MIRA
INFORM REPORT
|
Report Date : |
17.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
ASTEC LIFESCIENCES LIMITED |
|
|
|
|
Registered
Office : |
Elite Square, 274, 7th Floor, Perin Nariman Street, Fort,
Mumbai - 400001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
25.01.1994 |
|
|
|
|
Com. Reg. No.: |
11-076236 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.169.291 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1994PLC076236 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA20370A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA4832D |
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|
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Agro Chemical Products. |
|
|
|
|
No. of Employees
: |
105 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3990000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a satisfactory track record. There
appears continuous dip in profitability. However, general financial position seems to be good. Trade relations
are reported to be fair. Business is active. Payments are reported to be
usually and as per commitment. The company can be considered 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB- (Term Loan) |
|
Rating Explanation |
Having moderate degree of safety regarding
timely servicing of financial obligation. It carry moderate credit risk. |
|
Date |
April 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 PARTED BY
|
Name : |
Mr. Ravendra Inani |
|
Designation : |
Finance Head |
|
Contact No.: |
91-22-22618212 |
|
Date : |
16.07.2013 |
LOCATIONS
|
Registered Office/ Corporate Office : |
Elite Square, 274, 7th Floor, Perin Nariman Street, Fort,
Mumbai - 400001, Maharashtra, India |
|
Tel No.: |
91-22-22618212 |
|
Mobile No.: |
91-9920689888 (Mr. Vijay Jain) |
|
Fax No.: |
91-22-22618289 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Research and |
F-39, MIDC, Phase II, Dombivali (East), Thane, |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
B-17, B-18 and B–21, MIDC Mahad, Birwadi Industrial Area, Mahad, District
Raigad 413341, Maharashtra, India |
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|
|
|
Factory 2 : |
B-16, MIDC Mahad, Birwadi Industrial Area, Local Unit Mahad, District
Raigad, Maharashtra, India |
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|
|
|
Factory 3 : |
Additional MIDC, Plot No. K-2/1/1, Mahad, District Raigad, Maharashtra,
India |
DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. Ashok Vishwanath Hiremath |
|
Designation : |
Director |
|
Address : |
3, Jai Kiran, 35, Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra,
India |
|
Date of Birth/Age : |
31.05.1955 |
|
Date of Appointment : |
01.02.1994 |
|
|
|
|
Name : |
Mr. Janak J. Rawal |
|
Designation : |
Whole Time Director (Appointed w.e.f. 20.01.2012) |
|
|
|
|
Name : |
Dr. P. L. Tiwari |
|
Designation : |
Non Executive – Non Independent Director |
|
Date of Birth/Age : |
01.07.1945 |
|
Qualification : |
MBBS, MD |
|
Date of Appointment : |
25.01.1994 |
|
|
|
|
Name : |
Mr. Laxmikant Kabra |
|
Designation : |
Non Executive – Non Independent Director |
|
|
|
|
Name : |
Prof. Vinod Malshe |
|
Designation : |
Non Executive – Independent Director |
|
Date of Birth/Age : |
28.02.1947 |
|
Qualification : |
Master of Science (Technology) |
|
Date of Appointment : |
28.03.2008 |
|
|
|
|
Name : |
Mr. Sitendu Sharma |
|
Designation : |
Non Executive – Independent Director |
|
|
|
|
Name : |
Mr. Mohammed Zakir |
|
Designation : |
Non Executive – Independent Director |
|
|
|
|
Name : |
Mr. Mandar K. Patil |
|
Designation : |
Non Executive – Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Ravendra Inani |
|
Designation : |
Finance Head |
|
|
|
|
Name : |
Mr. Vikas R. Chomal |
|
Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2013
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
7777880 |
43.10 |
|
|
843000 |
4.67 |
|
|
1651100 |
9.15 |
|
|
1651100 |
9.15 |
|
|
10271980 |
56.93 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
10271980 |
56.93 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
2990603 |
16.57 |
|
|
|
|
|
|
3142919 |
17.42 |
|
|
1410643 |
7.82 |
|
|
227985 |
1.26 |
|
|
6417 |
0.04 |
|
|
221568 |
1.23 |
|
|
7772150 |
43.07 |
|
Total Public
shareholding (B) |
7772150 |
43.07 |
|
Total (A)+(B) |
18044130 |
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) |
18044130 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares
held |
Details of warrants |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
||
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
Number of warrants held |
As a % total number of warrants of the same class |
|||
|
1 |
Ashok Vishwanath Hiremath |
6115780 |
33.89 |
125000 |
25.77 |
33.68 |
|
2 |
P L Tiwari |
1650000 |
9.14 |
165000 |
34.02 |
9.80 |
|
3 |
Suresh Hiremath |
1650000 |
9.14 |
0 |
0.00 |
8.90 |
|
4 |
Ashok Vishwanath Hiremath |
5500 |
0.03 |
0 |
0.00 |
0.03 |
|
5 |
Chitra Ashok Hiremath |
5500 |
0.03 |
95000 |
19.59 |
0.54 |
|
6 |
Altimax Financial Services Private Limited |
843000 |
4.67 |
100000 |
20.62 |
5.09 |
|
7 |
Supriya Ashok Hiremath |
1100 |
0.01 |
0 |
0.00 |
0.01 |
|
8 |
Laxmikant Ramprasad Kabra |
1100 |
0.01 |
0 |
0.00 |
0.01 |
|
|
Total |
10271980 |
56.93 |
485000 |
100.00 |
58.05 |
Shareholding belonging to the category
"Public" and holding more than 1% of the Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
1 |
Hridaynath Consultancy Private Limited |
1055128 |
5.85 |
|
2 |
Finquest Securities Private Limited Client Margin A/c |
407000 |
2.26 |
|
3 |
Sunidhi Capital Private Limited |
250000 |
1.39 |
|
4 |
Chetna Satish Bhatt |
188100 |
1.04 |
|
5 |
The Investment Trust of India Limited |
275000 |
1.52 |
|
|
Total |
2175228 |
12.06 |
Shareholding belonging to the category
"Public" and holding more than 5% of the Total No. of Shares
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
|
1 |
Hridaynath Consultancy Private Limited |
1055128 |
5.85 |
|
|
Total |
1055128 |
5.85 |
Details of Locked-in Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as % of |
|
1 |
Altimax Financial Services Private Limited |
840000 |
4.66 |
|
2 |
Investments Trust of India Limited |
275000 |
1.52 |
|
|
Total |
1115000 |
6.18 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Agro Chemical Products. |
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|
|
|
Exports : |
|
|
Products : |
Agro Chemical Products |
|
Countries : |
·
Israel ·
Netherland ·
New Zealand ·
Korea ·
Japan ·
UK ·
France ·
Germany ·
South Africa |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
·
China ·
Malaysia |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS (As on: 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Agro and Pharma Intermediates |
M.T. |
NA |
3450.00 |
2992.60 |
GENERAL INFORMATION
|
Customers : |
Retailers, End Users and OEM’s |
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No. of Employees : |
105 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
Notes: a) Details of
Guarantee for each type of borrowings
b) Details of
security for each type of borrowings (a) Term loans
from banks are secured by way of first pari-passu charge over entire movable and
immovable Fixed Assets (present and future) of the company and second
pari-passu charge over current assets of the company. (b) Loans repayable on demand from banks (working capital loans) are
secured by pari-passu charge on the entire current assets of the company both
present and future secured by second pari-passu charge on Fixed Assets
(present and future) of the company. (c) Terms of
repayment of term loans and other loans Term loans (foreign currency) of Rs.101.580 Millions (partial disbursement)
having an interest rate of 7.25% are repayable in 8 semi annual installments
from 1st July, 2013. Term loans of Rs.9.239 Millions having interest rate of 15% are
repayable in quarterly installments of Rs.1.132 Millions. Last installments
due in 31st March, 2012 installments falling due in respect of all
above loans upto 31.03.2013 have been regrouped under ‘current maturities of
long term debt’ |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. M. Kathariya and Company Chartered Accountants |
|
Address : |
Room No. 6, |
|
|
|
|
Subsidiary : |
·
Astec Crop Care Private Limited ·
Behram Chemicals Private Limited ·
Astec Europe SPRL |
|
|
|
|
Associates : |
·
Opus Chemical Private Limited ·
Green Guard Technologies Private Limited ·
India TL Domain Private Limited ·
Altimax Financial Services Private Limited ·
Sahabhagi Financial Services Private Limited |
CAPITAL STRUCTURE
As on: 25.09.2012
Authorised Capital : Rs.200.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.180.441 Millions
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17000000 |
Equity Shares |
Rs.10/- each |
Rs.170.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16929130 |
Equity Shares |
Rs.10/- each |
Rs.169.291 Millions |
|
|
|
|
|
a) Reconciliation of share capital (Equity)
|
|
Number |
Rs. In Millions |
|
Balance at the beginning of the year |
16929130 |
169.291 |
|
Balance at the end of the year |
16929130 |
169.291 |
b) Shareholders holding more than 5% of the average shares in the
company’s Equity Shares
|
Name of Shareholder |
Number |
Rs. In Millions |
|
Ashok V. Hiremath |
6115780 |
61.158 |
|
Suresh Hiremath |
1650000 |
16.500 |
|
Dr. P. L. Tiwari |
1650000 |
16.500 |
|
Hridaynath Consultancy Private Limited |
1054849 |
10.548 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
169.291 |
169.291 |
|
(b) Reserves & Surplus |
|
814.735 |
800.393 |
|
(c) Money received against share warrants |
|
13.600 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
997.626 |
969.684 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
110.820 |
21.206 |
|
(b) Deferred tax liabilities (Net) |
|
27.580 |
24.129 |
|
(c) Other long term liabilities |
|
218.292 |
34.251 |
|
(d) long-term provisions |
|
3.420 |
7.835 |
|
Total Non-current
Liabilities (3) |
|
360.112 |
87.421 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
|
559.279 |
378.755 |
|
(b) Trade payables |
|
295.174 |
228.287 |
|
(c) Other current liabilities |
|
45.767 |
48.578 |
|
(d) Short-term provisions |
|
10.702 |
9.838 |
|
Total Current
Liabilities (4) |
|
910.922 |
665.458 |
|
|
|
|
|
|
TOTAL |
|
2268.660 |
1722.563 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
755.417 |
719.861 |
|
(ii) Intangible Assets |
|
0.330 |
0.000 |
|
(iii) Capital work-in-progress |
|
436.206 |
89.948 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
9.881 |
9.757 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
31.487 |
11.146 |
|
(e) Other Non-current assets |
|
0.000 |
0.545 |
|
Total Non-Current
Assets |
|
1233.321 |
831.257 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
117.382 |
78.772 |
|
(b) Inventories |
|
433.230 |
353.480 |
|
(c) Trade receivables |
|
307.302 |
342.526 |
|
(d) Cash and cash equivalents |
|
35.408 |
30.090 |
|
(e) Short-term loans and advances |
|
142.017 |
86.438 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total Current
Assets |
|
1035.339 |
891.306 |
|
|
|
|
|
|
TOTAL |
|
2268.660 |
1722.563 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
169.291 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
759.388 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
928.679 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
339.099 |
|
|
2] Unsecured Loans |
|
|
28.276 |
|
|
TOTAL BORROWING |
|
|
367.375 |
|
|
DEFERRED TAX LIABILITIES |
|
|
16.869 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1312.923 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
429.256 |
|
|
Capital work-in-progress |
|
|
79.431 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
261.123 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
332.532
|
|
|
Sundry Debtors |
|
|
323.473
|
|
|
Cash & Bank Balances |
|
|
18.171
|
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
87.943
|
|
Total
Current Assets |
|
|
762.119
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
144.371
|
|
|
Current Liabilities |
|
|
8.812
|
|
|
Provisions |
|
|
67.585
|
|
Total
Current Liabilities |
|
|
220.768
|
|
|
Net Current Assets |
|
|
541.351
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
1.762 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1312.923 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1108.406 |
1111.250 |
1163.850 |
|
|
|
Other Income |
10.189 |
10.280 |
10.236 |
|
|
|
TOTAL (A) |
1118.595 |
1121.530 |
1174.086 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
780.078 |
691.756 |
|
|
|
|
Purchase of Traded goods |
69.699 |
184.538 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and traded
goods |
(82.386) |
(46.252) |
|
|
|
|
Employee benefit Expenses |
47.479 |
39.265 |
|
|
|
|
Other Expenses |
129.700 |
82.734 |
|
|
|
|
Prior Period Items |
1.411 |
(0.218) |
|
|
|
|
TOTAL (B) |
945.981 |
951.823 |
910.244 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
172.614 |
169.707 |
263.842 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
53.428 |
40.354 |
51.148 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
119.186 |
129.353 |
212.694 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
84.754 |
57.731 |
41.008 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
34.432 |
71.622 |
171.686 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.252 |
20.779 |
39.595 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
24.180 |
50.843 |
132.091 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.000 |
10.000 |
30.000 |
|
|
|
Dividend |
8.465 |
8.465 |
16.929 |
|
|
|
Tax on Dividend |
1.373 |
1.373 |
2.877 |
|
|
BALANCE CARRIED
TO THE B/S |
9.342 |
31.005 |
82.284 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
384.407 |
251.000 |
346.073 |
|
|
TOTAL EARNINGS |
384.407 |
251.000 |
346.073 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
301.809 |
155.578 |
297.067 |
|
|
|
Capital Goods |
1.226 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
303.035 |
155.578 |
297.067 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.43 |
3.00 |
10.97 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
317.000 |
386.600 |
383.400 |
569.600 |
|
Total Expenditure |
239.300 |
329.400 |
330.800 |
488.300 |
|
PBIDT (Excl OI) |
77.700 |
57.200 |
52.600 |
81.300 |
|
Other Income |
4.700 |
29.000 |
2.800 |
5.400 |
|
Operating Profit |
82.400 |
86.200 |
55.400 |
86.700 |
|
Interest |
19.000 |
18.300 |
17.200 |
15.900 |
|
Exceptional Items |
(26.100) |
(1.900) |
0.000 |
(7.300) |
|
PBDT |
37.300 |
66.000 |
38.300 |
63.500 |
|
Depreciation |
23.400 |
30.900 |
31.500 |
31.600 |
|
Profit Before Tax |
14.000 |
35.200 |
6.800 |
31.900 |
|
Tax |
6.100 |
8.800 |
3.400 |
9.600 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
7.800 |
26.400 |
3.300 |
22.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
(0.300) |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
7.600 |
26.400 |
3.300 |
22.300 |
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
1650.000 |
|
|
|
|
|
Expected Sales (2013-2014): Rs.2000.000 Millions
The above information has been parted by Mr. Ravendra Inani
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.16 |
4.53 |
11.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.11 |
6.45 |
14.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.89 |
4.41 |
14.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.07 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.67 |
0.42 |
0.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14 |
1.34 |
3.45 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Current maturities of long-term debt |
9.228 |
23.246 |
NA
|
|
|
|
|
|
|
Total |
9.228 |
23.246 |
NA
|
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last four years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
Yes |
|
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 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular
|
As on 31.03.2012 |
As on 31.03.2011 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
9.552 |
14.718 |
|
Loans repayable on demand from other parties |
14.536 |
6.544 |
|
|
|
|
|
Total |
24.088 |
21.262 |
FINANCIAL HIGHLIGHTS
2011-12 was a challenging year for ASTEC as they were affected by continued destocking of inventory by their consumers. The Gross turnover of the company was at Rs.1173.700 Millions as against Rs.1152.500 Millions in the previous year, resulting in increase of 1.84%. Exports for the year were at Rs.395.600 Millions as against Rs.251.000 Millions in 2011 representing a growth of 58%.
Raw material costs rose sharply as a result of the increase in labour and power costs in china pushing raw material prices upwards in the global markets. Higher interest rated caused increased finance costs and the devaluation of the rupee led to forex losses. With the operating costs going up substantially, the margin were eaten up and EBIDTA for the year was consequently of a much lower order in comparison with the previous year.
OPERATIONS
The company has identified contract manufacturing as a platform for future growth, India is well positioned to capitalize on this opportunity as multinationals are moving manufacturing from high cost western economics to India and China. India has a strong pool of scientific manpower and a well developed eco-system for the production of fine chemicals.
Company had signed two long term mutually exclusive confidential Manufacturing and Supply Agreement with multinational majors to supply crop protection products. Recently the company commenced commercial production of at its new state of the art facility at its new site at MIDC Mahad, Maharashtra. The said facility incorporates the proprietary process technology developed by their multinational major customer.
The commencement of these new projects will have a substantial positive impact on the Company`s agrochemical business in coming years.
They were successful in tapping markets in South East Asia and South America.
In Mahad they made investments to increase the capacity of their manufacturing facilities and to improve the quality of their products. They also made the investments in line with their commitments to responsible care to improve EHS standards.
They invested in R and D and were successful in developing products and intermediates that are unique and will give the company substantial growth in the coming years.
MANAGEMENT
DISCUSSIONS AND ANALYSIS
Global Economy Review
In 2011, the global economy grew 3.8% (5.2% in 2010), emerging economies grew 6.2%(7.3% in 2010) and advanced economies grew 1.6% (3.2% in 2010). This indicates that emerging economies continued to catalyse global growth.
Indian Economy Review
The growth of the Indian economy is estimated at 6.9% in 2011-12 compared with 8.4 % in the preceding two years, the lower growth attributed to a weakening global economy, lower industrial growth and reforms slowdown. World Bank has projected India's GDP growth at7-7.5% in 2012-13. India's agricultural sector grew 2.5% compared with 7% in 2010-11.
BUSINESS ENVIRONMENT
AND OVERVIEW
Global Agrochemical
Industry
The Agrochemical Industry is interdependent with the performance of the agricultural sector. It is known that monsoons play a significant role in the performance of the agricultural eco system, and in good seasons, there is demand upsurge for agro chemical products as well. Worldwide, agrochemicals are finding increasing acceptance, thanks to the dawning awareness of how beneficial their role could be in maximizing returns by way of crop protection and enhancement of yields. The potential for growth sees a large number of existing players operating in keen competition with each other not only in their respective domestic markets, but in the global context as well, On the one hand, one has to strive and develop new customers and markets; no the other hand, for achieving organic growth and bigger share of the pie, the way to go is to develop new products through research and innovations. It is, indeed, an RandD driven industry, calling for deployment of the best of technical expertise and know how. Recent years have seen good rain falls in Asian regions, as well as across Latin America and Europe. This has acted asspur in demand for the agrochemical products with the farming community willing to invest in their wider usage in order to maximize their returns from higher yields and better margins from volumes. Thus, riding on good rainfall and strong crop prices, 2011 turned out to be a good year for the global agrochemical marker; counting the crop and the non crop segment together, its size has growth to Us $ 51,520 million in 2011 up from US $44195 million in 2010 - an increase of 16.6%. The crop protection market alone has grown by about 18% to US $ 45210 million from US $ 38315 million in 2010. Sales also got a boost as an offshoot of wide spread incidence of pests and disease in major markets viz., Europe, Asia and Latin America. The global agrochemical market is being projected to grow around 2-3% in real terms in the next 3-5 year time span.
In Crop Protection Chemicals, fungicides usage continues to outpace that of insecticides and herbicides as farmers, wanting to take advantage of favorable strong commodity prices, are known to invest in their usage for higher yields. An ever rising demand worldwide for high-quality food is perhaps the most compelling factor driving Crop protection Chemicals usage.
Chinese Agrochemicals Industry is in the process of consolidation and it is being anticipated that there would be as much as 30% reduction in the number of Chinese companies operating in the agrochemical space in the next 3 to 5 years. This is likely to impact the global supply and pricing of all generics from China to markets like India, South America and Africa.
Key drivers of
agricultural demand
• Increasing population
• Declining arable land person
• Income growth in developing countries
• Changing diets
• Increasing demands for higher quality foods
• Bio-fuel potential
Indian Agrochemical
Industry
The Indian agriculture Industry accounts for 12.9% of the nearly $ 2 trillion Indian economy. Indian is the second biggest producer in the world of rice, wheat, sugar and cotton; India also happens to be among the top consumers of their produce, given the size of its population. It is also a reality of the Indian agriculture that it is heavily reliant on the monsoon. The spread and reach of the monsoon and its onset timing have a crucial bearing on the fortunes of the agricultural sector, and of those associated with it like the agrochemical industry. 2011 has been a year of erratic rainfall. To begin with, the onset of rains were delayed, though satisfactory overall. Despite the late on set of monsoon, the country witnessed strong sowing of cotton crop. In the latter half of the year, rainfall was quite deficient in the South, thereby affecting the sowings in the Kharif season in that part of the country. The consumption of agrochemicals there by suffered in critical States of Andhra, Karnataka and Maharashtra. The overall performance of the agrochemical Industry during the year 2011-12 has been satisfactory.
Company's Performance
The Company has product offerings mainly in the segments of the crop protection Industry i.e., Fungicides. The Company's strategy is to consolidate its presence through a few key products and access customers across the global with a view to ensure stable performance quarter on quarter in an otherwise seasonal industry. Export volumes complement domestic sales and insulate us against vagaries and shifts in market behavior, which is not so uncommon an experience in the agrochemical business.
2011-12 was a challenging year for ASTEC as they were affected by continues destocking of inventory by out consumers. The Gross turnover of the company was at Rs. 1173.700 Millions as against Rs. 1152.500 Millions in the previous year, resulting in increase of 1.84%. Exports for the year were at Rs. 395.600 Millions as against Rs. 251.000 Millions in 2011 representing a growth of 58%.
The company has increased capacities of its plants. It has also implemented many cost reduction measures. In addition to this it has introduce new measures to improve its EHS performance. The company has obtained many new registrations in various parts of the world. Many more registrations are expected to come through.
Raw material costs rose sharply as a result of the increase in labour and power costs in China pushing raw material prices upwards in the global markets. Higher interest rates caused increased finance costs and the devaluation of the rupee led to forex losses. With the operating costs going up substantially, the margins were eaten up and EBIDTA for the year was consequently of a much lower order in comparison with the previous year.
In domestic formulation business, the planned scale up did not materialize for a variety of reasons; for one, the availability of products was restricted; an indifferent monsoon in addressable markets was also a dampener, pulling down the sales. The Company continued to focus on registration activity and received many registrations during the year across various countries. The ever increasing registrations are in the nature of being an enabler, ultimately leading to volume growth and better value realisation with the current customer base as well as help the Company access and reach out to new markets across its product range. The Company has taken various steps as under to bring about sustained improvement in the operations of the Company:
Future Outlook
The global agrochemical Industry is looking for consolidation to upscale the level of operations and improve margins. The overall market size itself keeps on growing, year on year as the linkage of the Industry with the agriculture and food economy will continue to open new channels and markets. The growing income levels all over the world are driving consumption and demand for better quality food. The pressure to produce more and pushing for higher yields from limited arable land in countries like China, India, Australia, America, Brazil and Argentina, translates into growing opportunities for the crop protection Industry in the coming years. For Astec, the past year has been sort of an aberration, in terms of overall results owing to factors and circumstances over which the Company had little control. De as it may, the past year is behind us. The Company has since taken requisite corrective measures at considerable investment, the results of which are already visible. Further plans are in motion for capacity expansion.
CONTINGENT
LIABILITY
(Rs. In Millions)
|
Particular |
31.03.2012 |
31.03.2011 |
|
Bank Guarantee outstanding |
56.001 |
5.882 |
|
Letters of credit with banks |
84.477 |
141.217 |
|
Bills discounted but not realised |
41.799 |
31.424 |
|
Claims against company not acknowledged as debts in respect of sales tax demand against which company’s appeal is pending before commissioner of sales tax (Appeal) |
5.302 |
5.302 |
AUDITED FINANCIAL
RESULTS FOR THE YEAR ENDED 31 MARCH, 2013
(Rs. In Millions)
|
PART 1 |
STANDALONE |
|||
|
Sr. No |
Particulars |
Quarter Ended |
Year Ended |
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
||
|
|
|
(Audited) |
(Unaudited) |
(Audited) |
|
1 |
Income from
Operations |
|
|
|
|
|
a) Net Sales / Income from operations ( Net of Excise Duty) |
569.528 |
382.551 |
1652.707 |
|
|
b) Other Operating Income |
0.111 |
0.839 |
3.868 |
|
|
Total Income from
Operations (net) |
569.639 |
383.391 |
1656.575 |
|
2 |
Expenses |
|
|
|
|
|
a) Cost of materials consumed |
402.318 |
258.519 |
1180.229 |
|
|
b) Purchase of stock in trade |
|
|
|
|
|
c) Changes in inventories of finished goods and WIP |
36.066 |
13.655 |
31.242 |
|
|
d) Employee benefits expenses |
24.722 |
23.228 |
82.946 |
|
|
e) Depreciation and amortisation expenses |
31.606 |
31.499 |
117.321 |
|
|
f) Other expenditure |
25.207 |
21.127 |
55.951 |
|
|
Total Expenses |
519.919 |
348.028 |
1467.689 |
|
3 |
Profit/ (Loss) from
operations before other income, Finance Cost and Exceptional Items (1-2) |
49.720 |
35.363 |
188.886 |
|
4 |
Other Income |
1.235 |
2.803 |
(8.526) |
|
5 |
Profit / (Loss) from
ordinary activities before finance cost and exceptional items (3+4) |
50.956 |
38.165 |
180.360 |
|
6 |
Finance Costs |
15.891 |
17.158 |
70.322 |
|
6A |
Foreign Exchange Fluctuation ( Profit ) / Loss |
(4.118) |
14.240 |
13.088 |
|
7 |
Profit after finance
costs but before Exceptional Items (5-6-6A) |
39.183 |
6.768 |
96.950 |
|
8 |
Exceptional Items |
7.324 |
0.008 |
9.492 |
|
9 |
Profit / (Loss)
from ordinary activities before tax (7-8) |
31.860 |
6.760 |
87.457 |
|
10 |
Tax Expense (Including deferred tax) |
9.560 |
3.533 |
28.012 |
|
11 |
Net Profit / (Loss)
from ordinary activities after tax (9-10) |
22.300 |
3.227 |
59.445 |
|
12 |
Extra ordinary Items |
|
|
|
|
13 |
Net Profit / (Loss)
for the period (11 - 12) |
22.300 |
3.227 |
59.445 |
|
14 |
Minority Interest |
|
|
|
|
15 |
Net Profit / (Loss) after taxes, minority interest (13-14-15) |
22.300 |
3.227 |
59.445 |
|
16 |
Paid-up equity share capital (Face Value Rs.10/-) |
180.441 |
169.291 |
180.441 |
|
17 |
Reserves (excluding Revaluation Reserve) |
|
|
|
|
18 |
Earnings per share - Basic |
1.30 |
0.19 |
3.45 |
|
|
Diluted |
1.29 |
0.19 |
3.36 |
|
|
|
|
|
|
|
|
PART II |
Quarter Ended |
Year Ended |
|
|
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
- No of shares |
7772150 |
7497150 |
7772150 |
|
|
- Percentage of shareholding |
43.07% |
44.29% |
43.07% |
|
2 |
Promoters and
promoter group shareholding |
|
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
|
- No of shares |
|
|
|
|
|
- Percentage of shares (as a % of the total shareholding of promoters and promoter group |
0.00% |
0.00% |
0.00% |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
0.00% |
0.00% |
0.00% |
|
|
b) Non-encumbered |
|
|
|
|
|
- No of shares |
10271980 |
9431980 |
10271980 |
|
|
- Percentage of shares (as a % of the total shareholding of promoters and promoter group |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
56.93% |
55.71% |
56.93% |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
|
Received during the quarter |
1 |
|
|
|
|
Disposed of during the quarter |
1 |
|
|
|
|
Remaining unresolved at the end of the quarter |
Nil |
|
|
Notes:
1 The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting on May 24, 2013.
2 The company has only one reportable segment i.e. Agrochemicals and Pharma Intermediates.
3 Above Financial Results includes financials results of Behram Chemicals Private Limited (65.63% subsidiary), Astec Europe Sprl (50.10% subsidiary) and Astec CropCare Private Limited (100% Subsidiary of Astec)
4 The Board of Directors has recommended a dividend of 7.5% on the share capital of the company i.e 75 Paise per Share of Rs.10/- each. (Previous year 5% i.e 50 Paise Per Share)
5 Figures of the previous period have been regrouped/rearranged, wherever necessary.
6 Company has successfully commissioned two new projects for its contract customers during the year
7 Company has made investments to upgrade EHS standards
8 Company has obtained several new registrations during the year
9 The figures of last Qtr ended 31.03.13 and 31.12.12 are the balancing figures in respect of the full financial year and the year to date figures upto third quarter.
BALANCE SHEET AS AT 31 MARCH
2013
(Rs. In Millions)
|
|
Standalone
As at 31.03.2013 |
|
Equity and liabilities |
|
|
|
|
|
Shareholders' funds |
|
|
Share capital |
180.441 |
|
Reserves and surplus |
885.211 |
|
Money received against share warrants |
4.123 |
|
|
1069.775 |
|
|
|
|
Minority Interest |
|
|
|
|
|
Non-current
liabilities |
|
|
Long-term borrowings |
214.555 |
|
Deferred tax liabilities (net) |
38.567 |
|
Other long term liabilities |
263.572 |
|
Long-term provisions |
4.289 |
|
|
|
|
|
520.983 |
|
Current liabilities |
|
|
Short-term borrowings |
445.120 |
|
Trade payables |
454.666 |
|
Other current liabilities |
59.612 |
|
Short-term provisions |
27.900 |
|
|
|
|
|
987.298 |
|
Total |
2578.057 |
|
|
|
|
Assets |
|
|
|
|
|
Non-current assets |
|
|
Fixed assets |
|
|
Tangible assets |
1201.562 |
|
Intangible assets |
0.438 |
|
Capital work-in-progress |
130.715 |
|
Non-current investments |
9.981 |
|
Long-term loans and advances |
78.740 |
|
|
1421.437 |
|
|
|
|
Current assets |
|
|
Current investments |
0.243 |
|
Inventories |
441.125 |
|
Trade receivables |
601.354 |
|
Cash and bank balances |
43.024 |
|
Short-term loans and advances |
70.872 |
|
|
|
|
|
1156.618 |
|
Total |
2578.057 |
FIXED ASSETS:
Tangible Assets
· Lease Hold Land
· Factory Building
· Corporate Office
· Plant and Machinery
· Electrical Installation
· Office Equipments
· Furniture and Fixtures
· Air Conditioner
· Motor Vehicles
· Computer
· Flats
Intangible Assets
· Computer Software
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.59.39 |
|
|
1 |
Rs.89.90 |
|
Euro |
1 |
Rs.77.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
45 |
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.