MIRA
INFORM REPORT
|
Report Date : |
01.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
FALCON MARINE EXPORTS LIMITED |
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Formerly Known
As : |
FALCON MARINE EXPORTS PRIVATE LIMITED |
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Registered
Office : |
A/22, Cuttack Road, 1st Floor, Bhubaneshewar-751006, Orissa |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.07.1986 |
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Com. Reg. No.: |
15-001701 |
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Capital
Investment / Paid-up Capital : |
Rs. 66.500 millions |
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CIN No.: [Company Identification
No.] |
U15124OR1986PLC001701 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BBNF00012F |
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PAN No.: [Permanent Account No.] |
AAACF4396D |
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Legal Form : |
A Closely held public limited liability company. |
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Line of Business
: |
Exporter of Marine Products. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. The company
is doing well. General financial position is good. Trade relations are
reported as fair. Business is active. Payments are reported to be regular 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 |
|
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 |
LOCATIONS
|
Registered Office : |
A/22, Cuttack Road, 1st Floor, Bhubaneshewar-751006,
Orissa, India |
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Tel. No.: |
91-674-2575053 |
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Fax No.: |
91-674-2575618 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 28.07.2010
|
Name : |
Ms. Tara Rajan Patnaik |
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Designation : |
Whole Time Director |
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Address : |
Plot No.2132/5058, Tankapani Road, BJB Nagar, Bhubaneswar,
Khurda-751014, Orissa, India |
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Date of Birth/Age : |
14.03.1953 |
|
Date of Appointment : |
03.07.1986 |
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DIN No : |
00447719 |
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Name : |
Mr. Prava Rajan Patnaik |
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Designation : |
Managing Director |
|
Address : |
Plot No.2132/5058, Tankapani Road, BJB Nagar, Bhubaneswar,
Khurda-751014, Orissa, India |
|
Date of Birth/Age : |
20.08.1955 |
|
Date of Appointment : |
03.07.1986 |
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DIN No : |
00417793 |
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Name : |
Ms. Rashmita Patnaik |
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Designation : |
Director |
|
Address : |
Plot No.2132/5058, Tankapani Road, BJB Nagar, Bhubaneswar,
Khurda-751014, Orissa, India |
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Date of Birth/Age : |
02.07.1963 |
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Date of Appointment : |
17.08.1987 |
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DIN No : |
01407098 |
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Name : |
Mr. Tulsi Das Bhayana |
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Designation : |
Director |
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Address : |
38- Jaydurga Nagar, Cut Tack Road, Bhubaneswar, Khurda-751006, Orissa,
India |
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Date of Birth/Age : |
05.08.1957 |
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Date of Appointment : |
10.03.1993 |
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DIN No : |
01029320 |
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Name : |
Mr. Iswar Charan Das |
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Designation : |
Director |
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Address : |
M 4-42, Acharya Vihar, Bhubaneswar, Khurda-751006, Orissa, India |
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Date of Birth/Age : |
05.06.1936 |
|
Date of Appointment : |
01.03.2007 |
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DIN No : |
01386522 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
Tara Rajan Patnaik |
|
557300 |
|
Prava Rajan Patnaik |
|
2952000 |
|
Rashmita Patnaik |
|
2692500 |
|
Kusha Rajan Patnaik |
|
168000 |
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Mahi Rajan Patnaik |
|
168000 |
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Madhuchanda Patnaik |
|
112000 |
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Tulsi Das Bhayana |
|
100 |
|
Ashutosh Patnaik |
|
100 |
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Total |
|
6650000 |
AS
ON 28.07.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter of Marine Products. |
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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 |
|
Prawn Processing |
M.T. |
NA |
36974.50 |
5928.75 |
|
Fish Processing |
M.T. |
NA |
6570.00 |
237.52 |
GENERAL INFORMATION
|
Bankers : |
·
State Bank of India, Commercial Branch, IDCOL
House, Ashok Nagar, Bhubaneswar-751009, Orissa, India ·
ICICI Bank ·
HDFC Bank ·
Axis Bank |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
SRB and Associates Chartered Accountant |
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Address : |
5th Floor, IDCO Tower, Janpath, Bhubaneswar-751022, Orissa,
India |
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Associates/Subsidiaries : |
·
Falcon Finance Limited ·
Facon Real Estate (Private) Limited ·
Patnaik Steels and Alloys Limited |
CAPITAL STRUCTURE
AS
ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs. 120.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
6650000 |
Equity Shares |
Rs.10/- each |
Rs. 66.500
Millions |
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Note : (of the above shares 5500000 Equity Shares
were allotted as fully paid up Bonus Shares, by capitalization of Rs. 55000000
from Accumulated Profit).
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 |
66.500 |
66.500 |
66.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
689.888 |
582.259 |
543.590 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
756.388 |
648.759 |
610.090 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
66.235 |
169.585 |
357.759 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
66.235 |
169.585 |
357.759 |
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DEFERRED TAX LIABILITIES |
1.007 |
0.439 |
1.317 |
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TOTAL |
823.630 |
818.783 |
969.166 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
205.799 |
199.817 |
201.221 |
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Capital work-in-progress |
2.371 |
0.000 |
0.567 |
|
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|
|
|
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INVESTMENT |
238.983 |
198.666 |
205.569 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
74.285
|
34.207 |
229.135 |
|
|
Sundry Debtors |
62.599
|
198.832 |
196.832 |
|
|
Cash & Bank Balances |
176.285
|
123.332 |
95.572 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
162.770
|
152.406 |
103.276 |
|
Total
Current Assets |
475.939
|
508.777 |
624.815 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
6.400
|
5.454 |
10.335 |
|
|
Other Current Liabilities |
8.023
|
9.895 |
8.458 |
|
|
Provisions |
85.039
|
73.128 |
44.213 |
|
Total
Current Liabilities |
99.462
|
88.477 |
63.006 |
|
|
Net Current Assets |
376.477
|
420.300 |
561.809 |
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
823.630 |
818.783 |
969.166 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Export Sales |
2086.072 |
2114.168 |
2064.703 |
|
|
|
Feed Sales |
139.205 |
142.614 |
40.199 |
|
|
|
Other Income |
361.767 |
269.255 |
163.103 |
|
|
|
Profit/ (Loss) on Sale of Assets |
0.025 |
(0.040) |
0.027 |
|
|
|
Profit/ (Loss) on Fluctuation of F. E. |
(14.964) |
14.867 |
0.422 |
|
|
|
TOTAL |
2572.105 |
2540.864 |
2268.454 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Processing and Packing Charges |
2092.591 |
1799.099 |
1880.263 |
|
|
|
Feed Purchased |
124.502 |
140.801 |
43.813 |
|
|
|
Employees Remuneration and Benefits |
8.414 |
7.332 |
5.932 |
|
|
|
Selling and Distribution Expenses |
108.218 |
139.407 |
111.649 |
|
|
|
Antidumping Duty and Expenses |
31.237 |
53.985 |
85.278 |
|
|
|
Insurance Charges |
2.626 |
2.760 |
3.848 |
|
|
|
Increase (Decrease) in Stock |
(40.618) |
190.515 |
(49.570) |
|
|
|
Administrative Expenses |
20.527 |
39.540 |
31.320 |
|
|
|
Bills Receivable W/O |
0.000 |
14.251 |
0.000 |
|
|
|
TOTAL |
2347.497 |
2387.690 |
2112.533 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
224.608 |
153.174 |
155.921 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
35.831 |
53.530 |
52.526 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
188.777 |
99.644 |
103.395 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
24.384 |
24.631 |
30.984 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
164.393 |
75.013 |
72.411 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
57.068 |
36.344 |
23.509 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
107.325 |
38.669 |
48.902 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
526.795 |
488.126 |
439.224 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
634.120 |
526.795 |
488.126 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2016.051 |
2024.816 |
1997.884 |
|
|
|
Other Earnings |
113.089 |
58.929 |
0.000 |
|
|
TOTAL EARNINGS |
2129.140 |
2083.745 |
1997.884 |
|
|
|
|
|
|
|
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|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
6.564 |
|
|
|
Stores & Spares |
0.919 |
1.445 |
0.000 |
|
|
|
Capital Goods |
4.079 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
4.998 |
1.445 |
6.564 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.14 |
5.81 |
7.35 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.17
|
1.52 |
2.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.39
|
3.32 |
3.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.11
|
10.59 |
8.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.12 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.22
|
0.40 |
0.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.78
|
5.75 |
9.92 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The company has
achieved an export turnover of Rs. 2114.200
millions during the year as compared to Rs. 2064.700 millions during last year. The company
has earned a PBT of Rs. 75.000 millions
as against P8T of Rs. 72.400 millions
during the last year. In spite
of a weaker international shrimp market and stiff competition from smaller countries like Thailand etc. The company has
achieved a growth of 2.39 % in export turnover during the year. The company has
developed strong direct contracts with overseas buyers over the years for marketing of its products. The company's export in new and growing markets
of U.S.A. and Europe has increased to Rs.1657.500
millions during the year.
The company has the
distinction of being the largest exporter of fish and fish products of the
state. The company is the proud recipient of the highest export award of the
state in marine sector since last two decades. It is also the proud recipient
of outstanding export performance award for the year 1996-97 to 2007-08, for the highest performance
in the overall export of marine products (Frozen Shrimps) from Marine Products
and Export Development Authority (Ministry of Commerce and Industry).
The Company has
always strived to meet the stringent EU quality standard and was the first unit
to be approved by European Union from the state of Orissa. The company has
already made a major break through and has significantly increased its share of
export to EU countries. However
the increase in sales volume did not correspond with similar increase in gross
profit margin due to spurt in raw material cost and overheads. However the
company has made all arrangements to increase its sales volume and profit
margin in the coming years with due emphasis on cost reduction and quality
control.
FORM 8
|
Corporate
identity number of the company |
U15124OR1990PTC001701 |
|
Name of the
company |
FALCON
MARINE EXPORTS LIMITED |
|
Address of the
registered office or of the principal place of business in |
A/22, Cuttack Road, 1st Floor, Bhubaneshewar-751006,
Orissa, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property Book debts Others |
|
Particular of
charge holder |
State Bank of India, Commercial Branch, IDCOL House, Ashok Nagar,
Bhubaneswar-751009, Orissa, India |
|
Nature of
instrument creating charge |
1.
Supplemental agreement of loan for increase in the overall limit-Form C.1A 2. Supplemental
agreement of hypothecation of goods and assets for increase in the overall
limit-Form C.2A 3.
Supplemental agreement of pledge of goods and assets for increase in the
overall limit-Form C.3A 4.
Letter regarding the grant of individual limits within the overall limit-Form
C.5 5. Letter of commercial advances sanction of credit
facilities dated 26-12-2006 |
|
Date of
instrument Creating the charge |
27.12.2006 |
|
Amount secured by
the charge |
Rs. 996.500 millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest 1.
2.90% below SBAR, present effective rate being 8.10% p.a for EPC/EBR 2.
2.75% below SBAR i.e. 8.25% p.a.for Post Shipment Credit 3.
500 basis points over 6 months LIBOR for FCNRB Term Loan 4.
2% over SBAR i.e. 13% p.a. for Corporate Loan Terms of
repayment 1.
Period of 12 months in case of pre-shipment credit (EPC Limit) 2.
Period of 12 months in case of post- shipment credit 3.
Corporate loan will be repaid in eight equal quarterly installments of Rs.
12.500 millions starting from quarter ending March, 2008 4.
Period of 12 months in case of LC (Anti Dumping) and LC (working capital) 5.
Period of 18 months in case of Bank Guarantee Margin 1.
Pre Shipment Credit (Raw material-100%, Stock in process-100%, Finished
goods-20%, Book debts 20%) 2.
Post Shipment (20%) 3.
LC (Anti dumping) and LC (working capital)-10% 4.
Bank guarantee-10% (cash Margin) Extent and
operation of the charge Charge
covers raw materials, stock in process, fished goods, book debts, goods
covered under export bills not backed by letter credit, extension of
hypothecation of charge on the company's current assets, first charge on the
assets to be created out of the banks corporate loan. |
|
Short particulars
of the property charged (Including location of the property) |
Equitable
mortgage of Land and Building at Mancheswar I. E. vide IDCO Plot No. 137,
Zone - B, Area - 1.53 Acres, IDCO Plot No. 138, Zone - B, Area - 0.50 Acres,
at Paradeep Garh vide IDCO Plot No. 1067(P), Area - 1.30 Acres, at Paradeep
Garh vide IDCO Plot No. 1075, 1077(P) and 1078 (P), Area - 1.76 Acres, at
Chandaka Industrial Estate, vide IDCO Plot No.51-A,51-B,Area 3.50Acres and
charges on Plant and Machinery, present and future of the processing plant of
Company at Mancheswar, Patia and Paradeep. |
|
Charge
identification number of the charge to be modified |
80024344 |
|
Particulars of
the present modification |
Total limit enhanced from the existing of Rs. 723.200 millions to Rs.
996.500 millions. |
FIXED ASSETS
·
Land
·
Lease Hold Land
·
Plant and Machinery
·
Furniture and Fixture
·
Insulated Van
·
Motor Car
·
Cycle
·
Office Equipment
·
Electrical Installation
·
Generators
·
Building
·
Computer
·
Air Conditioner
·
Laboratory Equipment
·
Temporary Shed
·
Boat
·
Aerator
·
Tractor
WEB SIDE DETAILS
PROFILE
Welcome to the latest bench mark in Quality sea Food from falcon Marine.
Falcon Marine was set up in 1982 by Mr. Tara Ranjan Patnaik and Mr. Prava
Ranjan Patnaik both stalwarts in this field with three decades of experience.
The company is manned by a dedicated team of experts who assures perfection at
every stage. The result is a prize catch of products that have conquered the
world.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.03 |
|
|
1 |
Rs.74.43 |
|
Euro |
1 |
Rs.64.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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.