MIRA INFORM REPORT
|
Report No. : |
347945 |
|
Report Date : |
02.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
PUNJ LLOYD LIMITED |
|
|
|
|
Registered
Office : |
Punj Lloyd House, 17-18, Nehru Place, New Delhi-110019 |
|
Tel. No.: |
91-11-26200123/
26466105 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
26.09.1988 |
|
|
|
|
Com. Reg. No.: |
55-033314 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 664.200 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1988PLC033314 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
Not Available |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Subject is engaged in the business of engineering,
procurement and construction in the oil, gas and infrastructure sectors. |
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|
|
|
No. of Employees
: |
7567 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (16) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Exist |
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|
|
Comments : |
Subject was established in the year 1988 and it engaged development of
infrastructure project. It offers engineering, procurement and construction
service for highways, flyovers, bridges, elevated railroads, metro rail
stations, underground tunnels, seaports and airport terminals. For the financial year ended 2015, company possesses weak operational
performance and it has incurred loss from its operation its operations during
the year under a review. Rating remain constrained on account of company’s delays in debt
servicing obligation due to weak liquidity position along with its moderate
financial profile and weak debt protection indicates. Payments are reported to be slow and delayed. In view of aforesaid, the company can be considered for business
dealing on safe and secured 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 : D |
|
Rating Explanation |
Lowest-credit-quality and very low prospects of recovery. |
|
Date |
13.10.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short-term bank facilities : D |
|
Rating Explanation |
Instruments with this rating are in default or expected to be in default
on maturity. |
|
Date |
13.10.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DECLINED
Management non-cooperative (91-124-2620123)
LOCATIONS
|
Registered Office : |
Punj Lloyd House, 17-18, Nehru Place, New Delhi-110019 |
|
Tel. No.: |
91-11-26200123/
26466105 |
|
Fax No.: |
91-11-26200111/
26427812 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
|
|
Corporate Office 1 : |
78 Institurtional Area, Sector 32, Gurgaon - 122001, |
|
Tel No.: |
91-124-2620123 / 2620493 |
|
Fax No. : |
91-124-2620111 |
|
|
|
|
Corporate Office 2 : |
Office 95, Institutional Area, Sector – 32, Gurgaon – 122001, |
|
Tel No.: |
91-124-2620493/ 2620769 |
|
Fax No.: |
91-124-2620111/ 2620777 |
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E-Mail: |
|
|
|
|
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Branch Office : |
3 and 4 A, Level 4, The Centrium, Phoenix Market City, LBS Marg, Kurla
(West), Mumbai – 400070, Maharashtra, India |
|
Tel. No. : |
91-22-67487500 |
|
Fax No. : |
91-22-67487555 |
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|
|
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Plant 1 : |
Plot No. Part of L1, Industrial Area, Ghirongi, Malanpur,
District Bhind, Madhya Pradesh, India |
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Plant 2 : |
Located At: Banmore, Madhya Pradesh |
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Overseas Offices : |
Located at: ·
Australia ·
Bahrain ·
China ·
Colombia ·
Hong Kong ·
Kenia ·
Kazakhstan ·
Indonesia ·
Libya ·
Malaysia ·
Myanmar ·
Oman ·
Qatar ·
South Arabia ·
Singapore ·
Thailand ·
Turkmenistan ·
UAE ·
United Kingdom ·
Yemen |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. S N P Punj |
|
Designation : |
Chairman (Emeritus) |
|
|
|
|
Name : |
Mr. Atul Prakash Punj |
|
Designation : |
Executive Chairman, Whole-Time Director |
|
Address : |
10, Prithviraj Road, New Delhi – 110011, India |
|
Date of Birth/Age : |
1958 |
|
Qualification : |
B. Com (Hons) |
|
Date of Appointment : |
01.07.1998 |
|
DIN No.: |
00005612 |
|
|
|
|
Name : |
Mr. Jayarama Prasad Chalasani |
|
Designation : |
Managing Director and Group CEO |
|
Address : |
D3-604 Parsvnath Exotica, Golf Course Road, Sector 53 Gurgaon-122002, Haryana, India |
|
Date of Appointment : |
31.01.2014 |
|
DIN No.: |
00308931 |
|
|
|
|
Name : |
Phiroz Adi Vandrevala |
|
Designation : |
Independent Director |
|
Address : |
Flat 6, Eaton House, 39-40, Upper Grosvenor Street, London, W1K2NG, United Kingdom |
|
Date of Appointment : |
12.03.2010 |
|
DIN No.: |
01778976 |
|
|
|
|
Name : |
Ms. Ekaterina Alexandra Sharashidze |
|
Designation : |
Independent Director |
|
Address : |
10, Akhvlediani Street, Tbilisi, 0179, Georgia |
|
Date of Appointment : |
28.12.2010 |
|
DIN No.: |
03377523 |
|
|
|
|
Name : |
Mr. Uday Jit Singh Walia |
|
Designation : |
Additional Director |
|
Address : |
A 6, Maharani Bagh, New Delhi-110065, India |
|
Date of Appointment : |
25.09.2015 |
|
DIN No.: |
02393545 |
|
|
|
|
Name : |
P N Krishnan |
|
Designation : |
Director - Finance |
|
|
|
|
Name : |
M Madhavan Nambiar |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Dinesh Thairani |
|
Designation : |
Group President-Legal and Company Secretary |
|
Address : |
B 4 / 3010, Vasant Kunj, New Delhi-110070, India |
|
Date of Appointment : |
01.03.1994 |
|
PAN No.: |
AABPT9577A |
|
|
|
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Audit Committee : |
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|
|
|
|
Stakeholders' Relationship
Committee Cum Shareholders'/Investors' Grievance Committee |
|
|
|
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Nomination and
Remuneration Committee : |
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|
|
|
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Risk Management
Committee : |
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|
|
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|
Corporate Social
Responsibility Committee : |
|
|
|
|
|
Name : |
Nidhi K Narang |
|
Designation : |
Chief financial officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
23365245 |
7.04 |
|
|
22148345 |
6.67 |
|
|
45513590 |
13.70 |
|
|
|
|
|
|
1430540 |
0.43 |
|
|
75691430 |
22.79 |
|
|
77121970 |
23.22 |
|
Total shareholding of Promoter and Promoter Group (A) |
122635560 |
36.93 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3120 |
0.00 |
|
|
22648262 |
6.82 |
|
|
9567586 |
2.88 |
|
|
32218968 |
9.70 |
|
|
|
|
|
|
29324663 |
8.83 |
|
|
|
|
|
|
128070097 |
38.56 |
|
|
11604041 |
3.49 |
|
|
8242416 |
2.48 |
|
|
547757 |
0.16 |
|
|
32250 |
0.01 |
|
|
7661909 |
2.31 |
|
|
500 |
0.00 |
|
|
177241217 |
53.37 |
|
Total Public shareholding (B) |
209460185 |
63.07 |
|
Total (A)+(B) |
332095745 |
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) |
332095745 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of engineering,
procurement and construction in the oil, gas and infrastructure sectors. |
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|
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|
Products/ Services : |
|
|
|
|
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
7567 (Approximately) |
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Bankers : |
· Andhra Bank · Axis Bank Limited · Bank Muscat, · Oman Bank of Baroda · Bank of India · Barwa Bank · Bank Emirates · Canara Bank · Central Bank of India · DBS Bank Limited · Dhanlaxmi Bank · Doha Bank, Qatar · Dubai Islamic Bank UAE · Export - Import Bank of India · First Gulf Bank, Abu Dhabi · HDFC Bank Limited · ICICI Bank Limited ·
IDBI Bank Limited · IFCI Limited · Indian Bank · Indian Overseas Bank · Indusind Bank · International Finance Corporation, Washington DC · Life Insurance Corporation of India · Mashreq Bank PSC, Dubai · Oriental Bank of Commerce · RBL Bank · Standard Chartered Bank · State Bank of Bikaner and Jaipur · State Bank of Hyderabad · State Bank of India · State Bank of Patiala · The Jammu & Kashmir Bank Limited · The Karur Vysya Bank Limited · UCO Bank · Union National Bank, Abu ·
Dhabi United Bank of India |
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Facilities : |
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Auditors : |
|
|
Name : |
Walker, Chandiok and Company LLP Chartered Accountants |
|
Address : |
2st Floor, DLF Squre Jacaranda Marg, DLF Phase II, Gurgaon-122002,
Haryana, India |
|
Tel. No.: |
91-124-4628000 |
|
Fax No.: |
91-124-4628001 |
|
|
|
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Memberships : |
-- |
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|
|
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Collaborators : |
-- |
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Subsidiary
Companies : |
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|
|
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|
Step Down
Subsidiary Companies : |
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Joint Ventures : |
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|
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Associates : |
|
* These entities have been incorporated / formed/ disposed off during the year.
@ Investment held for sale in the near future.
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450,000,000 |
Equity Shares |
Rs. 2/- each |
Rs. 900.000 Million |
|
10,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 100.000 Million |
|
|
Total |
|
Rs. 1000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
332,095,745 |
Equity Shares |
Rs. 2/- each |
Rs. 664.200
Million |
|
|
|
|
|
(a) Reconciliation of the shares outstanding at the beginning and at the
end of the reporting period
|
Equity shares |
31.03.2015 |
|
|
|
Number of Shares |
Rs. in Million |
|
At the beginning of the year |
332,095,745 |
664.200 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
332,095,745 |
664.200 |
(b) Terms/rights
attached to equity shares
The Company has only one class of equity shares having par value of Rs. 2 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of
equity shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders.
(c) Details of shareholders holding more than 5% of the equity share
capital of the Company
|
Name of the shareholder |
31.03.2015 |
|
|
|
Number of Shares |
% holding in the class |
|
Cawdor Enterprises Limited |
75,691,430 |
22.79 |
|
Spectra Punj Finance Private Limited |
22,148,305 |
6.67 |
As
per of the Company, including its register of shareholders/members, the above
shareholding represents both legal and beneficial ownerships of shares.
(d) Shares reserved for issue under options
The vesting period of all the stock options has expired and there are no options in force as at the reporting date.
(e) No bonus shares or shares issued for consideration other than cash or shares bought back over the last five years immediately preceding the reporting date.
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 |
664.200 |
664.200 |
664.200 |
|
(b) Reserves & Surplus |
31382.300 |
36839.900 |
37818.000 |
|
(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) |
32046.500 |
37504.100 |
38482.200 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
5869.900 |
12489.300 |
12973.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
1286.100 |
1284.800 |
|
(c) Other long term
liabilities |
63.700 |
282.700 |
0.000 |
|
(d) long-term
provisions |
5.800 |
11.600 |
1.100 |
|
Total Non-current
Liabilities (3) |
5939.400 |
14069.700 |
14258.900 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
39675.300 |
35218.900 |
32874.600 |
|
(b) Trade
payables |
22506.700 |
23001.400 |
20826.600 |
|
(c) Other
current liabilities |
28668.700 |
29761.100 |
32375.500 |
|
(d) Short-term
provisions |
778.400 |
783.100 |
672.700 |
|
Total Current
Liabilities (4) |
91629.100 |
88764.500 |
86749.400 |
|
|
|
|
|
|
TOTAL |
129615.000 |
140338.300 |
139490.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
11095.1 |
15070.600 |
16307.400 |
|
(ii)
Intangible Assets |
28.700 |
30.500 |
40.100 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
28.900 |
0.000 |
0.000 |
|
(b) Non-current Investments |
11805.600 |
15785.600 |
6904.600 |
|
(c) Deferred tax assets (net) |
0.000 |
24.100 |
32.800 |
|
(d) Long-term Loan and Advances |
3944.000 |
5172.200 |
4815.400 |
|
(e) Other
Non-current assets |
393.900 |
1077.900 |
1026.600 |
|
Total Non-Current
Assets |
27296.200 |
37160.900 |
29126.900 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
991.100 |
1226.000 |
1719.600 |
|
(b)
Inventories |
59586.100 |
60735.300 |
51961.000 |
|
(c) Trade
receivables |
22672.000 |
23777.200 |
29035.800 |
|
(d) Cash
and cash equivalents |
2466.300 |
1763.100 |
1912.100 |
|
(e)
Short-term loans and advances |
15788.000 |
14574.600 |
25121.000 |
|
(f) Other
current assets |
815.300 |
1101.200 |
614.100 |
|
Total
Current Assets |
102318.800 |
103177.400 |
110363.600 |
|
|
|
|
|
|
TOTAL |
129615.000 |
140338.300 |
139490.500 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
48815.100 |
82291.700 |
83660.600 |
|
|
|
Other Income |
8071.600 |
2819.200 |
2269.300 |
|
|
|
TOTAL (A) |
56886.700 |
85110.900 |
85929.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Projects materials consumed and cost of goods sold |
25657.300 |
33642.700 |
28294.900 |
|
|
|
Employees benefits expense |
5634.400 |
8296.800 |
9543.800 |
|
|
|
Other expenses |
19987.300 |
32892.200 |
38715.800 |
|
|
|
TOTAL (B) |
51279.000 |
74831.700 |
76554.500 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
5607.700 |
10279.200 |
9375.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
8595.400 |
7711.500 |
6795.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
(2987.700) |
2567.700 |
2580.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
3137.400 |
2447.600 |
2278.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX (E-F) (G) |
(6125.100) |
120.100 |
301.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(1058.500) |
42.000 |
105.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(5066.600) |
78.100 |
196.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9623.300 |
9545.200 |
9349.000 |
|
|
|
|
|
|
|
|
|
Less |
Adjustment relating
to depreciation on assets |
254.100 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
4302.600 |
9623.300 |
9545.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
32290.100 |
54246.900 |
43155.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Projects materials consumed and cost of goods sold |
10669.700 |
10367.600 |
6139.000 |
|
|
|
Capital goods |
0.000 |
7.600 |
206.600 |
|
|
TOTAL IMPORTS |
10669.700 |
10375.200 |
6345.600 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (Rs.) |
(15.26) |
0.24 |
0.59 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
6513.900 |
5534.500 |
4831.500 |
|
Cash generated from/ (used in) operations |
(2312.600) |
6347.100 |
(973.600) |
|
Net cash flow from / (used in) operating activities |
(1243.500) |
5839.400 |
(1611.700) |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2015 |
|
(Unaudited) |
|
|
1st Quarter |
|
Net Sales |
|
|
6573.500 |
|
Total Expenditure |
|
|
9835.600 |
|
PBIDT (Excl OI) |
|
|
(3262.100) |
|
Other Income |
|
|
278.800 |
|
Operating Profit |
|
|
(2983.300 |
|
Interest |
|
|
2324.900 |
|
Exceptional Items |
|
|
NA |
|
PBDT |
|
|
(5308.200) |
|
Depreciation |
|
|
670.200 |
|
Profit Before Tax |
|
|
670.200 |
|
Tax |
|
|
NA |
|
Provisions and contingencies |
|
|
NA |
|
Profit After Tax |
|
|
(5978.400) |
|
Extraordinary Items |
|
|
NA |
|
Prior Period Expenses |
|
|
NA |
|
Other Adjustments |
|
|
NA |
|
Net Profit |
|
|
(5978.400) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(10.38) |
0.09 |
0.23 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
11.49 |
12.49 |
11.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.20) |
0.10 |
0.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.19) |
0.00 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.62 |
1.42 |
1.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12 |
1.16 |
1.27 |
STOCK
PRICES
|
Face Value |
Rs.2.00 |
|
Market Value |
Rs.25.65 |
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 |
664.200 |
664.200 |
664.200 |
|
Reserves & Surplus |
37818.000 |
36839.900 |
31382.300 |
|
Net
worth |
38482.200 |
37504.100 |
32046.500 |
|
|
|
|
|
|
long-term borrowings |
12973.000 |
12489.300 |
5869.900 |
|
Short term borrowings |
32874.600 |
35218.900 |
39675.300 |
|
Current maturities of
long-term debts |
4831.500 |
5534.500 |
6513.900 |
|
Total
borrowings |
50679.100 |
53242.700 |
52059.100 |
|
Debt/Equity
ratio |
1.317 |
1.420 |
1.624 |
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 |
83660.600 |
82291.700 |
48815.100 |
|
|
|
(1.636) |
(40.680) |
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 |
83660.600 |
82291.700 |
48815.100 |
|
Profit |
196.200 |
78.100 |
(5066.600) |
|
|
0.23% |
0.09% |
(10.38%) |
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) |
No |
|
16] |
No. of employees |
No |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
Yes |
|
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
:
|
$~49 * IN THE HIGH COURT
OF DELHI AT NEW DELHI + CO.PET. 718/2015 SARENS HEAVY LIFT
INDIA PRIVATE LIMITED..... Petitioner Through: Mr.
Gurmeet Singh, Adv Versus PUNJ LLOYD
LIMITED..... Respondent Through: Mr. J.P. Sengh,
Sr. Adv. with Mr. Divyam Agarwal, Ms. Ritika Kohli and Ms. Vaneesa Singh,
Advs CORAM: HON'BLE MR.
JUSTICE SUDERSHAN KUMAR MISRA ORDER % 22.09.2015 This petition seeks
winding up of the respondent company namely Punj Lloyd Limited, inter alia, on
the ground of alleged non-payment of principal amount of Rs.46,46,365/-
despite service of notice of winding up in the registered office of the
company. It is pointed out
by counsel for the petitioner that two notices of winding up were duly served
on the respondent. First notice is dated 19th December, 2013, and pursuant to
which, certain payments were made by the respondent to the petitioner.
However, since the remaining outstanding amount was not paid or settled to
the mutual satisfaction of both parties, the petitioner was advised to serve
second notice dated 28th November, 2014, to which, reply was received and,
thereafter, further payment of Rs.28,95,471/- in all, was received from the
respondent, on different dates. However, the aforesaid principal amount of
Rs.46,46,365/- remains due and payable. Issue notice. Mr.
Divyam Aggarwal, Advocate accepts notice and prays for an adjournment to take
appropriate instructions and to file a response, if necessary. He also states
that, as a matter of fact, almost all the petitions that are pending today
have been settled on terms with the concerned petitioners, and that the
respondent shall make an honest endeavour to arrive at reasonable terms to
the mutual satisfaction of both parties in this matter also. Let another copy
of the petition along with annexures be supplied to counsel for the
respondent within two days. List on 23rd
February, 2016. |
CORPORATE INFORMATION
The company is a public limited company domiciled in India. Its
equity shares are listed on two stock exchanges in India. The Company is
engaged in the business of engineering, procurement and construction in the
oil, gas and infrastructure sectors. The Company caters to both domestic and
international markets.
OPERATIONS REVIEW
The growth in Construction and Infrastructure Sector of the Country has been extremely modest. Modest growth, coupled with delays in settlement of claims/ litigations with the customers, has continued to stress your Company, both operationally and financially. During the current year, there have been focussed efforts on strengthening the core EPC business and towards settlement of claims with customers. The Company, as a whole, is going through the phase of business correction by enhancing internal efficiencies. Additionally, as a step towards debt reduction through monetization of non-core assets, the Company sold its stake in Global Health Private Limited
Total income of your Company decreased from Rs. 85110.900
Million in financial year ended March 31, 2014 to Rs. 56886.700 Million in
current year. EBITDA reduced to Rs. 5607.700 Million in comparison to last
year’s Rs. 10279.200 Million. Finance costs for the current year increased to
Rs. 8595.400 Million as against Rs. 7711.500 Million during last year. All
above has resulted in a net loss after tax of Rs. 5066.600 Million as against a
profit after tax of Rs. 78.100 Million in previous year.
MANAGEMENT DISCUSSION AND ANALYSIS
Introduction
The company is a diversified EPC (Engineering, Procurement and Construction) conglomerate with a global presence in the energy and civil infrastructure sectors. Leveraging a strong foundation built on smooth delivery of challenging projects, high standards of safety and quality, skilled people and equipment assets, the Company has built long-lasting relationships with globally renowned customers. The Company has a global outlook and focuses on projects in emerging economies. Today, it has a wide presence across countries in South Asia, Middle East, Africa and South East Asia. This diversified business model has its advantages and disadvantages that need to be balanced meticulously.
On the one hand, the business spread exposes the Company to risks that are naturally associated with entering new markets and sociopolitical environments. On the other hand, such heterogeneity of markets and sectors helps hedge the business against fluctuations in any particular market or region.
The core EPC business is developed through the parent Company, Punj Lloyd Limited, its Singapore-based subsidiary, Sembawang Engineers and Constructors (acquired in 2006), and the standalone engineering services provider, PL Engineering. In addition, Punj Lloyd has made investments in certain noncore businesses that include component manufacturing with a focus on defence, infrastructure development and oil & gas upstream facilities. Over the last four to five years, at a time when Punj Lloyd was on a rapid expansion path, there were external shocks from several quarters as well that warranted a realignment of the growth strategy.
First, a global slowdown in infrastructure made bidding very competitive; and cutthroat pricing put severe pressure on margins that got eroded due to even small variations from planned execution schedules.
Second, India – Punj Lloyd’s main market – witnessed a virtual freeze in infrastructure investments.
Third, several projects under execution were stalled or delayed by developers.
Fourth, legitimate financial closures and payments for executed work were withheld by clients, resulting in an aggravated liquidity crunch in the system. ƒ Fifth, some of the Company’s large markets like Libya witnessed major political disorder.
In this milieu, with liquidity at premium, Punj Lloyd had to resort to an incremental debt exposure to fund its on-going operations. The financial leveraging became unsustainable and warranted a meticulously planned corrective action. FY2015 was all about preparing the groundwork for successful implementation of a revised business strategy.
To begin with, the Company has adopted a modified business plan that realigns corporate objectives with realities of the present business scenario. The focus today is on optimising cash flows and de-leveraging the balance sheet – a goal that will require creating a leaner organisation, streamlining of processes and systems, focusing on efficiencies in project execution, minimising costs and strengthening risk management for new projects. During FY2015, while expending considerable energy on the projects under execution and growing the order book in a difficult market condition, the Company has taken several steps internally to create the foundations of an organisation that is better tuned to take up the challenge of turning around Punj Lloyd’s business performance.
Business Performance
In a nutshell, the business environment in the last few years has not been conducive for fast growth. Regarding Punj Lloyd, not only have customers slowed down progress in projects, but also the Company’s strained balance sheet has led to working capital pressures that have impeded swift project execution on some fronts. Since the financial numbers of a project-based company like Punj Lloyd is based on a percentage to completion method of accounting, revenues and variable costs are booked on the basis of progress in project execution while fixed costs like establishment cost, finance costs and depreciation are all booked on actual expenses of the period. In FY2015, the revenues have dropped sharply due to a sizeable order book remaining stalled in Libya where work could not be undertaken and a slowdown in addition to the order book as at the beginning of the year. These have not been in line with fixed costs, resulting in losses.
REWARDS AND RECOGNITION
Polysilicon Project,
Qatar :
17 million safe man hours certificate, which is the highest ever safe million man hour’s certificate for any construction project in PLL.
KSK Power Project,
India :
Annual Safety Award for 2014 by SEPCO. This is the fourth consecutive year where PLL has been honoured with such an award for outstanding HSE performance among contractors.
COCL Project, India
Received certificate from CPCL for winning three consecutive external HSE audits.
Paradip Indmax,
India
Rated as the best contractor in HSE implementation for three
consecutive years
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
Buyer's line of credit from banks carrying weighted average
rate of interest of 0.82% (Previous year 1.29%). |
1414.900 |
303.200 |
|
Cash credit from a bank carrying rate of interest of
3months EIBOR + 2.5%. |
409.800 |
0.000 |
|
13% Inter-corporate deposit repayable on demand |
0.000 |
340.500 |
|
Total |
1824.700 |
643.700 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10574583 |
28/09/2015 * |
12,314,100,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, Maharashtra -
400005, INDIA |
C66624529 |
|
2 |
10574582 |
05/10/2015 * |
92,234,100,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, Maharashtra -
400005, INDIA |
C67330365 |
|
3 |
10551749 |
27/02/2015 |
80,000,000.00 |
L&T INFRASTRUCTURE FINANCE COMPANY LIMITED |
MOUNT POONAMALLEE ROAD, MANAPAKKAM, CHENNAI, Tamil Nadu - 600089, INDIA |
C44918746 |
|
4 |
10544985 |
08/01/2015 |
4,282,800,000.00 |
STATE BANK OF HYDERABAD |
COMMERCIAL BRANCH,, 74, JANPATH, NEW DELHI, Delhi - 110001, INDIA |
C41401555 |
|
5 |
10514887 |
08/08/2014 |
210,000,000.00 |
STANDARD CHARTERED BANK |
CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA |
C16407256 |
|
6 |
10486519 |
28/03/2014 |
120,000,000.00 |
SREI INFRASTRUCTURE FINANCE LIMITED |
VISHWAKARMA,86C,TOPSIA ROAD (SOUTH), KOLKATA, West Bengal - 700046, INDIA |
C01033711 |
|
7 |
10491117 |
20/02/2014 |
100,000,000.00 |
SREI EQUIPMENT FINANCE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, West Bengal - 700046, INDIA |
C04008074 |
|
8 |
10467425 |
10/01/2014 * |
1,644,000,000.00 |
IDBI Bank Limited |
Indian Red Cross Society Building, 3rd Floor, 1 Red Cross Road, New
Delhi, Delhi - 110001, INDIA |
B94636347 |
|
9 |
10458253 |
11/12/2013 * |
2,000,000,000.00 |
IFCI LIMITED |
IFCI TOWER, 61, NEHRU PLACE,, NEW DELHI, Delhi - 110019, INDIA |
B91660746 |
|
10 |
10455591 |
07/09/2013 |
3,230,000,000.00 |
United Bank of India |
Corporate Finance Branch, Nehru Place, New Delhi, Delhi - 110019,
INDIA |
B87673075 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Liquidated damages deducted by customers not accepted by
the Company and pending final settlement. # |
1700.500 |
1700.500 |
|
Corporate guarantees given on behalf of subsidiaries,
joint ventures and associates |
27302.700 |
30202.000 |
|
Sales tax demands: * |
|
|
|
on disallowance of deduction on
labour and services of the works contracts pending with sales tax authorities
and High Court |
392.900 |
237.100 |
|
for non submission of statutory
forms |
1.100 |
1.100 |
|
for purchases against sales tax
forms not accepted by department |
87.600 |
88.200 |
|
against the central sales tax demand on sales in transit/ sale in the course of import |
28.400 |
28.400 |
|
Entry tax demands against entry of goods into the local area not accepted by department. * |
46.800 |
45.600 |
STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER ENDED JUNE 30, 2015
(Rs.
In million)
|
Particulars |
Three months ended |
|
|
30.06.2015 |
|
|
(Unaudited) |
|
Income from
operations |
|
|
Net sales/income from operations |
6527.700 |
|
Other operating income |
45.800 |
|
Total income from
operations |
6573.500 |
|
Expenses |
|
|
Cost of material consumed |
3471.000 |
|
Contractor charges |
1472.900 |
|
Employee benefit expense |
1116.000 |
|
Depreciation and amortisation expense |
670.200 |
|
Exchange difference (net) |
1518.600 |
|
Other expenses |
2257.100 |
|
Total expenses |
10505.800 |
|
Profit from
operations before other income, finance costs and exceptional items |
(3932.300) |
|
Other income |
278.800 |
|
Profit from
ordinary activities before finance costs and exceptional items |
(3653.500) |
|
Finance costs |
2324.900 |
|
Profit from
ordinary activities before exceptional Items |
(5978.400) |
|
Exceptional items |
-- |
|
Profit from ordinary
activities before tax |
(5978.400) |
|
Tax expense |
-- |
|
Net Profit / (Loss)
for the period |
(5978.400) |
|
|
|
|
Paid-up equity share capital (Face value of Rs. 2 each) |
664.200 |
|
Reserves excluding Revaluation Reserves |
|
|
Earnings per share |
|
|
Basic (in Rs.) |
(18.00) |
|
Diluted (in Rs.) |
(18.00) |
|
|
|
|
PARTICULARS OF
SHAREHOLDING |
|
|
Public
shareholding |
|
|
- Number of shares |
|
|
- Percentage of shareholding |
209460185 |
|
Promoters and Promoter Group Shareholding |
63.07 |
|
Pledged /
Encumbered |
|
|
- Number of shares |
74669260 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
60.89 |
|
Percentage of shares (as a % of the total share capital of the Company) |
22.49 |
|
Non-encumbered |
|
|
- Number of shares |
47966300 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
39.11 |
|
Percentage of shares (as a % of the total share capital of the Company) |
14.44 |
|
|
Particulars |
Quarter ended 30.06.2015 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Received during the quarter |
2 |
|
|
Disposed off during the quarter |
2 |
|
|
Remaining unresolved at the end of the
quarter |
NIL |
NOTE :
1. The above unaudited financial results for the quarter ended June 30, 2015 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held on August 14, 2015.
2. The auditors of the Company in their report on financial results for the
quarter ended June 30, 2015 have invited attention in respect of certain cost
over-rims amounting to Rs. 73,580 lacs, arising due to design changes and
consequent changes in the scope of work on Meera Redevelopment project with Oil
and Natural Gas Corporation Limited. Due to the said reasons, certain
differences and dispute arose between the parties and several rounds of
discussions were held to explore the possibility of amicable resolution of the
dispute mutually. The Company, with the view to resolve the matter in finality,
expeditiously and with legal enforceability, during the previous year,
recommenced the arbitration proceedings, which were kept in abeyance earlier
owing the proceedings by Outside Expert Comittee. As the Company is confident
of a satisfactory settlement of the disputes and recovery of the said amount,
no adjustments have been considered necessary in these financial results. The
auditors of the Company had expressed an emphasis on this matter in their
report on financial results for the year ended March 31, 2015.
3. The auditors of the Company, based on the report of independent auditors of
the Company's branch in Thailand, have invited attention in their report on
financial results for the quarter ended June 30, 2015 on recoverability of
claims aggregating to Rs. 3910.900 Million and encashment of the performance
bond amounting to Rs. 1710.800 Million by the customer of a project of the said
branch. The management is taking appropriate steps for the recovery of the said
amounts and is confident of recovery of the amounts exceeding the recognized
claims and performance bonds. Accordingly, no adjustments have been considered
necessary in these financial results. The auditors of the Company had expressed
an emphasis on this matter in their report on financial results for the year
ended March 31, 2015.
4. The auditors of the Company in their report on financial results for the
quarter ended June 30, 2015 have invited attention to deductions made / amount
withheld by some customers aggregating to Rs. 493.500 Million. The management
is taking appropriate steps for recovery of these deductions / withheld amounts
and believes that these amounts are fairly stated. The auditors of the Company
had expressed an emphasis on this matter in their report on financial results
for the year ended March 31, 2015.
5. a. Tax expenses are net of deferred tax effects and minimum alternative tax
credit.
b. The Company has accounted for deferred tax assets on timing differences,
including those on Unabsorbed depreciation and business losses, to the extent
of deferred tax liability recognized at the reporting date, for which it is
virtually certain that future taxable income would be generated by reversal of
such deferred tax liability.
6. The figures for the quarter ended March 31, 2015 are the balancing figures
between audited figures in respect of full financial year ended March 31, 2015
and the unaudited published year to date figures up to December 31, 2014, being
the end of the third quarter of the relevant financial year, which were subjected
to a limited review.
7. Previous quarters' / year's amounts have been regrouped / re-arranged
wherever necessary to conform to the current quarter's presentation.
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
·
Office equipment’s
· Tools
· 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.65.15 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
|
Information
Gathered by : |
GAY |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
16 |
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.