1. Summary Information
|
|
|
Country |
India |
|
Company Name |
FORCE MOTORS
LIMITED |
Principal Name 1 |
Mr. Abhay N. Firodia |
|
Status |
Good |
Principal Name 2 |
Mr. Prasan Firodia |
|
|
|
Registration # |
11-011172 |
|
Street Address |
Mumbai-Pune Road,
Akurdi, Pune-411035, Maharashtra |
||
|
Established Date |
08.09.1958 |
SIC Code |
-- |
|
Telephone# |
91-20-22776380 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-20-22775984 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Automotive Components |
|
|
# of employees |
4662 (Approximately) |
Product Name 2 |
Aggregates and Vehicles |
|
Paid up capital |
Rs.131,790,000/-
|
Product Name 3 |
-- |
|
Shareholders |
Shareholding of
Promoter and Promoter Group 51.75%, Public shareholding 48.25% |
Banking |
Citibank NA |
|
Public Limited Corp. |
Yes |
Business Period |
55 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
A (67) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Joint
Venture |
-- |
Man Force Trucks Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
7,569,341,000 |
Current Liabilities |
3,783,939,000 |
|
Inventories |
3,623,956,000 |
Long-term Liabilities |
596,905,000 |
|
Fixed Assets |
4,507,152,000 |
Other Liabilities |
829,870,000 |
|
Deferred Assets |
000 |
Total Liabilities |
5,210,714,000 |
|
Invest& other Assets |
943,219,000 |
Retained Earnings |
11,301,164,000 |
|
|
|
Net Worth |
11,432,954,000 |
|
Total Assets |
16,643,668,000 |
Total Liab. & Equity |
16,643,668,000 |
|
Total Assets (Previous Year) |
10,476,675,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
20,850,058,000 |
Net Profit |
8,243,318,000 |
|
Sales(Previous yr) |
14,804,529,000 |
Net Profit(Prev.yr) |
586,179,000 |
MIRA
INFORM REPORT
|
Report Date : |
13.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
FORCE MOTORS LIMITED (w.e.f.
12.05.2005) |
|
|
|
|
Formerly Known
As : |
BAJAJ TEMPO LIMITED |
|
|
|
|
Registered
Office : |
Mumbai-Pune Road,
Akurdi, Pune-411035, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
08.09.1958 |
|
|
|
|
Com. Reg. No.: |
11-011172 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.131.790
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L34102PN1958PLC011172 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB00002C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB7066L |
|
|
|
|
Legal Form : |
Public Limited Liability
Company. The Company’s shares are listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Design, development and manufacture of automotive
components, aggregates and vehicles. |
|
|
|
|
No. of Employees
: |
4662 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 45700000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a Firodia Group Company. It is a well established and reputed company having fine track record.
Financial position of the company appears to be sound. Performance capacity
of the company is good. The company has performed very well in the current
year. Trade relations are fair. Business is active. Payments are reported to
be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade term and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. A.G. Bhave |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-20-27476381 |
|
Date : |
01.03.2013 |
LOCATIONS
|
Registered/
Corporate Office/ Factory 1 : |
Mumbai-Pune Road,
Akurdi, Pune-411035, Maharashtra, India |
|
Tel. No.: |
91-20-22776380-89/
27476381 Extn. 4274 |
|
Fax No.: |
91-20-22775984/
2773017/ 27473017/ 27404678/ 27485281 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Pithampur Industrial Area, Pithampur, District Dhar-454775, Madhya
Pradesh, India |
|
Tel. No.: |
91-7292-253004 |
|
Fax No.: |
91-7292-308180 |
|
|
|
|
Factory 3 : |
Urse, Taluka Maval, District Pune-410506, Maharashtra, India |
|
|
|
|
Overseas
Office : |
Located At: v
|
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Abhay N. Firodia |
|
Designation : |
Chairman |
|
Qualification: |
B. A. (Hons.) |
|
Date of
Appointment : |
01.07.1987 |
|
|
|
|
Name : |
Mr. Prasan Firodia |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Sudhir Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S.N. Inamdar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pratap Pawar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. L. Lakshman |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Anita
Ramachandran |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. Padmanabhan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arun Seth |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vinay Kothari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Atul Chordia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R.B. Bhandari |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mrs. Aparna G. Lambore |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
533230 |
4.05 |
|
|
6285042 |
47.70 |
|
|
6818272 |
51.75 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
6818272 |
51.75 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
200 |
0.00 |
|
|
4172 |
0.03 |
|
|
30155 |
0.23 |
|
|
755401 |
5.73 |
|
|
789928 |
6.00 |
|
|
|
|
|
|
3313569 |
25.15 |
|
|
|
|
|
|
1652544 |
12.54 |
|
|
601949 |
4.57 |
|
|
5568062 |
42.26 |
|
Total Public shareholding (B) |
6357990 |
48.25 |
|
Total (A)+(B) |
13176262 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
13176262 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Design, development and manufacture of automotive
components, aggregates and vehicles. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Licensed
Capacity Per
Annum |
Installed
Capacity Per
Annum |
Actual
Production |
|
On-road automobiles having 4 or more wheels such as Light, Medium and
Heavy Commercial Vehicles, Jeep type vehicles and passenger cars |
Nos. |
60000* |
55000 |
26717 |
|
Agricultural Tractors |
Nos. |
12000 |
12000 |
1097 |
|
Diesel Engines for other purposes |
Nos. |
7500 |
6000 |
20 |
|
Moulds, Dies, Press Tools, Jigs and Fixtures |
Nos. |
1000 |
500 |
1599** |
* Inclusive of a
capacity not exceeding 10,000 numbers per annum for the manufacture of three wheelers.
** Includes 1461
capitalized for self-use.
NOTE: Installed Capacity is as estimated by the Managing
Director and accepted by the Auditors without verification.
GENERAL INFORMATION
|
No. of Employees : |
4662 (Approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India · Canara Bank · Standard Chartered Grindlays Bank Limited · Citibank NA · Bank of Maharashtra · Bank of America NT and SA · HDFC Bank Limited |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P.G. Bhagwat Chartered
Accountants |
|
Address : |
Pune, |
|
|
|
|
Cost Auditors: |
Joshi Apte and Associates Cost Accountants |
|
Address : |
Pune, |
|
|
|
|
Joint Venture
Company : |
Man Force Trucks Private Limited |
|
|
|
|
Other Related
Parties : |
v Jaya Hind Investments Private Limited v Jaya Hind Industries Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13213802 |
Equity Shares |
Rs.10/- each
|
Rs.132.138
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13176262 |
Equity Shares [of the above
2,00,918 (2,00,918) Equity Shares are allotted as fully paid Shares pursuant
to a contract without payment being received in cash and 57,29,934
(57,29,934) Equity Shares are allotted as fully paid Bonus Shares by
capitalization of reserves] [These
allotments were made before earlier financial year and not in the period of
five years preceding 31st March, 2012 or 31st March, 2011] |
Rs.10/- each
|
Rs.131.763
Millions |
|
|
Add: Amount paid on Forfeited Shares |
|
Rs.0.027
Millions |
|
|
Total
|
|
Rs.131.790 Millions |
NOTES:
Terms/rights
attached to equity shares:
The Company has
issued equity shares. All equity shares issued rank pari passu in respect of
distribution of dividend and repayment of capital. 13,032,914 equity shares are
quoted equity shares with no restriction on transfer of shares. 27,600 equity
shares are 'A' equity shares which are transferrable only to permanent
employees of the Company. 1,15,748 equity shares are Second 'A' equity shares
which are transferrable to permanent employees, who have put in five years of
service with the Company.
The Board of
Directors has recommended a dividend of 10/- ( 5/-) per share on 1,31,76,262
(1,31,76,262) equity shares of 10/- each fully paid up.
In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive remaining assets of the company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
Shares held by holding/ultimate holding company
and/or their subsidiaries/associates
The Company is not a subsidiary of any other company.
Details of
shareholders holding more than 5% of paid up equity share capital.
|
|
AS ON 31.03.2012 |
|
|
PARTICULAR |
NO. OF SHARES |
% OF HOLDING |
|
Jaya Hind Investments Private Limited |
6217358 |
47.19 |
|
Bajaj Holdings and Investment Limited |
2566661 |
19.48 |
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 |
131.790 |
131.790 |
131.790 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
11301.164 |
3210.983 |
2701.374 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11432.954 |
3342.773 |
2833.164 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
1190.778 |
620.027 |
|
|
2] Unsecured Loans |
596.905 |
1304.295 |
858.283 |
|
|
TOTAL BORROWING |
596.905 |
2495.073 |
1478.310 |
|
|
DEFERRED TAX LIABILITIES |
191.480 |
157.296 |
88.029 |
|
|
|
|
|
|
|
|
TOTAL |
12221.339 |
5995.142 |
4399.503 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4507.152 |
3925.312 |
2843.098 |
|
|
Capital work-in-progress |
933.744 |
143.115 |
122.314 |
|
|
|
|
|
|
|
|
INVESTMENT |
9.475 |
567.446 |
567.447 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3623.956
|
3113.075
|
1937.268
|
|
|
Sundry Debtors |
1564.327
|
1613.656
|
1502.273
|
|
|
Cash & Bank Balances |
4620.898
|
147.574
|
257.092
|
|
|
Other Current Assets |
4.090
|
0.057
|
0.302
|
|
|
Loans & Advances |
1380.026
|
966.440
|
647.548
|
|
Total
Current Assets |
11193.297
|
5840.802
|
4344.483
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2436.885
|
3610.726
|
2357.300
|
|
|
Other Current Liabilities |
1347.054
|
344.908
|
680.611
|
|
|
Provisions |
638.390
|
525.899
|
439.928
|
|
Total
Current Liabilities |
4422.329
|
4481.533
|
3477.839
|
|
|
Net Current Assets |
6770.968
|
1359.269
|
866.644
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
12221.339 |
5995.142 |
4399.503 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
20850.058 |
14804.529 |
9555.503 |
|
|
|
Other Income |
245.973 |
935.993 |
963.068 |
|
|
|
TOTAL (A) |
21096.031 |
15740.522 |
10518.571 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
14929.840 |
11058.165 |
7328.562 |
|
|
|
Other Expenses |
2766.577 |
3621.817 |
2408.891 |
|
|
|
Employee Benefits expense |
2588.784 |
0.000 |
0.000 |
|
|
|
Financial Expenses |
351.529 |
0.000 |
0.000 |
|
|
|
Expenses included in above items,
Capitalized |
(280.887) |
(208.953) |
(67.685) |
|
|
|
Change in Inventories of Finished Goods and Work-in-progress |
(369.274) |
0.000 |
0.000 |
|
|
|
Exceptional Items |
(9607.094) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
10379.475 |
14471.029 |
9669.768 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10716.556 |
1269.493 |
848.803 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
603.565 |
448.172 |
419.955 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
10112.991 |
821.321 |
428.848 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1869.673 |
235.142 |
(175.378) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
8243.318 |
586.179 |
604.226 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
70.000 |
1385.024 |
887.469 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
131.763 |
65.881 |
39.529 |
|
|
|
Provision for Tax on Distributed Profits |
21.375 |
10.688 |
6.720 |
|
|
|
Transfer to General Reserve |
824.400 |
1824.634 |
60.422 |
|
|
BALANCE CARRIED
TO THE B/S |
7335.780 |
70.000 |
1385.024 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export on FOB Basis |
239.629 |
271.709 |
269.640 |
|
|
|
Sale of Long-Term Investments in Man Force Trucks Private Limited |
10165.065 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
10404.694 |
271.709 |
269.64 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
119.285 |
115.293 |
26.750 |
|
|
|
Components |
3423.353 |
2525.904 |
1057.993 |
|
|
|
Spare Parts for Resale |
0.000 |
0.000 |
0.000 |
|
|
|
Capital Goods |
339.587 |
34.365 |
3.113 |
|
|
|
Machinery Spares, Tools and Others |
47.804 |
71.909 |
12.777 |
|
|
TOTAL IMPORTS |
3930.029 |
2747.471 |
1100.633 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
625.62 |
44.49 |
45.86 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
5050.600 |
5040.600 |
4363.200 |
|
Total Expenditure |
4878.700 |
4731.800 |
4172.000 |
|
PBIDT (Excl OI) |
171.900 |
308.800 |
191.200 |
|
Other Income |
120.300 |
127.300 |
93.000 |
|
Operating Profit |
292.200 |
436.100 |
284.100 |
|
Interest |
20.100 |
20.200 |
20.400 |
|
PBDT |
272.100 |
415.900 |
263.800 |
|
Depreciation |
162.900 |
173.000 |
177.900 |
|
Profit Before Tax |
109.100 |
243.000 |
85.900 |
|
Tax |
5.800 |
51.500 |
4.600 |
|
Profit After Tax |
103.300 |
191.500 |
81.300 |
|
Net Profit |
103.300 |
191.500 |
81.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
39.07
|
3.72
|
5.74
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
48.50
|
5.55
|
4.49
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
64.41
|
8.41
|
5.97
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.88
|
0.24
|
0.15
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.05
|
0.75
|
0.52
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.53
|
1.30
|
1.25
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
CASE DETAILS
Bench:-Bombay
|
Stamp No.:- CAFST/7777/2013
Filing Date:- 11/03/2013 |
|
Stamp
No.:- FAST/7775/2013
Main
Matter |
|
PETITIONER:- THE EMPLOYEES
STATE INSURANCE CORPORATION
RESPONDENT:- FORCE
MOTORS LIMITED PETN. ADV.:- SHAILESH S.
PATHAK DISTRICT:- PUNE |
|
Bench:- SINGLE Category:- CONDONATION OF DELAY Status:- Pre-Admission Next Date:- 18/03/2013 Coram:- REGISTRAR (JUDICIAL) |
|
Act :- Employees
State Insurance Act, 1948 Under Section:- 82 |
HISTORY
Subject is an integrated automobile company, which focuses
on design, development and manufacture of automotive components, aggregates and
vehicles in
EXPORTS:
The export turnover for the year was Rs. 239.600 Millions against the
previous year’s export of Rs. 271.700 Millions.
MANAGEMENT
DISCUSSION AND ANALYSIS:
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
The growth of the automobile industry in India moved in
sympathy with the growth of the economy. The pace of economic growth in India
during the year was less than in the previous years. The macro-economic
environment shows strains - arising from delays in implementation of
infrastructure projects, global economic uncertainties and above all lack of
direction in governance. While the fundamentals remain strong the sentiment for
growth has weakened.
PERFORMANCE OF THE COMPANY
During the year, the company achieved
a top line growth of 33 per cent. The sales turnover stood at Rs. 22822.600
Millions compared to the previous year's turnover of Rs. 17156.800 Millions,
having sold 30,515 vehicles during the year under report compared to 26,037
vehicles in the year 2010-11.
The light commercial vehicles (LCV)
and utility vehicles (UV) business of the Company showed strong growth, an
increase in sales by 40 per cent. The tractor business of the Company has also
shown good signs of growth. From small beginnings, the numbers sold having
increased by 70 per cent.
The Traveller range of vehicles with
the common rail engine has been well received. The growth in this product
category has been gratifying. The Company has taken various steps to enhance
production in order to cater to this growing market. A Euro IV version of the
Traveller with further advancement in styling has also been introduced in the
market.
The Company unveiled the 'Traveller 26' at
the Auto Expo in January 2012. This product is the largest known monocoque
panel van in the world. Having been evolved from the iconic Traveller vehicle,
it represents a big step forward in consolidating the Company's van business.
With the 26-seater monocoque Traveller vehicle, the Company is poised to offer
to the market a technically most advanced product. It is highly reliable, very
sophisticated in terms of technology (common rail engine, high safety
features), excellent operating economy, wide variety of usages, in terms of air
conditioned tourist bus, modern special school bus, and for application in the
segment for transporting mid-sized groups - over medium, small and even long
distances. The regular mass production of the Traveller 26 is now taken up.
Sale of Trax vehicles improved during the relevant period.
The anomaly in the taxation structure relating to Tariff Item 8702.10 remains
not fully resolved, and this does adversely affect the cost of the vehicle to
the customer, and thus the vehicles' sales volumes.
The Trump
40, the small commercial vehicle (SCV), has continued to gain volumes during
the relevant period. It is appreciated in the market for its ruggedness,
performance and operating economy.
The tractor business of the Company
is being reenergized. The OX-25 a full service small tractor, has
been especially appreciated both for Orchard usage,
and for regular tillage / haulage operations. Steps are initiated to achieve
significant growth in this product line.
NEW
PRODUCT-LINES, NEW COLLABORATIONS, TECHNOLOGIES AND PLANS.
During the year, the Company's SUV "Force
One" was launched through the new sales vertical, focused on
personal vehicles. The initial response from the market has been very
gratifying. The customer expectations in the personal vehicles market are
substantially different from the customer expectations in the commercial
vehicles market. The Company has moved with elaborate planning to ensure
compliance with market expectations, to achieve success in this venture. The
Company is confidently moving forward to consolidate its position and aspires
to grow, in this rapidly growing segment.
The Company has enhanced its focus on
each of its sales channels. It is investing to improve the management of retail
sales through dealers. Both the channel, as also the Company's sales
organization, are being ramped up, and energized, with this investment under
way. The Company expects, during the year, to establish a number of Company
owned show rooms, regional offices and regional training centres etc. at
important locations in the country.
The Government of Madhya Pradesh has
granted an attractive incentive package to the Company for diversification and
growth, under the "Mega Project" category.
Based on this, the Company has commenced construction activity for the new
plant for the production of new generation vehicles. In addition to
construction on existing land available with the company, it has taken
effective steps to acquire additional land. It is expected that the project for
the MPV category of vehicles will be on stream by middle of next year.
Under the licensing arrangement with
Daimler AG, the technology transfer has already been effected, so also the
Company has signed a licensing agreement with M/s. GETRAG for a transaxle, to
complement the licence for the MPV. Effective steps for production sing,
including the procurement of plant, machinery, equipment, tools, etc. is well
under way.
The Company has awarded a contract to Durr Systems GmbH, and
its Indian associate company, for a robotized top coat painting line to be
commissioned during the course of the current financial year. Additional press
shop capacity has been installed at Pithampur to support higher production
volumes.
The engine facility at Pithampur, as also the engine
plants both at Pithampur and Akurdi, Pune, are being modernised and expanded,
to cover new generation engines to meet Euro IV and Euro V emission
requirements and future technological standards. Appropriate investments at
both plants have been made in this regard during the previous year.
The Company has drawn up a road map for future engine,
transmissions and vehicles in alignment with the expected evolution of the
market, in the segments in which the Company operates. All steps to develop
products, to acquire the necessary technology, and to implement production
facilities are being taken.
CONTINGENT LIABILITY:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
|
Taxes & Duties |
215.437 |
198.983 |
|
Others (Court cases pending) |
236.933 |
217.550 |
|
TOTAL |
452.370 |
416.533 |
FIXED ASSETS
v
Free
v Lease hold Land
v Buildings
v Plant, Machinery and Equipment
v Dies and Jigs
v Electric Installation
v Furniture and Fixtures
v Electric Fittings
v Vehicles
v Aircraft
UNAUDITED FINANCIAL RESULTS
(PROVISIONAL) FOR THE QUARTER ENDED 31ST DECEMBER, 2012
Rs. in Millions
|
Sr. No. |
Particular |
3 Months Ended |
9 Months Ended |
|
|
|
|
31.12.2012 (Unaudited) |
30.09.2012 (Unaudited) |
31.12.2012 (Unaudited) |
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations (Net of Excise Duty) |
4238.220 |
4892.303 |
14051.011 |
|
|
Other Operating
Income |
124.987 |
148.281 |
403.419 |
|
|
Total Income From Operations (Net) |
4363.207 |
5040.584 |
14454.430 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
2801.241 |
3890.357 |
10785.914 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
302.030 |
(294.618) |
(438.213) |
|
|
Employee
benefits expenses |
569.232 |
592.314 |
1763.552 |
|
|
Depreciation
and amortization expenses |
177.884 |
172.993 |
513.796 |
|
|
Other
expenses |
499.516 |
543.704 |
1671.265 |
|
|
Total Expenses |
4349.903 |
4904.750 |
14296.314 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
13.304 |
135.834 |
158.116 |
|
|
|
|
|
|
|
4. |
Other
Income |
92.955 |
127.326 |
340.576 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
106.259 |
263.160 |
498.692 |
|
|
|
|
|
|
|
6. |
Interest |
20.352 |
20.169 |
60.658 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
85.907 |
242.991 |
438.034 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
85.907 |
242.991 |
438.034 |
|
|
|
|
|
|
|
10. |
Tax Expense |
|
|
|
|
|
a)
Current tax |
17.255 |
49.705 |
88.600 |
|
|
b) Deferred
tax |
(3.788) |
5.920 |
(5.579) |
|
|
c)
MAT Credit Entitlement |
(8.835) |
(4.115) |
(21.052) |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
81.275 |
191.481 |
376.065 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
81.275 |
191.481 |
376.065 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
131.790 |
131.790 |
131.790 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
6.17 |
14.53 |
28.54 |
|
|
b) Basic
and diluted EPS after extraordinary items |
6.17 |
14.53 |
28.54 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
6357990 |
6357990 |
6357990 |
|
|
-
Percentage of Shareholding |
48.25 |
48.25 |
48.25 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
6818272 |
6818272 |
6818272 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
51.75 |
51.75 |
51.75 |
|
Particulars |
3 Months Ended on 31.12.2012 |
|
Pending at the beginning of the quarter |
1 |
|
Received during the quarter |
10 |
|
Disposed of during the quarter |
11 |
|
Remaining unresolved at the end of the
quarter |
Nil |
NOTES:
1. Exceptional income, related to year ended on 31st March, 2012 represents gain made by the company on sale and transfer of 55797100 equity shares of Man Force Trucks Private Limited [Now Known as Man Trucks India Private Limited], the erstwhile joint venture between the company and Man Trucks and Bus AG, Germany.
2. The company is operating in a single segment.
3. The unaudited financial results (provisional) for the quarter ended 31st December, 2012 have been subjected to limited review by the auditors
4. The above results are reviewed and recommended by the audit committee and taken on record and approved by the board of directors in its meeting held on 19th January, 2013.
5. Previous year/period’s figures are re-arranged wherever necessary.
PRESS RELEASE:
FORCE MOTORS LAUNCHES THE NEW TRAVELLER 26
· India’s most advanced 26- seater Bus
· World’s largest Monocoque Panel Van Bus
· Best in Class Fuel Efficiency- Traveller 26 is 15% more efficient
· Safest Drive in class: Disk brakes on all wheels
PUNE, OCTOBER 16, 2012: Pune based automotive major Force Motors launched the world’s only 26-seater Monocoque Panel Van at a grand event today. The Traveller 26 is loaded with several path breaking and novel features offered for the first time in mid size bus (20 – 30 seats) segment.
Traveller 26 is powered by the 129Ps / 295 Nm, Common Rail engine made under license from Daimler AG., Germany. It boasts of the highest power to weight ratio in its category of 18 kW per tonne as compared to 12kW per tonne of comparable models.
Dual Mass Fly Wheel Technology has been used for the first time on an LCV in India – this absorbs low end vibrations and ensures smooth ride even at low speeds.
The advanced 5 speed synchromesh gearbox, offers low friction and smooth transmission. The special clutch lining is designed for frequent start-stop operations common in short distance bus operations.
Traveller 26 offers best in class fuel efficiency, it is 15% more fuel efficient than comparable models.
Traveller 26 is the only 26 seater with monocoque construction offering outstanding structural strength and unmatched durability.
Traveller 26 is also the only vehicle in its class to adopt the Cathodic Electro Deposition Dip (C.E.D) painting process for primer application thus offering the highest levels of rust protection. The sixth generation paint shop ensures car like top coat finish and gloss retention.
Traveller 26 is the only vehicle in its category with ventilated disk brakes on all wheels ensuring top class and sure stops braking. The HI circuit, Load Conscious Regulating Valve (LCRV) and newly offered electronic indicators for wear and tear of brake pads set new standards for passenger safety.
With several more firsts like lowest floor height for easy entry and exit, lowest center of gravity for superb ride stability, lowest NVH levels for car like ambience, the Traveller 26 offers unmatched seating comfort with wide body interior of 2.2 meters, a wide aisle, full standing height and ample leg room.
The Traveller 26 is fully tooled up and designed by the R&D team in Force Motors; it is entirely made of pressed steel panels welded in an automated and robotic environment. It is backed by the company’s manufacturing experience spanning over 5 decades and supported by country wide network of over 180 dealers fully equipped with trained manpower, special tools and ample stock of reasonably prices spare parts.
The Traveller 26 is a unique combination of outstanding performance, excellent fuel economy, unmatched strength, total safety and maximum comfort, making it an ideal choice for corporates, fleet owners, tour and travel operators, hospitality industry and school bus operators.
To start with Traveller 26 will be available through 27 dealers in Maharashtra and Goa priced at Rs. 10, 87,600 Ex Showroom Delhi.
ABOUT FORCE MOTORS:
Force Motors, was established in 1958 by Shri N. K. Firodia, with the vision to provide affordable commercial transport for the masses by harnessing the best available technology and offering economical, reliable and efficient products.
Force Motors continues in his vision of providing efficient, utilitarian vehicles that empower the individual entrepreneur to meet his and country’s ever changing needs.
Today, Force Motors is a fully vertically integrated automobile company, with expertise in design, development and manufacture of the full spectrum of automotive components, aggregates and vehicles.
Its range includes Trump small commercial vehicles, Trax multi-utility and cross country vehicles, Traveller light commercial vehicles and the Balwan range of Agricultural Tractors.
Force Motors has recently entered into the personal vehicles arena with the launch of a genre leading sports utility vehicle, the FORCE ONE. This is to be followed by a premium MPV that will be made under license from Daimler AG. With plants at Akurdi, Pune and Pithampur, Madhya Pradesh, Force Motors employs around 7500 people.
In 1999, fully aware of the strength of Force Motors, in terms of engineering infrastructure and capabilities, Daimler asked it to set up a dedicated facility for assembling and testing engines for Mercedes passenger cars to be made in India. Till date Force Motors has supplied over 28,000 engines. This portfolio has grown to include the front and rear axles of the C, E, S and M class passenger cars and SUVs, which was added in the last two years.
Force Motors’s Traveller won the “Editor’s Choice Award for Iconic Product” of the Apollo Commercial Vehicle Awards 2012.
FORCE MOTORS AND HINDUSTAN PETROLEUM CORPORATION LIMITED ENTER INTO AN
EXCLUSIVE AGREEMENT
PUNE, APRIL 12, 2012: Force Motors, Pune based automotive manufacturer, announced today that it has entered into an agreement with Hindustan Petroleum Corporation Limited (HPCL) for supply of genuine oil to be used in its entire range of automotive aggregates like the Engine, Gearbox, and Axles.
This agreement, effective from April 1, 2012, was signed by Mr. Prasan Firodia, Managing Director, Force Motors Limited and Mr. Rakesh Misri, Executive Director, Direct Sales for HPCL.
This contract was signed after extensive trials of genuine oil in various operating conditions of aggregates by both Force Motors and HPCL. The Oil is specifically formulated to the Force Motors specifications to further enhance the life and reliability of products across its Light Commercial, Multi Utility, Agricultural and Personal vehicle segments.
The HP Force Genuine Oils will be distributed to the dealers of Force Motors and to the market on a national level through the HPCL’s strong distributor network.
ABOUT FORCE MOTORS:
Force Motors, was established in 1958 by Mr. N. K. Firodia, with the vision to provide affordable commercial transport for the masses by harnessing the best available technology and offering economical, reliable and efficient products.
Force Motors continues in his vision of providing efficient, utilitarian vehicles that empower the individual entrepreneur to meet his and country’s ever changing needs.
Today, Force Motors is a fully vertically integrated automobile company, with expertise in design, development and manufacture of the full spectrum of automotive components, aggregates and vehicles.
Its range includes Trump small commercial vehicles, Trax multi-utility and cross country vehicles, Traveller light commercial vehicles and the Balwan range of Agricultural Tractors.
Force Motors has recently entered into the personal vehicles arena with the launch of a genre leading sports utility vehicle, the FORCE ONE. This is to be followed by a premium MPV that will be made under license from Daimler AG.
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.54.34 |
|
|
1 |
Rs.80.90 |
|
Euro |
1 |
Rs.70.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
67 |
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.