MIRA
INFORM REPORT
|
Report Date : |
16.12.2011 |
IDENTIFICATION
DETAILS
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Name : |
ULTRATECH CEMENT LIMITED (w.e.f. 14.10.2004) |
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Formerly Known
As : |
ULTRATECH CEMCO LIMITED |
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Registered
Office : |
B Wing, 2nd Floor, Ahura Centre, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
24.08.2000 |
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Com. Reg. No.: |
11-128420 |
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Capital
Investment / Paid-up Capital : |
Rs.2740.400 Millions |
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CIN No.: [Company
Identification No.] |
L26940MH2000PLC128420 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
MUMU03782C |
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PAN No.: [Permanent
Account No.] |
AAACL6442L |
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Legal Form : |
A Public Limited Liability Company. The company’s Share
are listed on the Stock Exchange. |
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Line of Business
: |
Manufacturers, Dealers and Sellers of Cement, Clinker,
Lime, Plasters, Whiting, Clax, Granule, Sand Coke, Fuel, Artificial Stone,
Builders requisites and Convenience of all kinds and any products or things
which may be manufactured out of or with cement or in which the use of cement
may be made. |
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No. of Employees
: |
11509 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (74) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit
Limit : |
USD 430000000 |
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Status : |
Good |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established and a reputed company having fine track.
Financial position of the company appears to be sound. Fundamentals are strong
and healthy. 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. It can be regarded as a promising business partner in a medium to
long-run. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DENIED BY
|
Name : |
Mr. Sunil |
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Designation : |
Account Department |
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Contact No.: |
91-22-66917800 |
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Date : |
15.12.2011 |
LOCATIONS
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Registered
Office : |
B Wing, 2nd Floor, Ahura Centre, Mahakali Caves Road, Andheri
[East], Mumbai – 400093, Maharashtra, India |
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Tel. No.: |
91-22-66917800 |
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Fax No.: |
91-22-66928109 |
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E-Mail : |
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Website : |
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Central Marketing Office: |
A Wing, Ahura Centre, 1st Floor, Mahakali Caves
Road, Near M.I.D.C office, Andheri
(East), Mumbai 400 093 |
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Tel. No.: |
91-22-66917360 / 66928400 / 66917274 |
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Fax No.: |
91-22-66917361 / 66928401 / 66927250 |
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Zonal marketing offices Located at: |
Ahmedabad 301/302, III Floor, High
Street – 1, Opposite Law Gardens, Ellis Bridge, Ahmedabad – 380004 Tel No.: 91-79-66076000 Fax No.: 91-79-66076005 Bangalore No.
45, “Industry House”, 6th floor, Race Course Road, Bangalore – 560 001 Tel No. :
91-80-22250748/ 22250749/ 22356574 Fax No. : 91-80-22204839 Chennai 23,
Anna Salai, Little Mount, (Above Swaraj Mazda Showroom) Saidapet, Chennai – 600 015 Tel No. : 91-44-42118962/ 63 Fax No. :
91-44-42118982 Hyderabad 503, Aditya Trade Centre, 5th Floor Aditya
Enclave Road, Ameerpet, Hyderabad – 515002 Tel No.: 91-40-66430430 Fax No.: 91-40-66430440 Kolkata “Constantia
office Complex” 7th Floor, 11, Dr. U.N. Brahamachari Street, Kolkata – 700
017 Tel No. : 91-33-30214100/
30214400 Fax No. : 91-33-30214490/ 30214590/ 30214390 NEW
DELHI 12th
Floor, Ambadeep Building, K.G. Marg, Connaught Place, New Delhi – 110 001 Tel No. :
91-11-43573200/ 23315007/ 10 Fax No. : 91-11-23315000 |
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Factory 1 : |
Andhra
Pradesh, Cement Works, Village: Bhogasamudram, Tadipatri, Anantapur District, Andhra Pradesh
- 515415 |
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Tel. No.: |
91-8558-288841 / 01 |
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Fax No.: |
91-8558-288821 / 31/ 59 |
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Factory 2 : |
Awarpur,
Cement Works, P.O. Awarpur Cement Project, Taluka: Korpana, District Chandrapur -
442917, Maharashtra |
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Tel. No.: |
91-7173-266322/ 6323 |
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Fax No.: |
91-7173-266339 |
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Factory 3 : |
Gujarat
,Cement Works, Village: Kovaya, Taluka: Rajula City, District
Amreli - - 365541, Gujarat |
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Tel. No.: |
91-2794-283056 / 3034 |
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Fax No.: |
91-2794-283007 3036 |
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Factory 4 : |
Hirmi
, Cement Works, P. O. Hirmi, Taluka: Simga, Via: Neora,
District Raipur - 493195, Chattisgarh |
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Tel. No.: |
91-7726-281269 / 1217 / 218 / 221 |
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Fax No.: |
91-7726-281268 / 1572 |
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Factory 5 : |
Jafrabad
Works, Cement Works P B No. 10, Village: Babarkot, Taluka: Jafrabad,
District Amreli -365540, Gujarat |
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Tel. No.: |
91-2794-245356 / 103 |
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Fax No.: |
91-2794-245110 |
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Factory 6 : |
Arakkonam,
Cement Works Chetteri Village, Arakkonam, District
Vellore - 631003, Tamilnadu |
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Tel. No.: |
91-4177-329504 / 293291/ 29311 |
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Fax No.: |
91-4177-233585 / 293810 |
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Factory 7 : |
Jharsuguda,
Cement Works, Near Dhutra Railway Station, P.O. Arda, District Jharsuguda, Orissa -
768202 |
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Tel. No.: |
91-6645-283161/ 283104/ 105 |
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Fax No.: |
91-6645-283108/ 110 |
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Factory 8 : |
Magdalla,
Cement Works Near Magdalla Port, Dumas Road, Surat -
395007, Gujarat, India |
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Tel. No.: |
91-261-2721318/ 5175/ 176 |
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Fax No.: |
91-261-2726952 |
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Factory 9 : |
Ratnagiri,
Cement Works MIDC Industrial Estate, Zadgaon Block,
Ratnagiri – 415639,Maharashtra |
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Tel. No.: |
91-2352-223679 |
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Fax No.: |
91-2352-221807 |
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Factory 10 : |
West
Bengal, Cement Works, Near EPIP plot, Muchipara, Post: Rajbandh,
Durgapur - 713212 , West Bengal, India |
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Tel. No.: |
91-343-2533029/ 3030/ 4324/ 3361 |
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Fax No.: |
91-343-2533358 |
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Factory 11 : |
Ginigera,
Cement works Ginigera Grinding Unit, Ginigera Village,
Koppal Gangavathi Road, Koppal Taluq and District, Karnataka |
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Tel. No.: |
91-8539-286575/ 201452 |
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Fax No.: |
91-8539-286574 |
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Factory 12 : |
Aditya Cement
Works Adityapuram, Sawa - Shambhupura Road,
District Chittorgarh – 312622, Rajasthan, India |
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Tel. No.: |
91-1472-221001-10 |
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Fax No.: |
91-1472-221020 |
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Factory 13 : |
Kotpuli Cement
Works V and P. O. Mohanpura, Tehsil Kotputli,
District Jaipur – 303108, Rajasthan, India |
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Tel. No.: |
91-1421-215719 |
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Fax No.: |
91-1421-288665 |
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Factory 14 : |
Rajashree Cement
Works Aditya Nagar, Malkhed Road, Tehsil Sedam, District
Gulbarga – 585292, Karnataka, India |
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Tel. No.: |
91-8441- 288888 |
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Fax No.: |
91-8441-288624/ 288365 |
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Factory 15 : |
Rawan Cement
Works Grasim Vihar Village, P.O. Rawan, Tehsil
Simga, District Raipur – 493196, Chhattisgarh, India |
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Tel. No.: |
91-7726-288217 to 20 |
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Fax No.: |
91-7726-288215 / 288209 |
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Factory 16 : |
Reddipalayam
Cement Works Reddipalayam PO, District Ariyalur –
621704, Tamil Nadu, India |
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Tel. No.: |
91-4329-249240 |
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Fax No.: |
91-4329-249253 |
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Factory 17 : |
Vikram Cement
Works Tehsil Jawad, District Neemuch, Khor - 458
470, Madhya Pradesh, India |
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Tel. No.: |
91-7420- 230830 / 235557 |
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Fax No.: |
91-7420-235524 |
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Factory 18 : |
White Cement
Birla White Rajashree Nagar, P.O. Kharia Khangar,
Tehsil Bhopalgarh, District Jodhpur- 342606, Rajasthan, India |
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Tel. No.: |
91-2920-264040 to 47 |
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Fax No.: |
91-2920-264244 / 264222 |
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DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Kumar Mangalam Birla |
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Designation : |
Chairman |
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Date of
Birth/Age: |
14.06.1967 |
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Date of
Appointment: |
14.05.2004 |
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Qualification: |
ACA, MBA |
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Name : |
Mr. G. M. Dave |
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Designation : |
Director |
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Date of
Birth/Age: |
12.07.1938 |
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Date of
Appointment: |
07.07.2006 |
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Qualification: |
M. Com, LLB, CAIIB |
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Name : |
Mrs. Rajashree Birla |
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Designation : |
Director |
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Name : |
Mr. R C Bhargava |
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Designation : |
Director |
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Date of
Birth/Age: |
30.07.1934 |
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Date of
Appointment: |
06.07.2004 |
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Qualification: |
M.Sc. (Maths) M.A. (Dev. Economics) |
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Expertise in specific general functional
area : |
General Management |
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List of outside Directorships
held (Public
Limited Companies) : |
·
Birla Sunlife
Asset Management Company Limited ·
Dabur India
Limited ·
Grasim
Industries Limited ·
Idea Cellular
Limited ·
IL and FS
Limited ·
Maruti Suzuki
India Limited ·
Optimus
Global Services Limited ·
Polaris
Software Lab Limited ·
Thomson Press
Limited |
|
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Name : |
Mr. V T Moorthy |
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Designation : |
Director |
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Name : |
Mr. S Rajgopal |
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Designation : |
Director |
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Date of
Birth/Age: |
17.07.1935 |
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Date of
Appointment: |
20.10.2007 |
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Qualification: |
B.A. Hons (Mathematics), M.A. (History) |
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Expertise in specific general
functional area : |
Civil Service |
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List of outside Directorships
held (Public
Limited Companies) : |
Larsen and Toubro Limited |
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Name : |
Mr. D D Rathi |
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Designation : |
Director |
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Address : |
Flat No. 82, Jolly Maker
Apartments-II, Cuffe Parade, Mumbai – 400 005, Maharashtra |
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Date of Birth/Age : |
11.01.1947 |
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Date of Appointment : |
06.07.2004 |
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Qualification: |
B. Com., F.C.A. |
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Expertise in specific general
functional area : |
Company Executive |
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List of outside Directorships
held (Public
Limited Companies) : |
Grasim Industries Limited |
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Name : |
Mr. N J Jhaveri |
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Designation : |
Director |
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Name : |
Mr. S B Mathur |
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Designation : |
Director |
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Date of Birth/Age: |
11.10.1944 |
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Date of Appointment: |
10.09.2008 |
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Qualification: |
B. Com., F.C.A., ICWA Part I, and II London |
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Name : |
Mr. Adesh Gupta |
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Designation : |
Director |
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Date of Birth/Age : |
11.09.1956 |
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Date of Appointment : |
26.10.2010 |
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Qualification: |
B. Com, FCA, FCS, |
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Expertise in specific general
functional area : |
Company Executive |
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List of outside Directorships
held (Public
Limited Companies) : |
·
Aditya Birla
Telecom Limited ·
Birla
Insurance Advisory and Broking Services Limited ·
Birla
Consultants Limited ·
Birla
Industrial Finance (India) Limited ·
Birla
Industrial Investments (India) Limited ·
Grasim
Bhiwani Textiles Limited ·
Grasim
Industries Limited ·
Samruddhi
Swastik Trading and Investments Limited ·
Sun God
Trading and Investment Limited |
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|
|
Name : |
Prof. Nirmalya Kumar |
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Designation : |
Director |
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Date of Birth/Age : |
08.03.1960 |
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Date of Appointment : |
16.02.2011 |
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Qualification: |
B. Com., MBA, PhD in Marketing |
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Expertise in specific general
functional area : |
Professor – Marketing |
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Name : |
Mr. O. P. Puranmalka |
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Designation : |
Whole-time Director |
KEY EXECUTIVE
|
Name : |
Mr. K. C. Birla |
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Designation : |
and Chief Financial Officer |
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Name : |
Mr. S. K. Chatterjee |
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Designation : |
Company Secretary |
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E-Mail : |
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Name : |
Mr. Kumar Mangalam Birla |
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Designation : |
Chairman |
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Name: |
Mr. R K Shah |
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Designation: |
Group Executive President and Chief Manufacturing Officer |
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Name: |
Mr. S. N. Jajoo |
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Designation: |
Chief Marketing Officer |
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Name: |
Mr. C B Tiwari |
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Designation: |
Chief People Officer |
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Name: |
Mr. R. Mohnot |
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Designation: |
Unit head – White Cement |
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Corporate Finance Division : |
Name
: J. Bajaj Designation:
Executive President (Finance) Name
: Mr. M. B. Agarwal Designation
: Joint President (F and C) |
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Name: |
Mr. J Bajaj |
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Designation: |
Executive President (Finance) |
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Name: |
Mr. B Agarwal |
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Designation: |
Joint President (F and C) |
MAJOR SHAREHOLDERS
As on 30.09.2011
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
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(A) Shareholding of Promoter and Promoter Group |
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|
77009 |
0.03 |
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173528048 |
64.65 |
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173605057 |
64.68 |
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Total shareholding of Promoter and Promoter Group (A) |
173605057 |
64.68 |
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(B) Public Shareholding |
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|
3621762 |
1.35 |
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|
170320 |
0.06 |
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|
15807581 |
5.89 |
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|
40991940 |
15.27 |
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|
60591603 |
22.57 |
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|
11857928 |
4.42 |
|
|
|
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|
18709870 |
6.97 |
|
|
1174566 |
0.44 |
|
|
2474650 |
0.92 |
|
|
923518 |
0.34 |
|
|
1499356 |
0.56 |
|
|
51776 |
0.02 |
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|
34217014 |
12.75 |
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Total Public shareholding (B) |
94808617 |
35.32 |
|
Total (A)+(B) |
268413674 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
-- |
-- |
|
|
2744168 |
-- |
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|
2895347 |
-- |
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|
5639515 |
-- |
|
Total (A)+(B)+(C) |
274053189 |
-- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs. 0.100 MillionsBUSINESS DETAILS
|
Line of Business
: |
Manufacturers, Dealers and Sellers of Cement, Clinker,
Lime, Plasters, Whiting, Clax, Granule, Sand Coke, Fuel, Artificial Stone, Builders
requisites and Convenience of all kinds and any products or things which may
be manufactured out of or with cement or in which the use of cement may be
made. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Grey Cement |
Lakh Tonnes |
NA |
487.50 |
329.23 |
|
Ready Mix Concrete |
Lakh Cubic Meters |
NA |
103.71 |
37.43 |
|
White Cement |
Lakh Tonnes |
NA |
5.60 |
4.08 |
|
Putty |
Lakh Tonnes |
NA |
4.00 |
2.34 |
Licensed capacity not indicated due to abolition of industrial licenses as per Notification No. 477 (E) dated July 25, 1991 issued under The Industries (Development and Regulation) Act, 1951.
GENERAL
INFORMATION
|
No. of Employees
: |
11509 (Approximately) |
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Bankers : |
Not Available |
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Facilities: |
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Banking
Relations : |
-- |
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Statutory
Auditors : |
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Name : |
Deloitte Haskins and Sells, Chartered Accountants |
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Address: |
Mumbai, Maharashtra, India |
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Name : |
G. P. Kapadia and Company Chartered Accountants |
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Address: |
Mumbai, Maharashtra, India |
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Cost Auditors : |
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|
Name : |
N. I. Mehta and Company Cost Accountants |
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Address: |
Mumbai, Maharashtra, India |
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Solicitors : |
|
|
Name : |
Amarchand and Mangaldas and Suresh A. Saroff and Company Advocates and Solicitors |
|
Address: |
Mumbai, Maharashtra, India |
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Holding Company
: |
·
Grasim Industries Limited |
|
|
|
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Subsidiary : |
· UltraTech Cement Lanka Private Limited |
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|
Wholly
Subsidiaries : |
·
Dakshin
Cements Limited ·
Harish Cement
Limited. (HCL) (w.e.f.01.07.2010) ·
UltraTech
Cement Middle East Investments Limited. Wholly Owned Subsidiary (UCMEIL) |
|
|
|
|
Subsidiary’s Subsidiary – UCMEIL |
·
Star Cement
Company LLC, UAE (w.e.f. 31.08.2010) ·
Star Cement
Company LLC, RAK Ras-Al-Khaimah UAE Subsidiary’s Subsidiary – UCMEIL(w.e.f.
31.08.2010) ·
Al Nakhla
Crusher LLC, Fujairah (w.e.f. 06.09.2010) ·
Arabian Cement
Industry LLC, Abu Dhabi (w.e.f. 15.09.2010) ·
Arabian Gulf
Cement Company W.L.L, Bahrain (w.e.f. 27.09.2010) ·
Emirates
Power Company Limited, Bangladesh (w.e.f. 27.08.2010) ·
Emirates
Cement Bangladesh Limited., Bangladesh (w.e.f. 27.08.2010) |
|
|
|
|
Fellow Subsidiary : |
·
Samruddhi
Cement Limited (upto 30.06.2010) ·
Samruddhi
Swastik Trading and Investment Limited ·
Vikram Sponge
Iron Limited (VSIL) (Upto 21.05.2009) ·
Sun God
Trading and Investment Limited ·
Grasim
Bhiwani Textiles Limited ·
Harish Cement
Limited (upto 30.06.2010) |
|
|
|
|
Joint Venture ; |
·
Madanpur (North) Coal Company (Private) Limited ·
Bhaskarpara
Coal Company Limited. (w.e.f. 01.07.2010) |
|
|
|
CAPITAL
STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
280,000,000 |
Equity Shares |
Rs. 10 each/- |
Rs.2800.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
274,041,665 |
Equity Shares |
Rs. 10 each/- |
Rs.2740.400 Millions |
Note:
(a) 99,521,437 Equity shares of Rs.10 each issued as fully paid-up for acquiring the Cement
business pursuant to the Scheme of Arrangement with Larsen & Toubro without
payment being received in cash. (Previous Year 99,521,437)
(b) 87,258 Equity shares of Rs.10 each issued as fully paid-up, to shareholders of erstwhile
Narmada Cement Company Limited (NCCL) pursuant to the Scheme of Amalgamation
without payment being received in cash. (Previous Year 87,258)
(c) 149,533,469 Equity shares of Rs.10 each issued as fully paid-up, to shareholders of erstwhile
Samruddhi Cement Limited (SCL) pursuant to the Scheme of Amalgamation without
payment being received in cash (Previous Year Nil).{ Excluding issue of 8,518
Equity Shares kept in abeyance against shares of Grasim Industries Limited.
(Previous Year Nil)}
(d) 165,335,150 Equity shares are held by Grasim Industries
Limited (Holding Company). (Previous Year 68,192,294)
(e) 5,769,289 Equity shares represented by Global Depository Receipts. (Previous Year 174,278)
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
||
|
SHAREHOLDERS FUNDS |
|
|
|
||
|
1] Share Capital |
2740.400 |
1244.900 |
1244.900 |
||
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
||
|
3] Employees Stock Options Outstanding |
47.800 |
19.900 |
16.800 |
||
|
4] Reserves & Surplus |
103872.200 |
44821.700 |
34759.300 |
||
|
5] Accumulated Losses) |
0.000 |
0.000 |
0.000 |
||
|
NETWORTH |
106660.400 |
46086.500 |
36021.000 |
||
|
LOAN FUNDS |
|
|
|
||
|
1] Secured Loans |
27897.600 |
8541.900 |
11758.000 |
||
|
2] Unsecured Loans |
13548.400 |
7503.300 |
9658.300 |
||
|
TOTAL BORROWING |
41446.000 |
16045.200 |
21416.300 |
||
|
DEFERRED TAX LIABILITIES |
17300.500 |
8307.300 |
7229.300 |
||
|
|
|
|
|
||
|
TOTAL |
165406.900 |
70439.000 |
64666.600 |
||
|
|
|
|
|
||
|
APPLICATION OF
FUNDS |
|
|
|
||
|
|
|
|
|
||
|
FIXED ASSETS [Net
Block] |
114002.500 |
49416.800 |
46356.900 |
||
|
Capital
work-in-progress |
11053.200 |
2593.700 |
6772.800 |
||
|
|
|
|
|
||
|
INVESTMENT |
37303.200 |
16695.500 |
10348.000 |
||
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
||
|
|
|
|
|
||
|
CURRENT ASSETS,
LOANS & ADVANCES |
|
|
|
||
|
|
Inventories |
19565.200
|
8217.000
|
6919.700
|
|
|
|
Sundry Debtors |
6022.900
|
2158.300
|
1861.800
|
|
|
|
Cash & Bank
Balances |
1447.900
|
837.300
|
1044.900
|
|
|
|
Other Current
Assets |
0.000
|
0.000
|
0.000
|
|
|
|
Loans &
Advances |
10538.800
|
3511.300
|
3789.700
|
|
|
|
Assets held for
Disposal |
12.200
|
0.000
|
0.000
|
|
|
Total Current Assets |
37587.000
|
14723.900
|
13616.100
|
||
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
||
|
|
Sundry Creditors |
16782.100
|
6815.100
|
7393.900
|
|
|
|
Current
Liabilities |
12022.000
|
4565.700
|
3815.300
|
|
|
|
Provisions |
5734.900
|
1610.100
|
1218.000
|
|
|
Total Current Liabilities |
34539.000
|
12990.900
|
12427.200
|
||
|
Net
Current Assets |
3048.000
|
1733.000
|
1188.900
|
||
|
|
|
|
|
||
|
MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
||
|
|
|
|
|
||
|
TOTAL |
165406.900 |
70439.000 |
64666.600 |
||
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
132099.100 |
70496.800 |
63830.800 |
|
|
|
Interest and Dividend Income |
1223.400 |
562.100 |
451.500 |
|
|
|
Other Income |
1643.300 |
665.000 |
606.900 |
|
|
|
TOTAL |
134965.800 |
71723.900 |
64889.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
18053.300 |
9606.100 |
6849.600 |
|
|
|
Manufacturing Expenses |
45479.800 |
21521.100 |
24201.700 |
|
|
|
Purchase of Finished Products |
1221.800 |
637.400 |
195.000 |
|
|
|
Payments to and Provisions for Employees |
6665.000 |
2506.200 |
2176.700 |
|
|
|
Selling, Distribution, Administration and Other Expenses |
35979.100 |
16533.000 |
14337.900 |
|
|
|
Increase/Decrease in Stock |
(618.400) |
22.700 |
(887.600) |
|
|
|
TOTAL |
106780.600 |
50826.500 |
46873.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
28185.200 |
20897.400 |
18015.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
2771.100 |
1175.200 |
1255.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
25414.100 |
19722.200 |
16760.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
7657.300 |
3880.800 |
3230.000 |
|
|
|
|
|
|
|
|
|
|
|
17756.800 |
15841.400 |
13530.800 |
|
|
|
|
|
|
|
|
|
Less |
CAPTIVE
CONSUMPTION OF CEMENT (NET OF EXCISE DUTY RS. 34.600 MILLIONS (PREVIOUS YEAR
RS. 64.800 MILLIONS) |
(105.100) |
(40.200) |
(83.800) |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
17861.900 |
15881.600 |
13614.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3819.600 |
4944.200 |
3844.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
14042.300 |
10932.400 |
9770.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
27293.700 |
24384.000 |
15981.200 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Proposed Dividend |
1644.200 |
746.900 |
622.400 |
|
|
|
Corporate Dividend Tax |
266.700 |
124.100 |
105.800 |
|
|
|
Debenture Redemption Reserve |
589.200 |
(348.300) |
(360.800) |
|
|
|
General Reserve |
11000.000 |
7500.000 |
1000.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
27835.900 |
27293.700 |
24384.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
Export of goods |
3893.700 |
4609.900 |
5741.400 |
|
|
|
Dividend |
48.500 |
16.900 |
47.700 |
|
|
|
Other Receipts |
198.300 |
187.700 |
409.200 |
|
|
|
TOTAL EARNINGS |
4140.500 |
4814.500 |
6198.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials |
1300.100 |
375.400 |
44.800 |
|
|
|
Fuel, Stores and Spares |
9304.500 |
4221.400 |
6439.100 |
|
|
|
Capital Goods |
433.800 |
322.500 |
751.800 |
|
|
|
TOTAL IMPORTS |
11038.400 |
4919.300 |
7235.700 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
62.74 |
87.82 |
77.63 |
|
QUARTERLY RESULTS
(Rs. in Millions)
|
PARTICULARS |
|
|
30.06.2011 |
30.09.2011 |
|
Type |
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
|
44043.90 |
39806.200 |
|
Total Expenditure |
|
|
31772.600 |
33281.300 |
|
PBIDT (Excl OI) |
|
|
12271.300 |
6524.900 |
|
Other Income |
|
|
267.600 |
325.200 |
|
Operating Profit |
|
|
12538.900 |
6850.100 |
|
Interest |
|
|
726.200 |
671.600 |
|
Exceptional Items |
|
|
0.000 |
0.000 |
|
PBDT |
|
|
11812.700 |
6178.500 |
|
Depreciation |
|
|
2229.600 |
2227.500 |
|
Profit Before Tax |
|
|
9583.100 |
3951.000 |
|
Tax |
|
|
2752.000 |
1162.000 |
|
Provisions and Contingencies |
|
|
0.000 |
0.000 |
|
Profit After Tax |
|
|
6831.100 |
2789.000 |
|
Extraordinary Items |
|
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
0.000 |
|
Other Adjustments |
|
|
0.000 |
0.000 |
|
Net Profit |
|
|
6831.100 |
2789.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
10.40
|
15.24
|
15.06 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.52
|
22.53
|
21.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.78
|
24.76
|
22.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.34
|
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.71
|
0.63
|
0.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09
|
1.13
|
1.10 |
LOCAL
AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
(Rs. in
Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Dues of Micro, Small and Medium Enterprises |
11.500 |
1.300 |
8.600 |
|
Others |
16770.600 |
6813.800 |
7385.300 |
|
Total |
16782.100 |
6815.100 |
7393.900 |
OVERVIEW AND REVIEW OF OPERATIONS
The financial year began
on a positive note backed by the inherent strength of the Indian economy. Despite
the stimulus measures announced earlier being gradually withdrawn, rise in
domestic savings, growth in investments, revival of agriculture, manufacturing
and service sectors resulted in the economy recording pre-financial crises
growth rates and an acceleration in GDP. However, the economy started
witnessing a rise in inflationary trend during the second half together with a
tightening of the monetary policy, widening trade deficit, slowdown in
corporate spending and escalation in global energy prices.
In the short to middle term, the economy will be faced with a
number of challenges – most importantly, the high level of inflation which is
not indicating any signs of reduction and the hardening global energy prices. A
number of measures in the form of monetary, fiscal and policy will be required
to overcome these challenges. Despite this, the economy is poised for good
growth and has the ability to sustain the same, linked to domestic consumption.
The year 2010-11 was indeed challenging for the cement
industry. Demand off-take was weaker than expected due to lower realty and
infrastructure spending, extended monsoon, nonavailability of railway wagons.
Industry also witnessed capacity additions of around 28 MMT over and above the
capacity addition of around 60 MMT in FY10. On the cost front, fuel and energy
prices showed no signs of dropping. Prices of imported coal shot up by 37%
while that of domestic coal rose by 30%-150% in March, 2011. Further, the cost
of key inputs like fly ash, slag and other raw materials also rose
significantly. Rising interest rates is a matter of concern. The prevailing
situation in the Middle East and surrounding regions adversely affected
exports. The combination of slower demand growth coupled with increased supply
put pressure on cement pricing and margins. Against this background, the
Company has produced 32.92 MMT of cement as against 32.11 MMT in previous year.
Effective capacity utilization was 81% as against 86% in previous year on an
expanded capacity. The aggregate sales volume of 34.67 MMT was at par with the
previous year sales volume of 34.68 MMT.
The Company’s net turnover stood at Rs.132100.000 Millions as
against Rs.134420.000
Millions (recasted) achieved in the previous year. Profit before interest and
tax stood at Rs.20630.000
Millions as against Rs.33190.000 Millions (recasted).
Going forward, the Government’s increased focus on urban as
well as rural infrastructure development, housing and an enhanced capital
allocation towards infrastructure in the 12th – Five Year Plan, will be the major growth drivers
MANAGEMENT DISCUSSION AND ANALYSIS
OVERVIEW
The global economy is indicating signs of recovery. After
witnessing a sharp downturn in 2008 and 2009, an increasing number of countries
have registered notable recovery on the back of concerted government efforts
towards development activities. The recovery has been primarily led by the
emerging economies, especially the Asian economies of India and China.
In FY11, India’s economic performance was powered by a rebound
in the agricultural and service sectors. The economy grew by 8.6% during FY11,
a revelation of not only its strong fundamentals but also the opportunities
that it holds for the future. Growth in the infrastructure and capital goods
sectors were however slower than GDP growth. While the economy indicated signs
of a turnaround, it encountered some setbacks in the form of high inflation,
fiscal deficit and current account deficit. Despite several measures adopted by
the Government and the
Reserve Bank of India, inflation continued to remain high.
FY11 was quite challenging for the cement industry. Demand
off-take was weaker than expected on account of lower housing demand, realty
and infrastructure spending. On the supply front, overcapacity continued to
plague the industry. In line with the fall in demand and over supply scenario,
industry capacity utilisation was at 75% against 84% recorded in the previous
year. The demand-supply mismatch is expected to stay for some time as the total
cement industry capacity is expected to increase even further over the next
18-24 months.
On the cost front, fuel and energy prices remained high. Cement
prices remained under pressure causing margins to contract severely. Given this
backdrop, over the next couple of years, over capacity, rising input costs and
volatile pricing environment is expected to affect industry margins.
PERFORMANCE REVIEW
During the year, industry cement demand growth was 5.3% against
12% in the previous year, the lowest growth in last 10 years. The Company’s
growth was 3% on account of subdued growth in the markets of South India.
AWARDS
As many of the must be aware, the Government of India has
bestowed the prestigious “Padma Bhushan Award” on Mrs. Rajashree Birla, Director
of the Company. This is in recognition of her exemplary contribution in the
area of social work. It is indeed a matter of pride for all of us.
The Company was the recipient of the Most Respected Company
Award 2011 in the Cement Sector from the Business World.
A selective list of awards conferred upon the Company include:
• Top Exporter Award from CAPEXIL for the 14th
consecutive year.
• The 9th Annual
“Greentech Global Safety Award” 2010 from Greentech Foundation for Reddipalayam
Cement Works (RDCW);
• The Confederation of Indian Industry’s National Award for
excellence in energy management 2010 “Excellent Energy Efficient Unit” upon
RDCW;
• Asian CSR Award, Kuala Lumpur, Malaysia, from Asian Institute
of Management Center on Vikram Cement Works (VC) for its contribution to
society;
• Greentech Environmental Excellence Award for excellent
contribution to environmental activities on VC.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2011
(Rs. In millions)
|
Particulars |
Three Months Ended 30.09.2010 (Unaudited) |
Six Months Ended 30.09.2011 (Unaudited) |
|
Income |
|
|
|
a) Net Sales / Income from Operations |
39097.500 |
82751.100 |
|
b) Other Operating Income |
708.700 |
1099.000 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade |
798.800 |
(64.900) |
|
(b) Consumption of Raw Materials |
5419.100 |
10945.300 |
|
(c) Purchase of traded goods |
451.200 |
827.300 |
|
(d) Employees Cost |
2058.200 |
3898.800 |
|
(e) Depreciation |
2227.500 |
4457.100 |
|
(f) Power and Fuel |
9549.200 |
19958.000 |
|
(g) Freight and handling Expenses |
7479.500 |
15170.700 |
|
(h) Other Expenditure |
7525.300 |
14318.700 |
|
Total Expenditure |
35508.800 |
69511.000 |
|
Profit / (Loss) From Operations before other Income & Interest |
4297.400 |
14339.100 |
|
Other Income |
325.200 |
592.800 |
|
Profit before Interest |
4622.600 |
14931.900 |
|
Interest |
671.600 |
1387.800 |
|
Profit before tax
expenses |
3951.000 |
13534.100 |
|
Tax Expense (@ Net of excess provision
reversal of Rs.1255.200 Millions, related to earlier
years) |
1162.000 |
3914.000 |
|
Profit After Tax |
2789.000 |
9620.100 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
2740.500 |
2740.500 |
|
Reserves (Excluding Revaluation Reserves) |
|
|
|
Earnings Per Share
(EPS) (Not annualized) |
|
|
|
-Basic |
10.18 |
35.10 |
|
-Diluted |
10.17 |
35.09 |
|
Public Share Holding |
|
|
|
- Number of Shares(‘000s) |
94809 |
94809 |
|
- Percentage of shareholding |
34.59% |
34.59% |
|
Promoters and
Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
-- |
-- |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
|
- Percentage of shares(as a % of the total share capital of the company) |
-- |
-- |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
17360.500 |
173605 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
|
- Percentage of Share (as a % of the total share capital of the company) |
63.35% |
63.35% |
Notes:
1. Re-stated
figures for six months ended on 30/09/2010 are aggregation of the Company's result
and Q1FY11 result of erstwhile Samruddhi Cement Limited
("Samruddhi"). Samruddhi was an independent company and was
amalgamated with the Company w.e.f. 01/07/2010
2. Re-stated
figures for six months ended on 30/09/2010 are aggregation of the Company's result
and Q1FY11 result of erstwhile Samruddhi Cement Limited
("Samruddhi"). Samruddhi was an independent company and was
amalgamated with the Company w.e.f. 01/07/2010
3. Statement
of Assets and Liabilities as at 30.09.2011
|
Particulars |
|
|
As
at 30.09.2011 (Unaudited) |
|
|
Shareholder’s
Fund: |
|
|
a) Share Capital |
2740.500 |
|
b) Share Application Money |
0.800 |
|
c) Employees Stock options outstanding |
49.000 |
|
d) Reserve and Surplus |
113502.600 |
|
Loan Funds |
40161.100 |
|
Deferred Tax Liabilities (Net) |
17446.500 |
|
Total |
173900.500 |
|
Application
of Funds |
|
|
Fixed Assets |
131703.800 |
|
Investments |
35287.900 |
|
Current Assets, Loans & Advances |
|
|
a) Inventories |
21479.200 |
|
b) Sundry Debtors |
7285.200 |
|
c) Cash and Bank Balance |
1377.600 |
|
d) Loans and Advances |
11485.500 |
|
Less:
Current Liabilities and Provisions |
|
|
a) Current Liabilities |
29084.500 |
|
b) Provisions |
5634.200 |
|
Total |
173900.500 |
4.
The Company is exclusively
engaged in the business of cement and cement related products.
5.
The figures of the
previous period have been regrouped wherever necessary.
6.
There were 2 investor
complaints pending at the beginning of the quarter. 3 complaints were received
during the quarter. All the 5 complaints have been resolved and there are no
complaints pending at the end of the quarter.
7.
The above results have
been reviewed by the Audit Committee and approved by the Board of Directors at
their meetings held on 20/10/2011. The Statutory Auditors have carried out a
limited review of the above results as required under Clause 41 of the listing
agreement with the stock exchanges.
FIXED
ASSETS
Tangible
Assets
·
·
·
Buildings
·
Railway Sidings
·
Plant and Machinery
·
Furniture and Fixtures
·
Jetty
·
Vehicles
Intangible
Assets
·
Software
WEBSITE
DETAILS:
Business
Description
Subject is engaged in the business of cement and cement
related products. It manufactures and markets Ordinary Portland Cement,
Portland Blast Furnace Slag Cement and Portland Pozzalana Cement. The Company
also manufactures ready mix concrete (RMC). UltraTech Cement is an exporter of
cement clinker. The Company has 11 integrated plants, one white cement plant,
one clinkerisation plant in the United Arab Emirates, 15 grinding units - 11 in
India, two in the United Arab Emirates, one in Bahrain and Bangladesh each and
five terminals - four in India and one in Sri Lanka. During the fiscal year
ended March 31, 2011 (fiscal 2011), its wholly owned subsidiary, UltraTech
Cement Middle East Investments Limited (UCMEIL) acquired ETA Star Cement
together with its operations in the United Arab Emirates, Bahrain and
Bangladesh and acquired management control. On July 1, 2010, Samruddhi Cement
Limited (Samruddhi) amalgamated with the Company. For the fiscal year ended 31
March 2011, Subject's revenues increased 92% to RS139.81B. Net income increased
25% to RS13.67B. Revenues reflect an increase in income from operations of the
company and a higher other operating income. Net income was partially offset by
an increase in consumption of raw materials, a rise in employee cost, a higher
power and fuel expenses and an increase in freight and handling charges.
Board
of Directors
Mr. R.
C. Bhargava
Non-Executive
Independent Director
He is General Management in specific general functional
area. He holds M.Sc. (Maths), M.A. (Dev. Economics). He is Director in 1. Birla
Sunlife Asset Management Company Limited, Dabur India Limited, Grasim
Industries Limited, Idea Cellular Limited
Mr.
Adesh Gupta
Additional
Non-Executive Director
He is a Whole-time Director and CFO of Grasim Industries
Limited He is Company Executive in specific general functional area. He holds
B. Com, FCA, FCS. He is Director of Aditya Birla Telecom Limited, Birla
Insurance Advisory and Broking Services Limited, Birla Consultants Limited,
Birla Industrial Finance (India) Limited, Birla Industrial Investments (India)
Limited
Prof.
Nirmalya Kumar
Additional
Non-Executive Independent Director
He currently serves on the Board of Governors for London
Business School. He is Professor - Marketing in specific general functional
area. He holds B. Com., MBA, PhD in Marketing.
Mr. S.
Rajgopal
Non-Executive
Independent Director
He is Civil Service in specific general functional area. He
holds B.A. Hons (Mathematics). He is Director of Larsen and Toubro Limited
Mr. D.
D. Rathi
Non-Executive
Director
He is Company Executive in specific general functional area.
He holds B. Com., FCA. He is Director of Grasim Industries Limited
press
releases
3 December 2011
Cement performance
for November 2011
The cement production and dispatches of UltraTech Cement, the Aditya Birla Group company, for the period April-November 2011 is 249.07 lakh mt as against 247.68 lakh mt during April-November 2010. Dispatches are at 248.92 lakh mt for the period April-November 2011 vis-a-vis 246.90 lakh mt in the corresponding period last year.
Cement production for November 2011 is higher by 13.92 per cent at 30.39 lakh mt, and dispatches, at 30.92 lakh mt, by 16.33 per cent over November 2010.
3 November 2011
Cement performance
for October 2011
The cement production and dispatches of UltraTech Cement, the Aditya Birla Group company, for the period April-October 2011 were 218.68 lakh mt and 218 lakh mt, which is marginally lower vis-ŕ-vis 220.99 lakh mt and 220.33 lakh mt respectively for the period April-October 2010.
For the month of October 2011, cement production and dispatches are 32.72 lakh mt and 31.87 lakh mt as against 34.67 lakh mt and 34.19 lakh mt respectively in the corresponding period last year.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.24 |
|
|
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.70.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
74 |
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.