MIRA INFORM REPORT
|
Report No. : |
342184 |
|
Report Date : |
24.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAGAR CEMENTS LIMITED |
|
|
|
|
Registered
Office : |
Plot No.111, Road No.10, Jubilee Hills, Hyderabad – 500033, Telangana |
|
Tel. No.: |
91-40-23351571/ 23356572 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
15.01.1981 |
|
|
|
|
Com. Reg. No.: |
01-002887 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 173.880 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26942TG1981PLC002887 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDS00253B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCS8680H |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer and Seller of Cement and Clinker. |
|
|
|
|
No. of Employees
: |
429 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1981 and it is engaged in
manufacturing of cement. For the financial year ended 2015, company has reported growth of
17.72% in its sales turnover profile and achieved profile of Rs. 2966.517
Million as compared to over previous loss of Rs. (255.811) Million. Rating also takes into consideration long standing experienced
promoters in cement industry supported by sound financial base and fair
liquidity position of the company. However, rating strength partially offset by susceptibility to
cyclicality in the cement business and to risks related to the commodity
nature of cement. Trade relations are reported as fair. Payment terms are reported to be
usually correct. In view aforesaid, the company can be considered for business dealings
at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit
risk. |
|
Date |
10.12.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank facilities: A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
10.12.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DECLINED
Management non- corporative: 91-40-23351571
LOCATIONS
|
Registered/
Administrative Office : |
Plot No.111, Road No.10, Jubilee Hills, Hyderabad – 500033, Telangana, India |
|
Tel. No.: |
91-40-23351571/ 23356572 |
|
Fax No.: |
91-40-23356573 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Mattampally, Via Huzurnagar, Nalgonda District – 508204, Telangana, India |
|
Tel. No.: |
91-8683-247039 |
|
|
|
|
Factory 2 : |
Pedaveedu, Via Huzurnagar, Nalgonda District – 508204, Telangana, India |
|
Tel. No.: |
91-8683-216533/ 247333 |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. O. Swaminatha Reddy |
|
Designation : |
Chairman - Independent and Non-Executive |
|
Qualification : |
Charted account and Financial Management |
|
|
|
|
Name : |
Mr. S. Veera Reddy |
|
Designation : |
Managing Director |
|
Date of
Appointment : |
13.07.1991 |
|
|
|
|
Name : |
Dr. S. Anand Reddy |
|
Designation : |
Joint Managing Director |
|
Date of
Birth/Age : |
10.06.1964 |
|
Qualification : |
M.B.B.S. |
|
Experience
in specific functional areas : |
Marketing and Project Management |
|
Date of
Appointment : |
21.11.1992 |
|
|
|
|
Name : |
Mr. S. Sreekanth Reddy |
|
Designation : |
Executive Director |
|
Date of
Birth/Age : |
27.08.1971 |
|
Qualification : |
B.E. (I & P) and PG Diploma in cement technology |
|
Experience
in specific functional areas : |
Cement Technologist |
|
Date of
Appointment : |
26.06.2003 |
|
|
|
|
Name : |
Mr. K. Thanu Pillai |
|
Designation : |
Independent and Non-Executive Director |
|
Qualification : |
MBA and CAIIB |
|
|
|
|
Name : |
Mr. John-Eric Fernand Pascal Cesar Bertrand |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. K. Rajendra Prasad |
|
Designation : |
APIDC Nominee Director |
|
|
|
|
Name : |
Mr. V.H. Ramakrishna |
|
Designation : |
Independent and Non-Executive Director (w.e.f. 30.03.2015) |
|
|
|
|
Name : |
Mrs. S. Rachana |
|
Designation : |
Non-Executive Director (w.e.f. 18.03.2015) |
KEY EXECUTIVES
|
Name : |
Mr. R. Soundararajan |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. K P Parsad |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Senior Management Team: |
|
|
|
Corporate
Office: |
|
Name : |
Mr. M.S.A. Narayana Rao |
|
Designation : |
Group President |
|
|
|
|
Name : |
Mr. M.V. Subba Rao |
|
Designation : |
Senior Vice President |
|
|
|
|
Name : |
Mr. K. Ganesh |
|
Designation : |
President Project |
|
|
|
|
Name : |
Mr. P.S. Prasad |
|
Designation : |
Vice President - Marketing |
|
|
|
|
Name : |
Mr. O. Anji Reddy |
|
Designation : |
Vice President (Electrical and Installations) |
|
|
|
|
Name : |
Mr. K.V. Ramana |
|
Designation : |
Vice President - Mines |
|
|
|
|
Name : |
Mr. K. Prasad |
|
Designation : |
Vice President (Finance) |
|
|
|
|
|
Sites: |
|
Name : |
Mr. P. Vasudeva Reddy |
|
Designation : |
Vice President (Works) |
|
|
|
|
Name : |
Mr. M.V. Ramana Murthy |
|
Designation : |
Vice President (Production and QC) |
MAJOR SHAREHOLDERS / 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 |
||
|
|
|
|
|
|
8694873 |
50.00 |
|
|
1204785 |
6.93 |
|
|
9899658 |
56.93 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
9899658 |
56.93 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
1235575 |
7.11 |
|
|
4050 |
0.02 |
|
|
375000 |
2.16 |
|
|
300 |
0.00 |
|
|
300 |
0.00 |
|
|
1614925 |
9.29 |
|
|
|
|
|
|
4381384 |
25.20 |
|
|
|
|
|
|
1243478 |
7.15 |
|
|
169471 |
0.97 |
|
|
79098 |
0.45 |
|
|
23497 |
0.14 |
|
|
282 |
0.00 |
|
|
55319 |
0.32 |
|
|
5873431 |
33.78 |
|
Total Public shareholding (B) |
7488356 |
43.07 |
|
Total (A)+(B) |
17388014 |
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) |
17388014 |
0.00 |
Equity Share Break up (Percentage of Total Equity)
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Cement and Clinker. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
429 (Approximately) |
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Bankers : |
·
State Bank of ·
State Bank of ·
IDBI Bank Limited |
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|
Facilities : |
(Rs.
In Million)
NOTES: LONG-TERM
BORROWING
SHORT TERM
BORROWINGS
|
|
Auditors : |
|
|
Name : |
P. Srinivasan and Company Chartered Accountants |
|
Address : |
H.No.12-13-422, Street No.1, Lane Opposite Bank of Baroda, Tarnaka,
Secunderabad – 500017, Telangana, India |
|
Tel No.: |
91-40-65534105 |
|
Fax No.: |
91-40-27014948 |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Narasimha Murthy and Company Chartered Accountants |
|
Address : |
104, Pavani Estate, Y. V. Rao Mansion, Himayathnagar, Hyderabad –
500029, Telangana, India |
|
|
|
|
Enterprise
where key managerial personnel along with their relatives exercise
significant influence : |
·
Panchavati Polyfibres Limited ·
Sagar Power Limited ·
RV Consulting Services Private Limited ·
Sagar Priya Housing and Industrial Enterprises
Limited ·
Sagarsoft (India) Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000Million |
|
|
|
|
|
|
2000000 |
Preference Shares |
Rs. 10/- each |
Rs. 20.000Million |
|
|
Total |
|
Rs.
220.000Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17388014 |
Equity Shares |
Rs.10/- each |
Rs. 173.880
Million |
|
|
|
|
|
Reconciliation of
shares outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
As at 31st March, 2015 |
|
|
No. of Shares |
Amount (Rs. in million) |
|
|
At the beginning of the period |
17388014 |
173.880 |
|
No. of shares Issued during the period |
0 |
0 |
|
Outstanding at the end of the period |
17388014 |
173.880 |
1. The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of Equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
2. For the year ended 31 March 2015, the amount of per share dividend including interim recognized as distribution to equity shareholders is Rs.7.50 paise (31 March 2014: Rs. Nil) per share.
3. In
the event of liquidation of the company, the holders of equity shares will be
entitled to receive remaining assets of the company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.
Details of
Shareholders holding more than 5% shares in the company
|
Shareholder's Name |
As at 31st March, 2015 |
|
|
No. of Shares |
% of holding |
|
|
S. Veera Reddy |
1643795 |
9.45 |
|
S. Aruna |
1369545 |
7.88 |
|
S. Rachana |
1164280 |
6.70 |
|
S. Anand Reddy |
1149527 |
6.61 |
|
S. Sreekanth Reddy |
1085757 |
6.24 |
|
S. Vanajatha |
990769 |
5.70 |
|
AVH Resources Limited |
3225211 |
18.55 |
|
Twinvest Financial Services Limited |
- |
- |
|
Parficim S.A.S (A Subsidiary of Vicat S.A.) |
0 |
0.00 |
As per of the
company, including its register of shareholders/members and other declarations
received from shareholders regarding beneficial interest, the above
shareholding represents both legal and beneficial ownerships of shares.
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 |
173.880 |
173.880 |
173.880 |
|
(b) Reserves & Surplus |
5039.448 |
2234.775 |
2490.585 |
|
(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) |
5213.328 |
2408.655 |
2664.465 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1211.293 |
1113.542 |
1026.492 |
|
(b) Deferred tax liabilities (Net) |
475.411 |
322.418 |
445.834 |
|
(c) Other long term
liabilities |
331.914 |
493.193 |
459.354 |
|
(d) long-term
provisions |
260.870 |
186.181 |
60.693 |
|
Total Non-current
Liabilities (3) |
2279.488 |
2115.334 |
1992.373 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
635.068 |
664.423 |
685.899 |
|
(b) Trade
payables |
513.090 |
461.326 |
536.094 |
|
(c) Other
current liabilities |
912.597 |
1005.979 |
995.942 |
|
(d) Short-term
provisions |
160.727 |
17.734 |
52.679 |
|
Total Current
Liabilities (4) |
2221.482 |
2149.462 |
2270.614 |
|
|
|
|
|
|
TOTAL |
9714.298 |
6673.451 |
6927.452 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3333.961 |
3351.105 |
3405.723 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
|
|
(iii)
Capital work-in-progress |
1121.934 |
400.728 |
215.411 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.265 |
860.265 |
860.265 |
|
(c) Deferred tax assets (net) |
|
|
|
|
(d) Long-term Loan and Advances |
458.524 |
459.867 |
277.638 |
|
(e) Other
Non-current assets |
|
|
|
|
Total Non-Current
Assets |
4914.684 |
5071.965 |
4759.037 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
623.084 |
417.754 |
652.209 |
|
(c) Trade
receivables |
580.578 |
484.841 |
532.955 |
|
(d) Cash
and cash equivalents |
1957.840 |
45.703 |
246.008 |
|
(e)
Short-term loans and advances |
1484.947 |
262.895 |
361.049 |
|
(f) Other
current assets |
153.165 |
390.293 |
376.194 |
|
Total
Current Assets |
4799.614 |
1601.486 |
2168.415 |
|
|
|
|
|
|
TOTAL |
9714.298 |
6673.451 |
6927.452 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5755.747 |
4889.383 |
5585.155 |
|
|
|
Other Income |
3662.648 |
178.162 |
260.295 |
|
|
|
TOTAL |
9418.395 |
5067.545 |
5845.450 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
677.856 |
522.812 |
538.568 |
|
|
|
Freight and forwarding expenses |
2102.340 |
1982.865 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(104.595) |
12.728 |
57.519 |
|
|
|
Manufacturing Expense |
2631.686 |
2527.258 |
2657.029 |
|
|
|
Employees benefits expense |
334.463 |
253.127 |
230.340 |
|
|
|
Other expenses |
1650.116 |
1560.326 |
1679.779 |
|
|
|
Expenditure towards Corporate
Social Responsibility |
2.311 |
0.000 |
0.000 |
|
|
|
TOTAL
|
5191.837 |
4876.251 |
5163.235 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4226.558 |
191.294 |
682.215 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
230.824 |
295.474 |
305.538 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3995.734 |
(104.180) |
376.677 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
215.047 |
269.340 |
267.439 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3780.687 |
(373.520) |
109.238 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
814.170 |
(117.709) |
21.440 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2966.517 |
(255.811) |
87.798 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
821.129 |
1076.940 |
1009.485 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
130.410 |
0.000 |
17.388 |
|
|
|
Tax on Dividend |
26.237 |
0.000 |
2.955 |
|
|
|
Additional Dep On account of adjustment |
5.197 |
|
|
|
|
Total
|
|
161.844 |
0.000 |
20.343 |
|
|
BALANCE CARRIED
TO THE B/S |
3625.802 |
821.129 |
1076.940 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.061 |
(1.471) |
0.505 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
360.886 |
271.913 |
531.233 |
|
Cash generated from operations |
737.478 |
179.975 |
639.571 |
|
Net Cash Generated from Operations |
270.053 |
474.802 |
343.782 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2015 (Unaudited) |
|
|
1st Quarter |
|
Net Sales |
1947.190 |
|
Total Expenditure |
1565.170 |
|
PBIDT (Excl OI) |
382.020 |
|
Other Income |
72.7200 |
|
Operating Profit |
454.740 |
|
Interest |
33.740 |
|
Exceptional Items |
NA |
|
PBDT |
421.000 |
|
Depreciation |
55.800 |
|
Profit Before Tax |
365.200 |
|
Tax |
138.220 |
|
Provisions and
contingencies |
NA |
|
Profit After Tax |
226.980 |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
226.980 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
51.54 |
(5.23) |
1.57 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
73.43 |
3.91 |
12.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
44.00 |
(6.90) |
1.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.73 |
(0.16) |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.42 |
0.85 |
0.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.16 |
0.75 |
0.95 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.398.00/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
173.880 |
173.880 |
173.880 |
|
Reserves & Surplus |
2490.585 |
2234.775 |
5039.448 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2664.465 |
2408.655 |
5213.328 |
|
|
|
|
|
|
long-term borrowings |
1026.492 |
1113.542 |
1211.293 |
|
Short term borrowings |
685.899 |
664.423 |
635.068 |
|
Current maturities of
long-term debts |
531.233 |
271.913 |
360.886 |
|
Total
borrowings |
2243.624 |
2049.878 |
2207.247 |
|
Debt/Equity
ratio |
0.842 |
0.851 |
0.423 |
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 |
5585.155 |
4889.383 |
5755.747 |
|
|
|
(12.458) |
17.719 |
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 |
5585.155 |
4889.383 |
5755.747 |
|
Profit |
87.798 |
(255.811) |
2966.517 |
|
|
1.57% |
(5.23)% |
51.54% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
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 |
FUTURE OUTLOOK
The demand for cement, being a derived one, depends mainly on the industrial activities, real estate business, construction activities and investment in the infrastructure sector. The directors are optimistic that the thrust and importance given in the Union Budget for the development of National Highways, Rural and Urban Roads, Affordable Housing, Port Connectivity, Development of 100 smart cities etc., should help in boosting the muted growth of the cement industry. the company, with its aggressive marketing, is poised to grab the opportunity available in the above scenario.
The railway siding project currently under implementation by the company will become operational during the second quarter of the current year, which would enable The company to optimize its freight cost and reach out to newer markets. As the members are aware, The company is in the process of acquiring BMM Cements Limited (BMM), which has its manufacturing facilities consisting of 1 million ton capacity cement plant and a 25 MW capacity captive power plant at Gudipadu village, Yadiki Mandal, Ananthapur district, Andhra Pradesh, at an enterprise value of Rs.5400.000 Million as reduced bythe aggregate of the net off current assets and debts as on 31st March 2015 with adjustments for transactions taking place from the said date to the date of actual acquisition. The process of acquisition is in the advance stage and barring unforeseen circumstances, the same is expected to be completed within a couple of months, which would enable The Company to expand its markets in Southern States. Pending the completion of the said process, as an interim arrangement, the company is procuring cement from BMM and marketing the same under the brand name of “Sagar Cement” in those areas which are currently served by BMM, the directors hope that this would popularize the brand of “Sagar Cement” in these areas and would enable the company in expanding its marketing network post acquisition. Under these circumstances, the directors are confident that the pace of growth of The company will accelerate significantly
It is fervently hoped that the division of erstwhile Andhra Pradesh into Telangana and Andhra Pradesh with the new Governments firmly in their saddle in their respective States would ensure more focus on the development of infrastructure. This would augur well for the cement industry. With the completion of the identification process for a new capital for Andhra Pradesh, it is hoped that further steps in the construction activities in the new capital would push the demand for cement. In these two States, infrastructure activities by the private players have also started picking-up. The Governments of the respective States on their part are expected to supplement these activities, as had been hoped prior to the bifurcation. However, till such time, the company may have to face the problems like rising input and distribution costs. The company therefore attaches greater importance to keep its energy cost which forms part of significant portion of input costs to the minimum by ensuring an optimum combination in the consumption of imported and indigenous coal.
Taking an overall view of the above, The Board, is cautiously optimistic about the future outlook for The company
JOINT VENTURE COMPANY
In accordance with the approval given by the shareholders, The company has since exited from its JV with Vicat Group, by selling its entire investment of 6,52,36,399 equity shares of Rs.10/- each held by The company in Vicat Sagar Cement Private Limited, the JV company, realizing a sum of Rs.4350.00 Million on the said sale. As the shareholders are aware, The company had invested a sum of Rs.86 crores in the said JV. The proceeds realized in the said stake sale will be utilized for expanding the operations of The company, inter-alia, through acquisition of promising units.
OUTLOOK
On the macro level, the per capita consumption of cement being very low in India, there is a vast scope for growth in demand for cement on the long term. The main drivers for the growth in demand for cement being road and housing projects, the increased spending by the Government in these areas and the revival of the real estate sector would ensure no letup in the demand for cement, notwithstanding the substantial additions to capacity that the industry may witness in the coming years.
COMPANY’S PERFORMANCE
Notwithstanding the bifurcation of the erstwhile State of Telangana, which was hoped to result in a spurt in the infrastructure activities in both the resultant States, cement industry continued to face challenges during the year 2014-15 with pricing pressure, weak demand and high input costs. The expected revival in the construction activities in both Telangana and Andhra Pradesh, is yet to pick-up in a big way, though there were signs of marginal revival during the last two quarters of the said financial year. The performance of the company during the year 2014-15 needs to be evaluated against backdrops.
AWARDS AND RECOGNITIONS
The Board is pleased to inform that the company is the
recipient of the prestigious “Best Management Award” for the year 2015 from the
Government of Telangana. The company has successfully achieved ISO
Certification ISO 9001:2008 for Quality Management System Standard, ISO
14001:2004 for Environmental Management System Standard and OHAS 18001:2007 for
Occupational Health and Safety Management System Standard. The Board is also
pleased to inform you that The company’s Laboratory at its Plant in Mattampally
has recently been awarded with the Accreditation by the National Accreditation
Board for Testing and Calibration Laboratories (NABL), which is the sole
accreditation body for testing and calibration laboratories under the aegis of
Department of Science and Technology, Government of India. With this
achievement, The company has joined the elite group of companies in the cement
industry in the country. The directors are also pleased to inform that the
company has been awarded with golden award by the Indian Green Building Counsel
for its corporate office located in Hyderabad.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH JUNE, 2015
Standalone statement of profit and loss
(Rs. In Million)
|
|
|
|
||
|
|
||||
|
|
||||
|
|
||||
|
Sr. No |
Particulars |
Quarter Ended |
||
|
|
|
30.06.2015 |
||
|
|
|
Unaudited |
||
|
1 |
Income From
Operations |
|
||
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
1947.190 |
||
|
|
b. Other Operating Income |
0.000 |
||
|
|
Total Income from
Operations (Net) |
1947.190 |
||
|
2 |
Expenditure |
|
||
|
|
a. Cost of material Consumed |
187.446 |
||
|
|
b. Purchase of Stock-in trade |
188.735 |
||
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
62.448 |
||
|
|
d. Employees Benefit Expenses |
88.799 |
||
|
|
e. Depreciation and Amortisation Expenses |
55.798 |
||
|
|
f. Other expenses |
296.702 |
||
|
|
g. Power and Fuel |
435.809 |
||
|
|
h. Freight and Forwarding Expenses |
305.229 |
||
|
|
Total Expenses |
1620.966 |
||
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
326.224 |
||
|
4 |
Other Income |
72.719 |
||
|
5 |
Profit from ordinary
activities before finance cost & exceptional items |
398.943 |
||
|
6 |
Finance Costs |
33.742 |
||
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
365.201 |
||
|
8 |
Exceptional items |
- |
||
|
9 |
Profit from ordinary
activities before tax |
365.201 |
||
|
10 |
Tax Expense |
138.223 |
||
|
11 |
Net Profit from
ordinary activity after tax |
226.978 |
||
|
12 |
Extraordinary Items |
- |
||
|
13 |
Net Profit After
Tax |
226.978 |
||
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
1738.80 |
||
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
|
||
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
||
|
|
Basic EPS |
13.05 |
||
|
|
Diluted EPS |
13.05 |
||
|
A |
PARTICULARS OF
SHAREHOLDING |
|
||
|
17 |
Public Shareholding |
|
||
|
|
- No. of shares |
7488356 |
||
|
|
- Percentage of shareholding |
43 |
||
|
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 |
9899658 |
||
|
|
- 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) |
57% |
||
|
||||
UNSECURED LOAN
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Other Loans &
Advances |
|
|
|
Sales Tax Deferment |
40.792 |
49.771 |
|
|
|
|
|
Total |
40.792 |
49.771 |
CONTINGENT
LIABILITIES
(Rs. In Million)
|
Particulars |
31.03.2015 (Rs. in million) |
|
|
Disputed Amount |
Paid Under Protest |
|
|
AP TRANSCO Voltage surcharge and grid supporting charges |
17.350 |
108.00 |
|
Demand by Sales tax authorities year 2009-10-Sale of Fixed Assets |
10.940 |
2.740 |
|
Demand by Sales Tax authorities year 1999-2000-Interest on delayed payment |
1.960 |
0.490 |
|
Demand by Central Excise Department benefit of Cenvat credit on capital goods |
22.500 |
19.500 |
|
Demand by Central Excise Department benefit of Cenvat credit on capital goods |
65.080 |
0.000 |
|
Demand by Road Transport Authority, Nalgonda for payment of Life Tax on dumpers used in the mines |
2.850 |
0.320 |
|
Demand Raised by Central Excise Department |
5.941 |
0.000 |
|
Demand Raised by Central Excise Department |
4.304 |
0.000 |
|
Demand Raised by Central Excise Department |
14.630 |
0.000 |
|
Demand Raised by Central Excise Department |
0.767 |
0.384 |
|
Disallowed input tax credit on steel during the year 2007-08. |
0.629 |
0.000 |
|
Disallowed input tax credit on steel during the year 2008-09 |
14.425 |
1.803 |
|
Disallowed input tax credit on steel during the year 2007-08. |
7.568 |
0.946 |
|
Demand raised by Commissioner of Customs Visakhapatnam, relating to coal classification. |
6.792 |
0.000 |
|
Demand raised by Commissioner of Customs Guntur, relating to coal classification. |
5.475 |
0.000 |
|
Disallowance of Expenditure U/s 14A |
3.760 |
0.000 |
Notes:
APTRANSCO had raised a demand of Rs.17.350 Million towards voltage surcharge and grid supporting charges and the company has paid Rs.10.800 Million under protest. The said demand is contested by the company and the matter is pending before the Division Bench of the Honorable High Court of Andhra Pradesh.
In the year 2009-10, Sales Tax Authorities raised a demand for Rs.10.940 Million in respect of tax on sale of fixed assets. The company has paid an amount of Rs. 2.740 Million and contested before the Sales Tax Appellate Tribunal.
Demand raised by the Sales Tax Authorities for a sum of Rs.1.960 Million towards interest U/s.16(3) of the APGST Act, on delayed payment of tax for the AY 1999-2000. The company filed an appeal with Sales Tax Appellate Tribunal by paying an amount of Rs.0.490 Million.
The Excise Department had raised a demand of Rs.22.500 Million denying the benefit of Cenvat credit on dumpers used in captive mines. The company has paid an amount of Rs.19.500 Million under protest and filed an appeal with CESTAT, Bangalore. Matter is pending before CESTAT.
The Excise Department had raised a demand of Rs.65.080 Million denying the Cenvat credit on MS Steel, Cement, TMT bars etc., used in expansion. The company has contested the same before CESTAT who in turn demanded 50% of the aforesaid amount i.e. Rs.32.540 Million to be paid. The company went for an appeal before AP High Court. The AP High Court has granted interim stay order.
Show Cause Notice has been received from the RTA, Nalgonda demanding Life Tax on dumpers purchased during year 2006 – 2010 and used in the captive mines. The matter is contested and pending in the Honorable High Court of Andhra Pradesh.
Additional Director General Intelligence Hyderabad has issued a Show Cause Notice No.26/2012(OR Mo.53/ 2012) dated 27-03-13 for an amount of Rs.5.941 Million and an equal amount of penalty along with interest on the ground that cement has been cleared to the contractors at a rate which is lesser than the price at which the cement was sold in the normal course of transaction, resulting into a short payment of Central excise duty. Matter is pending before CESTAT Bangalore.
The Commissioner of Central Excise, Customs and Service Tax, Hyderabad III Commissionerate has raised a Demand for Rs.13.630 Million along with interest and also imposed a penalty Rs.1.000 Million on the ground that the Company has availed Cenvat Credit against Service Tax paid on the freight charges incurred for the transportation of cement beyond the place of removal during the period from July 2008 to February 2011. Matter is pending before CESTAT Bangalore.
The Commissioner (Appeals) of Central Excise, Customs and Service Tax has disallowed CENVAT credit of Rs.0.767 Million availed during the period from December 2006 to March 2010 on the ground that Cenvat Credit had been availed on Input Services such as Advertisement, Audit and Telephone telex services used in relation to the trading activity which did not have any nexus with the manufacturing activity. An amount Rs.0.384 Million has been deposited by the company under protest and an appeal has been filed before CESTAT, Bangalore in this regard.
Input tax credit on sales made to SEZ units during the year 2010-11 amounting to Rs.0.629 Million has been disallowed. Interim stay was granted by AP High court. Final hearing is pending before the AP High Court.
Input tax credit on steel, MS Angles, etc. taken at the time of factory expansion during the year 2007-08 has been disallowed by the Commercial Tax authorities. Demand was raised for an amount of Rs.14.425 Million. An amount of Rs.1.803 Million have been paid in order to maintain the appeal. Matter is pending before Appellate Deputy Commissioner Tribunal.
Input tax credit on steel, MS Angles, etc. taken at the time of factory expansion during the year 2008-09 has been disallowed by the Commercial Tax authorities. Demand was raised for an amount of Rs.7.568 Million. An amount of Rs.0.946 Million have been paid in order to maintain the appeal. Matter is pending before Appellate Deputy Commissioner Tribunal.
Commissioner of Customs Visakhapatnam has served a demand order on the ground that imported coal was wrongly classified under steam coal instead of bituminous coal. Demand was raised for an amount of Rs.6.792 Million. The company has filed an appeal before CESTAT Bangalore against the said order.
Commissioner of Customs Guntur has served a show cause notice on the ground that imported coal was wrongly classified under steam coal instead of bituminous coal. Demand was raised for an amount of Rs. 5.475 Million. The matter is pending before Commissioner (Appeals).
The Deputy Commissioner of Income Tax Circle-1(1), Hyderabad has disallowed an amount of Rs.3.760 Million under Section 14A (Disallowance of expenditure incurred in relation to income which is not included in the total income) claimed as expenditure during the assessment years from 2008-09 to 2010-11 on account of Interest paid on term loans to Financial Institutions. In this regard an appeal is being filed by the company with Appellate Tribunal.
Bank Guarantees Pending as on 31.03.14 Rs. 15.329 Million (Previous year Rs. 41.850 Million).
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10493282 |
29/03/2014 |
90,800,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C04229233 |
|
2 |
10445314 |
01/03/2014 * |
400,000,000.00 |
STATE BANK OF HYDERABAD |
PANJAGUTTA BRANCH, `ROSE
MODE', H.NO.6-3-542/2, P OST BOX NO.1525, HYDERABAD, ANDHRA PRADESH -
50008 |
B97963748 |
|
3 |
10403585 |
18/09/2013 * |
980,000,000.00 |
L&T INFRASTRUCTURE FINANCE COMPANY LIMITED |
MOUNT POONAMALLEE ROAD, MANAPAKKAM, CHENNAI, TAMILNADU - 600089, INDIA |
B85231413 |
|
4 |
10392242 |
18/09/2013 * |
200,000,000.00 |
L & T FINANCE LIMITED |
L&T HOUSE,, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B84970789 |
|
5 |
10252704 |
18/11/2010 |
50,000,000.00 |
ANDHRA PRADESH STATE FINANCIAL CORPORATION |
POST BOX NO.165, CHIRAGE ALI LANE. ABIDS, HYDERABAD, ANDHRA PRADESH - 500001, INDIA |
A98648769 |
|
6 |
10249562 |
24/06/2011 * |
450,000,000.00 |
STATE BANK OF HYDERABAD |
PUNJAGUTTA BRANCH,
H.NO.6-3-542/2, `ROSE MODE', P |
B14947162 |
|
7 |
10057931 |
06/01/2014 * |
250,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, 6-3-1109/1, RAJBHAVAN |
B95126223 |
|
8 |
90126147 |
09/11/2011 * |
1,020,000,000.00 |
STATE BANK OF HYDERABAD (LEAD BANK) |
PUNJAGUTTA BRANCH, H.NO.6-3-542/2,
`ROSE MADE', P |
B24653875 |
|
9 |
90129524 |
22/01/1997 |
8,037,425.00 |
DCL FINANCE LTD. |
DECCAN CHAMBERS SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
10 |
90130817 |
22/01/1997 |
8,037,425.00 |
DCL FINANCE LTD. |
DECCAN CHAMBERS SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
FIXED ASSETS
·
Land
·
Buildings
·
Plant and Machinery
·
Plant and Machinery (DG Set)
·
Electrical Installations
·
Furniture and Fixtures
·
Office Equipment
·
Computers
·
Vehicles
· Other Equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.96 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.37 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
50 |
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.