to perform better in the coming period.
BUSINESS PERFORMANCE
The Company has maintained its bottom line during the year despite being pressure on prices across all markets. Top line is down by 2%.
TECHNICAL PERFORMANCE
In FY 2016-17, the Company has been able to maintain its reliability targets. Through sustained Mill and Kiln utilisation, the Company has been able to achieve cement production of 9,574 KT (9,677 KT in previous year) and clinker production of 5,328 KT (5,599 KT in previous year)
SALES PERFORMANCE
Overall cement sales volume remains flat at 9,656 KT compared 9,613 KT for the previous year. The Company continued to retain a strong leadership presence in the Eastern Region Markets. Overall Selling price also remained flat at INR 4,126 per/KT compared INR 4,145 per/KT for previous year.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
Inter corporate deposit from holding company |
3113.100 |
0.000 |
|
2% Unlisted, unsecured debentures compulsorily convertible into equity shares |
673.900 |
0.000 |
|
|
|
|
|
Total |
3787.000 |
0.000 |
INDEX OF CHARGES:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G52099017 |
100054887 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
12/09/2016 |
18/08/2017 |
- |
40000000000.0 |
ASIAN BUILDING, GROUND
FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI – 400001, MAHARASHTRA,
INDIA |
|
2 |
Y10328173 |
90225382 |
BNP PARIDAD |
15/02/2005 |
- |
- |
50000000.0 |
FRENCH BANK
BUILDING, 62 HOMJI STREET, MUMBAI – 400001, MAHARASHTRA, INDIA |
|
3 |
Y10328127 |
90225336 |
STANDARD CHARTERED
BANK |
24/04/2004 |
15/07/2004 |
- |
600000000.0 |
23/25 MAHATMA
GANDHI ROAD, MUMBAI – 400001, MAHARASHTRA, INDIA |
|
4 |
Y10326114 |
90223323 |
STANDARD CHARTERED
BANK |
19/02/2002 |
- |
- |
250000000.0 |
23-25;MAHATAMA GANDHI
ROAD, FORT, MUMBAI – 400001, MAHARASHTRA, INDIA |
|
5 |
Y10327928 |
90225137 |
DEUTSCHE BANK AG |
03/04/2001 |
24/04/2005 |
- |
10000000.0 |
DEUTSCHE BANK
HOUSE, HAZARIMAN SOMANL MARG, MUMBAI –
400001, MAHARASHTRA, INDIA |
|
6 |
Y10325867 |
90223076 |
STATE BANK OF
INDIA |
27/10/1999 |
15/02/2005 |
- |
375000000.0 |
CAG BRANCH;AT
KILLICK HOUSE ;CHARANJIT RAO MARG, FORT, MUMBAI – 400001, MAHARASHTRA, INDIA |
|
7 |
Y10327829 |
90225038 |
THE HONGKONG AND
SHANGHAI BANKING CORPRATION LIMITED |
17/10/1999 |
15/02/2005 |
- |
100000000.0 |
52/60 MAHATAMA
GANDHI ROAD, MUMBAI – 400001, MAHARASHTRA, INDIA |
|
8 |
G35778356 |
100075491 |
THE CREDIT
LYONNAIS |
27/10/1999 |
- |
07/02/2017 |
250000000.0 |
BRANCH OFFICE, 1ST
FLOOR., SCINDIA HOUSE BALLARD ESTATE, MUMBAI – 400001, MAHARASHTRA, INDIA |
|
9 |
G13291513 |
10442527 |
STATE BANK OF
INDIA |
06/08/2013 |
- |
01/10/2016 |
6000000000.0 |
CAG BRANCH,
NEVILLE HOUSE, J.N. HEREDIA MARG, BALLARD ESTATE, MUMBAI – 400001, MAHARASHTRA,
INDIA |
|
10 |
C79595161 |
10428678 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
02/05/2013 |
07/05/2013 |
12/02/2016 |
3500000000.0 |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI – 400001,
MAHARASHTRA, INDIA |
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims against the Company not acknowledged as debts: - |
|
|
|
a. Disputed demands in respect of Sales Tax by various sales tax
authorities |
274.100 |
172.800 |
|
b. Disputed demand in respect of Royalty on Limestone by the State of
Chhattisgarh |
1660.200 |
1435.000 |
|
c. Disputed demand in respect of Entry Tax by various tax authorities |
369.800 |
201.900 |
|
d. Disputed demand in respect of Water cess by the State of
Chhattisgarh |
1.300 |
1.300 |
|
e. Disputed demand in respect of Excise Duty |
1674.600 |
1609.100 |
|
f. Disputed demand in respect of Service Tax |
25.100 |
14.800 |
|
g. Disputed demand in respect of VAT |
114.500 |
123.900 |
|
h. Stamp Duty paid under protest for change of name from GKW to LRCL. |
18.000 |
18.000 |
|
i. Disputed demands in respect of Custom duties |
144.400 |
144.00 |
|
j. Disputed demands in respect of Income Tax |
2344.700 |
1149.200 |
|
k. Other claims |
204.400 |
184.900 |
|
Against these, payments under protest/adjustments made by the company |
963.500 |
549.300 |
|
The State of Chhattisgarh has filed a Revision Application challenging the adjudication order of the District Registrar and Collector of Stamps; Janjgir -Champa for alleged under-valuation of the properties, which the Company acquired from Raymond Ltd. Against this, Raymond Ltd. has filed a Special Leave Petition before the Honorable Supreme Court, which has stayed the proceedings before the Board of Revenue. |
Amount not
determinable |
Amount not
determinable |
|
The Collector of Stamps, Raipur has commenced enquiry proceedings under Section 47 (A)(3) of the Indian Stamp Act, 1899 questioning the amount of stamp duty paid by The Tata Iron and Steel Company Limited (TISCO) on transfer of the immovable properties at Sonadih from TISCO to the Company. The Company has filed a Writ Petition in the Honorable High Court of Bilaspur, Chhattisgarh challenging the enquiry commenced by the Collector of Stamps. The matter is pending before the High Court. The Company’s liability, if at all arises, in both the above cases, is restricted to 50% by virtue of business transfer agreement between Lafarge and Raymond Ltd/TISCO. |
||
|
In June 2012, the Competition Commission of India (CCI) passed an Order levying a penalty of INR 4900.000 Million on the Company in connection with a complaint filed by the Builders Association of India against leading cement companies (including Lafarge) for alleged violation of certain provisions of the Competition Act, 2002. The Company filed an appeal before the COMPAT for setting aside the said Order of CCI. The COMPAT granted stay on levying the penalty imposed on the Company by CCI against deposit of 10% of the penalty amount. In December 2015, the COMPAT finally set aside the said Order of CCI and remanded back to CCI for fresh adjudication of the issues and passing of fresh Order. It also allowed the Company to withdraw the amount of 10% deposit kept with the CCI. However, in August 2016 the case was reheard by CCI and it passed an Order levying a penalty of INR 4900.000 Million on the Company. The Company had filed an appeal against the Order before the Competition Appellate Tribunal (‘COMPAT’). The COMPAT has granted a stay on the CCI Order against a deposit of 10% of the penalty amount, which has been deposited since. Based on advice of external legal counsel and the rights available with the Company, no provision is considered necessary. |
||
FIXED ASSETS:
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Railway sidings
- Mines quarries
Intangible assets
- Goodwill
- Computer software
- Brands and trade marks
PRESS RELEASE
NIRMA’S NUVOCO VISTAS
TO INVEST INR 10000.000 MILLION IN CAPTIVE POWER PLANT
JANUARY 22 2018
Nuvoco Vistas Corp (formerly Lafarge India) plans to invest INR 10000.000 million to set up captive power plants and waste heat recovery plants at its three factories in Chhattisgarh, Jharkhand and Rajasthan.
The company expects to save annually INR 1000.000 million with commissioning of these projects over the next two-three years.
Ujjwal Batria, Managing Director, Nuvoco Vistas Corp, told Business Line that the company is in the process of achieving operational excellence by reducing production cost and focusing on premium products to improve the profitability in the cut-throat competitive market.
“Currently, all the three plants are dependent on grid for the power supply. Depending on the coal prices at the time of completion of these projects, we will be saving INR 2 per unit by tapping into captive power supply,” he added.
In 2016, the INR 70000.000 million Ahmedabad-based Nirma Group made waves by acquiring 11 million tonne of cement production capacity of French cement major Lafarge for INR 94000.000 million, pipping large companies JSW Cement and marquee investor Piramal.
With completion of the deal, 71-year-old Karsanbhai Patel, Founder and Chairman of Nirma, made the soap-to-soda ash enterprise the sixth largest cement manufacturer in India taking its overall capacity to 13 million tonnes.
Nuvoco engaged global consulting firm McKinsey to conduct a study on its cement business and chart out its future plan.
It has already started working on reducing cost on logistics and implemented measures to increase the contribution of its premium products which accounts for 35 per cent of its total sales.
The company will stop using Lafarge’s name in its communication in the next four months.
However, it will continue to use the same three cement brands Concreto, Duraguard and Infracem to market its products.
“We will also use Nirma’s two-million-tonne plant in Rajasthan to cross-sell products,” said Batria.
Cement demand is picking up slowly since December, especially from the infrastructure projects even while the commercial real estate projects are still lagging.
Luckily for Nuvoco, he said there has been no major new capacity additions happening in the Eastern region unlike in other markets where the supply is more than the demand.
However, the rising raw material cost is a cause of concern and cement companies are expecting to pass on the incremental cost, he said.
Following successful supply of read mix concrete to Delhi and Jaipur metro projects, the company is in the race to sell RMC for Mumbai metro project.
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 64.82 |
|
|
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.76 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
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 |
NO |
|
--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.