MIRA INFORM REPORT
|
Report Date : |
04.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
NILKAMAL LIMITED (w.e.f. 05.01.2007) |
|
|
|
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Formerly Known
As : |
NILKAMAL PLASTICS LIMITED |
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|
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Registered
Office : |
Survey No. 354/2 and 354/3, Near Rakholi Bridge, Silvassa Khanvel
Road, Village Vasona, Union Territory of Dadra and Nagar Haveli-396230,
Silvassa |
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|
|
Country : |
India |
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|
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Financials (as
on) : |
India |
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|
|
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Date of
Incorporation : |
31.03.2013 |
|
|
|
|
Com. Reg. No.: |
05.12.1985 |
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|
|
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Capital
Investment / Paid-up Capital : |
54-000162 |
|
|
|
|
CIN No.: [Company
Identification No.] |
Rs.149.225 Millions |
|
|
|
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IEC No.: |
L25209DN1985PLC000162 |
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|
|
|
TAN No.: [Tax Deduction
& Collection Account No.] |
MUMN07184C |
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PAN No.: [Permanent
Account No.] |
AAACN2329N |
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|
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|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of Material Handling Crates, Moulded
Furniture, Houseware, Multi-Layer Packaging Films And Custom Mouldings. |
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|
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No. of Employees
: |
3072 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
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 17160000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track record. There appears dip in profit of the company. However, networth of the
company appears to be strong. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered normal for 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from
$31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports
and moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced. The
defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities AA - |
|
Rating Explanation |
High credit quality and low credit risk |
|
Date |
November 29, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
November 29, 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
DENIED
Management Non Cooperative (Tel No.: 91-260-28361366 / 2699212)
LOCATIONS
|
Registered Office / Vasona Factory : |
Survey No. 354/2 and 354/3, Near Rakholi Bridge, Silvassa Khanvel Road,
Village Vasona, Union Territory of Dadra and Nagar Haveli -396230, Silvassa,
India |
|
Tel. No.: |
91–2551–221053 / 220156 / 220552 91-260-2699082 / 2699083 |
|
Fax No.: |
91–2551–220772 91-260-2699215 |
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Email : |
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Website : |
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Corporate/ Administrative Office : |
Nilkamal House, 77/ 78, Road No. 13/14, M.I.D.C., Andheri (East),
Mumbai – 400 093, |
|
Tel No.: |
91–22–28361366 / 28211172 / 28231471 / 26818888 / 26818628 |
|
Fax No.: |
91–22–28367891 / 28361923 |
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Email : |
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Barjora Factory : |
Plot No. 1498/2613, WBIDC, |
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Hosur Factory: |
Part of Survey No.149, 151 to 153, 227/ 2K3 and 299/1,
Next to GNB Factory, Koneripalli Post, Nallaganakothapalli Village, Hosur Taluk,
Krishnageri-635 117 District, Tamilnadu, India |
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Phase – II,
Industrial Growth Centre, Samba – 184 121, Jammu and Kashmir, India |
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Hooghly Factory
: |
Dayanidhan Compound,
Godown No- 1A and 2, Delhi High Road, Dankuni, Village: Monoharpur, J. L. No.
98, Touzi No. 17, Police Station - Chanditala, District – Hooghly - 712311,
West Bengal, India |
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Kharadpada Factory : |
Survey No. 389, 391, 393, 396 and 401, Naroli – |
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Noida Factory : |
Plot No. 26, B/C Sector No. 31, Surajpur - |
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19/3-5, 18/1 and 21/6, Pit-Olaivaikkal Village, Koodapakam Villianoor
Road, Villianoor Taluk, Pondicherry - 605 110, India |
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Sinnar Factory : |
STICE, Plot No. 971/1A, |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Dadi B. Engineer |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. R. Ramamoorthy |
|
Designation : |
Director |
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Date of Birth/Age : |
08.07.1940 |
|
Qualification : |
B. A., B.L., F.C.S. |
|
Date of Appointment : |
31.10.2003 |
|
|
|
|
Name : |
Mr. Mahendra V. Doshi |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Mufazzal S. Federal |
|
Designation : |
Director |
|
|
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|
Name : |
Mr. Rajendra P. Goyal (Ceased w.e.f. 22nd October, 2011) |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. S. K. Palekar (Appointed w.e.f. 17th April, 2012 |
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Designation : |
Director |
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Date of Birth/Age : |
23.08.1949 |
|
Qualification : |
B.Sc., M.Sc., M.M.S. |
|
Date of Appointment : |
17.04.2012 |
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|
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|
Name : |
Mr. Hiten V. Parekh |
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Designation : |
Executive Director |
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|
Name : |
Mr. Manish V. Parekh |
|
Designation : |
Executive Director |
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Name : |
Mr. Nayan S. Parekh |
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Designation : |
Executive Director |
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|
Name : |
Mr. Sharad V. Parekh |
|
Designation : |
Managing Director |
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Date of Birth/Age : |
08.03.1972 |
|
Qualification : |
B.S. Plastic Engineering, U.S.A |
|
Date of Appointment : |
01.04.2000 |
|
|
|
|
Name : |
Mr. Vamanrai V. Parekh |
|
Designation : |
Chairman |
KEY EXECUTIVES
|
Name : |
Mr.
Paresh B. Mehta |
|
Designation : |
Financial Controller |
|
|
|
|
Name : |
Ms.
Priti P. Dave |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7060482 |
47.31 |
|
|
2376500 |
15.93 |
|
|
9436982 |
63.24 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
9436982 |
63.24 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
1175300 |
7.88 |
|
|
9641 |
0.06 |
|
|
118003 |
0.79 |
|
|
1302944 |
8.73 |
|
|
|
|
|
|
865978 |
5.80 |
|
|
|
|
|
|
1818416 |
12.19 |
|
|
1252062 |
8.39 |
|
|
246143 |
1.65 |
|
|
246143 |
1.65 |
|
|
4182599 |
28.03 |
|
Total
Public shareholding (B) |
5485543 |
36.76 |
|
Total
(A)+(B) |
14922525 |
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) |
14922525 |
0.00 |
LISTING DETAILS:
|
BSE : 523385 NSE : NILKAMAL |
|
|
Stock Exchange Place : |
·
The Bombay Stock Exchange Limited ·
National Stock Exchange of India Limited |
|
Demat ISIN in NSDL
and CDSL for Equity Shares : |
INE310A01015 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Material Handling Crates, Moulded
Furniture, Houseware, Multi-Layer Packaging Films And Custom Mouldings. |
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Products : |
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Export To: |
No Export |
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Import From : |
No Import |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
3072 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name 1 : |
Dalal
and Shah Chartered
Accountants |
|
|
|
|
Name 2 : |
Vora
and Associates Chartered
Accountants |
|
|
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|
Subsidiaries : |
|
|
|
|
|
Joint Venture |
|
|
|
|
|
Enterprise owned or
significantly influenced by key Management Personnel or their relatives,
where transactions have taken place : |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22000000 |
Equity Shares |
Rs.10/- each |
Rs.220.000 Millions |
|
3000000 |
Preferences Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
Total |
|
Rs.250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14922525 |
Equity Shares |
Rs.10/- each |
Rs.149.225 Millions |
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 |
149.225 |
149.225 |
149.225 |
|
(b) Reserves & Surplus |
4,141.848 |
3,895.221 |
3,408.564 |
|
(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) |
4,291.073 |
4,044.446 |
3,557.789 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1,117.888 |
1,104.248 |
706.847 |
|
(b) Deferred tax liabilities (Net) |
219.044 |
184.721 |
156.433 |
|
(c) Other long term
liabilities |
323.735 |
271.628 |
0.000 |
|
(d) long-term
provisions |
75.915 |
41.419 |
31.020 |
|
Total Non-current
Liabilities (3) |
1,736.582 |
1,602.016 |
894.300 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2,425.451 |
2,155.693 |
1,939.798 |
|
(b) Trade
payables |
942.903 |
813.227 |
632.128 |
|
(c) Other
current liabilities |
684.445 |
654.463 |
850.628 |
|
(d) Short-term
provisions |
188.928 |
197.127 |
157.679 |
|
Total Current
Liabilities (4) |
4,241.727 |
3,820.510 |
3,580.233 |
|
|
|
|
|
|
TOTAL |
10,269.382 |
9,466.972 |
8,032.322 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3,360.354 |
3,236.483 |
2,522.159 |
|
(ii)
Intangible Assets |
21.840 |
35.747 |
60.334 |
|
(iii)
Capital work-in-progress |
42.055 |
50.922 |
382.309 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
12.762 |
|
(b) Non-current Investments |
252.959 |
252.959 |
252.959 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
518.534 |
505.915 |
427.662 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
4,195.742 |
4,082.026 |
3,658.185 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3,052.562 |
2,729.119 |
2,246.778 |
|
(c) Trade
receivables |
2,297.417 |
1,956.913 |
1,474.361 |
|
(d) Cash
and cash equivalents |
244.899 |
204.563 |
257.219 |
|
(e)
Short-term loans and advances |
419.638 |
423.346 |
394.308 |
|
(f) Other
current assets |
59.124 |
71.005 |
1.481 |
|
Total
Current Assets |
6,073.640 |
5,384.946 |
4,374.147 |
|
|
|
|
|
|
TOTAL |
10,269.382 |
9,466.972 |
8,032.332 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
16106.588 |
14346.079 |
12516.978 |
|
|
|
Other Income |
32.236 |
24.820 |
39.568 |
|
|
|
TOTAL |
16138.824 |
14370.899 |
12556.546 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
6369.720 |
5547.950 |
4650.894 |
|
|
|
Purchases of traded goods |
4135.835 |
3526.666 |
3621.073 |
|
|
|
Changes in
inventories of finished goods, work-in progress and traded goods |
(325.491) |
(302.065) |
(523.421) |
|
|
|
Employee benefits expense |
1016.302 |
900.227 |
757.791 |
|
|
|
Other expenses |
3632.762 |
3187.733 |
2720.533 |
|
|
|
Trial run expenses capitalised |
0.000 |
(6.483) |
(2.156) |
|
|
|
TOTAL |
14829.128 |
12854.030 |
11224.714 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1309.696 |
1516.869 |
1331.832 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
429.746 |
401.549 |
302.140 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
879.950 |
1115.320 |
1029.692 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
443.432 |
404.776 |
329.316 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
436.518 |
710.544 |
700.376 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
124.616 |
154.514 |
175.798 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
311.902 |
556.030 |
524.578 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
158.824 |
1099.694 |
996.947 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
40.000 |
57.500 |
52.458 |
|
|
|
Dividend |
59.700 |
59.700 |
59.690 |
|
|
|
Tax on Dividend |
10.100 |
9.700 |
9.683 |
|
|
BALANCE CARRIED
TO THE B/S |
1730.927 |
1528.824 |
1099.694 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of exports |
382.788 |
308.475 |
235.444 |
|
|
|
Technical and Management Fees from Subsidiaries |
11.560 |
15.118 |
12.694 |
|
|
|
Income earned from export of services |
3.793 |
5.166 |
7.898 |
|
|
|
Dividend Received from Subsidiaries |
5.497 |
11.100 |
6.064 |
|
|
|
Lease Rent Received from Subsidiary |
0.537 |
0.523 |
0.000 |
|
|
TOTAL EARNINGS |
404.175 |
340.382 |
262.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
654.689 |
838.500 |
969.639 |
|
|
|
Stores & Spares |
54.420 |
9.733 |
16.203 |
|
|
|
Capital Goods |
208.755 |
233.113 |
780.164 |
|
|
|
Trade Goods |
946.044 |
77.194 |
780.164 |
|
|
TOTAL IMPORTS |
1863.908 |
1158.540 |
2546.170 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
20.90 |
37.26 |
36.80 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.93 |
3.87 |
4.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.71 |
4.95 |
5.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.38 |
7.75 |
9.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.18 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.83 |
0.81 |
0.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43 |
1.41 |
1.22 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
149.225 |
149.225 |
149.225 |
|
Reserves & Surplus |
3408.564 |
3895.221 |
4141.848 |
|
Net
worth |
3557.789 |
4044.446 |
4291.073 |
|
|
|
|
|
|
long-term borrowings |
706.847 |
1104.248 |
1117.888 |
|
Short term borrowings |
1939.798 |
2155.693 |
2425.451 |
|
Total
borrowings |
2646.645 |
3259.941 |
3543.339 |
|
Debt/Equity
ratio |
0.744 |
0.806 |
0.826 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
12,516.978 |
14,346.079 |
16,106.588 |
|
|
|
14.613 |
12.272 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
12,516.978 |
14,346.079 |
16,106.588 |
|
Profit |
524.578 |
556.030 |
311.902 |
|
|
4.19% |
3.88% |
1.94% |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
From others |
0.000 |
4.542 |
|
Short Term
Borrowings |
|
|
|
Short term rupee loan from bank |
150.000 |
0.000 |
|
Total |
150.000 |
4.542 |
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENT, OPPORTUNITIES,
THREATS, RISKS, CONCERNS AND OUTLOOK
The Indian economy
went through a rough patch in 2012-13. Plagued with a deluge of problems, the
Gross Domestic Product (GDP) growth rate in 2012-13 was lowest in a decade. All
the three segments of the economy - agriculture, industry and services
performed badly during the year.
Agriculture
suffered due to erratic and delayed monsoons in 2012-13. The industrial
activity in India lost momentum due to supply constraints in the mining and
power sector, high interest rates, high inflation and stalled reforms. A
depreciating rupee added to the woes of the economy, to increasing the input
costs. Investment activity too slowed down due to rising pace of projects being
shelved and reduction in growth rate of new project additions.
The Indian economy
is expected to show stagnancy during the first half of the current Financial
Year 2013-14. However, a slow recovery is likely to shape up due to mid-course
corrections such as reduced inflation, softening of interest rates,
fast-tracking of investment projects, etc. Nonetheless, the economy is unlikely
to get a relief on the external front, as global economic conditions remain
subdued in 2013.
PLASTIC DIVISION
The Plastic Business
has achieved a volume growth of 1% and value growth of 14%. During the
Financial Year 2012-13 it has achieved total turnover of Rs. 16147.400 millions
as compared to Rs. 14176.100 millions in the previous year.
The Furniture
Business witnessed a top line growth of 7% in revenue terms over the previous
Financial Year.
The growth was
primarily from value added products in the traded segment. The moulded
furniture segment did not register a growth because of the high volatility of
raw material prices which affected the business volumes in this segment. This
segment of the division however continues to enjoy a leadership position with a
lead of two times to its closest competitor.
The furniture
division has augmented its range in the last financial year by adding a variety
of products in categories like office seating solution, living and bedroom
furniture, computer table, dining, designer chairs etc. thereby increasing the
opportunity manifold to sell all types of furniture solutions to an already existing
box of nearly 5 Crore satisfied households of moulded furniture. During the
year the Company has introduced India’s first poly carbonate chair “Crystal”
which has been appreciated immensely by consumers and architects. This division
has also introduced many models in the hybrid chairs suitable for cafeteria and
household application.
The visibility
equation has been accelerated by launching additional 12 “Nilkamal Home Ideas”
stores ranging from 4000-8000 sq. ft. to serve 2/3 tier towns of India, thus
taking the total of “Nilkamal Home Ideas” stores to 19 by the end of the
Financial Year. These stores are a one stop furniture showroom for all Nilkamal
products and offer various furniture solutions to the consumer. The strong
network of 40 plus depots aided the Company to service these stores. The traded
segment has grown exponentially in the last two years and they expect it to
continue to grow rapidly with the help of “Nilkamal Home Ideas” and through
them large network of 1000 plus distribution.
Going forward they
believe that the stable GDP growth of them country would unfold a lot of
opportunities for exponential growth as all the growing middle class would need
quality furniture from reliable manufactures to meet there aspiration. The boom
in the housing industry and the increasing job opportunities and disposable
income would be the key drivers for the shift from unorganized sector to
organized sector. The pan India penetration and the company’s strength of
servicing the consumers at arm’s length through depots in major cities and
network of distributors would further augment them leadership position.
MATTRESS DIVISION
Mattress industry
in India grew by approximately 15% during the year 2012-13 and is estimated to
be around 5,400 crores. The value growth was not felt mainly because the
branded players penetrated into the tier 3 and tier 4 markets with low end
products, resulting in grabbing unorganized player’s share in the marketplace.
The year 2012-2013 witnessed appreciable growth in foam and spring segment of
the mattress industry where there are few organized players who cater to
quality conscious customers.
Robust
distribution network becomes key to success in this business. During the
Financial Year 2012-13, the Company with the strength of brand leadership in
furniture segment, was successful in penetrating in more than 2000 retail
stores in India.
Having experienced
success in Southern part of the country, the Company launched the mattresses in
Eastern part of India during the second quarter after establishing the
production facility in Dankuni, Kolkata. Encouragement and positive response
received from the trade as well as consumers have given us opportunity to enter
eastern markets with them current range of products.
The Company has introduced
a full range of rubberized coir, foam and innovative spring mattresses. Having
identified the three major attributes of requirement of Indian consumers –
Comfort, Support for the spine and wellness and working towards offering all
three attributes in all the range of mattresses offered by the Company. The
Company has introduced 17 new products into the market during the year
2012-2013.
The Company has
entered the mattress market during the year with innovative products and has
been able to cater to the branded mattress market segment with 4” thick spring
mattress, introduced for the first time in India at an affordable price
equivalent to the coir mattress. This was well received by the consumers as
well.
FUTURE OUTLOOK
With the success
of launch of mattress in South, East and west the company is currently
preparing itself towards entering the Northern part of India. The automated
manufacturing machine installed at Hosur is expected to increase the production
units to penetrate into uncovered areas around south. Mattress market is
throwing up opportunities for premium products which are technically superior.
Higher purchasing power backed by higher income levels, increased urbanization
rising construction activity in housing segment and easy availability of loans
are boosting growth in this industry. Quality is attracting towards organized
sector in the mattress industry. The strength of Nilkamal Brand is extended to
mattresses and efforts are also taken to enlarge the foot print of “NILKAMAL”
as a brand for mattresses. The company’s investments in production units in
Southern and Eastern part of the country is bound to create positive impact in
mattress industry.
The Material
Handling Business grew by 15% in value terms and 4% in volume terms. Increasing
costs of land, scarcity of labour, coupled with an ever increasing emphasis on
shop-floor productivity, material handling efficiency, and storage optimization
continued boding well for them Material Handling products like crates, pallets,
metal storage racks, and material handling equipment. Nilkamal continued to
exhibit a market leader position in the material handling segment backed by its
ability to directly reach a very diverse set of industrial customers through
400+ self-employed sales people operating from 50+ regional sales offices
across India.
They continued
investing in them already wide product breadth by successfully introducing and
scaling up new products and services.
Combined sales of
them three ventures Nilkamal Crates and Bins Ajman, Nilkamal Bito Storage
Systems Private Limited (NBSS), and Cambro Nilkamal Private Limited (CNPL) grew
by 61%.
They remain
bullish about them growth in Ajman, given the turn-around in Dubai and
Middle-Eastern region.
They scaled up
them operations in NBSS and successfully executed quite a few large storage
system projects. The Cambro Manufacturing Company, USA awarded CNPL with the
Gold Award for Outstanding Sales amongst all its international dealers and distributors.
They remain
bullish about the material handling segment for the long term, based on
increasing focus on improved productivity with less dependency on labour and
see Full Implementation of GST to be next trigger for requirement of Large
Warehouses.
The rise in the
price of crude and the weakening of Indian rupee will definitely remain a major
concern for sustaining profitability and Sales growth in short and medium term.
LIFESTYLE FURNITURE, FURNISHING AND ACCESSORIES
DIVISION:
@home – The Mega
Home Store has 19 stores spread across 11 cities covering a retail space of
over 3.21 lakh sq. ft.; @home today has become a trusted brand among the
consumers and has acquired a reputation of a serious player in the Indian Home
Retailing industry.
In the FY 2012-13,
the Brand has gone the E-commerce way. @home products are now available online
through their own web portal and through other leading portals the Brand has
partnered with. @home’s Digital presence can also be felt with the various
Social Media Marketing initiatives conducted.
This year has
thrown challenges to the business which were not in direct control of the
Company. The challenging macro environment includes currency fluctuation
(weaker Rupee against Dollar). It had impacted the product selling prices which
went upwards by 12% further resulted into downward same store sales.
The FY 2012-13
witnessed restrategising of the business model to counter the challenges being
faced by prolonged market slowdown to reduce expenses without negative impact
on sales. Company has recently closed operations of two stores in Mumbai,
identified as weak ends with less than expected growth opportunities in those
markets.
Economic downturn
coupled with adverse currency fluctuation is a threat to the business; as home
furniture is not purchased frequently. This adversely effected the entire
organized retail industry, who were either stagnant or saw a downward trend in
the market. Despite all odds, @home has registered a turnover growth of 7% in
FY 2012-13 (Rs. 2039.300 millions) over FY 2011-12 (Rs. 1912.700 millions).
The Management
believes that the entry of more organized players will accelerate the shift
from unorganized to organized market. The organized sector will facilitate the
consumers with benefits such as wide product range, quality products, home
décor ideas, easy finance options, warranty and after sales service.
AWARDS AND RECOGNITIONS
The Company was
awarded with ‘Silver Certificate of Merit Award’ by the Economic Times “Indian Manufacturing
Excellence Award” in partnership with Frost and Sullivan for its Puducherry
Unit for FY 2013.
SUBSIDIARIES AND JOINT VENTURE
The Company has
three subsidiaries namely - Nilkamal Eswaran Plastics Private Limited and
Nilkamal Eswaran Marketing Private Limited at Sri Lanka and Nilkamal Crates and
Bins – FZE at U.A.E. The Company has obtained consent of the Board of Directors
of the Company for not attaching the accounts and reports of all its
subsidiaries under Section 212 of the Companies Act, 1956. Shareholders
requiring the same may write to the Company.
The business of
Joint Venture Company viz. Nilkamal Bito Storage Systems Private Limited in its
sixth year of operation has performed satisfactorily during the year. The total
turnover was Rs. 736.800 millions as compared to Rs. 488.200 millions for
previous year and had earned Profit of Rs. 21.600 millions against Profit of
Rs. 49.200 millions of the previous year.
The Company’s
other Joint Venture Company viz. Cambro Nilkamal Private Limited has also
exhibited a positive performance, with a total turnover of Rs. 165.200 millions
and Profit of Rs. 16.000 millions against turnover of Rs. 79.400 millions and
Profit of Rs. 10.500 millions of the previous year.
EXPORTS
Company’s Exports
(including deemed exports) during the year were Rs. 706.800 millions as
compared to Rs. 506.800 millions in the previous year.
UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 31ST DECEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
3767.028 |
4205.161 |
11849.061 |
|
b) Other operating income |
19.115 |
23.358 |
65.624 |
|
Total
income from Operations(net) |
3786.143 |
4228.519 |
11914.685 |
|
2.Expenditure |
|
|
|
|
(a) Cost of materials consumed |
1258.045 |
1466.631 |
4185.881 |
|
(b) Purchase of stock-in-trade |
1030.747 |
1106.038 |
3176.068 |
|
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
90.769 |
57.540 |
113.877 |
|
(d) Employees benefit expense |
267.623 |
263.764 |
808.031 |
|
(e) Depreciation and amortisation expense |
113.873 |
138.626 |
369.065 |
|
(f) Other expenses |
828.524 |
920.668 |
2603.931 |
|
Total expenses |
3589.581 |
3953.267 |
11256.853 |
|
3. Profit from operations before other income and
financial costs |
196.562 |
275.252 |
657.832 |
|
4. Other income |
9.519 |
12.408 |
34.317 |
|
5. Profit from ordinary activities before finance costs |
206.081 |
287.660 |
692.149 |
|
6. Finance costs |
104.115 |
105.364 |
316.276 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
101.966 |
182.296 |
375.873 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
101.966 |
182.296 |
375.873 |
|
10.Tax expenses |
30.885 |
56.773 |
116.841 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
71.081 |
125.523 |
259.032 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
71.081 |
125.523 |
259.032 |
|
14.Paid-up
equity share capital (Nominal value Re. 1/- per share) |
149.225 |
149.225 |
149.225 |
|
15. Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share |
|
|
|
|
(a) Basic and diluted EPS before exceptional Item for the period (Rs.) |
4.76 |
8.41 |
17.36 |
|
(b) Basic and diluted EPS after exceptional Item for the period (Rs.) |
4.76 |
8.41 |
17.36 |
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
5485543 |
5485543 |
5485543 |
|
- Percentage of shareholding |
36.76 |
36.76 |
36.76 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
9436982 |
9436982 |
9436982 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
63.24 |
63.24 |
63.24 |
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
Nine
Months Ended (
Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1. Segment Revenue |
|
|
|
|
(a) Plastics |
3168.259 |
3389.890 |
9879.580 |
|
(b) Lifestyle Furniture, Furnishings and Accessories |
509.878 |
666.670 |
1602.113 |
|
(c) Others |
126.978 |
201.614 |
517.370 |
|
Total |
3805.115 |
4258.174 |
11999.063 |
|
Less: Inter Segment Revenue |
18.972 |
29.655 |
84.378 |
|
Net Income from Operations |
3786.143 |
4228.519 |
11914.685 |
|
2. Segment Results |
|
|
|
|
(a) Plastics |
237.448 |
278.554 |
784.279 |
|
(b) Lifestyle Furniture, Furnishings and Accessories |
3.903 |
37.842 |
14.840 |
|
(c) Others |
(5.736) |
3.098 |
(13.167) |
|
Total |
235.615 |
319.494 |
785.952 |
|
Less: Finance Cost |
104.115 |
105.364 |
316.276 |
|
Other Un-allocable expenditure net of un-allocable income |
29.534 |
31.834 |
93.803 |
|
Total Profit before Tax |
101.966 |
182.296 |
375.873 |
|
3. Capital Employed [Segment Assets -Segment Liabilities] |
|
|
|
|
(a) Plastics |
6604.521 |
6703.739 |
6604.521 |
|
(b) Lifestyle Furniture, Furnishings and Accessories |
919.611 |
875.887 |
919.611 |
|
(c) Others |
289.614 |
263.799 |
289.614 |
|
(d) Unallocated |
(3258.799) |
(3362.812) |
(3258.799) |
The company has reorganized its segment
structure with effect from 1st April, 2013 to better align to market
reeds. Accordingly, non-qualifying business including segments including mass
housing, mattresses etc. are disclosed as other segment. Previous period
segment figures are regrouped in accordance with the revised segment structure.
- The above results which have been subjected to 'Limited Review' by
the Auditors of the Company, have been reviewed by the Audit Committee and
approved by the Board of Directors at their meeting held on 30th January,
2014.
- The Company has adopted the principles of hedge accounting as set
out in Accounting Standard (AS 30) on 'Financial Instruments: Recognition
and Measurement', in respect of cross-currency interest rate swap to hedge
its foreign currency risk & interest rate risk and which are not
covered by the requirements of Accounting Standard (AS) 11 'The Effects of
Changes in Foreign Exchange Rates'. Accordingly, net gain arising on fair
valuation of outstanding derivatives as on 31st December, 2013 aggregating
to Rs.9.400 Millions has
been credited to Cash Flow Hedge Reserve.
- The Company did not have any investor complaints pending as on 1st
October, 2013 and as on 31st December, 2013. One complaint were
received and disposed of during the quarter ended on 31st
December, 2013.
- Previous Period's figures have been regrouped and reclassified,
wherever necessary.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10444353 |
30/07/2013 |
282,800,000.00 |
DBS Bank Limited
|
DLF Capitol
Point, Ground And First Floor, Baba Kharak Singh Marg, Connaught Place, New
Delhi, Delhi - 110001, India |
B82747262 |
|
2 |
10443457 |
30/07/2013 |
80,000,000.00 |
State Bank of
India |
N. G. N. Vaidya
Marg, Horniman Circle, Fort, Mumbai, Maharashtra - 400001, India |
B82308644 |
|
3 |
10012972 |
12/08/2013 * |
6,048,000,000.00 |
State Bank of
India |
N. G. N. Vaidya Marg,
Horniman Circle, Fort, Mumbai, Maharashtra - 400001, India |
B82620121 |
|
4 |
90098636 |
30/07/2013 * |
5,685,200,000.00 |
State Bank of
India |
N. G. N. Vaidya
Marg, Horniman Circle, Fort, Mumbai, Maharashtra - 400001, India |
B82462524 |
FIXED ASSETS
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Plant and Machinery
·
Furniture, Fixtures and Office Equipment’s
·
Vehicles
·
Vehicles under hire purchase arrangement
·
Interiors at Showroom
·
Models, Designs and Other Commercial Rights
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.60.12 |
|
UK Pound |
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.82.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
57 |
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.