MIRA
INFORM REPORT
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Report Date : |
30.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAMRAT PHARMACHEM LIMITED |
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Registered Office : |
Plot No. A2/3445, GIDC, Phase – 4, Ankleshwar - 393002, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
16.06.1992 |
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Com. Reg. No.: |
04 - 17820 |
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Capital
Investment / Paid-up Capital : |
Rs.30.897 Millions |
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CIN No.: [Company
Identification No.] |
L24230GJ1992PLC017820 |
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IEC No.: |
0392065622 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS42633D |
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PAN No.: [Permanent
Account No.] |
AAECS0806M |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on Stock Exchanges. |
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Line of Business : |
Manufacturers, Exporter and Importer of Pharmaceutical Chemicals. |
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No. of Employees
: |
30 (Office + Factory) (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 300000 |
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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 PARTED BY
|
Name : |
Mr. Rajesh Mehta |
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Designation : |
Director |
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Contact No.: |
91-9321002222 |
LOCATIONS
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Registered Office / Factory : |
Plot No. A2/3445, GIDC, Phase – 4, Ankleshwar – 393002, |
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Tel. No.: |
91-2646-220774 |
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Mobile No.: |
91-9321002222 (Mr. Rajesh Mehta) |
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Fax No.: |
91-2646-251291 |
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E-Mail : |
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Website : |
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Area : |
3645 Sq. mtr |
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Location : |
Leased |
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Corporate Office : |
A/7, Sai Prasad, 2nd Floor, |
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Tel. No.: |
91-22-26841707/40, 26833756 |
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Fax No.: |
91-22-26843745 |
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E-Mail : |
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Area : |
500 Sq.ft. |
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Location : |
Leased |
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DIVISION : |
Ankleshwar II Address : Plot No.C/4/9, |
DIRECTORS
As On 26.09.2010
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Name : |
Mr. Lalit Mehta |
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Designation : |
Chairman and Managing Director |
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Address : |
B – 74, Roop Darshan, |
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Date of Birth/Age : |
72 Years |
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Qualification : |
B.Com, LLB |
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Name : |
Mr. Rajesh Mehta |
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Designation : |
Executive Director |
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Address : |
B – 74, Roop Darshan, |
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Date of Birth/Age : |
45 Years |
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Qualification : |
B.Com, ACA |
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Name : |
Mr. Mahendra Pipalia |
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Designation : |
Director |
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Qualification : |
B.Com, ACA |
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Name : |
Mr. Samir Kothari |
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Designation : |
Director |
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Qualification : |
BSC, DBM |
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Name : |
Mr. Hitendra Shah |
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Designation : |
Director |
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Qualification : |
B.Com |
KEY EXECUTIVES
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Name : |
Mr. A A Mulla and Associates |
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Designation : |
Consulting Company Secretary |
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Address : |
D – 201, Trade Corner, Saki Naka Junction, Andheri (East), Mumbai –
400072, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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1378525 |
44.62 |
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1378525 |
44.62 |
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Total shareholding of Promoter and Promoter Group (A) |
1378525 |
44.62 |
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(B) Public Shareholding |
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100000 |
3.24 |
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100000 |
3.24 |
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37087 |
1.20 |
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1154322 |
37.36 |
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375515 |
12.15 |
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44251 |
1.43 |
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813 |
0.03 |
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43436 |
1.441 |
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1611175 |
52.15 |
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Total Public shareholding (B) |
1711175 |
55.38 |
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Total (A)+(B) |
1711175 |
55.38 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
--- |
--- |
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Total (A)+(B)+(C) |
3089700 |
100.00 |
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(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 million
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Exporter and Importer of Pharmaceutical Chemicals. |
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Products : |
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PRODUCTION STATUS (31.03.2010)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Pharmaceutical Chemicals |
MT |
415.20 |
397.73 |
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GENERAL INFORMATION
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No. of Employees : |
30 (Office + Factory) (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
Nalin S. Parekh and Company Chartered Accountants |
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Address : |
302, Madhav Apartments, |
CAPITAL STRUCTURE
AS ON (31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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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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|
3089700 |
Equity Shares |
Rs. 10/-
each |
Rs.30.897
Millions |
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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 |
30.897 |
30.897 |
30.897 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
42.875 |
31.602 |
32.632 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
73.772 |
62.499 |
63.529 |
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LOAN FUNDS |
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1] Secured Loans |
16.292 |
15.729 |
19.158 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
16.292 |
15.729 |
19.158 |
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DEFERRED TAX LIABILITIES |
2.211 |
1.972 |
1.673 |
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TOTAL |
91.275 |
80.200 |
84.360 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.040 |
21.076 |
18.678 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
4.000 |
4.000 |
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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 |
14.153
|
27.541
|
22.489
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Sundry Debtors |
75.948
|
78.053
|
74.213
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Cash & Bank Balances |
30.423
|
29.293
|
24.100
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Other Current Assets |
4.853
|
8.622
|
13.529
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Loans & Advances |
2.047
|
1.980
|
1.265
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Total
Current Assets |
127.424
|
145.489
|
135.596
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
58.189
|
90.365
|
73.896
|
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Provisions |
0.000
|
0.000
|
0.018
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Total
Current Liabilities |
58.189
|
90.365
|
73.914
|
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Net Current Assets |
69.235
|
55.124
|
61.682
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
92.275 |
80.200 |
84.360 |
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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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Sales |
479.695 |
389.599 |
348.077 |
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Other Income |
0.223 |
0.020 |
1.235 |
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TOTAL (A) |
479.918 |
390.487 |
349.312 |
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Less |
EXPENSES |
|
|
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|
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Material, Manufacturing and Other Expenses |
428.005 |
362.139 |
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Increase/ Decrease in Stock |
6.483 |
0.889 |
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Salaries, Wages and Other Employees Benefits |
7.370 |
6.057 |
330.575 |
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Office and Administrative Expenses |
4.614 |
5.476 |
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Selling and Distribution Expenses |
13.936 |
12.382 |
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Loss on Sale of Fixed Assets |
0.044 |
0.000 |
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Loss on Sale of Investments |
0.945 |
0.000 |
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TOTAL (B) |
461.397 |
386.940 |
330.575 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
18.521 |
4.453 |
18.737 |
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Less |
FINANCIAL
EXPENSES (D) |
3.036 |
2.580 |
1.322 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.485 |
1.873 |
17.415 |
|
|
|
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|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.464 |
1.345 |
1.034 |
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|
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
14.021 |
0.528 |
16.381 |
|
|
|
|
|
|
|
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|
Less |
TAX (I) |
2.731 |
1.558 |
5.762 |
|
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|
PROFIT AFTER TAX
(G-I) (J) |
11.290 |
(1.030) |
10.619 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
31.602 |
32.632 |
NA |
|
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|
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|
BALANCE CARRIED
TO THE B/S |
42.875 |
31.602 |
32.632 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
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|
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Export Earnings |
11.355 |
9.654 |
43.906 |
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TOTAL EARNINGS |
11.355 |
21.009 |
43.906 |
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IMPORTS |
|
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Others |
NA |
271.458 |
215.302 |
|
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TOTAL IMPORTS |
NA
|
271.458 |
215.302 |
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|
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|
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|
Earnings Per
Share (Rs.) |
3.65 |
0.00 |
3.44 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Sales Turnover |
107.710 |
124.360 |
126.330 |
117.190 |
|
Total Expenditure |
102.770 |
119.560 |
120.470 |
108.700 |
|
PBIDT (Excl
OI) |
4.940 |
4.800 |
5.860 |
8.490 |
|
Other Income |
0.000 |
0.000 |
0.000 |
0.000 |
|
Operating
Profit |
4.940 |
4.800 |
5.860 |
8.490 |
|
Interest |
(0.050) |
0.390 |
0.920 |
0.100 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
4.990 |
4.410 |
4.940 |
8.390 |
|
Depreciation |
0.390 |
0.400 |
0.410 |
0.410 |
|
Profit
Before Tax |
4.600 |
4.010 |
4.530 |
7.980 |
|
Tax |
1.030 |
0.910 |
1.020 |
4.390 |
|
Reported PAT |
3.570 |
3.100 |
3.510 |
3.590 |
|
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 |
3.570 |
3.100 |
3.510 |
3.590 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.92 |
(0.28)
|
3.04
|
|
|
|
|
|
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Net Profit Margin (PBT/Sales) |
(%) |
2.92 |
0.17
|
4.71
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.31 |
0.36
|
10.62
|
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|
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Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.01
|
0.26
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.00 |
1.70
|
1.16
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.18 |
1.61
|
1.83
|
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS :
The company has performed reasonably well during the year. In a highly competitive business environment, the Company achieved a turnover of Rs. 479.695 millions as against Rs. 389.599 millions achieved last year – an increase of around 23%. Production of 397.73 tonnes of pharmaceutical chemicals was achieved during the year.
EXPORTS
During the year 2009-2010 the company's export division registered sales of Rs. 64.821 millions, down from Rs. 85.455 millions last year. The Company has initiated several export promotion measures to increase exports. The products of the Company have been well accepted in the international market and the Company expects better export turnover in the coming year.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Company is a producer of pharmaceutical chemicals. The intermediates produced are used in pharmaceutical and chemical industries. The Company is amongst the manufacturers who produce for local and international needs of the Pharmaceuticals and chemicals industry. The pharmaceutical and chemical industry is growing at a rapid pace every year This results into growth of the support or intermediate industry like us.
OPPORTUNITIES AND
THREATS
The company looks forward optimistically for all round growth in turnover and profitability in the ensuing years. The company has taken effective steps to realize the dream performance in the years to come. The company intends to double its turnover in a short period of time. The company has taken effective measures to improve quality of products and its productivity to outwit competitor from domestic and international market. The profit margin has come down drastically over the years and unless the quantitative volume of sales is increased it would be difficult to achieve the target of profitability set by the directors. The company should also plan to widen the product range by increasing the basket of products thereby enlarging the customer and sales base.
PRODUCT PERFORMANCE
The company has two plants producing varied items. The basic purpose of producing in two different plants is to improve efficiency and manageability. The Company shall achieve sustainable growth in both plants by modernization and automation of operations. According to the Directors, these plants facilitate better division of labour, enable us to develop expertise in each plant and their respective items, and hence improve productivity and profitability of the Company.
OUTLOOK
According to Yes Bank Report titled "Indian Pharmaceutical Industry : Vision 2015", the Indian Pharmaceutical and Chemical industry is projected to grow at an annual rate of 14.2%. Currently valued at USD 10 Billion, the projected turnover to touch USD 50 Billion by the year 2015.
FINANCIAL PERFORMANCE
WITH RESPECT TO OPERATIONAL PERFORMANCE
A satisfactory business performance with average volume growth in key products and business units, combined with productivity improvement, cost management and working capital management have contributed to the good operating results for the year. Also sharp focus on cost and margins has resulted in enhanced operational efficiency.
AUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED 31ST MARCH 2011
Rs. In Millions
|
Particulars |
Quarter Ended 31.03.2011 |
Year ended 31.03.2011 |
|
|
(Unaudited) |
(audited ) |
|
Income |
|
|
|
a) Net Sales / Income from Operations |
117.171 |
475.572 |
|
b) Other Operating Income |
0.019 |
0.019 |
|
Total Operating Income |
117.190 |
475.591 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade |
11.844 |
(4.013) |
|
(b) Consumption of Raw Materials |
76.281 |
377.379 |
|
(c) Purchase of traded goods |
0.000 |
0.000 |
|
(d) Employees Cost |
1.894 |
8.053 |
|
(e) Depreciation |
0.342 |
1.613 |
|
(f) Other Expenditure |
|
|
|
|
12.020 |
49.184 |
|
|
(0.708) |
6.388 |
|
|
5.211 |
14.524 |
|
Total Expenditure |
109.114 |
453.128 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
8.076 |
22.463 |
|
Other Income |
0.000 |
0.000 |
|
Profit/(Loss) before Interest and Exceptional items |
8.076 |
22.463 |
|
Interest |
0.103 |
1.356 |
|
Profit / (Loss) after interest before Exceptional items |
7.973 |
21.107 |
|
Exceptional Items |
0.000 |
0.000 |
|
Profit / (Loss) From
Ordinary activities before Tax |
7.973 |
21.107 |
|
Provision for Taxation |
-- |
-- |
|
Net Profit/(Loss) From Ordinary activities after Tax |
7.973 |
21.107 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Net Profit/(Loss) for the period |
3.586 |
13.760 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
30.897 |
30.897 |
|
Reserves (Excluding Revaluation Reserves) |
|
|
|
Public Share
Holding |
|
|
|
Before
Extraordinary Items |
|
|
|
-Basic |
1.16 |
4.45 |
|
-Diluted |
1.16 |
4.45 |
|
Average of Public Share Holding |
|
|
|
- Number of Shares |
1738376 |
1738376 |
|
- Percentage of shareholding |
56.26 |
56.26 |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
0.000 |
0.000 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
0.000 |
0.000 |
|
- Percentage of shares(as a % of the total share capital of the company) |
0.000 |
0.000 |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
1314220 |
1314220 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
|
- Percentage of Share (as a % of the total share capital of the company) |
43.74 |
43.74 |
FIXED ASSETS :
v Land
v Building
v Plant and Machinery
v Office Plant and
Equipment
v Furniture and
Fixtures
v Vehicles
AS PER WEBSITE
COMPANY PROFILE:
Subject was
incorporated on 16.06.1992, at Ankleshwar in
CUSTOMERS
Subject has a
major chunk of the business in Iodine and Bromine Salts. The company's
customers include several multinational companies in
Since inception, subject has retained and added to its list of customers due to its fair and human policies which ensure Zero attrition rate of customers. The company is conscious of its responsibility towards customers who have entrusted them as a dependable single source due to the prompt and timely deliveries, quality products and economical pricing.
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. 44.15 |
|
|
1 |
Rs. 72.10 |
|
Euro |
1 |
Rs. 63.10 |
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 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--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.