MIRA INFORM REPORT
|
Report No. : |
320282 |
|
Report Date : |
02.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
TVS SRICHAKRA LIMITED |
|
|
|
|
Registered
Office : |
TVS Building, 7-B, West Veli Street, Madurai – 625 001,
Tamilnadu |
|
Tel. No.: |
91-452-2443300 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
02.06.1982 |
|
|
|
|
Com. Reg. No.: |
18-009414 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.76.570
million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25111TN1982PLC009414 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MRIS00086C |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
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|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer and Seller of Two Wheeler, Three Wheeler, Industrial,
Agricultural and Farm Tyres as well as knobs for direct application. |
|
|
|
|
No. of Employees
: |
More
than 2500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (56) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 5818500 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject belongs to the TVS Group of companies and is one of India’s
leading two and three wheeler tyre manufacturer. It is a well-established company having fine track record. Fundamentals are strong and healthy. The company has reported an increase in its sales turnover and
profitability during FY 2014. The company possesses sound financial position marked by strong
networth and healthy debt-protection measures. Trade relations are fair. Business is active. Payments are reported to
be regular and as per commitment. The company can be considered for business dealing at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
Long Term Issuer: A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
April, 2013 |
|
Rating Agency Name |
FITCH |
|
Rating |
Short Term Issuer: A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
April, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Shankar |
|
Designation : |
Finance Head |
|
Contact No.: |
91-452-2532116 |
|
Date : |
28.04.2015 |
LOCATIONS
|
Registered Office : |
TVS Building, 7-B, West Veli Street, Madurai – 625 001,
Tamilnadu, India |
|
Tel. No.: |
91-452-2443300/ 2420461/ 462/ 464/ 465 |
|
Fax No.: |
91-452-2420266 |
|
E-Mail : |
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|
Website : |
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Administrative
Office : |
10,
Jawahar Road, Madurai – 625 002, Tamilnadu, India |
|
Tel. No.: |
91-452-2420461 (8 Lines) |
|
Fax No.: |
91-452-2420266 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Perumalpatti
Road, Vellaripatti Village, Melur Taluk, District Madurai – 625 122, Tamilnadu,
India |
|
Tel. No.: |
91-452-2443300 (200 Lines)/ 2420461 |
|
Fax No.: |
91-452-2443466/ 2420266 |
|
|
|
|
Factory 2 : |
Narasingampatti
Village, Therkutheru, Melur Taluk, District Madurai – 625122, Tamilnadu,
India |
|
|
|
|
Factory 3 : |
Plot No.7, Sector-1, Integrated Industrial Estate, SIDCUL, Pant Nagar, Rudrapur, Tehsil-Kichha, District Udham Singh Nagar – 263 153, Uttrakhand, India |
|
Tel. No.: |
91-5944-250374 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. S. Narayanan |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. R. Naresh |
|
Designation : |
Executive Vice Chairman |
|
|
|
|
Name : |
Ms. Shobhana Ramachandhran |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. M. S. Viraraghavan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sitaram Rao
Valluri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P.
Vijayaraghavan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. H. Janardana
Iyer |
|
Designation : |
Director |
|
|
|
|
Name : |
Rasesh
R. Doshi |
|
Designation : |
Director (From 24.05.2014) |
|
|
|
|
Name : |
V.
Ramakrishnan |
|
Designation : |
Director
(From 24.05.2014) |
KEY EXECUTIVES
|
Audit
Committee : |
M. S. Viraraghavan (Chairman) P. Vijayaraghavan H. Janardana Iyer |
|
|
|
|
Shareholders/
Investors Committee : |
S. Narayanan (Chairman) Shobhana Ramachandhran P. Vijayaraghavan |
|
|
|
|
Name : |
P.
Srinivasan |
|
Designation : |
Company Secretary
|
|
|
|
|
Name : |
Mr. Shankar |
|
Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of
Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
554017 |
7.24 |
|
|
2994544 |
39.11 |
|
|
3548561 |
46.34 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
3548561 |
46.34 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
650 |
0.01 |
|
|
7591 |
0.10 |
|
|
94 |
0.00 |
|
|
3658 |
0.05 |
|
|
11993 |
0.16 |
|
|
|
|
|
|
611135 |
7.98 |
|
|
|
|
|
|
2771152 |
36.19 |
|
|
662429 |
8.65 |
|
|
51780 |
0.68 |
|
|
41324 |
0.54 |
|
|
10456 |
0.14 |
|
|
4096496 |
53.50 |
|
Total
Public shareholding (B) |
4108489 |
53.66 |
|
Total
(A)+(B) |
7657050 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
7657050 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Two Wheeler, Three Wheeler,
Industrial, Agricultural and Farm Tyres as well as knobs for direct
application. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
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 : |
More
than 2500 (Approximately) |
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Bankers : |
· DBS Bank Limited, 806, Anna Salai, Chennai – 600 002, Tamilnadu, India · The Karur Vysya Bank Limited, No.159, South Masi Street, Madurai – 625 001, Tamilnadu, India |
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Facilities : |
Notes: LONG TERM
BORROWINGS Details of Security for
Secured Loans a) Term Loan Availed from
State Bank of India is secured by exclusive first charge on the assets
created out of the term loans including 1) Equitable Mortgage of Lease hold
rights over 28424 Sq mt plot of land, Plot No 7, Sector I, Industrial Area,
I.I.E Pant Nagar, Uttam Singh Dist, Uttarakhand and buildings thereon,
belonging to the company and 2) Equitable mortgage over Land (1.90 acres) and
Building at Survey No.519 / 1B2, locatd at Narasingampatti Village, Madurai. b) Term Loan from Karur
Vysya Bank Limited, is secured by hypothecation of Specific Plant and
Machinery located at Company’s Plant at Vellaripatti Village, Madurai. c) Term Loan from
Sundaram Finance Limited, is secured by hypothecation of Specific Plant and
Machinery located at Pant Nagar, Rudrapur, Uttrakhand as well as Specific
Plant and Machinery located at Vellaripatti Village, Madurai. d) Term Loan from DBS
Bank is secured by hypothecation of Specific Plant and Machinery located at
Madurai as well as specified immovable properties located at Madurai. SHORT TERM
BORROWINGS Details of Security for
Secured Loans Working Capital
facilities availed from State Bank of India are secured by exclusive first
charge on the entire current assets of the company, viz Stock of Raw
Materials, stock in process, finished goods, spares, consumables, stores and
receivables and further by second charge on the assets created out of the
term loans including 1) Equitable Mortgage of Lease hold rights over 28424 Sq
mt plot of land, Plot No.7, Sector I, Industrial Area, I.I.E Pant Nagar,
Uttam Singh Dist, Uttarkhand and buildings thereon, belonging to the company
and 2) Equitable mortgage over Land (1.90 acres) and Building at Survey
No.519/1 B2, located at Narasingampatti Village, Madurai. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sundaram and
Srinivasan Chartered
Accountants |
|
Address : |
New No.250, P.T. Rajan Road, Madurai – 625 014 Tamilnadu,
India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries Companies : |
|
|
|
|
|
Associates : |
|
|
|
|
|
Enterprise with
Common Key Management Personnel : |
Sundaram Industries Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7657050 |
Equity Shares |
Rs.10/- each |
Rs.76.570
million |
|
|
|
|
|
|
Particulars |
Equity Shares |
|
|
No. of Shares |
Rs. In Million |
|
|
Shares outstanding at the beginning of the
year |
7657050 |
76.570 |
|
Shares Issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
7657050 |
76.570 |
Other Information
|
Equity Shareholders holding more than 5% of
the total Share Capital of the Company |
31.03.2014 |
|
T V Sundram Iyengar and Sons Limited |
27.73% |
|
Sundaram Industries Limited |
9.79% |
Rights, preferences and restrictions attached to
shares:
Equity shares -
The Company has one class of equity share having a par value of Rs.10/- each.
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. Each
shareholder also has a residual interest in the assets of the Company in
proportion to their shareholding.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
76.570 |
76.570 |
76.570 |
|
(b) Reserves & Surplus |
1959.894 |
1628.764 |
1339.178 |
|
(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) |
2036.464 |
1705.334 |
1415.748 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1128.625 |
1070.540 |
1345.176 |
|
(b) Deferred tax liabilities (Net) |
218.638 |
227.783 |
129.742 |
|
(c) Other long term
liabilities |
96.541 |
286.510 |
127.418 |
|
(d) Long-term
provisions |
23.169 |
22.675 |
14.843 |
|
Total Non-current
Liabilities (3) |
1466.973 |
1607.508 |
1617.179 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1521.303 |
1152.922 |
1685.143 |
|
(b) Trade
payables |
2157.006 |
3177.826 |
2430.198 |
|
(c) Other
current liabilities |
438.691 |
158.599 |
372.567 |
|
(d) Short-term
provisions |
765.469 |
385.246 |
411.790 |
|
Total Current
Liabilities (4) |
4882.469 |
4874.593 |
4899.698 |
|
|
|
|
|
|
TOTAL |
8385.906 |
8187.435 |
7932.625 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2246.076 |
1825.944 |
1736.844 |
|
(ii)
Intangible Assets |
47.096 |
28.204 |
34.140 |
|
(iii)
Capital work-in-progress |
161.825 |
295.850 |
216.315 |
|
(iv)
Intangible assets under development |
42.739 |
14.303 |
0.000 |
|
(b) Non-current Investments |
192.573 |
192.818 |
198.176 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
525.447 |
499.278 |
369.499 |
|
(e) Other
Non-current assets |
124.561 |
81.619 |
0.000 |
|
Total Non-Current
Assets |
3340.317 |
2938.016 |
2554.974 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2066.515 |
2531.714 |
3003.317 |
|
(c) Trade
receivables |
2663.759 |
1864.312 |
1895.532 |
|
(d) Cash
and cash equivalents |
79.394 |
448.876 |
56.132 |
|
(e)
Short-term loans and advances |
235.921 |
404.517 |
422.670 |
|
(f) Other current
assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
5045.589 |
5249.419 |
5377.651 |
|
|
|
|
|
|
TOTAL |
8385.906 |
8187.435 |
7932.625 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue
from operations |
16709.909 |
14761.035 |
14033.234 |
|
|
|
Other Income |
13.882 |
437.878 |
59.720 |
|
|
|
TOTAL (A) |
16723.791 |
15198.913 |
14092.954 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
10860.070 |
9717.081 |
9672.159 |
|
|
|
Purchases of Traded Goods |
35.021 |
16.619 |
4.086 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
147.255 |
376.771 |
(240.659) |
|
|
|
Employees benefits expense |
1248.830 |
1129.965 |
962.402 |
|
|
|
Other expenses |
3194.317 |
2671.736 |
2386.192 |
|
|
|
TOTAL (B) |
15485.493 |
13912.172 |
12784.180 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
1238.298 |
1286.741 |
1308.774 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
442.341 |
571.863 |
553.310 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
795.957 |
714.878 |
755.464 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
236.744 |
242.199 |
207.946 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
559.213 |
472.679 |
547.518 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
84.749 |
115.905 |
150.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
474.464 |
356.774 |
397.518 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1352.667 |
1099.081 |
861.702 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
122.513 |
57.428 |
103.370 |
|
|
|
Dividend Tax |
20.821 |
9.760 |
16.769 |
|
|
|
Transfer to Reserves |
48.000 |
36.000 |
40.000 |
|
|
|
|
191.334 |
103.188 |
160.139 |
|
|
BALANCE CARRIED
TO THE B/S |
1635.797 |
1352.667 |
1099.081 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B value of goods exported |
2237.585 |
1969.496 |
1700.640 |
|
|
|
Interest |
0.000 |
4.250 |
2.589 |
|
|
TOTAL EARNINGS |
2237.585 |
1973.746 |
1703.229 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2982.209 |
2875.190 |
3564.417 |
|
|
|
Spares |
1.589 |
1.902 |
0.000 |
|
|
|
Capital Goods |
27.522 |
51.666 |
14.079 |
|
|
TOTAL IMPORTS |
3011.320 |
2928.758 |
3578.496 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
61.96 |
46.59 |
51.92 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Unaudited |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net
Sales |
4510.000 |
4906.400 |
4893.700 |
|
Total
Expenditure |
4109.700 |
4399.700 |
4386.600 |
|
PBIDT
(Excl OI) |
400.300 |
506.700 |
507.100 |
|
Other
Income |
0.900 |
6.300 |
2.600 |
|
Operating
Profit |
401.200 |
513.000 |
509.700 |
|
Interest |
99.800 |
84.600 |
73.200 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
301.400 |
428.400 |
436.500 |
|
Depreciation |
65.000 |
71.700 |
74.100 |
|
Profit
Before Tax |
236.400 |
356.700 |
362.400 |
|
Tax |
63.800 |
96.300 |
97.800 |
|
Provisions
and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit
After Tax |
172.600 |
260.400 |
264.600 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Prior
Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other
Adjustments |
0.000 |
0.000 |
0.000 |
|
Net
Profit |
172.600 |
260.400 |
264.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
2.84 |
2.42 |
2.83 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
7.41 |
8.72 |
9.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.00 |
6.15 |
7.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.28 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.30 |
1.30 |
2.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
1.08 |
1.10 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Share Capital |
76.570 |
76.570 |
76.570 |
|
Reserves & Surplus |
1339.178 |
1628.764 |
1959.894 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1415.748 |
1705.334 |
2036.464 |
|
|
|
|
|
|
Long Term borrowings |
1345.176 |
1070.540 |
1128.625 |
|
Short Term borrowings |
1685.143 |
1152.922 |
1521.303 |
|
Total borrowings |
3030.319 |
2223.462 |
2649.928 |
|
Debt/Equity ratio |
2.140 |
1.304 |
1.301 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Revenue from operations |
14033.234 |
14761.035 |
16709.909 |
|
|
|
5.186 |
13.203 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Revenue from operations |
14033.234 |
14761.035 |
16709.909 |
|
Profit |
397.518 |
356.774 |
474.464 |
|
|
2.83% |
2.42% |
2.84% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
OPERATIONS:
The Company witnessed a revenue
growth of 13.6% from operations during FY14, despite challenging economic
environment and auto sector slow-down.
On a standalone basis, the
company achieved total net sales and other income of Rs.16720.000 million as
against Rs.15200.000 million during the previous financial year. EBITDA was at
Rs.1240.000 million as compared to 1290.000 million during the previous
financial year. The net profit for the year was Rs.470.000 million as against
Rs.360.000 million in the previous fiscal, a growth of almost 31%.
During the year, the
company recovered material price increase by price hike of its products,
therefore was able to maintain its margin. Further, weak rupee helped in higher
export realization.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
In the Indian tyre
industry, which is more than 75 years old, the company TVS Srichakra, one of
the youngest tyre company in the country, is a leader in two and three-wheeler
tyres and also made a mark in more than 80 countries with its off-road tyres.
Industry Structure and
Development
Global Tyre Industry
The global automotive tyre
industry holds significant opportunities for industry players due to strong
demand for replacement tyres and increasing sales of passenger vehicles,
two-wheelers and commercial vehicles in developing countries.
Fuel efficiency and safety
concerns are key factors influencing the purchase of tyres in developed
markets, which are transitioning into higher-performance tyres. Although market
challenges like volatile raw material prices and higher dependency of the
suppliers on the OEMs exist, the increasing per capita income in developing
nations, population growth, new infrastructural projects, urbanization,
increase in middle class population, and the green movement are all expected to
drive growth in the industry.
Indian Tyre Industry
India is one of the largest
automobile markets in the world, which consequently makes the country one of
the leading tyres markets. Indian automobile sector has reported CAGR of about
11% during period 2009-13. The Indian tyre industry has been reporting good
growth figures over the past few years, spurred by the growing passenger
vehicles, two and three wheeler market.
The rise in population,
disposable income, aspirations of the Indian middle class and increase in the
supply of vehicle models for the domestic market have been the major factors
augmenting growth in the Indian tyre industry. In addition, with the emergence
of new technology, ultra-modern production facilities and availability of raw
materials, the sector is poised to grow further. However growing, the industry
has emerged as one of the most competitive markets in the world.
Two wheeler market
The Indian two wheeler
market, with annual production of around 16 million units, is the largest in
the world and accounts for maximum share in the total automobile fleet in the
country. The market has grown at CAGR of 14% over the last 5 years, though it
grew by 7.8% in this financial year due to slow-down in the auto Industry.
Despite challenging economic
environment and high interest rate scenario, the moderate growth in two wheeler
segment is due to rural demand owing to good monsoon and aggressive
gender-based marketing strategies by scooter manufactures. While motorcycle
sales were driven by rural demand, scooters retained their urban base.
Despite a dip in growth
volume in the financial year, the key factors behind their industry growth are
largely intact, which are large population, favorable demographics, inadequate
public transportation and urbanization.
SEGMENT WISE PERFORMANCE
Strong growth in OEM Segment
The Company is a leading
player specializing in two wheeler tyres and has the highest share across all
major two wheeler manufactures in India. This year, the Company achieved double
digit growth in volume in OE segment in comparison to a single digit growth of
the segment. The Company’s growth in this segment is higher than industry
average growth which is due to larger share of business with major vehicle
manufacturers through wide variety in their product portfolio. This higher
growth has enabled the Company to gain further market share in OEM segment and
solidifying their leadership position.
In terms of packing order
of growth, Scooter segment continues to dominate the growth in the two wheeler
industry. Motorcycle segment has shown same positive growth and ended up the
year with a moderate single digit growth. However, three wheeler and Moped
segments continue to de-grow. The Company’s efforts are aligned with the growth
rates of different sub-segments.
Increased focus on Aftermarket Segment
This year, with strong
focus on aftermarket business, the company took a fresh approach to this
segment. Various researches were conducted to understand the brand attributes
in the minds of the consumer. A customer satisfaction survey was also
undertaken, for all businesses, to understand thinking of the key stakeholders
about the brand and identify the areas of improvement in their endeavor to
become a customer centric organization.
Post analyzing brand
attributes, the look and feel of the brand across communication touch points
was refreshed to give the brand a more vibrant and youthful identity.
A unique ‘in-store’
execution campaign has been undertaken across India to enhance the visibility
of the brand. Through this campaign a facelift was given to the stores selling
TVS TYRES with the help of product led creative displayed across the store.
Riding on the success of
initial brand-building exercise, the Company unleashed a new advertising campaign
in the second half of the year that was very well received by all stakeholders.
The highlight of the campaign was the associate sponsorship of the ICC T20
World cup. The impact of this advertising campaign will be sustained with an
equally strong media campaign in the coming months.
The renewed approach for
after-market markets resulted in a good year and robust revenue growth during
the year. Six new products were launched and two new depots were opened at
Guwahati and Rudrapur in order to improve the coverage in north east and
Uttaranchal markets.
Expansion in Exports Market
In this financial year, the
Company started business in 15 new export markets, taking the exports markets
number to more than 80 countries. The Company launched ‘Tigertrac’ brand of
agri radial tyres in Agritechnica in Germany in November 2013 and promoted ‘TVS
Eurogrip’ brand by participation in tyre shows in Panama and Germany.
In sum, their expertise to
get into all two and three wheeler vehicle manufacturers, improving their share
with them over the years, through Innovation, Delivery, Quality and Service
resulting in highest market share with OEM, expanding aftermarket sales with
good channel of distribution and increasing exports with the introduction of
newer family of tyres reaching around 80 countries have all helped the growth.
OUTLOOK
The Indian economy grew by
4.7% in FY 2014, the second successive year of below 5% growth. The estimated
GDP growth of 5.5% in FY 2015 underline that the economy in general will improve
this year, albeit gradually on the premise that the new Government in place
will reduce uncertainty in business environment and focus on reviving growth.
The two wheeler automobile
industry grew at 7% during FY2014 over the last year with both segments,
domestic and exports, growing at around the same pace. In FY2014, while
scooters sales growth was 23% over last year, motorcycles growth was merely 4%.
Similar trend is expected to continue in FY2015.
It is forecasted that in FY2015,
improvement in urban consumer sentiment, led by moderate recovery in economic
growth, will help domestic two wheeler sales to grow over previous year. A
tepid monsoon could however may derail this growth.
FINANCIAL PERFORMANCE WITH
RESPECT TO OPERATIONAL PERFORMANCE
The Company has achieved
overall revenue growth of 10% over the previous year. All the segments of
business viz., domestic and exports and within domestic both OE and aftermarket
have reported growth over the year FY2013.
During the year the Company
could recover the material price increase from its customers which helped in
retention of margin. Further, volatility in the currency market with bias
towards weak rupee helped in higher export realization. These two combined with
focused improvement in overall material consumption enabled material costs
being lower than the previous year.
Periodical review and
monitoring of direct manpower cost enabled the Company to maintain the
expenditure to be in line with the growth in revenue. Increase of 10% over the
previous year is primarily on account of growth in operation and annual
increments to workmen and executives.
Stability in material
prices enabled reduction in overall inventory levels. Further, a strict credit
limit control introduced from November 2013, in case of aftermarket customers,
enabled reduction in receivable. In addition, cash generated through strategic
business decision at the end of the previous year effectively deployed in
reduction of overall borrowing. These steps combined with efficient management
and availing of low cost funds enabled reduction in interest cost during the
year against the previous year.
Other expenses were higher
over the previous year mainly on account of promotional expenditure incurred in
the aftermarket segment to augment growth in share of business and to
capitalize on the push created through advertisement campaign undertaken during
the year.
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable on demand |
|
|
|
From
Banks |
503.451 |
0.000 |
|
Total |
503.451 |
0.000 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10419483 |
26/03/2013 |
738,000,000.00 |
DBS BANK LIMITED |
806, ANNA SALAI, CHENNAI,
TAMILNADU - 600002, INDIA |
B73096141 |
|
2 |
10276620 |
16/03/2011 |
240,000,000.00 |
THE KARUR VYSYA BANK
LIMITED |
SOUTH MASI STREET BRANCH,
NO.159 SOUTH MASI STREET, MADURAI, TAMILNADU - 625001, INDIA |
B09504010 |
|
3 |
10244244 |
27/09/2010 |
30,044,408.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD, CHENNAI,
TAMILNADU - 600002, INDIA |
A96598008 |
|
4 |
10236958 |
23/06/2010 |
47,457,394.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD,
CHENNAI, TAMILNADU - 600002, INDIA |
A91100404 |
|
5 |
10212458 |
25/03/2010 |
36,083,340.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD,
CHENNAI, TAMILNADU - 600002, INDIA |
A83241273 |
|
6 |
10204057 |
26/02/2010 |
30,840,186.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD,
CHENNAI, TAMILNADU - 600002, INDIA |
A80063357 |
|
7 |
10203605 |
16/02/2010 |
29,214,841.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD,
CHENNAI, TAMILNADU - 600002, INDIA |
A79896858 |
|
8 |
10195937 |
30/12/2009 |
66,707,450.00 |
SUNDARAM FINANCE LIMITED |
21 PATULLOS ROAD,
CHENNAI, TAMILNADU - 600002, INDIA |
A77288140 |
|
9 |
90299796 |
02/08/1988 |
2,800,000.00 |
STATE BANK OF INDIA |
WEST VELI STREET,
MADURAI, TAMI NADU - 625001, INDIA |
- |
|
10 |
90287155 |
30/03/2015 * |
7,560,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 6A
WEST VELI STREET, MADURAI, |
C51504504 |
|
11 |
90299426 |
21/09/1983 |
2,400,000.00 |
STATE BANK OF INDIA |
WEST VELI STREEET,
MADURAI, TAMILNADU - 625001, INDIA |
- |
|
12 |
90299392 |
18/03/1983 |
2,400,000.00 |
THE INDUSTRIAL CREDIT AND
INVESTMENT CORPORATION OF INDIA LIMITED |
163; BACKBAY RECLAMATION,
BOMBAY, MAHARASHTRA – 400 020, INDIA |
- |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
a) Estimated
amount of contracts remaining to be executed on capital account |
109.310 |
105.705 |
|
b) On Letters of Credit opened by Company’s Bankers |
632.268 |
380.139 |
|
c) Excise Duty under Dispute |
24.730 |
20.213 |
|
d) Sales Tax under Dispute |
166.318 |
1.312 |
|
e) Customs duty on goods lying at Bonded Warehouse |
7.233 |
14.560 |
|
f) Income
Tax under Dispute |
36.395 |
0.000 |
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON
31.12.2014
(Rs.
In Million)
|
Sr. No. |
Particulars |
Quarter Ended |
|
Nine Months Ended |
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
|
Unaudited |
||||
|
1 |
Income from Operations |
|
|
|
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
4863.000 |
4872.300 |
14205.800 |
|
|
|
b) Other Operating Income |
30.700 |
34.100 |
104.300 |
|
|
|
Total Income from
Operations (Net) |
4893.700 |
4906.400 |
14310.100 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
2937.400 |
3028.500 |
8544.300 |
|
|
b) |
Purchase of stock in-trade |
6.700 |
7.000 |
19.600 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(125.100) |
3.700 |
61.200 |
|
|
d) |
Employee benefit expenses |
429.400 |
433.000 |
1215.600 |
|
|
e) |
Depreciation and amortization expense |
74.100 |
71.700 |
210.800 |
|
|
f) |
Other
expenses |
1138.200 |
927.500 |
3055.300 |
|
|
Total Expenses |
4460.700 |
4471.400 |
13106.800 |
|
|
3 |
|
Profit
/(Loss) from operations before other income, finance costs and exceptional items
(1-2) |
433.000 |
435.000 |
1203.300 |
|
4 |
Other
Income |
2.600 |
6.300 |
9.800 |
|
|
5 |
|
Profit
/(Loss) from ordinary activities before finance costs and exceptional items
(3+4) |
435.600 |
441.300 |
1213.100 |
|
6 |
Finance
Costs |
73.200 |
84.600 |
257.600 |
|
|
7 |
|
Profit
/(Loss) from ordinary activities after finance costs but before exceptional
items (5-6) |
362.400 |
356.700 |
955.500 |
|
8 |
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
|
9 |
Profit /(Loss) from ordinary
activities before tax (7-8) |
362.400 |
356.700 |
955.500 |
|
|
10 |
Tax
Expense |
97.800 |
96.300 |
257.900 |
|
|
11 |
Net Profit /(Loss) from
ordinary activities after tax (9-10) |
264.600 |
260.400 |
697.600 |
|
|
12 |
Extraordinary
items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
|
13 |
Net Profit /(Loss) for the
period (11-12) |
264.600 |
260.400 |
697.600 |
|
|
14 |
Paid
up equity share capital (Eq. shares of
Rs.10/- each) |
76.600 |
76.600 |
76.600 |
|
|
15 |
Reserve
excluding revaluation reserves |
0.000 |
0.000 |
0.000 |
|
|
16 |
|
Earnings
per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
|
|
Basic |
34.56 |
34.01 |
91.11 |
|
|
|
Diluted |
34.56 |
34.01 |
91.11 |
|
A |
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
-
No. of Shares |
4108489 |
4108489 |
4108489 |
|
|
|
-
Percentage of Shareholding |
53.66% |
53.66% |
53.66% |
|
2 |
|
Promoters and promoter
group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
-
Number of shares |
Nil |
Nil |
Nil |
|
|
|
-
Percentage of shares (as a % of the total shareholding of the promoter and
promoter group) |
Nil |
Nil |
Nil |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
b)
Non- encumbered |
|
|
|
|
|
|
-
Number of shares |
3548561 |
3548561 |
3548561 |
|
|
|
-
Percentage of shares (as a % of the total shareholding of the promoter and
promoter group) |
100.00% |
100.00% |
100.00% |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
46.34% |
46.34% |
46.34% |
|
|
Particulars |
3 months ended 31.12.2014 |
|
|
B |
|
Investor
Complaints |
|
|
|
|
Pending
at the beginning of the quarter |
Nil |
|
|
|
Received
during the quarter |
Nil |
|
|
|
Disposed
during the quarter |
Nil |
|
|
|
Remaining
unresolved at the end of the quarter |
Nil |
Notes:
1. Presently, the Company operates only in one segment.
2. The above unaudited financial results were
reviewed and recommended by the audit committee and approved by the Board of
Directors at their respective meeting held on 06th February 2015 and
limited review of the same has been carried out by the statutory auditors of
the Company.
3. Effective from 01st April 2014,
the Company has adopted depreciation rates as per useful life specified in
Schedule II of the Companies Act, 2013, except on certain category of assets
for which the Company has re-assessed the same, based on the useful life of the
assets. A sum of Rs.43.900 million has been adjusted against retained earnings
towards transitional provisions in respect of assets whose useful life is
already exhausted as on 01st April 2014.
The above change has resulted in lower depreciation of
Rs.6.500 million for the period ended 31st December 2014, with
consequential impact on profit.
4. Other expenses for the quarter ended 31st
December 2014, include a sum of Rs.119.900 million demanded towards short
reversal of input tax credit on stock transfer pertaining to prior years. The
Company has preferred an appeal with the Sales Tax Appellate Tribunal disputing
the demand.
5. Figures for the corresponding previous year/
period have been recast / regrouped, wherever necessary, to make them
comparable.
FIXED ASSETS
Tangible Assets
·
Land – Leasehold
·
Land – Freehold
·
Buildings
·
Plant and Machinery
·
Electrical Installation
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Other (Electrical)
Intangible Assets
·
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 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.63.20 |
|
|
1 |
Rs.97.01 |
|
Euro |
1 |
Rs.69.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
-- PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
56 |
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.