MIRA
INFORM REPORT
|
Report Date : |
29.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
TRUETZSCHLER INDIA PRIVATE LIMITED (w.e.f 21.05.2010) |
|
|
|
|
Formerly Known
As : |
TRUMAC ENGINEERING COMPANY PRIVATE LIMITED |
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Registered
Office : |
43, DR., V. B. Gandhi Marg, Fort, Mumbai-400023, |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
02.07.1977 |
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Com. Reg. No.: |
11-19735 |
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Capital Investment
/ Paid-up Capital : |
Rs.73.650 Millions |
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|
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CIN No.: [Company Identification
No.] |
U28100MH1977PTC019735 |
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|
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Spinning Machinery and a Service provider. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4490000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. The company is
doing well. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
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 DECLINED BY
|
Name : |
Mr. Kashyap Bhavsar |
|
Designation : |
Finance Executive |
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Contact No.: |
91-79-25710608 |
|
Date : |
28.03.2012 |
LOCATIONS
|
Registered Office : |
43, DR., V. B. Gandhi Marg, Fort, Mumbai-400023, |
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Tel. No.: |
91-22-22872245 |
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Fax No.: |
91-22-22041690 |
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E-Mail : |
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Website : |
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Factory : |
Nandolia Industrial Development Estate, Near |
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Tel. No.: |
91-79-25710608 |
DIRECTORS
As on 08.04.2011
|
Name : |
Mr. Anuj Atul Bhagwati |
|
Designation : |
Director |
|
Address : |
Nishant, 6 M. L. Dahanukar Marg, Mumbai-400026, |
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Date of Birth/Age : |
06.10.1968 |
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Date of Appointment : |
30.09.2006 |
|
DIN No.: |
00094776 |
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|
|
|
Name : |
Mr. Heinrich Karl Gerhard Trutzschler |
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Designation : |
Director |
|
Address : |
Schomolder Strasse, 92 41239, |
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Date of Birth/Age : |
28.02.1957 |
|
Date of Appointment : |
31.03.1995 |
|
DIN No.: |
00240511 |
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|
|
|
Name : |
Mr. Dirk Burger |
|
Designation : |
Director |
|
Address : |
Nikolaus-Lauxen, Street-10, |
|
Date of Birth/Age : |
09.11.1960 |
|
Date of Appointment : |
01.01.2009 |
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DIN No.: |
02238034 |
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|
|
|
Name : |
Mr. Girish Chinubhai Sharedalal |
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Designation : |
Director |
|
Address : |
Landmark 111, M. L. Dahanukar Marg, Mumbai-400026, |
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Date of Birth/Age : |
05.10.1932 |
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Date of Appointment : |
01.02.2009 |
|
DIN No.: |
00066058 |
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|
|
|
Name : |
Mr. Michael Schurenkramer |
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Designation : |
Director |
|
Address : |
Schomolder Strasse, 253 41239, |
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Date of Birth/Age : |
17.11.1954 |
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Date of Appointment : |
31.03.1995 |
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DIN No.: |
00222384 |
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|
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Name : |
Mr. Jayesh Priykant Bhatt |
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Designation : |
Managing Director |
|
Address : |
17 B, Madhu Kunj Society, Near Kashivishw Anath, Mahadev, |
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Date of Birth/Age : |
10.03.1956 |
|
Date of Appointment : |
30.09.2005 |
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DIN No.: |
00119536 |
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|
|
KEY EXECUTIVES
|
Name : |
Mr. Vaibhav Niranjan Sanghavi |
|
Designation : |
Secretary |
|
Address : |
A/5, Manek Om Shree, Geetanjali Nagar, Sai Baba Mandir Road, Boriwali
(West), Mumbai – 400092, Maharashtra, India |
|
Date of Birth/Age : |
17.09.1983 |
|
Date of Appointment : |
01.10.2010 |
|
Pan No. : |
BRLPS0973D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.04.2011
|
Names of Shareholders |
|
No. of Shares |
|
A.T.E. Private Limited |
|
368250 |
|
ABIC GmbH |
|
6996750 |
|
|
|
|
|
TOTAL |
|
7365000 |
Equity Share Break up (Percentage of Total Equity)
As on 08.04.2011
|
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 |
95.00 |
|
Bodies corporate |
5.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Spinning Machinery and a Service provider. |
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Products : |
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PRODUCTION STATUS
As on 31.12.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Blow Rom Lines |
Lines |
75 |
75 |
|
High Production Card |
Nos. |
500 |
450 |
|
High Production Draw Frame |
Nos. |
180 |
100 |
|
Card Clothing Parts |
Set |
5000 |
4500 |
|
|
|
|
|
|
Particulars |
Unit |
Actual
Production |
|
Blow Room Machinery |
Nos. |
2330 |
|
High Production Card |
Nos. |
505 |
|
High Production Draw Frame |
Nos. |
30 |
|
Card clothing parts- Fillets (in meters) |
Nos. |
59028 |
|
Card clothing parts- Flat Tops (in sets) |
Nos. |
4601 |
|
Card clothing parts -Mettallc |
Nos. |
994 |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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|
|
|
Bankers : |
|
|
Banking Relations : |
-- |
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Auditors : |
|
|
Name : |
N. A. Shah Associates Chartered Accountant |
|
Address : |
65-C Mittal Tower, Nariman Point, Mumbai-400021,
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Tel. No.: |
91-22-40733000 |
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Fax No.: |
91-22-40733090 |
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E-Mail : |
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PAN.: |
AAAFN5380N |
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Other related
parties : |
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Fellow
Subsidiaries : |
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Associates : |
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Joint Venture : |
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CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Share |
Rs.10/- Each |
Rs.150.000 millions |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7365000 |
Equity Share |
Rs.10/- Each |
Rs.73.650
millions |
|
|
|
|
|
|
|
|
|
|
Note
Originally 8,645,662 (previous period 8645662)
shares were issued as bonus shares by capitalization of shares premium and
general reserve. (Without considering shares bought back by the company U/S 77A
of the companies Act, 1958)
6,996,750 (previous period 6996750) shares
held by the holding company-M/S ABIC GmbH (formally known as M/S Truetzchler
Textilmaschinen import and export GmbH)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
73.650 |
73.650 |
73.650 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1049.206 |
904.619 |
848.560 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1122.856 |
978.269 |
922.210 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
32.799 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
32.799 |
|
|
DEFERRED TAX LIABILITIES |
29.106 |
38.032 |
41.265 |
|
|
|
|
|
|
|
|
TOTAL |
1151.962 |
1016.301 |
996.274 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
599.263 |
479.037 |
485.567 |
|
|
Capital work-in-progress |
158.547 |
45.643 |
19.899 |
|
|
|
|
|
|
|
|
INVESTMENT |
391.869 |
247.005 |
161.172 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
842.514
|
608.896
|
630.911 |
|
|
Sundry Debtors |
124.625
|
120.741
|
47.724 |
|
|
Cash & Bank Balances |
178.327
|
75.946
|
85.572 |
|
|
Other Current Assets |
14.454
|
5.653
|
5.647 |
|
|
Loans & Advances |
192.720
|
167.318
|
154.350 |
|
Total
Current Assets |
1352.640
|
978.554 |
924.204 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
593.794
|
356.131 |
278.632 |
|
|
Other Current Liabilities |
700.157
|
316.434 |
276.334 |
|
|
Provisions |
56.433
|
61.373 |
39.602 |
|
Total
Current Liabilities |
1350.384
|
733.938 |
594.568 |
|
|
Net Current Assets |
2.256
|
244.616
|
329.636 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1151.962 |
1016.301 |
996.274 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2657.590 |
1414.080 |
897.670 |
|
|
|
Other Income |
88.440 |
48.043 |
|
|
|
|
TOTAL (A) |
2746.030 |
1462.123 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
2332.790 |
1307.783 |
NA |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
2332.790 |
1304.873 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
413.240 |
157.250 |
35.890 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.050 |
5.530 |
2.530 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
406.190 |
151.720 |
33.360 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
75.280 |
60.430 |
49.650 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
330.910 |
91.290 |
(16.290) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
100.440 |
13.680 |
2.740 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
230.470 |
77.610 |
(19.030) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
178.030 |
159.010 |
178.040 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
73.650 |
0.000 |
0.000 |
|
|
|
Tax on Interim Dividend |
12.230 |
0.000 |
0.000 |
|
|
|
Proposed Final Dividend |
0.000 |
18.410 |
0.000 |
|
|
|
Tax on Proposed Final Dividend |
0.000 |
3.130 |
0.000 |
|
|
|
Transfer to General Reserve |
40.000 |
37.050 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
282.620 |
178.030 |
159.010 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
358.099 |
299.952 |
211.392 |
|
|
|
Engineering Services |
3.199 |
3.149 |
0.533 |
|
|
|
Expenses Recovered |
15.839 |
13.670 |
0.000 |
|
|
|
Sales of Goods (inclusive of Taxes) |
2.109 |
5.057 |
6.088 |
|
|
TOTAL EARNINGS |
379.246 |
321.828 |
218.013 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
886.348 |
463.914 |
301.498 |
|
|
|
Tools & Spares |
9.935 |
4.248 |
4.205 |
|
|
|
Capital Goods |
189.166 |
48.156 |
3.722 |
|
|
TOTAL IMPORTS |
1085.449 |
516.318 |
309.425 |
|
|
|
|
|
|
|
|
|
|
Earnings/loss
Per Share (Rs.) |
31.29 |
10.54 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
8.39
|
5.31 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.45
|
6.46 |
(1.81) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.95
|
6.26 |
(1.14) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.09 |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.20
|
0.75 |
0.93 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00
|
1.33 |
1.24 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry
Creditors
|
Particulars |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
Rs. in Millions |
||
|
Sundry Creditors |
|
|
|
|
Micro Small, Medium |
18.572
|
19.484
|
17.908 |
|
Other |
575.222
|
336.647
|
260.724 |
|
TOTAL: |
593.794
|
356.131
|
278.632 |
Review of Operations
The sales turnover for the year
2010 has registered an increase of 88% over the sales of last year. The profit
of the Company before tax has gone up from Rs.91.29 million to 330.91 million
during the year. The profit after tax has increased from Rs.77.61 million to
Rs. 230.47 million. During the year the Company has sold Blow Room Machinery,
508 Nos. High Production Cards and 32 Nos draw Frames to various mills, which
are working satisfactorily. Firm Orders at the end of the year stood at Rs4473
million as against Rs.1672 in previous year.
Export
During the year Export of
products and services were Rs.358.10 million against Rs.300.00 million during
previous year.
FORM 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90229720 |
|
Corporate
identity number of the company |
U28100MH1977PTC019735 |
|
Name of the
company |
TRUMAC
ENGINEERING COMPANY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
43, DR., V. B. Gandhi Marg, Fort, Mumbai-400023, |
|
Type of charge |
Book Debts Movable Property Immovable
Property Others Current Assets |
|
Particular of
charge holder |
Karur Vysya Bank Limited, Ground floor, B Block, Sakar - 7, Nehru
Bridge Corner, |
|
Nature of
description of the instrument creating or modifying the charge |
Form of
Memorandum for Registration dated 25.02.2009 Agreement for
credit facilities dated 25.02.2009 |
|
Date of
instrument Creating the charge |
25.02.2009 |
|
Amount secured by
the charge |
Rs.290.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For PCL/FBN/P as
per circulars BPLR minus 4.75% with a minimum of 11% p.a (floating) For OCC BPLR
minus 2% with a minimum of 13.25% p.a at monthly rests (floating) ROI on PCFC:
LIBOR + 1%, EBD: LIBOR+3.75% (ROI on PCFC and EBD will be decided on case to
case basis) Commission LC –
2% p.a BG – 1% p.a FLC – as per circulars FBG-as per circulars one-time BG - 1% Terms of
Repayment OCC/PCL/PCFC/FBN/P/EBD
and ILC/FLC//BG/FBG are on yearly renewal basis upon request of the company One-time BG valid
upto 31.07.2010 Margin OCC - 25% on
stock; PCL/PCFC- 25%; FBN/P/EBD - Nil ILC/FLC/BG/FBG -
10% One-time BG -50% Extent and
Operation of the charge The charge
interalia operate as security for due repayment of the following limits
extended by bank to the company aggregating to Rs.290 millions OCC/PCL/PCFC/FBN/P/EBD
(enhancement from Rs.50.000 millions) - Rs.100.000 millions ILC/FLC/BG/FBG
(enhancement from Rs.50.000 millions) - Rs.100.000 millions One-time BG -
Rs.90.000 millions |
|
Short particulars
of the property charged |
Hypothecation of
current assets and fixed assets of the company. (wdv of fixed assets
Rs.430.667 millions as on 31.03.08) EM charge on
company land and building of Non-Agricultural constructed freehold property,
admeasuring 50214.93 sq. mtrs. With construction thereon together with all
structures and plant and machinery erected thereon and to be put up in the
future situate at Plot nos. 131 to
135, 151 to 162 Block No. 2 situate lying and being at MOUJE:VATVA, in Taluka
Daskroi. Ahmedabad |
|
Date of latest
modification prior to the present modification |
14.02.2003 |
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Furniture and Fixture
- Vehicles
- Electrical Installation
- Office Equipments and A.C
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.50.92 |
|
|
1 |
Rs.81.21 |
|
Euro |
1 |
Rs.67.85 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.