MIRA
INFORM REPORT
|
Report Date : |
28.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
MINDA INDUSTRIES LIMITED (w.e.f. June – 2012) |
|
|
|
|
Formerly Known
As : |
UNO MINDA MINDA INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
B-64/1, Wazirpur Industrial Area, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
16.09.1992 |
|
|
|
|
Com. Reg. No.: |
55-050333 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.193.654 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1992PLC050333 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELM12237B /
DELM08257E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM1152C |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of Switches and Sockets Relays, Automobile Parts Components. |
|
|
|
|
No. of
Employees: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 11500000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track. Financial position
of the company appears to be sound. Directors are reported to be experienced
and respectable businessmen. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
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
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
A- (Cash Credit Faculties) |
|
Rating Explanation |
Having adequate degree of safety regarding
timely servicing of financial obligation it carry low credit risk. |
|
Date |
August 2011 |
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 : |
B-64/1, Wazirpur Industrial Area, |
|
Tel. No.: |
91-11-27374882/
27372887 |
|
Fax No.: |
91-11-27372620 |
|
E-Mail : |
|
|
|
|
|
Corporate
Office/ Factory 1 : |
Village Nawada Fatehpur, P.O. Sikanderpur Badda, IMT
Manesar, District – Gurgaon – 122 004, |
|
Tel. No.: |
91-124-2290427/ 2290428/ 2290674/ 2290675/
2290693/ 2290698 |
|
Fax No.: |
91-124-2290676 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
34-35 Km, |
|
|
|
|
Factory 3 : |
Village Naharpur Kasan, P.O. Nakhrola,
District Gurgaon, |
|
|
|
|
Factory 4 : |
B-6, Chakan Industrial Area,
Village-Mahalunge, Taluka-khed, Districtt Pune, |
|
|
|
|
Factory 5 : |
B-1/5, Chakan Industrial Area, Village-Mahalunge,
Taluka-khed, Districtt Pune, |
|
|
|
|
Factory 6 : |
Plot No. 5, Sector-10, IIE, Pant Nagar,
Udham Singh Nagar, |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Nirmal K. Minda |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/ Age : |
53 Years |
|
Qualification : |
B.Sc. |
|
Past Experience
: |
Rich experience in auto components industry of more than 32 years. |
|
Other
Directorships : |
v
Mindarika Private Limited v
Minda Automotive Limited v
Minda Acoustic Limited v
Minda Auto Lighting Private Limited v
Minda Sai Limited v
Unitech Sai Private Limited v
Shreeaumji Infrastructure and Projects Private
Limited v
Shreeaumji Developers SEZ Private Limited v
Shreeaumji Real Estate SEZ Private Limited v
Minda International Limited v
Om Marubeni Logistics Private Limited v
Tokairika Minda India Private Limited v
Minda Realty and Infrastructure Limited v
Minda Mindpro Limited v
Minda Spectrum Advisory Limited v
Minda EMER Technologies Limited v
Minda Finance Limited v
M J Casting Limited v
FJM Cylinders Private Limited v
Roki Minda Company Private Limited v
Varada Auto Components Limited |
|
|
|
|
Name : |
Mr. Anand Kumar Minda |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vivek Jindal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Subhash
Lakhotia |
|
Designation : |
Director |
|
Date of Birth/
Age : |
23.11.1949 |
|
Qualifications : |
B.Com (Hons) |
|
Experience in
special functional area : |
Tax Consultant |
|
Date of
Appointment : |
23.03.1998 |
|
Chairman/ Director of other companies : |
v Dhanuka Agritech
Limited v Realone
Developers Private Limited |
|
|
|
|
Name : |
Mr. S.K. Arya |
|
Designation : |
Director |
|
Date of Birth/
Age : |
10.11.1957 |
|
Qualifications : |
B.Sc. |
|
Experience in
special functional area : |
Industrialist |
|
Date of
Appointment : |
29.01.2003 |
|
Chairman/ Director of other companies : |
Chairman and
Managing Director of : v Jai Bharat
Maruti Limited Chairman of : v JBM Auto Limited v Neel Metal
Products Limited Directors of : v JBM
International Limited v JBM Industries
Limited v Gurera
Industries Limited v A to Z
Securities Limited v JBM Auto Systems
Private Limited v Thai Summit Neel
Auto Private Limited v ANS Holding Private
Limited v JBM Builders
Private Limited v Liberty Shoes
Limited v Unitech Sai
Private Limited v Shreeaumji
Infrastructure and Projects Private Limited v Shreeaumji
Developers Private Limited v Shreeaumji Real
Estate SEZ Private Limited v Satish Buildwell
Private Limited v Arcelor Neel
Tailored Blank Private Limited v Neel Metal
Fanalca Environment Management Private Limited v ANS Steel Tubes
Limited v JBM Fanalca
Environment Management Private Limited v JBM MA
Automotive Private Limited v Multivision
Constructions Private Limited v JBM Ogihara
Automotive India Limited v FJM Cylinders
Private Limited v MJ Casting
Limited |
|
|
|
|
Name : |
Mr. Alok Dutta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rakesh Sony |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Satish Sekhri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vivek Jindal |
|
Designation : |
Director (up to 13.02.2012) |
KEY EXECUTIVES
|
Name : |
H.C. Dhamija |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6,798,129 |
42.85 |
|
|
3,648,025 |
22.99 |
|
|
21,646 |
0.14 |
|
|
21,646 |
0.14 |
|
|
10,467,800 |
65.98 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
10,467,800 |
65.98 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
458,750 |
2.89 |
|
|
1,376,250 |
8.67 |
|
|
1,376,250 |
8.67 |
|
|
1,835,000 |
11.57 |
|
|
|
|
|
|
2637837 |
16.63 |
|
|
|
|
|
|
628467 |
3.96 |
|
|
234,442 |
1.48 |
|
|
61810 |
0.39 |
|
|
9557 |
0.06 |
|
|
8005 |
0.05 |
|
|
1963 |
0.01 |
|
|
100 |
0.00 |
|
|
42185 |
0.27 |
|
|
3,562,556 |
22.45 |
|
Total Public shareholding (B) |
5,397,556 |
34.02 |
|
Total (A)+(B) |
15,865,356 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
15,865,356 |
- |
(1) Indian
Individuals / Hindu Undivided Family
TrustsBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Switches and Sockets Relays, Automobile Parts Components. |
|
|
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
2010-11 |
|
i) Licenced Capacity |
N.A |
|
|
|
|
ii) Installed Capacity (Nos. In lacs) [Being technical matter, taken
as certified by Management] (On Single Shift basis) |
|
|
Switches |
1280 |
|
Head Lamps and Tail Lamps |
185 |
|
Batteries |
210 |
|
LPG/CNG Kits |
0.5 |
|
|
|
|
iii) Production (Quantity in Nos.)
|
|
|
Switches |
69,493,020 |
|
Head Lamps, Tail Lamps and Spares |
24,008,411 |
|
Batteries |
2,356,887 |
|
LPG/CNG Kits |
3,271 |
|
Regulators/Other Assemblies |
395,979 |
GENERAL INFORMATION
|
No. of Employees : |
2000 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Canara Bank ·
State Bank of · Citibank · Axis Bank · HDFC Bank · Standard Chartered Bank |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Rs.
In Millions
* includes cash
credit and overdraft facilities from banks are secured by hypothecation of
fixed assets, inventories of raw materials and finished goods and book debts
(net of creditors), both present and future.
Nature of security:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
R.N. Saraf and Company Chartered Accountants |
|
|
|
|
Branch Auditors : |
Shah Khandelwal Jain and Associates Chartered Accountants Jain Ajay and Associates Chartered Accountants |
|
|
|
|
Internal Auditors : |
N. Bahl and Company Chartered Accountants |
|
|
|
|
Subsidiaries : |
·
Minda Auto Components Limited ·
Minda Kyoraku Limited |
|
|
|
|
Associates: |
·
Auto Component (Firm) ·
Yogendra Engineering (Firm) ·
Minda Automotive Solutions Limited (formerly
known ·
as Minda Autocare Limited) Mindarika Private
Limited ·
(Previous year considered as Joint Venture )
Minda ·
NexGenTech Limited |
|
|
|
|
Joint Ventures
(Jointly controlled entities): |
·
M.J. Casting Limited ·
Minda Emer Techonologies Limited |
|
|
|
|
Other Entities
over which key Management Personnel is able to exercise significant
influence: |
·
Minda Finance Limited ·
Minda Investments Limited ·
Minda International Limited ·
Minda Industries (Firm) ·
Minda Automotive Limited ·
Minda Spectrum Advisory Limited ·
Samaira Engineering (Firm) ·
S.M.Auto Industries |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22500000 |
Equity Shares with voting rights |
Rs.10/- each |
Rs.225.000 Millions |
|
3000000 |
9% Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
183500 |
3% Cumulative Compulsorily Convertible Preference |
Rs.2,187/- each |
Rs.401.314 Millions |
|
3500000 |
3% Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.35.000 Millions |
|
|
Total |
|
Rs.691.314
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15865356 |
Equity Shares with voting rights |
Rs.10/- each |
Rs.158.654 Millions |
|
3500000 |
3% Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.35.000 Millions |
|
|
Total |
|
Rs.193.654 |
NOTES:
Equity shares includes
i Re-issue of forfeited 31,800 equity shares of Rs. 10 each on 27
October 1998
ii (a) 2,405,128 Equity Shares of Rs. 10 each fully paid up issued
during the year 2010-11 for consideration other
than cash to the shareholders of Minda Autogas Limited, pursuant to the
scheme of amalgamation.
ii (b) 1,120,164 Equity Shares of Rs. 10 each fully paid up issued
during the year 2011-12 for consideration other than cash to the shareholders
of Minda Acoustic Limited, pursuant to the scheme of amalgamation.
iii During the current year (1 April 2011) 183,500, 3% Cumulative
Compulsarily Convertible Preference Shares of
Rs. 2,187 each allotted on 17 February 2010, with a right of conversion
into 10 Equity Shares of Rs. 10 each fully
paid up at a premium of Rs. 208.70 per equity share within a period not
exceeding eighteen months from the date
of allottment were converted into 1,835,000 equity shares of Rs. 10 each
at a premium of Rs. 208.70 per equity share.
iv 3,500,000 3% Cumulative Compulsarily Convertible Preference Shares of
Rs. 10 each have been allotted on 17 February 2010, shall be redeemed at par,
after seven years from the date of allotment. However, same can be
redeemed earlier in view of availability of profitability / surplus
fund.
(c) Reconciliation of the number of shares and amount outstanding at the
beginning and at the end of the reporting period:
Rs. In Millions
|
Particulars |
Number |
Amount |
|
|
|
|
|
Equity shares of
Rs. 10 each with voting rights Opening balance |
|
|
|
Shares issued on conversion of 3% Cumulative Compulsorily
convertible Preference Shares of Rs. 2,187 each (Class ‘B’) into 1,835,000 equity shares of Rs. 10 each |
12,910,192 |
129.102 |
|
Shares issued in the ratio of 100:1798, to shareholder of erstwhile
Minda Acoustic Limited pursuant to the scheme of amalgamation |
1,120,164 |
11.202 |
|
Closing balance |
15865356 |
158.654 |
|
3% Cumulative Compulsorily
Convertible Preference Shares of Rs. 2,187 each |
|
|
|
Opening balance |
183500 |
401.314 |
|
Conversion into equity shares |
183500 |
401.314 |
|
Closing balance |
- |
- |
|
3% Cumulative
Redeemable Preference Shares of Rs. 10 each
(Class ‘C’) |
|
|
|
Opening balance |
3500000 |
35.000 |
|
Movement during the year |
- |
- |
|
Closing balance |
3500000 |
35.000 |
(d) Rights,
preferences and restrictions attached to equity shares
The Company has only
one class of equity shares having par value of Rs. 10 per share. Each
shareholder is entitled to one vote per share held. The dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the Company after
distribution of all preferential assets, in proportion to their shareholding
(e) Details of
shares held by each shareholder holding more than 5% shares:
|
Particulars |
Number of shares hold |
% holding in that class of shares |
|
|
|
|
|
Equity shares with voting rights |
|
|
|
Mr. Nirmal K. Minda |
2401869 |
15.1 |
|
Nirmal K. Minda (HUF) |
1502142 |
9.5 |
|
Mrs. Suman Minda |
2476140 |
15.6 |
|
Minda Investments Limited |
3399385 |
21.4 |
|
Pioneer Finest Limited |
1086807 |
6.9 |
|
|
1376250 |
8.7 |
|
3% Cumulative Redeemable Preference Shares of Rs.
10 each (Class ‘C’) |
|
|
|
Mr. Nirmal K. Minda |
1500000 |
42.9 |
|
Mrs. Suman Minda |
2000000 |
57.1 |
|
|
|
|
(f) Aggregate number and class of shares allotted as fully paid up
pursuant to contract(s) without payment being
received in cash for
the period of five years immediately preceding the Balance Sheet Date:
|
Particulars |
Aggregate number of shares |
|
|
|
Number |
Amount |
|
Equity shares with voting rights |
|
|
|
Shares issued in the ratio of 100:1798, to the shareholders of erstwhile
Minda Acoustic Limited pursuant to the scheme of amalgamation |
1120164 |
11.202 |
|
Conversion of 3% Cumulative Compulsorily Convertible Preference Shares |
1835000 |
18.350 |
|
3% Cumulative Compulsorily Convertible Preference
Shares of Rs.2,187 each (Class ‘B’) |
|
|
|
Converted into equity shares |
183500 |
401.315 |
NOTE:
The Company has
not allotted any bonus shares or bought back any shares during the current year
or for a period of five years immediately preceding the balance sheet date.
Further, no shares have been issued for a consideration other than cash during
the period 1 April 2007 to 31 March 2010.
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 |
193.654 |
565.416 |
571.365 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2683.099 |
1412.478 |
819.758 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2876.753 |
1977.894 |
1391.123 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1087.951 |
1063.696 |
1074.150 |
|
|
2] Unsecured Loans |
323.894 |
438.332 |
372.759 |
|
|
TOTAL BORROWING |
1411.845 |
1502.028 |
1446.909 |
|
|
DEFERRED TAX LIABILITIES |
11.796 |
103.415 |
63.232 |
|
|
|
|
|
|
|
|
TOTAL |
4300.394 |
3583.337 |
2901.264 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2269.463 |
2499.172 |
2292.444 |
|
|
Capital work-in-progress |
48.612 |
62.067 |
28.286 |
|
|
|
|
|
|
|
|
INVESTMENT |
671.027 |
191.098 |
81.936 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
OTHER NON CURRENT ASSETS |
14.685 |
16.919 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
708.362
|
787.537 |
469.490
|
|
|
Sundry Debtors |
1855.492
|
1286.953 |
895.736
|
|
|
Cash & Bank Balances |
479.424
|
227.144 |
131.526
|
|
|
Other Current Assets |
26.231
|
9.560 |
0.000
|
|
|
Loans & Advances |
598.497
|
422.172 |
312.638
|
|
Total
Current Assets |
3668.006
|
2733.366 |
1809.39 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1617.995
|
1328.564 |
1030.689
|
|
|
Other Current Liabilities |
501.253
|
438.399 |
176.735
|
|
|
Provisions |
252.151
|
152.322 |
105.637
|
|
Total
Current Liabilities |
2371.399
|
1919.285 |
1313.061 |
|
|
Net Current Assets |
1296.607
|
814.081 |
496.329 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
2.269 |
|
|
|
|
|
|
|
|
TOTAL |
4300.394 |
3583.337 |
2901.264 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11054.041 |
9123.231 |
5993.487 |
|
|
|
Other Income |
159.999 |
145.808 |
10.570 |
|
|
|
TOTAL (A) |
11214.040 |
9269.039 |
6004.057 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
7468.870 |
6085.654 |
|
|
|
|
Employee benefits |
1303.298 |
995.238 |
|
|
|
|
Other expenses |
1470.512 |
1319.332 |
|
|
|
|
|
|
8400.224 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
87.449 |
(96.387) |
|
|
|
|
TOTAL |
10330.129 |
8303.837 |
5284.245 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
883.911 |
965.202 |
719.812 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
184.004 |
161.541 |
144.224 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
699.907 |
803.661 |
575.588 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
384.790 |
336.325 |
269.608 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
315.117 |
467.336 |
305.980 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL
ITEMS |
19.042 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.033 |
118.881 |
77.250 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
334.126 |
348.455 |
228.730 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
801.123 |
555.482 |
408.448 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
45.000 |
40.000 |
40.000 |
|
|
|
Dividend paid on
converted Compulsorily convertible preference shares (class B) |
5.500 |
- |
- |
|
|
|
Dividend on 9% Cumulative Redeemable Preference
Shares paid |
|
2.219 |
-- |
|
|
|
Proposed
Dividend on |
|
|
|
|
|
|
9% Cumulative Redeemable Preference Shares |
- |
-- |
2.700 |
|
|
|
3% Cumulative Compulsorily Convertible
Preference Shares |
- |
12.039 |
1.418 |
|
|
|
3% Cumulative Redeemable Preference Shares |
1.050 |
1.050 |
0.124 |
|
|
|
Equity Shares |
47.600 |
38.731 |
31.515 |
|
|
|
Corporate Dividend Tax |
7.900 |
8.775 |
5.939 |
|
|
|
Tax on dividend paid |
0.900 |
- |
- |
|
|
BALANCE CARRIED
TO THE B/S |
1027.299 |
801.123 |
555.482 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
861.340 |
372.550 |
325.546 |
|
|
|
Royalty/Design Fees/Management Fees |
79.728 |
49.428 |
43.258 |
|
|
|
Dividend Income |
4.194 |
3.703 |
2.547 |
|
|
TOTAL EARNINGS |
945.262 |
425.681 |
371.351 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
640.978 |
694.094 |
292.647 |
|
|
|
Stores & Spares |
16.916 |
19.785 |
0.987 |
|
|
|
Capital Goods |
138.747 |
111.766 |
301.312 |
|
|
|
Others |
0.847 |
0.485 |
0.593 |
|
|
TOTAL IMPORTS |
797.488 |
826.13 |
595.539 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
20.98 |
25.61 |
21.30 |
|
|
|
- Diluted |
20.98 |
22.42 |
18.13 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
|
30.06.2012 |
|
|
|
|
1st Quarter |
|
Net sales |
|
|
2574.990 |
|
Total Expenditure |
|
|
2390.090 |
|
PBIDT (Excl OI) |
|
|
184.900 |
|
Other Income |
|
|
50.130 |
|
Operating Profit |
|
|
235.030 |
|
Interest |
|
|
40.540 |
|
Exceptional terms |
|
|
31.510 |
|
PBDT |
|
|
226.000 |
|
Depreciation |
|
|
87.320 |
|
PROFIT BEFORE TAX |
|
|
138.690 |
|
Tax |
|
|
32.950 |
|
Provision and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
105.750 |
|
Extra ordinary items |
|
|
0.000 |
|
Prior Period Expense |
|
|
0.000 |
|
Net Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
105.750 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.98 |
3.76 |
3.81 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.86 |
5.12 |
5.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.31 |
8.93 |
7.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.24 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.32 |
1.73 |
1.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55 |
1.42 |
1.38 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
- |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
Yes |
FINANCIAL
HIGHLIGHTS
The sales/ income from operations for the financial year were Rs.11054.000 Millions as against Rs.
9123.200 Millions for the previous year, registering growth of 21.16%.
Minda Autogas Limited and Minda Acoustic Limited Were amalgamated with
the Company during 2010-11 and 2011-12 respectively. Therefore, the financial
statements include the results of these entities.
BUSINESS REVIEW
AND PRINCIPAL ACTIVITIES
The Company, its subsidiaries, share of jointly controlled entities and
associates is an integrated Automotive Manufacturing group with wide range of
auto component products including Switches, CNG/LPG kits, Horns, Lightings,
Batteries, Blow Moulding Products.
JOINT VENTURE
During the year , Minda Kyoraku Limited, was incorporated by Minda
Industries Limited, Kyoraku and Company, Limited (
The running units of the blow moulding division have been hived off to
the aforesaid JV Company. The Company has invested in the Equity Shares of the
said company to the tune of Rs. 317.400 Millions equal to 73.88% holding.
With this tie up, the quality of the blow moulding products will be
improved further and the high quality products will be supplied to the
customers, which will enhance the image of the group in the OEMs The Company
foresee great business opportunities through this joint venture.
AWARD AND RECOGNITION
During the year, the Company has won the various awards
including the following:-
|
Sr. No.: |
Description of the Award |
Name of the Division |
Competition organized by |
Competition held in |
|
1 |
Gold |
Switch, Pune |
QCFI |
August, 2011 |
|
2 |
Gold |
Switch, Pant Nagar |
QCFI |
September, 2011 |
|
3 |
Gold |
Acoustic, Pant Nagar |
QCFI |
October, 2011 |
|
4 |
Gold |
Switch, Manesar |
QCFI |
October, 2011 |
|
5 |
Gold |
Acoustic, Manesar |
QCFI |
October, 2011 |
|
6 |
Gold |
Lighting, Manesar |
QCFI |
October, 2011 |
|
7 |
2nd Prize |
Lighting, Manesar |
CII |
October, 2011 |
|
8 |
1st Prize |
Switch, Manesar |
HMSI |
November, 2011 |
|
9 |
Excellence Award |
Switch, Manesar |
CCQC |
December, 2011 |
|
10 |
1st Prize |
Switch, Pune |
ACMA |
December, 2011 |
AMALGAMATION
The Company, Minda Acoustic Limited manufacturing Horns, for automobile
sector, has been amalgamated with inda Industries Limited Vide Order dated 25th
August, 2011 of the Hon’ble Delhi High Court, having appointed date of April
01, 2010.
MANAGEMENT DISCUSSIONS
AND ANALYSIS REPORT
OVERVIEW
Financial Year 2011-12 was a challenging year. The global economy after
recession, witnessed lower economic growth, resulting primarily from the Euro Zone
debt crisis and high oil prices, which were fuelled by uncertainties of supply.
The European economies stagnated and the
Indian Economic
Scenario
Source: Economic survey and ACMA Report
The Indian economy is estimated to grow by 6.9 per cent in 2011-12,
after having grown at the rate of 8.4 per cent in each of the two preceding
years, with the exception of the year 2008-09 when the growth rate was 6.7 per
cent,
the growth in real GDP in 2011-12 has been the lowest in nine years.
At sectoral level, growth is estimated to be 2.5 per cent for 2011-12
for agriculture and allied sectors. Growth in the services sector is likely to
be 9.4 per cent in 2011-12 as against 9.3 per cent in 2010-11. Thus, it is
primarily the dip in growth in industry to 3.9 per cent in 2011-12 that has led
to the slowdown in real gross domestic product (GDP) growth. Agriculture and
services continuing to perform well,
Indian Automobile
Sector Scenario
Source:
Indian Automobile Industry embarked a new journey in 1991 with
relicensing of the sector and subsequent opening up for 100% Foreign Direct
Investment (FDI) through automatic route. Since number of manufacturing
facilities has grown progressively, it produces a wide variety of vehicles:
passenger cars, light, medium and heavy commercial vehicles, multi-utility
vehicles such as jeeps, SUV, two wheelers such as scooters, motorcycles and
mopeds, three wheelers, tractors and other agricultural equipments etc. With a
CAGR of over 15% during the last 5-7 years, it is aptly described as the next
sun rise sector of the Indian economy. In fact, in the last ten years, the volumes,
exports and turnover have increased by 3.8, 19.6 and 6 times respectively. The
contribution of this sector to the National GDP has risen from 2.77% in 1992-93
to close to 6% now.
At present, there are 19 manufacturers of passenger cars and multi utility
vehicles, 14 manufacturers of commercial vehicles, 16 of 2/3 wheelers and 12 of
tractors besides 5 manufacturers of engines in
In 2010-11, the total turnover of the automotive Industry stood at USD
73 Billion (Rs.3273.000 Millions) of which the turnover of the automobile
industry was USD 53.1 billion (Rs. 2390.00 Millions) with a 27% growth on year
to
year basis. The turnover of the auto component industry, in 2010-11 was
USD 40 Billion (Rs. 1793200.000 Millions approx.). The export of vehicles and
auto components during 2010-11 stood at USD 6 Billion and USD 5 Billion
respectively. In 2010-11, the contribution of the automotive industry to the
manufacturing GDP and the excise duty was at 22% and 21% respectively.
As already indicated, in future the growth in the global automotive
industry will come mainly from the emerging economies. In 2010-11 the total
global demand of passenger vehicles was 73 million units, of which the volume
in
The cumulative vehicle production data for April-March 2012 shows
production growth of 13.83 percent over same period last year. In 2011-12 the
industry produced over 20 million vehicles of which share of production of two
wheelers, passenger vehicles, three wheelers and commercial vehicles were 76
percent, 15 percent, 4 percent and 4 percent respectively.
The growth rate recorded for Domestic Sales of vehicles for 2011-12 was
12.24 percent amounting to more than 17 million vehicles.
Indian Automobile
Industry outlook: Vision 2020
Source : Report of the Working Group on Automotive Sector for the 12th
five year plan 2012-17
Passenger vehicles - projected to be 5 million units by 2015 and over 9
million by 2020 driven by domestic demand and as a global hub for export of
small cars.
·
Commercial vehicles - volumes of over 1.4 million
by 2015 and over 2.2 million by 2020. Small Commercial Vehicles (SCV), a
relatively new segment, expected to grow 28% annually over the next few years.
·
Two and three wheelers - expected to double to 22
million units by 2015 and reach 30 million by 2020 driven by present low
penetration levels, expanding rural sales and growth in exports.
·
Tractors - projected to be over 0.7 million by 2015
and over 1 million by 2020 with steady growth expected in
domestic and export volumes.
·
Construction equipment - likely to grow 2.5 times
to 0.1million units by 2015 and almost double again to 0.18 million by 2020
driven by the expected growth in infrastructure sector.
These volumes will catapult
Indian Auto
Component Industry Scenario
Source: ACMA and ICRA Report March 2012
Indian auto components industry has been witnessing a moderation in its
revenue growth since the beginning of this fiscal following the deceleration in
sales volume growth across all automobile segments. As per industry estimates,
out of the total turnover of the Indian auto components industry, around 60% is
derived from sales to domestic OEMs, around 25% comes from sales to the
domestic replacement market and around 15% is derived
from exports.
The turnover of Indian Auto Component industry is expected to go up to
USD 66 billion in 2015-16 and USD 113 billion upto 2020-21. Exports of the auto
component industry are expected to grow to USD 29 billion by 2020.
According to ACMA report, Engine parts form the largest segment (31%) of
auto part industry followed by drive transmission and steering parts (19%).
Suspension and braking parts and Body and Chassis account for 12% each in the
entire product range, followed by equipment accounting for 10% of the same and
Electrical parts 9% of auto part industry.
An analysis of historical revenue trends of auto component manufacturers
suggests that component suppliers whose business has been concentrated on a few
customers, geographies or automotive segments have been able to maintain a
rather healthy financial profile, while the performance of their more
diversified peers has experienced stress. This peculiarity is not unusual in the
Indian context as a relatively small set of OEMs enjoy a significantly high
market share in each of the automotive segments; plus, most Indian ancillaries
lack adequate scale to enjoy the full benefits of geographical or product
diversity as compared to their global counterparts. The same theme has been on
show in 2011-12 as well when the revenue growth of auto component manufacturers
dependent entirely on the two wheelers (2W) segment has remained healthy due to
continued resilience shown by this segment; while the performance of companies
dependent on the passenger vehicles (PV) segment has been in stark contrast as
volumes suffered due to both demand side as well as supply side concerns.
Outlook
Source: ICRA Report March 2012
The long term prospects for the industry remain strong in line with the
outlook for the OEM segment, the industry
faces strong challenges in the form of threat of low cost imports,
currency volatility and ability to invest on product
development to be able to move up the value chain.
Currently, the auto components industry in
(a) higher proportion of imports of auto components in
(b) lower replacement market sales.
Given the healthy growth prospects of the Indian automobile industry
over the medium term, the size of the auto components industry is likely to
grow at a rate faster than the OEM segment, driven by OEMs’ thrust on
localization and steadily growing replacement market demand.
Also, the following components appear to have a larger scope for
business growth over the medium term:
Electronics (Engine-side and Body-side) - The localization proportion of
electronic components in Indian cars remains low as of now.
Given the growing need to offer driver information systems, engine
management systems and emission control systems in cars to meet the advancing
safety and emission regulations, the use of electronics in Indian cars is
likely to see a proliferation in the times to come.
This should translate into strong growth for auto ancillaries having
capabilities in this segment. Plastics - Although this segment is already quite
competition intensive, considering OEMs’ focus on adopting light-weighting
technologies and already several instances where material of components has
been changed by OEMs from sheet metal to plastic; it augurs well for auto
component manufacturers having strong capability in the plastics space. Sheet
moulded composites, bulk moulded composites and long fibre thermoplastic are
some of the new materials being used to replace metal and conventional
plastics. Aluminium die-casting - In the boom period of 2009-10 and 2010- 11,
the auto Industry had experienced significant capacity constraints for
aluminium die-cast components.
While various positives characterize the Indian auto component
manufacturers including proven manufacturing capabilities, improving design
abilities and high production efficiency, the industry is exposed to several
risk factors, including: Localization of auto components is high on the agenda
of Indian auto OEMs; yet, the Free Trade Agreements (FTAs) between India and other
countries/ regions including ASEAN, Japan, South Korea, European Union etc is a
significant risk that may encourage OEMs to go for global sourcing. In the
process, this will eat into the potential business for ancillaries located in
COMPANY OVERVIEW
Minda Industries Limited is a public company domiciled and
headquartered in
AMALGAMATION
During the current
year, the Honorable High Court of Delhi vide it’s order dated 25 August 2011,
approved the scheme of Amalgamation of Minda Acoustic Limited (Transferor
Company) with the Company as per the
rovisions of section 391 to 394 and other related provisions of the
Companies Act, 1956. The transferor company is engaged in the business of
manufacturing and marketing of automotive horns for disks of two, three and
four wheelers. The amalgamation is in the nature of a purchase and had been
accounted for under the pooling of interests method. The appointed date of the
amalgamation as per the scheme was 1 April 2010. The effective date of
amalgamation being the date of fi ling the order with the Registrar of
Companies (ROC) was 26
September 2011.
CONTINGENT LIABILITIES:
Rs. in Millions
|
Name of the statute |
Nature of the Dues |
Amount |
Period to which the amount relates |
Forum where dispute is pending |
|
Income Tax Act,1961 |
Income tax |
0.748 |
Assessment year 2002 - 2003 |
Honorable High Court of Delhi |
|
Income Tax Act,1961 |
Income tax |
0.462 |
Assessment year 2004- 2005 |
Income Tax Appellate Tribunal |
|
Income Tax Act,1961 |
Transfer pricing – Against Section 143(3) and Section 144C |
0.686 |
Assessment year 2006- 2007 |
Income Tax Appellate Tribunal |
|
Income Tax Act,1961 |
Income tax |
1.032 |
Assessment year 2007- 2008 |
Income Tax Appellate Tribunal |
|
Income Tax Act,1961 |
Income tax |
0.411 |
Assessment year 2008- 2009 |
Commissioner (Appeals) of Income Tax |
|
Income Tax Act,1961 |
Income tax |
8.248 |
Assessment year 2009- 2010 |
Commissioner (Appeals) of Income Tax |
|
|
|
|
|
|
Contingent liabilities relating to other cases Rs. 1.470 Millions (Previous
year Rs. 7.394 Millions)
(a)Future cash
outflows in respect of the above would be determinable on finalization of
judgments /decisions pending with various forums / authorities.
(b) Corporate
guarantee : Corporate Guarantee given by the Company and outstanding as on 31
March 2012 amounting to Rs.150.000 (previous year: Rs. 150.000 Millions) in
respect of loans borrowed by related parties. Further, the Company has also
provided a ‘letter of comfort’ amounting to Rs.177.700 Millions (previous year Rs
Nil) in respect of a loan taken by a related party from banks.
(c) As per an
agreement executed with Maruti Suzuki India Limited (MSIL) under the ‘Maruti
Car Scheme’, a loan facility was granted to the Company’s employees and other associates,
whereby the Company has guaranteed to repay the loan in case of any default.
The amount outstanding at the year end is Rs.3.261 Millions (previous year: Rs.
9.053 Millions).
(d) The export
obligations outstanding as at 31 March 2012 amount to Rs. 564.476 Millions
(previous year: Rs 754.837 Millions).
(e) The Company
has availed sales tax incentives for its unit at Gurgaon, Haryana, from the
Government of Haryana as sales tax capital subsidy amounting to Rs. 22.565
(previous year Rs 22.565). In accordance with Scheme of Government of Haryana
for Development of Industries, the amount may be refundable to the Government,
if specified conditions are not fulfilled, within the prescribed time.
FIXED ASSETS:
Tangible Assets
v
Land
– Leasehold
– Freehold
v
Building
v
Plant and Machinery
v
Electric Fittings
v
Furniture And Fittings
v
Office Equipment
v
Vehicles
Intangible Assets
v
Computer Software
v
Technical Know How
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.53.26 |
|
|
1 |
Rs.86.23 |
|
Euro |
1 |
Rs.68.64 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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.