MIRA
INFORM REPORT
|
Report Date : |
13.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
EVEREST KANTO CYLINDER LIMITED |
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Registered
Office : |
204, Raheja Centre, Free Press Journal Marg, 214, Nariman Point,
Mumbai – 400021, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
24.06.1978 |
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Com. Reg. No.: |
11-020434 |
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Capital
Investment / Paid-up Capital : |
Rs.214.315 Millions |
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CIN No.: [Company Identification
No.] |
L29200MH1978PLC020434 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of widest range of High Pressure Gas
Cylinders. |
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No. of Employees
: |
1400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 20000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record.
There appears continuous dip in its sales and profitability. The company has
recorded some loss during 2012. However, networth of the company is strong. Trade relations are
reported to be fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealings with some caution.
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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 Rating: BBB- |
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Rating Explanation |
Having moderate degree of safety regarding
timely servicing of financial obligation, it carry moderate credit risk. |
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Date |
May, 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 : |
Ms. Kanika Sharma |
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Designation : |
Company Secretary |
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Contact No.: |
91-22-30268300 |
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Date : |
11.06.2013 |
LOCATIONS
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Registered/ Head Office : |
204, Raheja Centre, Free Press Journal Marg, 214, Nariman Point,
Mumbai – 400021, Maharashtra, India |
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Tel. No.: |
91-22-30268300-01 (30 Lines) |
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Fax No.: |
91-22-22870718/ 0720 |
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E-Mail : |
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Website : |
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Plant 1: |
Survey No. 141/1 and 141/2, Village Varsana, Near NH 8A East, P.O Box Gopalpuri,
Taluka – Anjar, Gandhidham, Kutch – 370240, |
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Plant 2: |
Plot No. 525 to 542, 618, 619, 627 and 628, Sector – New Extended
Area, Kandla Special Economic Zone, Gandhidham, Kutch – 370230, Gujarat,
India |
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Plant 3: |
N – 62, MIDC Industrial Area, Kumbhavali Naka, Tarapur – 401506, |
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Plant 4: |
E – 22, MIDC Area, Chikalthana, |
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Branch Office 1: |
No.9, Mota Chambers, Milier Road, |
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Tel No: |
91-80-22280457/ 4202 |
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Fax No: |
91-80-22284201 |
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Branch Office 2: |
B- 69/ 2, Wazirpur Industrial Area, |
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Tel No: |
91-11-42474916/ 4917 /4919/ 4920 |
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Fax No: |
91-11-27377530/ 91-11-42474918 |
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Branch Office 3: |
Located at: · Kolkata |
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Branch Office 4: |
Plot No. M 03130, P.O |
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Tel No: |
971-4-8832796/ 8832707/ 8832799 |
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Fax No: |
971-4-8832799 |
DIRECTORS
(AS ON 31.03.2012)
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Name : |
Mr. P.K. Khurana |
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Designation : |
Chairman and
Managing Director |
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Name : |
Mr. Pushkar Khurana |
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Designation : |
Non - Executive
Director |
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Email : |
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Name : |
Mr. Puneet Khurana |
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Designation : |
Whole - Time
Director |
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Email : |
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Name : |
Mr. P.M. Samvatsar |
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Designation : |
Whole - Time Director |
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Name : |
Mr. Shailesh Haribhakti |
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Designation : |
Independent
Director |
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Name : |
Mr. Krishen Dev |
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Designation : |
Independent
Director |
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Name : |
Mr. Naresh Oberoi |
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Designation : |
Independent
Director |
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Name : |
Mr. Mohan Jayakar |
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Designation : |
Independent
Director |
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Name : |
Mr. Vyomesh Shah |
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Designation : |
Independent
Director |
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Name : |
Mr. Gurdeep Singh |
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Designation : |
Independent
Director |
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Name : |
Mr. Varun Bery |
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Designation : |
Non-Executive
Non-Independent Director |
KEY EXECUTIVES
|
Name : |
Ms. Kanika Sharma |
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Designation : |
Company Secretary and Compliance Officer |
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Name : |
Mr.
Vipin Chandok |
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Designation : |
Chief
Financial Officer |
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BOARD COMMITTEES |
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Audit Committee: |
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Shareholders’/ Investors’ Grivances Redressal and Share Transfer
Committee: |
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Remuneration Committee: |
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Allotment Committee: |
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Management Committee: |
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Investment Committee: |
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MAJOR SHAREHOLDERS/ SHAREHOLDING PATTERN
(AS ON 31.03.2013)
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
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(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
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|
44707174 |
41.72 |
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|
19350628 |
18.06 |
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|
64057802 |
59.78 |
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|
706264 |
0.66 |
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|
706264 |
0.66 |
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Total shareholding
of Promoter and Promoter Group (A) |
64764066 |
60.44 |
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(B) Public
Shareholding |
|
|
|
|
|
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|
7211765 |
6.73 |
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|
600 |
0.00 |
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|
4339202 |
4.05 |
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|
11551567 |
10.78 |
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|
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|
4395288 |
4.10 |
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|
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|
15828495 |
14.77 |
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|
926372 |
0.86 |
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|
9691894 |
9.04 |
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|
619665 |
0.58 |
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|
1031015 |
0.96 |
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|
8036714 |
7.50 |
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|
4500 |
0.00 |
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|
30842049 |
28.78 |
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Total Public
shareholding (B) |
42393616 |
39.56 |
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|
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Total (A)+(B) |
107157682 |
100.00 |
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total
(A)+(B)+(C) |
107157682 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 MillionShareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl.No. |
Name of the Shareholder |
Details of Shares held |
Encumbered shares (*) |
|||
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
||
|
1 |
Khurana Gases Private Limited |
1,45,50,628 |
13.58 |
14520000 |
99.79 |
13.55 |
|
2 |
Suman Khurana |
1,42,13,715 |
13.26 |
0 |
0.00 |
0.00 |
|
3 |
Prem Kumar Khurana |
1,22,18,000 |
11.40 |
12218000 |
100.00 |
11.40 |
|
4 |
Medical Engineers India Limited |
48,00,000 |
4.48 |
4800000 |
100.00 |
4.48 |
|
5 |
Premkumar Khurana & Sons - HUF |
48,00,000 |
4.48 |
0 |
0.00 |
0.00 |
|
6 |
Pushkar Prem Kumar Khurana |
49,41,890 |
4.61 |
598600 |
12.11 |
0.56 |
|
7 |
Puneet Prem Kumar Khurana |
49,06,833 |
4.58 |
0 |
0.00 |
0.00 |
|
8 |
Vandana Khurana |
15,00,000 |
1.40 |
1500000 |
100.00 |
1.40 |
|
9 |
Varun Khurana |
16,02,000 |
1.49 |
780000 |
48.69 |
0.73 |
|
10 |
Shyam Sunder Khurana |
12,20,000 |
1.14 |
1220000 |
100.00 |
1.14 |
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11 |
Nishita Khurana |
10,000 |
0.01 |
0 |
0.00 |
0.00 |
|
12 |
Pooja Khurana |
1,000 |
0.00 |
0 |
0.00 |
0.00 |
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Total |
6,47,64,066 |
60.44 |
35636600 |
55.03 |
33.26 |
Shareholding of securities (including shares, warrants, convertible securities)
of persons belonging to the category Public and holding more than 1% of the
total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Brightwill Limited |
4836714 |
4.51 |
|
|
2 |
Reliance Capital Trustee Company Ltd A/c
Reliance Growth Fund |
7000000 |
6.53 |
|
|
3 |
TVG India Investment Holdings Limited |
3200000 |
2.99 |
|
|
4 |
Beacon India Private Equity Fund |
3634865 |
3.39 |
|
|
|
Total |
18671579 |
17.42 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public”
and holding more than 5% of the total number of shares of the company
|
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 |
Reliance Capital Trustee Company Limited
A/c Reliance Growth Fund |
7000000 |
6.53 |
|
|
|
Total |
7000000 |
6.53 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of widest range of High Pressure Gas
Cylinders. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Seamless gas cylinders |
Nos |
672000 |
672000 |
543767 |
GENERAL INFORMATION
|
No. of Employees : |
1400 (Approximately) |
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Bankers : |
· State Bank of Hyderabad · Citibank N.A. · ICICI Bank Limited ·
Standard Chartered Bank ·
Yes Bank Limited ·
DBS Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dalal and Shah Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Other related parties where control exists: |
·
Everest Kanto Investment and Finance Private
Limited ·
Khurana Gases Private Limited ·
Medical Engineers ( ·
Khurana Fabrication Industries Private Limited ·
Khurana Exports Private Limited ·
Everest Industrial Gases Private Limited ·
Khurana Charitable Trust ·
Khurana Education Trust ·
G.N.M Realtors Private Limited ·
Ukay Valves and Founders Private Limited |
|
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Subsidiary Companies : |
·
EKC Industries ( · EKC International FZE, UAE ·
·
EKC Industries (Thailand) Company Limited,
Thailand |
|
|
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|
Step
Down Subsidiary Companies : |
·
EKC
Hungary Kft, Hungary ·
EKC
Europe GmbH, Germany · CP Industries Holdings Inc., USA |
CAPITAL STRUCTURE
(AS ON 31.03.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.2/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
107157682 |
Equity Shares |
Rs.2/- each |
Rs.214.315
Millions |
|
|
|
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|
NOTE:
(a) Reconciliation of Number of Shares
|
Equity Shares |
No. of Shares |
(Rs. In
Millions) |
|
|
|
|
|
Shares outstanding at the beginning of the year |
107,157,682 |
214.315 |
|
Shares Issued during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
107,157,682 |
214.315 |
(b) Rights, Preferences and Restrictions attached to Shares
The Company has
one class of Equity Shares having a par value of ` 2/- per Share. Each
Shareholder is eligible for one vote per share held. The Dividend proposed by
the Board of Directors is subject to the approval of the Shareholders in the
ensuing Annual General Meeting. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the Company after
distribution of all preferential amounts in proportion to the share holding.
(c) Details of shares held by shareholders holding more than 5% of
the aggregate shares in the Company
|
Name of Shareholder |
No. of Shares |
Held % of
Holding |
|
P. K. Khurana (Promoter) |
12,218,000 |
11.40 |
|
Suman Khurana (Promoter) |
14,213,715 |
13.26 |
|
Khurana Gases Private Limited (Promoter) |
14,520,000 |
13.55 |
|
Reliance Capital Trustee Company Limited |
7,000,000 |
6.53 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
214.315 |
214.315 |
|
(b) Reserves & Surplus |
|
4866.352 |
4998.590 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3) Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
198.524 |
1922.694 |
|
(b) Deferred tax liabilities (Net) |
|
112.108 |
138.723 |
|
(c) Other long term liabilities |
|
1.150 |
1.150 |
|
(d) long-term provisions |
|
9.241 |
9.772 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
1020.733 |
432.852 |
|
(b) Trade payables |
|
329.964 |
524.651 |
|
(c) Other current
liabilities |
|
2288.224 |
456.943 |
|
(d) Short-term provisions |
|
35.991 |
192.021 |
|
TOTAL |
|
9076.602 |
8891.711 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
3248.078 |
2224.852 |
|
(ii) Intangible Assets |
|
18.392 |
23.054 |
|
(iii) Capital
work-in-progress |
|
244.059 |
1285.635 |
|
(iv) Intangible
assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1092.648 |
10824.421 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
846.330 |
684.999 |
|
(e) Other Non-current assets |
|
8.459 |
1.579 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.177 |
341.303 |
|
(b) Inventories |
|
2274.799 |
1529.223 |
|
(c) Trade receivables |
|
635.963 |
694.436 |
|
(d) Cash and cash
equivalents |
|
127.204 |
121.758 |
|
(e) Short-term loans and
advances |
|
460.808 |
718.327 |
|
(f) Other current assets |
|
119.685 |
184.124 |
|
TOTAL |
|
9076.602 |
18633.711 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
202.315 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
4185.181 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
4387.496 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
632.549 |
|
|
2] Unsecured Loans |
|
|
2439.490 |
|
|
TOTAL BORROWING |
|
|
3072.039 |
|
|
DEFERRED TAX LIABILITIES |
|
|
141.556 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7601.091 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1872.669 |
|
|
Capital work-in-progress |
|
|
1577.478 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
973.056 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2101.272 |
|
|
Sundry Debtors |
|
|
684.747 |
|
|
Cash & Bank Balances |
|
|
83.261 |
|
|
Other Current Assets |
|
|
84.291 |
|
|
Loans & Advances |
|
|
1392.706 |
|
Total
Current Assets |
|
|
4346.277 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
926.317 |
|
|
Other Current Liabilities |
|
|
83.739 |
|
|
Provisions |
|
|
158.333 |
|
Total
Current Liabilities |
|
|
1168.389 |
|
|
Net Current Assets |
|
|
3177.888 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7601.091 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
3113.246 |
3791.160 |
3490.651 |
|
|
|
Other Income |
122.989 |
92.490 |
87.413 |
|
|
|
TOTAL (A) |
3236.235 |
3883.650 |
3578.064 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2060.858 |
1904.634 |
2807.167 |
|
|
|
Purchases of Stock-in-Trade |
104.650 |
24.389 |
64.391 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and
Stock-in-Trade |
(304.558) |
406.016 |
(271.596) |
|
|
|
Employee Benefits Expense |
237.432 |
262.364 |
0.000 |
|
|
|
Other Expenses |
690.394 |
691.735 |
718.602 |
|
|
|
Own Goods Capitalised |
(24.125) |
(24.500) |
(6.523) |
|
|
|
Foreign Exchange Variation (Gain)/ Loss (Net) |
306.058 |
(9.146) |
(243.499) |
|
|
|
TOTAL (B) |
3070.709 |
3255.492 |
3068.542 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
165.526 |
628.158 |
509.522 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
125.596 |
31.484 |
31.220 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
39.930 |
596.674 |
478.302 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
238.710 |
241.902 |
142.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(198.780) |
354.772 |
335.402 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(76.615) |
129.597 |
69.477 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(122.165) |
225.175 |
404.879 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
970.717 |
807.388 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
100.000 |
100.000 |
|
|
|
Dividend |
NA |
160.737 |
121.389 |
|
|
|
Tax on Dividend |
NA |
35.092 |
20.161 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
900.063 |
970.717 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
644.438 |
1215.888 |
540.914 |
|
|
|
Commission for bank guarantee |
3.583 |
5.135 |
5.397 |
|
|
|
Interest on loans given |
22.163 |
20.101 |
31.002 |
|
|
|
Others |
0.403 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
670.587 |
1241.124 |
577.313 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2136.223 |
1356.011 |
1862.426 |
|
|
|
Stores & Spares |
2.678 |
5.737 |
0.341 |
|
|
|
Capital Goods |
0.000 |
111.649 |
231.784 |
|
|
TOTAL IMPORTS |
2138.901 |
1473.397 |
2094.551 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.14) |
2.13 |
4.00 |
|
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 |
509.800 |
692.300 |
556.000 |
712.100 |
|
Total Expenditure |
714.800 |
630.300 |
662.500 |
748.300 |
|
PBIDT (Excl OI) |
(205.000) |
62.000 |
(106.500) |
(36.200) |
|
Other Income |
26.500 |
148.300 |
33.200 |
25.000 |
|
Operating Profit |
(178.500) |
210.300 |
(73.300) |
(11.200) |
|
Interest |
21.700 |
23.100 |
154.200 |
107.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
(200.200) |
187.200 |
(227.500) |
(118.200) |
|
Depreciation |
72.600 |
73.600 |
(23.600) |
55.600 |
|
Profit Before Tax |
(272.800) |
113.600 |
(251.100) |
(173.800 |
|
Tax |
(68.400) |
20.200 |
(35.500) |
(25.400) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(204.400) |
93.400 |
(215.600) |
(148.400) |
|
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 |
-20.44 |
93.400 |
(215.600) |
(148.400) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(3.77)
|
5.80 |
11.32 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(6.38)
|
9.36 |
9.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.57)
|
5.44 |
5.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.07 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(0.16)
|
0.15 |
0.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98
|
2.23 |
3.72 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Trade Payable |
329.964 |
524.651 |
926.317 |
|
|
|
|
|
|
Total |
329.964 |
524.651 |
926.317 |
|
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 |
----- |
|
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 |
No |
|
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 LOANS
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Long Term
Borrowing |
|
|
|
(a) Bonds/Debentures |
|
|
|
- Foreign Currency Convertible Bonds |
0.000 |
1562.750 |
|
(b) Term loans |
|
|
|
- Sales Tax Deferment Loan (Interest Free) |
198.524 |
181.344 |
|
|
|
|
|
Short Term
Borrowing |
|
|
|
Loans from Banks |
|
|
|
- Working Capital Facility |
88.002 |
120.107 |
|
|
|
|
|
Total |
286.526 |
1864.201 |
MANAGEMENT DISCUSSION
AND ANALYSIS
FORWARD - LOOKING
STATEMENTS
This report contains forward looking statements identified by
words like ‘plans’, ‘expects’, ‘will’, ‘anticipates’, ‘believes’, ‘intends’,
‘projects’, ‘estimates’ or other words of similar meaning. All statements that
address expectations or projections about the future, including, but not
limited to the Company’s strategy for growth, product development, market
position, expenditures and financial results, are forward-looking statements.
Since these are based on certain assumptions and expectations of future events,
the Company cannot guarantee that these are accurate or will be realised. The
Company's actual results, performance or achievements could thus differ
materially from those projected in any forward-looking statements. The Company
assumes no responsibility to publicly amend, modify or revise any forward looking
statements, on the basis of any subsequent developments, information or events.
OVERVIEW
Financial Year 2011-12 was a challenging year for the
economy as well as the Company. The global economy witnessed lower economic
growth, resulting primarily from the Euro Zone debt crisis and high oil prices.
Rising unrest in the Middle East and North Africa resulted in unprecedented
levels of crude oil volatility. The European economies stagnated and the US
witnessed a downgrade in its credit rating, while the growth engines of the
global economy, China and India, were forced to tighten liquidity and to keep
interest rates high to tame rising inflation, which was unrelenting in India.
The situation was aggravated in India due to the steep and sudden decline in
the Rupee versus the US$ and other currencies and also due to lack of any
policy initiatives by the Governments in India to address the emerging
challenges. According to the International Monetary Fund (IMF), the global
economy is estimated to grow at a modest pace of 3.8% in 2011, as compared to a
robust 5.2% in 2010. These global events had an overall negative impact on
demand of the Company’s products.
DOMESTIC BUSINESS
The demand for
industrial cylinders continued to be robust. CNG cylinders witnessed reduced
demand from the Original Equipment Manufacturers as well as the Retrofit
segment due to various factors, such as, lower growth of automobile sector,
non-coverage non-coverage of new cities under the City Gas Distribution policy,
continued high subsidy on diesel vis a vis petrol resulting in higher
production of diesel vehicles, etc. Due to the competitive scenario, there was
pressure on margins.
INTERNATIONAL BUSINESSES
(a) Dubai
Operations
Due to
geo-political situation in the Middle-East Asia, sales to Iran market, which
historically accounted for a substantial portion of its business, got severely
affected during the year, with concomitant effect on the operating results. To
tide over the situation, development of alternate markets, such as, South
America, CIS countries, etc. has been initiated.
(b) USA Operations
Due to improved
business conditions and demand situation, the performance during the year was
robust, represented by about 71% sales growth, improved capacity utilization
and negligible loss at the net level of the standalone operations. On
consolidation, the results however continue to report a loss due to
amortisation of intangible assets acquired during the business acquisition.
The order book is
expected to remain good during the current year and the Company will opt for
higher margin business. The huge gas discovery in the USA, the thrust on the
increased usage of natural gas and its promotion by the US Government augurs
well for the business in the coming years.
(c) China Operations
The China CNG
cylinders operations continue to remain affected due to high local competition
and price sensitive environment, which scenario is expected to continue. The
Jumbo cylinders segment, however, has good business potential due to low competition
and high demand and growth prospects. The business thrust, going forward, will
be on the Jumbo cylinders segment
FINANCIAL PERFORMANCE
VIS-A-VIS OPERATIONAL PERFORMANCE
The last year has been
difficult for the Company on account of the challenges presented by the
economic environment (both local as well as international) resulting in lower
sales and profitability The situation got aggravated by the adverse movement of
the Rupee against the US Dollar.
EKC sold around
745,000 cylinders during the year 2011-12 as compared to 885,000 cylinders
during the year 2010-11.
INTERNAL CONTROL
SYSTEM
The Company believes in formulating adequate and effective internal control systems and implementing the same strictly to ensure that assets and interests of the Company are safeguarded and reliability of accounting data and accuracy are ensured with proper checks and balances. The Internal control system is improved and modified continuously to meet the changes in business conditions, statutory and accounting requirements.
The Company has an internal audit function, which is empowered to examine the adequacy and the compliance with policies, plans and statutory requirements. It is also responsible for assessing and improving the effectiveness of risk management, control and governance process. The management of the Company duly considers and takes appropriate action on the recommendations made by the statutory auditors, internal auditors and the independent Audit Committee of the Board of Directors.
The prevailing system of internal controls and internal audit are considered to be adequate vis-a-vis the business requirements. In order to further strengthen the internal control systems and with a view to automate the various processes of the business, EKC has implemented an Enterprise Wide Resource Planning (ERP) system.
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF: (RS. IN MILLIONS)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
A] Disputed Tax and other Matters |
|
|
|
Income Tax |
15.654 |
2.114 |
|
Sales Tax |
48.674 |
11.482 |
|
Lease Tax |
1.634 |
1.634 |
|
Future cash
flows in respect of the above are determinable only on receipt of judgments/ decisions
pending with various forums/ authorities. |
|
|
|
|
|
|
|
B] Corporate Guarantees given on behalf of subsidiaries and step down
subsidiaries |
3396.329 |
3438.050 |
|
Amounts outstanding there against |
594.266 |
1084.892 |
UNAUDITED/AUDITED FINANCIAL RESULTS (STANDALONE) FOR THE QUARTER AND
YEAR ENDED 31ST MARCH, 2013
(RS.
IN MILLIONS)
|
|
Particulars |
3 months ended |
Preceding 3 months ended |
Current Year Ended |
|
|
|
31/03/2013 |
31/12/2012 |
31/03/2013 |
|
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
|
|
|
|
|
|
1 |
Income from operations |
|
|
|
|
|
(a) Net
sales/income From operations |
688.500 |
543.900 |
2405.900 |
|
|
(Net of
excise duty) |
|
|
|
|
|
(b)
Other operating income |
23.600 |
12.100 |
64.400 |
|
|
|
|
|
|
|
|
Total income from operations (net) |
712.100 |
556.000 |
2470.300 |
|
|
|
|
|
|
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed (net) |
499.500 |
469.300 |
1727.000 |
|
|
(b) Purchases of stock-in-trade |
0.800 |
0.400 |
4.500 |
|
|
(c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
930.000 |
(3510.000) |
(89.900) |
|
|
(d| Employee benefits expense |
52.500 |
53.900 |
212.600 |
|
|
(e| Depreciation and amortization expense |
55.600 |
23.600 |
225.400 |
|
|
(f) Power and Fuel |
74.300 |
74.700 |
297.300 |
|
|
(g) Others |
107.300 |
96.100 |
360.800 |
|
|
Total expenses |
799.300 |
682.900 |
2737.700 |
|
|
|
|
|
|
|
3 |
Profit / (Loss) from operations
before other income, finance costs, foreign exchange variation gain/ (loss)
and exceptional Items (1-2) |
(87.200) |
(126.900) |
(26740.000) |
|
|
|
|
|
|
|
4 |
Other income |
25.000 |
27.000 |
113.800 |
|
|
|
|
|
|
|
5 |
Profit 1 (Loss)
from ordinary activities before finance costs, foreign exchange variation
gain/(loss) and exceptional Items (3 + 4) |
(62.200) |
(99.900) |
(153.600) |
|
|
|
|
|
|
|
6 |
Finance costs |
107.000 |
157.400 |
331.900 |
|
|
|
|
|
|
|
7 |
Profit / (Loss) from
ordinary activities after finance costs but before foreign exchange variation
gain/ (loss) and exceptional items (5 - 6) |
(169.200) |
(257.300) |
(485.500) |
|
|
|
|
|
|
|
8 |
Foreign Exchange Vanation
Gain/ (Loss) |
(4.600) |
6.200 |
(98.600) |
|
|
|
|
|
|
|
9 |
Profit / (Loss) from
ordinary activities after foreign exchange variation gain/ (loss), but before
exceptional items (7 + 8) |
(173.800) |
(251.100) |
(584.100) |
|
|
|
|
|
|
|
10 |
Exceptional Items |
- |
- |
- |
|
|
|
|
|
|
|
11 |
Profit / (Loss) from
ordinary activities before tax (9 + 10) |
(173.800) |
(251.100) |
(584.100) |
|
|
|
|
|
|
|
12 |
Tax expense / (Credit) |
(25.400) |
(35.500) |
(109.100) |
|
|
|
|
|
|
|
13 |
Net Profit / (Loss) from ordinary activities after
tax (11 + 12) |
(148.400) |
(215.600) |
(475.000) |
|
|
|
|
|
|
|
14 |
Extraordinary items |
- |
|
- |
|
|
|
|
|
|
|
15 |
Net Profit / (Loss) for the period (13 + 14) |
(148.400) |
(1215.600) |
(475.000) |
|
|
|
|
|
|
|
14 |
Paid-up equity share capital (Face value of Rs.2/-) |
-- |
-- |
2.143 |
|
|
|
|
|
|
|
16 |
Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
-- |
-- |
3530.700 |
|
|
|
|
|
|
|
17 |
Earnings per share before
and after extraordinary items (of Rs 2/- each) (not annualisad) (In
Rs.): |
|
|
|
|
|
(a) Basic |
(1.38) |
(2 01) |
(443) |
|
|
(b) Diluted |
(1.38) |
(201) |
(443) |
|
|
Particulars |
3 months ended |
Preceding 3 months ended |
Current Year Ended |
|
|
|
31/03/2013 |
31/12/2012 |
31/03/2013 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
- Number of Shares |
42,393,616 |
42,650,243 |
42 393.616 |
|
|
- Percentage of shareholding |
39.56 |
39.80 |
39 56 |
|
|
|
|
|
|
|
2 |
Promoters and Promoter Group Shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of Shares |
35,636,600 |
35,636.600 |
35.636.600 |
|
|
- Percentage of shares (as a % of (he total Shareholding of Promoter
and Promoter Group) |
55 03 |
55 24 |
55.03 |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
33.26 |
33.26 |
33.26 |
|
|
|
|
|
|
|
|
b) Non - encumbered |
|
|
|
|
|
- Number of Shares |
29.127.466 |
28,870,839 |
29,127.466 |
|
|
- Percentage of shares (as a % of the total Shareholding of Promoter
and Promoter Group) |
44 97 |
44.76 |
44.97 |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
27.18 |
26 94 |
27.18 |
|
|
Particulars |
3 Months ended 31/03/2013 |
|
|
|
|
|
B |
INVESTOR COMPLAINTS Pending at the beginning of the quarter Received during the quarter Disposed of during the quarter Remaining unresolved at the end of the quarter |
Nil 6 6 Nil |
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
|
|
Particulars |
As at Year Ended |
|
|
|
31/03/2013 |
|
|
|
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholders' Funds |
|
|
|
(a) Share Capital |
214.315 |
|
|
(b) Reserves and Surplus |
3530.675 |
|
|
Sub-Total - Shareholders'
Funds |
3744.990 |
|
|
|
|
|
2 |
Non-Current Liabilities |
|
|
|
(a) Long-Term Borrowings |
3059.510 |
|
|
(b) Deferred Tax Liabilities (net) |
- |
|
|
(c) Other Long-Term Liabilities |
2.400 |
|
|
(d) Long-Term Provisions |
8.101 |
|
|
Sub-Total - Non-Current
Liabilities |
3070.011 |
|
|
|
|
|
3 |
Current Liabilities |
|
|
|
(a) Short-Term Borrowings |
668.027 |
|
|
(b) Trade Payables |
4,90.600 |
|
|
(c) Other Current Liabilities |
517.944 |
|
|
(d) Short-Term Provisions |
1.818 |
|
|
Sub-Total - Current
Liabilities |
1678.389 |
|
|
|
|
|
|
TOTAL - EQUITY AND
LIABILITIES |
8493.390 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-Current Assets |
|
|
|
(a) Fixed Assets |
3339.694 |
|
|
(b) Deferred Tax Asset (net) |
- |
|
|
(c) Non-Current Investments |
409.783 |
|
|
(d) Long-Term Loans and Advances |
256.685 |
|
|
(e) Other Non-Current Assets |
2.787 |
|
|
Sub-Total - Non-Current
Assets |
4008.949 |
|
|
|
|
|
2 |
Current Assets |
|
|
|
(a) Current Investments |
6,92.724 |
|
|
(b) Inventories |
1768.474 |
|
|
(c) Trade Receivables |
565.875 |
|
|
(d) Cash & Cash Equivalents (and Bank
Balances) |
132.776 |
|
|
(e) Short-Term Loans and Advances |
1149.877 |
|
|
(f) Other Current Assets |
174.715 |
|
|
Sub-Total - Current Assets |
4484.441 |
|
|
|
|
|
|
TOTAL - ASSETS |
8493.390 |
NOTES
1. As per clause 41 of the listing
agreements, the Company has opted to publish consolidated results only
Standalone results of the Company would be available on the Company's website -www.everestkanto.com and on the websites
of BSE (www bseindia.com) and NSE (www.nseindia.com).
2. The above results were reviewed by the
Audit Committee at its meeting held on 30th May, 2013 and taken on record by
the Board of Directors of the Company at their meeting held on that date.
3. The Company, during the year 2007-2008,
raised a sum of US$35 Million by way of issue of Foreign Currency Convertible
Bonds (FCCBs), which were due on 10th October, 2012. These FCCBs were
optionally convertible into equity shares subject to certain conditions. During
the previous quarter, the FCCBs have been redeemed on the due date at a premium
of 42,8010% as per the terms of the issue. The premium on redemption of the
FCCBs has been charged to the Securities Premium Account. For the purpose of
earnings per share, the conversion option was considered to be anti dilutive.
The redemption has been funded out of long term Rupee Term Loan from a bank.
The Finance Cost for the quarter and the year include Rs.36.028 Millions as
upfront fees and incidental charges (one time) for the new borrowing.
4. Finance Costs include Applicable Net Loss
on Foreign Currency Fluctuations and Translations accounted for as such in
accordance with the applicable Accounting Standard as under:
|
Particulars (Rs. in Millions) |
01/01/2013 to 31/03/2013 |
01/10/2012 to 31/12/2012 |
01/04/2012 to 31/03/2013 |
|
Applicable Net
Loss on Foreign Currency Fluctuations and Translations |
3 |
32 |
262 |
5. Tax Expense includes Current Tax, Deferred
Tax (Including Deferred Credits, if any) and tax adjustments relating to
earlier years.
6. The Board of Directors has recommended a dividend
of Rs.0.20 (ie @10.00%) per equity share of Rs.2/-each for the year ended 31st
March, 2013 (Previous Year Rs.0.25 per equity share of Rs.2/- each) subject to
the approval of the shareholders,
7. The figures of the last quarter are the balancing figure between audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the current
FIXED ASSETS:
·
·
·
Buildings
·
Electrical Installation
·
Plant and Machinery
· Vehicles
·
Office Equipments
·
Furniture and Fixtures
·
Computers
·
Gas Cylinders
·
Electrical Installation
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.58.27 |
|
|
1 |
Rs.91.16 |
|
Euro |
1 |
Rs.77.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & 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 & 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.