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MIRA
INFORM REPORT
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Report No. : |
498566 |
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Report Date : |
20.03.2018 |
IDENTIFICATION DETAILS
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Name : |
SRIKALAHASTHI PIPES LIMITED [w.e.f. 29.0.2014] |
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Formerly known
as: |
LANCO INDUSTRIES LIMITED |
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Registered
Office : |
Rachgunneri Village, Srikalahasthi Mandal, Chittoor - 517641, Andhra Pradesh |
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Tel. No.: |
91-8578-286650-55 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
01.11.1991 |
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Com. Reg. No.: |
01-013391 |
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Capital
Investment / Paid-up Capital : |
INR 397.636 Million |
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CIN No.: [Company Identification
No.] |
L74999AP1991PLC013391 |
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IEC No.: |
Not Divulged |
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TIN No.: |
Not Divulged |
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GST No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Divulged |
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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 manufacture and supply of Ductile Iron Pipe company predominantly caters to the needs of water infrastructure
development. The Company also produces Low Ash Metallurgical Coke, Sinter and
Power for captive consumption in its integrated complex and also manufactures
and supplies Pig Iron and Cement. [Registered Activity] |
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No. of Employees
: |
1351 [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+ |
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 : |
Clear |
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Comments : |
Subject was incorporated in the year 1991. For the financial year 2017, the company has achieved a massive growth in its revenue as compared to previous year and has reported decent profit margin of 11.65%. The healthy financial profile of the company is marked by strong networth base along with comfortable debt coverage indicators. The rating takes into consideration the subject’s long established track record of business operations along with extensive experience of its promoters. The company has its share price trading at around INR 333.45 against the Face Value (FV) of INR 10 on BSE as on March 17, 2018. As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 3859.498 million and has reported profit margin of 10.22%. However, these rating strengths are partially offset by volatility in input prices, risk of foreign exchange fluctuation and unfavourable gap between trade payables and trade receivables. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered for good business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
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
|
Rating Agency Name |
CARE |
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Rating |
Long term bank facilities = AA- |
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Rating Explanation |
High degree of safety and very low credit risk |
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Date |
15.02.2018 |
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Rating Agency Name |
CARE |
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Rating |
Short term bank facilities = A1 |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
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Date |
15.02.2018 |
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 BY
MANAGEMENT NON-COOPERATIVE [TEL. NO.: 91-8578-286655/ 50]
LOCATIONS
|
Registered Office/ Factory: |
Rachgunneri Village, Srikalahasthi Mandal, Chittoor - 517641, Andhra Pradesh, India |
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Tel. No.: |
91-8578-286650-55 |
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Fax No.: |
91-8578-286657 |
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E-Mail : |
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Website : |
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Marketing Head
Office: |
No. 148/150 (Old No. 98/99), Luz Church Road, Mylapore, Chennai -
600004, Tamilnadu, India |
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Tel. No.: |
91-44 -24674900 |
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Fax No.: |
91-44-24995229 |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Mayank Kejriwal |
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Designation : |
Managing Director |
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Address : |
Nav-Nikunj 13, Gurusaday Road, Kolkata - 700019, West Bengal, India |
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Date of Appointment : |
30.04.2007 |
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DIN No.: |
00065980 |
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Other Directorship :
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Name : |
Mr. Shermadevi Yegnaswami Rajagopalan |
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Designation : |
Director |
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Address : |
Udayan, Ud-08-1003, 1050/1, Survey Park, Kolkata - 700075, West Bengal, India |
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Date of Appointment : |
07.05.2011 |
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DIN No.: |
00067000 |
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Other Directorship :
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Name : |
Mr. Maruthi Rao Gollapudi |
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Designation : |
Director |
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Address : |
8/6, Saradhambal Street, Gokulam Colony, T. Nagar, Chennai - 600017, Tamilnadu, India |
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Date of Appointment : |
30.03.2002 |
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DIN No.: |
00083950 |
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Other Directorship :
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Name : |
Mr. Gouri Shankar Rathi |
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Designation : |
Wholetime Director |
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Address : |
2a, Suvarnalok (2nd Floor), 34 (Old No.19), Malony Road, T. Nagar, Chennai -600017, Tamilnadu, India |
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Date of Appointment : |
08.06.2005 |
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DIN No.: |
00083992 |
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Other Directorship :
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Name : |
Mr. Priya Manjari Todi |
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Designation : |
Additional Director |
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Address : |
2, Queens Park, Ballygunge, Kolkata - 700019, West Bengal, India |
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Date of Appointment : |
31.01.2008 |
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DIN No.: |
01863690 |
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Name : |
Mrs. Subramanian Hemamalini |
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Designation : |
Director |
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Address : |
#13, 2nd Cross Street Ekr Colony, Jafferkhanpet, Chennai - 600095, Tamilnadu, India |
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Date of Appointment : |
17.03.2015 |
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DIN No.: |
01947327 |
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Other Directorship :
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Name : |
Mr. Rajkumar Khanna |
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Designation : |
Director |
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Address : |
Flat No. 229, Malwa Singh Block, Asian Games Village, New Delhi - 110049, India |
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Date of Appointment : |
09.02.2013 |
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DIN No.: |
05180042 |
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Other Directorship :
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Name : |
Mr. Poyyamozhi Venkatachalam |
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Designation : |
Wholetime Director |
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Address : |
B 26, Jananis Grand, Ellora Mk Stallin Street, Behind Ags, Thazhambur Nevatur, Kancheepuram - 603103, Tamilnadu, India |
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Date of Appointment : |
10.08.2017 |
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DIN No.: |
07887406 |
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KEY EXECUTIVES
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Name : |
Mr. Sivalai Senthilnathan Natarajan |
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Designation : |
CFO(KMP) |
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Address : |
Plot No 5055 T2, Lakshmivel Aprtements, Anna Nagar, Chennai - 600040, Tamilnadu, India |
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Date of Appointment : |
01.12.2016 |
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PAN No.: |
ALMPS6255Q |
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Name : |
Mr. Kodandapani Grandam |
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Designation : |
Company Secretary |
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Address : |
11-62, Sv Nagar Tirupati - 517502, Andhra Pradesh, India |
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Date of Appointment : |
27.09.2017 |
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PAN No.: |
AFUPG7480B |
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Name : |
Mr. V Poyyamozhi |
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Designation : |
Chief Operating Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2017
|
Names of Shareholders |
No. of Shares |
% age holding |
|
(A) Promoter & Promoter Group |
20193178 |
43.24 |
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(B) Public |
26505229 |
56.76 |
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|
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Total |
46698407 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Any Other
(specify) |
20193178 |
43.24 |
|
|
ELECTROSTEEL
CASTINGS LIMITED |
19301218 |
41.33 |
|
|
G. K. & SONS
PRIVATE LTD |
78622 |
0.17 |
|
|
G.K.INVESTMENTS
LTD. |
164254 |
0.35 |
|
|
UTTAM COMMERCIAL
COMPANY LTD. |
224069 |
0.48 |
|
|
MURARI INVESTMENT
& TRADING COMPANY LTD. |
425015 |
0.91 |
|
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Sub Total A1 |
20193178 |
43.24 |
|
|
A2) Foreign |
0.00 |
||
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A=A1+A2 |
20193178 |
43.24 |
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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|||
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|
B1) Institutions |
0 |
0.00 |
|
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Mutual Funds/ |
6416909 |
13.74 |
|
|
DSP BLACKROCK
EQUITY FUND |
3328710 |
7.13 |
|
|
HSBC
INFRASTRUCTURE EQUITY FUND |
1146451 |
2.46 |
|
|
RELIANCE CAPITAL
TRUSTEE CO. LTD-A/C RELIANCE |
1941748 |
4.16 |
|
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Alternate
Investment Funds |
243600 |
0.52 |
|
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Foreign Portfolio
Investors |
2418102 |
5.18 |
|
|
GMO EMERGING
DOMESTIC OPPORTUNITIES FUND, A S |
1139949 |
2.44 |
|
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Financial
Institutions/ Banks |
70604 |
0.15 |
|
|
Sub Total B1 |
9149215 |
19.59 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
Central Government/
State Government(s)/ President of India |
243750 |
0.52 |
|
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Sub Total B2 |
243750 |
0.52 |
|
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B3) Non-Institutions |
0 |
0.00 |
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Individual share
capital upto INR 0.200 Million |
8255116 |
17.68 |
|
|
Individual share
capital in excess of INR 0.200 Million |
4281717 |
9.17 |
|
|
ANIL KUMAR GOEL |
962000 |
2.06 |
|
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DOLLY KHANNA |
671546 |
1.44 |
|
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NBFCs registered
with RBI |
49213 |
0.11 |
|
|
Any Other
(specify) |
4526218 |
9.69 |
|
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NRI |
488258 |
1.05 |
|
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Trusts |
5800 |
0.01 |
|
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Clearing Members |
101240 |
0.22 |
|
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NRI – Non- Repat |
98860 |
0.21 |
|
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Bodies Corporate |
3659222 |
7.84 |
|
|
AVIS TIE UP PRIVATE
LTD |
482000 |
1.03 |
|
|
IEPF |
172838 |
0.37 |
|
|
Sub Total B3 |
17112264 |
36.64 |
|
|
B=B1+B2+B3 |
26505229 |
56.76 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacture and supply of Ductile Iron Pipe company predominantly caters to the needs of water infrastructure
development. The Company also produces Low Ash Metallurgical Coke, Sinter and
Power for captive consumption in its integrated complex and also manufactures
and supplies Pig Iron and Cement. [Registered Activity] |
|
|
|
|
Brand Names : |
Not Available |
|
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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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 : |
1351 [Approximately] |
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Bankers : |
· Andhra Bank · Bank of India · HDFC Bank Limited · ICICI Bank Limited · Punjab National Bank ·
Standard Chartered Bank · Yes Bank Limited |
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Facilities : |
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Auditors : |
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Name : |
K.R. Bapuji and Company Chartered Accountants |
|
Address: |
Hyderabad, Telangana, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Electrosteel Castings Limited |
|
|
|
|
Enterprise where
Key Management Personnel have control: |
·
Amit Trexim Private Limited ·
Global Exports Limited |
CAPITAL STRUCTURE
AFTER 27.09.2017
Authorised Capital : INR 530.000 Million
Issued, Subscribed & Paid-up Capital : INR 466.984
Million
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
530.00 [in Lakhs] |
Equity Shares |
INR 10/- each |
INR 530.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
397.64 [in Lakhs] |
Equity Shares |
INR 10/- each |
INR 397.636 Million |
|
|
|
|
|
Reconciliation of
Shares outstanding at the beginning and at the end of the reporting period
|
Particulars |
31.03.2017 |
|
|
|
No. of Shares [in Lakhs] |
% |
|
Opening number of Shares Outstanding |
397.64 |
48.54 |
|
Opening number of
Shares Outstanding |
397.64 |
3.63 |
Terms/rights attached to equity shares
The company has only one class of equity shares having a par value of INR 10/- per share, each holder of equity share 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 any of the 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.
Details of shareholders holding more than
5% shares in the company
|
Particulars |
31.03.2017 |
|
|
|
No. of Shares [in Lakhs] |
Amount |
|
Equity shares with
voting rights |
|
|
|
Electrosteel Castings Ltd |
193.01 |
48.54 |
|
Avis-Tie Up Private Ltd |
(*) 14.44 |
(*) 3.63 |
(*) disclosed for comparative purpose
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 |
397.636 |
397.636 |
397.636 |
|
(b) Reserves & Surplus |
7737.724 |
6575.383 |
5167.627 |
|
(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) |
8135.360 |
6973.019 |
5565.263 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
638.681 |
1090.244 |
1799.672 |
|
(b) Deferred tax liabilities (Net) |
1253.411 |
1135.809 |
1046.838 |
|
(c)
Other long term liabilities |
26.407 |
124.288 |
124.288 |
|
(d)
long-term provisions |
55.035 |
46.549 |
39.746 |
|
Total
Non-current Liabilities (3) |
1973.534 |
2396.890 |
3010.544 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
3872.254 |
2925.037 |
1986.588 |
|
(b)
Trade payables |
709.702 |
515.378 |
1024.040 |
|
(c)
Other current liabilities |
820.329 |
932.919 |
963.205 |
|
(d)
Short-term provisions |
58.373 |
66.543 |
33.172 |
|
Total
Current Liabilities (4) |
5460.658 |
4439.877 |
4007.005 |
|
|
|
|
|
|
TOTAL |
15569.552 |
13809.786 |
12582.812 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
9083.608 |
7983.818 |
8042.475 |
|
(ii)
Intangible Assets |
9.450 |
6.599 |
9.432 |
|
(iii)
Capital work-in-progress |
56.759 |
194.419 |
88.893 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
55.774 |
39.188 |
37.998 |
|
(e)
Other Non-current assets |
13.524 |
58.886 |
26.134 |
|
Total
Non-Current Assets |
9219.115 |
8282.910 |
8204.932 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1526.353 |
1472.920 |
0.000 |
|
(b)
Inventories |
2134.291 |
1188.857 |
1345.924 |
|
(c)
Trade receivables |
1433.445 |
2075.502 |
1860.467 |
|
(d)
Cash and cash equivalents |
554.829 |
215.395 |
592.411 |
|
(e)
Short-term loans and advances |
239.655 |
80.654 |
256.193 |
|
(f)
Other current assets |
461.864 |
493.548 |
322.885 |
|
Total
Current Assets |
6350.437 |
5526.876 |
4377.880 |
|
|
|
|
|
|
TOTAL |
15569.552 |
13809.786 |
12582.812 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
12034.014 |
11776.707 |
10835.508 |
|
|
|
Other Income |
304.691 |
199.317 |
86.603 |
|
|
|
TOTAL |
12338.705 |
11976.024 |
10922.111 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4760.404 |
4831.292 |
5320.425 |
|
|
|
Purchases of Stock-in-Trade |
738.408 |
287.026 |
533.872 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(1.406) |
2.098 |
103.498 |
|
|
|
Employees benefits expense |
706.732 |
680.377 |
537.494 |
|
|
|
Excise duty on sale of goods |
255.348 |
320.581 |
0.000 |
|
|
|
Other expenses |
3205.220 |
2987.938 |
2484.023 |
|
|
|
TOTAL |
9664.706 |
9109.312 |
8979.312 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2673.999 |
2866.712 |
1942.799 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
392.916 |
424.961 |
436.937 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2281.083 |
2441.751 |
1505.862 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
368.850 |
346.677 |
311.690 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1912.233 |
2095.074 |
1194.172 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(3314.554) |
(3648.279) |
(2015.848) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1402.321 |
1553.205 |
821.676 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
35.25 |
39.01 |
20.66 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term borrowings |
360.396 |
431.267 |
500.075 |
|
|
|
|
|
|
Cash Generated from Operations |
2456.733 |
2462.499 |
1344.358 |
|
|
|
|
|
|
Cash from Operating Activities |
2051.733 |
2002.499 |
1576.222 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
4404.900 |
3403.280 |
3859.500 |
|
Total Expenditure |
3761.830 |
2744.240 |
3264.840 |
|
PBIDT (Excl OI) |
643.070 |
659.040 |
594.660 |
|
Other Income |
61.870 |
52.960 |
125.440 |
|
Operating Profit |
704.940 |
712.000 |
720.100 |
|
Interest |
114.190 |
103.760 |
98.850 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
590.750 |
608.240 |
621.250 |
|
Depreciation |
87.570 |
93.610 |
88.830 |
|
Profit Before Tax |
503.180 |
514.630 |
532.420 |
|
Tax |
138.790 |
142.910 |
137.760 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
364.390 |
371.720 |
394.66 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
364.390 |
371.720 |
394.66 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
43.48 |
64.33 |
62.67 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
8.40 |
5.67 |
5.82 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
47.11 |
36.75 |
63.85 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.25 |
2.41 |
1.44 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.29 |
0.35 |
0.24 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.41 |
0.43 |
0.50 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.60 |
0.64 |
0.77 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.67 |
0.64 |
0.72 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.12 |
1.17 |
1.46 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
6.81 |
6.75 |
4.45 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
11.65 |
13.19 |
7.58 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
9.01 |
11.25 |
6.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
17.24 |
22.27 |
14.76 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.16 |
1.24 |
1.09 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.77 |
0.98 |
0.76 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.52 |
0.50 |
0.44 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
12.25 |
11.18 |
10.78 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.16 |
1.24 |
1.09 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
|
|
|
Market Value |
INR 333.45/- |
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 |
397.636 |
397.636 |
397.636 |
|
Reserves & Surplus |
5167.627 |
6575.383 |
7737.724 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
5565.263 |
6973.019 |
8135.360 |
|
|
|
|
|
|
long-term borrowings |
1799.672 |
1090.244 |
638.681 |
|
Short term borrowings |
1986.588 |
2925.037 |
3872.254 |
|
Current Maturities of Long
term debt |
500.075 |
431.267 |
360.396 |
|
Total
borrowings |
4286.335 |
4446.548 |
4871.331 |
|
Debt/Equity
ratio |
0.770 |
0.638 |
0.599 |
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 |
10835.508 |
11776.707 |
12034.014 |
|
|
|
8.686 |
2.185 |
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 |
10835.508 |
11776.707 |
12034.014 |
|
Profit |
821.676 |
1553.205 |
1402.321 |
|
|
7.58% |
13.19% |
11.65% |
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 |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
C35458256 |
10534366 |
YES BANK LIMITED |
27/09/2014 |
- |
- |
350000000.0 |
NEHRU NAGAR, 9TH
FLOOR, DISCOVERY OF INDIA,DR. A.B. ROAD, WORLIMUMBAIMH400018IN |
|
2 |
C45584257 |
10553563 |
HDFC BANK LIMITED |
07/07/2014 |
- |
- |
500000000.0 |
HDFC BANK HOUSE,
3A,GURUSADAY ROADKOLKATAWB700019IN |
|
3 |
B21276019 |
10300564 |
YES BANK LIMITED |
29/07/2011 |
13/09/2011 |
- |
400000000.0 |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
4 |
B20721015 |
10291964 |
ICICI BANK LIMITED |
17/06/2011 |
12/09/2011 |
- |
810000000.0 |
LANDMARKRACE COURCE
CIRCLEALKAPURIBARODAGJ390015IN |
|
5 |
G15687312 |
80061662 |
STANDARD CHARTERED
BANK (LEAD BANK) |
17/02/2005 |
29/09/2016 |
- |
5400000000.0 |
19, NETAJI SUBHAS
ROADKOLKATAWB700001IN |
|
6 |
Y10369668 |
90261582 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
22/12/1997 |
07/12/2001 |
- |
30000000.0 |
IDBI TOWERCUFFE
PARADEMUMBAIMHIN |
|
7 |
Y10369160 |
90261074 |
UNIT TRUST OF INDIA |
03/03/1994 |
03/03/1994 |
- |
25200000.0 |
13, SIR VITHALDAS
THACKERSERY MARG,(NEW MARINE LINES),MUMBAIMH400020IN |
|
8 |
G73989816 |
10255174 |
YES BANK LIMITED |
18/11/2010 |
- |
10/01/2018 |
500000000.0 |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
9 |
G45825528 |
10367456 |
STANDARD CHARTERED
BANK |
10/07/2012 |
31/12/2012 |
06/06/2017 |
560920000.0 |
AND ON BEHALF OF
STANDARD CHARTERED BANK, LONDON)19, NETAJI SUBHAS ROADKOLKATAWB700001IN |
|
10 |
G45293933 |
10602768 |
ANDHRA BANK |
29/09/2015 |
- |
08/05/2017 |
500000000.0 |
MAIN BRANCHBERI
STREETTIRUPATIAP517501IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Commercial Paper |
750.000 |
0.000 |
|
|
|
|
|
Total |
750.000 |
0.000 |
CORPORATE INFORMATION
The company, incorporated under the Companies Act in the year 1991. It is engaged in the manufacture and supply of Ductile Iron Pipe as its core business with its domicile business in the State of Andhra Pradesh, India. The company predominantly caters to the needs of water infrastructure development. The Company also produces Low Ash Metallurgical Coke, Sinter and Power for captive consumption in its integrated complex. The company also manufactures and supplies Pig Iron and Cement, in the process. The company’s shares are listed on the National Stock Exchange Limited (NSE) and the BSE Limited (BSE) and the shares are traded regularly.
REVIEW OF OPERATIONS:
The Directors are pleased to inform that the financial year 2016-17 has been better year than previous years in terms of completion of cost reduction and production enhancement facilities in Mini Blast Furnace (MBF) and Ductile Iron Pipe Plant (DIP). The installed capacity of the Ductile Iron Pipe Plant has been enhanced from 2,25,000 TPA to 3,00,000 TPA.
The Company has been responsible and instrumental in contributing towards water supply and infrastructure development in the country, which is the foremost priority of the Government. During the FY 2016-17, the company’s Ductile Iron Pipes of about 5,500 KM have been used across the country for transportation of potable water and sewerage under its brand name “SRIPIPES”. The Company has almost completed execution of orders worth about INR 10500.000 million of the prestigious Telangana Water Supply Project, which was bagged by the Company in December, 2015.
FUTURE PROSPECTS:
During the year, the Company has successfully completed capital expenditure programme, which was initiated in the FY 2015-16 entailing an investment of INR 1000.000 million towards installation of Pulverized Coal Injection (PCI) and Bell Less Top equipment facilities in MBF, capacity expansion of DI Pipe Plant, which includes installation of new spinning machine and additional finishing line. These facilities are commissioned during 3rd / 4th quarter of the FY 2016-17, and the Company will be reaping the full benefits from the facilities in terms of increased production of liquid metal and DI Pipes coupled with reduction in coke consumption from the Financial Year 2017-18 onwards.
Further, to be self-sufficient in meeting the coke and power requirements, the Company has taken up the project of installation of additional Coke Oven battery along with additional boiler in the Captive Power Plant at an investment of INR 650.000 million, which is expected to be in place in this financial year. This investment will yield perennial benefit to the Company in terms of uninterrupted availability of Coke and power. This apart, post commissioning of dedicated Captive Oxygen Plant, the cost of production will come down further. During the year there is a steep increase in the prices of Metallurgical Coal due to global demand and supply mismatch and other external factors. However, at present, the prices started declining, which will reduce the pressure on cost of production.
As regards setting up of Ferro Alloys Unit, as the Govt. of Andhra Pradesh has not extended power subsidy of INR 1.50 per unit, the Company has deferred setting up of Ferro Alloys unit, as it is not viable to take up the Project in the absence of power subsidy. However, the Company is seriously pursuing with the Andhra Pradesh Government to reconsider extension of power subsidy to enable the Company to take up the Project. Further, upcoming ambitious water supply projects, Amaravathi Capital Development Projects and infrastructure projects in 100 Smart Cities and 500 other Cities under AMRUT (Atal Mission for Rejuvenation and Urban Transformation) of Central Government and use of Ductile Iron Pipe in the non conventional sector like irrigation schemes etc., will ensure regular business and the company is hopeful of maintaining its growth.
MANAGEMENT
DISCUSSION & ANALYSIS
OVERVIEW :
Srikalahasthi Pipes Limited ventured its base in the Temple Town of Srikalahasthi as a small beginning and the
following are the major MILESTONES since inception.
1991 – Incorporation of the Company.
1994 – Setting up of Mini Blast Furnace of 1,50,000 TPA.
1995– Setting up of 250 TPD Mini Cement Plant.
1997 – Setting up of Ductile Iron Pipes Facility of 60,000 TPA.
2002 – Strategic Alliance with Electrosteel Castings Limited.
2003 – Capacity of DI Pipes increased from 60,000 TPA to 90,000 TPA.
2005 – Commissioning of 150,000 TPA coke oven plant.
2005 – Setting up of Captive Power Plant of 12 MW by using the waste heat recovered from the coke oven plant.
2006 – Capacity of DI Pipes increased from 90,000 TPA to 1,20,000 TPA.
2009 – Capacity of DI Pipes increased from 1,20,000 TPA to 1,50,000 TPA.
2010 – Capacity of Mini Blast Furnace increased from 1,50,000 TPA to 2,25,000 TPA.
2011 – Commissioning of the first of its kind project to use primarily treated sewerage water of Tirupati Municipal
Corporation for industrial purpose.
2012 – Commissioning of Sinter Plant of 5
Lakh MT to substitute usage of lump ore with iron ore fines to a larger
extent. Enhancement of capacity of Coke Oven
Plant from 1,50,000 TPA to 2,25,000 TPA.
2014 – Name of the Company has been changed
from Lanco Industries Limited to “Srikalahasthi Pipes Limited”.
2015 – Capacity of DI Pipes and MBF,
increased to 2,25,000 TPA and 2,75,000 TPA, respectively. Commissioning
of 132 KVA sub-station for quality and
uninterrupted power supply with reduction in tariff.
2016 – Initiated capacity expansion program
of DI Pipes Plant from 2,25,000 TPA to 3,00,000 TPA, installation of
Pulverized Coal Injection (PCI), Stave
Cooling system in Mini Blast Furnace (MBF) for higher productivity
and cost control.
2017 – Capacity of DI Pipes increased to
3,00,000 TPA – Successful commissioning of Pulverized Coal Injection
(PCI)
at MBF to reduce coke consumption.
INDUSTRY OUTLOOK :
Global Industry Analysis and Forecast reveals that India, with its rapid urbanization and rise in living standards, is budding market. According to forecast, by 2050, India is expected to add more than 400 million urban dwellers. With more people staying in cities and towns, the water and waste water system will lead to an increase in demand for DI pipes to transport water and waste water.
There are huge private sector opportunities in the Indian water market. Capital expenditure in the water and waste water sector is expected to touch US $9.1 billion in 2018.
The Indian government, sensing the opportunities, had proposed hefty outlay of budget for water and waste water infrastructure going forward. Growth in India is coming in several ways like Municipal and industrial waste water treatment, a high priority in recent government policies, and water reuse. India lagged in water infrastructure and sewerage development with only about 35% of the total population having access to improved sanitation. In rural areas, where about 65% of India’s population lives, only about 25% has coverage for sanitation. This apart, push given by the Central Government to improve access of quality drinking water and sanitation for the rural and urban habitants and the continued thrust on water and waste water infrastructure development Schemes/Projects through its flagship programmes like National Rural Drinking Water Programme, Swatch Bharath, urban and rural development projects, augur well for the Ductile Iron Pipe industry in terms of boosting demand for DI Pipes in the medium to long term.
OUTLOOK:
The Company has already started getting the benefits out of CAPEX
Programme of INR 1000.000 million implemented during the second half of FY
2016-17. As a result, the production of DI Pipes will be higher in the FY 2017-
18. Further, the healthy order book position of the Company will support sale
of enhanced production of DI Pipes. The cost reduction measures like
installation of Pulverized Coal Injection in MBF coupled with various other
cost control initiatives including lower finance cost are expected to improve
the bottom-line of the Company.
The
continuous push given by the Central Government to improve access of quality
drinking water and sanitation for the rural and urban habitants and the
continued thrust on water and waste water infrastructure development
Schemes/Projects through its flagship programmes like National Rural Drinking Water
Programme, Swatch Bharath, urban and rural development projects, augur well for
the Ductile Iron Pipe industry in terms of boosting demand for DI Pipes in the
medium to long term.
STATEMENT
OF STANDALONE UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS
ENDED 31ST DECEMBER 2017
[INR in
Million]
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
31.12.2017 [Unaudited] |
30.09.2017 [Unaudited] |
31.12.2017 [Unaudited] |
|
Revenue from operations |
3859.498 |
3403.275 |
11667.674 |
|
Other income |
125.438 |
52.955 |
240.265 |
|
Total income |
3984.936 |
3456.230 |
11907.939 |
|
|
|
|
|
|
Expenses |
|
|
|
|
a) Cost of materials consumable |
1795.556 |
1742.619 |
5590.925 |
|
b) Purchase of stock in trade |
520.203 |
0.000 |
1245.926 |
|
c) Change in inventories of finished goods, work-in-progress and stock-in-trade |
22.190 |
103.715 |
(4.983) |
|
d) Excise duty on sale of goods |
0.000 |
0.000 |
74.377 |
|
e) Employee benefit expenses |
182.382 |
186.828 |
558.839 |
|
f) finance costs |
98.851 |
103.760 |
316.805 |
|
g) Depreciation and amortization expenses |
88.828 |
93.610 |
270.011 |
|
h) Other expenses |
744.510 |
711.069 |
2305.814 |
|
Total expenses |
3452.521 |
2941.601 |
10357.714 |
|
|
|
|
|
|
Profit before tax |
532.416 |
514.629 |
1550.225 |
|
|
|
|
|
|
Tax expense |
|
|
|
|
a) Current tax |
134.689 |
89.170 |
376.000 |
|
b) Deferred tax |
3.071 |
53.735 |
43.459 |
|
Total tax expenses |
137.760 |
142.905 |
419.459 |
|
|
|
|
|
|
Profit for the
period |
394.655 |
371.724 |
1130.765 |
|
|
|
|
|
|
Other comprehensive
income |
|
|
|
|
Items that will not be reclassified to profit or loss |
0.263 |
(0.789) |
(0.789) |
|
Income tax relating to items that will not be reclassified to profit or loss |
(0.091) |
0.273 |
0.273 |
|
Other comprehensive income (Net of tax) |
0.172 |
(0.516) |
(0.516) |
|
Total comprehensive
income for the period |
394.827 |
371.208 |
1130.249 |
|
|
|
|
|
|
Paid-up equity
share capital (face value INR 10/ per share) |
466.984 |
397.636 |
466.984 |
|
|
|
|
|
|
Other equity
excluding revaluation reserve |
-- |
-- |
-- |
|
|
|
|
|
|
Earnings per share
of INR 10 each (not annualished) |
|
|
|
|
Basic and Diluted
EPS |
9.85 |
9.34 |
28.35 |
NOTES:
1. The above financial results prepared in accordance with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI circular dated July 5, 2016, have been reviewed by Audit Committee and approved by the Board of Directors at its meeting held on 31st January, 2018. The above results have been subjected to Limited Review by the Statutory Auditors.
2. The Company Operates mainly in one business segment viz Pipes and all other
activities revolve around the main business.
3. Revenue from operations and excise duty for the quarter ended September 30,
2017 and December 31,2017 and nine months ended December 31,2017 are not
comparable with; previous periods since sales for current period is net of GST
whereas in previous year it was inclusive of excise duty.
4. During the quarter, the Company has issued and allotted 69,34,812 Equity
Shares of INR10/- each at an issue price of Rs.360.50 per share to raise Rs.250
cores by way of Qualified Institutional Placement (QIP) on 28.12.2017 under
Chapter VIII of the Securities and Exchange Board of India (Issue of Capital
and Disclosure Requirements) Regulations, 2009 and Section 42 of the Companies
Act, 2013 read with Rule 14 of the Companies (Prospectus and Allotment of
Securities Rules, 2014).
5. EPS for the Quarter and Nine months ended December 31, 2017 have been
calculated have been calculated as per Ind-AS 33 on prorate basis Post QIP.
6. Previous periods' figures have been regrouped/rearranged wherever necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2016 (INR
In Million) |
31.03.2015 (INR
In Million) |
|
Guarantees given by banks on behalf of the
Company * |
75.652 |
72.347 |
|
Bills discounted with banks |
845.346 |
1077.706 |
|
Outstanding Letter of Credits |
367.481 |
182.519 |
|
Various demands raised, which in the
opinion of the management are not tenable and are pending
with various forums / authorities: |
|
|
|
Sales Tax |
166.536 |
133.948 |
|
Excise, Custom Duty & Service Tax |
12.894 |
35.410 |
|
Forest Development Fee* |
85.997 |
0.000 |
|
Income Tax |
3.772 |
3.772 |
|
(*) Bank guarantee includes an amount of INR 17.959 million issued against demand for Forest Development fee. The Company has tax disputes in appeals as disclosed above and certain litigations in respect of land. Based on the facts of each dispute / litigation and opinion of the management including that of advice of our legal advisors, the company believes that the outcome of the said disputes / litigations will not result in material impact that would affect the financial position or operations of the Company. |
||
FIXED ASSETS
· Land Freehold
· Factory Buildings
· Non-Factory Buildings
· Electrical Installations
· Office Equipment
· Furniture and Fixtures
· Vehicles
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 65.04 |
|
UK Pound |
1 |
INR 90.56 |
|
Euro |
1 |
INR 79.78 |
INFORMATION
DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
ACR |
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.