MIRA
INFORM REPORT
|
Report Date : |
13.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ZUARI AGRO CHEMICALS LIMITED (w.e.f. 28.09.2012) |
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Formerly Known
As : |
ZUARI HOLDINGS LIMITED |
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Registered
Office : |
Jai Kissan Bhawan, Zuarinagar, Goa – 403726 |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
10.09.2009 |
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Com. Reg. No.: |
24-006177 |
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Capital
Investment / Paid-up Capital : |
Rs.420.580 Millions |
|
|
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CIN No.: [Company Identification
No.] |
L65910GA2009PLC006177 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRZ11011A |
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PAN No.: [Permanent Account No.] |
AAACZ3924H |
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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
: |
The Subject is engaged in the manufacture, sale and trading of fertilisers and seeds. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 31780000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is a part of K K Birla Group. It is a well-established and reputed company having a satisfactory
track record. There seems sharp dip in the profitability of the company during 2013.
However, general financial position seems to be good. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitments. The company can be considered for normal 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of 4.9
%, Fitch Rating said. The global rating agency expects the economy to pick up
in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Commercial paper = A1 |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
October 2013. |
|
Rating Agency Name |
ICRA |
|
Rating |
Long term fund based limits = BBB+ |
|
Rating Explanation |
Have moderate degree of safety and carry
moderates credit risk. |
|
Date |
October 2013. |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term fund based limits = A2+ |
|
Rating Explanation |
Have strong degree of safety and carry low
credit risk. |
|
Date |
October 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.: 91-832-2592181
LOCATIONS
|
Registered Office/ Factory : |
Jai Kissan Bhawan, Zuarinagar, Goa – 403726, India |
|
Tel. No.: |
91-832-2592180/ 2592181 |
|
Fax No.: |
91-832-2555462/ 2555279 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on: 31.03.2013
|
Name : |
Saroj Kumar Poddar |
|
Designation : |
Chairman |
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Date of Birth/Age : |
15.09.1945 |
|
Qualification : |
B.Com (Hons) |
|
Date of Appointment : |
07.08.2012 |
|
DIN No.: |
00008654 |
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|
Name : |
Mr. Narayanan Suresh Krishnan |
|
Designation : |
Managing Director |
|
Address : |
Flat No.105, Four Seasons, No.16, Burnton Road, Bangalore, Bangalore – 560025, Karnataka, India |
|
Date of Birth/Age : |
03.06.1964 |
|
Qualification : |
B.E. (Hons), M. Sc |
|
Date of Appointment : |
01.04.2012 |
|
DIN No.: |
00021965 |
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|
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|
Name : |
Mr. Arun Duggal |
|
Designation : |
Additional Director |
|
Address : |
A-4, West End, |
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Date of Birth/Age : |
01.10.1946 |
|
Date of Appointment : |
07.08.2012 |
|
DIN No.: |
00024262 |
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|
|
Name : |
Mr. Jayant Narayan Godbole |
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Designation : |
Additional Director |
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Date of Birth/Age : |
17.02.1945 |
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Qualification : |
B.E. (Chemical Engineer) |
|
Date of Appointment : |
07.08.2012 |
|
DIN No.: |
00056830 |
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|
Name : |
Mr. Harbachan Singh Bawa |
|
Designation : |
Vice Chairman |
|
Address : |
D – 4/18, Krishna Nagar, |
|
Date of Birth/Age : |
20.03.1931 |
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Qualification : |
M.S. (Chemical Engineering) |
|
Date of Appointment : |
07.08.2012 |
|
DIN No.: |
00244222 |
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|
|
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Name : |
Mr. Marco Philippus Ardeshir Wadia |
|
Designation : |
Director |
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Date of Birth/Age : |
30.01.1956 |
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Qualification : |
B.A. (Hons), L.L.B |
|
Date of Appointment : |
07.08.2012 |
|
DIN No.: |
00244357 |
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|
|
|
Name : |
Mr. Gopal Krishna Pillai |
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Designation : |
Additional Director |
|
Date of Appointment : |
31.07.2012 |
|
DIN No.: |
02340756 |
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|
|
Name : |
Mr. Akshay Poddar |
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Designation : |
Executive Director |
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Date of Birth/Age : |
20.07.1976 |
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Date of Appointment : |
01.04.2012 |
|
DIN No.: |
00008686 |
KEY EXECUTIVES
|
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Name : |
R. Y. Patil |
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Designation : |
Chief General Manager and Company Secretary |
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Name : |
Mr. Naveen Kapoor |
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Designation : |
President Agri-Business |
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Name : |
Mr. V. Sheshdhari |
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Designation : |
Vice President – Finance |
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Name : |
V. K. Sinha |
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Designation : |
Vice President-Strategic Planning |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2014
|
Category of Shareholder |
Total No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
181027 |
0.43 |
|
|
23202465 |
55.17 |
|
|
23383492 |
55.60 |
|
|
|
|
|
|
7491750 |
17.81 |
|
|
7491750 |
17.81 |
|
Total
shareholding of Promoter and Promoter Group (A) |
30875242 |
73.41 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
3544914 |
8.43 |
|
|
4640 |
0.01 |
|
|
2433344 |
5.79 |
|
|
1234790 |
2.94 |
|
|
217 |
0.00 |
|
|
217 |
0.00 |
|
|
7217905 |
17.16 |
|
|
|
|
|
|
1114701 |
2.65 |
|
|
|
|
|
|
2436161 |
5.79 |
|
|
338766 |
0.81 |
|
|
75231 |
0.18 |
|
|
32299 |
0.08 |
|
|
40117 |
0.10 |
|
|
450 |
0.00 |
|
|
2365 |
0.01 |
|
|
3964859 |
9.43 |
|
Total Public
shareholding (B) |
11182764 |
26.59 |
|
Total (A)+(B) |
42058006 |
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) |
42058006 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Foreign Bank
BUSINESS DETAILS
|
Line of Business : |
The Subject is engaged in the manufacture, sale and
trading of fertilisers and seeds. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
· State Bank of India · HDFC Bank Limited · Corporation Bank · Canara Bank · Indian Overseas Bank · IDBI Bank |
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Facilities : |
(Rs.
In Millions)
Notes: The buyers credit are secured by the first charge by way of hypothecation on the current assets, both present and future, wherever situated pertaining to the Company and the Company’s present and future book debts outstanding, moneys receivable, claims, bills, contracts, engagements, rights and assets. |
|
Banking
Relations : |
-- |
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|
Legal Advisers : |
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|
Name : |
Crawford Bayley and Company |
|
Address : |
Mumbai, Maharashtra, India |
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Auditors : |
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|
Name : |
S. R. Batliboi and Company Chartered Accountants |
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Address : |
Golf View Corporate, Tower B, Sector 42, Gurgaon - 122002, Haryana, India |
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PAN No. : |
AALFS0506L |
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Holding Company : |
Zuari Global Limited (Formerly known as Zuari Industries Limited)
(upto 30th June, 2011) |
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|
Enterprises in respect of
which Company is an associate:–: |
·
Zuari Global Limited (formerly known as Zuari
Industries Limited) (w.e.f. 01.07.2011) ·
Indian Furniture Products Limited ·
Simon India Limited ·
Zuari Management Services Limited ·
Adventz Infraworld India Limited ·
Gulbarga Cement Limited ·
Globex Limited ·
Zuari Investments Limited ·
Zuari Insurance Brokers Limited – Subsidiary of
Zuari Investments Limited ·
Zuari Commodity Trading Limited – Subsidiary of
Zuari Investments Limited ·
Zuari Financial Services Limited – Subsidiary of
Zuari Investments Limited ·
Style Spa Furniture Limited |
|
|
|
|
Subsidiaries of the
Company : |
·
Zuari Seeds Limited (with
effect from 31.05.2011) ·
Zuari Fertilisers and Chemicals Limited (with
effect from 31.05.2011) |
|
|
|
|
Joint Ventures of the
Company : |
·
Zuari Maroc Phosphates Limited (with effect from
27.06.2011) ·
Paradeep Phosphates Limited – Subsidiary of Zuari
Maroc Phosphates Limited ·
Zuari Rotem Speciality Fertilisers Limited (with
effect from 31.05.2011) |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42058006 |
Equity Shares |
Rs.10/- each |
Rs.420.580 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42058006 |
Equity Shares |
Rs.10/- each |
Rs.420.580 Millions |
|
|
|
|
|
Equity Share suspense represents 29440604 Equity
Shares of Rs.10/ – each to be issued to the shareholders of Zuari Industries Limited
consequent to the Scheme of Arrangement and Demerger becoming Operational from
effective date, pending allotment. The same has been allotted during the year
ended 31st March 2013.
a. Reconciliation of Shares Outstanding at the beginning and end of the
reporting year
|
PARTICULARS |
31st March 2013 |
|
|
|
In Numbers |
Rs. In Millions |
|
Equity Shares |
|
|
|
At the beginning of the year |
12617402 |
126.174 |
|
Issued during the year |
29440604 |
294.406 |
|
Outstanding at the end of the year |
42058006 |
420.580 |
|
Equity Share Suspense Account |
-- |
-- |
b. Terms/Rights
Attached to equity Shares
The Company has only one class of equity shares having a par value of Rs.10/ - Share. Each shareholder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.
During the year 31st March 2013, the amount of per share dividend recognised for distribution to equity share holders was Rs.3/ -, subject to approval of shareholders (31st March 2012: Rs.3/-)
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
c. Details of Shareholders holding more than 5% of equity shares in the
Company
(Without considering equity shares to be
issued as per the Scheme of Arrangement and Demerger
|
Name of Shareholder |
31st March 2013 |
|
|
|
No. of Shares held |
% Holding in Class |
|
Zuari Global Limited (Formerly known as Zuari Industries Limited) |
84,11,601 |
20.00 |
|
SIL Investments Limited |
32,08,000 |
7.63 |
|
Texmaco Infrastructure & Holdings Limited |
28,17,941 |
6.70 |
|
Globalware Trading & Holdings Limited |
70,12,000 |
16.67 |
|
Zuari Management Services Limited |
4205801 |
10.00 |
without considering equity shares to be issued
as per the Scheme of Arrangement and Demerger As per of the Parent Company including
its register of shareholders/members and other declarations received from
shareholders regarding beneficial interest, the above shareholding represents
both legal and beneficial ownership of shares.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
420.580 |
420.580 |
20.000 |
|
(b) Reserves & Surplus |
7522.162 |
7425.316 |
(0.297) |
|
(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) |
7942.742 |
7845.896 |
19.703 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
116.818 |
149.442 |
0.000 |
|
(c) Other long term liabilities |
541.103 |
478.115 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
657.921 |
627.557 |
0.000 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
29138.102 |
29650.177 |
0.000 |
|
(b) Trade payables |
4753.279 |
7462.053 |
0.030 |
|
(c) Other current liabilities |
864.067 |
564.971 |
0.000 |
|
(d) Short-term provisions |
467.673 |
522.169 |
0.000 |
|
Total Current
Liabilities (4) |
35223.121 |
38199.370 |
0.030 |
|
|
|
|
|
|
TOTAL |
43823.784 |
46672.823 |
19.733 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1881.729 |
1896.635 |
0.000 |
|
(ii) Intangible Assets |
0.090 |
7.377 |
0.000 |
|
(iii) Capital work-in-progress |
808.115 |
195.402 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1974.997 |
1974.997 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1154.811 |
953.285 |
0.000 |
|
(e) Other Non-current assets |
84.797 |
13.140 |
0.000 |
|
Total Non-Current
Assets |
5904.539 |
5040.836 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5811.312 |
7216.489 |
0.000 |
|
(c) Trade receivables |
29628.971 |
29519.804 |
0.000 |
|
(d) Cash and cash equivalents |
1567.522 |
3325.901 |
19.733 |
|
(e) Short-term loans and advances |
608.397 |
664.291 |
0.000 |
|
(f) Other current assets |
303.043 |
905.502 |
0.000 |
|
Total Current
Assets |
37919.245 |
41631.987 |
19.733 |
|
|
|
|
|
|
TOTAL |
43823.784 |
46672.823 |
19.733 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
52374.070 |
61808.773 |
0.000 |
|
|
|
Other Income |
578.868 |
561.161 |
0.019 |
|
|
|
TOTAL (A) |
52952.938 |
62369.934 |
0.019 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material consumed |
19629.443 |
18998.103 |
0.000 |
|
|
|
Purchase of traded goods |
21651.392 |
31435.160 |
0.000 |
|
|
|
Decrease in inventories of finished goods, work-in-progress and traded goods |
640.519 |
1452.057 |
0.000 |
|
|
|
Employee benefits expense |
753.781 |
548.017 |
0.000 |
|
|
|
Administrative selling other expenses |
7631.775 |
7093.992 |
0.047 |
|
|
|
TOTAL (B) |
50306.910 |
59527.329 |
0.047 |
|
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2646.028 |
2842.605 |
(0.028) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2103.262 |
1159.880 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
542.766 |
1682.725 |
(0.028) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
237.944 |
180.166 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
304.822 |
1502.559 |
(0.028) |
|
|
|
|
|
|
|
|
|
Less |
TAX
(H) |
60.359 |
470.788 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
244.463 |
1031.771 |
(0.028) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
384.832 |
(0.297) |
(0.269) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
500.000 |
0.000 |
|
|
|
Proposed Dividend : 30% |
126.174 |
126.174 |
0.000 |
|
|
|
Tax on dividend (Including Surcharge) |
21.443 |
20.468 |
0.000 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
431.678 |
384.832 |
(0.297) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7978.264 |
9443.138 |
|
|
|
|
Stores & Spares |
26.799 |
55.517 |
|
|
|
|
Capital Goods |
87.350 |
1.723 |
|
|
|
|
Traded Goods |
18716.178 |
28067.134 |
|
|
|
TOTAL IMPORTS |
26808.591 |
37567.512 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
5.81 |
30.97 |
(0.01) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.46 |
1.65
|
(147.37) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.58
|
2.43
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.74
|
3.38
|
(0.14) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.19
|
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.66
|
3.78
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07
|
1.09
|
657.77 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
20.000 |
420.580 |
420.580 |
|
Reserves & Surplus |
(0.297) |
7425.316 |
7522.162 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
19.703 |
7,845.896 |
7,942.742 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
29650.177 |
29138.102 |
|
Total
borrowings |
0.000 |
29,650.177 |
29,138.102 |
|
Debt/Equity
ratio |
0.000 |
3.779 |
3.669 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Total Income |
0.019 |
62369.934 |
52952.938 |
|
|
|
328,262,710.526 |
(15.099) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Total Income |
0.019 |
62369.934 |
52952.938 |
|
Profit After Tax |
(0.028) |
1031.771 |
244.463 |
|
|
(147.37%) |
1.65% |
0.46% |
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 |
Yes |
|
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:
|
Reg No.: WP / 264 /2012 |
|||||
|
Case Status : |
Pending (Final Hearing) |
||||
|
Petitioner : |
1. M/S. Zuari Industries Limited |
||||
|
Respondent : |
1. Zuari Agro Chemicals Limited Workers
Union and 3 Ors |
||||
|
Petitoner Adv. : |
ADV. SUDHA C. PAI KIR R.NO. 2 AND 4 |
||||
|
District : |
South Goa |
||||
|
Bench : |
Single |
||||
|
Act : |
Constitution of India |
||||
|
Category: |
Others (W.P.) |
||||
|
Case Stage : |
For Final
Hearing |
||||
|
Hearing Date : |
01 April 2014 |
||||
|
|
|
||||
|
|||||
|
This Case is
updated on : 29.03.2014 |
|||||
UNSECURED LOAN
(Rs.
In Millions)
|
|
31.03.2013 |
31.03.2012 |
|
SHORT TERM
BORROWINGS |
|
|
|
Term loan |
|
|
|
Term loan Working capital demand loans (The rate of Interest on loans varies
between 10.25% – 11.50% and are repayable over a period of 2 to 180 days) |
4400.000 |
3250.000 |
|
|
|
|
|
Total |
4400.000 |
3250.000 |
CORPORATE
INFORMATION
This Company is a
public limited company domiciled in India and incorporated under the provisions
of the Companies Act 1956. It was incorporated on 10th September 2009. The
Company is a manufacturer of chemical fertilizers. The Company is also into
trading business of complex fertilizers, water soluble fertilizers and seeds.
The Company caters to the demand of the farmers all over the country, through
its “Jaikisaan” brand of Fertilizers. Pursuant to application for change of
name of Company as per the approval of the shareholders at the Extraordinary
General Meeting of the Company, held on 10th September 2012, the name of the
Company has been changed from Zuari Holdings Limited to Zuari Agro Chemicals
Limited vide fresh certificate of incorporation dated 28th September 2012
issued by the Registrar of Companies, Goa Daman and Diu.
A BRIEF REVIEW OF
SUBSIDIARIES OF THE COMPANY ARE GIVEN HERE BELOW: –
SUBSIDIARIES:
A. ZUARI
FERTILISERS AND CHEMICALS LIMITED :
Zuari Fertilisers
and Chemicals Limited (ZFCL) a wholly owned subsidiary of the Company was
incorporated on 11th August, 2009 for Manufacture of organic and inorganic
fertilizers to cater the increased demand for fertilizers mainly the farmers of
Karnataka and Maharashtra. ZFCL is in process of setting up a 600 TPD unit at
Mahad in Maharashtra for manufacture of Granulated Single Super Phosphate
(GSSP). The unit is likely to be commissioned in 2013–14.
The Company has
also plans for setting up customized Fertiliser Plants in Solapur– Maharashtra and
Goa. Recently, ZFCL has acquired 9.72% stake in Mangalore Chemicals and
Fertilisers Limited (MCFL). MCFL is a company engaged in manufacture of urea
and complex fertilisers.
B. ZUARI SEEDS
LIMITED:
Zuari Seeds
Limited (ZSL) achieved a turnover of Rs 575.000 Millions against budget of Rs 600.000 Millions for the year 2012–13. The year has been tough for seed
industry due to seasonal aberrations / Deficit, delayed and erratic monsoon
experienced in Kharif 2012 and Rabi 2012 affecting principal crops like cotton,
paddy, vegetables etc. Despite all these factors Company could achieve 94% of
its budgeted target. Though 2012–13 has been satisfactory in terms of business
volumes, margin pressure was felt in most of the crops like cotton, Bajra and
paddy due to product mix and increased competition at market place.
ZSL, besides its
own dealer network, through the network of its Group Companies, Zuari Agro
Chemicals Limited and Paradeep Phosphates Limited, introduced another 4 brands
in Bt cotton in the states of Maharashtra, Karnataka and Andhra Pradesh thru
Multi Branding strategy. In Central Zone in Madhya Pradesh, ZSL has received
clearance from concerned authorities to sell its new hybrid crop name Mahalaxmi
in the premium segment. ZSL has also introduced 2 more brands in BT cotton in
North Zone in Haryana and Punjab.
One new hybrid
1288 developed for north zone has given outstanding performance in multi
location trials in Haryana and Punjab. In Hybrid paddy ZSL signed an MOU with
Director of Rice Research to introduce notified Hybrids. In extra early segment
markets in north, ZSL is introducing a new Hybrid 6305 in coming Kharif season.
In Maize 4 new hybrids equal to popular Major segments have been developed and
will be introduced in the year 2013–14 which will result in scaling up of
volumes in the coming years.
JOINT VENTURES:
A brief review of
joint ventures of the Company are given here below:-
A. ZUARI MAROC
PHOSPHATES LIMITED :
Zuari Maroc
Phosphates Limited (ZMPL), a 50:50 joint venture with Maroc Phosphore S.A.,
Morocco, was established as Special Purpose Vehicle (SPV) for acquisition of
stake in Paradeep Phosphates Limited (PPL). At present, ZMPL is holding 80.45%
of the equity stake in PPL. ZMPL is in process of shifting its registered office
from the State of Goa to the State of Odisha.
B. ZUARI ROTEM
SPECIALITY FERTILISERS LIMITED:
Zuari Rotem
Speciality Fertilisers Limited (ZRSFL), a 50:50 joint venture with Rotem Amfert
Negev Limited, Israel, has Water Soluble Fertilizers manufacturing facility at
Baramati, Maharashtra. ZRSFL has a capacity of 24000 MT per annum in two shift
basis for production of different NPK blends. Plant is working on one shift
basis and producing 30 MT per day on an average basis. Production of Poorna was
5093 MT and sales of Poorna, Atom and Boost were 5708 MT for the year 2012–13.
The total turnover for the year was Rs. 406.200 Millions.
FUTURE
OUTLOOK:
Granulated Single
Superphosphate plant of 600 tpd capacity, being set up at MIDC, Mahad in
Maharashtra through Zuari Fertilisers and Chemicals Limited, a wholly owned
subsidiary of the company is in final stages of project implementation. The
product is expected to be available for sale in 2013–14. This product has high
demand from farmers due to its low price. Once Mahad plant goes on–stream,
Zuari will be significantly equipped to meet rising demand of SSP fertilizers,
particularly in secondary markets of Maharashtra and Madhya Pradesh.
In November 2012,
the company has signed a Memorandum of Understanding (MOU) with Ras Al Khaimah
(RAK) Maritime City to set up an integrated Di–Ammonium Phosphate (DAP)
manufacturing facility in the UAE. With this project, the Company is expanding
its manufacturing foothold outside India. The project includes setting up an
integrated DAP facility along with its attendant utilities to include a power
plant, private jetty and desalination plant, with an estimated project cost of
$800m. The DAP plant will be a single stream granulation plant with a capacity
of producing 1 million tonnes of DAP per annum. The project, besides further
consolidating Zuari’s position in the fertilizer sector and playing a key role
in the Company’s backward integration programme, will go a long way in helping
it to actively participate and grow in other global fertilizer markets.
Acquisition of a
30% stakes in Peruvian company, Fosfatos del Pacifico, through joint venture
company, MCA Phosphates Pte Limited, for assured supply of phosphate rock will help
Zuari in augmenting the production of phosphatic fertilizers in India.
The company will
have benefit of assured supplies of concentrated rock phosphate for minimum
period of 20 years. This will enhance the availability of phosphatic
fertilisers to farmers.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
(Rs. In Millions)
|
Particulars |
Year Ended 31st March 2013 |
|
A. Demand Notices received from Sales tax authorities |
|
|
i) Demand notice from Karnataka Sales Tax Authorities (VAT) for levying penalty on Professional tax for the years 2005—06 to 2008—09. The Company has filed appeal before Joint Commissioner of Commercial Taxes (Appeals), Bangalore, against the same. (The Company has deposited Rs.4.482 Millions against the same which is appearing in the schedule of loans and advances) |
0.000 |
|
Demand notice
from Commercial Tax Department, towards non submission of “F
Form” for the year 2007–08. The Company has filed for stay
in High Court of Andhra Pradesh. Based on the revised proceedings, a
revised demand notice for Rs. 0.033 Million was issued. The same was paid
and charged off by the Company. |
0.000 |
|
Demand notice from Commercial Tax Department, towards non submission of "F Form" for the year 2010—11. The Company has filed for stay in High Court of Andhra Pradesh. |
2.746 |
|
Claim against the Company not acknowledged as debt.* |
15.117 |
* Based on discussions with the solicitors/ favorable decisions in similar cases/ legal opinions taken by the Company, the management believes that the Company has a good chance of success in above mentioned cases and hence, no provision there against is considered necessary.
Aggregate amount
of guarantees issued by the Banks to various government authorities and others
are secured by a charge created by way of hypothecation on the current assets,
both present and future, wherever situated pertaining to the Company and the
Company’s present and future book debts outstanding, moneys receivable, claims,
bills, contracts, engagements, rights and assets Rs. 625.696 Millions .
FIXED ASSETS:
Tangible Assets
· Freehold Land
· Buildings
· Railway Siding
· Plant and Machinery
· Furniture and Fixtures
· Office Equipment
· Vehicles
Intangible Assets M
· Software
UNAUDITED FINANCIAL RESULT FOR PERIOD ENDED 31.12. 2013
(Rs. In Millions)
|
PART-I |
Stand-alone Results |
|
|||
|
Sr No |
Particulars |
3 Months Ended
31.12.2013 |
3 Months Ended
30.09.2013 |
3 Months Ended
31.12.2013 |
|
|
|
|
Un Audited |
Un Audited |
Un Audited |
|
|
1 |
Income from
Operations |
|
|
|
|
|
|
(a) Net Sales/Income from Operations (net of excise duty) |
15398.900 |
14214.700 |
36884.700 |
|
|
|
(b) Other Operating Income |
167.600 |
3.300 |
195.800 |
|
|
|
Total income from
operations (net) |
15566.500 |
14218.000 |
37080.500 |
|
|
2 |
Expenses |
|
|
|
|
|
|
(a) Cost of materials consumed |
9007.900 |
5980.300 |
16268.700 |
|
|
|
(b) Purchase of stock-in-trade |
934.300 |
6996.300 |
16268.500 |
|
|
|
(c) Changes in inventories of finished goods, work- in- progress and stock-in-trade |
1659.300 |
(1564.700) |
(3768.700) |
|
|
|
(d) Employee benefit expense |
251.400 |
190.300 |
629.300 |
|
|
|
(e) Depreciation and amortisation expense |
52.700 |
54.400 |
154.700 |
|
|
|
(0 Other expenses |
2819.500 |
2498.600 |
2599.900 |
|
|
|
Total expenses |
14725.100 |
14155.200 |
36152.400 |
|
|
3 |
Profit from operations
before other income, finance costs and exceptional items (1-2) |
841.400 |
62.800 |
928.100 |
|
|
4 |
Other income |
55.600 |
70.300 |
242.000 |
|
|
5 |
Profit from
ordinary activities before finance costs and exceptional items (3+ - 4) |
897.000 |
133.100 |
1170.100 |
|
|
6 |
Finance costs |
726.000 |
500.100 |
1857.700 |
|
|
7 |
Profit from
ordinary activities after finance costs and before exceptional items (5+ - 6) |
171.000 |
(367.000) |
(687.600) |
|
|
8 |
Exceptional items |
-- |
(31.000) |
(639.600) |
|
|
9 |
Profit from
ordinary activities before tax (7+ 8) |
171.000 |
(398.000) |
(1327.200) |
|
|
10 |
Tax expense |
0.000 |
0.000 |
116.800 |
|
|
11 |
Net Profit from
ordinary activities after tax (9+ - 10) |
171.00 |
(398.000) |
(1210.400) |
|
|
12 |
Extraordinary items (net of tax expense ) |
-- |
-- |
-- |
|
|
13 |
Net Profit for the
period (11+- 12) |
171.00 |
(398.000) |
(1210.400) |
|
|
14 |
Paid-up equity share capital (face value Rs. 10/-) |
420.600 |
420.600 |
420.600 |
|
|
15 |
Reserve excluding Revaluation Reserve as per balance sheet of previous accounting year. |
-- |
-- |
-- |
|
|
16 |
Earnings per share (before extraordinary items) (of Rs.10/- each ) (not annualised): |
|
|
|
|
|
|
(a) Basic |
4.07 |
(9.46) |
(28.78) |
|
|
|
(b) Diluted |
4.07 |
(9.46) |
(28.78) |
|
UNAUDITED FINANCIAL RESULT FOR PERIOD ENDED 31.12. 2013
PART II
(Rs. In Millions)
|
Particulars |
3 Months Ended
31.12.2013 |
3 Months Ended
30.09.2013 |
3 Months Ended
31.12.2013 |
|
|
Un Audited |
Un Audited |
Un Audited |
||
|
A |
Particulars of
Shareholding |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
Number of shares |
10993939 |
10993939 |
10993939 |
|
|
Percentage of shareholding |
26.14 |
26.14 |
26.14 |
|
2 |
Promotors and Promoter Group Shareholding |
|
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
|
Number of shares |
2196767 |
2728767 |
2196767 |
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
7.07 |
8.78 |
7.07 |
|
|
Percentage of shares (as a% of the total share capital of the company) |
5.22 |
6.49 |
5.22 |
|
|
b) Non - encumbered |
|
|
|
|
|
Number of shares |
28867300 |
28335300 |
28867300 |
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
92.93 |
91.22 |
92.93 |
|
|
Percentage of shares (as a % of the total share capital of the company) |
68.64 |
67.37 |
68.64 |
|
|
Particulars |
Quarter Ended
31.12.2013 |
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
1 |
|
|
Received during the quarter |
17 |
|
|
Disposed of during the quarter |
18 |
|
|
Remaining unresolved at the end of the quarter |
0 |
NOTE:
1. Subsidy for Urea has been accounted based on
Stage III parameters of the New Pricing Scheme and other adjustments as
estimated in accordance with the known Policy parameters in this regard. The
stage III of New Pricing Scheme which was operational for the period 1st
October, 2006 to 31st March, 2010 has been extended on provisional basis till
further orders.
2. Exceptional items represent foreign
exchange variation attributable to the sharp depreciation of rupee in the
months of June / July 2013.
3. Tax expenses include/ net-off deferred tax
charge / (credit). Deferred tax asset of Rs. 315.200 Millions has not been
created in the absence of taxable profit which is available for setoff against
profits in subsequent period.
4. Other Expenses for the quarter include
foreign exchange variation of Rs. 66.600 Millions (Preceding quarter Rs.
236.700 Millions). The Company has at the quarter end completely hedged its
future foreign currency exposure.
5. During the current quarter ended December
31, 2013, Ministry of Agriculture, Government of India, has declared 47,635 MT
(Rs. 1556.100 Millions ) of DAP, imported by the Company as fertilizers not
meeting the standards specified by Fertilizer Control Order, 1985 (FCO) . The
Company is in the process of filing a claim for loss suffered by it against the
supplier. The contract with the supplier provides that the Company has the
right to claim entire amount as compensation from the supplier in the event
goods are found not confirming to FCO by Regional/Central test laboratory of
Government of India, Faridabad for certification of fertilizers. Imported DAP
in the state of Tamil Nadu has been temporarily suspended by Department of
Agriculture, Government of Tamil Nadu.
6. Under the provision of Accounting Standard (AS17),
the Company operates in the single segment of fertiliser operations and
therefore separate segment disclosures have not been given.
7. The auditors of the Company in their report
on standalone financial statement for the year ended March 31, 2013, had
commented upon non provision for diminution in the value of investment in
equity shares of Rs. 14.18 crores and receivable of Rs. 133.500 Millions (Rs.219.400 Millions as on December 31, 2013)
by way of loans and advances of Zuari Seeds Limited, a wholly owned subsidiary
of the Company, whose net worth has been fully eroded. In view of strategic
long term investment in the said subsidiary and based on its future
profitability projections, no provision is required there against.
8. The auditors have conducted limited review
of the financial results for the quarter ended 31stDecember, 2013. The
unaudited financial results have been recommended by the Audit Committee at its
meeting held on February 4, 2014 and approved by the Board of Directors at its meeting
held on February 6, 2014.
9. Previous period’s / year’s figures have
been regrouped wherever necessary
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] 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.59.73 |
|
|
1 |
Rs.100.82 |
|
Euro |
1 |
Rs.82.22 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.