MIRA INFORM REPORT
|
Report No. : |
356735 |
|
Report Date : |
26.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
DISHMAN PHARMACEUTICALS AND CHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
Bhadra-Raj Chambers, Swastik Cross Road, Navrangpura,
Ahmedabad-380009, Gujarat |
|
Tel. No.: |
91-79-26445807 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
29.06.1983 |
|
|
|
|
Com. Reg. No.: |
04-006329 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 161.394 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230GJ1983PLC006329 |
|
|
|
|
IEC No.: |
0888038879 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMD00851E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACD4161D AAACD4164D |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing, Exporting, Importing and Marketing of contract research
and contract manufacturing (CRAMS) Bulk drugs, intermediates, Quats,
Speciality chemicals and trade goods. [Confirmed by management] |
|
|
|
|
No. of Employees
: |
933 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company incorporated in the year 1983 having
good track. Available financial indicates sound financial risk profile marked by
healthy net worth base along with comfortable liquidity position and good
profit margin of the company. Share price are quoted high on stock exchange (Share price Rs. 321.95 with
face value Rs. 2) Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitment. In view of long track record and sound financial base, the company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE RATING |
|
Rating |
Long Term Bank Facilities = BBB+ |
|
Rating Explanation |
Moderate degree of safety and carry moderate credit risk |
|
Date |
October 10, 2014 |
|
Rating Agency Name |
CARE RATING |
|
Rating |
Short Term Bank Facilities = A3+ |
|
Rating Explanation |
Moderate degree of safety and carry higher credit risk |
|
Date |
October 10, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Sunil Upadhyay |
|
Designation : |
Deputy General Manager in Finance |
|
Contact No.: |
91-79-26445807 |
|
Date : |
22.12.2015 |
LOCATIONS
|
Registered Office : |
Bhadra-Raj Chambers, Swastik Cross Road, Navrangpura, Ahmedabad-380009,
Gujarat, India |
|
Tel. No.: |
91-79-26445807 |
|
Fax No.: |
91-79-26420198 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
301-306, Samudra Annexe, Off C. G. Road, Navrangpura, Ahmedabad - 380
009, Gujarat, India |
|
|
|
|
Factory 1 : |
Plot No. 1216/20, Phase IV, GIDC Estate, Naroda, Ahmedabad – 382 330, Gujarat,
India |
|
Tel. No.: |
91-79-2811633 / 2814234 |
|
|
|
|
Factory 2 : |
Survey No. 47, Paiki Sub Lot No. 1, Village Lodariya, Taluka Sanand,
District Ahmedabad, Gujarat, India |
|
|
|
|
Branch Office 1 : |
401, Sangeet Plaza, Marol Marashi Road, Andheri (East), Mumbai - 400
059, Maharashtra, India |
|
Tel. No.: |
91-22-2859 2120/ 29204537 |
|
Fax No.: |
91-22-2859 2226/ 66964055 |
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E-Mail : |
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Branch Office: |
Also Located at
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Overseas Office : |
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Sales Offices: |
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DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Janmejay R. Vyas |
|
Designation : |
Chairman & Managing Director |
|
Address : |
B/1-A, Rajhans Society, Ellisbridge, Ahmedabad – 380 006, Gujarat, India |
|
Date of Birth / Age : |
29.04.1951 |
|
Qualification : |
B. Sc. (Tech.), B. Sc. (Chemistry) |
|
DIN No.: |
00004730 |
|
|
|
|
Name : |
Mrs. Deohooti J. Vyas |
|
Designation : |
Whole-time Director |
|
Address : |
B/1-A, Rajhans Society, Ellisbridge, Ahmedabad – 380 006, Gujarat, India |
|
Date of Birth / Age : |
61 Years |
|
Experience : |
30 Years |
|
Date of Appointment : |
01.12.1997 |
|
Qualification : |
A Bachelor Degree in Science, B. Sc. (Chemistry) |
|
|
|
|
Name : |
Mr. Arpit J Vyas |
|
Designation : |
Whole Time Director |
|
Date of Birth / Age : |
27 Years |
|
Qualification : |
Chemical Engineer from University of Aston |
|
Experience : |
7 years |
|
Date of Appointment: |
01.06.2009 |
|
|
|
|
Name : |
Mr. Mark C. Gri"ths |
|
Designation : |
Director & Global CEO |
|
DIN No.: |
06981744 |
|
|
|
|
Name : |
Mr. Sanjay S. Majmudar |
|
Designation : |
Director |
|
Date of Birth / Age : |
49 Years |
|
Date of Appointment : |
14.02.2004 |
|
Qualification : |
CA, LLB, Company Secretary |
|
|
|
|
Name : |
Mr. Ashok C. Gandhi |
|
Designation : |
Director |
|
Date of Birth / Age : |
73 Years |
|
Date of Appointment: |
30th July, 2004 |
|
Qualification : |
B. Com, LLB |
|
|
|
|
Name : |
Mr. Subir Kumar Das |
|
Designation : |
Director |
|
DIN No.: |
02237356 |
|
|
|
|
Name : |
Mr. Rajendra S. Shah |
|
Designation : |
Director |
|
DIN No.: |
00061922 |
KEY EXECUTIVES
|
Name : |
Mr. Tushar D. Shah |
|
Designation : |
Company Secretary |
|
|
|
|
Audit Committee: |
|
|
|
|
|
Nomination and
Remuneration Committee : |
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|
|
|
|
Stakeholder
Relationship Committee : |
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|
|
|
Corporate Social
Responsibility Committee : |
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|
|
Management
Committee : |
|
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
48948449 |
60.66 |
|
|
600000 |
0.74 |
|
|
49548449 |
61.40 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
49548449 |
61.40 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
2857646 |
3.54 |
|
|
1240873 |
1.54 |
|
|
11225107 |
13.91 |
|
|
15323626 |
18.99 |
|
|
|
|
|
|
2343683 |
2.90 |
|
|
|
|
|
|
8055908 |
9.98 |
|
|
1453287 |
1.80 |
|
|
3972183 |
4.92 |
|
|
521023 |
0.65 |
|
|
716447 |
0.89 |
|
|
37350 |
0.05 |
|
|
419214 |
0.52 |
|
|
2278149 |
2.82 |
|
|
15825061 |
19.61 |
|
Total Public
shareholding (B) |
31148687 |
38.60 |
|
Total (A)+(B) |
80697136 |
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) |
80697136 |
100.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
||
|
1 |
Janmejay R Vyas |
2,52,79,855 |
31.33 |
|
2 |
Arpit J Vyas |
1,25,63,975 |
15.57 |
|
3 |
Deohooti J Vyas |
1,09,64,500 |
13.59 |
|
4 |
Mansi J Vyas |
36,500 |
0.05 |
|
5 |
Aditi J Vyas |
1,03,619 |
0.13 |
|
6 |
Bhadra Raj Holdings Private Limited |
6,00,000 |
0.74 |
|
|
Total |
4,95,48,449 |
61.40 |
|
|
|
|
|
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Birla Sun Life Trustee Company Private Limited A\C Birla Sun Life
Equity Fund |
2414400 |
2.99 |
|
|
2 |
Goldman Sachs (Singapore) Pte |
1643858 |
2.04 |
|
|
3 |
LIC of India Market Plus 1 Growth Fund |
1215725 |
1.51 |
|
|
4 |
Dimensional Emerging Markets Value Fund |
894541 |
1.11 |
|
|
|
Total |
6168524 |
7.64 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Exporting, Importing and Marketing of contract research
and contract manufacturing (CRAMS) Bulk drugs, intermediates, Quats, Speciality
chemicals and trade goods. [Confirmed by management] |
|
|
|
|
Products : |
Not Divulged |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
Pharmceuticals Chemicals of Raw Materials |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Chemicals |
|
Countries : |
China |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Cheque and Credit (30/60 days) |
|
|
|
|
Purchasing : |
Cash, Cheque and Credit (30/60 days) |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers and Retailers
|
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|
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No. of Employees : |
133 (Approximately) |
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Bankers : |
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|
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|
Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
V. D. Shukla and Company Chartered Accountants |
|
Address : |
22, Aakruti Society, Satellite Road, Ahmedabad – 380 015, Gujarat,
India |
|
|
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
‘Herigate’, 3rd Floor, Near Gujarat Vidhyapith, Off. Ashram
Road, Ahmedabad-380014, Gujarat, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Step Down
Subsidiary : |
|
|
|
|
|
Joint venture : |
|
|
|
|
|
Entity in which KMP
can exercise significant influence : |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000,000 |
Equity Shares |
Rs. 2/- each |
Rs. 200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80,697,136 |
Equity Shares |
Rs. 2/- each |
Rs. 161.394
Million |
|
|
|
|
|
i) Reconciliation of
the number of shares and amount outstanding at the beginning and at the end of
the reporting period:
|
Equity Shares |
Number
of Shares |
Rs.
In Million |
|
Opening Balance |
80697136 |
161.394 |
|
Fresh issue |
- |
- |
|
Closing Balance |
80697136 |
161.394 |
ii) Details of shares
held by each shareholder holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Shri Janmejay R Vyas |
25,279,855 |
31.33% |
|
Shri Arpit J. Vyas |
12,563,975 |
15.57% |
|
Smt. Deohooti J Vyas |
10,964,500 |
13.59% |
iii) The Company has issued only one class of shares referred to as equity shares having a par value of Rs. 2. All equity shares carry one vote per share without restrictions and are entitled to dividend, as and when declared. All shares rank equally with regard to the Company’s residual assets.
iv) The amount of
per share dividend recognized as distributions to equity shareholders during the
year ended March 31, 2015 is Rs. 2.00 (previous year: Rs. 1.20), subject to
approval by shareholders in the ensuing annual general meeting
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 |
161.394 |
161.394 |
161.394 |
|
(b) Reserves & Surplus |
8202.872 |
7809.356 |
7092.752 |
|
(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) |
8364.266 |
7970.750 |
7254.146 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2429.622 |
2397.405 |
2745.271 |
|
(b) Deferred tax liabilities (Net) |
683.296 |
505.842 |
438.149 |
|
(c) Other long term
liabilities |
0.000 |
237.238 |
468.466 |
|
(d) long-term
provisions |
68.269 |
48.269 |
47.425 |
|
Total Non-current
Liabilities (3) |
3181.187 |
3188.754 |
3699.311 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2625.900 |
1767.181 |
1845.095 |
|
(b) Trade
payables |
995.896 |
836.252 |
952.653 |
|
(c) Other current
liabilities |
1454.407 |
1487.506 |
1065.795 |
|
(d) Short-term
provisions |
310.893 |
317.661 |
173.479 |
|
Total Current
Liabilities (4) |
5387.096 |
4408.600 |
4037.022 |
|
|
|
|
|
|
TOTAL |
16932.549 |
15568.104 |
14990.479 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
6929.981 |
6926.651 |
6788.120 |
|
(ii)
Intangible Assets |
6.195 |
19.469 |
37.347 |
|
(iii)
Capital work-in-progress |
101.541 |
98.579 |
487.901 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2101.555 |
1870.569 |
1870.569 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2376.416 |
2423.959 |
1532.451 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
12.150 |
|
Total Non-Current
Assets |
11515.688 |
11339.227 |
10728.538 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
132.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1718.981 |
1338.586 |
1277.612 |
|
(c) Trade
receivables |
976.478 |
694.220 |
627.900 |
|
(d) Cash
and cash equivalents |
226.219 |
112.566 |
108.904 |
|
(e)
Short-term loans and advances |
2145.058 |
1997.548 |
2247.525 |
|
(f) Other
current assets |
218.125 |
85.957 |
0.000 |
|
Total
Current Assets |
5416.861 |
4228.877 |
4261.941 |
|
|
|
|
|
|
TOTAL |
16932.549 |
15568.104 |
14990.479 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
4786.931 |
4732.812 |
4846.361 |
|
|
Other Income |
669.977 |
559.756 |
135.915 |
|
|
TOTAL |
5456.908 |
5292.568 |
4982.276 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1962.282 |
1789.721 |
1734.985 |
|
|
Purchases of Stock-in-Trade |
258.693 |
51.609 |
23.830 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(226.923) |
(84.867) |
33.121 |
|
|
Employees benefits expense |
588.792 |
583.783 |
582.140 |
|
|
Other expenses |
713.153 |
630.459 |
780.428 |
|
|
TOTAL |
3295.997 |
2970.705 |
3154.504 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2160.911 |
2321.863 |
1827.772 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
681.328 |
692.152 |
527.353 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1479.583 |
1629.711 |
1300.419 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
441.324 |
441.347 |
353.419 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
1038.259 |
1188.364 |
947.000 |
|
|
|
|
|
|
|
Less |
TAX |
453.476 |
320.498 |
315.249 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
584.783 |
867.866 |
631.751 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to Debenture
Redemption Reserve |
0.000 |
0.000 |
62.500 |
|
|
Transfer to General Reserve |
150.000 |
150.000 |
80.000 |
|
|
Proposed Dividend |
161.394 |
96.837 |
96.837 |
|
|
Tax on Proposed Dividend |
32.856 |
16.457 |
15.709 |
|
|
BALANCE CARRIED
TO THE B/S |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
Export Earnings |
3597.504 |
3854.657 |
3595.262 |
|
|
TOTAL EARNINGS |
3597.504 |
3854.657 |
3595.262 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
870.214 |
861.741 |
561.815 |
|
|
Stores & Spares |
0.000 |
3.089 |
18.944 |
|
|
Capital Goods |
20.422 |
3.795 |
18.270 |
|
|
TOTAL IMPORTS |
890.636 |
868.625 |
599.029 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.75 |
7.83 |
10.75 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
1247.741 |
1086.218 |
638.349 |
|
Cash generated from operations |
361.501 |
1507.628 |
445.991 |
|
Net cash flows from (used in) operations |
52.915 |
1256.990 |
282.948 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2015 Unaudited 1st
Quarter |
30.09.2015 Unaudited
2nd
Quarter |
|
Net Sales |
1339.920 |
1002.970 |
|
Total Expenditure |
939.650 |
695.440 |
|
PBIDT (Excl OI) |
400.270 |
307.530 |
|
Other Income |
95.080 |
491.340 |
|
Operating Profit |
495.350 |
798.870 |
|
Interest |
259.260 |
176.600 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
236.090 |
622.270 |
|
Depreciation |
112.890 |
109.000 |
|
Profit Before Tax |
123.200 |
513.270 |
|
Tax |
43.120 |
114.810 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
80.080 |
398.450 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
80.080 |
398.450 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
12.22 |
18.34 |
13.04 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
45.14 |
49.06 |
37.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.05 |
8.74 |
7.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.15 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.60 |
0.52 |
0.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01 |
0.96 |
1.06 |
STOCK
PRICES
|
Face Value |
Rs. 2.00/- |
|
Market Value |
Rs. 321.95/- |
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 |
161.394 |
161.394 |
161.394 |
|
Reserves & Surplus |
7092.752 |
7809.356 |
8202.872 |
|
Net
worth |
7254.146 |
7970.750 |
8364.266 |
|
|
|
|
|
|
long-term borrowings |
2745.271 |
2397.405 |
2429.622 |
|
Short term borrowings |
1845.095 |
1767.181 |
2625.900 |
|
CURRENT MATURITIES OF LONG-TERM
DEBTS |
638.349 |
1086.218 |
1247.741 |
|
Total
borrowings |
5228.715 |
5250.804 |
6303.263 |
|
Debt/Equity
ratio |
0.721 |
0.659 |
0.754 |
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 |
4846.361 |
4732.812 |
4786.931 |
|
|
|
(2.343) |
1.143 |
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 |
4846.361 |
4732.812 |
4786.931 |
|
Profit |
631.751 |
867.866 |
584.783 |
|
|
13.04% |
18.34% |
12.22% |
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
From other parties |
97.587 |
96.746 |
|
|
|
|
|
SHORT TERM
BORROWING |
|
|
|
Short Term Loans from Directors |
0.000 |
7.333 |
|
Short Term Loans from Others |
583.500 |
230.000 |
|
Loans repayable on demand From banks |
258.686 |
155.952 |
|
Short Term Loans from Banks |
0.000 |
1.040 |
|
Total |
939.773 |
491.071 |
|
|
|
|
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10608331 |
24/09/2015 |
150,000,000.00 |
TAMILNAD MERCANTILE BANK LIMITED |
1B, Wall Street -
1, First Floor,, Opp. Orient Cl |
C73489718 |
|
2 |
10590364 |
13/07/2015 |
42,500,000.00 |
BANK OF INDIA |
AHD MID CORPORATE BRANCH 1ST FLOOR BOI BUILDING, NR SWASTIK CHAR RASTA, C G ROAD NAVRANGPURA, AHMEDABAD, Gujarat - 380009, INDIA |
C63895791 |
|
3 |
10572707 |
13/05/2015 |
1,000,000,000.00 |
GDA TRUSTEESHIP LIMITED |
GDA House, First Floor, Plot No. 85, S. No. 94 & 95, Bhusari Colony (Right), Kothrud, Pune, Maharashtra - 411038, INDIA |
C55335624 |
|
4 |
10562994 |
30/03/2015 |
306,000,000.00 |
DENA BANK |
Dena Corporation
Centre, C-10, 'G' Block,, Bandra Maharashtra - 400051, INDIA |
C50731561 |
|
5 |
10537128 |
18/12/2014 |
750,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL
SERVICES BRANCH, BANK OF BARODA TOWERS, 1ST FLOOR, OPP. LAW GARDEN,
AHMEDABAD, INDIA |
C37256781 |
|
6 |
10537130 |
18/12/2014 |
750,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH, BANK OF BARODA TOWER, 1ST FLOOR, LAW GARDEN, AHMEDABAD, Gujarat - 380006, INDIA |
C37258308 |
|
7 |
10521665 |
29/03/2014 |
204,903,374.00 |
INDIABULLS HOUSING FINANCE LIMITED |
M - 62 & 63, FIRST FLOOR, CONNAUGHT PLACE, NEW DELHI, Delhi - 110001, INDIA |
C22125751 |
|
8 |
10217457 |
07/05/2010 |
750,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
A85001410 |
|
9 |
10192311 |
02/06/2015 * |
2,000,000,000.00 |
3i Infotech Trusteeship Services Limited |
3rd to 6th floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai, Maharashtra - 400703, INDIA |
C57368524 |
|
10 |
10186487 |
02/06/2015 * |
2,000,000,000.00 |
3i Infotech Trusteeship Services Limited |
3rd to 6th floor,
International Infotech Park,, T Navi Mumbai, Maharashtra - 400703, INDIA |
C57367773 |
* Date of charge modification
PERFORMANCE AND OPERATION
REVIEW
In FY 2014-15, the Company achieved a turnover of Rs. 4786.931 Million as compared to Rs. 4732.811 Million in FY 2013-14. Profit before tax stood at Rs. 1038.259 Million in FY2014-15 as against Rs. 1188.364 Million in FY 2013-14. Profit after tax for the year remain at Rs. 584.783 Million in FY2014-15 as compared to Rs. 867.866 Million in FY 2013-14.
Earning per share for the FY2014-15 remains at Rs. 7.25 per
share as against Rs. 10.75 per share in FY 2013-14.
OPERATIONS
During the year, most of the key business verticals of the Company and also all major subsidiaries of the Company have performed reasonably well.
CRAMS
For the "CRAMS" segment of Dishman India, as you are aware, since the last three years, the Company has modified its focus and is now concentrating on a larger number of midsize contracts, instead of concentrating only on a few large MNCs. The Company's strategy has started yielding fruits since last 2 years whereby apart from the big pharma companies the Company has been getting many orders from small and big and mid-sized pharma companies which has resulted into diversified portfolios in this segment in India and has also helped the Company in having a greater degree of predictability of the revenues. The Company's 100% wholly owned subsidiary - CARBOGEN AMCIS AG Switzerland(CAAG), which is also operating in the CRAMS segment through its plant located in Switzerland and UK has done quite well during the year under review.In fact, CAAG's order book is almost full, and as a strategic measure, during the year under review, the China facility has been now put under the management of CAAG to cater to their gap of not having large volume manufacturing. We are happy to note that CAAG has expanded its markets significantly and also improved the product basket between Dishman India and Carbogen Amcis or Dishman Group, the Company now has the capability of offering complete solutions in the organic chemistry space in the CRAMS segment. Further, the performance of CARBOGEN AMCIS UK has also remained very satisfactory during the year.
They are also delighted to inform the members that during FY 2014-15, Dishman Group has also made remarkable progress specifically in terms of the Oncology space, thanks to the focused hard work in the development process by partnering with many Oncology companies over last few years. Thus Dishman Group bagged a prestigious order for supply of high value added Oncology API for a highly effective Lung Cancer drug to a leading mid size Oncology Formulation company based out of US. Further, many such products are in pipeline.
The Company is confident of achieving a steady and sustainable growth in this segment in the coming years.
HI-PO UNIT
The state-of-the-art Hi-Potency (Hi-Po unit) - Unit 9 at Bavla has performed well during the year under review. The Company has started receiving regular as well as repeated orders from major global pharma MNCs who are very excited about the type of the facility and infrastructure created in this unit. Again noteworthy is the fact that, apart from the on going projects, the Company has successfully completed a few technology transfer projects from CARBOGEN AMCIS to this unit which implies a significant scaling up of the production of such high value-added and extremely potent pharma APIs mainly in the oncology category. As you are aware, this is one of its kind facility not only in India, but in the entire world, which is capable of handling extremely high potency molecules in large volumes with a specific focus on the therapeutic segments of oncology, steroids, among others. Regular business has started coming in steadily from leading Global MNCs. For the current year, the Company has already an order book/ visibility of around US$ 12 million for this unit with only 2 of the possible 5 cells fitted and at its optimum capacity the target is to achieve a top line of around US$ 25-30 million over next 2 to 3 years for which a good visibility exists. Again, this is a high-margin segment which will also help in improving the bottom line of the Company and more importantly, the products when launched, will improve the life expectancy of many unfortunate people affected with such deadly diseases.
VITAMIN D3
During the year, the Vitamin D3 Business has also performed satisfactorily. This Business is of the WOS namely Dishman Netherland B.V., which is having its plant in Netherlands producing cholesterol, the key raw material for Vitamin D3. During the year, the said company has changed its strategy for this Business and is now concentrating on selective business, which has yielded good results in the form of increased profitability.
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
|
a) Claims against the Company not acknowledged as debt |
1.122 |
|
b) Guarantees |
|
|
(i) Outstanding guarantees furnished to the bank in
respect of wholly owned subsidiaries and a joint venture companies |
1437.503 |
|
(ii)Outstanding guarantees furnished to the bank in respect
of former subsidiaries and a joint venture company |
1203.179 |
|
c) Disputed central excise duty (including service tax)
liability |
44.104 |
|
d) Disputed income tax liability for various assessment
years for which appeals are pending with Appellate authorities, out of the
said amount, the Company has paid ` 1190.98 Lacs (Previous Year ` 747.24
Lacs) under protest. |
630.898 |
|
e) Disputed sales tax and central sales tax liability |
55.956 |
|
f) Bills discounted with banks |
387.025 |
|
|
|
|
Total |
3759.787z |
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 30.09.2015
(Rs. In Million)
|
Particulars |
Quarter Ended (Unaudited) |
Preceding Quarter Ended (Unaudited) |
Half Year Ended (Unaudited) |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
972.859 |
1337.170 |
2310.029 |
|
b) Other operating income |
30.106 |
37.616 |
67.722 |
|
Total
income from Operations(net) |
1002.965 |
1374.786 |
2377.751 |
|
2.Expenditure |
|
|
|
|
a) Cost of
Raw Materials |
403.439 |
489.248 |
892.687 |
|
b) Purchase
of traded goods |
-- |
-- |
-- |
|
c) Changes
in inventories of finished goods, work-in-progress and stock-in-trade |
(22.919) |
113.665 |
90.746 |
|
d) Power and
Fuel |
81.034 |
83.591 |
164.625 |
|
d) Employee
benefits expense |
156.137 |
150.201 |
157.277 |
|
e) Depreciation
and amortisation expense |
108.998 |
112.893 |
221.891 |
|
f) Other
Expenditure |
77.749 |
139.830 |
217.579 |
|
Total
expenses |
804.438 |
1089.428 |
1893.866 |
|
|
|
|
|
|
3.
Profit from operations before other income and financial costs |
198.527 |
285.358 |
483.885 |
|
4. Other income |
491.341 |
97.093 |
588.434 |
|
5.
Profit from ordinary activities before finance costs |
689.868 |
382.451 |
1072.319 |
|
6. Finance costs |
176.601 |
259.256 |
435.857 |
|
7. Net profit/(loss) from ordinary
activities after finance costs but before exceptional items |
513.267 |
123.195 |
342.792 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary
activities before tax Expense: |
513.267 |
123.195 |
342.792 |
|
10.Tax expenses |
114.813 |
43.118 |
157.931 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
398.454 |
80.077 |
478.531 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for
the period (11 -12) |
398.454 |
80.077 |
478.531 |
|
14.Paid-up equity share capital (Nominal value Rs.2/- each per share) |
161.394 |
161.394 |
161.394 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before/ after extraordinary
items) Rs.2/-
each) (not annualised): |
|
|
|
|
(a) Basic |
4.94 |
0.99 |
5.93 |
|
(b) Diluted |
4.94 |
0.99 |
5.93 |
|
Particulars |
Quarter Ended (Unaudited) |
Preceding Quarter Ended (Unaudited) |
Half Year Ended (Unaudited) |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
31148687 |
31148687 |
31148687 |
|
- Percentage of shareholding |
38.60 |
38.60 |
38.60 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
5676500 |
8554000 |
5676500 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
11.46 |
17.26 |
11.46 |
|
Percentage of shares (as a % of total share capital of the
company) |
7.03 |
10.60 |
7.03 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
43871949 |
40994449 |
43871949 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
88.54 |
82.74 |
88.54 |
|
Percentage of shares (as a % of total share capital of the
company) |
54.37 |
50.80 |
54.37 |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Receiving during the quarter |
Nil |
|
|
|
Disposed of during the quarter |
Nil |
|
|
|
Remaining unreserved at the end of the quarter |
Nil |
|
|
STANDALONE STATEMENT
OF ASSETS AND LIABILITIES
|
Particulars |
As at 30.09.2015 |
|
|
|
Particulars |
|
|
A |
EQUITY
AND LIABILITIES |
|
|
1 |
Shareholder’s
Funds |
|
|
|
a)
Share Capital |
161.394 |
|
|
b)
Reserves & Surplus |
8714.601 |
|
|
c)
Money received against share warrants |
0.000 |
|
|
Sub
Total- Shareholders funds |
8875.995 |
|
2 |
Share
application money pending allotment |
|
|
3 |
Minority
Interest |
|
|
4 |
Non-current
liabilities |
|
|
|
(a)
Long term borrowings |
3097.902 |
|
|
(b)
Deferred tax liabilities (net) |
703.096 |
|
|
(b)
Other long term liabilities |
0.000 |
|
|
fc)
Long term provisions |
73.853 |
|
|
Sub
Total- Non Current Liabilities |
3874.851 |
|
5 |
Current
liabilities |
|
|
|
(a)
Short term borrowings |
2182.190 |
|
|
(b)
Trade Payables |
810.732 |
|
|
(c)
Other current liabilities |
1029.694 |
|
|
(d)
Short term provisions |
236.839 |
|
|
Sub
Total- Current Liabilities |
4259.455 |
|
|
TOTAL-EQUITY
AND LIABILITIES |
17010.301 |
|
B |
ASSETS |
|
|
1 |
Non-current
assets |
|
|
|
(a)
Fixed assets |
7018.333 |
|
|
(b)
Goodwill on Consolidation |
0.000 |
|
|
(c)
Non-Current investments |
2318.605 |
|
|
(d)
Long-term loans and advances |
2445.032 |
|
|
(e)
Other non-current assets |
0.031 |
|
|
Sub-Total-
Non-current assets |
11782.001 |
|
2 |
Current
assets |
|
|
|
a)
Current Investments |
132.000 |
|
|
b)
Inventories |
1504.003 |
|
|
c)
Trade Receivables |
881.984 |
|
|
d)
Cash and cash equivalents |
136.424 |
|
|
(e)
Short term loans and advances |
2276.021 |
|
|
(f)
Other current assets |
297.868 |
|
|
Sub-Total-
current assets |
5228.300 |
|
|
TOTAL
ASSETS |
17010.301 |
FIXED ASSETS:
- Land
- Buildings
- Plant and
Equipment
- Furniture and
Fixtures
- Vehicles
- Office
Equipment’s
- Laboratory
Equipment’s
PRESS RELEASE
NOT RECEIVED WARNING FROM USFDA ON CLOVIS: DISHMAN PHARMA
JR Vyas, CMD, Dishman Pharma in an interview to CNBC-TV18
clarified that the company had not received any warning from US FDA on Clovis
issue.
USFDA on Monday had asked for more data on US firm Clovis Oncology Inc's lung cancer drug, Rociletinib, potentially delaying its approval. On back of this news, Dishman Pharma shares took a hit on Tuesday because traders thought Dishman was supplying active ingredient for the drug Rociletinib.
JR Vyas, CMD, Dishman Pharma in an interview to CNBC-TV18
clarified that the company had not received any warning from US FDA on Clovis
issue.
He also stated the company does
not factor in revenues from Clovis into their guidance.
On December 24, 2015, Dishman Pharmaceuticals and Chemicals closed at Rs 324.90, down Rs 2.3, or 0.7 percent. The 52-week high of the share was Rs 419.70 and the 52-week low was Rs 120.55.
The company's trailing 12-month (TTM) EPS was at Rs 9.67 per share as per the quarter ended September 2015. The stock's price-to-earnings (P/E) ratio was 33.6. The latest book value of the company is Rs 103.44 per share. At current value, the price-to-book value of the company is 3.14.
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. 66.20 |
|
UK Pound |
1 |
Rs. 98.30 |
|
Euro |
1 |
Rs. 72.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.