MIRA
INFORM REPORT
|
Report Date : |
01.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
MINDCRAFT SOFTWARE PRIVATE LIMITED |
|
|
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Registered
Office : |
17-A, Mehta Estate, Andheri - |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
13.09.2002 |
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Com. Reg. No.: |
11-137199 |
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Capital
Investment / Paid-up Capital : |
Rs.28.363 Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
U72900MH2002PTC137199 |
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|
IEC No.: |
0302080805 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM17208C |
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PAN No.: [Permanent Account No.] |
AADCM1893K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Software Implementation Services. |
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No. of Employees
: |
115 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 120000 |
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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. Latest
financials i.e. 2011-12 are missing from government department. From the
available financial its seems that there appears some 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 with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Pawan |
|
Designation : |
Accounts Head |
|
Contact No.: |
91-22-42216200 |
|
Date : |
30.11.2012 |
LOCATIONS
|
Registered Office : |
17-A, Mehta Estate, Andheri - |
|
Tel. No.: |
91-22-42216200/ 66926200/ 66996200 |
|
Fax No.: |
91-22-66939730 |
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E-Mail : |
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Website : |
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Location : |
Leased |
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Branch Office : |
# 159, Ground Floor, 6th |
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Tel. No.: |
91-80-23482270 |
|
Location : |
Leased |
DIRECTORS
As on: 30.09.2011
|
Name : |
Mr. Hemant Ladoba Nerurkar |
|
Designation : |
Managing
Director |
|
Address : |
5, Swapan Lokdarshan, |
|
Date of Birth/Age : |
17.11.1962 |
|
Date of Appointment : |
13.09.2002 |
|
DIN No.: |
00627401 |
|
|
|
|
Name : |
Mr. Rajesh
Dinkar Mehta |
|
Designation : |
Director |
|
Address : |
33/8, New Jitendra Society Limited, Dadabhai Cross Road No.1, Vile
Parle (West), Mumbai – 40056, Maharashtra, India |
|
Date of Birth/Age : |
18.05.1962 |
|
Date of Appointment : |
28.09.2009 |
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DIN No.: |
02253355 |
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|
|
|
Name : |
Mr. Haresh
Sankalchand Hirani |
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Designation : |
Director |
|
Address : |
201, Hirani Villa, |
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Date of Birth/Age : |
11.10.1963 |
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Date of Appointment : |
07.08.2006 |
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DIN No.: |
00325005 |
KEY EXECUTIVES
|
Name : |
Mr. Pawan |
|
Designation : |
Accounts Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2011
|
Names of Shareholders |
|
No. of Shares (Equity) |
|
|
|
|
|
Hemant Ladoba Nerurkar |
|
322000 |
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Anagha H. Nerurkar |
|
7500 |
|
Viral Doshi |
|
10000 |
|
Amol Bavdekar |
|
10000 |
|
Rajesh Mehta |
|
10000 |
|
Sandeep Chavan |
|
10000 |
|
Haresh Hirani |
|
115000 |
|
Sanjay S. Sathaye and Sandhya S. Sathaye |
|
150000 |
|
Hemant Mirji |
|
10000 |
|
Kantaben Sankalchand Hirani |
|
35000 |
|
Raja Roychoudhury |
|
10000 |
|
Mallikarhun Jainapur |
|
10000 |
|
Paresh V. Sheth |
|
500 |
|
|
|
|
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Total |
|
700000 |
|
Names of Shareholders |
|
No. of Shares (Preference) |
|
|
|
|
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Saarth Estate
Private Limited, |
|
226000 |
|
Scorpio
International Private Limited, |
|
106000 |
|
Salome Investments
Private Limited, |
|
256000 |
|
Nitin Engineers
Private Limited, |
|
250000 |
|
Sathaye Inks and
Rollers Private Limited, |
|
250000 |
|
Sanjay Sharad
Sathaye |
|
200000 |
|
Haresh
Sankatchand Hirani |
|
776300 |
|
Kantaben Hirani |
|
72000 |
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|
|
|
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Total |
|
2136300 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2011
|
Category |
|
Percentage |
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|
|
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Directors or relatives of directors |
|
70.00 |
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Other top fifty shareholders |
|
30.00 |
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|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Software Implementation Services. |
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Products/ Services : |
·
Software Products ·
Software Support ·
Software Development |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
115 (Approximately) |
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Bankers : |
· Vijaya Bank, Aradhana, Lady Jamshedji Road, Mahim (West), Mumbai – 400016, Maharashtra, India · Corporation Bank, Vile Parle (East) Branch, 8 and 9, Kodamgiri Complex, Hanuman Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India · Axis Bank · Barclays Bank · BNP Paribas · Central Bank · Federal Bank · State Bank · Yes Bank · ICICI Bank · Kotak Mahindra Bank · State Bank of India · Bank of Baroda · Development Credit Bank · HDFC Bank · IDBI Bank · Indian Overseas Bank · South Indian Bank |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
May and Company Chartered Accountants |
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Address : |
2/34, Parleshwar Society, Vile Parle (East), Mumbai – 400057, |
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Tel. No.: |
91-22-26116602 |
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Fax No.: |
91-22-26117130 |
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Email : |
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Website : |
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PAN No.: |
AAGFS8008Q |
CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Share |
Rs.10/- each |
Rs.25.000 Millions |
|
2500000 |
Redeemable Preference Shares |
Rs.10/- each |
Rs.25.000 Millions |
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|
|
|
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Total
|
|
Rs.50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700000 |
Equity Share |
Rs.10/- each |
Rs.7.000 Millions |
|
2136300 |
12% Cumulative Preference Shares |
Rs.10/- each |
Rs.21.363 Millions |
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Total
|
|
Rs.28.363 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 |
28.363 |
29.383 |
30.568 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
12.000 |
12.000 |
12.000 |
|
|
4] (Accumulated Losses) |
(9.636) |
(11.978) |
(13.830) |
|
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NETWORTH |
30.727 |
29.405 |
28.738 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6.777 |
7.493 |
6.130 |
|
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2] Unsecured Loans |
17.046 |
17.762 |
18.609 |
|
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TOTAL BORROWING |
23.823 |
25.255 |
24.739 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
54.550 |
54.660 |
53.477 |
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APPLICATION OF FUNDS |
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|
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|
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|
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FIXED ASSETS [Net Block] |
2.270 |
2.575 |
3.168 |
|
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Capital work-in-progress |
26.778 |
14.797 |
5.607 |
|
|
|
|
|
|
|
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INVESTMENT |
0.318 |
0.162 |
0.005 |
|
|
DEFERREX TAX ASSETS |
4.898 |
6.279 |
7.485 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.092
|
3.092 |
3.092 |
|
|
Sundry Debtors |
31.538
|
19.436 |
21.286 |
|
|
Cash & Bank Balances |
9.985
|
0.163 |
0.350 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
20.498
|
25.049 |
28.138 |
|
Total
Current Assets |
65.113
|
47.740 |
52.866 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
39.527
|
9.807 |
8.693 |
|
|
Other Current Liabilities |
4.986
|
2.822 |
3.053 |
|
|
Provisions |
0.314
|
4.264 |
3.908 |
|
Total
Current Liabilities |
44.827
|
16.893 |
15.654 |
|
|
Net Current Assets |
20.286
|
30.847 |
37.212 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
54.550 |
54.660 |
53.477 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
143.483 |
119.897 |
162.913 |
|
|
|
Other Income |
1.217 |
1.159 |
0.923 |
|
|
|
TOTAL |
144.700 |
121.056 |
163.836 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
139.745 |
117.214 |
161.202 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
4.955 |
3.842 |
2.634 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.614 |
1.990 |
(5.554) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2.341 |
1.852 |
8.188 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(11.978) |
(13.830) |
(22.018) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(9.637) |
(11.978) |
(13.830) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.83 |
0.63 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.62 |
1.53
|
5.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.45 |
3.20
|
1.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.35 |
7.64
|
4.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.13
|
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.23 |
1.43
|
1.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.45 |
2.83
|
3.38 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
39.527
|
9.807 |
8.693 |
|
|
|
|
|
|
Total |
39.527
|
9.807 |
8.693 |
|
Sr. No. |
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 |
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 |
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 |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
Note:
The Registered Office of the company has been shifted from WICEL
Administrative Building, 2nd Floor, Central Road, MIDC, Andheri (East), Mumbai
– 400093, Maharashtra, India to the present address w.e.f.
15.05.2009
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration
number of the company |
U72900MH2002PTC137199 |
|
Name of the
company |
MINDCRAFT
SOFTWARE PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
17-A, Mehta Estate, Andheri - E-mail: accounts@mcsil.com |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10025360 |
|
Type of charge |
·
Book
debts ·
Movable
property (not being pledge) ·
Others
(Current Assets) |
|
Particular of
charge holder |
Corporation Bank, Vile Parle (East) Branch, 8 and 9, Kodamgiri Complex, Hanuman Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India E-mail: cb495@corpbank.co.in |
|
Nature of
instrument creating charge |
1.Supplemental
common deed of hypothecation of movables/assets/debts 2.Counter
guarantee for the limits sanctioned (all the above
agreement constitute a single charge) |
|
Date of
instrument Creating the charge |
21.03.2012 |
|
Amount secured by
the charge |
Rs.26.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As Stipulated By
Bank From Time To Time Terms of
Repayment As Stipulated By
Bank From Time To Time Margin As Stipulated By
Bank From Time To Time Extent and
Operation of the charge First
charge(present and future)-total limit Rs.26.500 Millions(cash
credit=Rs.22.500 Millions and bank guarantee=Rs.4.000 Millions) And/or as
stipulated by bank from time to time Others As stipulated by
bank from time to time |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First
charge(present and future)on following assets:-(1)Hypothecation of all book
debts and receivables (2)Hypothecation
of all current and movable assets of the company |
|
Particulars of
the present modification |
By this
modification limit enhanced to Rs.26.500 Millions(cash credit=s.22.500
Millions and bank guarantee=Rs.4.000 Millions),continued security as given by
original charge as well as by modifications, terms and conditions as per
agreement attached and/or as per sanction letter of the bank |
FIXED ASSETS:
· Computers and Peripherals
· Communication Equipments
· Office Equipments
· Furniture and Fixtures
· Air Conditioner
· Television
· Motor Car
· Refrigerator
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 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.54.53 |
|
|
1 |
Rs.87.48 |
|
Euro |
1 |
Rs.70.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.