MIRA
INFORM REPORT
|
Report Date : |
07.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
CELESTIAL BIOLOGICALS LIMITED |
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Registered
Office : |
Plot No. 496/1/A and B, Sarkhej-Bavla Highway, Village Matoda, Taluka
Sanand, Ahmedabad-382210, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
25.04.2000 |
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Com. Reg. No.: |
04-037850 |
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Capital
Investment / Paid-up Capital : |
Rs.48.712
Millions |
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|
|
CIN No.: [Company Identification
No.] |
U40201GJ2000PLC037850 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMC01172D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Pharmaceutical Products. |
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No. of Employees
: |
100 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 450000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company of Intas
Biopharmaceuticals Limited, 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.
INFORMATION PARTED BY
|
Name : |
Mr. Umesh |
|
Designation : |
AVP Finance |
|
Contact No.: |
91-79-66523100 |
|
Date : |
05.04.2012 |
LOCATIONS
|
Registered Office / Factory : |
Plot No. 496/1/A and B, Sarkhej-Bavla Highway, Village Matoda, Taluka
Sanand, Ahmedabad-382210, Gujarat, India
|
|
Tel. No.: |
91-2717-660100/662103 91-79-66523100 |
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Fax No.: |
91-2717-251189/662126 |
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E-Mail : |
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Website : |
DIRECTORS
As on 02.09.2011
|
Name : |
Mr. Urmish Hasmukh Chudgar |
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Designation : |
Chairman |
|
Address : |
16, Nishant Bungalows, Satellite, Ahmedabad-380015, Gujarat, India |
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Date of Birth/Age : |
16.02.1959 |
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Date of Appointment : |
25.04.2000 |
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Din No.: |
00096080 |
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|
|
|
Name : |
Mr. Dilip Keshavlal Patel |
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Designation : |
Director |
|
Address : |
15, Neel Shobha, 4th Floor, 52 E, Sir M V Road, Andheri
(East), Mumbai-400069, Maharashtra, India |
|
Date of Birth/Age : |
20.10.1947 |
|
Date of Appointment : |
07.12.2007 |
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Din No.: |
00013150 |
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|
Name : |
Mr. Nimish Hasmukh Chudgar |
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Designation : |
Director |
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Address : |
13-14, Sanidhya Bunglows, Near Someshwar Complex, Shyamal Cross Road,
Satellite, Ahmedabad 380053, Gujarat, India |
|
Date of Birth/Age : |
19.08.1960 |
|
Date of Appointment : |
25.04.2000 |
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Din No.: |
00212400 |
KEY EXECUTIVES
|
Name : |
Mr. Umesh |
|
Designation : |
AVP Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 02.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Hasmukh Kesarichand Chudgar |
|
133333 |
|
Nimish Hasmukh Chudgar |
|
46667 |
|
Intas Biopharmaceuticals Limited, India |
|
4690550 |
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Nimish Hasmukh Chudgar and Intas Biopharmaceuticals Limited, India |
|
100 |
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Parul Urmish Chudgar and Intas Biopharmaceuticals Limited, India |
|
100 |
|
Urmish Hasmukh Chudgar and Intas Biopharmaceuticals Limited, India |
|
100 |
|
Binish Hasmukh Chudgar and Intas Biopharmaceuticals Limited, India |
|
100 |
|
Hasmukh Kesarichand Chudgar and Intas Biopharmaceuticals Limited,
India |
|
100 |
|
Mahesh Tarachand Mohta and Intas Biopharmaceuticals Limited, India |
|
100 |
|
|
|
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Total |
|
4871150 |
As on 02.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
96.30 |
|
Directors
or relatives of directors |
|
3.70 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pharmaceutical Products. |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL INFORMATION
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No. of Employees : |
100 [Approximately] |
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Bankers : |
Axis Bank Limited, Trishul 3rd Floor, Opposite
Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad-380006, Gujarat,
India |
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Facilities : |
NOTE: 1.
Term loan is secured by first charge over the
entire fixed assets of the company, both present and future and is further
secured by second charge over the entire current assets of the company both present
and future. The loan is also secured by corporate guarantee of Intas
Biopharmaceuticals Limited and personal guarantee of a director. 2.
Working capital loan and buyer’s credit from bank
are secured by first charge over the entire current assets of company both
present and future and are further secured by second charge over entire fixed
assets of the company both present and future. The loans are also secured by
corporate guarantee of Intas Biopharmaceutical Limited and personal guarantee
of a director. 3.
Vehicle loan is secured by hypothecation of
specific vehicle/ car. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Apaji Amin and Company Chartered Accountants |
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Address : |
304, Aakansha Navrangpura, Ahmedabad 380009, |
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Tel No.: |
91-79-26562132/33 |
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Email: |
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Pan No.: |
AAFFA6140C |
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Holding Company : |
·
Intas Biopharmaceuticals Limited, India
[U24230GJ2005PLC047111] Address: 423/P/A, Sarkhej-Bavla Highway
Moraiya- , Sanand, Ahmedabad-382213, Gujarat, India |
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Ultimate Holding Company : |
Intas Pharmaceuticals Limited |
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Fellow Subsidiary : |
Indus Biotherapeautics Limited |
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Enterprises controlled by key management personnel relatives of key
management personnel : |
·
Prime Pediatrics Private Limited ·
Cytas Research Limited ·
Advanced Transfusion Medicine Research Foundation
·
Astron Research Limited ·
Astron Packaging Limited ·
Intas Pharma Limited ·
Accord Healthcare Limited ·
Intas Medl Devices Limited ·
Intas Welfare Trust ·
Unipath Specialty Laboratory Private Limited ·
Oncology Services India Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4871150 |
Equity Shares |
Rs.10/- each |
Rs.48.712
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
48.712 |
48.712 |
48.712 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
64.164 |
62.408 |
55.293 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
112.876 |
111.120 |
104.005 |
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|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
155.315 |
188.753 |
120.819 |
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|
2] Unsecured Loans |
40.519 |
7.521 |
29.509 |
|
|
TOTAL BORROWING |
195.834 |
196.274 |
150.328 |
|
|
DEFERRED TAX LIABILITIES |
2.724 |
2.016 |
1.248 |
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|
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TOTAL |
311.434 |
309.410 |
255.581 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
180.563 |
189.058 |
19.116 |
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Capital work-in-progress |
16.257 |
3.800 |
189.023 |
|
|
|
|
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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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|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
97.457
|
25.877 |
13.984 |
|
|
Sundry Debtors |
26.368
|
82.219 |
28.413 |
|
|
Cash & Bank Balances |
8.887
|
3.296 |
0.825 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
19.737
|
25.369 |
21.560 |
|
Total
Current Assets |
152.449
|
136.761 |
64.782 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
30.226
|
15.202 |
11.250 |
|
|
Other Current Liabilities |
5.193
|
2.811 |
4.239 |
|
|
Provisions |
2.446
|
2.300 |
2.029 |
|
Total
Current Liabilities |
37.865
|
20.313 |
17.518 |
|
|
Net Current Assets |
114.584
|
116.448 |
47.264 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.030 |
0.104 |
0.178 |
|
|
|
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|
|
|
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TOTAL |
311.434 |
309.410 |
255.581 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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SALES |
|
|
|
|
|
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Income |
160.981 |
129.682 |
65.309 |
|
|
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Other Income |
4.693 |
4.588 |
1.457 |
|
|
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TOTAL (A) |
165.674 |
134.270 |
66.766 |
|
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|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Traded Goods |
37.066 |
0.000 |
|
|
|
|
Materials Consumed |
32.760 |
12.472 |
|
|
|
|
Direct Expenses |
70.765 |
51.706 |
|
|
|
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Personal Expenses |
23.733 |
9.860 |
|
|
|
|
Administrative and General Expenses |
9.377 |
17.685 |
55.810 |
|
|
|
Selling, Distribution and Marketing Expenses |
11.721 |
2.204 |
|
|
|
|
Prior Period Adjustments |
(0.026) |
0.100 |
|
|
|
|
Increase / Decrease in Stocks |
(54.816) |
(4.103) |
|
|
|
|
TOTAL (B) |
130.580 |
89.924 |
55.810 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
35.094 |
44.346 |
10.956 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
21.957 |
21.587 |
2.534 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
13.137 |
22.759 |
8.422 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.129 |
13.310 |
1.703 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2.008 |
9.449 |
6.719 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.252 |
2.334 |
3.687 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1.756 |
7.115 |
3.032 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8.185 |
1.070 |
(1.962) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
9.941 |
8.185 |
1.070 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.36 |
1.46 |
0.85 |
|
Expected Sales (2011-12) : Rs.370.000 Millions
The above information has been parted by Mr. Umesh.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.06
|
5.30 |
4.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.25
|
7.29 |
10.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.60
|
2.09 |
8.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.09 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.07
|
1.95 |
1.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.03
|
6.73 |
3.70 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Total outstanding
dues of creditors other than micro and small enterprises |
30.226
|
15.202 |
11.250 |
|
Total |
30.226 |
15.202 |
11.250 |
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
FINANCIAL PERFORMANCE:
The net sales and net profit for the year were
Rs.160.981 millions and Rs.1.756 millions respectively as compared to the previous
year number Rs.129.682 millions and Rs.7.115 millions respectively.
With a view to conserving financial resources
for the future expansion, the directors do not recommend any dividend for this
year.
OPERATIONS:
During FY 2010-11 Subject started directly
marketing its products. Subject also marketed imported plasma products and
started dealing in antibiotic products. Subject set up an R and D laboratory in
its Matoda facility which has been recognized as an In-house R and D laboratory
by the department of Scientific and Industrial Research, New Delhi. Orders were
placed for setting up of own plasma storage facility at Matoda to store
approximately 20000 litres of plasma which has been commissioned in April 2011.
The plasma collection during the year was to the tune of 41241 litres (as
against 26438 litres in FY 2009-10) which was the highest ever collection in
the history of subject.
FUTURE PROSPECTUS:
In FY 2011-12, Subject has started Nephrology Division
and also expanded its products basket by including recombinant products.
Subject plans to set up non GMP Plant during FY 2011-12 which would go a long
way in paving the path for setting up of commercial facility.
BANKERS CHARGES REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10122937 |
|
Corporate
identity number of the company |
U40201GJ2000PLC037850 |
|
Name of the
company |
CELESTIAL
BIOLOGICALS LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 496/1/A and B, Sarkhej-Bavla Highway, Village Matoda, Taluka
Sanand, Ahmedabad-382210, Gujarat, India
|
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Axis Bank Limited, Trishul 3rd Floor, Opposite
Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad-380006, Gujarat,
India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
simple mortgage dated 10.01.2012 |
|
Date of
instrument Creating the charge |
10.01.2012 |
|
Amount secured by
the charge |
Rs.337.300
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Base rate plus
3.5% p.a. Terms of
Repayment Term Loan: Rs. 72.000 Millions repayable in 20
quarterly installments. Cash credit: on
demand Margin Term loan :40% Cash credit: Raw material: 25% Stock-in-progress:
25% Finished goods
and packing material: 25% Stores and
spares: 25% Book debts (cover
period upto 120 days): 25% Letter of credit:
10% Extent and
Operation of the charge All securities have
been charged to bank to secure following aggregate limits of Rs.337.300
Millions: Rs. (in Millions) (i) Term Loan I
(Run Down Liability) – 85.300 (ii) Term Loan Ii
(Fresh) – 72.000 (iii) Cash Credit
– 80.000 (IV) Letter of
Credit – 100.000 Following Sub
Limits of LC : (A) Bank
Guarantee - (30.000) (B) SBLC -
(100.000) (C) LER - (5.000) Following Sub
Limits of TL II: (A) CAPEX LC -
(20.000) (B) Letter of
Comfort - (20.000) Total Limits –
337.300 Millions |
|
Date of latest modification
prior to the present modification |
09.01.2012 |
|
Particulars of
the present modification |
By virtue of said
modification, charge created earlier and modified from time to time is
extended for total aggregate limits of Rs. 337.300 Millions by way of simple
mortgage on the properties. |
FIXED ASSETS:
·
Product Development
·
Software
·
Land
·
Computer
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
·
Electric Installation
·
Factory Building
·
Plant and Machinery
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.51.05 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
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 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
43 |
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.