1. Summary Information
|
Country |
|
||
|
Company Name |
AMARA RAJA BATTERIES LIMITED |
Principal Name 1 |
Mr. Ramachandra
N. Galla |
|
Status |
Good |
Principal Name 2 |
Mr. Jaydev Galla |
|
Registration # |
005305 |
||
|
Street Address |
Renigunta, |
||
|
Established Date |
13.02.1985 |
SIC Code |
-- |
|
Telephone# |
91-877-2285561 / 2265000 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-877-2285600 / 2286999 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Industrial
Batteries |
|
|
# of employees |
-- |
Product Name 2 |
Automotive Batteries |
|
Paid up capital |
Rs.170,812,500/- |
Product Name 3 |
-- |
|
Shareholders |
Promoter
Group - 52.06% Public
Shareholding – 47.94% |
Banking |
Andhra Bank State Bank of |
|
Public Limited Corp. |
YES |
Business Period |
26 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
A (60) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates |
|
Johnson Controls Mauritius Private Limited
|
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
4,134,904,000 |
Current Liabilities |
1,656,390,000 |
|
Inventories |
2,175,724,000 |
Long-term Liabilities |
911,894,000 |
|
Fixed Assets |
3,057,255,000 |
Other Liabilities |
1,750,819,000 |
|
Deferred Assets |
0 |
Total Liabilities |
4,319,103,000 |
|
Invest& other Assets |
387,647,000 |
Retained Earnings |
5,264,615,000 |
|
|
|
Net Worth |
5,436,427,000 |
|
Total Assets |
9,755,530,000 |
Total Liab. & Equity |
9,755,530,000 |
|
Total Assets (Previous Year) |
8,940,175,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
14,652,097,000 |
Net Profit |
1,670,334,000 |
|
Sales(Previous yr) |
13,131,788,000 |
Net Profit(Prev.yr) |
804,787,000 |
MIRA INFORM REPORT
|
Report Date : |
16.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
AMARA RAJA BATTERIES LIMITED |
|
|
|
|
Registered Office : |
Renigunta, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
13.02.1985 |
|
|
|
|
Com. Reg. No.: |
005305 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L31402AP1985PLC005305 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
HYDA02631G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
Stock Exchange. |
|
|
|
|
Line of Business : |
Manufacturer of
Industrial and Automotive Batteries. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 21740000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered normal 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Factory: |
Renigunta, |
|
Tel. No.: |
91-877-2285561 / 2265000 |
|
Fax No.: |
91-877-2285600 / 2286999 |
|
E-Mail : |
amararaja@amartpt.gnmds.global.net.in
|
|
Website : |
|
|
|
|
|
Corporate Office 1 : |
|
|
Tel. No.: |
91-44 -2821 3270 |
|
Fax No.: |
91-44 -2828 4821 |
|
|
|
|
Corporate Office 2 : |
Fifth Floor, |
|
Tel. No.: |
91-40-23683000 |
|
Fax No.: |
91-40-23118219 |
|
Email : |
|
|
|
|
|
Branches : |
Located At:
|
DIRECTORS
As on 29.07.2010
|
Name : |
Mr. Ramachandra
N. Galla |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Jaydev Galla |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Shu Q Yang |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. Lakshmana
Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jorge A
Gonzalez (w.e.f. November 01, 2009) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nagarjun
Valluripalli |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vishnu Raju (w.e.f. August 14, 2008) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Tony W. Huang
|
|
Designation : |
Alternate Director
to Jorge A Gonzalez (w.e.f. May 19, 2010) |
|
|
|
|
Name : |
Mr. T. R. Narayanaswamy (w.e.f. June 01, 2009) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rohi Kochar |
|
Designation : |
Alternate Director to Shu Qing Yang (w.e.f. May 19, 2010) |
KEY EXECUTIVES
|
Name : |
Mr. Mr. Suresh
K. |
|
Designation : |
Finance Controller |
|
|
|
|
Name : |
Mr. N. Ramnathan |
|
Designation : |
Company Secretary
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
15,987,029 |
18.72 |
|
|
1,557,750 |
1.82 |
|
|
17,544,779 |
20.54 |
|
|
|
|
|
|
22,205,625 |
26.00 |
|
|
4,713,322 |
5.52 |
|
|
4,713,322 |
5.52 |
|
|
26,918,947 |
31.52 |
|
Total shareholding of Promoter and Promoter Group (A) |
44,463,726 |
52.06 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
16555500 |
19.38 |
|
|
9000 |
0.01 |
|
|
2071093 |
2.42 |
|
|
18635593 |
21.81 |
|
|
|
|
|
|
3363024 |
3.94 |
|
|
|
|
|
|
9985627 |
11.69 |
|
|
2758265 |
3.23 |
|
|
6200015 |
7.26 |
|
|
413.136 |
0.48 |
|
|
320057 |
0.37 |
|
|
5298587 |
6.20 |
|
|
167735 |
0.20 |
|
|
500 |
0.00 |
|
|
22306931 |
26.12 |
|
Total Public shareholding (B) |
40,942,524 |
47.94 |
|
Total (A)+(B) |
85,406,250 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Industrial
and Automotive Batteries. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Average
Installed Capacity |
Actual
Production |
|
Storage Batteries |
NOS |
9300000 |
8162000 |
6424560 |
Note: The Installed capacity represents the capacity
as at March 31, 2010 and average installed capacity represents year weighted
average capacity based on expansion carried out during the year. The capacities
are as certified by the management.
GENERAL INFORMATION
|
Customers : |
·
Mahindra
Ford ·
Mercedes
Benz ·
General
Motors (Opel) ·
Ashok
Leyland Cargo ·
Mahindra
and Mahindra (Bolero) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
·
State
Bank of ·
Andhra
Bank, Main Branch, Tirupati, ·
State
Bank of ·
Citi
Bank NA ·
BNP
Paribas Bank ·
Bank
of |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
E Phalguna Kumar
and Company Chartered
Accountants |
|
Address : |
599/2, Balaji Colony,
Tirupati-517502, |
|
|
|
|
Name : |
Chevuturi
Associates Chartered
Accountants |
|
Address : |
D. No. 26-13-37, |
|
|
|
|
Cost Auditors
: |
|
|
Name : |
Parankusam and
Company Chartered
Accountant |
|
Address : |
|
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000000 |
Equity Shares |
Rs.2/- each |
Rs.200.000 Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
87514250 |
Equity Shares |
Rs.2/- each |
Rs.175.028 Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
85406250 |
Equity Shares |
Rs.2/- each |
Rs.170.812 Millions |
Note:
Out of the above 28468750 shares were allotted
as bonus shares fully paid up by capitalizing part of general reserve.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
170.812 |
170.813 |
113.875 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5265.615 |
3885.052 |
3217.139 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5436.427 |
4055.865 |
3331.014 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
272.947 |
2078.323 |
2266.546 |
|
|
2] Unsecured Loans |
638.947 |
780.387 |
896.075 |
|
|
TOTAL BORROWING |
911.894 |
2858.710 |
3162.621 |
|
|
DEFERRED TAX LIABILITIES |
216.353 |
182.508 |
169.506 |
|
|
|
|
|
|
|
|
TOTAL |
6564.674 |
7097.083 |
6663.141 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3057.255 |
2813.242 |
1888.508 |
|
|
Capital work-in-progress |
226.891 |
396.045 |
657.410 |
|
|
|
|
|
|
|
|
INVESTMENT |
160.756 |
470.987 |
162.007 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2175.724
|
1608.269 |
1943.336 |
|
|
Sundry Debtors |
2422.955
|
2078.493 |
2264.682 |
|
|
Cash & Bank Balances |
624.672
|
702.852 |
511.453 |
|
|
Other Current Assets |
0.000
|
0.000 |
8.012 |
|
|
Loans & Advances |
1087.277
|
870.287 |
1248.478 |
|
Total
Current Assets |
6310.628
|
5259.901 |
5975.961 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1375.662
|
937.268 |
|
|
|
Other Current Liabilities |
280.728
|
200.700 |
1027.374 |
|
|
Provisions |
1534.466
|
705.124 |
993.371 |
|
Total
Current Liabilities |
3190.856
|
1843.092 |
2020.745 |
|
|
Net Current Assets |
3119.772
|
3416.809 |
3955.216 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6564.674 |
7097.083 |
6663.141 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
14652.097 |
13131.788 |
10833.257 |
|
|
|
Other Income |
170.174 |
80.564 |
256.101 |
|
|
|
TOTAL (A) |
14822.271 |
13212.352 |
11089.358 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of trading goods |
35.328 |
85.086 |
6.379 |
|
|
|
Materials consumed |
9142.817 |
8453.055 |
7794.795 |
|
|
|
Payments and benefits to employees |
623.704 |
516.134 |
408.078 |
|
|
|
Manufacturing, selling, administrative and other expenses |
2313.193 |
2230.246 |
1579.591 |
|
|
|
Duties and taxes |
20.590 |
19.915 |
49.439 |
|
|
|
Increase or decrease in stocks |
(356.877) |
153.400 |
(582.066) |
|
|
|
TOTAL (B) |
11778.755 |
11457.836 |
9256.216 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3043.516 |
1754.516 |
1833.142 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
67.716 |
182.366 |
129.309 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2975.800 |
1572.150 |
1703.833 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
429.451 |
345.564 |
244.452 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2546.349 |
1226.586 |
1459.381 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
876.015 |
421.799 |
515.749 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1670.334 |
804.787 |
943.632 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2572.802 |
1928.431 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
167.033 |
80.479 |
NA |
|
|
|
Proposed Dividend |
247.678 |
68.325 |
NA |
|
|
|
Tax on Dividend |
42.093 |
11.612 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
3786.332 |
2572.802 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
521.570 |
440.540 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
151.440 |
335.590 |
388.770 |
|
|
|
Finished Goods |
1.390 |
31.090 |
12.570 |
|
|
|
Raw Material and Components |
5057.590 |
3529.470 |
3310.860 |
|
|
|
Stores and Spares |
45.520 |
54.810 |
34.260 |
|
|
TOTAL IMPORTS |
5255.940 |
3950.960 |
3746.460 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.56 |
9.42 |
16.57 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
446.740 |
392.471 |
425.513 |
|
Total Expenditure |
384.692 |
335.646 |
359.043 |
|
PBIDT (Excl
OI) |
62.048 |
56.825 |
66.470 |
|
Other Income |
0.902 |
1.566 |
1.622 |
|
Operating
Profit |
62.950 |
58.391 |
68.092 |
|
Interest |
0.430 |
0.434 |
0.274 |
|
Exceptional
Items |
1.091 |
(0.243) |
1.601 |
|
PBDT |
63.611 |
57.714 |
69.419 |
|
Depreciation |
10.262 |
10.510 |
10.475 |
|
Profit
Before Tax |
53.350 |
47.204 |
58.944 |
|
Tax |
17.623 |
15.602 |
19.291 |
|
Reported PAT |
35.726 |
31.603 |
39.653 |
|
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 |
35.726 |
31.603 |
39.653 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.27
|
6.09 |
8.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.38
|
9.34 |
13.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
27.18
|
15.19 |
18.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.47
|
0.30 |
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.75
|
1.16 |
1.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.98
|
2.85 |
2.96 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject is the largest manufacturer of Standby Valve Regulated Lead Acid
(VRLA) batteries in the Indian Ocean Rim comprising the area ranging from
Africa and the Middle East to
The company was converted into public in the year 1990. In May 1992,
they designed and implemented the most advanced battery manufacturing facility
in
During the year 2006-07, the Company has successfully completed the expansion
of their 2V VRLA annual capacity from 240 million AH to 350 million AH. The
Company also has enhanced their automotive (monobloc) battery capacity from 2.4
million units per annum to 3.60 million units per annum. Also, the company has
announced aggressive capex plan contemplating an investment of Rs.2016 million.
During the year 2007-08, the company increased the capacity of
automotive battery plany from 3.6 million units to 4.9 million units which
includes additional capacity created in monobloc VRLA batteries. The company is
investing an amount of Rs.650 million to expand the large VRLA battery capacity
from 450 million Ah to 900 million Ah and this new facility is expected to
commence their operation during the second half of the financial year 2008-09.
In May 2007, the company has launched a new retail store format 'Powerzone' to
cater the growing need for better technology and better service at affordable
price in the rural markets. They are offering a platter of products of global
quality at local prices, right from automotive batteries, tractor batteries and
home UPS, from the House of Amara Raja.
In May 2008, the company entered the two wheeler battery segment with
the launch of Amaron Pro Bike Rider 2-wheeler batteries powered by VRLA technology
with 60 months warranty. The company has also approved an investment of Rs.520
million to enhance the capacity of Industrial battery division.
Performance:
During the year the Company achieved a gross turnover of Rs. 16,910.84
million as against Rs.15, 794.10 million. Other income for the year was at Rs.
170.17 million as against Rs. 80.56 million of the previous year. The net sales
for the year ended March 31, 2010 was Rs.14, 652.10 million, as against Rs.13,
131.79 million for the corresponding period of the previous year thereby
achieving a growth of 12%. The Profit before Tax (PBT) stood at Rs. 2,546.35
million as against Rs.1, 226.59 million and Profit after Tax (PAT) at Rs.
1,670.33 million as against Rs. 804.79 million. The financial year 2009-10 was
a significant year for the Company in terms of growth in profitability. The net
profit during the year has grown by 107% over the previous financial year.
Industrial battery
unit:
The Company’s industrial battery unit witnessed double digit growth in
sales volume during the financial year 2010. During the year, the installed
capacity of Medium VRLA was enhanced from 1.20 million to 1.80 million units
per annum. The Company continues to enjoy its preferred supplier status from
leading telecom operators. The industrial battery unit’s two leading brands
viz., PowerstackTM and QuantaTM have continued its brand preference in Telecom,
UPS and other user segments viz., ITES, Railways, Power Control, and Solar etc.
The Company’s market share in telecom continued to increase during the year and
was at 32% at the end of the financial year.
Automotive battery
unit:
During the year, the Company’s automotive battery unit revenue and
volume grew by 20% over the previous financial year 2008- 09. The growth in
sales volume outpaced the industry growth both for automotive and motor cycle
batteries. The Company was able to maintain its market share both in OEM and
aftermarket aided by its focus on channel building, realignment of its product
portfolio and brand awareness programmes. The Company received the permit to
use the “Diamond Mark” from the Kenya Bureau of Standards and received “Gulf
Standard Organisation Certification” from the Directorate General of
Specifications and Measurements, Ministry of Commerce and Industry, Sultanate
of Oman, for its automotive batteries. During the year the Company launched its
second variant in the category of motor cycle batteries (with VRLA technology)
under the name of “Amaron Pro Bike RiderTM BETA series” with 48 months warranty
in the aftermarket. The BETA series would enhance the product portfolio in
addition to the existing variant - ALPHA with 60 months warranty. In 2009-10, the Company expanded its Amaron®
network to over 200 franchisees and 18000 retailers and strengthened the
presence through 700 PowerZoneTM outlets in semi-urban and rural locations. A
detailed report on both industrial and automotive battery businesses
Finance:
The Company’s financial position continues to be comfortable with its
debt equity ratio at 0.17:1. As at March 31, 2010 the Company’s cash balance
was healthy at Rs. 624.67 million. During the year , the Company has reduced
its long term liabilities (secured loans) to Rs. 272.95 million as against Rs.
2,078.32 million of previous year. The Company pre closed the term loans
availed from Citibank and Bank of
Directors:
In accordance with the provisions of Section 256(1) of the Companies
Act, 1956 and Article 105(a) of the Articles of Association of the Company, Mr.
P. Lakshmana Rao and Mr. Nagarjun Valluripalli, are liable to retire by
rotation at the ensuing annual general meeting and being eligible offer
themselves for re-appointment. The board has recommended the re-appointment of
Mr. Jayadev Galla as the Managing Director of the Company for a further period
of five years commencing from September 1, 2010, subject to the approval of
shareholders at the ensuing annual general meeting. Necessary resolutions are
being placed before the shareholders at the ensuing annual general meeting for
their consideration and approval. A brief resume, expertise and details of
other directorship(s) etc., relating to appointment and reappointment of
directors are provided in the notice of the ensuing annual general meeting. Mr.
Jorge A Gonzalez was appointed as director of the Company with effect from
November 1, 2009 in the casual vacancy caused by the resignation of Mr. Raymond
J Brown in terms of Section 262 of the Companies Act, 1956. Mr. Raymond J.
Brown had tendered his resignation and the same was accepted by the board with
effect from November 1, 2009. Mr. Frank E. Kraick, who was appointed as
alternate director to Mr. Raymond J. Brown vacated his office in terms of
Section 313 and related provisions of the Companies Act, 1956 with effect from
November 1, 2009. The board wishes to place on record its grateful appreciation
and acknowledgement for the valuable contributions rendered by the outgoing
directors during their tenure. Mr. Tony. W. Huang was appointed as an alternate
director to Mr. Jorge A Gonzalez in terms of Section 313 of the Companies Act,
1956 with effect from May 19, 2010. Mr. Rohit Kochhar was appointed as an
alternate director to Mr. Shu Qing Yang in terms of Section 313 of the
Companies Act, 1956 with effect from May 19, 2010.
MANAGEMENT DISCUSSION
AND ANALYSIS
Global economy:
The year 2009 witnessed the harsh fallout of the
unprecedented global economic turmoil. As per IMF estimates (January 2010), global
economic growth contracted around 0.8%, led by the advanced economies which
contracted 3.2% while emerging economies declined 400 bps to 1.7% in 2009 (2.1%
in 2008). The intensity of the global meltdown in 2009 would have been harsher
but for
trade to expand 9.5% with the advanced world increasing
7.5% and the emerging world 11%.
Emerging world rules
the future:
Over the last decade, the global economy was primarily
driven by the emerging world,
Indian economic
overview:
Double-digit industrial growth saw the Indian economy
expanding 7.4% in 2009-10, despite drought and a global slowdown. The gross
domestic product (GDP) was Rs. 44640810.000 millions (at 2004-05 prices),
surpassing the earlier estimate of 7.2% growth over the previous year's Rs.
41549730.000 millions. The Indian economy’s stellar performance was driven by
the manufacturing sector’s robust performance on the back of government and consumer pending. He sector emerged as the best
performer, growing 10.8% in 2009-10 as against 8.9% in 2008-09, outpacing the
services sector. While manufacturing activity pushed the growth, agriculture
grew 0.2% during the year as opposed to a 0.2%estimated decline, despite the
worst drought in three decades, floods in some areas and resulting impact on
kharif crop production.
As on March 26, 2010, India's foreign exchange reserves
stood at USD 277.04 billion, an increase of USD 24.71 billion over the same
period in the previous year (source: Reserve Bank of India's Weekly Statistical
Supplement).
Impact of economic
resurgence:
Auto: Automobile production touched record highs in
2009-10 on the back of positive consumer sentiment. Car production rose 25%,
the fastest in six years, to 1.950 millions and motorcycle production climbed
26% to 8.400 millions. In the passenger car segment, volumes of the two car
majors, Maruti and Hyundai Motors, grew 33% and 18% year-onyear. Telecom:
According to the Department of Industrial Policy and Promotion (DIPP), the
telecommunication sector, which includes radio paging, mobile services and
basic telephone services, attracted foreign direct investment (FDI) worth Rs.
108,110 million in 2009-10, a growth of 17.12% over the previous year. In March
2010, Bharti Airtel bought the African operations of Kuwait-based Zain Telecom
for USD 10.7 billion, driving the Indian player into the league of top ten
telecom players globally. According to the Economic Survey 2009-10, the
production of telecom equipment in value terms increased from USD 9 billion in
2007-08 to USD 10.53 billion in 2008-09 and is expected to be USD 12.4 billion
in 2009-10.
IT & ITeS: The aggregate revenue from the IT-BPO
industry is expected to grow by over 5% and reach USD 73.10 billion in 2009-10
compared with USD 69.40 billion in 2008-09. The IT-ITeS industry’s contribution
to the GDP increased from 6% in 2008-09 to 6.10% in 2009-10 (Source: Department
of Information Technology).
Indian battery
market:
The domestic storage battery market (organised sector) is
estimated at about Rs. 65 billion at current lead prices, comprising industrial
batteries (Rs. 32 billion) and automotive batteries (Rs. 33 billion)
businesses. Moreover, the unorganised sector is estimated at Rs. 20-25 billion.
The automotive battery business accounts for about 55% of sales value, while
the industrial battery business accounts for the remaining 45%. The automotive
battery business can be further divided into the OEM and aftermarket sectors.
Demand for automotive batteries largely depends on the growth of automobile
OEMs and the aftermarket. During the year, the automotive batteries market grew
about 30% in OEM and about 10% in the replacement market. The OEM and
replacement markets are expected to experience about 18% growth in the segment
OEM and 11% in the aftermarket segment in 2010-11. The growth in the industrial
batteries business is driven by infrastructure and technology-related
industries such as telecommunications, UPS and power. VRLA technology caters to
75% of the industrial storage battery market. The ongoing slowdown in telecom
impacted the offtake and price of VRLA batteries, after healthy growth in the
recent threefour years. The market for UPS batteries is expected to grow about
10% in 2010- 11, aided by a reviving momentum in the services sector and
e-initiatives of the Government(s) of India.
Business overview:
The Industrial Batteries Business Unit manufactures Valve
Regulated Lead Acid (VRLA) batteries, catering to the growing needs of the
telecom, UPS back-up, railways and power utility sectors. Its strong ties with
leading customers resulted in 34% CAGR over the past four years leading to
2009-10. Today, the unit is a preferred battery supplier to all major telecom
infrastructure and service providers, one of the largest battery suppliers to
Indian utilities and preferred partner of multinational telecom equipment
manufacturers and power companies. Over the recent years, the unit established
a competent marketing and service network – 75 strong Authorised QuantaTM
Alliance (AQuA) partners with pan-India reach – to cater to the growing UPS
segment. Across the last two years, the unit doubled the capacities of both
LVRLA and MVRLA product lines, enabling scale efficiencies in manufacturing
operations.
Current outlook:
The industrial battery market is largely influenced by
demand in telecom and UPS segments while renewable energy and motive power sectors
are likely to emerge as new growth drivers. Telecom: The Indian telecom market
came of age last year, emerging as one of the world’s fastest growing and most
competitive markets. But intense competition in the wireless-dominated telecom
services in the country also forced operators to reduce tariffs to the brink of
sustainability. As a fallout, operators will pursue new revenue-generating
opportunities as the subscriber growth rates will moderate. Tariff stability,
potential M and As, launch of 3G/BWA services and introduction of mobile number
portability are some of the key developments that will characterise the telecom
industry dynamics during FY11. While the network expansion will focus on
reaching rural subscribers, the corresponding challenges in power supply
management in power deficit geographies will trigger more innovative products,
services and business models in the telecom network power solutions. With
Unaudited
Financial Results for the Quarter and Nine Months Ended 31.12.2010
Rs. in Millions
|
Particular |
Quarter
Ended 31.12.2010 |
Nine
Months Ended 31.12.2010 |
|
Net Sales/Income from Operations |
4249.257 |
12602.689 |
|
Other Operating Income |
5.874 |
21.930 |
|
Total |
4255.131 |
12624.619 |
|
Expenditure |
|
|
|
Increase/decrease in stock in trade and work in progress |
(250.950) |
(72.099) |
|
Consumption of raw materials |
2987.996 |
8267.525 |
|
Purchase of traded goods |
8.925 |
33.363 |
|
Employees cost |
195.375 |
594.528 |
|
Depreciation |
104.746 |
312.465 |
|
Other Expenditure |
649.086 |
1947.852 |
|
Total |
3695.178 |
11083.634 |
|
Profit from Operations before Other Income, Interest & Exceptional
Items |
559.953 |
1540.985 |
|
Other Income |
16.221 |
40.894 |
|
Profit before Interest and Exceptional Items |
576.174 |
1581.879 |
|
Interest |
2.741 |
11.385 |
|
Profit after Interest but before Exceptional Items |
573.433 |
1570.494 |
|
Exceptional Items |
(16.005) |
(24.485) |
|
Profit (+)/ Loss (-) from Ordinary Activities before tax |
589.438 |
1594.979 |
|
Tax expense |
192.906 |
525.157 |
|
Net Profit (+)/Loss(-) from Ordinary Activities after tax |
396.532 |
1069.822 |
|
Extraordinary Item (net of tax expense) |
0.000 |
0.000 |
|
Net Profit (+)/Loss(-) for the period |
396.532 |
1069.822 |
|
Paid-up equity share capital (Face Value of the Share shall be
indicated) |
170.812 |
170.812 |
|
Reserve excluding Revaluation Reserves as per balance sheet of
previous accounting year |
|
-- |
|
Earnings Per Share (EPS) |
|
|
|
Basic and diluted EPS before Extraordinary items for the period, for
the year to date and for the previous year (not annualized) |
4.64 |
12.53 |
|
Public shareholding |
|
|
|
Number of shares |
40942524 |
40942524 |
|
Percentage of shareholding |
47.94 |
47.94 |
|
Promoters and Promoter Group Shareholding |
-- |
-- |
|
Pledged / Encumbered |
|
|
|
Number of shares |
Nil |
Nil |
|
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
Nil |
Nil |
|
Percentage of shares (as a % of the total share capital of the
company) |
Nil |
Nil |
|
Non – encumbered |
|
|
|
Number of shares |
44463726 |
44463726 |
|
Percentage of shares (as a % of the total shareholding of the Promoter
and Promoter group) |
100 |
100 |
|
Percentage of shares (as a % of the total share capital of the
company) |
52.06 |
52.06 |
Notes:
1) As the Company's business activity falls within a single primary business segment, viz., "Lead Acid Storage Batteries", the disclosure requirement of AS-17 "Segment Reporting", notified by the Companies (Accounting Standards) Rules, 2006 are not applicable.
2) The exceptional items as mentioned in item no. 8 represents translation loss/(gain), due to rupee depreciation/ appreciation, against foreign currency assets/liabilities accounted as per AS - 11 "The effect of changes in Foreign Exchange Rates", notified by the Companies (Accounting Standards) Rules, 2006.
3) The Board of Directors have declared a one tie special dividend of Rs.2/- per equity share of Rs.2 each to commemorate the silver jubilee year of the company.
4) Net sales are net of trade discounted / trade incentives.
5) Remuneration (Commission) of Rs.52.016 million payable to non executive chairman for the period ended 31.12.2010 is subject to approval from Central Government under section 309 of the Companies Act, 1956.
6) The details of the number of investor complaints for the quarter ended 31.12.2010 : beginning : nil, received 15; resolved : 14 and pending : 1.
7) Previous year figures have been re-grouped / re-classified wherever necessary to conform to current year figures.
8) The aforementioned results together with the draft limited review report thereon provided by the auditors of the Company were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on
24.01.2011.
Fixed Assets
·
Land and Land Development
·
Building
·
R and D Building
·
Plant and Machinery
·
R and D Plant and
Machinery
·
Electrical Installation
·
Furniture
·
Office Equipments
·
Trade Marks
·
Vehicles
PRESS RELEASE:
Amara
Raja Net sales at Rs.4249 Million for Q3 FY11.
Amara
Raja declares “One-Time Special Dividend” of Rs. 2 per share
Hyderabad, Jan 24, 2011: Amara Raja Batteries Limited (ARBL), India’s leading
Industrial and Automotive Battery major (BSE Code: 500008 & NSE Code:
AMARAJABAT) today announced a 16% growth in Net Sales at Rs.4249 Million for
Q3-FY11, as against Rs 3668 Million in Q3-FY10.
For the quarter ended December 31, 2010, Gross Sales stood at Rs. 4737 Million
compared to Rs 3973 Million for the same period in the last year. Profit Before
Tax (PBT) is at Rs 589 Million for Q3-FY11 as against Rs 614 Million in the
corresponding quarter last year.
|
Rs.In Million |
|||||
|
|
Unaudited Financials for the Quarter Ended |
Nine Months Ended |
Audited Financials for the year ended |
||
|
Particulars |
31.12.2010 |
31.12.2009 |
31.12.2010 |
31.12.2009 |
31.03.2010 |
|
Gross Sales |
4737 |
3973 |
14025 |
11198 |
15915 |
|
Net Sales |
4249 |
3668 |
12603 |
10327 |
14645 |
|
PBT |
589 |
614 |
1595 |
1986 |
2546 |
|
PAT |
397 |
399 |
1070 |
1303 |
1670 |
For the nine months period ended December 31, 2010, ARBL’s Net Sales stood at Rs.
12603 Million and Profit After Tax (PAT) at Rs.1070 Million.
The board of directors have approved a “One-Time Special Dividend” of Rs.2 per
share, on the paid up equity share capital of Rs. 2/- each, to commemorate the
silver jubilee occasion of the Company
During the third quarter, the Industrial Battery business performed
satisfactorily recording moderate volume growth. While we have managed to
garner higher market share in telecom segment, the environment continues to be
challenging with lower demand, highly competitive prices and spiraling input
costs. Continued focus on growth in UPS market segment, prudent capacity
utilization and operational efficiency measures have helped to retain dominant
market share.
During the quarter, the Company unveiled Amaron VoltTM Hi-Life batteries for
critical industrial applications. AMARON VoltTM is a specialized 2V high
integrity series assuring green energy even in rural and harsh outdoor
operating conditions, meeting the demanding application requirement of reliable
backup power in Indian telecom market.
The Company is confident of achieving its volume projections for the ensuing
quarter. While a marginal price revision in telecom segment is witnessed in Q3,
the company believes that the increasing Lead prices would continue to exert
pressure on margins.
In the Automotive battery business, the Company gained in volumes from OEM
segment. The company stands committed to improve the market share in OEM
segment. The company has firmed up plans for entry into OEMs of Two-wheelers
with VRLA technology, currently sold in aftermarket.
The company is steadily improving its market share in aftermarket and is
confident of achieving the growth in volumes. The company is expanding the
distribution network to address the growth opportunity, while also supporting
the additional capacity coming on stream progressively in next 9 months.
However, the increasing Lead prices would impact the profitability. Commenting
on the Q3 performance, Mr. Jayadev Galla, Managing Director, Amara Raja
Batteries said, “The Company is pleased to announce a one-time dividend to
commemorate the 25th year of existence. The business units thrive in the face
of challenges and are turning in a satisfactory performance. The Company will
continue to be focussed about growth in volumes, market shares and internal
efficiencies.”
About Amara Raja Batteries Limited
Amara Raja Batteries Limited, an Amara Raja-Johnson Controls company
with 26% equity from Johnson Controls, is the technology leader and is one of
the largest manufacturers of lead acid batteries for both industrial and
automotive applications in the Indian storage battery industry.
In
Company supplies automotive batteries under OE relationships to Ashok Leyland,
Ford
Johnson Controls is a global leader in Power Solutions, Automotive Seating
systems, and Building Efficiency. The company provides innovative automotive
interiors that help make driving more comfortable, safe and enjoyable. For
buildings it offers products and services that optimize energy use and improve
comfort and security. Johnson Controls also provides batteries for automobiles
and hybrid electric vehicles, along with system engineering and service
expertise. Johnson Controls (NYSE: JCI), founded in 1885, is head quartered in
Milwaukee, Wisconsin, with net sales of USD 34.30 billion for the year ended
September 30, 2010.
Some of the statements in this news release that are not historical facts are
forward looking statements. These forward looking statements include our
financial and growth projections as well as statements concerning our plans,
strategies, intentions and beliefs concerning our business and the markets in
which we operate. These statements are based on information currently available
to us, and we assume no obligation to update these statements as circumstances
change. There are risks and uncertainties that could cause actual events to
differ materially from these forward looking statements. These risks include,
but are not limited to, the level of the market demand for our products, the
highly competitive market for the types of the products that we offer, market
condition that would cause our customers to reduce their spending for our
products, our ability to create, acquire and build new businesses and to grow
our existing businesses, our ability to attract and retain qualified personnel,
currency fluctuations and market conditions in India and elsewhere around the world,
and otherwise not specifically mentioned herein but those that are common to
industry.
For further
details, please contact :
Mr. K.Suresh
Amara Raja Batteries Ltd
Email: ksuresh@amararaja.co.in
Parul Shukla / Dushyant Sharma
Adfactors PR (P) Ltd.
Email: parul.shukla@adfactorspr.com
Email: dushyant.sharma@adfactorspr.com
PRESS RELEASE :
Amara Raja Group dons new identity to mark its Silver Jubilee
celebrations
Amara
Raja Group targets revenue of US $2 billion by 2015; a four-fold increase in
revenues
Envisions to be a US
$25 billion group by 2025
To create 500 acre
The new logo of Amara Raja is a symphony of diverse elements coming together
and moving forward in perfect harmony. The five colours symbolizing the five
elements of creation also represent the five core values of the Amara Raja
Group and the way in which its diverse entities orchestrate themselves as a
symphony in perfect harmony.
Launching the new identity of the group, Dr. Ramachandra N. Galla, Chairman,
Amara Raja Group said, “Twenty five years ago Amara Raja Group started its
journey with a vision of inclusive and sustainable growth in delivering world
class products. The group has grown from one company to 7 companies with a
turnover of Rs 2500 cr, employing over 7000 people across the country with 12
manufacturing units spread over 4 manufacturing complexes providing non
migratory jobs.”
He further added, “The journey witnessed the Amara Raja Group act as an agent
of change bringing about transformation in communities and markets that it
operates in and the way in which it has built its work culture. Over 85% of our
employees at manufacturing units who came in as untrained rural hands are now
part of world-class workforce”.
Marking the occasion, Mr. Jayadev Galla, Managing Director, Amara Raja
Batteries Limited said, “The shape and form of the new identity represents a
generational change as we transform from a set of individual companies into a
diversified group. The identity also symbolizes the group’s five core values
through nature’s five elements and articulated through its five colours. The
baseline-‘Gotta be a
He went on to say, “We have selected high social impact sectors aligned with
domestic and global megatrends which include Energy, Convergence Technology
& Media, Food, Transport, Infrastructure & Housing and Industrial
Services. With the target of US $ 2 billion by 2015 and a vision of US $ 25
billion by 2025, we will be building businesses driven by the growth trends in
these sectors and contribute to the Nation’s aspirations as well as reach the
intended height.”
Amara Raja Digital World City (ARDWC) will be one of
Amara Raja Group
Amara Raja Group founded by Dr. Ramachandra N. Galla, with a vision to offer
quality products/solutions with manufacturing facilities in rural
In line with its core values Amara Raja group has set up its manufacturing
units in rural locations in parts of Andhra Pradesh. This helps provide non
migratory job opportunities and improve quality of life.
The group over the years has been recognized for its significant efforts in the
field of human resources, environment protection, innovative branding and has
earned accolades in the area of HR strategy, quality excellence, environmental
management and best manufacturing practices. The group currently employs over
7000 people and has 12 manufacturing units spread over 4 manufacturing
complexes in Chittoor district of Andhra Pradesh.
Amara Raja Group comprises of 7 companies namely Amara Raja Power Systems
Limited, Amara Raja Batteries Limited, Mangal Precision Products Limited, Amara
Raja Electronics Limited, Galla Foods Limited, Amara Raja Infra Pvt. Ltd. and
Amara Raja Industrial Services Pvt. Ltd.
For further
information please contact:
Sreedhar
Kodakalla
Adfactors PR (P) Ltd.
Email: sreedhar@adfactorspr.com
Dushyant Sharma
Adfactors PR (P) Ltd.
Email: dushyant.sharma@adfactorspr.com
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 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.52 |
|
|
1 |
Rs.72.71 |
|
Euro |
1 |
Rs.64.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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 and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.