- Summary Information
|
|
|
Country |
|
|
Company Name |
APPL INDUSTRIES LIMITED |
Principal Name 1 |
Mr. Inder P. Jain |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Aalekh Jain |
|
|
|
Registration # |
55-109315 |
|
Street Address |
F-169, |
||
|
Established Date |
22.01.2001 |
SIC Code |
-- |
|
Telephone# |
91-11-25193078 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-124-4368234 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Engineering Thermoplastics. |
|
|
# of employees |
250 (Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
211,303,000/- |
Product Name 3 |
-- |
|
Shareholders |
Directors
or relatives of directors – 100% |
Banking |
Standard
Chartered Bank |
|
Public Limited Corp. |
NO |
Business Period |
10 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
Ba (45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
349,829,000 |
Current Liabilities |
120,676,000 |
|
Inventories |
102,942,000 |
Long-term Liabilities |
500,813,000 |
|
Fixed Assets |
552,956,000 |
Other Liabilities |
59,045,000 |
|
Deferred Assets |
0 |
Total Liabilities |
680,534,000 |
|
Invest& other Assets |
43,731,000 |
Retained Earnings |
157,621,000 |
|
|
|
Net Worth |
368,924,000 |
|
Total Assets |
1,049,458,000 |
Total Liab. & Equity |
1,049,458,000 |
|
Total Assets (Previous Year) |
786,685,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
1,452,403,000 |
Net Profit |
54,920,000 |
|
Sales(Previous yr) |
1,148,860,000 |
Net Profit(Prev.yr) |
41,485,000 |
MIRA INFORM
REPORT
|
Report Date : |
23.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
APPL INDUSTRIES LIMITED |
|
|
|
|
Formerly Known
As : |
AALEKH POLYMERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
F-169, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
22.01.2001 |
|
|
|
|
Com. Reg. No.: |
55-109315 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.211.303 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999DL2001PLC109315 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELA18328C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCA1026J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Engineering Thermoplastics. |
|
|
|
|
No. of Employees
: |
250 (Approximately) |
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 1470000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. The
company is progressing well. Trade relations are reported as fair. Business is
active. Payments are reported to be slow but correct. 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. Sandeep Vanzara |
|
Designation : |
General Manager (Marketing) |
|
Contact No.: |
91-9975565741 |
LOCATIONS
|
Registered Office : |
F-169, |
|
Tel. No.: |
91-11-25193078 |
|
Mobile No.: |
91-9871795854 (Mr. Sanjay Agarwal) |
|
Fax No.: |
91-124-4368234 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
680/2, |
|
Tel. No.: |
91-2137-253195 / 96 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Plot No. 2, Sector 7, Industrial Estate, IMT Manesar, Gurgaon – 122
050, |
|
Tel. No.: |
91-124-4368231 |
|
Fax No.: |
91-124-4368234 |
|
E-Mail : |
|
|
Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Inder P. Jain |
|
Designation : |
Director |
|
Address : |
55, |
|
Date of Birth/Age : |
11.08.1961 |
|
Date of Appointment : |
01.06.2006 |
|
|
|
|
Name : |
Mrs. Asha Jain |
|
Designation : |
Director |
|
Address : |
55, |
|
Date of Birth/Age : |
12.05.1962 |
|
Date of Appointment : |
22.01.2001 |
|
|
|
|
Name : |
Mr. Yoginder Nath Sharma |
|
Designation : |
Director |
|
Address : |
108, Apna Villa, Plot No. 23, Sector 10, Dwarka, New |
|
Date of Birth/Age : |
26.10.1936 |
|
Date of Appointment : |
22.01.2001 |
|
|
|
|
Name : |
Mr. Jeevan Karkhanis |
|
Designation : |
Director |
|
Address : |
D-804, Imperial Residency, Adjacent to |
|
Date of Birth/Age : |
05.10.1952 |
|
Date of Appointment : |
23.08.2007 |
|
|
|
|
Name : |
Mr. Aalekh Jain |
|
Designation : |
Director |
|
Address : |
55, |
|
Date of Birth/Age : |
27.10.1986 |
|
Date of Appointment : |
30.04.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh Gupta |
|
Designation : |
Secretary |
|
Address : |
Flat No. A-101, Karam Hi Dharam Apartment, Sector – 55, Gurgaon –
122001, |
|
Date of Birth/Age : |
30.08.1961 |
|
Date of Appointment : |
01.06.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Inder P. Jain |
|
14798730 |
|
Asha Jain |
|
3177772 |
|
Aalekh Jain |
|
1040000 |
|
Anurag Jain |
|
912000 |
|
Yoginder Nath Sharma |
|
160 |
|
Jain and Company ( |
|
60400 |
|
Inder Jain and Sons (HUF) |
|
588400 |
|
Vinod Sikka |
|
160 |
|
T. P. Mathew |
|
160 |
|
Decent Computers Private Limited ( |
|
552550 |
|
Total |
|
21130332 |
As on 30.09.2010
|
Category |
|
Percentage of Holding |
|
|
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
|
|
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Engineering Thermoplastics. |
|
|
|
|
Products : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30 / 60 / 90 days) |
|
|
|
|
Purchasing : |
Cash and Credit (30 / 60 / 90 days) |
GENERAL INFORMATION
|
Customers : |
End Users and OEM’s
|
|
|
|
|
No. of Employees : |
250 (Approximately) |
|
|
|
|
Bankers : |
Standard Chartered Bank, Credit Risk Control, Narin Manzil, |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. Kumar Jain and Associates Chartered Accountant |
|
Address : |
2481/9, 2nd Floor, |
|
Tel. No.: |
91-11-28756307 / 28758294 |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,000,000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21,130,332 |
Equity Shares |
Rs.10/- each |
Rs.211.303
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 |
211.303 |
205.767 |
128.604 |
|
|
2] Share Application Money |
0.000 |
18.955 |
17.955 |
|
|
3] Reserves & Surplus |
157.621 |
52.882 |
88.560 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
368.924 |
277.604 |
235.119 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
426.417 |
386.621 |
226.581 |
|
|
2] Unsecured Loans |
74.396 |
32.496 |
33.954 |
|
|
TOTAL BORROWING |
500.813 |
419.117 |
260.535 |
|
|
DEFERRED TAX LIABILITIES |
34.964 |
26.709 |
19.302 |
|
|
|
|
|
|
|
|
TOTAL |
904.701 |
723.430 |
514.956 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
552.956 |
410.012 |
270.904 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
43.616 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
102.942
|
75.154 |
93.464 |
|
|
Sundry Debtors |
308.000
|
230.186 |
213.921 |
|
|
Cash & Bank Balances |
2.230
|
40.388 |
1.880 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
39.599
|
30.818 |
13.140 |
|
Total
Current Assets |
452.771
|
376.546 |
322.405 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors & Current Liabilities |
120.676
|
56.852 |
74.168 |
|
|
Provisions |
24.081
|
6.403 |
4.326 |
|
Total
Current Liabilities |
144.757
|
63.255 |
78.494 |
|
|
Net Current Assets |
308.014
|
313.291 |
243.911 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.115 |
0.127 |
0.141 |
|
|
|
|
|
|
|
|
TOTAL |
904.701 |
723.430 |
514.956 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1452.403 |
1148.860 |
1017.031 |
|
|
|
Other Income |
1.103 |
2.726 |
4.415 |
|
|
|
TOTAL (A) |
1453.506 |
1151.586 |
1021.446 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase / (Decrease) in Stock |
(10.481) |
(4.541) |
1.377 |
|
|
|
Raw Materials Consumed |
1140.405 |
912.556 |
783.299 |
|
|
|
Manufacturing Expenses |
97.733 |
65.773 |
59.740 |
|
|
|
Administrative Expenses |
41.881 |
36.671 |
30.383 |
|
|
|
Selling and Distribution Expenses |
46.982 |
38.308 |
55.247 |
|
|
|
TOTAL (B) |
1316.520 |
1048.767 |
930.046 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
136.986 |
102.819 |
91.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
36.305 |
29.297 |
29.415 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
100.681 |
73.522 |
61.985 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.074 |
8.905 |
7.336 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
88.607 |
64.617 |
54.649 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H)
|
33.687 |
23.132 |
20.674 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
54.920 |
41.485 |
33.975 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
52.882 |
88.560 |
54.585 |
|
|
|
|
|
|
|
|
|
Less |
Bonus Shares
Issued |
0.000 |
77.163 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
107.802 |
52.882 |
88.560 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.60 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.78
|
3.60 |
3.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.10
|
5.62 |
5.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.81
|
8.21 |
9.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.23 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.95
|
1.74 |
1.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.13
|
5.95 |
4.11 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
The
company has achieved turnover Rs.1452.400 Millions as compare to previous year
Rs. 1148.800 Millions. Profit before tax increase to Rs. 88.600 Millions as compare
to previous year Rs. 64.600 Millions. Net Profit after interest, depreciation and tax shows improvement from Rs.
41.500 Millions to Rs. 54.900 Millions. This could be possible only by extra
marketing effort of the company. However still the company has to go a long way
in exploiting the market by introduction of its products to new markets.
The
operating results are very good. However the company shows its inability to
declare any dividend as the expansion of turnover rather requires more funds.
CHANGE OF ADDRESS:
Registered office of the company has been shifted from D-114,
FORM 8:
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10235567 |
|
Corporate
identity number of the company |
U74999DL2001PLC109315 |
|
Name of the
company |
APPL INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
F-169, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Standard Chartered Bank, Credit Risk Control, Narin Manzil, |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Memorandum of evidencing deposit of title deeds |
|
Date of
instrument Creating the charge |
27.12.2010 |
|
Amount secured by
the charge |
Rs.115.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: As per facility
advice letter dated 22/07/2010 to be amended from time to time. Terms of
Repayment : As per facility
advice letter dated 22/07/2010 to be amended from time to time. Margin : As per facility
advice letter dated 22/07/2010 to be amended from time to time. Extent and
Operation of the charge : Pari passu
charge. Others : The security by way
of 1st pari passu charge over movable Fixed assets has been created in favour
of SCB for the purpose of securing of ECB facility to the extent of USD
2300000/- (facility amt.) Granted to company for the purpose of filing form
8, facility amount eqv. In INR has been calculated at the Rs.50/-each per
us$. |
|
Short particulars
of the property charged |
1. Hypothecation
by way of first pari passu charge over all present and future movable fixed
assets of the company stored or to be stored at company’s godowns and
premises situated at Plot
No.2, Sector -7, Industrial Estate, IMT Manesar, Gurgaon, (Haryana).or
wherever else the same may be with a minimum asset coverage of 2 times. |
|
Particulars of
the present modification |
ECB of Rs.115.000
Millions.(USD 2300000) already secured by 1st P/P CH. Over all P/F
movable F/A shall now additionally be sec. by EM over company’s immovable
Property i.e. 1) land meas.4050 sq.ms. at Plot No.2, Sec-7, Industrial
Estate, IMT Manesar, Gurgaon, 2) land meas.1H 88.5R, at Plot (Old Survey
No.947, 947/2 (New Survey No.680/2) Village Koregaon, Bhima Taluka, Shirpur
Pune, 3) land meas.331 sq.yds. (200+131 sq.yds.) Out of 1161.72 sq.yds. at 70
Najafgarh Road, Industrial Area, New Delhi together with all building and
structure Thereon/to be thereon. |
TRADE REFERENCES:
- Tata Jhonson
Controls Automotive Limited
- Rinder India
Private Limited
- Volkswago
India Private Limited
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record exists
to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.37 |
|
|
1 |
Rs.72.34 |
|
Euro |
1 |
Rs.63.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--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.