MIRA
INFORM REPORT
|
Report Date : |
28.05.2011 |
Note: -
- ‘CATERPILLAR
POWER INDIA PRIVATE LIMITED’ has been amalgamated with ‘CATERPILLAR INDIA
PRIVATE LIMITED’
- The registered
office of the company has been shifted from 6 B, GST Road, Street Thomas Mount, Chennai – 600 016,
IDENTIFICATION DETAILS
|
Name : |
CATERPILLAR INDIA PRIVATE LIMITED CATERPILLAR POWER INDIA PRIVATE LIMITED AMALGAMATED WITH CATERPILLAR
INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
7th Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
07.12.2000 |
|
|
|
|
Com. Reg. No.: |
18-46255 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1764.164 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29244TN2000FTC046255 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEC02709A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCC4615K |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Distributor of Earth Moving Equipments. |
|
|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 14928000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. The
company is doing well. Trade relations are reported as fair. Business is
active. Payments are reported to be usually correct 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.
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 : |
7th Floor, |
|
Tel. No.: |
91-44-42691001/ 2 |
|
Mobile No. : |
91-984297708 (Mr. Srinivasan) |
|
Fax No.: |
91-44-42691003 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
P.O. Meinnallatur, Thiruvallur, Chennai – 602 004, |
|
Tel. No.: |
91-44-27461085 |
|
Fax No.: |
91-44-27461097 |
DIRECTORS
As on 22.09.2010
|
Name : |
Mr. Kevin R
Thieneman |
|
Designation : |
Director |
|
Address : |
30 Mount
Elizabeth Link, |
|
Date of Birth/Age : |
15.02.1963 |
|
Date of Appointment : |
17.01.2007 |
|
DIN No.: |
01586070 |
|
|
|
|
Name : |
Mr. Alexis De Vliegher |
|
Designation : |
Director |
|
Address : |
17-06-2007, 9831, 31/ A, Pontstraat, |
|
Date of Birth/Age : |
03.06.1972 |
|
Date of Appointment : |
01.07.2010 |
|
DIN No.: |
03105639 |
|
|
|
|
Name : |
Mr. Ramkrishna Subbaraman |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No. A – 902, Sunny Valley Appartment, Plot No. 27, Sec – 12,
Dwarka, |
|
Date of Birth/Age : |
01.12.1955 |
|
Date of Appointment : |
11.03.2008 |
|
DIN No.: |
02091639 |
|
|
|
|
Name : |
Mr. Rengarajan Sundararajan |
|
Designation : |
Whole time Director |
|
Address : |
Flat 401, Building No. 10, Shanthi Park Apartments, Jayanagar 9th
Block, Bangalore – 560 069, Karnataka. |
|
Date of Birth/Age : |
11.04.1965 |
|
Date of Appointment : |
24.07.2006 |
|
DIN No.: |
00548101 |
|
|
|
|
Name : |
Mr. Phillip Lowe Pennington |
|
Designation : |
Whole time Director |
|
Address : |
Pt. Natra Raya, JL, Raya Naragaong Km. 19, Cileungis, Bogor, Indonesia
– 16820. |
|
Date of Birth/Age : |
13.06.1964 |
|
Date of Appointment : |
01.10.2008 |
|
DIN No.: |
02393838 |
|
|
|
|
Name : |
Mr. Ajay Shankar |
|
Designation : |
Whole time Director |
|
Address : |
|
|
Date of Birth/Age : |
26.08.1948 |
|
Date of Appointment : |
01.10.2008 |
|
DIN No.: |
00387684 |
|
|
|
|
Name : |
Mr. Ganesh
Ramamurthy Iyer |
|
Designation : |
Whole Time
Director |
|
Address : |
2, Leonie hill
Road, 02 02, |
|
Date of Birth/Age : |
01.06.1968 |
|
Date of Appointment : |
01.10.2008 |
|
DIN No.: |
02388483 |
KEY EXECUTIVES
|
Name : |
Mr. T C A Vardharajan |
|
Designation : |
Company Secretary |
|
Address : |
B – 304, Mahaveer Springs, 15th Main, Rose Garden Road, JP
Nagar, 5th Phase, Bangalore – 560078, India |
|
Date of Birth/Age : |
15.07.1964 |
|
Date of Appointment : |
01.06.2010 |
|
PAN.: |
AACPV7007N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Caterpillar
Commercial S.A., |
|
169216359 |
|
Caterpillar
Commercial |
|
75 |
|
Caterpillar Inc, |
|
7199928 |
|
Total |
|
176416362 |
As on 22.09.2010
Equity Share capital Breakup
|
Category
|
Percentage |
|
Foreign holdings
(Foreign institutional investor(s), Foreign companies (s) foreign financial
institution (s), Non – resident Indian(s) or Overseas corporate bodies or
Others) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Distributor of Earth Moving
Equipments. |
||||||||||||||
|
|
|
||||||||||||||
|
Products : |
As on 31.03.2009
|
||||||||||||||
|
|
|
||||||||||||||
|
Brand Names : |
“Caterpillar” |
||||||||||||||
|
|
|
||||||||||||||
|
Exports : |
(As on 31.03.2009) |
||||||||||||||
|
Products : |
Earth Moving Equipments |
||||||||||||||
|
Countries : |
|
||||||||||||||
|
|
|
||||||||||||||
|
Terms : |
(As on 31.03.2009) |
||||||||||||||
|
Selling : |
L/C, Cash, Credit (30,60,90 days) |
||||||||||||||
|
|
|
||||||||||||||
|
Purchasing : |
Cash, Credit (30,60,90 days) |
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Earthmoving Machinery |
Nos. |
NA |
2310 |
1560 |
|
Diesel Engines |
Nos. |
NA |
2500 |
1984* |
|
Generating Sets |
Nos. |
NA |
600 |
355 |
*includes Scrapped
GENERAL INFORMATION
|
Suppliers : |
As on 31.03.2009
|
|||||||||||||||
|
|
|
|||||||||||||||
|
Customers : |
As on 31.03.2009
|
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
300
(Approximately) |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
|
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
Note: Repayable within
twelve months – 463.050 Millions |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered
Accountants |
|
Address : |
32, |
|
Tel. No.: |
91-44-28291597 /
28292046 |
|
PAN.: |
AAEFP3641G |
|
|
|
|
Holding Company : |
|
|
|
|
|
Ultimate Holding Company : |
|
|
|
|
|
Associates/Subsidiaries : |
Associates Company: Asimco International Casting ( |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
197000000 |
Equity Shares |
Rs.10/- each |
Rs.1970.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
176416362 |
Equity Shares |
Rs.10/- each |
Rs.1764.164
Millions |
|
|
|
|
|
Note:
Of the Above:
- Numbers of Equity Shares held by Caterpillar Commercial SA,
- Number of Equity shares issued for consideration other than cash
pursuant to a scheme of amalgamation.
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 |
1764.164 |
1692.164 |
1692.164 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1967.851 |
974.643 |
1229.580 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3732.015 |
2666.807 |
2921.744 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
2500.243 |
2478.986 |
1729.978 |
|
|
TOTAL BORROWING |
2500.243 |
2478.986 |
1729.978 |
|
|
DEFERRED TAX LIABILITIES |
109.910 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6342.168 |
5145.793 |
4651.722 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2928.577 |
2613.067 |
1508.646 |
|
|
Capital work-in-progress |
100.667 |
432.257 |
390.829 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
144.250 |
7.495 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5613.469
|
7270.230
|
4200.626 |
|
|
Sundry Debtors |
2418.958
|
2684.869
|
2556.640 |
|
|
Cash & Bank Balances |
55.733
|
152.975
|
194.593 |
|
|
Other Current Assets |
0.000
|
0.479
|
0.210 |
|
|
Loans & Advances |
1776.671
|
2055.083
|
998.638 |
|
Total
Current Assets |
9864.831
|
12163.636 |
7950.707 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4590.921
|
8325.524
|
4767.062 |
|
|
Other Liabilities |
1665.260
|
1598.807
|
199.119 |
|
|
Provisions |
295.726
|
283.086
|
239.774 |
|
Total
Current Liabilities |
6551.907
|
10207.417 |
5205.955 |
|
|
Net Current Assets |
3312.924
|
1956.219 |
2744.752 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6342.168 |
5145.793 |
4651.722 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13933.794 |
15097.837 |
13516.710 |
|
|
|
Other Income |
3056.472 |
2213.816 |
1540.059 |
|
|
|
TOTAL |
16990.266 |
17311.653 |
15056.769 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
15599.071 |
17680.325 |
14341.011 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1391.195 |
(368.672) |
715.758 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
503.923 |
(113.735) |
242.306 |
|
|
|
|
|
|
|
|
|
Less |
MINIMUM
ALTERNATE TAX CREDIT |
(167.494) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
1054.766 |
(254.937) |
473.452 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
555.802 |
810.739 |
(233.462) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1560.568 |
555.802 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
5826.488 |
4863.990 |
2557.929 |
|
|
|
Income from engineering design services |
1823.224 |
1649.391 |
1164.560 |
|
|
|
Fees for Business Support Service |
275.267 |
274.967 |
137.199 |
|
|
|
Service Fee for Marketing Support |
98.785 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
8023.764 |
6788.348 |
3859.688 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3488.194 |
7370.890 |
2559.712 |
|
|
|
Trade Items |
54.599 |
1176.658 |
1596.563 |
|
|
|
Capital Goods |
247.919 |
498.110 |
222.721 |
|
|
TOTAL IMPORTS |
3790.712 |
9045.658 |
4378.996 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.98 |
(1.51) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.21
|
(1.47) |
3.14 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.98
|
(2.44) |
5.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.87
|
(2.49) |
7.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
(0.14) |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.42
|
4.76 |
2.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50
|
1.19 |
1.53 |
LOCAL AGENCY FURTHER INFORMATION
Amalgamation:
During the year the company entered into a scheme of amalgamation with
Caterpillar Power India Private Limited, and in this regard, petitions were
filed October 1, 2007 before the High Court of Madras (Petition Nos. 204 and
205). The Hono’ble High Court of Madras passed the order of amalgamation on
November 20, 2007. The order was filed with the registrar of companies, Tamil
Nadu, on December 18, 2007. The amalgamation was with effect from April 1,
2007.
Financial Results:
During the year, the company made a profit of Rs. 1391.195 Millions.
After charging for the current tax, deffered tax and accounting for the minimum
alternate tax credit for the period, the accumulated profit stood at Rs.
1650.568 Millions
Machine Divisions:
During the year, the company experienced a significant downturn along
with the rest of the global economy. Actions are taken to control cost during
these difficult economic conditions and to continue building on the improvement
already made in people, Quality and Velocity during a period of significantly
lower demand. The company experienced significant improvements in orders in the
beginning of 2010 as the
Power System
Division:
During the Year, the company shipped several new models of gas and
diesel engines and exported these products to various parts of the world. The
division experienced some growth during the year of the introduction of the new
models but not to the extent expected because of the significant global
downturn. Significant efforts were made to control costs in order to put a very
effective cost structure in place. A number of process improvements were made
which are aiding the ramp up since early 2010.
Engineering Design
Centre:
The
History:
Subject was
incorporated on 7th December, 2000 at Chennai in Tamilnadu having
Company Registration Number 46255.
Subject is a
world’s leading manufacturer of construction and mining equipments, diesel and natural
gas engines and industrial turbines.
Caterpillar Inc.
USA had a license arrangement with Hindustan Motors Limited to manufacture its
machinery.
Through a business
transfer agreement with Hindustan Motors Limited on 12.11.2000 for acquiring
earth moving division with its factories at Trivellore and Pondicherry
Caterpillar Inc. acquired Hindustan Motors.
Subject was formed with the permission of foreign investment promotion
board of Government of India and a 100% subsidiary of Caterpillar Inc.,
Subject became a
subsidiary of Caterpillar Commercial NV,
Subject has
established a design center and has obtained approval from Software Technology
Parks of India for deriving tax benefits.
Caterpillar
products and components today are manufactured in 42 plants in
The company’s
marketing headquarters are located in Peoria and Mossville, IIIinois; San
Diego, California; Miami, Florida; Cary, North Carolina; Melbourne, Australia,
Gosselies, Belgium, Piracicaba, Brazil; Peterborough, England; Kiel, Germany;
Hong Kong, People’s Republic of China, Tokyo, Japan; Singapore and Geneva,
Switzerland.
The dealers for
Caterpillar in
Contingent
Liabilities:
|
Particulars |
As on 31.03.2010 (Rs. in Millions) |
As on 31.03.2009 (Rs. in Millions) |
|
Claims against the Company not acknowledged as debts |
0.000 |
4.962 |
|
Total |
0.000 |
4.962 |
FIXED ASSETS:
·
· Buildings
· Plant and Machinery
· Equipment
· Furniture and Fittings
· Vehicles
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.45.21 |
|
|
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.64.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.