MIRA
INFORM REPORT
|
Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
UNICORN PETROLEUM INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
213, Swastik Chambers CST Road, Chembur, Mumbai 400071, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.07.1992 |
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Com. Reg. No.: |
067785 |
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Capital
Investment / Paid-up Capital : |
Rs. 8.500 millions |
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CIN No.: [Company Identification
No.] |
U23200MH1992PTC067785 |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Manufacturer of Petroleum Jelly, IP/BP, Liquid Paraffin, White Mineral
Oils etc. |
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No. of Employees
: |
35 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
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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 89624 |
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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 company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY (General Details)
|
Name : |
Mr. Sanjay |
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Designation : |
Director |
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Contact No.: |
91-9821531710 |
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Date : |
22.03.2012 |
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LOCATIONS
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Registered Office : |
213, Swastik Chambers CST Road, Chembur, Mumbai 400071, Maharashtra,
India |
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Tel. No.: |
91-22-25299996 / 25299991 /92/93 |
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Mobile No.: |
91-9821531710 (Mr. Sanjay) |
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Fax No.: |
91-22-25241895 |
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E-Mail : |
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Website : |
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Factory : |
10, Vaibhav
Industrial Estate, |
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Tel. No.: |
91-22-25576611 /
32966611 |
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Fax No.: |
91-22-25576611 |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Rajesh M Rathi |
|
Designation : |
Director |
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Date of Birth/Age : |
18.03.1968 |
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Date of Appointment : |
20.07.1992 |
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Name : |
Mr. Sanjay G Parekh |
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Designation : |
Director |
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Date of Birth/Age : |
11.02.1963 |
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Date of Appointment : |
20.07.1992 |
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Name : |
Mr. Pramod Rathi |
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Designation : |
Director |
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Date of Birth/Age : |
19.04.1973 |
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Date of Appointment : |
01.04.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Rajesh M Rathi / Aruna R Rathi |
125000 |
|
Taradevi M Rathi / M H Rathi |
160000 |
|
Tarulata Parekh / Sanjay G Parekh |
97000 |
|
Madanlal H Rathi HUF |
45000 |
|
Sangita K Biyani |
25 |
|
Meena K Bagri |
25 |
|
Jolly S Parekh / Sanjay G Parekh |
16000 |
|
Nilima Saboo |
25 |
|
Aruna R Rathi / Rajesh M Rathi |
50000 |
|
Pramod O Rathi / Esha P Rathi |
116000 |
|
Sanjay G Parekh / Jolly S Parekh |
140875 |
|
Hastimal J Rathi Estate, India |
70000 |
|
Rajmal Laxminarayan Sharma |
25 |
|
Parekh Dyeing and Printing, India |
25 |
|
Madanlal H Rathi / Rajesh M Rathi HUF |
30000 |
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Total
|
850000 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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|
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Directors or relatives of directors |
|
99.99 |
|
Other top fifty shareholders |
|
0.01 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Petroleum Jelly, IP/BP, Liquid Paraffin, White Mineral
Oils etc. |
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Exports : |
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Countries : |
Brazil, Mexico, UAE |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Singapore, Korea, China |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Suppliers : |
Savita Chemicals Limited |
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Customers : |
·
Wholesaler ·
Retailer ·
Avertis Pharma |
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No. of Employees : |
35 Approximately |
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Bankers : |
·
Bank of Baroda, Chembur Branch, Mumbai, Maharashtra,
India ·
Bank of Baroda, Crowford Market Branch, Dada
Manzil, Ground Floor, 67-69, Mohammed Ali Road, Mumbai 400003, Maharashtra,
India |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
T Ramarao and Company Chartered Accountant |
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Address : |
303. Lotus House, 33-A, New Marine Lines, Mumbai 400020, Maharashtra,
India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1475000 |
Equity Shares |
Rs. 10 each |
Rs.14.750 millions |
|
2500 |
Preference Shares |
Rs. 100 each |
Rs. 0.250 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
850000 |
Equity Shares |
Rs. 10 each |
Rs.8.500 millions |
AS ON 31.03.2010
Authorised Capital :
|
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
750000 |
Equity Shares |
Rs. 10 each |
Rs.7.500 millions |
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Add: |
725000 |
Equity Shares |
Rs. 10 each |
Rs.7.250 millions |
|
Add: |
2500 |
Preference Shares |
Rs. 100 each |
Rs. 0.250 million |
|
|
|
|
|
Rs. 15.000
millions |
Issued, Subscribed & Paid-up Capital :
|
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
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|
712500 |
Equity Shares |
Rs. 10 each |
Rs.7.125 millions |
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Add: |
137500 |
Capital issued
during the year Equity Shares |
Rs. 10 each |
Rs.1.375 millions |
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Add: |
|
|
|
Rs. 8.500
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
8.500 |
7.125 |
7.125 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
13.906 |
9.803 |
7.630 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
22.406 |
16.928 |
14.755 |
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LOAN FUNDS |
|
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1] Secured Loans |
25.255 |
18.332 |
18.081 |
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2] Unsecured Loans |
0.000 |
1.800 |
1.650 |
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TOTAL BORROWING |
25.255 |
20.132 |
19.731 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
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TOTAL |
47.661 |
37.060 |
34.486 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.235 |
2.316 |
2.704 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.306 |
0.304 |
0.254 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
14.953
|
5.591 |
9.490 |
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Sundry Debtors |
31.167
|
43.190 |
25.983 |
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Cash & Bank Balances |
0.027
|
0.040 |
0.034 |
|
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Other Current Assets |
0.000 |
0.000 |
0.000 |
|
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Loans & Advances |
9.112
|
2.740 |
2.801 |
|
Total
Current Assets |
55.259
|
51.561 |
38.308 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
6.283
|
11.823 |
3.663 |
|
|
Other Current Liabilities |
1.926
|
2.208 |
1.021 |
|
|
Provisions |
3.930
|
3.090 |
2.096 |
|
Total
Current Liabilities |
12.139
|
17.121 |
6.780 |
|
|
Net Current Assets |
43.120
|
34.440 |
31.528 |
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
47.661 |
37.060 |
34.486 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
|
|
Sales |
205.478 |
241.164 |
170.091 |
|
|
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Other Income |
0.000 |
0.000 |
0.000 |
|
|
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TOTAL (A) |
205.478 |
241.164 |
170.091 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Selling and Distribution Expenses |
|
|
|
|
|
|
Office Expenses |
198.978 |
237.273 |
167.982 |
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Administrative Expenses |
|
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Advertising Expenses |
|
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|
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TOTAL (B) |
198.978 |
237.273 |
167.982 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6.500 |
3.891 |
2.109 |
|
|
|
|
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|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.500 |
3.891 |
2.109 |
|
|
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|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
NA |
NA |
NA |
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|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
6.500 |
3.891 |
2.109 |
|
|
|
|
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|
|
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|
Less |
TAX (H) |
2.398 |
1.53 |
0.838 |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
4.102 |
2.361 |
1.271 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9.753 |
7.580 |
6.309 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
13.855 |
9.753 |
7.580 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
4.955 |
6.622 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.64 |
4.05 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.99
|
0.97 |
0.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.16
|
1.61 |
1.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.92
|
7.22 |
5.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.22 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.66
|
2.20 |
5.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.55
|
3.01 |
5.65 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
:
The company during the financial year has achieved after tax
profit (PAT) of Rs.4.102
millions as against last year's figures of
Rs. 2.341 millions, clocking an impressive growth of 75.22%, Direct imports
of key raw materials, aided by proper inventory management and efficient
recovery of debtors has helped in achieving this objective, thereby maximizing
the return on capital employed. During the year under review the company has
been successful in adding several new customers in their valued clientele list,
boasting of the WHO's WHO in the manufacturing Industry.
PERFORMANCE:-
The Company has started BULK Imports of specialty raw
material, this fiscal, that have helped increase the off-take of the company's
manufactured products, which clocked a volume growth of 10.5%. Since prices
of various crude related raw materials have fallen considerably by almost 40%.,
the total turnover of the company has reduced from Rs. 241.100 millions to Rs. 205.400 millions. However,
volume growth in resale sector has been impressive, maintaining a healthy
growth rate of 18.33%. Due to
severe competition and recessionary trend world-wide, the Company, In spite of
sustained efforts, has not been able to export directly this fiscal, but has
exported substantial quantities of its manufactured products through merchant
exporters and EOU Units. Manufacturing costs within Mumbai have risen
substantially, in wake of which the company intends to relocate its
manufacturing unit outside Mumbai, shortly. Rising Petroleum oil prices,
coupled with fluctuating demand and exchange rates continue to be a major
source of concern to the Company. The management and its dedicated team stand
committed towards increasing the Company's turnover and bottom-line and
improving its product mix in the coming fiscal.
FIXED ASSETS:
·
Factory shed
·
Premises
·
Machinery
·
Furniture
·
Typewriter
·
Air Conditioner
·
Laboratory Equipments
·
Office Equipments
·
Motor Car
·
Computer
·
Goodwill
·
Lab Furniture
FORM 8
|
Corporate
identity number of the company |
U23200MH1992PTC067785 |
|
Name of the
company |
UNICORN PETROLEUM INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
213, Swastik Chambers CST Road, Chembur, Mumbai 400071, Maharashtra,
India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) Others |
|
Particular of
charge holder |
Bank of Baroda, Crowford Market Branch, Dada Manzil, Ground Floor,
67-69, Mohammed Ali Road, Mumbai 400003, Maharashtra, India Email: crawfo@bankofbaroda.com |
|
Nature of
instrument creating charge |
1. Supplemental
Composite Agreement of Hypothecation of Goods,Book-Debts,Moveable Machinery
and Vehicles. 2. Supplemental
Memorandum of Entry Relating to Deposit of Title Deeds by Constructive
Delivery. |
|
Date of
instrument Creating the charge |
28.09.2010 |
|
Amount secured by
the charge |
Rs. 60.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest On Cash Credit
limits- 4.50% p.a. over the base rate. Terms of repayment As may be
specified by the Bank from time to time. Margin Cash Credit - 25%
on stock and 25% on book-debts and 10% on LC, 25% on PC Bank Guarantee -
10% p.a. Extent and operation of the charge The charge is
created to secure the due repayment,discharge and redemption by the Company
to the Bank for its CC (Hypn.of Stocks and Book Debts) facility of Rs.50
millions, Bank Guarantee facility of Rs.0.500 million and Inland/Import LCs
DP/DA Rs.10 millions aggregating to Rs.60.500 millions sanctioned and granted
to the Company together with interest,compound interest and or addl. interest
in case of default, penal interest, liquidated damages, commitment charges,
premium on prepayment or on redemption, g'tee commission, etc.. |
|
Short particulars
of the property charged (Including location of the property) |
All the Goods,
Book-debts and Movable machinery, vehicles, as described in Supplemental
Composite Agreement of Hypothecation. Gala No.10,
Vaibhav Industrial Estate, Plot No.5-35, Sion Trombay Rd, Deonar, Mumbai-88,
more particularly described in Second Schedule to the Mortgage Deed belonging
to Mrs.Taradevi Rathi Gala No.1B,
Vaibhav Indl. Premises Co-op.Soc.Ltd., Sion Trombay Rd., Deonar, Mumbai-88,
more particularly described in Second Schedule to the Mortgage Deed belonging
to the Company Unit No.11,Gr.
Floor, Vaibhav Indl. Premises Co-op.Soc.Ltd., Sion Trombay Rd.,Deonar,
Mumbai-88, more particularly described in Fourth Schedule to the Mortgage
Deed belonging to the Company |
|
Whether any of the
property or interest therein under reference is not registered in the name of
the company. If yes, in whose
name it is registers |
Yes, Mrs.Taradevi
Rathi. |
|
Date of
instrument modifying the charge |
08.08.2007 |
|
Particulars of the
present modification |
The charge is now
modified as the charge on movable properties is increased upto Rs.60.500
millions to cover Cash Credit (Hypn.
of Stocks and Book Debts) facility of Rs.50.000 millions (increased from
Rs.30.000 millions) and Bank Guarantee facility of Rs.5,00,000/- &
additional facility Inland / Import LCs DP / DA of Rs. 1,00,00,000/- |
|
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 |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if
applicable) |
Yes |
|
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 |
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.51.20 |
|
|
1 |
Rs.81.50 |
|
Euro |
1 |
Rs.67.15 |
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 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.