MIRA INFORM REPORT
|
Report Date : |
18.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
STEEL AUTHORITY OF INDIA LIMITED |
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Registered
Office : |
Ispat Bhawan, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
24.01.1973 |
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Com. Reg. No.: |
55-006454 |
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Capital
Investment / Paid-up Capital : |
Rs. 41305.300 Millions |
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CIN No.: [Company Identification
No.] |
L27109DL1973GOI006454 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELS20873G / DELS27448B / DELS23314E / DELS23327D / DELS22351A /
DELS21126A / DELS06268D / DELS23804E / DELS22350G / DELS22349F / DELS21127B |
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PAN No.: [Permanent Account No.] |
AAACS7062F / AAALS7062F / AAAC57062F |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Steel and Steel Products. |
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No. of Employees
: |
101878 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (76) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 1640000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a Government of India company, having excellent track
record. The rating derives comfort from its established position as India’s largest
integrated steel producer with captive iron ore mines, geographical diversity
of sales and comfortable liquidity position backed by healthy cash and bank
balance. Directors are reported to be experienced and respectable businessmen. Fundamental of the company seems to be strong. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long-Term Bond Programme – I : AAA |
|
Rating Explanation |
Highest credit quality and lowest credit
risk. |
|
Date |
July 02, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term CP/ICD Programme : A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
July 02, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Anil Kumar Chaudhary |
|
Designation : |
Finance Director |
|
Contact No.: |
91-11-24368092 |
LOCATIONS
|
Registered/ Corporate Office : |
Ispat Bhawan,
Lodhi Road, New Delhi – 110003, India |
|
Tel. No.: |
91-11-24367481
(14 lines) |
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Fax No.: |
91-11-24367015 |
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E-Mail : |
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Website : |
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Factory: |
IISCO Steel Plant, Burnpur – 713325, West Bengal, India |
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Factory : |
Integrated Steel
Plants
· Bhilai Steel Plant, Bhilai – 49000, Chhattisgarh, India · Durgapur Steel Plant, Bardhaman – 713203, West Bengal, India · Rourkela Steel Plant, Sundergarh – 769011, Orissa, India · Bokaro Steel Plant, Bokaro – 827001, Jharkhand, India · P. O. Hinoo, Ranchi – 834002, Jharkhand, India
Special Steel
Plants
· Alloy Steel Plants, Durgapur – 713208, West Bengal, India · Salem Steel Plant, Salem – 636013, Tamilnadu, India ·
Visvesvaraya Iron and Steel Plant, Bhadravati, |
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Sail Refractory
Unit : |
Bokaro Steel City, Bokaro – 827004, Jharkhand, India |
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CMO Regional and
Zonal Offices : |
Northern Region ·
New Delhi North-Western Region ·
Chandigarh Eastern Region · Kolkata Western Region ·
Mumbai Central Region · Indore Southern Region ·
Chennai North Eastern Zone · Guwahati |
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CMO Branch Sales
Offices : |
F-10, Sector-2, Rourkela – 769006, Orissa, India |
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Other CMO Branch
Sales Offices : |
Northern Region: ·
Agra Allahabad Faridabad Ghaziabad Kanpur Lucknow New Delhi North-West
Region: ·
Chandigarh Jalandhar
City Jammu Ludhiana Mandi Gobindgarh Eastern Region: ·
Bhubaneshwar Bokaro Kolkata Dimapur Durgapur Guwahati Patna Western Region: ·
Ahmedabad Baroda Mumbai Nagpur Pune Central Region: ·
Bhilai Gwalior Indore Jabalpur Jaipur Kota Southern Region: ·
Bangalore Belgaum Chennai Coimbatore Hyderabad Kochi Tiruchirapalli Vijayawada Visakhapatnam |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. C S Verma |
|
Designation : |
Chairman |
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FUNCTIONAL
DIRECTORS |
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|
Name : |
Mr. Anil Kumar Chaudhary |
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Designation : |
Director (Finance) |
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Name : |
Mr. S. S. Mohanty |
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Designation : |
Director (Technical and Commercial (Additional Charge)) |
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Name : |
Mr. H. S. Pati |
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Designation : |
Director (Personnel) |
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Name: |
Mr. T. S. Suresh |
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Designation : |
Director (Projects and Business Planning ) |
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Tel No.: |
91-11-24362897 |
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Name: |
Mr. Kalyan Maity |
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Designation : |
Director (Raw Materials and Logistics) |
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GOVERNMENT
DIRECTORS |
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|
Name : |
Mr. Vinod Kumar Thakral |
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Designation : |
Additional Secretary and Financial Adviser Ministry of Steel,
Government of India |
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|
Name : |
Mr. Upendra Prasad Singh |
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Designation : |
Joint Secretary Ministry of Steel, Government of India |
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INDEPENDENT
DIRECTORS |
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|
Name : |
Dr. Atmanand |
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Designation : |
Independent Director |
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Name : |
Mr. A K Goswami |
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Designation : |
Independent Director |
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Name : |
Dr. Jagdish Khattar |
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Designation : |
Independent Director |
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Name : |
Prof. Subrata Chaudhuri |
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Designation : |
Independent Director |
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Name : |
Mr. P. K. Sengupta |
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Designation : |
Independent Director |
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Name : |
Mr. P. C. Jha |
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Designation : |
Independent Director |
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Name: |
Dr. Isher Judge Ahluwalia |
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Designation : |
Independent Director |
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Name: |
Mr. Sujit Banerjee |
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Designation : |
Independent Director |
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Name: |
Mr. Arun Kumar Srivastava |
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Designation : |
Independent Director |
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Name: |
J.M. Mauskar |
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Designation : |
Independent Director |
KEY EXECUTIVES
|
CHIEF EXECUTIVE OFFICERS
(PERMANENT INVITEES) |
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Bhilai Steel Plant : |
Mr. S. Chandrasekaran |
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IISCO Steel Plant |
Mr. N. Kothari |
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Rourkela Steel Plant : |
Mr. G. S. Prasad |
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Bokaro Steel Plant : |
Mr. Anutosh Maitra |
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Durgapur Steel Plant : |
Mr. P. K. Bajaj |
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Name: |
Mr. M.C. Jain |
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Designation : |
Secretary |
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Name: |
Mr. Rakesh Sharma |
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Designation : |
DPT Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
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|
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|
3304293713 |
80.01 |
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|
3304293713 |
80.01 |
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Total shareholding of Promoter
and Promoter Group (A) |
3304293713 |
80.01 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
27120207 |
0.66 |
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|
118731100 |
2.87 |
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|
298593156 |
7.23 |
|
|
243464158 |
5.89 |
|
|
687908621 |
16.66 |
|
|
|
|
|
|
24652720 |
0.60 |
|
|
|
|
|
|
86202675 |
2.09 |
|
|
17350249 |
0.42 |
|
|
9663126 |
0.23 |
|
|
4924493 |
0.12 |
|
|
4738633 |
0.11 |
|
|
137868770 |
3.34 |
|
Total Public shareholding (B) |
825777391 |
19.99 |
|
Total (A)+(B) |
4130071104 |
100.00 |
|
(C) Shares held by Custodians and
against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
454185 |
0.00 |
|
|
454185 |
0.00 |
|
Total (A)+(B)+(C) |
4130071104 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Steel and Steel Products. |
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Products/ Services : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
MAIN STEEL
PLANTS |
|
|
|
|
Pig Iron |
Tonnes |
2397000 |
260829 |
|
Crude Steel (i) |
Tonnes |
12487000 |
13453059 |
|
Saleable Steel |
Tonnes |
10740000 |
12324973 |
|
|
|
|
|
|
ALLOY STEELS
PLANTS |
|
|
|
|
Pig Iron |
Tonnes |
58000 |
2341 |
|
Crude Steel |
Tonnes |
352000 |
308733 |
|
Saleable Steel |
Tonnes |
457000 |
550238 |
NOTES:
1)
Crude Steel installed capacity is in terms of solid
steel as per International Iron and steel Institute.
2)
"Licensed Capacity" Not applicable (N.A.)
in terms of Government of India Notification No.S.O.477 (E) dated 25th July,
1991.
GENERAL INFORMATION
|
No. of Employees : |
101878 (Approximately) |
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Bankers : |
· Allahabad Bank Andhra
Bank Australia
and New Zealand Banking Group Limited Axis
Bank Limited Bank
of America Bank
of Baroda Bank
of India Bank
of Maharashtra Bank
of Tokyo-Mitsubishi UFJ Limited Baraclays
Bank PLC BNP
Paribas Canara
Bank Central
Bank of India Citi
Bank Corporation
Bank Credit
Agricole Corporate and Investment Bank Dena
Bank Deutsche
Bank Development
Bank of Singapore Federal
Bank Limited HDFC
Bank Limited ICICI
Bank Limited IDBI
Bank Indian
Bank Indian
Overseas Bank IndusInd
Bank Limited ING
Vysya Bank Limited Jammu
and Kashmir Bank Limited JP
Chase Morgan Kotak
Mahindra Bank Limited Mizuho
Corporate Bank Oriental
Bank of Commerce Punjab
and Sind Bank Punjab
National Bank Royal
Bank of Scotland Standard
Chartered Bank State
Bank of Bikaner and Jaipur State
Bank of Hyderabad State
Bank of India State
Bank of Mysore State
Bank of Patiala State
Bank of Travancore Sumitomo
Mitsui Banking Corporation Syndicate
Bank UCO
Bank Union
Bank of India United
Bank of India Vijaya
Bank Yes
Bank Limited |
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Facilities : |
NOTE SHORT TERM
BORROWINGS (a) Secured by hypothecation of all Current Assets. (b) The Company does not have any continuing default in
repayment of Loans and interest on the Balance Sheet date. |
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Banking
Relations : |
-- |
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|
|
|
Financial Institution : |
IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India |
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|
|
|
Statutory Auditors : |
|
|
Name : |
S.K. Mittal and
Company Chartered Accountants O.P. Totla and
Company Chartered
Accountants B.N. Misra and
Company Chartered Accountants |
|
|
|
|
Joint Venture : |
· SAIL Bansal Service Centre Limited Mjunction
Services Limited UEC-SAIL
Information Technology Limited Romelt
SAIL (India) Limited N.E
Steel and Galvanising Private Limited Bhilai
Jaypee Cement Limited Bokaro
Jaypee Cement Limited S
and T Mining Company Private Limited SAIL
Kobe Iron India Private Limited TMTSAL
SAIL JV Limited SAL
SAIL JVC Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000000 |
Equity Shares |
Rs.10/- each |
Rs. 50000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4130525289 |
Equity Shares |
Rs.10/- each |
Rs. 41305.300 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
41305.300 |
41305.300 |
41305.300 |
|
(b) Reserves & Surplus |
385358.200 |
368941.100 |
356807.900 |
|
(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) |
426663.500 |
410246.400 |
398113.200 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
136322.200 |
134855.500 |
115866.600 |
|
(b) Deferred tax liabilities
(Net) |
20404.600 |
17285.300 |
16444.800 |
|
(c) Other long term
liabilities |
13813.000 |
12711.200 |
13460.000 |
|
(d) long-term provisions |
39012.800 |
42041.600 |
35251.900 |
|
Total
Non-current Liabilities (3) |
209552.600 |
206893.600 |
181023.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
106344.800 |
80150.200 |
45105.500 |
|
(b) Trade payables |
32053.400 |
33220.400 |
32197.500 |
|
(c) Other current liabilities |
124785.100 |
86547.000 |
83960.300 |
|
(d) Short-term provisions |
20219.500 |
25127.000 |
22970.400 |
|
Total
Current Liabilities (4) |
283402.800 |
225044.600 |
184233.700 |
|
|
|
|
|
|
TOTAL |
919618.900 |
842184.600 |
763370.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
|
|
152346.300 |
157483.400 |
|
(ii) Intangible Assets |
|
15427.700 |
14099.300 |
|
(iii) Capital work-in-progress |
604211.900 |
358908.500 |
280491.400 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
7202.000 |
7183.600 |
6850.400 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
37943.200 |
31651.700 |
26144.300 |
|
(e) Other Non-current assets |
1354.300 |
507.000 |
779.100 |
|
Total
Non-Current Assets |
650711.400 |
566024.800 |
485847.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
152008.200 |
160082.100 |
137423.700 |
|
(c) Trade receivables |
54819.800 |
44241.800 |
47487.700 |
|
(d) Cash and cash equivalents |
28559.500 |
38503.500 |
64157.000 |
|
(e) Short-term loans and
advances |
11605.100 |
9906.900 |
7846.100 |
|
(f) Other current assets |
21914.900 |
23425.500 |
20607.800 |
|
Total
Current Assets |
268907.500 |
276159.800 |
277522.300 |
|
|
|
|
|
|
TOTAL |
919618.900 |
842184.600 |
763370.200 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
466984.100 |
445982.600 |
463351.200 |
|
|
|
Other Income |
8338.000 |
9644.400 |
16294.500 |
|
|
|
TOTAL (A) |
475322.100 |
455627.000 |
479645.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
192711.600 |
211984.800 |
230208.200 |
|
|
|
Purchase of Stock in Trade |
7.800 |
32.100 |
48.800 |
|
|
|
Power and Fuel |
49421.500 |
0.000 |
0.000 |
|
|
|
Employee Benefits Expense |
95785.100 |
86372.000 |
79320.500 |
|
|
|
Other Expenses |
78952.200 |
121608.100 |
107071.700 |
|
|
|
Exceptional Items |
(9591.200) |
2293.200 |
2620.200 |
|
|
|
Adjustments pertaining to Earlier Years |
0.000 |
(415.300) |
105.400 |
|
|
|
Changes in Inventories of Finished Goods, Work in Progress
and Stock in Trade |
8946.300 |
(20160.900) |
(13685.100) |
|
|
|
TOTAL (B) |
416233.300 |
401714.000 |
405689.700 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
59088.800 |
53913.000 |
73956.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9676.400 |
7476.600 |
6777.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
49412.400 |
46436.400 |
67179.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17166.900 |
14029.800 |
15670.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
32245.500 |
32406.600 |
51508.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6080.700 |
10703.100 |
16081.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
26164.800 |
21703.500 |
35427.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods(Calculated on FOB basis) |
NA |
11579.500 |
12300.100 |
|
|
TOTAL EARNINGS |
NA |
11579.500 |
12300.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
128862.600 |
160738.000 |
|
|
|
Stores, Spares and Components |
NA |
5083.500 |
4251.300 |
|
|
|
Capital Goods |
NA |
13692.200 |
12269.600 |
|
|
TOTAL IMPORTS |
NA |
147638.300 |
177258.900 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
6.33 |
5.25 |
8.58 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
5.50 |
4.76 |
7.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.91 |
7.27 |
11.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.46 |
6.81 |
10.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.08 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.57 |
0.52 |
0.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.95 |
1.23 |
1.51 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
41305.300 |
41305.300 |
41305.300 |
|
Reserves & Surplus |
356807.900 |
368941.100 |
385358.200 |
|
Net
worth |
398113.200 |
410246.400 |
426663.500 |
|
|
|
|
|
|
long-term borrowings |
115866.600 |
134855.500 |
136322.200 |
|
Short term borrowings |
45105.500 |
80150.200 |
106344.800 |
|
Total
borrowings |
160972.100 |
215005.700 |
242667.000 |
|
Debt/Equity
ratio |
0.404 |
0.524 |
0.569 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
463351.200 |
445982.600 |
466984.100 |
|
|
|
-3.748 |
4.709 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
463351.200 |
445982.600 |
466984.100 |
|
Profit |
35427.200 |
21703.500 |
26164.800 |
|
|
7.65% |
4.87% |
5.60% |
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
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] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
IN THE HIGH COURT OF DELHI AT NEW DELHI
ITA 342/2013
COMMISSIONER OF INCOME TAX-III
..... Appellant
Through Mr. Sanjeev Rajpal, Sr. Standing Counsel.
versus
STEEL AUTHORITY OF INDIA
LIMITED
..... Respondent
Through Ms. Monika Garg, Advocate.
CORAM:
HON'BLE MR. JUSTICE SANJIV KHANNA
HON'BLE MR. JUSTICE SANJEEV SACHDEVA
ORDER
11.10.2013
Having heard learned counsel for the parties, we admit the following
substantial questions of law for decision:
(1) Whether the Income Tax Appellate Tribunal was correct in
deleting the addition of Rs.6.580 Millions made to the income of
the respondent rejecting its claim for depreciation on water supply and
sewage treatment plant
(2) Whether the Income Tax Appellate Tribunal was correct in deleting the addition of Rs.144.500 Millions made to the income of the respondent on account of disallowance of fluctuation in the foreign exchange
(3) Whether the Income Tax Appellate Tribunal was correct in deleting the
addition of Rs.2186 lac made to income of the respondent rejecting its
claim for provision for long service award during the relevant year
With regard to depreciation on computer fibre network systems, we do not think
any substantial question of law arises for consideration as fibre network
system is a computer peripheral as held by the tribunal and depreciation at the
rate of 60% is applicable to computer and computer peripherals.
Filing of printed paper book is dispensed with. Parties are, however,
given liberty to file documents/papers, which were filed before the
authorities/tribunal in accordance with Delhi High Court Rules.
To be listed in due course along with connected appeals.
SANJIV KHANNA, J.
SANJEEV SACHDEVA, J.
OCTOBER 11, 2013
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10445797 |
01/08/2013 |
8,000,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
B82978529 |
|
2 |
10407999 |
18/04/2013 * |
5,000,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
B74443508 |
|
3 |
10395101 |
18/04/2013 * |
3,000,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
B74443938 |
|
4 |
10373662 |
18/04/2013 * |
3,600,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
B74444290 |
|
5 |
10322416 |
16/05/2012 * |
4,000,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
B40010092 |
|
6 |
10322417 |
16/05/2012 * |
4,550,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
B40013989 |
|
7 |
10229692 |
12/08/2010 * |
5,450,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A93701563 |
|
8 |
10230323 |
12/08/2010 * |
6,600,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A93700938 |
|
9 |
10209543 |
28/04/2010 * |
2,420,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A85166627 |
|
10 |
10211081 |
28/04/2010 * |
4,500,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A85166759 |
|
11 |
10207558 |
23/02/2010 |
6,000,000,000.00 |
AXIS BANK
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA,
INDIA |
A80960453 |
|
12 |
10199378 |
16/01/2010 |
1,680,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A77846889 |
|
13 |
10199380 |
16/01/2010 |
1,500,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A77848109 |
|
14 |
10199381 |
16/01/2010 |
3,350,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A77847499 |
|
15 |
10187049 |
10/11/2009 |
1,500,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A73811770 |
|
16 |
10187050 |
10/11/2009 |
7,000,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A73812182 |
|
17 |
10187051 |
10/11/2009 |
3,000,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A73812729 |
|
18 |
10181866 |
06/10/2009 |
6,500,000,000.00 |
UNITED BANK OF
INDIA |
12/4, ASAF ALI
ROAD, NEW DELHI - 110002, INDIA |
A71934996 |
|
19 |
10178438 |
19/09/2009 |
8,250,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A70730296 |
|
20 |
10172177 |
01/05/2012 * |
5,250,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING, GROUND
FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA,
INDIA |
B39399712 |
|
21 |
10172179 |
01/05/2012 * |
9,500,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
B39435912 |
|
22 |
10117687 |
27/03/2007 |
160,000,000.00 |
CENTRAL BANK OF
INDIA |
MOMINPUR BRANCH,
KOLKATA - 700023, WEST BENGAL, INDIA |
A24332082 |
|
23 |
80048211 |
04/07/2013 * |
135,000,000,000.00 |
STATE BANK OF
INDIA |
CORPORATE
ACCOUNTS GROUP BRANCH, JAWAHAR VYAPAR |
B82452848 |
|
24 |
80065021 |
01/05/2012 * |
582,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
B39400213 |
|
25 |
90043261 |
06/07/2004 * |
65,000,000.00 |
BANK OF
MAHARASHTRA |
LEGAL
DEPARTMENT, LOKMANGAL; 1501; SHIVAJINAGAR, PUNE - 411005, MAHARASHTRA,
INDIA |
- |
|
26 |
90062090 |
06/11/2000 |
350,000,000.00 |
STATE BANK OF
BIKANER & JAIPUR |
NEW DELHI HOUSE,
BARAKHMBA ROAD, NEW DELHI, INDIA |
- |
|
27 |
90061463 |
30/05/2001 * |
622,000,000.00 |
STATE BANK OF
INDIA |
DELHI, NEW
DELHI, DELHI, INDIA |
- |
|
28 |
90061442 |
21/03/2001 * |
6,220,000,000.00 |
STATE BANK OF
INDIA |
DELHI, NEW
DELHI, DELHI, INDIA |
- |
|
29 |
90061118 |
10/12/2001 * |
2,000,000,000.00 |
BANK OF
MAHARASHTRA |
LOKMANGAL , 1501,
SHIVAJI NAGAR, PUNE - 411005, MAHARASHTRA, INDIA |
- |
|
30 |
80032318 |
20/12/1993 |
110,000,000.00 |
STATE BANK OF
INDIA |
BOKARO STEEL
CITY BRANCH, BOKARO - 827004, JHARKHAND, INDIA |
- |
|
31 |
90263457 |
19/12/1998 * |
245,000,000.00 |
STATE BANK OF
INDIA |
BOKARO STEEL
CITY BRANCH, BOKARO - 827004, JHARKHAND, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
Unsecured Loans |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Taxable Redeemable Non-convertible Bonds |
NA |
0.000 |
|
Term Loans |
NA |
52663.200 |
|
Others |
NA |
2042.300 |
|
SHORT TERM
BORROWINGS |
|
|
|
Other Loans and
Advances |
|
|
|
Other Loans |
NA |
4000.000 |
|
Commercial Paper |
NA |
0.000 |
|
Foreign Currency Loans |
NA |
68838.600 |
|
Total |
NA |
127544.100 |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs. in
millions) |
|
(i) Claims against the Company pending appellate/judicial decisions : |
|
|
a) Excise Duty |
11207.300 |
|
b) Sales Tax on inter-state stock transfers from plants to stockyards* |
7409.400 |
|
c) Other sales tax matters |
1721.900 |
|
d) Income Tax |
7973.000 |
|
e) Other duties, cess and levies |
21518.200 |
|
f) Civil matters ** |
8316.100 |
|
g) Entry Tax |
11661.800 |
|
h) Miscellaneous ** |
4494.100 |
|
* No liability is expected to arise, as sales tax has been paid on eventual sales. ** includes claims of Rs. 225.400 Millions (Rs.241.400 Millions), against which there are counter-claims of Rs.184.100 Millions (Rs.184.100 Millions). |
|
|
|
|
|
(ii) Other claims against the Company not acknowledged as debt: |
|
|
a) Sales Tax |
173.200 |
|
b) Duties, cess and levies |
2503.800 |
|
c) Civil Matters |
230.300 |
|
d) Miscellaneous $ |
54987.100 |
|
$ includes claims of Rs.1009.400 Millions (Rs.731.600 Millions), against which there are counter-claims of Rs.1039.500 Millions (Rs.624.200 Millions). |
|
|
|
|
|
(iii) Disputed income tax/service tax/other demand on joint venture Company for which Company may be contingently liable under the joint venture agreement |
293.300 |
|
|
|
|
(iv) Bills drawn on customers and discounted with banks |
668.900 |
|
|
|
|
(v) Price escalation claims by contractors/suppliers and claims by certain employees, extent whereof is not ascertainable |
-- |
FIXED ASSETS:
Tangible Assets
Freehold
Land
Leasehold
Land
Buildings
Plant
and Machinery
Steel
Plant
Furniture
and Fittings
Vehicles
Office
Equipments
Miscellaneous
Articles
Roads,
Bridges and Culverts
Water
Supply and Sewerage
EDP
Equipments
Railway
Lines and Sidings
Intangible Assets
Computer
Software
Mining
Rights
PRESS RELEASES
SAIL CLOCKS 18% GROWTH IN PROFIT IN Q1 OF FY ’15
New Delhi, August 11 : Steel Authority of India Limited (SAIL) registered an impressive performance by achieving Profit Before Tax (PBT) of Rs 6130.000 Millions for the April-June, 2014 quarter.
PBT was 18 % higher than the profit of Rs 5210.000 Millions achieved during the corresponding period last year (CPLY). During the same period, SAIL also achieved a turnover of Rs. 125150.000 Millions registering a growth of 10% over CPLY.
The unaudited financial results of SAIL for the quarter April-June ’14 were taken on record by its Board of Directors today. The company’s Profit after tax rose by 18% to Rs 5300.000 Millions during April-June 2014 from Rs 4510.000 Millions achieved during the same period last year. During the first quarter of the financial year, the net worth of the company increased to Rs 429800.000 Millions as on 30.06.14 as compared to Rs 414760.00 Millions on 30.06.13. The management’s continued emphasis on production and sale of value added products has enabled significantly higher Net Sales Realization (NSR) which was better than the earlier quarters.
SAIL has already put into operation units worth Rs. 220000.000 Millions of investments and the modernization is reaching its completion at the right time which will enable the company to reap the benefit of a rising steel demand, buoyed by the government’s continued thrust on development. During the current financial year, significant progress has been made in the Modernization and Expansion projects at Rourkela Steel Plant (RSP). With commencement of production in RSP’s New 4.3 meter wide Plate Mill and the third 150 tonne BOF converter, integrated operations in the modernized units of RSP has commenced.
IISCO’s massive modernization and expansion program is expected to be completed early third quarter. The integrated commissioning is just a few steps away. Major facilities already completed include Raw Material Handling Plant, a seven meter tall Coke Oven Battery along with environment friendly dry quenching system, Sinter Plant and Wire Rod mill.
Chairman, SAIL, C.S. Verma, commented, “In view of the improved sentiment and confidence across sectors with special emphasis on major infrastructure projects, we are focused in the direction of commissioning balance modernization facilities at the earliest and ramp up production from already operationalised units to meet the growing steel demand in the coming days/IBNS
CMT REPORT (Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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. 61.06 |
|
|
1 |
Rs. 101.84 |
|
Euro |
1 |
Rs. 81.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
76 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial and operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.