MIRA
INFORM REPORT
|
Report Date : |
11.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
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Formerly Known
As : |
HINDUSTAN NATIONAL GLASS
MANUFACTURING COMPANY LIMITED |
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Registered
Office : |
2, Red Cross Place, P. B. # 2722, Kolkata - 700 001, West
Bengal |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.02.1946 |
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Com. Reg. No.: |
21-13294 |
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Capital Investment
/ Paid-up Capital : |
Rs. 174.677 millions |
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CIN No.: [Company Identification
No.] |
L26109WB1946PLC013294 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALH01957E |
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PAN No.: [Permanent Account No.] |
AAACH7557G |
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Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on the
Stock Exchanges. |
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Line of Business
: |
Manufacturers, Importers and Exporters of Glass Containers,
Glass Bottles, Tumblers, Vials, etc. in various sizes from 5 ML to 3200 ML |
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No. of Employees
: |
1441 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
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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 41000000 |
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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 a well 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. |
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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
2, Red Cross Place, P. B. # 2722, Kolkata - 700 001, West
Bengal, India |
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Tel. No.: |
91-33-22482341/42/43/44/22543100 |
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Fax No.: |
91-33-22482367/22543130 |
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E-Mail : |
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Website : |
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Area : |
28000 sq. ft. |
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Location : |
Leased |
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Factory 1 : |
Bahadurgarh - 124 507,
District Jhajjar, |
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Tel. No.: |
91-1276-211807/802/803/804/805/806/807/808 |
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Fax No.: |
91-1276-211810/214163 |
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E-Mail : |
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Area : |
45000 sq. ft. |
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Location : |
Owned |
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Factory 2 : |
2, Panchu Gopal Bhaduri Sarani, Rishra - 712 248, District
Hooghly, West Bengal |
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Tel. No.: |
91-33-26726801/6802/6803/6804 |
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Fax No.: |
91-33-26726807 |
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E-Mail : |
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Area : |
40000 sq. ft. |
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Location : |
Owned |
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Factory 3 : |
14, RIICO Industrial Area, Nemrana, District Alwar-301705, Rajasthan,
Inida |
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Tel. No.: |
91-1494-246712 / 513935 |
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Fax No.: |
91-1494-246713 |
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Factory 4 : |
P. O. Virbhadra, Rishikesh-249201, District, Dehradun, Uttarakhand, India |
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Tel. No.: |
91-135-2470700 |
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Fax No.: |
91-135-2470777 |
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Factory 5 : |
Thonadamantham Village, Vezhudavoor S. O., Puducherry-605502, India |
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Tel. No.: |
91-413-2677319 |
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Fax No.: |
91-413-2677366 / 2677666 |
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Factory 6 : |
Nashik Glass Work, F1, MIDC, Malegaon, District, Sinnar,
Nashik-422113, Maharashtra, India |
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Tel. No.: |
91-25511-228900 |
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Fax No.: |
91-25511-228999 |
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Regional offices: |
116,
Kewal Industrial Estate, 1st. Floor, Senapati Bapat Marg, Mumbai – 400
013, Telephone
No. : 91-22-2493 5014 / 4720
/ 2402 / 2492 0221 Fax
No. : 91-22-2493 4718 E-mail : hngbby@vsnl.net . #366, 18th 'E' Main, 6th
'B' Cross, 6th Block, Koramangala, Telephone
No. : 91-80-2552 6513 Telefax
No. : 91-80-2552 6421 E-mail : hngblr@vsnl.net . ‘Guruvar’.
W-27, Greater Kailash – II, Telephone
No. : 91-11- 2921-5806/5672 Fax
No. : 91-11- 2921 2426 . Ace
Glass Containers Limited, 14, Wellingdon Estate (3rd Floor), 24, Ethiraj
Salai, Chennai – 600 008 Telephone
No. : 91-44- 28258163, 28259137 Fax
No. : 91-44- 28259269 E-mail : aceglasschennai@vsnl.net . Ace
Glass Containers Limited, 3-6-27/6, Bommareddy Building, Basheer Bagh,
Hyderabad - 500 029 Telephone
No. : 91-40- 23224470 Fax
No. : 91-40- 23229619 E-mail : brreddy_2276@sancharnet.in |
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Branches : |
Located at : ·
# 472/14-A, AVS Compound, Tel. 91-80-25526513/6421 Fax. 91-80-25526421 E-mail. hngblr@vsnl.net (Caption owned office
premises) ·
14/15-B, Tel. 91-44-28259137/8163 Fax. 91-44-28259269 E-mail. aceglasschennai@vsnl.net (Caption rented office
premises) ·
3-6-27/6, Tel. 91-40-23224619/4470 Fax. 91-40-23229619 E-mail. brreddy@hd2.dot.net.in (Caption rented office
premises) ·
116, Kewal Industrial Estate, 1st
Floor, Senapati Bapat Marg, Mumbai – 400 013, Tel. 91-22-24935014/4720 Fax. 91-22-24934718 E-mail. hngbby@vsnl.net (Caption owned
office premises) |
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. Chandra Kumar Somany |
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Designation : |
Chairman |
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Address : |
2, Ironside Road, Kolkata - 700 019, West Bengal, India |
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Date of Birth/Age : |
1933 |
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Qualification : |
I. Sc., FBIM (London) |
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Other Directorships : |
·
Glass Equipment (India) Limited ·
Hasow Automation Limited ·
Sportlight Vanijya Limited ·
Topaz Commerce Limited ·
The West Coast Paper Mills Limited ·
Ceramic Colours and Containers
Limited ·
R. B. Rodda and Company Limited |
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Name : |
Mr. Sanjay Somany |
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Designation : |
Managing Director |
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Address : |
W-22, Greater Kailash, New Delhi – 110 048, India |
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Date of Birth/Age : |
1958 |
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Qualification : |
B.Com., Diploma in Diesel Engineering |
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Other Directorships : |
·
Glass Equipment (India) Limited ·
Hasow Automation Private Limited ·
Sportlight Vanijya Limited ·
Topaz Commerce Limited |
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Name : |
Mr. Mukul Somany |
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Designation : |
Joint Managing Director
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Address : |
2, Ironside Road, Kolkata – 700 019, West Bengal, India |
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Qualification : |
B. Com. (Hons) |
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Name : |
Mr. Kishore Bhimani |
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Designation : |
Director |
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Address : |
12/4, Sunny Park Apartments, 6, Sunny Park, Kolkata – 700
029, West Bengal, India |
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Qualification : |
B. A. (Hons in Economics) |
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Name : |
Mr. Sujit Bhattacharya |
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Designation : |
Director |
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Address : |
52-C, Ballygunge Circular Road, Kolkata – 700 019, West
Bengal, India |
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Qualification : |
FCA |
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Name : |
Mr. Ratna Kumar Daga |
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Designation : |
Director |
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Address : |
8, South End Park, Kolkata – 700 029, West Bengal, India |
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Qualification : |
B.Com., BIM Graduate (England). (Hons) |
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Name : |
Mr. Dipankar Chatterji |
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Designation : |
Director |
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Address : |
2/1, Nazar Ali Lane, Kolkata – 700 019, West Bengal, India |
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Qualification : |
FCA |
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Name : |
Mr. Shree Kumar Bangur |
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Designation : |
Director |
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Address : |
16, Alipore Road, Kolkata – 700 027, West Bengal, India |
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Qualification : |
Graduate |
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Name : |
Dr. Indrajit
Kumar Saha |
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Designation : |
Director |
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Name : |
Mr. Ram Raj Soni |
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Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Jagdish Prasad Kasera |
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Designation : |
Senior President |
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Name : |
Mr. Ratan Lal Khandelia, |
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Designation : |
Senior Vice President |
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Name : |
Mr. Amar Chand Jain |
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Designation : |
Vice President (Ceramics) |
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Name : |
Ms. Priya Ranjan |
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Designation : |
Company Secretary |
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Name : |
Mr. Vinay Saran |
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Designation : |
Senior Vice President - Marketing |
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Name : |
Mr. Laxmi Narayan Madhana |
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Designation : |
Senior Vice President and CFO |
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Name : |
Mr. Animesh Banerjee |
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Designation : |
Senior Vice President |
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Name : |
Mr. Chandra Singh K Mehta |
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Designation : |
Plant Head- Nashik |
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Name : |
Mr. Jalaj Kumar Malpani |
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Designation : |
Vice President – Commercial |
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Name : |
Mr. Devdutta Hoare |
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Designation : |
Exports Head |
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Name : |
Mr. Kulur Satish Shetty |
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Designation : |
Plant Head – Pondicherry |
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Name : |
Mr. Ravindra Kr Sitani |
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Designation : |
Vice President – Works |
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Name : |
Mr. Bimal Kumar Garodia |
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Designation : |
Vice President – Finance |
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Name : |
Mr. Kuldeep Kumar Sharma |
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Designation : |
Plant Head – Neemrana |
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Name : |
Mr. Chandra Kumar Tharad |
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Designation : |
Vice President – Commercial |
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Name : |
Mr. Shammo Roy Choudhary |
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Designation : |
AVP – HR |
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Name : |
Mr. Bishnu Kumar Kedia |
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Designation : |
AVP – Material |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of promoters and Promoter Group |
|
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|
1. Indian |
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|
Individuals / Hindu Undivided Family |
14668285 |
16.79 |
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Bodies Corporate |
46455555 |
53.19 |
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(B) Public
Shareholding |
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|
1. Institutions |
|
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Financial Institutions / Banks |
1652 |
-- |
|
Insurance Companies |
320895 |
0.37 |
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Foreign Institutional Investors |
6348025 |
7.27 |
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2. Non
Institutions |
|
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Bodies Corporate |
2814115 |
3.22 |
|
Individual shareholders holding nominal share capital up to Rs. 0.100
million |
996506 |
1.14 |
|
Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
15701934 |
17.98 |
|
|
|
|
|
Any Others
(Specify) |
31598 |
0.04 |
|
Non Resident Indians |
31259 |
0.04 |
|
Trusts |
5 |
-- |
|
Clearing Members |
334 |
-- |
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Shares
held by custodians and against which depository receipts have been
issued |
-- |
-- |
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|
|
|
|
Total |
87338565 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Importers and Exporters of Glass Containers,
Glass Bottles, Tumblers, Vials, etc. in various sizes from 5 ML to 3200 ML |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Glass Plants |
|
|
|
|
|
a)
Glass Bottels and Vials |
MT |
-- |
1030925 |
785300 |
|
b)
Pressed Tublers |
MT |
-- |
5000 |
-- |
Notes:
1. Installed Capacity
and Actual Production has been given in M.T.
2. Licensed
Capacity is not given as licensing has been abolished vide Press Note No.9
dated 2nd August, 1991 and Notification No. S.O.477 (E) dated 25th July, 1991
issued by Government of India, Ministry of Industry and Department of
Industrial Development. The installed capacity is as certified by the
management.
GENERAL INFORMATION
|
Customers : |
·
United Sprits ·
Bacardl ·
Pernod Richard ·
Diageo ·
Radico Khaitan Limited ·
Phzer ·
Glaxo Smith Kline ·
Cipla ·
Ranbaxy ·
Himalaya Herbal Healthcare ·
Reckitt Benckiser ·
Unilever ·
Nestle ·
Dabour ·
Coca Cola ·
Pepsi |
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No. of Employees : |
1441 (Approximately) |
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Bankers : |
·
ICICI Bank ·
State Bank of India ·
The Hongkong and Shanghai Banking Corporation
Limited ·
Export Import Bank of India |
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Facilities : |
Notes: 1)
12.75% Secured Non Convertible Debentures amounting
to Rs. 1000.000 millions, privately placed (allotted on 22.12.2008) and
10.75% Secured Non Convertible Debentures amounting to Rs. 250.000 millions,
privately placed (allotted on 18.06.2009) are due for redemption at par in
three equal installments at the end of 5th, 6th and 7th year from the date of
allotment at par at the end of 3rd year from the date of allotment i.e., from
21.12.2011 and 17.06.2012 respectively. However, there is a put and call
option available to the issuer / investor which can be exercised at the end
of three year from the date of allotment. These debentures are secured by
first charge ranking pari-passu with other first charges created on all
immovable properties by way of equitable mortgage and hypothecation of all
moveable properties both present and future of the Company, save and except
specific assets exclusively hypothecated in favour of respective lenders. 2)
The loans are secured by first charge ranking
pari-passu with other first charges created on all immovable properties by
way of equitable mortgage and hypothecation of all moveable properties both
present and future of the Company, save and except specific assets
exclusively hypothecated in favour of respective lenders. 3)
These are secured by hypothecation of inventories
(both present and future) and book debts and second charge on all
immoveables, moveable properties including land and building in favour of
consortium bankers led by State Bank of India. 4)
These are secured by hypothecation of the
vehicles financed in favour of respective lenders.
Note: * Represents Mibor
Linked Non Convertible Debentures privately placed with LIC Mutual Fund. |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
14, |
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Tel. No.: |
91-33-22481111/1507 |
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Fax No.: |
91-33-22482956 |
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E-Mail : |
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Subsidiaries : |
·
Glass Equipment (India) Limited ·
Quality Minerals Limited |
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Associates : |
·
HNG Float Glass Limited |
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|
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|
Other Related Company |
·
AMCL Machinery Limited ·
Ceramic Decorators Limited ·
Microwave Merchants Private Limited ·
Mould Equipment ·
Noble Enclave and Towers Private Limited ·
Somany Foam Limited ·
Topaz Commerce Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2557500000 |
Equity Shares |
Rs.2/- each |
Rs. 5115.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
87338565 |
Equity Shares |
Rs.2/- each |
Rs. 174.677
Millions |
|
|
|
|
|
Note: of which 2,90,51,800 Equity Shares of Rs.2/- each
(Previous Year 58,10,360 Equity Shares of Rs.10/- each) were allotted as fully
paid up Bonus Shares by capitalization of General Reserve and 3,21,21,725
Equity Shares of Rs. 2/- each (Previous Year 64,24,345 Equity Shares of Rs.
10/- each) issued as fully paid up pursuant
to a scheme of
amalgamation and arrangement for consideration other than cash.
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 |
174.677 |
174.677 |
174.677 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10253.037 |
9177.126 |
8461.265 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10427.714 |
9351.803 |
8635.942 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5486.168 |
4152.381 |
2874.296 |
|
|
2] Unsecured Loans |
171.065 |
921.065 |
1312.761 |
|
|
TOTAL BORROWING |
5657.233 |
5073.446 |
4187.057 |
|
|
DEFERRED TAX LIABILITIES |
696.955 |
417.671 |
180.752 |
|
|
|
|
|
|
|
|
TOTAL |
16781.902 |
14842.920 |
13003.751 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
11162.834 |
9064.834 |
8471.478 |
|
|
Capital work-in-progress |
274.677 |
820.339 |
451.070 |
|
|
|
|
|
|
|
|
INVESTMENT |
1470.694 |
1045.846 |
1145.850 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2099.456
|
2157.847
|
1641.497 |
|
|
Sundry Debtors |
2200.971
|
2271.899
|
1644.963 |
|
|
Cash & Bank Balances |
46.989
|
113.997
|
167.898 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
2256.060
|
1935.309
|
1365.498 |
|
Total
Current Assets |
6603.476
|
6479.052 |
4819.856 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1524.935
|
1561.502 |
1322.994 |
|
|
Other Current Liabilities |
231.211
|
426.714
|
162.773 |
|
|
Provisions |
973.633
|
578.935
|
398.736 |
|
Total
Current Liabilities |
2729.779
|
2567.151 |
1884.503 |
|
|
Net Current Assets |
3873.697
|
3911.901
|
2935.353 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
16781.902 |
14842.920 |
13003.751 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13599.035 |
13110.359 |
10212.969 |
|
|
|
Other Income |
345.499 |
217.007 |
111.396 |
|
|
|
TOTAL (A) |
13944.534 |
13327.366 |
10324.365 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
3846.736 |
3930.911 |
2925.161 |
|
|
|
Manufacturing and other expenses |
6960.780 |
7151.914 |
5210.007 |
|
|
|
Increase/(Decrease) in stocks |
(26.322) |
(114.574) |
42.486 |
|
|
|
TOTAL (B) |
10781.194 |
10968.251 |
8177.654 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3163.340 |
2359.115 |
2146.711 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
471.724 |
434.488 |
234.687 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2691.616 |
1924.627 |
1912.024 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
890.113 |
769.807 |
729.397 |
|
|
|
|
|
|
|
|
|
Less |
TRANSFERRED FROM
REVALUATION RESERVE |
(28.950) |
(22.355) |
(28.121) |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1830.453 |
1177.175 |
1210.748 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
278.500 |
99.713 |
(392.641) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1551.953 |
1077.462 |
1603.389 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
257.480 |
107.200 |
70.557 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1111.475 |
700.000 |
1485.000 |
|
|
|
Debenture Redemption Reserve |
187.500 |
125.000 |
- |
|
|
|
Proposed Dividend on Equity Shares |
131.008 |
87.339 |
69.871 |
|
|
|
Tax on Dividend |
20.433 |
14.843 |
11.875 |
|
|
BALANCE CARRIED
TO THE B/S |
359.017 |
257.480 |
107.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
503.026 |
577.277 |
403.246 |
|
|
TOTAL EARNINGS |
503.026 |
577.277 |
403.246 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
497.339 |
648.933 |
569.852 |
|
|
|
Stores & Spares |
379.388 |
489.401 |
149.750 |
|
|
|
Capital Goods (including CWIP) |
666.003 |
513.173 |
193.926 |
|
|
TOTAL IMPORTS |
1542.730 |
1651.507 |
913.528 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.77 |
61.68 |
91.79 |
|
QUARTERLY RESULTS
(Rs.
In Millions)
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Net Sales |
3659.800 |
3706.400 |
4022.400 |
4164.100 |
|
Total Expenditure |
2894.500 |
2998.500 |
3274.300 |
3741.100 |
|
PBIDT (Excl OI) |
765.300 |
707.900 |
748.100 |
423.000 |
|
Other Income |
14.000 |
7.100 |
20.200 |
19.600 |
|
Operating Profit |
779.300 |
715.000 |
768.300 |
442.600 |
|
Interest |
121.100 |
120.400 |
128.100 |
141.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
658.200 |
594.600 |
640.200 |
301.600 |
|
Depreciation |
242.300 |
251.200 |
246.400 |
256.800 |
|
Profit Before Tax |
415.900 |
343.400 |
393.800 |
44.800 |
|
Tax |
102.500 |
70.000 |
80.000 |
81.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
313.400 |
273.400 |
313.800 |
(36.400) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
313.400 |
273.400 |
313.800 |
(36.400) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.13
|
8.08
|
15.53 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.46
|
8.97
|
11.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.30
|
7.57
|
9.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.07
|
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.87
|
0.81
|
0.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.42
|
2.52
|
2.55 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW
There was a sense of
business pessimism in the global business environment in the financial year
2009-10 on account of recession, and the Company successfully fought it out and
achieved higher numbers of sales and profits through vigorous efforts. During
the year, the Company has achieved a profit of Rs. 3163.300 millions before
interest, depreciation and tax as compared to profit of Rs. 2359.100 millions
achieved during the previous year representing a robust increase of 34.09%.
The Company’s
profit before tax stood at Rs. 1830.400 millions as against Rs. 1177.200
millions attained during the previous year. The increase in profit before tax
by 55.49% could be achieved primarily because of efficient inventory management
and reduction in manufacturing and operational cost.
OUTLOOK
The Indian economy
is expected to grow @ 8.5% in the next fiscal year. With the growing demand in
Indian packaging and food industry, the Directors are confident that the
Company will continue to grow and prosper with the opportunities associated with
the expanding market. The increasing per capita income of average Indians and
low per capita glass consumption is expected to drive the off-take of the
container glass industry. Besides, the per capita beer and alcohol consumption
is also very low compared to the global average, providing optimism for the
container glass
industry. With the increasing environment consciousness and health
consciousness, container glasses positioned at an advantageous position
compared to other forms of packaging like PET bottles. The Company is well
equipped to address the growing demand anticipated in the coming years.
MANAGEMENT DISCUSSION AND ANALYSIS
Global packaging industry
Glass packaging
constitutes about a third of the glass industry, dominated by countries like
Germany, USA, UK, China and Japan.
The glass industry
comprises four key segments: hollow glass (mostly containers), flat glass,
fibres and special glass. Container glass is the largest, dedicated to the
growing demand coming out of the food, drinks, perfume and pharmaceutical
sectors. The industry is estimated to grow from USD 465 billion in 2007 to USD
597 billion in 2014, taking into consideration the average annual growth rate
of nearly 3.5% (Source: SPG
Media). Among the various segments, the largest are the food and beer
segments.
Indian packaging industry
The Indian
packaging industry size is estimated at USD 16.7 billion. India constitutes 3%
of the global packaging industry, out of which the share of glass packaging is just
7%. The Indian glass packaging industry is growing at around 7% and is expected
to grow at 12-15% over the next 10 years following increased consumption, the
corresponding need to package it and the preference for glass for various
reasons.
India’s large
growing middle-class and organised retail sector are the primary catalysts of
packaging industry growth. The demand for glass containers is driven by a
growth in end-user segments like liquor, beer, pharmaceuticals, food processing
and carbonated drinks. The liquor and beer industries are the biggest users of
glass containers (65% share), followed by pharmaceuticals (11%), food (13%),
carbonated drinks (7%), cosmetics and others (4%).
Indian container glass industry
India’s glass
container industry reported a consolidation over the last decade. As a result,
glass container production almost doubled from approximately 0.08 MT in 1997-98
to 1.4 MT in 2008-09, despite growing competition from alternative packaging
materials (Source: IBEF). Glass
manufacturers are widening their product range (colour, size and design) and
investing in technology to improve weight and strength. This has resulted in
the increased use
of glass to pack premium products.
FINANCE REVIEW
Revenue analysis
Revenue (net
sales) of the Company increased only 3.73% from Rs. 13110.359 millions in
2008-09 to Rs. 13599.035 millions in 2009-10 due to sluggish user industry
demand and delay in passing on cost increases to customers.
Revenue by geography: Domestic revenue
comprised 94.36 % of the Company’s total revenue in 2009-10 (90.29% in 2008-
09). Domestic Revenue grew 8.41% from Rs.11836.900 millions in 2008-09 to
Rs.12832.300 millions in 2009-10.Exports, comprising 5.64% of total revenue in
2009-10 (9.71% in 2008-09. The Company sustained its export presence across 23
countries in Asia, Europe, North America and Africa.
Revenue by source: Income from other
sources increased 59.21% from Rs. 217.007 millions in 2008-09 to Rs. 345.499
millions in 2009-10 largely on account of increased dividend income, interest
inflow and income from the sale of assets. Other income as a proportion of
total income stood at 2.47%.
Cost analysis
Total operating
cost declined 2.48% from Rs. 11082.825 millions in 2008-09 to Rs. 10807.516
millions in 2009-10 even as revenues increased 3.93%. This was a result of
efficient cost management derived from the use of low-cost energy sources like
Natural Gas and a reduction in provisions. As a result, total cost as a
proportion of total income was 77.36% in 2009-10 (82.45% in 2008-09).
FIXED ASSETS
·
Land
·
Leasehold Land
·
Leasehold Building
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Office and Other
Equipments
·
Vehicles
·
Computer Software
AUDITED FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED 31ST MARCH, 2011.
(Rs. In millions)
|
Particulars |
YEAR ENDED 31.03.2011 (audited) |
|
(a) Net Sales/ Income from operation |
15552.700 |
|
2. Expenditure |
|
|
a. Increase(-) /Decrease(+) in Stock in trade and W.I.P. |
88.400 |
|
b. Consumption of Raw-Materials |
4100.900 |
|
c. Purchase of Traded Goods |
0.000 |
|
d. Employee Cost |
1039.100 |
|
e. Depreciation |
996.700 |
|
f. Other Expenditure |
3105.600 |
|
g. Power and Fuel |
4574.400 |
|
h. Total |
13905.100 |
|
3. Profit(+)/
Loss(-) from Operations before other Income Interest and Exceptional
Item(1-2) |
1647.600 |
|
4. Other Income-Foreign Exchange Fluctuation-Gain/(Loss) |
60.900 |
|
5. Profit(+)/
Loss(-) before Interest and Exceptional Item |
1708.500 |
|
6. Interest |
510.600 |
|
7. Profit(+)/
Loss(-) after Interest but before Exceptional Item (5-6) |
1197.900 |
|
8. Exceptional Items |
-- |
|
9. Profit(+)/
Loss (-) from ordinary activities
before Tax (7-8) |
1197.900 |
|
10. Tax Expenses |
333.700 |
|
11. Net
Profit(+)/ Loss (-) from ordinary activities after Tax (9-10) |
864.200 |
|
12. Extraordinary Items |
-- |
|
13. Net Profit (+)/ Loss(-) for the period (11-12) |
864.200 |
|
14. Paid Up Equity Share Capital (Face Value of Rs.10 Per Share) |
174.700 |
|
15. Reserves excluding Revaluation Reserves as per Balance Sheet of
Previous Accounting Year |
10542.200 |
|
16. Earning per Share (EPS) |
|
|
a) Basic and diluted EPS before extraordinary items for the period,
for the year to date and for the previous year (not annualized) |
9.90 |
|
b) Basic and diluted EPS after extraordinary items for the period, for
the year to date and for the previous year (not annualized) |
9.90 |
|
17. Public Shareholding |
|
|
Number of Shares |
26214725 |
|
% of Share holding |
30.02 |
|
18. Promoters and promoter group Shareholding |
61123840 |
|
a) Pledged/Encumbered |
|
|
- Number of shares |
Nil |
|
- Percentage of shares (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 |
61123840 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and
promoter group) |
100.00% |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
69.98% |
Notes:
1.
The above results were reviewed by the Audit
Committee and approved by the Board of Directors at its meeting held on 21st
day of May, 2011.
2.
The Board of Directors has approved payment of dividend
of Rs.1.50 i.e. 75% per equity share for the year 2010 - 2011.
3.
In terms of scheme of amalgamation under Section
391 to 394 of the Companies Act, 1956 as sanctioned by the Hon'ble High Court
of Calcutta vide its Order dated March 28' 2008 and by Hon'ble High Court at
Delhi vide its Order dated March 19, 2008, deferred tax liability of Rs. 14.882
millions for the year (previous year Rs.279.284 millions) has been adjusted
against the Securities Premium Account.
4.
The Consolidated Financial result have been
prepared in line with requirement of Accounting Standard (AS)-21 'Consolidated
Financial Statements and AS - 23 'Accounting for Investments in Associates.'
5.
There were no investor complaint pending at the
beginning of the quarter. The Company had received 2 complaints during the
quarter and the same were resolved. There were no investor complaint pending at
the end of the quarter.
6.
Previous year's figures have been re-arranged /
re-grouped wherever necessary.
WEB SITE DETAILS
INTRODUCTION
HNG
was founded by Mr. C K Somany in 1946 following the commissioning of India’s
first fully automated glass manufacturing plant at Rishra (near Kolkata). At
present, it is the key player in India’s container glass industry with a pan
India presence and its plants located at Rishra, Bahadurgarh, Rishikesh,
Neemrana, Nashik and Puducherry. HNG has captured a large share of the Indian
market and also has an increasingly satisfied client base in more than 23
countries.
The benefits of light-weight container glass bottles:
-
Accelerated bottling process
-
Increased bottles per ton
-
Reduced price per bottle
-
Improved bottle quality
-
Enhanced availability
-
Reduced transportation cost
-
Enhanced bottle transparency
-
Increased strength following uniform and optimum wall thickness
MILESTONES
1946 Incorporation of HNG
in Rishra (near Kolkata) on the 23rd days of February
1952
Commissioning of
India's first fully automated glass manufacturing plant with an installed
capacity of 30 TPD
2001
Installed capacity was raised to 1100 TPD Certified with ISO 9001:2000
2002 Production strength was raised to 1800 TPD with the
acquisition of Owens Brockway (India) Limited.
2003 Unveiling of TPM with an objective to improve the
draw-to-pack efficiency by nearly 300 basis points
2005 Acquisition of Larsen and Toubro Plant (Nashik) led to the
escalation of installed capacity to 2150 TPD
2006 Debottlenecking
further raised the installed capacity of HNG to 2435 TPD
2007 Lean Six Sigma was
launched to reduce non-value added time (between production completion and
revenue generation)
2007 Acquisition of
Neemrana Plant through the merger of Haryana Sheet Glass Installed
capacity increased to 2540 TPD
2008 ERP was introduced
to facilitate timely decision making, superior inventories
management and eliminate data redundancies
2008 Received ISO 22000 certification
2009 Developed CAD/CAM
facilities to design a variety of bottles in different sizes, customized to
the precise requirements of pharmaceuticals, processed foods, liquor and
soft drink industries
2009 Implementation of
SAP
2010 Installed
capacity increased to 2825 TPD through Brownfield expansions
2010 Singed largest
deals in the Indian Glass Industry worth Rs 2.5 billion
NEW DEVELOPMENTS
NNPB Technology
NNPB
is a revolutionary process that not only controls the distribution of glass
inside the container, but also reduces the weight of glass by 33% without
having any adverse effects on the performance of the glass containers.
HNG is the first to introduce and commercialize this technology in India.
HNG
introduced the narrow neck press and blow (NNPB) technology in 2007-08, which
lead to the reduction in the consumption of molten glass per bottle without
compromising on product strength. Facilitating superior glass distribution,
this technology reinforces the bottle's resistance to pressure on the filling
line. It also leads to a decrease in logistics cost and increase in consumer
acceptability of the bottles
HNG
invested a capital of Rs. 100 Cr. to introduce this technology in India. On one
hand, this technology enabled the company to reduce production costs and
wastages; and on the other, it strengthened capacity utilization. Through NNPB,
HNG strives to remain competitive with other packing alternatives and continue
to be the market leader in India.
Narrow Neck Press and Blow Vs Blow and Blow technology:
The parison facilitates
precision in control
Enhanced glass
distribution throughout the bottle
Lighter in weight,
hence a lower consumption of molten glass
Lower cost
GROUP COMPANIES
Glass Equipment (India) Limited.
Incorporated
in 1974, Glass Equipment (India) Limited is a reputed Indian container glass
manufacturing company, which accounts for the manufacture of sophisticated
equipment for glass plants. It is also an expert in manufacturing critical
spares for Glass container manufacturing industries and provides solutions in
setting up glass plants on a turnkey basis. GEIL not only provides the
equipments for the glass industries; it provides expert guidance in the entire
process of glass container manufacture.
Glass
Equipment (India) Limited is located in New Delhi (on National Highway No. 10)
at a proximity to the Bahadurgarh Plant.
AMCL
Machinery Limited is based in Butibori ( Nagpur ) on a prolific area of 5000
square meters. It is one of the well known companies in India that deals with
the design and production of machineries for the Rubber and Tyre Industry,
Transit Mixers, Cement Industry and Bulk Handling System. It also accounts for
the supply and installation of mechanical equipments in the given industries.
The company is certified with ISO 9001:2000 and is looking forward to technical
collaborations with the Japanese manufacturers.
Somany
Foam Limited was set up at BHEL Industrial Area, Haridwar with a capital outlay
of INR 360 million. It is one of the fastest growing in India that specializes
in the manufacture of the different types of foam, especially Polyurethane
Foam.
HNG
Float Glass Limited was incorporated in 2006 in Halol ( Gujarat ) under the
flagship of the HNG Group to manufacture the different varieties of float
glass. The company started with a capital outlay of INR 550 Cr and has an
installed capacity of 600 TPD.
HNG
Float Glass Limited was established by the HNG Group for a synergic
diversification of their line of business. This business initiative gave the
Group an opportunity to explore the new arenas of the glass business, which is
booming at present.
NEWS
PRESS REALEASE
Groundbreaking ceremony of the Largest Glass Manufacturing Complex by
Hindusthan National Glass & Industries Limited at Naidupeta
Naidupeta, 10th
February 2011: Hindusthan National Glass & Industries Ltd., India’s largest
glass container manufacturing company with a market share of 55%, kick started
the first phase of construction of the largest glass manufacturing complex in
South East Asiaat Naidupeta with an initial investment of more than Rs 700
crore.
This Mega
Greenfield Glass manufacturing complex is the first step towards HNG’s quest to
double its capacity in next 3 years. Spread across 210 acres, the complex is
set to house the largest batch house in the world, the single largest furnace
in India having acapacity of 650 M T per day and the world’s largest container
glass end port fired furnace of 175 sq.mt. T he facility, on completion, will house
three Container Glass and two Float Glass plants, and is expected to be largest
glass complex in South East Asia having a capacity of 3500 MT per day. It will
employ the latest NNPB technology for the production of light weight glass
containers.
HNG strategically
decided to establish this project at Naidupetain the Nellore district of Andhra
Pradesh to consolidate its foot hold in Southern India as well as cater to the
growing demand in this region, especially Andhra Pradesh, which is the fastest
developing region in India with very high per capita consumption of beer,
liquor and soft drinks. As per the 2009-10 survey, all 5 southern states of
India, including Tamil Nadu, Andhra Pradesh, Kerela, Karnataka and Pondicherry,
consume about 1395 lac cases of IMFL (Indian made foreign liquor) and 700 lac
cases of beer annually out of which sales in Andhra Pradesh account for 412.55
lac cases of IMFL and 249.92 lac cases of beer.
Located at the
crossroads of Chennai, Venkatagiri, Nellore and Tirupathi on NH5, the complex
lies in close proximity to Ennore and Krishnapatnam ports, which makes it most
suited for both imports and exports. Through this project, HNG aims to capture
the market demands from Middle East, South East Asia, the US and Europe.
At the ground
breaking ceremony - Mr. C. K. Somany, Chairman, Hindusthan National
Glass and Industries Ltd. said “W e are proud to start the
construction work on this state of the art glass manufacturing project at
Naidupeta. About 65% of the demand for glass arises from Southern & Western
Indian regions. Industry analysts predict the demand to increase at the rate of
10-12% driven by growing consumer awareness about health and hygiene, and eco
friendly products. T his new plant is expected to have comfortable proximity to
address this demand with high quality products that matches the international
standards. Vicinity to major ports will help us serve the market demands from
the US, Europe, Middle East and South East Asia”.
HNG believes in
growth through technological advancement sand process control; hence it has
been making strategic investments in the field of glass technology and
sciences. For the Naidupeta project, the company has earmarked an investment of
nearly R s 250 cores for bringing the best technology to meet global quality
standards.
The Naidupeta
project would be housing world's largest batch house and world's largest
furnace for container glass designed by ZIPPE (Germany) and HORN (Germany)
respectively. Emhart Glass, world's leading supplier of equipments,
controls and parts to the glass container industry, would be supplying the
latest glass bottle forming machines and state of the art BIS machines to be
installed for the first time in Asia. The annealing lehrsis being procured from
Pennekemp – a leading supplier of technically advanced solutions around
the globe. Besides, the Company has also collaborated with Siemens for
technological innovations in the areas of automation, drive, and energy
efficiency.
Naidupeta glass
manufacturing complex is expected to generate an employment of over 2000
people. For the same, a housing colony to accommodate over 600 families will be
established, within the campus, over 15 acres of the industrial land. Naidupeta
will be a flagship plant in the country in terms of eco-friendly technologies.
Some of the major highlights in terms of eco friendly initiatives would be
using 40% to 50% of recycled glass as raw material, and using waste heat from
exhaust flue gas for generating 1.5M W of captive power. T he project would
also be using fuels like Natural Gas, LPG & CNG as a part of its clean fuel
technology initiatives. In addition to these, rain water harvesting techniques
will be deployed on campus and a full-fledged sewage treatment plant will be
set up to treat and reuse waste water.
About HNG:
The HNG group,
headquartered in Kolkata, was founded by M r. C.K. Somany, a visionary
entrepreneur, in 1946. HN G is India’s largest container glass manufacturer
enjoying about 55% market share. Listed on BS E, N SE and CS E, it has a
present market capitalization of around R s 22.80 Billion and net sales of
around R s. 13.60 billion, as recorded in FY 09 – 10. Its pan-India
manufacturing operations are spread over six centers Rishra, Bahadurgarh,
Rishikesh, Puducherry, Nashik and Neemrana, and its products available in more
than 23 countries. HNG has a production capacity of 2825 T P D through 11
furnaces and 44 production lines spread across six plants.
Diversifying into
the float glass segment very recently, HNG has been a turnaround specialist. It
has successfully acquired and converted sick units of Owens Brockway (World’s
largest Glass manufacturing Company) at Rishikesh and Puducherry, L&T’s
Nashik plant and Neemrana unit of Haryana Sheet Glass to profitable businesses.
In order to consolidate its leadership position, HNG has embarked on a very
aggressive growth plan wherein it would double its existing capacity in next
30-35 months through green field and brown field expansions entailing
investment of ~ R s. 25 billion.
HNG group: The
other companies under the HNG wing are Glass Equipment (India) Ltd. (GEIL),
Quality Minerals Ltd.(QML) and HNG Float Glass Limited.
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 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
75 |
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.