MIRA
INFORM REPORT
|
Report Date : |
26.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
BERICAP INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
BERI - ESSEL CLOSURES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. A-6, MIDC Talegaon, Taluka Maval, District Pune-410507,
Maval, Maharashtra |
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|
Country : |
India |
|
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|
|
Financials (as
on) : |
31.12.2011 |
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|
Date of
Incorporation : |
01.02.2001 |
|
|
|
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Com. Reg. No.: |
11-140929 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs.568.163
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25202PN2001PTC140929 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Plastic Closures and
Dispensers. |
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|
|
No. of Employees
: |
70 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 560000 |
|
|
|
|
Status : |
Moderate |
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|
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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 record. There
appears some accumulated losses recorded by the company. Profitability of the
company is under pressure. 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
cautions. |
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BB (Fund Based Facilities) |
|
Rating Explanation |
The inadequate credit quality. It carry high credit risk. |
|
Date |
December 2011 |
|
Rating Agency Name |
ICRA |
|
Rating |
A4 (Non Fund Based Facilities) |
|
Rating Explanation |
The risk prone credit quality. It carry high credit risk. |
|
Date |
December 2011 |
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 DECLINED BY
Management non co-operative
LOCATIONS
|
Registered Office/ Factory : |
Plot No. A-6, MIDC Talegaon, Taluka Maval, District Pune-410507,
Maval, Maharashtra, India |
|
Tel. No.: |
91-2114-661100 |
|
Fax No.: |
91-2114-661101/02 |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
DIRECTORS
AS ON 25.05.2012
|
Name : |
Mr. Christian Kraukraemer |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
Burghostr 1, Eltville, 65343, |
|
Date of Birth/Age : |
01.11.1966 |
|
Date of Appointment : |
14.03.2002 |
|
Din No.: |
01689579 |
|
|
|
|
Name : |
Mr. Guenter Jakob Krautkraemer |
|
Designation : |
Director |
|
Address : |
Gonsenheimer Str 15, Budenheim, 55257, |
|
Date of Birth/Age : |
02.05.1939 |
|
Date of Appointment : |
14.03.2002 |
|
Din No.: |
01772741 |
|
|
|
|
Name : |
Ebenezer Jeevahan |
|
Designation : |
Director |
|
Address : |
T 85/45th Main Road, Annanagar, Chennai-600040, Tamilnadu,
India |
|
Date of Birth/Age : |
26.4.1958 |
|
Date of Appointment : |
27.10.2009 |
|
Din No.: |
02817532 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.05.2012
|
Names of Shareholders |
No. of Shares |
|
Bericap Holding GmbH, Germany |
56816279 |
|
Christian Kraukraemer |
10 |
|
TOTAL
|
56816289 |
AS ON 25.05.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Plastic Closures and
Dispensers. |
PRODUCTION STATUS (AS ON : 31.12.2011)
|
Particulars |
Unit |
31.12.2012 |
|
|
|
|
|
Installed
Capacity |
MIO/PCS |
1284.47 |
|
|
|
|
|
Actual
Production |
MIO/PCS |
560.24 |
GENERAL INFORMATION
|
No. of Employees : |
70 [Approximately] |
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Bankers : |
·
Deutsche Bank |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
Raval Jashavantkumar Chandulal Chartered Accountant |
|
Address : |
2nd Floor, Raval House, 18th Road, Khar (West), Mumbai-400052,
Maharashtra, India |
|
PAN No.: |
AAAFK1518P |
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Holding Company : |
Bericap Holding GmbH, Germany |
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Associates : |
·
Bericap BT Hungary ·
Bericap Do Brazil Limited ·
Bericap Polska- Poland ·
Bericap S. A.—Spain ·
Bericap (Kunshan) Company Limited, China ·
Bericap UK Limited ·
Bericap Russia ·
Bekomold Szerszamgyarto Kft. Hungary |
CAPITAL STRUCTURE
AS ON 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
65000000 |
Equity Shares |
Rs.10/- each |
Rs. 650.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
56816289 |
Equity Shares |
Rs.10/- each |
Rs. 568.163
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
568.163 |
389.913 |
389.913 |
|
|
2] Share Application Money |
0.000 |
49.400 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(426.337) |
(340.232) |
(319.833) |
|
|
NETWORTH |
141.826 |
99.081 |
70.080 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
222.565 |
263.372 |
207.907 |
|
|
TOTAL BORROWING |
222.565 |
263.372 |
207.907 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
364.391 |
362.453 |
277.987 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
243.840 |
250.557 |
257.921 |
|
|
Capital work-in-progress |
6.085 |
5.779 |
0.289 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
131.453
|
126.499
|
88.219 |
|
|
Sundry Debtors |
44.897
|
36.259
|
35.934 |
|
|
Cash & Bank Balances |
3.541
|
3.288
|
2.074 |
|
|
Other Current Assets |
0.601
|
0.700
|
4.367 |
|
|
Loans & Advances |
75.681
|
56.660
|
57.121 |
|
Total
Current Assets |
256.173
|
223.406 |
187.715 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
134.385
|
108.411
|
163.526 |
|
|
Other Current Liabilities |
0.000
|
0.000
|
0.000 |
|
|
Provisions |
7.322
|
8.878
|
4.412 |
|
Total
Current Liabilities |
141.707
|
117.289 |
167.938 |
|
|
Net Current Assets |
114.466
|
106.117
|
19.777 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
364.391 |
362.453 |
277.987 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Services |
372.834 |
400.573 |
389.564 |
|
|
|
Other Income |
1.623 |
18.060 |
5.961 |
|
|
|
TOTAL |
374.457 |
418.633 |
395.525 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
421.018 |
402.549 |
363.389 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
421.018 |
402.549 |
363.389 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(46.561) |
16.084 |
32.136 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
39.545 |
36.483 |
35.610 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(86.106) |
(20.399) |
(3.474) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.069 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(86.106) |
(20.399) |
(3.543) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(340.231) |
(319.832) |
(316.289) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(426.337) |
(340.231) |
(319.832) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Closures |
9.041 |
0.688 |
15.250 |
|
|
TOTAL EARNINGS |
9.041 |
0.688 |
15.250 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
142.853 |
212.468 |
161.047 |
|
|
|
Stores & Spares |
3.878 |
6.616 |
4.742 |
|
|
|
Traded Goods |
23.167 |
2.691 |
3.744 |
|
|
|
Capital Goods |
5.195 |
17.730 |
22.996 |
|
|
TOTAL IMPORTS |
175.093 |
239.505 |
192.529 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.77) |
(0.52) |
(0.13) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
(22.99)
|
(4.87) |
(0.90) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(23.09)
|
(5.09) |
(0.89) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(17.22)
|
(4.30) |
(0.78) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.61)
|
(0.21) |
(0.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.57
|
3.84 |
5.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.81
|
1.90 |
1.12 |
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 |
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) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
Sundry Creditors
|
|
|
|
|
Creditors due small micro enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors due others |
134.385
|
108.411
|
163.526 |
|
TOTAL |
134.385
|
108.411
|
163.526 |
NOTES
Registered office has been shifted from B-1/1, Maharashtra Industrial Corporation Limited, MIDC, Murbad District, Thane-421401, Maharashtra, India to the present address w.e.f. 19.04.2011.
PERFORMANCE OF THE
COMPANY
During 2011, sales
were lower by 7% year on year. Some of the major factors were lower than
anticipated sales increase of Beverage closures, as BCDS and Hot fill volumes
of certain large franchisees of Coca-Cola did not materialize. Further, the
Company also faced delays in some of the new projects such as Super Shorty and
SK 40 closures as the Customers have delayed implementation at their end. The
Cost of materials in 2011 had increased substantially and this had an adverse
impact on their margins which were already under severe strain due to price war
by the competition in the Closure industry. There was improvement in Plant
efficiency and better control over manufacturing overheads which helped in
mitigating some of the impact of the volumes and margins drop.
The above factors
and the exchange loss due to adverse exchange rates and increase in
Administrative expenses have resulted in the company ending with a loss for the
year.
During the year,
Bericap Holding GmbH, Germany-the company’s holding company further increased its
contribution to the equity share capital by remitting Rs 128,850,000 for the
same.
The company has
successfully implemented SAP ERP system in 2011 which would lead to better
System and Controls and will also help improve all round efficiency in the years
to come.
FUTURE PROSPECTS
The outlook for
2012 is looking good with the growth of the Indian economy and their Company
already in advanced stages in implementing new projects which is expected to
further increase beverages and specialty closure sales. The new projects in
2012 include closures for Pepsi Aquafina, Castrol India for their scooter
engine oil, Super Shorty for Coke. They are trying to revive relationship with
Coke Franchisees for their existing BCDS and Hot fill Closures. Efforts are also
being made to further strengthen our relationship with Parle Beverages by
providing closure application for their Frooti Brand.
The company has also decided to increase its sales in the Edible and
Lubricating Oil Segment as also in the Pharma medicines Segment.
The company has also decided to implement Quality Management System and
intends to be ISO 9001:2008 certified by end of 2011.
However, on the
negative side, due to the increase in competition and rise input costs their
margins will be under constant pressure. It is their intention to counter this
by increasing the company’s market share with customers who will be able to
deliver a higher margin and increase focus on Market penetration and
diversification.
FIXED ASSETS
·
Leasehold Land
·
Building
·
Leasehold Improvements
·
Plant and Machinery
·
Furniture and Fixtures
·
Computers
·
Motor Vehicle
·
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 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 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. 54.96 |
|
|
1 |
Rs. 88.67 |
|
Euro |
1 |
Rs. 72.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
26 |
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.