MIRA
INFORM REPORT
|
Report Date : |
25.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
IMS LEARNING RESOURCES PRIVATE LIMITED |
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Registered
Office : |
1/45, Tardeo Air Conditioned Market Building, Tardeo Road, Tardeo,
Mumbai-400034, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
20.09.1999 |
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Com. Reg. No.: |
11-121823 |
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Capital
Investment / Paid-up Capital : |
Rs. 205.590 Millions |
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CIN No.: [Company Identification
No.] |
U80220MH1999PTC121823 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI03580D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is Act as institution, providing management entrance training |
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No. of Employees
: |
Information not given by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a safe and
secured 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. Rajesh Iyer |
|
Designation : |
Finance Executive |
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Contact No.: |
91-22-33017777 |
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Date : |
23.04.2012 |
LOCATIONS
|
Registered Office : |
1/45, Tardeo Air Conditioned Market Building, Tardeo Road, Tardeo,
Mumbai-400034, Maharashtra, India |
|
Tel. No.: |
91-22-23521800 / 243 / 66680005 |
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Fax No.: |
91-22-66680006 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branch Office : |
E Block, 6th Floor, NCL Bandra Kurla Complex, Bandra
(East), Mumbai-400051, Maharashtra, India |
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Tel. No.: |
91-22-33017777 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Ms. Leela Nagesh Rane |
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Designation : |
Director |
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Address : |
Flat No.14, 2nd Floor, 148-B, Bhaveshwar, Dr. A. B. Road,
Worli Naka, Mumbai-400018, Maharashtra, India |
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Date of Birth/Age : |
11.06.1940 |
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Date of Appointment : |
20.09.1999 |
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DIN No.: |
00181231 |
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Name : |
Mr. Kamlesh Bhagwan Sajnani |
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Designation : |
Managing Director |
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Address : |
Flat No.11, Valhalla Co-Operative Housing Society, Nirvana, Plot
No.151, corner of 24th and 30th Road, Bandra (West),
Mumbai-400050, Maharashtra, India |
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Date of Birth/Age : |
02.06.1965 |
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Date of Appointment : |
20.09.1999 |
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DIN No.: |
00182580 |
KEY EXECUTIVES
|
Name : |
Ms. Rashmi Ravindra Raswalkar |
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Designation : |
Secretary |
|
Address : |
705, Union Bank Niwas, Mandapeshwar Road, Borivali (West), Mumbai-400092,
Maharashtra, India |
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Date of Birth/Age : |
21.09.1983 |
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Date of Appointment : |
25.11.2010 |
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Pan No.: |
ALBPR4379M |
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Name : |
Mr. Rajesh Iyer |
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Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Equity Shareholders |
No. of Shares |
|
Leela Nagesh Rane |
2551501 |
|
Kamlesh Sajnani |
7502 |
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Naik Shantaram |
01 |
|
IL and FS Trust Company Limited A/C Milestone Priate Equity Fund,
India |
100 |
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Total |
2559104 |
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Names of Preference Shareholders |
No. of Shares |
|
IL and FS Trust Company Limited A/C Milestone Priate Equity Fund,
India |
17999900 |
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|
|
|
Total |
17999900 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is Act as institution, providing management entrance training |
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Products : |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
Student |
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No. of Employees : |
Information not given by the management |
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Bankers : |
HDFC Bank Limited, HDFC House, Senapati Bapat Marg, Lower Parel
(West), Mumbai-400013, Maharashtra, India
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
G. M. Kapadia and Company Chartered Accountant |
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Address : |
Tamarind House, 36-B, Tamarind Lane, Fort, Mumbai-400001, Maharashtra,
India |
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Pan No.: |
AAAFG4713G |
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Subsidiaries : |
AIM Education Private Limited CIN No.: U80302WB2006PTC109142 |
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Associates : |
Origen Test Research and Implementation Bureau Private Limited CIN No.: U80220MH2005PTC152895 IMS Proschool Private Limited CIN No.: U72900MH2000PTC127463 |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs. 40.000 Millions |
|
25000000 |
Cumulative Convertible Preference Shares |
Rs.10/- each |
Rs. 250.000 Millions |
|
|
Total |
|
Rs. 290.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2559104 |
Equity Shares |
Rs.10/- each |
Rs. 25.591
Millions |
|
17999900 |
Cumulative Convertible Preference Shares |
Rs.10/- each |
Rs. 179.999
Millions |
|
|
Total |
|
Rs. 205.590 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 |
205.590 |
205.590 |
25.590 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4.713 |
4.713 |
49.175 |
|
|
4] (Accumulated Losses) |
(241.146) |
(14.797) |
0.000 |
|
|
NETWORTH |
(30.843) |
195.506 |
74.765 |
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|
LOAN FUNDS |
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|
1] Secured Loans |
73.183 |
80.542 |
129.066 |
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2] Unsecured Loans |
64.500 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
137.683 |
80.542 |
129.066 |
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DEFERRED TAX LIABILITIES |
5.855 |
5.855 |
9.298 |
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TOTAL |
112.695 |
281.903 |
213.129 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
136.634 |
147.171 |
176.478 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
56.169 |
123.439 |
87.052 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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|
Inventories |
0.000
|
0.000 |
0.000 |
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|
Sundry Debtors |
8.168
|
13.399 |
6.010 |
|
|
Cash & Bank Balances |
7.581
|
24.007 |
7.583 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
72.916
|
111.489 |
69.753 |
|
Total
Current Assets |
88.665
|
148.895 |
83.346 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
48.820 |
23.330 |
37.874 |
|
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Other Current Liabilities |
100.562
|
80.846 |
94.884 |
|
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Provisions |
19.391
|
41.881 |
0.989 |
|
Total
Current Liabilities |
168.773
|
146.057 |
133.747 |
|
|
Net Current Assets |
(80.108)
|
2.838 |
(50.401) |
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MISCELLANEOUS EXPENSES |
0.000 |
8.455 |
0.000 |
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TOTAL |
112.695 |
281.903 |
213.129 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
|
|
|
|
|
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Fees |
0.000 |
531.226 |
778.625 |
|
|
|
Operating Income |
459.000 |
0.000 |
0.000 |
|
|
|
Other Operating Income |
0.000 |
30.929 |
28.447 |
|
|
|
Non Operating Income |
3.400 |
35.386 |
19.495 |
|
|
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TOTAL (A) |
462.400 |
597.541 |
826.567 |
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Less |
EXPENSES |
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|
|
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Books and Material |
|
38.430 |
78.884 |
|
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Classroom Coaching Expenses |
657.200 |
178.830 |
213.449 |
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|
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Selling and Marketing Expenses |
|
69.240 |
96.448 |
|
|
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Employees Remuneration and Benefits |
|
149.617 |
168.710 |
|
|
|
Establishment Expenses |
|
99.198 |
112.996 |
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|
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Administration Expenses |
|
88.555 |
106.453 |
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Preliminary Expenses |
|
2.114 |
0.000 |
|
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TOTAL (B) |
657.200 |
625.984 |
776.940 |
|
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[Including |
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
Financial Expenses ] |
(28.443) |
49.627 |
|
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Less |
FINANCIAL
EXPENSES (D) |
|
12.321 |
17.756 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(194.800) |
(40.764) |
31.871 |
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
20.200 |
21.937 |
23.104 |
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PROFIT BEFORE
TAX (E-F) (G) |
(215.000) |
(62.701) |
8.767 |
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Less |
TAX (H) |
0.300 |
(3.443) |
7.568 |
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PROFIT AFTER TAX
(G-H) (I) |
(215.300) |
(59.258) |
1.199 |
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|
Prior Period
Adjustments |
8.500 |
0.000 |
0.000 |
|
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|
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|
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|
Less |
Tax Provision
for Prior Years |
|
|
|
|
|
|
Income Tax |
NA |
0.000 |
2.999 |
|
|
|
Deferred Tax |
NA |
0.000 |
2.017 |
|
|
|
|
|
|
|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Preference |
NA |
0.002 |
1.660 |
|
|
|
Dividend Tax |
NA |
0.000 |
0.282 |
|
|
BALANCE CARRIED
TO THE B/S |
(241.100) |
(59.260) |
(5.759) |
|
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|
Earnings Per
Share (Rs.) |
(87.42) |
(23.16) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(46.56)
|
(9.92) |
0.15 |
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(46.84)
|
(11.80) |
1.13 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(95.43)
|
(21.18) |
3.37 |
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|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
6.97
|
(0.32) |
0.12 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
(10.13)
|
1.19 |
3.64 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
0.53
|
1.02 |
0.62 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
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2. Locality of the firm |
Yes |
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3. Constructions of the firm |
Yes |
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4. Premises details |
No |
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5. Type of Business |
Yes |
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6. Line of Business |
Yes |
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7. Promoter’s background |
Yes |
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8. No. of Employees |
No |
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9. Name of person contacted |
Yes |
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10. Designation of contact person |
Yes |
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11. Turnover of firm for last three years |
Yes |
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12. Profitability for last three years |
Yes |
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13. Reasons for variation <> 20% |
------ |
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14. Estimation for coming financial year |
No |
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15. Capital in the business |
Yes |
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16. Details of sister concerns |
Yes |
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17. Major suppliers |
No |
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18. Major customers |
No |
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19. Payments terms |
Yes |
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20. Export / Import details |
No |
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21. Market information |
------ |
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22. Litigations that the firm / promoter involved |
------ |
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23. Banking Details |
Yes |
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24. Banking facility details |
Yes |
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25. Conduct of the banking account |
------ |
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26. Buyer visit details |
------ |
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27. Financials, if provided |
Yes |
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28. Incorporation details, if applicable |
Yes |
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29. Last accounts filed at ROC |
Yes |
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30. Major Shareholders, if available |
Yes |
SUNDRY CREDITORS
DETAILS
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Creditors
due small micro enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors
due others |
48.820 |
23.330 |
37.874 |
|
Total |
48.820 |
23.330 |
37.874 |
BACKGROUND
Subject an
institute with over 34 years of experience in shaping success stories for
students, is a leading player in Management Entrance training. It has been
ranked 4th in the education sector and 44th amongst the Top 50 Most Trusted
Service Brands across India (AC-Nielsen and Brand Equity, December 2003).
Today, Subject has spread its wings across India with around 100 centers across
approximately 60 cities and over 40,000 students, successfully making it to
some of the most prestigious institutes in India and abroad every year. Company
is focusing on developing market for Non-MBA test products like Bank PO, C-SAT
with continued PANINDIA focus on MBA segment.
OPERATIONS
The Company in the
financial year 2010-2011, was reeling under the adverse impact of the recessionary
phase of the previous two years, which was marked by factors like general
economic slowdown which hit the MBA test prep market badly and a steady drop in
CAT applicants, who formed a major consumer segment of IMS. The number of CAT
takers reduced from 0.270 Million in 2008 to 0.240 Million in 2009 and 0.204
Million in 2010. These conditions have, over the last three years adversely and
abruptly hit the revenues of the Company.
The Company
initiated cost / operations rationalization process post completion of the last
academic cycle (i.e. after CAT 2010 which was held in Oct/Nov 2010). The annual
impact of such cost and operations rationalization shall be realized in current
financial year 2011-2012. The Company has now rationalized its operations and
has initiated a process to create a robust operating structure in alignment
with the current market conditions.
OUTLOOK
The MBA test prep
industry, unlike other segments in education sector, is directly linked to the
economic environment, which shall continue to be a major challenge to the
Company, as the economic environment is showing signs of slowdown and
uncertainty. With its sharp focus on creating a profitable and cost effective
operating structure / business model, the Company foresees the stabilization of
its financial position in near future. The Company enjoys strong brand equity
among the student community which shall remain its major strength. However, the
Company is treading ahead with a realistic insight that in view of the heavy impact
of the recessionary phase and the sluggish temperament of the education sector,
the revival shall be gradual, though steady
CONTINGENT
LIABILITIES
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Claims against the company acknowledged as debts |
2.566 |
2.566 |
FORM 8
|
Corporate
identity number of the company |
U80220MH1999PTC121823 |
|
Name of the
company |
IMS LEARNING
RESOURCES PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
1/45, Tardeo Air Conditioned Market Building, Tardeo Road, Tardeo,
Mumbai-400034, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Any Interest in
immovable property |
|
Particular of
charge holder |
Yes Bank Limited,
9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant
Road, Worli, Mumbai-400018, Maharashtra, India |
|
Nature of
instrument creating charge |
No Dues Letter
dated 30th July 2011 from Yes Bank regarding repayment of term loan of INR
25.000 Millions (Original charge was for facilities amounting to INR 50.000
Millions out of which Term Loan of INR 25.000 Millions has been repaid) |
|
Date of instrument
Creating the charge |
30.07.2011 |
|
Amount secured by
the charge |
Rs. 25.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Cash Credit (CC)
- 5.00% above YBL BR YBL BR is 10.25% p. a. Hence current ROI is 15.25% p. a. Terms of repayment Cash Credit (CC):
On Demand or Annual Review Margin 25% Extent and operation of the charge First and
exclusive charge on office premises located on the 1st Floor and located on the
2nd Floor in the building constructed on the land bearing plot no. 576 / 6 C
T S No. 1216 /6 situate and lying at
Shivaji Nagar, Bhamburda Taluka, Haveli, District Pune in the name of M/s IMS
Learning Resources Private Limited to cover following facilities given to M/s
IMS Learning Resources Private Limited Cash Credit (CC):
INR 25.000 Millions |
|
Short particulars
of the property charged (Including location of the property) |
First and
exclusive charge on office premises located on the 1st Floor and located on
the 2nd Floor in the building constructed on the land bearing plot no. 576 /
6 C T S No. 1216 /6 situate and lying
at Shivaji Nagar, Bhamburda Taluka, Haveli, District Pune in the name of M/s
IMS Learning Resources Private Limited to cover following facilities given to
M/s IMS Learning Resources Private Limited Cash Credit (CC):
INR 25.000 Millions |
|
Charge
identification number of the charge to be modified |
10082253 |
|
Date of
instrument modifying the charge |
18.12.2007 |
|
Particulars of
the present modification |
Existing First
and exclusive charge created on office premises located on the 1st and 2nd
Floor in the bldg constructed on the land bearing plot No 576/6 CTS No 1216/6
s at Shivaji Nagar Bhamburda Taluka Haveli District Pune in the name of IMS
Learning Resources Private Limited now extended to cover following Cash Credit (CC):
INR 25.000 Millions Term Loan (TL):
INR 25.000 Millions (Facility has been paid off) |
FIXED ASSETS
·
Computer
·
Air Conditioner
·
Furniture and Fixture
·
Vehicles
·
Trade Marks and
Copyrights
·
Office Equipments
·
Leasehold Improvements
·
Electrical Fittings and
Fixtures
·
Premises Improvements
·
Building
·
Goodwill
·
Land
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. 52.79 |
|
|
1 |
Rs. 85.17 |
|
Euro |
1 |
Rs. 69.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
-- |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
14 |
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.