MIRA
INFORM REPORT
|
Report Date : |
23.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
PHILLIPS CARBON BLACK LIMITED |
|
|
|
|
Registered
Office : |
31, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
30.03.1960 |
|
|
|
|
Com. Reg. No.: |
21-24602 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.344.700 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L23109WB1960PLC024602 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALP00035A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer
and Supplier of Carbon Black in the Country Catering to the needs of
Elastomer, Plastic, Paints and Ink Manufacturing Industries. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 20000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
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|
Litigation : |
Clear |
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|
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|
Comments : |
Subject is a well established company having a satisfactory track
record. Company has incurred loss from its operations in the year 2013. However, overall financial position of the company appears to be
decent. Directors are reported to be experienced and respectable businessmen.
The rating also taken into consideration, the leadership position in
domestic carbon black industry and internationally accepted products with
reputed clients. Trade relations are fair. Business sis active. Payment terms are
usually correct. The company can be considered for business dealing 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 Bank Facilities: A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
21.11.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
21.11.2013 |
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE (91-33-66251500)
LOCATIONS
|
Registered/ Head Office : |
31, |
|
Tel. No.: |
91-33-22208515/ 22209281/ 22206840/ 66251000/ 66251500/ 66251461-64 |
|
Fax No.: |
91-33-22480140/ 22206844 |
|
E-Mail : |
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|
Website : |
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Regional Offices : |
Located at: · Mumbai · Chennai · New Delhi · Kolkata |
|
|
|
|
Factory 1 : |
Karimugal, Brahmapuram P.O., |
|
Tel. No.: |
91-484-2720833, 2720947, 2720331/ 383 |
|
Fax No.: |
91-484-2720649 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
27, R. N. Mukherjee Road, Dist. Burdwan, |
|
Tel. No.: |
91-343-2556693-94 |
|
Fax No.: |
91-343-2556392 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
National Highway No. 8, Palej, Bharuch Dist. – 392220, |
|
Tel. No.: |
91-2642-277159, 277160, 277902 |
|
Fax No.: |
91-2642-278134 |
|
E-Mail : |
|
|
|
|
|
Factory 4: |
Survey No. 47, SH – 46, Vill
Mokha ( Near Vadala), Mundra, District Kutch - 370 421, Gujarat , India |
|
Tel. No.: |
91-2838-283635/ 6/ 7 |
|
Fax No.: |
91-2838-283636 |
|
E-Mail : |
|
|
|
|
|
International Sales
: |
Duncun House, 3rd Floor, 31, Netaji Subhas Road, Kolkata 700 001, West Bengal, India |
|
Tel. No.: |
91-33-66251461 / 1464 |
|
Fax No.: |
91-33-22480140 / 2243 6681 |
DIRECTORS
(AS ON 31.03.2013)
|
Name : |
Mr. Sanjiv Goenka |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Ashok Goyal |
|
Designation : |
Managing Director |
|
Date of Birth : |
16.12.1950 |
|
Qualification : |
B. Tech from IIT Kharagpur, PGDBM from IIM, Kolkata, Executive
Development Program from London Business School. |
|
|
|
|
Name : |
Mr. Kaushik Roy |
|
Designation : |
Managing Director - Carbon Black Business |
|
Date of Birth : |
28.03.1965 |
|
Qualification : |
Mechanical
Engineer with a Post Graduate Degree from IIT Kharagpur, Business
Administration from the University of Tokyo. |
|
|
|
|
Name : |
Mr. C R Paul |
|
Designation : |
Director |
|
Date of Birth : |
01.06.1927 |
|
Qualification : |
M Sc., F I E E |
|
|
|
|
Name : |
Mr. O. P. Malhotra |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Ram S Tarneja |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. S. B. Sanyal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Paras K Chowdhary |
|
Designation : |
Director |
|
Date of Birth : |
01.10.1951 |
|
Qualification : |
B.Sc. Physics (Hons.) |
|
|
|
|
Name : |
Mr. Pradip Ro |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Kaushik Mukherjee |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Ashok Goyal |
|
Designation : |
Managing Director and Chief Executive Office |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
18426557 |
53.46 |
|
|
18426557 |
53.46 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
18426557 |
53.46 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
216313 |
0.63 |
|
|
20869 |
0.06 |
|
|
467900 |
1.36 |
|
|
3463348 |
10.05 |
|
|
4168430 |
12.09 |
|
|
|
|
|
|
3743055 |
10.86 |
|
|
|
|
|
|
5966518 |
17.31 |
|
|
1688883 |
4.90 |
|
|
474129 |
1.38 |
|
|
124831 |
0.36 |
|
|
296055 |
0.86 |
|
|
53243 |
0.15 |
|
|
11872585 |
34.45 |
|
Total Public shareholding (B) |
16041015 |
46.54 |
|
Total (A)+(B) |
34467572 |
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) |
34467572 |
0.00 |
|
Total (A)+(B) |
34467572 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total
(A)+(B)+(C) |
34467572 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Supplier of Carbon Black in the Country Catering to the needs of Elastomer,
Plastic, Paints and Ink Manufacturing Industries. |
||||||
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|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Bank of Baroda · Allahabad Bank · State Bank of India · State Bank of Bikaner and Jaipur · IDBI Bank Limited · State Bank of Travancore · Export Import Bank of India · ICICI Bank Limited · Syndicate Bank · Citibank, N. A. |
||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
31, Netaji Subhas Road,
Kolkata – 700001, West Bengal, India |
|
|
|
|
Solicitors : |
Khaitan and Company |
|
|
|
|
Wholly owned
Subsidiary Company: |
· Phillips Carbon Black Cyprus Holding Limited · Goodluck Dealcom Private Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2014)
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.344.700 Millions
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34467572 |
Equity Shares |
Rs.10/- each |
Rs.344.677
Millions |
|
|
Less : Allotment Money receivable |
|
Rs.0.005
Million |
|
|
|
|
|
|
|
Total |
|
Rs.344.672 Millions |
NOTE:
Reconciliation of Shares outstanding at the beginning and at the end of
the reporting year
|
Particulars |
Number |
Value (Rs. in Millions) |
|
|
|
|
|
Shares at the beginning of the year |
34,467,572 |
344.670 |
|
Add: Shares issued during the year* |
-- |
-- |
|
Add: Arrear Allotment Money received |
-- |
0.002 |
|
Outstanding at the end of the year |
34,467,572 |
344.672 |
* Conversion of
1,250,000 share warrants into equity share of Rs.10/- each at a premium of Rs.186/-
per share in the previous year.
No additional
shares were allotted as fully paid up by way of bonus shares or pursuant to
contract(s) without payment being received in cash during the last five years.
Further, none of the shares were bought back by the company during the last
five years.
Detail of shareholders holding more than 5% of the aggregate shares in the
Company
|
Equity Shares of Rs.10/- each |
31.03.2013 |
|
|
|
Number |
Holding |
|
Universal Industrial Fund Limited |
5,856,762 |
16.99% |
|
Adorn Investments Limited |
4,163,749 |
12.08% |
|
Ujala Agency Private Limited |
2,736,019 |
7.94% |
|
Offshore India Limited |
2,699,655 |
7.83% |
|
Adapt Investments Limited |
2,296,039 |
6.66% |
Terms/ Rights
attached to Equity Shares
The Company has
one class of equity shares having a par value of Rs.10/- per share. Each
shareholder is eligible for one vote per share held. The dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General
Meeting except in
case of interim dividend. In the event of liquidation, the equity shareholders
are eligible to receive the remaining assets of the Company after distribution
of all preferential amounts, in proportion to their shareholding.
Allotment of 1823 shares is pending against Rights Issue made during
1993-94
48 Shares have not been issued to the concerned non-resident shareholders
pending approval of the Reserve Bank of India
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 |
344.700 |
344.672 |
344.670 |
|
(b) Reserves & Surplus |
4680.400 |
5546.392 |
5773.044 |
|
(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) |
5025.100 |
5891.064 |
6117.714 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
4001.000 |
1964.261 |
1702.402 |
|
(b) Deferred tax liabilities (Net) |
298.500 |
526.502 |
728.656 |
|
(c) Other long term
liabilities |
5.900 |
5.890 |
5.890 |
|
(d) long-term provisions |
36.200 |
30.281 |
29.202 |
|
Total Non-current
Liabilities (3) |
4341.600 |
2526.934 |
2466.150 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
6112.900 |
6219.405 |
4845.610 |
|
(b) Trade payables |
4467.600 |
7149.236 |
6103.563 |
|
(c) Other current
liabilities |
1240.400 |
1140.457 |
1195.324 |
|
(d) Short-term provisions |
19.600 |
29.511 |
173.330 |
|
Total Current Liabilities
(4) |
11840.500 |
14538.609 |
12317.827 |
|
|
|
|
|
|
TOTAL |
21207.200 |
22956.607 |
20901.691 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
|
9249.700 |
7527.770 |
7143.745 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
1590.385 |
979.828 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
723.700 |
723.683 |
723.667 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
363.900 |
473.249 |
444.090 |
|
(e) Other Non-current
assets |
538.900 |
753.790 |
762.000 |
|
Total Non-Current Assets |
10876.200 |
11068.877 |
10053.330 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
4287.400 |
4993.890 |
3603.408 |
|
(c) Trade receivables |
5170.400 |
5181.588 |
5473.388 |
|
(d) Cash and cash equivalents |
89.000 |
667.235 |
134.836 |
|
(e) Short-term loans
and advances |
657.200 |
964.797 |
1456.840 |
|
(f) Other current
assets |
127.000 |
80.220 |
179.889 |
|
Total Current Assets |
10331.000 |
11887.730 |
10848.361 |
|
|
|
|
|
|
TOTAL |
21207.200 |
22956.607 |
20901.691 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
22774.600 |
22849.136 |
21867.809 |
|
|
|
Other Income |
205.100 |
92.726 |
104.428 |
|
|
|
TOTAL (A) |
22979.700 |
22941.862 |
21972.237 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
18560.500 |
18896.328 |
17018.033 |
|
|
|
Changes in inventories of finished goods |
-255.400 |
(260.265) |
(435.730) |
|
|
|
Employee benefits expense |
629.100 |
584.305 |
523.540 |
|
|
|
Other expenses |
1862.600 |
2892.686 |
2670.058 |
|
|
|
Foreign Exchange Fluctuation Loss (net0 / hedging Cost |
1086.000 |
0.000 |
0.000 |
|
|
|
Selling Expenditure |
636.300 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
22519.100 |
22113.054 |
19775.901 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
460.600 |
828.808 |
2196.336 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
802.300 |
721.327 |
676.251 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(341.7000 |
107.481 |
1520.085 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
537.400 |
507.924 |
485.898 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(879.100) |
(400.443) |
1034.187 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(13.100) |
(193.944) |
162.971 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(866.000) |
(206.499) |
871.216 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2555.701 |
2782.300 |
2158.500 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
0.000 |
87.100 |
|
|
|
Proposed Dividend |
NA |
17.200 |
137.900 |
|
|
|
Tax on aforesaid Dividend |
NA |
2.900 |
22.400 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
2555.701 |
2782.316 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
5852.772 |
6429.895 |
|
|
TOTAL EARNINGS |
NA |
5852.772 |
6429.895 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
14795.655 |
14481.215 |
|
|
|
Stores & Spares |
NA |
6.523 |
66.412 |
|
|
|
Capital Goods |
NA |
191.825 |
64.182 |
|
|
TOTAL IMPORTS |
NA |
14994.003 |
14611.809 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
-Basic |
(25.12) |
(5.99) |
(25.82) |
|
|
|
-Diluted |
(25.12) |
(5.99) |
(25.82) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
-3.77 |
(0.90)
|
3.97 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
-3.86 |
(1.75)
|
4.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
-4.29 |
(1.94)
|
5.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
-0.17 |
(0.07)
|
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.01 |
1.39
|
1.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.87 |
0.82
|
0.88 |
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 |
344.670 |
344.672 |
344.700 |
|
Reserves & Surplus |
5773.044 |
5546.392 |
4680.400 |
|
Net
worth |
6117.714 |
5891.064 |
5025.100 |
|
|
|
|
|
|
long-term borrowings |
1702.402 |
1964.261 |
4001.000 |
|
Short term borrowings |
4845.610 |
6219.405 |
6112.900 |
|
Total
borrowings |
6548.012 |
8183.666 |
10113.900 |
|
Debt/Equity
ratio |
1.070 |
1.389 |
2.013 |
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 |
21867.809 |
22849.136 |
22774.600 |
|
|
|
4.488 |
(0.326) |
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 |
21867.809 |
22849.136 |
22774.600 |
|
Profit |
871.216 |
(206.499) |
(866.000) |
|
|
3.98% |
(0.90%) |
(3.80%) |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOANS
|
Particular |
31.03.2014 |
31.03.2013 |
|
|
(Rs. In Millions) |
|
|
Long Term
Borrowings |
|
|
|
Deferred Payment Liabilities |
|
|
|
Sales Tax Deferred Loans |
|
17.821 |
|
Less: Current maturities of Long Term Debt |
|
12.343 |
|
|
NA |
5.478 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Loans from Banks |
|
1022.623 |
|
|
|
|
|
Total |
NA |
1028.101 |
INDUSTRY STRUCTURE & DEVELOPMENT
While global
demand for carbon black remained stable during 2012 at 11.3 million MT, global
capacity stood as 14.8 million MT - capacity utilization was 76%.
In India,
consumption of carbon black increased 3.9% from 6,70,000 MT in 2011 to 6,95,000
MT in 2012. Total production during 2012 was 6,76,000 MT. Total capacity of the
Indian carbon black industry stood at 10,27,000 MT during 2012, with a capacity
utilization of 66%.
The domestic carbon
black industry was impacted by a slowdown within the automobile sector as well
as by increased dumping of carbon black into India by China and other
countries. Total imports of carbon black in India rose to 1,28,000 MT during
FY13 from 1,17,000 MT in the earlier year, the major chunk of imports was from
China, at 88,000 MT. As a result, domestic sales of carbon black were impacted
and all carbon black companies had to undertake production cuts during the
second half of the year.
The company
completed expansion of its 8 MW co-generation power plant at Mundra within the
scheduled time and expects to commission shortly the second line of 50,000 MT
capacity at Kochi.
PERFORMANCE
Carbon Black
The Company, made operating profit (PBDIT) of Rs. 749.700 Millions in FY
13 vis-ŕ-vis Rs. 2102.900 Millions in the previous year. Amongst the major
reasons for this swing in operating profit are –
1. Drop in
domestic contribution per MT due to dumping by China, coupled with the
inability to pass on the cost increase.
2. Drop in export volume and contribution due to slowdown in Europe, as
well as dumping by China in South East Asia.
Power
Revenue from sale
of power was higher in FY13 - Rs.885.800 Millions vis-ŕ-vis Rs.836.900 Millions
in FY12.The Company’s overall power generation capacity rose to 76 MW with the
commissioning of the 8 MW co-generation power plant at Mundra.
Manufacturing
The Company
improved its global ranking to No. 6 (based on year end capacity) during
the year. The strategic location of its four plants in different parts
of India should facilitate the Company and optimize logistics costs
within India and outside.
FUTURE OUTLOOK
Carbon Black
Demand growth for
carbon black continues to be robust with the global demand expected to grow at
a CAGR of 4.8 % from 2011 to 2015. Expansion plans of all tyre manufacturers in
India as well as a few global majors are on track and are expected to be
completed within FY14-FY15. Domestic demand for carbon black is expected to
grow at a CAGR of 6.6% during FY 11 to FY 15. With the expansion plans as
detailed in this respect, the Company is well poised to meet the increasing
demand in the domestic market.
Overseas demand for
carbon black is expected to grow further during FY14. The Company has made
significant forays into overseas markets such as Europe, South East Asia and
US. The company will continue to place emphasis on exports during FY14 to
mitigate any possible situation of excess supply in domestic markets.
Power
The Company’s
initiative to create additional revenue from power is likely to grow further in
the coming years. With the commissioning of 8 MW CPP at Palej, the total
installed capacity will reach 84 MW.
CONTINGENT LIABILITIES: (Rs. In Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
(a) Claims against the Company not acknowledged as debts : |
|
|
|
Income-tax matters under dispute |
17.509 |
23.260 |
|
Excise Duty matters under dispute |
9.103 |
9.103 |
|
|
|
|
|
(b) Outstanding Bank Guarantees etc. |
142.064 |
109.794 |
|
|
|
|
|
(c) Guarantees or Counter Guarantees or Counter Indemnity given by the
Company : |
|
|
|
On behalf of bodies corporate and others |
|
|
|
- Limit |
0.900 |
0.900 |
|
- Outstanding |
0.900 |
0.900 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH
JUNE, 2014
PART – I
(RS. IN MILLIONS)
|
Particular* |
Three Months Ended 30.06.2014 |
|
|
Unaudited |
|
1. Income from Operations |
|
|
(a) Net Sales/ Income from Operations (Net of Excise Duty) |
6094.000 |
|
(b) Other Operating Income |
9.800 |
|
Total Income from Operations (Net) |
6103.800 |
|
|
|
|
2. Expenses |
|
|
(a) Cost of Materials Consumed |
4739.400 |
|
(b) Purchases of Stock in Trade |
-- |
|
(c) Changes In inventories of finished goods |
173.300 |
|
(d) Employee benefits expense |
172.800 |
|
(e) Foreign Exchange Fluctuation Loss (net) |
53.900 |
|
(f) Depreciation and amortisation expense |
148.000 |
|
(g) Selling Expenditure |
177.300 |
|
(h) Other Expenditure |
370.200 |
|
Total Expenses |
5834.900 |
|
|
|
|
3. Profit/(Loss) from operations before other Income, finance cost and exceptional
items (1-2) |
268.900 |
|
4. Other Income |
27.100 |
|
5. Profi1/(Loss) from ordinary activities before finance costs and
exceptional Items (3+4) |
296.000 |
|
6. Finance Costs |
270.300 |
|
7, Profit/(Loss) from ordinary activities after finance costs but |
25.700 |
|
8. Exceptional Items |
-- |
|
9. Profit/(Loss) from ordinary activities Before Tax (7+/-8) |
25.700 |
|
10. Tax Expense |
15.200 |
|
11. Net Profit/(Loss) from ordinary activities After Tax (9-10) |
10.500 |
|
12. Extraordinary items (net of tax expense) |
-- |
|
13. Net Profit/(Loss) for the period (11+/-12) |
10.500 |
|
14. Paid-up Equity Share Capital (Face Value of Rs.10/- each) |
344.700 |
|
15. Reserves excluding Revaluation Reserve as per Balance sheet of
previous accounting year |
-- |
|
16. Earnings /(Loss) per share (of Rs.10/- each) (not annualized): |
|
|
(a) Basic |
0.30 |
|
(b) Diluted |
0.30 |
|
|
|
|
A PARTICULARS
OF SHAREHOLDING |
|
|
1. Pubic Shareholding |
|
|
- Number of shares |
16,041,015 |
|
- Percentage of shareholding |
46,54 |
|
|
|
|
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 |
18,426,557 |
|
- Percentage of shares (as a % of me total shareholding of the promoter
and promoter group) |
100.00 |
|
- Percentage of shares (as a % of the total share capital of Die
Company) |
53.46 |
|
Particulars |
Three Months Ended 30.06.2014 |
|
B. 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 |
|
Particulars |
Three Months Ended 30.06.2014 |
|
|
Unaudited |
|
1. Segment Revenue: |
|
|
(a) Carbon Black |
5940.600 |
|
(b) Power |
275.800 |
|
Total |
6216.400 |
|
|
|
|
Less : Inter Segment Revenue |
112.600 |
|
Net Sales /Income from Operations |
6103.800 |
|
2. Segment Profit/(Loss) Before Interest and Tax : |
|
|
(a) Carbon Black |
197.200 |
|
(b) Power |
193.500 |
|
Total |
390.700 |
|
Less: (i) Interest |
256.700 |
|
(ii) Other Un-allocable Expenditure net of Un-allocable Income |
108.300 |
|
Total Profit/(Loss) Before Tax |
25.700 |
|
3. Segment Capital Employed : (Segment Assets - Segment Liabilities) |
|
|
(a) Carbon Black (b) Power |
12192.700 3209.500 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/ Modification |
Charge amount
secured |
CHARGE HOLDER |
ADDRESS |
Service Request
Number (SRN) |
|
1 |
10447498 |
14/08/2013 |
1,000,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJ ARAT - 390015, INDIA |
B84256395 |
|
2 |
10442584 |
12/07/2013 |
1,000,000,000.00 |
STATE BANK OF
INDIA |
CORPORATE
ACCOUNTS GROUP, 2ND FLOOR, RELIANCE HOUSE, 34, JAWAHARLAL NEHRU ROAD,
KOLKATA, WEST BENGAL - 700071, INDIA |
B81124778 |
|
3 |
10402211 |
01/02/2013 |
1,000,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B67660233 |
|
4 |
10385922 |
17/10/2012 |
1,000,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B61887956 |
|
5 |
10292404 |
01/06/2011 |
3,400,000,000.00 |
STATE BANK OF
INDIA |
CORPORATE
ACCOUNTS GROUP BRANCH, RELIANCE HOUSE,
2ND FLOOR, 34, JAWAHARLAL NEHRU ROAD, KOLKATA, WEST BENGAL - 700071,
INDIA |
B15064124 |
|
6 |
10292402 |
06/05/2011 |
500,000,000.00 |
BANK OF BARODA |
INDIA EXCHANGE
BRANCH, 4, INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
B15063951 |
|
7 |
10239330 |
18/09/2012 * |
3,350,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B59867598 |
|
8 |
10192597 |
11/12/2009 |
80,000,000.00 |
BANK OF BARODA |
INDIA EXCHANGE
BRANCH, 4, INDIA EXCHANGE PLACE, |
A76016781 |
|
9 |
10178527 |
15/09/2009 |
750,000,000.00 |
BANK OF BARODA |
INDIA EXCHANGE BRANCH,
4, INDIA EXCHANGE PLACE, KOLKTA, WEST BENGAL - 700001, INDIA |
A70858022 |
|
10 |
10130030 |
27/10/2008 |
890,000,000.00 |
IDBI BANK
LIMITED |
44, SHAKESPEARE
SARANI, KOLKATA, WEST BENGAL - 700017, INDIA |
A50345057 |
|
11 |
10129571 |
24/10/2008 |
2,250,000,000.00 |
3I INFOTECH
TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH
FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION
COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
A50601749 |
|
12 |
10128724 |
29/12/2009 * |
1,800,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL
FINANCE BRANCH, 17, R. N. MUKHERJEE RO |
A77315562 |
|
13 |
10123736 |
25/09/2008 |
2,250,000,000.00 |
3I INFOTECH
TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
A46224127 |
|
14 |
10124066 |
15/09/2008 |
450,000,000.00 |
STATE BANK OF
TRAVANCORE |
MG ROAD, ERNAKULAM,
KOCHI, KERALA - 682035, INDIA |
A46975215 |
|
15 |
10126112 |
02/08/2008 |
750,000,000.00 |
BANK OF BARODA |
INDIA EXCHANGE
PLACE, 4, INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
A44009868 |
|
16 |
10118069 |
30/07/2008 |
950,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, ERNAKULAM. EXPRESS HOUSE, KALLOR, KOCHI, KERALA - 682017, INDIA |
A43980218 |
|
17 |
10095782 |
24/12/2009 * |
1,500,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
BALLYGUNGE BRANCH,
204, RASHBEHARI AVENUE, KOLKATA, WEST BENGAL - 700029, INDIA |
A76462357 |
|
18 |
10041744 |
29/04/2008 * |
135,000,000.00 |
EXPORT - IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING , FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA
- 400005, INDIA |
A38290995 |
|
19 |
10039831 |
06/02/2007 |
500,500,000.00 |
STATE BANK OF
INDIA |
COMERCIAL
CRANCH, ERNAKULAM, EXPRESS HOUSE, KALOOR, ERNAKULAM, KOCHI- 682017, KOCHI,
KERALA - 682017, INDIA |
A11215738 |
|
20 |
10036632 |
29/01/2007 |
750,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A10290674 |
|
21 |
10034130 |
05/01/2007 |
750,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A09620188 |
|
22 |
10034134 |
05/01/2007 |
150,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A09620725 |
|
23 |
10031963 |
20/12/2006 |
500,000,000.00 |
ALLAHABAD BANJK |
INDUSTRIAL
FINANCE BRANCH, KISHORE BHAVAN, 4TH FLOOR, 17, R.N.MUKHERJEE ROAD, KOLKATA,
WEST BENGAL |
A08924227 |
|
24 |
10028195 |
28/11/2006 |
862,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE
BRANCH, KISHORE BHAWAN, 17, R. N.MUKHERJEE ROAD, 4TH FLOOR, KOLKATA, KOLKATA,
WEST BENGAL - 700001, INDIA |
A07668577 |
|
25 |
10024653 |
27/12/2007 * |
690,000,000.00 |
EXPORT IMPORT
BANK OF INDIA |
CENTRE ONE BUILDING,
FLOOR -21, WORLD TRADE CENTRE COMPLEX, MUMBAI, MAHARASHTRA - 400005, INDIA |
A30596209 |
|
26 |
80020875 |
21/06/2012 * |
18,500,000,000.00 |
BANK OF BARODA |
INDIA EXCHANGE
PLACE, 4 , INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
B42821850 |
|
27 |
80014667 |
26/03/2012 * |
18,500,000,000.00 |
BANK OF BARODA |
INDIA EXCHANGE
BRANCH, 4, INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
B36184398 |
* Date of charge modification
FIXED ASSETS:
·
Freehold
Land
·
Leasehold
Land Acquisition and Development Expenses
·
Buildings
·
Non-Factory
Building and Flats
·
Plant
and Machinery
·
Electrical
Installations
·
Vehicles
·
Furniture
and Fixture
·
Office
Equipments
·
Railway
Sidings
·
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 exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.44 |
|
|
1 |
Rs.100.24 |
|
Euro |
1 |
Rs.80.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.