MIRA
INFORM REPORT
|
Report Date : |
18.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
BNB COATINGS INDIA LIMITED |
|
|
|
|
Registered
Office : |
A-99/3, Okhla Industrial Estate, Phase – II New Delhi – 110020 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
21.06.2007 |
|
|
|
|
Com. Reg. No.: |
55-165043 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.130.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100DL2007FLC165043 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCB1744L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Paints |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 380000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Nippon Bee Chemical Company Limited”. It
is an established company having moderate. There appears some accumulated losses recorded by the company. However
trade relations are reported as fair. Business is active. Payment terms are
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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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.
LOCATIONS
|
Registered Office : |
D – 14/2, Okhla Industrial Area, Phase – II, New Delhi – 110020, India
|
|
Tel. No.: |
91-11-26384714 / 26383772 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Factory : |
Surajpur Dadri Road, Village Devla, District Gautam Budh Nagar,
Greater Noida, Uttar Pradesh, India |
|
Tel No.: |
91-120-2561087 |
|
Fax No.: |
|
DIRECTORS
As on 08.09.2011
|
Name : |
Mr. Aniruddha Sen |
|
Designation : |
Director |
|
Address : |
Flat No. A – 1, Sohail Regency, 252/2 N.S.C., Kolkata – 700040, West
Bengal, India |
|
Date of Birth/Age : |
03.02.1960 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
21.06.2007 |
|
Voter ID No.: |
AKTPS1168C |
|
DIN No.: |
01496602 |
|
|
|
|
Name : |
Mr. Takao Watabiki |
|
Designation : |
Director |
|
Address : |
Klar 102, 1 – 28 – 3, Jokoji, Amagasaki, Hyogo, Prefecture – 6600811
Japan |
|
Date of Birth/Age : |
27.05.1949 |
|
Qualification : |
Bachelor of Engineers |
|
Date of Appointment : |
07.04.2011 |
|
Voter ID No.: |
AAZPW6825E |
|
DIN No.: |
02051485 |
|
|
|
|
Name : |
Mr. Takashi Kamo |
|
Designation : |
Director |
|
Address : |
1 – 3 – 3, Yamatehigashi, Kyotanabe, Kyoto – 6100357 Japan |
|
Date of Birth/Age : |
29.01.1951 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
21.06.2007 |
|
DIN No.: |
01495073 |
|
|
|
|
Name : |
Mr. Abhijit Roy |
|
Designation : |
Director |
|
Address : |
Flat No – 3D, Block – 1 , 10 Convent Road, PO/PS – Entally Kolkata –
700014 West Bengal |
|
Date of Appointment : |
12.09.2012 |
|
DIN No.: |
03439064 |
KEY EXECUTIVES
|
Name : |
Mr. Vinod Kumar |
|
Designation : |
Company Secretary |
|
Address : |
H No – F – 35, D S No 126, D Sadh Nagar, Palam Colony, New Delhi –
110045, India |
|
Date of Birth/Age : |
07.04.1974 |
|
Date of Appointment : |
01.01.2009 |
|
PAN No.: |
ASXPK5804F |
MAJOR
SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Berger Paints India Limited, India
|
|
63698 |
|
Subir Bose, India |
|
1 |
|
Anirudha Sen |
|
1 |
|
Nippon Bee Chemicals Company Limited, Japan |
|
66297 |
|
Takao Watabiki |
|
1 |
|
Seiichi Iwata |
|
1 |
|
Takashi Kamo |
|
1 |
|
Total |
|
130000 |
Equity Share Break up (Percentage of Total Equity)
As on 08.09.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
51.00 |
|
Bodies corporate |
49.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Paints |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
|
|
Unit |
Actual
Production |
|
|
|
|
Job Work Basis |
|
|
Paints and Thinners |
|
|
Kgs./Ltrs.) |
464465.80 |
|
Particulars |
|
|
Unit |
Actual
Production |
|
|
|
|
|
|
|
Paints |
|
|
Kgs./Ltrs.) |
5640694 |
GENERAL INFORMATION
|
No. of Employees : |
24 (Approximately) |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
J.C. Bhalla and Company Chartered Accountants |
|
Address : |
B- 5, Sector – 6, Noida – 201301, Uttar Pradesh, India |
|
PAN No.: |
AAAFJ3258M |
|
|
|
|
Holding Companies: |
Nippon Bee Chemical Company Limited, Japan |
|
|
|
|
Joint Venture: |
Berger Paints India Limited, India CIN No.:
L51434WB1923PLC004793 |
|
|
|
|
Associates/Subsidiaries : |
Nippe Trading Company Limited , Japan U K Paints (India) Private Limited, India CIN No.: U24222DL1979PTC009659 |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
130000 |
Equity Shares |
Rs.1000/- each |
Rs.130.00 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
130000 |
Equity Shares |
Rs.1000/- each |
Rs.130.000 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 |
130.000 |
130.000 |
90.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(34.862) |
(46.893) |
(43.141) |
|
|
NETWORTH |
95.138 |
83.107 |
46.859 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
2.164 |
1.992 |
1.588 |
|
|
|
|
|
|
|
|
TOTAL |
97.302 |
85.099 |
48.447 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
22.981 |
24.069 |
24.352 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
62.330
|
38.940 |
23.412 |
|
|
Sundry Debtors |
24.511
|
17.290 |
5.483 |
|
|
Cash & Bank Balances |
39.073
|
28.619 |
23.532 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
13.280
|
9.824 |
7.540 |
|
Total
Current Assets |
139.194
|
94.673 |
59.967 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
57.956
|
30.524 |
33.584 |
|
|
Other Current Liabilities |
3.697
|
2.390 |
1.799 |
|
|
Provisions |
3.220
|
0.729 |
0.489 |
|
Total
Current Liabilities |
64.873
|
33.643 |
35.872 |
|
|
Net Current Assets |
74.321
|
61.030 |
24.095 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
97.302 |
85.099 |
48.447 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
134.261 |
91.999 |
30.719 |
|
|
|
Other Income |
1.937 |
3.603 |
0.207 |
|
|
|
TOTAL (A) |
136.198 |
95.602 |
30.926 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption material change inventories |
85.831 |
66.858 |
|
|
|
|
Employee related expenses |
5.724 |
5.144 |
|
|
|
|
Administrative selling other expenses |
31.097 |
25.243 |
|
|
|
|
Manufacturing services cost |
0.000 |
0.000 |
|
|
|
|
Prior Period Adjustment |
0.002 |
0.405 |
|
|
|
|
TOTAL (B) |
122.654 |
97.650 |
62.913 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13.544 |
(2.048) |
(31.987) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
13.544 |
(2.048) |
(31.987) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.342 |
1.301 |
1.139 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
12.202 |
(3.349) |
(33.126) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.171 |
0.403 |
1.310 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
12.031 |
(3.752) |
(34.436) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(46.892) |
(43.140) |
(8.704) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
34.861 |
(46.892) |
(43.140) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
64.069 |
51.330 |
NA |
|
|
|
Machinery |
0.000 |
0.387 |
NA |
|
|
TOTAL IMPORTS |
64.069 |
51.717 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
92.54 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
8.83
|
(3.92) |
(111.35) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.09
|
(3.64) |
(107.84) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.52
|
(2.82) |
(39.29) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
(0.04) |
(0.07) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.68
|
0.26 |
0.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.15
|
2.81 |
1.67 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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 involved in |
-- |
|
23] |
Banking Details |
No |
|
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 |
No |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
OPERATIONAL AND
FINANCIAL PERFORMANCE
The Company has not
yet started manufacturing activities on its own and getting the Company’s
products manufactured by way of job work through U.K. Paints India Private
Limited as same is considered to be administratively convenient as well as
profitable at the present level of operations. For this purpose, the Company
has been renewing the processing agreement with U.K. Paints India from time to
time.
During the year,
the Company’s turnover was Rs.134.300 Millions corresponding to the previous
year and has posted a profit of Rs.12.000 Millions.
FUTURE PROSPECTS
During the year
2010-11, The company was able to post a profit of Rs.12.000 Millions compare to
the Loss of Rs.3.700 Millions for the corresponding period in the last year and
expects to wipe out the accumulated losses of past years by supplying higher
quantities to existing customers, exploring business opportunities with new
customers, expanding its product range and developing raw materials from
sources in India. The Company has also made plans to increase its customers’
base at micro level comprising manufacturers of accessories supplying to the
auto industry.
The Company
operates at the lowest possible budget with a strict control over its expenses.
Its efforts to enhance its profitability include exploring options of procuring
raw material at competitive rates in domestic market and also reducing
inventory levels.
FIXED ASSETS
·
Office Equipment
·
Lab Equipment
·
Plant & Machinery
·
Computer
·
Furniture and Fitting
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.54.63 |
|
|
1 |
Rs.88.40 |
|
Euro |
1 |
Rs.71.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
29 |
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.