MIRA INFORM REPORT

 

 

Report No. :

336356

Report Date :

12.08.2015

 

IDENTIFICATION DETAILS

 

Name :

SHREE CEMENT LIMITED

 

 

Registered Office :

Bangur Nagar, Bewar – 305901, District Ajmer, Rajasthan

 

 

Country :

India

 

 

Financials (as on) :

30.06.2015                                                        

 

 

Date of Incorporation :

25.10.1979

 

 

Com. Reg. No.:

55 - 001935

 

 

Capital Investment / Paid-up Capital :

Rs.348.400 Million

 

 

CIN No.:

[Company Identification No.]

L26943RJ1979PLC001935

 

 

IEC No.:

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

JDHS01295A

 

 

PAN No.:

[Permanent Account No.]

AACCS8796G

 

 

Legal Form :

A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.

 

 

Line of Business :

Manufacturing and Marketing of Cement

 

 

No. of Employees :

3778 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aaa (86)

 

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

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

SCL is the flagship company of the BG Bangur promoted in 1979. Subject is a well-established company having excellent track record.

 

For the financial year ended 2015, company possesses strong operational risk profile and maintained decent profitability margins during a year under a review.

 

Rating takes into consideration SCL’s position as the lowest cost cement producer of India by virtue of its strong operating efficiency supported by rich experience of the promoters and qualified managerial team along with strong brand image and market share.

 

Moreover, rating also takes into consideration company’s strong debt protection metrics.

 

Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment.

 

The company can be considered good for normal business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31, 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

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Commercial Paper = A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

04.08.2015

 

 

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 DECLINED BY

 

Name :

Mr. Pipara

Designation :

Senior Manager

Contact No.:

91-1462-228101

Date :

11-08-2015

 

 

LOCATIONS

 

Registered Office :

Bangur Nagar, Bewar – 305901, District Ajmer, Rajasthan, India

Tel. No.:

91-1462-228101/ 06

Fax No.:

91-1462-228117/ 19

E-Mail :

sclbwr@shreecementltd.com

shreebwr@shreecementltd.com

Website :

www.shreecement.in

 

 

Corporate Office :

21, Strand Road, Kolkata-700001, West Bengal, India

Tel. No.:

91-33-22390601/ 05

Fax No.:

91-33-22434226

E-Mail :

sclcal@shreecementltd.com

 

 

 

 

Plant Locations :

 

 

 

Integrated Cement Units And Power Plants:

 

Factory 1 :

Unit I and II

 Bangur Nagar, Bewar – 305901, District Ajmer, Rajasthan, India

Tel. No.:

91-1462-228101/ 06

Fax No.:

91-1462-228117/ 228119

E-Mail :

shreebwr@shreecementltd.com

 

 

Factory 2 :

Unit III to VII

Bangur City, Ras, Tehsil jaitaran-306107, District Pali, Rajasthan (India)

Tel. No.:

91-1462-228101-06

Fax No.:

91-1462-228117/ 228119

E-Mail :

shreebwr@shreecementltd.com

 

 

Factory 3 :

Khushkhera Cement Grinding Units

Plot No. SP 3-II, A-1, RIICO Industrial Area, Khushkhera (Bhiwandi) – 301707, District Alwar, Rajasthan, India

Tel. No.:

91-1493-250521/ 22/23/ 24

Fax No.:

91-1493-517227

 

 

Factory 4 :

Suratgarh Cement Grinding Units

Near N.H. 15, Udaipur Udasar, Tehsil: Suratgarh, Distt.: Sriganganagar, Rajasthan, India

 

 

Factory 5 :

Jobner (Jaipur) Cement Grinding Units

Mahela - Jobner Road, Village: Aslapur, Distt.: Jaipur, Rajasthan, India

 

 

Factory 6 :

Laksar (Roorkee) Cement Grinding Units

Akbarpur – Oud, Distt.: Haridwar, Uttrakhand, India

 

 

Factory 7 :

Aurangabad:

Industrial Growth Centre, Biada, Near Jasoia More, Post: Mojurahi, Distt.: Aurangabad, Bihar

 

 

Projects Under Implementation:

 

Factory 8:

Baloda Bazar: Village Khapradih, Tehsil- Simga

Distt.: Balodabazar, Chhattisgarh - 493 332

 

 

Factory 9 :

Bulandshahr: 12, Sikandrabad Industrial Area, Sikandrabad,

Distt.: Bulandshahr, Uttar Pradesh - 203 205

 

 

 

 

Marketing Office :

Shree Ultra Cement

122-123, Hans Bhawan, 1, Bhadur Shah Zafar Marg, New Delhi-110002

Tel. No.:

91-11-23370828/ 23379218/ 23370776

Fax No.:

91-11-23370499

E-Mail:

scldel@shreecementltd.com

 

 

Marketing Office :

Bangur Cement

6B, 6 Floor, Hansalaya Building, 15, Barakhamba Road, New Delhi-110001, India

Tel. No.:

91-11-23702794/ 96

E-Mail :

sharmaps@bangurcement.com

 

 

Marketing Office :

Rockstrong Cement

10-A, DCM  Building, 16 - Barakhamba Road, Connaught Place, New Delhi - 110 001, India

Tel. No.:

91-11-23731084/ 85

Fax No.:

91-11-23731084

 

 

Marketing Office :

SB-187, 2nd Floor, Shree Corporate Tower Opp. Rajasthan University, JLN Marg, Jaipur - 302 015, Rajasthan, India

Tel. No.:

91-141-6611200

Fax No.:

91-141-6611219

 

 

Marketing Office :

SB-187, 3rd Floor, Shree Corporate Tower Opp. Rajasthan University, JLN Marg, Jaipur - 302 015, Rajasthan, India

Tel. No.:

91-141-6611000/6611322

Fax No.:

91-141-6611315

 

 

Marketing Office :

SB-187, 4th Floor, Shree Corporate Tower, Opp. Rajasthan University, JLN Marg, Jaipur - 302 015, Rajasthan, India

Tel. No.:

91-141-6611000

Fax No.:

91-141-6611421

 

 

DIRECTORS

 

As on 30.06.2014

 

Name :

Mr. B. G. Bangur

Designation :

Executive Chairman

Date of Birth/Age :

80 Years

Qualification :

B. Com

 

 

Name :

Mr. H. M. Bangur

Designation :

Managing Director

Date of Birth/Age :

60 Years

Qualification :

Chemical Engineer

 

 

Name :

Mr. R. L. Gaggar

Designation :

Director

Date of Birth/Age :

81 Years

Qualification :

B.A. (Hons), L.L.B.

 

 

Name :

Mr. O. P. Setia

Designation :

Director

Date of Birth/Age :

76 Years

Qualification :

M.Com, CA.I.I.B

 

 

Name :

Mr. Shreekant Somany

Designation :

Director

Date of Birth/Age :

66 Years

Qualification :

B. Sc.

 

 

Name :

Mr. Y. K. Alagh

Designation :

Director

Date of Birth/Age :

75 Years

Qualification :

Doctoral and Master Degree in Economics

 

 

Name :

Mr. Nitin Desai

Designation :

Director

Date of Birth/Age :

73 years

Qualification :

Master’s degree in Economics

 

 

Name :

Mrs. Leena Srivastava

Designation :

Director

Date of Birth/Age :

54 years

Qualification :

Masters in Economics and Doctoral Degree in Energy Economics

 

 

Name :

Shri Ramakant Sharma

Designation :

Director

Date of Birth/Age :

70 Years

Qualification :

B. Sc.

 

 

KEY EXECUTIVES

 

Name :

Shri Subhash Jajoo

Designation :

Chief Finance Officer

 

 

Name :

Mr. Ashok Bhandari

Designation :

Chief Finance Officer

 

 

Name :

Shri S.S. Khandelwal

Designation :

Company Secretary and Chief Risk & Compliance Officer

 

 

Name :

Shri Alyque Padamsee

Designation :

Advertising Consultant

 

 

SENIOR EXECUTIVES:

 

 

 

Name :

Shri Malay Kumar Paul

Designation :

Vice President (Internal Audit)

 

 

Name :

Shri Sanjay Jain

Designation :

Vice President (Operations)

 

 

Name :

Shri Anil Shukla

Designation :

Vice President (Purchase)

 

 

Name :

Shri S.P. Nema

Designation :

Vice President(Project - Technical)

 

 

Name :

Shri Manoj Kumar Mahla

Designation :

Vice President (P&A)

 

 

Name :

Mr. Diwarkar Payal

Designation :

President (Marketing)

 

 

Name :

Mr. Prakash. Narayan. Chhangani

Designation :

President (Works)

 

 

Name :

Mr. Kuldeep Verma

Designation :

Assistant President (Marketing)

 

 

Name :

Mr. Shrinath Savoor

Designation :

Senior Vice President (Strategy)

 

 

Name :

Mr. Sanjay Mehta

Designation :

Assistant President (Commercial) and Chief Happiness and Friendship Officer

 

 

Name :

Mr. K. C. Gandhi

Designation :

Assistant President(Material Management)

 

 

Name :

Mr. Surinder Kumar Gupta

Designation :

Senior Vice President (Project)

 

 

Name :

Mr. Arvind Khicha

Designation :

Vice President (Commercial)

 

 

Name :

Mr. Ravi Kant Tiwari

Designation :

Joint Vice President (Liaison)

 

 

Name :

Mr. Himanshu Dewan

Designation :

Vice President ( Marketing)

 

 

Name :

Mr. Manmohan Rathi

Designation :

Vice President (Power Plant)

 

 

Name :

Mr. Anil Kumar Gupta

Designation :

Assistant Vice President (Project - Civil)

 

 

Name :

Mr. Surendra Kumar Soni

Designation :

Assistant Vice President (Sales Accounts)

 

 

Name :

Mr. Yogesh Mehta

Designation :

Assistant Vice President (Logistics)

 

 

Name :

Mr. Suresh Chandra Maheshwari

Designation :

Assistant Vice President (Operations)

 

 

Name :

Mr. Shanti Lal Bhansali

Designation :

Assistant Vice President (Legal)

 

 

Name :

Mr. Subhash Chandra Suthar

Designation :

Vice President (Mines)

 

 

Name :

Mr. Rakesh Bhargava

Designation :

Vice President (R&D) and Chief Climate & Sustainability Officer

 

 

Name :

Mr. Vinay Saxena

Designation :

Joint Vice President [Operations]

 

 

Name :

Mr. R. K. Agarwal

Designation :

Joint Vice President (projects)

 

 

Name :

Mr. Narip Bajwa

Designation :

Joint Vice President ( Marketing)

 

 

Name :

Mr. Rajni Kant Manawat

Designation :

Joint Vice President (Operations and Grinding Units)

 

 

Name :

Mr. Surendra Raj Singhvi

Designation :

Vice President (P&A)

 

 

Name :

Mr. Anil Kaushik

Designation :

Assistant Vice President ( Marketing)

 

 

Name :

Mr. Ram Narayan Dani

Designation :

Assistant Vice President (Costing and MIS)

 

 

Name :

Mr. Nemi Chand Jain

Designation :

Assistant Vice President (Finance)

 

 

Name :

Mr. Kamlesh Kumar Jain

Designation :

Assistant Vice President (Accounts and Contract Cell)

 

 

Name :

Mr. Kamal Kishore Talwar

Designation :

Assistant Vice President (Shree Marketing)

 

 

Name :

Mr. Sunil Kumar Gupta

Designation :

Assistant Vice President [Project Accounts (Raipur) ]

 

 

Name :

Mr. Arun Kumar Srivastav

Designation :

Assistant Vice President (Project)

 

 

Name :

Mr. Sharad Rajvanshi

Designation :

Assistant Vice President (Shree Marketing)

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on: 30.06.2015

 

Category of Shareholder

Total No. of Shares

% of Shareholder

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

1074484

3.08

http://www.bseindia.com/include/images/clear.gifBodies Corporate

21495313

61.70

http://www.bseindia.com/include/images/clear.gifSub Total

22569797

64.79

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

22569797

64.79

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

1614087

4.63

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

24741

0.07

http://www.bseindia.com/include/images/clear.gifInsurance Companies

7863

0.02

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

4562470

13.10

http://www.bseindia.com/include/images/clear.gifQualified Foreign Investor

139900

0.40

http://www.bseindia.com/include/images/clear.gifSub Total

6349061

18.22

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

1011794

2.90

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

954781

2.74

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

157505

0.45

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

3794287

10.89

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

149286

0.43

http://www.bseindia.com/include/images/clear.gifOverseas Corporate Bodies

3500

0.01

http://www.bseindia.com/include/images/clear.gifClearing Members

14566

0.04

http://www.bseindia.com/include/images/clear.gifTrusts

26900

0.08

http://www.bseindia.com/include/images/clear.gifOthers

35

0.00

http://www.bseindia.com/include/images/clear.gifOthers

3600000

10.33

http://www.bseindia.com/include/images/clear.gifSub Total

5918367

16.99

Total Public shareholding (B)

12267428

35.21

Total (A)+(B)

34837225

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

34837225

0.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Marketing of Cement

 

 

Products :

Product Description

Item Code (ITC Code No.)

Cement

2523.29

 

 

Brand Names :
  • Shree Ultra
  • Bangur Cement
  • Rockstrong Cement

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

3778 (Approximately)

 

 

Bankers :
  • State Bank of Bikaner and Jaipur
  • State Bank of India
  • ICICI Bank Limited
  • Axis Bank Limited
  • DBS Bank Limited
  • Standard Chartered Bank
  • HDFC Bank Limited
  • BNP Paribas
  • The Bank of Tokyo-Mitsubishi UFJ Limited
  • J P Morgan Chase Bank

 

 

Facilities :

Secured Loan

30.06.2015

(Rs. in Million)

30.06.2014

(Rs. in Million)

Long term Borrowing

 

 

Redeemable Non-Convertible Debentures

 

2,000 (Previous year 2,000 ) 8.42% NCDs of Rs. 1.000 Million

 

2000.000

Term Loans from Banks

 

2465.200

Vehicle Loan from Others

 

1.600

Short term Borrowing

 

 

Loan Repayable on Demand from Banks

 

808.400

Suppliers Credit from Bank

 

786.000

Bank and Book Overdraft

 

321.600

Total

N.A

6382.800

 

 

Note:

 

LONG TERM BORROWING

 

Non-Convertible Debentures

 

  • These debentures (redeemable at par) are secured by joint equitable mortgage over all the immovable assets and by way of hypothecation of all the movable fixed assets on the first charge basis, pari pasu with other term lenders. These debentures are also secured by a legal mortgage over immovable property of the Company situated at Jamnager (Gujarat).

 

Term Loans from Banks

 

  • The Term loan is secured by joint equitable mortgage on all the immovable assets and by way of hypothecation of all the movable assets ranking subsequent and subservient to the prior mortgages and charges created/ to be created in favour of banks and institutions for their various term loans and working capital facilities.

 

  • These all Term loans from Banks are secured by joint equitable mortgage on all the immovable fixed assets and by way of hypothecation of all the movable fixed assets of the Company on the first charge basis, pari pasu with other term lenders. The above charge(s) rank pari passu inter-se among these Lenders.

 

  • Secured by Hypothecation of all movable fixed assets of the Company on first charge basis, pari passu with other term lenders.

 

 

Vehicle Loan from Others

 

  • Secured by Hypothecation of the vehicle

 

 

 

SHORT TERM BORROWING

 

  • Demand loans and suppliers credit from banks are secured by hypothecation of inventories of stock-in-trade, stores & spares, book-debts and all other current assets of the Company on First charge basis and on whole of movable fixed assets of the Company on second charge basis and also secured by joint equitable mortgage on all the immovable assets of the Company on second charge basis.

 

  • Bank Overdraft is secured against pledge of Fixed Deposits and payable on demand

 

 

 

Auditors :

 

Name :

B. R Maheswari and Company

Chartered Accountant

Address :

M-118, Con Circus, New Delhi – 110 001, India

Tel. No.:

91-11-43402222 / 23416341 / 8130 / 5870

Fax No.:

91-11-23415796

Email :

brmc@brmco.com

 

 

Cost Auditors:

 

Name :

K G Goyal and Associates

Chartered Accountant

Address :

Jaipur, India

 

 

Internal Auditors:

 

Name :

P K Ajemera and Company

Chartered Accountant

Address :

Ahmedabad, Gujarat, India

 

 

Subsidiary Company(30.06.2014):

  • Shree Global Private Limited
  • Katni Industries Private Limited

 

 

Enterprises over which Key Management Personnel (KMP) are able to exercise significant influence (30.06.2014):
  • The Kamla Company Limited
  • Shree Capital Services Limited
  • Aqua Infra Project Limited
  • Shri Venkatesh Ayurvedic Aushadhalaya
  • Asish Creations Private Limited
  • Alfa Buildhome Private Limited

 

 

CAPITAL STRUCTURE

 

As on: 30.06.2015

Authorised Capital : Not Available

 

Issued, Subscribed & Paid-up Capital : Rs. 348.400 Million

 

As on: 30.06.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

60000000

Equity Shares

Rs.10/- each

Rs.600.000 Million

1500000

Cumulative Preference Shares

Rs.100/- each

Rs. 150.000 Million

 

Total

 

Rs. 750.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

 34837225

Equity Shares

Rs.10/- each

Rs.348.400 Million

 

 

 

 

 

Details of shareholders' holding more than 5% shares in the company:

 

Name of Shareholders

No. of Shares

% Of Holding

Shree Capital Services Limited

8984155

25.79

Digvijay Finlease Limited

4234780

12.16

FLT Limited

3600000

10.33

Mannakrishna Investment Private Limited

2042824

5.86

 

The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity share is entitled to one vote per share.

 

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

The Board of Directors, in its meetings held on 27th January, 2014 and 25th August, 2014 declared interim dividend of Rs.10 and Rs.12 per equity share respectively.

 

As no fresh issue of shares or reduction in capital was made during the current year as well as during the previous year, hence there is no change in the opening and closing capital. Accordingly, reconciliation of share capital has not been given.

 

The Equity Shares of the Company are listed at Bombay Stock Exchange Limited and National Stock Exchange of India Limited and the annual listing fees has been paid for the year.

 

 

 

 

FINANCIAL DATA

[All figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

30.06.2015

30.06.2014

30.06.2013

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

348.400

348.400

348.400

(b) Reserves & Surplus

52415.600

46760.300

38088.100

(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)

52764.000

47108.700

38436.500

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

4014.100

4466.800

4430.800

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

8523.200

6528.800

4382.300

(d) long-term provisions

191.100

190.100

181.600

Total Non-current Liabilities (3)

12728.400

11185.700

8994.700

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

2149.500

6315.900

5343.000

(b) Trade payables

2923.700

1875.300

807.400

(c) Other current liabilities

8723.800

5805.200

7124.200

(d) Short-term provisions

689.100

996.300

895.400

Total Current Liabilities (4)

14486.100

14992.700

14170.000

 

 

 

 

TOTAL

79978.500

73287.100

61601.200

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

35154.300

21937.700

17819.400

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

7585.000

1333.300

(iv) Intangible assets under development

14939.100

0.000

0.000

(b) Non-current Investments

0.000

15193.200

15014.600

(c) Deferred tax assets (net)

1951.900

1428.600

937.700

(d)  Long-term Loan and Advances

4601.900

3823.700

3778.900

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

56647.200

49968.200

38883.900

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

1687.000

7250.700

7018.300

(b) Inventories

9188.600

8097.800

5304.800

(c) Trade receivables

4763.900

2965.900

3146.600

(d) Cash and cash equivalents

3075.000

1592.700

3793.700

(e) Short-term loans and advances

4464.100

3068.500

3161.100

(f) Other current assets

152.700

343.300

292.800

Total Current Assets

23331.300

23318.900

22717.300

 

 

 

 

TOTAL

79978.500

73287.100

61601.200

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

30.06.2015

30.06.2014

30.06.2013

 

SALES

 

 

 

 

 

Income

64535.700

58873.100

55902.500

 

 

Other Income

1378.500

1849.400

1883.300

 

 

TOTAL                                     (A)

65914.200

60722.500

57785.800

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost Of Materials Consumed

5795.300

4638.600

4065.600

 

 

Purchases Of Stock-In-Trade

0.000

0.000

0.000

 

 

Changes In Inventories Of Finished Goods, Work-In-Progress And Stock-In-Trade

(791.000)

(163.700)

(159.700)

 

 

Power And Fuel

15798.200

13787.000

14793.500

 

 

Employees Benefits Expense

4550.300

3953.000

3380.100

 

 

Freight And Forwarding Expenses

13954.600

11905.400

9150.100

 

 

Exertional Item

354.600

805.100

10.600

 

 

Captive Consumption Of Cement

0.000

(270.200)

(97.400)

 

 

Other Expenses

11789.800

11124.800

9161.100

 

 

TOTAL (B)

51451.800

45780.000

40303.900

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

14462.400

14942.500

17481.900

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

1206.300

1291.900

1931.400

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

13256.100

13650.600

15550.500

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

9247.800

5499.100

4356.300

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

4008.300

8151.500

11194.200

 

 

 

 

 

Less

TAX                                                                  (I)

(255.000)

279.100

1154.500

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                 (J)

4263.300

7872.400

10039.700

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

8670.400

 

11142.800

10916.100

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transferred to General Reserve

 

5500.000

9000.000

 

 

Transferred to Special Reserve

 

3948.000

0.000

 

 

Interim Dividends on Equity Shares

 

766.500

278.700

 

 

Tax on Interim Dividends

 

130.300

45.200

 

 

Proposed Final Dividend on Equity Shares

 

0.000

418.100

 

 

Tax on Final Dividend

 

0.000

71.000

 

 

Total (M)

N.A

10344.800

9813.000

 

BALANCE CARRIED TO THE B/S

 

8670.400

11142.800

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

24.400

114.900

 

Capital Goods

 

2312.700

739.300

 

Fuel

 

10558.000

5412.700

 

Stores, Spare parts and components

N.A

180.400

231.400

 

TOTAL IMPORTS

 

13075.500

6498.300

 

 

 

 

 

 

Earnings Per Share (Rs.)

122.38

225.98

288.19

.

KEY RATIOS

 

PARTICULARS

 

 

30.06.2015

30.06.2014

30.06.2013

Net Profit Margin

(PAT / Sales)

(%)

6.61

13.37

17.96

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

22.41

25.38

31.27

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

6.35

16.61

25.26

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.08

0.17

0.29

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.12

0.25

0.34

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.61

1.56

1.60

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

30.06.2013

30.06.2014

30.06.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

348.400

348.400

348.400

Reserves & Surplus

38088.100

46760.300

52415.600

Net worth

38436.500

47108.700

52764.000

 

 

 

 

long-term borrowings

4430.800

4466.800

4014.100

Short term borrowings

5343.000

6315.900

2149.500

Total borrowings

9773.800

10782.700

6163.600

Debt/Equity ratio

0.254

0.229

0.117

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

30.06.2013

30.06.2014

30.06.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

55902.500

58873.100

64535.700

 

 

5.314

9.618

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

30.06.2013

30.06.2014

30.06.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

55902.500

58873.100

64535.700

Profit

10039.700

7872.400

4263.300

 

17.96%

13.37%

6.61%

 

 

 

 

 

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

Yes

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

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

LITIGATION DETAILS:

 

Date of query

11.08.2015

Time

2:30:56 PM

ITA’40’ of 2015-R

2749/2015

Petitioner

C I T AJMER

Respondent

SHREE CEMETN LIMITED BEAWAR

Petitioner Advocate

PARINITOO JAIN

Respondent Advocate

--

Class Code

1303

Registered on

12.03.2015

Bench

DB

Stage

FOR ADMISSION-NOTICE NOT ISSUED

DATE GIVEN BY

PESHI CLERK DATE

DATE OF LISTING:

14.10.2015

LISTED IN COURT NO.

2 on 13.05.2015

 

DEPARTMENT DETAILS

Department : Type C        Department : Code 31           Department :  Name Excise Customs and Staff

 

 

MANAGEMENT DISCUSSION AND ANALYSIS: (30.06.2014)

 

INDIAN ECONOMY – 2013-14 AND FUTURE OUTLOOK:

 

Indian economy grew at 4.7% during 2013-14 (April to March) compared to 4.5% growth achieved in 2012-13. Economic growth continued to face challenges in terms of depreciating rupee, persistent inflation and overall uncertain political and economic environment. This adversely impacted the investment climate and overall growth.

 

Of late, however, a positive environment has started emerging in the country with rising capacity inflows and a feeling of optimism after the formation of new Government with adequate mandate at the Centre. The new Government has indeed shown its resolve and has started taking steps towards economic revival by speeding up project approvals and announcing new investment proposals. The changed economic atmosphere indicates a sense of confidence and a positive turnaround in the economic situation towards high growth albeit in a gradual manner.

 

The path to economic recovery though is not without challenges, stubbornly high inflation being among the prime concerns. High inflation limits room to ease monetary policy, which is necessary to boost economic revival. Overall weak monsoon in the country till now also adds to the worries even as prospects of Kharif crop are not good. Any drop in agriculture growth may hamper overall growth. The good news is that the Central Government and Reserve Bank of India have shown their resolve to tackle these challenges. One therefore, hopes, with cautious optimism, that year 2014-15 will be the beginning of another period of sustained economic growth for the country.

 

 

CEMENT INDUSTRY – DEVELOPMENTS AND OUTLOOK:

 

Cement industry continued to witness surplus capacity as well as lack of demand momentum during year 2013 14. The cement demand is estimated to have grown at about 3% during April 2013 to March 2014 as against 6% clocked in the same period last year. High interest rates, declining investment in industrial and infrastructure projects and poor real estate demand resulted in slackening growth in cement consumption. On the other hand, new capacity addition still continued thereby increasing the pressure of over-supply situation. The pricing situation which remained subdued in first half of the year improved in the second half. For the year as a whole, price realizations remained almost same as they were in the previous year. The industry also had to deal with increasing transportation cost due to consistent increase in diesel prices. As a result, operating margins were down during the year.

 

Going forward, the cement demand situation is expected to improve. A stable government at the Centre is expected to bring about a structural change in the economy which is likely to speed up the economic growth. The new Government has displayed its intention of focus on providing affordable housing and rapid development of infrastructure. It has announced development of 100 new smart cities with better facilities, connectivity and environment. There are indications that the Government is considering greater use of cement in highways development. Major capacity additions are behind us and new capacity addition has now slowed down. Further, the per capita consumption of cement in India at 194 Kg is still quite low and provides good scope of improvement. All these factors point towards better prospects for the cement industry, going forward.

 

 

 

POWER SECTOR – CURRENT SCENARIO AND OUTLOOK:

 

Indian power sector is in a peculiar situation where on one end, many of the power generators face problem of poor offtake while on the other end consumers in many areas face regular power cuts. This is mainly because of two reasons. One, there are severe transmission constraints which restrict flow of power from surplus areas to deficit regions. Second, the poor financial health of the distribution utilities because of which they have a tendency of resorting to power cuts than meeting their supply commitment. There is, therefore, an need to step up investment in the transmission sector to enable congestion free flow of power. Also, Distribution Companies need to be allowed to charge remunerative tariff from the consumers. Although, over last one or two years, many of the state utilities have indeed increased their tariffs, there is more action needed on their part to bridge the gap. Timely release of subsidies from State Government to utilities can enable them to make timely investment on their distribution system thereby reducing their losses as well as enabling them to procure power to meet their supply commitment.

 

The Company is into power market which is characterized by short term power sale of up to 12 months or less as well as day to day trading on Energy Exchange platform. In view of transmission bottlenecks and lack of buying by power utilities, power prices continued to remain subdued.

 

The new Central Government has promised to ensure 24 hours supply to all the consumers and has shown its commitment to take necessary actions in this respect. This bodes well for the future of power sector.

 

 

PERFORMANCE HIGHLIGHTS:

 

The Company achieved a respectable growth of 15% in its cement volumes during year 2013-14 as against close to 3% clocked by the industry. Total cement revenue thus grew by 15% during the year. On the cost front, the freight costs per tonne were up by 13% due to increase in diesel prices and railway freight. Raw materials cost per tonne increased marginally by 1%. The power and fuel costs per tonne were however down by 1% during the year. The price realizations were up marginally by around 1% mainly because of competitive market conditions and slack growth in cement demand. The operating profit of the Company remained almost same at Rs.15090.000 Million as against Rs. 14960.000 Million in the previous year.

 

The Company’s consistent efforts to step up its supplies helped it to increase its all India market share which rose to 5.35% as against 4.95% in the previous year. In order to further enhance its market share, the Company has stepped up its marketing activities in the Eastern India markets. The production from the company’s unit in Chhattisgarh is going to hit the market soon. As such, the higher marketing effort will help the Company shore up its presence in this market.

 

 

Power Business:

 

The total installed power generation capacity of the Company has increased to 597 MW. The Company uses part of the power generated for captive consumption and sells the balance in the market.

 

Total power generation from all the power plants during the year stood at 2910 Million Units (MUs) as against 3569 MUs during the previous year. The year was a challenging period for power sale. On one hand, there was intense competition from other suppliers in the short term power market and on the other, power distribution utilities reduced power purchases on account of their poor financials. This led to fall in prices in the short term power market, making power sale a difficult proposition. As a result, total power sale came down by 29% from 2610 MUs to 1860 MUs during the year.

 

Apart from selling power generated from Company’s power plants, the power trading division carries out trading activities for other parties as well. The power trading activities generated an income of Rs.31.800 Million during the year against Rs.31.200 Million in the previous year. Total revenues from power sale and power trading activities came down by 38% from Rs.10460.000 Million in 2012-13 to Rs.6430.000 Million in 2013-14.

 

 

NEW PROJECTS:

 

As a result, total cement capacity of the Company now stands increased from 13.50 Million Tonnes Per Annum (MTPA) to 17.50 MTPA.

 

The work on setting up an integrated unit (clinkerization cum grinding) of 2.0 MTPA at Baloda Bazar, near Raipur in Chhattisgarh is going on in full swing and is scheduled for completion by March 2015. A Cement Grinding unit of 2.0 MTPA in Bulandshahr of Uttar Pradesh is also being set up which is scheduled to be completed by December 2015. The Company has also planned to manufacture Aerated Autoclave Concrete (AAC) blocks at this site which is a high quality and lightweight building material. This project is a forward integration of its cement plant and will replace the use of red clay bricks used in construction.

 

The Company intends to add more grinding capacity in Northern and Eastern India and has initiated steps for identifying suitable locations in this regard.

 

 

AWARDS AND ACCOLADES:

 

  1. BEST OVERALL SUSTA INABILITY AWARD 2013-14:

 

The Company was honored with the Best Overall Sustainable Performance Award 2013-14, in recognition of overall sustainability performance of the Company. The award was hosted by World CSR Congress. The award was presented by Dr. Bhaskar Chatterjee, Director General of Indian Institute of Corporate Affairs.

 

  1. “DREAM COMPANY TO WORK FOR” AWARD

 

The Company has been honoured with this prestigious award in the Infrastructure Section by World HRD Congress. The Award is in recognition of the Company’s inclusive business practices across social, environmental, product responsibility, innovation and sustainability dimension.

 

 

  1. NATIONAL AWARD FOR QUAL ITY EXCELLENCEFROM NCCBM:

 

The Company has been awarded the Second Best Quality Excellence award for the year 2011-12 & 2012-13 by National Council for Cement and Building Material (NCCBM), New Delhi for adopting cost effective, efficient and cleaner methods for producing cement such as maximizing the use of alternative fuels, establishing energy efficiency, achieving customer satisfaction, adopting modernized techniques and maintaining transparency in its business approach. The award was presented by Shri Taleen Kumar, Jt. Secretary, Department of Industrial Policy & Promotion and Government of India.

 

 

 

UNSECURED LOAN:

 

Particulars

30.06.2015

(Rs. in Million)

30.06.2014

(Rs. in Million)

Buyers Credit from Banks

4399.900

Total

N.A

4399.900

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

 

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10494754

25/06/2014 *

550,000,000.00

JP MORGAN CHASE BANK, N.A.

JP MORGAN TOWER,, OFF CST ROAD, KALINA, SANTACRUZ-EAST, MUMBAI, MAHARASHTRA - 400098, INDIA

C11602018

2

10475537

29/04/2014 *

1,250,000,000.00

BNP PARIBAS

AVANI SIGNATURE OFFICE NO. II, 3RD FLOOR,, 91A/1 PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA

C04303442

3

10357416

25/06/2014 *

495,000,000.00

THE BANK OF TOKYO-MITSUBISHI UFJ LIMITED.

3 JEEVAN VIHAR BUILDING, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA

C11198520

4

10287878

14/05/2011

920,000,000.00

STANDARD CHARTERED BANK (ACTING AS AN SECURITY AGE
NT)

CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA
ROAD, NEW DELHI, DELHI - 110001, INDIA

B13285408

5

10285091

29/04/2014 *

898,200,000.00

STANDARD CHARTERED BANK

STANDARD CHARTERED BANK, 19, NETAJI SUBHASH ROAD,,
ACTING AS SECURITY AGENT OF SCB SINGAPORE, KOLKATA, WEST BENGAL - 700001, INDIA

C04601670

6

10245805

25/06/2014 *

500,000,000.00

DBS BANK LIMITED

4A NANDLAL BASUSARANI,, KOLKATA, WEST BENGAL - 700001, INDIA

C10367373

7

10246602

25/06/2014 *

1,500,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA

C10373348

8

10245785

29/04/2014 *

2,000,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,
, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI, MAHARASHTRA - 400025, INDIA

C04466371

9

10208225

03/03/2010

2,000,000,000.00

DEUTSCHE BANK

BROOKE HOUSE, NO. 9, SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700071, INDIA

A82021981

10

10205945

29/04/2014 *

1,702,575,000.00

DBS BANK LIMITED

4A NANDLAL BASU SARANI,, KOLKATA, WEST BENGAL - 700001, INDIA

C04568804

 

* Date of charge modification

 

 

Fixed Assets:

·         Freehold Land

·         Leasehold Land

·         Land and Site Development

·         Buildings

·         Plant and Machinery

·         Railway Siding

·         Furniture, Fixture and Office Equipments

·         Vehicles

·         Computer Software

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                                       None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.17

UK Pound

1

Rs.99.85

Euro

1

Rs.70.36

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

KRN

 

 

Report Prepared by :

RKI

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

9

PAID-UP CAPITAL

1~10

10

OPERATING SCALE

1~10

10

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

10

--PROFITABILIRY

1~10

10

--LIQUIDITY

1~10

9

--LEVERAGE

1~10

9

--RESERVES

1~10

9

--CREDIT LINES

1~10

10

--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

 

86

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.