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|
MIRA INFORM REPORT
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Report No. : |
498552 |
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Report Date : |
20.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
BALKRISHNA INDUSTRIES LIMITED [w.e.f.29.10.1987] |
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Formerly known
as : |
BALAKRISHNA PAPER MILLS LIMITED [w.e.f.17.05.1971] PAPCHONI CORPORATION LIMITED |
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Registered
Office : |
B-66, Waluj MIDC, Waluj Industrial Area, Aurangabad - 431136, Maharashtra |
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Tel. No.: |
91-22-66663800 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
20.11.1961 |
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Com. Reg. No.: |
11-012185 |
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Capital
Investment / Paid-up Capital : |
INR 193.300 Million |
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CIN No.: [Company Identification
No.] |
L99999MH1961PLC012185 |
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IEC No.: |
0388115556 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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TIN No.: |
27320000063 |
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GST No.: |
27AAACB3333J1ZW |
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PAN No.: [Permanent Account No.] |
AAACB3333J |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of Manufacturing and
Selling of “Off-Highway Tyres” (OHT) in the specialist segments such as
Agricultural, Industrial and Construction, Earthmovers & Port, Mining,
Forestry, Lawn and Garden and All-Terrain Vehicles (ATV). [Registered
Activity] |
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No. of Employees
: |
2595 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject was incorporated in the year 1961 and it is engaged in the manufacturing and selling of pneumatic tyres in India and internationally. It offers tires primarily for agricultural, forestry, industrial, material handling, lawn and garden, all-terrain vehicle, construction, and earth moving applications. As per the quarterly results of December 2017, the company has earned sales turnover of INR 11063.100 million and has gained satisfactory net profit margin of 17.13%. For the financial year ended 2017, the company has achieved 15.76% growth in its revenue as compared to the previous year and has reported favorable net profit margin of 18.88%. Rating continues to reflect company’s sound operating efficiency marked by comfortable financial profile, healthy cash flows and adequate debt protection metrics. Business is active. Payment seems to be regular and as per commitment. The company can be considered good for normal business dealings at usual trade terms and conditions. NOTE: The company’s Directors had approved the Scheme of Amalgamation (“the Scheme”) of its wholly owned subsidiary BKT EXIM Limited (BKT EXIM) into the company and their respective shareholders under Sections 391 to 394 of the Companies Act, 1956 at its meeting held on 18th May, 2016, subject to the approval of the Honorable High Court of Judicature at Bombay (‘the High Court’), National Company Law Tribunal (‘NCLT’) or such other competent authority. The Company has filed petition in the Bombay High Court, which was transferred to NCLT and is still pending with it. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long
term Loans= AA |
|
Rating Explanation |
High
degree of safety and very low credit risk. |
|
Date |
02.08.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short
term Loans= A1+ |
|
Rating Explanation |
Very Strong degree of safety and carry lowest credit risk. |
|
Date |
02.08.2017 |
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 20.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [CONTACT NO.: 91-22-66663800]
LOCATIONS
|
Registered Office : |
B-66, Waluj MIDC, Waluj Industrial Area, Aurangabad - 431136, Maharashtra, India |
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Tel. No.: |
91-22-66663800 |
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Fax No.: |
91-22-66663898/ 99 |
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E-Mail : |
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Website : |
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Corporate Office : |
BKT House, C/15, Trade World, Kamala Mills Compound,
Senapati Bapat Marg, Lower Parel (W), Mumbai – 400013, , Maharashtra, India |
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Plants : |
TYRE MANUFACTURING: · B-66, Waluj MIDC, Waluj Industrial Area, Aurangabad - 431136, Maharashtra, India ·
SP-923, RIICO Industrial Area, Phase-III, P.O.
Bhiwadi, District Alwar-301 019, Rajasthan, India ·
A-300-305 and E-306-313 RIICO Industrial Area,
Chopanki P.O. Bhiwadi, District Alwar-301707, Rajasthan, India ·
Bhuj Bhachau Road, S.H.No.42, Village
Padhdhar, Taluka Bhuj, District Kutch-370105, Gujarat, India CALENDERING : ·
SP4-886, RIICO Industrial Area, Pathredi,
Bhiwadi, District Alwar-301707, Rajasthan, India WIND FARM : · Village Soda Mada, Tehsil: Fatehgarh, District Jaisalmer-345027, Rajasthan, India MOULD UNIT : ·
C-21, M.I.D.C, Phase No. I, Dombivali (East),
District Thane-421203, Maharashtra, India |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Laxmidas Vallabhdas Merchant |
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Designation : |
Director |
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Address : |
Ramkrupa Tower, 9th Floor, Block No.12, Dr. Parekh Street, Prathana Samaj, Mumbai-400004, Maharashtra, India |
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Date of Appointment : |
22.01.2009 |
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DIN No.: |
00007722 |
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Name : |
Mr. Sanjay Khatau Asher |
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Designation : |
Director |
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Address : |
32, Mody Street, Fort, Mumbai-400001, Maharashtra, India |
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Date of Appointment : |
29.05.2010 |
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DIN No.: |
00008221 |
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Name : |
Mr. Arvind Kumar Poddar |
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Designation : |
Managing Director |
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Address : |
82, Mount Unique, 62 A. G. Deshmukh Road (Pedder Road), Mumbai-400026,
Maharashtra, India |
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Date of Appointment : |
31.01.2014 |
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DIN No.: |
00089984 |
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Name : |
Mr. Khurshed Doongaji |
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Designation : |
Director |
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Address : |
G-8, Spenta Apartment, B.G. Kher Marg, Malabar Hill, Mumbai-400006,
Maharashtra, India |
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Date of Appointment : |
30.01.2003 |
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DIN No.: |
00090939 |
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|
|
Name : |
Mr. Vijaylaxmi Poddar |
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Designation : |
Director |
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Address : |
R:94, 95 F:12, W: P-62A, Mount Unique, Dr. Gopalrao Deshmukh Marg,
Cumbalal Hill, Mumbai-400026, Maharashtra, India |
|
Date of Appointment : |
30.05.2012 |
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DIN No.: |
00160484 |
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Name : |
Mr. Rajiv Arvind Poddar |
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Designation : |
Whole-time director |
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Address : |
R:94, 95, F:12, W:P-62A, Mount Unique, Dr. Gopalrao Deshmukh Marg,
Cumballa Hill, Mumbai-400026, Maharashtra, India |
|
Date of Appointment : |
22.01.2009 |
|
DIN No.: |
00160758 |
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|
|
|
Name : |
Mr. Ashok Mahavirprasad Saraf |
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Designation : |
Director |
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Address : |
Kiran - 12 - Presidency Society, N. S. Road No 8, J.V.P.D. Scheme,
Vile Parle (West), Mumbai-400049, Maharashtra, India |
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Date of Appointment : |
29.05.2008 |
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DIN No.: |
01627873 |
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|
|
|
Name : |
Mr. Vipul Ramanlal Shah |
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Designation : |
Wholetime Director and Company Secretary |
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Address : |
604, Vasant Laxmi Co-Operative HSG Society, MG Cross Road No.4,
Kandivali (West), Mumbai-400067, Maharashtra, India |
|
Date of Appointment : |
01.06.1995 |
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PAN No.: |
AAOPS7428N |
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DIN No.: |
05199526 |
KEY EXECUTIVES
|
Name : |
Mr. Basant Kumar Govind Lal Bansal |
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Designation : |
Chief Financial Officer |
|
Address : |
A5/403, R.N.A. Park Vashi Naka, Chembur, Mumbai-400074, Maharashtra, India |
|
Date of Appointment : |
15.05.2014 |
|
PAN No.: |
AACPB4928Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2017
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter &
Promoter Group |
112696020 |
58.30 |
|
|
(B) Public |
80621170 |
41.70 |
|
|
Grand Total |
193317190 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated
as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
112695480 |
58.30 |
|
|
RISHABH S PODDAR |
2790180 |
1.44 |
|
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HARSHIT SHRIKISHAN
PODDAR |
200 |
0.00 |
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|
GAURAV PRAMOD
PODDAR |
200 |
0.00 |
|
|
Ankit Pramodkumar
Poddar |
200 |
0.00 |
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|
ABHISHEK S PODDAR |
200 |
0.00 |
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ANURAG PAWANKUMAR
PODDAR |
200 |
0.00 |
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|
AVNISH PAWANKUMAR
PODDAR |
200 |
0.00 |
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|
RAJIV A PODDAR |
53577010 |
27.71 |
|
|
SHYAMLATA S PODDAR |
1000 |
0.00 |
|
|
SANGEETA PRAMODKUMAR
PODDAR |
400 |
0.00 |
|
|
VIBHADEVI
SHRIKISHAN PODDAR |
200 |
0.00 |
|
|
ARVINDKUMAR M
PODDAR |
1000 |
0.00 |
|
|
VIJAYALAXMI A
PODDAR |
1000 |
0.00 |
|
|
DHARAPRASAD
RAMRIKHDAS PODDAR |
400 |
0.00 |
|
|
GEETADEVI
DHARAPRASAD PODDAR |
200 |
0.00 |
|
|
ASHADEVI RAMESHKUMAR
PODDAR |
200 |
0.00 |
|
|
RAMESHKUMAR
DHARAPRASAD PODDAR |
600 |
0.00 |
|
|
PAWANKUMAR
DHARAPRASAD PODDAR |
600 |
0.00 |
|
|
MADHUDEVI
PAWANKUMAR PODDAR |
200 |
0.00 |
|
|
SHRIKISHAN
DHARAPRASAD PODDAR |
600 |
0.00 |
|
|
HSP ENTERPRISES
LLP |
250 |
0.00 |
|
|
TMP ENTERPRIES LLP |
493360 |
0.26 |
|
|
DPP ENTERPRISES
LLP |
250 |
0.00 |
|
|
VKP ENTERPRISES
LLP |
48232880 |
24.95 |
|
|
GPP ENTERPRISES
LLP |
200 |
0.00 |
|
|
PKP ENTERPRISES
LLP |
250 |
0.00 |
|
|
RAP ENTERPRISES
LLP |
250 |
0.00 |
|
|
AKP ENTERPRISES
LLP |
250 |
0.00 |
|
|
KHUSHBOO RAJIV
PODDAR |
7593000 |
3.93 |
|
|
Any Other
(specify) |
540 |
0.00 |
|
|
BALGOPAL HOLDING
& TRADERS LTD |
100 |
0.00 |
|
|
PODDAR BROTHERS
INVESTMENT PRIVATE LIMITED |
100 |
0.00 |
|
|
VISHAL FURNISHINGS
LTD |
100 |
0.00 |
|
|
S P INVESTRADE (INDIA)
LIMITED |
70 |
0.00 |
|
|
SANCHNA TRADING
& FIN. LTD. |
70 |
0.00 |
|
|
S P FINANCE AND
TRADING LTD |
100 |
0.00 |
|
|
Sub Total A1 |
112696020 |
58.30 |
|
|
A=A1+A2 |
112696020 |
58.30 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
21684310 |
11.22 |
|
|
HDFC TRUSTEE
COMPANY LIMITED-HDFC EQUITY FUND |
14598812 |
7.55 |
|
|
FRANKLIN INDIA
MONTHLY INCOME PLAN |
2195954 |
1.14 |
|
|
Foreign Portfolio
Investors |
34359671 |
17.77 |
|
|
GOVERNMENT PENSION
FUND GLOBAL |
3752826 |
1.94 |
|
|
AMANSA HOLDINGS
PRIVATE LIMITED |
2927176 |
1.51 |
|
|
Financial Institutions/
Banks |
77882 |
0.04 |
|
|
Sub Total B1 |
56121863 |
29.03 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0.00 |
||
|
B3)
Non-Institutions |
0.00 |
||
|
Individual share
capital up to INR 0.200 million |
12944773 |
6.70 |
|
|
Individual share
capital in excess of INR 0.200 million |
3818274 |
1.98 |
|
|
NBFCs registered
with RBI |
56220 |
0.03 |
|
|
Any Other
(specify) |
7680040 |
3.97 |
|
|
Trusts |
360604 |
0.19 |
|
|
Alternative
Investment Fund |
44000 |
0.02 |
|
|
NRI – Repat |
571525 |
0.30 |
|
|
Clearing Members |
667692 |
0.35 |
|
|
NRI – Non- Repat |
211791 |
0.11 |
|
|
Bodies Corporate |
5236318 |
2.71 |
|
|
IEPF |
588110 |
0.30 |
|
|
Sub Total B3 |
24499307 |
12.67 |
|
|
B=B1+B2+B3 |
80621170 |
41.70 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Manufacturing and
Selling of “Off-Highway Tyres” (OHT) in the specialist segments such as
Agricultural, Industrial & Construction, Earthmovers & Port, Mining,
Forestry, Lawn & Garden and All-Terrain Vehicles (ATV). [Registered
Activity] |
|
|
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|
Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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|
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
2595 (Approximately) |
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Bankers : |
· Corporation Bank · Standard Chartered Bank · State Bank Of India · Kotak Mahindra Bank Limited · Barclays Bank · Plc IndusInd Bank Limited · Citi Bank N.A. · The Hong Kong And Shanghai Banking Corporation Limited · The Bank Of Nova Scotia · The Bank Of Tokyo-Mitsubishi UFJ, Limited ·
Mizuho Bank Limited |
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Facilities : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Jayantilal Thakkar and Company Chartered Accountants |
|
|
|
|
Internal Auditors: |
|
|
Name : |
Dilip A. Jain and Associates Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Other Related
Parties -(Enterprises-KMP having significant influence/owned by major
shareholders): |
Clothing Culture
Limited |
|
|
|
|
Subsidiary
Companies : |
· BKT Exim Limited · BKT Tyres Limited · Thristha Synthetics Limited |
|
|
|
|
Step down
Subsidiaries : |
· BKT Europe S.R.L · BKT USA INC. · BKT Tires (Canada) INC · BKT Exim US,INC · BKT Tires, INC |
CAPITAL STRUCTURE
AFTER: 09.09.2017
Authorised Capital: INR 910.000 Million
Issued, Subscribed & Paid-up Capital: INR 386.634 Million
AS ON: 31.03.2017
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
440000000 |
Equity Shares |
INR 2/- each |
INR 880.000 Million |
|
2000000 |
Redeemable Preference Shares |
INR 10/- each |
INR 20.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 900.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
96658595 |
Equity Shares |
INR 2/- each |
INR 193.300
Million |
|
|
|
|
|
Terms/rights attached
to equity shares:
All the Equity Shares have equal rights in respect of
distribution of dividends and the repayment of capital
Reconciliation of
number of shares outstanding at the beginning and end of the year
|
Equity share : |
As at 31st March 2017 |
|
|
|
Number of shares |
INR in Million |
|
Balance at the beginning of the year |
96658595 |
193.300 |
|
Balance at the end of the year |
96658595 |
193.300 |
Shareholder’s holding
more than 5 % Shares in the Company
|
Name of Shareholders |
No. of Shares held |
|
VKP Enterprises LLP |
24116440 |
|
% Holding |
24.95 |
|
Rajiv A Poddar |
23984790 |
|
% Holding |
24.81 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
193.300 |
193.300 |
193.300 |
|
(b) Reserves & Surplus |
35292.300 |
27623.300 |
24196.100 |
|
(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) |
35485.600 |
27816.600 |
24389.400 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
2188.400 |
8307.600 |
13529.800 |
|
(b) Deferred tax liabilities (Net) |
3528.800 |
2464.300 |
2504.200 |
|
(c)
Other long term liabilities |
150.800 |
173.700 |
200.500 |
|
(d)
long-term provisions |
126.000 |
59.000 |
36.200 |
|
Total
Non-current Liabilities (3) |
5994.000 |
11004.600 |
16270.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
5484.600 |
4413.400 |
5798.900 |
|
(b)
Trade payables |
3633.400 |
3367.200 |
3799.100 |
|
(c)
Other current liabilities |
6876.000 |
7149.300 |
4324.000 |
|
(d)
Short-term provisions |
56.200 |
63.900 |
53.100 |
|
Total
Current Liabilities (4) |
16050.200 |
14993.800 |
13975.100 |
|
|
|
|
|
|
TOTAL |
57529.800 |
53815.000 |
54635.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
28369.400 |
28540.600 |
24165.200 |
|
(ii)
Intangible Assets |
39.900 |
41.600 |
12.800 |
|
(iii)
Capital work-in-progress |
1096.700 |
2310.700 |
6340.400 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
8958.600 |
5864.100 |
699.500 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
0.000 |
0.000 |
0.000 |
|
(e)
Other Non-current assets |
1972.000 |
1577.400 |
1674.500 |
|
Total
Non-Current Assets |
40436.600 |
38334.400 |
32892.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
4589.800 |
2796.600 |
4250.600 |
|
(b)
Inventories |
4596.900 |
3877.100 |
4902.400 |
|
(c)
Trade receivables |
4121.900 |
3803.400 |
3667.000 |
|
(d)
Cash and cash equivalents |
136.200 |
3028.400 |
4311.400 |
|
(e)
Short-term loans and advances |
239.100 |
265.000 |
44.100 |
|
(f)
Other current assets |
3409.300 |
1710.100 |
4567.300 |
|
Total
Current Assets |
17093.200 |
15480.600 |
21742.800 |
|
|
|
|
|
|
TOTAL |
57529.800 |
53815.000 |
54635.200 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
37883.000 |
32725.200 |
37799.056 |
|
|
|
Other Income |
2491.100 |
1489.600 |
2798.001 |
|
|
|
TOTAL |
40374.100 |
34214.800 |
40597.057 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
15730.500 |
13893.500 |
19448.290 |
|
|
|
Purchases of Stock-in-Trade |
78.000 |
51.400 |
72.805 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
4.700 |
147.900 |
157.773 |
|
|
|
Employees benefits expense |
2242.900 |
2057.000 |
1943.481 |
|
|
|
Other expenses |
8508.300 |
8194.000 |
8833.119 |
|
|
|
TOTAL |
26564.400 |
24343.800 |
30455.468 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
13809.700 |
9871.000 |
10141.589 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
214.400 |
394.700 |
464.037 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
13595.300 |
9476.300 |
9677.552 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3038.300 |
2821.700 |
2402.023 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
10557.000 |
6654.600 |
7275.529 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3405.600 |
2268.900 |
2387.414 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
7151.400 |
4385.700 |
4888.115 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
Export of goods on FOB
Basis |
|
27108.358 |
30990.438 |
|
|
|
Recovery towards Freight and Insurance on Export |
|
738.042 |
1224.823 |
|
|
|
Others |
|
4.204 |
3.032 |
|
|
|
TOTAL EARNINGS |
NA |
27850.604 |
32218.293 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials |
|
8433.881 |
9840.646 |
|
|
|
Stores & Spares |
|
110.581 |
3023.521 |
|
|
|
Capital Goods |
|
318.623 |
2940.798 |
|
|
|
Others |
|
8.565 |
3643.326 |
|
|
|
TOTAL IMPORTS |
NA |
8871.650 |
19448.291 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
73.99 |
45.37 |
51.55 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
5938.500 |
6080.600 |
3651.100 |
|
|
|
|
|
|
Cash generated from operations |
11582.500 |
13320.900 |
11920.341 |
|
|
|
|
|
|
Net cash from Operating Activities |
8436.600 |
10951.800 |
9789.140 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
39.71 |
42.42 |
35.41 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
9.19 |
8.60 |
10.31 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
83.89 |
88.13 |
71.03 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
3.00 |
2.55 |
2.07 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.47 |
0.32 |
0.33 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.42 |
0.55 |
0.57 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.38 |
0.68 |
0.94 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.45 |
0.54 |
0.57 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.83 |
1.11 |
1.25 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
64.41 |
25.01 |
21.86 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
18.88 |
13.40 |
12.93 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
12.43 |
8.15 |
8.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
20.15 |
15.77 |
20.04 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.06 |
1.03 |
1.56 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.78 |
0.77 |
1.21 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.62 |
0.52 |
0.45 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
70.42 |
97.27 |
118.88 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.06 |
1.03 |
1.56 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
|
|
|
Market Value |
INR 1087.65/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
193.300 |
193.300 |
193.300 |
|
Reserves & Surplus |
24196.100 |
27623.300 |
35292.300 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
24389.400 |
27816.600 |
35485.600 |
|
|
|
|
|
|
long-term borrowings |
13529.800 |
8307.600 |
2188.400 |
|
Short term borrowings |
5798.900 |
4413.400 |
5484.600 |
|
Current Maturities of Long
term debt |
3651.100 |
6080.600 |
5938.500 |
|
Total
borrowings |
22979.800 |
18801.600 |
13611.500 |
|
Debt/Equity
ratio |
0.942 |
0.676 |
0.384 |
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 |
37799.056 |
32725.200 |
37883.000 |
|
|
|
(13.423) |
15.761 |
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 |
37799.056 |
32725.200 |
37883.000 |
|
Profit/ (Loss) |
4888.115 |
4385.700 |
7151.400 |
|
|
12.93% |
13.40% |
18.88% |
LEGAL CASES
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
PRESENTATION
DATE:- 27.10.2017 |
|
LODGING NO: ITXAL/2729/2017
FILING DATE: 27.10.2017 |
|
PETITIONER:
PR. COMMISSIONER OF INCOEM TAX-6 RESPONDENT: BALKRISHNA
INDUSTRIES LIMITED RESP. ADV.: PADMA DIVAKAR (I3287)
DISTRICT: MUMBAI |
|
BENCH: SINGLE STATUS: PRE-ADMISSION CATEGORY:
TX APPEALS LAST DATE: 15.02.2018
STAGE: FOR REJECTION LAST CORAM : REGISTRAR (OS)/ PROTHONOTARY AND SR. MASTER |
|
ACT: Income Tax Act,
1961 Under Section :- 260 A |
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 |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter involved
in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
C77490365 |
10562263 |
AXIS TRUSTEE SERVICES LIMITED |
01/04/2015 |
22/01/2016 |
- |
5947500000.0 |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,PANDURANG BUDHKAR MARG, WORLI,MUMBAIMH400025IN |
|
2 |
C42154377 |
10546462 |
STANDARD CHARTERED BANK |
21/01/2015 |
- |
- |
250000000.0 |
CRESCENZO, 3A/F, PLOT NO. C-38 & C-39, G BLOCKBANDRA KURLA COMPLEX, BANDRA EASTMMUBAIMH400051IN |
|
3 |
B77568863 |
10392194 |
STANDARD CHARTERED BANK |
20/11/2012 |
27/05/2013 |
- |
406000000.0 |
CRESCENZO, 3A/F, PLOT NO. C-38 & C-39, G BLOCKBANDRA KURLA COMPLEX, BANDRA EASTMUMBAIMH400051IN |
|
4 |
B77568988 |
10342059 |
STANDARD CHARTERED BANK |
24/02/2012 |
27/05/2013 |
- |
174000000.0 |
CRESCENZO, 3A/F, PLOT NO. C-38 & C-39, G BLOCKBANDRA KURLA COMPLEX, BANDRA EASTMUMBAIMH400051IN |
|
5 |
B70722160 |
10341975 |
STANDARD CHARTERED BANK |
11/02/2012 |
01/03/2013 |
- |
170000000.0 |
CRESCENZO, 3A/F, PLOT NO. C-38 & 39, G BLOCKBANDRA KURLA COMPLEX, BANDRA EASTMUMBAIMH400051IN |
|
6 |
G31505415 |
10324713 |
AXIS TRUSTEE SERVICES LIMITED |
20/12/2011 |
23/12/2016 |
- |
7600000000.0 |
AXIS HOUSE, BOMBAY DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLIMUMBAIMA400025IN |
|
7 |
B88556154 |
10124121 |
CORPORATION BANK |
16/09/2008 |
10/10/2013 |
- |
140000000.0 |
CORPORATE BANKING BRANCH, 104 BHARAT HOUSE,B. S. MARG, FORT,MUMBAIMH400001IN |
|
8 |
A05491667 |
10022020 |
UTI BANK LTD |
14/09/2006 |
- |
- |
82500000.0 |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGEAHMEDABADGJ380006IN |
|
9 |
B06124184 |
80036583 |
AXIS BANK LIMITED |
17/09/2005 |
07/02/2011 |
- |
5122312500.0 |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGEAHMEDABADGJ380006IN |
|
10 |
Y10258319 |
90158549 |
UTI BANK LTD |
20/01/2005 |
- |
- |
58600000.0 |
U. I. B.SIR P. M. ROAD; FORTMUMBAIMH400001IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred Sales Tax under the scheme of Government of Maharashtra
(Payable after ten years, from the date of respective loan, in five annual
equal installments) |
28.800 |
30.800 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
From Banks |
2886.400 |
1711.300 |
|
|
|
|
|
Total |
2915.200 |
1742.100 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims against the
Company not acknowledge as debts |
|
|
|
Disputed claims for excise, sales tax, customs and service
tax |
1058.600 |
1204.800 |
|
Disputed income tax demands |
20.700 |
68.000 |
|
Guarantees given by the Company's bankers on behalf of the Company against the Company's Indemnity |
149.300 |
151.700 |
|
Corporate Guarantee
given by the Company: |
|
|
|
To the President of India through commissioner of Custom |
13078.900 |
4321.500 |
|
To Bank against loan taken by stepdown subsidiary |
162.100 |
0.000 |
|
Standby Letter of Credit issued by Company's banker for loan taken by stepdown subsidiary |
135.000 |
180.200 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF
YEAR ENDED 31.12.2017
|
Particulars |
Quarter Ended 31.12.2017 |
Quarter Ended 30.09.2017 |
Half Year Ended 31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Income from operations |
|
|
|
|
Revenue from operations |
11063.100 |
11144.100 |
32327.00 |
|
Other Income |
777.400 |
825.000 |
2525.100 |
|
Total Income |
11840.500 |
11969.100 |
34852.100 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of Materials Consumed |
5005.200 |
5443.000 |
15960.700 |
|
Purchases of Stock-in-Trade |
97.000 |
18.300 |
135.600 |
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(53.900) |
20.700 |
(334.500) |
|
Employee
benefits expense |
614.800 |
596.300 |
1798.500 |
|
Finance
Costs |
18.900 |
26.000 |
96.300 |
|
Depreciation
and amortisation expense |
799.200 |
776.600 |
2330.800 |
|
Other
expenditure |
2500.100 |
2016.800 |
6655.600 |
|
Total Expenses |
8981.300 |
8897.700 |
26643.000 |
|
|
|
|
|
|
Profit from ordinary activities after finance costs but before
exceptional Items (5-6) |
2859.200 |
3071.400 |
8209.100 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
Profit from ordinary activities before tax
(7-8) |
2859.200 |
3071.400 |
8209.100 |
|
Tax expense |
|
|
|
|
Current Tax |
923.000 |
1058.500 |
2750.500 |
|
Differed Tax |
41.200 |
(16.900) |
2.300 |
|
Net profit/ loss for the year |
1895.000 |
2029.800 |
5456.300 |
|
Other comprehensive income |
|
|
|
|
Item
That will not be reclassified to profit or loss |
4.500 |
(6.400) |
(3.600) |
|
Income
tax relating to items that will not be reclassified to profit or loss |
(1.500) |
2.200 |
1.300 |
|
Item
That will be reclassified to profit or loss |
107.200 |
(430.400) |
(373.900) |
|
Income
tax relating to items that will be reclassified to profit or loss |
(37.100) |
149.000 |
129.400 |
|
Other comprehensive income |
73.100 |
(285.600) |
(246.800) |
|
Total comprehensive income |
1968.100 |
1744.200 |
5209.500 |
|
Paid - up Equity Share Capital (Face value of INR 2/- per share) |
386.600 |
193.300 |
386.600 |
|
Earnings Per Share (EPS) |
|
|
|
|
a) Basic and diluted |
9.80 |
10.50 |
28.22 |
NOTES:
1. The above unaudited (Stand - alone) results as reviewed by the Audit Committee have been approved by the Board of Directors at its meeting held on 14th February, 2018. The Statutory Auditors of the Company have carried out the "Limited Review" of the above results.
2. Operating segments disclosures as required by IND AS-108 is not applicable as the company operates in one single primary business segment i.e. Tyres.
3. The Other Income includes net Foreign exchange (gain)/loss as under:
|
Particulars |
Quarter Ended 31.12.2017 |
Quarter Ended 30.09.2017 |
Half Year Ended 31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
exchange Difference
[Gain/ Loss] |
(730.000) |
(662.300) |
(1975.400) |
4. Revenue from Operations for periods up to 30.06.2017 are inclusive of excise duty in accordance with requirements of Ind AS. Effective 01.07.2017 with the implementation of Goods and Service Tax (GST), the revenue from operation for the three month ended 30.09.2017 is exclusive of GST . Hence, the revenue from operations for the quarter and nine months ended 31.12.2017 are not comparable with the amounts reported in the immediately preceding quarter and the corresponding previous periods/year end.
5. The Board has declared third Interim dividend of INR 1.50 (75 %) per equity share of INR 2/-each. The cash outgo on account of interim dividend and dividend tax will be INR 349.000 million.
6. On 27th December, 2017, the Company allotted 9,66,58,595 Equity Shares of INR 2 each as fully paid-up Bonus Equity Shares in the ratio of 1:1 to all registered shareholders as on the record date. Consequently, in accordance with Ind AS 33 "Earnings per Share", the basic and diluted earnings per share for all the periods presented above have been adjusted to give effect to the aforesaid issue of Bonus Shares.
7. The Hon'ble National Company Law Tribunal, Mumbai bench ('NCLT') has sanctioned the Scheme of Amalgamation of BKT Exim Limited with Balkrishna Industries Limited ('Scheme') on 24th January, 2018 and a certified copy of the NCLT order was received by the Company on 9th February, 2018, which the Board has taken on record. It has no financial impact on the result of the Company.
8. Previous period's figures have been regrouped/reclassified wherever necessary.
GENERAL INFORMATION
Subject is engaged in the business of manufacturing and selling of “Off-Highway Tyres” (OHT) in the specialist segments such as Agricultural, Industrial & Construction, Earthmovers & Port, Mining, Forestry, Lawn & Garden and All-Terrain Vehicles (ATV).
The company is a public limited company incorporated and
domiciled in India and has its registered office at Waluj MIDC, Aurangabad,
Maharashtra, India.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT:
The company is primarily into tyre industry and within it focuses on “Off Highway segment” which generally consist of agriculture tyres, industrial tyres, construction tyres, mining tyres, port tyres, lawn and garden tyres and all terain vehicle tyres (ATV).
This segment is known as “large varieties low volume segment” wherein any credible player needs to maintain large number of Stock Keeping Units (SKUs) to meet the diverse requirement of its customers. The major market for these kind of tyres are the developed countries, more particularly, Europe and USA
While the sub segment (agriculture) is largely known as non-cyclical in nature, the other sub segment (industrial, construction and mining) is generally considered as cyclical and the performance of it is largely linked to overall economic outlook of the world.
Under this segment,
there are primarily 3 channel partners:
1) Distributors (known as replacement segment)
2) Original equipment manufacturer (OEM)
3) Institutional players who maintains larger base of fleet.
The growth rate of these segments has been in the range of 3 ~ 4% and in last
few years, no major capacity additions have taken place across the globe.
OPERATIONS:
The Company mainly operates in one single segment i.e. “tyres” with focus on manufacture of wide range of “Off-Highway Tyres” (OHT), which are mainly used in Agricultural, Industrial & Construction, Earthmover & Port, Mining, Forestry, Lawn & Garden and All-Terrain Vehicles (ATV). More than 80% of their revenue is generated through exports.
During the year under consideration on Standalone basis, the Company achieved a Net turnover of INR 37883.000 Million as against INR 32725.200 Million during previous financial year, Earnings before Interest, Depreciation and Tax (EBITDA) has increased to INR 13809.700 Million from INR 9871.000 Million during previous financial year and Net profit has increased to INR 7151.400 Million from INR 4385.700 Million during previous financial year.
During the year under consideration on Consolidated basis,
the Company achieved Net turnover of INR 37838.400 Million as against INR
32894.600 Million during previous financial year, Earnings before Interest,
Depreciation and Tax (EBIDTA) has increased to INR 13846.000 Million from INR
9960.600 Million during previous financial year and Net profit has increased to
INR 10586.000 Million from INR 6742.500 Million during previous financial year.
OUTLOOK FOR THE
CURRENT YEAR 2017-2018:
The Company’s earnings are mainly generated through exports.
The overall business environment across the globe has been challenging in past
few years, however, the previous year has been good due to revival in commodity
cycle and overall good agricultural activities across the globe. Unfortunately,
the momentum in revival of commodity cycle has not been of a sustained nature
and therefore the business environment still looks challenging. However, the
long term prospects of the Company are good and promising. The Company
continues to explore all the avenues to ensure growth of the business which
includes, deeper penetration into existing market within India as well as
outside India, extending relationship with OEMs and expanding product range.
With all such efforts, the Company has aimed to achieve higher sales during the
current year.
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Electric Installations
· Computer
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 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 65.04 |
|
UK Pound |
1 |
INR 90.56 |
|
Euro |
1 |
INR 79.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.