MIRA
INFORM REPORT
|
Report Date : |
20.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
BHARAT BIJLEE LIMITED |
|
|
|
|
Registered
Office : |
Electric Mansion, 6th Floor, Appasaheb Marathe Marg,
Prabhadevi, Mumbai – 400025, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
22.06.1946 |
|
|
|
|
Com. Reg. No.: |
11-005017 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 56.516
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31300MH1946PLC005017 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB11178G / MUMB11087G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB2900K |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Selling of Transformers, Motors, Drives,
Elevator Systems and Execution of Turnkey Projects. |
|
|
|
|
No. of Employees
: |
1362 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 12480000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having a good track
record. Even though company has incurred loss during 2013. The overall
financial position of the company appears to be sound and healthy. The
liquidity of the company seems to be good. The rating also takes into consideration the company’s established
experience and proven brand recognition in the transformer and motor
manufacturing business. Trade relations are reported as fair. Business is active. Payments are
reported as regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Limits : A+ |
|
Rating Explanation |
Have adequate degree of safety and carry low
credit risk. |
|
Date |
September 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Yogendra Agarwal |
|
Designation : |
General Accounts Manager |
|
Contact No.: |
91-22-24306237 |
|
Date : |
17.01.2014 |
LOCATIONS
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Bansi S. Mehta |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Nikhil J. Danani |
|
Designation : |
Vice Chairman and Managing Director |
|
Qualification : |
B.E.(Mech) and M.B.A. (U.S.A) |
|
Experience : |
39 Years |
|
|
|
|
Name : |
Mr. Nakul P. Mehta |
|
Designation : |
Vice Chairman and Managing
Director |
|
Qualification : |
Bachelor Degree in Science and also a Bachelor and Master
of Science Degree in Mechanical Engineering. |
|
Experience : |
25 Years |
|
|
|
|
Name : |
Mr. Shome N. Danani |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Jaisingh R. Danani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mukul Harkisondass |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Prakash V. Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Anand J. Danani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjiv N. Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jairaj C. Thacker |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Harish Chandra Mishra |
|
Designation : |
Additional Director (w.e.f.19.10.2012) |
KEY EXECUTIVES
|
Name : |
D.N. Nagarkar |
|
Designation : |
Company Secretary
and Senior General Manager |
|
|
|
|
Name : |
Mr. Yogendra Agarwal |
|
Designation : |
General Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
829742 |
14.68 |
|
|
1191492 |
21.08 |
|
|
2021234 |
35.76 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2021234 |
35.76 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
221176 |
3.91 |
|
|
883783 |
15.64 |
|
|
15840 |
0.28 |
|
|
1120799 |
19.83 |
|
|
|
|
|
|
302968 |
5.36 |
|
|
|
|
|
|
1903848 |
33.69 |
|
|
156428 |
2.77 |
|
|
146283 |
2.59 |
|
|
146283 |
2.59 |
|
|
2509527 |
44.40 |
|
Total Public shareholding (B) |
3630326 |
64.24 |
|
Total (A)+(B) |
5651560 |
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) |
5651560 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
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 |
|
|
No. of Shares held |
As a % |
||
|
1 |
Nikhil J Danani |
323404 |
5.72 |
|
2 |
Nakul P Mehta |
185830 |
3.29 |
|
3 |
Anand J Danani |
92920 |
1.64 |
|
4 |
Madhuri J Danani |
32230 |
0.57 |
|
5 |
Roshan N Danani |
41285 |
0.73 |
|
6 |
Shome N Danani |
2898 |
0.05 |
|
7 |
Danmet Chemicals Private Limited
|
459777 |
8.14 |
|
8 |
Sita P Mehta |
73040 |
1.29 |
|
9 |
Avanti P Mehta |
72800 |
1.29 |
|
10 |
Nasivan Investments Private Limited
|
281550 |
4.98 |
|
11 |
Gayatri Edu Medical & Res |
450165 |
7.97 |
|
12 |
Sanjiv N Shah |
4560 |
0.08 |
|
13 |
Prakash Mehta |
325 |
0.01 |
|
14 |
Ela Mehta |
450 |
0.01 |
|
|
Total |
2021234 |
35.76 |
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 % |
|
|
1 |
Life Insurance Corporation of India |
507815 |
8.99 |
|
|
2 |
General Insurance Corporation of |
172770 |
3.06 |
|
|
3 |
HDFC Limited |
122480 |
2.17 |
|
|
4 |
Birla Sun Life Trustee - Equity |
89542 |
1.58 |
|
|
5 |
National Insurance Company Limited
|
76028 |
1.35 |
|
|
6 |
Powermaster Engg Private Limited
|
63873 |
1.13 |
|
|
7 |
Birla Sun Life Trustee - Divide |
62929 |
1.11 |
|
|
8 |
CD Equifinance Private Limited |
58353 |
1.03 |
|
|
|
Total |
1153790 |
20.42 |
|
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 % |
|
|
1 |
Life Insurance Corporation of India |
507815 |
8.99 |
|
|
|
Total |
507815 |
8.99 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Transformers, Motors, Drives,
Elevator Systems and Execution of Turnkey Projects. |
||||||
|
|
|
||||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
1362 (Approximately) |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· Bank of India IDBI
Bank Limited Citibank
N.A. Standard
Chartered Bank HDFC
Bank Limited |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name
: |
Dalal and Shah Chartered Accountants |
|
|
|
|
Solicitors : |
Malvi Ranchoddas and Company |
|
|
|
|
Enterprises over which any of (A) or (B) can exercise control or
significant influence : |
· Danmet Chemicals Private Limited Nasivan
Investments Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
|
200000 |
12% Non-Convertible Redeemable
Cumulative Preference Shares |
Rs. 100/- each |
Rs. 80.000 Millions |
|
|
Total |
|
Rs. 100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5651560 |
Equity Shares |
Rs. 10/- each |
Rs. 56.516
Millions |
|
|
|
|
|
(a) Details of shares held by shareholders
holding more than 5% of the aggregate shares in the Company
|
|
No of Shares |
% of holding |
|
1 Life Insurance Corporation of India |
507815 |
8.99 |
|
2 Danmet Chemicals Private Limited |
459777 |
8.14 |
|
3 Gayatri Education Medical and Research
Foundation Private Limited |
450165 |
7.97 |
(b) Rights, preferences and restrictions attached to shares
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.
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 |
56.516 |
56.516 |
56.516 |
|
(b) Reserves & Surplus |
3064.266 |
3129.479 |
2756.966 |
|
(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) |
3120.782 |
3185.995 |
2813.482 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
152.710 |
137.161 |
134.733 |
|
(b) Deferred tax liabilities (Net) |
14.420 |
47.403 |
45.023 |
|
(c) Other long
term liabilities |
10.440 |
9.578 |
0.000 |
|
(d) long-term
provisions |
27.302 |
34.738 |
40.997 |
|
Total Non-current
Liabilities (3) |
204.872 |
228.880 |
220.753 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
650.473 |
363.846 |
41.000 |
|
(b)
Trade payables |
1387.660 |
1451.611 |
1574.800 |
|
(c)
Other current liabilities |
380.882 |
546.113 |
364.745 |
|
(d) Short-term
provisions |
144.198 |
282.649 |
237.420 |
|
Total Current
Liabilities (4) |
2563.213 |
2644.219 |
2217.965 |
|
|
|
|
|
|
TOTAL |
5888.867 |
6059.094 |
5252.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
951.146 |
869.033 |
703.467 |
|
(ii)
Intangible Assets |
17.663 |
29.827 |
8.975 |
|
(iii)
Capital work-in-progress |
24.906 |
50.230 |
122.383 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
40.233 |
40.233 |
42.492 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
559.857 |
219.957 |
163.662 |
|
(e) Other
Non-current assets |
8.189 |
12.339 |
7.451 |
|
Total Non-Current
Assets |
1601.994 |
1221.619 |
1048.430 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
200.109 |
55.033 |
181.346 |
|
(b)
Inventories |
952.375 |
981.669 |
844.109 |
|
(c)
Trade receivables |
1883.529 |
2138.424 |
1916.659 |
|
(d) Cash
and cash equivalents |
75.231 |
171.450 |
339.952 |
|
(e)
Short-term loans and advances |
1051.517 |
1378.862 |
722.764 |
|
(f)
Other current assets |
124.112 |
112.037 |
198.940 |
|
Total
Current Assets |
4286.873 |
4837.475 |
4203.770 |
|
|
|
|
|
|
TOTAL |
5888.867 |
6059.094 |
5252.200 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Revenue From
Operations |
5425.273 |
7177.789 |
7030.677 |
|
|
|
Other Income |
174.534 |
195.967 |
86.101 |
|
|
|
TOTAL (A) |
5599.807 |
7373.756 |
7116.778 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials
consumed |
4068.492 |
5345.426 |
5097.053 |
|
|
|
Purchases of
stock in trade |
136.135 |
151.130 |
101.599 |
|
|
|
Changes in
inventories |
3.697 |
(100.999) |
(11.118) |
|
|
|
Employee benefits |
672.949 |
696.849 |
621.655 |
|
|
|
Other expenses |
569.268 |
652.166 |
543.352 |
|
|
|
Exceptional Item [Profit on Sale of Long Term Investments] |
0.000 |
(260.892) |
(338.067) |
|
|
|
TOTAL (B) |
5450.541 |
6483.680 |
6014.474 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
149.266 |
890.076 |
1102.304 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
124.206 |
133.748 |
89.684 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
25.060 |
756.328 |
1012.620 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
106.993 |
96.077 |
89.335 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(81.933) |
660.251 |
923.285 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(33.250) |
123.528 |
188.032 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(48.683) |
536.723 |
735.253 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
682.342 |
364.829 |
293.786 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
55.000 |
500.000 |
|
|
|
Dividend |
14.129 |
141.289 |
141.289 |
|
|
|
Tax on Dividend |
2.401 |
22.921 |
22.921 |
|
|
BALANCE CARRIED
TO THE B/S |
617.129 |
682.342 |
364.829 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Direct Exports on F O B basis |
231.455 |
305.347 |
53.810 |
|
|
|
Other Earnings |
0.000 |
0.000 |
0.019 |
|
|
TOTAL EARNINGS |
231.455 |
305.347 |
53.829 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
244.275 |
249.734 |
140.760 |
|
|
|
Components and Spare parts |
0.018 |
2.293 |
0.085 |
|
|
|
Capital Goods |
9.084 |
44.388 |
56.451 |
|
|
TOTAL IMPORTS |
253.377 |
296.415 |
197.296 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
including exceptional items |
(8.61) |
94.97 |
130.10 |
|
|
|
excluding exceptional items |
(8.61) |
48.81 |
70.28 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
10.515 |
|
Total Expenditure |
|
|
11.261 |
|
PBIDT (Excl OI) |
|
|
(0.746) |
|
Other Income |
|
|
0.360 |
|
Operating Profit |
|
|
(0.386) |
|
Interest |
|
|
0.267 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
(0.653) |
|
Depreciation |
|
|
0.268 |
|
Profit Before Tax |
|
|
(0.921) |
|
Tax |
|
|
(0.144) |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
(0.777) |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
(0.777) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(0.87)
|
7.28 |
10.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.51)
|
9.20 |
13.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.41)
|
11.06 |
18.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.03)
|
0.21 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.26
|
0.19 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67
|
1.83 |
1.90 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long term fixed deposits |
42.271 |
103.186 |
60.860 |
|
|
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Lodging No: STRL/17/2009 Filing Date: 06.02.2009 Reg. No.: STR/34/2010 Reg. Date: 30.04.2010 |
|
Petitioner: COMMISSIONER OF SALES TAX, MUMBAI Respondent: BHARAT BIJLEE LIMITED,
MUMBAI Petn. Adv : GOVT.PLEADER (0) District: BOMBAY |
|
Bench: DIVISION Status: Pre-Admission
Category: SALES TAX REFERENCES. Last Date: 21.07.2009 Stage:
SALES TAX REFERENCES FOR REJECTION U/R 986 OF THE H.C.(O.S.) RULES 1980
Last Coram: REGISTRAR(OS)/PROTHONOTARY & SR. MASTER |
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date: 22.08.2013 |
|
Lodging No: SSL/731/2013 Filing Date: 22.08.2013 Reg. No.: SS/682/2013 Reg. Date: 06.09.2013 |
|
Petitioner: EMU LINES PRIVATE LIMITED Respondent: BHARAT
BIJLEE LIMITED Petn. Adv : V. SUBRAMANIAN (0) District: OUTSIDE MAHARASHTRA |
|
Bench: SINGLE Status: Pre-Admission
Category: MONETARY SUITS |
|
Act: Code of Civil Procedure 1908 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
80026583 |
20/05/2010 * |
3,950,000,000.00 |
BANK OF INDIA (LEAD BANK) |
MUMBAI LARGE CORPORATE BRANCH, BOI BUILDING, 4TH FLOOR, 70-80, M.G. ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
A86787124 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Fixed Deposits |
|
|
|
- From Related
Party |
3.250 |
3.250 |
|
- From Public |
149.460 |
133.911 |
|
|
|
|
|
Total |
152.710 |
137.161 |
GENERAL INFORMATION
Subject is one of the
leaders in the electrical engineering industry in India. A multi-product,
multi-divisional organisation, its main products are transformers, projects,
electric motors, elevator systems and drives. The Company has a
well-established all-India marketing network that ensures responsive pre and
after sales service.
OPERATIONS
Income from Sales and Service for the Company declined from Rs. 7810.000
Millions in the previous year to Rs. 5940.000 Millions, a drop of 24%. Revenues
of the Power Systems as well as the Industrial Systems segments reduced
significantly due to sluggish market demand and reduced price realizations.
The company incurred a loss before exceptional items and tax of Rs.
81.900 Millions as against a profit before exceptional items and tax of Rs.
399.400 Millions in the previous year mainly due to reduced volumes and poor
price realizations in the Transformer and Motor businesses and cost overruns in
Project operations.
FINANCE
In spite of tight money market conditions, adverse liquidity and
substantial erosion in profitability, the focus of the Company upon on the
efficient management of short-term and long-term funds through rigorous
monitoring of deployment towards working capital, a comprehensive evaluation
and execution process for capital expenditure, and prudent deployment of
surplus funds helped it generate positive cash flow from operations. Although
the Company incurred interest and finance costs of Rs.124.200 Millions, it also
earned income of Rs. 146.600 Millions from deployment of surplus funds and
treasury operations.
The Company’s free reserves as on 31st March, 2013 decreased by Rs.
65.213 Millions to Rs. 3064.266 Millions.
As on 31st March, 2013, the Company had Fixed Deposits aggregating to Rs
194.981 Millions. Out of the Fixed Deposits which matured for payment prior to
31st March, 2013, 56 deposits aggregating to Rs 1.725 Millions were neither
renewed nor claimed till 31st March, 2013. Of these 10 deposits aggregating to
Rs 0.260 Million have since been renewed or refunded on receipt of requests
from the deposit holders. The balance 46 deposits aggregating to Rs 1.465
Millions have been neither claimed nor renewed till date of this Report, in
spite of the Company’s intimation to the deposit holders. There has been no default
or delay in meeting any maturity payment obligations.
During the year Rs 0.391 Million was transferred to the Investor
Education and Protection Fund.
MANAGEMENT DISCUSSION AND ANALYSIS
Economic uncertainties continued to prevail in both global and domestic
markets during the year. The Company’s products mainly cater to domestic
industrial and infrastructure sectors, which are key drivers of the Indian
economy. The state of the Indian economy, therefore, has a strong linkage to
the business environment for their products.
During the previous year, low growth, high inflation, the burgeoning
fiscal deficit and a phase of perceived policy paralysis impaired business
confidence and resulted in low capital formation. The growth in the Index of
Industrial Production (IIP) also witnessed a slowdown to 0.9% largely due to
infrastructure and input constraints. Further, the latest consensus estimates
of India’s GDP growth for the current year have been revised downward to around
5.5%.
The Reserve Bank of India’s recent macro-economic outlook acknowledges
that growth has been hobbled by structural bottlenecks on the supply side.
Shortages of power, coal, and natural gas, and interruptions to mining
activities have been a major constraining factor for industrial growth. This
has resulted in underperformance in core industries. Some of the key industries
that have been affected are power, water resources, railways, petrochemicals
and cement: sectors that directly impact the Company’s key business segments of
Power and Industrial Systems.
Going forward, they believe that policy and implementation issues
related to land acquisition, fuel availability, regulatory/ statutory
clearances, and a coordinated governance mechanism are key to propelling supply-side
growth. The Government’s effectiveness in implementing the next phase of
reforms are, therefore, likely to be closely watched.
Against this backdrop they expect overcapacity and margin pressures to
continue in their key businesses in the near future. They continue to evaluate
options and take all possible steps to address the current challenges while
building capabilities for the future.
SEGMENT ANALYSIS
The Company operates in two Business Segments, viz. “Power Systems” and
“Industrial Systems”.
POWER SYSTEMS:
The Power Systems segment comprises Power Transformers upto 200 MVA, 220
KV voltage class, EPC projects for electrical substations upto 400 KV; and
marketing of maintenance products.
Their transformer business is tightly linked to power sector
investments, especially in transmission and distribution; a significant
proportion of these investments occur at State level. There was evidence of
steps being taken in respect of SEB restructuring and tariff revisions in
various States during the previous year, and they are hopeful that these will
translate into a more conducive business environment. However, they expect
intense competition and depressed price realizations to continue due to the
ongoing overcapacity in the Indian market. Apart from efforts to expand the
domestic customer base, they have taken steps to increase their focus on
international business for their transformers. This will not only help them
address a larger market but also help to diversify market risk.
The Projects business continues to see a good flow of enquiries from
both the private and public sectors. However, they are cognizant of the fact
that the uncertain economic environment could hamper timely project completion
and payments. They have endeavored to be prudent and selective about their
project portfolio, and continue their focus on execution quality and timely
completion.
INDUSTRIAL SYSTEMS:
This segment comprises the marketing, engineering, design and
manufacture of a full range of LT industrial AC electric motors, synchronous
gearless machines for elevators, and AC variable speed drives and drive
systems.
The Motors business has experienced downward pressures on volumes, price
realizations and margins over the last three quarters. While they expect no significant
demand pick-up during the course of this year, they continue to concentrate on
market reach and customer focus. During the last two years, they have
innovatively strengthened their supply-chain efficiencies and are ready to
cater to the demands of an increasingly competitive market. During the year,
the Company also delivered its first Medium Voltage motor. This is an important
milestone in their ongoing focus on continuously expanding their product
portfolio.
The Drives business presently caters to highly engineered application
segments. During the year they have commissioned a new facility for production
of a range of AC drives at their Airoli Works. This will help them reduce
costs, widen the customer and application segments that they cater to, and to
offer better after-sales service to their customers.
Sales of AC permanent-magnet gearless machines for the elevator industry
continue to see robust growth. They continue to maintain their leadership
position in this market and have increased production capacities to sustain the
growth momentum.
FUTURE OUTLOOK
Unfavourable business conditions are likely to continue in the current
year. Overcapacity and intense competition will result in margin pressures. While
they do not expect demand for their businesses to worsen substantially from the
current levels they will need to be watchful.
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED 30TH SEPTEMBER, 2013
[RS. IN MILLIONS]
|
PART - I |
|
|
|
|
|
Particulars |
Three Months Ended 30.09.2013 (Unaudited) |
Three Months Ended 30.06.2013 (Unaudited) |
Six Months Ended 30.09.2013 (Unaudited) |
|
|
1 |
Income
from Operations a) Net Sales/Income from Operations (Net
of excise duty) b) Other Operating Income |
1034.500 11.300 |
1043.500 8.000 |
2078.000 19.300 |
|
|
Total
Income from operations (net) |
1045.800 |
1051.500 |
2097.300 |
|
2 |
Expenditure a) Cost of materials consumed b) Purchase of traded goods |
985.400 43.900 |
765.900 57.000 |
1751.300 100.900 |
|
|
c) Change in inventories of finished goods,
work in progress and stock in trade |
(263.400) |
23.200 |
(240.200) |
|
|
d) Employee benefits expense e) Depreciation and Amortisation f) Other expenditure |
187.400 28.200 153.400 |
170.000 26.800 110.000 |
357.400 55.000 263.400 |
|
|
Total
Expenditure : (a + b + c + d + e + f) |
1134.900 |
1152.900 |
2287.800 |
|
3 |
Profit/(Loss)
from Operations before Other Income and Finance Costs (1-2) |
(89.100) |
(101.400) |
(190.500) |
|
4 |
Other
Income |
51.000 |
36.000 |
87.000 |
|
5 |
Profit/(Loss)
from Ordinary Activities before Finance Costs (3+4) |
(38.100) |
(65.400) |
(103.500) |
|
6 |
Finance
Costs |
27.300 |
26.700 |
54.000 |
|
7 |
Profit/(Loss)
from Ordinary Activities before Tax (5-6) |
(65.400) |
(92.100) |
(157.500) |
|
8 9 |
Tax
Expense Current
Tax Deferred
Tax - Debit/(Credit) Short/(Excess
)Provision for Tax for earlier years Net
Profit/(Loss) from Ordinary Activities after Tax (7-8) |
-- -- -- (65.400) |
-- (14.400) -- (77.700) |
-- (14.400) -- (143.100) |
|
10 |
Paid-up
Equity Share Capital (Face value of Rs.10/- per share) |
56.500 |
56.500 |
56.500 |
|
11 |
Reserves
Excluding Revaluation Reserves |
|
|
|
|
12 |
Basic and
Diluted Earnings per Share (Rs.) |
(11.57) |
(13.75) |
(25.32) |
|
PART -
II SELECT
INFORMATION FOR THE THREE MONTHS ENDED 30TH JUNE, 2013 |
||||
|
Particulars |
Three Months Ended 30.09.2013 (Unaudited) |
Three Months Ended 30.06.2013 (Unaudited) |
Six Months Ended 30.09.2013 (Unaudited) |
|
|
A |
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
Public
Shareholding - Number of Shares - Percentage of Shareholding |
3630326 64.24 |
3630326 64.24 |
3630326 64.24 |
|
2 |
Promoters
and Promoter group shareholding a) Pledged / Encumbered - Number of Shares - Percentage of shares ( as a % of
the total shareholding of promoter and promoter group ) - Percentage of shares ( as a % of
the total share capital of the Company ) b) Non-Encumbered - Number of Shares - Percentage of shares ( as a % of
the total shareholding of promoter and promoter group ) - Percentage of shares ( as a % of
the total share capital of the Company ) |
-- -- -- 2021234 100.00 35.76 |
-- -- -- 2021234 100.00 35.76 |
-- -- -- 2021234 100.00 35.76 |
|
PARTICULARS |
Three Months Ended 30.09.2013 |
|
B INVESTOR COMPLAINTS Pending
at the beginning of the quarter Received
during the quarter Disposed
of during the quarter Remaining
unresolved at the end of the quarter |
Nil 6 6 Nil |
SEGMENTWISE REVENUE, RESULTS AND
CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT FOR THE THREE MONTHS
ENDED 30TH SEPTEMBER, 2013
|
Particulars |
Three Months Ended 30.09.2013 (Unaudited) |
Three Months Ended 30.06.2013 (Unaudited) |
Six Months Ended 30.09.2013 (Unaudited) |
|
|
|
|
|
|
1.
Segment Revenue (net of Excise Duty) |
|
|
|
|
Net
Sales/Income from operations (net of Excise Duty) |
|
|
|
|
a) Power
Systems |
404.100 |
488.500 |
892.600 |
|
b)
Industrial Systems |
630.400 |
555.000 |
1185.400 |
|
Net
Sales/Income from operations |
1034.500 |
1043.500 |
2078.000 |
|
2.
Segment Results |
|
|
|
|
Profit
/(Loss) before Finance Costs & Tax |
|
|
|
|
a) Power
Systems |
(46.300) |
(57.800) |
(104.100) |
|
b)
Industrial Systems |
26.600 |
33.900 |
60.500 |
|
Total |
(19.700) |
(23.900) |
(43.600) |
|
Less: |
|
|
|
|
i. Finance Costs |
27.300 |
26.700 |
54.000 |
|
ii. Unallocable Expenses net of un-allocable
income |
18.400 |
41.500 |
59.900 |
|
Profit/(Loss)
before Tax |
(65.400) |
(92.100) |
(157.500) |
|
3.
Capital Employed |
|
|
|
|
(Segment
Assets - Segment Liabilities) |
|
|
|
|
a) Power Systems |
1129.400 |
1232.800 |
1129.400 |
|
b) Industrial Systems |
854.100 |
889.700 |
854.100 |
|
Total
Capital Employed in Segments |
1983.500 |
2122.500 |
1983.500 |
|
Add:
Unallocable Assets less Liabilities |
994.200 |
920.400 |
994.200 |
|
Total Capital Employed in the Company |
2977.700 |
3042.900 |
2977.700 |
Segments
are identified as under:
Power
Systems = Transformers, Turnkey Projects for electrical sub stations and
Maintenance Products
Industrial
Systems = Electric Motors, AC Variable Speed Drives and Gearless Machines
STATEMENT OF ASSETS AND
LIABILITIES AS AT 30TH SEPTEMBER, 2013
|
Particulars |
30.09.2013 [Unaudited] |
|
|
A. EQUITY AND LIABILITIES |
|
|
|
|
|
|
|
1.
Shareholders’ Funds |
|
|
|
a] Share Capital |
56.500 |
|
|
b] Reserves and Surplus |
2921.200 |
|
|
Sub-total –
Shareholders’ funds |
2977.700 |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long term Borrowings |
137.200 |
|
|
b] Deferred Tax Liabilities |
0.000 |
|
|
c] Other current liabilities |
10.100 |
|
|
d] Long term provisions |
36.300 |
|
|
Sub-total -
Non-current Liabilities |
183.600 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
728.600 |
|
|
b] Trade Payables |
1310.800 |
|
|
c] Other Current Liabilities |
537.800 |
|
|
d] Short Term Provision |
124.900 |
|
|
Sub-total - Current Liabilities |
2702.100 |
|
|
|
|
|
|
TOTAL - EQUITY
AND LIABILITIES |
5863.400 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets |
988.300 |
|
|
b] Capital work in progress |
5.700 |
|
|
c] Non-current investment |
40.200 |
|
|
d] long Term loans and Advances |
620.800 |
|
|
e] Other non-current assets |
42.200 |
|
|
Sub-total – Non- current assets |
1697.200 |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Current Investments |
201.200
|
|
|
Inventories |
1249.300
|
|
|
Trade Receivables |
1330.700
|
|
|
Cash & Bank Balances |
137.400
|
|
|
Short Term loans and advances |
1174.600
|
|
|
Other Current Assets |
73.000
|
|
Sub-total – Current Assets |
4166.200
|
|
|
|
|
|
|
TOTAL - ASSETS |
5863.400 |
|
Notes:
1. The above statement of Financial Results has been reviewed by the Audit Committee and taken on record by the Board of Directors at its meeting held on 17th October, 2013. The Statutory Auditors have carried out Limited Review of the above Financial Results.
2. Previous year's/period's figures have been regrouped / recast / reclassified, wherever necessary
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
Disputed Sales Tax Demands |
18.990 |
8.855 |
|
Disputed Excise Duty Demands |
42.360 |
42.360 |
|
Disputed Custom Duty Demand |
19.112 |
19.112 |
|
Disputed Income Tax Demands |
16.203 |
22.629 |
|
Claims against the Company not acknowledged as debts |
0.000 |
0.130 |
|
|
|
|
|
Total |
96.665 |
96.665 |
FIXED ASSETS:
TANGIBLE ASSETS
· Leasehold Land
Buildings
Incl. Roads
Plant
and Machinery
Furniture
and Fixtures
Office
Equipment
Motor
Vehicles
INTANGIBLE ASSETS
· Application Software
Technical
Knowhow
PRESS RELEASE
BHARAT BIJLEE'S NEW DRIVES
SERVICE CENTER INAUGURATION
24 May 2013
Bharat Bijlee's new Drives service center was inaugurated by Mr. Christian Olschewski (Manager Service Electronic, KEB) and Mr. Nakul Mehta (Vice Chairman & Managing Director, Bharat Bijlee) on 24th May 2013 at Airoli works.
The ceremony was attended by Mr. Ralf Lueddecke (Head of Export Sales), and included a walk through for our guests and internal teams.
A wide range of KEB’s drives will now be repaired and serviced under license at the new service center facility which has been designed and built, under KEB’s guidance, to deliver KEB’s stringent standards of product quality.
This facility will also cater to the servicing of servo motors.
With this new facility the company will provide its customers timely services, with an emphasis on greater customer care.
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. 61.35 |
|
|
1 |
Rs. 100.21 |
|
Euro |
1 |
Rs. 83.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
65 |
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.