MIRA
INFORM REPORT
|
Report Date : |
09.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
UTKAL STEELS LIMITED |
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Formerly Known
As : |
NANCY STEEL PRIVATE LIMITED |
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Registered Office
: |
Udit Nagar, Shree Complex, Rourekela-769012, Orissa |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
16.12.1970 |
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Com. Reg. No.: |
15-000546 |
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Capital Investment
/ Paid-up Capital : |
Rs.60.000 Millions |
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CIN No.: [Company Identification
No.] |
U27109OR1970PLC000546 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMU02645G |
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PAN No.: [Permanent Account No.] |
AAACU2254R |
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Legal Form : |
A Closely Held Public Limited liability company. |
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Line of Business
: |
Manufacturing of
Iron Sheets, Strips Rods and Light Structural and carried on Imports and
Exports of various products like Coal and Iron and Steel etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 340000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
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 |
|
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 : |
Udit Nagar, Shree Complex, Rourekela-769012, |
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Tel. No.: |
91-661- 2500509 /
2500903 / 2500104 |
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Fax No.: |
91-661- 2507738 |
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E-Mail : |
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Website : |
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Area : |
50,000 Sq. ft
(Leased) |
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Administrative Office / Branch
Office 1 : |
308, Mangalam "A", Branch Office 24, Hemanta Basu Sarani,
Kolkata - 700 001, West |
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Tel. No.: |
91 - 33 - 2243 4253 |
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Fax No.: |
91 - 33 - 2210 7662 |
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Administrative Office 2: |
House No.8 - 2 - 268 / V/ 24 – 1, Vivekananda Enclave, Adjacent To
Arrora Colony, Road No.3, Banjara Hills, |
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Tel. No.: |
91-40 - 2354 2304/ 14 |
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Fax No.: |
91-40- 2354 2167. |
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Administrative Office 3 : |
G - A Swgandhini, Old No.143, New No.122, Saint Mary's Road, Alwar
Pet, Chennai - 600 016, |
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Factory 1 : |
2001 |
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Tel. No.: |
91-261 2333745 /
5521538 |
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Factory 2 : |
1-609, Vivya
Shakti Complex, Amar Pet, |
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Tel. No.: |
91-40-23542304/14 |
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Fax No.: |
91-40-23542167 |
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E-Mail : |
30,000 Sq. ft
(Leased) |
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Factory 3: |
Santhshpur, P.O. Bisra, District Sundargarh, |
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Tel No.: |
91-661-2612179/2612126 |
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Branch Office 2 : |
312- B, Acme
Plaza, Andheri Kurla Road, Andheri (East), Mumbai –400059,
Maharashtra, India |
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Tel. No.: |
91-22-28251357/58 |
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Fax No.: |
91-22-28252116 |
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E-Mail : |
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Area : |
14,000 Sq. ft
(Leased) |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Rohit Gupta |
|
Designation : |
Director |
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Address : |
44/2, Ground Floor, Gandhi Galli, Fateh Puri, New Delhi-110006, |
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Date of Birth/Age : |
19.12.1979 |
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Date of Appointment : |
07.06.2006 |
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Name : |
Mr. Surendra
Kumar Agrawal |
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Designation : |
Director |
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Address : |
Udit Nagar,
Rourkela – 769012, Sundargarh, |
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Date of Birth/Age : |
21.05.1965 |
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Date of Appointment : |
01.05.1998 |
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Name : |
Mr. Rajesh Kumar
Agrawal |
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Designation : |
Director |
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Address : |
Udit Nagar,
Rourkela – 769012, Sundargarh, |
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Date of Birth/Age : |
19.09.1968 |
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Date of Appointment : |
16.04.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Surendra Kumar Agarwal |
|
3186 |
|
Rukmani Devi Agarwal |
|
428 |
|
Rajesh Kumar Agarwal |
|
2956 |
|
Narayan Prasad Agarwal (HUF) |
|
1098 |
|
Utkal Holding Private Limited, |
|
3015 |
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Utkal Intrade Private Limited, |
|
1500 |
|
Diversified Vyappar Private Limited, |
|
283 |
|
Mood Dealers Private Limited, |
|
230 |
|
Gunjan Agency Private Limited, |
|
435 |
|
Castrol Credit Private Limited, |
|
315 |
|
Cherry Tie up Private Limited, |
|
580 |
|
Kashmikal Mercantiles Private Limited, |
|
550 |
|
Starpoint Commodeal Private Limited, |
|
525 |
|
Surya Sandhya Enginers Private Limited, |
|
146 |
|
Puja Fiscal Services Private Limited, |
|
310 |
|
Vishnupriya Properties Private Limited, |
|
250 |
|
Advernt Advisory Services Private Limited, |
|
11400 |
|
Bimal Desai |
|
1800 |
|
Regal Corporate Advisors Private Limited, |
|
5400 |
|
Jet Age Securities Private Limited, |
|
5400 |
|
Ajay Uphadaya |
|
5400 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
72.45 |
|
Directors
or relatives of directors |
|
27.55 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Iron Sheets, Strips Rods and Light Structural and carried on Imports and
Exports of various products like Coal and Iron and Steel etc. |
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Products : |
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GENERAL INFORMATION
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Suppliers : |
As on 31.03.2009
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Customers : |
As on 31.03.2009
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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 : |
Tibrewal Chand and Company Chartered Accountant |
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Address : |
1st Floor, KK 5, Civil Township Rourkela-769004, |
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Tel. No.: |
91-661-6450741 |
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Fax No.: |
91-661-2665255 |
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E-Mail : |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000 |
Equity Shares |
Rs.1000/- each |
Rs.60.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000 |
Equity Shares |
Rs.1000/- each |
Rs.60.000 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 |
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|
|
|
|
1] Share Capital |
60.000 |
60.000 |
30.000 |
|
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2] Share Application Money |
0.000 |
0.000 |
100.160 |
|
|
3] Reserves & Surplus |
180.260 |
172.260 |
102.100 |
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|
4] (Accumulated Losses) |
(153.135) |
(80.200) |
(80.857) |
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NETWORTH |
87.125 |
152.060 |
151.403 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
414.562 |
363.815 |
366.201 |
|
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2] Unsecured Loans |
42.686 |
73.956 |
44.844 |
|
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TOTAL BORROWING |
457.248 |
437.771 |
411.045 |
|
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DEFERRED TAX LIABILITIES |
3.102 |
0.000 |
0.000 |
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TOTAL |
547.475 |
589.831 |
562.448 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
116.098 |
76.438 |
74.856 |
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Capital work-in-progress |
11.023 |
39.033 |
6.162 |
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INVESTMENT |
0.036 |
0.005 |
0.005 |
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DEFERREX TAX ASSETS |
0.000 |
21.765 |
27.598 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
104.619
|
101.167 |
208.005
|
|
|
Sundry Debtors |
255.591
|
330.789 |
212.648
|
|
|
Cash & Bank Balances |
27.024
|
10.539 |
24.848
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
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Loans & Advances |
223.801
|
469.395 |
390.829
|
|
Total
Current Assets |
611.035
|
911.890
|
836.330
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Sundry Creditors |
129.588
|
297.296 |
|
|
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Other Current Liabilities |
61.129
|
160.922 |
382.454
|
|
|
Provisions |
0.000
|
1.082 |
0.049
|
|
Total
Current Liabilities |
190.717
|
459.300
|
382.503
|
|
|
Net Current Assets |
420.318
|
452.590
|
453.827
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
547.475 |
589.831 |
562.448 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
|
|
Income |
576.186 |
1238.226 |
1223.650 |
|
|
|
Other Income |
18.380 |
23.223 |
2.243 |
|
|
|
TOTAL (A) |
594.566 |
1261.449 |
1225.893 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material and Stores Consumed |
239.076 |
341.479 |
401.058 |
|
|
|
Trading Purchase |
176.733 |
474.776 |
615.627 |
|
|
|
Employee Cost |
12.622 |
7.234 |
6.862 |
|
|
|
Manufacturing Expenses |
28.422 |
45.225 |
35.680 |
|
|
|
Administrative and Selling Expenses |
86.555 |
232.448 |
119.680 |
|
|
|
Increase/(Decrease) in Finished Goods |
37.698 |
98.251 |
(70.658) |
|
|
|
Profit on |
1.947 |
0.000 |
(0.123) |
|
|
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TOTAL (B) |
583.053 |
1199.413 |
1108.126 |
|
|
|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11.513 |
62.036 |
117.767 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
43.585 |
43.386 |
50.867 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(32.072) |
18.650 |
66.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
15.703 |
11.077 |
7.379 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(47.775) |
7.573 |
59.521 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(1.078) |
6.916 |
35.980 |
|
|
|
|
|
|
|
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|
|
PROFIT AFTER TAX
(G-H) (I) |
(46.697) |
0.657 |
23.541 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(80.200) |
(80.857) |
(104.398) |
|
|
|
ADJUSTMENT
OF DEFERRED TAX LIABILITY |
(26.238) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(153.135) |
(80.200) |
(80.857) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(778.28) |
11.20 |
784.69 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(7.85)
|
0.05 |
1.92 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(8.29)
|
0.61 |
4.86
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.57)
|
0.77 |
6.53
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.55)
|
0.05 |
0.39
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.44
|
5.90 |
5.24
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.20
|
1.99 |
2.19
|
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
90078510 |
|
Corporate
identity number of the company |
U27109OR1970PLC000546 |
|
Name of the
company |
UTKAL STEELS
LIMITED |
|
Address of the
registered office or of the principal place of business in |
Udit Nagar, Shree Complex, Rourekela-769012, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge Immovable
Property Others |
|
Particular of
charge holder |
UCO Bank, Sector
-19, Main Branch, Rourkela-769005, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
A47-Letter of Waiver,A3-Letter
of Continuity,A1-D P Note, Sanction Advice Dated 09/04/2009, Terms and Conditions-Annex-1 and Part-2,Memorandum of Deposition of Title
Deeds-5 Nos, Board Resolution Dated 09/04/2009,A9-Deed of Hypothecation of
Movable P and M,A109-Agreement Relating To Term Loan,A9a-Deed of
Hypothecation of Movable P and M To
Secure A Term Loan, A9d-Agreement For
Extension of Charge For NFB Limit , Ominibus Counter Guarantee, A9b-Hypothecation
Of Book Debts, A9-Hypothecation Of Goods. EM Papers |
|
Date of
instrument Creating the charge |
09.04.2009 |
|
Amount secured by
the charge |
Rs.483.300
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest On WCTL-II,FITL- I,
WCTL-III (fresh) FITL-II (fresh) and
Term Loan-I(fresh) and Cash Credit/Packing Credit(interchangeable)
rate of interest is BPLR-1.5%, i.e. 11.00% p.a. with monthly rests subject to
change as per BANK/RBI guideline from time to time. Terms of Repayment
WCTL-II-To be
repaid in 20 qrtly installments of Rs 4.960 millions /qr commencing from
April 2010.FITL-I-To be repaid in 20 qrtly installments of Rs 0.690 millions
/qr commencing from April 2010.WCTL-III -To be repaid in 20 qrtly
installments of Rs 5.000 millions /qr commencing from April 2011.FITL-II-To
be repaid in 20 qrtly installments of Rs 1.250 millions /qr commencing from
April 2011.Term loan-I-To be repaid in 20 qrtly. Installments of Rs 2.035
millions /qr commencing from April 2011. Margin On Letter of
Credit (Foreign) for import of Machinery -15% by way of FDR. On Term Loan
-25%. On CC/PC-25% on
stock and book debt. On Letter of
Credit (Foreign/Inland)-15% to be kept in Current Accounts under lien in
favour of Bank. On Bank
Guarantee-15% to be kept in Current Accounts under lien in favour of Bank. Extent and
Operation of the charge Exclusive 1st
charge on the Machinery to be purchased and imported. under Collateral
Security EM of factory land and building at SantoshPur ,Bisra, Apartment in
Sree Complex in the name of Parikhit Agarwal, Ac03.17res of land in the name
of Company at Santoshpur, office Premises ACME Plaza ,Mumbai, Hyderabad
factory and land and building, Kalamboli property, land Ac02.55 res in Bisra
In the Name of M/s Orissa Steels Limited, Land Ac27.025res at Lonavala near
Pune, Flat at Mumbai in the name of Surendra Others Agarwal and
Rajesh Agarwal, land in the name of M/s S L Agarwal and Comany at Gudgudjore
and Flat No-6 at 1st Floor ,Building No-10,Type KL-6A,sector-1E,Apartment
Owner Association, Near Mc Donald's ,Kalamboli. Personal guarantee of
Surendra Agarwal, Rajesh Agarwal, Rohit Gupta, Manisha Agarwal and Rinku
Agarwal. Corporate guarantee of Orissa Steel Limited as per ABS dated
31.03.08. |
|
Short particulars
of the property charged |
Exclusive 1st
charge on the Machinery to be purchased and imported. under Collateral
Security EM of factory land and building at SantoshPur ,Bisra, Apartment in
Sree Complex in the name of Parikhit Agarwal,Ac03.17res of land in the name
of Company at Santoshpur, office Premises ACME Plaza ,Mumbai, Hyderabad
factory and land and building, Kalamboli property, land Ac02.55 res in Bisra
In the Name of M/s Orissa Steels Limited, Land Ac27.025res at Lonavala near
Pune, Flat at Mumbai in the name of Surendra |
|
Date of latest
modification prior to the present modification |
08.08.2008 |
|
Particulars of
the present modification |
Cc-110.000
Millions (Renewed At The Existing Level),Wctl-Ii-93.800 Millions (Renewed And
Rephrased),Fitl-I-13.800 Millions
(Renewed And Rephrased),Wctl-Iii-100.000 Millions (Fresh Sanction),Fitl-25.000 Millions
(Fresh Sanction),Tl-40.700 Millions
(Rephrased),Bills Discounting-50.000 Millions (Renewed At Existing Level), Bg-25.000
Millions (Renewed At Existing Level),Lc-25.000 Millions (Reduced From 125.000
Millions To 25.000 Millions ) |
Fixed Assets:
·
Land at Kalamboli
·
·
Godown at Kalamboli
·
Computer
·
Fabricated Gate
·
Furniture and Fixture
·
Electronic Crane
Weighting Scale
·
Cranes
·
Inverter
·
Air Conditioner
·
Biometric Fingerprint
Reader
·
Mobile Phone
·
Fax Machine
·
Printer
·
Hero Honda
·
Car
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.44.61 |
|
|
1 |
Rs.73.27 |
|
Euro |
1 |
Rs.65.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
28 |
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.