1. Summary Information
|
|
|
Country |
|
|
Company Name |
Onwards
Chemicals Private Limited |
Principal Name 1 |
Mr. Amit Tibrewala |
|
Status |
Satisfactory |
Principal Name 2 |
Mrs. Panadevi Tibrewala |
|
|
|
Registration # |
11-100010 |
|
Street Address |
G-11, Creative
Industrial Estate, N. M. Joshi Marg, Lower Parel (E), Mumbai – 400 011,
Maharashtra, India |
||
|
Established Date |
05.06.1996 |
SIC Code |
-- |
|
Telephone# |
91-22-23012929 /
40546474 |
Business Style 1 |
Distributing |
|
Fax # |
91-22-23003030 /
40546400 |
Business Style 2 |
Importing |
|
Homepage |
Product Name 1 |
Isocynates |
|
|
# of employees |
20
(Approximately) |
Product Name 2 |
Hydrocarbon Resins |
|
Paid up capital |
Rs.2,050,000/- |
Product Name 3 |
Curprous Oxide |
|
Shareholders |
Directors or relatives of directors (100%) |
Banking |
Bank of |
|
Public Limited Corp. |
-- |
Business Period |
15 Years |
|
IPO |
-- |
International Ins. |
- |
|
Public |
-- |
Rating |
Ba
(45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Sister
Concern |
|
Exim Corporation |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
31,262,000 |
Current Liabilities |
16,000,000 |
|
Inventories |
5,850,000 |
Long-term Liabilities |
6,933,000 |
|
Fixed Assets |
1,415,000 |
Other Liabilities |
93,000 |
|
Deferred Assets |
000 |
Total Liabilities |
23,026,000 |
|
Invest& other Assets |
4000 |
Retained Earnings |
13,455,000 |
|
|
|
Net Worth |
15,505,000 |
|
Total Assets |
38,531,000 |
Total Liab. & Equity |
38,531,000 |
|
Total Assets (Previous Year) |
31,805,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
112,976,000 |
Net Profit |
3,573,000 |
|
Sales(Previous yr) |
109,040,000 |
Net Profit(Prev.yr) |
3,412,000 |
MIRA
INFORM REPORT
|
Report Date : |
28.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
ONWARDS CHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
G-11, Creative Industrial Estate, N. M. Joshi Marg, Lower Parel (E),
Mumbai – 400 011, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
05.06.1996 |
|
|
|
|
Com. Reg. No.: |
11-100010 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs.2.050 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51496MH1996PTC100010 |
|
|
|
|
IEC No.: |
0396031561 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMO01924G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACO1770A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Distributor and Importer of Specialty Chemicals. |
|
|
|
|
No. of Employees : |
20 (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 62000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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) |
|
|
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. S. Tibrewala |
|
Designation : |
H.O.D Finance |
|
Contact No.: |
91-9821038882 |
LOCATIONS
|
Registered Office : |
G-11, Creative Industrial Estate, N. M. Joshi Marg, Lower Parel (E),
Mumbai – 400 011, Maharashtra, India |
|
Tel. No.: |
91-22-23012929 / 40546474 |
|
Fax No.: |
91-22-23003030 / 40546400 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1550 sq ft |
|
Location : |
Owned |
|
|
|
|
Warehouse : |
Deshmukh Warehousing Corporation |
|
Tel. No.: |
91-22-27893064/ 3097 |
|
Fax No.: |
91-22-27893095 |
|
Area : |
3000 sq ft |
|
Location : |
Rented |
|
|
|
|
Branch Office : |
2, 3, 4, |
|
Tel. No.: |
91-44-27699266 |
|
E-Mail : |
DIRECTORS
As on : 30.09.2010
|
Name : |
Mr. Amit Tibrewala |
|
Designation : |
Director |
|
Address : |
C-62, Grand Paradi, August Kranti Marg, Kemps Corner, Mumbai – 400 036 |
|
Date of Birth/Age : |
26.03.1968 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
05.06.1996 |
|
E-Mail : |
|
|
|
|
|
Name : |
Mrs. Panadevi Tibrewala |
|
Designation : |
Director |
|
Address : |
C-62, Grand Paradi, Mumbai – 400 036 |
|
Date of Birth/Age : |
14.05.1949 |
|
Date of Appointment : |
12.07.1996 |
|
E-Mail : |
|
|
|
|
|
Name : |
Mr. Parul Tibrewala |
|
Designation : |
Director |
|
Address : |
C-62, Grand Paradi, August Kranti Marg, Kemps Corner, Mumbai – 400 036 |
|
Date of Birth/Age : |
10.05.1968 |
|
Qualification : |
Graduate |
|
E-Mail : |
|
|
Date of Appointment : |
20.03.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Amit Tibrewala |
|
73000 |
|
Rajesh Tibrewala |
|
1000 |
|
Panadevi Tibrewala |
|
1000 |
|
Shyam Sunder Tibrewala |
|
130000 |
|
|
|
|
|
Total |
|
205000 |
Equity share of breakup (percentage of total equity)
As on : 30.09.2010
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100 |
|
|
|
|
|
Total |
|
100 |
BUSINESS DETAILS
|
Line of Business : |
Distributor and Importer of Specialty Chemicals. |
|
|
|
|
Products : |
|
|
|
|
|
Agencies Held : |
|
|
|
|
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Imports : |
|
|
Products : |
|
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Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit (30, 60 and 90 days) |
|
|
|
|
Purchasing : |
L/C, Cash, Credit (30, 60 and 90 days) |
GENERAL INFORMATION
|
Customers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
20 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
Bank of |
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
R. P. Ladho and Associates |
|
Address : |
408/410, Rewa Chember, Marine Lines, Mumbai – 400 020, |
|
Tel. No.: |
91-22-22005656 |
|
Fax No.: |
91-22-22095656 |
|
|
|
|
Sister Concern : |
Exim Corporation Address : G-10,Creative Industrial Estate Lower Parel, Mumbai – 400
011 Line of Business : Trading - Export |
CAPITAL STRUCTURE
(As On 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
205000 |
Equity Shares |
Rs.10/- each |
Rs.2.050
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 |
2.050 |
2.050 |
2.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
13.455 |
9.983 |
6.121 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
15.505 |
12.033 |
8.121 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6.433 |
4.784 |
6.131 |
|
|
2] Unsecured Loans |
0.500 |
0.212 |
0.279 |
|
|
TOTAL BORROWING |
6.933 |
4.996 |
6.410 |
|
|
DEFERRED TAX LIABILITIES |
0.093 |
0.130 |
0.163 |
|
|
|
|
|
|
|
|
TOTAL |
22.531 |
17.159 |
14.694 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.415 |
1.302 |
1.550 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5.850
|
13.173
|
5.928
|
|
|
Sundry Debtors |
12.890
|
10.122
|
12.861
|
|
|
Cash & Bank Balances |
17.191
|
3.468
|
4.689
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
1.181
|
3.733
|
7.038
|
|
Total
Current Assets |
37.112
|
30.496 |
30.516
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
0.000
|
0.000
|
0.000
|
|
|
Sundry Creditors |
15.928 |
14.537 |
14.254 |
|
|
Provisions |
0.072
|
0.109
|
3.128
|
|
Total
Current Liabilities |
16.000
|
14.646 |
17.382
|
|
|
Net Current Assets |
21.112
|
15.850 |
13.134
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.004 |
0.007 |
0.010 |
|
|
|
|
|
|
|
|
TOTAL |
22.531 |
17.159 |
14.694 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
112.976 |
109.040 |
75.630 |
|
|
|
Other Income |
2.097 |
0.262 |
1.756 |
|
|
|
TOTAL (A) |
115.073 |
109.302 |
77.386 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
72.465 |
81.407 |
58.047 |
|
|
|
Custom Duty and DEPB License |
15.620 |
13.157 |
9.768 |
|
|
|
Administrative Expenses |
12.636 |
15.016 |
6.823 |
|
|
|
Increase/Decrease in Stock |
7.323 |
(7.245) |
(4.299) |
|
|
|
TOTAL (B) |
108.044 |
102.335 |
70.339 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7.029 |
6.967 |
7.047 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.693 |
1.655 |
0.938 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.336 |
5.312 |
6.109 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.192 |
0.248 |
0.195 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5.144 |
5.064 |
5.914 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
1.571 |
1.652 |
2.078 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
3.573 |
3.412 |
3.836 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9.533 |
6.121 |
2.154 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
13.005 |
9.533 |
6.121 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Commission Earnings |
0.866 |
0.344 |
0.605 |
|
|
TOTAL EARNINGS |
0.866 |
0.344 |
0.605 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.93 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.10 |
3.12 |
4.95
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.55 |
4.64 |
7.81
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.35 |
10.73 |
18.44
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33 |
0.42 |
0.72
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.47 |
1.63 |
2.92
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.31 |
2.08 |
1.75
|
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE :
During the year the company has made a profit of Rs. 5.144 millions after
providing for depreciation of Rs. 0.193 millions and taxation of Rs. 1.571
millions.
TRADE REFERENCE:
- Nanocyl –
- Menadiona –
FORM 8
|
Corporate
identity number of the company |
U51496MH1996PTC100010 |
|
Name of the
company |
ONWARD CHEMICALS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No 11 Creative
Industrial Center N M Joshi Marg, Lower Parel (E), Mumbai – 400011, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Bank of |
|
Nature of instrument
creating charge |
Memorandum of
Extension of Equitable Mortgage and Creation of Fresh Equitable Mortgage. |
|
Date of
instrument Creating the charge |
07/03/2011 |
|
Amount secured by
the charge |
Rs. 49.800
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Interest to be
charged as per sanction/review of the account from time to time. Terms of repayment -- Margin -- Extent and operation of the charge The charge is created
to secure the due repayment discharge and redemption in respect of the
FBP/FBD/PSDL/PC/CC (Hyp. of Stocks and Book Debts) - Rs.14.000 millions [with
sub-limit : PC cum CC - Rs.10.500 millions CC sub-limit restricted to
Rs.5.000 millions only)] and Standby limit under Baroda Gold Card for
Exporters-FBP/FBD/PSDL/PC (upto 90 days) - Rs.2.800 millions, aggregating to
Rs.1,68,00,000/- sanctioned to M/s. Exim Corporation and Line of Credit limit
of Rs.33.000 millions (continued in Others) Other [with sub-limit
for Inland/Import LC (Sight/sight/DA
usance upto 90 days) - Rs.33.000 millions and Cash Credit (Hypn. of Stocks
and Book Debts) - Rs.33.000 millions ], sanctioned to the Company together
with interest, compound interest, interest tax, additional/further interest
in case of default, penal interest, commission, liquidated damages, premium
on pre-payment or on redemption costs, charges, expenses & other moneys
payable by the Company and M/s. Exim Corporation to the Bank. |
|
Short particulars
of the property charged (Including location of the property) |
|
FIXED ASSETS :
- Computers
- Printer (Chennai Branch)
- Office Equipments
- Exhibition Equipments
- Motor Car
- Air Conditioner
- Canon Fax Machines
- Copier Machines
- Furniture And Fixtures
WEB DETAILS
Overview
Subject was founded in 1995 to distribute high quality raw materials into the
Indian surface coatings industry. Although initially established as a
distributor of specialty chemicals for surface coatings, they have expanded the
capabilities to become a notable provider of high performance chemicals to the
adhesives and sealants, rubber, construction chemicals and more recently, the
composites industry.
The philosophy was, and still remains, to work with renowned international
producers who are leaders in the products they offer with a view to introduce
advanced raw materials into the Indian market. The strategy to focus on
segments that offered potential growth opportunities in a dynamic economy such
as
They work closely with the principals to achieve realistic objectives and
strive to provide a high level of service to all the customers, big or small.
Key to the success is the transparency they display and commitment to providing
the highest quality products at competitive prices.
To ensure the business processes are tailored towards customer focus and
satisfaction, they have accreditation to ISO 9001:2008.
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.43.95 |
|
|
1 |
Rs.72.12 |
|
Euro |
1 |
Rs.63.67 |
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 |
4 |
|
--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 |
YES |
|
--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.