IRA INFORM REPORT
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Report No. : |
332967 |
|
Report Date : |
18.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
APOLLO HOSPITALS
ENTERPRISE LIMITED |
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|
|
|
Registered
Office : |
19 Bishop Gardens, R A Puram, Chennai - 600028, Tamilnadu |
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Tel no.: |
91-40-23160039 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
05.12.1979 |
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Com. Reg. No.: |
18-008035 |
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Capital
Investment / Paid-up Capital : |
Rs. 695.600 Million |
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CIN No.: [Company Identification
No.] |
L85110TN1979PLC008035 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACA5443N |
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Legal Form : |
A Public Limited Liability Company, Company's Shares are Listed on
Stock Exchange |
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Line of Business
: |
Company
is engaged in the business of providing primary healthcare facilities through
a network of owned/franchised clinics across India offering specialist
consultation, diagnostics, preventive health checks, telemedicine facilities
and a 24-hour pharmacy all under one roof. |
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|
|
|
No. of Employees
: |
35,878 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (77) |
|
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 |
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Maximum Credit Limit : |
USD 90000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having excellent
track. It operates largest chain of hospitals in India with around 53
hospitals having adequate bed capacities. The company possesses a healthy financial profile marked by decent
networth base along with conservative gearing and healthy debt protection
metrics, driven by strong cash accruals from its ongoing established
operations. Moreover, the company has maintained a sound liquidity profile backed
by healthy capital structure, favourable coupled with sufficient assets and
cash balance as its disposal. Management has improved its operating performance led by increase in
its revenue base as well as net profitability backed by adequate margins
during FY 15. The ratings also take into consideration, an acceptable share price of
1358.55 recorded by the company as against a face value of Rs.5.00 as on July
18, 2015, which shows the gradual value addition in the services which is
portrayed through the action of open market forces stemmed with meaningful
and value worth, in align acquisition which may further boost the enterprises
value. Trade relations are trust worthy. Business is active. Payment terms
are reported as regular and as per commitments. In view of the afore said, amid leading market position in domestic
health care service industry driven by its strong brand equity and superior
quality service, the company can be considered for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = “AA” |
|
Rating Explanation |
Have high degree of safety and carry very low credit risk |
|
Date |
21.08.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = “A1+” |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
21.08.2014 |
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
31-03-2013.
INFORMATION DENIED BY
|
Name : |
Mr. Shyam Sunder |
|
Designation : |
Accounts Officer |
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Contact No.: |
91-40-23160039 |
LOCATIONS
|
Registered Office : |
19 Bishop Gardens, Raja Annamalaipuram, Chennai - 600028, Tamilnadu,
India |
|
Tel. No.: |
91-40-23160039 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Administrative Office : |
Ali Towers, III Floor, No. 55 Greams
Road, Chennai - 600 006, Tamilnadu, India |
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Tel. No.: |
91-44-28290956 / 28293896 |
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Fax No.: |
91-44-28290956 |
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Corporate Office : |
Sunny Side Building, East Block, 3rd
Floor, No. 8/17 Shafee Mohammed Road, Chennai – 600 006, Tamilnadu,
India |
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Emergency Centre : |
Located At:
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DIRECTORS
As on 31.03.2014
|
Name : |
Mr. K. Padmanabhan |
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Designation : |
Group President |
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Name : |
Mr. Krishnan Akhileswaran |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. S.K. Venkataraman |
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Designation : |
Chief Strategy Officer |
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Name : |
Dr. Prathap Reddy |
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Designation : |
Executive Chairman |
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Name : |
Mr. Deepak Vaidya |
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Designation : |
Director |
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Name : |
Mr. Habibullah Badsha |
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Designation : |
Director |
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Name : |
Mr. Khairil Anuar Abdullah |
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Designation : |
Director |
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Name : |
Mrs. Preetha Reddy |
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Designation : |
Director |
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Name : |
Mr. Rafeeque Ahamed |
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Designation : |
Director |
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Name : |
Mr. Raj Kumar Menon |
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Designation : |
Director |
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Name : |
Mr. Sanjay Nayar |
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Designation : |
Director |
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Name : |
Mr. N Vaghul |
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Designation : |
Director |
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Name : |
Mr. G. Venkatraman |
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Designation : |
Joint Managing Director |
KEY EXECUTIVES
|
Name : |
Mr. S.M. Krishnan |
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Designation : |
Company Secretary |
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|
|
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Name : |
Mrs. Sangita
Reddy |
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Designation : |
Executive Director – Operation |
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Name : |
Mrs. Shobana
Kamineni |
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Designation : |
Executive Director – Special Initiative |
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Name : |
Mrs. Suneeta
Reddy |
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Designation : |
Joint Managing Director |
|
Name : |
Mr. Shyam Sunder |
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Designation : |
Accounts Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2015
|
Category
of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
20550635 |
14.77 |
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|
27237924 |
19.58 |
|
|
47788559 |
34.56 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
47788559 |
34.35 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
405376 |
0.29 |
|
|
197212 |
0.14 |
|
|
323708 |
0.23 |
|
|
2279561 |
1.64 |
|
|
60917756 |
43.79 |
|
|
64123613 |
46.09 |
|
|
|
|
|
|
716881 |
0.56 |
|
|
|
|
|
|
4067453 |
4.47 |
|
|
1014668 |
0.80 |
|
|
17118281 |
13.11 |
|
|
1910 |
0.09 |
|
|
418757 |
1.02 |
|
|
16199 |
0.01 |
|
|
75316 |
0.05 |
|
|
124764 |
0.09 |
|
|
16388979 |
11.78 |
|
|
91606 |
0.07 |
|
|
750 |
0.00 |
|
|
22917283 |
18.94 |
|
Total Public
shareholding (B) |
87040896 |
65.44 |
|
Total (A)+(B) |
134829455 |
99.38 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
860318 |
0.62 |
|
|
860318 |
0.62 |
|
Total (A)+(B)+(C) |
135689773 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Company
is engaged in the business of providing primary healthcare facilities through
a network of owned/franchised clinics across India offering specialist
consultation, diagnostics, preventive health checks, telemedicine facilities
and a 24-hour pharmacy all under one roof. |
|
|
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|
Products : |
Not Available |
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Brand Names : |
“APOLLO HOSPITALS” |
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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 |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
35,878 (Approximately) |
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Bankers : |
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Facilities : |
LONG
TERM BORROWINGS 10.30%
Non-Convertible Debentures The Company issued 500 Nos. 10.30% Non-Convertible Redeemable Debentures
of 1 million each on 28th December 2010 with an option to
re-purchase/re-issue some or all of its debentures in the secondary market or
otherwise, at any time prior to the specified date of redemption of 28th
December 2020 and 500 Nos. 10.30% Non-Convertible Redeemable Debentures of 1
million each on 22nd March 2011 which will be redeemed on 22nd March 2021 to
the Life Insurance Corporation of India. . 10.15%
Non-Convertible Debentures The Company issued 1000 Nos. 10.15% Non-Convertible Redeemable
Debentures of 1 million each on 22nd March 2012 with an option to
re-purchase/re-issue some or all of its debentures in the secondary market or
otherwise, at any time prior to the specified date of redemption of 22nd
March 2017. The Company had redeemed
debentures amounting to 60 million
last year as per the terms and conditions of the issue and the residual debenture of Rs.940 million is
outstanding as of 31st March 2014. 9.80% Non
Convertible Debentures The Company issued 1,250 Nos. 9.80% Non Convertible Redeemable
Debentures of Rs.1 million each on
11th July 2012 with an option to re-purchase/re-issue some or all of the
debentures in the secondary market or otherwise at any time prior to the
specified date of redemption of 11th July 2017 to First Rand Bank Limited.The
Debentures stated above in point (a),(b) &(c) are secured by way of pari
passu first charge on the fixed assets of the Company, existing and future
along with Bank and Institutions; such pari passu first charge ensuring at
least a cover of 1.25 times the value of the outstanding principal amount of
the loan. HDFC Bank
Limited The Company has availed Rupee Term Loan of Rs.1,300 million from HDFC
Bank Limited, which is repayable in
twenty quarterly instalments commencing from September 2013 and
interest payable @ 11% pa. The loan is
secured by first pari passu charge on all present and future movable
and immovable fixed assets of the company
along with minimum cover of 1.25 times the value of the outstanding
principal amount of the loan. International
Finance Corporation (External Commercial Borrowings) The Company was sanctioned a sum of US$ 35 million from International
Finance Corporation, Washington by way
of External Commercial Borrowings (ECB). The Company has withdrawn the full
amount of US$ 35 million as of 31st March 2012 on the above loan. The ECB
loan is secured by way of pari passu first ranking charge on the fixed assets
owned by the Company such pari passu charge ensuring atleast a cover of 1.25
times the value of the outstanding principal amount of the loan. The Loan is
repayable in 15 equal semi-annual Instalments starting from 15th September, 2012. During the year two instalments of
US$ 2,333,333 each were repaid on 15th
September 2013 and 15th March 2014. The company was granted a further loan of US$ 30 million in the year
2012-13.The ECB loan is secured by way of pari passu first ranking charge on
the fixed assets of the company ensuring atleast a cover of 1.25 times the
value of the outstanding principal amount of the loan.The Company entered
into a Currency Cum Interest Rate Swap (CCIRS) with HDFC Bank Limited in
Indian Rupee and hedged the loan for interest and foreign currency
fluctuation risk. The derivative contract is secured by a second charge on
the immovable assets of the Company to the extent of Rs.1,100 million. The
tenure of this derivative contract matches with the tenure of the loan outstanding as
of 31st March 2014. HSBC (External
Commercial Borrowings) The company has drawn a loan of US$ 25 million from HSBC in the year
2012-13. The Company entered into a
Currency Cum Interest Rate Swap (CCIRS) with HSBC Bank in Indian Rupee and
hedged the loan for interest and foreign currency fluctuation risk. The ECB
loan is secured by way of pari passu first ranking charge on the fixed assets
of the Company HSBC (Buyer’s
Line of Credit) The Company has availed a buyer’s line of credit of USD 8.40
million(PY: USD 2.61 million), for the equipment imported. The loan is
secured by first pari passu ranking charge on the entire existing and future
movable fixed asset of the company with minimum cover of 1.25 times the value
of the outstanding principal amount of the loan. (previous year it was given
in INR) SHORT TERM
BORROWINGS Details of Trade payables are based on the information available with
the Company regarding the status of Suppliers as defined under the ‘Micro,
Small and Medium Enterprises Development Act, 2006. The amount due to Micro, Small and Medium Enterprises for the financial year
ended 31st March 2014 is Rs.184.79 million (`Rs.230.60 million). No interest
in terms of Section 16 of Micro, Small and Medium Enterprises Development
Act, 2006 or otherwise has either been paid or payable or accrued and
remaining unpaid as at 31st March 2014. |
|
Auditors : |
|
|
Name : |
S Viswanatha Chartered Accountants |
|
Address : |
Chennai 600004, Tamilnadu, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiary Companies (As on 31.03.2014): |
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Joint Venture (As on 31.03.2014): |
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Associates (As on 31.03.2014): |
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Enterprises
over which Key Management
Personnel are able to exercise
significant influence (As on 31.03.2014): |
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CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 695.600
Million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs. 5 each |
Rs.1000.000 Million |
|
1000000 |
Preference Shares |
Rs. 100 each |
Rs.100.000 Million |
|
|
Total |
|
Rs.1100.000
Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
139658177 |
Equity Shares |
Rs. 5 each |
Rs.698.290 Million |
Subscribed & Paid-up Capital : *
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
139125159 |
Equity Shares |
Rs. 5 each |
Rs.695.630 Million |
Rights,
Preferences and Restrictions attached to shares
Equity shares: The Company has one class of equity shares having a par
value of Rs.5 per share. Each shareholder is eligible for one vote per share
held. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting, except in
case of interim dividend. In the event of liquidation, the equity shareholders
are eligible to receive the remaining assets of the Company after distribution
of all preferential amounts, in proportion to their shareholding.
Shareholders holding more than 5% of total paid up capital
As on 31.03.2014
|
Name of the Shareholder |
No.
of Shares
held |
%
of Holding
|
|
PCR Investments
Limited |
27,223,124 |
19.57 |
|
Integrated
(Mauritius) Healthcare Holdings Limited |
15,093,860 |
10.85 |
|
Oppenheimer
Developing Markets Fund |
11,678,894 |
8.39 |
|
HSTN Acquisition
(FII) Limited |
-- |
-- |
The Company had issued 9,000,000 Global Depository Receipts of Rs.10 (now 18,000,000 Global Depository Receipts of Rs.5 each with two way
fungibility during the year 2005-06. Total GDR’s converted into underlying Equity Shares for the year ended on 31st
March 2014 is 147,449 (2012-13 : 4,597,869) of Rs.5 each and total equity
shares converted back to GDR for the year ended 31st March 2014 is 439,944
(2012-13 : 10,949) of Rs.5 each. Total
GDR’s converted into equity shares upto 31st March 2014 is 25,079,178 (2012-13
: 24,931,729) of Rs.5 each
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 |
695.600 |
695.630 |
695.630 |
|
(b) Reserves & Surplus |
30915.100 |
28,951.620 |
26,580.340 |
|
(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) |
31610.700 |
29,647.250 |
27,275.970 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
14608.000 |
10,052.400 |
8,787.770 |
|
(b) Deferred tax liabilities
(Net) |
4019.500 |
3,288.580 |
2,394.110 |
|
(c) Other long term
liabilities |
1.500 |
27.580 |
37.650 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
18629.000 |
13,368.560 |
11,219.530 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
557.800 |
159.300 |
189.280 |
|
(b) Trade payables |
3201.000 |
2,487.230 |
1,763.420 |
|
(c) Other current liabilities |
2896.700 |
1,587.210 |
1,941.340 |
|
(d) Short-term provisions |
1304.400 |
1,316.350 |
1,154.350 |
|
Total
Current Liabilities (4) |
7959.900 |
5,550.090 |
5,048.390 |
|
|
|
|
|
|
TOTAL |
58199.600 |
48,565.900 |
43,543.890 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
29397.000 |
19,759.120 |
16,774.720 |
|
(ii) Intangible Assets |
0.000 |
127.880 |
140.410 |
|
(iii) Capital work-in-progress |
0.000 |
4,635.730 |
3,579.230 |
|
(iv) Intangible assets under
development |
0.000 |
173.850 |
148.070 |
|
(b) Non-current Investments |
5988.600 |
5,417.610 |
5,254.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5850.600 |
4,876.080 |
3,227.580 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
41236.200 |
34,990.270 |
29,124.510 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1141.600 |
1,482.670 |
3,705.850 |
|
(b) Inventories |
3325.000 |
2,649.740 |
2,053.880 |
|
(c) Trade receivables |
5495.500 |
4,684.510 |
4,266.090 |
|
(d) Cash and cash equivalents |
2492.300 |
2,088.980 |
2,554.660 |
|
(e) Short-term loans and
advances |
4199.200 |
2,489.340 |
1,685.810 |
|
(f) Other current assets |
309.800 |
180.390 |
153.090 |
|
Total
Current Assets |
16963.400 |
13,575.630 |
14,419.380 |
|
|
|
|
|
|
TOTAL |
58199.600 |
48,565.900 |
43,543.890 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from operations |
45927.900 |
38,616.310 |
33,177.910 |
|
|
Other Income |
452.700 |
224.570 |
310.270 |
|
|
TOTAL
(A) |
46380.600 |
38,840.880 |
33,488.180 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
10690.800 |
9,516.010 |
8,642.580 |
|
|
Purchases of Stock-in-Trade |
14041.400 |
10,962.790 |
8,639.910 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(492.700) |
(459.870) |
(84.260) |
|
|
Employees benefits expense |
7209.600 |
6,102.230 |
5,243.990 |
|
|
Other expenses |
6311.100 |
6,356.580 |
5,200.160 |
|
|
Extraordinary Items |
146.900 |
0.000 |
(45.450) |
|
|
Selling and Distribution
Expenses |
1386.900 |
0.000 |
0.000 |
|
|
TOTAL
(B) |
39294.000 |
32,477.740 |
27,596.930 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
7086.600 |
6,363.140 |
5,891.250 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
832.900 |
870.680 |
726.250 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6253.700 |
5,492.460 |
5,165.000 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1580.400 |
1,290.780 |
1,085.200 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
4673.300 |
4,201.680 |
4,079.800 |
|
|
|
|
|
|
|
Less |
TAX
(H) |
1207.400 |
894.480 |
988.720 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
(I) |
3465.900 |
3,307.200 |
3,091.080 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Hospital Fees |
|
506.660 |
293.310 |
|
|
Project Consultancy Services |
|
17.120 |
18.220 |
|
|
Reimbursement Expenses |
|
0.760 |
0.230 |
|
|
Pharmacy Sales |
|
9.730 |
0.290 |
|
|
TOTAL
EARNINGS |
NA |
534.270 |
312.050 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Machinery and Equipment |
|
1,041.760 |
890.330 |
|
|
Components and Stores parts |
|
51.490 |
49.270 |
|
|
Other Consumables |
|
11.260 |
13.930 |
|
|
TOTAL
IMPORTS |
NA |
1,104.510 |
953.530 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
Basic |
24.91 |
23.77 |
22.43 |
|
|
Diluted
|
24.91 |
23.77 |
22.22 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
59.477 |
76.325 |
|
Cash generated from operations |
NA |
482.645 |
535.584 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
7.55 |
8.56 |
9.32 |
|
|
|
|
|
|
|
Operating Profit Margin (PBITD/Sales) |
(%) |
15.43 |
16.48 |
17.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.95 |
10.96 |
11.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
0.15 |
0.14 |
0.15 |
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.48 |
0.34 |
0.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.13 |
2.45 |
2.86 |
STOCK
PRICES
|
Face Value |
Rs.5.00 |
|
Market Value |
Rs.1358.55 |
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 |
695.630 |
695.630 |
695.600 |
|
Reserves & Surplus |
26580.340 |
28951.620 |
30915.100 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
27275.970 |
29647.250 |
31610.700 |
|
|
|
|
|
|
long-term borrowings |
8787.770 |
10052.400 |
14608.000 |
|
Short term borrowings |
189.280 |
159.300 |
557.800 |
|
Total
borrowings |
8977.050 |
10211.700 |
15165.800 |
|
Debt/Equity
ratio |
0.329 |
0.344 |
0.480 |
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 |
33177.910 |
38616.310 |
45927.900 |
|
|
|
16.392 |
18.934 |
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 |
33177.910 |
38616.310 |
45927.900 |
|
Profit |
3091.080 |
3307.200 |
3465.900 |
|
|
9.32% |
8.56% |
7.55% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10402262 |
02/08/2013 * |
1,500,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LTD |
1, QUEEN'S ROAD
CENTRAL, HONG KONG SAR, - 9999999 |
B85604635 |
|
2 |
10392592 |
08/08/2013 * |
1,858,044,000.00 |
INTERNATIONAL
FINANCE CORPORATION |
2121
PENNSYLVANNIA AVENUE N.W, WASHINGTON DC, WAS |
B86174182 |
|
3 |
10385250 |
23/05/2013 * |
600,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMI |
30, RAJAJI
SALAI, CHENNAI, TAMIL NADU - 600001, IN |
B77175271 |
|
4 |
10380025 |
02/08/2013 * |
1,250,000,000.00 |
AXIS TRUSTEE SERVICES
LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, |
B85463776 |
|
5 |
10363496 |
08/08/2013 * |
1,500,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL W |
B85894228 |
|
6 |
10354036 |
02/08/2013 * |
1,000,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, |
B85474104 |
|
7 |
10280325 |
02/08/2013 * |
1,000,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, |
B85463891 |
|
8 |
10221425 |
08/08/2013 * |
2,167,718,000.00 |
INTERNATIONAL
FINANCE CORPORATION |
2121
PENNSYLVANIA AVENUE N.W., WASHINGTON D.C, WA |
B86172202 |
|
9 |
10186151 |
08/08/2013 * |
1,100,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B85897742 |
|
10 |
10163900 |
02/08/2013 * |
12,968,750,000.00 |
CANARA BANK |
THOUSAND LIGHTS
BRANCH, GREAMS ROAD, CHENNAI, T |
B84880384 |
* Date of charge modification
RESULTS OF
OPERATIONS (As on 31.03.2014)
During the year, the income from operations of the Company increased to
Rs.38,616 million compared to Rs.33,178 million in the previous year,
registering an impressive growth of 16%. The profit after tax for the year
increased by 7% to Rs.3,307 million compared to Rs.3,091 million in the
previous year,
During the year, the consolidated gross revenue of the Company increased
to Rs.43,842 million compared to Rs.37,687 million in the previous year,
registering an impressive growth of 16%. Net profit after minority interest for the group increased to
Rs.3,168 million from Rs.3,044 million representing a growth of 4%
AWARDS (As on
31.03.2014)
- Apollo Hospitals has been awarded the
Gallup Great Places to Work Award (GGWA) for the year 2014 in recognition
of exceptionally leveraging its workforce to drive business results and
sustainable growth.
- Dr. Prathap C. Reddy, Founder and
Chairman of the Apollo Hospitals Group was honoured with the Lifetime
Achievement Award by NDTV.
- Dr. Prathap C. Reddy, Chairman, Apollo
Hospitals Group was conferred with the Lifetime Achievement Award at the
Asian Business Leadership Forum Awards 2013.
- Dr. Prathap C Reddy was also conferred
with the Lifetime Achievement Award by CNBC TV18 at the 9th edition of
India Business Leaders Awards 2013
- In the Week-Nielsen Hospital Awards
2013, 3 Hospitals from the Apollo Network were recognised as being among
the Top 15 Multi-specialty Hospitals in India. Chennai (#4), Delhi (#9)
and Hyderabad (#14) have been conferred with this prestigious honour.
Chennai and Delhi have featured in the list of Top 10 hospitals in India
for the 6th year in a row. These two facilities have also featured in the
list of Best Hospitals in India for the specialties of Cardiology and
Oncology
- Apollo Health City, Hyderabad has been
bestowed the prestigious ‘International Medical Tourism Award’ for
Excellence in Customer Service. This has been awarded by the reputed
International Medical Travel Journal, UK. Apollo Health City was the only
hospital from India to be nominated.
SUBSIDIARIES (As
on 31.03.2014)
The Company has fourteen subsidiary companies (including fellow
subsidiaries) as on March 31, 2014. The statement in respect of the details of
the subsidiary companies viz., Unique Home Health Care Limited (UHHCL), AB
Medical Centres Limited (ABMCL), Samudra Healthcare Enterprises Limited (SHEL),
Apollo Hospital (UK)Limited (AHUKL), Apollo Health and Lifestyle Limited
(AHLL), Western Hospitals Corporation Private Limited (WHCPL), Apollo Nellore
Hospital Limited (ANHL) (formerly Pinakini Hospitals Limited), Imperial
Hospital and Research Centre Limited (IHRCL), Alliance Medicorp (India) Limited
(Alliance), Sapien Bio Sciences Private Limited (SBPL), Apollo Bangalore Cradle
Limited (ABCL) formerly Apollo Koramangala Cradle Limited, Apollo Clinics
(Gujarat) Limited (ACGL), Apollo Cosmetic Surgical Centre Private Limited
(ACSPL) and Alliance Dental Care Limited (Alliance Dental) pursuant to section
212 of the Companies Act, 1956, is attached to this report.
Unique Home Health
Care Limited (UHHCL)
UHHCL, a wholly owned subsidiary of the Company provides medical and
paramedical services including doctor’s
consultation, physiotherapy direct to patient homes and also offers paramedical
services in hospitals to critically ill patients. For the year ended 31st March
2014 UHHCL, recorded a revenue of Rs.25.56 million and net profit of Rs.2.02
million.
AB Medical Centres
Limited (ABMCL)
ABMCL, a wholly owned subsidiary of the Company does not have any
commercial operations as it has leased out its infrastructure viz., land,
building and medical equipment to the Company for running the hospital. For the
year ended 31st March 2014, ABMCL recorded an income of Rs.6.41 million and a net
profit of Rs.4.44 million.
Samudra Healthcare
Enterprises Limited (SHEL)
SHEL, a wholly owned subsidiary of the company, runs a 120 bed multi
speciality hospital at Kakinada. For the
year ended 31st March 2014, SHEL recorded revenues of Rs.279.56 million
and a net profit of Rs.3.36 million.
Apollo Hospital
(UK) Limited (AHUKL)
AHUKL is a wholly
owned foreign subsidiary of the Company and has not yet commenced its
operations. Apollo Health and Lifestyle Limited (AHLL)
AHLL, a wholly owned subsidiary of the Company is engaged in the
business of providing primary healthcare facilities through a network of
owned/franchised clinics across India offering specialist consultation,
diagnostics, preventive health checks, telemedicine facilities and a 24-hour pharmacy
all under one roof. For the year ended 31st March 2014, AHLL recorded a
consolidated revenue of Rs.1,149.33 million and a net loss of Rs.326.96
million.
Western Hospitals
Corporation Private Limited (WHCPL)
For the year ended 31st March 2014, WHCPL, a wholly owned subsidiary of
the Company, recorded revenue of Rs.11.61 million and a net profit of Rs.7.92
million.
Apollo Nellore
Hospital Limited (ANHL)
ANHL has leased out its land at Nellore to the Company. ANHL recorded
revenues of Rs.7.42 million and a net profit of Rs.4.84 million.
Imperial Hospital
and Research Centre Limited (IHRCL)
IHRCL, a 85.76% subsidiary of the company owns a 240 bed multi
speciality hospital at Bengaluru. For the year ended 31st March 2014, IHRCL
recorded a revenue of Rs.1,469.35 million and a net profit of Rs.51.67 million.
Alliance Medicorp
India Limited (Alliance)
Alliance, a 51% subsidiary of the Company is engaged in the business of
running dialysis clinics. For the year ended 31st March 2014, Alliance recorded
consolidated revenue of Rs.309.72 million and a net loss of Rs.27.13 million.
Sapien Biosciences
Private Limited (SBPL)
SBPL, a 70% subsidiary of the company which is engaged in the business
of bio-banking of tissues is currently in the startup stage. For the year ended
31st March 2014, SBPL recorded a revenue of Rs.0.67 million and a net loss of
Rs.6.35 million.
Apollo Bangalore
Cradle Limited (ABCL) (formerly Apollo Koramangla Cradle Limited)
ABCL, a subsidiary of Apollo Health and Lifestyle Limited is engaged in
the business of healthcare service. For the year ended 31st March 2014, ABCL
recorded a revenue of
Rs.150.77 million and a net loss of Rs.33.69 million.
Apollo Clinics
(Gujarat) Limited (ACGL)
ACGL, a subsidiary of Apollo Health and Lifestyle Limited is engaged in
the business of healthcare services. For
the year ended 31st March 2014, ACGL recorded a revenue of Rs. NIL
million and a net loss of Rs.0.10 million.
Apollo Cosmetic
Surgical Centre Pvt Limited (ACSPL)
ACSPL, a subsidiary of Apollo Health and Lifestyle Limited is engaged in
the business of running cosmetic surgical centres. For the year ended 31st
March 2014, ACSPL recorded a revenue of Rs.50.44 million and a net loss of Rs.0.50
million.
Alliance Dental
Care Limited (Alliance Dental)
Alliance Dental, a subsidiary of Alliance Medicorp (India) Limited is
engaged in the business of running dental clinics. For the year ended 31st
March 2014, Alliance Dental recorded a revenue of Rs.272.77 million and a net
loss of Rs.18.59 million.
INDUSTRY OUTLOOK /
PROSPECTS (As on 31.03.2014)
The healthcare services industry will need to work towards addressing
the key issues plaguing the sector. In addition to the shortage and the inequitable
distribution of health infrastructure across the country, the sector will have
to tackle the shortage of doctors as well as the growing burden of lifestyle
diseases. This will requireinnovative solutions and high investments; factual
evidence suggests that creation of one bed in the tertiary sector entails an
investment upwards of 8 million and 4 million upwards per bed in the secondary
care sector. For a transition towards the desired ratios of 30 beds per 10,000
population, over 2 million new hospital beds need to be created. Moreover,
assuming a split of 70:30 between secondary and tertiary care, aninvestment of
gigantic proportions is required.
Mobilizing a capital spending of this order for capacity building is
neither possible for the Government nor for the private sector if they work in
isolation. Hence, this calls for innovative out of the box solutions and
development of new business models.
Better utilization of under-utilized Government infrastructure,
incentivizing capital flows into the sector and leveraging on technology to
reduce intensity of physical infrastructure are some of the options under
consideration.
It is likely that private players will continue to upgrade their skills
and the overall healthcare market will be divided more categorically into
sub-markets based on geographic location, complexity of care and economic
strata of population being serviced
COMPANY OVERVIEW
(As on 31.03.2014)
Apollo Hospitals was founded by Dr. Prathap C. Reddy in 1979 and became
a public listed company on the BSE in 1983 and was listed on the NSE in 1996.
Your Company launched India’s first corporate hospital in Chennai in 1983. Now,
as Asia largest and most trusted healthcare group, its presence includes over
8,617 beds across 50 Hospitals, 1,632 Pharmacies, over 100 primary care &
diagnostic clinics, 115 telemedicine units across 10 countries, health
insurance services, global projects consultancy, 15 academic institutions and a
Research Foundation with a focus on global clinical trials, epidemiological
studies, stem-cell and genetic research.
The Company is headquartered in Chennai and its diversified operations
include multiple subsidiaries, joint ventures and associates. It runs large
hospital clusters in Chennai and Hyderabad and has established landmark
hospitals in Delhi, Bangalore, Kolkata, Ahmedabad, Pune, Bhubaneshwar, Madurai
and Mysore.
Its healthcare facilities comprise a mix of primary, secondary, and
tertiary care facilities. The tertiary care hospitals in the network provide advanced
levels of care in over 50 specialties, including cardiac sciences, oncology,
neurosciences, critical care, orthopedics, radiology, gastroenterology, and
transplants. In addition, it is increasingly focusing on technology based
treatment areas such as minimally invasive surgery, robotics and technology for
cancer.
In addition to existing operations, the Group has several initiatives
underway which includes setting up of the Proton Therapy Centre in Chennai.
This will be the first of its kind in the Southern Hemisphere and is well
placed to offer advanced oncology therapy to a combined population of over 3.5
billion people in Asia, Africa and Australia. It is also expanding its network
of Retail Healthcare Centres including Dental Clinics and Lifestyle Birthing
Centres. Significant efforts are also underway to integrate cutting edge
technologies and innovative systems such as Paperless Hospitals,
Tele-radiology, homecare services, wearable devices and personalized medicine
into mainstream offerings
CONTINGENT
LIABILITY
|
Particulars |
Amount (31.03.2015) |
Amount (31.03.2014) |
|
Contingent
liabilities and commitments (to the extent not provided
for) |
|
|
|
(a) Claims against the company not acknowledged as debt |
|
65.85 |
|
(b) Guarantees |
|
-- |
|
Bank Guarantees |
|
262.97 |
|
Corporate Guarantees / Letter of comfort |
|
475.00 |
|
(c)
Other money for which the company is contingently liable |
|
|
|
Sales
Tax |
|
0.52 |
|
Customs
Duty |
|
99.70 |
|
Income
Tax |
|
336.73 |
|
Service
Tax |
|
27.76 |
|
Letter
of Credits |
|
-- |
|
EPCG |
|
1,524.68 |
|
Value
Added Tax |
|
2.27 |
|
Total |
NA |
2,795.49 |
UNSECURED LOANS
|
PARTICULAR |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Fixed Deposited |
|
335.950 |
|
Other loans and
advances Bank of Tokyo Mitsubishi UFJ (External Commercial Borrowings |
|
1328.200 |
|
SHORT TERM
BORROWINGS |
|
|
|
Fixed Deposited |
|
15.030 |
|
|
|
|
|
Total |
NA |
1679.180 |
|
LONG
TERM BORROWINGS Bank of Tokyo –
Mitsubishi UFJ (External Commercial Borrowings) Bank of Tokyo has granted an unsecured loan of US$ 20 million during
the year 2013-14 and the same loan has
been hedged at Rs.66.41 per US$
with HSBC. The Company has entered into a Currency Cum Interest Rate Swap (CCIRS) with HSBC Bank Ltd in Indian Rupee for Interest rate and
foreign currency fluctuation risk. |
||
FIXED ASSETS:
- Land
- Buildings
- Medical
Equipments and Surgical Instruments
- Electrical
Installation and Generators
- Office Equipment
- Furniture and
Fixtures
- Boilers
- Vehicles
- Computer
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.63.50 |
|
|
1 |
Rs.99.42 |
|
Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
77 |
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.