1. Summary Information
|
|
|
Country |
|
|
Company Name |
Rishiroop rubber international limited |
Principal Name 1 |
Mr. M. K. Kapoor |
|
Status |
Moderate |
Principal Name 2 |
Mr. Arvind Kapoor |
|
|
|
Registration # |
04 - 17657 |
|
Street Address |
Plot No – 5807 /
08, GIDC, Industrial Estate Ankleshwarar - 393002. |
||
|
Established Date |
05.11.1990 |
SIC Code |
-- |
|
Telephone# |
91 –
2646 – 220031 |
Business Style 1 |
Manufacturers |
|
Fax # |
91 –
2646 - 251323 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Chlorinated Rubber Resin |
|
|
# of employees |
-- |
Product Name 2 |
Resins |
|
Paid up capital |
Rs.
118,596,570/- |
Product Name 3 |
-- |
|
Shareholders |
Promoters Holding : 44.85 % Public Holding : 55.15%
|
Banking |
|
|
Public Limited Corp. |
Yes |
Business Period |
10 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
B (26) |
|
Related
Company |
|||
|
Relation
- |
Country
- |
Company
Name |
CEO |
|
Associate
: |
India |
Rishiroop Polymers Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
24,056,000 |
Current Liabilities |
25,048,000 |
|
Inventories |
17,758,000 |
Long-term Liabilities |
-- |
|
Fixed Assets |
62,545,000 |
Other Liabilities |
-- |
|
Deferred Assets |
29,130,000 |
Total Liabilities |
25,048,000 |
|
Invest& other Assets |
82,692,000 |
Retained Earnings |
156,065,000 |
|
|
|
Net Worth |
191,132,000 |
|
Total Assets |
216,181,000 |
Total Liab. & Equity |
216,181,000 |
|
Total Assets (Previous Year) |
172,243,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
131,872,000 |
Net Profit |
5,797,000 |
|
Sales(Previous yr) |
83,142,000 |
Net Profit(Prev.yr) |
(6,949,000) |
MIRA
INFORM REPORT
|
Report Date : |
28.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
RISHIROOP RUBBER (INTERNATIONAL) LIMITED |
|
|
|
|
Registered Office : |
Plot No – 5807 / 08, GIDC, Induatrial Estate Ankleshwarar –
393002. |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
05.11.1990 |
|
|
|
|
Com. Reg. No.: |
04 - 17657 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L25191GJ1990PLC017657 |
|
|
|
|
Legal Form : |
Public limited liability company. Company’s shares are listed on the
Stock Exchange. |
|
|
|
|
Line of Business : |
Manufacturer of Chlorinated Rubber Resin and Resins. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 550000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be under pressure. There appears some accumulated losses
recorded by the company. However trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 / Works : |
Plot No – 5807 / 08, GIDC, Induatrial Estate Ankleshwarar – 393002. |
|
Tel. No.: |
91 – 2646 – 220031 / 91 – 2646 - 251323 |
|
Fax No.: |
91 – 2646 - 251323 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
65, |
DIRECTORS
As On : 31.03.2010
|
Name : |
Mr. Mahendra Kumar Kapoor |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Arvind Kapoor |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Harkishenlal Ohri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Haren B. Jokhakar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Hemant Vakil |
|
Designation : |
Director (w.e.f. May 10, 2010) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Category of Shareholder |
Total No. of
Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1233419 |
10.42 |
|
Bodies Corporate |
4076211 |
34.43 |
|
|
5309630 |
44.85 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
5309630 |
44.85 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
Mutual Funds / UTI |
3200 |
0.03 |
|
Financial Institutions / Banks |
1400 |
0.01 |
|
Foreign Institutional Investors |
6000 |
0.05 |
|
Sub Total |
10600 |
0.09 |
|
|
|
|
|
|
763960 |
6.45 |
|
|
|
|
|
|
3576664 |
30.21 |
|
|
1812198 |
15.31 |
|
Any others (Specify) |
366805 |
3.10 |
|
Clearing Members |
75936 |
0.64 |
|
Non Resident Indian |
267804 |
2.26 |
|
Foreign Corporate Bodies |
1200 |
0.01 |
|
Directors
and Their Relatives and Friends |
21865 |
0.18 |
|
|
6519627 |
55.07 |
|
Total
Public shareholding (B) |
6530227 |
55.15 |
|
Total
(A)+(B)+(C) |
11839857 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 million BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Chlorinated Rubber Resin and Resins. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS
As on 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Chlorinated Rubber |
M.T. |
4500 |
4500 |
Nil |
GENERAL INFORMATION
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Messrs. Jayesh Dadia and Associates Chartered Accountants |
|
Address : |
422, Arun Chambers, Tardeo, Mumbai – 400034, Maharashtra, India |
|
|
|
|
Associates/Subsidiaries : |
·
Rishiroop Polymers Private Limited ·
Puneet Resins Limited ·
Rishichem Mideast Limited ·
Rishichem Distributors Private Limited. ·
Rishiroop Holding Private Limited. ·
Rishiroop Investment and Trading Company Private
Limited ·
Rubtrade.Com India Private Limited ·
Devi Organics Private Limited |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11839857 |
Equity Shares |
Rs. 10/- each |
Rs. 118.399
millions |
|
*Add |
Amount Paid up on share forfeited |
|
Rs. 0.198
million |
|
|
Total |
|
Rs. 118.597
millions |
Note :
*During the previous year the company has
forfeited 39600 shares of Rs.5/- paid up.
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 |
118.597 |
118.597 |
118.559 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
156.065 |
156.065 |
156.065 |
|
|
4] (Accumulated Losses) |
(83.530) |
(123.511) |
(116.562) |
|
|
NETWORTH |
191.132 |
151.151 |
158.062 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
2.476 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
2.476 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
191.132 |
151.151 |
160.538 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
62.545 |
73.153 |
83.790 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
82.692 |
41.381 |
55.756 |
|
|
DEFERREX TAX ASSETS |
29.130 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
17.758
|
22.219 |
14.518 |
|
|
Sundry Debtors |
15.511
|
7.748 |
9.215 |
|
|
Cash & Bank Balances |
5.345
|
14.397 |
3.761 |
|
|
Loans & Advances |
3.200
|
2.799 |
3.397 |
|
Total
Current Assets |
41.814
|
47.163 |
30.891 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
22.491
|
8.176 |
|
|
|
Current Liabilities |
1.064
|
0.990 |
7.773 |
|
|
Provisions |
1.493
|
1.380 |
2.126 |
|
Total
Current Liabilities |
25.048
|
10.546 |
9.899 |
|
|
Net Current Assets |
16.766
|
36.617 |
20.992 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
191.132 |
151.151 |
160.538 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
131.872 |
83.142 |
34.774 |
|
|
|
Other Income |
6.398 |
4.287 |
4.886 |
|
|
|
TOTAL (A) |
138.270 |
87.429 |
39.660 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
106.498 |
83.528 |
30.585 |
|
|
|
Manufacturing Expenses |
0.445 |
0.433 |
0.215 |
|
|
|
Employees Remuneration |
0.608 |
0.572 |
0.481 |
|
|
|
Increase/(Decrease) in Finished Goods |
0.028 |
(9.702) |
(4.047) |
|
|
|
Selling and Distribution Expenses |
8.832 |
8.316 |
8.574 |
|
|
|
TOTAL (B) |
116.411 |
83.147 |
35.808 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
21.859 |
4.282 |
3.852 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.400 |
0.464 |
0.396 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
21.459 |
3.818 |
3.456 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
10.608 |
10.637 |
10.711 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
10.851 |
(6.819) |
(7.255) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.054 |
0.035 |
0.026 |
|
|
|
|
|
|
|
|
|
Less/ Add |
Short / Excess Provision
For Tax of Earlier Years |
0.000 |
(0.095) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5.797 |
(6.949) |
(7.281) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(123.511) |
(116.562) |
(109.281) |
|
|
|
|
|
|
|
|
|
Add |
Deffer
Tax Adjustment |
34.184 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(83.530) |
(123.511) |
(116.562) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB |
43.996 |
26.799 |
30.168 |
|
|
TOTAL EARNINGS |
43.996 |
26.799 |
30.168 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Trading Goods |
92.678 |
75.146 |
29.041 |
|
|
|
Others |
0.148 |
0.060 |
0.000 |
|
|
TOTAL IMPORTS |
92.826 |
75.206 |
29.041 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.49 |
(0.58) |
(0.60) |
|
QUARTERLY RESULTS
(Rs. In Millions)
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
40.900 |
66.950 |
|
Total Expenditure |
34.510 |
62.830 |
|
PBIDT (Excl OI) |
6.390 |
4.120 |
|
Other Income |
1.020 |
2.140 |
|
Operating Profit |
7.410 |
6.260 |
|
Interest |
0.140 |
0.080 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
7.270 |
6.180 |
|
Depreciation |
2.650 |
2.680 |
|
Profit Before Tax |
4.620 |
3.510 |
|
Tax |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
4.620 |
3.510 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
4.620 |
3.510 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.19
|
7.95 |
18.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.23
|
8.20 |
20.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.13
|
5.67 |
6.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.04 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.13
|
0.06 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67
|
4.47 |
3.12 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
OPERATIONS
During the year,
the Company had substantially increased Sales Turnover to Rs. 131.872 millions
as compared to Rs.83.142 millions in previous year registering a 58% increase
over last year. The net profit for the year is Rs. 5.797 millions as compared
to a Loss of Rs. 6.949 millions last year. The Company intends to increase the
Sales revenue by adding more items to trading activity during the current year.
In view of the overall growth in the Indian economy, particularly strong growth
in the rubber industry, the Company is
hopeful of
improving its performance during the current year.
MANAGEMENT
DISCUSSIONS AND ANALYSIS REPORT
INDUSTRYSTRUCTURE
The Company is
involved in the international trade of industrial raw materials and chemicals
for various applications in coaling and rubber industry.
OUTLOOK
The domestic
rubber industry is expected to grow at 12%-14% providing opportunity for higher
sales volumes. The export market for the coating industry remains stable.
Overall the Company can look forward to achieve higher sales revenues in the
current year.
INTERNAL CONTROL
SYSTEM
The Company
maintains adequate internal control systems, which provide among other things
adequate support to all its operations and effectively handle the demands of the
Company's financial management system. The Company has in place effective
systems safeguarding the assets and interest of the Company and ensuring
compliance with law and regulations. The Company's internal control systems are
supplemented by an extensive
programme of
internal audit conducted by an external auditor to ensure adequate system of
internal control.
FINANCIAL OVERVIEW
Financial
Statements
The financial
statements have been prepared in compliance with the requirements to the Companies
Act, 1956 and generally accepted Accounting Principles in India.
Fixed Assets
During the year
there was no addition in fixed Assets.
Inventories
Total inventories
have decreased from Rs. 22.218 millions to Rs. 17.758 millions.
Sundry Debtors
The Sundry Debtors
are at 11.76 % of Sales as at March 31, 2010.
FINANCIAL
PERFORMANCE
The Profit after
taxation during the year is 5.797 millions as compared to Loss of Rs. 6.949
millions of previous year.
Fixed Assets –
- Leasehold land
- Machinery
- Electrical Installation
- Safety Equipments
- Laboratory Equipments
- Office Equipments
- Furniture and Fixtures
- Vehicle
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.45.57 |
|
|
1 |
Rs.72.50 |
|
Euro |
1 |
Rs.62.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.