MIRA INFORM REPORT
|
Report No. : |
350651 |
|
Report Date : |
28.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
EVEREST INDUSTRIES LIMITED |
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|
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Registered
Office : |
Gat No.152, Lakhmapur, Taluka Dindori, Nashik – 422202, Maharashtra |
|
Tel. No.: |
91-2557-250375/ 462 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
03.04.1934 |
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Com. Reg. No.: |
11-002093 |
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Capital
Investment / Paid-up Capital : |
Rs.152.911 Million |
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|
|
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CIN No.: [Company Identification
No.] |
L74999MH1934PLC002093 |
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|
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IEC No.: |
Not Divulged |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEE01437C |
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PAN No.: [Permanent Account No.] |
AAACE7550N |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturing and trading of building products like roofing products, boards and panels, other building products and accessories and manufacturing and erection of pre-engineered steel buildings and related accessories. |
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No. of Employees
: |
1738 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
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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 |
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Maximum Credit Limit : |
USD 9100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company incorporated in the year
1934 having good track record. The company has progressed well during FY 2015. It has shown
significant growth in its turnover and profit margin of the company. General financial position of the company is sound and healthy. Further the rating also takes into consideration company established
position in the domestic asbestos-Cement (AC) roofing market. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitment. In view of long track record and extensive experience of its
promoters, the company can be considered good for normal business dealings at
usual trade terms and condition. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating=A+ |
|
Rating Explanation |
Adequate degree of safety and carry low
credit risk. |
|
Date |
17.04.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating=A1 |
|
Rating Explanation |
Very strong degree of safety and carry very
lowest credit risk. |
|
Date |
17.04.2015 |
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 DENIED
Management Non Co-operative (91-2557-250462)
LOCATIONS
|
Registered Office/ Factory: |
Gat No. 152, Lakhmapur, Taluka Dindori, Nashik – 422202, Maharashtra,
India |
|
Tel. No.: |
91-2557-250375/ 462 |
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Fax No.: |
91-2557-250376 |
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E-Mail : |
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Website : |
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Head/ Corporate Office : |
Genesis, A-32 Mohan Co-operative Industrial Estate Mathura Road New
Delhi – 110044, India |
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Tel. No.: |
91-11-41731951/ 52 |
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Fax No.: |
91-11-46566370 |
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E-Mail : |
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Factories : |
Kymore Works Everest Nagar,
P.O. Kymore, District Katni – 438880 Madhya Pradesh, India Kolkata Works ‘Everest House’ 1,
Taratola Road, Garden Reach, Kolkata – 700024, West Bengal, India Podanur Works Podanur P O., Coimbatore – 641023, Tamilnadu, India Bhagwanpur Works Khasra Nos.158
and 159, Village Lakesari, Pargana Bhagwanpur, Tehsil Roorkee, District
Haridwar – 247661, Somnathpur Works Z5, IID Centre,
Somnathpur, Tehsil Remuna, District. Baleshwar – 756019, Odisha, India Ranchi Works Sarwal Namkum,
Opposite Tola – Charna Bera Ranchi – 834010, Jharkhand, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Aditya Vikram Somani |
|
Designation : |
Chairman |
|
Date of Birth |
04.11.1973 |
|
Qualifications |
MBA, PGDM, M.Com. |
|
Date of Appointment |
07.11.2005 |
|
|
|
|
Name : |
Mr. M. L. Gupta |
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Designation : |
Vice Chairman |
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|
Name : |
Mr. Madan Lal Narula |
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Designation : |
Director |
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Date of Birth |
25.10.1940 |
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Qualifications |
B.Sc. Engineering (Electrical) |
|
Date of Appointment |
30.01.2008 |
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|
|
|
Name : |
Mr. Amitabh Das Mundhra |
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Designation : |
Director |
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|
Name : |
Mr. B. L. Taparia |
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Designation : |
Director |
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Date of Birth |
05.07.1950 |
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Qualifications |
B.Com, LL.B., F.C.S. |
|
Date of Appointment |
10.5.2013 |
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|
Name : |
Ms. Bhavna G. Doshi |
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Designation : |
Director |
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|
Name : |
Mr. Manish Sanghi |
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Designation : |
Managing Director |
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Date of Birth |
04.02.1963 |
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Qualifications |
08.07.2002 |
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Date of Appointment |
B.E. (Mech.), PGDM (IIM-A) |
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|
|
|
Name : |
Mr. Y. Srinivasa Rao |
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Designation : |
Executive Director (Operations) |
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Qualifications |
B.Sc. Engg. (Mechanical) |
KEY EXECUTIVES
|
Name : |
Mr. Neeraj Kohli |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
(1) Indian |
|
|
|
|
7520470 |
48.96 |
|
|
7520470 |
48.96 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
7520470 |
48.96 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2481259 |
16.15 |
|
|
905 |
0.01 |
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|
200 |
0.00 |
|
|
187 |
0.00 |
|
|
82089 |
0.53 |
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|
2564640 |
16.70 |
|
|
|
|
|
|
648140 |
4.22 |
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|
|
|
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Individual shareholders holding
nominal share capital up to Rs.0.100 million |
3139233 |
20.44 |
|
Individual shareholders holding
nominal share capital in excess of Rs.0.100 million |
1013210 |
6.60 |
|
|
475022 |
3.09 |
|
|
138069 |
0.90 |
|
|
336953 |
2.19 |
|
|
5275605 |
34.34 |
|
Total Public shareholding (B) |
7840245 |
51.04 |
|
Total (A)+(B) |
15360715 |
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) |
15360715 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and trading of building products like roofing products, boards and panels, other building products and accessories and manufacturing and erection of pre-engineered steel buildings and related accessories. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
1738 (Approximately) |
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Bankers : |
·
State Bank of ·
ICICI Bank Limited ·
Axis Bank Limited ·
HDFC Bank Limited ·
Kotak Mahindra Bank Limited ·
DBS Bank Limited |
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Facilities : |
NOTES: LONG TERM
BORROWINGS External Commercial Borrowing (ECB) from DBS Bank Limited of Rs.371.520 million (previous year 536.640 million) is secured by first pari-passu charges on all the immoveable and movable fixed assets other than the immoveable fixed assets situated at Podanur and Kolkata and second pari-passu charge on all present and future current assets of the Company. The ECB is repayable in 15 quarterly instalments of USD 800,000; the last instalment is due in April 2017. The rate of interest is Libor +2.75% per annum. External Commercial Borrowing (ECB) from Axis Bank Limited of Rs.625.908 million (previous year Nil) is secured by first pari-passu charges on all the immoveable and movable fixed assets other than the immoveable fixed assets situated at Podanur, Kolkata and Noida and pledge of shares held in subsidiary. The ECB is repayable in 24 quarterly instalments; the last instalment is due in December 2022. The rate of interest is 3 months Libor + 4.00% per annum. External Commercial Borrowing (ECB) from ICICI Bank Limited of Nil (previous year Rs.60.100 million) was secured by a first pari-passu charge over all the immoveable and moveable fixed assets other than the immoveable fixed assets situated at Podanur plant and second pari-passu charge on all current assets of the Company. The ECB is repayable in 12 half yearly instalments of USD 1,000,000; the last instalment was due in July 2014. The rate of interest was Libor+1.03% per annum. Term Loan from HDFC Bank Limited of Rs.153.350 million (previous year Rs.179.550 million) was secured by exclusive charge over the immovable property situated at Noida. The loan is repayable in 20 quarterly instalments of Rs.10.030 million; the last instalment is due in November 2018. The rate of interest is 12.00% per annum. For current maturities of long term borrowings see note 2.07. SHORT TERM
BORROWINGS Loans from banks are secured by a first pari-passu charge by way of hypothecation of stocks, present and future, book debts and receivables, first pari-passu charge on land and building situated at Podanur and second pari-passu charge on all fixed assets, land and buildings both present and future, except land and building situated at Kolkata, Podanur and Noida. |
|
Financial Institution : |
· 3i Infotech Trusteeship Services Limited, 3rd to 6th Floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai – 400703, Maharashtra, India |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Gurgaon, Haryana, India |
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Associate
company : |
· Everest Building Solutions Limited (upto 23 March, 2014) |
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Subsidiary
companies : |
· Everest Building Products, Mauritius(with effect from 9 September, 2013) · Everestind FZE, United Arab Emirates(UAE)* (with effect from 18 December, 2013) –subsidiary of Everest Building Products · Everest Building Products LLC , United Arab Emirates (UAE)* (with effect from 7 December, 2014) –subsidiary of Everest Building Products |
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Enterprise
exercising significant influence : |
·
Falak Investment Private Limited |
CAPITAL
STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17000000 |
Equity Shares |
Rs.10/- each |
Rs.170.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15291095 |
Equity Shares |
Rs. 10/- each |
Rs.152.911 Million |
|
|
|
|
|
Of the above:
15,000 (previous year 15,000) equity shares are allotted as fully paid up pursuant to a contract without payment being received in cash 13,350,020 (previous year 13,350,020) equity shares are allotted as fully paid up by way of bonus shares by capitalization of general reserve The Company has one class of equity shares having a par value of Rs.10 each. Each shareholder is eligible for one vote per share held.
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 |
152.911 |
151.947 |
151.873 |
|
(b) Reserves & Surplus |
3044.199 |
2793.324 |
2745.852 |
|
(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) |
3197.110 |
2945.271 |
2897.725 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
947.858 |
513.270 |
591.020 |
|
(b) Deferred tax liabilities (Net) |
295.113 |
283.175 |
245.656 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
59.883 |
60.788 |
75.758 |
|
Total
Non-current Liabilities (3) |
1302.854 |
857.233 |
912.434 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1857.017 |
1655.548 |
952.012 |
|
(b)
Trade payables |
1321.819 |
1228.610 |
1089.117 |
|
(c)
Other current liabilities |
1352.026 |
1291.600 |
958.913 |
|
(d)
Short-term provisions |
469.490 |
296.996 |
202.428 |
|
Total
Current Liabilities (4) |
5000.352 |
4472.754 |
3202.470 |
|
|
|
|
|
|
TOTAL |
9500.316 |
8275.258 |
7012.629 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3138.035 |
2691.476 |
2065.026 |
|
(ii)
Intangible Assets |
70.616 |
125.913 |
48.500 |
|
(iii)
Capital work-in-progress |
303.450 |
610.480 |
371.146 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
77.418 |
6.337 |
0.245 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
871.005 |
745.053 |
432.937 |
|
(e)
Other Non-current assets |
33.539 |
2.905 |
1.422 |
|
Total
Non-Current Assets |
4494.063 |
4182.164 |
2919.276 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2718.470 |
2420.884 |
2541.660 |
|
(c)
Trade receivables |
1043.141 |
807.081 |
523.495 |
|
(d)
Cash and cash equivalents |
636.321 |
251.430 |
528.531 |
|
(e)
Short-term loans and advances |
598.055 |
608.216 |
487.428 |
|
(f)
Other current assets |
10.266 |
5.483 |
12.239 |
|
Total
Current Assets |
5006.253 |
4093.094 |
4093.353 |
|
|
|
|
|
|
TOTAL |
9500.316 |
8275.258 |
7012.629 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
12304.954 |
10352.516 |
10141.329 |
|
|
|
Other Income |
104.572 |
123.369 |
87.525 |
|
|
|
TOTAL (A) |
12409.526 |
10475.885 |
10228.854 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
7056.632 |
5745.939 |
5902.861 |
|
|
|
Purchases of stock-in-trade |
149.352 |
280.556 |
159.310 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(142.843) |
7.052 |
(443.792) |
|
|
|
Employee benefits expense |
1090.958 |
969.649 |
920.970 |
|
|
|
Other expenses |
3331.518 |
2950.780 |
2624.167 |
|
|
|
TOTAL (B) |
11485.617 |
9953.976 |
9163.516 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
923.909 |
521.909 |
1065.338 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
186.947 |
125.690 |
55.799 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
736.962 |
396.219 |
1009.539 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
254.236 |
267.204 |
220.524 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
482.726 |
129.015 |
789.015 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
140.663 |
37.519 |
264.018 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
342.063 |
91.496 |
524.997 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1830.248 |
1792.385 |
1453.151 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
35.000 |
9.190 |
52.500 |
|
|
|
Dividend |
76.455 |
37.987 |
113.905 |
|
|
|
Tax on Dividend |
15.287 |
6.456 |
19.358 |
|
|
BALANCE CARRIED
TO THE B/S |
2045.569 |
1830.248 |
1792.385 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Goods Exported |
969.014 |
590.485 |
561.101 |
|
|
TOTAL EARNINGS |
969.014 |
590.485 |
561.101 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2417.968 |
1883.405 |
2414.059 |
|
|
|
Stores & Spares |
17.243 |
15.226 |
13.678 |
|
|
|
Capital Goods |
26.464 |
78.728 |
1.357 |
|
|
|
Stock-in-trade |
20.647 |
1.609 |
58.121 |
|
|
TOTAL IMPORTS |
2482.322 |
1978.968 |
2487.215 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
22.45 |
6.02 |
34.70 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
202.920 |
263.020 |
191.320 |
|
Cash generated from operations |
597.310 |
478.779 |
234.620 |
|
Net cash flow from / (used in) operating activities |
445.256 |
417.933 |
(69.432) |
QUARTERLY
RESULTS
(Rs. In Million)
|
Particulars |
|
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net sales |
|
4069.300 |
2867.200 |
|
Total Expenditure |
|
3691.500 |
2824.400 |
|
PBIDT (Excluding Other Income) |
|
377.800 |
42.800 |
|
Other income |
|
377.800 |
23.800 |
|
Operating Profit |
|
454.800 |
66.600 |
|
Interest |
|
454.800 |
42.500 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
415.100 |
24.100 |
|
Depreciation |
|
68.400 |
63.000 |
|
Profit Before Tax |
|
68.400 |
(38.900) |
|
Tax |
|
117.300 |
(16.100) |
|
Provisions and contingencies |
|
NA |
NA |
|
Profit after tax |
|
229.400 |
(22.800) |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
229.400 |
(22.800) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin PAT / Sales |
(%) |
2.78 |
0.88 |
5.18 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
7.51 |
5.04 |
10.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
5.29 |
1.68 |
11.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.04 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.94 |
0.83 |
0.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00 |
0.92 |
1.28 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.282.00/- |
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 |
151.873 |
151.947 |
152.911 |
|
Reserves & Surplus |
2745.852 |
2793.324 |
3044.199 |
|
Net
worth |
2897.725 |
2945.271 |
3197.110 |
|
|
|
|
|
|
long-term borrowings |
591.020 |
513.270 |
947.858 |
|
Short term borrowings |
952.012 |
1655.548 |
1857.017 |
|
|
191.320 |
263.020 |
202.920 |
|
Total
borrowings |
1734.352 |
2431.838 |
3007.795 |
|
Debt/Equity
ratio |
0.599 |
0.826 |
0.941 |
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 |
10141.329 |
10352.516 |
12304.954 |
|
|
|
2.082 |
18.860 |
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
|
10141.329 |
10352.516 |
12304.954 |
|
Profit |
524.997 |
91.496 |
342.063 |
|
|
5.18% |
0.88% |
2.78% |
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The
Company is engaged in manufacturing and trading of building products like
roofing products, boards and panels, other building products and accessories
and manufacturing and erection of pre-engineered steel buildings and related
accessories.
PERFORMANCE
REVIEW
Indian economy
witnessed sluggish growth in the first half of 2014. Economic growth and
capital investment slowed down due to high interest rates, inflation etc. Signs
of recovery started showing up in the second half. Despite the constraints, the
Company recorded improved performance. The Highlights of the Company’s
standalone performance are as under:
1.
Driven by growth in both the business segments the Revenue from
operations during the year at Rs.12304.954 million was up 18.86% as compared
with Rs.10352.516 million in 2013-14. Building products and steel building
segments recorded a growth of 14.27% and 31.47% respectively in the top line.
2.
Production volume recorded healthy growth in both business segments.
- In building products segment the production at 7,44,164 MT was
higher by 21.9% over 6,10,614 MT in 2013-14.
- In steel buildings segment the production at 31,969 MT was up by
15.5% over 27,677 MT in 2013-14.
3.
Operating Profit (EBIDTA ) at Rs.819.337 million was up by 105.6% over Rs.398.540
million in 2013-14
4.
Improved operating performance increased Profit before Tax by 274.16% to
Rs.482.726 million compared to Rs.129.015 million in the earlier year.
5.
Cash profit was Rs.615.553 million as compared to Rs.396.219 million in
the previous year.
The
consolidated revenue from operations of the Company for the year ended 31st
March, 2015 was Rs.12312.643 million up by 18.93% from Rs.10352.516 million in
the previous year. The consolidated operating profits before other income and
depreciation increased by 132.97% on a year on year basis from Rs.271.562
million in the previous year to Rs.632.652 million in the current year. Profit
after tax was higher by 279.45% at Rs.342.297 million as against Rs.90.209
million in the previous year.
NEW PROJECTS
The Company is
in the process of setting up of a 72,000 M.T. P.A. Fibre Cement Boards Plant in
UA E through its wholly owned subsidiary Company in Mauritius to cater the
Middle East Markets.
MANAGEMENT DISCUSSION AND ANALYSIS
Overview of Economy
Key global
economic developments of the year 2014 included a sharp drop in crude prices,
softened inflation and commodity prices and moderation in exports of
manufactured goods from developing to advanced economies. International Monetary
Fund (IMF) estimated global GDP growth to have remained flat at 3.4% for 2014,
in its April 2015 World Economic Outlook. The IMF forecast for 2015 indicates a
10-bps increase in Global GDP growth (3.5%).
India moved to
a new series of GDP estimation, making 2011- 12 prices as the base price
(factor cost). The GDP growth rate, as per this new series adopted by the
Central Statistical Office (CSO), reached 7.3%. The growth was led by core
sectors of manufacturing, utilities and construction. Agricultural activities
recorded a drop in their growth and services sector recorded a moderate growth.
The Indian
economy saw pockets of growth owing to a positive sentiment after the election
of a stable majority Government. The initial policy announcements have had a
positive impact on the business and investor community. Concrete steps by
Reserve Bank of India to reduce the repo rate and current account deficit
whilst building up the foreign reserves have helped rein in inflation.
INDUSTRY OVERVIEW
Housing Segment
With a mission
to provide housing for all by 2022, the government is aiming to build 4 crore
affordable houses in urban areas and another 2 crore in rural areas. A recent
report by KPMG estimated the current housing shortage of 6 crore units (2014).
In order to ensure housing for every household by 2022, the report estimated
the requirement of 11 crore dwelling units to be built with an investment of
USD 2 trillion.
Besides
housing, the Swachh Bharat initiative to equip urban and rural households with
low-cost toilets has gained desired focus and urgency. The program entails an
investment of about Rs.2 lac crore over 2014 to 2019 to build nearly 12 crore
toilets.
Industrial
Segment
Pre-Engineered
Buildings (PEB) and structural steel concept is gaining popularity in India.
Shorter construction time and cost efficiency as compared to conventional
buildings makes it suitable for construction of varied applications.
Traditionally used for industrial buildings, now PEBs are gaining acceptance in
commercial and institutional applications such as showrooms, schools, etc.
The ‘Make in
India’ campaign and the boom in retail are expected to create demand for
warehouses and industrial segment in India.
BUSINESS SEGMENT REVIEW
Building
Products Segment
Roofing
Industry Overview
Fibre Cement
Roofing Sheets find their application primarily in industrial, logistics and
rural/suburban housing segment. Valued at around Rs.3900 crores in 2013-14, the
segment is expected to grow at around 8-10% over coming years.
Outlook
Government
schemes and thrust on infrastructure and manufacturing growth will lead to a
major push in the construction sector. The latent demand in housing will help
in propelling demand of roofing and boards products.
Steel Building
Segment
Industry Overview
As per World
Steel Association, the global steel demand is expected to grow marginally by
0.5% in 2015 whereas in India steel demand is expected to grow by 6.2% in 2015.
The demand for steel buildings in India is also growing steadily.
The current
market size of Pre-Engineered Building (PEB) industry is estimated to be ` 5000
crore. PEB is becoming a popular and economical construction method in India
today. Apart from factories and warehouses, the Indian PEB market
Outlook
As India starts
investing more aggressively in infrastructure, its manufacturing sector will
become much stronger. The rise of the manufacturing sector will also be aided
by India’s growing scale, its strong engineering skills, and abundant labour.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10415557 |
30/04/2014 * |
619,200,000.00 |
Dbs Bank Ltd. |
Capital Point, Baba
Kharak Singh Marg, Connaught Place,
New Delhi - 110001, India |
C03899754 |
|
2 |
10369338 |
30/04/2014 * |
100,000,000.00 |
DBS Bank Ltd. |
Capital Point,
Baba Kharak Singh Marg, Connaught Place,
New Delhi - 110001, India |
C03861275 |
|
3 |
10303259 |
30/04/2014 * |
420,000,000.00 |
Kotak Mahindra
Bank Limited |
7th Floor,
Ambadeep Building, 14,, K G Marg,, New Delhi
- 110001, India |
C03785508 |
|
4 |
10133157 |
30/04/2014 * |
750,000,000.00 |
Hdfc Bank
Limited |
Hdfc Bank Housesenapati
Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
C03876174 |
|
5 |
10127598 |
03/11/2008 |
492,000,000.00 |
3i Infotech
Trusteeship Services Limited |
3rd To 6th Floor,
International Infotech Park,, Tower No.5, Vashi Railway Station Complex,
Vashi, Navi Mumbai, Maharashtra - 400703, India |
A49787617 |
|
6 |
10127595 |
30/04/2014 * |
492,000,000.00 |
3i Infotech
Trusteeship Services Limited |
3rd To 6th Floor,
International Infotech Park,, Tower No.5, Vashi Railway Station Complex,
Vashi, Navi Mumbai, Maharashtra - 400703, India |
C03918497 |
|
7 |
10127596 |
30/04/2014 * |
980,000,000.00 |
ICICI Bank Ltd. |
Landmark, Race Course
Circle,, Alkapuri,, Baroda, |
C03919651 |
|
8 |
10080917 |
10/05/2012 * |
980,000,000.00 |
ICICI Bank
Limited |
Landmark race
Cource Circle, Alkapuri, Baroda, Guj |
B40714255 |
|
9 |
10011604 |
30/04/2014 * |
250,000,000.00 |
Axis Bank
Limited |
2nd Floor,
Statesman House, 148, Barakhamba Road, |
C04675906 |
|
10 |
80014472 |
28/05/2014 * |
550,000,000.00 |
State Bank of
India |
Overseas Branch,
Jawahar Vyapar Bhawan,, 1, Tolstoy Marg, New Delhi, Delhi - 110001, India |
C04671111 |
*Date of modification Charges
FIXED ASSETS:
·
Land (Freehold /
Leasehold)
·
Building (On Freehold
Land)
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Leasehold
Improvements
·
Roads
·
Computer Software
·
Technical Knowhow
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30.09.2015
Rs. In Million
|
Particulars |
3 Months ended |
Previous 3 Months ended |
Half Year ended |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
(Unaudited) |
||
|
Net Sales/ Income from Operations |
2837.800 |
4022.500 |
6860.300 |
|
Other Operating Income |
29.400 |
46.800 |
76.200 |
|
Total income
from operation |
2867.200 |
4069.300 |
6936.500 |
|
Expenditure |
|
|
|
|
a) Cost of Materials Consumed |
1551.000 |
2143.700 |
3794.700 |
|
b) Purchase of Stock in trade |
33.800 |
41.700 |
75.500 |
|
c) Change in inventories of finished goods, work in progress &
stock in trade |
(72.600) |
233.900 |
161.300 |
|
d) Employee benefits expense |
333.300 |
319.300 |
652.600 |
|
e) Depreciation and amortization expense |
63.000 |
68.400 |
131.400 |
|
f) Freight |
194.600 |
309.200 |
503.800 |
|
g) Other expenses |
684.300 |
643.700 |
1328.000 |
|
Total |
2887.400 |
3759.900 |
6647.300 |
|
Profit from
operations before Other Income, Interest and Exceptional Items (1-2) |
(20.200) |
309.400 |
289.200 |
|
Other Income |
23.800 |
77.000 |
100.800 |
|
Profit before Interest and Exceptional Items (3+4) |
3.600 |
386.400 |
390.000 |
|
Interest |
42.500 |
39.700 |
82.200 |
|
Profit after Interest but before Exceptional Items (5-6) |
(38.900) |
346.700 |
307.800 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Profit (+)/ Loss (-) from Ordinary Activities before tax (7+8) |
(38.900) |
346.700 |
307.800 |
|
Tax expense |
(16.100) |
117.300 |
101.200 |
|
Net Profit (+)/ Loss (-) from Ordinary Activities after tax (9-10) |
(22.800) |
229.400 |
206.600 |
|
Extraordinary Items (Net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit (+)/ Loss (-) for the period |
153.600 |
229.400 |
206.600 |
|
Paid-up equity share capital (Face value of Rs.10/- each) |
153.600 |
153.400 |
153.600 |
|
Reserves excluding Revaluation Reserves as per balance sheet of
previous accounting year |
|
|
|
|
Earnings per
share |
|
|
|
|
Before Extraordinary items (not annualized) |
|
|
|
|
- Basic (Rs.) |
(1.49) |
14.98 |
13.48 |
|
|
|
|
|
|
|
|
|
|
|
Public Shareholding |
|
|
|
|
- No. of shares |
7840245 |
7814930 |
7840245 |
|
- Percentage of shareholding |
51.04% |
50.96% |
51.04% |
|
Promoters and promoter group shareholding |
|
|
|
|
Pledged/ Encumbered |
|
|
|
|
- No. of shares |
Nil |
Nil |
Nil |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
- Percentage of shares (as a % of the total share capital of the company) |
Nil |
Nil |
Nil |
|
Non-encumbered |
|
|
|
|
- No. of shares |
7520470 |
7520470 |
7520470 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
- Percentage of shares (as a % of the total share capital of the company) |
48.96% |
49.04% |
48.96% |
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Million)
|
Particulars |
3 Months ended |
Previous 3 Months ended |
Half Year ended |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
(Unaudited) |
||
|
1.
Segment Revenue |
|
|
|
|
a. Building products |
1643.900 |
2842.900 |
4486.800 |
|
b. Steel Buildings |
1223.300 |
1226.400 |
2449.700 |
|
Total |
2867.200 |
4069.300 |
6936.500 |
|
|
|
|
|
|
2. Segment
Result (Profit before Interest and Tax) |
|
|
|
|
a. Building products |
40.900 |
363.500 |
404.400 |
|
b. Steel Buildings |
47.800 |
38.100 |
85.900 |
|
Total |
88.700 |
401.600 |
490.300 |
|
Less
: (i) Interest |
42.500 |
39.700 |
82.200 |
|
(ii) Other un-allocable
expenditure net off un-allocable income. |
85.100 |
15.200 |
100.300 |
|
Profit
before Tax |
(38.900) |
346.700 |
307.800 |
|
3.
Capital Employed |
|
|
|
|
a. Building products |
3543.100 |
3606.700 |
3543.100 |
|
b. Steel Buildings |
1669.000 |
1442.900 |
1669.000 |
|
c. Unallocable |
(1796.100) |
(1615.200) |
(1796.100) |
|
Total |
3416.000 |
3434.400 |
3416.000 |
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2015
Rs. In Million
|
SOURCES OF FUNDS |
|
|
30.09.2015 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
153.600 |
|
(b) Reserves & Surplus |
|
|
3262.400 |
|
(c) Pending Call Money |
|
|
0.000 |
|
Sub-total Shareholders’ |
|
|
3416.000 |
|
|
|
|
|
|
(2) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
873.300 |
|
(b) Deferred tax liabilities (Net) |
|
|
300.800 |
|
(c) Other long term liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
62.500 |
|
Sub-total of
Non-Current liabilities |
|
|
1236.600 |
|
|
|
|
|
|
(3)
Current liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
1848.000 |
|
(b) Trade
payables |
|
|
1320.700 |
|
(c) Other
current liabilities |
|
|
1243.300 |
|
(d) Short-term
provisions |
|
|
389.700 |
|
Sub-total of Current liabilities |
|
|
4801.700 |
|
|
|
|
|
|
TOTAL |
|
|
9454.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
3468.400 |
|
(b) Non-Current
investments |
|
|
278.700 |
|
(c) Long
term loans and advances |
|
|
879.400 |
|
(d) Other
non-current assets |
|
|
33.500 |
|
Sub-total of
Non-Current Assets |
|
|
4660.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
2600.400 |
|
(c) Trade
receivables |
|
|
1091.400 |
|
(d) Cash
and cash equivalents |
|
|
443.600 |
|
(e)
Short-term loans and advances |
|
|
583.000 |
|
(f) Other
current assets |
|
|
75.900 |
|
Sub-total of
Current Assets |
|
|
4794.300 |
|
|
|
|
|
|
TOTAL |
|
|
9454.300 |
PRESS RELEASE:
EVEREST
INDUSTRIES HITS RECORD HIGH ON FUND BUYING
Shares of Everest Industries have rallied 9% to Rs 402, also their
record high on the National Stock Exchange (NSE), after the cement & cement products maker said domestic mutual funds hiked their stake in the company by more than one
percentage points in the April-June quarter.
Mutual funds have bought an additional 236,006 equity shares,
representing 1.49% stake in Everest Industries, during the recently concluded
quarter.
The total stake of mutual funds and UTI in the company
increased to 15.66% in the June quarter from 14.17% at the end of March 2015,
the shareholding pattern data shows.
The holdings of individual shareholders, however, declined
from 29% to 27.82% during the recently concluded quarter.
Meanwhile, the company had reported an over three-fold
jump in its net profit at Rs 10.07 crore for the quarter ended March 2015 (Q4),
on the back of strong operational performance. It had posted a profit of Rs
3.04 crore in the same quarter a year ago.
The EBITDA or operating profit margins improved by 348 bps
at 7.89% in the March 2015 quarter against 4.41% in the corresponding quarter
of the previous fiscal.
For the entire last financial year 2014-15, the company had
posted a consolidated net profit of Rs 342.300 million against Rs90.200 million
in the previous financial year.
The stock opened at Rs 388 and hit a low of Rs 382 on the
NSE. Till 1142 hours, a combined 110,837 shares changed hands on the counter on
the NSE and BSE.
RELIANCE
MF SELLS 4 LAKH SHARES OF EVEREST INDUSTRIES
On October 15, 2015 HDFC Mutual Fund bought 3,75,000 shares
of Everest Industries at Rs 340 on the NSE.
However, Reliance Mutual Fund A/C Reliance Mid & Small Cap Fund sold
4,04,138 shares at Rs 340.03.
On Thursday, Everest Industries closed at Rs 326.20, down Rs
10.40, or 3.09 percent.
The share touched its 52-week high Rs 429 and 52-week low Rs
242.50 on 15 July, 2015 and 17 October, 2014, respectively.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service, Interpol,
etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.66.75 |
|
|
1 |
Rs.100.68 |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
63 |
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.