MIRA
INFORM REPORT
|
Report Date : |
10.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
FAMY CARE LIMITED |
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Registered
Office : |
12-14, 3rd Floor, Brady House, Veer Nariman Road, Fort,
Mumbai-400001, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
30.06.2010 |
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Date of
Incorporation : |
28.09.1987 |
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Com. Reg. No.: |
11-044813 |
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Capital
Investment / Paid-up Capital : |
Rs. 17.073 millions |
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CIN No.: [Company Identification
No.] |
U24236MH1987PLC044813 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF03740C |
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PAN No.: [Permanent Account No.] |
AAACF1663R |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business
: |
Manufacturers of Reproductive Healthcare Products |
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No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 15000000 |
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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. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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. Prashant |
|
Designation : |
Finance Department |
|
Date : |
09.06.2011 |
LOCATIONS
|
Registered Office / Corporate Office : |
12-14, 3rd Floor, Brady House, Veer Nariman Road, Fort,
Mumbai-400001, Maharashtra, India |
|
Tel. No.: |
91-22-30289655 / 30289636 |
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Fax No.: |
91-22-3028
9656 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
Plot No. 1608 and 1609, G.I.D.C. Sarigam - 396 155
Gujarat, India |
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Tel. No.: |
91-260-2780674,
2780502 |
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Fax No.: |
91-260-2780574 |
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Factory 2 : |
Plot No. 688/10/11, Siddhi Vinayak Industrial Estate, Opp.
Somnath Temple, Somnath, Daman - 396 210, India |
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Tel. No.: |
91-260- 224
2484, 224 3279 |
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Fax No.: |
91-260-224
3279 |
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Branch Office : |
Plot No. L-20,Verna Industrial Estate, Salcette, Verna, |
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Overseas Office : |
PK 7 Route Da Cabassou Remire |
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Tel. No.: |
91-594-230726 |
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Fax No.: |
91-594-290645 |
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Overseas Office : |
Mar 26 Street, Ward 5, Go Vap District, |
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Tel. No.: |
91-84-5880322 |
DIRECTORS
AS ON 28.12.2010
|
Name : |
Mr. Jyotiprasad K. Taparia |
|
Designation : |
Director |
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Address : |
101, Laxmi Vilas, 10th Floor, 87, Nepean Sea Road, Mumbai –
400 006, Maharashtra |
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Date of Birth/Age : |
21.11.1944 |
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Date of Appointment : |
28.09.1987 |
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DIN No : |
00157746 |
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Name : |
Mr. Sanjeev J. Taparia |
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Designation : |
Managing Director |
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Address : |
101, Laxmi Vilas, 10th Floor,
87, Nepean Sea Road, Mumbai – 400 006, Maharashtra |
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Date of Birth/Age : |
29.07.1967 |
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Date of Appointment : |
10.09.1998 |
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DIN No : |
00157770 |
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Name : |
Mr. Ashutosh J. Taparia |
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Designation : |
Wholetime Director |
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Address : |
101, Laxmi Vilas, 10th Floor,
87, Nepean Sea Road, Mumbai – 400 006, Maharashtra |
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Date of Birth/Age : |
25.01.1973 |
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Date of Appointment : |
10.09.1998 |
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DIN No : |
00178771 |
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Name : |
Mr. Ajay Lal |
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Designation : |
Director |
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Address : |
Villa No. 120, The Laburnam, Sushant
Lok-1, Gurgaon, Haryana-122001, India |
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Date of Birth/Age : |
08.08.1961 |
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Date of Appointment : |
13.04.2010 |
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DIN No : |
00030388 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.12.2010
|
Names of Shareholders |
|
No. of Shares |
|
Jyotiprasad K. Taparia |
|
129450 |
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Urmiladevi J. Taparia |
|
280750 |
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Ashutosh J. Taparia |
|
247600 |
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Jyotiprasad K. Taparia (HUF) |
|
183000 |
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Sanjiv J. Taparia |
|
219250 |
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Aruna S. Taparia |
|
128500 |
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Anjali S. Taparia |
|
190000 |
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Nidhi S. Taparia |
|
30000 |
|
Orizaba Limited, Mauritius |
|
298780 |
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Total |
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1707330 |
AS ON 28.12.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
17.50 |
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Directors or relatives of Directors |
82.50 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Reproductive Healthcare Products |
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Products : |
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Exports : |
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Products : |
·
Health Care Products |
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Imports : |
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Products : |
·
Raw Material |
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
PRODUCTION STATUS AS ON-30.06.2010
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Copper T |
Pcs. in million |
NA |
19.500 |
2.065 |
|
Oral Contraceptive Pills |
Pcs. in million |
NA |
480.000 |
215.991 |
|
Tubal Rings |
Pcs. in million |
NA |
30.000 |
0.000 |
|
Exacta (Pep Smear Kit) |
Pcs. in million |
NA |
2.500 |
0.000 |
GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
OEM’s |
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No. of Employees : |
500 (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 : |
Malpani and Associates Chartered Accountants |
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Address : |
307, Chartered House, 297/299, Dr. Cawasji Hormansi, Churchgat, Mumbai
– 400002, |
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Subsidiaries : |
·
Hevea Fine Products Private Limited CIN No : U25190MH1998PTC114824 ·
Tarakesh Pharma Private Limited CIN No : U24139MH2004PTC144395 ·
FAMY Care Europe Limited (w.e.f.13th
July 2009) ·
Essential Drugs and Famy Care Limited |
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Associates : |
·
Makarand Plantation Private Limited ·
Silva Trading and Agencies Private Limited ·
Saroj Plantation Private Limited ·
Famy Steri Limited ·
Sanguinity Trading and Agencies Private Limited ·
Vastu Shining Builders Private Limited ·
Gyan Plantation Private Limited ·
Shubh Grah Pravesh Private Limited ·
Kenpack Pharma Private Limited ·
Beach Healthcare Private Limited ·
Famy Energy Private Limited ·
FCL Realty and Infrastructure Private Limited |
CAPITAL STRUCTURE
AS ON 30.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
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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|
1707330 |
Equity Shares |
Rs.10/- each |
Rs. 17.073
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2010 |
30.06.2009 |
30.06.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
17.073 |
14.086 |
14.086 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3790.246 |
1411.322 |
1048.953 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
3807.319 |
1425.408 |
1063.039 |
|
|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
222.255 |
143.566 |
203.771 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
222.255 |
143.566 |
203.771 |
|
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DEFERRED TAX LIABILITIES |
17.000 |
14.629 |
19.867 |
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|
|
|
|
|
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TOTAL |
4046.574 |
1583.603 |
1286.677 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
907.153 |
943.820 |
431.931 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
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INVESTMENT |
2018.055 |
112.008 |
108.082 |
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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 |
172.408
|
129.819 |
98.946 |
|
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Sundry Debtors |
979.280
|
517.435 |
402.432 |
|
|
Cash & Bank Balances |
30.726
|
13.268 |
34.841 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
544.686
|
254.314 |
389.825 |
|
Total
Current Assets |
1727.100
|
914.836 |
926.044 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
180.485
|
124.349 |
40.498 |
|
|
Other Current Liabilities |
185.967
|
128.739 |
35.789 |
|
|
Provisions |
239.282
|
133.973 |
103.093 |
|
Total
Current Liabilities |
605.734
|
387.061 |
179.380 |
|
|
Net Current Assets |
1121.366
|
527.775 |
746.664 |
|
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|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4046.574 |
1583.603 |
1286.677 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2010 |
30.06.2009 |
30.06.2008 |
|
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SALES |
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Income |
|
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|
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|
Other Income |
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|
|
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TOTAL (A) |
2628.156 |
2312.972 |
1094.601 |
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
886.421 |
1099.277 |
196.981 |
|
|
|
Manufacturing Expenses |
150.927 |
80.535 |
75.824 |
|
|
|
Employee Cost |
150.612 |
98.049 |
67.382 |
|
|
|
Research and Development Expenses |
120.173 |
86.147 |
34.515 |
|
|
|
Administrative Expenses |
90.250 |
78.807 |
76.823 |
|
|
|
Loss Due to Impairment of Fixed Assets |
0.000 |
14.099 |
0.000 |
|
|
|
Loss On Sale of Investments |
8.380 |
7.420 |
0.000 |
|
|
|
Selling and Distribution Expenses |
175.593 |
119.572 |
58.510 |
|
|
|
Extra Ordinary Items |
122.454 |
249.110 |
0.000 |
|
|
|
Prior Period Income |
0.000 |
(0.209) |
0.219 |
|
|
|
TOTAL (B) |
1704.810 |
1832.807 |
510.254 |
|
|
|
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|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
923.346 |
480.165 |
584.347 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
22.081 |
12.908 |
14.813 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
901.265 |
467.257 |
596.534 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
125.830 |
60.484 |
45.649 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
775.435 |
406.773 |
523.885 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(112.439) |
(28.850) |
(57.416) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
662.996 |
377.923 |
466.469 |
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1277.609 |
953.033 |
796.719 |
|
|
|
|
|
|
|
|
|
|
Transferred
to Demerged Companies |
0.000 |
0.000 |
(246.974) |
|
|
|
|
|
|
|
|
|
|
Income
Tax Refund / Adjustment of Earlier Years |
(0.738) |
0.925 |
(0.054) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
66.300 |
37.792 |
46.647 |
|
|
|
Dividend |
7.325 |
14.086 |
14.086 |
|
|
|
Tax on Dividend |
1.217 |
2.394 |
2.394 |
|
|
BALANCE CARRIED
TO THE B/S |
1865.025 |
1277.609 |
953.033 |
|
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|
|
|
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|
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|
|
EXPORT VALUE |
2073.028 |
1359.831 |
938.818 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
223.579 |
82.855 |
109.736 |
|
|
|
Capital Goods |
18.088 |
74.810 |
14.935 |
|
|
TOTAL IMPORTS |
241.667 |
157.665 |
124.671 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
536.13 |
445.16 |
372.09 |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2010 |
30.06.2009 |
30.06.2008 |
|
PAT / Total Income |
(%) |
25.23
|
16.34 |
42.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
29.44
|
21.89 |
38.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.29 |
0.49 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.22
|
0.38 |
0.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.85
|
2.36 |
5.16 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CEREDITORS
DETAILS
(Rs.
In Millions)
|
SOURCES OF FUNDS |
30.06.2010 |
30.06.2009 |
30.06.2008 |
|
Sundry Creditors |
180.485
|
124.349 |
40.498 |
OPERATIONS:
The company has
reported satisfactory performance for the year. The Company has achieved a
turnover of Rs. 2586.144 millions (Previous Year 2268.518 millions) including
Product Development Charges of Rs.419.292 millions (Previous Year 235.060
millions) and turnover from fabric trading activity Rs.360.375 millions
(Previous year Rs.856.208 millions). Also the company has achieved Profit
before tax of Rs.775.435 millions (Previous Year Rs.406.772 millions). The
turnover from pharmaceutical operations increased from Rs 1402.982 millions to
Rs 2218.786 millions.
The Company has
successfully executed all tile orders received from Director General of Health,
Bangladesh, Ministry of Health, and Argentina etc during the year.
The Company has
successfully filed 18 Abbrivated New Drug Application (ANDA) with USFDA during
the year. The products are being developed under an Agreement with Mylan
Pharmaceuticals Inc. wherein the products will be marketed by them under
exclusive marketing arrangement for USA, other than NGO market in US. The
Company has also received approval for one of the product for 9 Countries in
European Market. The Company is in the process of developing many more products
for US, Canada and European Market.
The Company has
entered into marketing arrangement with leading pharmaceutical companies such
as Actavis, Stada. Sandoz, Hexel etc. for European Market.
FUTURE PLANS:
The Company has
made good progress in its plan to enter into regulated market of U.S and
Europe. The Company has filed 18 Abbreviated New Drug Applications (ANDAS) with
USFDA during the year and has also received approval of onc of its product for
9 Countries in European Market. The Company is working on more products for
these markets. The commercial launch of product in US market is expected by end
of the financial year.
The Company is
expanding its marketing network. The Company is in the process of signing
marketing alliance for Canada and Russia. The Company is also planning to enter
into market of Australia. Brazil and Mexico.
The Research and
Development (R&D) Team of the Company is working on injectible
contraceptive for regulated market and New Drug Delivery System (NDDS) in
contraceptives which has potential market in ROW as well as in regulated market.
The Company is
also working on new product line to leverage
on its present marketing network.
FORM 8
|
Corporate
identity number of the company |
U24236MH1987PLC044813 |
|
Name of the
company |
FAMY CARE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
12-14, 3rd
Floor, Brady House, Veer Nariman Road, Fort, Mumbai-400001, Maharashtra,
India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable property
|
|
Particular of
charge holder |
State Bank of India, Commercial Branch, N. G. N. Vaidya Marg, Mumbai –
400023, |
|
Nature of
instrument creating charge |
a)
No
instrument memorandum of entry was executed b)
Letter
of confirmation Both the above
agreements constitute a single modification. |
|
Date of
instrument Creating the charge |
27.12.2010 |
|
Amount secured by
the charge |
Rs. 1025.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest As per sanction
terms Terms of repayment As per sanction
terms Margin As per sanction
terms Extent and operation of the charge As per sanction
terms |
|
Short particulars
of the property charged (Including location of the property) |
No instrument
memorandum of entry was executed by SBI, SBI acting for itself and as an
agent of HDFC, HSBC and SCB to Create first charge by way of an equitable
mortgage by deposit of title deeds. Over the
immovable properties to secure the credit facilities of Rs. 675.000 millions.
|
|
Charge
identification number of the charge to be modified |
10182650 |
|
Particulars of
the present modification |
Now by the
present modification dated 27.12.2010 a memorandum of entry was executed by
SBI, acting for itself and as authorized agent of HDFC, HSBC and SCB by way
of joint mortgage by deposit of title deeds by constructive delivery over the
immovable properties to secure the credit facilities to the extent of
Rs.1025.000 millions. |
FIXED ASSETS
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Laboratory Equipment
·
Vehicles
·
Office Equipment
·
Furniture and Fixtures
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.44.72 |
|
|
1 |
Rs.73.47 |
|
Euro |
1 |
Rs.65.38 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
64 |
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.