MIRA INFORM REPORT

 

 

Report No. :

327123

Report Date :

12.06.2015

 

IDENTIFICATION DETAILS

 

Name :

UPL LIMITED (w.e.f.11.10.2013)

 

 

Formerly Known As :

UNITED PHOSPHORUS LIMITED

 

 

Registered Office :

3-11, G.I.D.C., Valsad, Vapi – 396195, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

02.01.1985

 

 

Com. Reg. No.:

04-025132

 

 

Capital Investment / Paid-up Capital :

Rs. 857.200 Million

 

 

CIN No.:

[Company Identification No.]

L24219GJ1985PLC025132

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

A Public limited liability company. Company’s shares are listed on the Stock Exchange.

 

 

Line of Business :

Manufacturer and Exporter of Agro Chemicals, Fungicide, Herbicide, Plant Growth and Regulators.

 

 

No. of Employees :

2560 Employees in India and 3595 Employees globally.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (72)

 

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 100688000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a well – established company having fine track record.

 

The rating takes into consideration dominant market position of UPL in the global agro chemicals market supported by diversified product portfolio, integrated operations across geographies, healthy revenue growth, decent profitability margins and comfortable liquidity position.

 

Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment.

 

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 – 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

CARE

Rating

Long term bank facilities:“AA+”

Rating Explanation

High degree of safety and very low credit risk.

Date

October 13, 2014

 

 

Rating Agency Name

CARE

Rating

Short term bank facilities:“A1+”

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

October 13, 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 DECLINED

 

MANAGEMENT NON-CO-OPERATIVE

 

(CONTACT NO.: 91-22-26468000)

 

 

LOCATIONS

 

Registered Office / Factory 1:

3-11, G.I.D.C., Valsad, Vapi – 396195, Gujarat, India

Tel. No.:

91-260-2400717/ 2401945/ 2401960/ 2401718/ 2401719

Fax No.:

91-260-2401823

E-Mail :

thackerkm@uniphos.com
upl@uniphos.com

info@uniphos.com

upl.investors@uniphos.com

purchase@uniphos.com

Website :

www.uplonline.com

Location:

Owned

 

 

Corporate / Administrative Office:

Uniphos House,Madhu Park, 11th Road, Chitrakar Dhurandar Marg, Khar(West), Mumbai - 400052, Maharashtra, India

Tel. No.:

91-22-26468000

Fax No.:

91-22-26041010

E-Mail :

hr_admin@uniphos.com

 

 

Factory 2 :

Green Park Area, Block No 103/B,A/D, Gandhi Nagar - 180004,Jammu, India

Tel No.:

91-191-2430671

 

 

Factory 3 :

CHEMO ELECTRONIC LAB

 

Nahuli – Vapi City, Valsad District - 396195,Gujarat, India

Tel No.:

91-260-2730156/ 2730158/ 2730159

Fax No.:

91-260-2730160

 

 

Factory 4 :

Plot No. 750, G.I.D.C., Jhagadia, District Bharuch, Gujarat, India

Tel. No.:

91-2645-26012/15/ 26016

Fax No.:

2645-26017/ 18

 

 

Factory 5 :

Serial No.225, Village Gopipura, Via Baska Taluka, Halol City, District Panchmal - 389350,Gujarat, India

Tel No.:

91-2676-247068/ 247052

Fax No.:

91-2676-247068

 

 

Factory 6 :

117, G.I.D.C., Ankleshwar City, Bharuch District - 393002, Gujarat, India

Tel No.:

91-2646-251223/ 250336/ 251249/ 250279/ 250379

Fax No.:

91-2646-250297

 

 

Factory 7 :

3405/6, G.I.D.C., Ankleshwar City, Bharuch District - 393002,Gujarat, India

Tel No.:

91-2646-250578/ 250493/ 250563

Fax No.:

91-2646-251434

 

 

Factory 8 :

3101/2, G.I.D.C., Ankleshwar City, Bharuch District - 393002, Gujarat, India

Tel No.:

91-2646-251189/ 225174/ 224473/ 252684

Fax No.:

91-2646–250615

 

 

Factory 9 :

Agrochemical Plant, Durgachak Haldia, Midnapore District– 721602, West Bengal, India

Tel No.:

91-33-22486908

 

 

Sales Office :

V-Fortune Building, 3rd Floor, S V Road, Next to Surya Children's Hospital, Near Vijay Sales, Opposite Petrol Pump, Santacruz (West), Mumbai - 400052, Maharashtra, India

Tel. No.:

91-22-27847769/ 27811554 

Fax No.:

91-79-27842399 

Email :

upl@uniphos.com

ib.hr@uniphos.com

 

 

Godown :

Survey No 154/B/1, Shed 2, S V Cooperative Industrial Estate, IDA Bollaram, Jinnaram, Medak - 502313, Andhra Pradesh, India

 

 

Overseas Offices :

Located At :

 

·         Zambia

·         China

·         Australia

·         Japan

·         Russia

·         Korea

·         Vietnam

·         New Zealand

·         UK

 

 

DIRECTORS

 

As on 31.03.2014

 

Name :

Mr. R. D. Shroff

Designation :

Chairman and Managing Director

 

 

Name :

Mr. Jaidev Rajnikant Shroff

Designation :

Global CEO of the Group

Date of Appointment :

01.10.1992

Profile :

Mr. Jaidev Rajnikant Shroff is a science graduate. He is Global CEO of the Group and he has worked with the Group for more than 21 years. He has substantial experience in various areas of the Group’s operations.

Other Directorship :

·         Uniphos Enterprises Limited

·         Nivi Trading Limited

·         Ventura Guaranty Limited

·         Advanta Limited, Member–Shareholders /Investors Grievance Committee

·         Tatva Global Environment Limited

·         Tatva Global Environment (Deonar) Limited

·         Pradeep Metals Limited

DIN No.:

00191050

 

 

Name :

Mr. A. C. Ashar

Designation :

Director – Finance

 

 

Name :

Mrs. Sandra Rajnikant Shroff

Designation :

Vice Chairman

Date of Appointment :

01.10.1992

Profile :

Mrs. Sandra Rajnikant Shroff has been associated with Uniphos Enterprises Ltd. (erstwhile United Phosphorus Limited) Since its inception. She has held various important positions in commercial, educational and social fields.

Other Directorship :

00189012

DIN No.:

·         Uniphos Enterprises Limited

·         Uniphos International Limited

·         Enviro Technology Limited

·         Nivi Trading Limited

·         Shroff United Chemicals Limited

·         Bharuch Enviro Infrastructure Limited

·         Vapi Waste and Effluent Management Co. Limited

·         Ventura Guaranty Limited

 

 

Name :

Mr. K. Banerjee

Designation :

Whole - Time Director

 

 

Name :

Mr. Pradeep Vedprakash Goyal

Designation :

Director

Date of Appointment :

29.03.2001

Profile :

Mr. Pradeep Vedprakash Goyal is a Metallurgy Engineer from IIT and Master Graduate from MIT, USA. He has been the member of various associations such as All India Manufacturers Organisation, ASSOCHAM, Indo-German Chambers of Commerce, etc. He has authored a few articles relating to steel making. He is the Managing Director of Pradeep Metals Limited.

Other Directorship :

·         Uniphos Enerprises Limited, Chairman – Audit Committee and Shareholders /Investors Grievance Committee

·         Hind Rectifiers Limited, Member – Audit Committee and Shareholders /Investors Grievance Committee

·         Jankalyan Sahakari Bank Limited

DIN No.:

00008370

 

 

Name :

Dr. P. V. Krishna

Designation :

Director

 

 

Name :

Dr. Reena Ramachandran

Designation :

Director

Date of Appointment :

21.10.2003

Profile :

Dr. Reena Ramachandran is the Director General of Fortune Institute of Internationals Business, which is approved by the Ministry of HRD, Govt. of India. She has been member of various associations and institutions relating to education. Presently, she is also a member of the Expert Committee appointed by the Ministry of HRD to device Policy Perspectives for Management Education. She was also associated with various committees appointed by various Ministries of Government of India. She has done her Doctorate in Chemistry from University of Allahabad and Doctorate in Science (chemistry) in France. She has varied professional experience of over 41 years in Textile, Drug, Cement, Petroleum and Petro Chemical Industry.

DIN No.:

00212371

 

 

Name :

Mr. Pradip Pranjivan Madhavji

Designation :

Director

Date of Appointment :

29.01.2004

Profile :

Mr. Pradip Pranjivan Madhavji is a Commerce and Law Graduate. He has more than 50years of experience in the fields of finance and administration. Formerly he was chief of Thomas Cook India Limited. Apart from this, he is Hon. Consul of Colombia and he was also Hon. Consul of New Zealand and also holds positions in various trade bodies. Prior to joining Thomas Cook, he was in Dena Bank for 18 years.

Other Directorship :

·         IDFC Assets Management Co. Limited, Chairman – Audit Committee and Shareholders /Investors Grievance Committee

·         India Gelatine and Chemicals Limited

DIN No.:

00549826

 

 

Name :

Mr. Vinod Rajindranath Sethi

Designation :

Director

Date of Appointment :

30.01.2006

Profile :

Mr. Vinod Rajindranath Sethi is a Chemical Engineer from IIT, Mumbai and Master in Business Administration from IIM, Ahmedabad. Presently, he runs his own private investment bank. He was previously with Morgan Stanley. He has many years of experience in the field of finance.

Other Directorship :

·         K C P Sugar and Industries Limited

·         Advanta Limited, Chairman – Audit Committee and Shareholders /Investors Grievance Committee

·         Itz cash card Limited

·         IRB Infrastructure Limited

DIN No.:

00106598

 

 

Name :

Mr. Suresh Prabhakar Prabhu

Designation :

Director

Date of Appointment :

29.01.2013

Profile :

Mr. Suresh Prabhakar Prabhu is an eminent Chartered Accountant. He has been a Member of Parliament in the 11th, 12th, 13th and 14th Lok Sabha (from 1996-2009)and was a Cabinet Minister of Industry, Energy, Environment and Forests, Chemicals and Fertilisers, Heavy Industry and Public Enterprises. Mr. Suresh Prabhakar Prabhu is a well-known personality and has many years of experience in the field of Sustainable development, Banking and finance and International business. He has participated and also addressed at many invents and forums in India and abroad. He is a member of many reputed associations representing business, sports, education and social works.

Other Directorship :

Crompton Greaves Limited.

DIN No.:

00308142

 

 

Name :

Mr. V. R. Shroff

Designation :

Executive Director

 

 

KEY EXECUTIVES

 

Name :

Mr. M. B. Trivedi

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.03.2015

 

Category of Shareholders

Total No. of Shares

Total Shareholding as a %

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

3758181

0.88

http://www.bseindia.com/include/images/clear.gifBodies Corporate

123970160

28.94

http://www.bseindia.com/include/images/clear.gifSub Total

127728341

29.82

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

127728341

29.82

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

39402793

9.20

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

184753

0.04

http://www.bseindia.com/include/images/clear.gifInsurance Companies

3639395

0.85

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

198396550

46.32

http://www.bseindia.com/include/images/clear.gifSub Total

241623491

56.41

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

22547905

5.26

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

25554374

5.97

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

5263701

1.23

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

5579342

1.30

http://www.bseindia.com/include/images/clear.gifOverseas Corporate Bodies

6740

0.00

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

5449734

1.27

http://www.bseindia.com/include/images/clear.gifForeign Corporate Bodies

122868

0.03

http://www.bseindia.com/include/images/clear.gifSub Total

58945322

13.76

Total Public shareholding (B)

300568813

70.18

Total (A)+(B)

428297154

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

307120

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

307120

0.00

Total (A)+(B)+(C)

428604274

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Agro Chemicals, Fungicide, Herbicide, Plant Growth and Regulators.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

Not Divulged

Countries :

Not Divulged

 

 

Imports :

 

Products :

Not Divulged

Countries :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

 

 

 

 

NOT DIVULGED

Name of the Person (with Designation):

Contact Number:

Since How Long Known:

Maximum Limit Dealt:

Experience :

Remarks :

 

 

Customers :

Reference:

 

 

 

 

NOT DIVULGED

Name of the Person (with Designation):

Contact Number:

Since How Long Known:

Maximum Limit Dealt:

Experience :

Remarks :

 

 

No. of Employees :

2560 employees in India and 3595 employees globally.

 

 

Bankers :

·         Dena Bank

·         Bank Of Baroda

·         State Bank of India

·         Union Bank of India

·         Canara Bank

·         IDBI Bank Limited

·         The Karur Vysya Bank Limited

·         Axis Bank Limited

·         Andhra Bank

·         State Bank of Hyderabad

·         ICICI Bank Limited

·         ING Vysya Bank Limited

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

SHORT TERM BORROWINGS

 

 

Cash credit, packing credit and working capital demand loan accounts from banks

72.200

534.200

 

 

 

Total

 

72.200

534.200

 

NOTES

a. Outstanding loans carry an interest rate of Base Rate/Libor plus margin ranging from 70 bps to 400 bps

 

b. Outstanding loan is secured by hypothecation of inventories, bills receivables, book debts and all movables assets of the Company both present and future, wherever situated.

 

 

 

Auditors :

[As on 31.03.2014]

 

Name :

S.V. Ghatalia and Associates LLP

Chartered Accountants

 

 

Name :

RA and Company

Cost Accountants

Address :

Mumbai, Maharashtra, India

 

 

Associates :

[As on 31.03.2014]

·         Sanguine Holdings Private Limited

·         Advanta Limited (formerly known as Advanta India Limited)

·         Tatva Global Enviroment Limited

·         Advanta Semilas SAIC, Argentina

·         Tatva Global Environment (Deonar) Limited

·         Chemisynth (Vapi) Limited

·         Ultima Search

·         Kerala Enviro Infrastructure Limited

·         Uniphos International Limited

·         Pacific Seeds Pty Limited, Australia

·         Uniphos Enterprises Limited

·         Unicorn Seeds Private Limited

·         UPL Environmental Engineers Limited

·         Sipcam UPL Brasil S.A.

·         Vikram Farm

 

 

Joint Ventures :

[As on 31.03.2014]

·         Accolade Properties Private Limited (Upto September 27, 2012)

·         United Phosphorus (Bangladesh) Limited

·         Sadafuli Finvest Private Limited (Upto September 27, 2012)

 

 

Subsidiaries :

[As on 31.03.2014]

·         UPL Limited, Mauritius (formerly known as Uniphos Limited)

·         UPL Investment Private Limited

·         UPL Colombia S.A.S Agrindustrial, S.A., Spain

·         UPL Limited Korea (formerly known as United Phosphorus (Korea) Limited)

·         Agrodan, ApS United Phosphorus (Shanghai) Company Limited

·         Anning Decco Fine Chemical Co. Limited, China

·         United Phosphorus (Taiwan) Limited Bio-win Corporation Limited, Mauritius

·         United Phosphorus Cayman Limited Canegrass LLC, USA

·         United Phosphorus de Mexico, S.A. de C.V. Cerexagri B.V. - Netherlands

·         United Phosphorus do Brasil Ltda UPL Costa Rica S.A (formerly known as Cerexagri Costa Rica, S.A.)

·         United Phosphorus GMBH, Germany Cerexagri Delaware, Inc., USA

·         United Phosphorus Holdings B.V., Netherlands Cerexagri Italia S.R.L.

·         United Phosphorus Holdings Cooperatief U.A. Cerexagri S.A.S., France

·         United Phosphorus Inc., U.S.A. Cerexagri Ziraat Ve Kimya Sanayi Ve Ticaret Limited Sirketi, Turkey

·         UPL Australia Limited (formerly known as United Phosphorus Limited)

·         Cerexagri, Inc. (PA)

·         United Phosphorus Limited, Belgium S P R L Citrashine (Pty) Limited, South Africa

·         United Phosphorus Limited, Gibraltar Compania Espanola Industrial Quimica de Productos Agricolas Y Domesticos, S.A.U., Spain

·         UPL Limited, Hongkong (formerly known as United Phosphorus Limited)

·         Decco Iberica Postcosecha, S.A.U., Spain (formerly Cerexagri Iberica)

·         United Phosphorus Limited, Japan

·         Decco Italia SRL,Italy

·         UPL New Zealand Limited (formerly known as United Phosphorus Limited)

·         Decco US Post-Harvest Inc (US)

·         United Phosphorus Limited, U.K.

·         Decco Worldwide Post-Harvest Holdings B.V.

·         United Phosphorus Polska Sp.z o.o - Poland

·         Decco Worldwide Post-Harvest Holdings Cooperatief U.A.

·         United Phosphorus Switzerland Limited

·         Desarrollo Quimico Industrial, S.A., Spain (DEQUISA S.A.)

·         United Phosphorus Vietnam Co., Limited

·         Friedshelf 1114 (Pty) Limited

·         Global Chem Trade Corp., Panama (Dissolved on January 1, 2013)

·         Safepack Products Limited, Israel

·         Icona S A – Argentina

·         Samrod Chemicals (Pty) Limited

·         Icona Sanluis S A – Argentina

·         Shroffs United Chemicals Limited

·         Jiangsu Kaznam Chemical Group.,Panama (Dissolved on March 18, 2013)

·         SWAL Corporation Limited

·         JSC United Phosphorus Limited,

·         Russia Transterra Invest, S. L. U., Spain

·         Optima Farm Solutions Limited (acquired during the year)

·         RiceCo International Inc., Bahamas

·         Phosfonia, S.L., Spain UPL Limited, Gibraltar (formerly known as Uniphos Limited)

·         PT Catur Agrodaya Mandiri, Indonesia

·         Decco Jefkins Mexico Sapi, Mexico

·         PT. United Phosphorus Indonesia

·         UPL Aviation Limited

·         United Phosphorus Holding, Brasil B.V.

·         United Phosphorus Industria e Comercio de Produtos Quimicos Ltda. Brazil

·         RiceCo LLC

·         Uniphos Indύstria e Comercio de Produtos Quimicos Ltda. Brazil

·         Upl do brasil Industria e Comercio de Insumos Agropecuarios S.A.

·         Neo-Fog S.A. (acquired during the year)

·         DVA Technology Argentina S.A.

·         JPB Courtage S.A.R.L. (acquired during the year)

·         United Phosphorous Bolivia S.R.L

·         AgriChem B.V

·         Decco Chile SpA

·         AgriChem Heivelia GmbH.

·         UPL Agromed Tarim Ilaclari ve Tohumculuk Sanayi ve ticaret A.S.

·         AgriChem Polska Sp Z.O.O.

·         UPI Finance LLC

·         Agricultural Chemicals N.V.

·         United Phosphorous Corp. Philippines

·         Aspen Holdings SAS

·         United Phosphorous Global LLP

·         Aspen SAS

·         United Phosphorous (India) LLP

·         SD Agchem (Netherlands) B.V.

·         Pro Long Limited

·         Blue Star BV

 

 

Enterprises over which key management personnel and their relatives have significant influence :

[As on 31.03.2014]

·         Bharuch Enviro Infrastructure Limited

·         Bloom Packaging Private Limited

·         Bloom Seal Containers Private Limited

·         Daman Ganga Pulp and Papers Private Limited

·         Demuric Holdings Private Limited

·         Enviro Technology Limited

·         Uniphos Envirotronic Private Limited

·         Jai Research Foundation

·         Jai Trust

·         Nerka Chemicals Private Limited

·         Pot Plants

 

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1275000000

Equity Shares

Rs.2/-each

Rs. 2550.000 Million

 

 

 

 

14000000

Preference Shares

Rs.100/-each

Rs. 1400.000 Million

 

 

 

 

5000000

Preference Shares

Rs.10/-each

Rs. 50.000 Million

 

Total

 

Rs. 4000.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

428604274

Equity Shares

Rs.2/-each

Rs. 857.200 Million

 

 

 

 

 

 

 

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

857.200

857.200

885.200

(b) Reserves & Surplus

34383.600

32219.200

32691.700

(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)

35240.800

33076.400

33576.900

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

9100.000

10600.000

14000.000

(b) Deferred tax liabilities (Net)

1202.200

1173.400

909.000

(c) Other long term liabilities

1907.900

3067.000

2098.100

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

12210.100

14840.400

17007.100

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

3165.900

1101.600

6381.100

(b) Trade payables

17214.100

13711.500

9406.600

(c) Other current liabilities

5520.500

5734.600

2200.500

(d) Short-term provisions

3041.700

2360.700

1586.800

Total Current Liabilities (4)

28942.200

22908.400

19575.000

 

 

 

 

TOTAL

76393.100

70825.200

70159.000

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

20195.600

10829.500

8338.800

(ii) Intangible Assets

0.000

4893.200

5166.200

(iii) Capital work-in-progress

0.000

991.300

2361.500

(iv) Intangible assets under development

0.000

188.400

0.000

(b) Non-current Investments

8727.200

6711.500

6710.600

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

12176.100

13303.000

11153.200

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

41098.900

36916.900

33730.300

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

2329.900

(b) Inventories

11739.700

8722.000

6205.400

(c) Trade receivables

14225.200

14117.900

18045.600

(d) Cash and cash equivalents

1247.000

1854.000

1882.200

(e) Short-term loans and advances

6925.700

8142.900

7061.400

(f) Other current assets

1156.600

1071.500

904.200

Total Current Assets

35294.200

33908.300

36428.700

 

 

 

 

TOTAL

76393.100

70825.200

70159.000

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Revenue from Operations

52262.000

49682.700

39394.400

 

 

Other Income

3492.600

3178.400

1296.500

 

 

TOTAL                                     (A)

55754.600

52861.100

40690.900

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

24387.600

20145.800

17133.400

 

 

Purchases of Stock-in-Trade

5933.900

8021.400

4722.600

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(2073.700)

(1539.900)

(382.000)

 

 

Employees benefits expense

3178.000

2578.700

2374.600

 

 

Other expenses

16301.200

13807.700

11279.300

 

 

Exceptional Items

0.000

198.600

0.000

 

 

TOTAL                                     (B)

47727.000

43212.300

35127.900

 

 

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

8027.600

9648.800

5563.000

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

352.700

2432.900

1013.200

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

7674.900

7215.900

4549.800

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

1867.500

1690.900

1577.600

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

5807.400

5525.000

2972.200

 

 

 

 

 

Less

TAX                                                                  (H)

1174.100

1367.700

890.900

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

4633.300

4157.300

2081.300

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Exports of goods calculated on F.O.B. basis

 

27833.700

21884.300

 

 

Interest

 

429.000

425.300

 

 

Dividend

 

1125.000

54.400

 

 

Others

 

24.400

7.000

 

TOTAL EARNINGS

NA

29412.100

22371.000

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

 

11196.200

9093.500

 

 

Traded Goods

 

5149.900

2241.000

 

 

Components and spare parts

 

5.800

9.200

 

 

Capital Goods

 

176.500

411.400

 

TOTAL IMPORTS

NA

16528.400

11755.100

 

 

 

 

 

 

Earnings Per Share (Rs.)

10.81

9.45

4.60

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2014

30.09.2014

31.12.2014

31.03.2015

Type

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Net Sales

13915.400

13824.600

12733.400

12876.500

Total Expenditure

12089.400

12781.500

11472.800

11258.100

PBIDT (Excl OI)

1826.000

1043.100

1260.600

1618.400

Other Income

168.200

1970.000

202.700

159.400

Operating Profit

1994.200

3013.100

1463.300

1777.800

Interest

8.800

402.800

(192.000)

353.900

Exceptional Items

0.000

0.000

0.000

0.000

PBDT

1985.400

2610.300

1655.300

1423.900

Depreciation

410.500

487.500

496.000

473.500

Profit Before Tax

1574.900

2122.800

1159.300

950.400

Tax

506.800

108.300

366.000

193.000

Provisions and contingencies

0.000

0.000

0.000

0.000

Profit After Tax

1068.100

2014.500

793.300

757.400

Extraordinary Items

0.000

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

0.000

Net Profit

1068.100

2014.500

793.300

757.400

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

2500.000

0.000

 

 

 

 

Cash generated from operations

NA

12512.900

2588.600

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

8.87

8.37

5.28

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

15.36

19.42

14.12

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

8.58

8.78

4.87

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.16

0.17

0.09

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.35

0.43

0.61

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.22

1.48

1.86

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

STOCK PRICES

 

Face Value

Rs. 2.00/-

 

 

Market Value

Rs. 518.60/-

 

 

 

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

885.200

857.200

857.200

Reserves & Surplus

32691.700

32219.200

34383.600

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

33576.900

33076.400

35240.800

 

 

 

 

Long-term borrowings

14000.000

10600.000

9100.000

Short term borrowings

6381.100

1101.600

3165.900

CURRENT MATURITIES OF LONG-TERM DEBTS

0.000

2500.000

NA

Total borrowings

20381.100

14201.600

12265.900

Debt/Equity ratio

0.607

0.429

0.348

 

 

 

 

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

39394.400

49682.700

52262.000

 

 

26.116

5.192

 

 

 

 

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

39394.400

49682.700

52262.000

Profit

2081.300

4157.300

4633.300

 

5.28%

8.37%

8.87%

 

 


 

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

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

No

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

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

LITIGATION DETAILS

 

HIGH COURT OF GUJARAT

TAX APPEAL No. 1008 of 2014

Status: PENDING                       (Converted from : O/ST/1729/2014)                       CCIN No: 001092201401008

 

Last Listing Date: 19/11/2014

 

Coram: - HONOURABLE MR.JUSTICE AKIL KURESHI

HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

 

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER OF CENTRAL EXCISE AND CUSTOMS

MR RJ OZA for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

S.NO.

Name of the Respondant

Advocate On Record

1

UNITED PHOSPHORUS LTD

RULE SERVED for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

Presented On

: 27/06/2014

Registered On

: 08/09/2014

Bench Category

: -

District

: SURAT

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 5 times

Stage Name

: ADJOURNED MATTERS

Office Objection

Filing Stage

Filing Stage


Filing Stage


Filing Stage

·         WHETHER CERTIFIED COPIES FILED ? APPELLATE JUDGEMENT

·         WHETHER NAMES OF THE PARTIES TALLY WITH NAMES IN THE CERTIFIED COPIES ?

·         WHETHER COPIES ARE LEGIBLE AND WHETHER TYPED COPIES OF HAND WRITTEN ANNEXURES FILED ?

·         WHETHER THE ORGINAL POSITIONS OF THE PARTIES STATED ?

 

 

Classification

·         DB - OJ - TAX APPEAL - CENTRAL EXCISE ACT, 1944 - UNDER SECTION 35G

Act

·         CENTRAL EXCISE RULES, 1944

 

Other Forums

 

S.No.

CASEDETAILS

TRIBUNAL REFERRENCE

ORDER PASSED BY

JUDGEMENT DATE

PLACE

1

A/11706/2013

CESTAT WEST ZONAL BENCH AHMEDABAD

TECHNICAL MEMBER AND JUDICIAL MEMBER

28/11/2013

SURAT

                                                                                                

Office Details

 

S. No

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

27/06/2014

APPEARANCE NOTE

MR RJ OZA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

MR RJ OZA(520) for P:1

2

27/06/2014

MEMO OF PETITION/APPEAL/SUIT

MR RJ OZA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

50

MR RJ OZA(520), for P:1

3

07/10/2014

ADDITIONAL FEE ON CERTIFIEDCOPY

MR RJ OZA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

2

MR RJ OZA(520) for P:1

4

01/11/2014

DRAFT AMENDMENT

MR RJ OZA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

MR RJ OZA(520) for P:1

 

Court Proceedings

 

S. No.

Notified Date

Court Code

Board Sr. No.

Stage

Action

Coram

1

10/09/2014

6

42

FOR OFFICE OBJECTION

NEXT DATE

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

2

14/10/2014

10

-

undefined

·         HONOURABLE MS JUSTICE SONIA GOKANI

3

16/10/2014

6

42

ADMISSION (FRESH MATTERS)

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

4

05/11/2014

6

6

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

5

19/11/2014

6

11

ADJOURNED MATTERS

RULE/ADMIT

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

Available Orders

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

View

Download

1

TAX APPEAL/995/2014

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

10/09/2014

N

ORDER

-

Y

2

TAX APPEAL/1008/2014

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

19/11/2014

N

ORDER

-

Y

 

Certified Copy

 

S. No.

Applicant Name

Application Type

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

1

MR RJ OZA

ORDINARY

20/11/2014

O/43421/2014

19/11/2014

21/11/2014

25/11/2014

Delivered

ORDER

 

 

INDEX OF CHARGES

 

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

LONG TERM BORROWINGS

 

 

Unsecured redeemable Non-convertible Debentures

11500.000

14000.000

Less : Non-convertible Debentures bought back by the company pending extinguishment

(900.000)

0.000

 

 

 

SHORT TERM BORROWINGS

 

 

Cash credit, packing credit and working capital demand loan accounts from banks

979.400

1912.800

Buyers credit from banks

 

3884.100

Loans from others

50.000

50.000

Total

11629.400

19846.900

 

NOTES

 

LONG TERM BORROWINGS

 

Unsecured Redeemable Non-Convertible Debentures

 

·         NCDs amounting to Rs. 3000.000 Million (Previous Year: Rs. 3000.000 Million) have been issued under two series and are redeemable at par at the end of 10th year Rs. 1500.000 Million i.e June, 2022 and 7th year Rs. 15,00.000 Million i.e June, 2019 from the date of allotment. Out of the above, NCDs amounting to Rs. 9,00.000 Million have been bought back by the Company.

 

·         NCDs amounting to Rs. 2500.000 Million (Previous Year: Rs 2500.000 Million) are redeemable at par at the end of 15th year i.e July 2026 from the date of allotment . The NCDs carry a call option at the end of 10th year from the date of allotment.

 

·         NCDs aggregating to Rs. 30,00.000 Million (Previous Year: Rs 30,00.000 Million) have been issued under four series and are redeemable at par of Rs 7,50.000 Million each at the end of 12th year, 11th year, 9th year and 8th year i.e. October 2022, October 2021, October 2019 and October 2018 respectively from the date of allotment.

 

·         NCDs aggregating to Rs. 3000.000 Million (Previous Year: Rs. 3000.000 Million) have been issued in two series and are redeemable at par at the end of 10th year Rs. 1500.000 Million i.e. April 2020 and 7th year Rs. 15,00.000 Million i.e. April 2017 from the date of allotment.

 

·         The NCDs carry a call option at the end of 6th year i.e. April 2016 and 5th year i.e. April 2015 respectively from the date of allotment.

 

·         NCDs amounting to Rs. 2500.000 Million (Previous Year: Rs 2500.000 Million ) are redeemable at par at the end of 5th year i.e January, 2015 from the date of allotment.

 

·         NCDs mentioned above carry a coupon rate ranging from 9.50% to 10.70%.

 

 

SHORT TERM BORROWINGS

 

·         Short term buyers credit outstanding Rs. Nil (Previous Year: Rs. 3884.100 Million) were unsecured and carried an interest rate ranging from Libor plus 60 bps to 120 bps.

 

·         Unsecured short term demand loan carrying an interest rate of 12.50% p.a.

 

 

CORPORATE INFORMATION [AS ON 31.03.2014]

 

UPL Limited (formerly known as United Phosphorus Limited (the Company)) is a public Company domiciled in India and in corporate under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The Company is engaged in the business of agrochemicals, industrial chemicals, chemical intermediates and specialty chemicals.

 

 

CHANGE OF NAME OF THE COMPANY [AS ON 31.03.2014]

 

During the year the name of the Company has been changed  from ‘United Phosphorus Limited’ to ‘UPL Limited’ vide Special Resolution passed at the Extra-ordinary General Meeting of the members of the Company held on 30th September, 2013 and consequently Fresh Certificate of Incorporation dated 11th October, 2013 has been issued by the Registrar of Companies, Gujarat.

 

 

FUTURE OUTLOOK [AS ON 31.03.2014]

 

In the coming years, the Company expects to improve its performance in various geographies of the world. These will include markets of USA, Europe, Latin America, Asian countries etc. The Company is also focusing to make inroads into vast African markets. The countries which have tremendous potential for Company’s products are India and Brazil. The Company expects to increase its sales manifold in these countries. With introduction of many new products in the market every year, the Company expects to improve its performance in future as well. Overall, the Company expects a very bright future.

 

 

FIXED ASSETS

 

·         Land- Freehold

·         Land-Leasehold

·         Building

·         Plant and Machinery

·         Laboratory Equipments

·         Office Equipments

·         Furniture, Fixture and Equipments

·         Vehicles

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

Indian Rupees

US Dollar

1

Rs. 63.89

UK Pound

1

Rs. 98.90

Euro

1

Rs. 72.15

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

BVA


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

8

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

8

--RESERVES

1~10

8

--CREDIT LINES

1~10

8

--MARGINS

-5~5

---

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--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

 

72

 

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

 

--

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.