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MIRA INFORM REPORT
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Report No. : |
500493 |
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Report Date : |
30.03.2018 |
IDENTIFICATION DETAILS
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Name : |
CROMPTON GREAVES CONSUMER ELECTRICALS LIMITED |
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Registered
Office : |
Tower 3, 1st Floor, East Wing, Equinox Business
Park, LBS Marg, Kurla (West), Mumbai – 400070, Maharashtra |
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Tel. No.: |
91-22-61678499 |
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Country : |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
25.02.2015 |
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Com. Reg. No.: |
11-262254 |
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Capital
Investment / Paid-up Capital : |
INR 1253.525 Million |
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CIN No.: [Company Identification
No.] |
L31900MH2015PLC262254 |
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IEC No.: [Import-Export Code 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 Available |
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GSTN : [Goods & Service Tax
Registration 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
: |
Manufactures and markets consumer products in India. It operates in two segments, Electrical Consumer Durables and Lighting. The company offers air purifiers; fans comprising ceiling, table, pedestal, wall mounted, domestic exhaust, and special fans; professional LED and conventional lighting, solar, and lighting automation products, as well as lamps and consumer luminaires; and residential, agricultural, and specialty pumps. It also provides garment care, food preparation, cooking, and beverage/breakfast appliances, as well as geysers, room heaters, and power solutions. (Registered activity) |
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No. of Employees
: |
1616 (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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Crompton Greaves Consumer Electricals Limited was incorporated in February 2015 and it is a manufacturer of all types of consumer electrical goods, home appliances, personal appliances, electronic equipment, and instruments. The company was earlier part of Crompton Greaves Limited and effective from 1st October 2015, it has demerged its consumer product business into a new entity. For the financial year ended 2017, the company has witnessed a healthy growth in its revenue and has achieved good profit margin at 7.31% (approx.) The company possesses robust financial risk profile marked by decent net worth base along with fair debt level. The ratings reflect Crompton's diversified business risk profile backed by established brand, pan-India distribution network, and leading position in multiple consumer durable segments. However, rating strength is partially offset by intense competition from organized and unorganized players in the industry. Fundamentals of the company are strong and healthy. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitments. In view of the aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
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Rating Agency Name |
India Rating |
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Rating |
Working Capital facilities = A1+ |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
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Date |
03.10.2017 |
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 30.03.2018
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 DENIED
MANAGEMENT NON-COOPERATIVE (91-22-7057123604)
91-22-61678499 / 61678306 (RINGING)
LOCATIONS
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Registered / Corporate Office : |
Tower 3, 1st Floor, East Wing, Equinox Business
Park, LBS Marg, Kurla (West), Mumbai – 400070, Maharashtra, India |
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Tel. No.: |
91-22-61678499
/ 61678421 |
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Fax No.: |
91-22-61678383 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Locality : |
Commercial |
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Plant : |
Located at: GOA
GUJARAT Baroda Lamp Works, Kural Village, Padra Taluka, Padra Jambusar Road, District Baroda - 391430, Gujarat, India MAHARASHTRA
HIMACHAL PRADESH
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Reginal / Branch Office (North) : |
NEW DELHI 3rd Floor Express Building, 9-10, Bahadur shah Zafar Marg, New Delhi – 110002, India Tel. No.: 11-23460700 RAJASTHAN Church Road, Post Box No :173, Jaipur – 302001, Rajasthan, India Tel. No.: 91-141-3018800 / 17 / 18 / 19 Fax No.: 91-141-3018800 / 17 / 18 / 19 UTTAR PRADESH Saran chambers II, 3rd Floor, 5th park road, Lucknow – 226012, Uttar Pradesh, India Tel. No.: 91-522-4935755 Fax No.: 91-522-4935755 PUNJAB B-12 / 407, 2nd Floor, Behind dada motors, Near BSF chowk, Ladowali Road, Jalandhar, 144001, Punjab, India |
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Reginal / Branch Office (East) : |
WEST BENGAL 50, Chowringhee Road, Kolkata – 700071, West Bengal, India ORISSA Janpath Tower, (3rd Floor), Ashok Nagar, UNIT II, Bhubneshwar – 751009, Orissa, India Tel. No.: 91-674- 2531429/ 2531128 BIHAR 5th Floor, 501, Lav kush Towers, Exhibition Road, Patna – 800001, Bihar, India ASSAM CKS Logistics Private Limited, G.S. Road, Dispur, Near Car Ghar, Guwahati – 781005, Assam, India |
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Reginal / Branch Office (West) : |
MUMBAI Orbit Plaza, Office No. 303 and 304, 3rd Floor, New Prabhadevi Road, Prabhadevi, Mumbai – 400025, Maharashtra, India Tel. No.: 22-61132700 PUNE Premiun Point Building, 4th Floor, Opposite Modern High School, J M Road, Shivajinagar, Pune – 411005, Maharashtra, India NAGPUR 3, West High Court Road, Lal bahadur Shastri Chowk, Dharampeth, Nagpur – 440010, Maharashtra, India Tel. No.: 91-712-2560870 GUJARAT 909-916, Salar II, Near Ellis bridge police station, Ahmedabad – 380006, Gujarat, India Tel. No.: 91-79-40012000/ 26582780/ 7238 MADHYA PRADESH 103-B, Apollo trade center,2B, Raigarth kothi, Mumbai-Agra Road, Indore – 452001, Madhya Pradesh, India Tel. No.: 731-2498269/ 2498271/ 2495531 / 420123 CHHATTISGARH A 201, Crystal Arcade Near Lodhipara Square, Shankar Nagar Road, Raipur – 492007, Chhattisgarh, India Tel. No.: 91-771- 4019201- 210 Fax No.: 91-771- 4019201- 210 |
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Reginal / Branch Office (South) : |
TAMILNADU 3, Dr. M.G.R Salai (K.H. Road), Nungambakkam, Chennai – 600034, Tamilnadu, India Tel. No.: 91-44-42247537 / 42247500 / 28257375 COIMBATORE SF 219 , Annamalai industrial park, Kalapatti, Coimbatore – 641048, Tamilnadu, India Tel. No.: 91-422-3193101 / 02 / 06 KERALA 46/3386, Cochin House, 1st Floor, Arkakkadavu Road, Vennala P.O., Cochin – 682028, Kerala, India Tel. No.: 91-484 – 2803860, 2803861, 2803863, 2807240 Fax No.: 91-484 - 2808738 KARNATAKA J.P. Square, 3rd Floor, 17, 3rd Main Road, Chamarajpet, Bangalore – 560018, Karnataka, India Tel. No.: 91-80-41391908 /41391923 ANDHRA PRADESH Minerva House, 4th Floor, 94, Sarojini Devi Road, Secunderabad – 500003, Telangana, India Tel. No.: 91-40-40002300, 40002347 |
DIRECTORS
As on 31.03.2017
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Name : |
Mr. Shantanu Maharaj Khosla |
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Designation : |
Managing director |
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Address : |
Kanoria House, 4th Floor, 4 Khan Abdul Gaffar
Khan Road, Worli Sea Face, Mumbai - 400030, Maharashtra, India |
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Date of Birth/Age : |
25.01.1960 |
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Date of Appointment : |
21.09.2015 |
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DIN No.: |
00059877 |
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Name : |
Mr. Pangulury Mohan Murty |
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Designation : |
Director |
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Address : |
Flat No. 102, 6-3-1192/A2 to A5, Ashoka Lake View
Apartment, Kundan Bagh, Begum Pet, Hyderabad - 500016, Telangana, India |
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Date of Appointment : |
26.08.2015 |
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DIN No.: |
00011179 |
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Name : |
Mr. Damodarannair Sundaram |
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Designation : |
Director |
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Address : |
Flat No.1901, Tower-A, Beaumonde, Appasaheb Marathe Marg,
Prabhadevi, Mumbai - 400025, Maharashtra, India |
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Date of Appointment : |
26.08.2015 |
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DIN No.: |
00016304 |
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Name : |
Mr. Hemant Madhusudan Nerurkar |
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Designation : |
Director |
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Address : |
Flat No.1201, 12th Floor, Lodha Grandeur
Rahimtullah Sayani Road, Prabhadevi Mumbai - 400025, Maharashtra,
India |
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Date of Appointment : |
25.01.2016 |
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DIN No.: |
00265887 |
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Name : |
Mr. Jalan Shweta |
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Designation : |
Additional Director |
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Address : |
C-4501, 45th Floor, Lodha
Bellissimo, Apollo Mill Compound, N M Joshi Marg, M Ahalaxmi, Mumbai –
400011, Maharashtra, India |
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Date of Appointment : |
16.08.2016 |
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DIN No.: |
00291675 |
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Name : |
Mr. Promeet Promode Ghosh |
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Designation : |
Additional Director |
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Address : |
10 - E, Harbour Heights B - 1, N.A. Sawant
Marg, Colaba, Mumbai – 400005, Maharashtra, India |
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Date of Appointment : |
16.08.2016 |
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DIN No.: |
05307658 |
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Name : |
Mr. Sahil Dilip Dalal |
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Designation : |
Additional Director |
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Address : |
17 Rehmat Manjil, 5th Floor, Vir
Nariman Road, Churchgate, Mumbai - 400020, Maharashtra, India |
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Date of Appointment : |
16.08.2016 |
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DIN No.: |
07350808 |
KEY EXECUTIVES
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Name : |
Mr. Mathew Job |
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Designation : |
Chief Executive Officer |
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Address : |
Flat No. T4/81,8th Floor,Godrej Garden Enclave, Opposite
Godrej Memorial Hospital,Pirojsha Nagar,Vikroli East, Mumbai - 400079,
Maharashtra, India |
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Date of Appointment : |
01.01.2016 |
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PAN No: |
ACRPJ1908P |
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Name : |
Mr. Sandeep Batra |
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Designation : |
Chief Finance Officer |
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Address : |
Flat No. 101, Raheja Haven, Prananjali, JVPD, Vile Parle
(West), Mumbai, 400049, Maharashtra, India |
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Date of Appointment : |
01.01.2016 |
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PAN No: |
ADPPB3063Q |
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Name : |
Ms. Pragya Sahal Kaul |
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Designation : |
Company Secretary |
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Address : |
603, A Wing, Sai Deep I, Near Vivekananda School, Sindhi Society, Chembur Mumbai - 400071, Maharashtra, India |
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Date of Appointment : |
19.05.2016 |
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PAN No: |
BGIPS1692B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2017
|
Category of Shareholder |
No.
of Shares |
Percentage
of Holding |
|
Promoter and
Promoter Group |
215464906 |
34.38 |
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Public |
411297511 |
65.62 |
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Grand Total |
626762417 |
100.00 |
STATEMENT SHOWING
SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
A1) Indian |
|
0.00 |
|
A2) Foreign |
|
0.00 |
|
Any Other
(specify) |
215464906 |
34.38 |
|
Amalfiaco Limited |
140037623 |
22.34 |
|
Macritchie
Investments Pte Limited |
75404873 |
12.03 |
|
Nirsinia Limited |
22410 |
0.00 |
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Sub Total A2 |
215464906 |
34.38 |
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A=A1+A2 |
215464906 |
34.38 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
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B1) Institutions |
0 |
0.00 |
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Mutual Funds/ |
59382032 |
9.47 |
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ADITYA BIRLA SUN LIFE TRUSTEE PRIVATE LIMITED A/C ADITYA BIRLA SUN LIFE BALANCED 95 FUND |
24219800 |
3.86 |
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RELIANCE CAPITAL TRUSTEE COMPANY LIMITED A/C RELIANCE GROWTH FUND |
6928385 |
1.11 |
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Alternate Investment Funds |
2649937 |
0.42 |
|
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Foreign Portfolio Investors |
227496619 |
36.30 |
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NOMURA INDIA INVESTMENT FUND MOTHER FUND |
15032273 |
2.40 |
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VANGUARD EMERGING MARKETS STOCK INDEX FUND, ASERIES OF VANGUARD INTERNATIONAL EQUITY INDE X FUND |
6961591 |
1.11 |
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SMALLCAP WORLD FUND, INC |
24438000 |
3.90 |
|
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FRANKLIN TEMPLETON INVESTMENT FUNDS |
17082884 |
2.73 |
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NORDEA 1 SICAV - ASIAN FOCUS EQUITY FUND |
11115422 |
1.77 |
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GOLDMAN SACHS INDIA LIMITED |
8069500 |
1.29 |
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|
AMANSA HOLDINGS PRIVATE LIMITED |
17552797 |
2.80 |
|
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Financial Institutions/ Banks |
26873588 |
4.29 |
|
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LIC OF INDIA CHILD FORTUNE PLUS BALANCED FUND |
20300607 |
3.24 |
|
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Sub Total B1 |
316402176 |
50.48 |
|
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B2) Central Government/ State Government(s)/ President of India |
0 |
0.00 |
|
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B3) Non-Institutions |
0 |
0.00 |
|
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Individual share capital upto INR 0.200 Million |
42414373 |
6.77 |
|
|
Individual share capital in excess of INR 0.200 Million |
9129058 |
1.46 |
|
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NBFCs registered with RBI |
24991 |
0.00 |
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Any Other (specify) |
43326913 |
6.91 |
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Trusts |
435775 |
0.07 |
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Overseas corporate bodies |
61600 |
0.01 |
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NRI |
1211598 |
0.19 |
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Clearing Members |
231345 |
0.04 |
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NRI – Non- Repat |
2481674 |
0.40 |
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Bodies Corporate |
38901763 |
6.21 |
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HDFC STANDARD LIFE INSURANCE COMPANY LIMITED |
10231200 |
1.63 |
|
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AZIM PREMJI TRUST |
9497236 |
1.52 |
|
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Foreign Individuals |
3158 |
0.00 |
|
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Sub Total B3 |
94895335 |
15.14 |
|
|
B=B1+B2+B3 |
411297511 |
65.62 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures and markets consumer products in India. It operates in two segments, Electrical Consumer Durables and Lighting. The company offers air purifiers; fans comprising ceiling, table, pedestal, wall mounted, domestic exhaust, and special fans; professional LED and conventional lighting, solar, and lighting automation products, as well as lamps and consumer luminaires; and residential, agricultural, and specialty pumps. It also provides garment care, food preparation, cooking, and beverage/breakfast appliances, as well as geysers, room heaters, and power solutions. (Registered activity) |
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Products : |
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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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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1616 (Approximately) |
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Bankers : |
· Standard Chartered Bank · IDFC Bank Limited · Corporation Bank Limited · Citi Bank |
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Facilities : |
NOTE : LONG-TERM
BORROWINGS Debentures are secured by: (a) Charge on ‘Crompton’ Brand and Registered Trade Mark of the Company; and (b) Charge by way of equitable mortgage by deposit of title deeds of immovable properties situated in the State of Maharashtra, Himachal Pradesh and Goa. |
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Statutory Auditors : |
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Name : |
Sharp and Tannan Chartered Accountants |
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Address : |
194, Ravindra Annexe DV Road, Mumbai – 400020, Maharashtra, India |
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Tel. No.: |
91-22-22047722 / 23, 66338343-47 |
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Fax No.: |
91-22-66338352 |
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E-Mail : |
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PAN No.: |
AAAFS2967E |
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Secretarial
Auditors : |
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Name : |
Mehta and Mehta Company Secretaries |
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Internal Auditors : |
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Name : |
Grant Thornton India LLP |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Other Related
Parties : |
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CAPITAL STRUCTURE
After 27.07.2017
Authorised
Capital : INR 1300.000
Million
Issued, Subscribed & Paid-up Capital : INR 1253.570
Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
650000000 |
Equity Shares |
INR 2/- each |
INR 1300.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
626746142 |
Equity Shares |
INR 2/- each |
INR 1253.500 Million |
|
|
|
|
|
a) Reconciliation of number of equity shares
outstanding at the beginning and at the end of the year:
|
Issued, Subscribed and Paid up share capital |
Number
of Shares |
Amount
in INR |
|
Balance at the beginning of the year |
626746142 |
1253.500 |
|
Add: Issued during the year |
-- |
-- |
|
Less: Shares cancelled, extinguished and annulled |
-- |
-- |
|
Balance at the end of the year |
626746142 |
1253.500 |
# In the previous year 626746142 Equity shares of INR 2 each at par have been issued to the equity shareholders of CGL in the ratio of 1 equity share of the Company for every 1 equity share of CGL.
b)
Terms/rights
attached to equity shares:
The Company has one class of share capital, i.e., equity shares having face value of INR 2 per share. Each holder of equity share is entitled to one vote per share.
In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
c) Details of shareholders holding more than 5 %
shares in the Company:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Avantha Holdings Limited |
-- |
-- |
|
Amalfiaco Limited |
140037623 |
22.34% |
|
MacRitchie Investments Pte Limited |
75404873 |
12.03% |
d) There are no bonus shares issued/shares bought back.
e) There are no shares reserved for issue under options and contracts/commitments for the sale of shares/disinvestment.
f) The Board of Directors has recommended a dividend of INR 1.50 per fully paid up equity share of INR 2 each for the financial year 2016-17, aggregating to INR 113.15 Million, including dividend distribution tax.
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 |
1253.500 |
1253.500 |
0.500 |
|
(b) Reserves &
Surplus |
4138.100 |
1033.700 |
(18.700) |
|
(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) |
5391.600 |
2287.200 |
(18.200) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
6500.000 |
5072.100 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.800 |
0.000 |
|
(d) long-term provisions |
175.500 |
144.700 |
0.000 |
|
Total Non-current
Liabilities (3) |
6675.500 |
5217.600 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
100.000 |
0.000 |
|
(b) Trade payables |
7145.300 |
6641.000 |
0.000 |
|
(c) Other current
liabilities |
1302.200 |
2004.400 |
28.600 |
|
(d) Short-term provisions |
635.400 |
280.300 |
0.000 |
|
Total Current Liabilities
(4) |
9082.900 |
9025.700 |
28.600 |
|
|
|
|
|
|
TOTAL |
21150.000 |
16530.500 |
10.400 |
|
|
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II.
ASSETS |
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|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
757.600 |
757.700 |
0.000 |
|
(ii) Intangible Assets |
7857.500 |
7822.400 |
0.000 |
|
(iii) Capital
work-in-progress |
0.500 |
0.700 |
0.000 |
|
(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) |
181.600 |
43.200 |
9.900 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
185.600 |
178.200 |
0.000 |
|
Total Non-Current Assets |
8982.800 |
8802.200 |
9.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
3185.400 |
0.000 |
0.0000 |
|
(b) Inventories |
2348.200 |
2099.800 |
0.0000 |
|
(c) Trade receivables |
5434.300 |
4165.100 |
0.0000 |
|
(d) Cash and cash
equivalents |
699.700 |
900.000 |
0.5000 |
|
(e) Short-term loans and
advances |
499.600 |
563.400 |
0.0000 |
|
(f) Other current assets |
0.000 |
0.000 |
0.0000 |
|
Total Current Assets |
12167.200 |
7728.300 |
0.500 |
|
|
|
|
|
|
TOTAL |
21150.000 |
16530.500 |
10.400 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
39759.000 |
18116.800 |
0.000 |
|
|
Other Income |
195.000 |
38.500 |
0.000 |
|
|
TOTAL |
39954.000 |
18155.300 |
0.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
8191.300 |
4280.000 |
0.000 |
|
|
Purchases of
Stock-in-Trade |
19348.700 |
8799.200 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(191.500) |
(376.800) |
0.000 |
|
|
Employees benefits
expense |
2251.800 |
1004.900 |
0.000 |
|
|
Exceptional items |
25.200 |
139.300 |
0.000 |
|
|
Other expenses |
5256.600 |
2314.700 |
28.600 |
|
|
TOTAL |
34882.100 |
16161.300 |
28.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
5071.900 |
1994.000 |
(28.600) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
655.300 |
354.500 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
4416.600 |
1639.500 |
(28.600) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
110.400 |
62.700 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
4306.200 |
1576.800 |
(28.600) |
|
|
|
|
|
|
|
Less |
TAX |
1399.300 |
524.900 |
(9.900) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
2906.900 |
1051.900 |
(18.700) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
659.700 |
289.500 |
0.000 |
|
|
TOTAL EARNINGS |
659.700 |
289.500 |
0.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1103.300 |
549.500 |
0.000 |
|
|
Trading goods |
1125.800 |
524.900 |
0.000 |
|
|
Spare parts |
22.200 |
1.700 |
0.000 |
|
|
Capital Goods |
1.400 |
1.000 |
0.000 |
|
|
TOTAL IMPORTS |
2252.700 |
1077.100 |
0.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
4.64 |
3.36 |
(74.85) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
1272.400 |
0.000 |
|
Cash generated from operations |
4570.400 |
2297.500 |
0.000 |
|
Net cash flow from operating activity |
3104.400 |
1757.100 |
0.000 |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
31.12.2017 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
|
1ST Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
10809.100 |
9597.100 |
9831.900 |
|
Total Expenditure |
9515.000 |
8390.100 |
8217.200 |
|
PBIDT (Excl OI) |
1294.000 |
1207.000 |
1164.700 |
|
Other Income |
96.900 |
35.300 |
66.200 |
|
Operating Profit |
1390.900 |
1242.300 |
1230.900 |
|
Interest |
161.400 |
157.000 |
158.300 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
1229.500 |
1085.300 |
1072.600 |
|
Depreciation |
31.500 |
31.600 |
32.200 |
|
Profit Before Tax |
1198.000 |
1053.700 |
1040.400 |
|
Tax |
395.300 |
345.700 |
345.400 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
802.700 |
708.000 |
695.000 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
802.700 |
708.000 |
695.000 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
49.89 |
83.91 |
0.00 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
7.32 |
4.35 |
0.00 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
94.70 |
185.33 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
2.16 |
0.95 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.59 |
0.23 |
0.00 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.74 |
0.93 |
2.75 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
1.21 |
2.82 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.68 |
3.95 |
(1.57) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.60 |
3.75 |
0.00 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
7.74 |
5.62 |
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
((PAT / Sales) * 100) |
% |
7.31 |
5.81 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
13.74 |
6.36 |
(179.81) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
53.92 |
45.99 |
102.75 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.34 |
0.86 |
0.02 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.08 |
0.62 |
0.02 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.25 |
0.14 |
(1.75) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
5.19 |
5.14 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.34 |
0.86 |
0.02 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 2.00/- each |
|
Market Value |
INR 278.00/- each |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR In
Million |
|
Share Capital |
0.500 |
1253.500 |
1253.500 |
|
Reserves & Surplus |
(18.700) |
1033.700 |
4138.100 |
|
Net
worth |
(18.200) |
2287.200 |
5391.600 |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
5072.100 |
6500.000 |
|
Short Term borrowings |
0.000 |
100.000 |
0.000 |
|
Current Maturities of Long term debt |
0.000 |
1272.400 |
0.000 |
|
Total
borrowings |
0.000 |
6444.500 |
6500.000 |
|
Debt/Equity
ratio |
0.000 |
2.818 |
1.206 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
|
Sales
|
18116.800 |
39759.000 |
|
|
|
119.459 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
|
Sales
|
18116.800 |
39759.000 |
|
Profit |
1051.900 |
2906.900 |
|
|
5.81% |
7.31% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
MANAGEMENT DISCUSSION
AND ANALYSIS (MDA)
The year was the first full year of operations for the Company, post demerger. All the post-demerger activities, including issuance of shares and their listing, were seamlessly completed.
Last year, the strategy for the Company was outlined. The five pillars of this strategy are Brand excellence, Portfolio excellence, Go to Market (GTM) excellence, Operational excellence and Organisational excellence. In 2016-17 the focus was on execution of various elements of the strategy, allocating required resources, instituting review mechanisms and defining success metrics. Performance on various elements has largely been on track and validates the choices made in drawing up the strategy.
During the year, sales on a comparable basis grew by 10.8% and operating profit grew by 22.1%. For past financials the segmental information published by Crompton Greaves Ltd. (Now known as CG Power & Industrial Solutions Ltd.) has been used for comparison.
Industry Structure and Developments Two reportable segments for the Company have been identified – Electrical Consumer Durables and Lighting. Electrical Consumer Durables: This segment comprises the product categories of fans, pumps and appliances.
OVERVIEW OF COMPANY’S
FINANCIAL PERFORMANCE:
Revenue grew 10.8% to INR 39759.000 Million. Operating Profit (PBIT before Corporate expenses and Exceptional Items) at INR 592.97 Million was up by 21.9 % versus last year. As mentioned in the MDA, for comparison purposes we have considered the segment profit reported by Crompton Greaves Limited. (Now known as CG Power & Industrial Solutions Ltd.) for the period 1st April, 2015 to 30th September, 2015.
Finance costs of INR 665.300 Million represent the interest cost on the Non Convertible Debentures of INR 650.000 Million and the interest paid on the term loan from 1st April, 2016 to 24th June, 2016 (the date of the repayment of the loan).
Expanse of INR 25.200 Million incurred for the demerger have been classified as Exceptional Item.
Profit Before Tax “PBT” was INR 4306.200 Million and Profit After Tax “PAT” was INR 2906.900 Million. PBT margin was 10.8 % and PAT margin was 7.3%.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTH ENDED 31ST DECEMBER, 2017
(INR
in Million)
|
|
|
Particulars |
31.12.2017 (Quarter Ended) |
30.09.2017 (Quarter Ended) |
31.12.2017 (Nine Months Ended) |
|
1 |
|
Income from
Operations |
|
|
|
|
|
|
Sales/Income from Operations (Gross) |
9381.900 |
9597.100 |
29788.100 |
|
|
|
b) Other Operating Income |
66.200 |
35.300 |
198.400 |
|
|
Total Income from
Operations (Net) |
9448.100 |
9632.400 |
29986.500 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
2360.200 |
1434.600 |
6196.000 |
|
|
b) |
Purchase of Stock-in-trade |
4307.900 |
4645.700 |
14183.300 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(391.000) |
605.900 |
(87.300) |
|
|
d) |
Excise Duty |
0.000 |
0.000 |
254.600 |
|
|
e) |
Employee benefit expenses |
741.800 |
699.300 |
2126.800 |
|
|
f) |
Finance Costs |
158.300 |
157.000 |
476.700 |
|
|
g) |
Depreciation and amortization expense |
32.200 |
31.600 |
95.300 |
|
|
h) |
Other expenses |
1198.300 |
1004.600 |
3449.000 |
|
|
3 |
Total other costs |
2130.600 |
1892.500 |
6402.400 |
|
|
Total Expenses |
8407.700 |
8578.700 |
26694.400 |
|
|
|
|
|
|
|
|
|
3 |
Profit before Tax |
1040.400 |
1053.700 |
3292.100 |
|
|
4 |
Tax Expense |
345.400 |
345.700 |
108.640 |
|
|
5 |
Net Profit for the
period after tax |
695.000 |
708.000 |
2205.700 |
|
|
|
|
|
|
|
|
|
6 |
Other Comprehensive Income |
|
|
|
|
|
|
Items
that will not be classified of profit or loss |
(7.100) |
(6.700) |
(20.500) |
|
|
|
Income tax related to items no above |
2.300 |
2.200 |
6.700 |
|
|
|
Other Comprehensive Income |
(4.800) |
(4.500) |
(13.800) |
|
|
|
|
|
|
|
|
|
|
Total
Comprehensive Income |
690.200 |
703.500 |
2191.900 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(INR) |
1.11 |
1.13 |
3.52 |
|
NOTE :
1. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors on 23rd January, 2018. The Limited Review under Regulation 33 of the SEBi (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been carried out by the Statutory Auditors. The limited review report does not contain any observation which would have an impact on the results for the quarter ended 31st December, 2017.
2. The Company adopted the Indian Accounting Standards (‘Ind AS') effective 1st April, 2017 (Transition date 1st April, 2016) and accordingly, the financial results for quarter and nine months ended 31st December, 2017 have been prepared in accordance with recognition and measurement principles laid down in the Ind AS 34, 'Interim Financial Reporting’ prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India.
3. The Ind AS compliant financial results for the quarter and nine months ended 31st December, 2016 are not required to be subject to limited review or an audit in line with SEBI Circular dated 5th July, 2016. However, the Management has exercised necessary due diligence to ensure that such financial results provide a true and fair view.
4. Revenue from operations has been presented in accordance with Ind AS 18 on Revenue. For the previous periods upto 30th June, 2017, the revenue has been shown as gross of excise duty (as applicable) and for the quarters ended 31s1 December, 2017 and 30th September, 2017 as net of Goods and Services Tax (GST) (as applicable). Similarly, total material costs for the previous periods upto 30th June, 2017 include excise duty paid, whereas, for the quarters ended 31st December, 2017 and 30th September, 2017 are presented net of GST. Hence, Revenue from operations and Total material costs for the previous periods are not comparable with the current period figures. The comparable figures for Revenue from operations (net of excise duty on manufactured and sourced products) and Total material costs (net of excise duty on sourced products) are as under:
|
Particulars |
Quarter ended |
Half year ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
Revenue from operations |
9381.900 |
9597.100 |
28990.900 |
|
Total material costs |
6277.100 |
6686.200 |
19749.400 |
There is no impact of the above
on the profit before tax and profit after tax.
5. The Company on 26th October 2017, granted options for 500,000 Equity Shares of face value Rs 2 each to the eligible employee under Employee Stock Option Scheme. During the Quarter, 16,275 Equity Shares of face value INR 2 each were allotted upon exercise of the vested option under Employee Stock Option Scheme.
6. Figures of the previous periods have been regrouped and reclassified to conform to the classification of current period, wherever considered necessary.
STATEMENT OF ASSETS AND LIABILITIES
(INR
in Million)
|
SOURCES
OF FUNDS |
31.12.2017 (Quarter Ended) |
30.09.2017 (Quarter Ended) |
31.12.2017 (Nine Months Ended) |
|
|
|
|
|
|
|
|
|
|
(a) Electrical Consumer
Durables |
6116.900 |
6218.700 |
20396.800 |
|
(b) Lighting Products |
3265.000 |
3378.400 |
9391.300 |
|
Total |
9381.900 |
9597.100 |
29788.100 |
|
Less : Inter-segment revenue |
0.000 |
0.000 |
0.000 |
|
Total Income from
Operations |
9381.900 |
9597.100 |
29788.100 |
|
|
|
|
|
|
|
|
|
|
(Profit before
Interest and tax from each Segment) |
|
|
|
|
(a) Electrical Consumer
Durables |
1112.000 |
1109.500 |
3635.600 |
|
(b) Lighting Products |
452.100 |
426.600 |
1098.900 |
|
Total |
1564.100 |
1536.100 |
4734.500 |
|
Less: i Finance costs |
158.300 |
157.000 |
476.700 |
|
Less: ii other un-allocable expenditure net or un-allocable income |
365.400 |
325.400 |
965.700 |
|
Less : iii Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit from
ordinary activities before tax |
1040.400 |
1053.700 |
3292.100 |
|
|
|
|
|
|
|
|
|
|
(a) Electrical Consumer
Durables |
5332.200 |
5436.300 |
5332.200 |
|
(b) Lighting Products |
3878.900 |
3872.600 |
3878.900 |
|
(c) Unallocable |
13144.600 |
11869.900 |
13144.600 |
|
Total Segment
Assets |
22355.700 |
21178.800 |
22355.700 |
|
|
|
|
|
|
|
|
|
|
(a) Electrical Consumer
Durables |
5186.000 |
5314.800 |
5186.000 |
|
(b) Lighting Products |
3465.900 |
3050.900 |
3465.900 |
|
(c) Unallocable |
7113.100 |
7050.000 |
7113.100 |
|
Total Segment
Liabilities |
15765.000 |
15415.700 |
15765.000 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G60363140 |
100131617 |
CATALYST TRUSTEESHIP LIMITED |
13/10/2017 |
- |
- |
3300000000.0 |
GDA House, First Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), KothrudPuneMa411038IN |
|
2 |
G52985090 |
100054488 |
IDBI TRUSTEESHIP SERVICES LIMITED |
20/09/2016 |
06/09/2017 |
- |
6500000000.0 |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard EstateMumbaiMH400001IN |
|
3 |
G04533378 |
100029363 |
IDFC BANK LIMITED |
04/05/2016 |
- |
- |
1000000000.0 |
KRM Tower, 8th Floor, No. 1,Harrington Road, ChetpetChennaiTa600031IN |
|
4 |
C78502283 |
10619080 |
Standard Chartered Bank |
08/02/2016 |
- |
- |
500000000.0 |
Abhijeet II, Ground Floor,Near Mithakali Six Roads,AhmedabadGJ380006IN |
|
5 |
G05000120 |
10611213 |
ICICI BANK LIMITED |
23/12/2015 |
21/04/2016 |
- |
1000000000.0 |
LANDMARKRACE COURSE CIRCLEALKAPURIBARODAGu390015IN |
|
6 |
G08965972 |
10552000 |
AXIS TRUSTEE SERVICES LIMITED |
01/01/2016 |
01/01/2016 |
12/07/2016 |
7000000000.0 |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound,Pandurang Budhkar Marg, Worli,MumbaiMH400025IN |
|
7 |
G03464310 |
10619076 |
Standard Chartered Bank |
08/02/2016 |
- |
12/05/2016 |
500000000.0 |
Abhijeet II, Ground Floor,Near Mithakali Six Roads,AhmedabadGJ380006IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against the Company not acknowledged as debts |
4.600 |
6.200 |
|
Income tax liability that may arise in respect of matters in appeal |
207.800 |
0.000 |
|
Excise duty/ customs duty / service tax liability that may arise in respect of matters in appeal |
0.500 |
0.700 |
|
Sales tax / VAT liability that may arise in respect of matters in appeal |
256.500 |
62.200 |
|
Total |
469.400 |
69.100 |
FIXED ASSETS
- Freehold land
- Leasehold land
- Buildings
- Plant and equipments
- Furniture and fixture
- Vehicles
- Office Equipment
- Goodwill
- Computer software
- Technical know-how
- Research and development
PRESS RELEASE
CROMPTON GREAVES Q3 NET PROFIT UP 28% AT INR 690.000
MILLION
January 23, 2018
Revenue from the
electrical consumer durable business during the quarter stood at INR 6116.900
Million, lighting products business contributed INR 3265.000 Million during the
period.
Crompton Greaves Consumer Electrical Ltd (CGCEL) today reported a 27.9 percent increase in its net profit at INR 695.000 Million for the quarter ended December 2017.
The company had posted a net profit of INR 543.500 Million during the same period of the previous fiscal, CGCEL said in a regulatory filing.
Total income during the quarter under review stood at INR 9448.100 Million. It was INR 9096.400 Million in the year-ago period.
"The last quarter has seen things gradually settling down post GST implementation in Q2 and addressing of any teething issues that accompanied it," CGCEL Managing Director Shantanu Khosla said.
While revenue from the electrical consumer durable business during the quarter stood at INR 6116.900 Million, lighting products business contributed INR 3265.000 Million during the period.
The company's stock closed 1.51 per cent up at INR 265.000 apiece on BSE today.
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 64.80 |
|
|
1 |
INR 92.26 |
|
Euro |
1 |
INR 80.76 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KJL |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.