MIRA
INFORM REPORT
|
Report Date : |
17.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
PIDILITE INDUSTRIES LIMITED |
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Registered
Office : |
Regent Chambers, 7th Floor, 208, Nariman Point Mumbai –
400021, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
28.07.1969 |
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Com. Reg. No.: |
11-014336 |
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Capital
Investment / Paid-up Capital : |
Rs. 512.640 Millions |
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CIN No.: [Company Identification
No.] |
L24100MH1969PLC014336 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP06924B MUMP12411A |
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Legal Form : |
A Public Limited Liability Company. The Company’s shares are listed on
Stock Exchange. |
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Line of Business
: |
Manufacturing of
Adhesives, Sealants, Art Material and Construction Paint and Chemical
Products. |
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No. of Employees
: |
4223 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
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 69200000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well
established and a reputed company having good track record. Financial
position of the company appears to be sound. Directors are reported to be
experienced and respectable businessmen. Trade relations are reported as
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 terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years respectively.
By 2020, emerging Asia will become the world’s largest consuming block,
overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA+ (Cash Credit) |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
01 February 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
AI+ (Short term loans) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
01 February 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY [GENERAL DETAILS]
|
Name : |
Ms. Rashmi |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-22822708 |
LOCATIONS
|
Registered
Office : |
Regent Chambers,
7th Floor, 208, Nariman Point, Mumbai-400021, Maharashtra, India |
|
Tel. No.: |
91-22-22822708 /
28367085 / 7089 |
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Fax No.: |
91-22-22043969 |
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E-Mail : |
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Website : |
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Administrative
Office: |
6th Floor, Vikas Deep, Laxmi Nagar, District Centre, Vikas
Marg, |
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Corporate /
Head office: |
Ramkrishna Mandir
Road, Office Mathuradas Vasanji Road, Andheri (East), Mumbai – 4000059,
Maharashtra, India |
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Tel. No.: |
91-22-28357000 / 3083
1000, 91-22-67697000/7949 |
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Fax No.: |
91-22-28357008 / 2835
7700, 91-22-28216007 |
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E-Mail : |
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Factory : |
·
Plot
No. A-22, M. I. D. C. Mahad - 402309, District Raigad, Maharashtra, India Tel. No. 91-2145-232043/44/45/46 Fax. No. 91-2145-232054/232048 ·
Plot
No. 78-79, G. I. D. C. Industrial Estate, Vapi - 396 195, District Valsad,
Gujarat, India Tel. No. 91-2638-230215/230521 Fax. No. 91-2638-230199 ·
Plot
No. 23, G. I. D. C. Industrial Estate, Vapi 396 195, District Valsad,
Gujarat, India Tel. No. 91-2638-230520/231517 Fax. No. 91-2638-231085 ·
Plot
No. 25,26,39,40 Jawahar Co-operative Industrial Estate, Kamothe, Panvel -
410206, District Raigad, Maharashtra, India Tel. No. 91-22-27421021/27421856 Fax. No. 91-22-2742332 ·
Plot
No. 19, Taloja Industrial Estate, Taloja, District Raigad, Maharashtra, India Tel. No. 91-22-27410376/77 Fax. No. 91-22-27410376 ·
Daman,
Union Territory |
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Branch Office
: |
Located
At: ·
Ahmedabad ·
Bangalore ·
Chandigarh ·
Chennai ·
New Delhi ·
Kanpur ·
Kolkata ·
Nagpur ·
Kochi ·
Hyderabad |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. B. K. Parekh |
|
Designation : |
Chairman |
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Name : |
Mr. S. K. Parekh |
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Designation : |
Vice Chairman |
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Name : |
Mr. M. B. Parekh |
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Designation : |
Chairman cum Managing Director |
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Name : |
Mr. N. K. Parekh |
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Designation : |
Joint Managing Director |
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Name : |
Mr. R. M. Gandhi |
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Designation : |
Director |
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Name : |
Mr. N. J. Jhaveri |
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Designation : |
Director |
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|
Name : |
Mr. Bansi S.
Mehta |
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Designation : |
Director |
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Name : |
Mr. Ranjan Kapur |
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Designation : |
Director |
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Name : |
Mr. Yash Mahajan |
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Designation : |
Director |
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Name : |
Mr. A. B. Parekh |
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Designation : |
Whole Time Director |
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Name : |
Mr. A N Parekh |
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Designation : |
Whole Time Director |
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Name : |
Mr. Bharat puri |
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Designation : |
Director |
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Date of Appointment : |
28.05.2008 |
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Name : |
Mr. D. Bhattacharya |
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Designation : |
Director |
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Name : |
J.L. Shah |
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Designation : |
Whole Time Director [up to 08.11.2011] |
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Name : |
Mr. Sanjeev Aga |
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Designation : |
Director [w.e.f.29.07.2011] |
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Name : |
Mr. R Sreeram |
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Designation : |
Whole Time Director [up to 08.11.2011] |
KEY EXECUTIVES
|
Name : |
Ms. Savithri Parekh |
|
Designation : |
Company Secretary |
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|
Name : |
Ms. Rashmi |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
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|
270364008 |
52.74 |
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|
85907932 |
16.76 |
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|
356271940 |
69.50 |
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|
|
|
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|
2901606 |
0.57 |
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|
2901606 |
0.57 |
|
Total shareholding of Promoter and Promoter Group (A) |
359173546 |
70.06 |
|
(B) Public Shareholding |
|
|
|
|
|
|
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|
22718255 |
4.43 |
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|
102261 |
0.02 |
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|
5053800 |
0.99 |
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|
71137410 |
13.88 |
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|
99011726 |
19.31 |
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|
|
|
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|
6377448 |
1.24 |
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|
|
|
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|
38670064 |
7.54 |
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|
9409546 |
1.84 |
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|
54457058 |
10.62 |
|
Total Public shareholding (B) |
153468784 |
29.94 |
|
Total (A)+(B) |
512642330 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
512642330 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Adhesives, Sealants, Art Material and Construction Paint and Chemical
Products. |
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Products : |
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Terms : |
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Selling : |
LC/ Cash and Credit |
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Purchasing : |
LC/ Cash and Credit |
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Dyestuffs |
M.T. |
3900 |
3144 |
20577C |
|
|
K.L. |
-- |
-- |
6380D |
|
Chemicals |
M.T. |
372109 |
260449 |
164138E |
|
|
K.L. |
37780 |
32260 |
42695F |
|
Others Nos. Lac |
-- |
-- |
-- |
1176G |
NOTES:
* This being
technical matter, is as certified by the Management and relied upon by
Auditors.
A Class of Goods is
based on main classification given in the Industries (Development and
Regulation) Act, 1951.
B Excluding Resale
of Raw Materials / Packing Materials Rs. 95.53 million (Rs.210.41 million)
C Includes 17228
Tones (17721 Tones) produced in the factory of third party.
D Includes 5165 KL
(5315 KL) produced in the factory of third party.
E Includes 51755
Tones (38423 Tones) produced in the factory of third party.
F Includes 6970 KL
(5380 KL) produced in the factory of the third party. .
G Includes 1175 Nos. Lac (2332 Nos. Lac) produced in the factory of the
third party.
GENERAL INFORMATION
|
No. of Employees : |
4223 [Approximately] |
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Bankers : |
·
Indian Overseas Bank ·
Corporation Bank ·
ICICI Bank ·
The Royal Bank of Scotland N.V. ·
HDFC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
·
Haribhakti
and Company Chartered Accountants ·
Wadia
Ghandy and Company Solicitors and Advocates |
|
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|
Internal Auditors
: |
|
|
Name: |
Mahajan and
Aibara Chartered
Accountants |
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Significant
Influence: |
·
Parekh Marketing Limited ·
Kalva Marketing and Services Limited |
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|
Substantial
Interest in Voting Power (Associate): |
Vinyl Chemicals (India) Limited |
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Partnership firm of which 100% holding by wholly
owned Subsidiaries: |
Nitin Enterprises |
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|
100% Subsidiary: |
·
Fevicol Company Limited ·
Bhimad Commercial Co Private Limited ·
Madhumala Traders Private Limited ·
Pidilite International Pte Limited ·
Pidilite Middle East Limited ·
Pulvitec do Brasil Industria e Comercio de Colas
e Adesivos Ltda ·
Pidilite USA Inc ·
Building Envelope Systems India Limited |
|
|
|
|
100% Subsidiary of wholly owned Subsidiary: |
·
Jupiter Chemicals (LLC) ·
P.T. Pidilite Indonesia ·
Pidilite Speciality Chemicals Bangladesh Private
Limited ·
Pidilite Innovation Centre Pte Limited ·
Pidilite Industries Egypt – SAE ·
Pidilite Bamco Limited ·
Pidilite South East Asia Limited ·
PIL Trading Egypt (LLC) ·
Pidilite Industries Trading (Shanghai) Company
Limited |
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49% Subsidiary of wholly owned Subsidiary and having significant influence: |
Bamco Supply Services Limited |
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60% Subsidiary: |
Building Envelope Systems India Limited |
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75% Subsidiary: |
Pagel Concrete Technologies Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
700000000 |
Equity Shares |
Re.1/- each |
Rs.700.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
512642330 |
Equity Shares |
Re.1/- each |
Rs.512.640
Millions |
NOTES:
RECONCILIATION OF THE
SHARES OUTSTANDING AT THE BEGINNING AND AT THE END OF THE REPORTING PERIOD
|
PARTICULAR |
AS ON 31.03.2013 |
|
|
|
No. of Shares |
Rs. in Millions |
|
Shares outstanding at the beginning of the year |
507648626 |
507.650 |
|
Shares issued during
the year upon conversion of Foreign Currency Convertible Bonds |
4993704 |
4.990 |
|
Shares
outstanding at the end of the year |
512642330 |
512.640 |
TERMS /RIGHTS
ATTACHED TO EQUITY SHARES
The Company has only
one class of equity shares having a par value of 1 per share. Each holder of
equity shares is entitled to one vote per share. The Company declares and pays
dividend in Indian rupees. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting. 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 the proportion of their shareholding. During the year
ended 31st March 2013, the amount of per share dividend recognized as
distributions to equity shareholders is 2.60
(1.90).
DETAILS OF
SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY
|
PARTICULAR |
AS ON 31.03.2013 |
|
|
|
No. of Shares |
% of Holding |
|
Madhukar Balvantray Parekh |
56958614 |
11.11 |
|
Narendrakumar
Kalyanji Parekh |
54332178 |
10.59 |
|
Ajay Balvantray
Parekh |
49134386 |
9.58 |
|
Sushilkumar
Kalyanji Parekh |
45969560 |
8.97 |
|
Devkalyan Sales
Private Limited |
26074280 |
5.09 |
|
Genesis Indian
Investment Company Limited - General Sub fund |
40675686 |
7.93 |
AGGREGATE NUMBER OF BONUS SHARES ISSUED, SHARE ISSUED
FOR CONSIDERATION OTHER THAN CASH AND SHARES BOUGHT BACK DURING THE PERIOD OF
FIVE YEARS, IMMEDIATELY PRECEDING THE REPORTING DATE:
|
PARTICULAR |
AS ON 31.03.2013 |
|
Equity Shares |
|
|
Fully paid up
pursuant to contract(s) without payment being received
in cash |
-- |
|
Allotted as
fully paid bonus shares |
-- |
|
Allotted on
Conversion of FCCB |
4993704 |
The Company had
issued on 6th December 2007, 400 Foreign Currency Convertible Bonds (FCCB) of US$100,000
each, which were convertible into Equity shares at any time upto 1st December
2012. The due date for redemption of FCCBs was 7th December 2012. As on 7th
December 2012, the balance outstanding FCCBs aggregating 205 Bonds were
redeemed by the Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
512.640 |
507.650 |
506.130 |
|
(b) Reserves & Surplus |
16811.730 |
13208.990 |
10889.130 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
17324.370 |
13716.640 |
11395.260 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
0.000 |
922.970 |
2598.910 |
|
(b) Deferred tax liabilities (Net) |
483.620 |
454.270 |
409.660 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
142.870 |
101.380 |
86.720 |
|
Total Non-current
Liabilities (3) |
626.490 |
1478.620 |
3095.290 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
27.700 |
|
(b)
Trade payables |
2071.370 |
1702.280 |
1428.900 |
|
(c)
Other current liabilities |
3727.730 |
4928.640 |
2853.6200 |
|
(d) Short-term
provisions |
1634.300 |
1179.460 |
1193.490 |
|
Total Current
Liabilities (4) |
7433.400 |
7810.380 |
5503.710 |
|
|
|
|
|
|
TOTAL |
25384.260 |
23005.640 |
19994.260 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
5119.940 |
4717.130 |
4127.970 |
|
(ii)
Intangible Assets |
217.130 |
242.090 |
281.740 |
|
(iii)
Capital work-in-progress |
4087.090 |
3713.350 |
3267.720 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
2623.170 |
2418.830 |
2355.910 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
242.280 |
249.510 |
179.400 |
|
(e) Other
Non-current assets |
0.000 |
1.370 |
8.840 |
|
Total Non-Current
Assets |
12289.610 |
11342.280 |
10221.580 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
2846.290 |
909.160 |
1641.4900 |
|
(b)
Inventories |
4511.640 |
3963.040 |
3544.400 |
|
(c)
Trade receivables |
3667.630 |
3261.180 |
2865.910 |
|
(d) Cash
and cash equivalents |
1368.240 |
2577.190 |
923.240 |
|
(e) Short-term
loans and advances |
594.080 |
859.870 |
756.840 |
|
(f)
Other current assets |
106.770 |
92.920 |
40.800 |
|
Total
Current Assets |
13094.650 |
11663.360 |
9772.680 |
|
|
|
|
|
|
TOTAL |
25384.260 |
23005.640 |
19994.260 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
33316.910 |
28163.200 |
23537.510 |
|
|
|
Other Income |
658.970 |
427.670 |
418.470 |
|
|
|
TOTAL (A) |
33975.880 |
28590.870 |
23955.980 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
16966.670 |
|
|
|
|
|
Purchase of Stock in Trade |
1561.210 |
1316.060 |
|
|
|
|
Employee Benefits Expense |
3010.290 |
2611.560 |
|
|
|
|
Other Expenses |
6039.760 |
5013.240 |
19536.960 |
|
|
|
Exceptional Items (net) |
(59.440) |
126.290 |
|
|
|
|
Change in inventories
of Finished Goods, Work-in-Progress and Stock in Trade |
(392.450) |
(279.160) |
|
|
|
|
TOTAL (B) |
27126.040 |
23425.400 |
19536.960 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6849.840 |
5165.470 |
4419.020 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
121.740 |
245.040 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6728.100 |
4920.430 |
4419.020 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
532.410 |
479.260 |
443.870 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
6195.690 |
4441.170 |
3975.150 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1588.090 |
1096.110 |
936.240 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
4607.600 |
3345.060 |
3038.910 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1303.000 |
1073.490 |
1006.320 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Final Equity Dividend |
1333.000 |
965.140 |
885.740 |
|
|
|
Tax on Proposed Equity Dividend |
226.000 |
156.570 |
143.690 |
|
|
|
Transfer to Debenture Redemption Reserve |
60.000 |
243.400 |
42.310 |
|
|
|
Transfer to General Reserve |
2500.000 |
1750.000 |
1900.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1791.600 |
1303.440 |
1073.490 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3201.730 |
2643.160 |
2392.920 |
|
|
|
Other Earnings |
5.480 |
18.610 |
5.440 |
|
|
TOTAL EARNINGS |
3207.210 |
2661.770 |
2398.360 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3999.210 |
3519.650 |
2912.450 |
|
|
|
Capital Goods |
103.710 |
119.340 |
105.200 |
|
|
|
Others |
665.740 |
639.570 |
582.200 |
|
|
TOTAL IMPORTS |
4768.660 |
4278.560 |
3599.850 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
9.04 |
6.59 |
6.00 |
|
|
|
- Diluted |
9.04 |
6.43 |
5.84 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 |
|
Type |
1st
Quarter |
|
Net Sales |
10148.400 |
|
Total Expenditure |
7908.700 |
|
PBIDT (Excl OI) |
2239.700 |
|
Other Income |
166.500 |
|
Operating Profit |
2406.200 |
|
Interest |
35.900 |
|
Exceptional Items |
0.000 |
|
PBDT |
2370.300 |
|
Depreciation |
153.100 |
|
Profit Before Tax |
2217.200 |
|
Tax |
594.500 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
1622.700 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
1622.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
13.56
|
11.70 |
12.69
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.60
|
15.77 |
16.89
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
33.17
|
26.32 |
27.66
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.32 |
0.41
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.07 |
0.23
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.76
|
1.49 |
1.78
|
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 |
Yes |
|
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 |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATION DETAILS
CASE DETAILS
|
|
Bench:-Bombay |
|
|
|
Lodging No.:- |
ITXAL/2099/2012 |
Filing Date:- |
28/12/2012 |
Reg. No.:- |
ITXA/623/2013 |
Reg. Date:- |
22/03/2013 |
|
|
|
Petitioner:- |
COMMISSIONER OF
INCOME TAX - 3 |
Respondent:- |
M/S. PIDILITE
INDUSTRIES LIMITED |
|
||||
|
|
Petn.Adv.:- |
Padma Divakar |
Resp.Adv.:- |
PDS Legal |
|
||||
|
|
District:- |
MUMBAI |
|
|
|
Bench:- |
DIVISION |
|
|
|
|
|
Status:- |
Admitted(Unready) |
Category:- |
TAX APPEALS |
|
|
|
Last Date:- |
06/03/2013 |
Stage:- |
FOR DIRECTION |
|
|
|
Last Coram:- |
HON'BLE SHRI
JUSTICE J.P. DEVADHAR |
|
|
|
|
HON'BLE SHRI
JUSTICE M.S. SANKLECHA |
|
|
|
Act :- |
Income Tax Act, 1961 |
Under Section:- |
260 A |
|
|
|
B.T. & A.L.
Act |
CASE DETAILS
|
|
Bench:-Bombay |
|
|
|
Lodging No.:- |
SL/1016/2012 |
Filing Date:- |
16/04/2012 |
Reg. No.:- |
S/1261/2012 |
Reg. Date:- |
28/05/2012 |
|
|
|
Petitioner:- |
MANILAL PATEL
CLEARING FORWARDING PRIVATE LIMITED |
Respondent:- |
PIDILITE
INDUSTRIES LIMITED |
|
||||
|
|
Petn.Adv.:- |
Girin N. Pandit |
Resp.Adv.:- |
Pravin D. Kadam |
|
||||
|
|
|
|
|
|
|
||||
|
|
District:- |
MUMBAI |
|
|
|
Bench:- |
SINGLE |
|
|
|
|
|
Status:- |
Pre-Admission |
Category:- |
CIVIL SUITS. |
|
|
|
Last Date:- |
14/06/2013 |
Stage:- |
FOR WRITTEN
STATEMENT |
|
|
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY
AND SR. MASTER |
|
|
|
Act :- |
Code of Civil Procedure
1908 |
UNSECURED LOAN
|
Particulars |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
Other loans and
advances |
|
|
|
Interest free Sales Tax loan from Government of Maharashtra Sales Tax loan
was interest free and payable in 16 yearly installments, starting from 30th
April 2007. The same has been prepaid during the year except 2.43 million |
0.000 |
322.970 |
|
TOTAL
|
0.000 |
322.970 |
FINANCIAL PERFORMANCE:
The Operating
Profit and Net Profit for the year at Rs. 6752.000 millions and Rs. 4608.000
millions increased by 26% and 38% respectively. Income Tax for the current year
at Rs. 1559.000 millions is higher by 48%, due to completion of the first five
year tax holiday period for one manufacturing unit located in Himachal Pradesh.
With this all units have completed their first five year tax holiday period.
Slow down in
industrial growth in India combined with a weak global economy, impacted sales
of industrial products. As a result, sales of industrial products grew by
10.6%, below the historical trends.
Sales of Consumer
and Bazaar products grew by 20.7%. Volume growth, however, was lower than past
trends. The Indian Rupee was at Rs. 54.28 to a US $ as on 31st March 2013 as
compared to Rs. 50.87 to a US $ as on 31st March 2012. Moreover the Rupee saw
high volatility during the year and at times quoted above Rs. 57 to a US $.
This made imports costlier and impacted margins. This movement adversely
impacted the liability on account of outstanding Foreign Currency Convertible
Bonds (FCCBs). However, this impact was partly offset by conversion of 128
FCCBs which resulted in write back of the earlier exchange fluctuations.
Consequently, exchange loss for the year was only Rs. 5 million as compared to
Rs. 85 million in the previous year.
SUBSIDIARIES:
DOMESTIC:
During the year, a
Joint Venture Company, Building Envelope Systems India Limited was incorporated
for manufacture of a select range of construction chemicals for application in
waterproofing and thermal insulation. All these products will be sold through
the Company. These products will address demand for high end waterproofing
solutions. The Company holds 60% of the capital in the Joint Venture Company.
OVERSEAS SUBSIDIARIES:
Total revenue grew
by 6.6% in constant currency terms. The business in US reported sales growth of
10.2%. EBIDTA for the year declined by 21.6% due to higher material costs and
item as detailed later.
The subsidiary in
Brazil continued to perform below expectations. Sales declined by 0.9%. However
due to actions taken to improve performance, sales growth in the second half
was 6.7% as compared to a decline of 7.9% in the first half. Actions taken to improve
performance include strengthening the management as well as to reduce cost and
improve margin. The subsidiary in Bangladesh reported sales growth of 34%. The
business scope was extended to include trading operations which started in
December 2012. Sales growth after including the revenue from trading operations
was 42%. The manufacturing facility was expanded to produce a wider range of
adhesives. Full benefit of these initiatives will be reflected in the current
year.
The subsidiaries
in Thailand reported sales growth of 22%. The manufacturing operations in
Thailand were rationalized by shutting down one manufacturing facility to
reduce operating costs. The subsidiary in Egypt had a sales growth of 25%.
Losses were significantly reduced. The subsidiary in Dubai reported sales
decline of 42%. With measures taken to reduce costs, losses were lower than
last year. Due to the reasons mentioned above, the overseas operations continue
to report losses.
Full year losses
incurred by overseas subsidiaries were Rs. 440 million as compared to a loss of
Rs. 254.000 millions last year. This was mainly due to the following items:
|
Provision for receivables due from a customer who has filed for bankruptcy in US |
Rs. 25.000
millions |
|
Provision for goodwill impairment in Brazil |
Rs. 94.000
millions |
|
Provision for disputed tax liabilities of previous years and other disputed items in Brazil |
Rs. 46.000
millions |
|
One off expenses for closure of factory in Thailand |
Rs. 12.000 millions |
|
Total |
Rs. 177.000 millions |
CURRENT YEAR OUTLOOK:
The demand for the
Company’s products is linked to the market demand both in India and globally.
The current year’s outlook is uncertain due to the present weakness in the underlying
economic scenario. With the Indian Rupee likely to remain weak versus the US $
due to the high fiscal deficit, margins are not likely to improve as higher
cost of imports could offset gains from lower commodity prices. The Company’s
major subsidiaries are in USA, Brazil, Thailand, Egypt and Bangladesh. All
these units are making efforts to improve performance through demand generation
and cost reduction initiatives.
MANAGEMENT DISCUSSION AND ANALYSIS:
Net sales of the
Company grew by 18.3%, marginally lower than that recorded in the previous
year. Sales of Consumer and Bazaar products grew by 20.7% while growth in
Industrial Products was slower at 10.6%. Increase in commodity costs led by
crude oil prices and a depreciating currency impacted margins in the first half
of the year and price increases were implemented. With cost inflation easing in
the second half, margins were better than the corresponding period of the
previous year. The subsidiary in Brazil continued to incur losses. While the subsidiary
has taken a series of measures to improve performance, the continued losses
require the Company to review the value of its investments in that subsidiary.
Accordingly, a provision for diminution in value of Rs. 53.100 millions has
been made, which is in addition to Rs. 96.900 millions provided last year. This
provision has no impact on the consolidated results of the Company. Earnings
before interest, taxes, exceptional items and foreign exchange differences,
increased by 28%, profit before tax (PBT) increased by 40% and profit after tax
(PAT) increased by 38%. The Company’s sales have grown at a CAGR of 17.1% over
the last 5 years.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
Particulars |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
|
Guarantees given by Banks in favour of Government and others |
278.520 |
75.790 |
|
Guarantees given by Company |
1004.210 |
899.200 |
|
Unexpired Letter of Credit |
212.960 |
0.000 |
|
Disputed liabilities
in respect of Income Tax, Sales Tax, Central Excise and Customs (under
appeal) |
399.530 |
363.530 |
|
Claims against the Company not acknowledged as debts |
5.260 |
62.680 |
|
TOTAL
|
1900.480 |
1401.200 |
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER
ENDED 30.06.2013
(Rs. In Millions)
|
Particulars |
For the Quarter ended 30.06.2013 Unaudited |
|
Income from Operations |
|
|
a)Net
sales / Income from Operations (Net of excise duty) |
10099.300 |
|
b)Other
Operating Income |
49.100 |
|
Total Income from Operations (net) |
10148.400 |
|
Expenses |
|
|
a)Cost of materials consumed |
4522.400 |
|
b)Purchases of stock-in-trade |
549.300 |
|
c)Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
395.800 |
|
d)Employee benefits expense |
909.400 |
|
e)Depreciation and amortisation expense |
153.100 |
|
f)Other expenses |
1531.800 |
|
Total Expenses |
8061.800 |
|
Profit from operations before other Income,
finance costs & exceptional items |
2086.600 |
|
Other Income |
89.700 |
|
Profit from ordinary activities before
finance costs and exceptional Items |
2176.300 |
|
Finance Costs |
35.900 |
|
Profit from ordinary activities after finance
costs but before exceptional items |
2140.400 |
|
Exceptional items |
-- |
|
Profit from ordinary activities before
Foreign Exchange Difference Expense/ (Income) |
2140.400 |
|
Foreign Exchange Difference Expense/
(Income) |
(76.800) |
|
Profit from ordinary activities before tax |
2217.200 |
|
Tax Expense |
594.500 |
|
Net Profit from ordinary activities after
tax |
1622.700 |
|
Extraordinary Items |
-- |
|
Net Profit for the period |
1622.700 |
|
Share of Profit/(Loss) of associates |
-- |
|
Minority Interest |
-- |
|
Net Profit after taxes, minority interest
and share of profit in associates |
1622.700 |
|
Paid-up Equity Share Capital (Face value of
share : Re. 1/-) |
512.600 |
|
Reserves excluding Revaluation Reserves as at
balance sheet date |
|
|
Earnings per share (before extraordinary
item)(of Re.1/- each) : |
|
|
a)Basic |
3.17 |
|
b)Diluted |
3.17 |
|
Earnings Per Share (after extraordinary
items) (of Re.1/- each) : |
|
|
a)Basic |
3.17 |
|
b)Diluted |
3.17 |
|
A |
PARTICULARS
OF SHAREHOLDING |
|
|
|
Public
Shareholding |
|
|
|
Number of Shares |
153468784 |
|
|
Percentage of Shareholding |
29.94 |
|
|
Promoters
and Promoter Group Shareholding |
|
|
|
Pledged
/ Encumbered |
|
|
|
Number of Shares |
-- |
|
|
Percentage of shares (as a
% of the total shareholding of promoter and of promoter group) |
-- |
|
|
Percentage of shares (as a
% of the total share capital of the Company) |
-- |
|
|
b.
Non-encumbered |
|
|
|
Number of Shares |
359173546 |
|
|
Percentage of Shares (as a
% of the total shareholding of promoter and of promoter group) |
100 |
|
|
-Percentage of Shares (as
a % of the total share capital of the Company) |
70.06 |
|
B |
INVESTOR COMPLAINTS |
3 Months ended 30.06.2013 |
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
5 |
|
|
Disposed of during the quarter |
5 |
|
|
Remaining unresolved at the end of the
quarter |
0 |
REPORTING
OF SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
For the Quarter
ended 30.06.2013 |
|
|
Unaudited |
|
Segment Revenue |
|
|
a)Consumer & Bazaar Products |
8416.500 |
|
b)Industrial Products |
1863.200 |
|
c)Others |
67.700 |
|
Total |
10347.400 |
|
Less : Inter Segment Revenue |
248.100 |
|
Sales/ Income from Operations |
10099.300 |
|
Segment Results |
|
|
a)Consumer & Bazaar Products |
2415.300 |
|
b)Industrial Products |
191.500 |
|
c)Others |
2.700 |
|
Total |
2609.500 |
|
Less : i) Interest |
29.300 |
|
ii) Other unallocable expenditure net of
unallocable income |
36300 |
|
Total Segment Results |
2217.200 |
|
Capital Employed |
|
|
a)Consumer & Bazaar Products |
5968.300 |
|
b)Industrial Products |
2531.500 |
|
c)Others |
429.700 |
|
d)Unallocated |
10017.700 |
|
Total Capital Employed |
18947.200 |
NOTE:
1.
The above results
have been reviewed by the Audit Committee on 12th August, 2013 and approved by the
Board of Directors at their meeting held on 13th August, 2013.
2. The Statutory Auditors have carried out a "Limited Review" of
the standalone financial results for the quarter ended 30th June, 2013.
3. Unallocated Capital Employed as at 30th June, 2013 includes a) Capital
Work in Progress of Rs. 3652.400 Millions (30th June, 2012 Rs.3681.800
Millions) of Synthetic Elastomer Project b) Investments in units of mutual
funds/ term deposit with banks Rs. 5150.100 Millions (30th June 2012
Rs.4080.000 Millions).
4. During the quarter, the Company received a letter from the authorities
in Thailand confirming that Pidilite South East Asia Limited, a step down
subsidiary which was under liquidation, has been closed w.e.f 7th
June 2013.
5. The figures for the quarter ended 31st March, 2013 are the balancing
figures between the audited figures in respect of the full financial year and
the published year to date unaudited figures upto the third quarter of the
financial year ended 31st March, 2013.
6. Previous period's figures are regrouped/ reclassified wherever
necessary to confirm to the current period's classification.
FIXED ASSETS:
- Goodwill
- Buildings
- Plant and Machinery
- Trademark
- Copyrights
- Furniture and Fixtures
- Vehicles
- Office
Equipment
PRESS RELEASES
FMCG COMPANIES LIKE ASIAN PAINTS, PIDILITE, EMAMI TAKE LEGAL ROUTE FOR
TRADEMARK INFRINGEMENT
SEPTEMBER 5, 2013
MUMBAI: With smaller rivals gnawing away at their market share, India's leading fast moving consumer goods (FMCG) companies are increasingly seeking court intervention to eliminate the possibility of any trademark infringement these days.
Legal counsels, representing FMCG companies such as Asian Paints, Pidilite, Emami and Dabur, have in recent months approached the courts to check imitations of their products which are freely peddled in markets. "We have become more aggressive in the past couple of years. In fact, we have opened a separate division called Brand Protection Cell, which is made up of retired police officers, and works towards hunting down such counterfeit products," says Harsh Agarwal, director of Emami India.
PIDILITE INDUSTRIES IN A STICKY SPOT WITH TAXMAN
AUGUST 23, 2013
Mumbai based Pidilite Industries, India's leading manufacturer of adhesives and sealants and maker of popular brands like Fevicol, Dr Fixit and M-Seal is under the scanner of the income tax department for alleged tax evasion, two sources familiar with the development told ET NOW.
"We are conducting survey operations on six to seven official premises of the company, including factories and units in Mumbai and Ahmedabad. The probe is ongoing and it is too early to talk about irregularities if any," said a senior tax official familiar with the matter. When contacted, Pidilite CFO Sanjeev Batra declined to comment. An email query sent to Pidilite Industries was unanswered at the time of going to press.
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.61.69 |
|
|
1 |
Rs.98.59 |
|
Euro |
1 |
Rs.83.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
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 |
8 |
|
--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 |
|
68 |
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.