MIRA INFORM REPORT
|
Report Date : |
22.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
GABRIEL INDIA LIMITED |
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Registered
Office : |
29th Milestone, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
24.02.1961 |
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Com. Reg. No.: |
11-015735 |
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Capital
Investment / Paid-up Capital : |
Rs. 143.670 Millions |
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CIN No.: [Company Identification
No.] |
L34101PN1961PLC015735 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEG04598G |
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PAN No.: [Permanent Account No.] |
Not Available |
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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 of Shock Absorbers, Struts, Front Forks and Engine
Bearings. It is also the principal supplier to both the OE and Aftermarket
segments with a sizeable presence in the overseas markets. |
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|
|
|
No. of Employees
: |
1243 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 : |
Clear |
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Comments : |
Subject is well-established company having satisfactory track record. Financial position of the company appears to be sound. Over all
fundamentals of the company appears to be strong and healthy. Directors are reported to be experienced and respectable businessmen. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central Bureau
of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as
bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term rating=A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
03.06.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating=A1 |
|
Rating Explanation |
Very Strong degree of safety and lowest
credit risk. |
|
Date |
03.06.2014 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Manoj Vyas |
|
Designation : |
Finance Department |
|
Contact No.: |
91-2135-610772 |
|
Date : |
19.11.2014 |
LOCATIONS
|
Registered Office/ Factory 1 : |
29th Milestone, |
|
Tel. No.: |
91-20-24101931–34/ 261091/ 098/ 012 91-2135-610700/ 610757 |
|
Fax No.: |
91-20-24101935 / 8018 / 561935 91-2135-261200 |
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E-Mail : |
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Website : |
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Corporate Office 1 : |
1, Sri Aurobindo Marg, |
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Corporate Office 2 : |
Magnet House, N. M. Marg, Ballard Estate, Mumbai – 400
038, |
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Sales Office : |
10, Prasad Chambers, Opera House, Mumbai - 400 004, |
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Factory 2 : |
B-2 MIDC, Ambad Industrail Area, Nashik - 422 010, |
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Factory 3 : |
5, Industrial
Area No. 3, |
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Factory 4 : |
Plot No. 5, Sector II, Parwanoo - 173 220, |
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Factory 5 : |
52-55, S.No.
102/3 -106 (PT), Sipcot, Phase – II, |
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Factory 6 : |
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Factory 7 : |
Sanand, Ahmedabad, Gujarat, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Deepak
Chopra |
|
Designation : |
Chairman |
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|
|
|
Name : |
Mr. Manoj
Kolhatkar |
|
Designation : |
Managing
Director |
|
Date of Birth/
Age : |
29.07.1968 |
|
Qualification : |
B.E., DBM |
|
Expertise in
functional areas : |
General
Management |
|
|
|
|
Name : |
Mr. H.R. Prasad |
|
Designation : |
Director |
|
Date of Birth/
Age : |
01.11.1934 |
|
Qualification : |
BE, MS ( MIT) |
|
Expertise in
specific functional areas : |
General
Management |
|
|
|
|
Name : |
Mr. Rajeev
Vasudeva |
|
Designation : |
Director |
|
Date of Birth/
Age : |
19.07.1959 |
|
Qualification : |
CA, MBA and LLB |
|
Expertise in
specific functional areas : |
Specializing in
recruitment and assessment of CEO’s, COO’s, and critical leadership talent in
the technology and private equity sectors |
|
Date of
Appointment : |
12.11.2008 |
|
|
|
|
Name : |
Mr. Gurdeep
Singh |
|
Designation : |
Director |
|
Date of Birth/
Age : |
23.07.1944 |
|
Qualification : |
B. Tech in
Chemical Engineering |
|
Expertise in
specific functional areas : |
Process implementation,
Human resources and Industrial relation, Business Development and Technical
Support |
|
Date of
Appointment : |
28.07.2009 |
|
|
|
|
Name : |
Mr. Rohit Philip |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Rajendran Arunachalam |
|
Designation : |
Chief Financial Officer |
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|
|
|
Name : |
Mr. Sarang Deshpande |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Manoj Vyas |
|
Designation : |
Finance Department |
|
|
|
|
Core Management Team : |
·
Mr. Amitabh Srivastava ·
Mr. Amol Lahoti ·
Mr. Atul Jaggi ·
Jagannath Shenoy ·
Prashant Shah ·
Rajendra Abhange ·
Shridhar Nanal ·
Subramanian CS ·
Sumit Bhatnagar ·
Umesh Shah |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6570000 |
4.57 |
|
|
71905468 |
50.06 |
|
|
78475468 |
54.63 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
78475468 |
54.63 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
486791 |
0.34 |
|
|
190741 |
0.13 |
|
|
500 |
0.00 |
|
|
100000 |
0.07 |
|
|
11271015 |
7.85 |
|
|
12049047 |
8.39 |
|
|
|
|
|
|
7253139 |
5.05 |
|
|
|
|
|
|
27075352 |
18.85 |
|
|
17634347 |
12.28 |
|
|
1156587 |
0.81 |
|
|
15392 |
0.01 |
|
|
850624 |
0.59 |
|
|
290571 |
0.20 |
|
|
53119425 |
36.98 |
|
Total Public shareholding (B) |
65168472 |
45.37 |
|
Total (A)+(B) |
143643940 |
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) |
143643940 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl.No. |
Name of the
Shareholder |
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
1 |
Asia Investments Private Limited |
7,19,05,468 |
50.06 |
50.06 |
|
2 |
Deep C Anand |
21,45,786 |
1.49 |
1.49 |
|
3 |
Kuldip Chand Anand |
16,93,296 |
1.18 |
1.18 |
|
4 |
Kiran J Anand |
6,47,520 |
0.45 |
0.45 |
|
5 |
Anjali Anand |
6,41,942 |
0.45 |
0.45 |
|
6 |
Kiran D Anand |
5,99,360 |
0.42 |
0.42 |
|
7 |
Devika Anand |
5,50,236 |
0.38 |
0.38 |
|
8 |
Jagdish C Ananad |
1,71,240 |
0.12 |
0.12 |
|
9 |
Prem Anand |
1,20,620 |
0.08 |
0.08 |
|
|
Total |
7,84,75,468 |
54.63 |
54.63 |
(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
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 % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
Kayaba Industry Company Limited |
7937360 |
5.53 |
5.53 |
|
|
2 |
Gagandeep Credit Capital |
2750000 |
1.91 |
1.91 |
|
|
3 |
Anuj Anantrai Sheth |
2750000 |
1.91 |
1.91 |
|
|
|
Total |
13437360 |
9.35 |
9.35 |
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 % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
Kayaba Industry Company Limited |
7937360 |
5.53 |
5.53 |
|
|
|
Total |
7937360 |
5.53 |
5.53 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Shock Absorbers, Struts, Front Forks and Engine Bearings.
It is also the principal supplier to both the OE and Aftermarket segments
with a sizeable presence in the overseas markets. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
Iron ·
Canada ·
Sri Lanka ·
Nepal ·
Gulf Country |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
China ·
Japan ·
Germany |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
1243 (Approximately) |
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Bankers : |
·
Bank of India ·
HSBC ·
IndusInd Bank ·
ING Vysya Bank
|
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Facilities : |
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Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
BK Khare and Company Chartered Accountants |
|
Address : |
706/708, Sharda Chambers, New Marine Lines, Mumbai – 400 020,
Maharashtra, India |
|
Tel. No.: |
91-22-22000607/ 7318/ 6360 91-22-66315835/ 36 |
|
Fax No.: |
91-22-22003476 |
|
E-mail : |
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Memberships : |
Not Available |
|
|
|
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Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Asia Investments Private Limited |
|
|
|
|
Fellow Subsidiaries |
·
Anand Automotive Limited ·
Anchemco Limited ·
Perfect Circle India Limited ·
Victor Gaskets India Limited ·
Chang Yun India Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.1/- each |
Rs.150.000 Millions |
|
100000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.10.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.160.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
143643940 |
Equity Shares |
Rs.1/- each |
Rs.143.640 Millions |
|
|
Add:- Share Forfeiture |
|
Rs.0.030 Million |
|
|
|
|
|
|
|
Total |
|
Rs.143.670
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 |
143.670 |
143.670 |
71.850 |
|
(b) Reserves & Surplus |
2708.050 |
2424.910 |
2240.600 |
|
(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) |
2851.720 |
2568.580 |
2312.450 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
95.650 |
163.850 |
246.870 |
|
(b) Deferred tax liabilities
(Net) |
95.510 |
110.510 |
133.410 |
|
(c) Other long term
liabilities |
0.000 |
36.530 |
0.000 |
|
(d) long-term provisions |
40.900 |
56.730 |
31.230 |
|
Total
Non-current Liabilities (3) |
232.060 |
367.620 |
411.510 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
469.720 |
497.440 |
662.620 |
|
(b) Trade payables |
1578.780 |
1391.210 |
1370.490 |
|
(c) Other current liabilities |
454.610 |
557.050 |
523.990 |
|
(d) Short-term provisions |
291.470 |
194.190 |
120.740 |
|
Total
Current Liabilities (4) |
2794.580 |
2639.890 |
2677.840 |
|
|
|
|
|
|
TOTAL |
5878.360 |
5576.090 |
5401.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2635.960 |
2498.610 |
2058.590 |
|
(ii) Intangible Assets |
35.960 |
55.670 |
79.610 |
|
(iii) Capital work-in-progress |
124.610 |
63.880 |
37.260 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.230 |
0.230 |
0.230 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
232.320 |
298.470 |
372.510 |
|
(e) Other Non-current assets |
0.000 |
|
0.000 |
|
Total
Non-Current Assets |
3029.080 |
2916.860 |
2548.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1168.190 |
1111.780 |
1230.720 |
|
(c) Trade receivables |
1360.800 |
1214.680 |
1265.580 |
|
(d) Cash and cash equivalents |
48.760 |
73.850 |
55.880 |
|
(e) Short-term loans and
advances |
271.370 |
253.740 |
297.230 |
|
(f) Other current assets |
0.160 |
5.180 |
4.190 |
|
Total
Current Assets |
2849.280 |
2659.230 |
2853.600 |
|
|
|
|
|
|
TOTAL |
5878.360 |
5576.090 |
5401.800 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
12866.080 |
12053.230 |
11282.290 |
|
|
Other Income |
56.330 |
40.470 |
73.100 |
|
|
TOTAL
(A) |
12922.410 |
12093.700 |
11355.390 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
9321.720 |
8689.780 |
8031.990 |
|
|
Purchases of Stock-in-Trade |
44.300 |
40.860 |
28.290 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(99.990) |
(86.560) |
(24.020) |
|
|
Employees benefits expense |
982.430 |
910.750 |
794.330 |
|
|
Other expenses |
1713.680 |
1672.020 |
1510.980 |
|
|
Exceptional Items |
42.000 |
59.380 |
(57.160) |
|
|
TOTAL
(B) |
12004.140 |
11286.230 |
10284.410 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
918.270 |
807.470 |
1070.980 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
89.960 |
122.880 |
170.100 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
828.310 |
684.590 |
900.880 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
270.730 |
272.780 |
276.400 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
557.580 |
411.810 |
624.480 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
131.590 |
30.460 |
93.840 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
425.990 |
381.350 |
530.640 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Interim Dividend |
503.000 |
43.100 |
71.800 |
|
|
Final Proposed |
71.800 |
64.600 |
0.000 |
|
|
Dividend Tax |
20.800 |
17.500 |
11.800 |
|
|
Transfer to General Reserve |
62.800 |
38.100 |
53.100 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
346.080 |
399.760 |
519.960 |
|
|
TOTAL
EARNINGS |
346.080 |
399.760 |
519.960 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1911.920 |
1876.030 |
1625.600 |
|
|
Components and Stores parts |
52.050 |
23.560 |
74.530 |
|
|
Capital Goods |
48.520 |
66.060 |
10.510 |
|
|
TOTAL
IMPORTS |
2012.490 |
1965.650 |
1710.640 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
2.97 |
2.65 |
3.69 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT/ Sales |
(%) |
3.31 |
3.16 |
4.70 |
|
|
|
|
|
|
|
PBIDT / Sales |
(%) |
7.14 |
6.70 |
9.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.69 |
7.47 |
11.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.16 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.20 |
0.26 |
0.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02 |
1.01 |
1.07 |
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 |
71.850 |
143.670 |
143.670 |
|
Reserves & Surplus |
2240.600 |
2424.910 |
2708.050 |
|
Net
worth |
2312.450 |
2568.580 |
2851.720 |
|
|
|
|
|
|
long-term borrowings |
246.870 |
163.850 |
95.650 |
|
Short term borrowings |
662.620 |
497.440 |
469.720 |
|
Total
borrowings |
909.490 |
661.290 |
565.370 |
|
Debt/Equity
ratio |
0.393 |
0.257 |
0.198 |
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 |
11282.290 |
12053.230 |
12866.080 |
|
|
|
6.833 |
6.744 |
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 |
11282.290 |
12053.230 |
12866.080 |
|
Profit |
530.640 |
381.350 |
425.990 |
|
|
4.70% |
3.16% |
3.31% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Secured |
|
|
|
|
From banks |
0.000 |
0.000 |
0.000 |
|
Buyer's credit for capital goods from IndusInd Bank |
0.000 |
55.400 |
7.960 |
|
Term loans |
|
|
|
|
Bank of India Limited |
0.000 |
66.610 |
67.990 |
|
ING Vysya Bank |
0.000 |
0.000 |
15.000 |
|
Kotak Mahindra Bank Limited |
|
16.830 |
66.670 |
|
Other loans and advances |
|
|
|
|
Vehicle loans |
1.200 |
0.930 |
2.390 |
|
Unsecured |
|
|
|
|
Deferred sales tax |
0.320 |
0.000 |
6.440 |
|
Fixed deposits |
92.850 |
4.690 |
154.570 |
|
|
|
|
|
|
Total |
94.370 |
144.460 |
321.020 |
|
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
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 |
INDIAN ECONOMY
In FY 2013-14, the Indian Economy is expected to grow by 4.9% as against a growth of 5.0% in previous year. There is a continued slowdown in industrial sector as well which is expected to grow only by 0.7% (compared to previous year of 1.0%). The slowdown is mainly due to internal uncertainties on policies, high inflation, high interest rate impacting slow infrastructure growth and private capital formation. Consequently, the investor and retail sentiment was also negative.
However, as domestic consumption pattern backed by increasing per capita income and continued advantage of low cost manufacturing, India is slated to emerge as one of the key growth economies in world and also as major auto component hub in Asia. The overall Sales Growth in auto sector during the FY 2013-14 was close to 4.0%. Low growth for past two years has affected the Auto Industry negatively. The Commercial Vehicle followed by passenger car segment was the most affected with negative growth in FY 13-14. The Two wheeler segment posted single digit growth bringing some respite to industry. The continued increase in fuel prices, high interest rates, slow growth in economy and poor sentiment dampened the auto industry growth in every segment.
PERFORMANCE
The Auto industry grew overall by 4.0% with Passenger Vehicles segment recording a negative growth of -4.9%, Commercial Vehicles segment degrew by -16% and Two wheeler segment registered positive growth of 7.2% compared to previous year.
The Company has recorded total sales at Rs.12745.000 Millions, (Previous Year Rs. 11960.000 Millions), registered a growth of 6.5%, which is slightly higher than the overall industry trend. The Profit After Tax was Rs. 426.000 Millions (Previous Year Rs. 381.400 Millions). As a result, the Earnings Per Share increased to Rs. 2.97 from Rs. 2.65 in the previous year.
EXPORTS
The Company''s focused approach on exports from 2013 onwards has unwrapped multiple global opportunities including few breakthroughs in high potential markets. Establishing network in 8 new geographies has now enabled us to make presence all the six Continents. Through structured market research and systematic approach, they have ingrained the seeds of GIL competencies worldwide to ensure exponential growth with most of the Global OEMs in near future.
During 2013-14, They faced major challenges in exports as the sales reduced to Rs. 358 Million from Rs. 415 Million due to drop in sales to a global customer in one of the key markets due to the local political turbulence. However with the revival of the market, they see promising exports in year 2014-15 and onwards.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
MACRO ECONOMIC
SCENARIO
Global economy is witnessing a growth momentum, backed by increased industrial activity across Asia, reduction in fiscal tightening and accommodative monetary conditions in the United States and Euro area. While some large emerging market economies have slowed down, overall growth in emerging markets has picked up. IMF expects activities to improve further in 2014-15, largely on account of recovery in the advanced economies and projects Global growth at around 3.7 percent in 2014, rising to 3.9 percent in 2015.
India economy is also showing signs of recovery and India's growth is expected to recover from 4.4% in 2013 to 5.4% in 2014, supported by slightly stronger global growth, improving export competitiveness and implementation of recently approved investment projects.
Indian Automobile
Industry Current Scenario:
The performance of the Indian automobile industry has been impacted for past 2 years owing to slowdown in the overall economy impacting the investment cycle and consumer sentiments. Slowdown in Industrial activity, tepid income growth and rising cost of ownership driven by high fuel prices and interest rates have been playing foul over the past few years.
The slowdown in economy has impacted investments and sentiment in the auto industry leading lower demand for almost all the segments of auto industry. The Auto Industry has also been hit by lower growth with major impact in Passenger Car and Commercial Vehicles Segment.
The Indian Passenger Vehicle (PV) industry recorded volumes of 3.07 million units in2013-14, a decline of 4.9% YoY. This follows a moderate increase of 2.2% in 2012-13. The reasons for sluggishness in PV demand over the last three years are is due to high inflation, increase in interest rates and rising fuel prices, have put pressure on disposable income of consumers and have also increased the cost of ownership.
The Commercial Vehicle (CV) Industry recorded volumes of 0.69 million units in 2013-14,a decline of 16.1% over last year. This is second consecutive year of drop in volumes and is contributed by slowing economy primarily in manufacturing and mining sectors.
The Indian two-wheeler (2W) market performance has been better than other segments and has recorded volumes of 16.9 million units in 2013-14 posting a growth of 7.2% over last year. This segment of industry has grown at a volume CAGR of 14% over last five years. The key drivers helping this growth include population, lower penetration compared to global trend, underdeveloped public transport system, urbanization etc.
OUTLOOK
As Indian Economy is showing signs of recovery and various steps taken by Government in last one year to support the Industry, they expect Auto Industry to perform well inFY2014-15.
PV Industry : In February 2014, excise duty on small cars was reduced from 12% to8%; while on mid and large-sized cars, it was reduced from 24% to 20% and 27% to 24%,respectively. Likewise, on Sports Utility Vehicles (SUVs), the excise duty was brought down from 30% to 24%, bringing the duty in line with that on large-sized cars. A revival in PV segment will depend on change in sentiment and cost of ownership reducing i.e. lower fuel and interest rates.
CV Industry : They expect CV sales to grow marginally in 2014-15 with growth largely expected in second half of the financial. The volume revival in segment will remain dependent on pick-up in industry activity, investment cycle and infrastructure and mining related activities.
2W Industry : An increased demand for scooters compared to motorcycles has led to the scooters segment growing 21.5% YOY compared to motorcycles at 4.5%. they expect this growth to continue with many new scooter launches scheduled during the year and low penetration of this segment. The demand from rural markets is expected to push the growth and a overall modest growth in single digits is expected for the industry in FY 2014-15.
Key Trends in auto
component industry:
• Global components sourcing hub: Major global OEMs are planning to make India a component sourcing hub for their global operations. Several global Tier-I suppliers have also announced plans to increase procurement from their Indian subsidiaries.
• Improving Product Development Capabilities: Increased investments in Rand Doperations and laboratories, which are being set up to conduct activities such as analysis and simulation, and engineering animations.
Gabriel continues to lead the ride control market as a leading manufacturer leveraging its technology, delivery efficiency and wide range of its products. The Company will focus on untapped markets in a domestic and export segment to boost its sales during the FY2014-15.
The Company has initiated aggressive cost control activities in the areas of raw material, power, fuel and processing to counter the lower growth. To keep pace with the increasing need and speed of new product launches, the Company continues to invest aggressively in product technology, R and D and upgrading its manufacturing facilities. A State-of-Art Tech-Centre at Hosur focused on 2 Wheeler products will benefit in faster new product launches and customer support.
Performance of the
Company
With net sales of Rs. 12745.000 Millions the Company has registered a growth of 6.5%.
(i) Two and Three Wheelers:
This segment posted a growth in the year under review and the segment contribution increased over last year. The production for this segment is carried out at manufacturing facilities at Hosur, Nasik and Parwanoo. The Company supplies products to most of the OEM's in the two wheeler segment. The Company succeeded in increasing its share for existing models as well as acquisition of future business with all its customers. This ensured that the Company maintained its growth path and market share. The Company also won several accolades from customers on quality, delivery and overall performance. Company has made strategic inroads by acquiring new business from Global OEM's.
The Company has taken significant steps towards increasing the capacities for meeting future customer requirements and also set up a state of the art RandD center for 2Wheelers at its Hosur Plant.
(ii) Passenger Vehicles:
The Company faced a marginal de growth in this segment mainly on account of drop in industry volumes and major OEM's posting drop in sales. The Company continues to leverage the technology support received from its technical partners to cater to demand of some OEM's in this sector. The Company's Khandsa and Pune plants caters majorly to the sale of this segment.
The Company regularly invest in RandD and testing facilities to support the requirements of this segment and has commissioned a State of the Art, Ride Control Van which has product validation and testing facilities. The mobile vehicle can be used to test the functioning of prototypes at customer premises thus providing value added services.
(iii) Commercial Vehicles:
The Company continues to lead the commercial vehicles segment with supplies from the Dewas, Parwanoo and Chakan plant. With the business in hand and those under development the Company is likely to maintain its lead and dominance in this segment. Given the dominant position with global OEM's in India, the Company is actively exploring exports possibilities. The Company is also working on engaging with a global high end technology manufacturer to increase the width of its product offerings.
The Chakan plant has also been engaged in the railways business by way of supplying shock absorbers for over a decade. The Company has started development activities for new generation shock absorbers that is expected to be the future of the railway industry.
(iv) Aftermarket
During FY 2013-14 Gabriel has registered Aftermarket sale of Rs. 1416.000 Millions as against Rs. 1187.000 Millions of previous year, posting a 19% growth. The Company is focusing to strengthen its position in Aftermarket and has taken following steps.
• Added several new products to its product bouquet which will help increase sales going forward.
• To motivate retailers, launched a unique program to recognize the achievement of its retailers called 'Elite Retailer Program'.
• To improve brand recall with end customers, various brand promotion activities have been undertaken such as hoardings on various highways across the country.
(v) Exports
The Company is facing challenges in exports as the sales have reduced to Rs. 358.000 Millions from Rs. 415.000 Millions due to drop of sales to a customer in one of the key markets.
However the Company's focused approach on exports from 2013 onwards including hiring of specific resources has unwrapped multiple global opportunities including few breakthrough sin high potential markets. Through structured market research and systematic approach, they have ingrained the seeds of GIL competencies worldwide to ensure exponential growth with most of the Global OEMs in near future.
The Company has also been successful in tapping the after market by establishing network in 8 new geographies has now enabled us to make presence in all the six Continents.
The Company has introduced a new organization structure on the lines of its customer segments i.e. Two Wheeler/ Passenger Vehicle/Commercial Vehicles headed by COO's. This is intended to grow the Company in each of the segments with sharper product focus and is expected to lead to higher market share in future.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Deferred sales tax (Inters free) |
3.150 |
3.470 |
|
Fixed deposits (Deposits from public carry interest between 8.5% to 10% p.a. and
having maturity period ranging from 1 year to 3 year from the date of
deposit) |
90.540 |
157.350 |
|
Short-term
borrowings |
|
|
|
Fixed deposits |
1.260 |
2.070 |
|
Total |
94.950 |
162.890 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10286277 |
19/04/2011 |
300,000,000.00 |
INDUSIND BANK LIMITED |
DR.GOPAL DAS BHAWAN,28,BARAKHAMBA ROAD, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA |
B12717047 |
|
2 |
10269845 |
17/02/2011 |
535,000,000.00 |
AXIS BANK LTD. |
SG 21 & 22, DLF GALLERIA SHOPPING COMPLEX,, DLF CITY, PHASE-IV,, GURGAON, HARYANA - 122002, INDIA |
B07235963 |
|
3 |
10243562 |
12/10/2010 |
60,600,000.00 |
INDUSIND BANK LTD. |
DR.GOPAL DAS BHAWAN,28,BARAKHAMBA ROAD, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA |
A96238910 |
|
4 |
10216408 |
30/03/2010 |
100,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
15-16, UGF, AMBADEEP BUILDING, KG MARG, NEW DELHI, DELHI - 110001, INDIA |
A84883586 |
|
5 |
10186858 |
25/11/2009 |
3,000,000.00 |
DIRECTOR OF INDUSTRIES THROUGH MEMBER SECRETARY SI |
SINGLE WINDOW
CLEARANCE AGENCY, PARWANOO, PARWANO |
A73612533 |
|
6 |
10115171 |
23/03/2009 * |
185,000,000.00 |
ING VYSYA BANK LIMITED |
NARIAN MANZIL
GROUND FLOOR SHOP NO. G1 TO G5, I F |
A60253788 |
|
7 |
10003333 |
15/05/2006 |
60,000,000.00 |
CITIBANK N.A |
5TH FLOOR DLF CENTRE,
PARLIAMENT STREET, NEW DELH |
A01025287 |
|
8 |
90086948 |
04/09/2004 |
200,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, I; TOLSTORY MARG, NEW DELHI, DELHI - 110001, INDIA |
- |
|
9 |
90092218 |
04/11/2008 * |
91,500,000.00 |
INDUSIND BANK LTD. |
DR.GOPAL DAS BHAWAN,28,BARAKHAMBA ROAD, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA |
A51733194 |
|
10 |
90093906 |
05/07/2003 * |
150,000,000.00 |
STANDARD CHARTERED BANK |
90 ; M.G. ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
Tangible Assets
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Plant and Machinery
·
Vehicles
·
Furniture and Fixtures
Intangible Assets
·
Computer Software
·
Technical Knowhow
PRESS
RELEASES
This shock absorber
maker has what it takes to ride over speed bumps. The momentum should continue
July 19,
2014:
Investors can buy the Gabriel India stock to ride on the expected recovery in automobile sales. The company — a maker of ride-control products such as shock absorbers, struts and front forks — caters to bikes, scooters, three-wheelers, trucks, buses and cars.
Gabriel is a tier I supplier to almost all leading manufacturers such as Maruti, Tata Motors, Ford, GM, Toyota, Volkswagen, M and M, Ashok Leyland, Honda, Bajaj, Yamaha and TVS. It has a market share of 70 per cent in commercial vehicle supplies, and about 20-30 per cent in two-wheelers and cars.
In tune with the market preference for cyclicals, the Gabriel stock has been on an uptrend, almost trebling since the September 2013 market lows.
Over the last one year, foreign institutional investors have also been steadily accumulating the stock. But even after the run-up, Gabriel is among the few quality mid- and small-cap stocks available at reasonable valuations. At the current market price of Rs.48, the stock trades at 10.5 times its estimated earnings for 2014-15. This is only slightly higher than its five-year historical average valuation of about 9.5 times.
The company’s market leadership position and diversified clientele at a time when the industry is on the verge of a turnaround provides good visibility to earnings growth over the next two-three years. But considering the small-cap nature of the stock (market capitalisation of Rs.6860.000 Millions), investors are advised to take only limited exposure.
Growth drivers
Gabriel is one of the few companies in the auto components space that managed growth in sales and net profit (adjusted) amid the slowdown in the sector. For the year ended March 2014, the company’s net sales grew about 7 per cent year-on-year to Rs.12740.000 Millions and net profit moved up 6 per cent to Rs.460.000 Millions. Operating margin also improved by about 50 basis points to 7.2 per cent. Three factors helped the performance. One, the company’s presence in the two-wheeler space. Thanks to good monsoon and higher rural incomes, two-wheelers negotiated the slowdown much better last year.
Robust scooter sales also kept volumes growing for this segment. For the 12 months ended March 2014, domestic two-wheeler sales volumes grew 7 per cent over the previous year, compared with the shrinkage witnessed in other segments. Next, the company benefited from its after-market footprint where sales are independent of the ups and downs in new vehicle off-take. Gabriel derives 10-15 per cent of its revenue from demand to replace worn-out parts in existing vehicles. Finally, in a year in which high interest expenses further pulled down the performance of many small- and mid-cap companies, Gabriel was able to reduce its interest cost by 27 per cent to Rs.90.000 Millions, thanks to an ongoing debt reduction initiative since 2011-12.
In the months to come, two-wheeler sales may not see runaway growth, given the below normal monsoon and its effect on rural demand for bikes.
But the fact that the company has Honda among its top clients helps. Honda has successfully increased its market share in both bikes and scooters in the last one-two years and its aggressive efforts towards the same are expected to continue. Support will come from the recovery in other vehicle segments.
Four-wheeler sales
The many measures announced by the Government to boost industrial growth should improve commercial vehicle sales. Already, the drop in truck and bus volumes seems to have bottomed out in the first three months of this fiscal — volumes fell only 10 per cent compared with a 25 per cent fall last year.
Lower inflation, growth in urban disposable incomes, and lower borrowing costs as the economy revives should translate into better car sales. Gabriel will also be a direct beneficiary of the trend of car makers focusing on improving localisation.
Besides, replacement market demand will continue. Shock absorbers have a life of anywhere between two and five years for different vehicle segments.
Considering that after-market sales also bring in higher margins, Gabriel is expanding its presence in this space. New products such as radiator coolants, suspension bush kits and front fork oils have been added to aid sales here.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.85 |
|
|
1 |
Rs.97.01 |
|
Euro |
1 |
Rs.77.62 |
INFORMATION DETAILS
|
Information Gathered
by : |
DIP |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
YES |
|
--EPF |
YES/NO |
YES |
|
TOTAL |
|
64 |
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.