1. Summary Information
|
|
|
Country |
India |
|
Company Name |
ASHAPURA MINECHEM LIMITED |
Principal Name 1 |
Mr. Navnitlal R. Shah |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Chetan Shah |
|
|
|
Registration # |
11-026396 |
|
Street Address |
Jeevan Udyog
Building, 3rd Floor, 278 D. N. Road, G.P.O. Box No.912, Fort,
Mumbai - 400001, Maharashtra, India. |
||
|
Established Date |
19.02.1982 |
SIC Code |
-- |
|
Telephone# |
91-22-66221700 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-22079395 |
Business Style 2 |
-- |
|
Homepage |
www.ashapura.com |
Product Name 1 |
Industrial Materials |
|
# of employees |
About 1000
(approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.
157,972,000/- |
Product Name 3 |
-- |
|
Shareholders |
Promoters
and Non Promoters Group-44.39% Public Shareholding -55.61 |
Banking |
AXIS
Bank Limited |
|
Public Limited Corp. |
Yes |
Business Period |
29 years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Ba (46) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries |
India |
Ashapura International Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
3,085,440,000 |
Current Liabilities |
1,242,555,000 |
|
Inventories |
1,358,075,000 |
Long-term Liabilities |
3,775,714,000 |
|
Fixed Assets |
1,617,811,000 |
Other Liabilities |
0 |
|
Deferred Assets |
910,000,000 |
Total Liabilities |
5,018,269,000 |
|
Invest& other Assets |
508,866,000 |
Retained Earnings |
2,296,842,000 |
|
|
|
Net Worth |
2,461,923,000 |
|
Total Assets |
7,480,192,000 |
Total Liab. & Equity |
7,480,192,000 |
|
Total Assets (Previous Year) |
13,498,220,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
5,030,649,000 |
Net Profit |
97,432,000 |
|
Sales(Previous yr) |
7,000,978,000 |
Net Profit(Prev.yr) |
(2,554,796,000) |
MIRA
INFORM REPORT
|
Report Date : |
07.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
ASHAPURA MINECHEM LIMITED |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
19.02.1982 |
|
|
|
|
Com. Reg. No.: |
11-026396 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs. 157.972 millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L14108MH1982PLC026396 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA05044E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACA0957F |
|
|
|
|
Legal Form : |
Public Limited Liability
Company. The Company’s shares are listed on the Stock Exchanges |
|
|
|
|
Line of Business : |
Manufacturer of
Bentonite Processed Lumps and Bentonite Powder. |
|
|
|
|
No. of Employees : |
About 1000
(approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track.
Profitability of the company is under pressure. However, networth appears to
be satisfactory. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct. 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 /
Administrative Office : |
Jeevan Udyog
Building, 3rd Floor, 278 D. N. Road, G.P.O. Box No.912, Fort,
Mumbai - 400001, Maharashtra, India. |
|
Tel. No.: |
91-22-66221700 |
|
Fax No.: |
91-22-22079395/22074452 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Ler Village, Taluka Bhuj, District Kutch, Gujarat, India |
|
|
|
|
Factory 2 : |
236-239, G.I.D.C., Chitra Industrial Estate, Bhavnagar - 364 004, Gujarat, India. |
|
|
|
|
Factory 3 : |
Hamla Mines Plot No. 206, Opp. Kutch Dairy, Madhapar, Bhuj (Kutch), Gujarat, India |
|
|
|
|
Factory 4 : |
Baraya EOU Plot No. / Survey No. 256/3, Bhuj Mundra Highway, Village-Baraya, Kutch – 370 415, Gujarat, India |
|
|
|
|
Factory 5 : |
Jamnagar EOU Unit I Survey No. 195 and 198-P2, Village Ran, Taluka Jam-Kalyanpur, Jamnagar, Gujarat, India |
|
|
|
|
Factory 6 : |
Jamnagar EOU Unit II Survey No. 195 and 196-P1 and P2, Village Ran, Taluka Jam-Kalyanpur, Jamnagar, Gujarat, India |
|
|
|
|
Factory 7 : |
Survey No. 328/2, KINFRA Apparel Park, Menamkulam, Thiruvanthapuram – 695586, Kerala, India |
|
|
|
|
Factory 8 : |
Survey No. 447 and 448, Tandur Road, Dharur Village and Mandal – 501121, District – Ranga Raddy, Andhra Pradesh, India |
|
|
|
|
Factory 9 : |
Plot No. 182, Baikmpady Industrial Area, Baikmpadym, Near Mangalore – 575011, India |
|
|
|
|
Factory 10 : |
Jamnagar -
Dwarka Highway, Opp. Ashok Petrol Pump, Khambaliya, District - Jamnagar,
Gujarat – 361305, India |
|
|
|
|
Branches : |
|
|
|
|
|
Overseas
Offices : |
|
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. Navnitlal R. Shah |
|
Designation : |
Executive Chairman |
|
Qualification
: |
Entrepreneur |
|
Date of
Appointment : |
19.02.1982 |
|
|
|
|
Name : |
Mr. Chetan Shah |
|
Designation : |
Managing Director |
|
Qualification
: |
B. Com |
|
Date of
Appointment : |
19.02.1982 |
|
|
|
|
Name : |
Mr. Piyush A. Vora |
|
Designation : |
Non-Executive Director |
|
Date of
Cession : |
Resigned as Executive Director w.e.f.
30.01.2007 |
|
|
|
|
Name : |
Mrs. Dina C. Shah |
|
Designation : |
Non-Executive Directors |
|
|
|
|
Name : |
Mr. Ashok
Kadakia |
|
Designation : |
Non-Executive Directors |
|
|
|
|
Name : |
Mr. Larry Washow |
|
Designation : |
Non-Executive Directors |
|
|
|
|
Name : |
Mr. Abhilash Munsif |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Mr. Harish Motiwala |
|
Designation : |
Additional Director |
KEY EXECUTIVES
|
Name : |
Mr. Sachin Polke |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Rajiv Gandhi |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
34968741 |
44.27 |
|
|
93040 |
0.12 |
|
|
35061781 |
44.39 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
35061781 |
44.39 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
130000 |
0.16 |
|
|
43590 |
0.06 |
|
|
3566026 |
4.51 |
|
|
1065080 |
1.35 |
|
|
1065080 |
1.35 |
|
|
4804696 |
6.08 |
|
|
|
|
|
|
3304604 |
4.18 |
|
|
|
|
|
|
12591559 |
15.94 |
|
|
3742653 |
4.74 |
|
|
19480805 |
24.66 |
|
|
15714690 |
19.90 |
|
|
175505 |
0.22 |
|
|
261841 |
0.33 |
|
|
1894429 |
2.40 |
|
|
1434340 |
1.82 |
|
|
39119621 |
49.53 |
|
Total Public shareholding (B) |
43924317 |
55.61 |
|
Total (A)+(B) |
78,986,098 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
78,986,098 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Foreign Mutual FundBUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Bentonite Processed Lumps and Bentonite Powder |
|
|
|
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
About 1000 (approximately)
|
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Bankers : |
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Facilities : |
Notes: Term Loans from Banks, Financial Institutions and others are against hypothecation of Vehicles and Machinery and further secured by equitable mortgage of immovable Assets of the Company and also against personal guarantee of some of the Directors. (Due within one Year Rs. 219.699 millions; Previous year Rs. 75.315 millions) Working Capital
Finance Includes: Exports Packing Credit Finance and Post-shipment finance from Banks and Financial Institution are against hypothecation of inventories, book debts and discounting of export bills and further secured by equitable mortgage of Fixed Assets of the Company. Hire purchase finance is against hypothecation of Vehicles.
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sanghavi and Company Chartered
Accountants |
|
Address : |
|
|
|
|
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Memberships : |
|
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Associates / Joint Ventures : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
110000000 |
Equity Shares |
Rs. 2/- each |
Rs. 220.000 Millions |
|
300000 |
Preference Shares |
Rs. 100/- each |
Rs.
30.000 Millions |
|
|
Total |
|
Rs.
250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
78986098 |
Equity Shares |
Rs. 2/- each
|
Rs. 157.972
millions |
|
|
|
|
|
Note:
Of which 65543049 shares were issued as fully
paid up Bonus Shares by capitalizing General Reserve and Securities Premium
Account.
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 |
157.972 |
157.972 |
157.937 |
|
|
2] Employee Stock
Option Outstanding |
7.109 |
7.109 |
7.680 |
|
|
3] Share
Application Money |
0.000 |
0.000 |
0.199 |
|
|
4] Reserves &
Surplus |
2296.842 |
2199.410 |
4752.607 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2461.923 |
2364.491 |
4918.423 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3355.184 |
4772.735 |
2385.646 |
|
|
2] Unsecured Loans |
420.530 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
3775.714 |
4772.735 |
2385.646 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6237.637 |
7137.226 |
7304.069 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1617.811 |
813.714 |
743.206 |
|
|
Capital work-in-progress |
18.887 |
812.338 |
667.690 |
|
|
|
|
|
|
|
|
INVESTMENT |
489.979 |
436.920 |
1447.605 |
|
|
DEFERREX TAX ASSETS |
910.000 |
1285.000 |
(51.267) |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1358.075
|
1917.706
|
1480.350 |
|
|
Sundry Debtors |
1166.590
|
1240.096
|
2450.067 |
|
|
Cash & Bank Balances |
91.566
|
1225.263
|
204.907 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
1827.284
|
2586.686
|
1860.810 |
|
Total
Current Assets |
4443.515
|
6969.751
|
5996.134 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
781.977
|
1395.298
|
|
|
|
Other Current Liabilities |
448.149
|
1774.099
|
1343.180 |
|
|
Provisions |
12.429
|
11.100
|
156.119 |
|
Total
Current Liabilities |
1242.555
|
3180.497
|
1499.299 |
|
|
Net Current Assets |
3200.960
|
3789.254
|
4496.835 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6237.637 |
7137.226 |
7304.069 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5030.649 |
7000.978 |
14916.447 |
|
|
|
Other Income |
59.869 |
152.433 |
114.870 |
|
|
|
TOTAL (A) |
5090.518 |
7153.411 |
15031.317 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Change in Inventory |
589.151 |
(432.568) |
(684.609) |
|
|
|
Materials, Mining and Manufacturing expenses |
1442.426 |
2520.312 |
3253.673 |
|
|
|
Selling and Distribution Expenses |
2227.100 |
3614.065 |
10133.769 |
|
|
|
Administrative & Other Expenses |
504.979 |
634.335 |
419.316 |
|
|
|
Foreign Currency Fluctuation |
251.919 |
4398.047 |
(39.412) |
|
|
|
Prior period adjustments |
5.167 |
5.615 |
0.000 |
|
|
|
Foreign currency derivatives loss written
bank |
(682.180) |
0.000 |
0.000 |
|
|
|
Extra ordinary items |
0.000 |
5.271 |
0.000 |
|
|
|
Excess provision of income tax written back |
(22.218) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
4316.344 |
10745.077 |
13082.737 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
774.174 |
(3591.666) |
1948.580 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
554.989 |
222.500 |
125.094 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
219.185 |
(3814.166) |
1823.486 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
98.023 |
65.986 |
48.485 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
121.162 |
(3880.152) |
1775.001 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
23.730 |
(1325.356) |
414.568 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
97.432 |
(2554.796) |
1360.433 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(997.410) |
1557.386 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(899.978) |
(997.410) |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
755.337 |
3831.628 |
8179.462 |
|
|
TOTAL EARNINGS |
755.337 |
3831.628 |
8179.462 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
17.589 |
26.106 |
11.921 |
|
|
|
Trading Purchase |
0.014 |
303.975 |
14.622 |
|
|
TOTAL IMPORTS |
17.603 |
330.081 |
26.543 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(7.40) |
(32.35) |
17.25 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Net Sales |
1244.360 |
416.320 |
1408.510 |
1451.180 |
|
Total Expenditure |
1110.360 |
499.340 |
1166.420 |
1274.510 |
|
PBIDT (Excl OI) |
134.000 |
(83.020) |
242.090 |
176.670 |
|
Other Income |
2.590 |
40.340 |
12.040 |
15.410 |
|
Operating Profit |
136.590 |
(42.680) |
254.130 |
192.080 |
|
Interest |
98.140 |
73.670 |
97.680 |
88.150 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
(5120.290) |
|
PBDT |
38.450 |
(116.360) |
156.450 |
(5016.360) |
|
Depreciation |
26.480 |
26.83 |
26.290 |
27.620 |
|
Profit Before Tax |
1.970 |
(143.190) |
130.160 |
(5043.990) |
|
Tax |
0.600 |
16.080 |
0.000 |
925.160 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
11.370 |
(159.270) |
130.160 |
(5696.150) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
(21.470) |
|
Prior Period Expenses |
(0.660) |
(6.630) |
(2.350) |
14.330 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
10.710 |
(165.890) |
127.810 |
(5976.290) |
KEY RATIOS
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
1.91 |
(35.71) |
9.05 |
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
2.41 |
(55.42) |
11.90 |
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
1.99 |
(49.85) |
26.34 |
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
0.05 |
1.64 |
0.36 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
1.16 |
3.36 |
0.79 |
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
3.58 |
2.19 |
3.99 |
LOCAL AGENCY FURTHER INFORMATION
Company History
The Chairman of the
company, Mr. N R Shah migrated to
Ultimately, the Bentonite
business was established along with some partners in early 60’s.
In 1973, first major export
order from
Ashapura started developing
Bentonite for Iron Ore Pelletization. This business received major support from
marketing alliance with Mitsubishi Corporation in 1991.
In order to support the
bulk mineral business, through backward integration, Ashapura Group established
its own Shipping arm, Ashapura Shipping Limited (ASL) in the year 1992. It
supports the logistic function of Ashapura Group through in-house chartering,
ship broking and consultancy services. Ashapura Group also operates its own
captive jetties in the States of Gujarat and
Ashapura went public in
1993 with a premium issue in depressed capital markets. The issue received an
overwhelming response.
Having established itself
in Bentonite business, Ashapura started looking for diversification into other
industrial minerals and value added Bentonite products.
Cat Litter business was
started in 1995 on a very small level. By 1999, Ashapura established itself as
a reliable supplier of bulk cat litter granules.
In 1997, a joint venture
was established with American Colloid Company, the world’s largest Bentonite
Company, to manufacture value added Bentonite products. The JV set up its first
Company- Ashapura Volclay Limited in 2001 to manufacture Acid Activated
Bleaching Clay. The state-of-the-art technology for this project was acquired
from Mizusawa Industrial Chemicals Limited, a Takeda group Company which has
the second largest Pharma business in
Ashapura ventured into
Bauxite business with first shipment of metallurgical grade Bauxite in 1998.
From a modest beginning, Ashapura has established itself as a preferred
supplier of Bauxite with annual volume touching 2.5 Million tons. True to its
claim of being the Pioneers of Industrial Minerals in
In 1999, American Colloid
Company acquired 20% holding in flagship company, Ashapura Minechem Limited
The potential for value
addition to minerals is almost endless. A firm believer of this fact, Ashapura
in the year 2000 set up an ultra modern Mineral Research Centre. Located in the
lush green locales of Parsik Hills in New Mumbai, the R and D Centre can boast
to be at par with the best in the World. Manned by a team of scientists in
disciplines like Chemistry, Geology, Metallurgy and Mineralogy this centre is a
dynamic launch pad for Ashapura’s growth.
With every established
mineral business Ashapura has moved onto the next step of value addition of the
mineral. During the year 2001, Ashapura acquired 51% stake in M/s. Bombay
Minerals Limited, subsequently making it a Wholly Owned Subsidiary. This
strategic investment enabled Ashapura to have better control over the sources
of Bauxite and to become the largest private mining company controlling
approximately 3000 acres of Bauxite deposit in
The infrastructure of Bombay Minerals Limited was refurbished to produce
Calcined Bauxite a high-value value-added product of Bauxite. With an annual
production of 50,000mt per annum, today BML has carved a niche for itself in
the local market. BML is the leading and quality-reliable manufacturer and
exporter of calcined bauxite.
The Company was successful in maintaining its growth momentum in the
financial year 2006-07 and has shown excellent performance across all existing
and new areas of business.
The Profit before Depreciation and Tax grew from Rs. 867.05 million in the
previous financial year to Rs.1658.97 million during the financial year and the
bottom line exhibited an increase of 98.53 % from Rs. 545.29 million to Rs.
1082.58 million. Correspondingly, the consolidated Net Profits after minority
interest have reflected an increase of 66.16% from Rs.783.55 million to
Rs.1301.98 million during the financial year.
The improved performance was due to increased demand for Company's and its
Group's products, successful market penetration, prudently timed investments,
successful repayment of loans and the Company's Logistics and Shipping
expertise.
Further, the Company's Subsidiaries and Associates have commenced manufacturing
value added and diversified products thereby contributing significantly to the
Group's profits.
FINANCIAL RESULTS
AND PERFOMACE:
During the financial year ended 31.03.2010, the Loss before depreciation, interest and tax reported by the Company was reined to Rs.480.045 millions in comparison to Loss before depreciation, interest and tax of Rs.3803.280 millions in the previous year. The Company on the basis of legal advice taken from various Counsels has written back Foreign Currency Derivatives Loss and therefore the bottom line reflected a Net Profit after minority interest of Rs.97.432 millions and Rs.307.195 millions, respectively, in the standalone and consolidated financial results.
REVIEW OF OPERATIONS:
The standalone turnover for the year ended 31.03.2010, declined by 28.14% and stood at Rs.5030.649 millions as against Rs.7000.978 millions in the previous year. The turnover for the entire Ashapura Group stood at Rs.7136.659 millions as against Rs.9612.636 millions in the previous year. Although the scale of business was comparable to the previous year, the decline in turnover was largely attributable to export sales of minerals on a Free on Board basis as against Cost Insurance Freight basis in the previous year.
Although the Government of Gujarat declared its Bauxite
Policy permitting the resumption of Bauxite exports from the State in November
2009; continuing administrative delays in implementation of the Policy
restrained the Company in achieving optimum volumes of Bauxite sales. The
Management believes that the imminent implementation of the State's Mineral
Policy will help the Company achieve its potential volumes of Bauxite sales
from the State of
Bentonite and Allied Minerals witnessed volume growth rates in excess of 60% as compared to the previous year on account of the buoyed demand from the oil well drilling and iron ore pelletization sector.
SUBSIDIARIES:
Bombay Minerals
Limited
Bombay Minerals Limited is a 100 percent subsidiary of the Company. The said Company reported a turnover of Rs. 581.410 millions during the year as compared to Rs.557.352 millions in the previous year. The net profit for the year stood at Rs. 82.366 millions as compared to Rs. 12.449 millions in the previous year.
Ashapura
International Limited
Ashapura International Limited, a 100 percent subsidiary of the Company, has performed well during the year. It bagged contracts for supplying Bentonite to Kolkata Airport Project, Kolkata Garden Reach Project and Paradeep Port Project. It also reported a growth in sales of Specility products like Hydrokol and Attapulgite. In view of the above, the said Company reported a turnover of Rs. 553.677 millions as against a turnover of Rs. 470.477 millions in the previous year. Correspondingly, the said Company's net profit stood at Rs.29.524 millions as against Rs. 6.639 millions in the previous year.
Ashapura Aluminium
Limited
Ashapura Aluminium Limited is a 100 percent subsidiary of
the Company. The said Company is primarily engaged in setting up of an Alumina
Refinery in the Kutch District of Gujarat. The basic Engineering for setting up
the said Refinery has been completed and a contract for the detailed
Engineering has been awarded to a
Ashapura Claytech
Limited
The Company owns 95.25 percent of the share capital of Ashapura Claytech Limited The said Company is in process of exploring new business activities like mining and marketing of Feldspar, Quartz, etc. During the year, the turnover declined by 21.01 percent and stood at Rs.48.774 millions as against Rs.61.750 millions in the previous year. The decline in turnover affected the net profit which stood at Rs. 8.819 millions as compared to Rs.14.729 millions in the previous year showing a decrease of 40.12 percent.
Ashapura Minechem
(UAE) FZE
Ashapura Minechem (UAE) FZE, a 100 percent subsidiary of the Company established in United Arab Emirates (UAE), is engaged in the business of import, export and distribution of industrial minerals and other related activities. The said Company during the year reported a decline in the total turnover from approx. Rs. 1775.232 millions (USD 39.050 millions) to approx. Rs. 600.164 millions (USD 12.519 millions). Subsequently, the net profits also declined from approx. Rs. 73.077 millions (USD 1.608 million) to approx. Rs. 11.765 millions (USD 0.245 million).
Ashapura Holdings
(UAE) FZE
The said Company is a wholly-owned subsidiary of Ashapura
Minechem (UAE) FZE and a step down subsidiary of the Company. During the year, there
were no earnings in the said Company and the expenditure incurred is reflected
in statement of financial position as 'accumulated losses' which stood at
approx Rs. 2.609 millions (USD 54,419). Ashapura Maritime FZE This is a 100
percent subsidiary of Ashapura Holdings (UAE) FZE and a step down subsidiary of
the Company. The said Company is engaged in ship management and operations and
has currently leased a vessel from its 100 percent subsidiary - Asha Prestige
Co, a Company incorporated in
PT. Ashapura
Resources
This is a subsidiary of Ashapura Minechem (UAE) FZE and a
step down subsidiary of the Company. The said Company was incorporated on
21.04.2010, for tapping mining opportunities in
JOINT VENTURES AND
ASSOCIATES:
Ashapura Volclay
Limited
The Company owns 50 percent Equity of Ashapura Volclay Limited. The said Company reported a turnover of Rs. 968.476 millions as against a turnover of Rs. 779.322 millions in the previous year. The profits after tax stood at Rs. 123.365 millions for the year as compared to Rs. 16.180 millions in the previous year.
The said Company is in the process of expanding its production capacity of Acid Activated Bleaching Clay from 48,000 TPA to 72,000 TPA. The new capacity is expected to be operational by December, 2010. On completion of the expansion, Ashapura will be the World's third largest Bleaching Clay producer in terms of capacity. The Ashapura Group has achieved this milestone within 8 years of its foray into the industry.
Ashapura AMCOL NV
The Company together with its subsidiary - Ashapura Minechem
(UAE) FZE owns 50 percent stake in Ashapura AMCOL NV, a Company incorporated in
Shantilal Multiport
Infrastructure Private Limited
The Company owns 50 percent Equity of Shantilal Multiport Infrastructure Private Limited. The said Company's income stood at Rs. 9.637 millions and the net profit after tax stood at Rs. 3.538 millions as against the net profit after tax of Rs. 1.720 millions in the previous financial year.
Ashapura Arcadia
Logistics Private Limited
The Company owns 50 percent Equity of Ashapura Arcadia Logistics Private Limited. The said Company's income declined by approx 39% and stood at Rs. 63.212 millions as compared to income of Rs. 103.873 millions in the previous year. The said Company reported a net loss of Rs. 32.188 millions as compared to a net loss of Rs. 7.341 millions in the previous year.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY SCENARIO
Minerals are a valuable natural resource being the vital raw
material for many industries.
OUTLOOK
The Commodity prices and volumes have recovered
significantly from the lows of 2008. Bauxite demand in
The Iron Ore industry being cyclic in nature, there are
sharp fluctuations in its demand. The Company has
The renewed oil drilling activity in the
FINANCIAL PERFORMANCE:
The Financial
Statements for the year ended 31.03.2010, have been prepared in accordance with
the requirements of the Companies Act, 1956 and the Generally Accepted
Accounting Principles (GAAP) in India and are based on the historical cost
convention on an accrual basis.
During the financial
year, the income from operations of the Company stood at Rs.5030.649 millions
as compared to Rs.7000.978 millions in the previous year, showing a decline of
28.14%. The year 2009-2010 was a testing time for the Company. It not only
faced restrictions on mining and export of Bauxite from the Government of
Gujarat, but litigations from shipping companies and forex losses. It was
however, well pmillioned to take advantage of the increase in volume and
margins in the Bentonite and Baryte Industry
The Company believes
that it has the internal ability to deliver value and sustain in the long term.
The Company has solicited legal opinions from legal Counsels on the legal
enforceability of forex contracts entered into with Banks. As per the legal
opinions received, the structured foreign currency products contracted with
Banks are void in nature and therefore not enforceable.
Based on this, the
Company has written back Rs.682.180 millions (net of deferred tax) provided in
earlier years but which remained pending as on 31.03.2010. Due to this effect,
a Net Profit of Rs.97.432 millions was reflected during the year as compared to
a Net loss of Rs. 2554.796 millions during the previous year.
INTERNAL CONTROL SYSTEM AND ITS ADEQUACY:
The Company has in
place adequate systems of internal control procedures commensurate with its
size and the nature of its operations. These have been designed to provide reasonable
assurance with regard to recording and providing reliable financial and
operational information, complying with applicable statutes, safeguarding
assets from unauthorized use or losses, executing transactions with proper
authorization and ensuring compliance of corporate policies
FIXED ASSETS:
- Land and Land Development
- Compensation For Premises Right
- Mine Lease
- Mine Shed
- Buildings (Including Barge Berth)
- Plant and Machinery
- Barges
- Vehicles
- Furniture and Fixture
- Office Equipment
CONTINGENT
LIABILITIES AS ON 31.03.2010
- In respect of
guarantees given by the bank and counter guaranteed by the company: Rs.
137.616 Millions
- Guarantees to
banks against credit facilities extended to subsidiary companies: Rs.
310.000 Millions
- Guarantees to
banks against credit facilities extended to Joint Venture and Associate
Companies: Rs. 543.100 Millions
- Guarantees
given on behalf of a subsidiary companies: --
- Guarantees
given by the Company to various Government Authorities: Rs 434.848
Millions
- Claims
against the Company not acknowledged as debt: Rs. 227.177 Millions
- In respect of
contracts remaining to be executed: Rs. 17.797 Millions
- In respect of
taxation matters: Rs. 2.646 Millions
- In respect of
other matters: Rs. 17.307 Millions
Further to the above, legal proceedings against the company by three shipping companies for claiming potential damages aggregating to Rs. 5663.243 millions for non-performance of Contract of Affreighment are under litigations. The claims are being contested with appropriate legal responses on the basis of invalidity and frustration of contracts along with simultaneous efforts to arrive at amicable settlement.
UNAUDITED
FINANCIAL RESULTS (PROVISIONAL) FOR THE NINE MONTHS ENDED 31.12.2010
Rs. In Millions
|
Particulars |
Quarter ended 31.12.2010 |
Nine Months ended 31.012.2010 |
|
a) Net Sales / Income from Operations |
1408.511 |
3069.183 |
|
Total Income |
1408.511 |
3069.183 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade and work in progress |
113.220 |
169.937 |
|
(b) Consumption of Raw Materials |
45.779 |
145.583 |
|
(c) Purchase of traded goods |
203.834 |
643.105 |
|
(d) Direct Operating Expenditure |
170.973 |
393.030 |
|
(e) Selling and Distribution Expenses |
334.294 |
645.441 |
|
(f) Cargo Handling / Ship Operating Expenses |
205.768 |
367.321 |
|
(g) Exchange Rate Revaluation Loss / (Gain) |
1.260 |
11.963 |
|
(h) Employees Cost |
44.700 |
131.394 |
|
(i) Other Expenditure |
46.237 |
170.925 |
|
Total Expenditure |
1166.065 |
2705.699 |
|
Profit / (Loss) From Operations before Deprecation, other Income Interest & Exceptional Items |
242.446 |
363.484 |
|
Depreciation |
26.294 |
79.607 |
|
Profit / (Loss) from
operations before other income, interest and exceptional items |
216.152 |
283.877 |
|
Other Income |
12.039 |
31.773 |
|
Profit/(Loss) before Interest and Exceptional items |
228.191 |
315.651 |
|
Interest |
97.679 |
269.490 |
|
Foreign Currency Fluctuation Loss/ (Gain) |
0.350 |
47.252 |
|
Profit / (Loss) From
Ordinary activities before Tax |
130.162 |
(1.064) |
|
Tax Expenses |
|
|
|
- Current Tax |
0.000 |
0.000 |
|
- Earlier year’s tax |
0.000 |
16.680 |
|
- Deferred |
0.000 |
0.000 |
|
Profit / (Loss) from ordinary activities after tax |
130.162 |
(17.744) |
|
Prior period items (Net) |
2.349 |
9.634 |
|
Profit/(Loss) before exceptional items tax |
127.813 |
(27.377) |
|
Exceptional income items (Net of Deferred tax) |
0.000 |
0.000 |
|
Net Profit/(Loss) |
127.813 |
(27.377) |
|
Minority Interest |
0.000 |
0.000 |
|
Share of Profit / (Loss) in associate company |
0.000 |
0.000 |
|
Net Profit of the
group |
127.813 |
(27.377) |
|
Paid Up Equity Share Capital ( 78986098 share Rs.2/- each ) |
157.972 |
157.972 |
|
Reserves (Excluding Revaluation Reserves) |
|
|
|
EPS (In Rs.) Before Exceptional and Extra Ordinary Items |
|
|
|
Basic/Diluted |
1.62 |
(0.35) |
|
EPS (In Rs.) After Exceptional and Extra Ordinary Items |
|
|
|
Basic/Diluted |
1.62 |
(0.35) |
|
Aggregate of Public Share Holding |
|
|
|
- Number of Shares |
43524317 |
43524317 |
|
- Percentage of shareholding |
55.10 |
55.10 |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
10779000 |
10779000 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
30.40 |
30.40 |
|
- Percentage of shares(as a % of the total share capital of the company) |
13.65 |
13.65 |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
24682781 |
24682781 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
69.60 |
69.60 |
|
- Percentage of Share (as a % of the total share capital of the company) |
31.25 |
31.25 |
*Includes 15714690
equity shares (19.896%) held by Volclay International Corporation (Foreign Body
Corporate) who is party to the shareholders agreement with the company.
SEGMENT
WISE REVENEU AND CAPITAL EMPOLYED REPROTING FOR THE QUARTER / NINE MONTHS ENDED
31.12.2010 UNDER CALUSE 41 OF THE LISTING AGREEMENT.
Rs.
In Millions
|
S. No |
Particulars |
Quarter ended 31.12.2010 |
Nine Months ended 31.012.2010 |
|
1. |
Segment Revenue |
|
|
|
|
A. Minerals |
1776.204 |
4230.075 |
|
|
B. Shipping |
48.730 |
169.615 |
|
|
Total |
1824.934 |
4399.690 |
|
|
Add: Unallocated corporate income |
11.179 |
64.771 |
|
|
Less: Inter segment revenue |
-- |
-- |
|
|
Net sales /
income from operations |
1836.113 |
4464.461 |
|
2 |
Segment results
(profit before interest and tax) |
|
|
|
|
A. Minerals |
239.799 |
486.142 |
|
|
B. Shipping |
(22.440) |
(30.982) |
|
|
Total |
217.360 |
455.160 |
|
|
Less: Interest |
110.518 |
341.140 |
|
|
Profit before
tax |
106.842 |
114.020 |
|
3 |
Capital employed |
|
|
|
|
A. Minerals |
6284.233 |
6284.233 |
|
|
B. Shipping |
609.335 |
609.335 |
|
|
Total |
6893.568 |
6893.568 |
Notes:
- The above financial
results as reviewed by the audit committee were taken on record at the
meeting of the board of directors held on 03.02.2011.
- The results
for the quarter ended 31.12.2010 for the parent company, ashapura minechem
limited, have undergone “Limited Review” by the statutory auditors of the
company.
- Deferred tax
liability/asset will be reviewed and accounted for at the end of the
financial year.
- The company
has contracted structured foreign currency derivative products from banks
having maturity up to February 2013. The company has been advised that
these contracts are void in nature and can not be legally enforced. Based
on this, the company had written back of Rs. 976.698 millions (net of
deferred tax) in the previous year and not provided for Rs. 289.234
millions in the current year. Also, the company has not provided for loss
of Rs. 376.100 millions on account of Mark to Market difference on pending
foreign currency derivative contract as on 31.12.2010. Certain bankers
have suo motto cancelled the contracts and initiated legal proceedings
against the company, which are being contested by the company. Claim in
respect thereof is Rs. 1341.400 millions (other than included above)
- In accordance
with the provision of AS-17, the company on standalone basis has one
reportable primary segment consisting of processed minerals and other
activities incidental thereto. Hence, segment reporting as defined is not
applicable.
- The
complaints received from investors/shareholders for the quarter ended on
31.12.2010: Received – 6, Disposed off – 6, Unresolved – Nil.
- The
complaints received from investors/shareholders for the quarter ended on
31.12.2010 have been prepared in accordance with AS-21, AS-23 and AS-27 as
per companies (accounting standards) Rules 2006. It includes the results
of its subsidiaries; joint venture companies and associate companies.
- Previous
year’s figures have been regrouped, wherever necessary to conform to
current years classification.
AS PER WEBSITE
DETAILS
History:
When Navnitlal R.
Shah, the Company’s Chairman, returned to
Some Major
milestones
1960 : Mr.
N.R. Shah starts a partnership business in bentonite
1970 : An
Office and a factory was set up in Bhuj
1972 : First
export order received from
1975 : Chetan
Shah, the Chairman’s son, joins the business
1980 : The
Shah family separated from their partners
1980 : Alternate uses of bentonite explored like oil and water well drilling, iron ore pelletization, metal
casting, civil engineering, bleaching clay etc
1982 : The
partnership firm was converted to a Company
1991 : Marketing alliance established with Mitsubishi Corporation. Major support received mainly in developing Bentonite for Iron Ore Pelletization
1992 : Ashapura
Shipping Limited (ASL) established
1993 : Ashapura
Minechem Limited went public with an equity issue of 600,000 shares
1995 : Diversification
into bauxite business
1995 : Cat
Litter business was started
1997 : Indo-American-Japanese
joint venture Ashapura Volclay Limited started to manufacture value added
Bentonite products
1999 : AMCOL
International Corporation acquires 20% stake in Ashapura Minechem Limited
2001 : Established
a state-of the -art Knowledge and Innovation Centre at Belapur
2001 : Ashapura
acquired 51% stake in M/s. Bombay Minerals Limited
2002 : Successful
commissioning of Acid Activated Bleaching Clay plant
2003 : Calcined
Bauxite plant commissioned
2004 : Ashapura
Group crosses Rs. 5000.000 millions turnover
2005 : Received
in-principle approval from Gujarat Government for setting up Alumina Refinery
2005 : Geosyntheic
Clay Liners (GCL) plant commissioned
2006 : Bleaching
Clay Plant capacity doubled from 25,000 tons to 50,000 tons
New global
projects-
New domestic
projects - Port infrastructure, Kerala for Kaolin
2006 : Rs.
25000.000 millions
2007 : Began
setting up a project at
2009 : Signed
MoU with Government of Maharashtra to set up a state-of-the-art Alumina
Complex, with a refinery, smelter and captive power plant
PROFILE:
Subject is the flagship company of the Ashapura Group
and well known as
The company has activation, milling and processing plants in
several locations in
Since 1998, Ashapura Minechem diversified into
bauxite. Today it has large bauxite reserves. In 1999, AMCOL International Corporation
acquired 20% stake in Ashapura Minechem Ltd. Ashapura now has access to AMCOL
technology for various value-added bentonite products. Ashapura has now mastered
the art of producing value-added bentonite and bauxite based products for
diverse applications, which in turn result in higher realization. To ensure
sustained growth, the company’s strategy is to add new minerals and value-added
products to its portfolio and move closer to its global customers. Today, the
company has interests in
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.44.32 |
|
|
1 |
Rs.70.74 |
|
Euro |
1 |
Rs.63.64 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
46 |
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.