MIRA INFORM REPORT
|
Report Date : |
21.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
NSL TEXTILES LIMITED (w.e.f.24.09.2008) |
|
|
|
|
Formerly Known
As : |
JAYAVENKATRAMA INDUSTRIES LIMITED JAYAVENKATRAMA SUGAR AND POWER LIMITED |
|
|
|
|
Registered
Office : |
NSL Icon, Door No.8-2-684/2/A, Plot No.1 to 4, Road No.12, Banjara
Hills, Hyderabad - 500034, Andhra Pradesh
|
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
12.02.2002 |
|
|
|
|
Com. Reg. No.: |
01-038489 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1031.063
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15429AP2002PLC038489 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDJ00614F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCJ1299A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Textile with capacities spread over seven
locations encompassing ginning, spinning, weaving, processing and garmenting
operations. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 9700000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of the NSL Group. It is an established company
having moderate track record. The company is gradually improving its overall performance by
implementing the liquidity measures approved by the Corporate Debt
Restructuring Cell (Empowered Group) following the company’s request for the
same in March 2013. The management has improved the operating performance marked by
increase in its revenue from sales and further lowering down the intensity of
losses during 2013. The ratings also take into consideration the huge external borrowings
recorded due to debt funded capital expenditure undertaken in the past, and
high working capital requirements on account of seasonal availability of raw
materials. Further, the frequent stocking of inventory at various stages of
manufacturing results in higher holding cost thus impacting the net profit. However, trade relations appears to be fair. Business is active.
Payment terms are reported as slow. In view of extensive experience of the promoters and senior
management, the subject can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a one-fourth
share in total jobs created, according to a study by industry lobby group
Assochem, Banks, real estate, automobile and telecommunications sectors are
showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loans : B+ |
|
Rating Explanation |
High risk of default regarding timely
servicing of financial obligations. |
|
Date |
December 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
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-40-30514444)
LOCATIONS
|
Registered Office : |
NSL Icon, Door No.8-2-684/2/A, Plot No.1 to 4, Road No.12, Banjara Hills,
Hyderabad - 500034, Andhra Pradesh, India
|
|
Tel. No.: |
91-40-30514452/ 30514444 |
|
Fax No.: |
91-40-30514350/ 23327919 |
|
E-Mail : |
corp_jayavenkatrama@yahoo.co.in |
|
Website : |
|
|
|
|
|
Factory 1 : |
Edlapadu Mandal and Post, Edlapadu, Near Chilakaluripet, Guntur –
522233, Andhra Pradesh, India |
|
|
|
|
Factory 2 : |
Inkollu Village and Mandal, District Prakasam – 523167, Andhra
Pradesh, India |
|
|
|
|
Factory 3 : |
Survey No. 237, Kommunu Road, Rangannagudam Post, Hanuman Junction,
District Krishna, Andhra Pradesh, India |
|
|
|
|
Factory 4 : |
Survey Nos. 371-379, Kunchalavaripalem Village, Cherukupali Mandal, District
Guntur, Andhra Pradesh, India |
|
|
|
|
Factory 5 : |
Opposite Indira Gandhi Live Stock Research Centre, Thondur Mandal,
Pulivendula, Cuddapah Post, Andhra Pradesh, India |
|
|
|
|
Factory 6 : |
Survey No. 253, Budampadu Village, Guntur Rural Mandal, District
Guntur – 522017, Andhra Pradesh, India |
|
|
|
|
Factory 7 : |
Textile Park, Phase 3, IDA, Pashamylam, Patancheru, Distrct Medak –
502307, Andhra Pradesh, India |
DIRECTORS
AS ON 29.07.2013
|
Name : |
Mandava Rao Prabhakara |
|
Designation : |
Director |
|
Address : |
H. No.8-2-293/82/A, Plot No.543, Road No.26, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India |
|
Date of Birth/Age : |
19.01.1959 |
|
Qualification : |
M. Sc (Agricultural) |
|
Date of Appointment : |
12.02.2002 |
|
PAN No.: |
ACVPM9483A |
|
DIN No.: |
00009650 |
|
|
|
|
Name : |
Apparao Chigurupati |
|
Designation : |
Whole-time director |
|
Address : |
Flat No. A-704, Vertex Sadguru Krupa, Nizampet Road, Kukapally, Hyderabad-500085, Andhra Pradesh, India |
|
Date of Birth/Age : |
01.07.1948 |
|
Qualification : |
B.Com, Fellow Member of Institute of Insurance |
|
Date of Appointment : |
22.03.2004 |
|
PAN No.: |
AAJPC8469Q |
|
DIN No.: |
00011095 |
|
|
|
|
Name : |
Mr. Ajay Kumar Paturi |
|
Designation : |
Whole-time director |
|
Address : |
1-4-210/49 to 51, Prathampuri, ECIL, Hyderabad - 520062, Andhra Pradesh, India |
|
Date of Birth/Age : |
17.09.1952 |
|
Qualification : |
B. Tech in Textile Technology |
|
Date of Appointment : |
16.03.2006 |
|
PAN No.: |
AGQPP1192C |
|
DIN No.: |
00053029 |
|
|
|
|
Name : |
Mandava Ashapriya |
|
Designation : |
Director |
|
Address : |
H. No.8-2-293/82/A, Plot No.543, Road No.26, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India |
|
Date of Birth/Age : |
19.09.1962 |
|
Qualification : |
Post-Graduation in Home Science |
|
Date of Appointment : |
12.02.2002 |
|
PAN No.: |
AFWPM9031Q |
|
DIN No.: |
01199936 |
|
|
|
|
Name : |
Mr. Prabal Ranjan Roy |
|
Designation : |
Director |
|
Address : |
36, Amaltas Bungalow, Bodakdev, Ahmedabad-380054, Gujarat, India |
|
Date of Birth/Age : |
11.07.1941 |
|
Qualification : |
PhD in Textile |
|
Date of Appointment : |
28.12.2009 |
|
DIN No.: |
00514330 |
|
|
|
|
Name : |
Mandava Venkatram Chowdary |
|
Designation : |
Whole-time director |
|
Address : |
H. No.8-2-293/82/A, Plot No.543, Road No.26, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India |
|
Date of Birth/Age : |
30.11.1987 |
|
Qualification : |
Bachelor of Business Administration |
|
Date of Appointment : |
05.09.2011 |
|
PAN No.: |
AJZPC5236E |
|
DIN No.: |
03567730 |
|
|
|
|
Name : |
Mr. Anand Ramanna |
|
Designation : |
Director |
|
Address : |
Flat No.0-1,15th Floor, Cuffe Castle, Cuff Parade, Colaba, Mumbai-400005, Maharashtra, India |
|
Date of Birth/Age : |
05.11.1933 |
|
Qualification : |
Textile Technology Graduate |
|
Date of Appointment : |
29.08.2009 |
|
DIN No.: |
00040325 |
|
|
|
|
Name : |
Mr. Gopalakrishna Muddusetty |
|
Designation : |
Director |
|
Address : |
Bhramara, 12-2-823A/23, Santoshnagar, Mehdipathnam, Hyderabad – 500028, Andhra Pradesh, India |
|
Date of Birth/Age : |
12.01.1939 |
|
Qualification : |
IAS Officer (Retd) |
|
Date of Appointment : |
08.09.2010 |
|
DIN No.: |
00088454 |
|
|
|
|
Name : |
Mr. Anil Chandra Gupta |
|
Designation : |
Director |
|
Address : |
24, Krishi Nagar, P.O. Manovikas Nagar, Hashmatpet Road, Secunderabad – 500009, Andhra Pradesh, India |
|
Date of Birth/Age : |
16.09.1943 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
29.07.2013 |
|
DIN No.: |
06363513 |
KEY EXECUTIVES
|
Name : |
Kunapareddy Raghavaiah Naidu |
|
Designation : |
Secretary |
|
Address : |
16-74, Ashok Nagar, Krishna District, Tiruvuru – 521235, Andhra Pradesh, India |
|
Date of Birth/Age : |
08.05.1987 |
|
Date of Appointment : |
22.06.2011 |
|
PAN No.: |
BCLPK1395N |
|
|
|
|
Name : |
Mr. Updeep Singh |
|
Designation : |
Chief Operating Officer |
|
Date of Birth/Age : |
47 Years |
|
Qualification : |
Science Graduate, Post-Graduation in Marketing & Human
Resource and Certificate of Executive Program of Advanced Human Resource |
|
Experience : |
25 Years |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.07.2013
|
Names of Shareholders |
No. of Shares |
% of Shares Held
|
|
M. Prabhakar Rao |
11663512 |
11.31 |
|
Mandava Holdings Private Limited, India |
68368394 |
66.31 |
|
M. Asha Priya |
2947515 |
2.86 |
|
M. Venkatram Choudary |
12473 |
0.01 |
|
Mandava Cold Storage Private Limited, India |
2500000 |
2.42 |
|
Mavi Investment Fund Limited, Mauritius |
10000000 |
9.70 |
|
Dover Finance Limited, Mauritius |
3420000 |
3.32 |
|
Krishna Prasad |
4194444 |
4.07 |
|
|
|
|
|
Total |
103106338 |
100.00 |
AS ON 29.07.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
17.09 |
|
Bodies
corporate |
68.73 |
|
Directors
or relatives of directors |
14.18 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Textile with capacities spread over seven
locations encompassing ginning, spinning, weaving, processing and garmenting
operations. |
||||||||||||||||
|
|
|
||||||||||||||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· State Bank Of Hyderabad Overseas Branch, 6-3-652, " Kautilya", Somajiguda, Hyderabad - 500082, Andhra Pradesh, India · Canara Bank Prime Corporate Branch, Shankarnarayana Building, No.25, M G Road, Bangalore - 560001, Karnataka, India · State Bank Of India (Lead Bank) Mid Corporate Group, Speeialised Commercial Branch, Kannavari Thota, Guntur - 522004, Andhra Pradesh, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
· SBICAP Trustee Company Limited 202, Maker Tower, 'E', Cuffe Parade, Colaba,, Mumbai -
400005, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Mastanaiah And Company Chartered Accountants |
|
Address : |
11/1, Arundelpet, Guntur-522002, Andhra Pradesh, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AADFM5561H |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Narasimha Murthy And Company Cost Accountants |
|
Address : |
Hyderabad, Andhra Pradesh, India |
|
|
|
|
Holding Company : |
Mandava Holdings Private Limited [U74120AP2008PTC074522] |
|
|
|
|
Subsidiary Company
: |
· Sree Anantha Lakshmi Textiles Private Limited [U18100AP1982PTC003448] ·
Sree Venkataraya Cotton Mills Private Limited
[U17110AP1995PTC021407] |
|
|
|
|
Fellow Subsidiary
Company : |
·
Nuziveedu Seeds Limited [U74120AP2008PLC074583] ·
NSL Sugars Limited [U15429KA1999PLC026121] ·
NSL Estates Private Limited
[U70102AP2007PTC054777] ·
NSL Cotton Corporation Private Limited
[U17121AP2007PTC054034] ·
NCC Narsinh Cotton Private Limited
[U17121MH2007PTC173124] ·
NCC Radhakrishna Cotton Private Limited
[U17121MH2007PTC172490] ·
NCC Santosh Fibers Private Limited
[U17111MH2007PTC172496] ·
NCC Shri Cotton Private Limited
[U17200MH2007PTC173157] ·
NCC Abhinandan Cotton Private Limited ·
NCC Jay Laxmi Fibres Private Limited ·
NCC Usha Ginning Mills Private Limited
[U17121AP2007PTC054726] ·
NCC Venkateswara Cotton Fibers Private Limited
[U01405AP2007PTC054727] ·
Yaaganti Seeds Private Limited
[U01112AP1996PTC025622] ·
Pravardhan Seeds Private Limited
[U01119AP2008PTC061514] ·
Prabhat Agri Biotech Limited
[U01112AP1992PLC014346] ·
Asian Agri Genetics Limited
[U73200AP2004PLC042560] ·
Fortune Hybrid Seeds Limited [U01119AP2004PLC042741] ·
NSL Krishnaveni Sugars Limited
[U15421AP2006PLC050837] ·
NSL Sugars (Tungabhadra) Limited
[U40102KA1983PLC058128] ·
NSL Energy Ventures Private Limited
[U40101AP2008PTC057010] |
|
|
|
|
Enterprises over
which individuals owning controlling interest, relatives of such individuals
exercise significant influence : |
Solar Semiconductor Power Company (India) Private Limited
[U40300AP2010PTC070092] |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
173,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1730.000 Millions |
|
400,000 |
Preference Shares |
Rs. 100/- each |
Rs. 40.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 1770.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
103,106,338 |
Equity Shares |
Rs. 10/- each |
Rs. 1031.063
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
1,031.063 |
1,026.263 |
1,004.224 |
|
(b) Reserves & Surplus |
1,308.431 |
1,776.356 |
2,557.308 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
15.439 |
|
(3) Deferred Government Grants
|
96.492 |
97.822 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2,435.986 |
2,900.441 |
3,576.971 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
9,433.327 |
6,987.043 |
7,563.382 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
55.316 |
|
(c)
Other long term liabilities |
587.332 |
1.500 |
10.200 |
|
(d)
long-term provisions |
20.613 |
15.021 |
9.266 |
|
Total
Non-current Liabilities (3) |
10,041.272 |
7,003.564 |
7,638.164 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
2,459.764 |
3,402.548 |
2,500.453 |
|
(b)
Trade payables |
1,170.024 |
1,105.348 |
774.619 |
|
(c)
Other current liabilities |
490.486 |
1,552.858 |
1,061.719 |
|
(d)
Short-term provisions |
1.024 |
0.428 |
0.386 |
|
Total
Current Liabilities (4) |
4,121.298 |
6,061.182 |
4,337.177 |
|
|
|
|
|
|
TOTAL |
16,598.556 |
15,965.187 |
15,552.312 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
11,313.970 |
10,359.641 |
10,395.618 |
|
(ii)
Intangible Assets |
22.207 |
19.761 |
21.351 |
|
(iii)
Capital work-in-progress |
44.139 |
1,293.784 |
276.518 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
92.280 |
19.136 |
0.228 |
|
(c) Deferred tax assets
(net) |
231.171 |
298.708 |
0.000 |
|
(d) Long-term Loan
and Advances |
458.101 |
343.961 |
193.944 |
|
(e)
Other Non-current assets |
13.671 |
16.661 |
87.618 |
|
Total
Non-Current Assets |
12,175.539 |
12,351.652 |
10,975.277 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.070 |
0.000 |
|
(b)
Inventories |
2,018.355 |
1,633.451 |
2,986.365 |
|
(c)
Trade receivables |
964.981 |
747.111 |
421.364 |
|
(d)
Cash and cash equivalents |
49.384 |
289.971 |
203.250 |
|
(e)
Short-term loans and advances |
1,299.768 |
902.437 |
154.742 |
|
(f)
Other current assets |
90.529 |
40.495 |
811.314 |
|
Total
Current Assets |
4,423.017 |
3,613.535 |
4,577.035 |
|
|
|
|
|
|
TOTAL |
16,598.556 |
15,965.187 |
15,552.312 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
8,332.792 |
6,990.056 |
5,743.488 |
|
|
|
Other Income |
90.530 |
587.021 |
247.305 |
|
|
|
TOTAL (A) |
8,423.322 |
7,577.077 |
5,990.793 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4,490.520 |
4,793.034 |
3,365.928 |
|
|
|
Purchases of stock-in-trade |
42.613 |
102.526 |
188.538 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(77.637) |
67.598 |
(634.051) |
|
|
|
Employee benefit expense |
630.065 |
584.582 |
520.059 |
|
|
|
Other expenses |
2,181.786 |
1,601.333 |
1,354.484 |
|
|
|
Prior Period Items |
0.000 |
0.000 |
0.213 |
|
|
|
Extraordinary Items |
0.000 |
0.000 |
894.288 |
|
|
|
TOTAL (B) |
7,267.347 |
7,149.073 |
5,689.459 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1,155.975 |
428.004 |
301.334 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
982.677 |
1,055.437 |
661.416 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
173.298 |
(627.433) |
(360.082) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
589.578 |
526.708 |
453.309 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(416.280) |
(1,154.141) |
(813.391) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
67.537 |
(354.025) |
1.617 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(483.817) |
(800.116) |
(815.008) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1505.077 |
811.230 |
754.420 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
171.891 |
321.244 |
55.887 |
|
|
|
Components and spare parts |
38.265 |
42.215 |
56.221 |
|
|
|
Capital Goods |
36.578 |
768.188 |
436.446 |
|
|
TOTAL IMPORTS |
246.734 |
1131.647 |
548.554 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
Basic
|
(4.70) |
(7.96) |
(8.59) |
|
|
|
Diluted
|
(4.70) |
(7.96) |
0.84 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(5.74)
|
(10.56)
|
(13.60)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(5.00)
|
(16.51)
|
(14.16)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.56)
|
(8.04)
|
(5.32)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.17)
|
(0.40)
|
(0.23)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
4.88
|
3.58 |
2.81 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07
|
0.60 |
1.06 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Share Capital |
1004.224 |
1026.263 |
1031.063 |
|
Reserves & Surplus |
2557.308 |
1776.356 |
1308.431 |
|
Share Application money pending allotment |
15.439 |
0.000 |
0.000 |
|
Deferred Government Grants |
0.000 |
97.822 |
96.492 |
|
Net
worth |
3,576.971 |
2,900.441 |
2,435.986 |
|
|
|
|
|
|
long-term borrowings |
7563.382 |
6987.043 |
9433.327 |
|
Short term borrowings |
2500.453 |
3402.548 |
2459.764 |
|
Total
borrowings |
10,063.835 |
10,389.591 |
11,893.091 |
|
Debt/Equity
ratio |
2.814 |
3.582 |
4.882 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
SALES |
5,743.488 |
6,990.056 |
8,332.792 |
|
|
|
21.704 |
19.209 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Sales |
5,743.488 |
6,990.056 |
8,332.792 |
|
Profit |
(815.008) |
(800.116) |
(483.817) |
|
|
(14.19%) |
(11.45%) |
(5.81%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10438187 |
21/06/2013 |
13,195,250,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
B80185325 |
|
2 |
10417216 |
30/03/2013 |
720,000,000.00 |
CANARA BANK |
PRIME CORPORATE
BRANCH, SHANKARNARAYANA BUILDING, |
B72444961 |
|
3 |
10376665 |
18/08/2012 |
8,480,000,000.00 |
CANARA BANK (LEAD BANK) |
PRIME CORPORATE BRANCH,
SHANKARNARAYANA BUILDING, |
B58178898 |
|
4 |
10374820 |
18/08/2012 |
3,063,000,000.00 |
STATE BANK OF INDIA (LEAD BANK) |
MID CORPORATE GROUP, SPEEIALISED COMMERCIAL BRANCH, KANNAVARI THOTA, GUNTUR - 522004, ANDHRA PRADESH, INDIA |
B57417438 |
|
5 |
10266943 |
11/01/2011 |
1,000,000,000.00 |
CANARA BANK |
PRIME CORPORATE
BRANCH, SHANKARNARAYANA BUILDING, |
B05649207 |
|
6 |
10194027 |
19/03/2011 * |
50,000,000.00 |
STATE BANK OF MYSORE |
INDUSTRIAL FINANCE BRANCH, MY HOME, JUPALLY, AMEERPET, HYDERABAD - 500016, ANDHRA PRADESH, INDIA |
B10825636 |
|
7 |
10064262 |
22/08/2007 * |
2,650,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH, 5-10-194, CHAKRAPANI ESTATE, SAIFABAD, HYDERABAD - 500004, ANDHRA PRADESH, INDIA |
A22665707 |
|
8 |
10035650 |
30/03/2011 * |
7,262,700,000.00 |
STATE BANK OF INDIA |
SPECIALISED COMMERCIAL BRANCH, KANNAVARITHOTA, GUNTUR - 522004, ANDHRA PRADESH, INDIA |
B09101528 |
|
9 |
90260188 |
22/02/2005 |
127,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, GUNTUR, ANDHRA PRADESH, INDIA |
- |
|
10 |
90259070 |
21/03/2011 * |
4,441,000,000.00 |
STATE BANK OF INDIA |
SPECIALISED COMMERCIAL BRANCH, (MID CORPORATE GROUP) KANNAVARITHOTA, GUNTUR - 522004, ANDHRA PRADESH, INDIA |
B11397791 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Debentures |
2450.000 |
900.000 |
|
Deferred payment liabilities |
25.023 |
34.663 |
|
Loans and advances from related parties |
0.000 |
24.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Intercorporate deposits |
173.212 |
880.000 |
|
Other Loans and advances |
96.057 |
738.856 |
|
|
|
|
|
Total |
2744.292 |
2577.519 |
CHANGE OF ADDRESS:
The Registered office of the company has been shifted from 6/275-1,
Inkollu (Mandal), Prakasam (District) - 523167, Andhra Pradesh, India to the
present address w.e.f.23.01.2010.
NATURE OF OPERATIONS
Subject is engaged in textile manufacturing with capacities
spread over seven locations encompassing ginning, spinning, weaving, processing
and garmenting operations.
REVIEW OF
OPERATIONS
The Company produced 2.42 lakh qtls. of cotton lint (PY 1.63 lakh
qtls.), 2.25 lakh qtls. (PY 2.17 lakh qtls.) of cotton yarn, 0.26 lakh qtls. of
dyed yarn (PY 0.16 lakh qtls.), 282.03 lakh mtrs. (PY 300.53 lakh mtrs.) of
grey fabric, 131.26 lakh mtrs. Of finished fabric (PY 66.88 lakh mtrs.) and
7.72 lakh pcs. of garments (PY 9.47 lakh pcs.), including job work production,
during the financial year 2012-13 and sold 1.83 lakh qtls. (PY 1.75 lakh qtls.)
of cotton yarn, 144.94 lakh mtrs. (PY 242.36 mtrs.) of grey fabric, 123.07 lakh
mtrs. of finished fabric (PY 55.41lakh mtrs.) and 6.72 lakh pcs. of garments
(PY 4.76 lakh pcs.) including retail sales.
Acute power shortage and erratic power supply in the State during FY
2013 significantly hampered the Company’s operations causing about 12%loss of
production, especially in spinning and weaving segments. The Company was forced
to buy private power from exchange through open access, at significantly higher
cost. Power cost being the second highest cost element in textile manufacturing
process, the increase in its cost and loss of production due to power shortage,
adversely affected the Company?s profitability during 2012-13, but for which
the Company would have earned profits.
To mitigate the power crisis, the Company is currently meeting its power
requirement through purchase from power exchange. It has also initiated
discussions for purchase private power under group captive scheme while
purchase of solar power is another option available. Once the grid connectivity
is improved, availability of power will improve and power cost will also come
down.
Steps taken during the year for further stabilisation of the ETP yielded
encouraging results with noteworthy increase in capacity utilisation of the
Process House. With some additional planned investment, it is expected that
full stabilisation of the ETP at 100% utilisation will be achieved by March
2014.
During the year, the Company received end-to-end orders (cotton to
garment) from international brands of UK and USA and added prestigious labels
like Intermode, Color Plus, Ranger Apparel, Ann Taylor, GAP, MESH, TM Lewin
etc. to its portfolio, reflecting their confidence in our products. Trials are
in progress for other prestigious labels and your Company’s marketing and
customer servicing capabilities will see the list expanding further in the
coming years.
With all these welcome developments coupled with improved market
conditions, the Company is poised for an era of prosperous future.
EXPANSION
ACTIVITIES
The Company is focusing on stabilization of production across the value
chain and maximizing utilization of current capacities. Additional equipments
are planned only in cases where there are major production bottlenecks or where
the returns on investment are quite significant. The on-going expansion
achieved financial closure under the CDR process. In Spinning, autoconers have
been planned for increasing our flexibility in product mix. Specialized
spinning attachments will add value to our product lines at yarn, greige fabric
as well as finished fabric stages. Yarn dyeing capacity is also planned with
smaller vessel configuration to enable executing small combo size orders for
the brands business. Upgradition of ETP will remove the current limitations on
processing production and quality of its output. Addition of balancing
equipment for product mix improvements in spinning and capacity enhancement for
debottlenecking and achieving economies of scale in weaving, yarn dyeing and
processing is in progress and the additional capacities are expected to
operational by September 2013.
INDUSTRY SCENIARIO
After suffering unprecedented crisis during 2011-12 due to spikes in
cotton commodity prices, 2012-13 saw a recovery phase in the textile industry
with yarn and fabric prices remaining steady and growth in domestic markets.
Global demand remained subdued due to slump in US and Europe markets.
Realizations for all products - yarn, fabric and garments were better in the
current year compared to last year.
The Indian apparel market is estimated to grow at a CAGR of 12% over
next 10 years against expected CAGR of 5% for the world apparel market. Going
by this trend, by 2025, India and China combined will be a bigger apparel
market as compared to the US and Europe combined. This creates a huge
opportunity for textile companies in these two countries, especially for
integrated mills like theirs.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Guarantees outstanding |
15.916 |
16.761 |
|
Custom and
excise duty liability in case of non fulfilment of export obligation
pertaining to EPCG Authorisations and Advance License for import of capital goods
and raw material at concessional rate of customs duty and refund of excise
duty on domestic purchase of capital goods |
1193.959 |
1374.626 |
|
Bills receivable discounted |
224.807 |
157.473 |
|
Claims not
acknowledged as debt as per details below |
|
|
|
i. Demand from
ESI authorities towards recovery of ESI dues pertaining to the period when
the Unit was under occupation of the previous employers. The Company has
contested the demand before the Employees Insurance Court and Chairman,
Industrial Tribunal at Hyderabad and obtained a stay order. An amount of
Rs.0.033 Million was deposited with the Court and Rs.0.136 Million debited
towards recovery proceeding. The aggregate amount has been shown as Amounts
paid under protest under Long-term loans and advances. |
0.099 |
0.099 |
|
ii. Demand from
Provident Fund Authorities towards recovery of provident fund dues and
liquidated damages pertaining to the period when the Unit was under
occupation by the previous employers. The Company has contested the demand in
a petition before the Hon'ble High Court of Andhra Pradesh and the Court has
granted stay till further order. The Liquidator in the matter of The
Chilakaluripet Cotton Growers Cooperative Spinning Mills Limited, the
previous employer, has also filed an undertaking before the Hon'ble High
Court to pay the Provident Fund dues. |
2.703 |
2.703 |
|
iii. Demand from
ESI authorities towards damages for the wage period June 2000 to October 2003
of which an amount of Rs.1.445 Millions pertains to the period when the Unit
was under occupation of the previous employers. The Company has contested the
demand before the Employees Insurance Court and Chairman, Industrial Tribunal
at Hyderabad and obtained a stay order. An amount of Rs.0.381 Million, being
25% of the amount demanded, was deposited with the ESI authorities and shown
as Amounts paid under protest under Long-term loans and advances. |
1.521 |
1.521 |
|
iv. Demand towards
Non Agricultural Land Assessment Tax and Water Royalty from Mandal Revenue
Inspector, Inkollu Mandal, Prakasam District pertaining to dues of the period
during which the Unit was under occupation by previous owners. As the Unit
was purchased by the Company free of encumbrances, the Company has contested
the demand in a writ petition before the Hon'ble High Court of Andhra
Pradesh. An amount of Rs.1.600 Millions was deposited with the Tahsildar,
Inkollu Mandal for obtaining interim injunction and is shown as Amounts paid
under protest under Long-term loans and advances. |
3.161 |
3.161 |
|
v. Demand from
Eastern Power Distribution Company of A.P. Limited towards electricity
consumed during the period February to April 2009 at the Company's Power
Plant at Uppalguptam even though there was a net export of power to the grid
during that period from the power plant. The Company has paid the amount
under protest and shown as Amounts paid under protest under Long-term loans
and advances. |
0.015 |
0.015 |
|
vi. Demand from
Southern Power Distribution Company of Andhra Pradesh Limited towards Fuel
Surcharge Adjustment. The Company had contested the demand in a writ petition
before the Hon'ble High Court of Andhra Pradesh and received a favourable
ruling. An amount of Rs.0.243 Million was paid against this demand and has
been shown as Amounts paid under protest under Long-term loans and advances. |
0.680 |
0.680 |
|
vii. Demand from
ESI authorities towards ESI contribution when the Unit was not under ESI coverage.
The Company has contested the demand before the Employees Insurance Court and
Chairman, Industrial Tribunal at Hyderabad and obtained stay order. An amount
of Rs.0.716 Million, being 30% of the amount demanded, was deposited with the
ESI authorities and shown as Amounts paid under protest under Long-term loans
and advances. |
2.387 |
2.387 |
|
viii. Demand
from Joint Commissioner of Labour towards cess on construction works. The
Company has paid an amount of Rs.0.050 Million under protest and the same is
shown as Amounts paid under protest under Long-term loans and advances. |
2.635 |
2.635 |
|
ix. Maintenance
fee in respect of SAP Enterprise Support Services which are under negotiation
as services were not rendered as per the service contract. |
0.000 |
2.797 |
|
x. Fuel
surcharge Adjustment (FSA) for the quarter October 2012 to December 2012
proposed to be levied by the Southern Power Distribution Company of
Andhra Pradesh Limited in term of Andhra Pradesh Electricity Regulatory
Commission's Order dated 23.04.13 has not been provided for as the Company is
in the process of contesting the levy in a writ petition before the Hon'ble
High Court of Andhra Pradesh. |
15.863 |
0.000 |
|
xi. Private power
wheeled under Transmission and Wheeling Agreements and power purchased from
exchange against open access granted have been also billed by the Southern
Power Distribution Company of Andhra Pradesh Limited (SPDCL) in their
invoices for the period December 2012 to March 2013. The same have not been
paid or provide for and representation made to the Chairman and Managing
Director, SPDCL for revision of the invoices to that extent. |
391.164 |
0.000 |
|
|
|
|
|
Total |
1854.910 |
1564.858 |
|
NOTE: The Company does
not expect any reimbursements in respect of the above contingent liabilities.
It is not practicable to estimate the timing of the cash outflows, if any, in
respect of matters pending appellate proceedings. In respect of other matters
the cash outflows, if any, could generally occur in the next four years being
the period over which validity of the guarantees / letters of credit extends.
The Management believes that the ultimate outcome of appellate proceedings
will not have a material adverse effect on the Company's financial position
and result of operations. |
||
FIXED ASSETS:
·
Land
·
Buildings
·
Office building
·
Factory building
·
Plant and equipment
·
Factory equipments
·
Other plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Motor vehicles
·
Office equipment
·
Computer equipments
·
Other equipments
·
Livestock
·
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 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. 62.28 |
|
|
1 |
Rs. 103.84 |
|
Euro |
1 |
Rs. 85.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.