MIRA
INFORM REPORT
|
Report Date : |
21.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUPER AUTO FORGE PRIVATE LIMITED (w.e.f. 04.01.2011) |
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Formerly Known
as : |
SUPER AUTO FORGE LIMITED |
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Registered
Office : |
TS-82/2, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
23.12.1974 |
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Com. Reg. No.: |
18-006818 |
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Capital
Investment / Paid-up Capital : |
Rs.19.527 Millions |
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CIN No.: [Company Identification
No.] |
U35920TN1974PTC006818 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHES01066C |
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PAN No.: [Permanent Account No.] |
AABCS0459B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company is mainly engaged in the business of manufacture of cold
forged components. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (61) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 9700000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
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 |
LOCATIONS
|
Registered Office : |
TS-82/2, Mettu Street, Ganapathy Nagar, Ekkattuthangal, Chennai – 600032,
Tamilnadu, India |
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Tel. No.: |
91-44-22252546/ 22252544/ 22252545 |
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Fax No.: |
91-11-22252547 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Seetharaman Sankaranarayanan |
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Designation : |
Managing director |
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Address : |
E-56B, 19th Cross Street, Besant Nagar, Chennai – 600090,
Tamilnadu, India |
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Date of Birth/Age : |
13.05.1945 |
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Date of Appointment : |
23.12.1974 |
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DIN No.: |
00039422 |
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Other Directorship :
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Name : |
Mr. Ravishankar Seetharaman |
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Designation : |
Whole-time director |
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Address : |
E-56B, 19th Cross Street, Besant Nagar, Chennai – 600090,
Tamilnadu, India |
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Date of Birth/Age : |
17.07.1972 |
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Date of Appointment : |
26.08.2003 |
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DIN No.: |
00039434 |
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Other Directorship :
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Name : |
Mr. Murali Shankar Sambasivam |
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Designation : |
Whole-time director |
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Address : |
D3, Capital East, 71 and 72, RK Shanhugansalai, KK Nagar, Chennai –
600078, Tamilnadu, India |
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Date of Birth/Age : |
02.10.1960 |
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Date of Appointment : |
26.08.2003 |
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DIN No.: |
00039452 |
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Other Directorship :
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Name : |
Mr. Ramakrishna Vasudevan |
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Designation : |
Whole-time director |
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Address : |
22/S19, 35th Cross Street, Besant Nagar, Chennai – 600090,
Tamilnadu, India |
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Date of Birth/Age : |
03.03.1967 |
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Date of Appointment : |
21.12.2006 |
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DIN No.: |
00039471 |
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Other Directorship :
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Name : |
Mr. Sankaranarayanan Vasudevan |
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Designation : |
Director |
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Address : |
22/519, 35th Cross Street, Besant Nagar, Chennai – 600090,
Tamilnadu, India |
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Date of Birth/Age : |
08.10.1934 |
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Date of Appointment : |
30.09.1999 |
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DIN No.: |
00043546 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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S. Seetharaman |
|
205947 |
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S. Kalyani |
|
280101 |
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S. Ravishankar |
|
283601 |
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S. Ramya |
|
93500 |
|
S. Subadhra |
|
93501 |
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S. Vasudevan |
|
106110 |
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V. Kalyani |
|
85200 |
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Priya Kaushik |
|
177729 |
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V. Ramakrishna |
|
177800 |
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V. Saroja |
|
81300 |
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Subha Barry |
|
30450 |
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Sujatha Suresh |
|
31170 |
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Sundar Viswanathan |
|
30000 |
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Mahalakshmi Ramakrishna |
|
100 |
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Jayalakshmi Krishnamurthy |
|
100810 |
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S. Muralishankar |
|
78201 |
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Nirmala Muralishankar |
|
24000 |
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K. Deepa |
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24000 |
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Somiya Krishnamurthy |
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24000 |
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R. Kaushik |
|
100 |
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V. Baskar |
|
100 |
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Microturns |
|
25000 |
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Total |
|
1952720 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Bodies corporate |
92.00 |
|
Directors or relatives of Directors |
8.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is mainly engaged in the business of manufacture of cold
forged components. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
State Bank of India, Commercial Branch, Guindy, Chennai – 600032,
Tamilnadu, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K. Ramkrish and Company Chartered Accountants |
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Address : |
New # 19,(Old #
9A), Bagavantham Street, T. Nagar, Chennai-600017, Tamilnadu, India |
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PAN.: |
AADFK4539R |
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Subsidiaries : |
·
Super Auto Forge Inc. USA |
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Associates : |
·
ACE Super Auto Forge Private Limited, Bangalore ·
Arya Super Auto Forge, Russia |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1952720 |
Equity Shares |
Rs.10/- each |
Rs.19.527 Millions |
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|
1931372 Equity shares
of Rs.10 each (**) 19,313,720 each fully paid up for consideration other than
cash (a) 21336 Equity shares of Rs.10 each (*) fully paid up 213,360 (b) 12
Equity shares of Rs 10 each (#) fully paid up 120
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 |
19.527 |
19.527 |
19.527 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2406.239 |
2288.388 |
2235.199 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
2425.766 |
2307.915 |
2254.726 |
|
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LOAN FUNDS |
|
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|
1] Secured Loans |
0.000 |
0.000 |
64.114 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
0.000 |
0.000 |
64.114 |
|
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DEFERRED TAX LIABILITIES |
139.298 |
124.498 |
129.798 |
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|
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TOTAL |
2565.064 |
2432.413 |
2448.638 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1182.961 |
1083.335 |
1159.435 |
|
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Capital work-in-progress |
4.450 |
8.226 |
0.000 |
|
|
|
|
|
|
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INVESTMENT |
377.142 |
492.800 |
91.349 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
184.531
|
174.012 |
126.199 |
|
|
Sundry Debtors |
832.749
|
702.741 |
767.299 |
|
|
Cash & Bank Balances |
13.110
|
2.642 |
8.761 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
474.636
|
415.784 |
363.449 |
|
Total
Current Assets |
1505.026
|
1295.179 |
1265.708 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
191.624
|
198.965 |
108.172 |
|
|
Other Current Liabilities |
23.957
|
16.703 |
23.064 |
|
|
Provisions |
288.934
|
231.459 |
236.618 |
|
Total
Current Liabilities |
504.515
|
447.127 |
367.854 |
|
|
Net Current Assets |
1000.511
|
848.052 |
897.854 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2565.064 |
2432.413 |
2448.638 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2372.940 |
1519.375 |
1803.843 |
|
|
|
Other Income |
NA |
43.111 |
33.347 |
|
|
|
TOTAL (A) |
NA |
1562.486 |
1837.190 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/ Decrease in Stock |
|
(52.801) |
20.842 |
|
|
|
Raw Materials and Components Consumed |
NA |
577.969 |
707.418 |
|
|
|
Manufacturing, Administrative and Selling Expenses |
|
877.285 |
850.653 |
|
|
|
TOTAL (B) |
|
1402.453 |
1578.913 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
321.490 |
160.033 |
258.277 |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES |
0.290 |
0.905 |
21.658 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
321.200 |
159.128 |
236.619 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
9.980 |
104.629 |
128.876 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
211.220 |
54.499 |
107.743 |
|
|
|
|
|
|
|
|
|
|
TAX |
47.800 |
1.200 |
5.049 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
163.420 |
53.299 |
102.694 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2028.560 |
1975.266 |
1894.995 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
17.000 |
0.000 |
11.000 |
|
|
|
Dividend |
39.050 |
0.000 |
9.764 |
|
|
|
Additional Tax on Dividend |
6.410 |
0.000 |
1.659 |
|
|
BALANCE CARRIED
TO THE B/S |
2129.520 |
2028.565 |
1975.266 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales (FOB) |
1269.977 |
726.323 |
996.464 |
|
|
TOTAL EARNINGS |
1269.977 |
726.323 |
996.464 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Other Bought out Items |
NA |
11.828 |
5.420 |
|
|
|
Plant and machinery and other fixed assets |
NA |
2.406 |
80.798 |
|
|
|
Stores & Spares |
NA |
2.135 |
10.794 |
|
|
TOTAL IMPORTS |
NA |
16.369 |
97.012 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
84.00 |
27.00 |
53.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
3.41 |
5.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
3.59 |
5.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.86
|
2.29 |
4.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.02 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.21
|
0.19 |
0.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.98
|
2.89 |
3.44 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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 |
No |
|
10) Designation of contact person |
No |
|
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 |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
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 |
OPERATIONS:
During the
Financial Year Ended 31st March 2011, the Company’s Turnover is Rs.2372.940
millions as against Rs.15190 millions in 2009-10.
The Operating Profit
was Rs.211.51 millions and the Profit After Tax was Rs.163.420 millions.
A number of
Quality and Productivity enhancement programmes have been initiated in all
Plants. The results from this exercise will be seen during the coming years.
The company has
maintained all systems as per TS16949 and has retained its certifications, for
the financial year ended 31st March 2011.
During the year,
the Automotive Industry both in India and Overseas, picked up momentum and flow
of orders from customers are on the increase. Also, the efforts in optimizing
the product mix prove to be an advantage both in terms of meeting the customer
demand and realising better margins.
The efforts
undertaken by us over the last few years in developing supply of forged parts
to Non-Automotive Industries have started yielding good results. A wide variety
of parts have been developed, tested and approved by these Customers, which
will result in substantial volume of business in the coming years. There is a
very heavy potential in this field and they will be focusing more attention in
developing more Non-Automotive Customers. The Tool Room has performed
excellently, resulting 100% on time delivery of tools to all the Plants. The
Tool Room has ensured high quality tools and kept the cost low, due to various
efficiency improvement actions.
The Special
Purpose Machine (SPM) building division has been able to deliver high quality
equipments, meeting the stringent delivery time deadlines. Due to the high quality
of these equipments, the Ball-Joint Division could scale up their performance.
Both the Tool Room
and the SPM Division have also good opportunities for potential business to
outside customers. This will be pursued in the future.
EXPORTS:
The Export
turnover during the year was Rs.1321 millions. Few more potential Export
Customers have been added to the customer list. They are working on a number of
Projects with the European Automotive Tier-I Customers and these efforts will
result in an increased export earnings in the years to come.
WINDMILL PROJECT:
The Windmills have
generated a total of 7851707 units during the year. These units have been set
off against consumption of power at the factories. Due to well planned
Preventive Maintenance Schedules, the down time of the Windmills were brought
down considerably.
WHOLLY OWNED
SUBSIDIARY ABROAD:
Super Auto Forge
Inc, USA, is providing excellent day to day support to the customers. Thanks to
their effort they have received business from a number of new customers in this
region.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U35920TN1974PTC006818 |
|
Name of the
company |
SUPER AUTO FORGE
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
TS-82/ 2, Mettu
Street, Ganapathy Nagar, Ekkattuthangal, Chennai-600032, Tamil Nadu, India Email : saf@superautoforge.net
|
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
HDFC Bank
Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West),
Mumbai-400013, Maharashtra, India Email : Lenus.lewis@hdfcbank.com
|
|
Nature of
instrument creating charge |
Letter of
Hypothecation of stocks and book debts dated 19th January 2012 |
|
Date of
instrument Creating the charge |
19.01.2012 |
|
Amount secured by
the charge |
Rs.100.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As stipulated by
the bank from time to time Terms of
Repayment As stipulated by the
bank from time to time Margin As stipulated by
the bank from time to time Extent and
Operation of the charge Hypothecation by
way of exclusive charge on all the stock and book debts of the company both
present and future |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation by
way of exclusive charge on all the stock and book debts of the company both
present and future |
Contingent
liability in respect of:
Income Tax
liability to the tune of Rs.2.936 Millions relating to assessment year 2001-02
(Previous year – Rs.2.936 Millions)
FIXED ASSETS
·
Land
·
Building (Factory)
·
Plant and Machinery
·
Windmill
·
Electrical Installations
·
R and D Building
·
R and D Equipments
·
Furniture and Fixtures
·
Vehicles
·
Computer
·
Office Equipments
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.51.99 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.68.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
61 |
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.