MIRA
INFORM REPORT
|
Report Date : |
07.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
VASCON ENGINEERS
LIMITED |
|
|
|
|
Registered
Office : |
15/16, Hazari Baug,
L.B.S. Marg, Vikhroli (West), Mumbai – 400083, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
01.01.1986 |
|
|
|
|
Com. Reg. No.: |
11-38511 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.901.356 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L70100MH1986PLC038511
|
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEV04048C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV1249F |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Construction
Activities. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 27986916 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having a moderate track record.
The appears drastic fall in its sales turnover and profitability during 2012,
the company has also recoded delay in its debt payment. However, net worth of the company is good. Trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealings with some caution. |
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 |
CARE |
|
Rating |
Long Term (D) |
|
Rating Explanation |
This rating are in default or are expected to be in default soon. |
|
Date |
August, 2012 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
Management Non Co-Operative (Name not Divulged)
(91-20-30562100)
LOCATIONS
|
Registered Office : |
15/16, Hazari Baug,
LBS Marg, Vikhroli (West), Mumbai – 400083, Maharashtra, India |
|
Tel. No.: |
91-22-25785881/
25781143 |
|
Fax No.: |
91-22-25771809/
25787419 |
|
E-Mail : |
Corporate sales :
Corporate@vascon.com Residential sales
: sales@vascon.com Careers : Careers@vascon.com Suppliers and
contractor : purchase@vascon.com Pune Tendering : vascontnd@gmail.com Investors/analyst
Queries : Viveksakharkar@vascon.com
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
G/ 3, |
|
Tel. No.: |
91-20-30562100/200/400/500 |
|
Fax No.: |
91-20-26131071 |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. V. Mohan |
|
Designation : |
Independent
Director |
|
Address : |
Waman, 46/3,
Garodia Nagar, Ghatkopar (East), Mumbai – 400077, |
|
Date of Birth/ Age : |
06.01.1951 |
|
Date of Appointment : |
06.03.2007 |
|
|
|
|
|
|
|
Name : |
Mr. R Vasudevan |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. K G
Krishnamurthy |
|
Designation : |
Non Executive
Director |
|
Address : |
Flat 403, Meru
Height, |
|
Date of Appointment : |
21.06.2006 |
|
|
|
|
Name : |
Mr. R Kannan |
|
Designation : |
Independent
Director |
|
Address : |
103, |
|
Date of Birth/ Age : |
18.06.1959 |
|
Date of Appointment : |
25.08.2008 |
|
|
|
|
Name : |
Mr. Ameet Hariani
|
|
Designation : |
Independent
Director |
|
Address : |
Chandan, 2nd
Floor, 62-B, |
|
Date of Birth/ Age : |
06.07.1961 |
|
Date of Appointment : |
25.08.2008 |
KEY EXECUTIVES
|
Name : |
Mr. M. Krishnamurthy |
|
Designation : |
Company Secretary |
|
Tel No : |
91-20-30562100 |
|
Email no : |
|
|
|
|
|
Name : |
Mr. D. Santhanam |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Santosh Sundararajan |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
12891057 |
14.29 |
|
|
21978766 |
24.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
2237223 |
2.48 |
|
|
774523 |
0.86 |
|
|
|
|
|
|
|
|
|
|
47667485 |
52.86 |
|
|
|
|
|
|
1652110 |
1.83 |
|
|
2824060 |
3.13 |
|
|
|
|
|
|
18041 |
0.02 |
|
Hindu
undivided family |
129589 |
0.14 |
|
Clearing members |
7296 |
0.01 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
-- |
-- |
|
|
-- |
-- |
|
|
|
|
|
Total |
90180150 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Construction
Activities. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India · HDFC Bank · Yes Bank ·
Central Bank of India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Anand Mehta and Company Chartered Accountants |
|
Address : |
31, Khemji Meghji House, 3rd Floor 11/15, Issaji St.,
Vadgadi, Mumbai – 400003,
Maharashtra, India |
|
|
|
|
Joint Ventures : |
- Weikfield IT CITI Infopark - Phoenix Ventures - Zenith Ventures - Zircon Ventures -
Marigold Premises Private Limited - Just Homes (India) Private Limited - Cosmos Premises Private Limited - John Fowler Opthalmics Private Limited - Rose Premises Pvt Ltd -
- Ajanta Enterprises |
|
|
|
|
Associates: |
- Angelica Properties Private Limited -
Mumbai Estate Private Limited |
|
|
|
|
Subsidiary : |
- Marvel Housing Private Limited - Grey Stone Premises Private Limited - Vascon Dwellings Private Limited - IT CITI Info Park Private Limited - Caspia Hotels Private Limited - Windflower Properties Private Limited - GMP Technical Solution Private Limited - Floriana Properties Private Limited - Vascon Pricol Infrastructure Limited - Vascon Renaissance EPC Limited Liability Partnership - Almet Corporation Limited - Marathwada Realtors Private Limited |
|
|
|
|
Establishments
where individuals exercise significant Influence: |
- Flora Facilities Private Limited (Formerly known as Flora Premises Private Limited) - Vastech Consultants Private Limited - Vatsalya Enterprises Private Limited - Bellflower Premises Private Limited - Cherry Construction Private Limited - Sunflower Premises Private Limited - Syringa Engineers Private Limited (Formerly known as Syringa Properties Private Limited) - Vascon Infrastructure Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90135600 |
Equity Shares |
Rs.10/- each |
Rs.901.356
Millions |
|
|
|
|
|
The Company has only one class of shares referred to as equity shares having a par value of Rs. 10/-. Each holder of the equity share, as reflected in the of the Company as of the date of the shareholder meeting, is entitled to one vote in respect of each share held for all matters submitted to vote in the shareholder meeting.
The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended March 31,2011, the amount of per share dividend recognized as distributions to equity shareholders was Rs.1/-. The total dividend appropriation amounted to Rs. 105.071 Millions including corporate dividend tax of Rs. 14.965 Millions
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.
Following are the details of the
share capital
Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period
|
Description |
No of
shares |
Amount (Rs
In Millions) |
No of shares |
Amount (Rs
In Millions) |
|
No of shares outstanding at the
beginning of the year |
90,016,050 |
900.160 |
90,016,050 |
900.160 |
|
Shares issued on exercise of
employee stock options |
119,550 |
1.195 |
- |
- |
|
No of shares outstanding at the
end of the year |
90,135,600 |
901.356 |
90,016,050 |
900.160 |
|
Shareholders holding more than 5
percent shares in the Company |
||||
|
Name of the shareholder |
No of
shares |
%ge |
No of
shares |
%ge |
|
HDFC Ventures Trustee Company
Limited |
11,612,407 |
12.88% |
11,612,407 |
12.90% |
|
Golden Temple Pharma Pvt Ltd |
9,783,273 |
10.85% |
9,783,273 |
10.87% |
|
Dreamz Impex Pvt Ltd |
9,783,273 |
10.85% |
9,783,273 |
10.87% |
|
R Vasudevan |
9,415,529 |
10.45% |
9,377,529 |
10.42% |
|
Dna Pharma Pvt Ltd |
8,968,000 |
9.95% |
8,968,000 |
9.96% |
|
Premratan Exports Pvt Ltd |
6,667,637 |
7.40% |
6,667,637 |
7.41% |
|
Medicreams India Pvt Ltd |
6,667,637 |
7.40% |
6,667,637 |
7.41% |
|
Orion Life Sciences Pvt Ltd |
6,112,000 |
6.78% |
6,112,000 |
6.79% |
|
Vatsalya Enterprises Pvt.Ltd. |
5,227,273 |
5.80% |
5,227,273 |
5.81% |
Aggregate number of equity
shares allotted as fully paid up by way of bonus shares for the period of five
years immediately preceding the date of Balance Sheet
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 |
901.356 |
900.161 |
900.161 |
|
|
2] Share Application Money |
0.151 |
0.930 |
0.000 |
|
|
3] Reserves & Surplus |
6095.222 |
5975.482 |
5537.463 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6996.729 |
6876.573 |
6437.624 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1241.606 |
1800.203 |
1405.234 |
|
|
2] Unsecured Loans |
1241.412 |
770.248 |
67.730 |
|
|
TOTAL BORROWING |
2483.018 |
2570.451 |
1472.964 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9479.747 |
9447.024 |
7910.588 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
495.715 |
471.287 |
447.968 |
|
|
Capital work-in-progress |
58.613 |
61.515 |
17.932 |
|
|
|
|
|
|
|
|
INVESTMENT |
2182.188 |
2256.422 |
2068.634 |
|
|
DEFERREX TAX ASSETS |
20.885 |
11.169 |
8.222 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2289.065
|
1595.210
|
1021.800 |
|
|
Sundry Debtors |
2410.419
|
2612.439
|
2366.343 |
|
|
Cash & Bank Balances |
327.201
|
976.849
|
427.378 |
|
|
Other Current Assets |
1431.653
|
1242.759
|
0.000 |
|
|
Loans & Advances |
3897.800
|
3660.607
|
3763.181 |
|
Total
Current Assets |
10356.138
|
10087.864
|
7578.702 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1359.113
|
1371.923
|
1024.551 |
|
|
Other Current Liabilities |
2189.663
|
1641.074
|
944.185 |
|
|
Provisions |
85.016
|
428.237
|
242.134 |
|
Total
Current Liabilities |
3633.792
|
3441.234
|
2210.870 |
|
|
Net Current Assets |
6722.346
|
6646.630
|
5367.832 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9479.747 |
9447.024 |
7910.588 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from operation |
4925.354 |
7779.195 |
7052.097 |
|
|
|
Interest Earned |
0.000 |
0.000 |
87.138 |
|
|
|
Other Income |
190.509 |
91.596 |
8.486 |
|
|
|
TOTAL |
5115.863 |
7870.791
|
7147.721 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Construction expenses |
4324.021 |
6468.877 |
0.000 |
|
|
|
Purchases of stock-in-trade |
156.032 |
0.000 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(398.270) |
(224.321) |
0.000 |
|
|
|
Employee benefit expense |
469.359 |
487.222 |
0.000 |
|
|
|
Material and other direct Expenses |
0.000 |
0.000 |
5625.258 |
|
|
|
Personal Expenses |
0.000 |
0.000 |
378.462 |
|
|
|
Operating and other Expenses |
0.000 |
0.000 |
236.211 |
|
|
|
Prior period expenses / income (net) |
1.495 |
(5.013) |
0.000 |
|
|
|
Exceptional items |
(366.176) |
(212.507) |
0.000 |
|
|
|
Other Expenses |
383.152 |
327.465 |
0.000 |
|
|
|
TOTAL |
4569.613 |
6841.723 |
6239.931 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
546.250 |
1029.068 |
907.790 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
335.455 |
227.892 |
214.258 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
210.795 |
801.176 |
693.532 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
100.665 |
75.329 |
64.106 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
110.130 |
725.847 |
629.426 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(9.715) |
182.862 |
192.809 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
119.845 |
542.985 |
436.617 |
|
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
|
|
|
Excess(short) Provision W/back/ (off) |
0.000 |
0.000 |
2.303 |
|
|
|
Prior Period Adjustments-(Income/Expenses) |
0.000 |
0.000 |
3.338 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
1206.068 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend on equity shares |
NA |
NA |
0.000 |
|
|
|
Tax on Dividend |
NA |
NA |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
1648.326 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.33 |
6.03 |
5.55 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1 Quarter |
2 Quarter |
3 Quarter |
4th
Quarter |
|
Sales Turnover |
1316.000 |
955.800 |
812.100 |
1254.400 |
|
Total Expenditure |
1226.000 |
918.000 |
971.900 |
1309.600 |
|
PBIDT (Excl
OI) |
90.000 |
37.800 |
(159.800) |
(55.200) |
|
Other Income |
42.000 |
50.400 |
42.500 |
128.200 |
|
Operating
Profit |
132.000 |
88.200 |
(117.300) |
73.000 |
|
Interest |
89.500 |
71.300 |
94.500 |
50.400 |
|
Exceptional
Items |
0.000 |
6.200 |
0.500 |
(40.300) |
|
PBDT |
42.500 |
23.100 |
(211.300) |
(17.700) |
|
Depreciation |
23.700 |
25.400 |
38.000 |
37.500 |
|
Profit
Before Tax |
18.800 |
(2.300) |
(249.300) |
(55.200) |
|
Tax |
4.500 |
(8.000) |
3.500 |
20.900 |
|
Reported PAT |
14.300 |
5.700 |
(252.800) |
(76.100) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
14.300 |
5.700 |
(252.800) |
(76.100) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.34
|
6.90
|
6.108 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.24
|
9.33
|
8.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.01
|
6.87
|
7.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.10
|
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.35
|
0.37
|
0.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.85
|
2.93
|
3.42 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAILS:
PARTICULARS
|
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
Rs.
In Millions 31.03.2010 |
Trade Payables
|
|
|
|
Trade Creditors for Goods and
Services
|
1359.113
|
1371.923
|
1024.551 |
|
|
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
No |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
BUSINESS
PERFORMANCE:
Total
Revenue for the year is at Rs. 5,115.86 million as compared to Rs. 7,870.79 million
for the previous period of 12 months. Net Profit for the year is at Rs. 119.85
million as compared to Rs. 542.99 million for the previous period of 12 months.
CONSOLIDATED
RESULTS:
Consolidated
Revenue of Vascon Group is Rs. 7,280.29 million as compared to Rs. 10,229.59
million for the previous period of 12 months.
Net Profit
is Rs. 154.87 million for the year.
Diluted
Earnings Per Share (EPS) on consolidated basis is Rs. 1.49 for the year.
BUSINESS
OPERATIONS AND FUTURE
OUTLOOK:
Their
Company focuses on two businesses viz. Real Estate and Construction. Both the
businesses have grown in the last several years together and have a very bright
future. The EPC business has spread all over the country and include
constructing factories, hospitals, hotels, offices, residential complexes,
shopping malls etc. The Company intends to capitalize on the opportunity
presented by the infrastructure sector also.
While the
Company had a faster growth in the last five years it has faced a challenging
situation in the last year.
However,
it has consolidated the position in the last two quarters, and is focusing on
more remunerative projects.
In the Real
Estate space, the Company is engaged in development of residential and office
complexes, shopping malls, multiplexes, hotels, IT Parks, and other buildings.
It concentrates on JDA model of business. However, in the areas where it has
had successful launches in the past, it had acquired land parcels also. The
Company has created iconic projects in Pune in the past and the buildings have
won many awards for their construction. While the Company has potential salable
area of over 60 million sq. ft., it has recently started its magnum opus
project at Pune with the name, Windermere. All the real estate projects of the
Company are selling well and are expected to pick up momentum in the next few
years.
As a part
of backward integration the Company has purchased GMPTechnical Solutions
Private Limited in August, 2010. The company is working in two business areas.
One is clean room partitions and the other one is HVAC design and integrated
building management system. The business is growing more than 20% CAGR and it
has forayed into several overseas market.
Apart from
this the Company has made strategic investments in hospitality business. It
intends to exit the units at right prices. In the current year it has sold the
hotel in Pune at a profit.
The
Economic Scenario
India's GDP growth rate
slipped to 6.5 per cent in 2011 -12, the worst in nine years, on account of
decline in almost all segments including agriculture and manufacturing. This
indicates a slowdown compared not just to the previous two years, when the
economy grew by 8.4%, but also from 2003 to 2011.
Government is taking
various measures to combat this situation with various revival packages and
easing of interest rate from the Reserve bank of India. India's GDP growth for
2012-13 is expected to recover to 7.6 per cent from 6.5 per cent in 2011 -12.
Easing supply constraints, coupled with a fall in inflation and a gradual
easing in interest rates, will aid growth in real output. Growth in the
industrial output is expected to accelerate to 6.8% after slowingto4.1%
in2011-12.
Liquidity conditions eased
in April 2012 compared to the stressed conditions witnessed in March. Average
borrowings dropped to Rs.1 lakh crore from Rs.1.5 lakh crore in March on higher
government spending. As a result, short term yields eased across all tenures in
April 2012.
Industrial production is
expected to accelerate to 6.9 per cent in 2012-13 from 3.9% estimated for
2011-12. The growth is expected to be driven by easing of supply constraints,
particularly in the mining sector and a further acceleration in generation of
electricity.
The growth the
manufacturing sector too is expected to improve to 5.9 %, owing to a rise in
purchasing power of both urban and rural consumers, improvement in availability
of raw materials and huge capacity additions. Industrial and infrastructural
projects worth Rs.4.2 lakh crore are estimated to have got commissioned in 2011
-12. Project commissioning is expected to go up further to Rs.5.8 lakh Millions
in 2012-13.
INDUSTRY
SCENARIO
EPCand
Infrastructure Sector
The sector has been hit by
several problems including a slowdown in new orders, delay in regulatory
clearances and land acquisition. This coupled with high interest rates has
significantly reduced the profitability of companies operating in the sector.
Last year also saw a
considerable slowdown in the investment momentum, which was the fallout of
deferred government decisions and projects that were scheduled to be
commissioned were getting delayed.
After suffering a major
setback last year due to policy delays, the infrastructure industry is
expecting improvement in the situation this year.
Government is taking
various measures to review the sector, Financial institutions have been allowed
to raise about Rs 60,0000.000 Millions from tax-free bonds in 2012-13,
Contracts to build 8,800 km of roads in 2012-13 has been awarded.
They believe that all these
measure and other sincere efforts from the Government will definitely help in
revival of the sector in coming years.
Real
estate
Global economic
uncertainties have affected India's economy, including the real estate market.
There were several headwinds that prevented the sector from delivering to its
full potential.
The Indian real estate
sector is among the fastest growing sectors in the Indian economy with a
potential to sustain this momentum as the economy continues to grow at a
healthy pace and income levels continue to rise in the coming years. The
contribution of the housing and real estate sector to the GDP in India has been
crucial.
Indian real estate
developers have adapted to the changing dynamics of the real estate market,
post the global financial crisis, with the rapid rate of urbanisation playing a
significant role in their strategic plans. Moderation in demand during current
times is expected to regain its pre-crisis growth momentum in the near future
with growing demand in all three areas viz residential, commercial and retail
space. In the long-run, growth in the Indian real estate industry is expected
to be driven by the rise in infrastructure spending by government, which in
turn, will provide a thrust to real estate development.
Company
Performance EPC Business
During last year, EPC
business have witnessed a slow down and thus contributed Rs. 4300.000 Millions
against Rs. 7060.000 Millions a year earlier to the total revenue. The fall in
revenue from EPC business was mainly on account of two major projects viz.
HDILand TNLA, which came to a halt for almost 1 year, resulting in loss of
revenue of about Rs. 2000.000 Millions, coupled with slowdown in other projects
due to general macro economic conditions affecting the sector.
The Company is taking
various steps and making all efforts to settle the challenges faced in respect
of order execution. The Company is confident that these efforts will result in
getting the run rate back on track in the near future.
Company has bagged various
projects during the last year, the total EPC order intake during the year was
Rs. 1,5210.000 Millions.
MAJOR
PROJECTS AWARDED DURING LAST YEAR:
1.
Renaissance Industrial Park
This is the major order
acquired during last year for construction of integrated warehousing and
Industrial complex worth Rs. 1,1000.000 Millions with Renaissance group. The
project will be constructed by LLP with Renaissance group wherein Vascon's
share is 65%. The Logistic Park located at Bhiwandi, near Mumbai will have
about 16 mn sq. ft. to be constructed in 5 year period. The scope includes
construction of various warehouses, industrial buildings, roads, sewage layout
and various related infrastructure work.
2.
Parthenon Phase II
The Company has acquired
order worth Rs. 1860.000 Millions from Ecstasy Realty for construction of
Residential complex in Four Bungalows, Versova, Mumbai.
3.
"Kshitij" Parmanandwadi
The Company has acquired
order worth Rs. 964.000 Millions from Rohan Lifespace for construction of
Residential complex at Charni Road, Mumbai. The project execution has commenced
in the month of July 2011 and is expected to get completed in 2013.
4.
Delanco-DLF
This is another order
bagged by the Company, for construction of Residential complex in Goafor DLF.
The order size is Rs. 430.000 Millions. The project work for the same commenced
in August 2011 and the project is expected to get completed in 2013.
With the new addition in
EPC contracts from third party, the order book by the end of the financial year
stands at Rs. 5,0630.000 Millions and order to be executed stand at Rs.
34240.000 Millions.
Real
Estate Business:
During last year, Real
Estate business has also witnessed a slow down and thus contributed Rs.
1180.000 Millions against Rs. 2030.000 Millions a year earlier to the total
revenue. The slowdown in real estate business has been on account of slowdown
in macroeconomic condition.
During last year Company
has launched three projects in Pune viz. Nature Spring and Nature Nest at
Talegaon, Ela at Hadapsar and Xotech at Hinjewadi. These projects will
contribute significantly to the Real Estate business revenue along with the
existing ongoing projects going ahead.
ONGOING
REAL ESTATE PROJECTS
1.
LNature Spring and Nature Nest
Far from the madding crowd
the project is situated along the perennial river, Indrayani at Talegaon, Pune.
This mix development project will house amenities like designer landscaped garden
with kids play area, jogging track, sewage treatment plant, rain water
harvesting, solar water heating system, club house, swimming pool, etc.
The total saleable area of
the project is 2.5 msft, which will be developed in phases; the phase I of the
project is 0.25 msft, with 1, 2 and 3 BHK apartments with sizes ranging from
750 sq. ft. to 1,630 sq. ft. The phase I of the project will be developed over
two and half years.
2.
Xotech
The project is
advantageously located in Hinjewadi, Pune's IT and BT hub. The project
comprises of smart 2 and 3 BHK apartments, which intends to provide modest and
quality housing solutions to its buyers. The project is surrounded by a number
of IT/BT companies, famous restaurants and hang-out places, colleges, bank and
hotels. The project has latest amenities like club house, landscaped garden
with children play zones, swimming pool, rain water harvesting, solar water
heating, garbage chute, sewage treatment plant, etc.
The total saleable area of
the project is 0.12 msft and is expected to be completed by July 2014.
3.
ELA
The residential project is
situated in the most rapidly developing area of Pune-Hadapsar. The project
comprises of 2 and 2.5 BHK with sizes ranging from 1,115 sq. ft. to 1,595 sq. ft.
of lavish apartments and features latest amenities like club house which
includes gymnasium, carom/card room/ play station, well designed landscaped
garden with kids play area and swimming pool, solar water heating, sewage
treatment plant, rain waterharvesting, etc.
The total saleable area of
the project is 0.12 msft and will be developed over 2 years.
4.
Windermere
This certified Platinum
rating project from "The Indian Green Building Council (ICBG) green
homes" has everything one can feel proud of, with apartment sizes of 3000
sq. ft. and 3800 sq. ft. and duplex's size of 8300 sq. ft. with its own private
swimming pool. The project is designed as a five star rated Eco housing project
at the most sought after location in Pune -Koregaon Park.
ensures good ventilation
and maximum of natural light, water conservation through maximum recycling,
organic waste management, rain water harvesting, etc.
The project has total
saleable area of around 0.4 msft and is expected to be completed by June 2014.
5.
Forest County
This is mix development
project, located in the most rapidly developing area of Pune - Kharadi. The
project is one of the most premium projects of Vascon with all the latest
amenities like well designed landscaped green belt with water body, spacious and
fully furnished club house, dedicated children's play area, water fall,
amphitheatre, senior citizen area, jogging track, water fountain, etc.
Project incorporates
environmental consideration at every stage of building construction.
This 51 acres project will
be developed in phases, the first phase of which, 0.84 msft will be completed
in Dec. 2012.
6.
Willows-Phll
The residential project is
located in one of the most sought after locations in Pune - Baner which is home
to Pune's new elite. The project houses three sides open eco friendly homes
with latest amenities like 2 level car park area, cool blue swimming pool,
multi activity club house, gym, landscape gardens, children's play area, fire
fighting systems, sewage treatment plant, rainwater harvesting, etc.
The total saleable area of
the Willows Ph II project is 0.16 msft and is expected to be completed by March
2013.
7.
Vista Phil
The residential project of
2 and 3 BHK is located at Indiranagar, Nashik and features latest amenities
like multi activity club house, swimming pool, gymnasium, centrally landscaped
garden, children's play area, fire fighting systems, sewage treatment plant,
rain water harvesting, etc.
The project has total
saleable area of 0.13 msft and is expected to be complete by Dec. 2013.
8.
Tulip Ph II
The project is the tallest
premium residential project in one of the most sought after location of
Coimbatore -Avinashi road. The project comprises of lavish 2,3 and 4 BHK
apartments and features latest amenities like club house with pool table,
card/carom room, cool blue swimming pool, fully equipped gym, multipurpose
hall, coffee lounge, children's play area, sewage treatment plant, rainwater
harvesting, etc.
The project has saleable area
of 0.2 msft and is expected to get completed in 2013.
FORTHCOMING
PROJECTS
1.
Oragadam, Chennai
The mix development
township project is located at Oragadam, Chennai, which is surrounded by well
developed infrastructure. The project comprises of 1,2,3 BHK apartments, row
houses and bungalows with sizes ranging from 564 sq. ft. to 2,500 sq. ft.
The proposed Township will
have latest amenities like club house, swimming pool, gymnasium, tennis and
basketball court, jogging track, party hall, water show in lake, pharmacy,
farmers market in park, etc.
The total saleable area of
the project is 10 msft which will be developed in phases. The phase I of the
project is 1.57 msft which will be developed in 3 years.
2.
Neelambur - Ph I, Coimbatore
The residential project is
located at Neelambur, Coimbatore and will comprises of 1and 2 BHK with sizes ranging from 975 sq. ft. to 1,100 sq.ft.
The project will feature all the latest amenities like club house, swimming
pool, gymnasium, party hall, well designed landscaped garden, kids play area,
sewage treatment plant, rain water harvesting etc.
The total saleable area of
the project is 0.94 msft and will be developed over a period of 3 years.
The total saleable area of the
project is 0.07 msft and will be developed in 2.5 years from the date of
commencement of the project.
With the ongoing and
forthcoming projects in line, the Company is confident of significant increase
in revenue from Real Estate business going ahead.
3.
Vista Phase III, Nashik
The residential project is
an extension of Vista Ph I and Ph II located at Indiranagar, Nashik, which is
surrounded by well developed infrastructure. The project will comprise of 2 and
3 BHK apartments with size ranging from 1,195 sq. ft. to 1,575 sq. ft. The
project will feature all the latest amenities like club house, well designed
landscape garden, kids play area, sewage treatment plant, rain waterharvesting,
etc.
GMPTECHNICAL
SOLUTIONS
The company has acquired
GMP technical solution in August 2010, and with this company has forayed into
the business of clean room modular partitions, HVAC design and supply,
integrated building management systems, electric systems and accessories, epoxy
and Vinyl flooring and interlocking and access control.
The company has been
delivering a consistent growth and generating steady revenue and margin which
is expected to remain stable going forward. The Company has been successful in bidding
joint turnkey contracts like ESIC hospital, BPTP residential project, Sankara
Eye Hospital etc., achieving the synergies of acquisition.
During last year, The
company has increased its turnover from Rs. 1410.000 Millions in FY11 to Rs.
1690.000 Millions in FY12 on a standalone basis. Its export has risen from Rs.
99.400 Millions to Rs. 312.100 Millions during the same period, an increase of
214%.
Hospitality
Business:
As a part of the growth
strategy, the Company has developed number of hospitality properties. The
primary reason to hold these properties is to tap the demand for the
hospitality segment in and around their Real Estate development. Secondly, as
the Company has expertise in construction, getting the investor who likes to
save the lead time for construction, benefits both the parties.
During the last Quarter of
FY12, the Company has sold shares of one of its Joint Venture companies
operating a hotel property in Pune, as a strategic spin offs with 100% profit.
Financial
highlights
·
During
the year 2011 -12, the Company reported net income of Rs. 7671.000 Millions
·
Earnings
before Interest, Depreciation, Tax and Amortization stood at 827.000 Millions
·
Profit
before tax from ordinary activities reported at Rs. 275.000 Millions
·
Net
profit stood at Rs. 155.000 Millions
·
Net
Debt to Equity stood at 0.47 times
CONTINGENT
LIABILITIES:
(Rs. In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Disputed demands for Income Tax |
132.574 |
61.596 |
|
Disputed demands for Service Tax |
24.154 |
18.677 |
|
Disputed demands for Value Added Tax |
2.780 |
0.000 |
|
Performance and financial guarantees given by the Banks on behalf of the Company |
1648.317 |
2442.487 |
|
Corporate guarantees given for other companies / entities |
1946.300 |
891.300 |
|
Claims against the Company not acknowledged as debts |
3600.000 |
6087.783 |
|
i) The assignee of a development rights relating to a property had filed an arbitration proceedings making a claim of Rs. 2487.783 Millions plus interest . During the year under review, the parties were negotiating Consent Terms which have been finally executed after the balance sheet date. The settlement accepts the finality of all the actions taken and no amount is payable by the Company to the claimants. The said consent terms are in the process of being filed with the Arbitral Tribunal for its order. Since the parties to the dispute have agreed to the settlement, the Company has been legally advised that, pending final order of the Arbitral Tribunal, no claim or contingency exists as of now. ii) In respect of claim against the Company amounting to Rs.3600.000 Millions (Rs 3600.000 Millions) by a party who was originally claiming interest in a property, no provision has been considered necessary by the Management in view of the legal opinion that the said claim is not tenable on various grounds. |
||
FIXED ASSTES
·
·
Land
·
Premises
·
Plant and Machinery
·
Furniture and Fixture
·
Electric Fitting
·
Motor Vehicle
·
Air conditioner
·
Office Equipment
·
Software
·
Furniture and Fitting
·
Other Construction Assets
PRESS
RELEASE
February 14, 2012
Q3FY12 Result
• Revenue at Rs. 1740.300 Millions
• EBITDA at Rs.
268.100 Millions
• PAT at Rs. 32.900
Millions
•
Nine
Months FY12 Result
• Revenue at Rs. 5466.000 Millions
• EBITDA at Rs. 753.200 Millions
• PAT at Rs. 98.600 Millions
• Debt at Rs 3898.500 millions and Net debt to Equity Ratio at 0.48
• Commencement of work at Renaissance project
• EPC order book of Rs. 52270.000 Millions and backlog of Rs. 36590.000 Millions
Pune, February 14, 2012: (Vascon Engineers Limited, a leading EPC and Real Estate player, on a consolidated basis recorded revenue of Rs. 1740.300 millions for Q3FY12 as against Rs.21 52.100 millions in the corresponding quarter last year. Similarly, EBITDA for Q3FY12 was reported Rs. 268.100 millions compared to Rs. 153.200 millions in the corresponding quarter last year and Profit after tax for Q3FY12 was Rs. 32.900 millions compared to Rs. 55.500 millions in the corresponding quarter last year.
The Company has been able to maintain its operating margins despite inflationary pressures. Profit after tax was lower on account of higher interest outgo and higher taxes.
EPC Segment:
The current EPC Order book is Rs. 52270.000 millions and order backlog is Rs. 36590.000 millions out of which 7396 of order backlog i.e. Rs. 26670.000 millions are third party EPC contracts.
Construction work has commenced at the largest EPC contract of Rs. 11000.000 millions in the current quarter and as the project progresses, it will contribute in improving the EPC revenue of the Company. This is the first private sector "MIDC equivalent" industrial park in Bhiwandi. The project is executed by LLP formed with Renaissance Croup wherein Vascon's share is 65%. The Logistic Park located at Bhiwandi, near Mumbai will have about 16 mn sq. ft. to be constructed in next 5 year period. The scope includes construction of various warehouses, industrial buildings, Roads, sewage layout and various related infrastructure work.
The Company has managed its operations in an extremely challenging environment and is well on track to achieve its historical EPC revenue growth rate in the coming quarters.
Real Estate Segment:
During Q3FY12, company has sold the area totaling 58,973 sq. ft. The cumulative area sold around 1.6 million sq. ft. amounting to sale value of Rs. 6670.000 millions of which attributable to Vascon is around Rs. 3660.000 millions. The average sales realization per sq ft has been consistent in the current quarter. Also, the collection has been on track in comparison with the previous quarters. The total area under construction in residential segment is 2.3 million sq. ft.
The Company is planning to launch the Talegaon project near Pune in current quarter. The total saleable area of the project is 2.5 million sq. ft. and the same will be developed in phases. The first phase will be 0.24 million sq. ft. residential development with 1, 2 and 3 BHK of 750 sq. ft. to 1,630 sq. ft. The township will have amenities like swimming pool* gym, community hall, kids play area, market etc and is expected to be developed over a period of 2.5 years.
In the next few months the Company has planned launches at Chennai, Coimbatore, Nashik in a price range of Rs 3000-5000 per sq. ft. targeting mid price segment.
Awards and
Recognition:
The Company during the current quarter has been the winner of BAI - Universal (Builder's Association of India) Well Built Structure Competition 2011 for its Altimo, Altamount Road, Mumbai project in the award category of Well Mechanized Project 2011.
About Vascon
Engineers:
Vascon Engineers Limited. (VEL) is engaged in EPC services and Real Estate Projects with a track record of 26 years. EPC operations are in a number of states and union territories in India, providing high quality and innovative projects on a timely basis. EPC operations are focused on building construction in diverse areas like pharma, hospitals, factory buildings, educational institution buildings, Government buildings, MES, hospitality building etc. Real Estate projects comprises of residential and office complexes as well as shopping malls, multiplexes, hospitality properties and IT parks
CMT REPORT (Corruption, Money Laundering and 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.56.87 |
|
|
1 |
Rs.87.65 |
|
Euro |
1 |
Rs.74.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
SDA |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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 and 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.