MIRA INFORM REPORT
|
Report No. : |
347348 |
|
Report Date : |
28.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAVITA OIL TECHNOLOGIES LIMITED (w.e.f.24.08.2009) |
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|
|
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Formerly Known
As : |
SAVITA CHEMICALS LIMITED |
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Registered
Office : |
66/67, Nariman Bhavan, Nariman
Point, Mumbai – 400021, |
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Tel. No. : |
91-22-66246200 / 66246228 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
19.07.1961 |
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Com. Reg. No.: |
11-012066 |
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Capital
Investment / Paid-up Capital : |
Rs. 146.056 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
L24100MH1961PLC012066 |
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IEC No.: |
0389017469 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS37352A |
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PAN No.: [Permanent Account No.] |
AAACS7934A |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged into manufacturing and Selling of
Petroleum Products. |
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No. of Employees
: |
440 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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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 established in 1961, is a leading player in the transformer
oil, white oil and industrial and automotive lubricants industries. Subject is
a well-established company having fine track record. For the financial year ended 2015, company possesses moderate
operational performance and it has incurred loss from its operations during a
year under review. However, rating takes into consideration SOTL’s established market
position supported by diversified revenue profile and healthy financial risk
profile of the company. Rating also takes into consideration extensive industry experience of
promoters in lubricants industry and established track record of business
operations. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : “AA” |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
30.01.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : “A1+” |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
30.01.2015 |
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
31-03-2013.
INFORMATION DENIED BY
|
Name : |
Mr. Shetty |
|
Designation : |
Accounts Head |
|
Contact No.: |
91-22-66246200 |
|
Date : |
27.10.2015 |
LOCATIONS
|
Registered Office : |
66/67, Nariman Bhavan, Nariman Point,
Mumbai – 400021, Maharashtra, India |
|
Tel. No. : |
91-22-66246200 / 66246228 |
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Fax No. : |
91-22-22029364 |
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E-Mail : |
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Website : |
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Factory 1 : |
17/17A, Thane Belapur Road, Turbhe, Navi Mumbai – 400703,
Maharashtra, India |
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Tel. No. : |
91- 22-27681521 / 67683500 |
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Fax No. : |
91- 22-27682024 |
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Factory 2 : |
Survey No. 10/2, Kharadpada, Post Naroli, Silvassa – 396230, Dadra and Nagar Haveli, India |
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Tel. No. : |
91- 260-3204003 |
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Fax No. : |
91- 260-2650182 |
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Factory 3 : |
A-2/1 and 2/2, MIDC Industrial Estate, Mahad, District – Raigad
402301 Maharashtra, India |
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Tel. No. : |
91-2145-232020 / 2320312145-232020 / 232031 |
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Fax No. : |
91-2145-232236 |
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Factory 4: |
Survey
No.140/1, Village Kuvapada, Silli, P.O. Kilwani, Silvassa, Dadra and Nagar Haveli
- 396 230 (U.T.), India |
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|
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Branch Offices:
|
Located At: · New Delhi Bhopal Kolkata Secunderabad |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Gautam N. Mehra |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
05.08.1961 |
|
Qualification : |
B.E. (Chem), M.B.A., Univ. of California (Berkeley) |
|
Experience : |
32 Years |
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Date of Appointment : |
01.12.1983 |
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|
Name : |
Mr. C. V. Alexander |
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Designation : |
Whole-time Director |
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Date of Birth/Age : |
29.5.1935 |
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Qualification : |
M.A., LL.B. |
|
Experience : |
51 Years |
|
|
|
|
Name : |
Mr. Ninad B. Karpe |
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Designation : |
Non-Executive Director |
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Date of Birth/Age : |
04.03.1961 |
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Qualification : |
B. Com., LL.B. (Gen.)., F. C. A. |
|
|
|
|
Name : |
Mr. Sanjeev R. Pandit |
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Designation : |
Non-Executive Director |
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Date of Birth/Age : |
07.09.1957 |
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Qualification : |
B. Com., F. C. A. |
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|
|
|
Name : |
Mr. Harit A. Nagpal |
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Designation : |
Non-Executive Director |
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Date of Birth/Age : |
02.11.1961 |
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Qualification : |
B.E., M.B.A. |
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Experience : |
Over 28 years in service |
|
|
|
|
Name : |
Mrs. M. C. Dalal |
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Designation : |
Non-Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. S. M. Dixit |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. U. C. Rege |
|
Designation : |
Company Secretary
& Executive VP – Legal |
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|
|
|
Name : |
Ms. Shraddha |
|
Designation : |
Secretary of Chief finance officer |
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|
|
|
Name : |
Mr. Shetty |
|
Designation : |
Accounts Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of Shareholder |
Total No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4620244 |
42.47 |
|
|
688331 |
6.33 |
|
|
5308575 |
48.80 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
5308575 |
48.80 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
375591 |
3.45 |
|
|
|
|
|
|
1593972 |
14.65 |
|
|
2535020 |
23.30 |
|
|
1065590 |
9.80 |
|
|
214384 |
1.97 |
|
|
1206 |
0.01 |
|
|
850000 |
7.81 |
|
|
5570173 |
51.20 |
|
Total Public shareholding (B) |
5570173 |
51.20 |
|
Total (A)+(B) |
10878748 |
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) |
10878748 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
S. No. |
Name of the Shareholder |
Details of
Shares held |
|
|
No. of Shares held |
As a % of grand total |
||
|
1 |
Gautam N Mehra |
91,95,915 |
62.98 |
|
2 |
Khatri Investments Private Limited |
4,27,611 |
2.93 |
|
3 |
Mansukhmal Investments Private Limited |
4,10,000 |
2.81 |
|
4 |
Gautam N Mehra |
84,832 |
0.58 |
|
5 |
Gutam Nandkishore Mehra |
71,331 |
0.49 |
|
6 |
Gautam N Mehra |
66,666 |
0.46 |
|
7 |
Gautam N Mehra |
33,333 |
0.23 |
|
8 |
Reshma Gautam Mehra |
33,333 |
0.23 |
|
9 |
Gautam N Mehra |
32,833 |
0.22 |
|
10 |
Simran G Mehra |
30,500 |
0.21 |
|
11 |
Gautam Nandkishore Mehra |
16,624 |
0.11 |
|
12 |
Kurla Investment and Trading |
13,666 |
0.09 |
|
13 |
Naved Investment and Trading Company Private Limited |
8,500 |
0.06 |
|
14 |
Ritu Satsangi |
7,649 |
0.05 |
|
15 |
Gautam N Mehra |
7,456 |
0.05 |
|
16 |
Basant Lok Trading Company |
6,166 |
0.04 |
|
17 |
Gautam N Mehra |
1,166 |
0.01 |
|
18 |
Chemi Pharmex Private Limited |
1,000 |
0.01 |
|
19 |
Gautam N Mehra |
1,500 |
0.01 |
|
20 |
Naved Investment and Trading Company Private Limited |
952 |
0.01 |
|
21 |
Atul Guruprasad Satsangi |
666 |
0.00 |
|
22 |
Siddharth Mehra |
583 |
0.00 |
|
23 |
Ritu Satsangi |
100 |
0.00 |
|
24 |
Reshma Gautam Mehra |
83 |
0.00 |
|
|
Total |
1,04,52,465 |
71.58 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
HDFC Trustee Company Limited |
1329732 |
9.11 |
|
|
2 |
EAST Sail |
213646 |
1.46 |
|
|
3 |
Pari Washington Company Private Limited A/C Pari Washington
India Master Fund Limited |
503933 |
3.45 |
|
|
|
Total |
2047311 |
14.02 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the category
“Public” and holding more than 5% of the total number of shares of the company
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
HDFC Trustee Company Limited |
1329732 |
9.11 |
|
|
|
Total |
1329732 |
9.11 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into manufacturing and Selling of
Petroleum Products. |
|
|
|
|
Products : |
· Tranformer Oil · White Oils · Liquied Paraffins · Lubricant Oil · Petroleum Oil |
|
|
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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|
|
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
440 (Approximately) |
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Bankers : |
· State Bank of India Citibank N.A. Corporation Bank DBS Bank Limited ICICI Bank Limited Standard Chartered Bank Union Bank of India |
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Facilities : |
NOTE: SHORT TERM
BORROWINGS i) Hypothecation of inventories, receivables and other current assets and ii) First pari-passu charge by way of equitable mortage by deposit of title deeds of the Company’s certain immovable properties at Silvassa, Navi Mumbai and Mumbai. |
|
Auditors : |
|
|
Name : |
G. M. Kapadia and Company Chartered Accountants |
|
Address : |
1007, Raheja Chambers, 213, Nariman Point,
Mumbai – 400021, Maharashtra, India |
|
Tel. No.: |
91-22-66116611 |
|
Fax No.: |
91-22-66116600 |
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|
|
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Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Enterprises where key management personnel
or relatives of key management personnel have control or significant influence: |
· Basant Lok Trading Company Chemi Pharmex Private Limited D.C.Mehra Public Charitable Trust Khatri Investments Private Limited Kurla Investment and Trading Company Private Limited Madhu Trust Mansukhmal Investment Private Limited N. K. Mehra Trust Naved Investment and Trading Company Private Limited Nkm Grand Children’s Trust Savita Petro-Additives Limited Savita Polymers Limited |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Million |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14609183 |
Equity Shares |
Rs.10/- each |
Rs. 146.092 Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14602083 |
Equity Shares |
Rs.10/- each |
Rs. 146.021 Million |
|
7100 |
Add: Forfeited Shares |
|
Rs. 0.035 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 146.056
Million |
NOTE:
a) Reconciliation of
number of shares
|
Particulars |
As at 31.03.2015 |
|
|
Nos. |
Rs. In Million |
|
|
At the beginning of the year |
1,46,02,083 |
146.021 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
1,46,02,083 |
146.021 |
b) Rights,
preferences and restrictions attached to equity shares (except forfeited
shares)
The Company has only one class of equity shares having par value of Rs. 10 each. Each holder of equity shares is entitled to one vote per share.There are no restrictions on the distribution of dividend or repayment of capital.The Company declares dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
c) Details of
shareholder holding more than 5% of equity shares
|
Particulars |
As at 31.03.2015 |
|
|
Nos. |
% of holding |
|
|
Gautam N. Mehra |
9510156 |
65.13 |
|
HDFC Trustees Company Limited |
1329732 |
9.11 |
As per the of the Company, including its register of shareholders / members.
d) Forfeited equity
shares
|
Particulars |
As at 31.03.2015 |
|
Nos. |
|
|
No. of Shares forfeited |
7,100 |
|
Amount of share capital forfeited (Rs. In Million) |
0.035 |
|
Amount of share premium forfeited (Rs. In Million) |
0.249 |
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 |
146.056 |
146.056 |
146.056 |
|
(b) Reserves & Surplus |
5503.446 |
5563.917 |
4965.521 |
|
(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) |
5649.502 |
5709.973 |
5111.577 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
367.934 |
582.779 |
526.389 |
|
(b) Deferred tax liabilities (Net) |
282.062 |
329.156 |
345.172 |
|
(c) Other long term liabilities |
48.271 |
46.571 |
37.005 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
698.267 |
958.506 |
908.566 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
61.587 |
151.849 |
57.162 |
|
(b) Trade payables |
4438.942 |
7375.182 |
4288.496 |
|
(c) Other current
liabilities |
494.020 |
669.937 |
552.535 |
|
(d) Short-term provisions |
121.381 |
486.818 |
376.439 |
|
Total Current Liabilities (4) |
5115.930 |
8683.786 |
5274.632 |
|
|
|
|
|
|
TOTAL |
11463.699 |
15352.265 |
11294.775 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2640.398 |
2858.125 |
2108.088 |
|
(ii) Intangible Assets |
8.054 |
9.969 |
3.308 |
|
(iii) Capital
work-in-progress |
12.317 |
49.831 |
214.558 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.101 |
20.101 |
107.310 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
209.815 |
150.085 |
178.029 |
|
(e) Trade receivables |
33.539 |
22.655 |
37.715 |
|
(f) Other Non-current assets |
2.956 |
2.404 |
3.861 |
|
Total Non-Current Assets |
2907.180 |
3113.170 |
2652.869 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
300.000 |
102.105 |
216.705 |
|
(b) Inventories |
3037.094 |
6226.230 |
3207.234 |
|
(c) Trade receivables |
4642.495 |
5284.454 |
4503.482 |
|
(d) Cash and cash
equivalents |
178.988 |
200.399 |
295.738 |
|
(e) Short-term loans and
advances |
389.143 |
425.695 |
418.217 |
|
(f) Other current assets |
8.799 |
0.212 |
0.530 |
|
Total Current Assets |
8556.519 |
12239.095 |
8641.906 |
|
|
|
|
|
|
TOTAL |
11463.699 |
15352.265 |
11294.775 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
18489.056 |
20807.896 |
19990.456 |
|
|
|
Other Income |
87.825 |
148.596 |
134.340 |
|
|
|
TOTAL |
18576.881 |
20956.492 |
20124.796 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
15216.564 |
16873.541 |
16214.833 |
|
|
|
Purchases of Stock-in-Trade |
363.130 |
248.946 |
140.868 |
|
|
|
Increase)/Decrease in Inventories |
204.586 |
(186.144) |
(9.861) |
|
|
|
Employees benefits expense |
325.510 |
315.985 |
284.435 |
|
|
|
Other expenses |
1761.996 |
2027.426 |
2197.937 |
|
|
|
TOTAL |
17871.786 |
18700.689 |
18263.184 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
705.095 |
1676.738 |
1296.584 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
406.143 |
629.704 |
104.740 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
298.952 |
1047.034 |
1191.844 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
340.750 |
299.755 |
251.421 |
|
|
|
|
|
|
|
|
|
|
PROFIT FOR THE YEAR
BEFORE EXCEPTIONAL INCOME AND TAX |
(41.798) |
747.279 |
940.423 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL INCOME |
0.000 |
579.065 |
565.028 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(41.798) |
1326.344 |
1505.451 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(29.067) |
428.984 |
472.240 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(12.731) |
897.360 |
1033.211 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4043.170 |
3534.774 |
2905.527 |
|
|
|
|
|
|
|
|
|
Less |
Depreciation
relating to assets having completed their useful life |
3.936 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
36.505 |
255.536 |
255.536 |
|
|
|
Tax on Dividend |
7.299 |
43.428 |
43.428 |
|
|
|
Transfer to General Reserve |
0.000 |
90.000 |
105.000 |
|
|
BALANCE CARRIED TO
THE B/S |
3982.699 |
4043.170 |
3534.774 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales (FOB value) |
3191.997 |
3963.652 |
3425.711 |
|
|
|
Freight and insurance |
120.905 |
120.083 |
122.463 |
|
|
|
Claims received and commission earned |
1.821 |
0.285 |
3.956 |
|
|
|
Incentives for renewable energy generation |
0.884 |
2.288 |
0.000 |
|
|
TOTAL EARNINGS |
3315.607 |
4086.308 |
3552.130 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
10176.317 |
16134.984 |
11674.376 |
|
|
|
Capital goods |
5.435 |
58.737 |
4.275 |
|
|
TOTAL IMPORTS |
10181.752 |
16193.721 |
11678.651 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.87) |
61.45 |
70.76 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
214.847 |
222.027 |
194.383 |
|
Cash generated from operations |
1434.824 |
1632.963 |
1193.096 |
|
Net cash from operating activities |
1209.740 |
1265.856 |
777.439 |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2015 (Unaudited) |
|
|
|
|
1st Quarter |
|
Net Sales |
|
|
3905.370 |
|
Total Expenditure |
|
|
3596.930 |
|
PBIDT (Excl OI) |
|
|
308.440 |
|
Other Income |
|
|
12.750 |
|
Operating Profit |
|
|
321.190 |
|
Interest |
|
|
70.780 |
|
Exceptional Items |
|
|
NA |
|
PBDT |
|
|
250.410 |
|
Depreciation |
|
|
73.870 |
|
Profit Before Tax |
|
|
176.540 |
|
Tax |
|
|
57.850 |
|
Provisions and contingencies |
|
|
NA |
|
Profit After Tax |
|
|
118.690 |
|
Extraordinary Items |
|
|
NA |
|
Prior Period Expenses |
|
|
NA |
|
Other Adjustments |
|
|
NA |
|
Net Profit |
|
|
118.690 |
STOCK
PRICES
|
Face Value |
Rs.10.00 |
|
Market Value |
Rs.601.00 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(0.07) |
4.31 |
5.17 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
3.81 |
10.84 |
9.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.37) |
8.75 |
13.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01) |
0.23 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.11 |
0.17 |
0.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67 |
1.41 |
1.64 |
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 |
146.056 |
146.056 |
146.056 |
|
Reserves & Surplus |
4965.521 |
5563.917 |
5503.446 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
5111.577 |
5709.973 |
5649.502 |
|
|
|
|
|
|
long-term borrowings |
526.389 |
582.779 |
367.934 |
|
Short term borrowings |
57.162 |
151.849 |
61.587 |
|
Current maturities of
long-term debts |
194.383 |
222.027 |
214.847 |
|
Total
borrowings |
777.934 |
956.655 |
644.368 |
|
Debt/Equity
ratio |
0.152 |
0.168 |
0.114 |
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) |
|
Revenue from operations |
19990.456 |
20807.896 |
18489.056 |
|
|
|
4.089 |
(11.144) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Revenue from operations |
19990.456 |
20807.896 |
18489.056 |
|
Profit |
1033.211 |
897.360 |
(12.731) |
|
|
5.17% |
4.31% |
(0.07%) |
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 |
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) |
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10441276 |
15/07/2013 |
278,800,000.00 |
CITIBANK
N. A. |
CITIBANK
N.A., DLF SQUARE, DLF PHASE II, JACARAN |
B81304784 |
|
2 |
10393340 |
13/12/2012 |
256,450,000.00 |
CITIBANK
N.A |
TRENT
HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (EAST),
MUMBAI, MAHARASHTRA |
B64658982 |
|
3 |
10341963 |
27/02/2012 |
193,000,000.00 |
DBS BANK
LIMITED |
3RD
FLOOR, FORT HOUSE, 221, DR. D. N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001,
INDIA |
B34948778 |
|
4 |
10213950 |
05/04/2010 |
135,000,000.00 |
STANDARD
CHARTERED BANK |
90, M.
G. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A83682914 |
|
5 |
90189206 |
28/04/2004 |
1,500,000.00 |
ICICI
BANK LIMITED |
9;
RAFFLES PLACE, # 50-01; REPUBLIC PLAZA, SINGAPORE |
- |
|
6 |
90186783 |
11/07/2014
* |
7,520,000,000.00 |
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH, BANK STREET, N. G. N. VAIDYA MARG, MUMBAI, MAHARASHTRA - 400001,
INDIA |
C12304473 |
|
7 |
90186220 |
27/06/1995 |
520,000,000.00 |
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH, JUSTICE G.N. VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
8 |
90183966 |
12/09/2014
* |
7,520,000,000.00 |
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH, BANK STREET, N. G. VAIDYA MARG, MUMBAI, MAHARASHTRA - 400001, INDIA |
C23484637 |
|
9 |
90185527 |
16/11/1989 |
20,000,000.00 |
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH, JUSTICE G.N. VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
10 |
90184646 |
10/08/1981 |
580,772.00 |
CENTRAL
BANK OF INDIA |
FOREIGN
BILLS DEPT., GUARANTEE SECTION (IDHI); EWART HOUSE; FORT, BOMBAY, MAHARASHTRA
- 400001, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred Payment
Liability |
|
|
|
Sales Tax Deferment |
90.875 |
114.241 |
|
|
|
|
|
Total |
90.875 |
114.241 |
OPERATIONS
The Company’s sales turnover during the year 2014-15 touched Rs. 20398.2000 Million against Rs. 22967.500 Million in the year 2013-14, resulting in a decline of about 11%. The sales volume also declined marginally at 2,62,640 KLS/MTs during the year 2014-15 as against 2,72,805 KLs/MTs achieved in the year 2013-14. For the first time since listing, The Company suffered a loss of Rs. 12.700 Million during the year as against a net profit of Rs. 897.400 Million for the previous year. The loss incurred by The Company was due to extraordinary and unprecedented fall in the price of Crude Oil from USD 105 per barrel (NYMEX) in July, 2014 to USD 48 per barrel in March, 2015 resulting in unprecedented fall in the price of Base Oil resulting in high inventory losses to The Company. This adverse situation was worsened by the foreign exchange volatility, both resulting in uncertain/deferred demand for the products of The Company. The consistent fall in prices of Crude Oil and Base Oil especially in the second half of year 2014 finally started showing signs of bottoming out in the first quarter of year 2015. Since then, these prices have shown a lot more stability which augurs well for The Company. During the financial year 2014-15, The Company’s Wind Power Plants situated in the states of Maharashtra, Karnataka and Tamil Nadu generated a total of 88.53 MU against 93.06 MU generated in the previous year. During the year under review, The Company did not install any new wind mills leaving the total installed capacity in Wind Power sector of The Company at 54.15 MW.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY
STRUCTURE AND DEVELOPMENT
I. Petroleum Products: Transformer oils are fluids used in oil filled electrical transformers as an insulating and cooling medium. The primary function of this oil is to insulate and cool the transformer windings and core. The global transformer oil market is expected to grow from USD 1.76 billion in 2013 to USD 2.73 billion by 2018, with a CAGR of 9.21%. Mineral oil based transformer fluid is anticipated to take a major share when compared to silicone and bio-based transformer oils for the next five years. The major factors responsible for the growth of the market are increasing power requirements in developing regions, rising investment, and enlargement of electricity grids in developed regions, and rising transition towards renewable energy resources. Liquid Paraffin and White Oils are very highly refined mineral oils used in cosmetics and for medical purposes. They make an ideal blending base for cosmetics, personal care and pharmaceutical products. Their inert nature makes them easy to work with, as they lubricate, smoothen, soften, extend and resist moisture in many formulations. Growing demand for cosmetics, pharma and personal care products is expected to drive the White Oil market. In Lubricating Oils, automotive applications dominate, but other industrial, marine and metal working applications are also big consumers. Liquid and solid lubricants dominate the market, especially the former. Lubricating Oils are generally composed of a majority of base oil plus a variety of additives to impart desirable characteristics. The demand for this sector is decided by the general industrial and economic conditions in the country. This segment is extremely competitive because of the presence of many domestic and well as multinational players.
II. Wind Power: Power drives the economy. The Indian power sector is undergoing a significant change that is redefining the industry outlook. Market dynamics have changed drastically with greater focus on reducing the dependence on fossil fuels and promoting green sources of energy in order to address the issue of power shortage for economic growth and climate change. Sustained economic growth will play a major part in shaping the India of tomorrow and therefore focus of Renewable Energy is shifting from the fringe to the mainstream of sustainable development. During the year, India has added wind power installed capacity of 2.34 GW against 2.1 GW capacity additions during the previous year. The driver for growth is attributed to the reinstatement of Accelerated Depreciation (AD), Generation Based Incentive (GBI) scheme and extension of 10 year tax holiday upto 31st March 2017. As on 31.03.2015, the cumulative installed capacity for wind energy in India stands at 23.44 GW out of the total renewable energy installed capacity of 35.77 GW. Wind Energy accounts for 66% of the total renewable energy installed capacity.
FUTURE OUTLOOK
I. Petroleum
Products:
The consistent falling prices of Crude Oil and Base Oil especially in the second half of year 2014 finally started showing signs of bottoming out in the first quarter of year 2015. Since then, these prices have shown a lot more stability which augurs well for your Company. In addition, there are early signs of recovery in the economic cycle, Power sector being revived by coal auctions which could make the coal plants operational, all that could result in increased demand for the products of your Company. The Rupee also has been more or less stable against the US Dollar which also is positive news for your Company.
II. Wind Power:
The performance of the renewable energy market has been sluggish for a long time. The new government has infused confidence in this market. The new government’s focus on clean energy has been holistic and therefore a step in the right direction that will provide strong impetus for the industry. Their aim is to bridge the gap between conventional and renewable power apart from meeting India’s energy security. The industry and the country have now entered into the new phase. Some of the policy bottlenecks to investments in wind sector have been removed. Wind power sector is back on track to achieve the targets supported by strong policy and regulatory measures including revocation of anti-dumping duties, revival of accelerated depreciation and Generation Based Incentive scheme, increase in clean energy cess on coal and removal of subsidy blockages. 50 Management Discussion and Analysis Government has started the Green Energy Corridors (GEC) scheme for better and more effective integration of renewable and wind power in the grid. India’s huge coastline of 7,600 km presents great scope for off-shore wind power development. MNRE is also working on the National off-shore Wind Power Development policy. With the thrust being given by the government, the stakeholders in the wind sector are confident of achieving the new targets of 8 to 10 GW annually and are poised to achieve greater heights.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2015 (Rs. in Million) |
31.03.2014 (Rs. in Million) |
|
a) Letters of Credit |
79.138 |
135.459 |
|
b) Guarantees/Bonds |
232.989 |
214.553 |
|
c) Disputed demands |
|
|
|
i) Excise and Customs |
155.676 |
144.667 |
|
ii) Sales Tax |
136.807 |
130.710 |
|
iii) Income Tax |
0.000 |
100.324 |
|
iv) Others |
7.733 |
13.177 |
|
d) Claims not acknowledged as debt |
20.000 |
5.000 |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2015
(Rs. In Million)
|
Sr. No |
Particulars |
Standalone |
|
Quarter Ended |
||
|
30.06.2015 |
||
|
Unaudited |
||
|
1 |
Income From
Operations |
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
3875.738 |
|
|
b. Other Operating Income |
29.633 |
|
|
Total Income from
Operations (Net) |
3905.371 |
|
2 |
Expenditure |
|
|
|
a. Cost of material Consumed |
2862.556 |
|
|
b. Purchase of Stock-in trade |
27.957 |
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
73.327 |
|
|
d. Employees Benefit Expenses |
91.541 |
|
|
e. Depreciation and Amortisation Expenses |
73.869 |
|
|
f. Other expenses |
541.545 |
|
|
Total Expenses |
3670.795 |
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
234.576 |
|
4 |
Other Income |
12.747 |
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
247.323 |
|
6 |
Finance Costs |
70.782 |
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
176.541 |
|
8 |
Exceptional items |
-- |
|
9 |
Profit from
ordinary activities before tax |
176.541 |
|
10 |
Tax Expense |
57.853 |
|
11 |
Net Profit from
ordinary activity after tax |
118.688 |
|
12 |
Paid-up equity share capital (face value of Rs.10 per share) |
146.021 |
|
13 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
-- |
|
14 |
Earning Per Share (of Rs.10 each) (not annualized) |
8.13 |
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
17 |
Public Shareholding |
|
|
|
- No. of shares |
4149618 |
|
|
- Percentage of shareholding |
28.42 |
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- No. of shares |
Nil |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
Nil |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
Nil |
|
|
b) Non-encumbered |
|
|
|
- No. of shares |
10452465 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00% |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
71.58% |
|
|
Particulars |
Quarter ended 30.06.2015 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed off during the quarter |
Nil |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
Notes :
1. Previous quarter's l year's figures have been regrouped / rearranged wherever necessary to conform to those of current quarter year classification.
2. *The figures for the quarter ended 31st March. 2015 are balancing figures between the audited figures in respect of the full financial year and the year to date figures upto the third quarter ended 31st December, 2014.
3. The statutory auditors have carried out a limited review of the financial result @for the quarter ended 30th June, 2015.
4. The above Unaudited financial results (Provisional) have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on Saturday, 1st August 2015.
UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Million)
|
Particulars |
Quarter ended |
|
|
30.06.2015 |
|
a. Information about
Primary Business Segments |
|
|
1. Segment Revenue |
|
|
Petroleum Products |
3819.020 |
|
Wind Power |
95.417 |
|
Other Unallocated |
3.681 |
|
Net Sales / Income from
Operations |
3918.118 |
|
|
|
|
2.
Segment Result |
|
|
Profit / (Loss) before taxation and Finance Costs for each segment |
|
|
|
|
|
Petroleum Products |
242.704 |
|
Wind Power |
31.439 |
|
Total |
274.143 |
|
|
|
|
Less : i) Finance Costs |
70.782 |
|
il) Other
un-allocable expenditure Net off un-allocable revenue |
26.820 |
|
|
97.602 |
|
(Total Profit / (Loss) before tax |
176.541 |
|
|
|
|
3. Capital Employed (Segment
Assets-Segment Liabilities) |
|
|
|
|
|
Petroleum Products |
4818.173 |
|
Wind Power |
1035.819 |
|
Unallocated capital employed |
(85.802) |
|
Total |
5768.190 |
|
Less : Inter-segment revenue (net of excise duty) |
|
|
Total |
|
NOTES:
1) Previous
quarter's/year's figures have been regrouped / rearranged wherever necessary to
conform to those of current quarter /year classification.
2) *The figures for the quarter ended 31st March, 2015 are balancing figures between the audited figures in respect of the full financial year and the year to date figures upto the third quarter ended 31st December, 2014.
FIXED ASSETS
· Freehold Land
Leasehold
Land
Buildings
Wind
Power Plants
Plant
and Equipment
Furniture
and Fixtures
Office
Equipment’s
Vehicles
Computer
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.62 |
|
|
1 |
Rs.98.51 |
|
Euro |
1 |
Rs.69.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.