MIRA INFORM REPORT
|
Report No. : |
350072 |
|
Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
WELSPUN CORP LIMITED (w.e.f. 2011) |
|
|
|
|
Formerly Known As : |
WELSPUN-GUJARAT STAHL ROHREN LIMITED WELSPUN STAHL ROHREN LIMITED |
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|
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|
Registered
Office : |
Welspun City, Village Versamedi, Taluka Anjar,
District Kutch – 370110, Gujarat |
|
Tel. No.: |
91-2836-279071 |
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|
|
|
Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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|
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Date of
Incorporation : |
26.04.1995 |
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|
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Com. Reg. No.: |
04-025609 |
|
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Capital
Investment / Paid-up Capital : |
Rs.1315.880 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27100GJ1995PLC025609 |
|
|
|
|
IEC No.: |
0895004801 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDW00071B RKTW00064B |
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|
|
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PAN No.: [Permanent Account No.] |
AAACW0744L |
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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 Production and
Coating of High Grade Submerged Arc Welded Pipes, Hot Rolled Steel Plates and
Coils. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the 1995 engaged in manufacturing of pipes and plates. Its products include
longitudinal submerged arc welded pipes, spiral submerged arc welded pipes
and electric resistant welded pipes. For the financial year ended 2015, company possesses moderate
operational performance and it has incurred losses from its operational activities. However, rating takes into consideration resourceful promoters with
long standing experience in the industry support by dominant position
amongst global large diameter welded pipe producers and presence of certifications and accreditations
from major oil and gas companies worldwide. Rating also takes into consideration its healthy financial base
supported by comfortable liquidity position and adequate net worth profile of
the company. Trade relations are reported as fair. Payments are reported to be
regular and as per commitment. In view of aforesaid, 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 |
10.11.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
10.11.2015 |
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.
LOCATIONS
|
Registered Office : |
Welspun City, Village Versamedi, Taluka Anjar,
District Kutch – 370110, Gujarat, India |
|
Tel. No.: |
91-2836-279071 |
|
Fax No.: |
91-2836-279060 / 279010/ 247070 |
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E-Mail : |
|
|
Website : |
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Corporate Office : |
Welspun House, 5th Floor, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai-400013, Maharashtra, India |
|
Tel. No.: |
91-22-24908000/ 66136000 |
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Fax No.: |
91-22-24908020/ 21 |
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E-Mail : |
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Manufacturing Unit
1 : |
Village Jolva and Vadadla, Near Dahej, Taluka : Vagra,
District Bharuch - 392130, Gujarat, India
|
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Manufacturing Unit
2 : |
Village Versamedi, Taluka - Anjar, District Kutch -
370110, Gujarat, India |
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Manufacturing Unit
3 : |
KIADB Industrial Area, Gejjalagere, Taluka Maddur,
District Mandya - 571428, Karnataka, India |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Balkrishan Goenka |
|
Designation : |
Chairman, Non-Excutive |
|
Address : |
6, Chancellore Court, A/88, Carmicheal Road, Mumbai –
400026, Maharashtra, India |
|
Qualification : |
B. Com |
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|
Name : |
Mr. Braja Mishra |
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Designation : |
Managing Director |
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|
Name : |
Mr. Rajesh R. Mandawewala |
|
Designation : |
Director |
|
Address : |
171, B Wing, 17th Floor, Tanna Redisency, Bay
view, 392, V. S. Marg, Prabhadevi, Mumbai – 400026, Maharashtra, India |
|
Qualification : |
B. Com , A.C.A |
|
|
|
|
Name : |
Mr. Mukul Sarkar |
|
Designation : |
Nominee Director of Exim Bank Limited |
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|
Name : |
Mr. Mintoo Bhandari |
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Designation : |
Nominee Director of Insights Solutions Limited |
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Name : |
Mr. Atul Desai |
|
Designation : |
Director |
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Name : |
Mr. Raj Kumar Jain |
|
Designation : |
Director |
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Address : |
A/ 42, Manali, Evershine Nagar, Malad (West), Mumbai –
4000064, Maharashtra, India |
|
Qualification : |
A. C. A. |
|
|
|
|
Name : |
Mr. K.H. Viswanathan |
|
Designation : |
Director |
|
Address : |
Plat No. 4, Kalyani Uttam Society, Antony Road, Chembur, Mumbai – 400071,
Maharashtra, India |
|
Qualification : |
ICWA |
|
|
|
|
Name : |
Mr. Ram Gopal Sharma |
|
Designation : |
Director |
|
Address : |
707, Look Shrtia, |
|
Qualification : |
B. Com, Master in
Economics |
|
|
|
|
Name : |
Mr. Nirmal Gangwal |
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Designation : |
Director |
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|
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|
Name : |
Mr. Utsav Baijal |
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Designation : |
Nominee Director of Insights Solutions Limited |
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|
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|
Name : |
Mrs. Revathy Ashok |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. S. Krishnan |
|
Designation : |
Chief Financial Officer |
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|
Name : |
Mr. Pradeep Joshi |
|
Designation : |
Company Secretary |
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Key Management Team
: |
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|
Name : |
Mr. Rajesh R. Mandawewala |
|
Designation : |
Group Managing Director |
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|
|
|
Name : |
Mr. Braja Mishra |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Akhil Jindal Director |
|
Designation : |
Group Finance and Strategy |
|
|
|
|
Name : |
Mr. Godfrey John |
|
Designation : |
Director - BU Head PCMD, Chief Supply Chain Officer |
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|
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|
Name : |
Mr. Vipul Mathur |
|
Designation : |
Director - BU Head, Middle East, Europe and Africa |
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Name : |
Mr. T. S. Kathayat |
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Designation : |
President - Head QA and TS, India and KSA |
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Name : |
Mr. Rajeev Singh |
|
Designation : |
President - Chief Human Resource Officer |
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Name : |
Mr. Gaurang Desai |
|
Designation : |
President - BU Head, India and APAC |
|
|
|
|
Name : |
Mr. David J. Delie |
|
Designation : |
President, Welspun Pipes Inc. |
|
|
|
|
Name : |
Mr. James Annal |
|
Designation : |
Chief Operating Officer, Welspun Middle East |
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|
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|
Name : |
Mr. Skip Herald |
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Designation : |
CEO - BU Head, Americas |
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|
Name : |
Mr. S. Krishnan |
|
Designation : |
Chief Financial Officer |
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|
|
|
Name : |
Mr. Prasanta Mukherjee |
|
Designation : |
Chief Technical Officer |
SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
342 |
0.00 |
|
|
101212966 |
42.15 |
|
|
101213308 |
42.15 |
|
|
|
|
|
|
6300000 |
2.62 |
|
|
6300000 |
2.62 |
|
Total shareholding
of Promoter and Promoter Group (A) |
107513308 |
44.77 |
|
|
|
|
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
3998971 |
1.67 |
|
|
21717864 |
9.04 |
|
|
270000 |
0.11 |
|
|
10421892 |
4.34 |
|
|
36408727 |
15.16 |
|
|
|
|
|
|
21842634 |
9.10 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs.0.100 Million |
14136491 |
5.89 |
|
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million |
13111396 |
5.46 |
|
|
47137524 |
19.63 |
|
|
35038889 |
14.59 |
|
|
530680 |
0.22 |
|
|
530882 |
0.22 |
|
|
2175583 |
0.91 |
|
|
7503832 |
3.12 |
|
|
1304318 |
0.54 |
|
|
53340 |
0.02 |
|
|
96228045 |
40.07 |
|
Total Public
shareholding (B) |
132636772 |
55.23 |
|
Total (A)+(B) |
240150080 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
23026000 |
0.00 |
|
|
23026000 |
0.00 |
|
Total (A)+(B)+(C) |
263176080 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Production and
Coating of High Grade Submerged Arc Welded Pipes, Hot Rolled Steel Plates and
Coils. |
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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 Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
Price Waterhouse LLP Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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|
|
|
Subsidiaries : |
Direct subsidiaries
Indirect
Subsidiaries Held through Welspun Mauritius Holdings Limited Welspun Middle East Pipes Company LLC Welspun Middle East Pipes Coating Company LLC Held through
Welspun Tradings Limited Welspun Middle East DMCC Held through
Welspun Pipes Inc.
|
|
|
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Associate companies
: |
Red Lebondal Limited * * Application filed with registrar of companies (Cyprus)
for name strike off |
|
|
|
|
Enterprises over
which Key Management Personnel or relatives of such personnel exercise
significant influence or control and with whom transaction have taken place
during the year : |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
304000000 |
Equity Shares |
Rs.5/- each |
Rs.1520.000 Million |
|
98000000 |
Preference Shares |
Rs.10/- each |
Rs.980.000 Million |
|
|
Total |
|
Rs.2500.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
263176080 |
Equity Shares |
Rs.5/- each |
Rs.1315.880
Million |
Reconciliation of
number of Equity shares outstanding
|
PARTICULAR |
31.03.2015 |
|
|
|
Number of Shares |
Rs. in Million |
|
At the beginning of the year |
262948299 |
1314.740 |
|
Issued during the year |
|
|
|
Sweat Equity Shares |
227781 |
1.140 |
|
Outstanding at the
end of the year |
263176080 |
1315.880 |
Rights preferences
and restrictions attached to Equity Shares
The Company has only one class of equity shares having a par value of Rs.5 per share. Each holder of equity shares is entitled to one vote per share however the holders of global depository receipts (GDR’s) do not have voting rights in respect of shares represented by the GDR’s till the shares are held by the custodian. The dividend when proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend.
In the event of liquidation of the company the holders of the equity shares will be entitled to receive remaining assets of the company after distribution of preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Shareholders holding
more than 5% shares of the Company
|
PARTICULAR |
31.03.2015 |
|
|
|
Number of Shares
|
% |
|
J P Morgan Chase Bank NA ADR Account (Custodian and
against which GDR have been issued to Insight Solutions Limited) |
23026000 |
8.75 |
|
Granele Limited |
35038889 |
13.31 |
|
Life Insurance Corporation of India Limited and its Schemes |
19277980 |
7.33 |
|
Welspun Wintex Limited |
13336576 |
5.07 |
|
Welspun Mercantile Limited |
14477701 |
5.50 |
|
Krishiraj Trading Limited |
52912858 |
20.11 |
Details of shares
allotted as fully paid up pursuant to contract(s) without payment being
received in cash
The Company has issued 227781 Equity shares of Rs.5 each to
Managing Director as Sweat equity in compliance with applicable laws including
the Securities and Exchange Board of India (Issue of Sweat equity) regulations
2002. Employee benefits expense includes Rs.28.960 Million (Previous year: Nil)
on issue of Sweat equity during the year.
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 |
1315.880 |
1314.740 |
1314.740 |
|
(b) Reserves &
Surplus |
17378.730 |
18221.690 |
42715.030 |
|
(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) |
18694.610 |
19536.430 |
44029.770 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
18779.610 |
19423.180 |
26053.720 |
|
(b) Deferred tax
liabilities (Net) |
3448.660 |
3631.490 |
3893.910 |
|
(c) Other long term
liabilities |
625.000 |
997.580 |
1764.260 |
|
(d) long-term provisions |
301.760 |
194.240 |
130.460 |
|
Total Non-current
Liabilities (3) |
23155.030 |
24246.490 |
31842.350 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1881.510 |
2439.150 |
1177.930 |
|
(b) Trade payables |
21913.510 |
5075.180 |
19083.280 |
|
(c) Other current
liabilities |
3499.710 |
8251.780 |
6751.660 |
|
(d) Short-term provisions |
756.300 |
441.900 |
1122.550 |
|
Total Current Liabilities
(4) |
28051.030 |
16208.010 |
28135.420 |
|
|
|
|
|
|
TOTAL |
69900.670 |
59990.930 |
104007.540 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
27951.740 |
29663.880 |
29621.820 |
|
(ii) Intangible Assets |
124.540 |
172.680 |
216.230 |
|
(iii) Capital
work-in-progress |
229.840 |
939.200 |
1784.840 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
2514.100 |
3670.390 |
19593.840 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
859.060 |
1421.850 |
3051.270 |
|
(e) Other Non-current
assets |
17.620 |
59.500 |
55.000 |
|
Total Non-Current Assets |
31696.900 |
35927.500 |
54323.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
7783.320 |
11142.540 |
16908.260 |
|
(b) Inventories |
8272.300 |
5291.460 |
14741.860 |
|
(c) Trade receivables |
17407.630 |
3888.490 |
9770.790 |
|
(d) Cash and cash
equivalents |
1975.190 |
497.940 |
4273.630 |
|
(e) Short-term loans and
advances |
2275.700 |
2133.990 |
2179.280 |
|
(f) Other current assets |
489.630 |
1109.010 |
1810.720 |
|
Total Current Assets |
38203.770 |
24063.430 |
49684.540 |
|
|
|
|
|
|
TOTAL |
69900.670 |
59990.930 |
104007.540 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
49489.390 |
48676.120 |
66321.650 |
|
|
Other Income |
1474.360 |
1746.530 |
2244.690 |
|
|
TOTAL |
50963.750 |
50422.650 |
68566.340 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
31016.670 |
25919.610 |
41559.920 |
|
|
Purchases of Stock-in-Trade |
9433.670 |
4953.170 |
9207.690 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(37.810) |
4991.420 |
(1475.940) |
|
|
Employees benefits
expense |
1893.310 |
1449.790 |
2191.530 |
|
|
Other expenses |
4357.040 |
8888.940 |
11112.640 |
|
|
TOTAL |
46662.880 |
46202.930 |
62595.840 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
4300.870 |
4219.720 |
5970.500 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
2128.050 |
2239.810 |
2988.980 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
2172.820 |
1979.910 |
2981.520 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2427.780 |
2255.690 |
2289.900 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(254.960) |
(275.780) |
691.620 |
|
|
|
|
|
|
|
Less |
TAX |
(97.900) |
(100.360) |
160.760 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(157.060) |
(175.420) |
530.860 |
|
|
|
|
|
|
|
|
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
9835.490 |
14156.030 |
13510.350 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Transfer
to Statutory Reserve |
0.000 |
0.000 |
53.090 |
|
|
Transfer to / (From) Debenture
Redemption Reserve |
0.000 |
0.000 |
(321.920) |
|
|
Proposed
Dividend on equity shares & tax |
157.900 |
153.810 |
153.810 |
|
|
Equity
dividend & tax of earlier years |
0.000 |
(1.020) |
0.200 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
9355.550 |
9835.490 |
14156.030 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
FOB value of export |
10203.670 |
11304.010 |
20993.22 |
|
|
Job work |
0.000 |
58.490 |
5729.98 |
|
|
Interest received |
2.480 |
19.010 |
1.76 |
|
|
Guarantee commission /
Assignment fees |
22.150 |
67.820 |
77.15 |
|
|
Testing Fees |
96.730 |
0.000 |
0.000 |
|
|
Others |
16.310 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
10341.340 |
11449.330 |
26802.110 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
24495.090 |
14598.140 |
28884.680 |
|
|
Capital Goods |
3.940 |
275.510 |
51.360 |
|
|
Stores parts |
54.770 |
209.410 |
295.610 |
|
|
Coal |
43.290 |
57.160 |
9296.010 |
|
|
Traded Goods |
9433.670 |
4953.170 |
576.930 |
|
|
TOTAL IMPORTS |
34030.760 |
20093.390 |
39104.590 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(0.60) |
(0.67) |
2.29 |
CURRENT MATURITIES
OF LONG TERM BORROWINGS DETAILS
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current maturities of long-term borrowings |
732.680 |
4517.750 |
2744.410 |
|
Cash generated from operations |
2596.280 |
4293.470 |
(653.290) |
|
Net cash from/(used in) operating activities |
2557.530 |
4148.610 |
(800.730) |
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
Unaudited |
|
1st Quarter |
2nd
Quarter |
|
|
|
|
|
|
Net Sales |
|
13506.500 |
10175.400 |
|
Total Expenditure |
|
12556.200 |
9358.200 |
|
PBIDT (Excl OI) |
|
950.300 |
817.200 |
|
Other Income |
|
251.500 |
266.500 |
|
Operating Profit |
|
1201.800 |
1083.700 |
|
Interest |
|
521.100 |
482.600 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
680.700 |
601.100 |
|
Depreciation |
|
636.000 |
639.100 |
|
Profit Before Tax |
|
44.700 |
(38.000) |
|
Tax |
|
77.700 |
(13.200) |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
(33.000) |
(24.800) |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
(33.000) |
(24.800) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(0.32) |
(0.36) |
0.80 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
8.69 |
8.67 |
9.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.38) |
(0.50) |
0.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01) |
(0.01) |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.14 |
1.35 |
0.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36 |
1.48 |
1.77 |
STOCK
PRICES
|
Face Value |
Rs.5.00/- |
|
Market Value |
Rs.106.80/- |
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 |
1314.740 |
1314.740 |
1315.880 |
|
Reserves & Surplus |
42715.030 |
18221.690 |
17378.730 |
|
Net worth |
44029.770 |
19536.430 |
18694.610 |
|
|
|
|
|
|
long-term borrowings |
26053.720 |
19423.180 |
18779.610 |
|
Short term borrowings |
1177.930 |
2439.150 |
1881.510 |
|
Current maturities of long-term borrowings |
2744.410 |
4517.750 |
732.680 |
|
Total borrowings |
29976.060 |
26380.080 |
21393.800 |
|
Debt/Equity ratio |
0.681 |
1.350 |
1.144 |
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 |
66321.650 |
48676.120 |
49489.390 |
|
|
|
(26.606) |
1.671 |
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 |
66321.650 |
48676.120 |
49489.390 |
|
Profit/Loss |
530.860 |
(175.420) |
(157.060) |
|
|
0.80% |
(0.36%) |
(0.32%) |
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 |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
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 |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs. In Million) |
31.03.2014 (Rs. In Million) |
|
LONG TERM
BORROWING |
|
|
|
Other loans |
10.290 |
18.660 |
|
Total |
10.290 |
18.660 |
GENERAL INFORMATION
The company is engaged in the business of production and coating of High Grade Submerged Arc Welded Pipes, Hot Rolled Steel Plates and Coils. The Company is a public limited company and is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
MANAGEMENT DISCUSSION
AND ANALYSIS
COMPANY OVERVIEW
Subject is the leading manufacturer of large diameter pipes globally offering a one stop solution for all line pipe related requirements with its wide product range of high grade line pipes, meeting stringent specifications and modern state-of-the-art global manufacturing facilities in India, USA and Saudi Arabia for Longitudinal (LSAW), Spiral (HSAW) and HFERW / HFIW (ERW).WCL also has a Plate and Coil Mill facility in India which enhances its backward integration and also its ability to meet pipe as well as other customer requirements across markets. Welspun’s list of clients coming from amongst the Fortune 100 companies includes some of the biggest names from the Oil and Gas sector viz Shell, Saudi Aramco, TOTAL, Chevron, Exxon Mobile, British Gas, Kinder Morgan, TransCanada, Enbridge, Petrobras to name a few. The Company is a preferred vendor to over 50 major oil and gas companies enhancing its ability to participate and bid in key projects globally.
GLOBAL ECONOMIC
OVERVIEW
The global economy continues the struggle to gain momentum as many high-income countries continue to grapple with legacies of the global financial crisis and emerging economies remain less dynamic than in the past. Global economic growth @ 2.6% in 2014 was lower than initially expected, and only marginally higher than 2013 growth @2.5 %. Beneath these headline numbers, increasingly divergent trends were at work in many economies. As labor markets heal and monetary policy remains very accommodative, economic activity in the United States has gathered momentum whereas, due to continuing legacies of the lingering financial crisis intertwined with structural bottlenecks, economic recovery in the Euro Area and Japan have been sputtering. Due global factors and slump in commodity markets, China’srole as a driver of the global growth engine has been significantly reduced although the impact of the slowdown has been calibrated.
Indian economic growth picked up in 2014, inflation markedly declined, and the external position remains comfortable largely helped by the lower commodity and energy prices. Stability in the political environment has improved the outlook for the Indian market and the intent to strengthen the economy through higher infrastructure spending, increased fiscal devolution to states, and financial and monetary policy reform besides other major reforms in the oil and gas space will, once translated into policy action, have a perceptible change in the investor sentiment and business outlook.
THE HIGHLIGHTS OF THE
FINANCIAL YEAR WERE:
• Achieved 1 plus million MT mark for the third consecutive year in production and sales, despite the challenging global macro-economic conditions.
• There was record high production and sales volumes in Saudi Arabia facility which significantly improved financial performance.
• At US facility, HFIW mill got stabilized and operations streamlined. Spiral mill is also running in full throttle after it underwent a major revamp to enhance mill capabilities.
• At India facility LSAW mill did reasonably well. Plate and coil mill revived in the second half of the year.
• FY15 revenue was at Rs.84,505 million.
CONTINGENT
LIABILITIES NOT PROVIDED FOR
|
PARTICULARS |
As on 31.03.2015 (Rs. In Million) |
As on 31.03.2014 (Rs. In Million) |
|
Claims against the Company not acknowledged as debts |
102.200 |
570.620 |
|
Disputed direct taxes |
1614.610 |
2000.260 |
|
Disputed indirect taxes |
407.110 |
84.780 |
|
(i) It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of above pending resolution of the respective proceedings. (ii) The Company does not expect any reimbursements in respect of the above contingent liabilities. b) Supreme Court of India has dismissed an appeal filed by the Commissioner of Customs, Kandla against the CESTAT Order dated May 22, 2014 which had set aside the Order of the Commissioner of Customs, Kandla for custom duty of Rs.8609.820 million on account of alleged wrong classification of imported raw materials along with penalty of Rs.8609.820 million on the Company and a penalty of Rs. 205 million on the directors and officers of the Company. On the same matter, a separate proceeding was initiated by Additional Director General of Foreign Trade, Mumbai, wherein the Hon’ble Bombay High Court has already granted interim stay in Company’s favour. The matter is awaiting final disposal. |
||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10548330 |
28/01/2015 |
670,000,000.00 |
STANDARD CHARTERED BANK |
23, NARAIN MANZIL, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
C43136522 |
|
2 |
10452838 |
21/09/2013 |
2,150,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, ALLAHABAD BANK BLDG, 2ND FLOOR, 37, M S MARG, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA |
B86522182 |
|
3 |
10449706 |
07/09/2013 |
2,171,400,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND
FLOOR, 17, R. KAMANI MARG, |
B85180818 |
|
4 |
10428917 |
14/05/2013 |
2,175,600,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI 400001, MAHARASHTRA, INDIA |
B76197706 |
|
5 |
10406011 |
19/02/2013 |
1,650,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI 400001, MAHARASHTRA, INDIA |
B68912336 |
|
6 |
10413075 |
21/01/2013 |
900,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI 400001, MAHARASHTRA, INDIA |
B67024976 |
|
7 |
10393281 |
09/11/2012 |
2,528,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI 400001, MAHARASHTRA, INDIA |
B61857488 |
|
8 |
10385714 |
08/11/2012 |
816,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE, |
B61818332 |
|
9 |
10385715 |
08/11/2012 |
1,360,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE, |
B61818449 |
|
10 |
10246969 |
07/06/2011 * |
10,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI 400001, MAHARASHTRA, INDIA |
B17438524 |
* Date of charge modification
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER/HALF YEAR ENDED ON 30.09.2015
(RS. IN MILLION)
|
|
|
Particulars |
Quarter Ended |
Quarter Ended |
Half Year ended |
|
|
|
|
30.09.2015 (Unaudited) |
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
1 |
Income from Operations |
|
|
|
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
9685.100 |
12952.800 |
22637.900 |
|
|
|
b) Other Operating Income |
490.300 |
553.700 |
1044.000 |
|
|
|
Total Income from Operations (Net) |
10175.400 |
13506.500 |
23681.900 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
6180.800 |
7842.900 |
14023.700 |
|
|
b) |
Purchase of stock in-trade |
265.900 |
2738.800 |
3004.700 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
583.700 |
(152.300) |
431.400 |
|
|
d) |
Employee benefit expenses |
570.500 |
449.200 |
1019.700 |
|
|
e) |
Depreciation and amortization expense |
639.100 |
636.000 |
1275.100 |
|
|
f) |
Other
expenses |
1757.300 |
1677.600 |
3434.900 |
|
|
Total Expenses |
9997.300 |
13192.200 |
23189.500 |
|
|
3 |
|
Profit /(Loss)
from operations before other income, finance costs and exceptional items
(1-2) |
178.100 |
314.300 |
492.400 |
|
4 |
Other
Income |
266.500 |
251.500 |
518.000 |
|
|
5 |
|
Profit /(Loss)
from ordinary activities before finance costs and exceptional items (3+4) |
444.600 |
565.800 |
1010.400 |
|
6 |
Finance
Costs |
482.600 |
521.100 |
1003.700 |
|
|
7 |
|
Profit /(Loss)
from ordinary activities after finance costs but before exceptional items
(5-6) |
(38.000) |
44.700 |
6.700 |
|
8 |
Exceptional
Items |
--- |
-- |
--- |
|
|
9 |
Profit /(Loss) from ordinary activities
before tax |
(38.000) |
44.700 |
6.700 |
|
|
10 |
Tax
Expense |
(13.200) |
77.700 |
64.500 |
|
|
11 |
Net Profit /(Loss) from ordinary activities
after tax (9-10) |
(24.800) |
(33.000) |
(57.800) |
|
|
12 |
Extraordinary
items (net of tax expense) |
--- |
--- |
--- |
|
|
13 |
Net Profit /(Loss) for the period |
(24.800) |
(33.000) |
(57.800) |
|
|
14 |
Paid up
equity share capital (Eq. shares of
Rs.5/- each) |
1315.900 |
1315.900 |
|
|
|
15 |
Reserve
excluding revaluation reserves |
--- |
--- |
--- |
|
|
16 |
|
Earnings per
share (before/after extraordinary items) of
Rs.5/- each |
|
|
|
|
|
|
Basic |
(0.09) |
(0.13) |
(0.22) |
|
|
|
Diluted |
(0.09) |
(0.13) |
(0.22) |
|
|
|
|
|
|
|
|
A |
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of
Shares |
155662772 |
156272872 |
155662772 |
|
|
|
-
Percentage of Shareholding |
59.15% |
59.38% |
59.15% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number of
shares |
--- |
--- |
--- |
|
|
|
-
Percentage of shares ( as a % of the total shareholding of the promoter and
promoter group) |
--- |
--- |
--- |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
--- |
--- |
--- |
|
|
|
b) Non-
encumbered |
|
|
|
|
|
|
- Number
of shares |
107513308 |
106903208 |
107513308 |
|
|
|
-
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) |
40.85% |
40.62% |
40.85% |
|
|
Particulars |
Quarter
ended 30.09.2015 |
|
|
B |
|
Investor
Complaints |
|
|
|
|
Pending at
the beginning of the quarter |
Nil |
|
|
|
Received
during the quarter |
7 |
|
|
|
Disposed
during the quarter |
7 |
|
|
|
Remaining
unresolved at the end of the quarter |
Nil |
Notes:
- The above results were reviewed and recommended by the Audit Committee and approved by the Board of Directors in its meeting held on November 14, 2015 in terms of Clause 41 of the Listing Agreement.
- During the quarter, the Company has formed a subsidiary, Welspun Wasco Coatings Private Limited in which it holds 51% for setting up a state-of-the-art Concrete Weight Coating plant at Anjar.
- Segment Reporting as required under Accounting Standard 17 is not applicable to the Company as it operates only in one segment i.e. Steel Products.
- The Statutory Auditors have carried out a Limited Review of the Standalone Results for the quarter ended September 30, 2015.
- Previous year/ period figures have been regrouped and reclassified wherever considered necessary.
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Million)
|
Particulars |
30.09.2015 |
|
(Unaudited) |
|
|
EQUITY AND
LIABILITIES |
|
|
Shareholder’s funds |
|
|
Share Capital |
1315.900 |
|
Reserves and Surplus |
17697.700 |
|
Subtotal –
Shareholders funds |
19013.600 |
|
|
|
|
Non-Current
Liabilities |
|
|
Long term borrowings |
18485.000 |
|
Deferred tax liabilities (net) |
3513.200 |
|
Other long-term liabilities |
655.900 |
|
Long term provisions |
378.000 |
|
Subtotal –
Non-current liabilities |
23032.100 |
|
|
|
|
Current Liabilities |
|
|
Current maturities of long term borrowings |
1031.300 |
|
Short term borrowings |
2.200 |
|
Trade payables |
18188.300 |
|
Other current liabilities |
1659.700 |
|
Short term provisions |
122.100 |
|
Subtotal – Current
liabilities |
21003.600 |
|
Total – Equity and
Liabilities |
63049.300 |
|
|
|
|
Assets |
|
|
Non-Current Assets |
|
|
Fixed assets |
27116.800 |
|
Non-Current investments |
2514.100 |
|
Long term loans and advances |
836.200 |
|
Other non-current assets |
26.300 |
|
Subtotal-Non-current
assets |
30493.400 |
|
|
|
|
Current assets |
|
|
Current investments |
9861.000 |
|
Inventories |
5509.800 |
|
Trade receivables |
12811.800 |
|
Cash and Bank Balances |
2123.100 |
|
Short term loans and advances |
1660.800 |
|
Other current assets |
589.400 |
|
Subtotal – current
assets |
32555.900 |
|
Total Assets |
63049.300 |
FIXED ASSETS
Tangible assets
- Freehold land
- Buildings
- Plant and machinery
- Office and other Equipments
- Vehicles
- Furniture and fixtures
Intangible assets
- 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.66.16 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.70.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PNM |
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 |
---- |
|
--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 |
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 |
|
64 |
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.