MIRA INFORM REPORT
|
Report No. : |
345593 |
|
Report Date : |
15.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
CEAT LIMITED |
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|
|
|
Registered
Office : |
463, Dr. Annie Besant Road, Worli, Mumbai – 400030, Maharashtra |
|
Tel. No.: |
91-22-24930621 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
10.03.1958 |
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Com. Reg. No.: |
11-011041 |
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Capital
Investment / Paid-up Capital : |
Rs. 404.501 Million |
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|
|
CIN No.: [Company Identification
No.] |
L25100MH1958PLC011041 |
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IEC No.: |
0388015284 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACC1645G |
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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
: |
Manufacturer of Automotive Tires, Tubes and Flaps. |
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No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 46000000 |
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|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
CEAT is a part of RPG Group, Incorporated in 1958 and it is engaged in
manufacturing of tires, tubes and flaps. It is well-established company
having fine track record. The rating reflects CEAT’s healthy operating performance during FY15
resulting in stable financial risk profile and comfortable debt coverage
metrics. Rating further drives strength on account of strong accruals and
infusion of equity funds through a Qualifies Institutional Placement (QIP)
amounting to Rs. 4000.000 Million in November 2014. The rating continue to factor in the strength derived from being part
of a well-established and experienced business group i.e. RPG Enterprises,
established brand, strong market
position with diversified product portfolio and distribution network. The rating strengths however are tempered by volatility in raw
material prices, high competition prevalent in the tires market. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. In view of strong brand name “CEAT”, the company can be considered
good for normal business dealings at usual trade terms and conditions. |
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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 Facility = AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
August 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facility = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
August 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 PARTED BY
|
Name : |
Ms. Namrata |
|
Designation : |
Treasury – Manager |
|
Contact No.: |
91-22-24930621 |
LOCATIONS
|
Registered Office : |
463, |
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Tel. No.: |
91-22-24930621 |
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Fax No.: |
91-22-24938933 |
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E-Mail : |
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|
Website : |
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Area : |
10000 sq. ft. |
|
Location : |
Owned |
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Factory 1 : |
Village Road, Bhandup, Mumbai – 400078, Maharashtra, India |
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Factory 2 : |
82, MIDC Industrial Estate, Satpur, |
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Factory 3 : |
Village Gate Muvala, Halol, Panchmahal - 389350, Gujarat |
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Regional
Offices: |
Located At: ·
·
· Jalandhar ·
· Rohtak ·
· Varansi ·
· Jaipur ·
·
New ·
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Sales Offices
: |
Located At: · Chhattisgarh · Madhya Pradesh · Bihar · Delhi · Uttar Pradesh · Karnataka · Andhra Pradesh · Maharashtra · Goa · Gujarat |
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Branch Offices : |
Located At: · Bangalore · Jamshedpur · Kolkata · New Delhi |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. H. V. Goenka |
|
Designation : |
Chairman |
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|
Name : |
Mr. Anant Vardhan Goenka |
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Designation : |
Managing Director |
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|
Name : |
Mr. Arnab Banerjee |
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Designation : |
Executive Director – Operations |
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|
Name : |
Mr. Vinay Bansal |
|
Designation : |
Director |
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Name : |
Mr. A. C. Choksey |
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Designation : |
Director |
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Qualification : |
Bachelor’s in Chemical Engineering from Illinois Institute of Technology, Chicago, USA and has also done Management courses in Finance, Personnel, Micro and Macro Economics etc. |
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|
Name : |
Mr. Paras K. Chowdhary |
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Designation : |
Director |
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Name : |
Mr. S. Doreswamy |
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Designation : |
Director |
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Name : |
Mr. Mahesh S. Gupta |
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Designation : |
Director |
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|
Name : |
Mr. Haigreve Khaitan |
|
Designation : |
Director |
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|
Name : |
Mr. Hari L. Mundra |
|
Designation : |
Director |
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Name : |
Mr. K. R. Podar |
|
Designation : |
Director |
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Qualification : |
Graduate from Sydenham College of Commerce and Economics, Mumbai |
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|
|
|
Name : |
Punita Lal |
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Designation : |
Director |
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Qualification : |
BA (Hons.) Economics from St. Stephen’s College, Delhi and an MBA from Indian Institute of Management, Calcutta, is a high-caliber |
|
Experience : |
Professional manager with over 25 (twenty-five) years of experience in Strategy Marketing and Leadership in the FMCG world. |
KEY EXECUTIVES
|
Name : |
Mr. H. N. Singh Rajpoot |
|
Designation : |
Company Secretary |
|
Address : |
463, |
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|
Name : |
Ms. Namrata |
|
Designation : |
Treasury – Manager |
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Audit Committee: |
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Stakeholders
Relationship Committee: |
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Nomination and
Remuneration Committee: |
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Corporate Social
Responsibility Committee: |
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Risk Management
Committee: |
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SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of Total No. of Shares |
|
(A)
Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
148118 |
0.37 |
|
|
18603272 |
45.99 |
|
|
18751390 |
46.36 |
|
|
|
|
|
|
1782348 |
4.41 |
|
|
1782348 |
4.41 |
|
Total
shareholding of Promoter and Promoter Group (A) |
20533738 |
50.76 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
2254151 |
5.57 |
|
|
28312 |
0.07 |
|
|
9700 |
0.02 |
|
|
1003200 |
2.48 |
|
|
8608909 |
21.28 |
|
|
11904272 |
29.43 |
|
|
|
|
|
|
1211041 |
2.99 |
|
|
|
|
|
|
4678981 |
11.57 |
|
|
1043503 |
2.58 |
|
|
1078557 |
2.67 |
|
|
3855 |
0.01 |
|
|
932667 |
2.31 |
|
|
138998 |
0.34 |
|
|
3000 |
0.01 |
|
|
37 |
0.00 |
|
|
8012082 |
19.81 |
|
Total
Public shareholding (B) |
19916354 |
49.24 |
|
Total
(A)+(B) |
40450092 |
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) |
40450092 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automotive Tires, Tubes and Flaps. |
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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 : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash, L\C and Credit (30,60,90 Days) |
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Purchasing : |
Cash, L\C and Credit (30,60,90 Days) |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users and OEMS
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Associates LLP Chartered Accountants |
|
Address : |
14th Floor, The Ruby 29 Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India |
|
Tel. No. : |
91-22-61920000 |
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Fax No. : |
91-22-61921000 |
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|
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Legal Adviser: |
· Mulla and Mulla and Craige · Blunt and Caroe |
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PAN N Income-tax PAN of auditor or auditor's firm : |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Related parties
where control exists: |
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|
|
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|
Related parties with
whom transactions have taken place during the year: |
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CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
46100000 |
Equity Shares |
Rs.10/- each |
Rs.461.000 Million |
|
3900000 |
Preference Shares |
Rs.10/- each |
Rs.39.000 Million |
|
10000000 |
Unclassified Shares |
Rs.10/- each |
Rs.100.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs.600.000
Million |
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35955710 |
Equity Shares |
Rs.10/- each |
Rs.359.557 Million |
|
|
Add : Allotted during the year 4494382 |
|
Rs.44.944 Million |
|
|
|
|
|
|
|
Total |
|
Rs.404.501
Million |
Reconciliation of
equity shares outstanding
|
Equity Shares |
31.03.2015 |
|
|
|
Number |
Rs. In Million |
|
Shares outstanding at the beginning of the year |
35955710 |
3595.557 |
|
Shares issued during the year |
4494382 |
44.944 |
|
Shares outstanding at the end of the year |
40450092 |
404.501 |
Terms and rights
attached to Equity Shareholders:
The Company has only one class of equity shares having a face value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per equity share. The dividend is recommended by the Board of Directors and is subject to the approval of the members at the ensuing Annual General Meeting. The Board of Directors have a right to deduct from the dividend payable to any member any sum due from him to the Company.
In the event of winding-up, the holders of equity shares shall 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 shareholders.
The shareholders have all other rights as available to equity shareholders as per the provision of the Companies Act, 1956, read together with the Memorandum of Association and Articles of Association of the Company, as applicable.
Shares in the Company
held by each shareholder holding more than 5% of the number of equity shares
|
Equity Shares |
31.03.2015 |
|
|
|
Number of shares |
% Holding |
|
Instant Holdings Limited |
11510812 |
28.46 |
|
Swallow Associates LLP |
4484624 |
11.09 |
|
Kotak Mahindra (International) Limited |
2515700 |
6.22 |
|
TIAA-CREF Institutional Mutual Fund International |
2160298 |
5.34 |
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 |
404.501 |
359.557 |
342.435 |
|
(b) Reserves & Surplus |
15580.896 |
9311.448 |
7087.676 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
36.397 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
15985.397 |
9671.005 |
7466.508 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3543.241 |
4224.918 |
4216.689 |
|
(b) Deferred tax liabilities
(Net) |
1171.473 |
1090.950 |
745.207 |
|
(c) Other long term
liabilities |
14.220 |
14.220 |
14.220 |
|
(d) long-term provisions |
270.584 |
202.104 |
120.069 |
|
Total
Non-current Liabilities (3) |
4999.518 |
5532.192 |
5096.185 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2568.403 |
5747.816 |
3821.581 |
|
(b) Trade payables |
6331.092 |
6631.433 |
7760.612 |
|
(c) Other current liabilities |
5435.100 |
5404.571 |
5762.251 |
|
(d) Short-term provisions |
1042.684 |
728.589 |
654.359 |
|
Total
Current Liabilities (4) |
15377.279 |
18512.409 |
17998.803 |
|
|
|
|
|
|
TOTAL |
36362.194 |
33715.606 |
30561.496 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
14249.527 |
14129.557 |
14419.224 |
|
(ii) Intangible Assets |
563.370 |
612.548 |
610.080 |
|
(iii) Capital work-in-progress |
1640.659 |
302.304 |
99.354 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1243.856 |
1243.356 |
447.084 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
612.187 |
755.155 |
1182.919 |
|
(e) Other Non-current assets |
87.692 |
100.481 |
105.728 |
|
Total
Non-Current Assets |
18397.291 |
17143.401 |
16864.389 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
3124.332 |
0.000 |
0.000 |
|
(b) Inventories |
6421.070 |
7182.781 |
5314.401 |
|
(c) Trade receivables |
6669.272 |
7158.424 |
6357.459 |
|
(d) Cash and cash equivalents |
644.978 |
1029.560 |
813.501 |
|
(e) Short-term loans and advances |
952.038 |
929.841 |
1048.570 |
|
(f) Other current assets |
153.213 |
271.599 |
163.176 |
|
Total
Current Assets |
17964.903 |
16572.205 |
13697.107 |
|
|
|
|
|
|
TOTAL |
36362.194 |
33715.606 |
30561.496 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
55916.646 |
53548.105 |
48814.447 |
|
|
Other Income |
286.325 |
205.406 |
214.759 |
|
|
TOTAL
(A) |
56202.971 |
53753.511 |
49029.206 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
32589.932 |
34513.883 |
33432.626 |
|
|
Purchases of Stock-in-Trade |
1197.628 |
1217.062 |
687.093 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
562.739 |
(1058.572) |
(341.931) |
|
|
Employees benefits expense |
3498.533 |
2890.719 |
2690.974 |
|
|
Other expenses |
11681.076 |
9800.756 |
8265.602 |
|
|
Exceptional Items |
61.320 |
100.393 |
276.956 |
|
|
TOTAL
(B) |
49591.228 |
47464.241 |
45011.320 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
6611.743 |
6289.270 |
4017.886 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1304.630 |
1691.589 |
1778.907 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5307.113 |
4597.681 |
2238.979 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
878.487 |
826.332 |
781.648 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX (E-F) (G) |
4428.626 |
3771.349 |
1457.331 |
|
|
|
|
|
|
|
Less |
TAX (H) |
1438.887 |
1233.527 |
393.816 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
2989.739 |
2537.822 |
1063.515 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5193.723 |
3328.717 |
2535.455 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend on Equity Shares |
404.501 |
366.406 |
136.974 |
|
|
Corporate Tax on Proposed Dividend |
48.766 |
52.610 |
23.279 |
|
|
Transfer to General Reserve |
0.000 |
253.800 |
110.000 |
|
|
Balance
Carried to the B/S |
7730.195 |
5193.723 |
3328.717 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export Sales calculated on FOB basis |
9780.098 |
10749.429 |
10899.587 |
|
|
Royalty |
44.271 |
43.299 |
36.984 |
|
|
Dividend |
95.060 |
83.716 |
56.847 |
|
|
Technical Development Charges |
7.000 |
33.423 |
0.000 |
|
|
TOTAL
EARNINGS |
9926.429 |
10909.867 |
10993.418 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
13663.165 |
15905.465 |
13489.009 |
|
|
Traded Goods |
354.605 |
333.921 |
264.068 |
|
|
Components & Spares |
50.953 |
42.240 |
68.156 |
|
|
Capital Goods |
577.887 |
219.783 |
156.069 |
|
|
TOTAL
IMPORTS |
14646.610 |
16501.409 |
13977.302 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
Basic |
79.76 |
71.66 |
31.06 |
|
|
Diluted |
79.76 |
71.24 |
30.44 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
1481.907 |
1514.109 |
2078.297 |
|
Cash generated from operations |
8054.881 |
2387.365 |
5926.930 |
|
Net cash flows from (used in) operating activities |
7052.066 |
1552.366 |
5569.801 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
|
30.06.2015 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
516.800 |
|
Total Expenditure |
|
|
573.750 |
|
PBIDT (Excl OI) |
|
|
(56.950) |
|
Other Income |
|
|
2.250 |
|
Operating Profit |
|
|
(54.700) |
|
Interest |
|
|
16.770 |
|
Exceptional Items |
|
|
(283.100) |
|
PBDT |
|
|
(354.570) |
|
Depreciation |
|
|
14.340 |
|
Profit Before Tax |
|
|
(368.910) |
|
Tax |
|
|
NA |
|
Provisions and
contingencies |
|
|
NA |
|
Profit After Tax |
|
|
(368.910) |
|
Extraordinary
Items |
|
|
NA |
|
Prior Period
Expenses |
|
|
NA |
|
Other Adjustments |
|
|
NA |
|
Net Profit |
|
|
(368.910) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
5.35 |
4.74 |
2.18 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
11.82 |
11.75 |
8.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.23 |
11.72 |
4.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.39 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.48 |
1.19 |
1.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17 |
0.90 |
0.76 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.1229.60/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
342.435 |
359.557 |
404.501 |
|
Reserves & Surplus |
7087.676 |
9311.448 |
15580.896 |
|
Money received against share
warrants |
0.000 |
0.000 |
36.397 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
7430.111 |
9671.005 |
16021.794 |
|
|
|
|
|
|
long-term borrowings |
4216.689 |
4224.918 |
3543.241 |
|
Short term borrowings |
3821.581 |
5747.816 |
2568.403 |
|
Current maturities of
long-term debts |
2078.297 |
1514.109 |
1481.907 |
|
Total
borrowings |
10116.567 |
11486.843 |
7593.551 |
|
Debt/Equity
ratio |
1.362 |
1.188 |
0.474 |
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 |
48814.447 |
53548.105 |
55916.646 |
|
|
|
9.697 |
4.423 |
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 |
48814.447 |
53548.105 |
55916.646 |
|
Profit |
1063.515 |
2537.822 |
2989.739 |
|
|
2.18% |
4.74% |
5.35% |
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 |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date:- 13.08.2015 |
|
Lodging No.:- ITXAL/1177/2015 Filing
Date:- 13.08.2015 |
|
|
|
Petitioner: THE PR COMMISSIONER OF INCOME TAX - Respondent: CEAT LIMITED Petn. Adv : PADMA DIVAKAR (I3287) District: MUMBAI |
|
Bench: DIVISION Status: Pre-Admission
Category: CENTRAL EXCISE APPEAL (CEXA) Next Date:- 02/08/2015
Stage: -- Last Coram:- REGISTRAR (OS)/ PROTHONOTARY AND SR. MASTER |
|
Act: Income Tax Act, 1961 UNDER SECTION: 260 A |
CORPORATE INFORMATION
Subject is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company’s principal business is manufacturing of automotive tyres, tubes and flaps. The company started operations in 1958 as CEAT Tyres of India Limited and was renamed as CEAT Limited in 1990. The company caters to both domesticand international markets.
FINANCIAL HIGHLIGHT
During the year, CEAT continued to be one of the fastest growing tyre Companies in India.
On standalone basis, the Company recorded total income of Rs.55916.646 Million with a growth of 4.42 % over Rs.53548.105 Million of the last fiscal. The Company recorded a net profit of Rs.2989.739 Million reflecting a growth of 17.81 % over net profit of Rs.2537.822 Million of the last fiscal.
On consolidated basis, the Company recorded net revenue from operations of Rs.58023.833 Million with a growth of 4.47 % over Rs.55539.786 Million of the last fiscal. The Company recorded a net profit of Rs.3171.798 Million reflecting a growth of 16.94 % over net profit of Rs.2712.350 Million of the last fiscal.
INDUSTRY UPDATE
The Indian automobile industry faced and contracted demand during the year, particularly in commercial and farm segments. However, demand for passenger cars and 2-wheelers vehicles registered a positive growth. This had a corresponding impact on the domestic tyre industry as well, with the respective tyre categories matching the demand pattern of the corresponding automobile categories.
Contraction in demand was experienced in the Indian export market also, on account of the increased demand for radial lyres being supplied by other countries, and corresponding shrinkage in demand for bias lyres. Further, the prices realized from export markets also registered continued reduction, due to competition from low cost Chinese tyres.
A slowdown in demand from China, the world's biggest consumer of rubber, along with increased supply in markets such as Thailand, has kept international rubber prices on a tight leash during the year. The drop in the crude oil prices triggered a price decline for the crude based raw materials as well. This helped the industry register respectable margins
FUTURE OUTLOOK
The Indian Tyre Industry is expected to register a better growth during the fiscal 2016, considering the optimistic macroeconomic conditions and projected growth of automobile industry. Passenger car, Motorcycle and Truck/Bus are expected to register a growth of 7 - 9%, while scooter and small commercial vehicles are expected to register double digit growth in coming years. The demand for tractor tyres is dependent on season and is not expected to show any significant growth in coming year.
The reduction of prices in key base commodities (like crude) in the second half of the year, is yet to be reflected fully. The raw material prices are expected to be stable and may assist tyre manufacturing companies In maintaining operating margins. However, recent regulatory changes viz. increase. In basic import customs duty on natural rubber [raised from 20% or Rs.30/kg (whichever is lower), to 25% or Rs.30/kg (whichever is lower»). will have an impact on the raw material procurement costs. To mitigate the impact of the above, the Company's aim is to improve its product mix further by shifting towards the more profitable product categories, focus on key international geographies and increase operational efficiency through its 'Total Quality Management' initiative to counter changes in the operating environment. With a constant focus on profitable product categories, market segments and key international geographies, CEAT is strategically poised to achieve its vision of being amongst the most profitable tyre companies in India by 2016.
MANAGEMENT DISCUSSION
AND ANALYSIS
Over the last few years, CEAT has undertaken a transformational journey with differentiated strategy to grow and add value to the shareholders. With re-invented thrust on research and development, new product launches, reinforced partnerships with Original Equipment Manufacturers (OEMs), growing channel network and increased brand investments, CEAT has been bettering industry growth.
Inadequate monsoon and consequent weak rural demand coupled with a moderate uptick in the Indian economy cast its shadow on the Automobile industry during FY 2014-15. Growth in the auto Industry remained sluggish, adversely impacting the demand for tyres for OEMs, though later part of the year witnessed a revival in the demand for commercial vehicles. Replacement tyres demand, however, continued to remain firm, lending stability for the industry.
Despite the twilight industry conditions, CEAT, in-line with its strategy and focus, continued to expand its share in the relatively higher-profit generating two and four wheeler passenger tyre segments, both in the OEM and Replacement markets. Concurrently, the thrust on sustaining the capacity utilization in the Commercial Vehicles (CVs) tyre segment also continued. The Company's continuous initiatives for market share expansion in the passenger segments, are resulting in sustained revenue growth and stronger profitability. With new investments in the passenger segments, CEAT is well poised to leverage the market potential and further expand its market shares.
GLOBAL ECONOMY
The financial crisis of 2008 triggered a freefall of the world economy. The resultant widespread damage raised concerns over the efficacy of the prevailing financial and regulatory framework and corporate governance, and also posed serious Questions as to the risk management processes in global financial institutions. Additionally, it powered the new belief that economies, which till then had been playing a dominant role in global growth might not, henceforth, be the future leaders.
While global growth has seen revival post the 2008-12 economic recession, the recovery has been slow as the global economy is still saddled with unfinished post-crisis adjustments. In FY 2014-15, global economy remained sluggish, to finally stabilise at a moderate -3.4% growth. Further, divergent trends were witnessed among major economies. Specifically, in the United States, revival was stronger on expected lines, while performance in Japan and Euro zone fell short of expectations, resulting in dollar appreciation vis-a-vis other G7 countries. The Chinese economy slowed in the second half of the year and growth dipped slightly below the government's 7.5% target.
US Shale revolution
Strong growth in oil output due to the 'shale revolution' in the United States, coupled with weak demand in the key consumption countries, led to an oversupplied oil market and sharp decline in oil prices, especially in the second half of 2014. The sharp fall was further led by OPEC's decision not to cut back production for the respective countries. The reduction in energy prices decelerated growth in major oil producing countries and weakened their currencies due to fiscal and trade imbalances. On the other hand, declining crude oil prices overshadowed the prevailing geo-political tensions and unrest in many countries, and improved the overall fiscal landscape, including that of India. Lower oil prices are expected to support consumer spending and hold inflation at lower levels; however, the impact is likely to be witnessed only in the medium term.
Sluggish global
economy
The sluggishness of 2014 is expected to persist during 2015, with stagnating GDPs and low inflation continuing to plague the developed Euro region and Japan, coupled with expected deceleration of the Chinese economy. The prevailing uncertainty and instability in several regions, including the Middle East, Russia, Ukraine and parts of Africa, are also expected to hit global trade and economy. Among the major advanced economies, however, the United States, with a substantial advancement in the shale gas industry and supported by currency appreciation, is expected to continue with economic growth revival.
The weak growth across economies, coupled with surplus production and subdued demand, led to sluggishness in prices of other commodities as well, apart from crude oil. However, the benefits of the low commodity prices have not yet been fully passed onto the consumers, which is reflected in low consumption levels which in turn has resulted in stagnant demand for the capital goods. Going ahead, the emerging markets slowdown, supplemented with a strong US Dollar, is expected to restrain commodity prices. While the low prices are likely to impact the revenues of commodity exporting countries, importing countries will be able to reduce current account and fiscal deficits.
The global auto sector, whose fortunes are closely intertwined with the performance of the global economy, correspondingly remained flat. Auto being the parent industry, had a domino effect on demand in the tyre industry. However, the low commodity prices are supporting the tyre industry to post good returns, despite a weak demand.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Public deposits |
345.006 |
528.730 |
|
Deferred sales tax Incentive |
383.091 |
418.424 |
|
SHORT TERM
BORROWING |
|
|
|
Export packing credit from banks |
0.000 |
387.682 |
|
Term loan from banks |
182.527 |
535.962 |
|
Public deposit |
9.490 |
18.012 |
|
Total |
920.114 |
1888.810 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10546577 |
07/01/2015 |
1,000,000,000.00 |
BANK OF INDIA |
MUMBAI LARGE CORPORATE BRANCH, ORIENTAL BUILDING, 364, D. N. ROAD,
MUMBAI, MAHARASHTRA - 400001, INDIA |
C42213173 |
|
2 |
10546946 |
07/01/2015 |
700,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C42393033 |
|
3 |
10540073 |
10/12/2014 |
1,500,000,000.00 |
BANK OF INDIA |
MUMBAI LARGE CORPORATE BRANCH, ORIENTAL BUILDING, |
C38918314 |
|
4 |
10540875 |
10/12/2014 |
1,600,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTR |
C39412630 |
|
5 |
10540888 |
10/12/2014 |
1,450,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDR |
C39413943 |
|
6 |
10247473 |
21/10/2010 |
1,164,600,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ |
A96947650 |
|
7 |
10230552 |
21/06/2010 |
1,000,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE,
MUMBAI, MAHARASHTRA - 400005, INDIA |
A89559595 |
|
8 |
10231597 |
21/06/2010 |
500,000,000.00 |
BANK OF BARODA |
INDUSTRIAL FINANCE BRANCH, BARODA HOUSE, CAWASJEE |
A89904403 |
|
9 |
10212609 |
21/06/2010 * |
1,000,000,000.00 |
BANK OF INDIA |
MUMBAI LARGE CORPORATE BRANCH, BANK OF INDIA BLDG, |
A89770556 |
|
10 |
10179171 |
21/06/2010 * |
1,100,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005,
INDIA |
A89762595 |
* Date of charge modification
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED JUNE 30, 2015
(Rs.
In Million)
|
|
|
Particulars |
Quarter
ended |
|
|
|
30.06.2015 |
|
|
|
|
Unaudited |
|
|
1 |
Income from Operations |
|
|
|
|
Sales/Income from Operations (Gross) |
15725.700 |
|
|
|
Less: Excise Duty |
1651.300 |
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
14074.400 |
|
|
|
b) Other Operating Income |
114.900 |
|
|
|
Total Income from Operations (Net) |
14189.300 |
|
|
2 |
Expenses |
|
|
|
|
a) |
Cost of Materials consumed |
7339.500 |
|
|
b) |
Purchase of stock in-trade |
251.900 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
524.000 |
|
|
d) |
Employee benefit expenses |
944.300 |
|
|
e) |
Depreciation and amortization expense |
231.100 |
|
|
f) |
Other
expenses |
2959.800 |
|
|
Total Expenses |
12250.600 |
|
|
3 |
Profit
/(Loss) from operations before other income, finance costs and exceptional
items (1-2) |
1938.700 |
|
|
4 |
Other
Income |
81.200 |
|
|
5 |
Profit
/(Loss) from ordinary activities before finance costs and exceptional items
(3+4) |
2019.900 |
|
|
6 |
Finance
Costs |
254.600 |
|
|
7 |
Profit
/(Loss) from ordinary activities after finance costs but before exceptional
items (5-6) |
1765.300 |
|
|
8 |
Exceptional Items |
0.000 |
|
|
9 |
Profit /(Loss) from ordinary activities before tax |
1765.300 |
|
|
10 |
Tax
Expense |
587.600 |
|
|
11 |
Net Profit /(Loss) for the period (9-10) |
1177.700 |
|
|
12 |
Paid up equity
share capital (Eq. shares of Rs.10/-
each) |
404.500 |
|
|
13 |
Reserve
excluding revaluation reserves |
|
|
|
14 |
|
Earnings
per share of Rs. 10 each (not annualised) |
|
|
|
|
Basic |
29.11 |
|
|
|
Diluted |
29.11 |
|
A |
|
PARTICULARS OF SHAREHOLDING |
|
|
1 |
|
Public Shareholding |
|
|
|
|
- No. of
Shares |
19916354 |
|
|
|
-
Percentage of Shareholding |
49.24 |
|
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 |
2053738 |
|
|
|
-
Percentage of shares ( as a % of the total shareholding of the promoter and
promoter group) |
100.00 |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
50.76 |
|
|
Particulars |
Quarter
ended 30.06.2015 |
|
|
B |
|
Investor Complaints
(Nos.) |
|
|
|
|
Pending at
the beginning of the quarter |
0 |
|
|
|
Received
during the quarter |
1 |
|
|
|
Disposed
during the quarter |
1 |
|
|
|
Remaining
unresolved at the end of the quarter |
0 |
NOTE:
1. The above results were reviewed by the Audit Committee and thereafter approved by the Board of Directors at their meeting held on July 22, 2015.
2. Exceptional Item for the year and quarter ended March 31, 2015:
The Company had introduced a Voluntary Retirement Scheme (VRS) for its
employees. The compensation in respect of employees who opted for VRS
aggregated to Rs. 61.300 Million which was disclosed as an Exceptional Item.
3. The Company has only one business segment "Tyres".
4. The figures for the quarter ended March 31, 2015 are the balancing figures
between audited figures in respect of the full financial year up to March 31,
2015 and the unaudited published year-to-date figures up to December 31, 2014,
being the date of the end of the third quarter of the financial year, which
were subject to limited review.
5. The figures have been regrouped / rearranged wherever considered necessary
to conform to current period classification and grouping.
CONTINGENT
LIABILITIES
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Income Tax |
849.254 |
1277.164 |
|
Wealth Tax |
0.673 |
0.673 |
|
Excise Duty / Service Tax |
884.644 |
1968.636 |
|
Sales Tax |
455.466 |
347.940 |
|
Bills discounted with Banks |
869.831 |
612.646 |
|
d) Corporate Guarantee |
|
|
|
i) Corporate Guarantees given in favour of AB Bank Limited on behalf of CEAT Bangladesh Limited amounting to Bangladesh Taka 165.000 Million (Previous year Bangladesh Taka 165.000 Million) |
0.000 |
127.826 |
|
ii) Letter of Comfort given to The City Bank Limited on behalf of CEAT Bangladesh Limited amounting to Bangladesh Taka 160.000 Million (Previous year Bangladesh Taka 160.000 Million)# |
92.964 |
92.964 |
|
iii) Corporate Gurantee given to Muzuho Corporate Bank, Tokyo on behalf of RPG Enterprises Limited |
0.000 |
255.000 |
|
Claims against the Company not acknowledged as debts* |
|
|
|
In respect of labour matters |
35.343 |
71.579 |
|
Rental disputes |
18.000 |
18.000 |
|
Customer disputes |
44.600 |
44.600 |
|
Vendor disputes |
29.383 |
29.383 |
|
Other claims |
19.985 |
18.730 |
|
NOTE: *in respect of above matters, future cash outflows are determinable only on receipt of judgments pending at various forums / authorities. The amount of expected reimbursement to the Company is not ascertainable as on Balance Sheet date. # Loans availed by CEAT AKKHAN Limited against the Corporate Gurantee issued by the Company, have been utilized for the purpose of working capital requirement. |
||
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plants and Equipment’s
· Furniture and Fixtures
· Office Equipment’s
· Vehicles
Intangible Assets
· Software
· Brand
· Technical Knowhow
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.65.11 |
|
UK Pound |
1 |
Rs.99.50 |
|
Euro |
1 |
Rs.74.24 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--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 |
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 |
|
66 |
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.