MIRA INFORM REPORT
|
Report No. : |
353716 |
|
Report Date : |
10.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
20 MICRONS LIMITED |
|
|
|
|
Registered
Office : |
9-10, G.I.D.C. Industrial Estate, Waghodia, Baroda – 391760, Gujarat |
|
Tel. No.: |
91-2668-264077 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
29.06.1987 |
|
|
|
|
Com. Reg. No.: |
04-009768 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.169.080 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999GJ1987PLC009768 |
|
|
|
|
IEC No.: |
0888015356 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDM04206G BRDM03839D BRD200030C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACZ0580B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in production and trading of Industrial Minerals. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
The company was incorporated in 1987, manufacturers micronized minerals
that are used as functional fillers and extenders in divers industries such
as paints, plastics, paper, adhesives, and ceramics. It is listed on Bombay
Stock Exchange (BSE) and National Stock exchange (NSE). Ratings reflects the company’s healthy business risk profile because
of established and reputed clientele, diversified product portfolio, and
strong supply linkages due to mining license. Rating further takes into account, company have a common management
team, and operational and financial linkages. This strength is partially offset because of high gearing and moderate
debt protection metrics, susceptibility of raw material prices to operating
profitability and large working capital requirement. However, trade relations are fair. Business is active. Payment terms
are slow but correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
CRISIL |
|
Rating |
Long-term Bank Facilities = BB+ |
|
Rating Explanation |
Inadequate-credit-quality and high credit risk. |
|
Date |
November 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short-term Bank Facilities = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
November 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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Prakash Parmar |
|
Designation : |
Purchase Department |
|
Contact No.: |
91-9429198192 / 91-2668-264077 |
|
Date : |
05.12.2015 |
LOCATIONS
|
Registered Office : |
9-10, G.I.D.C. Industrial Estate, Waghodia, Baroda – 391760, Gujarat, India |
|
Tel. No.: |
91-2668-264077 / 2668-292297 |
|
Mobile No.: |
91-9429198192 (Mr. Prakash Parmar) |
|
Fax No.: |
91-2668-262447 / 2668-264003 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
134 - 135, Hindustan Kohinoor Industrial Complex, L.B.S. Marg,
Vikhroli (West), Mumbai 400 083, Maharashtra, India |
|
Tel. No.: |
91-22-25771325 / 2577 / 1350 / 32401006 |
|
Fax No.: |
91-22-25771333 / 1325 / 1350 |
|
E-Mail : |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Ajay Ishwarlal Ranka |
|
Designation : |
Director |
|
Address : |
9/10, Akashwan Complex,, Sevasi, Vadodara - 391101, Gujarat, Indi |
|
Date of Appointment : |
27.09.2014 |
|
DIN No.: |
01676073 |
|
|
|
|
Name : |
Mr. Chandresh Shantilal Parikh |
|
Designation : |
Whole-Time Director |
|
Address : |
604-B,Bhadralok, J.P Road, Vadodara - 390007, Gujarat, India |
|
Date of Appointment : |
29.03.1988 |
|
DIN No.: |
00041584 |
|
|
|
|
Name : |
Mr. Rajesh Chandreshbhai Parikh |
|
Designation : |
Managing Director |
|
Address : |
B-604 Bhadralok Appartment, Near Tube Company, Old Padra Road, Baroda - 390007, Gujarat, India |
|
Date of Appointment : |
02.07.1998 |
|
DIN No.: |
00041610 |
|
|
|
|
Name : |
Mr. Atil Chandreshbhai Parikh |
|
Designation : |
Managing Director |
|
Address : |
66, Atmajyotinagar,, Race Course,, Vadodara - 390007, Gujarat, India |
|
Date of Appointment : |
29.01.2009 |
|
DIN No.: |
00041712 |
|
|
|
|
Name : |
Mr. Sudhir Rameshkant Parikh |
|
Designation : |
Director |
|
Address : |
55, Shivashraya,, Saiyed - Vasana Road,, Vadodara - 390007, Gujarat, India |
|
Date of Appointment : |
10.04.2000 |
|
DIN No.: |
00041649 |
|
|
|
|
Name : |
Mr. Pravinchandra Mangaldas Shah |
|
Designation : |
Director |
|
Address : |
M 42, Saptgiri Duplex, Akota Road Opposite Taj Hotel, Near. Akota Stadium, Akota, Vadodara, 390020, Gujarat, India |
|
Date of Appointment : |
05.08.2006 |
|
DIN No.: |
00017558 |
|
|
|
|
Name : |
Mr. Ramkisan Amirchand Devidayal |
|
Designation : |
Additional Director |
|
Address : |
Flat # 17, Sakseria Building,, 74 Marine Drive, Mumbai - 400020, Maharashtra, India |
|
Date of Appointment : |
13.10.2007 |
|
DIN No.: |
00238853 |
|
|
|
|
Name : |
Mr. Atul Haribhai Patel |
|
Designation : |
Additional Director |
|
Address : |
1-2, Akshwan Housing Complex, Gotri-Sevasi Road, Baroda - 391101, Gujarat, India |
|
Date of Appointment : |
27.08.2009 |
|
DIN No.: |
00009587 |
|
|
|
|
Name : |
Ms. Darsha Rajesh Kikani |
|
Designation : |
Additional Director |
|
Address : |
10, Sanjay Park, Behind Sundesvan, Satellite Road, Ahmedabad - 380015, Gujarat, India |
|
Date of Appointment : |
06.08.2014 |
|
PAN No.: |
00155791 |
KEY EXECUTIVES
|
Name : |
Mr. Prakash Parmar |
|
Designation : |
Purchase Department |
|
|
|
|
Name : |
Mr. Anuja Kedar Muley |
|
Designation : |
Secretary |
|
Address : |
7 Madhu Row Society V-2, Near Mahadev Talav Wadi, Vadodara - 390017, Gujarat, India |
|
Date of Appointment : |
29.04.2013 |
|
PAN No.: |
AIQPA8998R |
|
|
|
|
Name : |
Mr. Bharat Vithaldas Kanani |
|
Designation : |
Chief Finance Officer |
|
Address : |
Bunglow No. 106 Orchid Bunglows, B/H. Aims House Old Padra Road, Vadodara - 390020, Gujarat, India |
|
Date of Appointment : |
06.08.2014 |
|
PAN No.: |
ADYPK7407L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of
Shareholder |
Total No. of
Shares |
Total Shareholding
as a % of Total No. of Shares |
|
As a
% of (A+B) |
||
|
(A)
Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
9853214 |
27.92 |
|
|
8250235 |
23.38 |
|
|
18103449 |
51.30 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
18103449 |
51.30 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
|
|
|
|
7538588 |
21.36 |
|
|
|
|
|
|
2569141 |
7.28 |
|
|
4757112 |
13.48 |
|
|
2318212 |
6.57 |
|
|
82423 |
0.23 |
|
|
1849350 |
5.24 |
|
|
616 |
0.00 |
|
|
385823 |
1.09 |
|
|
17183053 |
48.70 |
|
Total
Public shareholding (B) |
17183053 |
48.70 |
|
Total
(A)+(B) |
35286502 |
100.00 |
|
(C) Shares
held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
35286502 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in production and trading of Industrial Minerals. (Registered Activity) |
|
|
|
|
Products : |
Industrial Minerals |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||
|
Statutory Auditors : |
|
|
Name : |
Manubhai and Company Chartered Accountants |
|
Address : |
Ahmedabad, Gujarat, India |
|
|
|
|
Audit Committee
: |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Significant
Influence Exercised by Key Managerial Personnel : |
|
CAPITAL STRUCTURE
After 25.09.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.5/- each |
Rs.300.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35286502 |
Equity Shares |
Rs.5/- each |
Rs.176.432
Million |
|
|
|
|
|
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.5/- each |
Rs.300.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33815902 |
Equity Shares |
Rs.5/- each |
Rs.169.080
Million |
|
|
|
|
|
Reconciliation of the
share outstanding at the beginning and at the end of the reporting period.
|
Name of Shareholder |
As at 31 March, 2015 |
|
|
|
No. of Shares |
Amount |
|
At the beginning of the year |
33,815,902 |
169,079,510 |
|
Issued during the period - Debenture Conversion |
|
|
|
Outstanding at the
end of the year |
33,815,902 |
169,079,510 |
Rights, Preferences
and Restrictions Attached to Equity Shares
i The Company has only one class of shares referred to as equity shares having a par value of ` 5 each.
ii Each holder of equity shares is entitled to one vote per share which can be exercised either personally or by an attorney or by proxy.
iii The dividend proposed if any by the Board of Directors is subject to approval of the shareholders in the ensuing general meeting except in the case of interim dividend.
iv In the event of liquidation of the Company, the holders of equity shares shall be entitled to receive assets of the Company, after distribution of all preferential amounts. The amount distributed will be in proportion to the number of equity shares held by the shareholders.
Details of
Shareholders Holding More Than 5% Equity Shares in the Company:
|
Name of Shareholder |
As at 31 March, 2015 |
|
|
|
No. of Shares held |
% of Holding |
|
Eriez Finance And Investment Limited |
8,250,235 |
24.39 |
|
Chandresh S Parikh |
3,630,400 |
10.74 |
|
Rameshbhai Baldevbhai Patel |
1,953,100 |
5.78 |
|
Arcadia Share &Stock Brokers Private Limited |
2,129,134 |
6.30 |
|
Pratik Minerals Private Limited |
2,153,846 |
6.37 |
|
Total |
18,116,715 |
53.57 |
The Company has not bought back any equity shares, has not allotted any shares as fully paid up pursuant to contracts without payment being received in cash and has not allotted bonus shares, for the period of five years immediately preceding March 31, 2015.
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 |
169.080 |
169.080 |
158.310 |
|
(b) Reserves & Surplus |
527.664 |
575.001 |
514.464 |
|
(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) |
696.744 |
744.081 |
672.774 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
806.676 |
577.902 |
647.186 |
|
(b) Deferred tax liabilities
(Net) |
123.975 |
132.718 |
133.217 |
|
(c) Other long term
liabilities |
3.521 |
4.996 |
5.976 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
934.172 |
715.616 |
786.379 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
668.946 |
783.774 |
653.173 |
|
(b) Trade payables |
664.958 |
469.181 |
269.434 |
|
(c) Other current liabilities |
150.233 |
352.586 |
269.164 |
|
(d) Short-term provisions |
8.769 |
5.690 |
20.573 |
|
Total
Current Liabilities (4) |
1492.906 |
1611.231 |
1212.344 |
|
|
|
|
|
|
TOTAL |
3123.822 |
3070.928 |
2671.497 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1414.814 |
1455.088 |
1377.681 |
|
(ii) Intangible Assets |
13.246 |
13.907 |
16.488 |
|
(iii) Capital work-in-progress |
70.932 |
107.326 |
34.380 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
73.792 |
73.792 |
73.792 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
109.337 |
144.069 |
139.138 |
|
(e) Other Non-current assets |
34.867 |
31.031 |
23.342 |
|
Total
Non-Current Assets |
1716.988 |
1825.213 |
1664.821 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
631.658 |
578.345 |
443.190 |
|
(c) Trade receivables |
426.203 |
525.635 |
449.548 |
|
(d) Cash and cash equivalents |
166.606 |
65.781 |
39.665 |
|
(e) Short-term loans and
advances |
157.275 |
60.734 |
63.701 |
|
(f) Other current assets |
25.092 |
15.220 |
10.572 |
|
Total
Current Assets |
1406.834 |
1245.715 |
1006.676 |
|
|
|
|
|
|
TOTAL |
3123.822 |
3070.928 |
2671.497 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from operations |
3132.170 |
2904.184 |
2771.007 |
|
|
Other Income |
64.472 |
87.345 |
41.319 |
|
|
TOTAL
(A) |
3196.642 |
2991.529 |
2812.326 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1602.300 |
1474.667 |
1404.009 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(21.226) |
(51.269) |
(35.311) |
|
|
Employees benefits expense |
285.996 |
258.980 |
226.334 |
|
|
Exceptional Items |
0.000 |
0.000 |
85.195 |
|
|
Other expenses |
1031.974 |
990.592 |
845.254 |
|
|
TOTAL
(B) |
2899.044 |
2672.970 |
2525.481 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
297.598 |
318.559 |
286.845 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
249.205 |
216.896 |
155.468 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
48.393 |
101.663 |
131.377 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
94.520 |
100.751 |
74.842 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(46.127) |
0.912 |
56.535 |
|
|
|
|
|
|
|
Less |
TAX (H) |
(5.386) |
(0.394) |
24.098 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(40.741) |
1.306 |
32.437 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
279.239 |
308.633 |
261.962 |
|
|
TOTAL
EARNINGS |
279.239 |
308.633 |
261.962 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
339.293 |
345.672 |
264.976 |
|
|
Machinery Spares |
1.713 |
1.851 |
0.000 |
|
|
Capital Goods |
3.068 |
9.254 |
8.663 |
|
|
TOTAL
IMPORTS |
344.074 |
356.777 |
273.639 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(1.20) |
0.04 |
1.02 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current
Maturities of Long term debt |
|
|
|
|
Secured Term Loans From Banks |
5.252 |
200.449 |
133.671 |
|
Secured Borrowings From Financial Institutes |
0.000 |
1.564 |
2.019 |
|
Unsecured Term Loans From Banks |
0.000 |
0.000 |
1.372 |
|
Unsecured Borrowings From Financial Institutes |
0.000 |
2.611 |
9.855 |
|
Deposit From Public |
40.546 |
47.600 |
34.157 |
|
Deposit From Related Parties |
6.650 |
3.105 |
0.700 |
|
Sales Tax Deferment Loan |
0.000 |
3.104 |
2.730 |
|
Total |
52.448 |
258.433 |
184.504 |
|
Cash generated from operations |
251.702 |
242.043 |
416.329 |
|
Net cash flow from operating activity |
244.540 |
231.152 |
405.861 |
QUARTERLY RESULTS
|
Particulars |
30.06.2015 |
30.09.2015 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
875.900 |
845.320 |
|
Total Expenditure |
772.190 |
734.410 |
|
PBIDT (Excl OI) |
103.710 |
110.910 |
|
Other Income |
7.170 |
8.170 |
|
Operating Profit |
110.880 |
119.080 |
|
Interest |
61.280 |
62.120 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
49.600 |
56.960 |
|
Depreciation |
23.130 |
23.790 |
|
Profit Before Tax |
26.470 |
33.170 |
|
Tax |
9.900 |
12.060 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
16.570 |
21.110 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
16.570 |
21.110 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(1.30) |
0.04 |
1.17 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
9.50 |
10.97 |
10.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.55) |
0.03 |
2.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07) |
0.00 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.19 |
2.18 |
2.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.94 |
0.77 |
0.83 |
STOCK
PRICES
|
Face Value |
Rs.5.00/- |
|
Market Value |
Rs.24.20/- |
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 |
158.310 |
169.080 |
169.080 |
|
Reserves & Surplus |
514.464 |
575.001 |
527.664 |
|
Net
worth |
672.774 |
744.081 |
696.744 |
|
|
|
|
|
|
long-term borrowings |
647.186 |
577.902 |
806.676 |
|
Short term borrowings |
653.173 |
783.774 |
668.946 |
|
Current Maturities Of
Long-Term Debts |
184.504 |
258.433 |
52.448 |
|
Total
borrowings |
1484.863 |
1620.109 |
1528.070 |
|
Debt/Equity
ratio |
2.207 |
2.177 |
2.193 |
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 |
2771.007 |
2904.184 |
3132.170 |
|
|
|
4.806 |
7.850 |
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 |
2771.007 |
2904.184 |
3132.170 |
|
Profit |
32.437 |
1.306 |
(40.741) |
|
|
1.17% |
0.04% |
(1.30%) |
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 |
|
|
17 |
Details of sister concerns |
No |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
Financial Results
During the year under consideration, following important developments have taken place,
a) Debt Restructuring by Consortium Bank :- As the capacity utilization of newly expanded capacity was very low due to sluggish demand the expected cash generation was not taking place and it was expected to have impact on the repayment schedule of various term loans availed by the Company. Company had approached its Bankers with a request to restructure repayment schedule of various terms loans, consortium bank approved the same in the Month of March 2015 giving effective date as 1st April 2014 and as a result the installment which were due during the year were restructured along with interest payable there on.
b) The restructuring of various term loans will help improvement in liquidity position of the Company over a period of time.
c) During the year various cost factors such as Raw Material, Energy Cost, Freight Cost and Finance cost have given negative impact on the overall margin of the business which has impacted overall profitability of the business.
d) Company had devised a strategy to ensure higher capacity utilization of various plants during the coming
year which will increase overall performance of the Company in future.
e) Net Worth of the Company is reduced to Rs. 696.744 Million as on 31st March, 2015 compared to Rs. 744.081 Million as on 31st March, 2014.
Product wise
performance
Product wise
performance
• Paint Industry
The product range for paint industry encompasses a varied application base with the majority share lying with Paint Industry and a minor share with the Allied base of industries catering to Agrochemicals, Adhesives and Sealants, Construction, Cosmetics, Printing Inks, Oil Well Drilling, Foundry, Ceramics, and others. The user industries this financial year have shown positive sign of recovery and as a result CnC division have achieved the targeted Budget.
Studies and Analysis carried out by various Institutions before and after the Annual Budget for 2015-16 shows that corporates are hopeful of better Economy and improvement in Investment Climate in the light of expected reforms in Government's Economic policies. Company had geared up the expansion on the basis of plans shared by our major customers e.g. Asian Paints, Berger Paints etc. Decorative paints account for over 75% of the overall paint market in India and include wall finishes for interior and exterior use, enamels, wood finishes and ancillary products such as primers, putties, etc. The retail demand for decorative paints has shown recovery coupled with boost in infrastructure investment and the demand for industrial coatings has also shown progress. The top 5 Major companies domestically saw a double digit growth in range of 10 to 13 %. On the back of such advocacy, they anticipate that the sector will post a CAGR of around 15%. Presently, the growth as being witnessed from new demand pockets, especially in Tier-II and Tier-III cities, thus signaling the growing acceptance of quality products among the masses.
Similarly, in case of Small and Medium scale companies, the scenario remains worrisome due to extended payment cycles by the end customers and tougher market conditions. Mainly competition from Major customers, however Medium Scale companies Like Jotun and Nippon Paints have made their presence felt mainly in the Decorative and Industrial sector. Other Medium and Small scale companies also have shown growth in the West, North and South Regions where some customers have promised of Capacity Expansions and Market Aggression.
However, as with other fields, some challenges also exists in this promising sector that can affect the growth trajectory of the paint industry, if not handled accordingly. For instance, the industry is highly raw material-intensive and any fluctuation in the availability of raw material leads to substantial price fluctuation in paint production costs. The Pressure is on the Raw material suppliers who are undergoing tremendous pressure to maintain the cost coupled with new entrants in the market, which has resulted in the erosion of Bottom line and the challenge is going to be similar in the coming financial year.
VAD - Value Added
Division
This was year full of challenges which were both bitter and fruitful, some were exhausting while some were rewarding. However their VALUE ADDED DIVSION managed Year 2014- 15 was a year of overall marginal growth, since the division had grown +2 % in terms of volume and + 5 % in value terms over previous year and touches INR 100 Cr. Top- line sales marks with growth in Plastics segment viz. PVC Pipe, PP/MB etc.
OUTLOOK
An in-depth analysis of the key drivers and challenges of the current market scenario indicates the factors for growth of the market including growth in real estate construction, growth in automotive industry, growth in industrial sector, growth in disposable income, low penetration and increased Government expenditure on infrastructure. India has always been an emerging economy and with a rising GDP expected along with expected new governmental policies leading to subsequent growth in industrial activities and infrastructural developments, India hopes for "Achhe Din" to arrive soon.
Due to an increased Government funding for infrastructure, demand for paints both in industrial and decorative segment is set to rise, thereby rendering Indian paint industry to be poised for further growth. With enhanced level of communication in terms of media exposure, awareness about latest trends governing the sector has reached a whole host of consumers. Fulfilling needs to look unique becomes possible with more disposable income at the hands of people which is seen to be on an upward trend. Moreover, low per capita consumption of paints in India provides enough opportunity for further growth in this sector. However, the sector is also facing certain challenges. Factors like rising input prices and stringent environmental regulations pose as a barrier for growth. The paint industry has a promising future in India with major and medium scale players in the market implementing innovation and cutting edge technology to combat the negative factors which is evident from scaled up capacities and newer introduced products for the consumers.
The small and medium paint industry is constantly evolving across the country embarking on newer technology and investing in latest manufacturing processes. They strive continuously to engage ourselves in development for newer products and innovations leading to efficient customer service and understanding their niche requirements. A dedicated business development team has been embarked to penetrate this market with a high end range of products entailing reduction in overall formulation costs at customer's end.
The Plastics industry has been one of the fastest growing industries in India in past few years but has gone through some tough challenges in past couple of years. Despite the industry's high growth spanning over a period of over 2 decades and crossing several milestones, Indian plastics industry is yet to realize its full potential as the manufacturing industry and economy shows signs of rebounding. The low level of per capita plastics consumption in India is indicative of the massive growth potential of the plastic industry. The industry was "poised for strong growth" and had been insulated somewhat from India's slowing of growth rates in the last two or three years. New applications/innovations in packaging development are driving growth in India an these are ably supported by the current and upcoming domestic capacities.
Export opportunity looks to improve due to the appreciation of foreign currency being a direct incentive to exporters. In addition, apart from China, many countries have shifted their outlook towards India's manufacturing base due to superior quality at similar rates. Our focus has also been on selective marketing with high value opportunity based products and deficient regions looking for alternatives to increase our growth.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
From Public and Members |
59.130 |
77.333 |
|
From Related Parties |
1.025 |
7.175 |
|
Short-term
borrowings |
|
|
|
Deposits from Public and Members (Effective Rate of Interest being 10.25% - 11.04%) |
72.380 |
78.375 |
|
Inter Corporate Deposits |
18.400 |
0.000 |
|
Total |
150.935 |
162.883 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10398364 |
20/12/2012 |
4,706,169.00 |
AXIS BANK LIMITED |
1ST FLOOR, WING - A, FORTUNE TOWER, OPP. PARSI A |
B66301946 |
|
2 |
10390494 |
27/03/2015 * |
17,263,000,000.00 |
State Bank of India |
INDUSTRIAL FINANCE BRANCH, MARBLE ARCHE, RACE COURSE CIRCLE, VADODARA,
Gujarat - 391760, INDIA |
C48938047 |
|
3 |
90095580 |
07/06/1996 |
1,640,000.00 |
GUJARAT INDUSTRIAL INVESTMENT CORPORATION LTD. |
CHUNIBHAI CHAMBERS ; ASHRAM ROAD, AHMEDABAD, Gujarat - 380009, INDIA |
- |
|
4 |
80026756 |
26/03/2015 * |
1,726,300,000.00 |
State Bank of India |
INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE, VADODARA,
Gujarat - 390007, INDIA |
C49028038 |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED 30th SEPTEMBER 2015
(Rs. In Million)
|
|
|
Particulars |
quarter ended
30.09.2015 |
quarter ended
30.06.2015 |
Half year ended
30.09.2015 |
|
1 |
|
Income from
Operations |
|
|
|
|
|
|
Sales/Income from Operations (Gross) |
844.020 |
874.518 |
1782.660 |
|
|
|
b) Other Operating Income |
1.304 |
1.385 |
2.689 |
|
2 |
Total Income from
Operations (Net) |
845.324 |
875.903 |
1721.228 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
389.627 |
426.458 |
816.085 |
|
|
b) |
Purchase of Stock-in-trade |
-- |
-- |
-- |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(7.110) |
6.258 |
(0.853) |
|
|
d) |
Employee benefit expenses |
77.124 |
77.530 |
154.654 |
|
|
e) |
Depreciation and amortization expense |
23.792 |
23.126 |
46.918 |
|
|
f) |
Other expenses |
274.771 |
261.947 |
536.718 |
|
|
Total Expenses |
758.204 |
795.319 |
1553.523 |
|
|
|
|
|
|
|
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items |
87.120 |
80.585 |
167.705 |
|
4 |
Other Income |
8.165 |
7.169 |
15.333 |
|
|
5 |
Profit /(Loss) from
ordinary activities before finance costs and exceptional items |
95.285 |
87.754 |
183.039 |
|
|
6 |
Finance Costs |
62.116 |
61.283 |
123.399 |
|
|
7 |
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items |
33.169 |
26.470 |
59.639 |
|
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
33.169 |
26.470 |
59.639 |
|
|
10 |
Tax Expense |
12.060 |
9.896 |
21.956 |
|
|
11 |
Net Profit /(Loss)
from ordinary activities after tax |
21.109 |
16.574 |
37.682 |
|
|
12 |
Paid up equity share capital (Eq. shares of Rs.10/- each) |
176.433 |
174.521 |
176.433 |
|
|
13 |
Reserve excluding revaluation reserves |
- |
- |
- |
|
|
14 |
|
Earnings per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
|
|
Basic & Diluted |
0.61 |
0.48 |
1.08 |
|
|
|
|
|
|
|
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of Shares |
14155123 |
14155123 |
14155123 |
|
|
|
- Percentage of Shareholding |
27.76% |
27.76% |
27.76% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number of shares |
11000547 |
11000547 |
11000547 |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
60.76% |
60.11% |
60.76% |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
31.17% |
31.52% |
31.17% |
|
|
|
b) Non- encumbered |
|
|
|
|
|
|
- Number of shares |
7102902 |
7299902 |
7102902 |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
39.24% |
39.89% |
39.24% |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
20.13% |
20.91% |
20.13% |
|
Particulars |
Quarter Ended 30.09.2015 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the
quarter |
Nil |
- The above Financial Results were reviewed by the Audit Committee and approved by the Board of Directors in their Meeting held on 07.11.2015.
2. The Company operates in one business segment i.e. industrial minerals. The
secondary segment is geographical.
3. Statutory Auditors of the Company have carried out limited review of results
for the quarter.
4. Figures for the previous year / period have been regrouped / rearranged,
wherever necessary to make them comparable.
STATEMENT OF ASSETS ANS LIABILITIES AS ON 30TH SEPTEMBER
2015
|
SOURCES
OF FUNDS |
30.09.2015 |
|
|
(Half
Year ended) |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
176.433 |
|
(b) Reserves & Surplus |
607.994 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
784.427 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
758.952 |
|
(b) Deferred tax liabilities
(Net) |
145.928 |
|
(c) Other long term
liabilities |
3.307 |
|
(d) long-term provisions |
0.000 |
|
Total
Non-current Liabilities (3) |
908.188 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
783.726 |
|
(b) Trade payables |
548.265 |
|
(c) Other current liabilities |
191.455 |
|
(d) Short-term provisions |
9.987 |
|
Total
Current Liabilities (4) |
1533.434 |
|
|
|
|
TOTAL |
3226.048 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
1430.873 |
|
(ii) Intangible Assets |
13.127 |
|
(iii) Capital work-in-progress |
25.160 |
|
(iv) Intangible assets under development |
0.000 |
|
(b) Non-current Investments |
73.792 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
120.441 |
|
(e) Other Non-current assets |
30.721 |
|
Total
Non-Current Assets |
1694.114 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
653.949 |
|
(c) Trade receivables |
564.507 |
|
(d) Cash and cash equivalents |
90.533 |
|
(e) Short-term loans and
advances |
208.877 |
|
(f) Other current assets |
14.068 |
|
Total
Current Assets |
1531.934 |
|
|
|
|
TOTAL |
3226.048 |
CONTINGENT
LIABILITIES:
(i) Claims against
the company not acknowledged as debt:
The Company does not have any claims note acknowledged as debt as on the balance sheet date (Previous Year Rs. Nil)
(ii) Other money for
which the company is contingently liable - Matter under dispute:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Demand of Sales Tax, Value Added Tax and Central Sales Tax (An amount of Rs. 0.310 Million deposited under protest |
1.253 |
1.253 |
|
Claims from Excise and Customs authorities not acknowledged as debt. (An amount of Rs.1.912 Million deposited under protest in previous year) |
75.844 |
77.356 |
|
Demand of Income Tax |
12.500 |
7.023 |
(iii) Guarantees and
Letter of Credits:
- Company has given guarantee of Rs. 122.500 Million (Previous Year Rs. 122.500 Million) on behalf of subsidiary company.
- Guarantee given by Company’s Bankers in normal course of business Rs. 20.511 Million (Previous Year Rs. 3.946 Million).
- Inland / Foreign Letter of Credit issued by Bank Rs. 243.451 Million (Previous Year Rs. 189.642 Million).
FIXED ASSETS
- Freehold Land
- Leasehold Land
- Office Building
- Leasehold Office Building
- Factory Building
- Plant and Machinery
- Vehicles
- Furniture
- Computer and Software
- Office Equipments
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.66.75 |
|
|
1 |
Rs.100.29 |
|
Euro |
1 |
Rs.72.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
SUJ |
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 |
5 |
|
--PROFITABILITY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
42 |
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.