MIRA INFORM REPORT
|
Report Date : |
22.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
CAIRN INDIA LIMITED |
|
|
|
|
Formerly Known
As : |
CAIRN ENERGY INDIA PTY LIMITED |
|
|
|
|
Registered
Office : |
101, West View, Veer
Savarkar Marg, Prabhadevi, Mumbai-400 025, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
21.08.2006 |
|
|
|
|
Com. Reg. No.: |
11-163934 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.19102.400
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L11101MH2006PLC163934 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEC01025D MUMC1453E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC3097L AACCC8799D |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of surveying, prospecting, drilling, exploring, acquiring, developing, producing, maintaining, refining, storing, trading, supplying, transporting, marketing, distributing, importing, exporting and generally dealing in minerals, oils, petroleum, gas and related by-products. |
|
|
|
|
No. of Employees
: |
Information Denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 1307000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old and well established company having good track
record. The financial position seems to be strong. Company has achieved better
growth in its net profitability. Directors and promoters are reported to be well established and knowledgeable
businessman. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. In view of experienced promoters and holding company, the subject 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.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years,
according to the Indian Banks Association. A study by trade lobby Assocham in
September 2013 indicated that banks would need 800000 people in the next six
years. It estimated that state-run lenders alone would hire 50000 people in
2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
AAA (Withdrawn) |
|
Rating Explanation |
The rating assigned to the NCD issue has
been withdrawn with immediate effect as the company has fully repaid the
amount under the sais issue. |
|
Date |
25.01.2013 |
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.
(91-22-24338306)
LOCATIONS
|
Registered Office : |
101, West View,
Veer Savarkar Marg, Prabhadevi, Mumbai-400 025, Maharashtra, India |
|
Tel. No.: |
91-22-24376136/ 24338306/ 93/ 23696248 |
|
Fax No.: |
91-22-24311160 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
3rd and 4th
Floor, Vipul Plaza, Suncity, Sector 54, Gurgaon-122 002, Haryana, India |
|
|
|
|
Principal Business Office : |
3rd and 4th
Floor, Orchid Plaza, Suncity Sector 54, Gurgaon – 122002, Haryana, India |
|
Tel. No.: |
91-124-4141360 / 2703456 |
|
Fax No.: |
91-124-2889320 / 2889320 |
|
|
|
|
Head Office : |
Cairn Energy Plc., 50, Lothian Road, Edinburgh, EH3 9BY, Scotland,U. K. |
|
Tel. No.: |
91-131- 2475 3000 |
|
Fax No.: |
91-131- 2475 3030 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office 1 : |
3, Rajdoot Marg, Chanakyapuri, New Delhi – 110021, India |
|
Tel. No.: |
91-11-24670207 |
|
Fax No.: |
91-11-24673595 |
|
|
|
|
Branch Office 2 : |
12, Bhanwani House,Old Residency Road, Jodhpur - 342011, Rajasthan, India |
|
|
|
|
Oil and Gas Fields : |
Located at:
|
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Navin Agarwal |
|
Designation : |
Chairman |
|
|
|
|
|
|
|
Name : |
Mr. Tarun Jain |
|
Designation : |
Director |
|
|
|
|
|
|
|
Name : |
Ms. Priya Agarwal |
|
Designation : |
Director |
|
|
|
|
|
|
|
Name : |
Mr. Naresh Chandra |
|
Designation : |
Director |
|
|
|
|
|
|
|
Name : |
Dr. Omkar Goswami |
|
Designation : |
Director |
|
|
|
|
|
|
|
Name : |
Mr. Aman Mehta |
|
Designation : |
Director |
|
|
|
|
|
|
|
Name : |
Edward T Story |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. Elango |
|
Designation : |
Interim Chief Executive Officer and Whole Tome Director |
KEY EXECUTIVES
|
Audit Committee: |
Mr. Aman Mehta
(Chairman) Mr. Naresh
Chandra Dr. Omkar
Goswami Edward T Story Mr. Tarun Jain |
|
|
|
|
Remuneration Committee : |
Mr. Naresh
Chandra (Chairman) Mr. Aman Mehta Dr. Omkar
Goswami Mr. Navin
Agarwal Mr. Tarun Jain |
|
|
|
|
Nomination Committee : |
Mr. Navin
Agarwal (Chairman) Mr. Tarun Jain Edward T Story |
|
|
|
|
Shareholders’\Investors’ Grievance
Committee : |
Dr. Omkar Goswami (Chairman) Edward T Story Mr. Tarun Jain |
|
|
|
|
Name : |
Ms. Neerja Sharma |
|
Designation : |
Director Risk Assurance and Company Secretary |
SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
383840413 |
20.09 |
|
|
383840413 |
20.09 |
|
|
|
|
|
|
738873586 |
38.67 |
|
|
738873586 |
38.67 |
|
Total shareholding of Promoter and Promoter Group (A) |
1122713999 |
58.76 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
35443046 |
1.85 |
|
|
159835969 |
8.36 |
|
|
325612 |
0.02 |
|
|
2232625 |
0.12 |
|
|
311829865 |
16.32 |
|
|
50 |
0.00 |
|
|
509667167 |
26.67 |
|
|
|
|
|
|
31197873 |
1.63 |
|
|
|
|
|
|
42823523 |
2.24 |
|
|
5003958 |
0.26 |
|
|
199393206 |
10.44 |
|
|
1810163 |
0.09 |
|
|
670640 |
0.04 |
|
|
560057 |
0.03 |
|
|
196174600 |
10.27 |
|
|
177746 |
0.01 |
|
|
278418560 |
14.57 |
|
Total Public shareholding (B) |
788085727 |
41.24 |
|
Total (A)+(B) |
1910799726 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
14.78 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
20.25 |
|
Total (A)+(B)+(C) |
1910799726 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of surveying, prospecting, drilling, exploring, acquiring, developing, producing, maintaining, refining, storing, trading, supplying, transporting, marketing, distributing, importing, exporting and generally dealing in minerals, oils, petroleum, gas and related by-products.= |
||||||
|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi
and Company Chartered Accountants |
|
Address : |
Golf View,
Corporate Tower B, Sector 42, Sector Road, Gurgaon-122 002, Haryana, India |
|
|
|
|
Holding Company/ Ultimate Holding Company : |
* from 8
December 2011 to 2 July 2012 Cairn Energy Plc. and Cairn UK Holdings Limited
only had significant influence over the Company. They ceased to be a related
party w.e.f. 2 July 2012. |
|
|
|
|
Subsidiary
companies : |
|
|
|
|
|
Fellow
subsidiaries : |
* From 8
December 2011 to 2 July 2012 they were related parties being the subsidiaries
of Cairn Energy Plc. ** Also has significant influence over the Company. |
CAPITAL STRUCTURE
As on 24.07.2013
Authorised Capital : Rs.50000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.19109.004
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2250000000 |
Equity Shares |
Rs.10/- each |
Rs.22500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1910200000 |
Equity Shares |
Rs.10/- each |
Rs.19102.400 Millions |
- Reconciliation of the number of shares
|
Equity Shares |
Number of Shares
|
Rs. In Millions |
|
At the beginning of the period |
1907400000 |
19074.000 |
|
Issued during the period – ESOP |
2800000 |
28.400 |
|
Outstanding at
the end of the period |
1910200000 |
19102.400 |
- Terms/ rights attached to equity shares
The Company has
only one class of equity shares having par value of Rs.10 per share. Each
holder of equity shares is entitled to one vote per share.
The dividend, if
any, proposed by the Board of Directors will be subject to the approval of the
shareholders in the ensuing Annual General Meeting.
In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive assets of the Company remaining after settlement of all liabilities.
The distribution will be in proportion to the number of equity shares held by
the shareholders.
- Shares held by holding/ ultimate
holding company and/ or their subsidiaries/ associates
|
Name of
Shareholder |
Rs. In Millions |
|
Twin Star Mauritius Holdings Limited 738900000 equity shares of Rs.10 each
fully paid |
7388.700 |
|
Sesa Goa Limited 351100000 equity shares of Rs.10 each
fully paid |
3511.400 |
|
Sesa Resources Limited 32700000 equity shares of Rs.10 each fully
paid |
327.000 |
- Aggregate no. of shares issued for
consideration other than cash during the period of five years immediately
preceding the reporting date:
The Company has
issued total 18000000 equity shares (during the period of five years
immediately preceding the reporting date on exercise of options granted under
the employee stock option plan (ESOP scheme) wherein part consideration was
received in form of employee services. No other equity shares have been issued
for consideration other than cash during the period five years immediately
preceding the end of current year.
- Details of shareholders holding more
than 5% shares in the Company
|
Equity Shares |
No. of Shares |
% of Holding |
|
Twin Star Mauritius Holdings Limited |
738900000 |
38.68% |
|
Cairn UK Holdings Limited |
196200000 |
10.27% |
|
Sesa Goa
Limited |
351100000 |
18.38% |
|
Life Insurance Corporation of India* |
151000000 |
7.90% |
As per of the
Company, including its register of shareholders/ members, the above shareholding
represents legal ownerships of shares.
* Shareholding by Life Insurance Corporation of India in the Company as
at 31 March 2012 was less than 5%, therefore has not been disclosed.
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 |
19102.400 |
19074.000 |
19019.171 |
|
(b) Reserves & Surplus |
321071.200 |
300122.200 |
299126.449 |
|
(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) |
340173.600 |
319196.200 |
318145.620 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
13500.000 |
|
(b) Deferred tax liabilities (Net) |
2508.300 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
13197.000 |
12.400 |
7.994 |
|
Total Non-current
Liabilities (3) |
15705.300 |
12.400 |
13507.994 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
4355.700 |
132.100 |
118.102 |
|
(c) Other
current liabilities |
5265.100 |
13309.900 |
1419.891 |
|
(d) Short-term
provisions |
16916.200 |
6.000 |
1.043 |
|
Total Current
Liabilities (4) |
26537.000 |
13448.000 |
1539.036 |
|
|
|
|
|
|
TOTAL |
382415.900 |
332656.600 |
333192.650 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
30058.500 |
25.700 |
24.739 |
|
(ii)
Intangible Assets |
359.600 |
0.000 |
0.016 |
|
(iii) Cost
of producing facilities (net) |
17701.700 |
0.000 |
218.780 |
|
(iv)
exploration, development and Capital work-in-progress |
19012.400 |
540.300 |
0.000 |
|
(b) Non-current Investments |
160382.500 |
308534.600 |
314865.228 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
23932.100 |
1.600 |
4.082 |
|
(e) Other
Non-current assets |
2235.600 |
35.400 |
38.351 |
|
Total Non-Current
Assets |
253682.400 |
309137.600 |
315151.196 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
103720.200 |
18213.400 |
10817.291 |
|
(b)
Inventories |
1070.400 |
0.000 |
0.000 |
|
(c) Trade
receivables |
11695.400 |
4.700 |
1.681 |
|
(d) Cash
and cash equivalents |
1510.500 |
4600.000 |
6529.282 |
|
(e)
Short-term loans and advances |
8862.600 |
588.600 |
470.017 |
|
(f) Other
current assets |
1874.400 |
112.300 |
223.183 |
|
Total
Current Assets |
128733.500 |
23519.000 |
18041.454 |
|
|
|
|
|
|
TOTAL |
382415.900 |
332656.600 |
333192.650 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
92009.800 |
88.000 |
23.943 |
|
|
|
Other Income |
8996.700 |
2401.300 |
927.078 |
|
|
|
TOTAL |
101006.500 |
2489.300 |
951.021 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cess on crude oil |
14157.500 |
0.000 |
0.000 |
|
|
|
Share of expenses from producing oil and gas blocks |
4855.900 |
0.000 |
0.000 |
|
|
|
(Increase) in inventories of finished goods |
(140.600) |
0.000 |
0.000 |
|
|
|
Employee benefit expenses |
960.400 |
153.800 |
217.021 |
|
|
|
Other expenses |
2757.400 |
566.900 |
290.837 |
|
|
|
Unsuccessful exploration costs |
682.800 |
178.800 |
682.704 |
|
|
|
Data acquisition and analysis |
0.000 |
0.000 |
19.965 |
|
|
|
TOTAL |
23273.400 |
899.500 |
1210.527 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
77733.100 |
1589.800 |
(259.506) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
664.100 |
1114.500 |
1866.911 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
77069.000 |
475.300 |
(2126.417) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
9618.000 |
0.300 |
0.304 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
67451.000 |
475.000 |
(2126.721) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2644.500 |
35.400 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT FOR THE YEAR BEFORE IMPACT OF SCHEME OF
ARRANGEMENT RELATING TO EARLIER PERIODS |
64806.500 |
439.600 |
(2126.721) |
|
|
|
|
|
|
|
|
|
|
IMPACT OF SCHEME OF
ARRANGEMENT RELATING TO EARLIER PERIODS |
82661.200 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(3354.300) |
(3354.300) |
(1227.534) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed final equity dividend [amount per share Rs.6.50 |
12416.500 |
0.000 |
0.000 |
|
|
|
Tax on proposed equity dividend |
2014.300 |
0.000 |
0.000 |
|
|
|
Interim equity dividend [amount per share Rs.5 |
9548.800 |
0.000 |
0.000 |
|
|
|
Tax on interim dividend |
1549.100 |
0.000 |
0.000 |
|
|
|
Transfer from/(to) debenture redemption reserve |
(439.600) |
(439.600) |
0.000 |
|
|
|
Transfer to general reserve |
29493.500 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
89530.800 |
(3354.300) |
(3354.255) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Revenue from operations* |
92009.800 |
88.000 |
0.000 |
|
|
|
Interest income on bank deposits |
605.100 |
0.000 |
0.000 |
|
|
|
Parent Company Overhead |
0.0000 |
0.000 |
23.943 |
|
|
TOTAL EARNINGS |
92614.900 |
88.000 |
23.943 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
454.200 |
50.600 |
45.392 |
|
|
TOTAL IMPORTS |
454.200 |
50.600 |
45.392 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
33.95 |
0.23 |
(1.12) |
|
|
|
Diluted |
33.90 |
0.23 |
(1.12) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
64.16
|
17.66
|
(223.63) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
73.31
|
539.77
|
(8882.43) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
43.54
|
2.01
|
(11.74) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.00
|
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.000
|
0.00
|
0.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.85
|
1.75
|
11.72 |
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 |
19019.171 |
19074.000 |
19102.400 |
|
Reserves & Surplus |
299126.449 |
300122.200 |
321071.200 |
|
Net
worth |
318145.620 |
319196.200 |
340173.600 |
|
|
|
|
|
|
long-term borrowings |
13500.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
13500.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.042 |
0.000 |
0.000 |
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 |
23.943 |
88.000 |
92,009.800 |
|
|
|
267.540 |
104,456.591 |
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
|
23.943 |
88.000 |
92,009.800 |
|
Profit |
(2,126.721) |
439.600 |
64,806.500 |
|
|
(8882.43%) |
499.55% |
70.43% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
FINANCIAL OVERVIEW
During FY2013, the
Company declared a total dividend of INR 11.5 per equity share, amounting to
21.2% of profit after tax for the year (including dividend distribution tax).
This is in line with the Company’s stated dividend policy. The total dividend
comprises a final dividend of INR 6.5 per equity share and an interim dividend
of INR 5 per equity share, paid to the shareholders in November 2012. The final
dividend is subject to shareholders’ approval at the Annual General Meeting
(AGM) of the company (24 July 2013).
Following
approvals from the GoI, the Company completed its reorganization exercise
during the year. This saw the Indian businesses of certain overseas
subsidiaries being transferred to Cairn India, from the appointed date of 1
January, 2010. Operations of the subsidiaries, from the appointed date, have
been accounted for as the company’s own operations and reflected accordingly in
the financial statements for Cairn India, following relevant adjustments, if
any. Post completion of the reorganization, the Company transferred
approximately US$ 1.5 billion of deposits into INR deposits, directly resulting
in increased interest receipts on these investments. As a result of the
reorganization, approximately 50% of the Company’s revenues are invoiced in US$
and received in INR.
During the year,
the Company’s gross operated production of 205323 boepd had a direct impact on
reducing the nation’s crude oil import bill by approximately US$ 7 billion and
contributed approximately US$ 3.6 billion to the GoI (excluding direct taxes).
As on 31 March, 2013, the Cairn India group had gross cash and cash equivalents
of INR 167,131 million (US$ 3.1 billion). The Company fully redeemed the
non-convertible debentures (NCD) during the year.
COMPANY’S PERFORMANCE
During the year,
Cairn India’s gross operated production was 205,323 barrels of oil equivalent
per day. This has helped to reduce India’s crude oil import dependence by ~INR
385 billion and has contributed ~INR 200 billion to the national exchequer.
The exploration in
existing development blocks pursuant to policy clarity is a significant step
for the nation towards energy self-sufficiency and will not only add to economic growth but also reduce
the fiscal deficit through increased contribution to the exchequer.
The company
contributes to around 25% of the nation’s crude oil production. In addition,
The Company is focused on exploration across the asset portfolio both in India
and core areas internationally and has also started the seismic survey in its
South Africa block, which is in line with the company’s exploration led growth
strategy focused on replacement and growth of reserves leading to long term
sustainable value creation.
SCHEME OF
ARRANGEMENT
In order to
simplify and consolidate the multi layered structure comprising foreign
subsidiaries, the Company had proposed a scheme of arrangement between Cairn
India Limited, Cairn Energy India Pty Limited, Cairn Energy and creditors (the
‘Scheme’). The members of the Company had approved the scheme with overwhelming
majority in the Court Convened meeting held on 18 February, 2010.
The Hon’ble High
Courts of Madras and Bombay sanctioned the Scheme in April, 2010 and June 2010
respectively. The Scheme was also subject to receipt of regulatory approvals
and the same were received during the year. Consequently, the Scheme, having an
appointed date of 1 January, 2010 became effective from 18 October, 2012, being
the date of last approval received under the Scheme.
The Scheme has
helped in consolidation of Indian businesses held by the foreign subsidiaries,
directly under Cairn India.
AWARDS AND RECOGNITIONS
- The company was adjusted the fastest growing
energy company in the world at the Platts Top 250 Energy Company Awards
2012
- Golden Peacock Award 2012 excellence in Corporate
Governance 2012
- The company won 16 awards in the 26th Mines
Safety week 2012 under the aegis of Directorate General of Mines Safety
(DGMS), Ajmer
- Raageshwari Oil Mine won the runners up award
at the National Safety Awards (Mines), 2010 held by Government of India
for lowers injury frequency Rate per lakh Man Shifts in Oil Mines Category
UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 31 DECEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
Income
from operations |
|
|
|
|
a) Income from operations |
26596.400 |
24518.500 |
72446.400 |
|
b) Other operating income |
- |
|
- |
|
Total
income from operations (net) |
26596.400 |
24518.500 |
72446.400 |
|
Expenses
|
|
|
|
|
a) Share of expenses in
producing oil and gas blocks |
1622.000 |
1617.400 |
4573.400 |
|
b) (Increase)/Decrease in inventories of
finished goods |
(0.300) |
(22.200) |
(45.200) |
|
c) Employee benefit expenses (Refer note 4) |
1847.700 |
265.100 |
2257.700 |
|
d) Depletion, depreciation and
amortization expenses |
3087.400 |
2853.900 |
8636.600 |
|
e) Cess |
3898.200 |
3677.600 |
11165.200 |
|
f)
Exploration costs written off |
498.400 |
208.100 |
918.900 |
|
g) Other expenses |
505.500 |
601.700 |
1729.100 |
|
Total
expenses |
11458.900 |
9201.600 |
29235.700 |
|
Profit
from operations before other income,
exchange fluctuation and finance costs (1-2)
|
15137.500 |
15316.900 |
43210.700 |
|
a) Other income |
772.900 |
6928.400 |
14544.400 |
|
b) Foreign exchange fluctuation gain/(loss)net |
(315.300) |
863.200 |
1368.800 |
|
Profit before finance costs (3+4) |
15595.100 |
23108.500 |
59123.900 |
|
Finance costs |
15.200 |
16.600 |
37.600 |
|
Profit
before tax (5-6) |
15579.900 |
23091.900 |
59086.300 |
|
Tax
expense |
|
|
|
|
a) Current tax
|
3252.000 |
3801.400 |
10268.100 |
|
b) MAT credit entitlement |
(2961.200) |
(3074.900) |
(8846.700) |
|
c) Deferred tax charge/(credit) |
555.200 |
6.600 |
681.000 |
|
Total |
846.000 |
733.100 |
2102.400 |
|
Net
profit for the period (7-8) |
14733.900 |
22358.800 |
56983.900 |
|
Impact of scheme of arrangement for earlier
periods (Refer note 5) |
- |
- |
- |
|
Net profit for the period after
giving impact of scheme of arrangement for earlier periods (9+10) |
14733.900 |
22358.800 |
56983.900 |
|
Paid-up equity share capital (Face value of Rs.10 each) |
19108.000 |
19105.600 |
19108.000 |
|
Reserves excluding revaluation reserves |
|
|
|
|
Earnings
per share (in ` ) (not annualized): |
|
|
|
|
a) Basic |
7.71 |
11.71 |
29.83 |
|
b) Diluted |
7.69 |
11.68 |
29.77 |
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
788,085,727 |
787,844,960
|
788,085,727 |
|
- Percentage of shareholding |
41.24% |
41.24% |
41.24% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
738,873,586 |
738,873,586
|
738,873,586 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
65.81% |
65.81% |
65.81% |
|
Percentage of shares (as a % of total share capital of the
company) |
38.67% |
38.67% |
38.67% |
|
|
|
|
|
|
b) Non Encumbered |
383,840,413 |
383,840,413
|
383,840,413 |
|
Number of shares |
34.19% |
34.19% |
34.19% |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
20.09% |
20.09% |
20.09% |
|
Percentage of shares (as a % of total share capital of the
company) |
788,085,727 |
787,844,960
|
788,085,727 |
|
|
|
|
|
|
B.
Investor Complaints |
|
||
|
Pending at the beginning of the quarter |
- |
||
|
Receiving during the quarter |
438 |
||
|
Disposed of during the quarter |
438 |
||
|
Remaining unreserved at the end of the quarter |
- |
||
Notes:-
- The above unaudited financial results for the current quarter ended 31 December 2013 were subjected to a limited review by the auditors of the Company and reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on 23 January 2014.
- The individual items in the above financial results are net of amounts cross charged to oil and gas blocks where the Company is the operator. The Company’s share of such net expenses in oil and gas blocks is treated as exploration, development or production costs, as the case may be.
- 240,767 additional equity shares were issued during the current quarter on exercise of stock options by the employees of the Cairn India Group.
- During the current quarter, the Company has decided to measure all its outstanding stock option liabilities using the Fair value method (Black-Scholes) as against the previously followed Intrinsic value method. Accordingly, the stock option charge for the current quarter and nine months period ended 31 December 2013 is higher by Rs.1555.400 Millions and profit after tax is lower by Rs.1394.700 Millions.
- The Scheme of Arrangement (‘Scheme’) between the Company and some of its wholly owned subsidiaries had been approved by regulatory authorities in October 2012. As per the Scheme, the Company had considered the operations of the said subsidiaries from 1 January 2010 as its own operations and accounted for the same during the quarter ended 31 December 2012 in its books of accounts. Accordingly, profit after tax, relating to operations of the said subsidiaries, aggregating to ` 1159933 lakhs (net of tax of Rs.7716.800 Millions) for the period from January 1, 2010 to September 30, 2012 and 826612 lakhs (net of tax of Rs.6114.600 Millions) for the period prior to 31 March 2012 had been disclosed separately in the results for the quarter ending 31 December 2012 and for the nine months ended 31 December 2012 respectively.
- The Board of Directors of the Company at its meeting held on 26 November 2013 and shareholders of the Company vide resolution dated 6 January 2014 have approved a proposal for buyback by the Company of its equity shares at a price not exceeding Rs.335 per equity share for an aggregate amount not exceeding Rs.57250.000 Millions. The Buy Back, which commenced on 23 January 2014, is being done from open market other than from promoters and persons in control.
- The Company operates in only one segment i.e. "Oil and Gas".
- Previous quarter’s / nine month’s/ year’s figures have been regrouped / rearranged wherever necessary to confirm to the current quarter’s presentation.
NOTE: NO CHARGES EXIST FOR COMPANY
FIXED ASSETS:
- Freehold Land
- Buildings
- Office
Equipment’s
- Furniture and
Fittings
- Vehicles
- Computer
Software
PRESS
RELEASES:
CAIRN INDIA SEEKS RIGHT OF
FIRST REFUSAL OVER RAJASTHAN BLOCK
May 30, 2013
NEW DELHI: Cairn
India, the company which gave the nation its biggest oil discovery in more than
two decades, has asked the Oil Ministry for rights to explore for
unconventional shale gas in its prolific Rajasthan block.
Oil Ministry's
draft policy for exploration of shale gas provides for giving operators of
block awarded under New Exploration Policy (NELP) since 2000, the first right
of refusal for exploiting the unconventional resource. It however does not
confer the same rights to operators of pre-NELP blocks like Rajasthan.
"We believe
that the draft shale gas policy which solicited public comments in August 2012
was forward looking when it stated that 'right of first refusal will be offered
to the existing contractors'. However, the discrimination between NELP and
pre-NELP blocks (in the draft policy now prepared) will defeat the
purpose," Cairn CEO P Elango wrote to Oil Secretary on May 24.
Shale gas or
natural gas trapped in sedimentary rocks (shale formations) below the earth's
surface, is the new focus area in the US, Canada and China as an alternative to
conventional oil and gas for meeting growing energy needs.
As per the
available data, six basins -- Cambay (in Gujarat), Assam-Arakan (in the
North-East), Gondawana (in central India), KG onshore (in Andhra Pradesh),
Cauvery onshore and Indo Gangatic basins, hold shale gas potential. Rajasthan
block too may hold shale gas potential.
The draft shale
gas policy being prepared by the government has a mechanism to give the first
right of refusal to existing contractors holding oil and gas blocks. However,
this first right of refusal may be accorded to only NELP blocks.
Cairn demanded
that the "first right of refusal should be available to all currently
operating blocks, irrespective of pre-NELP or NELP, to ensure consistency and
uniform implementation of the shale gas policy."
"Existing
licences/leases should have the exclusive rights to explore for and develop all
hydrocarbon resources encountered in a block and/or shale, which is just
another form of hydrocarbon resource," Elango wrote.
The company said
the original intent of the draft shale gas policy to give right of first
refusal to all operators, irrespective of where the blocks were awarded
pre-NELP or in NELP, should be restored as it was "fair and
reasonable."
"Overlapping
licenses/leases with simultaneous operations will pose significant health,
safety and environment (HSE) risks and operational conflicts, leading to
conflicting claims to resource ownership, sub optimal utilisation of capital,
hampering development of hydrocarbon molecules present in multiple forms,"
he added.
AISHWARIYA FIELD
COMMENCES OIL PRODUCTION
23 MARCH 2013
The Cairn-ONGC Joint Venture (JV) has commenced production from the Aishwariya field, the third largest discovery in the Rajasthan Block (RJ-ON-90/1). The field will achieve a gradual and safe ramp up to reach the currently approved FDP rate of 10,000 bopd.
The oil production from Aishwariya field was inaugurated today, by the Hon’ble Minister of Petroleum and Natural Gas, Dr M Veerappa Moily in Barmer, Rajasthan in the presence of the Hon’ble Chief Minister Shri Ashok Gehlot, the Hon’ble Union Minister of State of Petroleum and Natural Gas Smt. P. Lakshmi. Senior officials from the Ministry of Petroleum and Natural Gas, Government of India, Government of Rajasthan and the Cairn-ONGC JV were also present on the occasion.
The Mangala, Bhagyam and Aishwariya (MBA) fields have gross recoverable oil reserves and resources of approximately one billion barrels. Production from the Rajasthan Block currently contributes more than 23% of India’s domestic production.
COMMENCEMENT OF
EXPLORATION DRILLING PROGRAMME IN THE RAJASTHAN BLOCK - SPUDDING OF THE FIRST
WELL AFTER A FOUR YEAR HIATUS
25 February, 2013
Following endorsement of the exploration Work Programme for the Rajasthan Block (RJ-ON-90/1) by the Management Committee less than two weeks ago, Cairn India has today commenced drilling of the first exploration well, after a gap of more than four years, in the prolific Barmer Basin. This is pursuant to the clarity in policy by the Government of India (GoI), allowing for exploration operations in development blocks. This has enabled Cairn India to commence its planned aggressive exploration drilling programme to help harness the full potential of the Barmer Basin in Rajasthan.
Renewed exploration activity in the block will be beneficial for all stakeholders and will help us realise the estimated half a billion barrels of oil equivalent of risked recoverable prospective resource which amounts to about a third of the Estimated Ultimate Recovery potential in the Rajasthan block. This will help the Joint Venture to realise the basin production potential of 300,000 bopd from the Rajasthan block.
The Joint Venture is currently producing 170,000-175,000 bopd from the Rajasthan block with a strong focus on exiting the year FY 2013-14 at a production rate of 200,000-215,000 bopd from the block.
SRI LANKA EXPLORATION
DRILLING UPDATE
28 February, 2013
Pursuant to the conduct of phase 2 exploration in Sri Lanka, Cairn Lanka Private Limited, a wholly owned subsidiary of Cairn India Limited, acquired 600sqkm of 3D seismic in Block SL 2007-01-001 in early 2012 and spud its fourth exploration well in the block on 2 February, 2013.
The well encountered multiple thick high quality reservoir sands, which were not hydrocarbon bearing. The data from this well along with the results of the prior two discoveries are being integrated to fully understand the future block potential.
The well was plugged and abandoned and the rig is being demobilized. The Petroleum Resource Development Secretariat (PRDS) of Sri Lanka is being notified.
CAIRN INDIA'S RENEWED
EXPLORATION EFFORTS RESULT IN AN OIL DISCOVERY
09 April, 2013
Cairn India has made its latest oil discovery, the 26th discovery so far in the RJ-ON-90/1 block, following recent policy clarity by Government of India (GoI) to conduct exploration activity in development blocks.
The Management Committee approved the exploration work programme for the RJON-90/1 block on 14 February, 2013, post which Cairn India, the Operator of the block, commenced the drilling of its first Exploration well, Raageshwari-South-1, on 25 February, 2013 located in the southern part of the block.
Technical evaluations indicate ~10 metres of gross oil column within Dharvi Dungar Formation. Oil has been discovered and tested for the first time in Dharvi Dungar sands in Raageshwari-Tukaram area, where previous discoveries were in the shallower Thumbli sands. The volumes of oil in place and the potential resource base associated with this discovery are under evaluation.
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 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] 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.61.05 |
|
|
1 |
Rs.100.81 |
|
Euro |
1 |
Rs.84.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
72 |
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.