MIRA
INFORM REPORT
|
Report Date : |
12.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
SU-RAJ DIAMOND INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Su-Raj House, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
22.03.1980 |
|
|
|
|
Com. Reg. No.: |
11-22385 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.24.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36900MH1980PLC022385 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS14766D / MUMS38109B |
|
|
|
|
Legal Form : |
A closely held public limited liability company. |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Diamonds, Studded Jewellery and Plain
Jewellery |
|
|
|
|
No. of Employees
: |
Not Available |
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 |
|
Maximum Credit Limit : |
USD 4000000 |
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|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
tarde 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Su-Raj House, |
|
Tel. No.: |
91-22-40916300 |
|
Fax No.: |
91-22-28265550 |
|
E-Mail : |
DIRECTORS
As on 28.09.2010
|
Name : |
Mr. Surendra Narpatraj Singhvi |
|
Designation : |
Director |
|
Address : |
2-D, Stuti Apartment, |
|
Date of Birth/Age : |
30.09.1964 |
|
Date of Appointment : |
06.06.2005 |
|
DIN No. : |
00336989 |
|
|
|
|
Name : |
Mr. Vinay Kantilal Mehta |
|
Designation : |
Director |
|
Address : |
F9 Triveni, |
|
Date of Birth/Age : |
28.02.1955 |
|
Date of Appointment : |
01.10.2005 |
|
DIN No. : |
00249282 |
|
|
|
|
Name : |
Mr. Rajendra Rajkumar Bhandari |
|
Designation : |
Director |
|
Address : |
10/578 Chopasani Housing Board, II Puliya, |
|
Date of Birth/Age : |
07.07.1955 |
|
Date of Appointment : |
02.02.2008 |
|
DIN No. : |
00361132 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Gunvanti Rajnikant Mehta |
|
2700 |
|
Euro Auto Private Limited, |
|
6150 |
|
Kohinoor Diamonds Private Limited, |
|
63450 |
|
Diadem Investment and Finance Private Limited, |
|
700 |
|
Jatin R Mehta (Karta) of Jatin R Mehta (HUF) |
|
1300 |
|
Bombay Diamonds Company Private Limited, |
|
90600 |
|
SJR Commodities and Consultancies Private Limited, |
|
75000 |
|
Vishal Jatin Mehta |
|
50 |
|
Suraj Jatin Mehta |
|
50 |
|
Total |
|
240000 |
As on 28.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
98.29 |
|
Other
top fifty shareholders |
|
1.71 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Diamonds, Studded Jewellery and Plain
Jewellery |
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|
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|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Fully Processed Polished Diamonds |
Carats |
Not Applicable |
75000 |
276560 |
|
Gold |
Gms |
Not Applicable |
NA |
892841 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Punjab National Bank Large Corporate Branch, |
Facilities :
|
Secured Loans |
As
on 31.03.2010 Rs.
in millions |
As
on 31.03.2009 Rs.
in millions |
As
on 31.03.2008 Rs.
in millions |
As
on 31.03.2007 Rs.
in millions |
|
A) Loans and
Advances From Banks : |
|
|
|
|
|
Secured by
Hypothecation of Book Debts and
Inventory and by Equitable Mortgage by way of deposit
of the Title Deeds of the
Company's Factory Premises at Andheri in Mumbai and by Personal Guarantee of
Mr. Jatin R. Mehta. The Company has also been
sanctioned Non funded credit facility of Rs.1030.000 millions by the Consortium
of Banks secured against above assets
and by Fixed Deposits as
cash margin |
391.238 |
398.311 |
253.837 |
332.995 |
|
Total (A) |
391.238 |
398.311 |
253.837 |
332.995 |
|
|
|
|
|
|
|
B) Received from
Banks |
|
|
|
|
|
External Commercial Borrowings |
|
|
|
|
|
Buyers’ Credit |
1840.489 |
112.819 |
272.784 |
281.511 |
|
Less : To the extent secured by pledge of Fixed Deposits with banks |
1840.489 |
112.819 |
272.784 |
281.511 |
|
Total (B) |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Total (A+B) |
391.238 |
398.311 |
253.837 |
332.995 |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R C Reshamwala and Company Chartered Accountant |
|
Address : |
323, Varma Chambers, |
|
|
|
|
Associates : |
·
Su-Raj Jewellery ( ·
Su-Raj Diamond Dealers
Limited ·
Kohinoor Diamonds Private Limited ·
Bombay Diamonds Company Private Limited ·
SJR Commodities and Consultancy Private Limited ·
Carbon Accessories Limited (upto 30/3/ 10) ·
Peakok Jewellery Limited (upto 30/3/10) |
CAPITAL STRUCTURE
As on 28.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
240000 |
Equity Shares |
Rs.100/- each |
Rs.24.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
|
1] Share Capital |
24.000 |
20.000 |
20.000 |
20.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
3] Advance towards future issue of Equity Shares |
0.000 |
100.000 |
0.000 |
0.000 |
|
|
4] Reserves & Surplus |
981.757 |
785.961 |
729.973 |
642.374 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1005.757 |
905.961 |
749.973 |
662.374 |
|
|
LOAN FUNDS |
|
|
|
|
|
|
1] Secured Loans |
391.238 |
398.311 |
253.837 |
332.995 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
391.238 |
398.311 |
253.837 |
332.995 |
|
|
DEFERRED TAX LIABILITIES |
3.397 |
4.372 |
5.292 |
5.618 |
|
|
|
|
|
|
|
|
|
TOTAL |
1400.392 |
1308.644 |
1009.102 |
1000.987 |
|
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
79.356 |
92.333 |
102.169 |
112.675 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
345.928 |
493.230 |
501.730 |
192.078 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Inventories |
437.248
|
173.603 |
221.810 |
244.063 |
|
|
Sundry Debtors |
2182.408
|
1799.272 |
1266.731 |
1278.367 |
|
|
Cash & Bank Balances |
122.134
|
182.768 |
241.514 |
163.646 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
72.159
|
76.532 |
78.208 |
35.138 |
|
Total
Current Assets |
2813.949
|
2232.175 |
1808.263 |
1721.214 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Sundry Creditors |
1819.677
|
1482.019 |
1364.244 |
986.639 |
|
|
Other Current Liabilities |
8.552
|
10.186 |
25.539 |
26.491 |
|
|
Provisions |
10.612
|
16.889 |
13.277 |
11.850 |
|
Total
Current Liabilities |
1838.841
|
1509.094 |
1403.060 |
1024.980 |
|
|
Net Current Assets |
975.108
|
723.081 |
405.203 |
696.234 |
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
1400.392 |
1308.644 |
1009.102 |
1000.987 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
Sales |
4235.520 |
3250.597 |
2458.546 |
2238.056 |
|
|
|
Labour Charges Received |
3.460 |
8.383 |
8.560 |
12.704 |
|
|
|
Other Income |
25.357 |
23.191 |
19.470 |
13.008 |
|
|
|
TOTAL (A) |
4264.337 |
3282.171 |
2486.576 |
2263.768 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
Material Cost |
4047.202 |
3067.634 |
2292.462 |
2051.941 |
|
|
|
Manufacturing and Other Expenses |
92.547 |
99.486 |
81.951 |
84.353 |
|
|
|
TOTAL (B) |
4139.749 |
3167.120 |
2374.413 |
2136.294 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
124.588 |
115.051 |
112.163 |
127.474 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
CHARGES (NET) (D) |
8.403 |
43.585 |
2.566 |
15.989 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
116.185 |
71.466 |
109.597 |
111.485 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.928 |
12.448 |
13.510 |
15.131 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
105.257 |
59.018 |
96.087 |
96.354 |
|
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.024 |
2.692 |
5.100 |
9.406 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
99.233 |
56.326 |
90.987 |
86.948 |
|
|
|
|
|
|
|
|
|
|
Add |
EXCESS PROVISION
FOR INCOME TAX EARLIER YEARS |
1.192 |
(0.158) |
(2.832) |
(0.730) |
|
|
|
|
|
|
|
|
|
|
Add |
PRIOR PERIOD
INCOME (EXPENSES) (NET) |
(0.630) |
(0.180) |
(0.556) |
5.834 |
|
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
496.124 |
470.136 |
412.537 |
350.485 |
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
|
Transfer to General Reserve |
20.000 |
20.000 |
20.000 |
20.000 |
|
|
|
Transfer to General Reserve – Foreign Exchange
Fluctuations |
10.000 |
10.000 |
10.000 |
10.000 |
|
|
BALANCE CARRIED
TO THE B/S |
565.919 |
496.124 |
470.136 |
412.537 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
Export of Goods on FOB basis |
4080.055 |
2353.350 |
2048.040 |
1595.752 |
|
|
|
Recovery of Freight |
1.499 |
0.652 |
0.958 |
0.779 |
|
|
TOTAL EARNINGS |
4081.554 |
2354.002 |
2048.998 |
1596.531 |
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
Raw Materials |
3979.973 |
2272.220 |
2039.123 |
1492.360 |
|
|
|
Stores & Spares |
0.000 |
0.401 |
0.000 |
0.314 |
|
|
TOTAL IMPORTS |
3979.973 |
2272.621 |
2039.123 |
1492.674 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
428.00 |
280.00 |
438.00 |
460.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
2.33
|
1.72 |
3.66 |
3.84 |
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.49
|
1.82 |
3.91 |
4.31 |
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.64
|
2.54 |
5.03 |
5.25 |
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.07 |
0.13 |
0.15 |
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.22
|
2.11 |
2.21 |
2.05 |
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.53
|
1.48 |
1.29 |
1.68 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS AND
PROSPECTS
The Total Income
from operations during the year increased by 30% to Rs.4264.300 millions from
Rs.3282.200 millions in the previous year. The Company recorded a net profit of
Rs.99.200 millions during the year as against Rs.56.300 millions in the
previous year, an increase of 76%.
FORM 8
|
Corporate identity number of the company |
U36900MH1980PLC022385 |
|
Name of the company |
SU-RAJ DIAMOND INDUSTRIES LIMITED |
|
Address of the registered office or of the principal place of business in |
Su-Raj House, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
90240576 |
|
Type of charge |
·
Immovable property ·
Book debts ·
Movable property (not being pledge) ·
Others o
Current Assets |
|
Particular of charge holder |
Punjab National Bank Large Corporate Branch, |
|
Nature of instrument creating charge |
1) Third Supplemental Joint Deed of Hypothecation dated 8th April,
2011 executed by Su-Raj Diamond Industries Limited in favour of Punjab
National Bank, Vijaya Bank, Export Import Bank of 2) Second Extension of Memorandum of Entry in favour of PNB Consortium
dated 8th April, 2011. |
|
Date of instrument Creating the charge |
08.04.2011 |
|
Amount secured by the charge |
Rs.1830.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest The Company shall pay interest to the Banks at such rate or rates as
may be notified by the Banks. Terms of Repayment The Company shall on demand pay the outstanding balance due to each of
the Banks. Margin As advised by the Consortium Banks from time to time. Extent and Operation of the charge 1) Company has hypothecated all its existing and future current assets
including book-debts to secure monies payable in respect of banking
facilities granted/agreed to be granted by Banks (Punjab National Bank,
Vijaya Bank, Export Import Bank of |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
·
All the Company's stock in trade comprising of
raw materials, semi-finished and finished products including rough diamonds,
diamonds under process, cut or finished diamonds, gold / jewellery. ·
All the present and future bills receivables and
book-debts and other movables. ·
Plot No. 73-C, situated at Marol Industrial Area
together with the structure standing thereon within the village limits of
Kondivita of Taluka Andheri, Mumbai. |
|
Particulars of the present modification |
1) The Banking Facilities are modified vide Third Supplemental Joint Deed
of Hypothecation dated 08/04/2011 increasing the total limits from
Rs.1430.000 millions to 1830.000 millions. All other terms and conditions
remain unchanged. (2) The Company has re-deposited Title Deeds as and by way
of equitable mortgage by deposit of title deeds by way of re-constructive
delivery of its immovable properties together with all buildings and
structures thereon. |
FIXED ASSETS
·
Land (Leasehold)
·
Building (including premises on Ownership
basis)
·
Plant and Machinery
·
Furniture and Fixtures
·
Electrical Installations
·
Office / Factory Equipment
·
Air conditioners
·
Vehicles
·
Computer
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.45.27 |
|
|
1 |
Rs.73.33 |
|
Euro |
1 |
Rs.64.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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.