MIRA INFORM REPORT
|
Report Date : |
02.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTAN ZINC LIMITED |
|
|
|
|
Registered
Office : |
Yashad Bhawan,
Yashadgarh, Udaipur – 313004, Rajasthan |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on)
: |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
10.01.1966 |
|
|
|
|
Com. Reg. No.: |
17-001208 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.8450.600
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27204RJ1966PLC001208 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JDHH00694B/
JDHH00701B/ JDH00759D/ JDHH00601G |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing, Selling, Exploration,
Mining and Concentration of Zinc, Lead Silver, Cadmium, Sulphuric Acid,
Phosphoric Acid and Cobalt. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa ( 81) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 1070000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
– established and reputed company having fine track. Directors are reported as
experienced and respectable businessmen. Trade relations are fair. Business
is active. Payments are usually correct and as per commitments. The company can
be considered good for normal 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 |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AAA (Cash Credit) |
|
Rating Explanation |
Having highest degree of safety regarding
timely servicing of financial obligation it carry lowest credit risk. |
|
Date |
January 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ 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 : |
Yashad Bhawan, Yashadgarh, |
|
Tel. No.: |
91 - 294 - 2529182/2529183/2529184/2529185/ 181/2529102/103/104/
225854/ 225853 |
|
Fax No.: |
91 - 294 - 2526443 / 2523522/2525763/ 229012/ 225826 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
|
|
Tel. No.: |
91-294-2529182 |
|
Fax No.: |
91-284-2523522 |
|
|
|
|
MINING UNITS: |
Located at:
|
|
|
|
|
SMELTING UNITS: |
Located at:
|
|
|
|
|
Wind Power Farms: |
Located at:
|
|
|
|
|
Exports Office: |
Solitaire Corporate Tel 91-22-56434500 Fax 91-22-56434640 Email: exportzinc@vedanta.co.in |
|
|
|
|
Marketing Office : |
Solitaire Corporate Tel 91-22-56434500 Fax 91-22-56434640 Email: Puneet.jagatramka@vedanta.co.in |
|
|
|
|
Power Operations: |
Located at: Ř Chanderiya
Smelting Complex Ř Zawar Mines Ř Zinc Smelter
Debari Ř Samana Wind
Power Plant Ř Gadag Wind Power
Plant |
|
|
|
|
Regional Office: |
Northern
Regional Office Scope Office Complex, Core – 6 IInd Floor,7, Tel - 91 11-24364988/24367261 Fax 91 11-24365421 Email sanjay.khanna@vedanta.co.in Southern
Regional Office #705, 7th Floor, Manipal Centre, North Block, Tel 91 80- 25590918 Fax 91 80- 25590917 Email: sundeep.prasanna@vedanta.co.in Eastern Regional
Office Flat No. 9/10, Chatterjee
International Centre, Tel 91 33-2217763/22262627 Fax 91 33-22262627 Email: mohammed.azmatulla@vedanta.co.in Western Regional
Office Solitaire Corporate Tel 91-22-56434500 Fax 91-22-56434640 Email: Anuj.lal@vedanta.co.in |
|
|
|
|
Branches : |
Located at : ·
301-302, Dohil Chambers, 46, Tel. No. 91-11-2628 0570 / 2646
3711 / 2641 9426 Fax No. 91-11-2648
4614 ·
Chatterjee International Centre, 20th Floor,
33-A, Tel. No. 91-33-2242 1761 / 2226
2627 / 2249 5413 Fax No. 91-33-2245
7354 ·
47, Mittal Chambers, Nariman Point, Mumbai – 400
021, Tel. No. 91-22-2202 5903 / 2204
9317 Fax No. 91-22-2283
3341 ·
B-II, 403, Kamal Apartment, Tel. No. 91-141-2200723 ·
Block No. 205, II Floor, 5-9-13, Tara Mandal
Complex, Saifabad, Tel. No. 91-40-2241712 / 2233516
/ 2230307 ·
102, 8th Garden Colony, New Surya Apartment, Tel. No. 91-79-2656 1161 ·
No. 6, Amar Jyoti House, Building Co-operative
Society, Near Tel. No. 91-80-330 0292 / 330
5036 |
DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. Agnivesh Agarwal |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr.
Navin Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
|
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Anjali Anand Srivastava |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. K. Malhotra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Akhilesh Joshi |
|
Designation : |
Chief Executive Officer and
Whole time Director |
|
|
|
|
Name : |
Ms. Shaukat Ara Tirmizi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajib Sekhar Sahoo |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Amitabh Gupta |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Rajendra Pandwal |
|
Designation : |
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 06.07.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2,743,154,310 |
64.92 |
|
|
2,743,154,310 |
64.92 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2,743,154,310 |
64.92 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
45200345 |
1.07 |
|
|
3403178 |
0.08 |
|
|
31000707 |
0.73 |
|
|
56143034 |
1.33 |
|
|
135747264 |
3.21 |
|
|
|
|
|
|
51671777 |
1.22 |
|
|
|
|
|
|
40584823 |
0.96 |
|
|
1252146588 |
29.63 |
|
|
2014238 |
0.05 |
|
|
1166487 |
0.03 |
|
|
10000 |
0.00 |
|
|
890000 |
0.02 |
|
|
7751 |
0.00 |
|
|
1346417426 |
31.87 |
|
Total Public
shareholding (B) |
1482164690 |
35.08 |
|
Total (A)+(B) |
4225319000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total
(A)+(B)+(C) |
4225319000 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Selling, Exploration,
Mining and Concentration of Zinc, Lead Silver, Cadmium, Sulphuric Acid,
Phosphoric Acid and Cobalt. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
State
Bank of ·
IDBI
Bank Limited ·
ICICI
Bank Limited ·
HDFC
Bank Limited ·
Citi
Bank ·
Calyon
Bank ·
Development
Bank of Singapore ·
Kotak Mahindra Bank Limited ·
Yes Bank Limited |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, |
|
|
|
|
Holding Companies :
|
|
|
|
|
|
Fellow Subsidiaries
: |
|
|
|
|
|
Joint Venture : |
|
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000000 |
Equity Shares |
Rs.2/- each |
Rs.10000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4225319000 |
Equity Shares |
Rs.2/- each |
Rs.8450.600
Millions |
|
|
|
|
|
i) Reconciliation of number of shares and amounts outstanding
|
|
Equity Shares |
|
|
Particular |
Number |
Rs. In Millions |
|
Equity shares of Rs.2/- (FY2011 : Rs.10 /-) each outstanding at the beginning of the year |
4225319000 |
8450.600 |
|
Equity Shares outstanding at the end of the year |
4225319000 |
8450.600 |
ii) 2,743,154,310 Equity Shares (FY2011: 2743154310)
are held by Sterlite Opportunities and Ventures Limited (SOVL), the holding
company. SOVL is a subsidiary of Sterlite Industries (India) Limited and the
ultimate holding company is Vedanta Recourses PLC, United Kingdom (VRPLC). No
shares are held by VRPLC or its other subsidiaries or associates.
iii) Details of Shareholders holding more than 5% shares in the Company
|
|
FY2012 |
|
|
Name of Shareholder |
No. of Shares held |
% of Holding |
|
Sterlite Opportunities and Ventures Limited |
2743154310 |
64.92 |
|
Government of India- President of India |
1247950590 |
29.54 |
iv) Aggregate number
of bonus shares allotted during the period of five years immediately preceding
March 31
|
Particular |
|
FY2012 |
|
Equity shares allotted as fully paid up by way of bonus |
|
2112659500 |
v) Other disclosures
The Company has one class of equity shares
having a par value of Rs.2 per share. Each equity shareholder is eligible for one
vote per share held. Each equity shareholder is entitled to dividends as and
when declared by the Company .Interim dividend is paid as and when declared by
the Board .Final dividend is paid after obtaining shareholder’s approval.
Dividends are paid in Indian Rupees.
During the year ended March 31, 2012, the
amount of per share final dividend recognised as distribution to equity
shareholders was Rs.0.90 per share (FY2011: Rs.1 per share)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
8450.600 |
8450.600 |
4225.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
260362.000 |
216881.300 |
177014.400 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
268812.600 |
225331.900 |
181239.700 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
3.900 |
3.900 |
604.700 |
|
|
TOTAL BORROWING |
3.900 |
3.900 |
604.700 |
|
|
DEFERRED TAX LIABILITIES |
11088.100 |
9447.000 |
7112.300 |
|
|
|
|
|
|
|
|
TOTAL |
279904.600 |
234782.800 |
188956.700 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
85128.200 |
72542.100 |
61640.900 |
|
|
Capital work-in-progress |
4449.600 |
5948.200 |
11129.600 |
|
|
|
|
|
|
|
|
INVESTMENT |
126948.500 |
93345.900 |
109491.700 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7979.400
|
7623.800 |
4517.400
|
|
|
Sundry Debtors |
3324.500
|
2088.900 |
1518.300
|
|
|
Cash & Bank Balances |
52553.200
|
56329.100 |
9275.300
|
|
|
Other Current Assets |
3232.000
|
2324.400 |
69.600
|
|
|
Other Non Current Assets |
1635.900
|
1297.700 |
0.000
|
|
|
Loans & Advances |
8978.900
|
9029.500 |
4571.900 |
|
Total
Current Assets |
77703.900
|
78693.400 |
19952.500 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4102.900
|
3682.400 |
4776.600
|
|
|
Other Current Liabilities |
5803.000
|
6393.600 |
5086.000
|
|
|
Provisions |
4419.700
|
5670.800 |
3395.400
|
|
Total
Current Liabilities |
14325.600
|
15746.800 |
13258.000 |
|
|
Net Current Assets |
63378.300
|
62946.600 |
6694.500
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
279904.600 |
234782.800 |
188956.700 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
114053.100 |
100391.700 |
80169.700 |
|
|
|
Other Income |
15428.300 |
8660.200 |
7176.800 |
|
|
|
TOTAL (A) |
129481.400 |
109051.900 |
87346.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2176.900 |
1692.300 |
|
|
|
|
Changes in inventories of finished goods and work-in-progress |
944.400 |
(1556.400) |
|
|
|
|
Employee benefits expense |
5346.400 |
5107.800 |
|
|
|
|
Other expenses |
44890.800 |
39070.900 |
|
|
|
|
Exceptional items |
431.300 |
211.600 |
|
|
|
|
TOTAL (B) |
53789.800 |
44526.200 |
33423.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
75691.600 |
64525.700 |
53922.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
139.500 |
182.800 |
439.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
75552.100 |
64342.900 |
53483.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6106.700 |
4747.400 |
3342.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
69445.400 |
59595.500 |
50141.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
14185.000 |
10590.600 |
9727.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
55260.400 |
49004.900 |
40414.100 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
138044.700 |
98950.600 |
66492.800 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
5000.000 |
5000.000 |
|
|
|
Dividend |
NA |
4225.300 |
2535.200 |
|
|
|
Tax on Dividend |
NA |
685.500 |
421.100 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
138044.700 |
98950.600 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export of goods on F.O.B. basis |
35703.100 |
36860.900 |
27901.600 |
|
|
TOTAL EARNINGS |
35703.100 |
36860.900 |
27901.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1953.600 |
1847.900 |
0.000 |
|
|
|
Stores & Spares |
9367.700 |
7233.900 |
3024.800 |
|
|
|
Capital Goods |
1731.500 |
1724.600 |
7272.400 |
|
|
|
Others |
13052.800 |
10806.400 |
10297.200 |
|
|
TOTAL IMPORTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.08 |
11.60 |
9.56 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
|
30.06.2012 |
|
|
|
|
1st
Quarter |
|
Net Sales |
|
|
27477.100 |
|
Total Expenditure |
|
|
13191.500 |
|
PBIDT (Excl OI) |
|
|
14285.600 |
|
Other Income |
|
|
5743.000 |
|
Operating Profit |
|
|
20028.600 |
|
Interest |
|
|
128.800 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
19899.800 |
|
Depreciation |
|
|
1733.800 |
|
Profit Before Tax |
|
|
18166.000 |
|
Tax |
|
|
2352.600 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
15813.400 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
15813.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
42.68 |
44.94
|
46.27
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
60.89 |
53.36
|
62.54
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
42.65 |
36.41
|
61.45
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.26
|
0.27
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.05 |
0.07
|
0.07
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.42 |
5.00
|
1.50
|
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 |
Yes |
|
8] |
No. of employees |
No |
|
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 |
No |
|
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 |
Yes |
|
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 |
BOARD OF DIRECTORS
Mr. Agnivesh Agarwal
Chairman
Appointed with effect from 15th November 2005. Mr. Agarwal is an eminent industrialist with a rich knowledge of business operations, an extensive experience in efficiently managing large projects, business restructuring and strategies. Over the years he has successfully developed excellent commercial knowledge with hands-on experience. He is also the Director of The Madras Aluminium Company Limited, (MALCO), Sterlite Iron and Steel Company Limited, Sterlite Energy Limited, Agarwal Galvanizing Private Limited, Sterlite Display Technologies Private Limited, Twinstar Overseas Limited, Twinstar Infrastructure Limited and Twinstar Investment Limited. Mr. Agarwal’s academic credentials comprise graduation in commerce from Sydhenam College, Mumbai.
Mr. Navin Agarwal
Director
Appointed to our Board of Directors on April 11, 2002. Mr. Agarwal has an experience that spans over 21 years in strategic and operational management. He has been the key driver behind our growth story. He is the Chairman of Cairn India Limited, Konkola Copper Mines, Bharat Aluminium Company Limited and the Madras Aluminium Company Limited; Executive Vice Chairman of Sterlite Industries (India)Limited and Director of Sterlite Iron and Steel Company Limited, Vedanta Aluminium Limited, Hare Krishna Packaging Private Limited, Vedanta Resources Holdings Limited and Vedanta Resources Investment Limited. His academic achievements include a Bachelor of Commerce degree from Sydenham College, Mumbai and successful completion of Owner/President Management Program at Harvard University.
Mr. Akhilesh Joshi
Chief Executive
Officer and Whole-time Director
Appointed with effect from 1st February 2012. Earlier, he was appointed on the Board with effect from 21st October 2008 as the Chief Operating Officer and Whole-time Director. He joined the Company in 1976. Prior to becoming the Chief Operating Officer of Subject, he was Senior Vice President (Mines), responsible for managing the overall operations of all mining units. Mr. Joshi has a mining engineering degree from MBM Engineering College, Jodhpur and a post graduate diploma in economic evaluation of mining projects from School of Mines of Paris. He also has a first class Mine Manager Certificate of Competency. He is the recipient of the prestigious National Mineral Award (GOI) in 2006 for his outstanding contribution in the field of Mining Technology. He is also the Director of Madanpur South Coal Company Limited.
Mr. A. R.
Narayanaswamy
Director
Appointed on the Board with effect from 30th March 2009. He is a member of The Institute of Chartered Accountants of India and has an extensive experience in the mining industry. He is also on the Board of Sterlite Industries (India) Limited, Sterlite Technology Limited, IBIS Softec Solutions (Private) Limited, IBIS Logistics (Private) Limited and IBIS Systems and Solutions (Private) Limited
Ms. Anjali Anand
Srivastava
Director
Appointed on the Board with effect from January 10, 2011. Ms. Srivastava is an Indian audit and accounts service officer presently holding the post of Joint Secretary and Financial Advisor in the Ministry of Coal. In addition to above, she is Joint Secretary and Financial Advisor of the Ministry of Mines and Ministry of Youth Affairs andSports. She is also the Director of Coal India Limited, Hindustan Copper Limited and Bharat Aluminium Company Limited
Mr. R.K. Malhotra
Director
Appointed on the Board with effect from 27th October 2010. Mr. Malhotra is an IAS (Indian Administrative Service) officer and presently holds the post of Director, Government of India, Ministry of Mines, New Delhi. He is also on the Board of Bharat Gold Mines Limited and Bharat Aluminium Company Limited.
Ms. Shaukat Ara
Tirmizi
Director
Appointed on the Board with effect from 25th October, 2011. Ms. Shaukat Ara Tirmizi is a M.A. and M.B.A. (University of Slovenia, Europe) with specialization in Finance. She is a retired advisor (Finance) from Department of Telecom, Government of India, Ministry of Communication and Information Technology.
Mr. Rajib Sekhar
Sahoo
Director
Appointed on the Board with effect from 25th October, 2011. Mr. Sahoo is a practicing Chartered Accountant, promoter and principal partner of SRB and Associates, Bhubaneswar. He is also on the Board of NTPC Limited, Tehri Hydro Development Corporation India Limited and Bank of Baroda. He is a member of Task Force on MoU Department of Public Enterprise Government of India for the year FY 2012 and FY 2013. He is a member of Sri Jagannath Temple Managing Committee, Puri and Independent Trustee of Odisha Urban Infrastructure Development Fund (OUIDF) appointed by Government of Odisha. He is also a member of Fee Structure Committee for Professional Educational Institutions of Odisha appointed as per the direction of Supreme Court of India chaired by a Retired High Court Judge since 2007. He is the treasurer of The Indus Entrepreneur (TIE), headquartered in Silicon Valley, USA.
PERFORMANCE REVIEW
They reported revenues and PBDIT of Rs.114050.000 Millions and Rs.75690.000 Millions; up 14% and 17% compared to FY2011. Strong volume growth, operational efficiencies and improved price realization for Silver drove this growth.
This year overall mined metal production was 830,432 tonnes compared to 840,053 tonnes in the previous year. The marginal decline was due to a temporary decline in ore grade at Rampura Agucha mine, partially offset by higher metal recoveries across all mines and increased production at Sindesar Khurd mine, which ramped-up to 80% utilisation in Q4 FY2012.
Refined Zinc production this year was 758,716 tonnes– up 6% compared to FY2011. This was primarily on account of higher utilisation of new generation smelters in Rajasthan, partially offset by ramp-down of Vizag smelter during the fourth quarter. They performed extremely well in refined Lead and Silver production, which is the highest ever at 98,724 tonnes and 242 tonnes – up 56% and 35% respectively. Production of refined Lead and Silver was boosted significantly by the ramp up of Sindesar Khurd mine and commissioning and ramp-up of Dariba
Lead smelter and the new Silver refinery.
To add to their performance metrics, their captive power plants too increased generation by 21% to 3,401.7 Million units, compared to FY2011. Their wind power generation capacity went up from 171MW to 274MW and its power generation was up 67% at 335.7 Million units, compared to FY2011.
SUCCESS IN
EXPLORATION
Driving their growth, be it in the past, present or future, is the expansion of reserves and resources. For this, they are continuously pursuing brownfield and greenfield exploration. They have added 27.10 Million tonnes to their reserves and resources this year, prior to a depletion of 8.04 Million tonnes during the period. In the same vein, their contained net Zinc-Lead metal has increased by 1.2 Million tonnes, prior to a depletion of 0.83 Million tones during the period. Contained net Silver has increased to 912 Million ounces from 885 Million ounces last year. Total reserves and resources at March 31, 2012 were 332.30 Million tones containing 35 Million tonnes of Zinc-Lead metal and 912 Million ounces of Silver.
RENEWAL OF ZAWAR
LEASE
The renewal of the mining lease for Zawar group of mines was applied on November 25, 2008. As a part of the mining lease was falling on the forest land, approval from the Forest department for diversion of the land was required. In view of the honourable Supreme Court’s order dated February 19, 2010, regarding mining in Aravali Hills of Rajasthan, forest clearance was kept pending. Company had represented the matter at various forums and also filed a writ in the Supreme Court. The Forest Advisory Committee (FAC) has already submitted its recommendation to the Supreme Court. All other approvals, as are required for renewal of the mining lease, are in place. Now the matter is pending in the Supreme Court, awaiting final hearing.
SALES
The Zinc metal sales in the domestic market during the year were 438,171 tonnes, while export sales accounted for 320,328 tonnes. Lead metal sales in the domestic market during the year were 74,713 tonnes, with the export sales accounting for 16,988 tonnes.
FINANCIAL PERFORMANCE
The Company reported net profits of Rs.55260.000 Millions during the year, up 13% compared to the previous year. This was primarily on account of higher sales volumes, improved price realisations for silver, rupee depreciation, higher investment income and enhanced operational efficiencies. The Company’s financial performance has been discussed in detail in ‘Management Discussion and Analysis’ which forms a part of this Annual Report.
PROJECTS
Their well thought-out rollouts have imparted a new growth momentum to their enterprise:
Ř Ramped-up Sindesar Khurd mine to 2.0 mtpa capacity
Ř Commissioned the 100 ktpa Lead smelter at Dariba, increasing Lead production capacity to 185 ktpa
Ř Commissioned the new Silver refinery, increasing Silver refining capacity to over 500 tpa
Ř Commenced underground mine development work at Rampura Agucha mine and greenfield Kayar mine
Ř Commissioned 102MW expansion in wind power, increasing total wind power generation capacity to around 274MW
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
(Rs. In Millions)
|
|
P A R T I C U L A R
S |
Quarter Ended |
|
|
|
|
30.06.2012 |
|
|
|
|
Unaudited |
|
|
1 |
Income from
operations |
|
|
|
|
a) Net sales/Income from operations (Net of excise duty) |
27126.700 |
|
|
|
b) Other Operating Income |
350.400 |
|
|
|
Total income from
operations (net) |
27477.100 |
|
|
2 |
Expenses |
|
|
|
|
a) Cost of materials consumed |
537.300 |
|
|
|
b) Changes in inventories of finished goods, work in progress and stock in trade |
80.800 |
|
|
|
c) Employees benefits expense |
1491.800 |
|
|
|
d) Depreciation and amortisation expense |
1733.800 |
|
|
|
e) Consumption of Stores and spares |
2714.300 |
|
|
|
f) Power and Fuel |
2714.800 |
|
|
|
g) Mining Royalty |
2043.800 |
|
|
|
h) Other Mining and Manufacturing Expenses |
2579.900 |
|
|
|
i) Other expenses |
1028.800 |
|
|
|
Total Expenses |
14925.300 |
|
|
3 |
Profit from
operations before Other Income, finance costs and Exceptional Items |
12551.800 |
|
|
4 |
Other Income |
5743.000 |
|
|
5 |
Profit from
ordinary activities before finance costs and exceptional Items |
18294.800 |
|
|
6 |
Finance Costs |
128.800 |
|
|
7 |
Profit from
ordinary activities after finance costs but before exceptional Items |
18166.000 |
|
|
8 |
Exceptional items (VRS expenses) |
- |
|
|
9 |
Profit from
ordinary activities before tax |
18166.000 |
|
|
10 |
Tax Expense (N et of MAT credit entitlement) |
2352.600 |
|
|
11 |
Net Profit from
ordinary activities after tax |
15813.400 |
|
|
12 |
Extraordinary items (Net of tax expenses) |
- |
|
|
13 |
Net Profit for the
period |
15813.400 |
|
|
14 |
Paid up Equity Share Capital - (Face value Rs. 2/- each) |
8450.600 |
|
|
15 |
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
- |
|
|
16.i |
Earnings per share (before extraordinary items) (of Rs 2/- each) (not annualised): |
|
|
|
|
a) Basic |
3.74 |
|
|
|
b) Diluted |
3.74 |
|
|
16.ii |
Earnings per share (after extraordinary items) (of Rs 2/- each) (not annualised): |
|
|
|
|
a) Basic |
3.74 |
|
|
|
b) Diluted |
3.74 |
|
|
|
PART II |
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
1 |
Public shareholding |
|
|
|
|
-Number of shares |
1482164690 |
|
|
|
-Percentage of shareholding |
35.08 |
|
|
2 |
Promoters and
promoter Group shareholding |
|
|
|
(a) |
Pledged/Encumbered |
|
|
|
|
- Number of shares |
-- |
|
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
-- |
|
|
|
- Percentage of share (as a % of the total share capital of the company) |
-- |
|
|
(b) |
Non-encumbered |
|
|
|
|
- Number of shares |
2743154310 |
|
|
|
- Percentage of shares (as a % of the total shareholding of the promoter and promoter group) |
100 |
|
|
|
- Percentage of shares (as a % of the total share capital of the company) |
64.92 |
|
|
|
|||
|
|
Particulars |
3 months ended (30.06.2012) |
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Received during the quarter |
3 |
|
|
|
Disposed of during the quarter |
3 |
|
|
|
Remaining unresolved at the end of the quarter |
Nil |
|
SEGMENT WISE REPORTING REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
|
P A R T I C U L A R
S |
Quarter Ended |
|
|
|
30.06.2012 |
|
1 |
Segment Revenue (Net sales/Income
from operations) |
|
|
a) |
Zinc, Lead and Silver |
|
|
|
(i) Zinc and Lead |
22532.300 |
|
|
(ii) Silver Metal |
3882.000 |
|
|
Total |
26414.300 |
|
b) |
Wind Energy |
712.400 |
|
|
Total |
27126.700 |
|
2 |
Segment Result |
|
|
a) |
(i) Zinc and Lead |
8627.100 |
|
|
(ii) Silver Metal |
3510.000 |
|
|
Total |
12137.100 |
|
b) |
Wind Energy |
389.600 |
|
|
Total |
12526.700 |
|
|
Less: Interest expenditure |
128.800 |
|
|
Less: Exceptional Items (VRS in respect of zinc, lead and silver) |
- |
|
|
Add: Other unallocable income net of unallocable expenditure |
5768.100 |
|
|
Profit before Tax |
18166.000 |
|
3 |
Capital Employed (Segment Assets - Segment Liabilities) |
|
|
a) |
Zinc, Lead and Silver |
87226.300 |
|
b) |
Wind Energy |
11260.300 |
|
c) |
Unallocated |
186136.900 |
|
|
Total |
284623.500 |
NOTES:
1. The above results for the quarter ended 30th
June 2012 have been reviewed by Audit Committee and approved by the Board of
Directors at their meeting held on 20th July 2012. The auditors have carried
out "Limited Review" of the above results.
2. The Company has adopted Accounting Standard
30 - Financial Instruments: Recognition and Measurement effective 1st April,
2007 along with consequential revisions to other Accounting Standards.
3. Intangible assets represents Rs 984.100
Millions (2012 : Rs 984.100 Millions) being long term investment in equity
shares of Andhra Pradesh Gas Power Corporation Limited, Hyderabad, which
entitles the company to draw power in Andhra Pradesh for its Vishakapatnam
unit. This has been amortised and resulted in an additional amortisation charge
of Rs. 11.700 Millions for the quarter ended 30th June 2012 (corresponding
previous quarter Rs. 11.700 Millions) and the net profit after tax for the
quarter ended 30th June 2012 being lower by Rs. 7.900 Millions (corresponding
previous quarter Rs. 7.900 Millions). This treatment, being in preference to
the requirements of Accounting Standards, has been reported by the auditors.
4. The unaudited figures in respect of the
results for preceding quarter ended 31st March 2012 are the balancing figures
between the audited financial results in respect of the full financial year
ended 31st March 2012 and the published year to date figures upto the third
quarter ended 31st December 2011, in the financial year ended 31st March 2012.
5. Previous Period/Year figures have been
regrouped/re-arranged wherever necessary.
Contingent
Liability:
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
Rs. In Millions
|
|
|
Claims against the
Company not acknowledged as debts (Matters pending in court/arbitration. No cash
out flow is expected in future) |
|
|
|
- Suppliers and
contractors |
612.000 |
645.900 |
|
- Employees,
ex-employees and others |
599.700 |
199.300 |
|
- Land Tax |
2.700 |
2.700 |
|
- Mining cases |
3339.000 |
3339.000 |
|
Guarantees issued by the banks (Bank guarantees are provided under legal/contractual obligation. No cash out flow is expected in future) 46.02 27.91 |
622.400 |
460.200 |
|
Sales tax demands (This pertains to disputes in respect of tax rate difference/classification, stock transfer matters. No cash out flow is expected in future) |
651.400 |
347.800 |
|
Entry tax demands (This pertain to disputes in respect of entry tax on goods. No cash out flow is expected in future) |
274.200 |
0.000 |
|
Income tax (No cash out flow is
expected in future) |
7499.200 |
5568.600 |
|
Excise Duty demands (This pertain to Modvat/Cenvat credit availed on inputs, capital goods, alleged duty demand on captive use of the goods. No cash out flow is expected in future) |
705.200 |
711.900 |
|
Claim for compensation (CLZS land) |
Not ascertainable |
Not ascertainable |
FIXED ASSETS
Tangible Assets
- Land Freehold Land
- Land Leasehold Land
- Buildings
- Railway siding
- Mine Development expenses
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Office equipment
Intangible Assets
- Computer software
- Investment in shares
AS PER WEBSITE DETAILS:
Press Release
RIICO AND HINDUSTAN ZINC SIGN MOU FOR RAILWAY PROJECT
Jaipur, 14 May: Rajasthan State
Industrial Development and Investment Corporation Limited (RIICO) and Hindustan
Zinc Limited (HZL) signed a Memorandum of Understanding (MOU) for commissioning
a railway project near Bhilwara. The MOU was signed by RIICO’s Managing
Director, Mr. Rajendra Bhanawat and General Manager, Mining, HZL, Mr. G.L.
Phiroda. RIICO will acquire around 25 hectares of land for the project, as per
the MOU.
Presently, HZL has been transporting ore lead
and zinc concentrates to company smelters situated at Chanderiya (Chittorgarh),
Debari (Udaipur) and Dariba Smelter Complex (Rajsamand) by road. It now
proposes to switch to rail transportation for which a railway siding is
proposed to be laid between Rupaheli Station (between Gulabpura and Bhilwara)
to Rampura Agucha Mines of HZL. The length of proposed siding is 13 kms.
After the switch in transportation, there will
be reduction in pollution, disposal of accumulated waste rock in mining lease area
and ore transportation from other mines will become easier.
HINDUSTAN ZINC
LIMITED SEES 10% RISE IN DEMAND
July 23, 2012,
01.27AM IST
KOLKATA: Hindustan Zinc Limited (HZL), the world's largest integrated producer of zinc, expects domestic demand for the metal to grow at 8-10% per annum, nearly twice the rate at which global demand is tipped to grow.
HZL, which has about 85% share of the market, expects demand for the metal used to protect steel from rusting to spurt on increased economic activity.
"We expect global demand of zinc to increase at a rate of 3-4% per annum. The Indian metal demand is expected to grow more, at 8-10% per annum. India would continue to consume more metal because per capita consumption of zinc in the country is amongst the lowest in the world," Akhilesh Joshi, CEO of Hindustan Zinc, said.
In step, by the second half of FY13, HZL has decided to expand capacity at Rampur Agucha, one of the largest zinc mines globally.
Production in the first half of FY13 is likely to be marginally lower than the previous corresponding year. However, HZL plans to more than make up for the lower output between October-March 2012-13. This is because the company expects developmental ore from Rampur Agucha underground mine and Kayar mine in the second half of FY13.
Commercial production from both these mines will start next year. However, HZL's cost of zinc production, excluding royalty, went up during Q1 of FY13. At Rs 0.046 Million per tonne ($844), it was higher compared to Rs 0.039 Million ($874) reported in Q1 of FY12 given higher prices of consumables due to rupee depreciation and lower metal production.
Significantly, in addition to zinc, its by-product, silver is set to emerge as a dominant segment in HZL's overall revenues with the company readying plans to achieve 500-tonne mark in silver output. "HZL's cost of production has been on the rise due to increase in royalty and higher power cost. This is likely to continue. However, the impact of higher production cost is likely to be offset by a jump in revenue due to a rise in sale of silver," Tarang Bhanushali, research analyst at India Infoline, said in a June 2012 research report on the company.
Silver production is poised to almost double due to volume ramp up at the mine and commissioning of silver refinery at Pantnagar in Uttarakhand.
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 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.52.78 |
|
|
1 |
Rs.85.16 |
|
Euro |
1 |
Rs.67.79 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
81 |
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.