MIRA INFORM REPORT
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Report Date : |
15.09.2014 |
IDENTIFICATION DETAILS
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Name : |
ISMT LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
01.09.1999 |
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Com. Reg. No.: |
11-016417 |
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Capital
Investment / Paid-up Capital : |
Rs.732.500 Millions |
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CIN No.: [Company
Identification No.] |
L27109PN1999PLC016417 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
PNEI00099B |
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PAN No.: [Permanent
Account No.] |
AAACJ9917A |
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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 manufacturing of Seamless Tubes
and Engineering Steels. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. The company has seen a dip in its sales revenue and has reported a
huge loss during 2014. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct. The company can be considered for business dealings with some caution.
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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 DENIED
Management Non Co-Operative (91-20-66024901)
LOCATIONS
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Registered Office/ Corporate Office : |
Lunkad Towers, Viman Nagar, Pune – 411014, Maharashtra, India |
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Tel. No.: |
91-20-41434100/ 01/ 66024901/ 02/ 03/ 04 |
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Fax No.: |
91-20-26630779 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Factory 1 (Tube) : |
MIDC Industrial Area, Ahmednagar – 414111, Maharashtra, India |
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Tel. No.: |
91-241-2777960/ 2777845/ 2777946 |
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Fax No.: |
91-241-2777363 |
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Factory 2 (Tube): |
MIDC Industrial Area, Baramati – 413133, India |
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Tel. No.: |
91-2112-243861/65 |
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Fax No.: |
91-2112-243873 |
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Factory 3 (Tube): |
Structo Hydraulics AB Storfors, Swedan |
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Factory 4 (Steel) : |
Jejuri – Morgaon Road, Jejuri – 412303, Maharashtra, India |
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Tel. No.: |
91-2115-253335 |
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Factory 5 (Power) : |
Village Kurla, Warora, Chandrapur – 422910, Maharashtra, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. S C Gupta |
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Designation : |
Chairman |
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Name : |
Mr. O P Kakkar |
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Designation : |
Director |
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Name : |
Mr. K K Rai |
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Designation : |
Director |
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Name : |
Mr. Vinod Sethi |
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Designation : |
Director (up to February 11, 2014) |
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Name : |
Mr. J P Sureka |
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Designation : |
Director |
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Name : |
Mr. B R Taneja |
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Designation : |
Director |
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Name : |
Mr. Suresh Khatanhar |
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Designation : |
Nominee Director of IDBI Bank Limited (w. e. f. June 06, 2012) |
KEY EXECUTIVES
|
Name : |
Mr. Salil Taneja |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. Rajiv Goel |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Nilesh Jain |
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Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
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|
5007553 |
3.42 |
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|
71542258 |
48.83 |
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|
76549811 |
52.25 |
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Total shareholding
of Promoter and Promoter Group (A) |
76549811 |
52.25 |
|
(B) Public
Shareholding |
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|
|
|
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|
75395 |
0.05 |
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|
1993848 |
1.36 |
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|
4843471 |
3.31 |
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|
6912714 |
4.72 |
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|
10173401 |
6.94 |
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|
|
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|
28609212 |
19.53 |
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|
13949149 |
9.52 |
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|
10307096 |
7.04 |
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|
3712205 |
2.53 |
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|
6594891 |
4.50 |
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|
63038858 |
43.03 |
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Total Public shareholding
(B) |
69951572 |
47.75 |
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Total (A)+(B) |
146501383 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
146501383 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Subject is engaged in manufacturing of Seamless Tubes
and Engineering Steels. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
· Andhra Bank · Bank of Baroda · Bank of India · Bank of Maharashtra · Central Bank of India · ICICI Bank Limited · IDBI Bank Limited · IKB Deutsche Industriebank AG · Indian Overseas Bank · State Bank of India |
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Facilities : |
Notes: Long Term
Borrowings
i.
Term Loans of Rs.3474.800 Millions (including current maturities of
Rs.382.000 Millions) (Previous Year Rs.1303.000 Millions including current maturities
of Rs.278.300 Millions) are stipulated to be secured by a first charge
ranking pari passu on the Company’s immovable properties and movable fixed
assets both present and future with other term lenders, excluding term loan
lenders where exclusive charge on
movable fixed assets as mentioned in clause (iii) has been stipulated
and assets of Captive Power Project of
the Company located at Chandrapur
district as mentioned in clause (v). These loans are further
stipulated to be secured by a second charge ranking pari passu by way of
hypothecation with other term lenders on the current assets of the Company on
which the first pari passu charge is stipulated to be covered in favour of
consortium of banks as mentioned in Note No. 1.6. ii.
Term Loans of Rs.2709.100 Millions (including current maturities of
Rs.1055.000 Millions) (Previous Year Rs.3161.500 Millions including current
maturities of Rs.897.500 Millions) are stipulated to be secured by a first
charge ranking pari passu on the Company’s immovable properties and movable
fixed assets both present and future with other term lenders, excluding term
loans lenders where exclusive charge on movable fixed assets as mentioned in
clause (iii) has been stipulated and assets of Captive Power project of the Company located at
Chandrapur district as mentioned in clause (v). iii.
Term Loans of Rs.2061.300 Millions (including current maturities of
Rs.1147.100 Millions) (Previous Year Rs.2489.500 Millions including current
maturities of Rs.646.300 Millions) are stipulated to be secured by exclusive
charge on the equipment finance. Out of above, term loan of Rs.800.900
Millions is further stipulated to be secured with the land appurtenant
thereto iv.
Term Loans of Rs.Nil (including current maturities of Rs.Nil)
(Previous Year Rs.111.500 Millions including current maturities of Rs.111.500
Millions) are stipulated to be secured by first charge on the entire fixed
assets ranking pari passu with other term lenders excluding term loans
lenders where exclusive charge on movable fixed assets as mentioned in clause
(iii) and (v) has been stipulated
v.
Term Loans of Rs.1369.200 Millions (including current maturities of
Rs.297.900 Millions) (Previous Year Rs.1367.100 Millions including current
maturities of Rs.171.200 Millions) are stipulated to be secured by first
charge ranking pari passu on the Company’s immovable properties and movable
fixed assets relating to Captive Power Projects of the Company located in
Chandrapur district. vi.
Term Loan of Rs.384.800 Millions (including current maturities of Rs.
Nil) (Previous Year Rs.396.400 Millions including current maturities of Rs.
Nil) is secured by first charge ranking pari passu by hypothecation in respect of current assets
of the Company present and future and are further secured by a second pari
passu charge on the Company’s immovable properties and all movable fixed
assets both present and future as referred in Note No.(i) above.
vii.
Finance Lease Obligation is secured by Hypothecation
of Assets taken under Finance Lease. (Rs. In Millions)
Short Term
Borrowings Working
Capital Borrowings from Consortium Banks is secured by first charge ranking
pari passu by hypothecation in respect of current assets of the Company
present and future and are further secured by a second pari passu charge on
the Company’s immovable properties and all movable fixed assets both present
and future as referred in Note No. 1.3 (i) |
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Banking
Relations : |
-- |
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Auditors 1 : |
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Name : |
J. K. Shah and Company Chartered Accountant |
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Auditors 2 : |
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Name : |
P. G. Bhagwat Chartered Accountant |
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Cost Auditors 1 : |
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|
Name : |
Dhananjay V. Joshi and Associates Cost Accountants |
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Cost Auditors 2 : |
|
|
Name : |
Parkhi Limaye and Company Cost Accountants |
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Advocates and Solicitors
: |
· J Sagar Associates ·
Federal and Rashmikant |
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Subsidiary
Companies : |
· ISMT Enterprises SA, Luxembourg · Structo Hydraulics AB, Sweden · ISMT Europe AB, Sweden · Structo (UK) Limited, United Kingdom · Tridem Port and Power Company Private Limited · Nagapattinam Energy Private Limited · Best Exim Private Limited. (w.e.f March 26, 2014) · Success Power and Infraprojects Private Limited (w.e.f March 26, 2014) · Marshal Microware Infrastructure Development Company Private Limited (w.e.f March 26, 2014) · PT ISMT Resources, Indonesia · Indian Seamless Inc, USA |
|
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Associate Companies
: |
· Indian Seamless Enterprises Limited · Taneja Aerospace and Aviation Limited · Structo Hydraulics India Private Limited · Lighto Technologies Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175000000 |
Equity Shares |
Rs.5/- each |
Rs.875.000 Millions |
|
|
Unclassified Shares |
|
Rs.710.000 Millions |
|
|
Total |
|
Rs.1585.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
146501383 |
Equity Shares |
Rs.5/- each |
Rs.732.500 Millions |
The Company has only one class of issued shares having par value of Rs.5/- each. Holder of Equity Shares is entitled to one vote per share.
The reconciliation of
number of shares outstanding and the amount of share capital is set-out below.
|
Equity Shares |
Number
of Shares |
Rs. in Millions |
|
Shares outstanding at the beginning of the year |
146501383 |
732.500 |
|
Shares issued during the year |
- |
- |
|
Shares bought back during the year |
- |
- |
|
Shares outstanding at the end of the year |
146501383 |
732.500 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Indian Seamless Enterprises Limited |
55533788 |
37.90% |
|
Vishkul Leather Garments Private Limited |
14102179 |
9.63% |
|
HDFC Trustee Company Limited - HDFC- Equity Fund |
-- |
-- |
|
Jiten Kirtanlal Shah |
7555305 |
5.16% |
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 |
732.500 |
732.500 |
732.500 |
|
(b) Reserves & Surplus |
2,312.400 |
4,165.700 |
5,090.800 |
|
(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) |
3,044.900 |
4,898.200 |
5,823.300 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
7,386.400 |
7,318.700 |
8,697.300 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
343.600 |
752.300 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
63.300 |
60.200 |
53.000 |
|
Total Non-current Liabilities (3) |
7,449.700 |
7,722.500 |
9,502.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4,641.300 |
3,218.400 |
1,150.800 |
|
(b) Trade payables |
5,904.200 |
6,399.600 |
5,917.500 |
|
(c) Other current
liabilities |
6,390.400 |
5,884.000 |
5,881.300 |
|
(d) Short-term provisions |
14.700 |
17.900 |
166.600 |
|
Total Current Liabilities (4) |
16,950.600 |
15,519.900 |
13,116.200 |
|
|
|
|
|
|
TOTAL |
27,445.200 |
28,140.600 |
28,442.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
13,145.400 |
13,560.200 |
11,331.700 |
|
(ii) Intangible Assets |
0.000 |
1.700 |
4.500 |
|
(iii) Capital
work-in-progress |
252.700 |
315.200 |
2,929.700 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
527.500 |
527.500 |
484.700 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
107.100 |
120.700 |
145.500 |
|
(e) Other Non-current assets |
925.700 |
928.700 |
981.500 |
|
Total Non-Current Assets |
14,958.400 |
15,454.000 |
15,877.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
15.000 |
|
(b) Inventories |
4,721.300 |
5,078.500 |
4,916.300 |
|
(c) Trade receivables |
3,716.900 |
4,000.600 |
4,117.500 |
|
(d) Cash and cash
equivalents |
1,289.900 |
743.700 |
899.800 |
|
(e) Short-term loans and
advances |
1,302.500 |
1,576.900 |
1,403.300 |
|
(f) Other current assets |
1,456.200 |
1,286.900 |
1,212.600 |
|
Total Current Assets |
12,486.800 |
12,686.600 |
12,564.500 |
|
|
|
|
|
|
TOTAL |
27,445.200 |
28,140.600 |
28,442.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15611.100 |
15917.900 |
19444.300 |
|
|
|
Other Income |
156.100 |
206.600 |
244.400 |
|
|
|
TOTAL (A) |
15767.200 |
16124.500 |
19688.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
7614.600 |
7734.400 |
10000.700 |
|
|
|
Purchases of Traded Goods |
17.800 |
82.100 |
0.000 |
|
|
|
Changes in Inventories of Finished Goods & Work-in-Progress |
(161.300) |
(271.800) |
(392.600) |
|
|
|
Employee Benefits |
1237.500 |
1157.900 |
1134.700 |
|
|
|
Other Expenses |
6029.500 |
5706.700 |
6291.200 |
|
|
|
Foreign Exchange (Gain)/Loss |
219.400 |
638.500 |
315.200 |
|
|
|
TOTAL (B) |
14957.500 |
15047.800 |
17349.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
809.700 |
1076.700 |
2339.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1835.300 |
1526.600 |
1207.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1025.600) |
(449.900) |
1131.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1020.900 |
956.400 |
845.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(2046.500) |
(1406.300) |
286.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(343.600) |
(409.200) |
0.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(1702.900) |
(997.100) |
285.900 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(749.800) |
247.300 |
589.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
0.000 |
0.000 |
109.900 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
17.800 |
|
|
|
General Reserve |
0.000 |
0.000 |
500.000 |
|
|
BALANCE CARRIED
TO THE B/S |
(2452.700) |
(749.800) |
247.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2765.800 |
3920.900 |
4755.700 |
|
|
|
Freight on Export |
142.400 |
199.800 |
254.900 |
|
|
|
Receipt against Arbitration case |
1340.500 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
4248.700 |
4120.700 |
5010.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4102.700 |
4554.800 |
4269.200 |
|
|
|
Stores & Spares |
601.700 |
502.700 |
477.600 |
|
|
|
Capital Goods |
2.400 |
0.000 |
253.200 |
|
|
TOTAL IMPORTS |
4706.800 |
5057.500 |
5000.000 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(11.62) |
(6.81) |
1.95 |
|
QUARTERLY RESULTS
|
Particulars |
|
|
30.06.2014 (Unaudited) |
|
|
|
|
1st Quarter |
|
Net Sales |
|
|
3869000 |
|
Total Expenditure |
|
|
3699.400 |
|
PBIDT (Excl OI) |
|
|
169.600 |
|
Other Income |
|
|
28.600 |
|
Operating Profit |
|
|
198.200 |
|
Interest |
|
|
522.200 |
|
Exceptional Items |
|
|
(91.200) |
|
PBDT |
|
|
(415.200) |
|
Depreciation |
|
|
163.600 |
|
Profit Before Tax |
|
|
(578.800) |
|
Tax |
|
|
0.000 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
(578.800) |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
(578.800) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(10.80) |
(6.18)
|
1.45
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(13.11) |
(8.83)
|
1.47
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.60) |
(5.15)
|
1.15
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.67) |
(0.29)
|
0.05
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.95 |
2.15
|
1.69
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.74 |
0.82
|
0.96
|
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 |
732.500 |
732.500 |
732.500 |
|
Reserves & Surplus |
5090.800 |
4165.700 |
2312.400 |
|
Net
worth |
5823.300 |
4898.200 |
3044.900 |
|
|
|
|
|
|
long-term borrowings |
8697.300 |
7318.700 |
7386.400 |
|
Short term borrowings |
1150.800 |
3218.400 |
4641.300 |
|
Total
borrowings |
9848.100 |
10537.100 |
12027.700 |
|
Debt/Equity
ratio |
1.691 |
2.151 |
3.950 |
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 |
19444.300 |
15917.900 |
15611.100 |
|
|
|
(18.136) |
(1.927) |
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
|
19444.300 |
15917.900 |
15611.100 |
|
Profit |
285.900 |
(997.100) |
(1702.900) |
|
|
1.47% |
(6.26)% |
(10.91)% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
Case Details |
||||||||
|
Bench:- Bombay |
||||||||
|
Presentation Date:- 23/10/2013 |
||||||||
|
Lodging No:- |
CPL/736/2013 |
Failing Date:- |
23/10/2013 |
Reg. No.: |
CP/164/2014 |
Reg. Date: |
01/03/2014 |
|
|
|
||||||||
|
Petitioner:- |
HOTEL PARC ESTIQUE |
Respondent:- |
ISMT LIMITED |
|||||
|
Petn.Adv:- |
S ASHINIKUMAR AND CO (O) |
|||||||
|
District:- |
MUMBAI |
|||||||
|
Bench:- |
SINGLE |
Category:- |
COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT |
|||||
|
Status:- |
Pre-Admission |
Stage:- |
|
|||||
|
Last Date:- |
20/03/2014 |
|
||||||
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER |
|||||||
|
|
|
|||||||
|
Act:- |
COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT |
|||||||
|
Under Section:- |
433 434 |
|||||||
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2014 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Term Loan from Bank |
0.000 |
150.000 |
|
Interest Free Incentive and Sales Tax Loan |
269.000 |
444.200 |
|
Short Term
Borrowings |
|
|
|
Working Capital Borrowings From Bank Rupee Loan |
500.000 |
500.000 |
|
Total |
769.000 |
1094.200 |
OPERATIONS
All the Plants viz., the two Tube Plants at Ahmednagar and Baramati, the Steel Plant at Jejuri and the Captive Power Plant at Chandrapur operated at poor utilization levels leading to higher production cost. However, the focus on internal cost cutting, both fixed and variable and minimizing working capital could partially mitigate the same.
SEGMENT / PRODUCT INFORMATION
The Company is engaged in manufacturing Seamless Tubes and Engineering Steels. Seamless Tube accounted for 72% of ISMT’s total external sales value while Steel accounted for the balance 28%. Captive consumption of steel marginally increased to 67% against 64% last year on back of higher steel production. Despite the weak macroeconomic environment proactive market development helped in expanding the domestic customer base for both Seamless tube and Steel business. Domestic sales volumes increased by 29% & 5% for both Seamless Tube and Steel business respectively.
OUTLOOK
With the new Government now in place, the business momentum is expected to pick up pace. The Company is well poised to take advantage of economic upturn which has started showing early positive signs.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED 30TH JUNE 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
|
|
|
Gross Sales/ Income from Operations |
6234.300 |
|
Less : Inter Segment Transfers |
1995.400 |
|
Inter Division Transfers |
9.900 |
|
Excise Duty |
400.600 |
|
(a) Net Sales/ Income from Operations |
3739.300 |
|
(b) Other Operating Income |
129.700 |
|
Total Income from Operations |
3869.000 |
|
Expenses |
|
|
(a) Consumption of Raw Materials |
166.600 |
|
(b) Purchases of stock-in-trade |
5.100 |
|
(c) Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
396.700 |
|
(d) Employee benefits expense |
318.600 |
|
(e) Depreciation, Amortisation and Obsolescence |
163.600 |
|
(f) Other Expenses : |
|
|
(i) Energy |
761.600 |
|
(ii)Other Direct Expenditure |
464.400 |
|
(iii) Other Expenditure |
87.000 |
|
Total Expenses |
3863.000 |
|
Profit / (Loss) from Operations before other income,finance costs |
6.000 |
|
and exceptional items |
|
|
Other Income |
28.600 |
|
Profit / (Loss) from ordinary activities before finance costs and |
34.600 |
|
exceptional items ( |
|
|
Finance Costs |
522.200 |
|
Profit / (Loss) from ordinary activities after finance costs but
before exceptional items ( 5-6) |
(487.600) |
|
Exceptional
items |
|
|
a) Foreign Exchange
(Gain)/ Loss |
71.500 |
|
b) Excess Energy Cost |
- |
|
c) Others |
19.700 |
|
Profit / (Loss) from ordinary activities before tax |
(578.800) |
|
Tax Expenses |
- |
|
Net Profit / (Loss) from ordinary activities after tax |
(578.800) |
|
Extraordinary items |
- |
|
Net Profit / (Loss) for the period |
(578.800) |
|
Paid-up Equity Share Capital (Face Value of Rs.5/- per share) |
732.500 |
|
Reserves excluding Revaluation Reserves as per |
- |
|
Balance Sheet of previous accounting year. |
|
|
Earnings per share before extraordinary items |
|
|
Basic & Diluted Earnings per share of Rs.5/- each (Rs) ( not
annualised) |
(3.95) |
|
Earnings per share after extraordinary items |
|
|
Basic & Diluted Earnings per share of Rs.5/- each (Rs) ( not
annualised) |
(3.95) |
|
|
|
|
|
|
|
Select information for the quarter ended 30th june, 2014. |
|
|
|
|
|
Particulars of shareholding |
|
|
Public shareholding |
|
|
Number of Shares |
69951572 |
|
Percentage of Shareholding |
47.75% |
|
Promoters and promoter group shareholding |
|
|
(a) Pledged / Encumbered |
|
|
Number of Shares |
NIL |
|
Percentage of Shares ( as a % of the total shareholding of promoter |
- |
|
and promoter group ) |
|
|
Percentage of Shares ( as a % of the total share capital of the
company ) |
- |
|
(b) Non - Encumbered |
|
|
Number of Shares |
76549811 |
|
Percentage of Shares ( as a % of the total shareholding of promoter |
100.00% |
|
and promoter group ) |
|
|
Percentage of Shares ( as a % of the total share capital of the
company ) |
52.25% |
|
INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the quarter |
NIL |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unresolved at the end of the quarter |
NIL |
Notes:
i.
The Company had adopted the Hedge Accounting policy
and principles set out in Accounting Standard (AS) 30 Financial Instruments:
Recognition and Measurement. During the quarter ended 30th June, 2014, the
Company has carried Exchange Loss of Rs.55.300 Millions to Hedge Reserve
Account and charged Exchange Loss of Rs.118.000 Millions to Statement of Profit and Loss from Hedge Reserve
Account. Balance in Hedge Reserve Accounts as on 30th June, 2014 is Rs.144.600
Millions.
ii.
The Company has exercised the option as per Para 46
A inserted in the Accounting Standard ( AS-11) for treatment of exchange
difference on long term monetary liabilities, other than covered under the
Hedge accounting . Accordingly during the quarter ended 30th June, 2104,
Exchange Gain capitalized is Rs.8.500 Millions and Exchange Gain recognized in
Foreign Currency Monetary Item Translation Difference Account (FCMITDA) is
Rs.0.030 Millions and Exchange Loss of Rs.4.100 Millions transferred to
Statement of Profit and Loss from FCMITDA. Balance in FCMITDA as on 30th June,
2014 is Rs.93.700 Millions.
iii.
Based on the advice on treatment of Amalgamation
Reserve created in terms of the Scheme
of Arrangement, sanctioned by the Hon'ble High Court, Bombay, the
Company has adjusted depreciation of Rs.1.11 Millions during current quarter
ended 30th June, 2014 against the Amalgamation Reserve.
iv.
The Company has invested Rs.484.300 Millions in its
subsidiary ISMT Enterprises, Luxembourg, which in turn holds 100 % investment
in Structo Hydraulics AB, Sweden (SHAB). The company has given a corporate
guarantee of Rs180.300 Millions (USD 3 Million) for loan availed by SHAB. The net recoverable as on June, 30th 2014 on
account of supplies by the company to SHAB is Rs.459.900 Millions. SHAB has
incurred cash losses and the net worth of SHAB is eroded. The management is of
the opinion that the investment made in ISMT Enterprises group is strategic and
as a forward integration in the value chain of core business of the company and
the diminution in value of investment is temporary in nature, as such no
provision for the same is considered necessary.
v.
Upon petition filed by the Company regarding non
implementation of Energy Banking Agreement (EBA) dated 7th May, 2010,
Maharashtra Electricity Regulatory Commission (MERC) granted partial relief to
the Company by its order dated 20th June, 2014. The company being aggrieved by
the said order has filed a Review application before MERC on 9th July, 2014 to
reconsider its decision on various grounds. Based on Legal advice, the Company,
pending final disposal of the review application had accrued the EPA benefit
aggregating to Rs.499.700 Millions till 31st March, 2014 representing excess
energy charges paid to MSEDCL on account of no availability of banking
facility. There was no further accrual during the quarter on account of
temporary suspension of
operation of power plant.
vi.
Pending an independent ascertainment of useful life
of fixed assets, the Company has
reworked depreciation with reference to the useful lives of Fixed Assets
prescribed by Schedule II of the Companies Act 2013, due to which there is a
lower charge of depreciation of Rs.106.900 Millions in the current quarter
ended 30th June, 2014. In respect of assets where life is already exhausted,
carrying value as at April, 01, 2014 of Rs.97.600 Millions has been adjusted to
Reserves.
vii.
In the opinion of the management, the outstanding MAT Entitlement as at 30th June 2014
of Rs.914.400 Millions is expected to be utilized within the stipulated time
period prescribed as per the provisions of Income Tax Act, 1961. Nevertheless,
any amount lapsing in future due to insufficient taxable profits shall be fully
provided in the respective years of lapsing.
viii.
The Company had not sought Open Access for wheeling
of power from its Captive Power Plant
with effect from April 01, 2014, since the operations of the Captive Power
Plant have been temporarily suspended
ix.
The figures of the last quarter of previous year
are the balancing figures between audited figures in respect of the full
financial year and the published year to date figures up to the third quarter
of the respective financial year.
x.
The comparative figures are regrouped and
reclassified to meet the current quarter's classification.
xi.
The above results were reviewed by the Audit
committee and have been taken on record by the Board of Directors at their
meeting held on 13th August, 2014.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10457773 |
30/10/2013 |
500,000,000.00 |
State Bank of India |
INDUSTRIAL FINANCE BRANCH, PUNE, TARA CHAMBERS, MUMBAI PUNE ROAD, PUNE, MAHARASHTRA - 411003, INDIA |
B88611462 |
|
2 |
10448095 |
30/08/2013 |
500,000,000.00 |
Bank of India |
SUSHILP, 1290, SHIVAJINAGAR, OPPOSITE SWAN INN, OFF. JANGLI MAHARAJ ROAD, PUNE, MAHARASHTRA - 411005, INDIA |
B84601442 |
|
3 |
10447489 |
24/08/2013 |
500,000,000.00 |
Bank of Baroda |
CORPORATE FINANCIAL SERVICES BRANCH, MANTRI COURT, 1ST FLOOR, 39, RAMABAI AMBEDKAR ROAD, PUNE, MAHARASHTRA - 411001, INDIA |
B84253087 |
|
4 |
10446041 |
01/08/2013 |
500,000,000.00 |
BANK OF MAHARASHTRA |
LOKMANGAL, 1501, SHIVAJINAGAR, PUNE, MAHARASHTRA - 411005, INDIA |
B83566620 |
|
5 |
10440923 |
03/07/2013 |
400,000,000.00 |
ICICI Bank Limited |
'A' WING, SHANGRILA GARDEN, 3RD FLOOR, BUNDGARDEN ROAD, PUNE, MAHARASHTRA - 411001, INDIA |
B81064719 |
|
6 |
10433156 |
05/06/2013 |
300,000,000.00 |
Andhra Bank |
SPECIALIZED CORPORATE FINANCE BRANCH, 16TH FLOOR, EARNEST HOUSE, NCPA MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B78015427 |
|
7 |
10419654 |
04/04/2013 |
500,000,000.00 |
Indian Overseas Bank |
PUNE CANTONMENT BRANCH, WONDERLAND, 7 M G ROAD, PUNE, MAHARASHTRA - 411001, INDIA |
B73172025 |
|
8 |
10383532 |
08/10/2012 |
516,500,000.00 |
Bank of India |
4TH FLOOR, 63 QUEEN VICTORIA STREET, LONDON, - EC4N4UA, UNITED KINGDOM |
B60930641 |
|
9 |
10384144 |
08/10/2012 |
774,750,000.00 |
BANK OF BARODA |
GLOBAL SYNDICATION CENTER, 32 CITY ROAD, LONDON,- EC1Y2BD, UNITED KINGDOM |
B61175071 |
|
10 |
10357625 |
23/05/2012 |
450,000,000.00 |
Bank of India |
1162/6 SHIVAJINAGAR, UNIVERSITY ROAD, PUNE, MAHARASHTRA - 411005, INDIA |
B40381154 |
|
11 |
10346942 |
30/03/2012 |
1,100,000,000.00 |
Bank of Maharashtra |
LOKMANGAL, 1501, SHIVAJINAGAR, PUNE, MAHARASHTRA - 411005, INDIA |
B36759421 |
|
12 |
10306539 |
26/08/2011 |
440,000,000.00 |
Central Bank of India |
PUNE CAMP BRANCH, 317, M G ROAD, PUNE, MAHARASHTRA - 411001, INDIA |
B20656641 |
|
13 |
10312001 |
15/03/2012 * |
500,000,000.00 |
ICICI Bank Limited acting through its Singapore Branch |
9 RAFFLES PLACE #50-01, REPUBLIC PLAZA, SINGAPORE , - 048619, SINGAPORE |
B35303098 |
|
14 |
10285250 |
04/05/2011 |
50,000,000.00 |
Bank of Maharashtra |
628 / 629 SACHAPIR STREET, CAMP BRANCH, PUNE, MAHARASHTRA - 411001, INDIA |
B12073854 |
|
15 |
10277142 |
16/04/2012 * |
500,000,000.00 |
Andhra Bank |
SPECIALIZED CORPORATE FINANCE BRANCH, 16TH FLOOR, EARNEST HOUSE, NCPA MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B39138888 |
|
16 |
10264133 |
11/01/2011 |
850,000,000.00 |
Bank of Maharashtra |
628/629, SACHAPIR STREET, CAMP BRANCH, PUNE, MAHARASHTRA - 411001, INDIA |
B05011531 |
|
17 |
10260098 |
28/12/2010 |
460,000,000.00 |
Central Bank of India |
PUNE CAMP BRANCH, 317, M.G. ROAD, PUNE, MAHARASHTRA - 411001, INDIA |
B03163854 |
|
18 |
10220918 |
29/04/2010 |
600,000,000.00 |
Indian Overseas Bank |
7 M G ROAD, WONDERLAND, CAMP, PUNE, MAHARASHTRA - 411001, INDIA |
A86681020 |
|
19 |
10211203 |
28/12/2010 * |
500,000,000.00 |
Bank of India |
1162/6, SHIVAJI NAGAR, NEAR OBSERVATORY, UNIVERSITY ROAD, PUNE, MAHARASHTRA - 411005, INDIA |
B02537827 |
|
20 |
10211194 |
22/03/2010 |
400,000,000.00 |
BANK OF MAHARASHTRA |
628/629 SACHAPIR STREET, CAMP BRANCH, PUNE, MAHARASHTRA - 411001, INDIA |
A82974296 |
FIXED ASSETS
· Land – Freehold
· Land – Leasehold
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Office Equipment
· Vehicles
· Techinical Know-How
· Software Development
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No 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.60.92 |
|
UK Pound |
1 |
Rs.98.66 |
|
Euro |
1 |
Rs.78.64 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
29 |
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.