MIRA
INFORM REPORT
|
Report Date : |
26.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
MEENAKSHI INDIA LIMITED |
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Registered
Office : |
16, Whites Road, 4th Floor, Royapettah, Chennai-600014,
Tamil Nadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.07.1982 |
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Com. Reg. No.: |
18-014678 |
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Capital
Investment / Paid-up Capital : |
Rs. 37.500 millions |
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CIN No.: [Company Identification
No.] |
L74300TN1987PLC014678 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALM00742A |
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Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on the
Stock Exchanges. |
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Line of Business
: |
Manufacturers and Exporters of fashion apparels |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 310000 |
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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 DECLINED BY
|
Name : |
Mr. Rajgopal |
|
Designation : |
Account Manager |
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Date : |
22.07.2010 |
LOCATIONS
|
Registered Office : |
16, Whites Road, 4th Floor, Royapettah, Chennai-600014,
Tamil Nadu, India |
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E-Mail : |
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Website : |
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Administrative Office : |
No. 77 (SP), Ambattur Industrial Estate, Chennai-600058, Tamil Nadu, India |
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Tel. No.: |
91- 44-6251590 / 6251409 |
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Fax No.: |
91- 44-6258013 |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Shyam Sunder Goenka |
|
Designation : |
Chairman and Managing Director |
|
Address : |
No.9A, Venus Colony, 2nd Street, Alwarpet, Chennai-600018,
Tamil Nadu, India |
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Date of Birth/Age : |
03.06.1940 |
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Date of Appointment : |
01.04.2005 |
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DIN No : |
00180875 |
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Name : |
Mr. Ashutosh Goeka |
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Designation : |
Whole Time Director |
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Address : |
No.9A, Venus Colony, 2nd Street, Alwarpet, Chennai-600018,
Tamil Nadu, India |
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Date of Birth/Age : |
22.09.1970 |
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Date of Appointment : |
01.04.2006 |
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DIN No : |
00181026 |
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Name : |
Mr. Inder Mohan Khosla |
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Designation : |
Director |
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Address : |
No.5, Frameroz Court, Marine Drive, Mumbai-400020, Maharashtra, India |
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Date of Birth/Age : |
11.09.1938 |
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Date of Appointment : |
28.10.1995 |
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DIN No : |
00195806 |
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Name : |
Mr. P. Meenakshi Sundaram |
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Designation : |
Director |
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Address : |
No.7, 1st Street, Parameswari Nagar, Adyar, Chennai-600020,
Tamil Nadu, India |
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Date of Birth/Age : |
20.09.1929 |
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Date of Appointment : |
22.09.1999 |
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DIN No : |
00715291 |
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Name : |
Mr. Kamal Chordia |
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Designation : |
Director |
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Address : |
No.89, Audiappa Naicken Street, 1st Floor, Sowcarpet,
Chennai-600079, Tamil Nadu, India |
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Date of Birth/Age : |
21.07.1971 |
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Date of Appointment : |
29.01.2007 |
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DIN No : |
01280853 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Bajarang Investment Company Private Limited, India |
829166 |
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Bharat Industrial Development Company Limited, India |
750000 |
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Libra Constructions and Finance Limited, India |
400000 |
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Libra Constructions and Finance Limited, India |
363750 |
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Shyam Sunder Goenka |
299434 |
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Ashutosh Goenka |
216350 |
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Shruthi Ashwin Agarwal |
187850 |
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S S Goenka and Sons (HUF) |
150000 |
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Ashutosh Goenka |
103500 |
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Usha Goenka |
96950 |
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Casino Business Private Limited, India |
77950 |
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Mita Goenka |
37500 |
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Veena C Seth |
30300 |
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Kamal C Seth |
20000 |
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Sumitra Saraf |
18750 |
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Milcom Software Limited, India |
15400 |
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M Sushila Kanwar |
10000 |
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Santosh Devi Singhania |
1400 |
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Narpat Chand Lodha |
1000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
65.00 |
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Directors or relatives of Directors |
29.00 |
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Other top fifty shareholders |
3.00 |
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Others |
3.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of fashion apparels |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Readymade Garments (On single shift basis) |
Pcs |
NA |
600000 |
304318 |
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Coffee |
Pcs |
NA |
-- |
50509 |
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Electricity |
Units |
NA |
-- |
342630 |
GENERAL INFORMATION
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Bankers : |
·
Canara Bank, Thousand Lights Branch, Greams Road,
Chennai-600006, Tamil Nadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Singhi and Company Chartered Accountant |
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Address : |
1, Philips Street, Chennai-600001, Tamil Nadu, India |
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Associates: |
·
Bajarang Investment Company Private Limited ·
Meenakshi Biotech Limited ·
Meenakshi Finance and Properties Limited ·
Sri Bajrang Textiles Private limited ·
Libra Constructions and Finance Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
3750000 |
Equity Shares |
Rs.10/- each |
Rs. 37.500
Millions |
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Notes:
*Includes 200000 Equity Shares of Rs.10/- each
issued as fully paid Bonus Shares by capitalization of Reserves.
*Includes 3350000 Equity Shares of Rs. 10/-
each allotted pursuant to the scheme of Amalgamation approved by the Hon’ble
High Court of Madras
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
37.500 |
37.500 |
37.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
42.179 |
33.596 |
18.123 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
79.679 |
71.096 |
55.623 |
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LOAN FUNDS |
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1] Secured Loans |
64.537 |
114.474 |
115.557 |
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2] Unsecured Loans |
10.426 |
19.845 |
17.452 |
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TOTAL BORROWING |
74.963 |
134.319 |
133.009 |
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DEFERRED TAX LIABILITIES |
10.429 |
10.770 |
4.425 |
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TOTAL |
165.071 |
216.185 |
193.057 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
109.099 |
109.763 |
107.423 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.060 |
0.060 |
0.060 |
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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 |
27.459
|
40.910 |
58.928 |
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Sundry Debtors |
39.959
|
66.137 |
35.351 |
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Cash & Bank Balances |
0.987
|
4.161 |
0.880 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
13.653
|
16.165 |
12.377 |
|
Total
Current Assets |
82.058
|
127.373 |
107.536 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
14.802
|
11.178 |
17.737 |
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Other Current Liabilities |
6.877
|
5.109 |
3.078 |
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Provisions |
4.467
|
4.724 |
1.147 |
|
Total
Current Liabilities |
26.146
|
21.011 |
21.962 |
|
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Net Current Assets |
55.912
|
106.362 |
85.574 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
165.071 |
216.185 |
193.057 |
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PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
267.284 |
383.092 |
204.903 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
(Increase)/ Decrease in Stock |
8.474 |
24.123 |
(16.359) |
|
|
|
Purchase |
23.057 |
32.957 |
39.112 |
|
|
|
Raw Materials Consumed |
79.899 |
123.231 |
67.346 |
|
|
|
Manufacturing Expenses |
41.496 |
58.162 |
26.055 |
|
|
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Payment to and Provision for Employees |
53.137 |
57.480 |
53.069 |
|
|
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Administrative Expenses |
21.649 |
26.229 |
11.846 |
|
|
|
Selling Expenses |
11.755 |
16.542 |
9.707 |
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|
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TOTAL (B) |
239.467 |
338.724 |
190.776 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
27.817 |
44.368 |
14.127 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
10.976 |
15.757 |
14.015 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16.841 |
28.611 |
0.112 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.692 |
5.018 |
4.709 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
11.149 |
23.593 |
(4.597) |
|
|
|
|
|
|
|
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|
Less |
TAX (I) |
2.565 |
8.121 |
(1.382) |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
8.584 |
15.472 |
(3.215) |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
14.635 |
(0.837) |
2.378 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
23.219 |
14.635 |
(0.837) |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
197.185 |
307.256 |
125.097 |
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
20.950 |
26.372 |
10.438 |
|
|
|
Capital Goods |
0.202 |
2.129 |
6.563 |
|
|
TOTAL IMPORTS |
21.152 |
28.501 |
17.001 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.29 |
4.13 |
(0.86) |
|
QUARTERLY RESULTS
(Rs.
In Millions)
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Net Sales |
1.330 |
1.700 |
2.030 |
1.490 |
|
Total Expenditure |
0.030 |
0.020 |
0.020 |
0.050 |
|
PBIDT (Excl OI) |
1.300 |
1.680 |
2.010 |
1.440 |
|
Other Income |
0.030 |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
1.330 |
1.680 |
2.010 |
1.440 |
|
Interest |
0.000 |
0.000 |
0.000 |
0.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
1.330 |
1.680 |
2.010 |
1.440 |
|
Depreciation |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit Before Tax |
1.330 |
1.680 |
2.010 |
1.440 |
|
Tax |
0.410 |
0.510 |
(0.080) |
1.180 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
0.920 |
1.170 |
2.090 |
0.260 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
0.920 |
1.170 |
2.090 |
0.260 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.21
|
4.04 |
(1.57) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.83
|
9.95 |
(2.14) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.33 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.40
|
2.34 |
2.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.14
|
6.06 |
4.89 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office address of the company has shifted from Kolkata to
Chennai in the year 1987.
OPERATIONS:
The company achieved turnover of Rs. 267.284 millions (Previous Year Rs.
383.090 millions). The turnover declined due to recession in overseas markets.
FUTURE OUTLOOK:
The company is planning to expand its capacity by setting up another
manufacturing unit near Salem.
FORM 8
|
Corporate
identity number of the company |
L74300TN1987PLC014678 |
|
Name of the
company |
MEENAKSHI INDIA
LIMITED |
|
Address of the
registered office or of the principal place of business in |
16, Whites Road,
4th Floor, Royapettah, Chennai-600014, Tamil Nadu, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Canara Bank,
Thousand Lights Branch, Greams Road, Chennai-600006, Tamil Nadu, India |
|
Nature of
instrument creating charge |
Supplemental
hypothecation agreement dated 28.11.2010 letter for Mortgaging property Taken
Delivery to DPN dated 28.11.2010 |
|
Date of
instrument Creating the charge |
28.11.2010 |
|
Amount secured by
the charge |
Rs. 202.235
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Terms of repayment Repayment of TL
of Rs. 25.500 millions. Principal repayable in 60 installments of Rs. 0.425
million Holiday Period 12 months DPN repayment 29
installments of Rs. 0.700 million and installment of Rs. 0.400 million |
|
Description of
the property charged indicating whether it is a charged on |
Supplemental
Hypothecation Agreement dated 28.11.2010 |
|
Date of acquisition
of the property |
28.11.2010 |
|
Amount of Charge |
Rs. 202.235
millions |
|
Particular of the
property charged |
Primary security
for working capital 1. Hypothecation of stocks in trade and receivables in
export division and trading division and stocks received under LC; Hypothecation of
plantation coffee / pepper crops; Collateral
Security of property at sirumalaipudur, Dindigul extent 280.26 acres. Free hold land
and building at Ambattur Industrial Estate and Office premises at whites Road |
|
Short particulars
of the property charged (Including location of the property) |
Primary security
for working capital: Hypothecation of stocks in Trade and Receivables in
export Division and Trading Division and stocks received under LC;
Hypothecation of Plantation coffee / pepper Coffee / pepper
estate land and building at Sirumalaipudur, Dindigul extent 280.26 acres Freehold land and
building at Survey No. 549 and 550 Plot No. 77 Ambattur Industrial Estate,
Chennai-58; Office Premises
at Flat No. 5B1, IVth Floor, Door No.29, Survey No. 343/3, Whites Road,
Royapettah, Chennai-14 |
|
Charge
identification number of the charge to be modified |
80033911 |
|
Date of
instrument modifying the charge |
23.03.2010 |
|
Particulars of
the present modification |
Increase of
Facilities from 159.235 millions modification of CC/OBCD limit from 17.500
millions to 15.000 millions. DPN for 20.000 millions. Term Loan III for Rs.
25.500 millions of FLCST 10.000 millions. More fully described in the
document enclosed. |
FIXED ASSETS
·
Land and Plantation
·
Building
·
Plant and Machinery
·
Wells, Borewell and Tanks
·
Vehicles
·
Computer and Software
·
Furniture and Fixtures
·
Office Equipments
·
Air Conditioners
·
Generator
WEB SITE DETAILS
PROFILE
MIL was incorporated in the year 1982 and the Apparel manufacturing
division was set up in 1992
They have a wide experience in handling various kinds of styles, fabrics
and eco-friendly washes. And the fabrics we use are 100% cotton, cotton and
synthetic blends, 100% rayon and blends, natural eco-friendly fibers such as
linen, jute and flax. In the domestic goods category, we have experience in
handling various counts, blends and constructions. They manufacture a wide
range of formal and casual wear.
Their product line includes -
·
Men's shirts, shorts, pants, jackets, parkas;
·
Women's shirts, shorts, skirts, vests, parkas;
·
Children's clothing;
·
Casual wear
·
Outdoor wear
·
Sportswear, etc.
Their plants in Chennai and Salem are ISO 9002 accredited and are
fully equipped to handle quality control aspects such as Fabric inspection,
In-line inspection of cut garments and Assembly lines. They have the facilities
to work with both imported piece goods and domestic piece goods from renowned
mills and conventional power looms. Their factories are equipped with the
latest technologies and conform to national and international quality registrar
guidelines.
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.44.41 |
|
|
1 |
Rs.72.49 |
|
Euro |
1 |
Rs.63.86 |
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 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.