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MIRA INFORM REPORT
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Report No. : |
488115 |
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Report Date : |
25.01.2018 |
IDENTIFICATION DETAILS
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Name : |
BAJAJ ELECTRICALS LIMITED (w.e.f. 1961) |
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Formerly Known
As : |
RADIO LAMP WORKS LIMITED |
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Registered Office
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45/47, Veer Nariman Road, Mumbai – 400001, Maharashtra |
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Tel. No.: |
91-22-22823090 /
22043841 / 22045046 / 23765003 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
14.07.1938 |
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Com. Reg. No.: |
11-009887 |
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Capital
Investment / Paid-up Capital : |
INR 202.580 Million |
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CIN No.: [Company Identification
No.] |
L31500MH1938PLC009887 |
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IEC No.: |
0389008478 |
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GSTIN: |
27AAACB2484Q1Z8 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB02205A |
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CST/ TIN No.: |
27260299147 |
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PAN No.: [Permanent Account No.] |
AAACB2484Q |
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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 offers a diverse range of products and services including sales, distribution and marketing of electrical appliances, manufacture of fans and high masts, poles and towers and products relating to industrial, commercial, and domestic lighting, undertakes turnkey, commercial and rural lighting projects, design, manufacture, erection and commissioning of high masts, poles and towers. (Registered Activity) (Note: Line of business is updated as per latest annual report 2017). |
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No. of Employees
: |
2792 (Approximately) |
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++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Maximum Credit Limit : |
USD 24900000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of “Bajaj Group” and was incorporated on July 14, 1938 .The company has five business units –Fans, Lighting, Luminaires, Appliances and Engineering and Projects business until 1998, BEL was mainly a marketing company marketing for various consumer durables goods such as Fans, Glass Bulbs, HID Bulbs and Aluminum Caps under the brand name of “Bajaj umbrella”. As per the financial record of 2017, the revenue of the company has decreased by 7.15% but has maintained profit margin of 2.53%. The healthy financial profile of the company is marked by strong networth base along with negligible debt level. The rating takes into consideration equity infused by its promoters. Rating also takes the company’s diversified business portfolio and its leading position in the consumer durable business supported by strong brand and product development strengths and wide distribution network. The company has its share price trading at around INR 527 against the face value (FV) of INR 02 on BSE as on 23rd January, 2018. Rating also derives strength from company’s established track record of business and Bajaj Group’s established marked position in the electrical appliance and extensive experience of promoters in the business. However, rating strength are partially offset by moderate profitability margins of the consumer product business owing to increasing competition. Business is active. Payments are reported to be regular. In view of aforesaid, the company can be considered good
for normal business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Commercial Paper=A1+ |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
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Date |
29.12.2017 |
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 24.01.2018
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.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE Tel No.: 91-22-61982000/ 61497000 / 22043841)
LOCATIONS
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Registered Office : |
45/47, Veer Nariman
Road, Mumbai – 400001, Maharashtra, India |
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Tel. No.: |
91-22-22823090 /
22043841 / 22045046 / 23765003 |
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Fax No.: |
91-22-22828250 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
001, 502, 701 and 801, Rustomjee Aspiree, Off Eastern Express Highway, Bhanu Shankar Yagnik Marg, Sion (East), Mumbai - 400 022, Maharashtra, India |
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Head Office : |
51, Mahatma
Gandhi Road, Mumbai – 400 023, Maharashtra, India |
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Tel. No.: |
91-22-22043780 /
22875135 / 22043733 |
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Fax No.: |
91-22-22828250 |
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Factory 1 : |
Chakan
Unit Mahalunge, Chakan
Talegaon Road, Khed, Pune – 410501, Maharashtra, India |
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Factory 2 : |
Wind
farm Village
Vankusawade, Taluka Patan, District Satara - 415206, Maharashtra, India |
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Factory 3 : |
Ranjangaon
Unit Village
Dhoksanghvi, Taluka Shirur, Ranjangaon, District Pune - 412 210, |
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Factory 4 : |
Kosi Unit 109 KM Stone, NH 2, Dautana, Chhata – 281403,
District-Mathura, Uttar Pradesh, India
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Depots : |
Located at:
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Showroom : |
‘World of Bajaj
Electricals’ Bajaj Bhavan, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Tel. No.: |
91-22-20236626 |
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Central Warehouse : |
Located at:
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Branch Office
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Located at:
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Regional
Distribution Centers : |
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DIRECTORS
As on 31.03.2017
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Name : |
Mr. Shekhar Ramkrishnaji Bajaj |
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Designation : |
Managing Director |
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Address: |
211, Maker Tower 'A', Cuffe Parade, Mumbai – 400005, Maharashtra, India |
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Qualification : |
B.Sc. (Hons.), M.B.A. |
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Date of Appointment : |
01.11.2009 |
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DIN No. |
00089358 |
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Name : |
Mr. Anant Bajaj |
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Designation : |
Whole-time Director |
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Address: |
211, Maker Tower 'A', Cuffe Parade, Mumbai – 400005, Maharashtra, India |
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Date of Appointment : |
27.07.2006 |
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DIN No. |
00089460 |
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Name : |
Dr. Rajendra Prasad Singh |
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Designation : |
Director |
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Address: |
Bunglow No. FF-1, Powergrid Residential Complex, Sector-43, Gurugram – 122002, Haryana, India |
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Date of Birth/Age : |
17.07.1948 |
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Qualification : |
Post Graduate in Mechanical Engineering from BHU, |
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Date of Appointment : |
28.05.2009 |
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DIN No. |
00004812 |
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Name : |
Mr. Madhurkumar Ramkrishnaji Bajaj |
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Designation : |
Director |
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Address: |
Bajaj Vihar, Mumbai Pune Road, Akurdi, Pune - 411035, Maharashtra, India |
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Date of Birth |
19 August 1952 |
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Qualification, Functional
Expertise and Experience |
B.Com, MBA from Institute of Management Development, Lausanne, Switzerland, a member of the Board since 1994, Industrialist with over 34 years of experience. He is also the Vice-Chairman of Bajaj Auto Limited |
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Date of Appointment : |
28.11.1994 |
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DIN No. |
00014593 |
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List of
Directorship |
1. Bajaj Auto Limited 2. Bajaj Holdings and Investments Limited 3. Bajaj Finserv Limited 4. Bajaj Finance Limited 5. Maharashtra Scooters Limited |
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Name : |
Mr. Harsh Vardhan Goenka |
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Designation : |
Director |
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Address: |
Unit No. 208, 2nd Floor, Bezzola Complex, B Wing, Sion Trombay Road, Opposite Suman Nagar, Chembur, Mumbai – 400071, Maharashtra, India |
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Date of Appointment : |
17.09.1984 |
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DIN No. |
00026726 |
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Name : |
Dr.(Mrs.) Indu Shahani |
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Designation : |
Director |
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Flat 56, Hill Park, A G Bell Road, Malabar Hill, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
60 years |
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Qualification : |
Ph. D in Commerce |
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Date of Appointment : |
31.03.2006 |
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DIN No. |
00112289 |
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Name : |
Mr. Ashok Jalan |
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Designation : |
Director |
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Address: |
Poseidon Towers A, Wing Flat No.601/602, Off Yari Road, Versova, Andheri (West), Mumbai – 400061, Maharashtra, India |
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Date of Birth/Age : |
26.08.1943 |
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Qualification : |
B A (Hons) from Kolkata University |
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Date of Appointment : |
18.01.1989 |
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DIN No. |
00115265 |
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Name : |
Mr. Anuj Vishnukumar Poddar |
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Designation : |
Additional Director (w.e.f. 30.05.2016) |
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Address: |
201, Martins Nest 9, Central Avenue, Mumbai – 400054, Maharashtra, India |
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Date of Appointment : |
30.05.2016 |
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DIN No. |
01908009 |
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Name : |
Mr. Siddharth Mehta |
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Designation : |
Additional Director (w.e.f. 30.05.2016) |
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Address: |
4, Matruchhaya, 70 Marine Drive, Mumbai – 400020, Maharashtra, India |
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Date of Appointment : |
30.05.2016 |
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DIN No. |
03072352 |
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Name : |
Mr. V. B.
Haribhakti |
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Designation : |
Director |
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No Exist for
Company: Mr. Ajit Gulabchand |
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KEY EXECUTIVES
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Name : |
Mr. Anant Martand Purandare |
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Designation : |
Chief Financial Officer |
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Address: |
103-Damodar House, S.K. Bole Road, Agar Bazar, Dadar (West), Mumbai – 400028, Maharashtra, India |
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Date of Appointment : |
29.05.2014 |
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PAN No.: |
ADCPP5579N |
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Name : |
Mr. Mangesh Gunwant Patil |
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Designation : |
Company Secretary |
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Address: |
151/5085, Kaleshwar Kripa Nehru Nagar, Kurla (East), Mumbai – 400024, Maharashtra, India |
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Date of Appointment : |
06.10.2003 |
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PAN No.: |
ACZPP2026J |
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Chakan Unit |
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Name : |
Sharad Sontakke |
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Designation : |
Deputy General Manager (Works) |
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Ranjangaon Unit |
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Name : |
Anil Gupta |
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Designation : |
General Manager – Operations, RU |
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Audit Committee |
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Note: As per our
previous database, the details of corporate management committee members of the
company are mentioned in the report , however, they does not appear in the
current government registry records and the same could not be confirmed with
the management as well.
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on DECEMBER 2017
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Category of
shareholder |
No. of fully
paid up equity shares held |
Shareholding as
a % of total no. of shares (calculated as per SCRR, 1957)As a % of |
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(A) Promoter and Promoter
Group |
64218485 |
63.33 |
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(B) Public |
37669866 |
36.97 |
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Grand
Total |
101888351 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
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Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
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A1) Indian |
0.00 |
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Individuals/Hindu undivided Family |
19050878 |
18.70 |
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Anant Bajaj |
4531823 |
4.45 |
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Kiran Bajaj |
3086419 |
3.03 |
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Madhur Bajaj |
2895035 |
2.84 |
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Shekhar Bajaj |
2500735 |
2.45 |
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Niraj Bajaj |
1711235 |
1.68 |
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Sunaina Kejriwal |
965325 |
0.95 |
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Neelima Bajaj Swamy |
900000 |
0.88 |
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Kumud Bajaj |
790200 |
0.78 |
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Nimisha Jaipuria |
558000 |
0.55 |
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Minal Bajaj |
367200 |
0.36 |
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Niravnayan Bajaj |
251000 |
0.25 |
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Pooja Bajaj |
130000 |
0.13 |
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Rahulkumar Bajaj |
124180 |
0.12 |
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Kriti Bajaj |
90000 |
0.09 |
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Shefali Bajaj |
30000 |
0.03 |
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Shri Sanjivnayan Bajaj |
10735 |
0.01 |
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Geetika Bajaj |
8346 |
0.01 |
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Deepa Bajaj |
1000 |
0.00 |
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Suman Jain |
99645 |
0.10 |
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Any Other (specify) |
45167607 |
44.33 |
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Jamnalal Sons Private Limited |
19872830 |
19.50 |
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Bajaj Holdings And Investment Ltd |
16697840 |
16.39 |
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Hind Musafir Agency Ltd |
1258000 |
1.23 |
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Bajaj International Private Limited |
800000 |
0.79 |
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Baroda Industries Private Limited |
770000 |
0.76 |
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Hercules Hoists Limited |
554937 |
0.54 |
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Shekhar Holdings Pvt Ltd |
480000 |
0.47 |
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Rahul Securities Pvt Ltd |
415000 |
0.41 |
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Bachhraj Factories Private Limited |
95000 |
0.09 |
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Bajaj Sevashram Private Ltd |
5000 |
0.00 |
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Bachhraj And Company Pvt Limited |
1000 |
0.00 |
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Kamalnayan Investment & Trading Pvt Ltd |
1000 |
0.00 |
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Madhur Securities Pvt Ltd |
1000 |
0.00 |
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Niraj Holdings Pvt Ltd |
1000 |
0.00 |
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Rupa Equities Private Limited |
1000 |
0.00 |
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Sanraj Nayan Investments Pvt Ltd |
1000 |
0.00 |
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Kiran Bajaj (as Trustee of GEETIKA TRUST NO. 2) |
1210000 |
1.19 |
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Niraj Bajaj (as Trustee of NIRAVNAYAN TRUST) |
466200 |
0.46 |
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Shekhar Bajaj (held on account of BAJAJ TRADING CO.) |
2536800 |
2.49 |
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Sub Total A1 |
64218485 |
63.03 |
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A2) Foreign |
0.00 |
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A=A1+A2 |
64218485 |
63.03 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name
of the Shareholders |
No. of fully
paid up equity shares held |
Shareholding %
calculated as per SCRR, 1957 As a % of (A+B+C2) |
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B1) Institutions |
0 |
0.00 |
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Mutual Funds/ |
4710565 |
4.62 |
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Reliance Capital Trustee Co. Ltd-A/C Reliance Small Cap Fund |
1488734 |
1.46 |
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Principal Trustee Company Pvt Ltd A/C Principal Mutual Fund -
Principal Personal Tax Saver Fund |
1085561 |
1.07 |
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Uti - Focussed Equity Fund - Series Iv (1104 Days) |
1083061 |
1.06 |
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Foreign Portfolio Investors |
9935143 |
9.75 |
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Caisse De Depot Et Placement Du Quebec-Enam Asset Management |
1750000 |
1.72 |
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MSD India Fund Ltd |
1504080 |
1.48 |
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Long Term India Fund |
1097000 |
1.08 |
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Financial Institutions/ Banks |
57608 |
0.06 |
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Sub Total B1 |
14703316 |
14.43 |
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B2) Central Government/ State Government(s)/ President of India |
0 |
0.00 |
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Central Government/ State Government(s)/ President of India |
225680 |
0.22 |
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Sub Total B2 |
225680 |
0.22 |
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B3) Non-Institutions |
0 |
0.00 |
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Individual share capital
upto INR 0.200 Million |
11712399 |
11.50 |
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Individual share capital
in excess of INR 0.200 Million |
3636087 |
3.57 |
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Any Other (specify) |
7392384 |
7.26 |
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Trusts |
1896005 |
1.86 |
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Foreign Individuals |
42600 |
0.04 |
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HUF |
303535 |
0.30 |
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NRI – Non- Repat |
506406 |
0.50 |
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NRI – Repat |
373040 |
0.37 |
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Clearing Members |
313182 |
0.31 |
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Bodies Corporate |
3957616 |
3.88 |
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Birla Sun Life Insurance Company Limited |
1358311 |
1.33 |
|
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Sub Total B3 |
22740870 |
22.32 |
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B=B1+B2+B3 |
37669866 |
36.97 |
BUSINESS DETAILS
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Line of Business : |
The Company offers a diverse range of products and services including sales, distribution and marketing of electrical appliances, manufacture of fans and high masts, poles and towers and products relating to industrial, commercial, and domestic lighting, undertakes turnkey, commercial and rural lighting projects, design, manufacture, erection and commissioning of high masts, poles and towers. (Registered Activity) (Note: Line of business is updated as per latest annual report 2017). |
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Products : |
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Brand Names : |
BAJAJ UMBRELLA |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
2792 (Approximately) |
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Bankers : |
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Facilities : |
Note: Nature of Security
and Terms Zero Coupon Redeemable Non-Convertible Debentures (NCD) are secured by First Charge over the following premises: i) Delhi Office: No. DSM-514 to DSM-521, DLF Tower, 5th Floor, 15 Shivaji Marg, Nazafgarh Road Industrial Area, Delhi-110015 ii) Office Premises No: 001, 701 & 801, ‘Rustomjee Aspiree’, Bhanu Shankar Yagnik Marg, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 iii) Factory Units (Unit I and II) at Ranjangaon - Plot No. B-7 & B-29, Ranjangaon Industrial Area, Village Dhoksangvi,Taluka Shirur, Dist. Pune iv) Factory unit at Chakan - Village Mahalunge, Chakan Talegoan Road, Khed, Pune – 410501 v) Showroom on Ground floor and Office Premises on Second Floor at Bajaj Bhawan 226, Jamnalal Bajaj Marg, Nariman Point, Mumbai 400 021. *NCD’s are issued at Zero Coupon corresponding to YTM of 10.85% p.a. compounded annually. Post downgrading of credit rating by ICRA Limited (Credit Rating Agency) from ‘A+’ to ‘A’ on 24 February 2015, the YTM has been increased by 0.25% p.a. with effect from 24 February 2015. “ICRA Limited vide its letter No 2016-17/MUM/0697 dated 18 August 2016, communicated that it has upgraded the rating of the Company’s NCD programme from ‘A to ‘A+’. However there is no corresponding change in the interest rate. Foreign Currency Term Loan : Foreign Currency Term loan is availed from Kotak Mahindra Bank Ltd is
secured by : Nature of Security First Charge on following properties: a) Kosi Factory Unit at Khasra No.647,648, NH 02, Km 109 Mile Stone, Village Dautana, Chhatta, Kosi Kallan, Mathura - 281 403. b) Office Premises No: 502, ‘Rustomjee Aspiree’, Bhanu Shankar Yagnik Marg, Off Eastern Express Highway, Sion (East), Mumbai - 400 022. c) R & D centre at Plot no. 27/ pt 2 at Millennium Business Park, TTC Industrial area, Mahape, Navi Mumbai. d) Wind Farm : Village Vankusawade, Taluka Patan, District Satara, Maharashtra - 415 206. Secured Current Borrowings: Loans from Consortium Banks are secured by : a First pari passu charge by way of hypothecation of inventories and book debts. b First pari passu charge on the Company’s immovable properties at : i) Wardha premises - Plot No. 36, Block No. 17, Mouza No. 225, Bacharaj Road, Gandhi Chowk, Wardha. ii) Hari Kunj - Flat No. 103 and 104, ‘B’ wing, Sindhi Society, Chembur East, Mumbai - 400 071. c Second pari passu charge over present and future Fixed Assets of the Company, situated at : i) Ranjangaon Units: Village Dhoksanghvi, Taluka Shirur, Ranjangaon, District Pune - 412 210. ii) Chakan Unit Village Mahalunge, Chakan Talegaon Road, Khed, Pune - 410 501. iii) Wind Farm: Village Vankusawade, Tal. Patan, Dist. Satara, Maharashtra - 415 206. iv) Showroom on Ground floor and Office Premises on Second Floor at Bajaj Bhawan 226, Jamnalal Bajaj Marg, Nariman Point, Mumbai - 400 021. v) Delhi Office: No. DSM-514 to DSM-521, DLF Tower, 5th Floor, 15 Shivaji Marg, Nazafgarh Road Industrial Area, Delhi - West, Delhi -110 015. vi) Office Premises No: 001, 502, 701 and 801, ‘Rustomjee Aspiree’, Bhanu Shankar Yagnik Marg, Off Eastern Highway, Sion (East), Mumbai - 400 022. vii) Kosi Factory Unit at Khasra No.647, 648, NH 02, Km 109 Mile Stone, Village Dautana, Chhatta, Kosi Kallan, Mathura - 281 403. viii) R & D centre at Plot No. 27/ Pt 2/ at Millennium Business Park, TTC Industrial area, Mahape, Navi Mumbai. These securities also extend to the various credit facilities including Bank Guarantees and Letters of Credit of INR 15646.916 lakh (Previous year INR 12196.498 lakh) executed on behalf of the Company in the normal course of business. |
|
Auditors 1: |
|
|
Name : |
SRBC and Company LLP Chartered Accountants |
|
Address: |
14th Floor, The Ruby 29, Senapati Bapat Marg, Dadar (West),
Mumbai – 400028, Maharashtra, India |
|
Tel. No: |
91-22-61920000 |
|
Fax. No: |
91-22-61921000 |
|
|
|
|
Auditors 2: |
|
|
Name : |
Dalal and Shah LLP Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
R. Nanabhoy and Company Cost Accountants |
|
|
|
|
Secretarial Auditor |
|
|
Name : |
Anant B. Khamankar and Company Practicing Company Secretaries |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Joint Venture : |
Starlite Lighting Limited (CIN No.: U31300MH1995PLC090213) |
|
|
|
|
Associate : |
Hind Lamps Limited (CIN No.: U27302UP1951PLC002355) |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
INR 2/- each |
INR 400.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No of Shares |
Type |
Value |
Amount (In Million) |
|
|
Equity shares of INR 2 each issued, subscribed
and fully paid |
|
|
|
100762426 |
As
at 1 April 2015 |
INR 2/- each |
201.250 |
|
186550 |
Exercise
of Options |
|
0.373 |
|
100948976 |
As
At 31 March 2016 |
INR 2/- each |
201.898 |
|
341200 |
Exercise
of Options |
|
0.682 |
|
101290176 |
As
At 31 March 2017 |
INR 2/- each |
202.580 |
Terms
and rights attached to equity shares
The Company has only one
class of equity shares having a par value of INR 2 per share. Each holder of
equity shares is entitled to one vote per share. 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.
The
Details of Shareholders holding more than 5% Shares:
|
Name
of the Shareholder |
As at 31-Mar-17 |
|
|
|
Nos. |
% Holding |
|
Jamnalal
Sons Private Limited |
19872830 |
19.62 |
|
Bajaj
Holdings and Investment Limited |
16697840 |
16.49 |
Equity
Shares reserved for issue under Employee Stock options outstanding as at the
end of the year :
|
Summary
of Stock Options |
As at 31-Mar-17 |
|
Number
of Stock Options not yet granted |
91188227 |
|
Number
of Stock Options Vested and Exercisable |
981300 |
|
Number
of Stock Options Unvested |
1107250 |
|
Total
Equity Shares reserved for issuance under ESOP Scheme outstanding |
93276777 |
LISTING DETAILS:
|
|
BSE : 500031 NSE : BAJAJELEC ISIN: INE193E01025 |
|
Stock Exchange Place : |
BSE Limited The National Stock Exchange of India
Limited |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
202.580 |
201.898 |
201.525 |
|
(b) Reserves &
Surplus |
8512.392 |
7361.469 |
6668.316 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
8714.972 |
7563.367 |
6869.841 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
169.508 |
958.477 |
1709.136 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
748.585 |
787.706 |
111.333 |
|
(d) long-term provisions |
133.911 |
139.673 |
439.375 |
|
Total Non-current
Liabilities (3) |
1052.004 |
1885.856 |
2259.844 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
5285.840 |
7250.584 |
2159.652 |
|
(b) Trade payables |
6303.774 |
5714.272 |
11747.195 |
|
(c) Other current
liabilities |
8793.802 |
6509.090 |
4505.990 |
|
(d) Short-term provisions |
655.265 |
672.597 |
754.566 |
|
Total Current Liabilities
(4) |
21038.681 |
20146.543 |
19167.403 |
|
|
|
|
|
|
TOTAL |
30805.657 |
29595.766 |
28297.088 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3100.380 |
2764.039 |
2776.57 |
|
(ii) Intangible Assets |
0.239 |
0.503 |
0.051 |
|
(iii) Capital
work-in-progress |
78.521 |
206.676 |
31.778 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
628.237 |
621.660 |
560.886 |
|
(c) Deferred tax assets
(net) |
559.495 |
492.779 |
488.841 |
|
(d) Long-term Loan and Advances |
29.029 |
30.213 |
822.426 |
|
(e) Other Non-current
assets |
2042.548 |
2067.098 |
3892.446 |
|
Total Non-Current Assets |
6438.449 |
6182.968 |
8572.998 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
33.333 |
|
(b) Inventories |
5711.960 |
5066.774 |
4746.479 |
|
(c) Trade receivables |
16537.984 |
16710.848 |
12895.554 |
|
(d) Cash and cash
equivalents |
652.652 |
554.962 |
376.609 |
|
(e) Short-term loans and
advances |
0.729 |
3.141 |
1148.377 |
|
(f) Other current assets |
1463.883 |
1077.073 |
523.738 |
|
Total Current Assets |
24367.208 |
23412.798 |
19724.090 |
|
|
|
|
|
|
TOTAL |
30805.657 |
29595.766 |
28297.088 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
42617.122 |
45902.927 |
42581.094 |
|
|
Other Income |
305.182 |
438.374 |
242.928 |
|
|
Other gains/ (loss)-net |
50.681 |
42.473 |
0.000 |
|
|
TOTAL |
42972.985 |
46383.774 |
42824.022 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1954.606 |
1785.885 |
2252.304 |
|
|
Purchases of
Stock-in-Trade |
25769.278 |
29414.653 |
28887.244 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(151.206) |
(318.166) |
(317.250) |
|
|
Erection &
Subcontracting Expenses |
2937.877 |
2954.961 |
2224.945 |
|
|
Employees benefits
expense |
3288.996 |
2850.504 |
2262.855 |
|
|
Other expenses |
6389.950 |
6572.656 |
6381.009 |
|
|
TOTAL |
40189.501 |
43260.493 |
41691.107 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
2783.484 |
3123.281 |
1132.915 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
804.376 |
1080.794 |
1050.832 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1979.108 |
2042.487 |
82.083 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
298.714 |
273.790 |
290.255 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1680.394 |
1768.697 |
(208.172) |
|
|
|
|
|
|
|
Less |
TAX |
603.785 |
665.229 |
(68.669) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
1076.609 |
1103.468 |
(139.503) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
86.940 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
(250.000) |
|
|
Proposed Dividend on Equity Shares |
NA |
NA |
151.144 |
|
|
Tax on Dividend |
NA |
NA |
30.773 |
|
|
Dividend paid on exercise of Stock Option along with
Dividend Distribution Tax |
NA |
NA |
0.534 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
14.986 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
|
358.348 |
299.529 |
|
|
Freight & Insurance on
exports |
|
2.459 |
2.800 |
|
|
TOTAL EARNINGS |
454.501 |
360.807 |
302.329 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
|
108.513 |
140.627 |
|
|
Capital Goods |
|
39.279 |
11.464 |
|
|
Finished Goods |
|
3056.479 |
2709.015 |
|
|
Machinery Spares |
|
0.764 |
1.164 |
|
|
TOTAL IMPORTS |
NA |
3205.035 |
2862.270 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(INR) |
|
|
|
|
|
Basic |
10.65 |
10.94 |
(1.39) |
|
|
Diluted |
10.63 |
10.92 |
(1.39) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
137.452 |
4505.990 |
|
Cash generated from operations |
4803.226 |
3614.920 |
1189.947 |
|
Net cash flow from operating activity |
4365.931 |
3048.535 |
881.734 |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
Unaudited |
1st Quarter |
2nd
Quarter |
|
Net Sales |
10294.100 |
9355.800 |
|
Total Expenditure |
9841.800 |
8926.400 |
|
PBIDT (Excl OI) |
452.300 |
429.400 |
|
Other Income |
104.900 |
105.500 |
|
Operating Profit |
557.200 |
534.900 |
|
Interest |
149.900 |
140.700 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
407.300 |
394.200 |
|
Depreciation |
79.800 |
87.700 |
|
Profit Before Tax |
327.500 |
306.500 |
|
Tax |
122.500 |
116.700 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
205.000 |
189.800 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
205.000 |
189.800 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
141.64 |
132.88 |
110.54 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
2.58 |
2.75 |
3.30 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
82.99 |
66.85 |
137.69 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.49 |
0.62 |
0.24 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.88 |
1.05 |
0.40 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.69 |
0.72 |
0.90 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.63 |
1.10 |
1.22 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
2.41 |
2.66 |
2.79 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.36 |
0.39 |
0.41 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.46 |
2.89 |
1.08 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
2.53 |
2.40 |
(0.33) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
3.49 |
3.73 |
(0.49) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
12.35 |
14.59 |
(2.03) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.16 |
1.16 |
1.03 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.89 |
0.91 |
0.78 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.28 |
0.26 |
0.24 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
26.93 |
41.34 |
41.56 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.16 |
1.16 |
1.03 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
Market Value |
INR 527.00/- |
FINANCIAL ANALYSIS
[all figures are
in 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 |
201.525 |
201.898 |
202.580 |
|
Reserves & Surplus |
6668.316 |
7361.469 |
8512.392 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
6869.841 |
7563.367 |
8714.972 |
|
|
|
|
|
|
long-term borrowings |
1709.136 |
958.477 |
169.508 |
|
Short term borrowings |
2159.652 |
7250.584 |
5285.840 |
|
Current Maturities of Long
term debt |
4505.990 |
137.452 |
0.000 |
|
Total borrowings |
8374.778 |
8346.513 |
5455.348 |
|
Debt/Equity ratio |
1.219 |
1.104 |
0.626 |
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 |
42581.094 |
45902.927 |
42617.122 |
|
|
|
7.801 |
(7.158) |
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 |
42581.094 |
45902.927 |
42617.122 |
|
Profit |
(139.503) |
1103.468 |
1076.609 |
|
|
(0.33%) |
2.40% |
2.53% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
202.580 |
201.898 |
|
(b) Reserves &
Surplus |
|
8428.518 |
7334.964 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
8631.098 |
7536.862 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
169.508 |
958.477 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
748.585 |
787.706 |
|
(d) long-term provisions |
|
133.911 |
139.673 |
|
Total Non-current
Liabilities (3) |
|
1052.004 |
1885.856 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
5285.840 |
7250.584 |
|
(b) Trade payables |
|
6303.774 |
5714.272 |
|
(c) Other current
liabilities |
|
8793.802 |
6509.090 |
|
(d) Short-term provisions |
|
655.265 |
672.597 |
|
Total Current Liabilities
(4) |
|
21038.681 |
20146.543 |
|
|
|
|
|
|
TOTAL |
|
30721.783 |
29569.261 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
3100.380 |
2764.039 |
|
(ii) Intangible Assets |
|
0.239 |
0.503 |
|
(iii) Capital
work-in-progress |
|
78.521 |
206.676 |
|
(iv) Intangible assets
under development |
|
0.000 |
|
|
(b) Non-current
Investments |
|
628.237 |
621.660 |
|
(c) Deferred tax assets
(net) |
|
559.495 |
492.779 |
|
(d) Long-term Loan and Advances |
|
29.029 |
30.213 |
|
(e) Other Non-current
assets |
|
1959.094 |
2041.899 |
|
Total Non-Current Assets |
|
6354.995 |
6157.769 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
5711.540 |
5065.468 |
|
(c) Trade receivables |
|
16537.984 |
16710.848 |
|
(d) Cash and cash
equivalents |
|
652.652 |
554.962 |
|
(e) Short-term loans and
advances |
|
0.729 |
3.141 |
|
(f) Other current assets |
|
1463.883 |
1077.073 |
|
Total Current Assets |
|
24366.788 |
23411.492 |
|
|
|
|
|
|
TOTAL |
|
30721.783 |
29569.261 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
42617.122 |
45902.927 |
|
|
Other Income |
|
305.182 |
438.374 |
|
|
Other gains/(losses) - net |
|
50.681 |
42.473 |
|
|
TOTAL |
|
42972.985 |
46383.774 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
1954.606 |
1785.885 |
|
|
Purchases of
Stock-in-Trade |
|
25769.278 |
29414.653 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(151.206) |
(318.166) |
|
|
Erection and subcontracting expenses |
|
2937.877 |
2954.961 |
|
|
Employees benefits
expense |
|
3288.996 |
2850.504 |
|
|
Other expenses |
|
6389.950 |
6572.656 |
|
|
Share of loss of associate and joint venture after tax accounted for using the equity method |
|
54.924 |
25.428 |
|
|
TOTAL |
|
40244.425 |
43285.921 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
2728.560 |
3097.853 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
804.376 |
1080.794 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
1924.184 |
2017.059 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
298.714 |
273.790 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
1625.470 |
1743.269 |
|
|
|
|
|
|
|
Less |
TAX |
|
603.785 |
665.229 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
|
1021.685 |
1078.040 |
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE
INCOME |
|
|
|
|
|
Items that will not be reclassified to profit and loss |
|
|
|
|
|
Actuarial (gains)/losses on defined benefit plans |
|
33.453 |
33.176 |
|
|
Tax impacts on above |
|
(10.501) |
(10.712) |
|
|
Share of other comprehensive income of associates and joint ventures after tax accounted for using the equity method |
|
2.446 |
1.078 |
|
|
|
|
|
|
|
|
TOTAL COMPREHENSIVE
INCOME |
|
996.287 |
1054.498 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic |
|
10.10 |
10.69 |
|
|
Diluted |
|
10.08 |
10.67 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter involved
in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
GENERAL INFORMATION
The Company is an existing public
limited company incorporated on 14th July 1938 under the provisions of the
Indian Companies Act, 1913 and deemed to exist within the purview of the
Companies Act, 2013, having its registered office at 45/47, Veer Nariman Road,
Mumbai-400 001. The Company offers a diverse range of products and services
including sales, distribution and marketing of electrical appliances,
manufacture of fans and high masts, poles and towers and products relating to
industrial, commercial, and domestic lighting, undertakes turnkey, commercial
and rural lighting projects, design, manufacture, erection and commissioning of
high masts, poles and towers. The equity shares of the Company are listed on
BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”). The
financial statements are presented in Indian (INR).
MANAGEMENT DISCUSSION
AND ANALYSIS
Economy
In the aftermath of the
global financial crisis that surfaced in 2008, the economic recovery in most
advanced nations remained fragile over past several years. The rise in median
income levels was muted and job markets took longer than expected to absorb the
shocks of the financial crisis. On this backdrop, the “Zero-Sum” policy
approaches seemed to be gathering a pace of late in some advanced economies. National
referendums in some advanced economies clearly shifted in favour of economic
protectionism. This trend has a potential of causing disruptions in the
collaborative trade policies and practices that fueled growth in the past.
Amidst such a vastly changing
geopolitical environment, the global economy registered a flat growth of 3.1%
in 2016. Change in the regime and unwinding of ultraaccommodative monetary
policy in the world’s largest economy, the USA, caused massive disruptions in
the global currency markets. Emerging market currencies depreciated sharply
against US$. Developing countries dependent on exports were impacted in
particular due to currency jitters.
On the brighter side, job
market situation seemed to have improved in the USA and disinflationary risks
have begun to fade away gradually. Stable growth in the USA and China and
restored optimism about the growth prospects of the Eurozone resulted in a
sharp rebound in the commodity cycle. Revival in the trade and investment cycle
is likely to support the global growth in future.
International
Monetary Fund (IMF) expects the global economy to grow at 3.5% in 2017 and 3.6%
in 2018.
Back
home, the economic growth was affected by global as well as domestic factors.
Belaying the fears of economic
slowdown on account of demonetisation, the Indian economy grew at 7.1% in FY 2016-17 to continue its status as the
world’s fastest growing major economy. In the wake of satisfactory monsoon, the agriculture
sector witnessed a strong revival thereby offsetting for the sluggish growth
recorded by the industry. Higher government spends on infrastructure, benign
inflation and improving employment conditions, especially in the rural economy,
made India less prone to global shocks.
India’s Current Account Deficit
(CAD) position remained comfortable and despite the massive outflows on account
of maturity of Foreign
Currency Non-Repatriable (FCNR) deposits, Indian Rupee emerged as one of the
strongest emerging market currencies. India has about 11-12 months of import
cover.
Indian Government
successfully pushed through some of the key legislative reforms such as GST and
new bankruptcy code in FY 2016-17. This created a new level of optimism about
the prospects of Indian economy. Notwithstanding, the temporary disruptions
caused by demonetisation, the government’s tax revenues grew by 18% in FY
2016-17 — pointing at the buoyancy of the economy.
The integrated approach of
the government to its various flagship programmes such as Make In India, Skill
India, Digital India, Start-up India and Stand-up India among others, is
expected to result in higher economic growth and better job opportunities in
years to come. Concerted efforts of the Reserve Bank of India (RBI) and the
government, to help the banking sector resolve the asset quality concerns, is
expected to result in unlocking of huge capital which may be put to use by the
productive sectors of the economy.
In its Union Budget
2017-18, the government has allocated INR 3.96 lakh crore for the development
of infrastructure facilities. Of this, INR 2.41 lakh crore will be spent on the
transportation sector. Interestingly, the government has also allocated INR
100000.000 Million for its ambitious project “BharatNet” which endeavours to
build high-speed internet connectivity in the rural areas. This will eventually
unlock tremendous business opportunities in the underserved remote areas.
Also, the government will
continue to make progress in its endeavour of doubling farmer’s income by 2022.
Forecast of normal monsoon and medium term inflation target of 4.0% will keep
price escalations under check and boost the consumer confidence. The cost of
borrowing is likely to remain low even in FY 2017-18 as banks and other
financial institutions will be encouraged to pass on the benefits of previous
policy rate cuts to the borrowers. The surge in consumption demand is expected
to eventually revive the private sector capex.
Putting all these factors
together, India is likely to retain its status of world’s fastest growing major
economy even in FY 2017-18. As per the IMF’s estimates, Indian economy is
likely to grow at 7.2% in 2017 and 7.7% in 2018. On the other hand, Economic
Survey 2016-17 expects real GDP growth to be in the range of 6.75% to 7.50% in
FY 2017-18.
Company Overview
With a legacy of more than
75 years, Bajaj Electricals Ltd. (the “Company”) is a well-established brand in
the consumer appliances industry and holds the leadership position in many
kitchen and domestic appliances segment. Leveraging its brand name, mass appeal
and broad understanding of the consumer markets, it has also entered into
strategic alliances with international companies to cater to the untapped
premium market for consumer appliances and to exploit opportunities in the
lighting industry. The Company has also a strong foothold
in power transmission and
distribution business. The Company also has a significant presence in the
lighting and luminary business.
FY 2016-17 has been a watershed
year in the history of the Company. In the year gone by, the Company merged its
four erstwhile consumer facing business divisions-Kitchen Appliances, Domestic
Appliances, Fans and Lighting into one. This initiative is expected to bring in
greater economies of scale and synergies, thereby improving the profitability.
Unification of consumer-facing businesses will also enable the Company expand
its reach and offer more products over a period of time.
On this backdrop, the
Company’s performance remained satisfactory in FY 2016-17. Despite not
recording significant growth in the topline, the Company was still able to
maintain efficiency in its operations which reflects in the bottom line.
The normal monsoon propped
up consumer confidence especially in the rural markets. Besides, a number of
government initiatives on the smart lighting and energy efficiency front proved
beneficial for the Company’s business. Improved electricity supply brightened
the prospects of consumer products. Demonetisation was a temporary blip for
consumer-facing companies like the Company. However, relatively low transaction
value per appliance and the pivotal role played by these devices in the life of
the consumer ensured a quick recovery in business.
In FY 2016-17, the broader
industrial environment continued to be challenging and private sector capex
remained
lacklustre. Nevertheless,
the Company’s Engineering, Procurement and Construction (EPC) business made a
steady progress thanks to its leadership position in select domains, superior
product portfolio and proven execution capabilities.
Overview
of the Company’s financial performance
In FY 2016-17, several
measures were taken for improving the financial performance of the Company
which resulted in improvement in profitability, though there is no growth in
the topline of both the business segments. The implementation of redistribution
strategy has shown a positive impact on the gross margins and working capital
cycles which in turn has reflected in the improvement in bottom line.
Profit
and Loss statement analysis
•
Revenue from operations decreased by 7.10 % YoY to INR 42982.600 Million, on
account of decrease in Consumer Products sale by 10.91% to INR 23142.100
Million and EPC by 2.23% to INR 19833.300 Million.
•
EBITDA decreased by INR 339.800 Million YoY to INR 2783.500 Million from INR
3123.300 Million for FY 2015-16. EBITDA margins impacted by 0.26 basis points
to 6.43% percent of net sales. The margin impact is on account of de-growth in
sales and increase in fixed costs.
•
Depreciation and amortisation expense at INR 298.700 Million shows marginal
increase of INR 24.900 Million to the levels seen in FY 2015-16.
•
Finance Costs decreased to INR 804.400 Million from INR 1080.800 Million in FY
2015-16. Finance Costs to Net Sales ratio decreased to 1.87% as against 2.34%
in FY 2015-16.
•
PBT stood at INR 1680.400 Million, as against INR 1768.700 Million for FY
2015-16, which shows decline of 4.99% over the previous year.
•
Net profit stood at INR 1076.600 Million as against INR 1103.500 Million in FY
2015-16.
•
Earnings per share (Basic) decreased to INR 10.65 from INR 10.94 in FY 2015-16.
Outlook
The expected revival in the
consumer demand, moderate inflation, lower cost of consumer loans, forecast of
normal monsoon and revival in the rural job market are expected to bode well
for their consumer-facing businesses. The Company aims to roll out new products
catering to mass as well as the premium market. The Company’s initiatives to
strengthen its distribution network may start paying off in FY 2017-18. The
roll out of Range and Reach Expansion Programme (RREP) in new geographies
across the country and the Retailer Bonding Programme will help the Company
expand its topline. The various cost-optimisation initiatives and scientific
monitoring of performance will help the Company grow bottom line
proportionately.
Recovery in the private capex cycle coupled with higher government spends will provide an elbow room to the
EPC division to expand its footprint in new markets and contribute in the topline growth.
OPERATIONS
Consumer
Facing Business
Industry
Overview
Even after two and half
decades of liberalisation, Indian households severely lack the ownership of
consumer durables. However, this trend is likely to change rapidly in future,
driven by massive shift in ubranisation, increasing disposable incomes,
favourable demographics, high aspirations of the youth, burgeoning middle class
and improving macroeconomic conditions make it a key market for consumer goods.
Over next few years, the
Indian consumer durable market is expected to touch US$ 20 billion-thereby
growing at a compounded annualised rate of 13%. In FY 2015-16, it was valued at
US$ 12.5 billion. So far, the market is dominated by the urban demand which
constitutes 2/3rd of the total demand for consumer durable products.
Business
Overview
The Company offers a wide
range of kitchen and domestic appliances, fans and energy efficient lighting
solutions.
Within each category, the
Company’s products offerings are competitively priced without compromising on
the quality. This is done keeping in mind changing consumer preferences and
their lifestyle. The Company’s hands on experience in understanding the needs
of its customers and its commitment to serve them diligently has enhanced brand
equity.
In FY 2016-17, as a result
of a well thought-out plan and careful execution, the integration of all
consumer-facing businesses was carried out smoothly. Also, the Lighting business
witnessed an integration of all sub-segments such as GLS, CFL, FTL and CL into
LED, leading to extraordinary growth in this category.
This strategy has started
paying off immediately. The consumer products business division managed to buck
the industry trend of sluggish growth in many product segments. Due to
concerted efforts of all its consumer business divisions, the Company has been
able to expand its market share in many of its product lines by achieving
economies of scale. Also, the Company took a number of focused initiatives to
strengthen the distribution channel, making it more effective.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Sales tax deferral |
169.508 |
221.720 |
|
Short-term
borrowings |
|
|
|
Sales bills discounting |
74.577 |
508.240 |
|
Commercial papers |
2232.933 |
0.000 |
|
Hundi Acceptances0 |
02065.702 |
5732.976 |
|
Foreign currency loans |
0.000 |
408.147 |
|
Total |
4542.720 |
6871.083 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G60457835 |
10240258 |
SBICAP TRUSTEE COMPANY LIMITED |
30/08/2010 |
09/10/2017 |
- |
30800000000.0 |
202, MAKER TOWER `E' CUFFE PARADE, COLABA, MUMBAI-400005, Maharashtra, India |
|
2 |
G50309319 |
10583978 |
KOTAK MAHINDRA BANK LIMITED |
09/07/2015 |
15/12/2016 |
07/08/2017 |
650000000.0 |
27 BKC, C 27, G Block Bandra Kurla Complex, Bandra (East),Mumbai-400051, Maharashtra, India |
|
3 |
G45029261 |
10488986 |
Axis Trustee Services Limited |
25/03/2014 |
15/10/2015 |
25/05/2017 |
1000000000.0 |
Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai-400025, Maharashtra, India |
|
4 |
G39699020 |
10127278 |
IDBI Bank Limited |
10/10/2008 |
- |
20/03/2017 |
1600000000.0 |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI-400005, Maharashtra, India |
|
5 |
C63201313 |
80014433 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA |
11/04/1996 |
26/03/2009 |
20/08/2015 |
400000000.0 |
SIDBI TOWER, 15, ASHOK MARG, LUCKNOW, LUCKNOW-226001, UTTAR PRADESH, INDIA |
|
6 |
C00123737 |
10172149 |
STATE BANK OF BIKANER AND JAIPUR |
23/07/2009 |
- |
20/03/2014 |
192000000.0 |
SIR P.M.ROAD, FORT, MUMBAI-400001, Maharashtra, India |
|
7 |
C00946079 |
10253641 |
SBICAP TRUSTEE COMPANY LIMITED |
12/10/2010 |
- |
19/03/2014 |
7640000000.0 |
202, MAKER TOWER `E' CUFFE PARADE, COLABA, MUMBAI-400005, Maharashtra, India |
|
8 |
B36115871 |
80020328 |
STATE BANK OF BIKANER AND JAIPUR |
06/11/1967 |
07/05/2008 |
29/03/2012 |
5017100000.0 |
SIR P.M.ROAD, FORT, MUMBAI-400001, Maharashtra, India |
|
9 |
B36116259 |
90238691 |
STATE BANK OF BIKANER AND JAIPUR |
06/11/1967 |
27/11/2007 |
29/03/2012 |
3700000000.0 |
SIR P.M.ROAD, FORT, MUMBAI-400001, Maharashtra, India |
|
10 |
B36114544 |
80014432 |
STATE BANK OF BIKANER AND JAIPUR |
06/11/1967 |
27/11/2007 |
29/03/2012 |
3700000000.0 |
SIR P.M.ROAD, FORT, MUMBAI-400001, Maharashtra, India |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND SIX MONTHS
SEPTEMBER 30, 2017
(INR In Million)
|
PARTICULARS |
3 Months |
9 Months |
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1. Income from Operations |
|
|
|
|
Net Sales/income from
operations |
9355.800 |
10294.100 |
19649.900 |
|
Other Operating Income |
105.500 |
104.900 |
210.400 |
|
Total income from operations (net) |
9461.300 |
10399.000 |
19860.300 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of materials consumed |
800.900 |
490.000 |
1290.900 |
|
Purchases of stock-in trade |
4853.200 |
6215.100 |
11068.300 |
|
Changes in inventories of finished goods. work-in-progress and stock
in trade |
473.400 |
(28.200) |
445.200 |
|
Employee benefits expense |
847.600 |
763.900 |
1611.500 |
|
Depreciation and Amortization Expenses |
87.700 |
79.800 |
167.500 |
|
Other Expenses |
1492.300 |
1393.900 |
2886.200 |
|
Finance Costs |
140.700 |
149.900 |
290.600 |
|
Erection and Submitting |
459.000 |
917.700 |
1376.700 |
|
Excise Duty |
0.000 |
89.400 |
89.400 |
|
Total expenses |
9154.800 |
10071.500 |
19226.300 |
|
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items |
306.500 |
327.500 |
634.000 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from ordinary activities before tax |
306.500 |
327.500 |
634.000 |
|
Tax expenses |
116.700 |
122.500 |
239.200 |
|
Net Profit / (Loss) from ordinary activities after tax |
189.800 |
205.000 |
394.800 |
|
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) for the period |
189.800 |
205.000 |
394.800 |
|
Comprehensive Income |
(5.700) |
(5.800) |
(11.500) |
|
Net Profit/ (Loss) after taxes, minority interest and share of
profit/(loss) of associates |
184.100 |
199.200 |
383.300 |
|
|
|
|
|
|
Paid up equity share capital (Face Value of INR 2/-each) |
203.100 |
202.800 |
203.100 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet of previous
accounting year |
- |
- |
- |
|
Earnings per share (before extraordinary items) of INR 10/- each (not
annualized): |
- |
- |
- |
|
(a) Basic |
1.87 |
2.02 |
3.89 |
|
(b) Diluted |
1.87 |
2.02 |
3.89 |
UNAUDITED
STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2017
(INR In Million)
|
Particulars |
30.09.2017 |
|
Unaudited |
|
|
EQUITY AND
LIABILITIES |
|
|
SHAREHOLDERS’ FUNDS |
|
|
Share Capital |
203.100 |
|
Reserves and Surplus |
8613.400 |
|
Shareholders’
funds total |
8816.500 |
|
|
|
|
NON-CURRENT
LIABILITIES |
|
|
Borrowing |
114.700 |
|
Trade payables |
56.400 |
|
Other Financial liabilities |
43.100 |
|
Employee benefits |
831.500 |
|
long-term provisions |
148.500 |
|
Non-Current
Liabilities Total |
1194.200 |
|
|
|
|
CURRENT
LIABILITIES |
|
|
Financial
Liabilities |
|
|
Borrowing |
6858.900 |
|
Trade payables |
6411.600 |
|
Other current financial liabilities |
1935.000 |
|
Provisions |
526.600 |
|
Employee benefits |
582.800 |
|
Other current liabilities |
4779.400 |
|
Liabilities Directly associated with assets |
80.000 |
|
Current
Liabilities Total |
21174.300 |
|
TOTAL – EQUITY
AND LIABILITIES |
31185.000 |
|
|
|
|
ASSETS |
|
|
|
|
|
NON-CURRENT ASSETS |
|
|
Property, plant and equipment |
3138.600 |
|
Capital Work-in-progress |
42.000 |
|
Other Intangible Assets |
8.600 |
|
Investment properties |
270.2000 |
|
Financial assets
|
|
|
Investment |
631.900 |
|
Trade Receivable |
2616.600 |
|
Loans |
3.600 |
|
Other Financial Assets |
254.100 |
|
Deferred tax assets (Net) |
600.500 |
|
Income Tax Assets |
41.500 |
|
Other non-current assets |
1193.900 |
|
Non-Current
Assets Total |
8801.500 |
|
|
|
|
CURRENT ASSETS |
|
|
Inventories |
5165.500 |
|
Financial Assets |
|
|
Trade receivables |
14022.600 |
|
Cash and Cash equivalents |
534.100 |
|
Loans |
0.700 |
|
Other current assets |
2607.700 |
|
Other current financial assets |
31.000 |
|
Assets Classified as held sale |
21.900 |
|
Current Assets Total |
22383.500 |
|
TOTAL - ASSETS |
31185.000 |
SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED SEPTEMBER 30, 2017
(INR In Million)
|
Particulars |
Quarter ended |
Quarter ended |
6 Months ended |
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Segment revenue |
|
|
|
|
Consumer Products |
5141.100 |
4695.300 |
9836.400 |
|
EPC |
4213.400 |
5598.300 |
9811.700 |
|
Others |
1.300 |
0.500 |
1.800 |
|
Net Sales/ Income
from Operations |
9355.800 |
10294.100 |
19649.900 |
|
|
|
|
|
|
Segment profit
before tax and finance cost profit/ (loss) |
|
|
|
|
Consumer Products |
286.800 |
32.800 |
319.600 |
|
EPC |
146.100 |
397.700 |
543.800 |
|
Others |
(0.800) |
(1.600) |
(2.400) |
|
|
432.100 |
428.900 |
861.000 |
|
Less: |
|
|
|
|
Finance cost |
140.700 |
149.900 |
290.600 |
|
Other un – allocable expenditure net of un-allocable income |
(15.100) |
(48.500) |
(63.600) |
|
Operating Profit
before tax |
306.500 |
327.500 |
634.000 |
|
|
|
|
|
|
Capital Employed |
|
|
|
|
Segment Assets |
|
|
|
|
Consumer Products |
6418.700 |
7118.600 |
6418.700 |
|
EPC |
17866.300 |
19001.300 |
17866.300 |
|
Others |
28.400 |
27.200 |
28.400 |
|
Other Un-allocable |
6871.600 |
5011.200 |
6871.600 |
|
|
31185.000 |
31158.300 |
31185.000 |
|
Segment Liability |
|
|
|
|
Consumer Products |
4645.400 |
5774.800 |
4645.400 |
|
EPC |
7777.800 |
8778.600 |
7777.8000 |
|
Others |
0.000 |
0.000 |
0.000 |
|
Other Un-allocable |
9945.300 |
620.600 |
9945.300 |
|
|
22368.500 |
15174.000 |
22368.500 |
Notes:
- During the quarter, the Company has issued and allotted 114,675 Equity shares of INR 2 each, pursuant to exercise of stock options by eligible employees and said shares are ranking pari-passu in all respects including dividend entitlement.
- Revenue from operations for periods up to 30 June 2017 includes excise duty, which is discountinued effectively 1 july 2017 upon implementation of Goods and Service Tax (GST). In accordance with "Ind AS 18 - Revenue", GST is not included in gross sales. In view of the aforesaid change in indirect taxes, Gross sales for the quarter and half year ended on 30 September 2017 is not comparable to the previous periods.
- Sale for the quarter ended June 30, 2017 and six months ended September 30, 2017 is net of INR 92.159 million towards one time compensation payable to dealers/distributors for any losses incurred by them on account of introduction of GST.
- The Company has opted to publish Extracts of the Financial Results, pursuant to option made available as per regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015. The full format of the Financial Results are available on the stock exchange websites, www.nseindia.com and www.bseindia.com and on the Company's website www.bajajelectricals.com.
- Above results have been reviewed by the Audit Committee, approved by the Board of Directors in the meeting held on November 09, 2017 and reviewed by the statutory auditors.
- The Financial results of the quarter ended 30 June 2017, 30 September 2016 and six months ended 30 September 2017 has been reviewed by predecessor auditors. The Financial results for the year ended March 31, 2017 have been audited by the predecessor auditor.
- In the current quarter, the Company has excercised its right to acquire 3500000 equity shares constituting 28% of the paid up equity share capital of Starlite Lighting Limited (SLL), at the predetermined consideration of INR 3.5 lacs. With this acquisition, the shareholding of the Company in SLL has increased from 19% to 47%.
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Contingent Liabilities not provided for : |
|
|
|
Claims against the Company not acknowledged as debts |
103.202 |
75.352 |
|
Guarantees / Letter of Comfort given on behalf of Companies ` 29,064.00 lakh (Previous Year ` 28,064.00 lakh) |
1672.188 |
1719.846 |
|
Excise and Customs demand - matters under dispute and Claims for refund of Excise Duty, if any, against Excise Duty Refund received in the earlier year |
0.720 |
0.805 |
|
Service Tax matters under dispute and Claims |
15.605 |
15.880 |
|
Income Tax matters - Appeal by company |
28.613 |
28.613 |
|
Sales Tax matters under dispute |
647.517 |
258.244 |
|
Penalty/damages/interest, if any, due to non-fulfilment of any of the terms of works contracts |
Liability unascertained |
Liability unascertained |
|
Uncalled liability in respect of partly paid Shares held as investments |
0.720 |
0.720 |
FIXED ASSETS
- Freehold Land
- Lease hold Land
- Building
- Plant and Machinery
- Furniture and Fixtures
- Electrical Installations
- Office Equipment
- Vehicles
- Dies and Jigs
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 records 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 63.64 |
|
|
1 |
INR 89.32 |
|
Euro |
1 |
INR 78.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPY |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
MTN |
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.