MIRA
INFORM REPORT
|
Report Date : |
25.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
BLOW PACKAGING (INDIA) LIMITED (w.e.f. 30.04.1995) |
|
|
|
|
Formerly Known As : |
BLOW PACKAGING ( |
|
|
|
|
Registered Office : |
102, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
28.09.1992 |
|
|
|
|
Com. Reg. No.: |
18 – 23546 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U35999TN1992PLC023546 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEB04372E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACB3145L |
|
|
|
|
Legal Form : |
A Closely held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Jerry Cans Narrow Mouth Carbouys and
Barrels. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 980000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track
records. 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Ganeshan |
|
Designation : |
Accounts Department |
|
Date : |
22.01.2011 |
LOCATIONS
|
Registered Office : |
102, Mannarswamy Koil St. Royapuram, Chennai – 600 013, |
|
Tel. No.: |
91-44-26255958 |
|
Fax No.: |
91-44-42009348 |
|
E-Mail : |
|
|
Location : |
Rented |
|
|
|
|
Factory : |
No.55, SIDCO Industrial Estate, Chennai – 600 098, |
|
Tel. No.: |
91-44-42077502 |
|
Fax No.: |
91-44-42080411 |
|
Location : |
Owned |
DIRECTORS
As On : 29.09.2010
|
Name : |
Mr. Chhatarmal Baid |
|
Designation : |
Director |
|
Address : |
No.2, Lakshimpuram, |
|
Date of Birth/Age : |
04.12.1947 |
|
Date of Appointment : |
28.09.1992 |
|
Election Commission ID No: |
KSV1856228 |
|
DIN No : |
00054645 |
|
|
|
|
Name : |
Mrs. Meena Baid |
|
Designation : |
Director |
|
Address : |
No.2, Lakshimpuram, |
|
Date of Birth/Age : |
19.05.1953 |
|
Date of Appointment : |
15.11.1995 |
|
Election Commission ID No: |
KSV1856236 |
|
DIN No : |
01150679 |
|
|
|
|
Name : |
Mr. Vinithkumar Baid |
|
Designation : |
Director |
|
Address : |
No.2, Lakshimpuram, |
|
Date of Birth/Age : |
03.04.1973 |
|
Date of Appointment : |
11.11.2002 |
|
Election Commission ID No: |
KSV1857440 |
|
DIN No : |
00054689 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 22.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Chhatarmal Baid |
|
2088150 |
|
Meena Baid |
|
66100 |
|
C.M. Baid (Huf) |
|
200050 |
|
Vinithkumar Baid |
|
1276600 |
|
Phooldevi Bhansali |
|
67000 |
|
Puja Baid |
|
170000 |
|
Vinithkumar Baid (HUF) |
|
100 |
|
Total |
|
3868000 |
AS ON: 22.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
98.00 |
|
Other top fifty shareholders |
|
2.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Jerry Cans Narrow Mouth Carbouys and
Barrels. |
|
|
|
|
|
|
Products : |
ITC CODE |
Product
Description |
|
3091 |
Plastic Packing Containers |
|
|
|
|
|
|
Imports : |
|
|
|
Products : |
Raw Materials |
|
|
Countries : |
|
|
|
|
|
|
|
Terms : |
|
|
|
Selling : |
Cash, Credit |
|
|
|
|
|
|
Purchasing : |
L/C, Cash, Credit |
|
PRODUCTION STATUS
As On : 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Plastic Packing Containers |
MT |
NA |
12500 |
7741 |
GENERAL INFORMATION
|
Customers : |
Corporates |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
200 (In Office – 30 and In Factory -170) (Approximately) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
C Ramasamy and B Srinivasan Chartered Accountant |
|
Address : |
37 Alagiri Nagar, 2nd Street, Vadapalani, Chennai – 600
026, |
|
Pan No.: |
ADRPR3614N |
|
|
|
|
Sister Concern : |
Blow Plast Industries (Proprietory Concern), Chennai, Tamil Line of Business : Manufacturer of Jerry Cans Narrow Mouth
Carbouys and Barrels. |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3868000 |
Equity Shares |
Rs. 10/- each |
Rs. 38.680
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 |
38.680 |
38.680 |
38.680 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
208.000 |
112.498 |
56.980 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
246.680 |
151.178 |
95.660 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
95.955 |
59.061 |
80.498 |
|
|
2] Unsecured Loans |
61.503 |
48.683 |
52.508 |
|
|
TOTAL BORROWING |
157.458 |
107.744 |
133.006 |
|
|
DEFERRED TAX LIABILITIES |
6.936 |
8.271 |
8.186 |
|
|
|
|
|
|
|
|
TOTAL |
411.074 |
267.193 |
236.852 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
184.281 |
108.596 |
115.990 |
|
|
Capital work-in-progress |
7.206 |
0.000 |
2.312 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.031 |
0.031 |
0.032 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
60.636
|
38.378 |
56.155
|
|
|
Sundry Debtors |
188.699
|
138.160 |
91.971
|
|
|
Cash & Bank Balances |
5.866
|
4.156 |
5.305
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
93.487
|
68.994 |
31.240
|
|
Total
Current Assets |
348.688 |
249.688 |
184.671
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
48.303
|
42.017 |
43.997 |
|
|
Other Current Liabilities |
10.459
|
7.485 |
7.495
|
|
|
Provisions |
70.370
|
41.620 |
14.661
|
|
Total
Current Liabilities |
129.132 |
91.122 |
66.153
|
|
|
Net Current Assets |
219.556
|
158.566 |
118.518
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
411.074 |
267.193 |
236.852 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
834.285 |
697.882 |
545.534 |
|
|
|
Labour Charges Receipt |
1.079 |
1.601 |
1.025 |
|
|
|
Other Income |
1.130 |
1.471 |
1.250 |
|
|
|
TOTAL (A) |
836.494 |
700.954 |
547.809 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
517.473 |
451.971 |
381.302 |
|
|
|
Manufacturing Expenses |
114.320 |
86.184 |
65.674 |
|
|
|
Employees Remuneration |
27.415 |
16.168 |
8.499 |
|
|
|
Increase/(Decrease) in Finished Goods |
(6.224) |
6.222 |
(0.896) |
|
|
|
Selling and Distribution Expenses |
4.879 |
3.105 |
3.164 |
|
|
|
Administrative Expenses |
5.795 |
4.170 |
4.041 |
|
|
|
TOTAL (B) |
663.658 |
567.820 |
461.784 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
172.836 |
133.134 |
86.025 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
12.465 |
20.747 |
16.188 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
160.371 |
112.387 |
69.837 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26.269 |
29.824 |
19.535 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
134.102 |
82.563 |
50.302 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
40.362 |
27.044 |
15.517 |
|
|
|
|
|
|
|
|
|
Add |
Excess Provision
in Previous Year |
1.763 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
95.503 |
55.519 |
34.785 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
111.248 |
55.729 |
20.945 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
206.751 |
111.248 |
55.730 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
NA |
NA |
1.878 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
240.943 |
230.019 |
231.059 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
24.69 |
14.35 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.42
|
7.92 |
6.35 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.07
|
11.83 |
9.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.16
|
23.04 |
16.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.54
|
0.55 |
0.53 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.19
|
1.37 |
2.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.70
|
2.74 |
2.79 |
LOCAL AGENCY FURTHER INFORMATION
SUNDARY CREDITORS
DETALIS
(Rs.
In Millions)
|
PARTICULAR |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors Dues to SME Sector |
0.594 |
1.987 |
3.843 |
|
Sundry Creditors Dues to Other Than SME Sector |
47.709 |
40.030 |
40.154 |
|
Total |
48.303 |
42.017 |
43.997 |
GENERAL
PERFORMANCE
During the end of
the Financial Year, the company had successfully commenced the commercial operation
from the Fourth Unit at Rohtak, Haryana. The unit is constructed with the state
of art facilities and equipped with sophisticated machineries with an installed
capacity of 2500 MT per annum. The performance of the Company has improved
considerably during the financial year as evidenced from the increase in
turnover from Rs.699.500 millions to Rs.835.400 millions. The profit before
interest and depreciation increased from Rs.133.100 millions to 172.800
millions. The profit before tax has increased from Rs.82.600 millions to 134.1
millions due to the increase in the volume of business. With the Rohtak Unit
being operational from the beginning of the year, the directors are confident
of achieving better performance during the current year.
FORM 8
|
Corporate
identity number of the company |
U35999TN1992PLC023546 |
|
Name of the
company |
BLOW PACKAGING ( |
|
Address of the
registered office or of the principal place of business in |
102, Mannarswamy Koil St. Royapuram, Chennai – 600 013, Tamil Nadu, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Any Interest in
Immovable property |
|
Particular of
charge holder |
Bank of E-Mail: boichnmainbr@dishnetdsl.net |
|
Nature of
instrument creating charge |
Equitable Mortgage
letter dt.20/07/2010 |
|
Date of
instrument Creating the charge |
20.07.2010 |
|
Amount secured by
the charge |
Rs.324.200
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest CC@BPLR(at
present 12% pa):TL-I(SIPCOT):1% below BPLR min.11.75%pa:TL II(Rohtak):1.25%
below BPLR min.10.75% pa:New TL(Windmill)1% below BPLR min.11%pa: New
TL(Machinery)@ BPLR-all with monthly rests Terms of repayment New
TL(windmill):20 quarterly instalments of Rs.4.150 millions and New
TL(Machinery):20 quarterly instalments of Rs.0.006 million- both commencing
from 31.12.2010 up to 30.09.2015, CC on demand, Existing Terms
Loans are repayable as per the original terms of sanction. Margin CC:25% on stocks
40% on BDs, For the existing
& New Term Loans: 25% margin For Non fund
based limits: LC DP/DA 90 days (Inland/Foreign) & BG- @10% cash margin in
TDR Extent and operation of the charge Extension/creation
of Equitable Mortgage by way of deposit of title deeds of the cos immovable
properties as described in Sl.No.15(i)
to 15(vii) in addition to the existing charge by way of hyp. of all cos
stocks, BDs, Plant and machinery to secure Rs.324.200 millions |
|
Short particulars
of the property charged (Including location of the property) |
|
|
Charge identification
number of the charge to be modified |
90283905 |
|
Date of
instrument modifying the charge |
19.06.2010 |
|
Particulars of
the present modification |
Extension/Creation
of Equitable Mortgage on the property as stated in Sl.No.15(i) to 15(vii) above
to secure the credit limits aggregating to Rs.324.200 millions more fully
described in the annexed EM letter. |
FIXED ASSETS:
- Computer
- Furniture
- Electrical Fittings
- Electrical Installations
- Generator
- Motor Cycle
- Mould and Dies
- Office Equipments
- Plant and Machinery
- Testing Equipments
- Lift
- Wind Mill A/c
WEB SIDE DETAILS
HISTORY
Backed by an industry experience of more than three
decades, their organization has been able to provide complete packaging solutions
to their clients. With the help of injection blow molding machine, they
manufacture a comprehensive range, which includes Jerry Cans, Square Can Types,
Narrow Mouth Types, Wide Mouth Types, Open Type Carboys, Conipack Pails, and
Barrels. They manufacture their products in accordance with
international quality standards, conforming to International Maritime Dangerous
Goods code (IMDG) and IS : 6312. Their products are duly tested and approved by
M/S Indian Institute of Packaging.
Sophisticatedly design, their packaging containers
ensure cent percent drainability of the packaged material. Their products are
totally leak proof as these are made in single piece from blow mold. They use
food grade, non-toxic, and anti-corrosive plastic to make their range
compatible. Available in standard sizes, shapes and designs, their range is
open to innovation. They customize all their products on the basis of the
specifications detailed by the clients.
PROFILE
Subject is a group of five companies namely M/s Blow
Packaging (
Established over a sprawling area, their manufacturing unit
is supported by state-of-the-art infrastructure that enables them to undertake
projects and bulk orders. At this unit, they have latest machinery that enable
them to design their products in conformation with IMDG code and IS: 6312. Appreciated
for quality and design, their products are duly tested and approved by Indian
Institute of Packaging. Their clients are contented with the superior quality,
timely deliveries, and economic pricing of their range.
Their organization has earned tremendous success in the
industry, owing to the efforts of their committed workforce and management,
which are headed by their founder, Mr. C. M. Baid. Their mentor started his
career at the age of 13 years, and quickly mastered the trade of packaging.
Within a short span, he began this organization and lead it to new heights of
success.
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.45.58 |
|
|
1 |
Rs.72.79 |
|
Euro |
1 |
Rs.62.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.