MIRA INFORM REPORT
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Report Date : |
19.04.2011 |
IDENTIFICATION DETAILS
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Name : |
FERRO ALLOYS CORPORATION LIMITED |
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Registered
Office : |
D P Nagar Randia, Bhadrak-756135, Orissa |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.09.1955 |
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Com. Reg. No.: |
008400 |
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CIN No.: [Company Identification
No.] |
L45201OR1955PLC008400 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BBNF00042A / BBNF00026F / BBNF00008B |
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PAN No.: [Permanent Account No.] |
AAACF1999A |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the
Stock Exchanges. |
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Line of Business
: |
Manufacturer and Exporter of Ferro Alloys. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (53) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 6100000 |
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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 a well established and reputed company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office / Factory: |
D P Nagar Randia, Bhadrak-756135, |
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Tel. No.: |
91-6784-240320/240272 |
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Fax No.: |
91-6784-240626 |
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E-Mail : |
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Mining Complex: |
Laxmi Bhawan, Kuans, Bhadrak-756100, |
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Tel. No.: |
91-6784-250311/250598/251312 |
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Fax No.: |
91-6784-251782 |
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E-Mail : |
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Head Office : |
Shreeram Bhawan, Tumsar-441912, Bhandara, |
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Tel. No.: |
91-7183-232233/232251/233090 |
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Fax No.: |
91-7183-232271 |
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E-Mail : |
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Corporate Office : |
Corporate One, Suite No. 401, Plot No. 5, Jasola, New Delhi-110044, |
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Tel. No.: |
91-11-40701000 |
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Fax No.: |
91-11-41624880 |
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E-Mail : |
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Regional Office: |
Located at:
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Other Offices: |
Located at: |
DIRECTORS
As on 31.03.2010
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Name : |
Mr. R.K. Saraf |
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Designation : |
Chairman 81 Managing Director |
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Name : |
Mr. M. D. Saraf |
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Designation : |
Director |
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Name : |
Mr. Manoj Saraf |
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Designation : |
Managing Director |
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Name : |
Mr. Vineet Saraf |
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Designation : |
Joint Managing Director |
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Name : |
Mr. Ashish Saraf |
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Designation : |
Joint Managing Director |
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Name : |
Mr. Rohit Saraf |
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Designation : |
Joint Managing Director |
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Name : |
Mr. Harish Salve |
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Designation : |
Director |
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Name : |
Mr. A.S. Kapre |
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Designation : |
Director |
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Name : |
Mr. Umesh Kumar Khaitan |
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Designation : |
Director |
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Name : |
Mr. P.K. Sangamkar |
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Designation : |
Nominee Director of Bank of |
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Name : |
Mr. Arye Berest |
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Designation : |
Director |
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Name : |
Mr. S.B. Mishra |
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Designation : |
Director |
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Name : |
Mr. N.L. Ajwalia |
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Designation : |
Director |
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Name : |
Mr. M.B. Thaker |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. R.D. Agrawal |
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Designation : |
Advisor |
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Name : |
Mr. O.P. Banka |
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Designation : |
Director (Finance) |
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Name : |
Mr. Sanjiv Goyal |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. S.P. Gupta |
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Designation : |
Dy. Chief Financial Officer |
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Name : |
Mr. Ashok Agrawal |
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Designation : |
Director (Mines) |
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Name : |
Mr. M.K. Pujari |
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Designation : |
Chief General Manager (Mines) |
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Name : |
Mr. B.B. Singh |
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Designation : |
Director (Technical) (Charge Chrome Plant) |
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Name : |
Mr. P.G. Sureshkumar |
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Designation : |
General Manager (Charge Chrome Plant) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Names of Shareholders |
Total
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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3,806,685 |
2.05 |
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22,638,940 |
12.22 |
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42,283,737 |
22.82 |
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42,231,225 |
22.79 |
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|
52,512 |
0.03 |
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68,729,362 |
37.10 |
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70,198,674 |
37.89 |
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|
70,198,674 |
37.89 |
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Total shareholding of Promoter and Promoter Group (A) |
138,928,036 |
74.99 |
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(B) Public Shareholding |
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|
7,839 |
- |
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|
4,888 |
- |
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38,066 |
0.02 |
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8,220 |
- |
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1,715,207 |
0.93 |
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1,774,220 |
0.96 |
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13,715,399 |
7.40 |
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26,208,580 |
14.15 |
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2,982,943 |
1.61 |
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1,659,063 |
0.90 |
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|
906,399 |
0.49 |
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|
41,001 |
0.02 |
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|
124,916 |
0.07 |
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|
576,453 |
0.31 |
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5,294 |
- |
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5,000 |
- |
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44,565,985 |
24.05 |
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Total Public shareholding (B) |
46,340,205 |
25.01 |
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Total (A)+(B) |
185,268,241 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Ferro Alloys. |
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Exports: |
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Country: |
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PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Charge Chrome |
MT |
65000 |
-- |
|
Ferro Alloys |
M. Tons |
-- |
63156 |
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M. Tons |
-- |
187477 |
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M. Tons |
-- |
962 |
GENERAL INFORMATION
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Salve and Company Chartered Accountants |
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Internal Auditors: |
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Name : |
D.C. Dhupia and Company Chartered Accountants |
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Solicitors: |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000000 |
Equity Shares |
Rs.1/- each |
Rs.300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
185268241 |
Equity Shares |
Rs.1/- each |
Rs.185.268
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
185.268 |
185.268 |
185.268 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
1351.842 |
1254.862 |
1023.031 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1537.110 |
1440.130 |
1208.299 |
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LOAN FUNDS |
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1] Secured Loans |
137.170 |
231.291 |
237.123 |
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2] Unsecured Loans |
73.811 |
43.456 |
13.303 |
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TOTAL BORROWING |
210.981 |
274.747 |
250.426 |
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DEFERRED TAX LIABILITIES |
16.963 |
17.242 |
13.989 |
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TOTAL |
1765.054 |
1732.119 |
1472.714 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
881.059 |
720.177 |
703.878 |
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Capital work-in-progress |
11.968 |
23.958 |
39.899 |
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INVESTMENT |
218.506 |
47.665 |
21.580 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
568.115
|
465.500 |
326.470 |
|
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Sundry Debtors |
99.152
|
103.230 |
82.239 |
|
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Cash & Bank Balances |
82.990
|
184.660 |
340.164 |
|
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Other Current Assets |
0.156
|
0.389 |
1.342 |
|
|
Loans & Advances |
644.491
|
776.739 |
538.974 |
|
Total
Current Assets |
1394.904
|
1530.518 |
1289.189 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
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Sundry Creditors |
|
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Other Current Liabilities |
666.732
|
566.251 |
478.135 |
|
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Provisions |
74.651
|
23.948 |
103.697 |
|
Total
Current Liabilities |
741.383
|
590.199 |
581.832 |
|
|
Net Current Assets |
653.521
|
940.319 |
707.357 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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|
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|
|
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TOTAL |
1765.054 |
1732.119 |
1472.714 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3485.760 |
3102.262 |
3125.670 |
|
|
|
Dividend |
0.000 |
0.075 |
0.000 |
|
|
|
Interest |
9.300 |
19.467 |
16.436 |
|
|
|
Other Income |
134.233 |
20.560 |
20.502 |
|
|
|
TOTAL (A) |
3629.293 |
3142.364 |
3162.608 |
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|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
1254.492 |
723.573 |
318.244 |
|
|
|
Power and Fuel |
735.869 |
669.764 |
544.035 |
|
|
|
Mining, Handling and Other Production Expenses |
509.888 |
475.253 |
395.988 |
|
|
|
Manufacturing Expenses |
348.612 |
317.413 |
408.760 |
|
|
|
Selling Expenses |
141.870 |
128.882 |
373.801 |
|
|
|
Salaries, Wages and Other Employees' Benefits |
250.634 |
205.648 |
174.999 |
|
|
|
Managerial Remuneration |
19.823 |
31.660 |
48.830 |
|
|
|
Auditor's Remuneration |
0.373 |
0.450 |
0.230 |
|
|
|
TOTAL (B) |
3261.561 |
2552.643 |
2264.887 |
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
367.732 |
589.721 |
897.721 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
30.405 |
24.489 |
48.529 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
337.327 |
565.232 |
849.192 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
102.403 |
99.084 |
92.268 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
234.924 |
466.148 |
756.924 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
94.736 |
180.128 |
264.415 |
|
|
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|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
140.188 |
286.020 |
492.509 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
400.938 |
419.107 |
384.975 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
200.000 |
250.000 |
350.000 |
|
|
|
Proposed Dividend on Equity Share |
37.054 |
0.000 |
64.844 |
|
|
|
Corporate Tax on Dividend |
6.154 |
7.872 |
15.743 |
|
|
|
Interim Dividend on Equity Shares |
0.000 |
46.317 |
27.790 |
|
|
BALANCE CARRIED
TO THE B/S |
297.918 |
400.938 |
419.107 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.76 |
1.54 |
2.66 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.86
|
9.10 |
15.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.45
|
15.03 |
24.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.32
|
20.71 |
37.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.32 |
0.63 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.62
|
0.60 |
0.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.88
|
2.59 |
2.22 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
Ferro alloy products are used in the production of steel as de-oxidant
and alloying agents and the Ferro alloys industry acts an intermediate industry
to the Iron and Steel industry. As a result the demand and prices of ferro
alloys depend on the production and consumption of stainless steel.
With recessionary effects gradually disappearing ferro alloys market has
recovered considerably from the sluggish performance in second half of 2008-09
to register a production growth of 7.20% during the fiscal 2009-10 [as per
Indian Ferro Alloys Producers Association (IFAPA)]. The growth was primarily
driven by the local demand coupled with demand from overseas especially from
Although capital intensive, the Captive power generation for large scale
producers of ferro alloys holds the key. Accordingly, a number of ferro alloy
producers are setting up captive power plants. The company’s turnover for the
current financial year, 2009-10 stands at Rs. 3485.760 Millions as against
Rs.3102.262 Millions last year, posting an increase of 12.36%. Exports during
the year saw a rise of 52.04% at Rs. 20834.88 Millions as against Rs. 1370.377
Millions last year. Profit before tax stands at Rs. 234.924 Millions as against
Rs.466.148 Millions in the previous year, recording a decline of 49.60%.
FINANCE
The Company has not raised any deposit from public during the year.
PROSPECTS
Fortunes of Ferro Alloys Industry are linked to that of the Steel
Industry. With the growth of Indian economy being pegged at 8-10 percent. Steel
production is likely to witness growth with increase in per capita consumption
of steel which is presently lowest in the world. Considering the stabilization
of economy in various parts of the world especially in steel and infrastructure
industry the prospects of ferro alloys industry for the coming years are
expected to remain good. During the year the Indian ferro alloys industry
registered a production growth of 7.20% and is projected to maintain it. Global
crude stainless steel production for 2008-09 was at 24.6 million tonnes, a fall
of 5% compared with 2007-08. Total output for the first quarter of this year is
estimated at almost 7.5 million tonnes, which is 54.6% higher than the
corresponding quarter of 2009-10. Forecast for Global output in calendar year
2010 is 28.5 million tonnes. The major stainless steel producing nations viz.
FUTURE STRATEGY
AND GROWTH
The first phase covering 45MW of the 100 MW captive thermal power plant
set up by Facor Power Limited is already in the process of commissioning which,
barring unforeseen circumstances, is likely to go on stream by end of December,
2010. Further, the Company also views
the power sector as the growth drivers of the company and is looking for
strategic investment in companies in the business of thermal and/or solar power
generation and distribution. Also, the
company is also looking at forward integration by way of setting up
green field projects, acquisitions, joint ventures etc.
INDUSTRY
STRUCTURE, DEVELOPMENT AND OTHER RELATED MATTERS
The Indian ferro alloys industry is more than five decades old and the
present installed capacity is 3.64 million tons per annum. Being an
intermediate industry to the Iron and
Steel industry the growth of ferro alloys industry is primarily driven
by the demand and supply of steel. Being a power intensive one, electricity
costs accounts for substantial portion of the cost of production. Despite
attempts to have uniform tariff fixed for all ferro alloy units across states,
the industry continues to be plagued by high electricity costs. As a result it
also loses out on competitiveness in the international markets to producers
from countries like
With gradual easing of recessionary forces and stimulus measures
provided by the Government to the manufacturing industries, industrial
production has grown at double digit figures since second quarter of 2009-10 to
May 2010 with its peak at 16.52% in April, 2010 and is expected to grow at the
rate of 9% for fiscal 2010-11. However, the current rise in inflation may pose
as a hindrance to achieve the expected growth figure. Further, the rise in fuel
prices have led to increase in transportation costs triggering a cascading
effect on the overall cost of final product.
OUTLOOK
Ferro alloys industry is a cyclical industry. To ensure that a healthy
production growth is maintained certain exclusive stimulus/ relief needs to be
provided by the Government by ensuring availability of all inputs, especially
power, at internationally comparable prices to not only enable the domestic
ferro alloys produce to compete in the international market but also against
cheaper imported material flooding the domestic market. Though costs of some of
the inputs were lowered by the Government, cost of power remains very high. Not
much effective steps have, so far, been initiated by the Government to fix a
uniform power tariff for all ferro alloy units across the states.
Further, the Indian
Ferro Alloys Industry is facing problems on account of the following:
- Import duty
at present stands at 5% well below the World Trade Organisation's (WTO)
recommended level of 7.5. A 2.5% hike should be made to the current rate.
- Insufficient
availability of good quality of Manganese ore and Chrome ore, the basic
raw materials for production of ferro alloys.
- High power
tariff makes Indian ferro alloys non-competitive against produce of other
competing countries like
- Considerable
hike in LAM coke prices
- Increase in
transportation costs due to increase in fuel prices; and Highly
fluctuating and volatile market
There is, thus, a need to consider implementing uniform power tariff for
ferro alloys industry to make it economically viable and competitive as also
make available raw materials like Manganese ore and Chrome ore in-sufficient
quantity and required quality at reasonable prices. The major consumer of steel
and ferro alloys,
AS PER WEBSITE
DETAILS:
COMPANY OVERVIEW:
Founded in 1955 by Late Shri
Durgaprasadji Saraf, expanded and diversified by Late Shri Umashankarji Agrawal, the
eldest son of the founder and the Chairman and Managing Director of the Group. Ferro
Alloys Corporation Limited, widely known as FACOR Group, today is one of the
The Group that started its journey with a Ferro Manganese Plant in
Shreeramnagar, Andhra Pradesh to produce Ferro Manganese, diversified into
various types of Ferro Alloys. Further, it established a large
FACOR Group exports its products to several countries like
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 records 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.44.27 |
|
|
1 |
Rs.72.07 |
|
Euro |
1 |
Rs.63.66 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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.