1. Summary Information
|
|
|
Country |
|
|
Company Name |
POS HYUNDAI
STEEL MANUFACTURING INDIA PRIVATE LIMITED |
Principal Name 1 |
Kim Dug Ho |
|
Status |
Satisfactory |
Principal Name 2 |
Kim Young Joong |
|
|
|
Registration # |
18-038990 |
|
Street Address |
F-70, Sipcot, Industrial Park, Irungattukottai, NH-4, Banglore,
Highway, Sriperumpudur, Kanchipuram Dt, Kanchipuram – 602105, |
||
|
Established Date |
10.09.1997 |
SIC Code |
-- |
|
Telephone# |
91-44-27156057 |
Business Style 1 |
Supplier. |
|
Fax # |
91-44-27156458 |
Product Name 1 |
steel products |
|
Homepage |
Product Name 2 |
Steel Sheet |
|
|
# of employees |
Not Available |
Product Name 3 |
Steel Skelp |
|
Paid up capital |
Rs.234,556,000/- |
Product Name 4 |
Steel Coils |
|
Shareholders |
Foreign Holding
– 100% |
Banking |
State Bank of |
|
Public Limited Corp. |
-- |
Business Period |
14 years |
|
IPO |
-- |
International Ins. |
-- |
|
Public |
-- |
Rating |
Ba
(45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates
|
- |
Hyundai Motor India Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
426,806,000 |
Current Liabilities |
140,812,000 |
|
Inventories |
174,312,000 |
Long-term Liabilities |
132,348,000 |
|
Fixed Assets |
231,491,000 |
Other Liabilities |
0 |
|
Deferred Assets |
0 |
Total Liabilities |
273,160,000 |
|
Invest& other Assets |
0 |
Retained Earnings |
324,893,000 |
|
|
|
Net Worth |
559,449,000 |
|
Total Assets |
832,609,000 |
Total Liab. & Equity |
832,609,000 |
|
Total Assets (Previous Year) |
825,338,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
1,100,073,000 |
Net Profit |
54,557,000 |
|
Sales(Previous yr) |
679,886,000 |
Net Profit(Prev.yr) |
22,728,000 |
MIRA
INFORM REPORT
|
Report Date : |
20.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
POS HYUNDAI STEEL MANUFACTURING INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
F-70, Sipcot, Industrial Park, Irungattukottai, NH-4, Banglore,
Highway, Sriperumpudur, Kanchipuram Dt, Kanchipuram – 602105, Tamilnadu |
|
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|
Country : |
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|
|
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Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
10.09.1997 |
|
|
|
|
Com. Reg. No.: |
18-038990 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.234.556 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28999TN1997PTC038990 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEP02256C |
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|
Legal Form : |
Private limited liability company |
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|
Line of Business
: |
Supplier of all kinds of steel products. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2230000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track. 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 : |
F-70, Sipcot, Industrial Park, Irungattukottai, NH-4, Banglore,
Highway, Sriperumpudur, Kanchipuram Dt, Kanchipuram – 602105, |
|
Tel. No.: |
91-44-27156057 |
|
Fax No.: |
91-44-27156458 |
|
E-Mail : |
|
DIRECTORS
As on : 15.09.2010
|
Name : |
Mr. Kim Dug Ho |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 8C, 8th Florr, Block-1, |
|
Date o Birth/Age : |
02.11.1961 |
|
Date of Appointment : |
01.01.2010 |
|
DIN : |
01891064 |
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|
|
|
Name : |
Mr. Kim Young Joong |
|
Designation : |
Director |
|
Address : |
3-701, Sam Ik Garden, Myeongil-Dong, Kangdong, Gu, |
|
Date of Birth/Age : |
22.02.1965 |
|
Date of Appointment : |
10.09.2007 |
|
DIN : |
02220199 |
|
|
|
|
Name : |
Mr. Ki Wan Kang |
|
Designation : |
Managing Director |
|
Address : |
No.3A, Tulasi, Door No.1, 2nd Cresent Park Road, Gandhi
Nagar, Adyar, Chennai – 600020, India |
|
Date of Appointment : |
31.12.2009 |
|
DIN : |
02976390 |
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|
|
|
Name : |
Mr. Lee Hungoo |
|
Designation : |
Additional Director |
|
Address : |
104-1604, Jamsil Hansolt Apartment, 285 Seokchon – Dong, Songpa-Gu, |
|
Date of Appointment : |
21.12.2009 |
|
DIN : |
02932839 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 15.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Hyundai Corporation, |
|
16536204 |
|
|
|
2345558 |
|
Posteel, |
|
4573838 |
|
Total |
|
23455600 |
As On 15.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Supplier of all kinds of steel products. |
|
|
|
|
Products : |
|
PRODUCTION STATUS As on 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Sheet and Skelp |
MT |
100000 |
100000 |
21364 |
|
|
|
|
|
[Excluding Job
Work Production of 50227 MT] |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S. Viswanathan Chartered Accountant |
|
Address : |
17, (old no.8A) |
|
Tel. No.: |
91-44-24991147 / 24994423 / 24994510 |
|
Fax No.: |
91-44-24994510 |
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E-Mail : |
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Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24,000,000 |
Equity Shares |
Rs.10/- each |
Rs.240.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23,455,600 |
Equity Shares |
Rs.10/- each |
Rs.234.556Millions |
|
|
|
|
|
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 |
234.556 |
234.556 |
234.556 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
324.893 |
270.336 |
360.120 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
559.449 |
504.892 |
594.676 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
132.348 |
137.470 |
198.423 |
|
|
TOTAL BORROWING |
132.348 |
137.470 |
198.423 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
691.797 |
642.362 |
793.099 |
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|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
231.491 |
251.361 |
272.771 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
174.312
|
252.938
|
184.850 |
|
|
Sundry Debtors |
141.114
|
121.177
|
131.358 |
|
|
Cash & Bank Balances |
231.008
|
122.762
|
220.969 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
54.684
|
77.100
|
61.051 |
|
Total
Current Assets |
601.118
|
573.977 |
598.228 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
129.676
|
64.082
|
74.008 |
|
|
Other Current Liabilities |
11.136
|
6.382 |
3.892 |
|
|
Provisions |
0.000
|
112.512
|
0.000 |
|
Total
Current Liabilities |
140.812
|
182.976
|
77.900 |
|
|
Net Current Assets |
460.306
|
391.001
|
520.328 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
691.797 |
642.362 |
793.099 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
1100.073 |
679.886 |
2624.772 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
990.369 |
618.387 |
2423.097 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
109.704 |
61.499 |
201.675 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.065 |
0.118 |
1.175 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
109.639 |
61.381 |
200.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
22.820 |
22.582 |
21.450 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
86.819 |
38.799 |
179.050 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
32.262 |
16.071 |
63.399 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
54.557 |
22.728 |
115.651 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
471.729 |
538.246 |
515.994 |
|
|
|
Trader Goods |
0.000 |
0.740 |
1767.744 |
|
|
TOTAL IMPORTS |
471.729 |
538.986 |
2283.738 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.33 |
0.97 |
4.93 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.96
|
3.34
|
4.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.89
|
5.71
|
6.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.43
|
4.70
|
20.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.08
|
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.49
|
0.63
|
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.27
|
3.14
|
7.68 |
LOCAL AGENCY FURTHER INFORMATION
Highlights of
performance :
The company had performed considerably
well during 2009-2010 with the production having increased from 67656 Mt
to 71591 MT showing a growth of 6%. The company has doubled the sales to 21668
MT as compared to the previous year of 10791 MT. in terms of value, the company
had registered a turnover of Rs. 1100.072 millions as against Rs.679.886
millions for the previous year. Net profit after tax for the year has also been
doubled to Rs.54.557 millions as compared to previous year of Rs. 22.728
millions Considering the above, the results of the company during the year are
good. The director feel that company would excel in the current year and make
good profits by developing new direct sales as well as job work customers.
Contingent
Liabilities :
Rs. In millions
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
|
Bank Guarantee
Margin |
2.876
|
2.126 |
|
Bank guarantee
Rs.0.126 million On 10052000 the company has given a bank
guarantee for Rs.0.126 million to the customers towards a differential duty payable
on some coils imported during the May 2001. the assessment is still pending
with customers. Bank guarantee Rs.2.000 millions the company has given a performance bank
guarantee to TATA Steel Limited for Rs.2.000 millions valid up to 7th
may 2009. the said guarantee is renewed for Rs. Rs.2.000 millions for a
further period of 1 year up to 7th may 2010. Bank guarantee Rs.0.750 million the company has given a performance bank
guarantee to Bharat Heavy Electricals Limited for Rs.0.750 million valid up
to 31st March 2011. |
||
Fixed Assets :
- Lease hold
Land
- Buildings
- Plant and
Machinery
- Office
equipments
- Data
Processing Machine
- Furniture and
Fixtures
- Vehicles
Form : 8
Bankers Charges
Report as per Registry
|
Name of the company |
POS HYUNDAI STEEL MANUFACTURING INDIA PRIVATE LIMITED |
|
Presented
By |
State Bank of |
|
1) Date and description of instrument creating the change |
21.01.2004 1. Agreement of loan
for overall limit in Form C-1 2. Agreement of
Hypothecation of goods and assets in Form C -2 3. Agreement of
Pledge of Goods and Assets In form C-3 4. Letter
regarding the grant of individual limits within the overall limit in form C-5 5. Letter regarding
the grant individual limits within overall limit in Form C-5 (FCNRBTL) 6. Letter ceding
pri-passu charge from infrastructure leasing and financial services limited. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
All dated
21.01.2004 and relate to one and the same charge term loan of Rs. 57.800
millions converted into foreign
currency term loan of US $ 1.137 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 |
Charge on fixed
assets, present and future including movable plant and machinery spares,
Tools and accessories and other movable both present and future and also
secured by mortgage of title deeds of the immovable properties of the company
situated at SIPCOT industrial park, Irrungatukotti, sriperumpudur, Taluk,
Kanchipuram District on pari-passu basis charge with infrastructure leasing
and financial services limited (IL and FS) |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
and all other terms and conditions as per agreement |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of |
|
6) Date and brief description of instrument modifying the charge |
Dated 01.07.2004 Memorandum of
deposit for crating of charge for term loan/ overall limit by way of deposit of
title deeds in Form C9 |
|
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. |
Creation of
Equitable mortgage on 1st charge basis for the credit facilities
granted to an extent of Rs. 57.800 millions converted into Foreign Currency
term loan of US $1.137 millions by State Bank of India, Industrial Finance
Branch, Chennai- 600002on the company’s following immovable properties pari-passu
with infrastructure leasing and financial services India limited “(ILFS) for
the facilities granted by them to an extent of Rs. 80.000 millions and (2nd
charge being held by Indian Overseas Bank (IOB) for the enhanced credit
facilities from Rs. 80.000 millions to RS. 300.000 millions (fund based and
non based) SBI acting for itself and as agent of ILFS and IOB to hold and
retain the said title deeds and by way of mortgege by deposit of Title deeds
by constructive delivery, on the company’s following immovable properties
viz. All that piece and parcel of land known as plot no.70 in SIPCOT
industrial park
Irrungatukotti, within the village limit of Katrambakkam, Sriperumbudur
Taluk, Sub- registration of Chengleput by admeasurable 9.88 Acres or thereabouts
bearing survey No. 727 part of On the north by :
40 Metre wide road On the south by :
plot no. F81 and F82 On the east by :
plot no.F71 On the west by :
20 Metre wide Road Linear
Measurements : East to west on
the north : 200 metres East to west on
the south : 200 metres North to south on
the east : 200 metres North to south on
the east : 200 metres Together with all
buildings and structures thereon and all plant and machinery attached to the
earth or permanently tastened to anything attached to the earth. Earlier
securities given by the company shall continue to cover other terms and
conditions remain the same. |
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.47.79 |
|
|
1 |
Rs.75.05 |
|
Euro |
1 |
Rs.65.35 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.