MIRA INFORM REPORT
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Report No. : |
335115 |
|
Report Date : |
07.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
UTTAM GALVA STEELS LIMITED |
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|
|
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Registered
Office : |
Uttam House, 69, P D ‘Mello Road, Mumbai – 400009, Maharashtra |
|
Tel. No.: |
91-22-6656 3500 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
29.03.1985 |
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Com. Reg. No.: |
11-035806 |
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Capital
Investment / Paid-up Capital : |
Rs.1422.600
Million |
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|
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CIN No.: [Company Identification
No.] |
L27104MH1985PLC035806 |
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|
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMU03480B |
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PAN No.: [Permanent Account No.] |
AAACU1710C |
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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 Company is in the business of manufacturing of intermediate steel products i.e Cold Rolled Steel (CR) and Galvanised Products comprising of Galvanised Plain (GP), Galvanised Corrugated (GC) and Colour Coated Products (CCP) Coils and Sheets. |
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|
|
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No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and
healthy. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
Not Available
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
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Raghvendra Kumar |
|
Designation : |
Finance Controller |
|
Contact No.: |
91-22-66563500 |
|
Date : |
05.08.2015 |
LOCATIONS
|
Registered
/ Corporate Office
: |
Uttam House, 69, P D Mello Road, Carnac Bandar,
Mumbai – 400009, Maharashtra, India |
|
Tel.
No.: |
91-22-66563500 |
|
Fax
No.: |
91-22-23485025 |
|
E-Mail
: |
|
|
Website
: |
|
|
Location : |
Owned |
|
|
|
|
Factory
1 : |
Khopoli - Pen Road, Village Donvat, Taluka Khalapur,
District Raigad - 410202, Maharashtra, India |
|
Tel.
No.: |
91-2192-278053/ 278055/ 278146 |
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Fax
No.: |
91-2192-278143 |
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Factory
2 : |
Khopoli - Pali Road, Village Dahivali, Taluka
Khalapur, District Raigad, Maharashtra, India |
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Factory
3: |
Taloja -12, MIDC, District Raigad, Maharashtra,
India |
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Branch
Offices : |
Located
at : · Keonjhar, Odisha · Pune · New Delhi · Bangalore · Ahmedabad · Chennai · Indore ·
Secunderabad
· Hyderabad ·
Bhubaneswar |
|
|
|
|
Steel
Service Centers : |
Located
at : · Mumbai, Maharashtra · Kolkata, West Bengal · New Delhi · Kanpur, Uttar Pradesh · Ghaziabad, Uttar Pradesh · Guwahati, Assam |
DIRECTORS
AS ON 31.03.2015
|
Name
: |
Mr. Rajinder K. Miglani |
|
Designation
: |
Chairman |
|
Address
: |
21-B, Embassy Apartments, 46, Nepean Sea Road, Mumbai – 400036, Maharashtra, India |
|
Qualification
: |
Science Graduate |
|
Date
of Appointment : |
31.12.1998 |
|
DIN
No.: |
00286788 |
|
Brief
Resume : |
He is an Industrialist and joined the Board as the Promoter Director since the inception of the Company. He is a graduate and having more than 49 years of experience in the Steel Industry. |
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|
Name : |
Mr. Om Parkash Kewal Krishan Gahrotra |
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Designation : |
Additional Director |
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Address : |
12, Praneet, Dr J. Palker Road, Worli, Mumbai - 400030, Maharashtra, India |
|
Brief Resume : |
He is a Science Graduate and has done Masters in Financial Management from Jamnalal Bajaj Institute of management, Bombay and Masters in Social Science (Development Finance) from Birmingham University, United Kingdom. He is a Member of the Indian Administrative Service (IAS) belonging to the 1969 Batch of the Maharashtra Cadre of the service. He retired in September, 2006 as Additional Chief Secretary, Finance to the Government of Maharashtra. |
|
Date
of Appointment : |
21.01.2012 |
|
DIN
No.: |
00936696 |
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Name : |
Mr. D L Rawal |
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Designation : |
Additional director |
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Address : |
'Anugraha' No. 1363, 9th Cross, J P Nagar, I Phase, Bangalore - 560076, Karnataka, India |
|
Brief Resume : |
He is a Science Graduate (Hons.) and Certified Associate of Indian Institute of Banker (CAIIB). He has an experience of more than 40 years in operational and policy formulation in Corporate Banking. After serving in Punjab National Bank as General Manager and Canara Bank as an Executive Director, he retired as a Chairman & Managing Director of Dena Bank. He had also been on the Boards and Executive Committee of Life Insurance Corporation of India, Agriculture Finance Corporation and many other such renowned Institutions. |
|
Date
of Appointment : |
24.05.2013 |
|
DIN
No.: |
00955797 |
|
|
|
|
Name : |
Mr. Shirishkumar Trilokchandra Parikh |
|
Designation : |
Director |
|
|
Prakruti Kunj Society, Bhudarpura B/H Vikram Flats, Ahmedabad - 380015, Gujarat, India |
|
Qualification: |
B.E. (Civil) |
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Date
of Appointment : |
12.09.1987 |
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DIN
No.: |
00941756 |
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|
|
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Name : |
Swarna Prabha Sukumar |
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Designation : |
Director (Nominee of LIC) |
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Qualification: |
Science Graduate |
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Date
of Appointment : |
04.11.2014 |
|
DIN
No.: |
01327918 |
|
Brief
Resume : |
She is double Graduate, BSC (Physics with Statistics and Maths) and gold Medalist in Bachelor of Public Relations. She is a life member of the Public relations society of India and the Indian Red Cross Society. She is a member of Institute of Directors (IOD) and member of IGRP of National Stock Exchange She has a carrer spaning thirty – four years in LIC. She was the Executive Director, Underwriting and Reinsurance of LIC. She has executed pioneering IT projects for LIC. |
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|
|
|
Name : |
Mr. Anuj Miglani |
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Designation : |
Managing Director |
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Qualification : |
Mechanical Engineer from Imperial College, Mumbai |
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Date
of Appointment : |
01.02.1995 |
|
DIN
No.: |
00287097 |
|
|
|
|
Name : |
Mr. Ankit Miglani |
|
Designation : |
Director (Commercial) |
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Qualification : |
Graduate in Economics from Wharton School U.S.A. |
|
Date of Appointment : |
29.07.2005 |
|
Brief
Resume : |
He is a Graduate in Economics with specialization in Finance from Wharton School, University of Pennsylvania and Philadelphia, U.S.A. He has joined the Board of Uttam Galva Steels Limited on 29th July, 2005. He is overseeing all the major commercial functions such as Marketing and procurement of Critical Raw Materials and is actively involved in formulating strategic alliances and undertaking strategic business initiatives. |
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DIN
No.: |
00444956 |
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|
|
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Name
: |
Mr. Gursharan S Sawhney |
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Designation
: |
Executive Director (Finance) and Chief Financial Officer |
|
Brief
Resume : |
He is a Science Graduate, qualified Chartered Accountant from the Institute of Chartered Accountants of India and a qualified Company Secretary from the Institute of Company Secretaries of India. He also has done post graduate diploma in business management from XLRI. He has over 36 years of experience in finance and accounts with Companies like Batliboi and Company and Ispat Industries. He specializes in project financing. |
|
DIN
No.: |
02339467 |
KEY EXECUTIVES
|
Name : |
Mr. R. K. Agrawal |
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Designation : |
Senior Vice President and Company Secretary |
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Tel
No. : |
91-22-23437831 |
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E-mail
: |
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|
|
|
Name : |
Raghvendra Kumar |
|
Designation : |
Finance Controller |
SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a %
of Total No. of Shares |
|
|
||
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
5961700 |
4.19 |
|
|
39304520 |
27.63 |
|
|
45266220 |
31.82 |
|
|
|
|
|
|
41327931 |
29.05 |
|
|
41327931 |
29.05 |
|
Total shareholding of
Promoter and Promoter Group (A) |
86594151 |
60.87 |
|
|
|
|
|
(B) Public Shareholding |
||
|
|
|
|
|
|
38629 |
0.03 |
|
|
44600 |
0.03 |
|
|
69 |
0.00 |
|
|
124104 |
0.09 |
|
|
3631107 |
2.55 |
|
|
3838509 |
2.70 |
|
|
|
|
|
|
1861220 |
1.31 |
|
|
|
|
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Individual shareholders
holding nominal share capital up to Rs. 0.100 Million |
8738058 |
6.14 |
|
Individual shareholders
holding nominal share capital in excess of Rs. 0.100 Million |
2247248 |
1.58 |
|
|
38980917 |
27.40 |
|
|
276268 |
0.19 |
|
|
500 |
0.00 |
|
|
3280770 |
2.31 |
|
|
35423379 |
24.90 |
|
|
51827443 |
36.43 |
|
Total Public shareholding
(B) |
55665952 |
39.13 |
|
|
|
|
|
Total (A)+(B) |
142260103 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
142260103 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is in the business of manufacturing of intermediate steel products i.e Cold Rolled Steel (CR) and Galvanised Products comprising of Galvanised Plain (GP), Galvanised Corrugated (GC) and Colour Coated Products (CCP) Coils and Sheets. |
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Product/ service: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash and Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Cash and Credit (30 days / 60 days / 90 days) |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1500 (Approximately) |
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Bankers : |
· State Bank of India · Canara Bank · Punjab National Bank · Union Bank of India · IDBI Bank Limited · Bank of Baroda · Indian Overseas Bank · ICICI Bank Limited · Punjab and Maharashtra Co-Operative Bank Limited · Allahabad Bank |
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Facilities : |
Note : Long-term
Borrowings Details of terms of repayment for the Secured Long-Term Borrowings and security provided in respect thereof:
Term Loans, ECBs & FCTL from Banks and Financial Institutions are secured by mortgage and the lenders have first pari passu charge on all the present and future movable and immovable assets of the Company but not limited to plant and machinery, machinery spares, tools and accessories in possession or not, stored, or to be brought in Company’s premises or lying at any other place of the Company’s representative affiliates and all the intangible assets of the Company, except for Packing machine supplied by PESMEL, Finland. ECA from Nordea Bank is secured by exclusive charge on Packing machine, supplied by PESMEL, Finland. Short-term
borrowings Loans from Banks on Cash Credit and Packing Credit Accounts are Secured by Hypothecation of all Tangible, Movable assets such as Raw Material, WIP, Finished Goods, Stock in Transit and Book Debts etc. and the second charge on fixed assets of the Company except Packing Machine supplied by PESMEL, Finland. |
|
Statutory Auditors : |
|
|
Name : |
Prakkash Muni and Associates Chartered Accountants |
|
Address : |
303, The Engle’s Flight, Suren Road, off Andheri
Kurla Road, Near Western Express Highway Junction, Andheri (East), Mumbai –
400093, Maharashtra, India |
|
Tel. No.: |
91-22-66300900 |
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Fax No.: |
91-22-66300990 |
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E-Mail : |
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Website : |
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Internal Auditors : |
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|
Name : |
K S Aiyar and Company Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Wholly Owned Subsidiary : |
· Uttam Galva Holding Limited · Uttam Galva Steels ( BVI) Limited · Atlantis International Service Company Limited · Uttam Galva Steels , Netherland BV · Neelraj International Trade Limited · Uttam Galva North America, INC · Uttam Export BVI · Uttam Galva International FZE ( Step Down Subsidiary) |
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Co-Promoter |
ArcelorMittal Netherlands, B.V. |
|
|
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|
Ability to Control/
Exercise Significant Influence : |
· ArcelorMittal Finanzaria, SRL · ArcelorMittal International Luxembourg · ArcelorMittal Cons Reunion · ArcelorMittal Distribution Solution · ArcelorMittal SSC, Italia · ArcelorMittal Singapore Private Limited · ArcelorMittal International FZE |
|
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|
Associates/ Joint
Ventures : |
· Grow Well Mercantile Private Limited · Moira Madhujore Coal Limited · Evergreen Tradeplace Private Limited · Uttam Value Steels Limited · Shree Uttam Steel and Power Limited · Kredence Multi Trading Limited · Uttam Galva Metallics Limited · Archisha Steels Private Limited · Uttam Utkal Steels Limited · Uttam Galva International PTE Limited · Sainath Trading Company Private Limited · Uttam Exports Private Limited · Texturing Technology Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,00,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 5000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14,22,60,103 |
Equity Shares |
Rs. 10/- each |
Rs. 1422.600 Million |
|
|
|
|
|
Reconciliation of No
of Shares outstanding is set out below:
|
Equity Shares |
Number
of Shares |
|
Equity Shares at the beginning of the year |
14,22,60,103 |
|
Add: Shares Issued during the year |
-- |
|
Equity Shares at the end of the year |
14,22,60,103 |
Details of
Shareholder holding more than 5% Equity Shares is set out below:
|
Name of
Shareholders |
Number
of Shares |
% holding |
|
Equity Shares with
Voting Rights |
|
|
|
Kredence Multi Trading Limited |
1,49,21,063 |
10.49% |
|
Uttam Exports Private Limited |
73,24,379 |
5.15% |
|
ArcelorMittal
Netherlands BV |
4,13,27,931 |
29.05% |
|
Cresta Fund Limited |
1,41,01,426 |
9.91% |
|
Albula Investment Fund Limited |
1,28,56,750 |
9.04% |
|
Asia Investment Corporation (Mauritius)
Limited |
84,42,125 |
5.93% |
|
Evergreen Tradeplace Private Limited |
78,85,600 |
5.54% |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1422.600 |
1422.600 |
1422.600 |
|
(b) Reserves &
Surplus |
18065.800 |
11396.200 |
11043.000 |
|
(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) |
19488.400 |
12818.800 |
12465.600 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
24843.000 |
23582.600 |
17745.100 |
|
(b) Deferred tax
liabilities (Net) |
2088.800 |
1958.800 |
1682.500 |
|
(c) Other long term
liabilities |
4298.100 |
5710.000 |
3257.500 |
|
(d) long-term provisions |
105.300 |
115.200 |
115.300 |
|
Total Non-current
Liabilities (3) |
31335.200 |
31366.600 |
22800.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4258.600 |
2945.000 |
2658.000 |
|
(b) Trade payables |
25947.600 |
23447.200 |
18175.200 |
|
(c) Other current
liabilities |
7992.200 |
9465.400 |
12110.900 |
|
(d) Short-term provisions |
89.700 |
3.000 |
117.200 |
|
Total Current Liabilities
(4) |
38288.100 |
35860.600 |
33061.300 |
|
|
|
|
|
|
TOTAL |
89111.700 |
80046.000 |
68327.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
46820.300 |
39842.000 |
32175.100 |
|
(ii) Intangible Assets |
186.800 |
229.800 |
0.000 |
|
(iii) Capital
work-in-progress |
7988.600 |
6941.100 |
5468.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
528.700 |
239.400 |
234.600 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1225.400 |
1295.800 |
1064.600 |
|
(e) Other Non-current
assets |
8.700 |
6.500 |
32.500 |
|
Total Non-Current Assets |
56758.500 |
48554.600 |
38974.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
12684.700 |
7947.500 |
10372.400 |
|
(c) Trade receivables |
12107.200 |
9837.500 |
6844.900 |
|
(d) Cash and cash
equivalents |
387.700 |
532.800 |
1696.400 |
|
(e) Short-term loans and
advances |
7173.600 |
13173.600 |
10438.800 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
32353.200 |
31491.400 |
29352.500 |
|
|
|
|
|
|
TOTAL |
89111.700 |
80046.000 |
68327.300 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
69521.300 |
54363.700 |
59110.700 |
|
|
Other Operational Income |
248.900 |
309.000 |
54.000 |
|
|
Other Income |
104.600 |
295.300 |
85.600 |
|
|
TOTAL |
69874.800 |
54968.000 |
59250.300 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
39635.200 |
28783.200 |
32521.600 |
|
|
Purchases of
Stock-in-Trade |
18256.000 |
11479.200 |
16094.600 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(486.800) |
2057.700 |
(1862.000) |
|
|
Extraordinary Income |
0.000 |
0.000 |
(200.000) |
|
|
Prior Period Income |
0.000 |
(27.400) |
0.000 |
|
|
Employees benefits
expense |
1030.600 |
882.900 |
763.300 |
|
|
Other expenses |
6025.700 |
5940.700 |
5707.300 |
|
|
TOTAL |
64460.700 |
49116.300 |
53024.800 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
5414.100 |
5851.700 |
6225.500 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
2621.300 |
2890.900 |
3046.400 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
2792.800 |
2960.800 |
3179.100 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2239.400 |
2148.200 |
1825.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
553.400 |
812.600 |
1353.300 |
|
|
|
|
|
|
|
Less |
TAX |
246.000 |
459.400 |
737.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
307.400 |
353.200 |
615.500 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
30533.700 |
19239.900 |
19493.900 |
|
|
TOTAL EARNINGS |
30533.700 |
19239.900 |
19493.900 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
38572.700 |
18776.900 |
20299.300 |
|
|
Components and Stores
parts |
118.500 |
94.500 |
107.700 |
|
|
Capital Goods |
122.500 |
325.300 |
412.200 |
|
|
TOTAL IMPORTS |
38813.700 |
19196.700 |
20819.200 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
|
|
|
|
Basic and Diluted including
Extraordinary Item |
2.16 |
2.48 |
5.03 |
|
|
Basic and Diluted excluding
Extraordinary Item |
2.16 |
2.33 |
3.72 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
2220.500 |
1042.200 |
2485.400 |
|
Cash Generated from Operations |
8801.700 |
8922.900 |
8769.400 |
|
Cash Flow from Operating Activities |
8794.900 |
8619.700 |
8442.600 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.44 |
0.65 |
1.04 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
7.79 |
10.76 |
10.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.69 |
1.12 |
2.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.06 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.61 |
2.15 |
1.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.84 |
0.88 |
0.89 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.38.90/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
1422.600 |
1422.600 |
1422.600 |
|
Reserves & Surplus |
11043.000 |
11396.200 |
18065.800 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
12465.600 |
12818.800 |
19488.400 |
|
|
|
|
|
|
long-term borrowings |
17745.100 |
23582.600 |
24843.000 |
|
Short term borrowings |
2658.000 |
2945.000 |
4258.600 |
|
Current maturities of
long term debt |
2485.400 |
1042.200 |
2220.500 |
|
Total borrowings |
22888.500 |
27569.800 |
31322.100 |
|
Debt/Equity ratio |
1.836 |
2.151 |
1.607 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
59110.700 |
54363.700 |
69521.300 |
|
|
|
(8.031) |
27.882 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
59110.700 |
54363.700 |
69521.300 |
|
Profit |
615.500 |
353.200 |
307.400 |
|
|
1.04% |
0.65% |
0.44% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Other
loans ( SICOM & Others) |
71.400 |
202.200 |
|
Short-term
borrowings |
|
|
|
Loan
from Bank |
1099.200 |
1340.000 |
|
Total |
1170.600 |
1542.200 |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
(a) Letters of Credit outstanding |
14387.100 |
9886.400 |
|
(b) Bank Guarantees |
627.000 |
1244.200 |
|
(c) Estimated amount of contracts remaining to be executed
on capital account and not provided for |
611.600 |
832.100 |
|
(d) Disputed Statutory Liabilities |
257.700 |
163.500 |
|
The Company had given a corporate guarantee of Rs.875.400 Million (Previous Year Rs. 875.400 Million) to Commissioner of Customs against export obligation of Uttam Galva Metallics Limited. The Company had given a corporate guarantee of Rs. 43.000 Million (Previous Year Rs. 43.000 Million) to Punjab National Bank Limited, against Loan obtained by Moira Madhujore Coal Limited. |
||
CORPORATE INFORMATION
The Company is promoted by Miglani Family initially in the year 1985 and ArcelorMittal has joined as Co-Promoter in the year 2009-10.
The Company is in the business of manufacturing of intermediate steel products i.e Cold Rolled Steel (CR) and Galvanised Products comprising of Galvanised Plain (GP), Galvanised Corrugated (GC) and Colour Coated Products (CCP) Coils and Sheets; situated at Khopoli, Mumbai, Western part of India. The Company is in the business of procuring Hot Rolled Steel (HR) and processing it in to CR and further in to GP and PPGI. Its current facilities are mainly in thicker and thinner guage material. The CR not used for galvanizing is converted to value added grades in Cold Rolled Closed Annealed (CRCA) coils, Cut to Length (CTL) Sheets and also sold as Full Hard CR in Domestic and Overseas market. The market segment for value added grades include Appliance, General Engineering, Automotive, Construction, Packaging, Sandwich Panels and Others.
The Company has initiated the process of development of surplus land available at Pali Road Complex (PRC), Khalapur.
The Registered office of the Company is situated at Uttam House, 69 P D’Mello Road, Carnac Bunder, Mumbai.
FINANCIAL PERFORMANCE
The Company has achieved a turnover of Rs. 73765.900 Million as against Rs. 57545.600 Million in the previous year. The Company posted Profit before Tax of Rs. 553.400 Million as against Rs. 812.600 Million in the previous year. The gross revenue has increased mainly on account of merchandise export and Profit before Tax has come down mainly due to falling steel prices and low demand.
OPERATIONS
EXPORT MARKET
The Indian Steel markets have witnessed de-growth in the export segment. Steel Exports from Indian market dropped by 8.1% during the period whereas Import of the Steel surged by almost 71% due to sharper fall in international steel prices than domestic prices.
The exports volume was lower by 17 % during the year as compared to 2013-14, the prices being under incessant pressure especially in the second half of the year in the wake of increased low price supplies from China. During the year the Company has, however, increased its volume in some markets like Africa by 77% and has almost doubled the volume in Latin America compare to last year.
The Company has serviced 148 countries since its entry into the export business and is recognized as quality supplier in both developed and emerging markets. The Company has maintained its presence in the International Market in spite of the currency crises and change in regulations in some of the countries.
The Company has been successful in negating the initiation of anti-dumping laws for their products in Australia in 2014 which has consequently opened up this market. However, possible initiation for the same for US markets is a matter of concern in the future.
The global economy expanded during the financial year at a moderate and uneven pace. Legacies from the global financial crisis continue to weigh on growth. The economy is expected to grow 3.1 per cent in 2015 compared with an estimated growth of 2.6 per cent in 2014. Emerging and developing economies are expected to grow by 5.4 percent which is a positive trend in line with their expectation. This is expected to provide a wider base to their international business.
DOMESTIC MARKET
Growth rate of Indian Domestic steel consumption has improved to 3.1% in 2014-15 from 0.6% in 2013-14. With the construction sector, which accounts for about 60% of the total steel demand in India, is yet to witness an on-the-ground recovery, the automobile sector is expected to be the growth engine for domestic steel demand in the near term.
In the Original Equipment Manufacturer (OEM) market, the Company has been focusing on high growth, profitable and niche areas especially in the Home Appliances, Automotive, Construction and
Electrical Equipment segments and has thus moved up the value chain in these markets.
The Company has achieved a volume growth of 22.2% in the Appliance segment over the last fiscal and has made commendable gains in establishing the product for Refrigerators and Washing Machines components with majors like Whirlpool, Samsung, Videocon Group and Godrej. As a first mover advantage the Company has developed the VCM refrigerator Door for the first time in India as a substitution for their critical high value import requirements. The Company has also been working constantly towards import substitution of other steel components required by Appliance manufacturers. The Company has also been approved by Samsung and Whirlpool for their global supplies. For Vizi coolers and freezers, the products are firmly established with Bluestar, Voltas, Frigoglass and Western Refrigeration.
In the Automotive segment, the Company has achieved growth of 8% inspite of de-growth in this segment in the western markets. the Company has not only been able to retain its market share but also increase the same in the two, three and four wheeler segments. The Company’s products are firmly established in western India and continue to cater to the requirements of Bajaj Auto, Mahindra and Mahindra, Force Motors, Eicher and also vendors of TATA Motors, Bajaj Auto, General Motors, Piaggio, and others. The Company is also a major supplier to reputed coach manufacturers like Tata Marcopolo, ACGL and Volvo.
In the building and construction segment the Company‘s products are well established with major Pre-Engineered Building (PEB) manufacturers like Tata Bluescope, Pennar, Everest, Interarch and Zamil and also major component manufacturers like Shakti Hormann and NCL Seccolor.
In the General Engineering segment the Company continues to be an established supplier to Godrej and Boyce, Karad Projects, Otis Elevators, Sudhir Gensets, Nucleus Satellite and vendors to Siemens.
Continuous effort has been made in establishing the “Uttam Suraksha” GC (Galvanised Corrugated Roofing Sheets) brand firmly in the Construction segment and increasing its penetration in rural and urban areas. It is recognised as one of the major Brands in its segment in Domestic Markets like Maharashtra, Madhya Pradesh, Gujarat, Andhra Pradesh, Karnataka, Chhattisgarh etc.
In line with surge in demand for Color Coated Roofing products the Company has launched an exclusive range of products under the brand name “UTTAM TARANG”, which will provide greater value and benefits to the rural consumer. However, sales have been lower than expected due to cheap imports from China.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Steel Industry plays a vital role in the development of any modern and emerging economy. The per capita consumption of steel is generally accepted as a yardstick to measure the level of socioeconomic development and living standards of its countrymen. Steel industry derives its demand from other important sectors like infrastructure, aviation, engineering, construction, automobile, pipes and tubes etc. Thus, its intense integration with other important industries makes it a strategic sector for the Governments as well.
The Indian steel sector enjoys advantages of domestic availability of raw materials and cheap labour. Iron ore is also available in abundant quantities, though the continued mining restrictions have put a strain on its availability as well as price. This abundance has been providing a major cost advantage to the domestic steel industry
India was the world’s fourth largest Steel producer during the last year and by overtaking the US, it has become the world’s third largest steel producer during January-March of the current year.
Although slowdown is expected in demand for Capital Goods, Automotive, Construction and Consumer Durables are expected to show marginal growth. Positive signs are expected on back of modest recovery in economic growth. Likely Increase in Government spends in the Power sector and infrastructure push will fuel segmental growth. Also with expected decline in inflation and interest rates, demand for consumer goods is expected to show positive growth.
OUTLOOK
India’s steel consumption growth is likely to be the highest both in current year and the next year at 6.2% and 7.3%, respectively, while all other major consuming countries such as China, US, Japan and Korea are expected to witness a decline, says World Steel Association (WSA) in its first short range outlook for 2015. WSA (whose members contribute 85% of the global steel production), sees “increased optimism” about India and forecast India’s steel consumption to go up from level of 76.3 MT in 2014-15 to more than 80 MT in 2015-16.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10564812 |
07/04/2015 |
1,000,000,000.00 |
THE SOUTH INDIAN BANK LIMITED |
TODKAR GARDEN,, BIBVEWADI-KONDHWA ROAD, BIBVEWADI |
C51429280 |
|
2 |
10550957 |
23/02/2015 |
3,250,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, |
C44516045 |
|
3 |
10549791 |
14/02/2015 |
500,000,000.00 |
INDIAN OVERSEAS BANK |
FORT BRANCH, TAMARIND HOUSE,, 30 & 32 TAMARIND
LA |
C43918788 |
|
4 |
10538463 |
26/12/2014 |
1,000,000,000.00 |
VIJAYA BANK |
CORPORATION BANKING BRANCH, MAKER CHAMBER IV, 222 |
C37917291 |
|
5 |
10513596 |
09/08/2014 |
1,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP-BKC(16376),THE CAPITAL, |
C15505639 |
|
6 |
10481565 |
03/03/2014 |
1,750,000,000.00 |
SYNDICATE BANK |
INTERNATIONAL BUSINESS BRANCH, 2ND FLOOR, 10, HOM |
B98058712 |
|
7 |
10479690 |
19/02/2014 * |
1,500,000,000.00 |
ORIENTAL BANK OF COMMERCE |
LARGE CORPORATE BRANCH, 181 - A, MAKER TOWER' E' |
B98723083 |
|
8 |
10467517 |
13/12/2013 |
815,217,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, |
B92497940 |
|
9 |
10466253 |
26/12/2014 * |
30,360,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, |
C37857604 |
|
10 |
10466743 |
13/12/2013 * |
2,802,018,670.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, |
B92760941 |
* Date of charge modification
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED AS ON 30.06.2015
(RS. IN MILLION)
|
PARTICULARS |
|
|
Quarter Ended |
|
|
|
|
30.06.2015 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
|
|
17087.100 |
|
b) Other operating income |
|
|
111.100 |
|
Total
income from Operations(net) |
|
|
17198.200 |
|
|
|
|
|
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
|
|
8436.600 |
|
b) Purchases of stock in trade |
|
|
4074.100 |
|
c) Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
|
|
1545.400 |
|
d) Employees benefit expenses |
|
|
276.300 |
|
e) Depreciation and amortization expenses |
|
|
676.300 |
|
f) Other expenditure |
|
|
1403.300 |
|
Total expenses |
|
|
16412.000 |
|
|
|
|
|
|
3.
Profit from operations before other income and interest and Exceptional Items |
|
|
786.200 |
|
4. Other income |
|
|
0.900 |
|
5.
Profit before Interest and Exceptional Items (3+4) |
|
|
787.100 |
|
6. Finance costs |
|
|
758.800 |
|
7. Profit after Interest and
Finance Charges |
|
|
28.300 |
|
8. Exceptional item |
|
|
--- |
|
9. Profit from ordinary
activities before tax Expense: (7+8) |
|
|
28.300 |
|
10.Tax expenses |
|
|
|
|
Current Tax |
|
|
6.000 |
|
-
MAT Credit |
|
|
0.000 |
|
-
Wealth Tax |
|
|
0.000 |
|
- Deferred Tax |
|
|
3.700 |
|
- Prior Period Tax |
|
|
0.000 |
|
11.Net Profit / (Loss) from
ordinary activities after tax (9-10) |
|
|
18.600 |
|
12.Extraordinary Items (net of
Tax) |
|
|
0.000 |
|
13. Prior Year Items (Net of
Tax) |
|
|
0.000 |
|
14.Net
Profit / (Loss) for the period (11 -12) |
|
|
18.600 |
|
15.Paid-up equity share capital (Nominal value Re.
1/- per share) |
|
|
1422.600 |
|
16. Paid up Debentures |
|
|
-- |
|
17. Reserves
excluding Revaluation Reserves |
|
|
-- |
|
18. Debenture
Redemption Reserve |
|
|
-- |
|
19. Basic
and Diluted EPS (in Rs) before Extraordinary Items (not annualised) |
|
|
0.13 |
|
Basic and Diluted EPS ( in Rs) after Extraordinary
Items (not annualised ) |
|
|
0.13 |
|
|
|
|
|
|
20. Particulars of shareholding |
|
|
|
|
- Number of shares |
|
|
55665952 |
|
- Percentage of shareholding |
|
|
39.13% |
|
|
|
|
|
|
21.
Promoters and Promoters group Shareholding |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
|
|
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
|
|
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
-- |
|
|
|
|
|
|
b) Non-Encumbered |
|
|
|
|
Number of shares |
|
|
86594151 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
|
|
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
60.87% |
|
|
Particulars |
Quarter
Ended 30.06.2015 |
|
B |
Investor
complaints (Nos.) |
|
|
|
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:
1) The above financial results were reviewed by the Audit Committee and approved by the Board of Directors in their respective meeting held on 31.07.2015.
2) Previous year's figures have been regrouped / rearranged wherever necessary.
FIXED ASSETS
·
Land
·
Building and Site Development
·
Flat and Office Premises
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Vehicles
·
Computers
·
Housing Complex
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. 63.76 |
|
|
1 |
Rs. 99.60 |
|
Euro |
1 |
Rs. 69.70 |
INFORMATION DETAILS
|
Information Gathered
by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
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 |
|
48 |
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.