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MIRA INFORM REPORT
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Report No. : |
485357 |
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Report Date : |
11.01.2018 |
IDENTIFICATION DETAILS
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Name : |
ACTION CONSTRUCTION EQUIPMENT LIMITED (w.e.f.23.03.2006) |
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Formerly Known
As : |
ACTION CONSTRUCTION EQUIPMENTS LIMITED (w.e.f.04.10.2005) ACTION CONSTRUCTION EQUIPMENTS PRIVATE LIMITED |
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Registered
Office : |
Khatoni No 433, Min No 535, Revenue Area, Dudhola-Link Road, Dudhola,
District Palwal, Faridabad–121102, Haryana |
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Tel. No.: |
91-9560144199 [Mr. Tarun Singhal] |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
13.01.1995 |
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Com. Reg. No.: |
05-053860 |
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Capital
Investment / Paid-up Capital : |
INR 536.840 Million |
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CIN No.: [Company Identification
No.] |
L74899HR1995PLC053860 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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GSTIN : |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The company is Manufactures and Supplies Material Handling
and Construction Equipment in India. The company operates through Cranes,
Material Handling/Construction Equipment, and Agri Equipment. (Registered
activity) |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 9900000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1995 and it is engaged in manufacturing of cranes, material handling, construction equipment, Agri equipment. As per the financials of 2017, the company has registered a growth of 18.38% in its revenue as compared to its previous year’s revenue and has reported average profit margin of 2.46% under review. Rating takes into consideration the company’s established track record of business operations marked by healthy net worth base along with strong debt coverage indicators and good liquidity position. Rating takes into account the diversified customer base in the material handling equipment, cranes and tractor industries and strong market position in cranes business. Share are quoted high on Stock Exchange. (Share are traded at a price of INR 155.65 against its face value of INR 2 on BSE). However, rating strength is partially offset by vulnerability to cyclicality in infrastructure investment in India and susceptibility to volatility in raw material prices. As per quarterly financials of September 2017, he company has achieved a revenue of INR 2409.94 million and ahs reported fair profit margin of 4.38%. Payments are reported to be regular. In view of aforesaid, the company can be considered for good 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 |
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Rating |
Long Term Rating = A |
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Rating Explanation |
Adequate degree of safety and low credit
risk |
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Date |
26.06.2017 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Rating = A1 |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
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Date |
26.06.2017 |
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 11.01.2018
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.
LOCATIONS
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Registered/ Corporate Office/ Factory 1 : |
Khatoni No 433, Min No 535, Revenue Area, Dudhola-Link Road, Dudhola,
District Palwal, Faridabad–121102, Haryana, India |
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Tel. No.: |
91-1275-280111 [50 Lines] |
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Mobile No.: |
91-9560144199 [Mr. Tarun Singhal] |
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Fax No.: |
91-1275-280133 |
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E-Mail : |
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Website : |
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Research and Development
Centre/ Factory 2/ Marketing Office Tractors: |
Jajru Road, 25th Mile Stone, Delhi Mathura Road, Ballabgarh,
Faridabad – 121004, Haryana, India |
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Tel. No.: |
91-129-2306114 |
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Fax No.: |
91-129-2307562 |
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Factory 3 : |
Plot No.
C-5/6/7/8, Industrial Area (UPSIDC), Bazpur-262 123, District Uddham Singh
Nagar, Uttarakhand, India |
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Factory 4 : |
Plot No.40 and
41, Nand Nagar Industrial Estate, Phase-1, Mahuakhera Ganj, Kashipur,
Uttarakhand, India |
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Factory 5 : |
45th Mile Stone, Delhi Mathura Road, Prithla, Faridabad,
Haryana, India |
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Marketing
Headquarter : |
5th Floor, TDI Center, Jasola, New Delhi-110025, India |
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Tel. No.: |
91-11-40549900 [30 Lines] |
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Fax No.: |
91-11-40549922 |
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E-Mail : |
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Marketing Office –
Cranes |
4th Floor, Pinnacle, Suraj Kund, Faridabad -121009, Haryana, India |
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Tel. No.: |
91-129-4550000 |
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Fax No.: |
91-129-4550022 |
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E-Mail : |
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Marketing Office – Forklift
Trucks/ Backhoe & Road Equipment |
Plot No. 7, 2nd Floor, Pocket-H Market, Sarita Vihar, New Delhi-110076, India |
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Tel. No.: |
91-11-49390000 |
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Fax No.: |
91-11-49390099 |
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E-Mail : |
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Regional Office : |
5-4-187/25, 1st Floor, Adj. TVS Sundaram Motors, M G Road,
Secunderabad – 500003, Telangana,
India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Amar Singal |
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Designation : |
Director |
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Address : |
B-33, Pushpanjali Enclave, Pitampura, Delhi - 110034, India |
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Date of Appointment : |
22.03.2006 |
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DIN No.: |
00035903 |
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Name : |
Mr. Vijay Agarwal |
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Designation : |
Managing Director |
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Address : |
House No. 854, Sector 15A, Faridabad - 121007, Haryana, India |
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Date of Birth/Age : |
68 Years |
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Qualification : |
BE Mechanical and MBA |
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Experience : |
46 Years |
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Date of Appointment : |
13.01.1995 |
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DIN No.: |
00057634 |
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Name : |
Mrs. Mona Agarwal |
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Designation : |
Whole-Time Director |
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Address : |
House No. 854, Sector 15A, Faridabad - 121007, Haryana, India |
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Date of Birth/Age : |
61 Years |
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Qualification : |
Under Graduate |
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Experience : |
22 Years |
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Date of Appointment : |
13.01.1995 |
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DIN No.: |
00057653 |
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Name : |
Mr. Sorab Agarwal |
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Designation : |
Whole-time Director |
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Address : |
House No. 854, Sector 15A, Faridabad - 121007, Haryana, India |
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Date of Birth/Age : |
27.02.1977 |
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Qualification : |
Bachelor Degree in Mechanical Engineering |
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Date of Appointment : |
20.03.1998 |
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DIN No.: |
00057666 |
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Name : |
Mr. Girish Narain Mehra |
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Designation : |
Director |
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Address : |
House No. 217, Sector 15a, Noida, Noida - 201301, Uttar Pradesh, India |
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Date of Appointment : |
06.10.2005 |
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DIN No.: |
00059311 |
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Name : |
Mr. Subhash Chander Verma |
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Designation : |
Director |
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Address : |
House No. N - 34, First Floor, Greater Kailash I, New Delhi - 110048, India |
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Date of Appointment : |
06.10.2005 |
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DIN No.: |
00098019 |
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Name : |
Mr. Keshav Agrawal Chandra |
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Designation : |
Director |
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Address : |
House No. 350, Sector 29, Noida - 201303, Uttar Pradesh, India |
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Date of Appointment : |
21.01.2010 |
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DIN No.: |
00098143 |
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Name : |
Mrs. Surbhi Garg |
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Designation : |
Whole-Time Director |
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Address : |
Timbertrail, Village Datyar, Parwanoo - 173220, Himachal Pradesh, India |
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Date of Appointment : |
12.11.2011 |
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DIN No.: |
01558782 |
KEY EXECUTIVES
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Name : |
Mr. Rajan Luthra |
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Designation : |
Chief Financial Executive (KMP) |
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Address : |
III-K-14, Lajpat Nagar-3, New Delhi - 110024, India |
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Date of Appointment : |
31.07.2014 |
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PAN No.: |
AABPL2465R |
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Name : |
Mr. Anil Kumar |
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Designation : |
Company Secretary |
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Address : |
H. No. 342, Sector-10 H.B.C, Faridabad – 121006, Haryana, India |
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Date of Appointment : |
03.07.2017 |
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PAN No.: |
BMPPK7505J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on September, 2017
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of
shares |
|
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Promoter and Promoter Group |
85759120 |
73.10 |
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Public |
31563880 |
26.90 |
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Grand Total |
117323000 |
100.00 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER
GROUP
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares |
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A1) Indian |
0.00 |
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Individuals/Hindu undivided Family |
85759120 |
73.10 |
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VIJAY AGARWAL |
41341907 |
35.24 |
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MONA AGARWAL |
30314407 |
25.84 |
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SORAB AGARWAL |
7122650 |
6.07 |
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SURBHI GARG |
6930156 |
5.91 |
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ANURADHA GARG |
50000 |
0.04 |
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Sub Total A1 |
85759120 |
73.10 |
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A2) Foreign |
0.00 |
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A=A1+A2 |
85759120 |
73.10 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares |
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B1) Institutions |
0 |
0.00 |
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Mutual Funds/ |
1826494 |
1.56 |
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EDELWEISS TRUSTEESHIP CO LTD AC- EDELWEISS MF AC- EDELWEISS EQUITY OPPORTUNITIES FUND |
1226494 |
1.05 |
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Foreign Portfolio Investors |
1647572 |
1.40 |
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INDIA OPPORTUNITIES GROWTH FUND LTD - PINEWOOD STRATEGY |
1398427 |
1.19 |
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Financial Institutions/ Banks |
67484 |
0.06 |
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Sub Total B1 |
3541550 |
3.02 |
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B2) Central Government/ State Government(s)/ President of India |
0 |
0.00 |
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B3) Non-Institutions |
0 |
0.00 |
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Individual share capital upto Rs. 2 Lacs |
16897667 |
14.40 |
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Individual share capital in excess of Rs. 2 Lacs |
6020231 |
5.13 |
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Chander Bhatia |
1316000 |
1.12 |
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NBFCs registered with RBI |
158600 |
0.14 |
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Any Other (specify) |
4945832 |
4.22 |
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Trusts |
2000 |
0.00 |
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NRI |
922030 |
0.79 |
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Clearing Members |
193662 |
0.17 |
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NRI – Non- Repat |
198610 |
0.17 |
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Bodies Corporate |
3629530 |
3.09 |
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Sub Total B3 |
28022330 |
23.88 |
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B=B1+B2+B3 |
31563880 |
26.90 |
BUSINESS DETAILS
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Line of Business : |
The company is Manufactures and Supplies Material Handling
and Construction Equipment in India. The company operates through Cranes,
Material Handling/Construction Equipment, and Agri Equipment. (Registered
activity) |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Cranes |
Nos. |
NA |
7500 |
3572 |
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Material Handling Construction Equipment |
Nos. |
NA |
1300 |
888 |
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Agri Equipment |
Nos. |
NA |
6000 |
3594 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Rajan Chhabra and Company Chartered Accountants |
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Address : |
32 A, Sector-11 E, Faridabad-121006, Haryana, India |
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Tel. No.: |
91-129-4008089 |
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Mobile No.: |
91-9811058089/ 9716893352 |
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E-Mail : |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associate Companies/ Entities : |
· Namo Metals · VMS Equipment Private Limited |
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Wholly Owned
Subsidiary : |
HE189137 |
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Fellow
Subsidiary Company : |
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CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
INR 2/- each |
INR 250.000 Million |
|
30250000 |
8% Cumulative Non-Participating Redeemable Preference shares |
INR 10/- each |
INR 302.500 Million |
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Total |
|
INR 552.500
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
117323000 |
Equity Shares |
INR 2/- each |
INR 234.646
Million |
|
30219380 |
8% Cumulative Non-Participating Redeemable Preference shares |
INR 10/- each |
INR 302.194
Million |
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Total |
|
INR 536.840
Million |
FINANCIAL DATA
[all figures are
in 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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|
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(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
536.840 |
536.840 |
197.880 |
|
(b) Reserves &
Surplus |
2936.717 |
2826.780 |
2931.436 |
|
(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 |
|
Total Shareholders’ Funds
(1) + (2) |
3473.557 |
3363.620 |
3129.316 |
|
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|
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|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
376.567 |
239.689 |
317.319 |
|
(b) Deferred tax
liabilities (Net) |
148.820 |
119.317 |
86.310 |
|
(c) Other long term
liabilities |
43.693 |
43.780 |
39.912 |
|
(d) long-term provisions |
68.642 |
67.179 |
12.811 |
|
Total Non-current
Liabilities (3) |
637.722 |
469.965 |
456.352 |
|
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|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
248.012 |
824.237 |
858.253 |
|
(b) Trade payables |
1473.595 |
1109.435 |
1146.951 |
|
(c) Other current
liabilities |
766.798 |
610.365 |
617.248 |
|
(d) Short-term provisions |
123.944 |
33.508 |
73.281 |
|
Total Current Liabilities
(4) |
2612.349 |
2577.545 |
2695.733 |
|
|
|
|
|
|
TOTAL |
6723.628 |
6411.130 |
6281.401 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2983.296 |
3049.052 |
2724.525 |
|
(ii) Intangible Assets |
14.006 |
13.777 |
14.110 |
|
(iii) Capital
work-in-progress |
59.520 |
6.658 |
57.949 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
135.873 |
|
(c) Deferred tax assets
(net) |
77.037 |
71.415 |
0.000 |
|
(d) Long-term Loan and Advances |
824.352 |
743.664 |
735.234 |
|
(e) Other Non-current
assets |
75.305 |
29.781 |
24.845 |
|
Total Non-Current Assets |
4033.516 |
3914.347 |
3692.536 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
43.622 |
|
(b) Inventories |
147.089 |
135.965 |
1412.448 |
|
(c) Trade receivables |
1131.664 |
1233.485 |
806.120 |
|
(d) Cash and cash
equivalents |
1044.149 |
813.288 |
113.437 |
|
(e) Short-term loans and
advances |
125.756 |
105.429 |
213.238 |
|
(f) Other current assets |
241.454 |
208.616 |
0.000 |
|
Total Current Assets |
2690.112 |
2496.783 |
2588.865 |
|
|
|
|
|
|
TOTAL |
6723.628 |
6411.130 |
6281.401 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
7972.642 |
6734.577 |
5976.549 |
|
|
Other Income |
64.604 |
94.712 |
111.918 |
|
|
TOTAL |
8037.246 |
6829.289 |
6088.467 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
5293.770 |
4398.122 |
4184.287 |
|
|
Purchases of
Stock-in-Trade |
34.472 |
30.482 |
41.410 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(42.220) |
12.578 |
94.239 |
|
|
Excise duty |
460.313 |
361.582 |
0.000 |
|
|
Employees benefits
expense |
586.540 |
554.716 |
471.408 |
|
|
Selling and Distribution expense
|
228.949 |
201.569 |
168.392 |
|
|
Other expenses |
973.576 |
865.957 |
807.278 |
|
|
TOTAL |
7535.400 |
6425.006 |
5767.014 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
501.846 |
404.283 |
321.453 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
130.525 |
140.147 |
130.064 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
371.321 |
264.136 |
191.389 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
125.396 |
113.465 |
95.709 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
245.925 |
150.671 |
95.680 |
|
|
|
|
|
|
|
Less |
TAX |
49.499 |
62.582 |
28.186 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
196.426 |
88.089 |
67.494 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
624.053 |
489.416 |
465.566 |
|
|
|
|
|
|
|
Add |
Balance of amalgamation
Company |
0.000 |
91.716 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Interim Dividend on
Equity Shares |
35.197 |
19.788 |
19.788 |
|
|
Transfer to General
Reserve |
20.000 |
20.000 |
20.000 |
|
|
Dividend |
24.175 |
1.123 |
0.000 |
|
|
Tax on Dividend |
12.087 |
4.257 |
3.956 |
|
|
Total (M) |
91.459 |
45.168 |
43.744 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
729.020 |
624.053 |
489.316 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
116.757 |
81.394 |
146.444 |
|
|
Commission received |
4.108 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
120.865 |
81.394 |
146.444 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw
Materials, Spares parts and Finished Goods |
566.694 |
498.936 |
673.644 |
|
|
TOTAL IMPORTS |
566.694 |
498.936 |
673.644 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
1.43 |
0.74 |
0.68 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
209.674 |
178.728 |
201.602 |
|
Cash generated from operations |
289.929 |
219.282 |
418.843 |
|
Net cash flow from operating activity |
717.386 |
574.313 |
391.889 |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
|
|
1ST Quarter |
2nd Quarter |
|
Net Sales |
2011.170 |
2509.940 |
|
Total Expenditure |
1917.210 |
2336.430 |
|
PBIDT (Excl OI) |
93.960 |
173.510 |
|
Other Income |
16.920 |
21.380 |
|
Operating Profit |
110.880 |
194.890 |
|
Interest |
33.760 |
34.140 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
77.120 |
160.750 |
|
Depreciation |
30.060 |
30.310 |
|
Profit Before Tax |
47.060 |
130.440 |
|
Tax |
9.390 |
20.450 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
37.670 |
109.990 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
37.670 |
109.990 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
51.81 |
66.85 |
49.23 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
7.05 |
5.46 |
7.41 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
100.95 |
91.44 |
99.07 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
3.41 |
2.97 |
0.23 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.16 |
0.13 |
0.11 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.48 |
0.47 |
0.51 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.24 |
0.37 |
0.44 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.75 |
0.77 |
0.86 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.88 |
0.91 |
0.89 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
3.84 |
2.88 |
2.47 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
((PAT / Sales) * 100) |
% |
2.46 |
1.31 |
1.13 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
2.92 |
1.37 |
1.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
5.65 |
2.62 |
2.16 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.03 |
0.97 |
0.96 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.97 |
0.92 |
0.44 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.52 |
0.52 |
0.50 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
1.55 |
2.31 |
6.96 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.03 |
0.97 |
0.96 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 2.00/- each |
|
Market Value |
INR 155.650/- each |
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 |
197.880 |
536.840 |
536.840 |
|
Reserves & Surplus |
2931.436 |
2826.780 |
2936.717 |
|
Net
worth |
3129.316 |
3363.620 |
3473.557 |
|
|
|
|
|
|
Long Term borrowings |
317.319 |
239.689 |
376.567 |
|
Short Term borrowings |
858.253 |
824.237 |
248.012 |
|
Current Maturities of Long term debt |
201.602 |
178.728 |
209.674 |
|
Total
borrowings |
1377.174 |
1242.654 |
834.253 |
|
Debt/Equity
ratio |
0.440 |
0.369 |
0.240 |
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
|
5976.549 |
6734.577 |
7972.642 |
|
|
|
12.683 |
18.384 |
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
|
5976.549 |
6734.577 |
7972.642 |
|
Profit |
67.494 |
88.089 |
196.426 |
|
|
1.13% |
1.31% |
2.46% |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
536.840 |
536.840 |
|
(b) Reserves &
Surplus |
|
2703.084 |
2590.491 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
(3) Minority Interest |
|
3.090 |
3.391 |
|
Total Shareholders’ Funds
(1) + (2) |
|
3243.014 |
3130.722 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
376.567 |
239.689 |
|
(b) Deferred tax
liabilities (Net) |
|
148.820 |
119.317 |
|
(c) Other long term
liabilities |
|
43.693 |
43.780 |
|
(d) long-term provisions |
|
68.642 |
67.179 |
|
Total Non-current
Liabilities (3) |
|
637.722 |
469.965 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
248.012 |
824.237 |
|
(b) Trade payables |
|
1473.939 |
1129.110 |
|
(c) Other current
liabilities |
|
785.992 |
611.395 |
|
(d) Short-term provisions |
|
123.944 |
33.508 |
|
Total Current Liabilities
(4) |
|
2631.887 |
2598.250 |
|
|
|
|
|
|
TOTAL |
|
6512.623 |
6198.937 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
3048.749 |
3114.013 |
|
(ii) Intangible Assets |
|
37.059 |
36.830 |
|
(iii) Capital
work-in-progress |
|
70.931 |
18.069 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
34.791 |
31.607 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
549.780 |
465.086 |
|
(e) Other Non-current
assets |
|
75.305 |
29.781 |
|
Total Non-Current Assets |
|
3816.615 |
3695.386 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
147.089 |
135.965 |
|
(c) Trade receivables |
|
1135.972 |
1238.230 |
|
(d) Cash and cash
equivalents |
|
1044.906 |
814.930 |
|
(e) Short-term loans and
advances |
|
125.835 |
105.480 |
|
(f) Other current assets |
|
242.206 |
208.946 |
|
Total Current Assets |
|
2696.008 |
2503.551 |
|
|
|
|
|
|
TOTAL |
|
6512.623 |
6198.937 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
7972.904 |
6734.939 |
|
|
Other Income |
|
64.604 |
95.930 |
|
|
TOTAL |
|
8037.508 |
6830.869 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
5293.832 |
4398.442 |
|
|
Purchases of
Stock-in-Trade |
|
34.472 |
30.482 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(42.220) |
12.578 |
|
|
Excise duty |
|
460.313 |
361.582 |
|
|
Employees benefits
expense |
|
587.244 |
555.467 |
|
|
Selling and Distribution
expense |
|
228.955 |
201.571 |
|
|
Other expenses |
|
977.596 |
868.088 |
|
|
TOTAL |
|
7540.192 |
6428.210 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
497.316 |
402.659 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
130.526 |
140.147 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
366.790 |
262.512 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
125.405 |
113.474 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
241.385 |
149.038 |
|
|
|
|
|
|
|
Less |
TAX |
|
49.499 |
62.582 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
191.886 |
86.456 |
|
|
|
|
|
|
|
Add |
Minority
Interest |
|
13.158 |
13.019 |
|
Add |
Share of Loss of
Associates |
|
0.008 |
0.009 |
|
|
Profit
After Tax |
|
205.052 |
99.484 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
1.50 |
0.84 |
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
COMPANY OVERVIEW
The company is manufactures and supplies material handling and construction equipment in India. The company operates through Cranes, Material Handling/Construction Equipment, and Agri Equipment segments. It offers mobile cranes, such as pick and move, lorry loader, and truck mounted cranes; tower cranes, including fixed tower and self-erecting cranes; crawler cranes; backhoes and loaders; road equipment, which include vibratory rollers and motor graders; forklift trucks and tele handlers; and agriculture equipment, such as tractors, harvester combines, rice planters, rotavators, and balers. Action Construction Equipment Limited serves various sectors comprising infrastructure construction, power projects, ports and shipyards, dams, metro rail, roads, mining, steel and engineering, railways, cement, petroleum, defense, chemicals and fertilizer plants, warehousing, logistics, building construction, etc. The company also exports it machines. Action Construction Equipment Limited was incorporated in 1995 and is based in Palwal, India.
FINANCIAL PERFORMANCE
During the financial year, on a standalone basis, the Company’s achieved gross turnover of INR 7972.642 Million as compared to INR 6734.577 Million in the previous year, thereby registering a growth of 19.30%. The profit before depreciation, interest and tax stood at INR 501.846 Million in the year 2016-17, as against INR 404.283 Million in the year, representing a growth of 24.12%.
The profit after tax is INR 196.426 Million in the year 2016-17 as against INR 88.089 Million in the previous year i.e. an increase of 123.00%.
The Company could achieve such a growth and performance due to tighter operating controls, prudent raw material sourcing, new customer addition and controlled overheads.
The company has taken several steps to reduce cost and increase its market share in all products.
STATE OF COMPANY’S
AFFAIRS
The financial year 2016-17 embarked upon visible improvement in operating margins due to focused cost efficiency measures, price discipline and low commodity prices.
During the year, we launched new products like skid loaders, wheel based harvesters and introduced smart features in our existing product range that not only helped us to increase our market share but also adhere to our core philosophy of providing customized solutions to our customers. ACE realigned its focus on domestic markets and growth. ACE sustained its investment in brand and manpower to prepare for next growth phase. The Company continues to invest in future technology, products and people. The Company is ready for next phase of growth.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER, 2017
(INR
in Million)
|
|
|
Particulars |
30.09.2017 (Quarter Ended) |
30.06.2017 (Quarter Ended) |
30.09.2017 (Half Year Ended) |
|
1 |
|
Income from
Operations |
|
|
|
|
|
|
Sales/Income from Operations (Gross) |
2509.943 |
1905.441 |
4521.117 |
|
|
|
b) Other Operating Income |
21.380 |
22.223 |
38.295 |
|
|
Total Income from
Operations (Net) |
2531.323 |
1927.664 |
4559.412 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
2119.573 |
1308.328 |
3536.037 |
|
|
b) |
Purchase of Stock-in-trade |
11.159 |
5.122 |
30.867 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(121.069) |
83.825 |
(73.486) |
|
|
d) |
Excise duty |
0.000 |
110.819 |
121.543 |
|
|
e) |
Employee benefit expenses |
174.211 |
145.282 |
326.990 |
|
|
f) |
Finance Costs |
34.138 |
40.503 |
67.894 |
|
|
g) |
Depreciation and amortization expense |
30.314 |
30.126 |
60.370 |
|
|
h) |
Other expenses |
152.556 |
147.512 |
311.700 |
|
|
Total Expenses |
2400.882 |
1871.517 |
4381.915 |
|
|
|
|
|
|
|
|
|
3 |
Profit before Tax |
130.441 |
56.147 |
177.497 |
|
|
4 |
Tax Expense |
20.453 |
11.525 |
29.840 |
|
|
5 |
Net Profit for the
period after tax |
109.988 |
44.622 |
147.657 |
|
|
|
|
|
|
|
|
|
|
Total
Comprehensive Income |
109.988 |
44.622 |
147.657 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
0.94 |
0.38 |
1.26 |
|
NOTE :
1. The above financial results have been reviewed by Audit Committee and approved by the Board of Directors at their meeting held on 11th November, 2017.
2. The Statutory Auditors of the Company have carried out a "Limited Review" of the above results as per Regulations 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The Ind AS compliant corresponding figures of the previous year have not been subjected to the limited review or audit. However, the management has exercised necessary due diligence to ensure that such financial results provide a true and fair view of its affairs.
3. The Segment-wise Reporting has been prepared in accordance with the Ind AS 108 "Operating Segments".
4. Tax expense incudes Current tax (including Minimum Alternative Tax) and deferred tax.
5. The Company has adopted Indian Accounting Standards ("Ind AS") effective April 01, 2017 (transition date being April 01, 2016) and accordingly, the financial results for the Quarter and period ended September 30, 2017 have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS 34 "Interim Financial Reporting" prescribed under section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India. Accordingly, the impact of transition has been provided in the opening equity as on April 01, 2016 and figures for the corresponding quarter have been prepared to comply with Ind AS.
6. Reconciliation between financial results as previously reported (referred to as "Previous GAAP") and Ind AS for the period ended September 30, 2016:
|
Particulars |
Quarter ended 30th September
2016 (INR in Million) |
Half year ended 30th September
2016 (INR in Million) |
|
Net Profit/(Loss) as per erstwhile Indian GAAP |
44.382 |
74.430 |
|
Impact of adjustment in Fixed Assets |
1.059 |
1.883 |
|
Interest Income on loan given to Subsidiary |
4.401 |
8.880 |
|
Dividend on Cumulative Redeemable Preference Share considered as interest |
(4.752) |
(9.506) |
|
Deferred Tax expense on above adjustments |
(0.467) |
(0.829) |
|
Net Profit/(Loss) as per Ind AS |
44.622 |
74.857 |
|
Other comprehensive income |
0.000 |
0.000 |
|
Total comprehensive income as per Ind AS |
44.622 |
74.857 |
7. The statement does not include Ind AS compliant results for the previous year ended March 31, 2017 as the same is not mandatory as per SEBI's circular dated July 05,2016.
8. Consequent to the introduction of Goods and Service Tax (GST) with effect from 01.07.2017, Central Excise, Value Added Tax (VAT) etc. have been subsumed into GST. In accordance with Indian Accounting Standard-18 on “Revenue” and schedule-III of the Companies Act, 2013, unlike excise duty, levies like GST, VAT etc. are not part of Revenue from Operations. Accordingly the figures for the period upto 30th June, 2017 are not strictly relatable to those thereafter. The following additional information is being provided to facilitate such understanding.
|
Particulars |
Quarter Ended |
Six Month Ended |
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
Revenue from continuing |
2509.943 |
2011.174 |
4521.117 |
|
Excise duty on sale |
0.000 |
121.543 |
121.543 |
|
Revenue from continuing operations excluding excise duty on sale |
2509.943 |
1889.631 |
4399.574 |
9. The above financial results are available on the company's website www.ace-cranes.com and also on the web site of NSE (www.nseindia.com) and BSE (www.bseindia.com)
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G61246377 |
100132749 |
HDFC BANK LIMITED |
16/10/2017 |
- |
- |
2100000.0 |
HDFC BANK HOUSE,SENAPATI BAPAT MARG,LOWER PAREL WMumbaiMH400013IN |
|
2 |
G54328083 |
100124589 |
HDFC BANK LIMITED |
30/08/2017 |
- |
- |
1530000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARG,LOWER PAREL WMUMBAIMH400013IN |
|
3 |
G53873220 |
100123805 |
KOTAK MAHINDRA PRIME LIMITED |
29/08/2017 |
- |
- |
9798265.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMa400051IN |
|
4 |
G50240506 |
100115430 |
ICICI BANK LIMITED |
26/07/2017 |
- |
- |
150000000.0 |
ICICI Bank Tower, Near Chakli Circle,Old Padra RoadVadodaraGu390007IN |
|
5 |
G49208085 |
100112251 |
Punjab National Bank |
28/06/2017 |
- |
- |
200000000.0 |
7, Bhikhaiji Cama PlaceNew DelhiDL110607IN |
|
6 |
G46982708 |
100105628 |
ICICI BANK LIMITED |
09/06/2017 |
- |
- |
245000000.0 |
ICICI Bank Tower, Near Chakli Circle,Old Padra RoadVadodaraGu390007IN |
|
7 |
G40742199 |
100089151 |
KOTAK MAHINDRA BANK LIMITED |
03/04/2017 |
- |
- |
250000000.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMH400051IN |
|
8 |
G47066071 |
100105934 |
KOTAK MAHINDRA PRIME LIMITED |
30/03/2017 |
- |
- |
2420000.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMa400051IN |
|
9 |
G47537469 |
100107729 |
KOTAK MAHINDRA PRIME LIMITED |
30/03/2017 |
- |
- |
1700000.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMa400051IN |
|
10 |
G47151345 |
100106386 |
ICICI BANK LIMITED |
22/02/2017 |
- |
- |
2800000.0 |
ICICI Bank Tower, Near Chakli Circle,Old Padra RoadVadodaraGu390007IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Bank Guarantees |
202.271 |
202.648 |
|
Letter of Credits |
329.039 |
179.863 |
|
Claim against the company, not acknowledge as debt |
91.744 |
68.988 |
|
Sales Tax, Income Tax Matters, pending before Assessing/ Appellate
Authorities |
320.612 |
312.632 |
|
Total |
943.666 |
764.131 |
FIXED ASSETS
- Land
- Factory Building
- Building - Office
- Plant and Machinery
- Furniture and Fixtures
- Office Equipment
- Motor Vehicles
- Computer
- Computer Software
- Technical Know How
- Electrical Equipment and fittings
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 63.83 |
|
|
1 |
INR 85.28 |
|
Euro |
1 |
INR 76.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
KJL |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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.