MIRA
INFORM REPORT
|
Report Date : |
05.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
KEMROCK INDUSTRIES AND EXPORTS LIMITED |
|
|
|
|
Registered
Office : |
Village
Asoj, |
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|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.06.2011 |
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|
|
|
Date of
Incorporation : |
18.11.1991 |
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|
|
|
Com. Reg. No.: |
04-016625 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.174.422
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L36999GJ1991PLC016625 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDK00913D |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACK8810B |
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|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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|
|
Line of Business
: |
Manufacturing,
Importing and Exporting of FRP Products. |
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|
|
|
No. of Employees
: |
150
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 26460000 |
|
|
|
|
Status : |
Moderate |
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|
|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having moderate track. Care has down
grade on bank facilities. However, trade relations are reported to be fair.
Business is active. Payments are reported to be slow but 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
D (Short Term/ Long Term) |
|
Rating Explanation |
This rating are in default or expected to be
in default on maturity. |
|
Date |
February, 2012 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Village
Asoj, Vadodara-Halol
Express Way, Taluka Waghodia, District Vadodara – 391510, Gujarat, India |
|
Tel. No.: |
91-2668-281059/
281074/ 281088/ 281154/ 281158/ 281157 / 666200 |
|
Fax No.: |
91-2668-281111/
281159 / 666400 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Regional
Office/Factory 1: |
296/A,
G.I.D.C., Makarpura Industrial Estate,
Varodara - 390010, |
|
Tel. No.: |
91-265-2646010/2642449 |
|
Fax No.: |
91-265-2638261 |
|
E-Mail : |
|
|
|
|
|
Marketing
office: |
303, Commerce
Centre, B-27, Veera Industrial Estate, off. New |
|
Tel. No.: |
91-022-26736294/26736295 |
|
Fax No.: |
91-22-26736289 |
|
E-Mail : |
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|
|
|
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Factory 2 : |
296/A,
GIDC, Industrial Estate, Makarpura, Vadodara – 390010, |
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|
|
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Factory 3 : |
Village
Asoj, Taluka Waghodia, District Vadodara – 391510, |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Kalpesh Patel |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Kaushik Bhatt |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Navin Patel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Tushar Patel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K K Rai |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mahendra R. Patel (appointed w.e.f. 03.06.2010) |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Venugopal Shastri |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mrs. Usha Moraes |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Dinesh Patel |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2012
|
Names of
Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
5,422,097 |
42.98 |
|
|
5,422,097 |
42.98 |
|
|
|
|
|
|
|
|
|
|
81,940 |
0.65 |
|
|
81,940 |
0.65 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
5,504,037 |
43.63 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
582,541 |
4.62 |
|
|
98,112 |
0.78 |
|
|
680,653 |
5.40 |
|
|
|
|
|
|
|
|
|
|
833,337 |
6.61 |
|
|
|
|
|
|
|
|
|
|
1,110,978 |
8.81 |
|
|
273,208 |
2.17 |
|
|
|
|
|
|
4,212,785 |
33.40 |
|
|
77,036 |
0.61 |
|
|
41,423 |
0.33 |
|
|
4,094,326 |
32.46 |
|
|
6,430,308 |
50.97 |
|
|
|
|
|
Total Public
shareholding (B) |
7,110,961 |
56.37 |
|
|
|
|
|
Total (A)+(B) |
12,614,998 |
100.00 |
|
|
|
|
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
-- |
-- |
|
|
7,715,000 |
-- |
|
|
7,715,000 |
-- |
|
|
|
|
|
Total
(A)+(B)+(C) |
20,329,998 |
100.00 |
%2005-Nov-2012_files/image002.gif){kind=small}
(1) Indian%2005-Nov-2012_files/image003.gif){kind=small}
Individuals / Hindu Undivided Family%2005-Nov-2012_files/image004.gif){kind=small}
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturing,
Importing and Exporting of FRP Products. |
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Products : |
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||||||
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Brand : |
“JAITEC” |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Actual Production |
|
|
|
|
|
|
FRP
Products/General Products and Related Products |
Nos. |
Not Applicable |
3017518 |
|
Resins |
Nos. |
Not Applicable |
16572016 |
*Cannot be determined as there are
various resin products being manufactured.
GENERAL INFORMATION
|
No. of Employees : |
150
(Approximately) |
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Bankers : |
· Allahabad Bank · Andhra Bank · Axis Bank · Exim Bank · ICICI Bank · Indian Bank · Karur Vysya Bank · Punjab National Bank ·
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
H. K. Shah and
Company Chartered
Accountants |
|
Address : |
Ahmedabad, |
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|
|
|
Subsidiaries: |
·
Top Glass SPA, · Kemrock Advanced Composites Limited · Kemrock Advance Reinforcements Limited · Kemrock Filament Windings Limited · Kemrock Infratech Limited · Kemrock Speciality Polymers Limited · Kemrock Renewable Energy Limited · Kemrock Hi-Performance Composites Limited · Kemrock UK Limited ·
Kemrock International FZE |
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|
|
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Joint Venture
Company: |
· Georgia-Pacific Kemrock International Private Limited · S. K. Polymers FZCO ·
Saertex-Kemrock India Private Limited |
|
|
|
|
Company of relative
of Key Management personnel : |
·
Kemrock Agritech Private Limited |
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|
|
|
Company of Key
Management Personnel |
· Greenspace Enertech Private Limited · Greenspace Infratech Private Limited · Greenspace Agriculture Private Limited · Greenspace Ventures Private Limited |
CAPITAL STRUCTURE
AS ON 16.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.10/- each |
Rs.750.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20329998 |
Equity Shares |
Rs.10/- each |
Rs.203.300
Millions |
|
|
|
|
|
AS ON 30.06.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17442198 |
Equity Shares |
Rs.10/- each |
Rs.174.422
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2011 |
30.06.2010 (15 Months) |
31.03.2009 (12 Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
174.422 |
167.535 |
110.150 |
|
|
2] Share Application Money |
37.500 |
61.986 |
55.125 |
|
|
3] Reserves & Surplus |
6403.747 |
5479.302 |
2462.186 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6615.669 |
5708.823 |
2627.461 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11776.564 |
9173.423 |
6177.914 |
|
|
2] Unsecured Loans |
2.870 |
2.870 |
5.897 |
|
|
TOTAL BORROWING |
11779.434 |
9176.293 |
6183.811 |
|
|
DEFERRED TAX LIABILITIES |
316.316 |
202.906 |
147.384 |
|
|
|
|
|
|
|
|
TOTAL |
18711.419 |
15088.022 |
8958.656 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6762.078 |
4927.863 |
2814.587 |
|
|
Capital work-in-progress |
3262.940 |
3293.139 |
1553.039 |
|
|
|
|
|
|
|
|
INVESTMENT |
927.710 |
910.093 |
20.096 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2827.547
|
2362.732
|
1965.085
|
|
|
Sundry Debtors |
4542.857
|
3156.649
|
2629.093
|
|
|
Cash & Bank Balances |
1275.124
|
1751.354
|
868.740
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
1714.896
|
847.773
|
142.822
|
|
Total
Current Assets |
10360.424
|
8118.508 |
5605.740 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1744.119
|
1920.537
|
888.953
|
|
|
Other Current Liabilities |
417.789
|
180.652
|
118.392
|
|
|
Provisions |
439.825
|
60.392
|
28.432
|
|
Total
Current Liabilities |
2601.733
|
2161.581 |
1035.777 |
|
|
Net Current Assets |
7758.691
|
5956.927
|
4569.963
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.971 |
|
|
|
|
|
|
|
|
TOTAL |
18711.419 |
15088.022 |
8958.656 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2011 |
30.06.2010 (15 Months) |
31.03.2009 (12 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9013.097 |
5997.279 |
3642.067 |
|
|
|
Other Income |
45.058 |
22.646 |
97.553 |
|
|
|
TOTAL (A) |
9058.155 |
6019.925 |
3739.620 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
5322.094 |
3382.250 |
2388.125 |
|
|
|
Manufacturing Expenses |
707.994 |
426.351 |
292.086 |
|
|
|
Provisions and Provisions to Employee |
401.564 |
360.314 |
216.313 |
|
|
|
Administration and General Expenses |
291.825 |
169.743 |
74.437 |
|
|
|
Selling and Distribution Expenses |
268.347 |
257.997 |
303.446 |
|
|
|
|
6991.824 |
4596.655 |
|
|
|
|
Increased / Decreased in stock |
(456.920) |
(110.062) |
(554.404) |
|
|
|
TOTAL (B) |
6534.904 |
4486.593 |
2720.003 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2523.251 |
1533.332 |
1019.617 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1094.312 |
540.156 |
396.540 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1428.939 |
993.176 |
623.077 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
421.161 |
288.086 |
186.139 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1007.778 |
705.090 |
436.938 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
256.338 |
175.413 |
112.523 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
751.440 |
529.677 |
324.415 |
|
|
|
|
|
|
|
|
|
Less/ Add |
Prior Period
Income / (Expenses) |
3.151 |
(2.777) |
(6.199) |
|
|
|
|
|
|
|
|
|
Less |
Provision for
Final Dividend |
34.884 |
16.753 |
16.523 |
|
|
Less |
Provision for Tax
on Final Dividend |
5.794 |
2.783 |
2.808 |
|
|
Less |
Short Provision
for Final Dividend |
0.000 |
0.000 |
0.885 |
|
|
Less |
Short Provision
for Tax on Final Dividend |
0.000 |
0.000 |
0.150 |
|
|
Less |
Interim Dividend
|
0.000 |
11.015 |
0.000 |
|
|
Less |
Dividend Tax on
Interim Dividend |
0.000 |
1.872 |
0.000 |
|
|
Less |
Prior year Tax
Adjustment |
0.000 |
0.000 |
0.055 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1188.020 |
743.543 |
485.748 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
75.000 |
50.000 |
40.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1826.933 |
1188.020
|
743.543 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
7118.945 |
4168.053 |
2309.647 |
|
|
TOTAL EARNINGS |
7118.945 |
4168.053 |
2309.647 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4645.681 |
2893.282 |
1630.309 |
|
|
|
Machinery/ Equipment / Advances |
1414.342 |
2130.520 |
895.218 |
|
|
TOTAL IMPORTS |
6060.023 |
5023.802 |
2525.527 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
44.82 |
45.05 |
29.43 |
|
|
|
Diluted |
44.12 |
42.67 |
26.38 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.09.2011 |
31.12.2011 |
31.03.2012 |
30.06.2012 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
2377.170 |
2364.190 |
2690.840 |
1616.570 |
|
Total Expenditure |
1738.520 |
1670.870 |
1970.010 |
1415.220 |
|
PBIDT (Excl OI) |
638.650 |
693.320 |
720.830 |
201.350 |
|
Other Income |
26.850 |
0.990 |
11.230 |
445.110 |
|
Operating Profit |
665.500 |
694.310 |
732.060 |
646.460 |
|
Interest |
328.940 |
374.230 |
385.690 |
513.820 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
336.560 |
320.080 |
346.370 |
132.640 |
|
Depreciation |
116.920 |
115.160 |
115.290 |
119.290 |
|
Profit Before Tax |
219.640 |
204.920 |
231.090 |
13.350 |
|
Tax |
64.700 |
88.260 |
86.000 |
(5.320) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
154.940 |
116.660 |
145.090 |
18.670 |
|
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 |
154.940 |
116.660 |
145.090 |
18.670 |
KEY RATIOS
|
PARTICULARS |
|
30.06.2011 |
30.06.2010 (15 Months) |
31.03.2009 (12 Months) |
|
PAT / Total Income |
(%) |
8.30
|
8.80
|
8.68
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.18
|
11.75
|
11.99
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.89
|
7.02
|
5.19
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.12
|
0.16
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.17
|
1.99
|
2.74
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.98
|
3.76
|
5.41
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
OPERATIONS
During 2010-11, the Company’s total income stood at
Rs.9058.200 millions as against Rs.6019.900 millions in 2009-10. EBIDTA for the
financial year 2010-11 was Rs.2313.100 millions as against Rs.1453.200 millions
during 2009-10. Profit before tax for the year stood at Rs.1007.800 millions
against Rs.705.100 millions in 2009-10. After providing for income tax of
Rs.256.200 millions, net profit stood at Rs.751.400 millions in 2010-11 as
against Rs.529.700 millions during 2009-10.
The year is the second year of presenting
consolidated financial statements. During the year, on consolidated basis, the
turnover (net) was Rs.10821.600 millions as compared to Rs.7167.000 millions in
previous year. The profit after tax and minority interest was Rs.755.300
millions as compared to Rs.550.300 millions in the previous year.
PROJECT – CARBON
FIBER
During the year, the Company has successfully
started operations and commercial production of carbon fiber plant and launched
a range of carbon fiber products for industrial applications under the brand
name “JAITEC”.
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMY OVERVIEW
The global economy continued to stage recovery
during 2010-11, led by BRICs (
Weathering the turbulent global slowdown, the
Indian economy managed commendable expansion of 8.0 per cent in 2009-10 and 6.8
per cent in 2008-09. During the fi scal year ended March 31, 2011, the growth
has been reported as over 8.6 per cent.
It is now widely believed that
COMPOSITES
INDUSTRY OVERVIEW
Since its first major commercial application in
the late 1940s, composites usage has grown rapidly, on account of increased
awareness of its performance and the increased demand for lightweight
components in global markets. Of all available materials, composites have
demonstrated the best potential as a worthy substitute to steel and aluminium.
Composites cansave 60 per cent to 80 per cent of the weight in a product by replacing steel components in replacing
aluminium parts composites can save 20 per
cent to 50 per cent of the weight. Composites
have evolved as not just alternative materials,
but also the material of choice for many engineering
applications.
Composites are made by mixing fibers with resin materials.
Today, more or less each industry has started to utilize or increase
utilization of high performance composite comprise USD 8.8 bn of resins, USD
7.7 bn of fibers, with ancillary materials making up the balance. The total
value of composite end products reached USD 50.2 bn.
The North American and European composites industries grew
year-over-year by approximately 13 per cent and 8 per cent respectively in
2010, while
As per Lucintel, the global composite materials industry was
valued around USD 17.7 bn in 2010, growing at over 10 per cent despite a
still-sluggish world economy.
Total global revenues in the composite materials market
construction, and 10 per cent in aerospace. According to JEC Composites, the
global composites market is expected to grow by 4 per cent pa from 60 bn in
2008 to €80-85 bn in 2013. In tonnage terms the market would grow from 8.6 mn
tons to 10 mn tons over the same time span. Looking at the fast-growing BRIC
countries (
INDIAN COMPOSITE
INDUSTRY
The Indian composites industry has grown
significantly in the last two decades and continued its strong growth in 2010,
thereby posting 18.5 per cent growth during January-December 2010. The
Rs.60000.000 millions Indian composites market has been on an upswing over the
last five years with a growth of 18.6 per cent, driven by robust demand for
pipes and tanks, renewable energy (wind and solar energy), mass transit,
automobiles, mass transportation and power sector.
The Indian composites industry is growing rapidly
and is projected to grow at 22 per cent CAGR over the next four years. By the
end of 2014, total Indian composites industry would be over USD 3 billion
market. The per capita composites consumption is increased from 2004 to 2010 as
compared to 0.1 kgs to 0.2 kgs and is further expected to grow in wake of
improved manufacturing activity and increased substitution in usage. Wind
energy, mass transportation and urban infrastructure are going to be the key
sectors driving the composites growth story in
COMPANY OVERVIEW
MAJOR DEVELOPMENTS
DURING THE YEAR
• The company crossed the Rs.9 billions turnover
mark
• Total production of FRP composites increased by
40 per cent
• EBIDTA increased to Rs.2313.100 millions
• Net profits increased to Rs.751.400 millions
• EPS increased to Rs.448.200 millions
MOU WITH DSM
The company entered into a MoU with DSM Composite
Resins AG,
This JV will also enable DSM, one of the leading
Composite Resins providers in the world, to strengthen its presence in
CARBON FIBER
After having stabilized the carbon fibre plant
within a year of its commissioning, the company successfully launched a range
of carbon fibre products for industrial applications under the brand name ‘JAITEC’.
The company also inked a MoU with Hindustan Aeronautics Limited,
AWARDS AND
ACCOLADES
During 2010-11, the company was honored with the
prestigious Innovation Award in Composites under Telecom and Electronics for
its ‘
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 31st
MARCH, 2012
(RS. IN MILLIONS)
|
Sr No. |
Particulars |
Quarter Ended |
Nine Month Ended |
|
|
|
|
31.03.2012 |
31.12.2011 |
31.03.2012 |
|
|
|
Unaudited |
||
|
1 |
Income from operations |
|
|
|
|
|
(a) Net Sales / Income from Operations |
2690.842 |
2364.193 |
7432.204 |
|
|
(b) Other Operating Income |
-- |
-- |
-- |
|
|
Total income from operations (net) |
2690.842 |
2364.193 |
7432.204 |
|
|
|
|
|
|
|
2 |
Expenses |
|
|
|
|
|
(a)
Cost of materials consumed |
1785.998 |
1479.532 |
4561.791 |
|
|
(b) Purchase of
stock in trade |
-- |
-- |
-- |
|
|
(c)
Changes in inventories of finished goods, work-in- progress and stock in
trade |
(157.794) |
(189.918) |
(329.933) |
|
|
(d)
Employee benefits expense |
87.0506 |
92.613 |
279.239 |
|
|
(e) Depreciation
and amortisation expense |
115.294 |
115.164 |
347.377 |
|
|
(f) Other
expenses |
254.289 |
288.646 |
868.293 |
|
|
Total expenses |
2085.293 |
1786.037 |
5726.767 |
|
3 |
Profit from Operations
before Other Income, Interest and Exceptional Items [1 - 2] |
605.549 |
578.156 |
1705.437 |
|
4 |
Other Income |
11.231 |
0.986 |
39.062 |
|
5 |
Profit before
Interest and Exceptional Items [3 + 4] |
616.780 |
579.142 |
1744.499 |
|
6 |
Interest |
385.687 |
374.225 |
1088.850 |
|
7 |
Profit after
Interest but before Exceptional Items [5 - 6] |
231.093 |
204.917 |
655.649 |
|
8 |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit(+)/Loss(-)from
Ordinary Activities before Tax [7+8] |
231.093 |
204.917 |
655.649 |
|
10 |
Tax Expense |
86.000 |
88.256 |
238.958 |
|
11 |
Net
Profit(+)/Loss(-)from Ordinary Activities after tax [9-10] |
145.093 |
116.661 |
416.691 |
|
12 |
Extraordinary
Items (net of tax expense Rs. Nil) |
0.000 |
-- |
-- |
|
13 |
Net Profit (+) /
Loss (-) for the period [11 - 12] |
145.093 |
116.661 |
416.691 |
|
14 |
Paid up Equity
Share Capital (Face Value Rs. 10/- per Share) |
203.300 |
203.300 |
203.300 |
|
15 |
Reserves excluding
Revaluation Reserves as per balance sheet of previous accounting year |
-- |
-- |
-- |
|
|
|
|
|
|
|
16 |
Earning
Per Share (EPS) |
|
|
|
|
|
(a) Basic and
diluted EPS before Extraordinary items for the year and for the previous year
(not annualized) |
|
|
|
|
|
- Basic EPS for the period |
7.14 |
6.54 |
20.50 |
|
|
- Diluted EPS for the period |
7.14 |
6.54 |
20.50 |
|
|
(b) Basic and diluted EPS after Extraordinary items
for the year and for the previous year |
|
|
|
|
|
(not annualized) |
|
|
|
|
|
- Basic EPS for the period |
7.14 |
6.54 |
20.50 |
|
|
- Diluted EPS for the period |
7.14 |
6.54 |
20.50 |
|
|
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
- No. of Shares |
14840204 |
14886143 |
14840204 |
|
|
- Percentage of Shareholding |
73.00 |
73.22 |
73.00 |
|
|
|
|
|
|
|
18 |
Promoters
and promoter group Shareholding |
|
|
|
|
|
(a)
Pledged/Encumbered |
|
|
|
|
|
- Number of shares |
2924500 |
3459500 |
2924500 |
|
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoters group) |
53.27 |
63.55 |
53.27 |
|
|
- Percentage of shares (as a % of the total share
capital of the Company) |
14.38 |
17.02 |
14.38 |
|
|
|
|
|
|
|
|
(b) Non-encumbered |
|
|
|
|
|
- Number of shares |
2565294 |
1984355 |
2565294 |
|
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoters group) |
46.73 |
36.45 |
46.73 |
|
|
- Percentage of shares (as a % of the total share capital
of the Company) |
12.62 |
9.76 |
12.62 |
|
Particulars |
Quarter Ended 31.03.2012 |
|
INVESTOR
COMPLAINTS |
|
|
Pending at the beginning of the quarter |
NIL |
|
Received during the quarter |
NIL |
|
Disposed of during the quarter |
NIL |
|
Remaining unresolved at the end of the quarter |
NIL |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(RS. IN MILLIONS)
|
Sr No. |
Particulars |
Quarter Ended |
Nine Month Ended |
|
|
|
|
|
|
|
|
|
|
31.03.2012 |
31.12.2011 |
31.03.2012 |
|
|
|
Unaudited |
||
|
1 |
Segment
Revenue |
|
|
|
|
|
Composite Products |
2537.619 |
2141.498 |
6828.477 |
|
|
Polymers |
259.479 |
367.683 |
1000.343 |
|
|
Total
Segment Revenue |
2797.098 |
2509.181 |
7828.820 |
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue – Results |
2797.098 |
144.988 |
396.616 |
|
|
Net
Sales / Income from Operations |
106.256 |
2364.193 |
7432.204 |
|
|
|
|
|
|
|
2 |
Segment
Results |
|
|
|
|
|
Composite Products |
578.608 |
564.306 |
1680.107 |
|
|
Polymers |
20.501 |
14.545 |
56.386 |
|
|
Total
Segment Results |
599.109 |
578.851 |
1736.493 |
|
|
Less : Interest (Net) |
376.221 |
357.371 |
1061.319 |
|
|
Less : Unallocable Expenses |
(8.204) |
16.562 |
19.525 |
|
|
Total
Profit Before Tax |
231.092 |
204.918 |
655.649 |
|
|
|
|
|
|
|
3 |
Capital
Employed (Segment
Assets – Segment Liabilities) |
|
|
|
|
|
Composite Products |
21759.562 |
20738.167 |
21759.562 |
|
|
Polymers |
991.432 |
942.501 |
991.432 |
|
|
Un-allocable |
(14168.011) |
(13242.778) |
(14168.011) |
|
|
Total
|
8582.983 |
8437.890 |
8582.983 |
NOTES:
1. The
above results have been reviewed by the Audit Committee and thereafter approved
by the Board of Directors of the Company at their meeting held on 14th May,
2012.
2. The
segments have been identified in accordance with the Accounting Standard on
Segment Reporting (AS-17) issued by the Institute of Chartered Accountants of
3. The
figures for the previous year have been regrouped/rearranged wherever necessary
to make them comparable.
4. The
Company has opted to publish standalone financial results pursuant to an option
available under clause 41 of the Listing Agreement
5. In
view of prevailing volatility in the foreign exchange market, in respect of
foreign currency items, gain/(loss) arising on foreign exchange rate
fluctuation on outstanding balances, as at the end of the quarter has not been
given effect in the above results as "the company will account for the
same at the end of the financial year.
6. The
Company has issued and allotted on 17th April 2012: through depository, 5.50%
Foreign Currency Convertible Bonds (FCCBs) due 2017 for an aggregate amount of
US$ 100,000,000 (with an option to subscribe up to an additional US$
25,000,000) with an initial conversion price of tNR 529.04 per Share, subject
to the terms and conditions as set out in the Offering Circular.
FIXED ASSETS
·
Land
·
Building
·
Plant
and Machinery
·
Furniture
·
Office
Equipments
·
Vehicles
PRESS RELEASE
KEMROCK INDUSTRIES Q1 FY12 NET SALES SURGES 40% TO RS.2377.200 MILLIONS; NET PROFIT UP 12.59% AT RS.154.900 MILLIONS
MUMBAI, NOVEMBER 18,
2011
Mumbai, November 14, 2011: Kemrock Industries and Exports Limited. (KIEL), one of the leading manufacturers of reinforced polymer (FRP) composites, announced its audited results on November 12, 2011, for the first quarter ended September 30, 2011. It may be noted that the company’s financial year (12 months) ended on June, 2011.
Q1 FY12 Performance
- Posted a 40% increase in net sales at Rs.2377.200 millions for Q1 FY12 as compared to Rs.1692.700 millions in Q1 FY11
- Posted a 12.59% increase in net profit at Rs.154.900 millions for Q1 FY12 as compared to Rs.137.600 millions in Q1 FY11
- High interest charges of Rs.328.900 millions, limited the growth in PAT level.
- EBIDTA up 36% at Rs.638.700 millions for Q1 FY12 as compared to Rs.471.000 millions in Q1 FY; EBIDTA margin is 27 %
- Composite products contributed 85% and polymers contributed 15% towards the total revenue
- On an equity capital of Rs.174.000 millions the fully diluted Earnings per share (EPS) stood at Rs.88.800 millions
About Kemrock Industries and Exports
Limited
Headquartered in Vadodara, Kemrock Industries and Exports
Limited, is
BSE Code: 526015
NSE Code: KEMROCK
- FY11 Sales: Rs.9013.100 millions
- FY11 Net Profit: Rs.754.600 millions
- Headquartered in Vadodra
- Manufacturing
presence in
- Modern manufacturing facility spread over an area of over 250 acres
- One of the world’s largest integrated FRP Composite facility
- Multiple global alliances for technological benefits
- Commissioned
KEMROCK AND DSM INAUGURATES
PUNE, AUGUST 12, 2011
Kemrock and Royal DSM N.V. (the global Life Sciences and Materials Sciences company), inaugurated India’s first school made with composite materials, on 12th August 2011 The Jilla Parishad primary school, situated in the village of Kusgaon, Pune, is a demonstration of commitment made by Kemrock and DSM to use its expertise to create brighter lives today and for generations to come.
The school brings a number of innovations to Indian education. Made of
composite materials, its lightweight and modular nature means it can be built
by four workers in only six days ( without the need for any specialist
equipment), saving time, money and impact on the local environment compared to
5 to 6 months required for traditional schools made from concrete. Its
excellent mechanical properties and attractive design have also created a safe,
strong, well-insulated and inspirational learning environment.
The project has also been unique in the sense that the children attending the
school will be able to take advantage of the very latest computer equipment and
world-leading nutrition. As the world’s biggest producer of vitamins and
micronutrients, DSM scientists have formulated a nutrition program that will
help students attain their full academic potential. Furthermore, the
partnership with OLPC (One Laptop per Child), a charity based in
(PMRT65 - part of Round Table
Michael Effing, President, DSM Composite Resins, said: “Education will play a
key role in India’s development and this school represents a vital upgrade to
the country’s existing education infrastructure: by combining with our
colleagues elsewhere in DSM, we have made a difference in Kusgaon, India, that
will be felt for years to come.”
Kalpesh Patel, Chairman and Managing Director, Kemrock Industries, whose joint
venture partnership with DSM was responsible for building the school, said;
“With its attractive design, excellent mechanical properties and ease of
installation, the school proves that composite materials have a key role to
play when it comes to delivering the next generation of Indian schools.”
For Santosh Gaikwad, headmaster of the school, the value DSM brings to Kusgaon
was not limited to the physical structure of the classrooms: “We cannot
underestimate the role of this school in creating the right conditions for our
students to thrive. With world-class facilities, equipment and nutrition, our
model school is now ready to educate our country’s next generation.”
DSM and Kemrock have identified many schools, mainly in under-developed rural
regions, which could benefit from similar model schools. This kind of modular
composite building can furthermore be used to deliver quick help after natural
catastrophes like recent events in
KEMROCK LAUNCHES INDUSTRIAL GRADE CARBON FIBER UNDER BRAND
'JAITEC'
VADODARA, AUGUST 03, 2011
Mumbai/Vadodara, August 03, 2011: Kemrock Industries and Exports Limited (KIEL), one of the leading manufacturers of fibre reinforced polymer (FRP) composites, launched a range of carbon fibre products for industrial applications under the brand name "JAITEC"
The products were launched by Mr. Ashok Nayak, Chairman of Hindustan Aeronautics Limited (HAL), during his visit to Kemrock’s facility.
Appreciating Kemrock’s successful operations and commercial production of carbon fiber plant, Mr. Nayak expressed that, “Kemrock and HAL have also joined hands together by signing an MoU for manufacture of carbon fibre prepregs. Initially, we were contemplating to have the prepreg manufacturing facility at HAL Bengaluru, considering the proximity of our other facilities. But I was highly impressed seeing Kemrock’s commitment and capabilities at its world class facility in Vadodara which has made HAL decide to make prepregs at Kemrock, apart from the other grades of carbon fibre products"
Acknowledging HAL’s continued
support, Mr. Kalpesh Patel, CMD,
About Kemrock Industries and Exports
(BSE:
526015; NSE: KEMROCK; LuxSE US4884721014) Headquartered in Vadodara, Kemrock
Industries and Exports Limited, is India’s producer of FRP/GRP composites,
offering a fully integrated range of raw materials and engineered composites
products. Established in 1981 as a small start-up and incorporated in 1991, the
company offers world-class integrated solutions – from design to delivery - in
its state-of-the-art manufacturing unit at Vadodara, which houses most of the
processes at a single location. The company provides the largest portfolio of
composite products and delivers both ready and customised solutions, which are
ideal replacements for traditional materials prone to corrosion and
maintenance. The company’s product range includes Thermo-setting Resins &
Composite Products such as Windmill Blade , Rail Coach Interiors and Exteriors,
Cable Management Systems , Pultruded profiles, Gratings, Piping Systems,
Lighting Poles, Access Systems and now Carbon Fibre.
Kemrock Industries has established a prominent position across domestic and
international markets, including product presence in over 50 countries. The
company’s securities are listed on the Bombay Stock Exchange, National Stock
Exchange and Luxembourg Stock Exchange.
About HAL
Hindustan Aeronautics Limited (HAL) is a leading Indian aeronautical company with operations including design, development, manufacture, and maintenance of aircraft, helicopters and their related power plants, accessories, systems & equipment. With 19 production units and 10 research and design centers in eight locations in India, the company has an impressive track record including 14 types of aircraft manufactured with in-house R&D and 14 produced under licence.
The largest defence PSU, Hindustan Aeronautics Limited (HAL) has
served the Indian defence forces for over six decades and has positioned itself
as a comprehensive solution provider to the Indian Defence Services in aviation
by contributing to their modernization efforts through aircraft/helicopter
production of various types and technology base. With new initiatives and
future programmes, the company continues to be a major partner of the Defence
Forces.
HAL has now diversified into aerospace related fields, with its aero-space
division supplying critical components, structural assemblies and tankages for
various launch vehicles and satellites of Indian Space Research Organization
(ISRO).
Moving a step towards customer satisfaction, HAL plans to provide seamless
maintenance support, encompassing first and second line support, for aircraft
and helicopters at customer bases.
KEMROCK INDUSTRIES CLOCKS Q3FY11 SALES OF RS. 2293.000
MILLIONS; NET PROFIT AT RS. 204.000 MILLIONS
MUMBAI, MAY 11, 2011
Mumbai, May 11, 2011: Kemrock Industries and Exports Limited (KIEL), one of the leading manufacturers of reinforced polymer (FRP) composites, today announced results for the quarter ended March 31, 2011.
It may be noted that during the previous year (FY10), the Company had changed
its financial year period from March 31, 2010 end to June 30, 2010 end; thereby
declaring results for 15 months during FY10 (April 2009 to June 2010).
Q3FY11 Performance
- Net sales increased by 60% to Rs.2293.000 millions from Rs.1434.000 millions during the correspondingquarter previous year
- Net profit was up 73% to Rs.204.000 millions from Rs.118.000 millions during the corresponding quarter previous year
- EBITDA increased 126% to Rs.679.000 millions from Rs.300.000 millions in the corresponding quarter previous year
- On an equity capital of Rs.168.000 millions, the fully diluted Earnings per share (EPS) stood at Rs.117.000 millions
9MFY11 Performance
· Net sales of Rs.6075.000 millions
· Net profit of Rs.494.000 millions
· EBITDA of Rs.1699.000 millions
· On an equity capital of Rs.168.000 millions, the fully diluted Earnings per share (EPS) stood at Rs. 28.3
Management Comment
Commenting on the results, Mr
Kalpesh Patel, MD,
About Kemrock Industries and Exports
Limited
Headquartered in Vadodara,
Kemrock Industries and Exports Limited, is
Q3FY11 Results Media Release
BSE Code: 526015
NSE Code: KEMROCK
- FY10 Sales: Rs.6078.300 millions
- FY10 Net Profit: Rs.526.900 millions
- Headquartered in Vadodra
- Manufacturing
presence in
- Modern manufacturing facility spread over an area of over 250 acres
- One of the world’s largest integrated FRP Composite facility
- Multiple global alliances for technological benefits
- Commissioned
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.66 |
|
|
1 |
Rs.86.37 |
|
Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
26 |
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.