MIRA INFORM REPORT
|
Report Date : |
07.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
USHDEV INTERNATIONAL LIMITED |
|
|
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Registered
Office : |
New Harileela House, 6th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
18.05.1994 |
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Com. Reg. No.: |
11-078468 |
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Capital
Investment / Paid-up Capital : |
Rs.338.494
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40102MH1994PLC078468 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMU03616E |
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PAN No.: [Permanent Account No.] |
AAACU1672R |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Trading of Metal and also Power Generation by Windmills. |
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|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having a satisfactory track record. General financial position of the company seems to be sound and healthy.
Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered 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
N E W S
The economy grew 4.7
%in 2013/14, marking a second straight year of sub-5 % growth – the worst
slowdown in more than a quarter of a century. The data was below an official
estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal
year. However, the current account deficit narrowed sharply to $ 32.4 billion
at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8
billion or 4.7 %, the year before.A sharp fall in
gold imports due to restrictions on overseas purchases and muted import of
capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion portal Myntra
as it prepares to battle with the rapidly expanding India arm of the global
e-commerce giant Amazon. The company raised $ 210 million from Russian
Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba
Group.
General Motors will
start exporting vehicles from its Talegaon plant near
Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken
Apple as the world’s top brand in terms of value, according to global market
research agency Millward Brown. Google’s brand value
shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were
dominated by US companies.
Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third
CEO-hopeful to quit after Chairman N R Narayana
Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being
the other two.While Vemuri
went on to lead IGate, Balakrishnan
joined politics.
Naresh Goyal – promoted
Jet Airways posted biggest quarterly loss – Rs
2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney –
Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in
connection with a complaint against the direct selling firm. This is the second
time that he has been taken into custody. A year, ago the Kerala
Police had arrested Pinckney and two company directors on charges of financial
irregularities.
China has told its
state-owned enterprises to sever links with American consulting firms after the
United States charged five Chinese military officers wih
hacking US companies. China’s action which targets consultancies like McKinsey
& Co. and the Boston Consulting Group, sterns from fears that the first are
providing trade secrets to the US governments.
India has emerged as
a country with some of the highest unregistered businesses in the world.
Indonesia has the maximum number of shadow businesses, says a study of 68
countries by Imperial College Business School in London.
Pfizer has abandoned
its attempt to buy AstraZeneca for nearly $ 118
billion after the latter refused an offer of 55 pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB + (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
03.07.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A3+ (Short Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
03.07.2013 |
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 DENIED
Management Non Co-Operative (Tel No.: 91-22-66368888)
LOCATIONS
|
Registered Office : |
New Harileela House, 6th Floor,
Mint Road, Mumbai - 400001, Maharashtra, India |
|
Tel. No.: |
91-22-22672450 / 60 |
|
Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate
Office: |
6th Floor, Apeejay House, 130
Mumbai Samachar Marg,
Fort, Mumbai – 400006, Maharashtra, India |
|
Tel. No.: |
91-22-22672450 / 60 / 66368888 / 61948888 |
|
Fax No.: |
91-22-22671931 / 22821416 |
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Factory 1 : |
Chinnapthur Village, Taluka Dharapuram, Periyaa
District, Tamilnadu, India |
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Factory 2 : |
Gundikere Village, Halalkere
Taluka, Chitradurga
District, Karnataka, India |
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Factory 3 : |
Bhu Village, Kita Village, Jaisalmer District, Rajasthan, India |
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Factory 4 : |
Hadmatiya Village, Taluka
Kalyanpur, Jamnagar
District, Gujarat, India |
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Factory 5 : |
Methan Village, Taluka
Jamjodhpur, Jamnagar
District, Gujarat, India |
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Factory 6 : |
Andipatti Taluka, Thane
District, Tamilnadu, India |
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Factory 7 : |
Village Khabalwadi, Taluka
Koregaon, District Satara,
Maharashtra, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Ms. Suman Gupta |
|
Designation : |
Chairperson and Non-Executive Director |
|
|
|
|
Name : |
Mr. Prateek Gupta |
|
Designation : |
Vice Chairman and Non-Executive Director |
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|
Name : |
Mr. Arvind Prasad |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Ashwin Rathi |
|
Designation : |
Managing Director and Group CFO |
|
Date of Birth/Age : |
46 Years |
|
Qualification : |
M.B.A (Finance) |
|
Experience : |
More than 20 years |
|
Date of Appointment : |
29.01.2013 |
|
|
|
|
Name : |
Mr. Narayan Hegde |
|
Designation : |
Independent and Non-Executive Director |
|
Date of Birth/Age : |
17.06.1947 |
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Qualification : |
M. Sc. (Agriculture), M.S. (Horticulture), Ph.D. |
|
Experience : |
Mr. Narayan Hedge has wide experience in the field of wastelands development and environmental science. He has also pursued a PG Certificate in Program for Management in Agriculture and is currently serving on the Board of Directors of Companies in different industry sector, he is also a rural development expert. |
|
Date of Appointment : |
29.04.2006 |
|
|
|
|
Name : |
Mr. Vinay Kamat |
|
Designation : |
Independent and Non-Executive Director |
|
|
|
|
Name : |
Mr. Suresh Lakhiani |
|
Designation : |
Independent and Non-Executive Director |
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|
|
|
Name : |
Mr. Vijay Kumar Gupta |
|
Designation : |
Independent and Non-Executive Director |
SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
9324356 |
27.55 |
|
|
6792170 |
20.07 |
|
|
16116526 |
47.61 |
|
|
|
|
|
|
310264 |
0.92 |
|
|
310264 |
0.92 |
|
Total shareholding
of Promoter and Promoter Group (A) |
16426790 |
48.53 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
20000 |
0.06 |
|
|
6182915 |
18.27 |
|
|
6202915 |
18.33 |
|
|
|
|
|
|
1346456 |
3.98 |
|
|
|
|
|
|
149752 |
0.44 |
|
|
5910437 |
17.46 |
|
|
3813050 |
11.26 |
|
|
1009908 |
2.98 |
|
|
2803142 |
8.28 |
|
|
11219695 |
33.15 |
|
Total
Public shareholding (B) |
17422610 |
51.47 |
|
Total
(A)+(B) |
33849400 |
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) |
33849400 |
100.00 |
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
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Natasha
Gupta |
3619600 |
10.69 |
|
Montex Trading Private Limited |
1406570 |
4.16 |
|
Ushdev Commercial Services Private
Limited |
3875000 |
11.45 |
|
Ushdev Trade Limited |
1510600 |
4.46 |
|
Suman Vijay Gupta |
5125426 |
15.14 |
|
Prateek Vijay Gupta |
579330 |
1.71 |
|
UD Trading
Group Holding Pte Limited |
310264 |
0.92 |
|
Total |
16426790 |
48.53 |
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
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
Albula Investment Fund Limited |
483659 |
1.43 |
|
ITI
Financial Services Limited |
552270 |
1.63 |
|
Ankit Rajinder Miglani |
659727 |
1.95 |
|
Anuj Miglani |
602882 |
1.78 |
|
Chhaya Ilesh Gadhia |
1800000 |
5.32 |
|
Ilesh Gadhia |
695745 |
2.06 |
|
Ilesh Gadhia |
475014 |
1.40 |
|
Lotus
Global Investments Limited |
941412 |
2.78 |
|
Oxley
Securities No2 Pte Limited |
4423600 |
13.07 |
|
Sanjeev Gupta |
1601950 |
4.73 |
|
Shree Global Tradefin Limited |
1310000 |
3.87 |
|
Siddhartha
Suresh Khatwani |
1178463 |
3.48 |
|
Total |
14724722 |
43.50 |
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
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Chhaya ILesh Gadhia |
1800000 |
5.32 |
|
Oxley Securities No 2 Pte
Limited |
4423600 |
13.07 |
|
Total |
6223600 |
18.39 |
Details of Locked-in Shares
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Oxley Securities No 2 Pte
Limited |
44,23,600 |
13.07 |
|
Total |
44,23,600 |
13.07 |
BUSINESS DETAILS
|
Line of Business : |
Trading of Metal and also Power Generation by Windmills. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
|||||||||||||||||||||
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Bankers : |
· Canara Bank · Central Bank of India · Dena Bank · ICICI Bank Limited · IDBI Bank Limited · Indian Overseas Bank · Oriental Bank of Commerce · Shamrao Vithal Co-operative Bank Limited · State Bank of Bikaner and Jaipur · State Bank of India · State Bank of Mysore · State Bank of Travancore ·
UCO Bank |
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Facilities : |
|
|
|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. P. Chitale and Company Chartered Accountants |
|
Address : |
Hamam House, Ambalal Doshi Marg, Fort, Mumbai –
400001, Maharashtra, India |
|
E-Mail : |
|
|
|
|
|
Solicitors : |
|
|
Name : |
Desai and Diwanji |
|
Address : |
Lentin Chambers, Dalal
Street, Fort, Mumbai – 400001, Maharashtra,
India |
|
Tel No.: |
91-22-22651682/ 39841000 |
|
Fax No.: |
91-22-22658245 |
|
E-Mail : |
|
|
|
|
|
Subsidiaries : |
·
UIL Hong Kong Limited ·
UIL (Singapore) Pte
Limited ·
Maa Jai Jyotawali
Steels Private Limited ·
Hobli Property Management Private Limited |
|
|
|
|
Enterprises under common control and Enterprises in which Key Management
Personnel and their relatives are able to exercise significant influence
(Other Related Parties) : |
·
Enshrine Property Management Private Limited ·
G G Trading Private
Limited ·
Hurricane Wind Farms Private Limited ·
Montex Trading Private
Limited ·
P G Mercantile Private Limited ·
Ushdev Power Holdings
Private Limited ·
Ushdev Wind Park
Private Limited ·
Ushdev MG Wind Farms
Private Limited ·
Ushdev Mercantile
Private Limited ·
Ushdev Trade Limited ·
Ushdev Commercial
Services Private Limited ·
Ushdev Securities
Limited ·
Typhoon Wind Farms Private Limited ·
Suzlon Engitech Limited ·
Ushdev Engitech TN Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33849400 |
Equity Shares |
Rs.10/- each |
Rs.338.494
Millions |
- Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
|
Outstanding at the beginning of the year |
29425800 |
|
Addition during the year |
4423600 |
|
Matured during the year |
-- |
|
Outstanding at the end of the year |
33849400 |
- Details of
equity shares held by shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Natasha Gupta |
3619600 |
10.7% |
|
Ushdev Commercial Services Private Limited |
3875000 |
11.4% |
|
Suman Gupta |
3040226 |
9.0% |
|
Vijay Gupta (HUF) |
2085200 |
6.2% |
|
Chhaya Ilesh Gadhia |
1800000 |
5.3% |
|
Sanjeev Gupta |
1601950 |
4.7% |
|
Ushdev Trade Limited |
1510600 |
4.5% |
|
Oxley Securities No.2 Pte Limited |
4423600 |
13.1% |
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 |
338.494 |
294.258 |
294.258 |
|
(b) Reserves & Surplus |
5277.019 |
3281.291 |
2800.590 |
|
(c) Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
1327.100 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
5615.513 |
4902.649 |
3094.848 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
932.478 |
1369.365 |
747.436 |
|
(b) Deferred tax liabilities (Net) |
1.484 |
10.957 |
36.504 |
|
(c) Other long term liabilities |
370.464 |
8.636 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
1304.426 |
1388.958 |
783.940 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
10755.714 |
1327.669 |
2166.005 |
|
(b) Trade payables |
6792.974 |
10962.473 |
10423.643 |
|
(c) Other current
liabilities |
449.375 |
1311.358 |
1381.204 |
|
(d) Short-term provisions |
71.105 |
61.815 |
0.021 |
|
Total Current Liabilities (4) |
18069.168 |
13663.315 |
13970.873 |
|
|
|
|
|
|
TOTAL |
24989.107 |
19954.922 |
17849.661 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1332.787 |
1383.004 |
1472.432 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1298.868 |
787.797 |
694.742 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
267.587 |
1431.971 |
254.675 |
|
(e) Other Non-current assets |
692.312 |
1248.293 |
2693.854 |
|
Total Non-Current Assets |
3591.554 |
4851.065 |
5115.703 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
546.403 |
4.988 |
149.439 |
|
(c) Trade receivables |
13370.481 |
9975.729 |
8403.140 |
|
(d) Cash and cash
equivalents |
3439.522 |
1711.441 |
1620.979 |
|
(e) Short-term loans and
advances |
3852.492 |
3155.069 |
2541.580 |
|
(f) Other current assets |
188.655 |
256.630 |
18.820 |
|
Total Current Assets |
21397.553 |
15103.857 |
12733.958 |
|
|
|
|
|
|
TOTAL |
24989.107 |
19954.922 |
17849.661 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
52574.645 |
41997.833 |
25681.512 |
|
|
|
Other Income |
235.480 |
190.367 |
250.349 |
|
|
|
TOTAL (A) |
52810.125 |
42188.200 |
25931.861 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-trade |
50570.966 |
39644.492 |
24574.683 |
|
|
|
Change in inventories of Stock-in-trade |
(541.415) |
144.451 |
(149.439) |
|
|
|
Employee Benefits Expenses |
24.799 |
11.529 |
9.342 |
|
|
|
Other Expenses |
403.811 |
236.907 |
73.513 |
|
|
|
TOTAL (B) |
50458.161 |
40037.379 |
24508.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2351.964 |
2150.821 |
1423.761 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1281.411 |
1308.718 |
834.663 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1070.553 |
842.103 |
589.098 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
87.627 |
92.309 |
76.141 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
982.926 |
749.794 |
512.957 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
187.428 |
125.217 |
99.420 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
795.498 |
624.577 |
413.537 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sale of Steel |
31425.346 |
15350.508 |
2620.723 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
27.03 |
21.23 |
14.05 |
|
|
|
Diluted |
23.50 |
18.59 |
14.05 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
31.03.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
10907.700 |
11568.700 |
23728.000 |
15963.900 |
|
Total Expenditure |
10874.700 |
11350.600 |
23024.600 |
15378.100 |
|
PBIDT (Excl OI) |
33.000 |
218.100 |
703.400 |
585.800 |
|
Other Income |
389.300 |
224.800 |
(160.000) |
84.100 |
|
Operating Profit |
422.300 |
442.900 |
543.500 |
669.900 |
|
Interest |
151.900 |
221.200 |
(184.400) |
369.100 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
270.400 |
221.700 |
727.800 |
300.900 |
|
Depreciation |
21.500 |
21.700 |
21.200 |
21.700 |
|
Profit Before Tax |
248.900 |
200.000 |
706.600 |
279.200 |
|
Tax |
52.900 |
42.000 |
242.400 |
59.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
196.100 |
158.000 |
464.300 |
220.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
196.100 |
158.000 |
464.300 |
220.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.51
|
1.48 |
1.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.87
|
1.79 |
2.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.15
|
4.18 |
2.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.15 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.08
|
0.55 |
0.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
1.11 |
0.91 |
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 |
294.258 |
294.258 |
338.494 |
|
Reserves & Surplus |
2800.590 |
3281.291 |
5277.019 |
|
Share Application money pending
allotment |
0.000 |
1327.100 |
0.000 |
|
Net
worth |
3094.848 |
4902.649 |
5615.513 |
|
|
|
|
|
|
long-term borrowings |
747.436 |
1369.365 |
932.478 |
|
Short term borrowings |
2166.005 |
1327.669 |
10755.714 |
|
Total
borrowings |
2913.441 |
2697.034 |
11688.192 |
|
Debt/Equity
ratio |
0.941 |
0.550 |
2.081 |
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 |
25,681.512 |
41,997.833 |
52,574.645 |
|
|
|
63.533 |
25.184 |
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
|
25,681.512 |
41,997.833 |
52,574.645 |
|
Profit |
413.537 |
624.577 |
795.498 |
|
|
1.61% |
1.49% |
1.51% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs. In
Millions
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long term debt |
83.556 |
378.071 |
686.838 |
|
Total |
83.556 |
378.071 |
686.838 |
|
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS:
|
CASE DETAILS Bench:-Bombay
Main Matter Lodging No.:- RPL/94/2011 Reg No.:-
RP/24/2013
District:- MUMBAI Bench:- DIVISION Status:- Pre-Admission Category:- NOTICE OF MOTION
( REVIEW PETITION ) Last Date:- 26/04/2013 Stage:- Last Coram:- HON'BLE SHRI
JUSTICE S.J. VAZIFDAR |
PERFORMANCE DURING
THE YEAR
POWER SECTOR
The Company has its windmills in five states i.e. Tamil Nadu, Rajasthan, Karnataka, Gujarat and Maharashtra.
Mentioned below are the details of the Company Project:
|
Date of Installation |
Location |
No. of WEG’s |
Installed
Capacity |
Investments Rs in Millions |
|
29.03.2005 |
Tamilnadu 2 |
2 |
1.60 MW |
80.747 |
|
29.03.2006 |
Rajasthan |
3 |
2.40 MW |
117.848 |
|
29.03.2006 |
Karnataka |
2 |
1.60 MW |
78.565 |
|
30.03.2007 |
Gujarat 1 |
2 |
1.60 MW |
74.000 |
|
10.07.2007 |
Gujarat 2 |
4 |
3.20 MW |
148.000 |
|
26.09.2009 |
Tamilnadu 3 |
6 |
9.90 MW |
609.000 |
|
27.11.2010 |
Maharashtra |
4 |
8.00 MW |
490.000 |
|
Total |
|
23 |
30.83 MW |
1598.160 |
During the year, the Company has sold its first project i.e. Tamil Nadu 1 consisting of 11 wind mills aggregating to 2.53 MW
and therefore, the total installed capacity has reduced to 28.30 MW.
STEEL SECTOR
The Company’s emphasis on core competencies has paid off multifold. The
company has been successful in increasing its market share in the steel sector,
which in turn has resulted in increasing its presence in this sector. This has
resulted in an increase in top line income of 52.07%.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT
The Industry is on its growth path in terms of capacities and global
consumption with global demand and supply growing in tandem.
OUTLOOK
The Company is well respected in both the aforesaid sectors i.e. Steel
and Power Generation. However going forward the Company will focus exclusively
on metal trading.
SUBSIDIARY
COMPANIES
As on 31st March, 2013, the Company has following four wholly owned
subsidiaries:
i.
UIL (Singapore) Pte
Limited
ii.
UIL Hong Kong Limited
iii.
Maa Jai Jyotawali
Steel Private Limited
iv.
Hobli Property Management Private Limited
In terms of Section 212(a) of the Companies Act, 1956, the Central
Government, Ministry of Corporate Affairs vide its General Circular No. 2/2011
dated 8th February, 2011 has granted a general exemption to the Company from
the requirement of attaching to its Annual Report, the Balance Sheet, Profit
and Loss Account and the report of the Directors and Auditors thereon of its
subsidiary, subject to fulfillment of conditions stipulated in the circular.
The Company has satisfied the conditions stipulated in the circular and hence,
is entitled to exemptions. Accordingly the same is not attached to the Balance
Sheet of the Company. The Annual accounts of the Subsidiary Company will be
made available for inspection by any Shareholder and Shareholders who wish to
have a copy of the Annual Accounts of the Subsidiary Companies may write to the
Company Secretary at the Corporate Office of the Company for the same.
UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 31ST MARCH 2014
(Rs.
In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Year Ended ( Unaudited) |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
23728.026 |
15963.915 |
62168.325 |
|
b) Other operating income |
0.000 |
0.000 |
0.000 |
|
Total
income from Operations(net) |
23728.026 |
15963.915 |
62168.325 |
|
2.Expenditure |
|
|
|
|
a) Purchases of stock in trade |
22592.125 |
15188.965 |
58645.139 |
|
b) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
9.500 |
(9.500) |
546.403 |
|
c) Employees benefit expenses |
18.375 |
16.403 |
55.698 |
|
d) Depreciation and amortization expenses |
21.216 |
21.688 |
86.038 |
|
e) Other expenditure |
404.611 |
102.968 |
632.583 |
|
Total expenses |
23045.827 |
15320.524 |
59965.861 |
|
3. Profit from operations before other income and
financial costs |
682.198 |
643.391 |
2202.464 |
|
4. Other income |
(159.953) |
84.093 |
538.239 |
|
5. Profit from ordinary activities before finance costs |
522.245 |
727.484 |
2740.703 |
|
6. Finance costs |
(184.369) |
448.311 |
1306.036 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
706.614 |
279.173 |
1434.668 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
706.614 |
279.173 |
1434.668 |
|
10.Tax expenses |
242.361 |
59.151 |
396.386 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
464.253 |
220.022 |
1038.282 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
464.253 |
220.022 |
1038.282 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
338.494 |
338.494 |
338.494 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
13.72 |
6.50 |
30.67 |
|
ii) Earnings per share (after extraordinary items) |
|
|
|
|
(a) Basic and diluted |
13.72 |
6.50 |
30.67 |
|
Particulars |
Quarter Ended ( Unaudited) |
Year Ended ( Unaudited) |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
17422610 |
17717874 |
17422610 |
|
- Percentage of shareholding |
51.47% |
52.34% |
51.47% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
7049039 |
7049039 |
7049039 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
43.74% |
43.74% |
43.74% |
|
Percentage of shares (as a % of total share capital of the
company) |
20.82% |
20.82% |
20.82% |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
9377751 |
9082487 |
9377751 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
57.09% |
56.30% |
57.09% |
|
Percentage of shares (as a % of total share capital of the
company) |
27.70% |
26.83% |
27.70% |
|
|
|
|
|
|
B.
Investor Complaints |
|
||
|
Pending at the beginning of the quarter |
Nil |
||
|
Receiving during the quarter |
Nil |
||
|
Disposed of during the quarter |
Nil |
||
|
Remaining unreserved at the end of the quarter |
Nil |
||
Notes
1.
The above financial results were reviewed by the Audit
Committee and approved by the Board of Directors of the Company at its meeting
held on May 12, 2014 and have been audited by the Statutory Auditors.
2.
The above mentioned pledged equity shares by the promoters
of the Company are collateral security for Company’s borrowings.
3.
The Company has initiated the process of sale of
its stake in three of its wholly owned subsidiaries i.e. UIL (Singapore) Pte Limited, UIL Hong Kong Limited and Maa
Jai Jyotawali Steel Private Limited. Pursuant to the
provisions of section 192A of The Companies Act 1956, the Company has diluted
its stake by 56.79% in UIL Hong Kong Limited and 56.83% in UIL (Singapore) Pte Limited. The dilution is primarily on account of
conversion of preference shares into Equity as well as a fresh infusion of
Equity by a third party investor in both these Companies. Hence, investments in
all these subsidiaries have been presented as “Investments held for sale”.
4.
The figures of the last quarter are the balancing
figures between audited figures in respect of full financial year and the
published unaudited year to date figures upto the third quarter of the financial year.
5.
Previous year’s figures have been regrouped
wherever necessary to confirm to the current year’s classification.
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
Quarter
Ended ( Unaudited) |
Year
Ended ( Unaudited) |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
1.
Segment Revenue |
|
|
|
|
Metal |
23704.118 |
15938.390 |
61978.424 |
|
Power Generation |
23.908 |
25.525 |
189.901 |
|
Total Segment Revenue |
23728.026 |
15963.915 |
62168.325 |
|
|
|
|
|
|
2. Segment
Result (Profit before Interest and Tax) |
|
|
|
|
Metal |
578.788 |
795.083 |
2229.498 |
|
Power Generation |
(12.146) |
(2.702) |
43.734 |
|
Total Segment Revenue |
566.642 |
792.381 |
2273.232 |
|
|
|
|
|
|
Less
: Interest |
(184.369) |
448.311 |
1306.036 |
|
Add: Other un-allocable
expenditure |
(159.953) |
84.093 |
538.239 |
|
Less: Other un-allocable
expenditure |
(115.556) |
148.990 |
70.767 |
|
Profit
before Tax |
706.614 |
279.173 |
1334.668 |
|
Less
: Provision for tax |
|
|
|
|
Current
tax |
242.896 |
58.678 |
395.500 |
|
Earlier
tax |
0.000 |
0.000 |
0.000 |
|
Deferred
tax / liability |
(0.535) |
0.473 |
0.886 |
|
Net
Profit / (Loss) |
464.253 |
220.022 |
1038.282 |
|
|
|
|
|
|
3.
Capital Employed |
|
|
|
|
Metal |
2337.914 |
3893.451 |
2337.914 |
|
Power Generation |
730.597 |
763.837 |
730.597 |
|
un-allocable Assets |
3640.948 |
2191.062 |
3640.948 |
|
un-allocable Liabilities |
138.827 |
655.008 |
138.827 |
|
|
|
|
|
STANDALONE STATEMENT
OF ASSTES AND LIABILITIES AS ON 31.03.2014
Rs. In Millions
|
SOURCES OF FUNDS |
|
|
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
338.494 |
|
(b) Reserves & Surplus |
|
|
6,232.137 |
|
(c) Money received against
share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
6,570.631 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
479.397 |
|
(b) Deferred tax liabilities
(Net) |
|
|
2.370 |
|
(c) Other long term
liabilities |
|
|
659.867 |
|
(d) long-term provisions |
|
|
0.000 |
|
Total
Non-current Liabilities (3) |
|
|
1,141.634 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
12,301.995 |
|
(b) Trade payables |
|
|
9,894.916 |
|
(c) Other current liabilities |
|
|
1,138.512 |
|
(d) Short-term provisions |
|
|
130.463 |
|
Total
Current Liabilities (4) |
|
|
23,465.886 |
|
|
|
|
|
|
TOTAL |
|
|
31,178.151 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
1,247.383 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets under
development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
160.449 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
294.974 |
|
(e) Other Non-current assets |
|
|
734.007 |
|
Total
Non-Current Assets |
|
|
2,436.813 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
1,182.427 |
|
(b) Inventories |
|
|
0.000 |
|
(c) Trade receivables |
|
|
20,514.139 |
|
(d) Cash and cash equivalents |
|
|
3,654.878 |
|
(e) Short-term loans and
advances |
|
|
3,179.939 |
|
(f) Other current assets |
|
|
209.955 |
|
Total
Current Assets |
|
|
28,741.338 |
|
|
|
|
|
|
TOTAL |
|
|
31,178.151 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10294262 |
04/07/2011 |
1,000,000,000.00 |
ORIENTAL BANK OF COMMERCE |
Overseas Branch, Dalamal Towers, 211, Nariman Point, Mumbai - 400021, Maharashtra, India |
B15846470 |
|
2 |
10259140 |
06/12/2010 |
365,000,000.00 |
STATE BANK OF TRAVANCORE |
Corporate Finance Branch, 112-115, 1st Floor, West Wing, Tulsiani Chambers, Nariman Point, Mumbai - 400021, Maharashtra, India |
B01976471 |
|
3 |
10252273 |
01/08/2013 * |
14,642,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India |
B81215840 |
|
4 |
10252272 |
14/05/2013 * |
14,642,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India |
B77015428 |
|
5 |
10251225 |
02/05/2013 * |
14,642,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India |
B74807306 |
|
6 |
10197575 |
06/01/2010 * |
426,300,000.00 |
CANARA BANK |
Habibullah Road Branch, T. Nagar, Chennai – 600017, Tamilnadu, India |
A78766334 |
* Date of charge modification
FIXED ASSETS:
· Freehold Land
· Building
· Leased Plant and Machinery
· Office Premises
· Plant and Machinery
· Office Equipments
· Computer Equipments
· Furniture and Fixtures
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.59.79 |
|
UK Pound |
1 |
Rs.102.66 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
48 |
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.