MIRA
INFORM REPORT
|
Report Date : |
19.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
KANSAI NEROLAC PAINTS LIMITED (w.e.f. 11.07.2006) |
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Formerly Known
As : |
GOODLASS NEROLAC PAINTS LIMITED |
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Registered
Office : |
Nerolac House, Ganpatrao Kadam Marg, Lower Parel, Mumbai –
400 013, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
02.09.1920 |
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Com. Reg. No.: |
11-000825 |
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Capital
Investment / Paid-up Capital : |
Rs.538.920 millions |
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CIN No.: [Company Identification
No.] |
L24202MH1920PLC000825 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG00234D |
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PAN No.: [Permanent Account No.] |
AAACG1376N |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in manufacturing and selling of decorative and industrial paints. |
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No. of Employees
: |
2298 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (80) |
|
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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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 reputed company having fine track. Financial position of the company seems to be strong. The rating also takes into consideration Kansai Nerolac’s market leadership
in the industrial paints segment in India marked strong brand appeal in the
decorative paints segment. 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.
INDIAN ECONOMIC OVERVIEW
NEWS
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 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 that 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 |
CRISIL |
|
Rating |
AAA (Long Term Rating) |
|
Rating Explanation |
Have highest degree of safety and carry lowest credit risk. |
|
Date |
31.07.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short Term Rating) |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
31.07.2014 |
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
31-03-2014.
INFORMATION DECLINED
Management non-cooperative
(Tel. No.: 91-22-24934001)
LOCATIONS
|
Registered Office : |
Nerolac House, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India |
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Tel. No.: |
91-22-24934001/ 24992500/ 4992585/ 24992796/ 24992807 |
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Fax No.: |
91-22-24919439/ 24973704 |
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E-Mail : |
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Website : |
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Sales Depot Office : |
Melaram Complex, Mandoli, Delhi – 110 093, India |
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Factory 1 : |
B1 , B2, Jainpur Industrial Estate, Kanpur Dehat, Kanpur, Uttar Pradesh, India |
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Factory 2 : |
F/2, MIDC, Lote Parshuram, Taluka Khed, District Ratnagiri, Maharashtra, India |
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Factory 3 : |
Bibi Talav Vatva, Ahmadabad, Gujarat, India |
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Factory 4 : |
142, Tiruporur Road, Perungudi, Chennai, Tamilnadu, India |
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Factory 5 : |
36, Sector-7, HSIDC IGS, Bawal, District Rewari, Haryana, India |
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Sales Depot : |
B-19, Meerut Road, Industrial Area, Meerut Road, Ghaziabad – 201 003, Uttar Pradesh, India |
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Branch Office : |
Located at:
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DIRECTORS
AS ON 31.03.2014
|
Name : |
Dr. Jamshed Jiji Irani |
|
Designation : |
Chairman |
|
Address : |
221, A-Wing, NCPA Apartment, Nariman Point, Mumbai – 400 021, Maharashtra, India |
|
Date of Birth/Age : |
02.06.1936 |
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Date of Appointment : |
29.10.2002 |
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Name : |
Mr. Devendra Motilal Kothari |
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Designation : |
Vice Chairman |
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Address : |
8-4,
Seaface Park Co-Operative Housing Society, Bhulabhai Desai Road, Mumbai – 400
026, Maharashtra, India |
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Date of Birth/Age : |
30.03.1930 |
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Date of Appointment : |
01.04.1973 |
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Name : |
Mr. Harishchandra M. Bharuka |
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Designation : |
Managing Director |
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Address : |
A-ll, Twin Towers Premises Co-Operative Housing Society Limited, Off V S Marg, Mumbai – 400 025, Maharashtra, India |
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Date of Birth/Age : |
22.06.1960 |
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Date of Appointment : |
01.04.1999 |
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Name : |
Mr.
Pradip P. Shah |
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Designation : |
Director |
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Address : |
72-A,
Embassy Apartment, 7th Floor, 46 Nepeansea Road, Mumbai – 400 036,
Maharashtra, India |
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Date of Birth/Age : |
07.01.1953 |
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Date of Appointment : |
30.01.2007 |
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Name : |
Mr. Noel Naval Tata |
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Designation : |
Director |
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Address : |
Windmere
- 55, Cuffe Parade, Mumbai – 400 005, Maharashtra, India |
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Date of Birth/Age : |
12.11.1956 |
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Date of Appointment : |
27.10.2007 |
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Name : |
Mr. Pravin D. Chaudhari |
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Designation : |
Whole Time Director |
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Address : |
12,
Juhu Goldmist, JUPD Scheme, Mumbai – 400 049, Maharashtra, India |
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Date of Birth/Age : |
17.05.1968 |
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Date of Appointment : |
30.04.2008 |
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Name : |
Mr. Yoshikazu Takahashi |
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Designation : |
Director |
|
Address : |
7-Chome
6-1-4, Okamoto Higashinada - KU, Kobe, Hyogo, Japan |
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Date of Birth/Age : |
11.01.1953 |
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Date of Appointment : |
26.03.2010 |
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Name : |
Mr. Hitoshi Nishibayashi |
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Designation : |
Director |
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Address : |
7-Chome
6-1-4, Okamoto Higashinada - KU, Kobe, Hyogo 6580072, Japan |
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Date of Birth/Age : |
31.05.1963 |
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Date of Appointment : |
30.07.2010 |
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Name : |
Mr. M. Tanaka |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Gomatam Thirumalai Govindarajan |
|
Designation : |
Company Secretary |
|
Address : |
F-203, Lloyds
Estate, |
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Date of Birth
: |
16.11.1964 |
|
Date of Appointment
: |
01.10.1993 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of Shareholder |
No. of Shares |
% of holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
37329760 |
69.27 |
|
|
37329760 |
69.27 |
|
Total
shareholding of Promoter and Promoter Group (A) |
37329760 |
69.27 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
843687 |
1.57 |
|
|
2084 |
0.00 |
|
|
1717611 |
3.19 |
|
|
6395657 |
11.87 |
|
|
8959039 |
16.62 |
|
|
|
|
|
|
3290498 |
6.11 |
|
|
|
|
|
|
3387994 |
6.29 |
|
|
816040 |
1.51 |
|
|
108641 |
0.20 |
|
|
70349 |
0.13 |
|
|
5717 |
0.01 |
|
|
32575 |
0.06 |
|
|
7603173 |
14.11 |
|
Total
Public shareholding (B) |
16562212 |
30.73 |
|
Total
(A)+(B) |
53891972 |
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) |
53891972 |
0.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs.0.100 million
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand total |
|
||
|
1 |
Kansai
Paints Company Limited |
37329760 |
69.27 |
69.27 |
|
|
Total |
37329760 |
69.27 |
69.27 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
Aberdeen
Asset Management Asia Limited |
4255338 |
7.90 |
7.90 |
|
|
2 |
ICICI
Prudential Life Insurance Company Limited |
2592317 |
4.81 |
4.81 |
|
|
3 |
Oriental
Insurance Company Limited |
641338 |
1.19 |
1.19 |
|
|
4 |
New
India Assurance Company Limited |
673850 |
1.25 |
1.25 |
|
|
|
Total |
8162843 |
15.15 |
15.15 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public” and
holding more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC)
with them |
No. of Shares |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
Aberdeen
Asset Management Asia Limited |
4255338 |
7.90 |
7.90 |
|
|
|
Total |
4255338 |
7.90 |
7.90 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing and selling of decorative and industrial paints. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
2298 (Approximately) |
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Bankers : |
· Union Bank of India · Standard Chartered Bank · HDFC Bank Limited ·
BNP Paribas |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
BSR and Company LLP Chartered Accountants |
|
Address : |
1st Floor, Lodha Excelus, Apollo Mills Compound, N.M. Joshi
Marg, Mahalakshmi, Mumbai – 400 011, Maharashtra, India |
|
Tel. No.: |
91-22-39896000 |
|
Fax No.: |
91-22-30902511 |
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|
|
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Solicitors : |
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|
Name : |
Kanga and Company |
|
Address : |
Mumbai, |
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|
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Holding Company : |
Kansai
Paint Company Limited, Japan |
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|
Subsidiary Company : |
Kansai Paints Nepal Private
Limited (w.e.f. 01.10.2012) |
|
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|
|
Fellow Subsidiary Companies : |
·
Kansai
Paint Philippines Inc. ·
Kansai
Coatings Malaysia SDN. BHD. ·
Kansai Paints Europe Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
53891972 |
Equity Shares |
Rs.10/- each |
Rs.538.920 millions |
|
|
|
|
|
Details of Shareholders
holding more than 5% of shares:
|
Particulars |
31.03.2014 |
|
|
% |
No. of
Shares |
|
|
Holding Company: |
|
|
|
Kansai Paint Company Limited, Japan |
69.27 |
37329760 |
|
Others: |
|
|
|
Aberdeen Asset Management Asia Limited |
7.90 |
4255338 |
|
Particulars |
31.03.2014 |
|
No. of Shares |
|
|
Aggregate number of bonus shares issued during the period of five years immediately preceding the reporting date by capitalisation of security premium reserve |
26945986 |
The Company has issued one class of shares, i.e. equity shares, which enjoys similar rights in respect of voting, payment of dividend and repayment of capital. On winding up of the company, the holders of equity shares will be entitled to receive the residual assets of the company, remaining after distribution of all preferential amounts in proportionate number of equity shares held.
Reconciliation of the
number of shares outstanding at the beginning and at the end of the reporting
period:
|
Particulars |
31.03.2014 |
|
No. of Shares |
|
|
Number of shares at the beginning of the year |
53891972 |
|
Issued during the year |
-- |
|
Number of shares at
the end of the year |
53891972 |
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 |
538.920 |
538.920 |
538.920 |
|
(b) Reserves & Surplus |
13693.030 |
12320.880 |
10092.620 |
|
(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) |
14231.950 |
12859.800 |
10631.540 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
517.100 |
604.850 |
689.760 |
|
(b) Deferred tax liabilities (Net) |
658.440 |
430.630 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term provisions |
287.880 |
385.240 |
432.120 |
|
Total Non-current Liabilities (3) |
1463.420 |
1420.720 |
1121.880 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
4407.400 |
3893.420 |
2682.550 |
|
(c) Other current
liabilities |
1663.360 |
1648.290 |
1813.540 |
|
(d) Short-term provisions |
785.140 |
800.040 |
731.690 |
|
Total Current Liabilities (4) |
6855.900 |
6341.750 |
5227.780 |
|
|
|
|
|
|
TOTAL |
22551.270 |
20622.270 |
16981.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
9048.780 |
7725.690 |
3930.550 |
|
(ii) Intangible Assets |
47.010 |
19.040 |
32.680 |
|
(iii) Capital
work-in-progress |
481.550 |
1234.900 |
1614.870 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
330.980 |
480.980 |
439.130 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
102.210 |
|
(d) Long-term Loan and Advances |
401.450 |
442.350 |
435.730 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
10309.770 |
9902.960 |
6555.170 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
233.760 |
125.040 |
1395.920 |
|
(b) Inventories |
6456.610 |
5340.730 |
4537.100 |
|
(c) Trade receivables |
4548.360 |
4199.890 |
3588.340 |
|
(d) Cash and cash
equivalents |
548.740 |
600.660 |
591.770 |
|
(e) Short-term loans and
advances |
255.170 |
192.980 |
128.090 |
|
(f) Other current assets |
198.860 |
260.010 |
184.810 |
|
Total Current Assets |
12241.500 |
10719.310 |
10426.030 |
|
|
|
|
|
|
TOTAL |
22551.270 |
20622.270 |
16981.200 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
31543.540 |
28566.190 |
26005.720 |
|
|
|
Other Income |
103.310 |
163.170 |
242.660 |
|
|
|
TOTAL (A) |
31646.850 |
28729.360 |
26248.380 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
20851.160 |
18985.740 |
16968.980 |
|
|
|
Purchases of Stock-in-Trade |
1295.260 |
1022.830 |
917.500 |
|
|
|
Changes in Inventories
of Finished Goods,
Work-in-progress and Stock-in-trade |
(806.970) |
(582.400) |
(482.350) |
|
|
|
Employee Benefits Expense |
1358.770 |
1181.430 |
1069.440 |
|
|
|
Other Expenses |
5224.450 |
4597.610 |
4159.140 |
|
|
|
Reversal of excess depreciation in respect of earlier years |
0.000 |
(1149.250) |
0.000 |
|
|
|
TOTAL (B) |
27922.670 |
24055.960 |
22632.710 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3724.180 |
4673.400 |
3615.670 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.510 |
0.160 |
0.860 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3719.670 |
4673.240 |
3614.810 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
649.760 |
471.070 |
563.530 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
3069.910 |
4202.170 |
3051.280 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1004.200 |
1280.350 |
892.430 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
2065.710 |
2921.820 |
2158.850 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
8149.650 |
6213.570 |
4959.587 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
592.810 |
592.810 |
592.810 |
|
|
|
Tax on Proposed Dividend |
100.750 |
100.750 |
96.170 |
|
|
|
Transfer to General Reserve |
206.570 |
292.180 |
215.890 |
|
|
BALANCE CARRIED
TO THE B/S |
9315.230 |
8149.650 |
6213.570 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
12.930 |
5.940 |
11.050 |
|
|
|
Recovery of Freight, Insurance and Other Charges on Exports |
0.550 |
0.250 |
0.560 |
|
|
TOTAL EARNINGS |
13.480 |
6.190 |
11.610 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
6061.780 |
4914.890 |
4757.560 |
|
|
|
Components and Spare Parts |
19.820 |
11.940 |
9.820 |
|
|
|
Finished Products |
250.010 |
249.590 |
285.970 |
|
|
|
Capital Goods |
159.230 |
108.030 |
69.060 |
|
|
TOTAL IMPORTS |
6490.840 |
5284.450 |
5122.410 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
38.33 |
54.22 |
40.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
6.53 |
10.17 |
8.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.73 |
14.71 |
11.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.12 |
22.23 |
20.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.33 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.04 |
0.05 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.79 |
1.69 |
1.99 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
538.920 |
538.920 |
538.920 |
|
Reserves & Surplus |
10092.620 |
12320.880 |
13693.030 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
10631.540 |
12859.800 |
14231.950 |
|
|
|
|
|
|
long-term borrowings |
689.760 |
604.850 |
517.100 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
689.760 |
604.850 |
517.100 |
|
Debt/Equity ratio |
0.065 |
0.047 |
0.036 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
26005.720 |
28566.190 |
31543.540 |
|
|
|
9.846 |
10.423 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
26005.720 |
28566.190 |
31543.540 |
|
Profit |
2158.850 |
2921.820 |
2065.710 |
|
|
8.30% |
10.23% |
6.55% |
LOCAL AGENCY FURTHER INFORMATION
Details of Current maturities of long term debt:
|
Particulars |
31.03.2014 (Rs. in millions) |
31.03.2013 (Rs. in millions) |
31.03.2012 (Rs. in millions) |
|
Current maturities of
long term debt |
50.920 |
84.920 |
55.850 |
|
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 |
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 |
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 |
LITIGATION DETAILS:
|
Bench:- Bombay |
|||||||||
|
Lodging No:- |
ITXAL/1018/2013 |
Failing Date:- |
08/07/2013 |
Reg. No.:- |
ITXA/1733/2013 |
Reg. Date:- |
07/09/2013 |
||
|
Petitioner:- |
COMMISSIONER OF INCOME TAX 6 |
Respondent:- |
KANSAI NEROLAC PAINTS LTD. |
||||||
|
Petn.Adv:- |
ARVIND PINTO |
||||||||
|
District:- |
MUMBAI |
||||||||
|
|
|||||||||
|
Bench:- |
DIVISION |
Category:- |
Tax Appeal |
||||||
|
Status:- |
Pre-Admission |
Stage:- |
|
||||||
|
Next Date:- |
10/02/2014 |
|
|||||||
|
Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
||||||||
|
|
|
||||||||
|
Act:- |
Order Act |
Under Section :- |
260A |
||||||
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/ Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90188781 |
25/08/1999 |
57,500,000.00 |
PUNJAB NATIONAL BANK |
OM SHIVA E NUMH, BOMBAY, MAHARASHTRA - 400018, INDIA |
- |
|
2 |
90188733 |
30/06/1998 |
15,000,000.00 |
PUNJAB NATIONAL BANK |
P N B HOUSE, SIR P
M ROAD, BOMBAY, MAHARASHTRA - |
- |
|
3 |
90187681 |
29/06/1995 |
57,500,000.00 |
STANDARD CHARTERED BANK |
23-25 MAHATMA GANDHI ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
4 |
90188454 |
17/08/1993 * |
7,500,000.00 |
BANK OF TOKYO LTD |
JEEVAN PRAKASH, SIR P M ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
5 |
90185790 |
05/02/1992 |
40,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, BOMBAY, MAHARASHTRA - 400005, INDIA |
- |
|
6 |
90185086 |
08/07/1986 |
3,400,000.00 |
STANDARD CHARTERED BANK |
23-25 MAHATMA GANDHI ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
7 |
90188176 |
20/02/1985 |
2,500,000.00 |
STAWLARD CENTRAL BANK |
MAHATMA GANDHI ROAD, BOMBAY, MAHARASHTRA - 400004,INDIA |
- |
|
8 |
80064451 |
08/12/2011 * |
900,000,000.00 |
UNION BANK OF INDIA LIMITED |
UNION BANK BHAVAN, 239, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B30282248 |
* Date of charge modification
UNSECURED LOANS
|
Particular |
As on 31.03.2014 |
As on 31.03.2013 |
|
Unsecured Sales Tax Deferral Loan |
508.100 |
595.850 |
|
|
|
|
|
Total |
508.100 |
595.850 |
NOTES:
Package Scheme of Incentive allowed the Company to accumulate the sales tax collected from its customers in respect of goods produced at Lote factory. Sales tax collected each year is repayable in five equal yearly installments after ten years from the year of collection. Outstanding amount is repayable in eight annual installments from the reporting date.
Sales Tax Deferral Loan is interest-free. [Current maturity of Sales Tax Deferral Loan of Rs.50.920 millions (2012-2013 Rs.64.280 millions) is disclosed under ‘Other Current Liabilities’.
MANAGEMENT
DISCUSSION AND ANALYSIS
INTRODUCTION
Subject
a subsidiary of Kansai Paint Company Limited, Japan, started as Gahagan Paints
and Varnishes Company Limited in the year 1920. Having completed 94 years,
Kansai Nerolac has been known as a strong player in the paint industry with
high reputation for quality, innovation and brand identity.
It
has been the vision of Kansai Nerolac to leverage global technology and serve
the customer with superior coating systems and world class solutions.
The
Company has 4 manufacturing facilities – at Lote in Maharashtra, Bawal in
Haryana, Jainpur in U.P. and the latest state-of-the-art plant at Hosur in
Tamil Nadu. The geographical set up of the plants has been advantageous in
providing high service levels and supply chain efficiency, thus leading to
customer satisfaction. During the year, the Company also inaugurated its new
emulsion plant at Jainpur and new polyester resin plant at Lote.
Kansai
Nerolac as a Company has always aimed to work in congruence to the customer’s
needs and demands.
In
line with its vision, the Company strives to provide customer delight. Towards
this end the Company has over the years developed a variety of products in
order to meet customer demand in the Decorative, Automotive, Auto Refinish,
performance Coating and Powder Coating segments of the market.
The
Company regularly benchmarks itself against the best in class companies in
various sectors across the globe to identify good practices and emerging
thought leadership which will add long term value to the various stakeholders.
The Company’s strategic investments are guided by its vision, to drive long
term superior value for all stakeholders.
The
Company is recognized as a pioneer of the environment friendly products and in
line with its chosen platform of Healthy Home Paints, it shall continue to
spread awareness and also develop new environment friendly products with
superior quality.
The
Company is a leader in Industrial Paints. Complete system capability with
advanced technological products introduced over the years has been instrumental
in sustaining the leadership for industrial business segment. Subject has
always launched products for customers across various market segments which are
innovative and technologically superior.
The
Company views investment in IT as strategic and believes in using IT as a tool
for competitive differentiation.
Over
the years it has made significant investments in IT which have enabled
successful integration of IT with all its operations. This year the Company has
invested in HANA from SAP which is likely to yield benefits in the years to
come.
In
line with their vision of delighting the customers, this year, the focus was on
engaging the customers and thus enhancing the value proposition. The Company
undertook many initiatives in this regard and built strong relationship with
the customers; hence the theme of Customer Engagement.
The
organisation has been felicitated with several awards which indicate that
company has been appreciated by the entire value chain.
INDUSTRY PROGRESS
The
financial year 2013-14 has been challenging. Economic growth declined across
all the sectors due to a variety of domestic and external factors. High
inflation, fiscal deficit, unfavourable domestic savings and investment rates
are some of the factors which have been witnessed during the year. A prolonged
period of high interest rates, rising inflation along with a host of
unfavourable factors have contributed to a dip in consumer demand.
In
this tough operating environment the Company has continued on its path of making
strategic investments which will enable the Company to emerge stronger in the
times ahead. A number of strategic initiatives were taken focussing on
Technology, Brand, product, IT, Supply chain, Processes and people development.
These initiatives should lead to sustainable long term benefits.
As
on March 2014, the size of the paint industry is estimated at around
Rs.316500.000 Millions. The Decorative paint segment is expected to be around
Rs.224500.000 Millions; whereas the Industrial segment is expected to be around
Rs.92000.000 Millions. In the long term paint industry is expected to grow
roughly at 1.5 to 2.0 times the GDP.
AWARDS AND RECOGNITION
AWARDS BY EXTERNAL
AGENCIES:
·
Subject,
Lote was awarded with “Certificate of Merit” from National Safety Council (NSC)
Maharashtra chapter, for achieving Zero Accident Frequency Rate in the year
2012.
·
Subject
was awarded with “SAP Solution Manager Excellence Awards” in Application and
Business Process Operations category by Indus Group.
·
SAP
awarded subject with a “SAP ACE AWARD” for building best In-house team for
enabling processes and system improvements derived from “SAP Enterprise Support
Services.”
·
Jainpur
plant had been felicitated by Mr. Shivprakash Jaiswal, Union minister of Coal,
Government of India, for “Best Safety Practices.”
·
Subject
Bawal won the silver category Greentech Environment Award 2013 for outstanding
achievement in Environment Management from Greentech Foundation.
·
Subject
received award in Hardware and Consumable category for Outstanding Contribution
to Supply Chain Management from Volvo Eicher Commercial Vehicles in the Annual
Supplier Conference 2014.
·
Their
Nerolac Home Painting Service (NHS) was recipient of the Award for developing a
portal that was awarded under Business Intelligence (BI)/ Analytics category in
the Information Week EDGE function.
·
Reader
Digest – brand related
AWARDS BY CUSTOMERS:
·
Subject
Bawal won the green vendor development award for commendable performance, for
the second consecutive year from Hero Motor Corp Limited. Tata Motors awarded
KNP with a Trophy and Special Citation for Distinction at the recently held
Vendor Conference at Macau.
·
Subject
have received Appreciation Certification from M&M Nashik Plant, for the
support extended for availability of Meru Olive Green paint within demanding
timelines.
·
Subject
was awarded with special “Long Association Award” by Escorts Limited–Agri
Machinery Group.
FINANCIALS
Sales
and operating revenue for the year aggregated to Rs.37390.000 millions
reflecting a growth of 10.8 % over the previous year.
During
the year India currency further depreciated against the USD resulting in big
impact on the material cost.
The
Company continued with its initiatives to reduce procurement cost and to reduce
operational costs. These initiatives helped the Company in the current year to
keep the operational costs under control and improve the bottom line.
Increase
in depreciation is due to capitalisation of Hosur plant in the last quarter of
the previous year.
Interest
cost was slightly higher due to buyer’s credit availed during the year.
Other
income was lower at Rs.103 million as compared to Rs.163.000 millions of the
previous year due to utilization of funds invested in mutual funds to finance
capital expenditure mainly at Hosur.
Profit
Before Depreciation, Interest and Tax (PBDIT), excluding Other Income, for the
year is higher at Rs.3621.000 millions compared to Rs.3361.000 millions
reflecting a growth of 7.7%.
Profit
Before Tax (PBT) for the year is Rs.3070.000 millions as compared to
Rs.3053.000 millions for the previous year excluding Exceptional Item in the
previous year, viz. reversal of excess depreciation in respect of earlier years
due to change in the method of depreciation.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs. in Millions) |
31.03.2013 (Rs. in Millions) |
|
Claims against the
Company not acknowledged as debt: |
|
|
|
Notice from Haryana State
Industrial and Infrastructure Development Corporation for enhanced costs for Bawal
factory land. |
-- |
39.010 |
|
Corporate guarantee given
to HDFC Bank for employee loan. |
11.160 |
11.160 |
|
Total |
11.160 |
50.170 |
STATEMENT OF PROFIT AND
LOSS FOR THE QUARTER ENDED 30TH JUNE 2014
(Rs. in Millions)
|
Sr. No. |
Particular |
Half Year Ended |
|
30.06.2014 |
||
|
(Unaudited) |
||
|
|
Gross Sales/ Income |
10950.800 |
|
1. |
Income from operations |
|
|
|
a.
Net
Sales/Income from Operations (Net of excise and discounts) |
9210.700 |
|
|
b.
Other
operating income |
26.300 |
|
|
Total Income from operations (Net) |
9237.000 |
|
2. |
Expenditure |
|
|
|
a.
Cost of materials consumed |
5400.200 |
|
|
b.
Purchase of stock in trade |
387.000 |
|
|
c.
Changes in inventories of finished goods, work in progress and
stock in trade |
422.700 |
|
|
d.
Employee benefits expenses |
340.400 |
|
|
e.
Depreciation and amortization expenses |
164.600 |
|
|
f.
Other expenses |
1516.800 |
|
|
Total Expenses |
8231.700 |
|
3. |
Profit/ (Loss) from Operations
before Other Income, Finance Cost and Exceptional Items (1-2) |
1005.300 |
|
4. |
Other
Income |
78.100 |
|
5. |
Profit/ (Loss) from ordinary
activities before finance costs and
Exceptional Items (3+4) |
1083.400 |
|
6. |
Finance
Cost (net) |
-- |
|
7. |
Profit/ (Loss) from ordinary
activities after finance costs and but before Exceptional Items (5-6) |
1083.400 |
|
8. |
Exceptional
Items |
-- |
|
9. |
Profit/ (Loss) from ordinary activities
before tax (7+8) |
1083.400 |
|
10. |
Tax
Expense |
|
|
|
(a)
Current Tax |
311.300 |
|
|
(b)
Deferred Tax |
42.300 |
|
|
Total Tax Expense |
353.600 |
|
11. |
Profit/ (Loss) from ordinary
activities after tax (9-10) |
729.800 |
|
12. |
Extraordinary
Items (net of tax expenses) |
-- |
|
13 |
Net Profit/ (Loss) for the
period (11-12) |
729.800 |
|
14. |
Paid-up Equity Share Capital (Face Value per share Rs.10 each) |
538.900 |
|
15. |
Reserve excluding Revaluation Reserves |
-- |
|
16. |
Earnings Per Share
– (Before Extraordinary Items) (Net of tax) (of Rs.10 each) |
|
|
|
Basic |
13.54 |
|
|
Diluted |
13.54 |
|
17. |
Earnings Per Share
– (After Extraordinary Items) (Net of tax) (of Rs.10 each) |
|
|
|
Basic |
13.54 |
|
|
Diluted |
13.54 |
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
1. |
Public Shareholding |
|
|
|
-Number
of Shares |
16562212 |
|
|
-
Percentage of Shareholding |
30.73 |
|
|
|
|
|
2. |
Promoters and Promoter Group
Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
-
Number of Shares |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
-
Number of Shares |
37329760 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100.00 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
69.27 |
|
Particulars |
Quarter Ended 30.06.2014 |
|
INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the
quarter |
Nil |
Notes:
1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on July 22, 2014. These results have been subjected to "limited review" by the statutory auditors of the Company.
2. During the quarter
ended 30th June, 2014, according to Schedule II of the
Companies Act, 2013 the
management based on the internal evaluation reassessed the remaining useful
life of assets, with effect from 1st April, 2014. Accordingly, the useful life of certain assets required a
change from the previous estimates. If the Company had continued with the previously assessed useful
lives, charge for depreciation for the quarter ended 30th June, 2014
would have been higher by Rs.4.300
millions.
3. The figures for the preceding 3 months ended March 31, 2014 are the
balancing figures between audited figures in respect of the full previous
financial year and the published year to date figures up to the third quarter
of the previous financial year. Also, the figures up to the end of third
quarter were only reviewed and not subjected to audit.
4. As the Company's business activity falls within a single segment viz.
'Paints' and the sales substantially being in the domestic market, the
disclosure requirements of Accounting Standard-17 "Segment
Reporting", notified under the Companies (Accounting Standards) Rules,
2006, are not applicable.
FIXED ASSETS:
Tangible Assets
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Plant and
Equipment
·
Furniture and
Fixtures
·
Vehicles
·
Office Equipment
·
Assets for
Scientific Research
Intangible Assets
· Computer Software
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 records 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 : |
HTL |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & 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 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
80 |
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.