MIRA
INFORM REPORT
|
Report Date : |
19.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
AGRO SOLVENT PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
2nd Floor, Gopal Bhawan, Sanday Complex, Jayenoragano,
Gwalior-474009, Madhya Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
26.05.1982 |
|
|
|
|
Com. Reg. No.: |
10-1976 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U15141MP1982PTC001976 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BPLA00391G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Importer of Edible Oil, Feed Additives,
Soya Lecithin and Acid Oil |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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 |
|
Maximum Credit Limit : |
USD 1600000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having good 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. 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
2nd Floor, Gopal Bhawan, Sanday Complex, Jayenoragano,
Gwalior-474009, |
|
Tel. No.: |
91-751-2323960/ 2320419 |
|
Fax No.: |
91-751-2320368 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Govind Niwas, Datia-475661, |
|
Tel. No.: |
91-7522-237503 |
|
Fax No.: |
91-7522-401275 |
DIRECTORS
As on 14.06.2010
|
Name : |
Mr. Suresh Kalra |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
A/24, Basant Vihar, Gwalior-474002, Madhya Pradesh |
|
Date of Birth/Age : |
10.11.1950 |
|
Date of Appointment : |
26.05.1982 |
|
|
|
|
Name : |
Mr. Mahesh Kumar Malhotra |
|
Designation : |
Whole Time Director |
|
Address : |
Khirkee Mohalla, Kila Gate, Gwalior-474008, Madhya Pradesh |
|
Date of Birth/Age : |
07.04.1952 |
|
Date of Appointment : |
30.11.1989 |
|
|
|
|
Name : |
Mr. Jayant Kothari |
|
Designation : |
Whole Time Director |
|
Address : |
129, Malviya Nagar, Bhopal-462003, Madhya Pradesh |
|
Date of Birth/Age : |
02.11.1951 |
|
Date of Appointment : |
31.08.1993 |
|
|
|
|
Name : |
Mr. Dharam Pal Khanna |
|
Designation : |
Director |
|
Address : |
26, Jayant Nagar, Annexe, |
|
Date of Birth/Age : |
04.11.1934 |
|
Date of Appointment : |
06.01.1990 |
|
|
|
|
Name : |
Mr. Shyam Swaroop Shukla |
|
Designation : |
Director |
|
Address : |
B-9, Purshottam Vihar, Golaka Mandir, Gwalior-474005, |
|
Date of Birth/Age : |
05.08.1946 |
|
Date of Appointment : |
03.02.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
Suresh Kalra |
|
55190 |
|
Sarita Kalra |
|
19600 |
|
Mahesh Kumar Malhotra |
|
960 |
|
Shamit Kalra |
|
6600 |
|
Ankit Kalra |
|
5600 |
|
Suresh Kalra HUF |
|
50 |
|
Lal ChandKothari |
|
5 |
|
DharamPal Kahnna |
|
5 |
|
Shyam Swaroop Shukla |
|
5 |
|
Total |
|
88015 |
As on 14.06.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Edible Oil, Feed Additives,
Soya Lecithin and Acid Oil |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2008)
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Oil |
M. Tones |
|
120000 |
28464.410 |
|
Extraction |
M. Tones |
|
240000 |
159502.325 |
|
By Products |
M. Tones |
|
30000 |
2923.857 |
GENERAL INFORMATION
|
Bankers : |
State Bank of |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
Saboo and Company Chartered Accountant |
|
Address : |
Saboo Bhawan, Naya Bazar, Gwalior-4174009, |
|
Tel. No.: |
91-751-2325664 |
|
Mobile No.: |
91-9200375310 |
|
E-Mail : |
|
|
|
|
|
Associates/Subsidiaries : |
·
ASPL Impex Private Limited ·
Systems Life Cycle private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.100/- each |
Rs.25.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
88015 |
Equity Shares |
Rs. 100/-
each |
Rs. 8.802
Millions |
Note:
Out of the above, 66000 Equity Shares have been
issued as fully paid up bonus shares by capitalization 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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
8.802 |
8.802 |
8.802 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
383.552 |
328.690 |
195.442 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
392.354 |
337.492 |
204.244 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
406.877 |
14.357 |
307.264 |
|
|
2] Unsecured Loans |
12.957 |
20.750 |
11.231 |
|
|
TOTAL BORROWING |
419.834 |
35.107 |
318.495 |
|
|
DEFERRED TAX LIABILITIES |
16.669 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
828.857 |
372.599 |
522.739 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
250.199 |
53.004 |
51.875 |
|
|
Capital work-in-progress |
0.000 |
1.073 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
11.582 |
8.768 |
8.768 |
|
|
DEFERREX TAX ASSETS |
0.000 |
4.550 |
2.946 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
418.323
|
312.869
|
427.142 |
|
|
Sundry Debtors |
200.676
|
10.559
|
70.772 |
|
|
Cash & Bank Balances |
6.538
|
54.508
|
5.646 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
45.126
|
108.733
|
89.574 |
|
Total
Current Assets |
670.663
|
486.669
|
593.134 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
71.393
|
71.967 |
71.967 |
|
|
Other Current Liabilities |
15.679
|
36.851
|
22.147 |
|
|
Provisions |
16.515
|
72.647
|
39.870 |
|
Total
Current Liabilities |
103.587
|
181.465
|
133.984 |
|
|
Net Current Assets |
567.076
|
305.204
|
459.150 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
828.857 |
372.599 |
522.739 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2752.287 |
3207.232 |
3062.651 |
|
|
|
Other Income |
42.634 |
5.180 |
3.217 |
|
|
|
TOTAL (A) |
2794.921 |
3212.412 |
3065.868 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
2660.273 |
2979.474 |
2919.464 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
134.648 |
232.938 |
146.404 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
27.226 |
18.876 |
27.096 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
107.422 |
214.062 |
119.308 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.818 |
8.194 |
8.063 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
93.604 |
205.868 |
111.245 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
38.227 |
71.591 |
38.937 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
55.377 |
134.277 |
72.308 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
185.876 |
102.628 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
50.000 |
NA |
|
|
|
Proposed Dividend |
0.440 |
0.880 |
NA |
|
|
|
Dividend Distribution Tax |
0.075 |
0.150 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
230.738 |
185.876 |
102.628 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
629.18 |
- |
- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.01
|
4.18
|
2.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.40
|
6.42
|
3.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.16
|
38.15
|
16.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.61
|
0.54 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.33
|
0.64
|
2.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.47
|
2.68
|
4.43 |
LOCAL AGENCY FURTHER INFORMATION
Year in Retrospect:
This year the company has performed well but not as per expectations. The company has installed 4WEGs of 3.2 MW capacity with a capital outlay of Rs.172.000 millions. This will go a long way to generate green energy which is the recovery during the current year.
Bankers Charges
Report as per Registry
|
|
AGRO SOLVENT PRODUCTS PRIVATE LIMITED |
|
Presented By |
Mr.
Suresh Kalra, Managing Director |
|
1) Date and description of instrument creating the change |
29.11.2002 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.204.000 millions |
|
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 |
All th present and future goods including stocks of raw materials, stock in process, finished goods, movable and the assets such as outstanding moneys, receivables, claims , bills, invoices, documents, contracts, engagements, securities, investments and rights etc.
First charge over all the fixed assets of the company,
present and future, including plant and machinery of the company situated at
Govind Niwas, Datia or anywhere in |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The charge operated as security inter allia for the due repayment by the company for it term loan and working capital facilities from State Bank of India, amounting to Rs.204.000 millions |
|
5) Name and Address and description of the person entitled to the charge. |
State
Bank of Commercial Branch, (formerly Industrial Financial Branch) SBI
Bhawan, City Centre, |
|
6) Date and brief description of instrument modifying the charge |
Sanction letter from Bank dated 11.01.2005
Supplemental agreement for loan for overall limits dated 29.03.2005
Supplemental agreement of hypothecation of goods and assets dated 29.03.2005
Letter regarding the grant of individual limits within the overall limits dated 09.06.2001
Form of agreement when the person/persons furnishing the security is/are also a holder/holders of the account dated 29.03.2005 – Doc. Sy. No.111.11
Omnibus counter guarantee dated 29.03.2005 |
|
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. |
The working capital limits has been increased to Rs.300.000 millions with the following breakup :
Fund based : Rs.280.000 millions Non fund Based : Rs.20.000 millions Total Working capital limits : Rs.300.000 millions |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90205866 |
|
Corporate
identity number of the company |
U15141MP1982PTC001976 |
|
Name of the
company |
AGRO SOLVENT PRODUCTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
2nd Floor, Gopal Bhawan, Sanday Complex, Jayenoragano, Gwalior-474009,
|
|
Type of charge |
Book Debts Movable Property Immovable
Property Any interest in
immovable property |
|
Particular of
charge holder |
State Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
11.11.2008 |
|
Amount secured by
the charge |
Rs. 570.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 0.50% below SBAR Terms of
Repayment As per Agreement
and the attached document Margin Raw Material :
25% Consumables : 30% Finished Goods :
30% Book-debts : 40% Bank Guarantee:
10% EPC/ FBD : 10% Extent and
Operation of the charge As per agreement and
the attached document Others As per agreement
and the attached document |
|
Short particulars
of the property charged |
Primary Security:
|
|
Date of latest
modification prior to the present modification |
26.03.2008 |
Fixed Assets:
Ř
Ř
Buildings
Ř
Plant and Machinery
Ř
Vehicles
Ř
Factory Equipments
Ř
Furniture and Fixtures
Ř
Computer
Ř
Office Equipments
AS PER WEBSITE
History:
In 1982 subject established its Solvent Extraction plant of 50 TPD
(Tonnes Per Day) and a Refining Plant of 25 TPD at Datia, 65 Kilometers away
from
The company has established its unswerving endeavor by being the only
surviving unit out of the many that started in the vicinity. In its 26 years of
existence, the company has expanded its operations in two consolidated plants.
The first plant or Unit I has a manufacturing capacity of 450 TPD
solvent extractions, refining capacity of 150 TPD vegetable oil and producing
180 TPM soybean lecithin. Unit II houses 550 TPD solvent extraction plant and
300 TPD oil expeller facilities.
After the humble beginning of the unit with about 80 employees on its
rolls, it has now an extended family of almost 750 employees. About 5000 people
connected to subject’s business earn bread indirectly.
They believe that superior Quality of the products is the key to success
for any industry. The staunch belief is reinforced by the stand -- rather
compromise on sales figure than compromise on quality.
This stand on quality has been validated. Superior quality itself has
led to the stunning growth of the company. From the initial annual turnover of
approximately Rs.7.000 Millions, the company has achieved a turnover of Rs.
3500.000 Millions (about US $88 million) in the financial year 2007-08.
The Company has been able to achieve a whopping 5000 per cent
progress through its commitment to deliver superior quality products to
its consumers. The Company adheres to high quality of its products by adopting
ISO 9001-2008 standards.
Subject has been able to march ahead by keeping costs under control without
compromising on quality requirements and maintaining sanctity of work
processes.
The policy dedicated to maintaining quality specifications as laid down
by various standards and norms and make optimal use of best available machinery
and manpower in the industry spells the secret of the tremendous growth story.
Profile:
Subject is a closely held private limited company celebrated its silver
jubilee in 2007 marking a rich and consistent track record of 25 years. The
company has been a remarkable contributor to
The company’s operations head quartered in Madhya Pradesh, the Soya bowl
of
‘Sahaj’, the flagship brand of ASPPL, is aiming to be one
of the most popular brands in the country. ASPPL offers refined Soybean oil and
Mustard oil under its premium brand.
The Sahaj products drawn from agriculture and offered in natural or
processed forms are intended to provide superior quality so that they can
promote healthy living. ASPPL zealously guards its motto: “Quality is the commitment”.
At ASPPL quality is not just a word that describes certain standards. It
is a commitment to apply quality techniques correctly to efficient procurement,
superior storage, skilled trading and state-of-the art manufacturing process.
Sahaj products can boast of nil defects driven by optimal cycle time
from procurement to end consumer. They at ASPPL believe that quality is the
statement and the consumers have validated the resolves. Customer experience
and the resultant loyalty has sealed the relation with the consumer that begins
and not ends with the sale of the products.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.09 |
|
|
1 |
Rs.72.82 |
|
Euro |
1 |
Rs.63.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
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.