MIRA INFORM REPORT
|
Report No. : |
310075 |
|
Report Date : |
26.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
HERO MOTOCORP LIMITED (w.e.f. July, 2011) |
|
|
|
|
Formerly Known
As : |
HERO HONDA MOTORS LIMITED |
|
|
|
|
Registered
Office : |
34, Community Centre, Basant Lok, Vasant Vihar, New Delhi
- 110057 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
19.01.1984 |
|
|
|
|
Com. Reg. No.: |
55-017354 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.399.400 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L35911DL1984PLC017354 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELH00028A |
|
|
|
|
PAN No.: [Permanent Account No.] |
A AACH0812J |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The Company is engaged in the manufacturing and selling of motorized two-wheelers
spares parts and related services. |
|
|
|
|
No. of Employees
: |
5257 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (80) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 160000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a one of leading motorcycles manufacturer in India. It is
well established and reputed company having excellent track record. The rating reflects HMCL’s strong business risk profile marked by
strong liquidity position and decent profitability margins of the company. Further rating also reflects company strong brand recognition marked
by well entrenched presence in Indian market through its strong distribution
network and diversified product profile as supported its market leadership
position in the domestic market. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitment. In view of strong brand image backed by experience management team,
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
ICRA |
|
Rating |
Fund based Limits (AAA) |
|
Rating Explanation |
Highest degree of safety and Carry lowest
credit risk. |
|
Date |
February 25, 2015 |
|
|
|
|
Rating Agency Name |
ICRA |
|
Rating |
Non-Fund based Limits (A1+) |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
February 25, 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
31-03-2014.
INFORMATION DENIED
Management non- co-operative (91-11-26142451) (91-124-2894200)
LOCATIONS
|
Registered Office / Corporate Office : |
34, Community Centre, Basant Lok, Vasant Vihar, New Delhi
- 110057 |
|
Tel. No.: |
91-11-26142451 / 46044100 |
|
Mobile No.: |
|
|
Fax No.: |
91-11-26143321 / 26143198 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Plant 1 : |
Dharuhera Plant 69 K.M. Stone, Delhi-Jaipur Highway, Dharuhera, District Rewari - 122 100 Haryana, India |
|
Tel. No.: |
91-1274-264 000 |
|
Fax No.: |
91-1274-267 018 |
|
|
|
|
Plant 2 : |
Gurgaon Plant 37 K.M. Stone, Delhi-Jaipur Highway, Sector 33, Gurgaon – 122 001 Haryana, India |
|
Tel. No.: |
91-124-2894200/2372123 |
|
Fax No.: |
91-124 2373 141/42 |
|
|
|
|
Plant 3 : |
Haridwar Plant Plot No. 3, Sector 10, I.I.E., SIDCUL, Roshanabad, Haridwar – 249 403, Uttarakhand, India |
|
Tel. No.: |
91-1334-238500/239514-16 |
|
Fax No.: |
91-1334-239512-13 |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. Pawan Munjal |
|
Designation : |
Managing Director and Chief Executive Officer |
|
DIN: |
00004223 |
|
|
|
|
Name; |
Brijamohan Lall Munjal |
|
Designation: |
Chairman |
|
DIN: |
00004134 |
|
|
|
|
Name; |
Mr. Gen. (Retd.) V. P. Malik |
|
Designation: |
Non-Executive and Independent Director |
|
|
|
|
Name : |
Dr. Pritam Singh |
|
Designation : |
Non-Executive and Independent Director |
|
|
|
|
Name : |
Mr. M. Damodaran |
|
Designation : |
Non-Executive and Independent Director |
|
|
|
|
Name : |
Mr. Ravi Nath |
|
Designation : |
Non-Executive and Independent Director |
|
|
|
|
Name : |
Mr. Pradeep Dinodia |
|
Designation : |
Chairman |
|
DIN; |
00027995 |
|
|
|
|
Name : |
Mr. Suman Kant Munjal |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Paul Edgerley |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Dr. Anand C. Burman |
|
Designation : |
Non-Executive and Independent Director |
|
|
|
|
Name : |
Mr. Sunil Kant Munjal |
|
Designation : |
Joint Managing Director |
KEY EXECUTIVES
|
Audit Committee |
|
|
Name : |
Mr. Pradeep Dinodia |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Gen. (Retd.) V. P. Malik |
|
Designation : |
Member |
|
|
|
|
Name : |
Dr. Pritam Singh |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. M. Damodaran |
|
Designation : |
Member |
|
|
|
|
Shareholders’ Grievance Committee |
|
|
Name : |
Dr. Pritam Singh |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Pradeep Dinodia |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. M. Damodaran |
|
Designation : |
Member |
|
|
|
|
Remuneration Committee |
|
|
Name : |
Gen. (Retd.) V. P. Malik |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Pradeep Dinodia |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Ravi Nath |
|
Designation : |
Member |
|
|
|
|
Senior Management Team |
|
|
Name : |
Mr. Ravi Sud |
|
Designation : |
Sr. Vice President and Chief Financial Officer |
|
|
|
|
Name : |
Mr. Anil Dua |
|
Designation : |
Sr. Vice President-Sales and Marketing |
|
|
|
|
Name : |
Mr. Vikram Kasbekar |
|
Designation : |
Head-Operations and Supply Chain |
|
|
|
|
Name : |
Mr. Neeraj Mathur |
|
Designation : |
Vice President-Strategic Sourcing and Supply Chain |
|
|
|
|
Name : |
Mr. Harjeet Singh |
|
Designation : |
Vice President-HRM, Corporate Planning and Strategy |
|
|
|
|
Name : |
Mr. Vijay Sethi |
|
Designation : |
Vice President- R and D |
|
|
|
|
Name : |
Mr. Deepak Mokashi |
|
Designation : |
Vice President and Head Global Busienss |
|
|
|
|
Name : |
Mr. Sanjay Bhan |
|
Designation : |
Business Head – Parts Buasinss |
|
|
|
|
Name : |
Mr. Rajat Bhargava |
|
Designation : |
Head of Strategy and Performance Transformation |
|
|
|
|
Compliance Officer |
|
|
Name : |
Mr. Ilam C. Kamboj |
|
Designation : |
Sr. General Manager - Legal and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2014
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
62404852 |
31.25 |
|
|
17307630 |
8.67 |
|
|
79712482 |
39.92 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
79712482 |
39.92 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
6462289 |
3.24 |
|
|
526609 |
0.26 |
|
|
7847105 |
3.93 |
|
|
78550365 |
39.34 |
|
|
93386368 |
46.77 |
|
|
|
|
|
|
3557346 |
1.78 |
|
|
|
|
|
|
12085337 |
6.05 |
|
|
699679 |
0.35 |
|
|
10246288 |
5.13 |
|
|
253377 |
0.13 |
|
|
301353 |
0.15 |
|
|
1156652 |
0.58 |
|
|
8534906 |
4.27 |
|
|
26588650 |
13.32 |
|
Total Public shareholding (B) |
119975018 |
60.08 |
|
Total (A)+(B) |
199687500 |
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) |
199687500 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the manufacturing and selling of motorised
two-wheelers spares parts and related services. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
5257 (Approximately) |
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Bankers : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
7th Floor,
Building No. 10, Tower B, DLF Cyber City Complex, DLF City Phase- II, Gurgaon
– 122 002, Haryana, India |
|
Tel. No.: |
91- 124-679 2000 |
|
Fax No.: |
91- 124-679 2012 |
|
E-Mail Id : |
|
|
|
|
|
Name : |
Ramanath Iyer and Company Chartered Accountants |
|
Address : |
BL - 4, (Paschmi), Shalimar Bagh, Delhi - 110088, India |
|
Tel. No.: |
91-11-2748 1904, 4702 8048 |
|
Fax No.: |
91-11-2748 1904 |
|
E-Mail Id : |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Parties in respect of
which the Company is an associate : |
Ø Hero Investment
Private Limited |
|
|
|
|
Associate : |
Ø Hero FinCorp
Limited |
|
|
|
|
Parties over which
the company has control – Subsidiary companies |
Ø HMCL (NA) Inc
(w.e.f May 29, 2013) Ø HMC MM Auto Limited
(w.e.f November 11, 2013) |
CAPITAL STRUCTURE
As on: 05.08.2014
Authorized Capital: Rs. 580.000 Millions
Issued, Subscribed & Paid-up Capital: Rs. 399.375
Millions
As on: 31.03.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs.2/- each |
Rs.500.000 Millions |
|
400000 |
Cumulative Convertible Preference Shares |
Rs.100/- each |
Rs.40.000 Millions |
|
400000 |
Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.40.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.580.000
Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
199687500 |
Equity Shares |
Rs.2/- each |
Rs.399.400
Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
399.400 |
399.400 |
399.400 |
|
(b) Reserves & Surplus |
55599.300 |
49663.000 |
42498.900 |
|
(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) |
55998.700 |
50062.400 |
42898.300 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
1324.100 |
2082.600 |
|
(c) Other long term
liabilities |
244.500 |
3021.600 |
10113.900 |
|
(d) long-term
provisions |
499.800 |
301.600 |
380.000 |
|
Total Non-current
Liabilities (3) |
744.300 |
4647.300 |
12576.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
22905.900 |
18733.400 |
22931.700 |
|
(c) Other current
liabilities |
5880.800 |
8876.400 |
9962.000 |
|
(d) Short-term
provisions |
15443.300 |
14097.000 |
10520.700 |
|
Total Current
Liabilities (4) |
44230.000 |
41706.800 |
43414.400 |
|
|
|
|
|
|
TOTAL |
100973.000 |
96416.500 |
98889.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
18972.700 |
18917.600 |
17431.400 |
|
(ii) Intangible Assets |
3459.800 |
11792.200 |
20423.700 |
|
(iii) Capital
work-in-progress |
8541.100 |
620.900 |
388.400 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
8128.800 |
6144.700 |
6739.600 |
|
(c) Deferred tax assets (net) |
1059.800 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4773.900 |
7800.600 |
5336.400 |
|
(e) Other
Non-current assets |
478.100 |
364.400 |
260.100 |
|
Total Non-Current
Assets |
45414.200 |
45640.400 |
50579.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
32758.900 |
30093.600 |
32903.000 |
|
(b) Inventories |
6695.500 |
6367.600 |
6755.700 |
|
(c) Trade receivables |
9205.800 |
6650.000 |
2723.100 |
|
(d) Cash and cash
equivalents |
1175.000 |
1810.400 |
768.200 |
|
(e) Short-term loans
and advances |
5503.100 |
5535.500 |
4756.000 |
|
(f) Other current
assets |
220.500 |
319.000 |
403.600 |
|
Total Current Assets |
55558.800 |
50776.100 |
48309.600 |
|
|
|
|
|
|
TOTAL |
100973.000 |
96416.500 |
98889.200 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
252754.700 |
237681.100 |
235790.300 |
|
|
|
Other Income |
4463.800 |
3983.800 |
3645.700 |
|
|
|
TOTAL |
257218.500 |
241664.900 |
239436.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
182215.300 |
173648.600 |
173654.100 |
|
|
|
Changes in
inventories of finished goods and work-in-progress |
83.600 |
328.000 |
(838.400) |
|
|
|
Employee benefits expenses |
9300.400 |
8209.200 |
7355.200 |
|
|
|
Other expenses |
25754.800 |
22650.500 |
19431.600 |
|
|
|
TOTAL |
|
204836.300 |
199602.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
39864.400 |
36828.600 |
39833.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
118.200 |
119.100 |
213.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
39746.200 |
36709.500 |
39620.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
11073.700 |
11417.500 |
10973.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
EXCEPTIONAL ITEMS AND TAX |
28672.500 |
25292.000 |
28647.100 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL
ITEMS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
28672.500 |
25292.000 |
28647.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
7581.700 |
4110.400 |
4865.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
21090.800 |
21181.600 |
23781.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
30399.800 |
25385.700 |
14448.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
12991.300 |
11981.300 |
8985.900 |
|
|
|
Corporate Tax on Dividend |
2207.900 |
2036.200 |
1457.700 |
|
|
|
Transfer to General Reserve |
2150.000 |
2150.000 |
2400.000 |
|
|
BALANCE CARRIED
TO THE B/S |
34141.400 |
30399.800 |
25385.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
4655.400 |
6202.400 |
5986.400 |
|
|
|
Freight and Insurance |
45.500 |
42.200 |
9.100 |
|
|
TOTAL EARNINGS |
4700.900 |
6244.600 |
5995.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials* |
244.500 |
367.000 |
145.600 |
|
|
|
Components, spare parts and others * |
10688.800 |
10111.600 |
9237.300 |
|
|
|
Capital Goods |
2266.700 |
1060.900 |
840.300 |
|
|
TOTAL IMPORTS |
13200.000 |
11539.500 |
10223.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
105.61 |
106.07 |
119.09 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Total Income |
(%) |
8.34 |
8.91 |
10.09 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
15.77 |
15.49 |
15.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
34.44 |
28.21 |
28.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.51 |
0.51 |
0.61 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26 |
1.22 |
1.11 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
399.400 |
399.400 |
399.400 |
|
Reserves & Surplus |
42498.900 |
49663.000 |
55599.300 |
|
Net worth |
42898.300 |
50062.400 |
55998.700 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operations |
235790.300 |
237681.100 |
252754.700 |
|
|
|
0.802 |
6.342 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operations |
235790.300 |
237681.100 |
252754.700 |
|
Profit |
23781.300 |
21181.600 |
21090.800 |
|
|
10.09% |
8.91% |
8.34% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
BUSINESS PERFORMANCE:
During the Financial year (FY) the Company clocked the sales of 6,245,960 units depicting an increase of 2.8% over the previous FY 60, 75,583 units. The total sales of products (net of excise duty) was increased by 6.5% to Rs. 251250.000 Millions in the FY under review from Rs. 23583.000 Millions in previous FY. Net Revenue from Operations of the Company increased by 6.3%, from Rs.237680.000 Millions in FY 2012-13 to Rs.252750.000 millions in FY 2013-14. Profit before Tax (PBT) has shown an increase of 13.37% from Rs.25290.000 millions in 2012-13 to Rs.28670.000 millions in 2013-14. The Company’s Profit after Tax (PAT) decreased by 0.4% from Rs.21180.000 millions in 2012-13 to Rs.21090.000 millions in 2013-14. Earnings before Interest, Depreciation and Taxes (EBIDTA) margins stood at 14.01% in FY 2013-14 as compared to 13.82% in FY 2012-13. Similarly the operating margins stood at 9.62% in FY 2013-14 as compared to 9.02% in FY 2012-13.
MANAGEMENT DISCUSSION AND ANALYSIS:
GLOBAL
ECONOMY:
According to the World Economic Outlook (WEO) Report published by the International Monetary Fund (IMF) in April 2014, the global economy grew by 3% in CY2013, supported by encouraging performance of the US economy. However, global growth was weighed down by modest growth in the Euro Zone, Japan and Emerging Market and Developing Economies.
We are now seeing a new pattern in the performance of global economies’ between 2009 and 2012, the emerging market and developing economies had been spearheading global recovery as the advanced economies lurched from one crisis to another. Now the scenario is changing, with the advanced world, led by the US, contributing around 20% of global economic growth.
China’s growth is expected to be around 7.5% in 2014, as the political leadership is ensuring a gradual transition to a more sustainable growth path. Such a situation will pave the way for a period of more balanced global growth.
Besides, with India having resoundingly voted for political stability and better governance, the country’s around 2-trillion dollar economy is also likely to pick up pace and contribute significantly towards global recovery.
INDIAN ECONOMY:
A few years ago, India’s impressive growth rates were the envy of the world. As Asia’s second largest economy moved forward, the country created a perception of being a citadel of energy and enterprise. However, spillover effects of lackluster global growth and continuous policy paralysis in the government has since arrested India’s economic surge.
Matters came to a head in the middle of 2013-14, with indications that the US Fed was withdrawing its Quantitative Easing programmer. This caused capital flight and significant rupee depreciation. India’s economic growth engine lost steam, and stubbornly high core inflation made matters worse.
The financial prowess of India Inc. deteriorated with a dramatic fall in infrastructure and corporate investments, with adverse implications on asset quality of banks and other financial institutions. In such a bleak external environment, job prospects dimmed and consumer demand weakened. This influenced the sales of different categories of automobiles.
The recovery of the monsoon in the season’s second half in 2012 and a good monsoon in 2013 provided some breathing room. It helped the agriculture sector recover with record productions in rice, wheat, pulses, oilseeds and cotton. However, the demand recovery in rural India was negated largely by industrial stagnation, a slump in service sector growth and a decline in government spending.
On the positive side, both current account deficit and foreign trade deficit narrowed significantly in the second half of 2013-14. In addition, policy measures to strengthen capital flows in September and October 2013 helped reduce external vulnerabilities. The Indian currency has stabilized at the time of writing, inflation is under better control and exports have shown some recovery.
OUTLOOK:
The elections have delivered a clear mandate for decisive governance and development. 2014 could be a momentous year for India, given the new energy and political will to drive economic reforms. The new leadership has shown a resolve to implement radical policies to bring the economy back on track. If this resolve translates into action, three developments could take place. Stalled projects could see quick execution. Better-directed subsidies could prune the fiscal deficit. Finally, strong leadership at the helm could make the administration more streamlined and responsive. Hopefully, these steps will quicken the pace of capital formation and improve productivity. Continued reforms and a stable monetary policy would bolster the country’s macroeconomic fundamentals and deliver a powerful message of societal and economic dynamism to the world.
TWO-WHEELER INDUSTRY:
During FY 2013-14, the two-wheeler industry grew marginally by 7.1%, from 16.900 millions units sold compared to 15.800 millions units in FY 2012-13. In a similar pattern, the motorcycle volumes—which account for a major industry proportion — grew by 4.3% from 11.950 millions units in FY 2012-13 to 12.500 millions units in FY 2013-14, Continuing its growth path, the scooter category was the star industry performer with 22.1% growth in sales, from 3.070 millions units in FY 2012-13 to 3.750 millions units in FY 2013-14. Like in the previous years, sales of moped de-grew by 7.8% from 0.790 millions units in 2012-13 to 0.730 millions units in 2013-14.
EXPORTS:
Reversing the trend of the previous fiscal, the
export sales of the entire two-wheeler industry grew by 6.5% to 1.900 millions
units. Hero MotoCorp, with sales of over 130,763units, accounted for 6% of
motorcycle exports from India. This share is likely to go up significantly in
the coming years.
TWO-WHEELER:
SEGMENTAL REVIEW:
The two-wheeler industry has three distinct segments, based on income and lifestyle classifications. In FY 2013-14, the deluxe category accounted for 66% of sales. It was followed by the entry segment (18% of sales) and the premium category (16% of sales). The deluxe segment grew by 5.4% with volumes of 6.800 millions units. Hero Moto Corp continued to have a major share of this segment with sales of 4.200 millions units and a segment share of 61%, whereas the nearest competitor managed a 19.4% segment share. However, the entry segment which accounted for 1.800 millions units, declined by 2.6%. Hero Moto Corp’s sales in the entry segment grew by 3.4% to 1.060 millions units, resulting in a segment share of 56.8%. The sales in the industry’s premium segment increased significantly by 7.1% to 1.600 millions units. However, Hero Moto Corp’s performance was not encouraging in this segment. Nevertheless, the Company’s main segment continued with their strong showing, and Splendor, Passion Pro and HF Deluxe continued to feature among the top six motorcycle brands sold in India. The two top-selling brands (Pleasure and Maestro), in the scooter category continued to perform strongly. Volumes increased to 2.900 millions units from 2.600 millions units. In relative terms, Hero Moto Corp’s sales grew by 13.6% and accounted for 21.4% of the two-wheeler market.
OPERATIONAL
PERFORMANCE:
In FY 2013-14, Hero Moto Corp sold 6.200 millions units compared to 6.070 millions units in the previous year. In the motorcycle segment, Hero Moto Corp with sales of 5.500 millions units, continued to lead the domestic market with 44.4% market share. Sales in the domestic motorcycle market remained flat at 10.480 millions units, compared to 10.080 millions units in the previous year. In the Indian market, Hero Moto Corp captured 51.8% market share, with sales of 5.400 millions unit’s vis-à-vis sales of 5.300 millions units in FY 2012-13. Remarkably, the Company sold more units than the second, third, fourth and fifth placed motorcycle manufacturers in India taken together during the year.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS
ENDED ON 31.12.2014
[RS.
IN MILLIONS]
|
|
|
Particulars |
3 Months Ended |
9 Months Ended |
|
|
|
|
|
31.12.2014 [Unaudited] |
30.09.2014 [Unaudited] |
31.12.2014 [Unaudited] |
|
|
|
Number of Two Wheelers Sold |
164854.800 |
169252.300 |
505632.500 |
|
|
|
|
|
|
|
|
1 |
Income from Operations |
|
|
|
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
67925.100 |
68635.000 |
206554.100 |
|
|
|
b) Other Operating Income |
467.400 |
518.400 |
1360.200 |
|
|
|
Total Income from Operations (Net) |
68392.500 |
69153.400 |
207914.300 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
49612.900 |
50054.400 |
150230.400 |
|
|
b) |
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(588.900) |
(346.800) |
(387.200) |
|
|
c) |
Employee benefit expenses |
3161.100 |
2849.800 |
8689.000 |
|
|
d) |
Depreciation and amortization expense |
837.500 |
749.600 |
4502.300 |
|
|
e) |
Other expenses |
7989.500 |
7247.800 |
22344.000 |
|
|
Total Expenses |
61012.100 |
60554.800 |
185378.500 |
|
|
3 |
|
Profit /(Loss) from operations before other income, finance costs and exceptional items (1-2) |
7380.400 |
8598.600 |
22535.800 |
|
4 |
Other Income |
936.000 |
1935.100 |
3998.600 |
|
|
5 |
|
Profit /(Loss) from ordinary activities before finance costs and exceptional items (3+4) |
8316.400 |
10533.700 |
26534.400 |
|
6 |
Finance Costs |
24.200 |
49.400 |
103.400 |
|
|
7 |
Profit /(Loss) from ordinary activities before tax |
8292.200 |
10484.300 |
26431.000 |
|
|
8 |
Tax Expense |
2462.400 |
2850.600 |
7339.900 |
|
|
9 |
Net Profit /(Loss) from ordinary activities after tax (9-10) |
5829.800 |
7633.700 |
19091.100 |
|
|
10 |
Paid up equity share capital (Eq. shares of Rs.10/- each) |
399.400 |
399.400 |
399.00 |
|
|
|
Face value of share (Rs.) |
2.00 |
2.00 |
2.00 |
|
|
11 |
Reserve excluding revaluation reserves |
|
|
|
|
|
|
|
Basic and Diluted earnings per share face value Rs. 2/- each(In Rupee) |
29.19 |
38.23 |
95.60 |
|
|
|||||
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of Shares |
11975018 |
119975018 |
119975018 |
|
|
|
- Percentage of Shareholding |
60.08 |
60.08 |
60.08 |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number of shares |
NIL |
NIL |
NIL |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
NIL |
NIL |
NIL |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
NIL |
NIL |
NIL |
|
|
|
b) Non- encumbered |
NIL |
NIL |
NIL |
|
|
|
- Number of shares |
79712482 |
79712482 |
79712482 |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
39.92 |
39.92 |
39.92 |
|
|
Particulars |
3
Months Ended 31.12.2014 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
|
Received during the quarter |
63 |
|
|
|
Disposed during the quarter |
63 |
|
|
|
Remaining unresolved at the end of the quarter |
0 |
NOTE:
1. The above results for the third quarter and nine
months ended December 31, 2014 have been reviewed and recommended by the Audit
Committee and approved by the Board of Directors ("Board") in their
respective meetings held on February 02, 2015 and February 03, 2015.
2. As the Company's business activity falls
within a single primary business segment viz 'Two-wheelers, its parts and
ancillary services' and is a single geographical segment, the disclosure
requirements of Accounting Standard (AS-17) "Segment Reporting",
specified in the Companies (Accounting Standard) Rules, 2006 are not
applicable.
3. Pursuant to the approval of the shareholders
through postal ballot on September 22, 2014 the Nomination and Remuneration
Committee at its meeting held on October 21, 2014 granted 23110 options at an
exercise price of Rs. 2159 to the certain employees of the Company under the
Employee Incentive Scheme 2014 - Option and Restricted Stock units.
4. During the nine months, the Company has
implemented Schedule II of the Companies Act, 2013, and accordingly has computed
the depreciation as prescribed by Schedule II to the Act or actual useful life
of assets, whichever is lower. The carrying value of assets which has completed
its depreciation period as on April 01, 2014 has been adjusted to the General
Reserve. The remaining assets have been depreciated over the revised useful
life and as a result higher depreciation has been recognized as charge in the
Statement of Profit and Loss for the nine months ended December 31, 2014.
5. Previous period / year figures have been
regrouped / reclassified wherever necessary, to make them comparable.
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80065350 |
11/08/2005 |
400,000,000.00 |
HDFC BANK LIMITED |
KAILASH BUILDING , 26, K.G. MARG, NEW DELHI - 110001, INDIA |
- |
|
2 |
80065345 |
28/10/1998 * |
628,000,000.00 |
PUNJAB NATIONAL BANK |
ECE HOUSE, KASTURBA GANDHI MARG, NEW DELHI, - 110001, INDIA |
- |
|
3 |
90335393 |
06/01/1996 * |
28,000,000.00 |
PUNJAB NATIONAL BANK |
K.G. MARG, NEW DELHI, Delhi, INDIA |
- |
|
4 |
80065346 |
02/06/1989 |
80,000,000.00 |
PUNJAB NATIONAL BANK |
ECE HOUSE, KASTURBA GANDHI MARG, NEW DELHI - 110001, INDIA |
- |
|
5 |
80065347 |
28/06/1996 * |
80,000,000.00 |
PUNJAB NATIONAL BANK |
ECE HOUSE, KASTURBA GANDHI MARG, NEW DELHI - 110001, INDIA |
- |
FIXED ASSETS
- Land
- Buildings
- Plant and machinery
- Furniture, fixtures and office equipment
- Vehicles
- Office Equipment
- Computer and data processing
- Software
PRESS RELEASE
NEWS:
HERO
MOTO FALLS 4% AS PROMOTERS SELL 3.5% STAKE
Shares of Hero MotoCorp fell over 4 percent intraday on Wednesday as promoters have sold some stake in the company. Promoters of the two-wheeler manufacturer sold 3.5 percent or 71 lakh shares of their 40 percent stake in the company via multiple block deal today. The price band is at Rs 2664-2718 per share.
Promoters are likely to raise around USD 300 million via the stake sale. Barclays and Kotak Mahindra are bank book runners of the sale.
It had posted 11.11 percent rise in its net profit at Rs 5829.800 Millions for the quarter ended December 31, 2014. Net sales of the company, however, declined marginally to Rs 67925.100 Millions during the October-December period. During the quarter, the company's total sales stood at 1648548 units. The company had sold 558,982 units in January, down 0.4 percent from a year earlier period.
But, why are Hero Moto promoters selling.
Here are three key reasons listed by Axis Cap:
1) At the time when Honda's 26 percent stake was bought, it was a very complex structured deal between Hero and private equity players who were assured some fixed internal rate of return (IRR). This sale could be part of that complex deal. Also at the time, promoters got additional stake at under Rs 1000 so selling at around Rs 2700 makes a handsome profit.
2) Hero group might have ambitions in other businesses and this is the easiest investment for them to monetise. 3) Just like HCLTech promoters recently, Brij Munjal make have wanted to increase his philanthropic activities at this age. At 09:33 hrs Hero Motocorp was quoting at Rs 2,695.00, down Rs 111.25, or 3.96 percent on the BSE.
HERO MOTOCORP CLOCKS PAT OF RS. 5830.000 MILLIONS AND TURNOVER OF RS
68390.000 MILLIONS FOR Q3 FY’15
New Delhi, February 3rd, 2015:
- Financial Results: Q3 (October-December), FY’15
- Total sales for the quarter stands at 1648548 units
- Total turnover (Net sales and other operating income) Rs 68390.000 Millions
- Profit before Tax (PBT) stands at Rs. 8290.000 Millions
- Net Profit after Tax (PAT) stands at Rs 5830.000 Millions
- EBIDTA margin for the quarter at 12.02 percent
“As always, it was yet another action-packed quarter for us. With the commissioning of our new platinum-class manufacturing facility – the Garden Factory – and the Global Parts Centre (GPC) at Neemrana in Rajasthan, they pioneered a new era of harmony between nature and cutting-edge technology. In terms of sales, we also posted a new benchmark by selling over a million units in just 37 days during the festive season. As part of our global expansion, Brand Hero made its debut in Colombia during the quarter, and immediately set a new benchmark in the country by becoming the first two-wheeler company to offer a four-year warranty on all products. By roping in iconic celebrity Tiger Woods as our global corporate partner, we have also intensified our brand building initiatives in global markets.
“They continue to make investments as we pass through a phase of global expansion, capacity enhancement and brand building and these added expenses have impacted our margins in the third quarter. We believe that these are investments which will yield the desired results in the long term as we relentlessly strive to consolidate our leadership. Going forward, we remain cautiously optimistic about the business climate. With crude prices hovering below the $50 mark, and commodity prices continuing to remain soft, a lot will also depend on the much-awaited budget to be presented by the central government later this month. While sentiments are already high with the central government expected to revive the economy, the other factors such as interest rates, retail inflation and the likely changes in global economy will also play a role in determining the industry growth in the coming quarters.”
PAWAN MUNJAL
Vice Chairman, Chief
Executive Officer & Managing Director
Hero MotoCorp Limited (HMCL), the world’s largest two-wheeler manufacturer, today reported the financial performance for the third quarter (October’14 – December’14) of the Financial Year (FY) 2014-15.
With sales of 1648548 units’ two-wheelers in Q3 FY’15, the company registered a total turnover (Net Sales and other Operating Income) of Rs 68390.000 Millions and net profit after tax (PAT) of Rs 5830.000 Millions. HMCL had reported a total turnover of Rs. 68770.000 Millions and PAT of Rs 5250.000 Millions in the corresponding quarter in the previous fiscal (2013-14).
The Company has recorded an EBIDTA margin of 12.02 per cent.
The Q3 of FY’15 marked several milestones for Hero MotoCorp:
|
Global
Foray |
Global Foray Launched brand ‘Hero’ and its range of products in Colombia:
|
|
New
facilities: |
|
|
Consolidation
of Leadership Team |
- Mr.
Markus Braunsperger has joined Hero MotoCorp as the Chief Technology Officer
(CTO). |
|
New Brand Ambassadors |
|
|
Sales
Performance |
|
|
Product launches: |
|
|
Sports Initiatives: |
|
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 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.62.05 |
|
|
1 |
Rs.96.23 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
80 |
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.