MIRA
INFORM REPORT
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Report Date : |
14.06.2011 |
IDENTIFICATION DETAILS
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Name : |
MUKTA ARTS LIMITED |
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Registered
Office : |
Mukta House, Behind Whistling Woods Institute, Filmcity Complex,
Goregaon (East), Mumbai – 400065, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.09.1982 |
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Com. Reg. No.: |
028180 |
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Capital
Investment / Paid-up Capital : |
Rs.112.906 Millions |
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CIN No.: [Company Identification
No.] |
L92110MH1982PLC028180 |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
Stock Exchange |
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Line of Business
: |
Entertainment
company with presence in Film Production, Television Content production, Film
Distribution and Equipment Hiring for Film Making. |
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No. of Employees
: |
Not Divulged by the Management |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 4093788 |
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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 a Subhash Ghai Company producing Indian Films. It is an established company having moderate track. The company
is incurring some losses in the
current year. 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 caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Manoj |
|
Designation : |
Finance Manager |
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Date : |
11.06.2011 |
LOCATIONS
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Registered Office/Corporate Office : |
Mukta House, Behind Whistling Woods Institute, Filmcity Complex,
Goregaon (East), Mumbai – 400065, Maharashtra, India |
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Tel. No.: |
91-22-26421332 |
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Fax No.: |
91-22-26405727 |
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E-Mail : |
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Website : |
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Locations: |
Bait-Ush-Sharaf, 29th Road, Bandra, Mumbai- 400 050, Maharashtra, India “Audeus” Plot No. A – 18, Opposite Laxmi Industrial Estate, Off Link Road, Andheri (w), Mumbai – 400 053, Maharashtra, India |
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Other Locations: |
·
6, Bashiron, 28th Road, TPS- III, Bandra (West),
Mumbai- 400 050, Maharashtra, India ·
1/A, Naaz Building, Lamington Road, Mumbai-
400004, Maharashtra, India ·
1493, Above Canara Bank, 2nd Floor, Main Road,
Chandni Chowk, Delhi- 110006, Delhi, India ·
Dhupar Bldg, 1st Floor, Near Standard
Hotel, Railway Road, Jalandar City- 144001 · 107, Rudraksha Building, 3rd Floor, 16th Meera Path Colony, Dhenu Market, Indore- 452 003. |
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. Subhash Ghai |
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Designation : |
Chairman and Executive Director |
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Name : |
Mr. Parvez A Farooqui |
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Designation : |
Executive Director |
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Name : |
Mr. Rahul Puri |
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Designation : |
Director |
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Name : |
Mr. Anil Harish |
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Designation : |
Director |
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Name : |
Mr. Vijay Choraria |
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Designation : |
Director |
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Name : |
Mr. Pradeep Guha |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Manoj |
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Designation : |
Finance Manager |
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Name : |
Mr. Ravi B Poplai |
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Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of promoter
and Promoter Group |
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1) Indian |
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a) Individuals / Hindu Undivided Family |
15889290 |
70.37 |
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2) Foreign |
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(B) Public Shareholdings |
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1) Institutions |
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2) Non – Institution |
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a) Bodies corporate |
3195434 |
14.15 |
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b) Individuals |
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i. Individual Shareholders holding nominal share capital upto Rs.0.100
Million |
1905266 |
8.44 |
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ii. Individual Shareholders holding nominal share capital in excess
Rs.0.100 Million |
1424332 |
6.31 |
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c) Any other |
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i) Clearing Member |
95020 |
0.42 |
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ii) NRI – Repatriable |
47058 |
0.21 |
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iii) Trust |
24800 |
0.11 |
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Total |
22581200 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Entertainment
company with presence in Film Production, Television Content production, Film
Distribution and Equipment Hiring for Film Making. |
GENERAL INFORMATION
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No. of Employees : |
Not divulged by the management |
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Bankers : |
Ř
HDFC
Bank Limited Ř
Kotak
Mahindra Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shamit Majmudar Associates Chartered Accountant |
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Internal
Auditors : |
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Name: |
BDO Consulting Private Limited Chartered Accountant |
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Subsidiaries : |
· Whistling Woods International Limited, 84.99% - subsidiary · Connect.1 Limited, 99% - subsidiary · Mukta Tele Media Limited, 99.92% - subsidiary · Coruscant Tec Private Limited, 100% - subsidiary ·
Mukta Tele Arts Private Limited, CMD is
director |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24000000 |
Equity Shares |
Rs.5/- each |
Rs.120.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22581200 |
Equity Shares |
Rs.5/- each |
Rs.112.906
Millions |
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Add:- Forfeited shares (Amount originally
paid up) |
|
Rs.0.011 Million |
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Out of which
16,490,000 shares were allotted as fully paid up by way of Bonus Shares by
capitalisation of reserves)
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 |
112.917 |
112.917 |
112.917 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
910.528 |
1152.972 |
1138.377 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1023.445 |
1265.889 |
1251.294 |
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LOAN FUNDS |
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1] Secured Loans |
386.185 |
246.081 |
150.912 |
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2] Unsecured Loans |
20.000 |
35.618 |
0.000 |
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TOTAL BORROWING |
406.185 |
281.699 |
150.912 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1429.630 |
1547.588 |
1402.206 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
156.963 |
157.126 |
157.212 |
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Capital work-in-progress |
101.230 |
54.489 |
29.888 |
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INVESTMENT |
710.594 |
682.252 |
684.501 |
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DEFERREX TAX ASSETS |
(9.502) |
(9.244) |
(9.355) |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
137.713
|
298.425 |
288.732 |
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Sundry Debtors |
212.852
|
176.452 |
172.598 |
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Cash & Bank Balances |
41.890
|
36.973 |
83.942 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
593.369
|
528.198 |
478.620 |
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Total
Current Assets |
985.824
|
1040.048 |
1023.892 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
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|
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Sundry Creditors |
165.580
|
92.336 |
174.865 |
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Other Current Liabilities |
218.211
|
156.664 |
208.515 |
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Provisions |
131.688
|
133.214 |
110.813 |
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Total
Current Liabilities |
515.479
|
382.214 |
494.193 |
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Net Current Assets |
470.345
|
657.834 |
529.699 |
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MISCELLANEOUS EXPENSES |
0.000 |
5.131 |
10.261 |
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TOTAL |
1429.630 |
1547.588 |
1402.206 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
|
|
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Realisation from Productions, Distribution and Exhibition |
886.326 |
1651.041 |
1094.659 |
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Equipment Hire Income |
2.504 |
7.298 |
12.069 |
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|
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Other Income |
53.345 |
19.162 |
24.932 |
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TOTAL
|
942.175 |
1677.501 |
1131.660 |
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Less |
EXPENSES |
|
|
|
|
|
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Cost of Production, Distribution and Exhibition |
1020.483 |
1484.337 |
886.659 |
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Administrative and other Expenses |
140.080 |
108.091 |
73.830 |
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Preliminary Expenses W/Off |
5.131 |
5.131 |
5.131 |
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TOTAL |
1165.694 |
1597.559 |
965.620 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(223.519) |
79.942 |
166.040 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
18.652 |
18.887 |
17.637 |
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|
|
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Less: |
EXTRAORDINARY,
NON RECURRING AND PRIOR PERIOD EXPENSES |
0.014 |
0.275 |
0.065 |
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PROFIT BEFORE
TAX |
(242.185) |
60.780 |
148.338 |
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|
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Less |
TAX |
(0.258) |
19.766 |
18.040 |
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PROFIT AFTER TAX
|
(242.443) |
41.014 |
130.298 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
116.372 |
106.777 |
29.317 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
5.000 |
0.000 |
|
|
|
Interim Dividend paid during the year |
0.000 |
22.581 |
45.162 |
|
|
|
Tax on Interim Dividend |
0.000 |
3.638 |
7.675 |
|
|
BALANCE CARRIED
TO THE B/S |
(126.071) |
116.372 |
106.777 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
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|
|
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|
Realisation from Films and Music (Exploitation of Rights) |
1.976 |
0.882 |
5.193 |
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|
TOTAL EARNINGS |
1.976 |
0.882 |
5.193 |
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|
|
|
|
|
|
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|
Earnings Per
Share (Rs.) |
(10.74) |
-- |
-- |
|
QUARTERLY
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Sales Turnover |
339.820 |
487.780 |
764.090 |
339.820 |
|
Total Expenditure |
345.690 |
527.040 |
628.350 |
320.220 |
|
PBIDT (Excl
OI) |
(5.870) |
(39.260) |
(74.260) |
13.160 |
|
Other Income |
99.450 |
7.690 |
10.800 |
19.430 |
|
Operating
Profit |
93.580 |
(31.570) |
(63.460) |
32.590 |
|
Interest |
17.730 |
13.550 |
15.470 |
13.810 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
75.850 |
(45.110) |
(78.930) |
18.780 |
|
Depreciation |
11.590 |
7.240 |
7.400 |
4.280 |
|
Profit
Before Tax |
64.250 |
(52.350) |
(86.330) |
14.500 |
|
Tax |
0.000 |
0.000 |
1.660 |
0.500 |
|
Reported PAT |
64.250 |
(52.350) |
(87.990) |
14.500 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
64.250 |
(52.350) |
(87.90) |
14.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(25.73)
|
2.44 |
11.51 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(27.32)
|
3.68 |
13.55 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(21.19)
|
5.08 |
12.55 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
(0.24)
|
0.05 |
0.12 |
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.90
|
0.52 |
0.52 |
|
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|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
1.91
|
2.72 |
2.07 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors for goods and services rendered |
165.580
|
92.336 |
174.865 |
INDUSTRY PERFORMANCE:
The Entertainment industry grew at a marginal 2% as indicated in PWC’s research report and while some sectors of the industry have shown healthy growths sectors such as print, film and OOH have shown negative growth with film sector showing -11% growth as against the GDP growth which is estimated to be between 8-9%.
Developments that have occurred during the year which are likely to affect the industry positively or negatively include
a) While growth in the multiplexes continues growth rates have slowed down.
b) There is almost a total collapse in the home video market. In an effort to reduce video sell through rates to match the street prices of the pirates, video as a territory for producers has been killed.
c) Physical formats in music has virtually collapsed and the primary business continues to be in the download and mobile CRBT segment.
d) Producers are under pressure to recover almost their entire production costs primarily from the theatrical market and satellite rights. This has brought down margins and made production a risky proposition.
e) Internet downloads have not taken off significantly but streaming has taken off in a big way. Its monetization in any significant way is yet to happen given the ad driven revenue model with too many intermediaries.
f) The DTH market is growing well and seems to be on track and may become a major competitor to cable in years to come. HD channels on DTH will further spurt the growth.
g) The emergence of 3G on the horizon gives hope for increased content use and monetization in the mobile space.
h) FM radio continues to be stable, however further licensing has got delayed significantly.
i) IPL has made cricket into a major entertainment event and despite the various controversies surrounding the IPL it has remained and will continue to be the single largest happening in sports entertainment space.
j) The entry of Hollywood Studios in the production space has not made any waves as the early entrants have not had good pay offs.
COMPANY PERFORMANCE:
The Company slowed down in its production sector and released only two movies which were in the pipeline “Paying Guest” directed by Paritossh Painter starring Shreyas Talpade, Jaaved Jafferi, Aashish Chowdhary, Vatsal Sheth, Celina Jaitly, Neha Dhupia, Riya Sen, Sayali Bhagat and others and “Right Yaaa Wrong” directed by Neeraj Pathak starring Sunny Deol, Irrfan Khan, Eesha Koppikhar, Konkona Sen, Sanjay Singh, Deepal Shaw and others. Owing to the collapse of the buyers, Mukta Arts had to risk releasing both the movies itself. Neither of the two movies performed very well at the Box Office, “Paying Guest” had an average run and “Right Yaaa Wrong” despite getting good critical acclaim was overrun by the IPL which took place at the time of release. This resulted in the Company having significant losses during the year. The losses were also high as the Company amortised the entire cost of the movies at release, despite the fact that some of the rights would be sold in subsequent years.
The movies in the pipeline include “Hello Darling” (releasing on 27th August) and “Paschim Express” which uses fresh talent from WWIL. This is a bold new experiment using talent from the pool generated by WWIL and if this succeeds we hope to scale this up in a big way. The other movies in the pipeline is the Bengali movie “Nauka Dubi” directed by Rituparno Ghosh which is now complete and we expect to release it in the forthcoming year which is also the 150th Birth Anniversary of Rabindranath Tagore, since the movie is based on one of his stories. Company has signed well known Director, Mr. Priyadarshan to direct one of its forthcoming films.
DISTRIBUTION AND
EXHIBITION:
The Company’s distribution and exhibition business did reasonably well during the year. Among the movies distributed during the year were “Acid Factory”, “All the Best”, “Athithi Tum Kab Jaoge”, “Aa Dekhe Zara”, “Avatar”, “District-9”, ”Jail”, ”Ishqiya”, ”My Name is Khan”, ”Shaapit”, ”Teen Patti”, “ X-Man Origins” etc.
The Company had withdrawn from
exhibition booking after its tie-up as PVR ended. The Company has thereafter
tied up with Reliance Big Cinemas and is currently booking for all their
theatres in addition to several other exhibitors in Delhi, UP and Punjab.
The Company has also taken an
initiative in signing up for a few theatres in new Malls in A class cities as
also in tier two and three cities in an effort to convert them into low cost
miniplexes and plans to expand rapidly in this space. They would have digital
screenings, comfortable seating, air cooled / air conditioned and computerized
booking.
The Company has completed the
Audeus and Communication Centre complex. A major portion of the Audeus complex
has been leased out to NDTV Imagine now taken over by Turner International, a
Viacom company. A major portion of the Communication Centre has been leased out
to Reliance Media Works Limited. Mukta Arts offices have moved to the top floor
of the Communication Centre which is now called as Mukta House. Some portion of
the Audeus complex and Mukta House are yet to be leased out and we hope to
lease it out soon.
WHISTLING WOODS INTERNATIONAL LIMITED:
During the year WWIL showed good
growth and its student community continued to increase. WWIL has virtually
become a most visited spot for those interested in Bollywood and the Film City.
Among the important guests that visited WWIL include the Premier of Bermuda
Ewart Brown and the US Under Secretary Ms. Judith McHale, Consul General of the
US-Paul Folmsbee and the Consul General of the Netherlands- Ms. Marieke Littel.
During the year, films of Whistling Woods International students were sent to
various Film Festivals including the PIFF 2010.
An animation film made by WWI students won the Best Film Award at the PIFF Students competitive section and MIFF 2010. The Mumbai International Children’s Film Festival and IberMumbai were conducted at the WWI campus. In another significant development WWIL has tied up with the CBSE and Centum Learning Limited (a Bharti Airtel associate company). The tie-ups are based on WWI developing curriculum and programmes in Media and Entertainment studies for CBSE 11th and 12th standard and for Graduates and Post Graduates for Centum Learning. Part of the training will be done at WWIL.
COMPANY’S
PERFORMANCE
During the year the total revenues of the Company were placed at Rs.
942,175,412 as compared to Rs 1,677,501,284 of last year.
The Company’s performance has been discussed in the Management Analysis
in details.
NEW INITIATIVES
Subject has acquired balance 49% shares of Coruscant Tec Private Limited
and as on date the company holds
100% shares of the said company making it a fully owned subsidiary
company.
Subject has actively entered into exhibition business and has tied up
with malls at Bhopal, Ahmedabad, Baroda to develop, maintain and run
multiplexes at their properties. Discussion is also going on for few more
properties for developing and reviewing multiplexes.
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.44.87 |
|
|
1 |
Rs.72.82 |
|
Euro |
1 |
Rs.64.37 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.