MIRA
INFORM REPORT
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Report Date : |
04.06.2011 |
IDENTIFICATION DETAILS
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Name : |
TRINITY INDIA LIMITED (w.e.f. 29.02.2008) |
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Formerly Known As : |
TRINITY DIE FORGERS LIMITED |
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Registered Office : |
Plot No. J/ 5, S Block, M.I.D.C., Bhosari, Pune – 411 026, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
31.12.1990 |
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Com. Reg. No.: |
11-059618 |
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Capital
Investment / Paid-up Capital : |
Rs. 67.724 millions |
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CIN No.: [Company
Identification No.] |
U28910PN1990PLC059618 |
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TAN No.: [Tax
Deduction and Collection Account No.] |
PNET04595D |
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PAN No.: [Permanent
Account No.] |
AABCT0861E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Ready to
Assemble, Forged and Machined Components. |
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No. of Employees
: |
180 (Approximately) |
RATING and 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 920000 |
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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 a well established and reputed company having satisfactory track.
Trade relations are 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.
INFORMATION PARTED BY
|
Name : |
Mr. Rao |
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Designation : |
Finance Manager |
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Date : |
02.06.2011 |
LOCATIONS
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Registered Office/ Corporate Office/ Forging Division : |
Plot No. J/ 5, S Block, M.I.D.C., Bhosari, Pune – 411 026, |
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Tel. No.: |
91-20-27122951/ 27122952/ 27120873/ 27120594/ 27120527 |
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Tele Fax No.: |
91-20-27120554 |
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E-Mail : |
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Website : |
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Machining
Division : |
Plot No. 43 and 152, 'S' Block, MIDC Bhosari, Pune -
411 026, , |
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Tel. No.: |
91-20-27120174, 27122719, 27129081 |
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E-Mail : |
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Plant
II : |
Gat
No. 1425/3/2, Off |
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Tel. No.: |
91-2137-566617 |
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Fax No.: |
91-2137-272309 |
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E-Mail : |
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Thermal
Division : |
Plot No. 150 and 151, 'S' Block, MIDC Bhosari, Pune - 411
026 , |
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Tel. No.: |
91-20-27120537/ 27121376 |
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E-Mail : |
DIRECTORS
As on : 29.09.2010
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Name : |
Mr. Jagadishchandra Basu |
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Designation : |
Chairman and Managing Director |
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Address : |
45, |
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Date of Birth/Age : |
01.01.1931 |
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Date of Appointment : |
29.06.2005 |
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Name : |
Mr. Deepankar Basu |
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Designation : |
Executive Director |
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Address : |
F No. 18, Kanchanjunga co op hsg soc., Gaikwadnagar,
Aundh, Pune - 411 007, |
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Date of Birth/Age : |
13 .01.1962 |
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Date of Appointment : |
31.12.1990
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Name : |
Mr. Rasmoy Chakraborty |
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Designation : |
Director |
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Address : |
New |
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Date of Birth/Age : |
01.09.1944 |
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Date of Appointment : |
17.09.2007 |
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Name : |
Mr. K Ramchandra |
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Designation : |
Director |
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Address : |
408, |
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Date of Birth/Age : |
11.07.1931 |
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Date of Appointment : |
16.02.2008 |
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Name : |
Mr. Prabir Biswas |
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Designation : |
Director |
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Address : |
Marathon Next Gen Era III – 1102, Opposite Peninsula
Corporate Park; off Ganpatrao Kadam Marg, Lower Parel (West); Mumbai – 400
013, |
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Date of Birth/Age : |
25.01.1948 |
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Date of Appointment : |
16.02.2008 |
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Name : |
Mr. Jack Treier |
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Designation : |
Director |
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Address : |
7740 N, |
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Date of Birth/Age : |
27.10.1938 |
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Date of Appointment : |
16.02.2008
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Name : |
Mr. Keshav Bhalchandra Gokhale |
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Designation : |
Alternate Director to Mr. Jack Treier |
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Address : |
Flat B-2 Spartan Luxury Apartments, 247/14B |
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Date of Birth/Age : |
29.11.1926 |
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Date of Appointment : |
28.03.2008 |
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Date of Ceasing : |
17.12.2009 |
KEY EXECUTIVES
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Name : |
Mr. Sunil Sharma |
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Designation : |
Company Secretary |
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Address : |
Lane No.1/2, Room No. B/4, |
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Date of Birth/Age : |
01.07.1983 |
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Date of Appointment : |
01.06.2009 |
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Name : |
Mr. Rao |
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Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 29.09.2010
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Names of Shareholders |
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No. of Shares |
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J. C. Basu |
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1037270 |
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Ranjan Banerjee |
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521607 |
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Deepankar Basu |
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327754 |
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Gita Basu |
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58944 |
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Sancharika Banerjee |
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120000 |
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Ratul Banerjee |
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255000 |
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TATA Investment Corporation Limited, India |
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596049 |
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Dil Vikas Finance Limited, India |
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384705 |
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Altina Finance Private Limited, India |
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455000 |
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Yeshwant Kurle |
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324099 |
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Pratibha Kurle |
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265001 |
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Nitin Kurle |
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147048 |
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Moushumi Basu |
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106625 |
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K. C. Gogate |
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94200 |
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Yeshwant Kurle |
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75330 |
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J. C. Basu |
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15828 |
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Darius Kabraji through Moushumi Basu |
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14439 |
|
CANOX Trading Private Limited, India |
|
64119 |
As on : 29.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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1.36 |
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Bodies
corporate |
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22.81 |
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Directors
or relatives of directors |
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26.03 |
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Other
top fifty shareholders |
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45.03 |
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Others
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4.77 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Ready to
Assemble, Forged and Machined Components. |
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Products : |
Auto Components ·
Front Wheel Hubs ·
Rear Wheel Spindles ·
Stub Axles ·
Engine Components ·
Steering Levers ·
Powertrain Parts ·
Differential Parts ·
Camshafts ·
Propeller Shaft Components
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Terms : |
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Purchasing : |
Depends |
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Selling : |
Depends |
PRODUCTION STATUS : 31.03.2010
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Particulars |
Units |
31.03.2010 |
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Licensed Capacity Annum |
Annum |
N.A. |
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Installed Capacity |
Nos. |
N.A. |
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Production |
Nos. |
2893751 |
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GENERAL INFORMATION
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Customers (2009): |
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No. of Employees
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180 (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 : |
S.A. Foujdar and Company Chartered Accountants |
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Address : |
37, Navketan Society, Kothrud, Pune – 411 029, |
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Associates : |
·
Trinity Auto Components ·
The GDM Co. Trinity Services |
CAPITAL STRUCTURE
AS ON : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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12500000 |
Equity Shares |
Rs.10/- each |
Rs.125.000 millions |
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Issued, Subscribed and Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
6772358 |
Equity Shares |
Rs.10/- each |
Rs.67.724
millions |
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Out of above –
1)
34,98,122 Bonus Shares of Rs.10/- each
2)
3,00,000 Equity Shares of Rs.10/- each allotted on
16.01.1991 to Partners of M/s Trinity Forge on takeover
3)
1,14,700 Equity Shares of Rs.10/- each allotted on 12.09.2006,
on amalgamation of Trinity Thermal Private Limited with Trintiy Die Forgers
Limited as per scheme sanctioned by Mumbai Highcourt on 04.08.2006
4)
2,50,250 Equity Shares of Rs.10/- each allotted on
16.02.2008 on amalgamation of Trinity India Limited with Trintiy Die Forgers
Limited as per scheme sanctioned by Mumbai High Court on 30.11.2007
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 |
67.724 |
67.724 |
67.724 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves and Surplus |
161.126 |
159.107 |
140.975 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
228.850 |
226.831 |
208.699 |
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LOAN FUNDS |
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1] Secured Loans |
229.913 |
257.119 |
284.641 |
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2] Unsecured Loans |
12.087 |
7.339 |
4.474 |
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TOTAL BORROWING |
242.000 |
264.458 |
289.115 |
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DEFERRED TAX LIABILITIES |
36.386 |
33.349 |
27.490 |
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TOTAL |
507.236 |
524.638 |
525.304 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
273.319 |
280.528 |
219.644 |
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Capital work-in-progress |
13.338 |
25.577 |
59.919 |
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INVESTMENT |
4.260 |
4.260 |
4.260 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS and ADVANCES |
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Inventories |
233.710
|
242.048
|
221.570 |
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Sundry Debtors |
115.313
|
106.215
|
136.201 |
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Cash and Bank Balances |
10.887
|
19.996
|
26.658 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans and Advances |
58.799
|
65.573
|
61.620 |
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Total
Current Assets |
418.709
|
433.832
|
446.049 |
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Less : CURRENT
LIABILITIES and PROVISIONS |
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|
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Current Liabilities |
17.416
|
36.538
|
34.799 |
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Sundry Creditors |
180.370 |
181.607 |
148.601 |
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Provisions |
8.601
|
6.480
|
24.412 |
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Total
Current Liabilities |
206.387
|
224.625
|
207.812 |
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Net Current Assets |
212.322
|
209.207
|
238.237 |
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MISCELLANEOUS EXPENSES |
3.997 |
5.066 |
3.244 |
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TOTAL |
507.236 |
524.638 |
525.304 |
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PROFIT and LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales Turnover |
602.508 |
678.566 |
661.702 |
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Operating Income |
28.553 |
36.263 |
34.630 |
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Other Income |
16.822 |
1.785 |
0.861 |
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TOTAL (A) |
647.883 |
716.614 |
697.193 |
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Less |
EXPENSES |
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Material Consumed |
246.118 |
345.463 |
321.861 |
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Manufacturing Expenses |
183.214 |
157.528 |
141.563 |
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Employee Cost |
72.929 |
64.257 |
42.797 |
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Administrative Expenses |
11.678 |
15.157 |
13.619 |
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Selling and Marketing Expenses |
25.648 |
34.164 |
43.150 |
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|
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Deferred Revenue Expenses written off |
1.068 |
1.068 |
0.699 |
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Increase / Decrease in Stock |
24.776 |
(9.543) |
(0.860) |
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TOTAL (B) |
565.431 |
608.094 |
562.829 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
82.452 |
108.520 |
134.364 |
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Less |
FINANCIAL
EXPENSES (D) |
38.517 |
43.057 |
28.538 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
43.935 |
65.463 |
105.826 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
32.846 |
39.890 |
24.861 |
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PROFIT BEFORE
TAX (E-F) (G) |
11.089 |
25.573 |
80.965 |
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Less |
TAX (I) |
4.041 |
9.460 |
29.481 |
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PROFIT AFTER TAX
BEFORE EXTRA ORDINARY ITEM |
7.048 |
16.113 |
51.484 |
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EXTRA ORDINARY
ITEM |
5.028 |
0.000 |
0.000 |
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PROFIT AFTER TAX
AFTER EXTRA ORDINARY ITEM |
2.020 |
16.113 |
51.484 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
85.157 |
67.044 |
27.882 |
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BALANCE CARRIED
TO THE B/S |
85.177 |
83.157 |
83.089 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
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Export Earnings |
259.860 |
361.746 |
353.165 |
|
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TOTAL EARNINGS |
259.860 |
361.746 |
353.165 |
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IMPORTS |
|
|
|
|
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Stores and Spares |
5.229 |
3.999 |
NA |
|
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TOTAL IMPORTS |
5.229 |
3.999 |
NA |
|
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|
|
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|
|
|
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Earnings Per
Share (Rs.) |
1.04 |
2.38 |
7.60 |
|
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
700.000 |
|
|
|
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|
The above information has been parted by Mr. Rao.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.08 |
2.25
|
7.38 |
|
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|
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|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.84 |
3.77
|
12.11 |
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|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.60 |
3.58
|
12.03 |
|
|
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
4.84 |
0.11
|
0.38 |
|
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.95 |
2.16
|
2.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.02 |
1.93
|
2.15 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2010 (Rs. In Millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Micro and Small
Enterprises |
-- |
-- |
58.317 |
|
Others |
180.370 |
181.607 |
90.284 |
|
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|
INITIAL PUBLIC
OFFERING (IPO)
The Company has appointed M/s Fortune Financial Services (India)
Limited as its Merchant Bankers to carry out activities related to IPO. The company
has submitted its Draft Red Herring Prospectus (DRHP) with Securities and
Exchange Board of India (SEBI). SEBI permitted the Company to open its issue
for subscription within a period of 12 month from the date of issuance of their
observation letter dated November 11, 2009. However decision regarding IPO will
be taken as per the prevalent market conditions in consultation with our
Merchant Bankers.
QUALITY SYSTEM
The Company has received ISO 9001:2008 Certification dated 7th
August 2010. Next Surveillance Audit for
ISO 9001:2008 is scheduled for the last week of July 2011. The Company has
received ISO 9001:2008 Certification for Thermal Division (Plot No. 150 and
151, ‘S’ Block) dated 15th July 2010.
The same is valid till 23.05.2013. Surveillance Audit of the Machining Division
(Plot No. 43 and 152, S Block) for TS 16949:2002 was also successfully
completed during the period 12th to 15th July 2010.
Next surveillance Audit of the Machining Division for TS 16949:2002 is scheduled
for the month of July 2011.
Rectification audit for ISO 9001:2000TS 16949:2002 of Plant II,
Shikrapur Unit was successfully completed during the period 15th
to 17th April 2010, and the Company has received ISO/TS 16949:2009
Certificate dated 24th July 2010.
The same is valid till 23rd July 2013.
Next Surveillance Audit for ISO 14001-2004 (Plot No. 43 and 152, S Block and
Plant II, Shikrapur Unit) is scheduled for the month of October 2010.
FORM : 8
|
Corporate
identity number of the company |
U28910PN1990PLC059618 |
|
Name of the
company |
TRINITY INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. J/ 5, S Block, M.I.D.C., Bhosari, Pune – 411 026, E-Mail: cosec.tgu@forge-trinityindia.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Others (Vehicle) |
|
Particular of
charge holder |
The Saraswat Co-Operative
Bank Limited, Rasec Branch, E-Mail: amd_cs@rediffmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of hypothecation
of vehicle dated 19th November, 2009. |
|
Date of
instrument Creating the charge |
19/11/2009 |
|
Amount secured by
the charge |
Rs.0.177 million |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
PLR + 2.00% p.a. = 15.00% p. a. with monthly rests or at such rates as may be
prescribed by the Bank from time to time. Present PLR is 13.00% p. a. Terms of
Repayment: Term Loan to be repayable on demand but not later than 60 months
with a monthly installment of Rs.0.004 million each. Margin: MIN 10% Extent and
Operation of the charge: Type of Facility :- Term Loan Vehicle Others: All the
terms and conditions as per agreement. |
|
Short particulars
of the property charged |
The borrower/s
doth do hereby hypothecate to and in favour of the bank the motor car viz.
TATA ACE HT. Registered with the RTO Pune. |
|
Name of the company |
TRINITY DIE FORGERS LIMITED |
|
Presented By |
TRINITY DIE FORGERS LIMITED |
|
1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Vehicle dated 08.02.2006. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.468 million |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
Tata Sumo Spacio Gold belonging to the Company in favour of the Bank. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Facility: Vehicle
Loan Rate of Interest:
8% p.a. Repayable in 36
equal monthly installments @ Rs.0.015 million. |
|
5) Name and Address and description of the person entitled to the charge. |
Registered
Office: The Saraswat
Co-Operative Bank Limited, Branch at: |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
FIXED ASSETS:
- Land
- Building
- Plant and
Machinery
- Furniture and
Equipments
- Motor
Vehicles
CMT REPORT (Corruption, Money Laundering and 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. 44.85 |
|
|
1 |
Rs. 73.29 |
|
Euro |
1 |
Rs. 64.89 |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 and 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.