MIRA
INFORM REPORT
|
Report Date : |
14.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
RAY ENGINEERING LIMITED (w.e.f. 24.03.2011) |
|
|
|
|
Formerly Known
As : |
RAY ENGINEERING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No- 02, Ray Compound, Opposite IIT Market, A. S.
Marg, Post I I T, Powai, Mumbai – 400076, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.09.2006 |
|
|
|
|
Com. Reg. No.: |
11-164846 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.44.991 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45201MH2006PLC164846 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR20598E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCR3859G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Civil and Structural Constriction Business |
|
|
|
|
No. of Employees
: |
20 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitment. The company can be considered for business dealings on a 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. Mathew Vaidyna |
|
Designation : |
Account Manager |
|
Contact No.: |
91-22-25775776 |
|
Date : |
12.06.2012 |
LOCATIONS
|
Registered Office : |
Plot No- 02, Ray Compound, Opposite IIT Market, A. S.
Marg, Post I I T, Powai, Mumbai – 400076, Maharashtra, India |
|
Tel. No.: |
91-22-25775776 |
|
Fax No.: |
91-22-25791685 / 25774307 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1500 Sq. Ft. |
|
Location : |
Rented |
DIRECTORS
As on 23.09.2011
|
Name : |
Mr. Mukaladiyil Thomas Kochukunju |
|
Designation : |
Managing director |
|
Address : |
Mukaladiyil, Post-IIT, Powai,
Mumbai-400076, Maharashtra, India |
|
Date of Appointment : |
22.09.2006 |
|
DIN No.: |
00350554 |
|
|
|
|
Name : |
Mr. Mukaladiyil Kochukunju Thomas |
|
Designation : |
Managing director |
|
Address : |
Mukaladiyil, Post-IIT, Powai,
Mumbai-400076, Maharashtra, India |
|
Date of Appointment : |
22.09.2006 |
|
DIN No.: |
00350622 |
|
|
|
|
Name : |
Mr. Mukaladiyl Kochukunju Varghese |
|
Designation : |
Director |
|
Address : |
Mukaladiyil, Post-IIT, Powai,
Mumbai-400076, Maharashtra, India |
|
Date of Appointment : |
22.09.2006 |
|
DIN No.: |
00350660 |
|
|
|
|
Name : |
Mr. Abraham Mathew |
|
Designation : |
Director |
|
Address : |
403, Atlas,Post IIT, Powai,
Mumbai-400076, Maharashtra, India |
|
Date of Appointment : |
02.11.2009 |
|
DIN No.: |
00754969 |
|
|
|
|
Name : |
Mr. Bhargavan Sathyan |
|
Designation : |
Director |
|
Address : |
A-11, Ankur Chs Limited, Powai, Post IIT,
Mumbai-400076, Maharashtra, India |
|
Date of Appointment : |
02.11.2009 |
|
DIN No.: |
02831831 |
|
|
|
|
Name : |
Mr. Mundakkal Kunjitty Sugathan |
|
Designation : |
Director |
|
Address : |
A-1123, Raj Legacy, Bldg No-6, LBS Marg, Vikhroli (West),
Mumbai-400083, Maharashtra, India |
|
Date of Appointment : |
02.11.2009 |
|
DIN No.: |
02846735 |
KEY EXECUTIVES
|
Name : |
Mr. Mathew Vaidyna |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
M T Kochukunju |
|
471100 |
|
M K Thomas |
|
1874000 |
|
M K Varghese |
|
1004000 |
|
Sosamma Kochukunju |
|
430000 |
|
Shalia Thomas |
|
300000 |
|
Annie E Varghese |
|
270000 |
|
Mariamma Daniel |
|
100000 |
|
Frontline Enterprises Private Limited |
|
50000 |
|
Total
|
|
4499100 |
List of Allottees
As on 05.10.2011
|
Names of Allottees |
|
No. of Shares Allotted
|
|
|
|
|
|
M T Kochukunju |
|
1000000 |
|
Sosamma Kochukunju |
|
1000000 |
|
Total
|
|
2000000 |
As on 23.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
1.11 |
|
Directors or relatives of Directors |
98.89 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Civil and Structural Constriction Business. |
GENERAL INFORMATION
|
Customers : |
End Users, Corporate and Governments
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
20 (Approximately) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Canara Bank,
Vikhroli (West) Branch, Hazari Bagh LBS Marg, Vikhroli (West), Mumbai
- 400083, Maharashtra, India ·
South Indian Bank, Post IIT Main Gate, Powai,
Mumbai - 400076, Maharashtra, India ·
Indian Bank, Shanmugham Road, kochi, Eranakulam,
Kerala, India ·
HDFC Bank |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A C Phadke and Company Chartered Accountants |
|
Address : |
1 Rajguru Apartments, New Nagar, Das Road, Andheri (East), Mumbai –
400069, Maharashtra, India |
|
PAN.: |
AACPP1420F |
CAPITAL STRUCTURE
After 23.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14500000 |
Equity Shares |
Rs.10/- each |
Rs.145.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6499100 |
Equity Shares |
Rs.10/- each |
Rs.64.991
Millions |
|
|
|
|
|
As on 23.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14500000 |
Equity Shares |
Rs.10/- each |
Rs.145.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4499100 |
Equity Shares |
Rs.10/- each |
Rs.44.991
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 |
44.991 |
44.991 |
44.991 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
264.440 |
199.652 |
146.139 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
309.431 |
244.643 |
191.130 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
180.129 |
44.213 |
42.829 |
|
|
2] Unsecured Loans |
190.599 |
91.969 |
155.673 |
|
|
TOTAL BORROWING |
370.728 |
136.182 |
198.502 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.619 |
|
|
|
|
|
|
|
|
TOTAL |
680.159 |
380.825 |
390.251 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
253.220 |
190.435 |
174.266 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
16.015 |
16.015 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.153 |
0.072 |
0.372 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
182.868
|
57.223 |
96.779 |
|
|
Sundry Debtors |
112.440
|
93.909 |
82.472 |
|
|
Cash & Bank Balances |
219.912
|
81.609 |
65.786 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
247.612
|
193.185 |
118.983 |
|
Total
Current Assets |
762.832
|
425.926 |
364.020 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
217.025
|
149.819 |
114.378 |
|
|
Other Current Liabilities |
50.453
|
32.964 |
0.000 |
|
|
Provisions |
84.583
|
68.875 |
34.098 |
|
Total
Current Liabilities |
352.061
|
251.658 |
148.476 |
|
|
Net Current Assets |
410.771
|
174.268 |
215.544 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.035 |
0.069 |
|
|
|
|
|
|
|
|
TOTAL |
680.159 |
380.825 |
390.251 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1976.357 |
1723.169 |
1147.188 |
|
|
|
Other Income |
9.208 |
5.987 |
3.317 |
|
|
|
TOTAL (A) |
1985.565 |
1729.156 |
1150.505 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changes Inventories |
804.764 |
593.315 |
|
|
|
|
Manufacturing Service Costs |
204.201 |
171.847 |
|
|
|
|
Contract Cost |
652.584 |
695.802 |
|
|
|
|
Employee Related Expenses |
100.470 |
88.954 |
|
|
|
|
Administrative Selling Other Expenses |
82.159 |
61.654 |
|
|
|
|
TOTAL (B) |
1844.178 |
1611.572 |
1075.967 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
141.387 |
117.584 |
74.538 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
11.921 |
7.547 |
6.778 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
129.466 |
110.037 |
67.760 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
20.631 |
14.287 |
12.455 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
108.835 |
95.750 |
55.305 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
36.153 |
32.546 |
19.101 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
72.682 |
63.204 |
36.204 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
102.224 |
55.031 |
26.833 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
15.163 |
16.011 |
8.006 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
159.743 |
102.224 |
55.031 |
|
|
|
|
|
|
|
|
|
|
TOTAL EARNINGS |
0.000 |
7.979 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
162.00 |
140.00 |
-- |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
2000.000 |
Expected Sales (2012-2013) : Rs.2200.000 Millions
The above information has been parted by Mr. Mathew Vaidyna.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.66
|
3.66 |
3.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.51
|
5.56 |
4.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.48
|
5.56 |
4.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.06 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.34
|
1.59 |
1.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.17
|
1.69 |
2.45 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditor
Details:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
- Due Others |
217.025
|
149.819 |
114.378 |
|
|
|
|
|
|
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 |
Yes |
|
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 |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
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 |
Contingent Liability:
Contingent liability in respect of guarantee given by the banker on behalf of the company of the tune Rs.279.033 Millions (Previous year Rs.148.065 Millions)
Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U45201MH2006PLC164846 |
|
Name of the company |
RAY ENGINEERING LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
Plot No- 02, Ray Compound, Opposite IIT Market, A. S. Marg, Post I I T,
Powai, Mumbai – 400076, Maharashtra, India E-mail : rayeng@rediffmail.com
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10065817 |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
Canara Bank, Vikhroli (West) Branch, Hazari Bagh, Vikhroli, Mumbai
- 400083, Maharashtra, India E-mail : kamalax_saraf@hotmail.com
|
|
Nature of instrument creating charge |
Ledtd to be used where additional limit is granted on the very
security (inclusive of third party property already given to the bank) |
|
Date of instrument Creating the charge |
18.04.2012 |
|
Amount secured by the charge |
Rs.420.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest As per sanction terms Terms of Repayment As per sanction terms Margin As per sanction terms Extent and Operation of the charge As per sanction terms |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Hypothecation of machinery viz. Pochain JCB, Truck, Alpha Crane,
Batching Plant and other machinery, hypothecation of stocks procured under
apg. Hypothecation of book debts, emt of piece of non agricultural and
admeasuring and acres (app)situated at S. No. 50,52,54/1, 55/2A/1, 55/2B/1 At
Village Palle, Taluka Thane, stock in trade raw materials, finished goods,
all other goods other thane. those specified in a and b including book debts. |
|
Date of instrument modifying the charge |
18.04.2012 |
|
Particulars of the present modification |
Now by the present modification dt. 18.04.2012 the company created an
extension of charge by way of an equitable mortgage by deposit of title deeds
over the immovable properties to secure the credit facilities of Rs. 420.000
Millions. The immovable properties situated at Survey Nos, 50, 52, 54/1,
55/2/1 and 52/2, 13/1 Sub Division II part village Padle, Taluka and District
Thane. |
Fixed Assets:
· Land
· Flat at Dombivli
· Furniture and Fixtures
· Plant and Machinery
· Office Equipments
· Computer
· Vehicles
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.55.85 |
|
|
1 |
Rs.86.88 |
|
Euro |
1 |
Rs.59.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.