MIRA
INFORM REPORT
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Report Date : |
16.05.2011 |
IDENTIFICATION DETAILS
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Name : |
CORDS CABLE INDUSTRIES LIMITED |
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Registered Office : |
B-1/A-26, Mohan Co-Operative Industrial Estate, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
21.10.1991 |
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Com. Reg. No.: |
55-46092 |
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Capital Investment / Paid-up Capital : |
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CIN No.: [Company
Identification No.] |
L74999DL1991PLC046092 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELC06369G |
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PAN No.: [Permanent
Account No.] |
AAACC0519K |
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Legal Form : |
Public limited liability company. Company’s shares are listed
on the Stock Exchange. |
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Line of Business : |
The Company's principal activity is to manufacture and
sale of power cables and instrumentation cables for domestic and industrial
use. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (53) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4100000 |
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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 good track. Trade relations
are reported as fair. Business is active. Payments are reported to be and as
per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
LOCATIONS
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Registered Office : |
B-1/A-26, Mohan Co-Operative Industrial Estate, |
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Tel. No.: |
91-11-40551200 |
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Fax No.: |
91-11-26951196 / 26951731 |
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E-Mail : |
ipo@cordscable.com [For
Investor] |
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Website : |
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Factory 1 : |
Existing Plat : A-525, Industrial Area Chopanki, Bhiwadi, District Alwar (Rajasthan)
301019 |
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Factory 2 : |
Proposed Plant : SP-239, 240 and 241, Industrial Area Kahrani, Bhiwadi Extension,
District Alwar (Rajasthan) |
DIRECTORS
As on 31.03.2010
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Name : |
Mr. Naveen Sawhney |
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Designation : |
Managing Director |
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Name : |
Mr. Rakesh Malhotra |
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Designation : |
Joint managing Director |
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Name : |
Mr. D. K. Prashar |
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Designation : |
Joint Managing Director |
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Name : |
Mr. |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Amit Kumar Gangopadhay |
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Designation : |
Non-Executive Director |
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Name : |
Mr. N. K. Balasubramanian |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Ajit Kumar Sahay |
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Designation : |
Non-Executive Director |
KEY EXECUTIVES
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Name : |
Mr. V. K. Beri |
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Designation : |
President (Marketing) |
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Name : |
Ms. Jyoti Dixit |
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Designation : |
Company Secretary |
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Name : |
Mr. Varun Sawhney |
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Designation : |
Vice President |
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Name : |
Mr. S. K. Bagga |
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Designation : |
Vice President |
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Name : |
Mr. Amitabha De |
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Designation : |
GM |
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Name : |
Mr. Sandeep Kumar |
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Designation : |
DGM |
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Name : |
Mr. R. C. Lal |
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Designation : |
President (Operation) |
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Name : |
Mr. Ani Gupta |
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Designation : |
Gm (Technical) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
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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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Individuals / Hindu Undivided Family |
6,243,241 |
54.63 |
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Sub Total |
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(2) Foreign |
6,243,241 |
54.63 |
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Total
shareholding of Promoter and Promoter Group (A) |
6,243,241 |
54.63 |
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(B) Public
Shareholding |
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(1) Institutions |
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Mutual Funds / UTI |
323,665 |
2.83 |
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Financial Institutions / Banks |
12,695 |
0.11 |
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Sub Total |
336,360 |
2.94 |
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(2) Non-Institutions |
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Bodies Corporate |
811.619 |
7.10 |
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Individuals |
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Individual shareholders holding nominal share capital up to Rs. 0.100
Million |
2,347,898 |
20.55 |
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Individual shareholders holding nominal share capital in excess of Rs.
0.100 Million |
1,339,233 |
11.72 |
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Any Others
(Specify) |
349,429 |
3.06 |
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Non Resident Indians |
107,887 |
0.94 |
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Clearing Members |
9,915 |
0.09 |
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Hindu Undivided Families |
231,327 |
2.03 |
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Sub Total |
4,848,179 |
42.42 |
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Total Public
shareholding (B) |
5,184,539 |
45.37 |
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Total (A)+(B) |
11,427,780 |
100.00 |
Note:
1. for determining public shareholding for the
purpose of clause 40A.
2. for definitions of Promoter and Promoter
Group, refer to clause 40 A.
3. Public shareholding.
BUSINESS DETAILS
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Line of Business : |
The Company's principal activity is to manufacture and
sale of power cables and instrumentation cables for domestic and industrial
use. |
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Products : |
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PRODUCTION STATUS [as on 31.03.2010]
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Cables |
Cable KM |
30000 |
21305 |
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GENERAL INFORMATION
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Customers/Consultants : |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sharna Goel and Company Chartered Accountants |
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Address: |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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12000000 |
Equity Shares |
Rs. 10/- each |
Rs. 120.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11427780 |
Equity Shares |
Rs. 10/-
each |
Rs. 114.278
Millions |
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Note:
Of the above 4026980 Equity Shares of Rs. 10/-
each were allotted in earlier years as fully Paidup, by way of Bonus Shares by
Capitalisation of Share Premium and Reserves and Surplus.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
114.278 |
114.278 |
114.278 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
751.440 |
722.950 |
665.050 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
865.718 |
837.228 |
779.328 |
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LOAN FUNDS |
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1] Secured Loans |
574.051 |
472.680 |
321.778 |
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2] Unsecured Loans |
1.973 |
3.626 |
5.000 |
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3] Other Long Term Liabilities |
6.000 |
6.000 |
6.000 |
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582.024 |
482.306 |
332.778 |
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DEFERRED TAX
LIABILITIES |
28.184 |
26.102 |
16.840 |
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TOTAL |
1475.926 |
1345.636 |
1128.946 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
615.172 |
632.759 |
486.322 |
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Capital work-in-progress |
155.232 |
96.617 |
53.417 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
394.316
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223.723 |
198.862 |
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Sundry Debtors |
567.993
|
432.831 |
376.475 |
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Cash & Bank Balances |
163.041
|
196.497 |
284.859 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
250.197
|
158.374 |
126.593 |
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Total
Current Assets |
1375.547
|
1011.425 |
986.789 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
593.448
|
311.170 |
300.083 |
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Other Liabilities |
56.160
|
64.686 |
74.473 |
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Provisions |
20.417
|
19.308 |
23.026 |
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Total
Current Liabilities |
670.025
|
395.164 |
397.582 |
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Net Current Assets |
705.522
|
616.26 |
589.207 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1475.926 |
1345.636 |
1128.946 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
2208.341 |
2217.077 |
1708.514 |
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Other Income |
14.857 |
10.902 |
6.973 |
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TOTAL (A) |
2223.198 |
2227.979 |
1715.487 |
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Less |
EXPENSES |
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Cost of Goods Sold |
1721.724 |
1754.519 |
1270.698 |
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Manufacturing Expenses |
129.036 |
107.213 |
79.204 |
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Personnel Expenses |
100.612 |
73.811 |
54.126 |
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Administrative Expenses |
65.134 |
68.774 |
42.285 |
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TOTAL (B) |
2016.506 |
2002.317 |
1446.313 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
206.692 |
223.662 |
269.174 |
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Less |
FINANCIAL
EXPENSES (D) |
107.747 |
83.907 |
49.341 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
98.945 |
139.755 |
219.833 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
36.689 |
28.620 |
8.777 |
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PROFIT BEFORE
TAX (E-F) (G) |
62.256 |
111.135 |
211.056 |
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Less |
TAX (I) |
20.396 |
39.865 |
73.446 |
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PROFIT AFTER TAX
(G-I) (J) |
41.860 |
71.270 |
137.610 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
249.113 |
198.343 |
87.873 |
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BALANCE
AVAILABLE FOR APPROPRIATION |
290.974 |
269.613 |
225.483 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
4.187 |
7.130 |
13.770 |
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Dividend |
13.369 |
13.369 |
13.369 |
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Tax on Dividend |
0.000 |
0.000 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
273.417 |
249.113 |
198.343
|
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EARNINGS IN
FOREIGN CURRENCY |
422.188 |
282.101 |
24.421 |
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Earnings Per
Share (Rs.) |
3.66 |
6.24 |
16.81 |
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QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
434.870 |
624.940 |
631.990 |
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Total Expenditure |
395.670 |
563.20 |
574.580 |
|
PBIDT (Excl
OI) |
39.200 |
61.740 |
57.410 |
|
Other Income |
4.830 |
2.52 |
5.970 |
|
Operating
Profit |
44.030 |
64.260 |
63.360 |
|
Interest |
21.850 |
34.180 |
38.350 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
22.180 |
30.080 |
25.030 |
|
Depreciation |
9.530 |
9.380 |
9.580 |
|
Profit
Before Tax |
12.650 |
20.700 |
15.450 |
|
Tax |
4.300 |
7.040 |
5.100 |
|
Reported PAT |
8.350 |
13.660 |
10.350 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
8.350 |
13.660 |
10.350 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.88
|
3.20 |
8.02 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.80
|
5.01 |
12.35 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.52
|
6.76 |
14.33 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.13 |
0.27 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.07
|
1.05 |
0.94 |
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|
Current Ratio (Current Asset/Current Liability) |
|
705.52
|
2.56 |
2.48 |
LOCAL AGENCY FURTHER INFORMATION
MANAGEMENT DISCUSSION
AND ANALYSIS:
The year 2009-10 proved
to be a very challenging year for Indian Industry. Cable industry was no
exception to this domestic and global meltdown.
Despite all the
global and domestic challenges and sharp fluctuations in commodities like
Copper & Steel, which
constitute almost
80% of the raw materials for cables, Cords Cable Industries Ltd (CCIL) was able
to maintain its
sales as compared
to previous year.
In an effort to
make its business model more sustainable, CCIL focused aggressively on export
markets and as a
result the company
increased its export sales by 54% as compared to previous year.
OPPORTUNITIES
At global level,
Cables play a
significant part in infrastructure activities. With strong investments proposed
across sectors such as
Power, Oil &
Gas Exploration, Refineries, Metro Rail, Airport Modernization, Industrial and
Telecom, the cable industry in
CCIL has a well
placed plan and is geared to take advantage of the growth likely to be achieved
by various industries. Opportunities across these segments are-
POWER
Power is one of the
prime movers of economic development. It is one of the most vital inputs for
socio-economic development of a country. The growth of the economy and its
global competitiveness hinges on the availability of reliable and quality power
at competitive rates. The demand of power in
With the
government recognising the power sector to be the backbone of sustained
industrial growth, robust investments have been proposed towards building up
capacities.
Cables play a crucial
part in all the three aspects of the power sector – generation, transmission
and distribution. It is estimated that nearly 3% to 3.5% of investment per MW
goes towards cables and power sector will generate huge demand for cables in
near future.
INDUSTRIAL
Investments in the
industrial sector, comprising of buildings, factories, and industrial units
across various sectors
such as steel,
power, fertilisers, oil & refinery, aluminum, cement, mining, among others,
also generate demand for cables (both low and high tension cables). It is
estimated that nearly 5% of the total capex plans goes towards cables.
REAL ESTATE SECTOR
Rising housing demand is one of the main drivers for the growth in real
estate sector. As such, this sector is scheduled to create strong demand for
commodities (including cables) going forward. Growth across segments such as
residential, commercial and retail will be a major factor for this segment
going forward.
STEEL SECTOR
Today,
FINANCIAL REVIEW
Results of Operations
During the year, the Company achieved a Turnover of Rs. 2208.342
Millions. There is a decline in profit before tax (PBT) during the year as
compared to previous year as the operating margin remain under pressure due to
increase in interest cost, cost of raw-materials and other inputs.
CCIL is making efforts to focus on continuous cost reduction,
improvement in productivity and performance by continuous Research &
Development process. Moreover, CCIL's focus was also on specialized cables
which contributed significantly to the total revenue of the company.
The net profit decreased to Rs. 41.861 Millions compared to Rs. 71.270
Millions in FY'09. Net profit margins also decreased to 1.90 % compared to 3.21
% during FY'09 largely due to lower operating margins and increase in
Finance and Depreciation charges. Finance charges constitute 4.88 % of
sales during FY'10 as against 3.78 % in
FY'09. Depreciation charges also increased to 1.66 % (as a percentage of
sales) in FY'10 compared to 1.30% in
FY'09 due to capex done by the company during the year.
Segmental Overview
The company operates under a single product segment i.e. Cables. The
company mainly focuses on specialized cables which differentiate it from other
cable players in the country.
OPERATIONAL HIGHLIGHTS
The financial year 2009-10 was extremely challenging year for the entire
cable industry. However, inspite of all challanges, our Company achieved a
Turnover of Rs. 220.830 Millions. Though, owing to the external pressure on
margins, there was a decline in profit before tax (PBT) during the year
as compared to previous year as the operating margin were remain under pressure
due to increase in interest cost and other inputs.
A detailed analysis and insight into the financial performance and
operations of your Company for the year under review and future outlook, is
appearing in the Management Discussion & Analysis which forms part of the
Annual
Report.
PROJECT UPDATES
In view of the past recessionary market conditions, the management
decided to hold on to the project implementation for a while. However, since
the turn around in the economy is already taking shape, the project
implementation has been revived by the Company. In view of the above, after
having achieved the financial closure, the Company has subsequently expedited
the project implementation and has already achieved the advance stage in civil
construction at its project site at Kahrani.
Consequently, the project is now expected to be commissioned in the
second half of Financial Year 2010-2011.
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Tools and Instrument
- Generator
- Office Equipments
- Computer
- Furniture and Fixture
- Vehicles
AS PER WEBSITE
The Company is in the business of providing cost-effective and
quality solutions for various electrical connectivity requirements.
Presently, they accomplish this through customized design and development,
quality manufacturing and reliable delivery of all types of LT range cables and
household wires.
The Company was established in 1987 by a group of industry professionals with
an objective of catering to a growing requirement for high quality customized
cables. Over the years the Company has developed a wide range of specialized
cables to address the specific requirements of industries involving modern
process technologies, instrumentation and communication demanding the highest
standards of precision and reliability, and household users seeking products
with assured quality and safety.
CERTIFICATIONS AND APPROVALS
The Company Quality Management System is ISO 9001:2000 certified. Their
Occupational Health and Safety Management System is certified through BS OHSAS 18001:2007 and Environmental
Management System is certified through ISO
14001:2004
The Company manufactures cables confirming to international
standards such as: BS, IEC, VDE, HAR
as well as various customers standards. They also hold BIS certification for all types of cables conforming to IS:1554(1)/1988 and IS:694-90.
REPRESENTATIVE
LIST OF EXPORT ORDERS
- IBR
- Saudi Electric Supply Company -
- Indo Jordan Chemicals Limited – Jordan
- Abdul Salamo Abdullah – Aman,
- Shah Cement Industries Limited –
- Traffic Tech -
- YESU Pte. Limited –
- Consolidated Farming Limited –
- Galfar Engineering. and Contracting -
- Magadi Soda Ash Plant –
- Green Coke Calcination Company -
- Sohar
Aluminium Power Plant -
- Oman India
Fertilizer Co. (OMIFCO) -
- Traffic Tech
-
- Saudi
Electric Supply Company -
- Arabian Bemco
- UAE Petroleum Development
- Sidem (Veolia Group) - France
- Dodsal Engineering and Construction LLC-Oman
- Larsen and Toubro (
- BHEL – Baiji project –
- Abdul Khair Steel Products Limited –
- Al Mazroey Traders –
- Saudi
Electric Supply Company -
- HMT International –
- Dome Trading and Contracting Co. Limited -
- Petroleum
Coke Industries Co. -
- Konkola
Copper Mines -
- Robert Le
Maire -
- Safwan
Petroleum Technologies Company (SPETCO) -
- Binani Cement LLC –
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.44.91 |
|
|
1 |
Rs.73.06 |
|
Euro |
1 |
Rs.64.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.