MIRA
INFORM REPORT
|
Report Date : |
21.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
AIA ENGINEERING LIMITED |
|
|
|
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Registered
Office : |
115, GVMM Estate, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
11.03.1991 |
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Com. Reg. No.: |
015182 |
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Capital
Investment / Paid-up Capital : |
Rs.188.641
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29259GJ1991PLC015182 |
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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
: |
Manufacturer and Exporter of High Chromium Consumable Wear Parts (Mill
Internals) use in Process of Crushing / Grinding in the Cement, Mining,
Thermal Power and Aggregate Industries.
|
|
|
|
|
No. of Employees
: |
1200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
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 |
|
Status : |
Good |
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|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having fine track record. Fundamentals of the company is decent. Financial position of the
company is strong and healthy. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitments. The company can be considered normal for business dealing at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
CRISIL |
|
Rating |
AA+ [Long Term] |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
30.12.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ [Short Term] |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
30.12.2013 |
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 PARTED BY
|
Name : |
Mr. Vivek Rathore |
|
Designation : |
Account Executive |
|
Contact No.: |
91-79-66047800 |
|
Date : |
18.07.2014 |
LOCATIONS
|
Registered Office : |
115, GVMM Estate, Odhav Road, Odhav, Ahmedabad - 382410, Gujarat,
India |
|
Tel. No.: |
91-79-22901078 |
|
Fax No.: |
91-79-22901077 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
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Corporate Office : |
11-12, Sigma Corporate, Sindhu Bhavan Road, Ahmedabad – 380054,
Gujarat, India |
|
Tel. No.: |
91-79-66047800 |
|
|
|
|
Factory 1 : |
235-236, and other Plants at GVMM Estate, Odhav Road, Odhav,
Ahmedabad-382410, Gujarat, India |
|
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|
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Factory 2 : |
129/129-A, GVMM Estate, Odhav Road, (Erstwhile Reclamation Welding
Limited), Ahmedabad-382410, Gujarat, India |
|
|
|
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Factory 3 : |
Plot No. 70-77, Survey No. 423/P, 426/P and 427/P, Mahagujarat
Industrial Estate, Sarkhej-Bavla N.H. 8-A, Village Molaiya, Post Changodal,
Taluka Sanand, Ahmedabad-382213, Gujarat, India |
|
|
|
|
Factory 4 : |
18/P, 20th Mile Stone, Sarkhej-Bavla N.H. 8-A, Village
Molaiya, Post Changodal, Taluka Sanand, Ahmedabad-382213, Gujarat, India |
|
|
|
|
Factory 5 : |
Plot No. 14, (Survey No. 67, 67A and 70), Girnar Scooter Compound,
Odhav, Ahmedabad-382410, Gujarat, Indai |
|
|
|
|
Factory 6 : |
L-3, MIDC Industrial Area (Erstwhile Paramount Centrispun Castings
Private Limited), Hingna Nagar, Nagpur-440016, Maharashtra, India |
|
|
|
|
Branch Office : |
Located At: · Mumbai Ahmedabad |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr.
Rajendra S. Shah |
|
Designation : |
Chairman : Independent - Non-Executive |
|
|
|
|
Name : |
Mr.
Bhadresh K. Shah |
|
Designation : |
Managing Director : Executive - Promoter |
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|
|
|
Name : |
Mr.
Vinod Narain |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr.
Sanjay S. Majmudar |
|
Designation : |
Independent Director |
|
Date of Birth / Age : |
20.03.1963 |
|
Qualifications : |
B.Com, FCA and ACS |
|
Expertise in
specific functional areas : |
He is a Practicing Chartered Accountant. He has got extensive experience and expertise in the field of Corporate Laws, Direct Tax Laws, Financial Advisory Services, Debt Syndications, Project Finance, International Structures and Taxation Planning, M and A etc. He has contributed Papers and participated as Speaker on Corporate Laws in Seminars and conferences hosted by ICAI and CA Association, Ahmedabad. He is also a regular Speaker in the SMTP Programme of the Institute of Company Secretaries of India, Ahmedabad Chapter. |
|
Date of Appointment : |
07.05.2007 |
|
|
|
|
Name : |
Dr. S. Srikumar |
|
Designation : |
Non Independent - Non-Executive Director |
|
|
|
|
Name : |
Mr. Yashwant M. Patel |
|
Designation : |
Whole-time Director |
|
Date of Birth / Age : |
05.10.1943 |
|
Qualifications : |
B. Sc. (Chemistry) |
|
Expertise in
specific functional areas : |
He possesses rich and varied experience in Production, Administration and Accounts. |
|
Date of Appointment : |
12.11.2010 |
KEY EXECUTIVES
|
Name : |
Mr. S. N. Jetheliya |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Vivek Rathore |
|
Designation : |
Account Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 01.04.2014
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
58148920 |
61.65 |
|
|
58148920 |
61.65 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
58148920 |
61.65 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5764969 |
6.11 |
|
|
8742 |
0.01 |
|
|
24982704 |
26.49 |
|
|
0 |
0.00 |
|
|
30756415 |
32.61 |
|
|
|
|
|
|
2336713 |
2.48 |
|
|
|
|
|
|
2108497 |
2.24 |
|
|
758664 |
0.80 |
|
|
211161 |
0.22 |
|
|
47714 |
0.05 |
|
|
163447 |
0.17 |
|
|
5415035 |
5.74 |
|
Total Public shareholding (B) |
36171450 |
38.35 |
|
Total (A)+(B) |
94320370 |
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) |
94320370 |
100.00 |
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 |
Bhadresh K Shah |
3,96,26,875 |
42.01 |
|
2 |
Bhadresh K Shah HUF |
1,85,02,025 |
19.62 |
|
3 |
Khusali B Shah |
10,010 |
0.01 |
|
4 |
Bhumika B Shah |
10,005 |
0.01 |
|
5 |
Gita B Shah |
5 |
0.00 |
|
|
Total |
5,81,48,920 |
61.65 |
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 |
HDFC Trustee Company Limited
HDFC Prud Fund |
2387038 |
2.53 |
|
|
2 |
HSBC Bank (Mauritius Limited
A/c Jwalamukhi Investment Holding |
2670000 |
2.83 |
|
|
3 |
Genesis Indian Investment
Company Limited |
2618503 |
2.78 |
|
|
4 |
SBI Emerging Businesses Fund |
1119631 |
1.19 |
|
|
5 |
Tata AIA Life Insurance Co
Limited Whole Life MID Cap Equity Fund ULIP 009 |
1066899 |
1.13 |
|
|
6 |
Pinebridge Investments Asia
Limited Pinebridge Investments GF Mauritius Limited |
956481 |
1.01 |
|
|
7 |
Mathews India Fund |
2306467 |
2.45 |
|
|
8 |
Nalanda India Equity Fund
Limited |
7918845 |
8.40 |
|
|
|
Total |
21043864 |
22.31 |
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 |
Nalanda India Equity Fund
Limited |
7918845 |
8.40 |
|
|
|
Total |
7918845 |
8.40 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of High Chromium Consumable Wear Parts (Mill
Internals) use in Process of Crushing / Grinding in the Cement, Mining,
Thermal Power and Aggregate Industries.
|
|
|
|
|
Exports : |
|
|
Products : |
High Chromium Consumable Wear Parts (Mill Internals) |
|
Countries : |
· Canada UK Australia USA Asian Country Gulf Country |
|
|
|
|
Imports : |
|
|
Countries : |
· USA China Malaysia |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Advance Payment |
|
|
|
|
Purchasing : |
Cash and Advance Payment |
GENERAL INFORMATION
|
Customers : |
End Users |
||||||||||||||||||||||
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|
||||||||||||||||||||||
|
No. of Employees : |
1200 (Approximately) |
||||||||||||||||||||||
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|
|
||||||||||||||||||||||
|
Bankers : |
·
State Bank of India, G.V.M.S.A.V. Limited
Branch, Odhav Road, Odhav, Ahmedabad - 382410, Gujarat, India Citi Bank N.A., 1st Floor, Kalapurnam, Near Municipal Market, C.G.
Road, Ahmedabad - 380009, Gujarat, India HSBC Bank Limited, Maradia Plaza, Upper Level, C.G. Road, Ahmedabad
-380009, Gujarat, India |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Talati and Talati Chartered Accountants |
|
Address : |
Ambica Chambers, Near Old High Court, Navrangpura, Ahmedabad-380009,
Gujarat, India |
|
|
|
|
Subsidiaries : (As on 31.03.2013) |
·
Welcast Steels Limited, Bangalore DCPL Foundries Limited, Trichy Vega Industries (Middle East) FZE, U.A.E. Vega Industries Limited, U.K. Vega Industries Limited, U.S.A. Vega Steel Industries (RSA) PTY Limited, South Africa Wuxi Weigejia Trade Company Limited, China |
|
|
|
|
Other Related
Parties: (As on 31.03.2013) |
·
AB Tradelink Limited Powertec Engineering Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
230000000 |
Equity Shares |
Rs.2/- each |
Rs. 460.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
94320370 |
Equity Shares |
Rs.2/- each |
Rs. 188.641
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
188.641 |
188.641 |
188.641 |
|
(b) Reserves & Surplus |
12931.888 |
10648.545 |
9398.614 |
|
(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) |
13120.529 |
10837.186 |
9587.255 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
867.176 |
1054.445 |
12.790 |
|
(b) Deferred tax liabilities (Net) |
214.371 |
196.646 |
182.887 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
37.508 |
36.514 |
26.672 |
|
Total Non-current
Liabilities (3) |
1119.055 |
1287.605 |
222.349 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
414.332 |
254.350 |
|
(b)
Trade payables |
1196.838 |
859.021 |
726.724 |
|
(c)
Other current liabilities |
446.047 |
214.791 |
158.028 |
|
(d) Short-term
provisions |
1025.312 |
682.228 |
467.556 |
|
Total Current
Liabilities (4) |
2668.197 |
2170.372 |
1606.658 |
|
|
|
|
|
|
TOTAL |
16907.781 |
14295.163 |
11416.262 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
|
4665.349 |
3368.789 |
3133.759 |
|
(ii) Intangible
Assets |
|
24.000 |
21.462 |
|
(iii)
Capital work-in-progress |
0.000 |
314.472 |
180.849 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
149.103 |
154.600 |
151.592 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
149.629 |
97.609 |
118.244 |
|
(e) Other
Non-current assets |
9.827 |
9.159 |
56.612 |
|
Total Non-Current
Assets |
4973.908 |
3968.629 |
3662.518 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
5013.496 |
1765.788 |
1121.059 |
|
(b)
Inventories |
2194.025 |
2096.429 |
1621.048 |
|
(c)
Trade receivables |
2213.613 |
2335.231 |
2971.616 |
|
(d) Cash
and cash equivalents |
829.876 |
2085.801 |
778.108 |
|
(e)
Short-term loans and advances |
1680.391 |
2035.224 |
1228.338 |
|
(f)
Other current assets |
2.472 |
8.061 |
33.575 |
|
Total
Current Assets |
11933.873 |
10326.534 |
7753.744 |
|
|
|
|
|
|
TOTAL |
16907.781 |
14295.163 |
11416.262 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
17830.105 |
15860.366 |
12725.600 |
|
|
|
Other Income |
325.687 |
193.306 |
116.531 |
|
|
|
TOTAL (A) |
18155.792 |
16053.672 |
12842.131 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of Materials Consumed |
5785.376 |
5139.524 |
4207.740 |
|
|
|
Purchases
of Stock-in-Trade |
2112.334 |
2312.811 |
2072.240 |
|
|
|
Employee
Benefits Expense |
567.070 |
518.722 |
417.836 |
|
|
|
Other
Expenses |
4878.656 |
5237.363 |
3885.648 |
|
|
|
Changes
in Inventories of Finished goods, Work-in-process and Stock-in-Trade |
(77.290) |
47.345 |
(217.305) |
|
|
|
Exceptional Items |
311.100 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
13577.246 |
13255.765 |
10366.159 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4578.546 |
2797.907 |
2475.972 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
57.407 |
32.193 |
21.340 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4521.139 |
2765.714 |
2454.632 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
362.948 |
306.932 |
254.720 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
4158.191 |
2458.782 |
2199.912 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1307.798 |
767.747 |
690.837 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
2850.393 |
1691.035 |
1509.075 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
5782.000 |
4752.551 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
169.110 |
150.910 |
|
|
|
Proposed Dividend |
NA |
377.281 |
282.961 |
|
|
|
Tax on Dividend |
NA |
63.823 |
45.755 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
6862.821 |
5782.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials - Scrap |
NA |
657.368 |
378.038 |
|
|
|
Raw Materials - Ferro Alloys |
NA |
533.953 |
383.147 |
|
|
|
Stores |
NA |
414.287 |
292.090 |
|
|
|
Capital Goods |
NA |
261.938 |
219.972 |
|
|
TOTAL IMPORTS |
NA |
1867.546 |
1273.247 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
30.22 |
17.93 |
16.00 |
|
NOTES
1. The above
Audited Financial Results for the year ended 31st March 2014 have
been reviewed by the Audit Committee and were taken on record by the Board of Directors
in their respective meetings held on 20th May 2014.
2. The Board
of Directors of the Company have recommended a dividend of Rs.6/- (300%) per
Equity Share of Rs.2 each amounting to Rs.565.922 Millions for the year 2013-14
excluding Corporate Dividend Tax of Rs.95.773 Millions.
3. The Company
has only one primary segment i.e. manufacturing of High Chrome Mill Internals.
4. The
consolidated Finanical Results comprises of the results of the parent company
i.e. AIA Engineering Limited and its subsidiaries viz. Welcast Steels Limited,
Bangalore, Vega Industries (Middle East) F.Z.E.,UAE, Vega Industries Limited,
USA, Vega Steel Industries (RSA) Pty. Limited, South Africa, and Wuxi Weigejia
Trade Co. Limited, China.
5. The Hon'ble
High Court of Gujarat, Ahmedabad vide its order dated 4th April 2014
(received by the Company on 2nd May 2014) approved the Scheme of
Amalgamation of DCPL Foundries Ltd. with the Company. With the filing of Form
INC-28 with the Ministry of Corporate Affairs, the Scheme of Amalgamation has
become effective from 3rd May 2014 and applicable with the appointed
date 1st April 2013. Accordingly effect of amalgamation is given
books of accounts from the appointed date.
6. Figures of
Standalone as well as Consolidated Audited Financial Results as on 31st March
2014 are post-merger and hence not comparable with those of the previous year.
7. The
previous Period / Year figures have been regrouped, reclassified and restated
wherever necessary.
8. The company
has entered into derivatives contracts strictly for hedging purposes and not
for trading or speculation. The company has voluntarily adopted Accounting
Standard (AS) 30 "Financial Instruments"; Recognition and
Measurement" to the extent the Standard does not conflict with the
Accounting Standards notified under section 211 (3C) of the Companies Act,
1956. Pursuant to the adoption,the Net gain on foreign currency forwards and
interest rate swap of INR959.64 Lacs as required by AS-30 has been parked in
the Cash Flow Hedging Reserve under Reserves and Surplus. this gain would be
recycled in the Statement of Profit & Loss / Fixed Assets in the period
during which the forecasted transactions occurs.
9. The figures
of last quarter are the balancing figures between audited figures in respect of
the full financial year and the published year to date figures up to the third
quarter of the current financial year.
10. Security
Deposit of US$ 7228544.64 was placed in the District Court of Nashville,
Tennessee USA for the execution of judgement awarded in Patent Matter. During
the year out of the above, Company has paid US $ 6.000 Millions (INR 310.000
Millions) to Magotteaux International (MI), Belgium towards the Settlement of
US Patent case as per the Settlement agreement entered by the Company with the
MI and the balance has been received by the Company.
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
15.70 |
10.53 |
11.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
23.32 |
15.50 |
17.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.81 |
17.78 |
19.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
0.23 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.07 |
0.14 |
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.47 |
4.76 |
4.83 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
188.641 |
188.641 |
188.641 |
|
Reserves & Surplus |
9398.614 |
10648.545 |
12931.888 |
|
Net
worth |
9587.255 |
10837.186 |
13120.529 |
|
|
|
|
|
|
long-term borrowings |
12.790 |
1054.445 |
867.176 |
|
Short term borrowings |
254.350 |
414.332 |
0.000 |
|
Total
borrowings |
267.140 |
1468.777 |
867.176 |
|
Debt/Equity
ratio |
0.028 |
0.136 |
0.066 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
12725.600 |
15860.366 |
17830.105 |
|
|
|
24.634 |
12.419 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
12725.600 |
15860.366 |
17830.105 |
|
Profit |
1509.075 |
1691.035 |
2850.393 |
|
|
11.86% |
10.66% |
15.99% |
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 |
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 |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
CURRENT MATURITIES
OF LONG TERM DEBTS: NOT AVAILABLE
INDEX OF CHARGES:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10502105 |
19/05/2014 |
300,000,000.00 |
CITI
BANK N.A. |
1ST
FLOOR, KALAPURNAM COMPLEX, NR. MUNICIPAL MARKET, C. G. ROAD, NAVRANGPURA,,
AHMEDABAD, GUJARAT |
C06178750 |
|
2 |
10425511 |
14/05/2013 |
420,000,000.00 |
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LIMI |
52/60,,
MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B75061259 |
|
3 |
10392966 |
13/12/2012 |
1,028,500,000.00 |
CITIBANK
N.A |
1ST FLOOR,
KALAPURNAM, NEAR MUNICIPAL MARKET, CG |
B64512841 |
|
4 |
90107020 |
25/08/2009
* |
3,630,000,000.00 |
STATE
BANK OF INDIA |
MID
CORPORATE LOAN ADMINISTRATION UNIT, 4TH FLOOR, BHADRA, AHMEDABAD, GUJARAT - 380001,
INDIA |
A69602712 |
|
5 |
90104117 |
31/03/2010
* |
3,630,000,000.00 |
STATE
BANK OF INDIA |
MID
CORPORATE LOAN ADMINISTRATION UNIT, 4TH FLOOR, BHADRA, AHMEDABAD, GUJARAT -
380001, INDIA |
A83081745 |
* Date of charge modification
LITIGATION DETAILS:
|
HIGH COURT OF GUJARAT SPECIAL
CIVIL APPLICATION No. 10926 of 2007 |
||||||||||||||||||
|
STATUS:
PENDING ( Converted from : ST/10847/2007) CCIN No : 001021200710926 NEXT LISTING
DATE: 16/06/2008
|
||||||||||||||||||
|
S.NO. |
Name of the Petitioner |
Advocate On Record |
||||||||||||||||
|
1 |
GUJARAT VEPARI MAHAMANDAL
SAHAKARI AUDYOGIK VASAHAT LTD. |
MS AMRITA M THAKORE for: Petitioner(s) |
||||||||||||||||
|
|
|
|
||||||||||||||||
|
S.NO. |
Name of the Respondant |
Advocate On Record |
||||||||||||||||
|
1 |
STATE OF GUJARAT |
GOVERNMENT PLEADER for
:Respondent(s) |
||||||||||||||||
|
Presented On: 24/04/2007
Registered On: 24/04/2007 Bench Category: DIVISION BENCH District:
AHMEDABAD Case Originated From: THROUGH
ADVOCATE Listed: 17 times Stage Name: FOR FINAL HEARING - SPL.C.A. Classification: SJ - LAND LAWS - URBAN LAND (CEILING AND
REGULATION) ACT, 1976 - EXCESS SURPLUS LAND (S.6-11) Act: URBAN
LAND (CEILING AND REGULATION) ACT, 1976 |
||||||||||||||||||
|
OFFICE DETAILS |
||||||||||||||||||
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
|||||||||||||
|
1 |
24/04/2007 |
VAKALATNAMA |
MS AMRITA M THAKORE ADVOCATE |
5 |
MS AMRITA M THAKORE:1 |
|||||||||||||
|
2 |
24/04/2007 |
MEMO OF APPEAL/PETITION/SUIT |
MS AMRITA M THAKORE ADVOCATE |
100 |
MS AMRITA M THAKORE:1 |
|||||||||||||
|
3 |
27/04/2007 |
AFFIDAVIT |
MS AMRITA M THAKORE ADVOCATE |
0 |
- |
|||||||||||||
|
4 |
27/04/2007 |
AFFIDAVIT OF DS |
MS AMRITA M THAKORE ADVOCATE |
0 |
MS AMRITA M THAKORE:1 |
|||||||||||||
|
5 |
15/08/2007 |
APPEARANCE NOTE |
GOVERNMENT PLEADER |
- |
GOVERNMENT PLEADER:1 |
|||||||||||||
|
6 |
15/08/2007 |
DOCUMENT |
RULE SERVED |
- |
RULE SERVED:1,2-4 |
|||||||||||||
|
Linked Matters |
||||||||||||||||||
|
S. No. |
CaseDetail |
Status Name |
Disposal Date |
Action/Coram |
||||||||||||||
|
1 |
SPECIAL CIVIL APPLICATION/10930/2007 |
PENDING |
- |
- ·
HONOURABLE SMT.
JUSTICE ABHILASHA KUMARI |
||||||||||||||
|
COURT
PROCEEDINGS |
||||||||||||||||||
|
S. No. |
Notified Date |
CourtCode |
Board Sr. No. |
Stage |
Action |
Coram |
||||||||||||
|
1 |
16/06/2008 |
20 |
- |
FOR FINAL HEARING - SPL.C.A. |
FIXED RULE / ADMIT |
·
HONOURABLE SMT.
JUSTICE ABHILASHA KUMARI |
||||||||||||
|
AVAILABLE ORDERS |
||||||||||||||||||
|
S. No. |
Case Details |
Judge Name |
Order Date |
CAV |
Judgement |
Questions |
Transferred |
|||||||||||
|
1 |
SPECIAL CIVIL APPLICATION/10926/2007 |
·
HONOURABLE MR.JUSTICE
DN PATEL |
25/04/2007 |
N |
ORDER |
- |
Y |
|||||||||||
|
2 |
SPECIAL CIVIL APPLICATION/10926/2007 |
·
HONOURABLE MR.JUSTICE
RAVI R.TRIPATHI |
22/06/2007 |
N |
ORDER |
- |
Y |
|||||||||||
|
3 |
SPECIAL CIVIL APPLICATION/10926/2007 |
·
HONOURABLE MR.JUSTICE
RAVI R.TRIPATHI |
12/07/2007 |
N |
ORDER |
- |
Y |
|||||||||||
|
4 |
SPECIAL CIVIL APPLICATION/10926/2007 |
·
HONOURABLE MR.JUSTICE
RAVI R.TRIPATHI |
13/07/2007 |
N |
ORDER |
- |
Y |
|||||||||||
|
5 |
SPECIAL CIVIL APPLICATION/10926/2007 |
·
HONOURABLE MR.JUSTICE
RAVI R.TRIPATHI |
05/09/2007 |
N |
ORDER |
- |
Y |
|||||||||||
|
6 |
SPECIAL CIVIL APPLICATION/10926/2007 |
·
HONOURABLE MR.JUSTICE
RAVI R.TRIPATHI |
18/10/2007 |
N |
ORDER |
- |
Y |
|||||||||||
UNSECURED LOAN
|
Particular |
31.03.2013 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
Deferred Payment Liabilities * |
11.052 |
|
|
|
|
Short Term
Borrowings |
|
|
From Banks |
|
|
-
Foreign Currency Loan Buyer’s Credit |
43.723 |
|
TOTAL
|
54.775 |
|
NOTE 2 |
|
OPERATIONAL REVIEW:
During the year, the
Revenue from Operations of the Company has gone up to Rs. 15860.366 Millions as
compared to Rs. 12725.600 Millions in the previous Financial Year. Exports Turnover
has also gone up to Rs. 10339.425 Millions as compared to Rs. 7560.215 Millions
in the previous Financial Year. During the year, Company has registered a
Profit Before Tax (PBT) of Rs. 2458.782 Millions and Profit After Tax (PAT) of
Rs. 1691.035 Millions as compared to PBT of Rs. 2199.912 Millions and PAT of
Rs. 1509.075 Millions respectively in the previous Financial year. During the
year, on a Consolidated basis, the Company (together with its Subsidiaries)
registered Revenue from Operations of Rs. 17513.107 Millions as compared to the
Turnover of Rs. 14166.664 Millions in the previous Financial Year.
Correspondingly, the Consolidated Profit After Tax (PAT) registered during the
year is Rs. 2116.233 Millions as compared to PAT of Rs. 1812.043 Millions in
the previous Financial Year.
MANAGEMENT
DISCUSSION AND ANALYSIS:
INDUSTRY OVERVIEW:
AIAE manufactures and
markets a wide range of High Chromium consumable wear parts (mill internals)
which are used in the process of Crushing/Grinding in the Cement, Mining,
Thermal power and Aggregate Industries. These are core industries from an
economic stand-point and are the basic drivers of infrastructural development.
The Company employs alloy-casting process for manufacture of the products,
which require designing of alloys in relation to end application. The casting
process is followed by precision heat treatment to develop required end
properties. Therefore, Company can generally be classified as a foundry. The
industry produces a specific range of high chrome mill internals which are used
as wear parts in the crushing / grinding operations in the mills/plants of
Cement, Mining, Utility and Aggregate industries and therefore the market
prospects are linked with the requirement of these industries.
AIAE has a global footprint
with sales and service support in more than 90 countries. Segmentally, the
global cement industry has been undergoing structural issues and virtually all
new capacity addition has come to a halt except for a few select countries. Also,
capacity utilization in developed countries continues to remain flat. Even in
India, the Cement industry, having grown its capacity to 300 million tonnes per
annum, seems to have entered a phase of consolidation with new capacity
additions having slowed down. As for the mining business, as many reports
suggest, it seems an era of super-cycle for commodities has come to an end.
Capacity addition plans for many companies are being put on hold. But AIAE’s
prospects are more closely linked to the capacity utilization of the mines and
the subsequent wear part replacement which seems to be holding up well till
now. The Company will continue to monitor this very closely. In India, in
addition to the above two industries, AIAE is also servicing the replacement and
new capex requirements of coal fired thermal power plants and is thus directly
catering to the power sector. India is projected to continue to be power
deficit for the foreseeable future and hence a sustained growth in this
particular segment in India is predictable.
OUTLOOK AND PROSPECTS:
The annual replacement
market of High Chrome mill internals for cement globally is estimated at around
0.300 million tons. The overall position of the cement industry in the key
global markets continued to remain sluggish for a major part of Fiscal Year
2013. There is expectation that to stimulate growth in the developed countries
their governments will have to resort to infrastructure spending and which will
trigger positive improvements in capacity utilizations at Cement plants. AIAE
will be a beneficiary as and when the same is witnessed. In addition, there are
certain specific markets in Asia, Africa and South America that continue to add
capacity and/or have increased capacity utilization. In China, the company currently
has a limited presence in form of a particular variety of products. China
continues to remain a major market and the company will continue to invest
resources and strategy for a bigger market share. In India while new capacities
were created the pace has distinctively slowed down. Nevertheless India’s
cement production has increased by around 8 to 10% in Fiscal Year 2013 and on a
matching basis the company has maintained a similar growth in the cement
replacement market in India.
In the mining industry the
company is predominantly focused on four major metal ore types’ viz. Iron,
Platinum, Gold and Copper with emphasis on the replacement market. The growth
prospects are primarily emanating out of the large annual replacement market in
this industry. The addressable market opportunity relating to wear parts are
estimated in the range of 1.5 to 2.0 million tons per annum Out of this less
than 20% requirement is converted into high chrome which implies the
opportunity of conversion of the balance requirements into high chrome
products. While the company started its foray into mining space with
concentration on grinding media, the company has now successfully developed
mining liners also. Even within grinding media, the company has developed
certain specialized applications. Now the company is positioned as perhaps the
only company in the world offering the complete range of Mining High- Chrome
consumables including grinding media products as well as mining liners made out
of chrome alloys. This positioning is unique to the company and augurs well for
the consistent and steady growth in this industry over medium to long term.
Again, since the company is focused on the above four major ores some cyclical
fluctuations in any of the above products does not impact significantly the
company’s growth prospects. AIAE has steadily increased its market presence in
the major mining groups across the Globe with particularly strong focus on
major mining centers like Australia, Africa, North America, etc. The focus of
the company in mining industry is predominantly outside India. In as much as
the thermal power plants are concerned the Company continues to enjoy a niche
position in this particular segment in India. The company will strive to
maintain a steady growth rate in this particular segment matching with the rate
at which the sector grows.
CAPEX PLAN:
The company is on target in
implementing its Capex plans for Fiscal Year 2013-14 and 2014-15 so as to
effectively augment the total available capacity from the exiting level of
200,000 Metric tonnes per year as on 31.03.2013 to 300,000 Metric tonnes per
year by 31.03.2015. This expansion consists of brown field capex at its plant
in Moraiya, Gujarat and Greenfield Capex at its site in Kerala GIDC in Gujarat.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
|
1. Contingent Liabilities : |
|
|
a. Claims against the Company not acknowledged as debts |
|
|
i) Central Excise & Service Tax |
164.265 |
|
ii) Income Tax |
0.000 |
|
iii) Sales Tax / Central Sales Tax |
4.821 |
|
iv) Award of Damages in Patent matter by District Court of Nashville, Tennessee, U.S.A., which is disputed by the Company (US$ 7228544.64) |
392.402 |
|
|
|
|
b. Guarantees |
|
|
i) Bank Guarantees Outstanding |
667.693 |
|
ii) Corporate Guarantees Outstanding to Customers |
99.161 |
|
iii) Guarantees given by the Company on behalf of Subsidiaries |
261.215 |
|
iv) Corporate Guarantees given by the Company on behalf of Subsidiaries |
183.749 |
|
v) Letter of Credit (L/C) |
218.239 |
FIXED ASSETS:
· Freehold Land
Leasehold
Land
Building
Plant
and Machinery
Furniture
and Fixtures
Vehicles
Office
Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.33 |
|
|
1 |
Rs.103.18 |
|
Euro |
1 |
Rs.81.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
69 |
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.