MIRA
INFORM REPORT
|
Report Date : |
30.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
PATSPIN INDIA LIMITED |
|
|
|
|
Registered
Office : |
3rd Floor, Palal Towers, Ravipuram, M |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
20.09.1991 |
|
|
|
|
Com. Reg. No.: |
09-006194 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.487.300
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L18101KL1991PLC006194 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHNP00626D / CHNP00292F |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer and Export of Cotton Yarn. |
|
|
|
|
No. of Employees
: |
1296 [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 1028000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is an established company having moderate track record. There
appears huge accumulated losses recorded by the company during the financial year
2013. Further profitability of the company seems to be under pressure. However, trade relations are fair. Business is active. Payment terms
are slow. The company can be considered for business dealing with great caution.
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services sector
activity witnessed a moderate improvement in November over the previous month,
even while indicating the fifth successive monthly contraction, according the
HSBC survey.
$53 million estimated
losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
B [Long Term Bank Facilities] |
|
Rating Explanation |
Risk prone credit quality and high risk of default. |
|
Date |
12.04.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A4 [Short Term Bank Facilities] |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
12.04.2013 |
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.
INFORMATION DECLINED BY
|
Name : |
Mr. Arasu |
|
Designation : |
General Manager in Marketing Department |
|
Contact No.: |
91-484-3928300/337 |
|
Date : |
27.12.2013 |
LOCATIONS
|
Registered / Marketing / Head Office : |
3rd Floor Palal Towers, Ravipuram, M G Road,
Ernakulam-682016, Kerala, India |
|
Tel. No.: |
91-484-3928300 |
|
Fax No.: |
91-484-2370812 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
43, Mittal Chambers, 228 Nariman Point, Mumbai-400021, Maharashtra, India |
|
Tel. No.: |
91-22-22021013/ 22028246 |
|
Fax No.: |
91-22-22874144 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. B. K Patodia |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Umang Patodia |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. N. K Bafna |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B. L. Singhal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. Rajagopalan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajen K. Mariwala |
|
Designation : |
Director |
|
|
|
|
Name : |
Yoshikazu Ono |
|
Designation : |
Nominee of ITOCHU Corporation (w.e.f. 28.01.2011) |
|
|
|
|
Name : |
Mr. Prem Malik |
|
Designation : |
Director |
|
|
|
|
Name : |
Keisuke Oba |
|
Designation : |
Alternate to Yoshikazu Ono |
|
|
|
|
Name : |
Mr. V. Viswanathan |
|
Designation : |
Managing Director |
KEY EXECUTIVES
|
Name : |
Mr. Abhilash N A |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Name : |
Mr. Arasu |
|
Designation : |
General Manager in Marketing Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
80350 |
0.26 |
|
|
17016568 |
55.03 |
|
|
17096918 |
55.29 |
|
|
|
|
|
|
3000000 |
9.70 |
|
|
3000000 |
9.70 |
|
Total shareholding of Promoter and Promoter Group (A) |
20096918 |
65.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2600 |
0.01 |
|
|
4700 |
0.02 |
|
|
1100 |
0.00 |
|
|
8400 |
0.03 |
|
|
|
|
|
|
833532 |
2.70 |
|
|
|
|
|
|
5804234 |
18.77 |
|
|
3889338 |
12.58 |
|
|
287578 |
0.93 |
|
|
244398 |
0.79 |
|
|
43180 |
0.14 |
|
|
10814682 |
34.98 |
|
Total Public shareholding (B) |
10823082 |
35.00 |
|
Total (A)+(B) |
30920000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
30920000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Export of Cotton Yarn. |
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|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
1296 [Approximately] |
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Bankers : |
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Facilities : |
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|||||||||||||||||||||||||||||||||||||||
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jagannathan and Visvanathan Chartered Accountants |
|
Address : |
|
|
|
|
|
Legal Advisors : |
Menon and Pai, |
|
|
|
|
Associates : |
·
GTN Textiles Limited ·
GTN Enterprises Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
2500000 |
5% Non-Cumulative Redeemable Preferences
Shares |
Rs.100/- each |
Rs.250.000 Millions |
|
|
TOTAL
|
|
Rs.650.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30920000 |
Equity Shares |
Rs.10/- each
|
Rs.309.200
Millions |
|
700000 |
5% Non-Cumulative Redeemable Preferences
Shares |
Rs.100/- each |
Rs.70.000
Millions |
|
1081000 |
0.01% Non-Cumulative Redeemable Preferences
Shares |
Rs.100/- each |
Rs.108.100
Millions |
|
|
TOTAL |
|
Rs.487.300 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
487.300 |
379.200 |
379.200 |
|
(b) Reserves & Surplus |
(243.758) |
(85.547) |
149.916 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
13.500 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
257.042 |
293.653 |
529.116 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
2128.144 |
1914.715 |
2003.641 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
54.414 |
181.098 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
2128.144 |
1969.129 |
2184.739 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
641.490 |
922.517 |
686.978 |
|
(b)
Trade payables |
452.851 |
271.839 |
248.044 |
|
(c)
Other current liabilities |
374.711 |
369.769 |
361.950 |
|
(d) Short-term
provisions |
7.211 |
5.605 |
5.313 |
|
Total Current
Liabilities (4) |
1476.263 |
1569.730 |
1302.285 |
|
|
|
|
|
|
TOTAL |
3861.449 |
3832.512 |
4016.140 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2072.683 |
2249.762 |
2321.845 |
|
(ii)
Intangible Assets |
2.564 |
3.598 |
1.722 |
|
(iii) Capital
work-in-progress |
52.534 |
55.231 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
3.127 |
0.032 |
0.032 |
|
(c) Deferred tax
assets (net) |
19.768 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
95.551 |
91.783 |
78.019 |
|
(e) Other
Non-current assets |
96.089 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2342.316 |
2400.406 |
2401.618 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
808.931 |
943.420 |
1179.043 |
|
(c)
Trade receivables |
468.498 |
257.221 |
196.892 |
|
(d) Cash
and cash equivalents |
78.807 |
79.219 |
65.591 |
|
(e) Short-term
loans and advances |
148.694 |
151.356 |
170.632 |
|
(f)
Other current assets |
14.203 |
0.890 |
2.364 |
|
Total
Current Assets |
1519.133 |
1432.106 |
1614.522 |
|
|
|
|
|
|
TOTAL |
3861.449 |
3832.512 |
4016.140 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4619.694 |
4258.529 |
4249.766 |
|
|
|
Other Income |
9.969 |
8.466 |
35.488 |
|
|
|
TOTAL (A) |
4629.663 |
4266.995 |
4285.254 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2800.633 |
3162.618 |
2613.771 |
|
|
|
Purchases of Stock-in-Trade |
637.693 |
209.185 |
296.268 |
|
|
|
Employee Benefits Expense |
182.969 |
183.624 |
165.886 |
|
|
|
Other Expenses |
641.797 |
629.793 |
534.542 |
|
|
|
Changes in inventories of Finished goods, Goods-in-process and Waste |
105.326 |
(38.424) |
(125.952) |
|
|
|
TOTAL (B) |
4368.418 |
4146.796 |
3484.515 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
261.245 |
120.199 |
800.739 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
290.414 |
280.919 |
213.010 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(29.169) |
(160.720) |
587.729 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
203.224 |
201.426 |
198.517 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(232.393) |
(362.146) |
389.212 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(74.182) |
(126.683) |
135.763 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(158.211) |
(235.463) |
253.449 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(232.375) |
3.088 |
(250.361) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(390.586) |
(232.375) |
3.088 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
2750.535 |
2050.098 |
2134.241 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials-Cotton |
536.532 |
475.858 |
426.929 |
|
|
|
Stores & Spares |
13.492 |
11.302 |
7.882 |
|
|
|
Capital Goods |
0.000 |
96.497 |
7.118 |
|
|
TOTAL IMPORTS |
550.024 |
583.657 |
441.929 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(5.12) |
(7.61) |
8.20 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1155.900 |
1425.800 |
|
Total Expenditure |
|
1058.200 |
1261.800 |
|
PBIDT (Excl OI) |
|
97.700 |
164.000 |
|
Other Income |
|
02.000 |
03.600 |
|
Operating Profit |
|
99.700 |
167.600 |
|
Interest |
|
81.800 |
75.000 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
17.900 |
92.600 |
|
Depreciation |
|
48.400 |
47.800 |
|
Profit Before Tax |
|
(30.500) |
44.800 |
|
Tax |
|
0.000 |
00.100 |
|
Profit After Tax |
|
(30.500) |
44.700 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Net Profit |
|
(30.500) |
44.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(3.42)
|
(5.52) |
5.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(5.03)
|
(8.50) |
9.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.14)
|
(9.59) |
9.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.90)
|
(1.23) |
0.74 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
10.77
|
9.66 |
5.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03
|
0.91 |
1.23 |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10407050 |
01/02/2013 |
221,628,000.00 |
CENTRAL BANK OF
INDIA |
WILLINGDON
ISLAND BRANCH, COCHIN - 682003, KERALA, |
B69188845 |
|
2 |
10343024 |
01/02/2013 * |
150,000,000.00 |
STATE BANK OF
TRAVANCORE |
OVERSEAS BRANCH,
CIVIL LINES ROAD,, PALARIVATTOM, |
B68990746 |
|
3 |
10343020 |
13/03/2012 |
448,000,000.00 |
STATE BANK OF
TRAVANCORE |
OVERSEAS BRANCH,
CIVIL LINES ROAD,, PALARIVATTOM, |
B35391911 |
|
4 |
10337739 |
01/02/2013 * |
200,000,000.00 |
EXPORT- IMPORT
BANK OF INDIA |
FLOOR 21, CENTER
ONE BUILDING, WORLD TRADE CENTER, CUFFE PAADE, MUMBAI - 400005, MAHARASHTRA,
INDIA |
B70187430 |
|
5 |
10193138 |
29/06/2010 * |
31,300,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL BRANCH
FIRST FLOOR, VANKARATH TOWERS |
A89317473 |
|
6 |
10188729 |
11/12/2009 * |
6,901,711.54 |
EXPORT- IMPORT
BANK OF INDIA |
FLOOR 21, CENTER
ONE BUILDING, WOLD TRADE CENTER, CUFFE PAADE, MUMBAI - 400005, MAHARASHTRA,
INDIA |
A76151869 |
|
7 |
10166684 |
29/06/2010 * |
10,000,000.00 |
IDBI BANK
LIMITED |
KOCHI MAIN
BRANCH, PANAMPILLI NAGAR, KOCHI - 682036, KERALA, INDIA |
A89493126 |
|
8 |
10169618 |
29/06/2010 * |
25,000,000.00 |
STATE BANK OF
TRAVANCORE |
OVERSEAS BRANCH
JJ BUILDING, CIVIL LINES ROAD PAL |
A89575740 |
|
9 |
10173888 |
29/06/2010 * |
46,500,000.00 |
ORIENTAL BANK OF
COMMERCE |
OPPOSITE ST.
BASILICA CHURCH, BROADWAY, COCHIN - 682031, KERALA, INDIA |
A90118589 |
|
10 |
10166510 |
29/06/2010 * |
8,500,000.00 |
THE KARUR VYSYA
BANK LIMITED |
40/1045C,1ST
FLOOR, AMIRTHA TOWERS, OPPOSITE MAHARAJA 'S GROUND, M.G ROAD, ERNAKULAM - 682011,
KERALA, INDIA |
A90163080 |
|
* Date of charge modification |
||||||
|
CASE
DETAILS KERALA HIGH COURT CASE STATUS
: PENDING STATUS OF
INCOME TAX APPEAL
20 OF 2011 THE COMMISSIONER OF INCOME TAX-I, COCHIN
VS.
PATSPIN INDIA LIMITED PET'S
ADV.
: SRI.JOSE JOSEPH, SC, FOR
RES'S ADV.
:
SRI.P.BALAKRISHNAN (E) LAST LISTED ON
: THURSDAY, FEBRUARY 10, 2011 CATEGORY
: INCOME
TAX APPEAL
CASE UPDATED ON: MONDAY, MARCH
28, 2011
|
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
Public Deposits |
4.000 |
0.000 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Corporate Deposits |
0.000 |
5.000 |
|
Fixed Deposits |
|
|
|
Directors |
0.000 |
4.000 |
|
Public |
0.900 |
0.900 |
|
TOTAL
|
4.900 |
9.900 |
PERFORMANCE
REVIEW:
Last five years
beginning from 2008-09 have been the most challenging period in the history of Indian
Textile Industry, which faced multiplicity of adverse factors. Barring the year
2010-11 which reported exceptional recovery, rest of the period was mired in
adversities arising from global meltdown, continued slowdown in advanced
economies and weakening economic growth in India as well as other developing
countries. Business related and political factors also took heavy toll on
recovery of the textile industry which witnessed severe power constraints,
rising interest rates, wide currency fluctuations, besides considerable
mismatch in input / output costs resulting from faulty Government Polices
relating to export of cotton and cotton yarn.
The first half of
the financial year 2012-13 continued to be affected from some of the above
adverse factors, but from the second half of the financial year there was
distinct all around improvement and the industry was well on the path of
recovery. The Government had announced series of policy measures which included
un-hindered export of cotton yarn, continuation of Textile Upgradation Fund
Scheme and announcement of Foreign Trade Policy which had many positive
features for the textile industry including incentive for incremental exports.
Simultaneously demand for cotton yarn has also improved significantly. China became
one of the major importers of cotton yarn from India and in the year 2012-13
cotton yarn exports from India for the first time exceeded 1000 Million Kgs.
The cotton crop at 34 Million bales was also satisfactory to take care of
indigenous consumption and yet leave a sizable exportable surplus. The prices
of raw cotton which in the beginning of the crop were lower have since settled
down at reasonable levels.
Unfortunately, the
workmen at their Kanjikode Plant in Kerala went on an illegal strike from 23rd
August, 2012 while negotiations for long term settlement were going on in the
conciliation proceedings undertaken by the Regional Joint Labour Commissioner.
This has resulted in total loss of production of this unit and consequent
adverse financial impact. In the year, this unit has already lost over seven
months of production upto 31.03.2013 and the strike continued in the current
financial year as well. But for the above prolonged strike in their Kanjikode
Plant, company would have fared much better from the second half of the year.
However, the company continued its vigorous thrust to increase the top line
growth by undertaking outsourced yarn exports. As a result, they were able to
maintain the top line at Rs.4620.000 Millions against Rs.4260.000 Millions. The
power situation in Tamil Nadu continues to be a cause of concern and the grid
power available is hardly sufficient for operating 30% capacity and to operate
the plant at full capacity, the company is obliged to buy power from Trading
Platforms at substantially higher prices. The impact of higher power cost at
their Ponneri Plant itself in the year was Rs.83.200 Millions. Availability of
skilled labour continues to be a challenge at the Ponneri Plant.
In spite of all these
adverse factors, the Company was able to report operating profit at Rs.261.200
Millions as against Rs.120.300 Millions in the previous year. After providing
for finance cost, the cash loss is reduced to Rs.29.200 Millions as compared to
Rs.160.700 Millions in the previous year. After providing Rs.203.200 Millions
depreciation and the effect of deferred taxation, the net loss was reduced to
Rs.158.200 Millions as against Rs.235.400 Millions in the previous year.
The illegal strike
at their Kanjikode Plant in Kerala, which started on 23rd August, 2012, has
been withdrawn consequent to a conciliation settlement arrived at between the
Trade Unions and the Management at the meeting called by the Labour
Commissioner at Trivandrum on 17.05.2013 in the presence of Hon’ble Minister
for Labour. The Plant has reopened on 18.05.2013 and will start contributing
towards both top line and operating margin. However, the areas of concern for
the Kanjikode Plant are ever rising power tariff in Kerala and continued high cost
of salaries and wages as compared to industry norms. With overall improvement
in demand for the textile products both in international and domestic markets
and relentless efforts put in by the Company, they are confident of achieving
better results in the current financial year.
MODERNISATION,
UPGRADATION AND MARGINAL EXPANSION PLANS:
As reported in the
previous Directors’ Report, the Company had undertaken modernization,
upgradation and marginal expansion plans at Kanjikode Unit and addition of balancing
equipments to enhance the output at Ponneri Unit at a Project Cost of
Rs.424.100 Millions. During the year, they have so far executed the project to
the tune of Rs.217.800 Millions. Due to illegal strike at Kanjikode Plant,
execution of the project was held up. Further implementation of the project is
now being planned as the strike by the workmen has been withdrawn.
MANAGEMENT
DISCUSSION AND ANALYSIS:
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
The importance of
textile industry in the national economy is significant because of its
contribution to economic growth, exports and employment. Exports of Textiles
and Clothing during 2012-13 are estimated at around 33 billion USD, which works
out to a share of about 11% in the total exports from the country of 301
billion USD. This sector currently employs about 35 million workers directly
and 47 million workers in allied sectors like Agriculture.
The Indian Textile
Industry which recovered handsomely in 2010-11 after two years of recession and
adverse working, faced another challenging year in 2011-12 because of economic
crisis in Eurozone aggravated by Cyprus problem and the weak recovery in US,
resulting in demand recession. Broadly, the problems faced by the industry were
as under:-
1) Global cotton
shortage prevailed during 2010-11, and the same resulted in an unprecedented
increase in global cotton prices from US $ 0.84 per lb in October 2010 to US $
2.30 per lb in March 2011 on the New York Futures. The domestic cotton prices
also increased from Rs.35000 per candy (356 kg) to Rs.62500 per candy for the
Gujarat Shanker-6 variety. The situation was further aggravated due to
premature announcement by Government, of cotton export of 55 lakhs bales in 45
days.
2) In the context,
of losses and working capital crunch faced by the industry from April, 2011
onwards, the Confederation of Indian Textile Industry and other industry
Associations requested Government for a Debt Restructuring package for the
textile and clothing industry. The Industry’s request was for a moratorium of
two years for repayment of principal amounts against terms loans and conversion
of working capital eroded due to price fluctuation to Working Capital Term
Loans (WCTL). It was also proposed that the package should relax the NPA norms
to avoid asset reclassification or additional provisioning for repeatedly
restructured loans. The proposal was accepted by the Finance Ministry which
referred the matter to RBI for further action. However, RBI declined to accept
the request for asset reclassification and therefore, a large number of mills
which need repeated restructuring run the risk of turning into NPAs. This in
effect would make the unit ineligible for TUFS assistance. CITI has represented
to Government to relax NPA norms and allow TUFS benefits to such units.
3) Severe power
cut as also frequent power interruptions in Tamil Nadu where their Ponneri
plant is located, has affected capacity utilization and increased the cost of
production substantially.
4) The Ministry of
Textiles has announced continuation of Technology Upgradation Fund Scheme
during Twelfth Five Year Plan period envisaging total investments of Rs.
1510820.000 Millions with a cap of Rs. 400000.000 Millions for the spinning
sector. The interest compensation rate under TUFS for spinning sector has been
reduced to 4 per cent. The details of the Scheme are under formulation by
Government and are expected to be announced soon.
5) In its fight
against inflation, the RBI had increased the interest rates 13 times between
March, 2010 and October, 2011. Moreover, the GDP growth declined to 6.9 per
cent in 2011-12 and to 5 per cent in 2012-13. In spite of half a per cent
reduction in interest rate in April, 2012, the interest rates are still higher.
In the RBI Monetary Policy announced on 3rd May, 2013, RBI has
reduced the interest rate further by quarter per cent. Despite these
reductions, the average bank credit rate works out to 13 to 14 per cent, which
is quite high and adds to the manufacturing cost and makes the cost of raising
capital very high.
6) Extreme
volatility in Forex market also lead to financial uncertainty. Rupee Exchange
rate which was Rs. 51.86 to USD in April 2012 depreciated to Rs. 56 in June,
2012, again appreciated to Rs, 53.03 in October, 2012 and closed at Rs. 54.30 at
year end.
7) Total
production of Spun yarn and cotton yarn declined in 2011-12, in spite of the
fact that cotton prices were more or less steady during the year. However,
production in 2012-13 registered a robust growth of 10 per cent in respect of total
spun yarn at 4800 million kgs and 14 per cent in respect of cotton yarn
production at 3550 million kgs. The upward trend is expected to be continued in
2013-14. The improvement has come about on account of healthy growth both in
the domestic and international markets.
8) Acute shortage
of skilled and trained man-power is also affecting capacity utilization.
SPINNING AND
WEAVING CAPACITIES:
Figures of world’s
installed spinning and weaving capacities are available from International
Textile Manufacturers Federation (ITMF) as of October, 2012. As at the end of
2011, world’s total spindleage was 250 million, with China having 120 million
spindles, representing the share of 48 per cent and India was having 48 million
spindles, representing share of about 19 per cent. As of March, 2013, however,
India’s installed spindles have increased to 49.17 million, accounting for
almost 20 per cent of the global spindleage. It is pertinent to mention that
during the last four years, the spindleage in India has expanded by around 8
million. The capacity utilization of spinning in textile mills substantially
increased to 83 per cent in 2011-12 as compared to 63 per cent in 2009-10 and
79 per cent in 2010-11.
Deducting 10
million spindles of closed mills, the number of operative spindles works out to
around 39 million. The number of installed open-end rotors has marginally
increased to 795 thousand in March, 2013 as compared to 771 thousand in March,
2012. It is pertinent to point out that expansion of spinning capacity has been
significant both in the organized and small spinning sectors. To meet the
rising domestic demand for cotton yarn from the downstream value chain and also
to meet higher targets of exports of cotton yarn, the Twelfth Five Year Plan
has envisaged investment of Rs.400000.000 Millions in the spinning sector. A
major chunk of spinning capacity expansion took place under the TUF Scheme,
which was operative for a span of eight years from 1st April, 1999 to 31st
March, 2007. Further, under the modified TUF Scheme operative from 1st April,
2007, investments during three years 2007-08 to 2009-10, increased considerably
towards modernization and expansion of spinning capacity.
The Restructured
TUF Scheme was announced by the Ministry of Textiles on 28th April, 2011. The
Scheme was operative from 28th April, 2011 to 31st March, 2012, the terminal
year of the Eleventh Five Year Plan. The major change in the Restructured
Scheme was a reduction in the repayment period to seven years with two years
moratorium as compared to earlier repayment period of ten years with two years
moratorium. It is gratifying that Government has decided to continue TUF Scheme
during the Twelfth Plan period, 2012-17. The number of looms in the mill sector
which remained stagnant at 71,000 for the three-year period, 2007-08 to
2009-10, declined to 66,000 during 2011-12 and 2012-13. However, the weaving
capacity in the powerloom sector has increased from 22.46 lakh looms in 2009-10
to almost 23.33 lakh looms as of December, 2012.
PRODUCTION OF
YARN:
The total
production of spun yarn which was 4193 million kgs in 2009-10 expanded to 4713
million kgs in 2010-11, showing a creditable growth of over 12 per cent.
However, total production of spun yarn in 2011-12 was lower at 4373 million kgs
exhibiting a decline of 7 per cent. For the year 2012-13, total production of
spun yarn is provisionally placed at 4842 million kgs showing a robust growth
of 11 per cent. Similarly, production of cotton yarn also escalated from 3079
million kgs in 2009-10 to 3490 million kgs in 2010-11. For the year 2011-12,
production of cotton yarn was 3126 million kgs. Production of cotton yarn in
2012-13 is provisionally placed at 3562 million kgs and for 2013-14 it is
projected at 4000 million kgs.
EXPORTS OF COTTON
YARN:
In pursuance of
National Fibre Policy, Government set up in September 2010, Cotton Yarn
Advisory Board (CYAB) to advise the Government on matters pertaining to
production, consumption and exports of cotton yarn. Exports of cotton yarn in
2011-12 are estimated at 750 million kgs valued at 2.99 billion USD as against
exports of 694 million kgs valued at 2.7 billion USD in 2010-11. This indicates
that unit value declined in 2011-12 as compared to 2010-11. This is mainly due
to depressed prices in international markets, intensification of competition
and a change in the pattern of trade.
China has been
increasing its sourcing of cotton yarn from all over the world in view of the
high value cotton stock held by it and to meet ever increasing demand for yarn for
its domestic knitting and weaving industry. Import of cotton yarn in China
increased by 69 per cent from all sources - 1526 million kg in 2012 against 903
million kgs in 2011. As against this, import of cotton yarn from India in the
year 2012 increased by 124 per cent. India’s exports of cotton yarn in 2012
were 326 million kgs as against 111 million kgs in 2011. The share of India’s
exports of cotton yarn to China accounts for almost 33 per cent of India’s
total exports of cotton yarn. Thus, India has emerged as the leading exporter
of cotton yarn to China. Increasing imports of cotton yarn by China from India
will give a tremendous boost to the Indian spinning industry. As per
deliberations at the Cotton Yarn Advisory Board meetings, the Cotton Yarn Balance
Sheets for 2012-13 and 2013-14 were drawn up in terms of which exportable
surplus were arrived at 1000 million kgs. For 2012-13 and 1150 million kgs for
2013-14. The figure of exports as per export contract registration during
2012-13 is 1067 million kgs. Upto 2009-10 exports of cotton yarn were operating
smoothly and were in the range of 20 to 22 per cent of the production of cotton
yarn. The slipshod manner in which Government handled exports of cotton yarn
earlier has done immense harm to the textile industry. However, since March,
2012, Government has permitted free exports of cotton yarn, subject, of course,
to registration of contracts with DGFT.
COTTON SCENARIO:
For the cotton
season 2010-11, Cotton Advisory Board had estimated area under cotton at 112.35
lakh hectares and crop at 339 lakh bales. The per hectare yield for the season
increased to 513 kgs as against of 503 kgs achieved in 2009-10. For the cotton
season 2011-12, Cotton Advisory Board has estimated the area at 121.78 lakh
hectares and a crop of 355 lakh bales. Per hectare yield in the cotton season
2011-12 works out lower at 496 kgs. Although the cotton crop during the 2011-12
season was quite high, the Indian textile industry did not derive the advantage
of home-grown cotton on account of unprecedently higher quantum of exports of
raw cotton. While the domestic industry was denied better quality cotton at
competitive prices, our competitors like China and other South East Asian
countries got the advantage of best quality Indian cottons at cheaper prices.
For the cotton year 2011-12, CAB had earlier arrived at the figure of 55 lakh
bales of cotton as exportable surplus. However, DGFT subsequently allowed
exports of raw cotton upto 95 lakh bales, subject to registration of contracts.
The total quantity registered for exports was 120 lakh bales. In March, 2012
DGFT banned exports of cotton once it reached the figure of 95 lakh bales.
However, due to persistent pressure from the trading community, the Group of
Ministers decided that total quantity of registered contracts at 120 lakh bales
be allowed for exports. However, actual exports were 129.59 lakh bales. For the
cotton season 2012-13, the CAB has estimated the crop at 340 lakh bales and
exports at 81 lakh bales. Already, however, cotton export contracts
registration has crossed 90 lakh bales.
Cotton prices in
the current season were almost steady upto January, 2013. Since February 2013,
however, cotton prices have exhibited a rising trend. CCI / NAFED covered
cotton from farmers when prices went down below the Minimum Support Prices,
mainly in Andhra Pradesh, where they covered 2.5 million bales. By not
releasing such cotton to the industry, CCI / NAFED has added to the price
spiral. Some of the ginners are also holding back their stocks in the hope of
earning higher prices. This is affecting the working of textile industry and
therefore Confederation of Indian Textile Industry (CITI) and other industry
Associations have represented at the highest level to advise CCI / NAFED to
offer cotton to the industry at reasonable prices. While on this, it is
significant to note that Cotlook ‘A’ Index, representing international prices
was 84.40 cents per lb in August, 2012 which has since risen to 93.20 as of
30th April, 2013. Cotlook ‘A’ Index has also shown a rising trend from
February, 2013 onwards. Global organic cotton production in 2011 dropped by 37
per cent to 151,079 tons. India, Syria, China, Turkey and the United States
were the top five producers in that year. Production in India declined by 48
per cent from 195,412 tons to 102,452 tons on account of regulatory controls
exercised by Agricultural and Processed Food Products Export Development
Authority (APEDA). Prospects for 2011-12 cotton season indicate that cotton
area will decline further in 2011-12 mainly in India. Organic cotton production
is expected to reach 143,600 tons in 2011-12. International Cotton Advisory
Committee (ICAC) anticipates that the production will start gaining momentum
from 2012-13 onwards.
While importance
of India has a major supplier is declining, that of Central Asian countries of
Kyrgyzstan and Tajikistan is emerging as dominant suppliers. The average yield
in respect of organic cotton is much lower than the conventional cotton. For
instance, the overall average yield of countries producing organic cotton was
783 kg/ ha whereas yield of organic cotton was barely 466 kg / ha. With
Government’s prediction of normal monsoon for the coming season and other
favourable factors like higher cotton exports in the current season, farmers
will find it attractive to increase area under cotton cultivation. Other
encouraging factors are: growing awareness among farmers for adoption of better
technology and augmented supply of a good quality seed. Undoubtedly, the
performance of textile industry hinges largely on adequate availability of
quality cotton. The industry has a potential to absorb larger cotton crop with
the massive expansion of spinning capacity at the rate of 3 million spindles
per year during Twelfth Plan period. However, Government should exercise
abundant caution in deciding the policy for exports of raw cotton, keeping
overall national interest in mind. According to ICAC, global cotton production,
in the season 2011-12 (August -July) was 27.79 million tons and consumption of
22.10 million tons, resulting in ending stocks of 15.27 million tons. This led
to decline in cotton prices during 2012-13 by 5 per cent. For the cotton season
2012-13, global production is estimated at 26.34 million tons, lower by 1.45 million
tons. Consumption, on the other hand, is expected to increase to 23.71 million
tons, a rise of 1.61 million tons. The ending stocks are expected to rise to
17.90 million tons, as against 15.27 million tons in 2011-12. ICAC’s forecast
for global cotton production for the cotton season 2013-14 is lower at 24.61
million tons, consumption is forecast at 24.25 million tons.
OUTLOOK:
Global exports of
textiles and clothing in 2011 were 706 billion USD, as per WTO figures. China’s
share in the global trade in textiles / clothing was 35 per cent and that of
India a barely 4 per cent. With the rising costs in China and its deliberate
shift in favour of domestic consumption, India has tremendous scope for
boosting its share to a more respectable figure. Further, by 2020, world
exports of textiles / clothing are projected to increase to 1,000 billion USD.
The expectation is that India’s exports would rise from 30 billion USD to 80
billion USD by 2020. This will provide immense potential to India for enhancing
its exports.
On the domestic
front also India is poised for a healthy growth, in view of rising population,
sustained increase in per capita income and disposable surplus, favourable
demographic profile and changing lifestyle. Besides, Government of India is
becoming increasingly sensitive to the needs of the textile industry and taking
ameliorative measures in regard to debt restructuring scheme, extension of TUFS
and TMC in the Twelfth Five Year Plan etc. Another area is rapid growth of
technical textiles for which Government has been providing encouraging support.
The Ministry of Commerce has announced exporter-friendly measures in the
Foreign Trade Policy. Favourable policy changes have been made in Focus Product
Scheme, Market Product Scheme, Market Linked Focus Product Scheme, Incremental
Exports Incentivisation Scheme, Liberalized EPCG Scheme, etc. All these
measures will boost exports of textiles and clothing. Above all, India is in a
unique position of having an integrated textile set-up endowed with presence
across all the textile value chain from fibres to fashion garments. All these
favourable factors indicate extremely optimistic and positive future for the
healthy growth of the Indian textile industry.
FIXED ASSETS:
· Land – Freehold
· Building
· Plant and Machinery
· Wind Turbine
· Electrical Installations
· Furniture
· Office Equipment
· Vehicles
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.62.05 |
|
|
1 |
Rs.102.03 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.