MIRA INFORM REPORT
|
Report No. : |
331686 |
|
Report Date : |
17.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
PLETHICO PHARMACEUTICALS LIMITED |
|
|
|
|
Registered
Office : |
A. B. Road, Manglia, Indore – 453771, Madhya Pradesh |
|
Tel No : |
91-731-2422881/ 85 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation
: |
04.12.1991 |
|
|
|
|
Com. Reg. No.: |
10-006801 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.340.670 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24232MP1991PLC006801 |
|
|
|
|
TIN No.: |
Not Available |
|
|
|
|
IEC No.: |
1188003283 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BPLP00257F / BPLP00659B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCP3063G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Pharmaceutical and Allied Healthcare Products. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1600000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The company possesses moderate operational performance and it has incurred
huge losses from its operational activities. Rating further constrained on account of company’s moderate financial
risk profile marked by detorting reserves levels and leverage operational
profile of the company. However, trade relations are reposted as fair. Payments are reported
to be slow but correct. In view of operational losses, the company can be considered for
business dealings with some caution. |
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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Asim Lambthale |
|
Designation : |
Export Departments |
|
Contact No.: |
91-992606864 |
|
Date : |
13.07.2015 |
LOCATIONS
|
Registered Office/ Factory 1 : |
A. B. Road, Manglia, Indore – 453771, Madhya Pradesh, India |
|
Tel. No.: |
91-731-2422881-85 |
|
Fax No.: |
91-731-2420938 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative Office : |
37, Industrial Estate, Pologround, Indore-452015, Madhya
Pradesh, India |
|
Tel. No.: |
91-731-2422881/ 84 |
|
Fax No.: |
91-731-2420938/ 2421309 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
Shabnam House, Ground Floor, Plot No. A/15-16, Central Cross Road B,
Behind MIDC Police Chowki, Andheri (East), Mumbai-400093, Maharashtra, India |
|
Tel. No.: |
91-22-42359301/ 42359302 |
|
Fax No.: |
91-22-42359300/ 42359330 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Village Dharawa, Post Kalaria, Indore - 452003, Madhya Pradesh, India |
|
|
|
|
Factory 3 : |
Shed No. 347/348, A-II Types, Sector IV, Kandla Special Economic Zone,
Gandhidham, Kanchachh - 370230, Gujarat, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Shashikant Patel |
|
Designation : |
Chairman and Managing Director |
|
DIN No : |
0199120 |
|
|
|
|
Name : |
Mr. Chirag Patel |
|
Designation : |
Whole-time Director and Chief Executive Officer |
|
DIN No : |
00199006 |
|
|
|
|
Name : |
Mrs. Gauravi Parikh |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Dr. G N Qazi |
|
Designation : |
Director |
|
DIN No : |
00707653 |
|
|
|
|
Name : |
Mr. Pramod K Shrivastava |
|
Designation : |
Director |
|
DIN No : |
01023565 |
|
|
|
|
Name : |
Mr. Hitesh Thakar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.Pranav Koshal |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Khushboo Kothari |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Asim Lambthale |
|
Designation : |
Export Departments |
|
|
|
|
Name : |
Mr. Chirag Patel |
|
Designation : |
Chief Executive Officer |
SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of Shareholder |
Total No. of Shares held in
Dematerialized Form |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
24420692 |
71.69 |
|
|
24420692 |
71.69 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
24420692 |
71.69 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
2769219 |
8.13 |
|
|
597114 |
1.75 |
|
|
3366333 |
9.88 |
|
|
|
|
|
|
848153 |
2.49 |
|
|
|
|
|
|
3607983 |
10.59 |
|
|
553260 |
1.62 |
|
|
1270230 |
3.73 |
|
|
109617 |
0.32 |
|
|
146353 |
0.43 |
|
|
1014260 |
2.98 |
|
|
6279626 |
18.43 |
|
Total Public shareholding (B) |
9645959 |
28.31 |
|
Total (A)+(B) |
34066651 |
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) |
34066651 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Pharmaceutical and Allied Healthcare
Products. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Brand Names : |
-- |
||||||||
|
|
|
||||||||
|
Agencies Held : |
-- |
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Products : |
Finished Goods |
||||||||
|
Countries : |
|
||||||||
|
|
|
||||||||
|
Imports : |
Not Available |
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
Cash and Cheque |
||||||||
|
|
|
||||||||
|
Purchasing : |
Cash and Cheque |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
Not Divulged |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
200 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Bank of Baroda · IDBI Bank Limited · Exim Bank · State Bank of India · Punjab national Bank · Allahabad Bank |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
LONG-TERM BORROWINGS The term loans taken
from EXIM Bank, Mumbai is secured by: a) Exclusive first charge by way of equitable mortgage of company's land and building situated at Khasra No.821/2, Village Dharawara, Depalpur Tehsil, Indore b) Hypothecation of Plant and Machinery installed in the aforesaid factory premises situated at Khasra No. 821/2, Village Dharawara, Depalpur Tehsil, Indore c) Pledge of equity shares of the company by a director of the company d) Personal Guarantee of two directors of the company. The Term loan of
IDBI Bank is secured by: (a)
First charge by way of equitable mortgage over
company's land and building situated at Khasra No.285/1/1, Village Gari
Pipliya, Manglia, Indore (b)
Hypothecation of Plant and Machinery installed in
the factory premises situated at Khasra No. 285/1/1, Village Gari Pipliya,
Manglia, Indore (c)
Personal Guarantee of one of the director of the
company. Vehicle Loan is secured by hypothecation
against related vehicle of the company.
Amount overdue as on 31 March, 2014 on account of Principal Rs. 38.33 Million & Interest Rs.5.84 million the outstanding is according to the Debt Restructuring Scheme proposed for the Company. Refer Note No. 41 SHORT TERM BORROWINGS The working
capital loans taken from Bank of Baroda are secured by: (a)
Hypothecation of company's entire stocks and book
debts on first pari passu charge basis (b)
On first pari passu charge basis by: I.
Equitable mortgage of company's land and building
situated at Khasra No. 821/1, Village Dharavara, Tehsil Depalpur, Indore and
at Khasra No. 285/1/2, Village Gari Pipliya, Manglia, Indore. II.
Hypothecation of Plant and Machinery installed in
the aforesaid factory premises situated at Khasra No. 821/1, Village
Dharavara, Tehsil Depalpur, Indore and at Khasra No. 285/1/2, Village Gari
Pipliya, Manglia, Indore (c)
Personal Guarantee of two directors of the company.
The working
capital loans taken from IDBI Bank are secured by: (a)
Hypothecation of company's entire stocks and book
debts on first pari passu charge basis (b)
Second charge by way of equitable mortgage over company's
land and building situated at Khasra No.285/1/1, Village Gari Pipliya,
Manglia, Indore (c)
Hypothecation of Plant and Machinery installed in
the factory premises situated at Khasra No. 285/1/1, Village Gari Pipliya,
Manglia, Indore (d)
Personal Guarantee of one of the director of the
company. The working
capital loan taken from State Bank of India is secured by: (a)
Hypothecation of company's entire stocks and book
debts on first pari passu charge basis (b)
On first pari passu charge basis by: (I)
Equitable mortgage of company's land and building
situated at Khasra No.821/1, Village Dharavara, Tehsil Depalpur, Indore and
at Khasra No. 285/1/2, Village Gari Pipliya, Manglia, Indore. (II)
Hypothecation of Plant and Machinery installed in
the aforesaid factory premises situated at Khasra No. 821/1, Village
Dharavara, Tehsil Depalpur, Indore and at Khasra No. 285/1/2, Village Gari
Pipliya, Manglia, Indore (c)
Personal Guarantee of one of the director of the
company. The working
capital loan taken from Punjab National Bank is secured by: (a)
Hypothecation of company's entire stocks and book
debts on first pari passu charge basis (b)
On first pari passu charge basis by: (c)
(i)
Equitable mortgage of company's land and building
situated at Khasra No.821/1, Village Dharavara, Tehsil Depalpur, Indore and
at Khasra No.285/1/2, Village Gari Pipliya, Manglia, Indore (ii)
Hypothecation of Plant and Machinery installed in
the aforesaid factory premises situated at Khasra No. 821/1, Village
Dharavara, Tehsil Depalpur, Indore and at Khasra No. 285/1/2, Village Gari
Pipliya, Manglia, Indore (d)
Personal Guarantee of two directors of the
company. The working
capital loan taken from Allahabad Bank is secured by: (a)
Hypothecation of company's entire stocks and book
debts on first pari passu charge basis (b)
On first pari passu charge basis by: (i)
Equitable mortgage of company's land and building
situated at Khasra No.821/1, Village Dharavara, Tehsil Depalpur, Indore and
at Khasra No.285/1/2, Village Gari Pipliya, Manglia, Indore (ii)
Hypothecation of Plant and Machinery installed in
the aforesaid factory premises situated at Khasra No. 821/1, Village
Dharavara, Tehsil Depalpur, Indore and at Khasra No. 285/1/2, Village Gari
Pipliya, Manglia, Indore (c)
Personal Guarantee of one of the director of the
company. Amount overdue as on 31 March, 2014 on account of Principal Rs. 537.97 million & Interest Rs 29.68 million the outstanding is according to the Debt Restructuring Scheme proposed for the Company. Refer Note No. 41 |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Auditors : |
|
||||||||||||||||||||||||||||||||||||||||||
|
Name : |
N.P. Gandhi and Company Chartered Accountants |
||||||||||||||||||||||||||||||||||||||||||
|
Address : |
10, Radha Chambers, Level 3, Telli Park Lane, Andheri (East), Mumbai –
400069, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||
|
Tel. No.: |
91-22-26839105 |
||||||||||||||||||||||||||||||||||||||||||
|
E-Mail : |
|||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Cost Auditors |
Rajesh Runwal and Associates Cost Accountants |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Memberships : |
-- |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Collaborators : |
-- |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Significant influence of Director/ Relatives : |
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Wholly Owned Subsidiaries : |
· Plethico Global Holdings BV, Netherlands · Plethico International Limited, UAE |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Wholly Owned Subsidiaries (Step-down): |
· Plethico US Holdings KFT, Hungary · Natrol INC, USA · Natrol Global FZ-LLC, UAE |
CAPITAL STRUCTURE
As on 31.12.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34081767 |
Equity Shares |
Rs.10/- each |
Rs.340.820 Million |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34066667 |
Equity Shares |
Rs.10/- each |
Rs.340.670 Million |
Subscribed and paid up share capital including 29109060
Equity Shares (Previous year 29109060) Equity Shares of Rs.10 each allotted as
fully paid bonus shares by way of capitalisation of General Reserve and Share
Premium.
Reconciliation of
the number of shares
|
Equity Shares |
|
Number
of Shares |
|
Share outstanding as at the beginning of the year |
|
34066667 |
|
Add: Share issued during the year |
|
-- |
|
Share outstanding as at the end of the year |
|
34066667 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
|
|
|
|
Shashikant Patel |
24315710 |
71.38% |
|
Sicom Limited |
2757968 |
8.10% |
FINANCIAL DATA
[all figures are in
Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF
FUNDS |
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
31.12.2011 (12 Months) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
340.670 |
340.670 |
340.670 |
|
(b) Reserves & Surplus |
5,045.600 |
5,132.920 |
6,110.290 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
200.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
5386.270 |
5,473.590 |
6,650.960 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
589.670 |
1,302.090 |
1,517.390 |
|
(b) Deferred tax liabilities (Net) |
172.370 |
168.000 |
159.590 |
|
(c) Other long term
liabilities |
204.830 |
125.750 |
152.460 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
966.870 |
1,595.840 |
1,829.440 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
2,050.050 |
2,189.390 |
1,441.580 |
|
(b) Trade
payables |
223.560 |
228.820 |
186.120 |
|
(c) Other
current liabilities |
7,786.520 |
6,942.950 |
5,953.360 |
|
(d) Short-term
provisions |
622.010 |
611.360 |
291.360 |
|
Total Current Liabilities
(4) |
10682.140 |
9,972.520 |
7,872.420 |
|
|
|
|
|
|
TOTAL |
17035.280 |
17,041.950 |
16,352.820 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1,186.310 |
1,282.120 |
1,328.730 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
8,065.590 |
8,065.590 |
8,065.590 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
9251.900 |
9,347.710 |
9,394.320 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
166.090 |
225.370 |
223.280 |
|
(c) Trade
receivables |
6,995.340 |
6,729.520 |
5,960.580 |
|
(d) Cash
and cash equivalents |
138.540 |
260.440 |
275.320 |
|
(e)
Short-term loans and advances |
483.410 |
478.910 |
494.310 |
|
(f) Other
current assets |
0.000 |
0.000 |
5.010 |
|
Total
Current Assets |
7783.380 |
7,694.240 |
6,958.500 |
|
|
|
|
|
|
TOTAL |
17035.280 |
17,041.950 |
16,352.820 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
31.12.2011 (12 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5312.970 |
4,750.600 |
4,120.090 |
|
|
|
Other Income |
373.070 |
357.590 |
812.700 |
|
|
|
TOTAL |
5686.040 |
5,108.190 |
4,932.790 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1937.860 |
2,515.550 |
2,158.250 |
|
|
|
Purchases of traded goods |
2191.990 |
1,531.150 |
482.870 |
|
|
|
(Increase)/ decrease in inventories of finished goods, traded goods
and work in progress |
54.390 |
(9.310) |
(56.750) |
|
|
|
Employee cost |
337.040 |
289.150 |
353.950 |
|
|
|
Other Expenses |
516.050 |
503.100 |
784.640 |
|
|
|
Exceptional items |
0.000 |
(374.950) |
0.000 |
|
|
|
Extraordinary items |
0.000 |
141.750 |
630.000 |
|
|
|
TOTAL |
5037.330 |
4,596.440 |
4,352.960 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
648.710 |
511.750 |
579.830 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
627.670 |
499.260 |
771.880 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
21.040 |
12.490 |
(192.050) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
103.980 |
83.010 |
82.380 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(82.940) |
(70.520) |
(274.430) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
4.380 |
8.400 |
101.960 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(87.320 |
(78.920) |
(376.390) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4402.43 |
3175.340 |
2744.550 |
|
|
TOTAL EARNINGS |
4402.43 |
3175.340 |
2744.550 |
|
|
|
|
|
|
|
|
|
|
CIF VALUE OF
IMPORTS |
3136.01 |
2306.150 |
960.220 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
(2.56) |
(2.32) |
(11.05) |
|
|
|
Diluted
|
(2.56) |
(2.32) |
(9.28) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
|
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
|
Current Maturities of Long term debt |
|
7519.080 |
6634.790 |
|
Cash generated from operations |
|
423.170 |
(510.330) |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
|
|
1st
Quarter |
2nd Quarter |
|
Net Sales |
|
527.200 |
500.800 |
|
Total Expenditure |
|
498.100 |
455.600 |
|
PBIDT (Excl OI) |
|
29.100 |
45.200 |
|
Other Income |
|
(03.700) |
02.100 |
|
Operating Profit |
|
25.400 |
47.300 |
|
Interest |
|
112.800 |
99.500 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
(87.400) |
(52.200) |
|
Depreciation |
|
20.400 |
20.200 |
|
Profit Before Tax |
|
(107.800) |
(72.400) |
|
Tax |
|
0.000 |
0.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
(107.800) |
(72.400) |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
(107.800) |
(72.400) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 (15 Months) |
31.12.2012 (12 Months) |
31.12.2011 (12 Months) |
|
Net Profit Margin (PAT/Sales) |
(%) |
(1.64) |
(1.66) |
(9.14) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
12.21 |
10.77 |
14.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.92) |
(0.79)
|
(3.31)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02) |
(0.01)
|
(0.04)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.89 |
1.85 |
0.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.73 |
0.77 |
0.88 |
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
Market Value |
Rs.30.20/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
340.670 |
340.670 |
340.670 |
|
Reserves & Surplus |
6110.290 |
5132.920 |
5045.600 |
|
Money received against
share warrants |
0.000 |
0.000 |
200.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
6450.960 |
5473.590 |
5586.270 |
|
|
|
|
|
|
long-term borrowings |
1517.390 |
1302.090 |
589.670 |
|
Short term borrowings |
1441.580 |
2189.390 |
2050.050 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
0.000 |
6634.790 |
7519.080 |
|
Total borrowings |
2958.970 |
10126.270 |
10158.800 |
|
Debt/Equity ratio |
0.459 |
1.850 |
1.819 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2011 |
31.12.2012 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
4120.090 |
4750.600 |
5312.970 |
|
|
|
15.303 |
11.838 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2011 |
31.12.2012 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
4120.090 |
4750.600 |
5312.970 |
|
Profit |
(376.390) |
(78.920) |
(87.320) |
|
|
(9.14)% |
(1.66)% |
(1.64)% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
Yes |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
Yes |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OVERVIEW
Although there was slight improvement in the global economy in 2012, the challenging business environment and moderation in economic growth did continue in fiscal 2013-14 a s well. Although manufacturing and industrial growth remained weak, there were some positive policy responses that alleviated the immediate pressure. The pharmaceutical industry continued to face tough milieu throughout the globe. Emerging markets including India had to face multiple challenges of fluctuations in local currency, banking fragility, fiscal tightening and additional pressure due to capital outflow.
Despite numerous global and domestic challenges, they not only sustained but further improved performance during fiscal 2013-14. The results is for 15 months period however if annualized, the sales on consolidated basis has grown up by 1.52% to 16787.46 million (for 15 months 20984.33 million). The net profit after tax on consolidated basis has however declined by 12.75% to 885.49 million (for 15 months 1106.86 million). On standalone basis, there is slight decline both in turnover and profitability. This has happened because of more focus on subsidiaries abroad performing extremely well despite numerous constraints and challenging environment.
At Plethico, they believe that sustainable transformation can be achieved only through enhancing profits, exploring new possibilities, empowering people and investing in the innovation of products and processes. During FY 2013 14 , they undertook several initiatives in key areas that will drive their growth and also create better outcomes for the company. Innovation has always been a corner stone of their operations. It has enabled them to make significant technological-driven break throughs that add significant value to the companys business.
They focused on further strengthening on their business, network, technological capabilities and operating and financial parameters. At the same time, they were cognizant of the risks in the business and calibrated their approaches accordingly. Their strong and diversified manufacturing base coupled with excellent technical skills give us the ability to leverage opportunities for sustainable growth. Their outlook for the future is positive.
They believe that more relevant we become to their customers through innovative products, the more meaningful and deep their relationship will be. As such, they always strive to achieve higher levels of customer satisfaction as well as creation of shareholders value. They are bringing significant transformation in the organization to realize the glorious future.
CORPORATE SOCIAL
RESPONSIBILITIES (CSR)
The company continued to involve itself in social welfare activities, both through charity and social investment issues like education, health, nutrition and over the years serious efforts have been directed towards making meaningful contribution to uplift and transform the lives of the underprivileged . The Company is contributing t susta in able development by its economic activities combined with the fulfillment of its social responsibilities relating to the health, safety and environment aspects. The Company took a conscious decision to contribute towards its belief that If the educate a boy, the educating a person and If the educating a girl, the educating a family... Towards this end, the Shri Hari Charitable Trust" was setup to serve society at large by providing totally free education to the poor and needy girls of the rural areas. The company is alive to the challenges and remains firm in its believe that it is possible to `do good while doing well` and that running a successful business and creating positive social impact as not separate objectives.
FUTURE PLAN OF
ACTION:
In order to strengthen the research and development and to create intellectual properties for providing safe, cost effective, contemporary and quality therapeutics, the company is planning to set-up a high-tech R&D C enter well equipped with latest technologies, accouterment and highly skilled manpower dedicated to the profession.
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs. In Million (15 Months) |
31.12.2012 Rs. In Million (12 Months) |
|
LONG TERM BORROWINGS |
|
|
|
Public Deposit |
379.860 |
1083.540 |
|
Interest accrued but not due on borrowings |
119.490 |
48.030 |
|
Total |
499.350 |
1131.570 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2014
(Rs. In Million)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
475.494 |
505.001 |
980.495 |
|
b) Other operating income |
25.318 |
22.221 |
37.539 |
|
Total
income from Operations(net) |
500.812 |
527.222 |
1018.034 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
219.049 |
272.940 |
491.989 |
|
b) Purchases of stock in trade |
85.875 |
89.084 |
174.959 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
5.426 |
5.270 |
10.697 |
|
d) Employees benefit expenses |
83.255 |
55.856 |
139.111 |
|
e) Depreciation and amortization expenses |
20.200 |
20.400 |
40.600 |
|
f) Other expenditure |
62.009 |
74.940 |
136.949 |
|
Total expenses |
475.814 |
518.490 |
994.305 |
|
3. Profit from operations before other income and
financial costs |
24.998 |
8.732 |
33.729 |
|
4. Other income |
2.112 |
(3.720) |
(1.608) |
|
5. Profit from ordinary activities before finance costs |
271.10 |
5.013 |
32.121 |
|
6. Finance costs |
99.539 |
112.820 |
212.359 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(72.429) |
(107.807) |
(180.238) |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
(72.429) |
(107.807) |
(180.238) |
|
10.Tax expenses |
0.000 |
0.000 |
0.000 |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
(72.429) |
(107.807) |
(180.238) |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
(72.429) |
(107.807) |
(180.238) |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
340.667 |
340.667 |
340.667 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary items)
of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
(2.13) |
(3.16) |
(5.29) |
|
(b) Diluted |
(2.13) |
(3.16) |
(5.29) |
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
9650237 |
9335737 |
9650237 |
|
- Percentage of shareholding |
28.33% |
27.40% |
28.33% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
20937385 |
21251885 |
20937385 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
85.75% |
85.93% |
85.75% |
|
Percentage of shares (as a % of total share capital of the
company) |
61.46% |
62.38% |
61.46% |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
3479045 |
3479045 |
3479045 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
14.25% |
14.25% |
14.25% |
|
Percentage of shares (as a % of total share capital of the
company) |
10.21% |
10.21% |
10.21% |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
Nil |
|
|
Receiving during the quarter |
|
2 |
|
|
Disposed of during the quarter |
|
2 |
|
|
Remaining unreserved at the end of the quarter |
|
Nil |
|
|
SOURCES OF FUNDS |
30.09.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
340.667 |
|
(b) Reserves & Surplus |
4,865.364 |
|
(c) Money
received against share warrants |
0.000 |
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
5,206.031 |
|
|
|
|
(3)
Non-Current Liabilities |
|
|
(a) long-term borrowings |
418.941 |
|
(b) Deferred tax liabilities (Net) |
172.374 |
|
(c) Other long term
liabilities |
204.795 |
|
(d) long-term
provisions |
0.000 |
|
Total Non-current
Liabilities (3) |
796.110 |
|
|
|
|
(4)
Current Liabilities |
|
|
(a) Short
term borrowings |
2,279.298 |
|
(b) Trade
payables |
213.839 |
|
(c) Other
current liabilities |
8,361.058 |
|
(d) Short-term
provisions |
625.624 |
|
Total Current
Liabilities (4) |
11,479.819 |
|
|
|
|
TOTAL |
17,481.960 |
|
|
|
|
II.
ASSETS |
|
|
(1)
Non-current assets |
|
|
(a) Fixed
Assets |
|
|
(i)
Tangible assets |
1,149.340 |
|
(ii)
Intangible Assets |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
|
(b) Non-current Investments |
8,065.591 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
|
Total Non-Current
Assets |
9,214.931 |
|
|
|
|
(2)
Current assets |
|
|
(a)
Current investments |
0.000 |
|
(b)
Inventories |
136.414 |
|
(c) Trade
receivables |
7,505.316 |
|
(d) Cash
and cash equivalents |
150.980 |
|
(e)
Short-term loans and advances |
474.319 |
|
(f) Other
current assets |
0.000 |
|
Total
Current Assets |
8,267.029 |
|
|
|
|
TOTAL |
17,481.960 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10342667 |
29/06/2011 |
1,000,000,000.00 |
ALLAHABAD BANK |
Andheri West
Branch, 188 Rajesh Centre, 1st Floor, S.V. Road, Andheri-West, Mumbai -
400058, Maharashtra, India |
|
|
2 |
10284975 |
27/04/2011 * |
100,000,000.00 |
IDBI BANK
LIMITED |
Upper Ground Floor,
Captain C.S.Nayudu Arcade, 10/2, Old Palasia, Indore - 452001, Madhya
Pradesh, India |
|
|
3 |
10279768 |
08/03/2011 |
300,000,000.00 |
ALLAHABAD BANK |
Andheri West
Branch, 188 Rajesh Centre, 1st Floor, S.V. Road, Andheri-West, Mumbai - 400058,
Maharashtra, India |
|
|
4 |
10244511 |
25/09/2010 |
300,000,000.00 |
PUNJAB NATIONAL
BANK |
Sitlamata Bazar,
Indore - 452001, Madhya Pradesh, India |
|
|
5 |
10207876 |
12/08/2010 * |
150,000,000.00 |
IDBI BANK
LIMITED |
Specialised Corporate
Branch, Upper Ground Floor, Captain C.S.Nayudu Arcade, 10/2 Old Palasia,
Indore - 452001, Madhya Pradesh, India |
|
|
6 |
10207879 |
12/08/2010 * |
490,000,000.00 |
IDBI BANK
LIMITED |
Specialised Corporate
Branch, Upper Ground Floor, Captain C.S.Nayudu Arcade, 10/2 Old Palasia,
Indore - 452001, Madhya Pradesh, India |
|
|
7 |
10176114 |
18/12/2009 * |
250,000,000.00 |
EXPORT IMPORT
BANK OF INDIA |
Centre One Building,
Floor 21, World Trade Centre, Cuff Parade, Mumbai - 400005, Maharashtra,
India |
|
|
8 |
10143156 |
04/01/2009 |
2,200,000,000.00 |
BANK OF INDIA |
Indore Main
Branch, 1, Santha Bazaar, Indore - 452001, Madhya Pradesh, India |
|
|
9 |
10128332 |
29/10/2008 |
525,000,000.00 |
STATE BANK OF
INDIA |
Commercial
Branch, Near Gpo, A.B. Road,, Indore - 452001, Madhya Pradesh, India |
|
|
10 |
10113423 |
18/07/2008 |
475,000,000.00 |
BANK OF BARODA |
Siyaganj Branch,
15/16, Jawaharmarg, Indore - 452001, Madhya Pradesh, India |
|
|
11 |
10088191 |
27/03/2008 * |
600,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
Centre One
Building, Floor 21, World Trade Centre, Cuff Parade, Mumbai - 400005,
Maharashtra, India |
|
CONTINGENT LIABILITIES:
(Rs. In Million)
|
Particulars |
31.03.2014 Rs. In Million (15 Months) |
31.12.2012 Rs. In Million (12 Months) |
|
Pending Bank Guarantee |
0.000 |
0.160 |
|
Corporate Guarantee against third party Loan |
448.400 |
2,150.000 |
|
Pending Letter of Credit |
440.110 |
111.700 |
|
Estimated amount of contract remaining unexecuted on capital account |
2.660 |
0.000 |
|
Interest on FCCB not provided for the overdue period |
629.240 |
81.810 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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 exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the
property or assets of the subject are derived from criminal conduct or a
prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No
record exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our
market survey revealed that the amount of compensation sought by the subject is
fair and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.49 |
|
UK Pound |
1 |
Rs.99.42 |
|
Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
DDD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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.