MIRA
INFORM REPORT
|
Report Date : |
17.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
MINEX METALLURGICAL COMPANY LIMITED |
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Registered Office : |
301, Rajguru Apartments, 3 New |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
31.03.1981 |
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Com. Reg. No.: |
11-24161 |
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CIN No.: [Company
Identification No.] |
U28910MH1981PLC024161 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM22448G |
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PAN No.: [Permanent
Account No.] |
AAACM7315B |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturer of Ferrous Aluminum, Aluminum Alloys, Metal Cared Wires
etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 3200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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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
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
|
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Tushar |
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Designation : |
Office Assistance |
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Date : |
15.01.2011 |
LOCATIONS
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Registered/ Head Office : |
301, Rajguru Apartments, 3 New |
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Tel. No.: |
91-22-28362166/ 28215703/ 28370349/ 28982020 |
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Mobile No.: |
91-9833745167 (Mr. Murli Mahadevan) |
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Fax No.: |
91-22-28377369 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft. |
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Location : |
Owned |
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D-41/42, MIDC Industrial Area, |
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Tel. No.: |
91-7104-237907/ 234434 |
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Fax No.: |
91-7104-236745 |
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E-Mail : |
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Kalmeshwar – Plant : |
B-401/1, MIDC Industrial Area, Kalmeshwar – 441501, District |
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Tel. No.: |
91-7118-27168/9 |
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Fax No.: |
91-7118-271496 |
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E-Mail : |
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Nimji – Plant : |
68/3, Nimji, Tahsil Kalmeshwar, District |
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Tel. No.: |
91-7118-238304 |
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Fax No.: |
91-7118-238304 |
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E-Mail : |
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Burdwan, |
3/6, Shivaji Durgapur, Burdwan 713204, West |
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Tel. No.: |
91-343-2572095 |
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Fax No.: |
91-343-2568413 |
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E-Mail : |
DIRECTORS
As On : 09.09.2010
|
Name : |
Mr. Sukhendu B. Misra |
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Designation : |
Chairman and Managing Director |
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Address : |
301, Belscot Tower, 1st Lokandwala Complex, |
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Date of Birth/Age : |
19.06.1946 |
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Date of Appointment : |
31.03.1981 |
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DIN No : |
00105418 |
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Name : |
Mr. Dilip K. Patel |
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Designation : |
Director |
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Address : |
15 Neel Shobha, 4th Floor, |
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Date of Birth/Age : |
20.10.1947 |
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Date of Appointment : |
01.08.2008 |
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DIN No : |
00013150 |
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Name : |
Mr. Anantharaman Mahadevan |
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Designation : |
Director |
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Address : |
A-1, 2nd Floor, New |
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Date of Birth/Age : |
06.03.1947 |
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Date of Appointment : |
30.12.1985 |
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DIN No : |
00165226 |
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Name : |
Mr. Mukul Tagqre |
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Designation : |
Director |
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Address : |
503, Benhut ‘A’ Lokhandwala complex, |
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Date of Birth/Age : |
03.01.1946 |
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Date of Appointment : |
31.03.1981 |
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DIN No : |
00353182 |
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Name : |
Mr. Henry Marie Jean |
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Designation : |
Director |
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Address : |
64-70, Rue Des Chantiers, 7800 |
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Date of Birth/Age : |
06.03.1947 |
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Date of Appointment : |
15.04.1988 |
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Name : |
Mr. Vaidyanathan Narayan |
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Designation : |
Director |
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Address : |
5, Nai Roshini, Charat singh Colony, Andheri (East), Mumbai – 400093, |
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Date of Birth/Age : |
24.12.1940 |
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Date of Appointment : |
23.06.1992 |
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DIN No : |
000495534 |
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Name : |
Ms. Rakhi Misra |
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Designation : |
Director |
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Address : |
301, Belscot Tower, 1st Lokandwala Complex, |
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Date of Birth/Age : |
17.04.1953 |
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Date of Appointment : |
01.04.1996 |
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DIN No : |
00353033 |
KEY EXECUTIVES
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Name : |
Mr. Murali Mahadevan |
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Designation : |
Company Secretary |
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Address : |
H – 003, Shimpoli Niranjan Co-operative Housing Society Limited,
Chikuwadi, Shimpoli, Borivali (West), Mumbai – 400092, |
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Date of Birth/Age : |
01.10.1963 |
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Date of Appointment : |
01.08.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 09.09.2010
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Names of Shareholders |
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No. of Shares |
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Sukhendu B. Misra |
|
3508425 |
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Rakhi Misra |
|
1041376 |
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Bela Misra |
|
715487 |
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Shreya Misra |
|
626817 |
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Renukana Tagore |
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352110 |
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Mukul Tagore |
|
154475 |
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M. Anantharaman |
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135000 |
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S. B. Misra (HUF) |
|
265920 |
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Diptendu P. Mishra |
|
65500 |
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Nirmalendu Mishra |
|
54800 |
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Sweta Mishra |
|
50250 |
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Nita Thakkar |
|
73500 |
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Rani M. Shroff |
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63000 |
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A. Revathi |
|
70000 |
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Savitri M. Shroff |
|
55125 |
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Madhukant T. Sheth (HUF) |
|
50250 |
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Rajesh M. Sheth |
|
65850 |
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Meena M. Sheth |
|
50250 |
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M. T. Sheth |
|
34650 |
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Abhijit Mishra |
|
48650 |
AS ON 09.09.2010
|
Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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90.84 |
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Other top fifty shareholders |
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9.16 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Ferrous Aluminium, Aluminium Alloys, Metal Cared Wires
etc. |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
250 (In Office – 35 and In Factory - 215) (Approximately) |
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Bankers : |
·
Standard Chartered Bank 90, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. Kalahasthi and Company Chartered Accountant |
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Address : |
44/2208, Pranav, Gandhi Nagar, Bandra (East), Mumbai – 400051, |
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Tel. No.: |
91-22-26441948/ 26453376 |
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Fax No.: |
91-22-26453375 |
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E-Mail : |
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Associates : |
·
Minex Foundation |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
8000000 |
Equity Shares |
Rs. 10/- each |
Rs. 80.000
millions |
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NOTE:
(Including 6309450 shares Issued as fully paid
bonus shares by capitalisation general reserve)
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 |
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|
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1] Share Capital |
80.000 |
80.000 |
80.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
723.048 |
626.378 |
544.766 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
803.048 |
706.378 |
624.766 |
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LOAN FUNDS |
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1] Secured Loans |
388.684 |
346.113 |
273.963 |
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2] Unsecured Loans |
49.454 |
51.351 |
53.119 |
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TOTAL BORROWING |
438.138 |
397.464 |
327.082 |
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DEFERRED TAX LIABILITIES |
31.380 |
30.745 |
32.376 |
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TOTAL |
1272.566 |
1134.587 |
984.224 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
228.917 |
201.033 |
206.532 |
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Capital work-in-progress |
0.000 |
0.000 |
3.348 |
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|
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|
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INVESTMENT |
0.006 |
0.006 |
0.006 |
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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 |
427.200
|
331.147
|
296.706 |
|
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Sundry Debtors |
486.841
|
418.676
|
451.790 |
|
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Cash & Bank Balances |
106.607
|
185.385
|
75.092 |
|
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Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
179.432
|
123.126
|
360.656 |
|
Total
Current Assets |
1200.080
|
1058.334
|
1184.244 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
109.720
|
94.879 |
137.958 |
|
|
Other Current Liabilities |
33.713
|
16.773
|
32.082 |
|
|
Provisions |
13.004
|
157.183
|
239.866 |
|
Total
Current Liabilities |
156.437
|
268.835
|
409.906 |
|
|
Net Current Assets |
1043.643
|
933.548
|
774.338 |
|
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1272.566 |
1134.587 |
984.224 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2352.664 |
2245.514 |
2208.201 |
|
|
|
Other Income |
18.112 |
21.149 |
16.532 |
|
|
|
TOTAL (A) |
2370.776 |
2266.663 |
2224.733 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
243.446 |
212.022 |
223.295 |
|
|
|
Raw Material Consumed |
1936.140 |
1844.641 |
1741.797 |
|
|
|
Increase/(Decrease) in Finished Goods |
(29.331) |
(9.351) |
37.959 |
|
|
|
TOTAL (B) |
2150.255 |
2047.312 |
2003.051 |
|
|
|
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|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
220.521 |
219.351 |
221.682 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
27.679 |
43.743 |
51.384 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
192.842 |
175.608 |
170.298 |
|
|
|
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|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
19.369 |
18.280 |
17.849 |
|
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|
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|
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|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
173.473 |
157.328 |
152.449 |
|
|
|
|
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|
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Less |
TAX (H) |
60.635 |
55.369 |
54.850 |
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|
PROFIT AFTER TAX
(G-H) (I) |
112.838 |
101.959 |
97.599 |
|
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.956 |
2.950 |
4.070 |
|
|
|
|
|
|
|
|
|
Less |
Short
/Excess Provision For Tax For Earlier Years |
2.942 |
(1.237) |
0.000 |
|
|
|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.00 |
80.000 |
80.000 |
|
|
|
Dividend |
8.000 |
8.000 |
8.000 |
|
|
|
Proposed final Dividend |
8.000 |
8.000 |
8.000 |
|
|
|
Tax on Dividend |
2.719 |
2.719 |
2.719 |
|
|
BALANCE CARRIED
TO THE B/S |
2.017 |
4.953 |
2.950 |
|
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|
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|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
293.865 |
391.460 |
607.492 |
|
|
TOTAL EARNINGS |
293.865 |
391.460 |
607.492 |
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
881.285 |
600.295 |
539.986 |
|
|
TOTAL IMPORTS |
881.285 |
600.295 |
539.986 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
14.10 |
12.74 |
12.20 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.76
|
4.50
|
4.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.37
|
7.01
|
6.90 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.13
|
12.49
|
10.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.22
|
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.78
|
0.99
|
1.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.67
|
3.94
|
2.89 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS:
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
109.452 |
94.667 |
137.907 |
|
Sundry Creditors (SSI) |
0.268 |
0.212 |
0.051 |
|
Total |
109.720 |
94.879 |
137.958 |
OPERATIONS :
The finished products deliveries registered an increased of 24%, from
17782 MT in FY 2008-2009 to 22026 MT in FY 2009-2010, which is highest volume deliveries
achieved so far.
The consolidated net sales during the year were Rs. 23.708 millions
(Rs.22.667 millions) a marginal increase of 4.69%, the growth of business in
the first half was slow and could pick only during last two quarters.
The Export income during the financial year was at Rs.2.999 millions
(Rs. 4.010 millions), declined by 25%, Company’s main market have been Middle
east Europe and economic slow down in these countries has considerably affected
company’s business due to lower capacity utilization in these counties.
Equipment sales (Wire feeder) was down by 50% as the slow down in steel
and foundry restricted implementation of new projects.
The current year prospects in the Domestic market has improved
substantially and its expected to remain stable during the current year However
the export market in euro zone and oil producing countries has still not
recovered completely.
FORM 8
|
Corporate
identity number of the company |
U28910MH1981PLC024161 |
|
Name of the
company |
MINEX METALLURGICAL COMPANY LIMITED |
|
Address of the
registered office or of the principal place of business in |
301, Rajguru Apartments, 3 New |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
·
Standard Chartered Bank 90, |
|
Nature of instrument
creating charge |
Supplemental of
Unattested Memorandum of Hypothication. |
|
Date of
instrument Creating the charge |
12.05.2010 |
|
Amount secured by
the charge |
Rs.300.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Credit
Facilities. Interest /
Commission- As agreed by and with the Bank from time to time. Terms of repayment As agreed by and
with the Bank from time to time. Margin As agreed by and
with the Bank from time to time. Extent and operation of the charge The Bank is
having first charge on the stocks and book debts of the Company. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation by
way of first charge On : a) all present and future book debts,
outstanding money’s receivables, claims and bills. b) All present and future stock in trade
consisting of raw materials, finished goods, goods in process of
manufacturing and other merchandise. |
|
Charge
identification number of the charge to be modified |
10101387 |
|
Date of
instrument modifying the charge |
28.01.2010 |
|
Particulars of
the present modification |
The existing charge
amount of Rs. 170.000 millions consists of import LC-Unsecured, Loan against
Import, Financial Gtee / SBLC (trade), Bonds and Gtees ,OD, Short Term Money
Market Loan, Preshipment Financing under Export Order, Export Bill
Discounting, Import Invoice Financing, Export Invoice Financing, Local Bill
Discounted. |
FIXED ASSETS:
·
Land
·
·
R and D Building
·
Office Premises
·
Plant and Machinery
·
Laboratory Equipment
·
Electrical Installment
·
Office Equipment
·
Air Condition
·
Vehicle
·
Furniture and Fixtures
·
Computers
WEBSITE DETAILS:
HISTORY:
·
1981 - Inception
·
1985 -
·
1986 - Introduction of Cored Wire Injection System
to the Indian Iron and Steel Industry for the first time.
·
1991 - Kalmeshwar Plant started manufacturing Cored
Wire for the first time in
·
1997 - First export of Cored Wire Injection System,
Cored Wire and Specialty Alloys in to Middle East, Latin America and
·
By the year 1999-2000 company has cornered 97% of
the Wire Injection application in the Indian sub-continent and over 93% of
Speciality Alloys, and above 90% of the Cored Wire market segment.
PROFILE:
Pioneering
Total Alloying Solutions
Company has been at the helm of the alloying industry,
providing total alloying solutions to the Iron and Steel, Aluminium, Welding and
other non-ferrous industries. Their state-of-the-art technology in the field of
specialty alloys, cored wire and wire injection systems is proving to be a
benchmark for the industry. Here is why company is a alloying solutions company
today.
Committed to the Customer's need - Sales and Service network
all over the country
Pioneer in "Cored Wire Injection System"
technology in
Sourcing of superior raw materials from around the world
Adherance to strict quality control during production
Emphasis on superior packaging processes and quality driven
technical services to the customer
The domination of the Indian market has now propelled them
to go Global and they now deliver their products to several customers in the
international market.
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.45.30 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.60.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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.