|
Report Date : |
15.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
SCHIFFER AND MENEZES INDIA PRIVATE LIMITED (w.e.f. 28.09.2006) |
|
|
|
|
Formerly Known
As : |
MSJ BRUSHES PRIVATE LIMITED COSME COSMETICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
CMM Building, Rua De Ourem, Panaji – 403 001, Goa |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
11.09.1997 |
|
|
|
|
Com. Reg. No.: |
24-002433 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 87.053 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28122GA1997PTC002433 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM06046F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCM0106E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Tooth Brushes. |
|
|
|
|
No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1140000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a joint venture between Schiffer Group Germany, Menezes
Group It is an established company having satisfactory track. There appears
some dip in the profitability of the company. However, networth of the
company appears to be satisfactory. 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 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.
INDIAN ECONOMIC OVERVIEW
|
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
|
Name : |
Mr. Nilesh Subhedar |
|
Designation : |
Deputy General Manager in Finance |
|
Contact No.: |
91-9822142671 |
|
Date : |
13.10.2012 |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-832-6680193 / 196 / 6680194 / 6694141 |
|
Mobile No.: |
91-9822142671 (Mr. Nilesh Subhedar) |
|
Fax No.: |
91-832-6694114 / 6680199 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
15000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
Plot L-27, Verna Industrial Estate, Phase II A, Verna – 403 722, |
|
Tel. No.: |
91-832-6694141-142 / 6680193 / 94 / 95 / 96 |
|
Fax No.: |
91-832-6694114 |
|
Area : |
10000 Sq. ft. |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Ms. Maria Genevieve Alina Pinheiro Menezes |
|
Designation : |
Director |
|
Address : |
House No. 43, Almirante |
|
Date of Birth/Age : |
14.08.1968 |
|
Date of Appointment : |
01.06.2008 |
|
DIN No.: |
00296758 |
|
|
|
|
Name : |
Mr. Cedric Maria Eloy Jose Menezes |
|
Designation : |
Managing Director |
|
Address : |
House No. 43, Almirante |
|
Date of Birth/Age : |
13.05.1957 |
|
Date of Appointment : |
01.04.2005 |
|
DIN No.: |
00351060 |
|
|
|
|
Name : |
Mr. Nils Terje Vestheim |
|
Designation : |
Director |
|
Address : |
Bergensvzen Oslo – 380963, Norway |
|
Date of Birth/Age : |
25.03.1950 |
|
Date of Appointment : |
07.03.2003 |
|
DIN No.: |
02650247 |
|
|
|
|
Name : |
Mr. Olaf Meinken |
|
Designation : |
Director |
|
Address : |
Zum Ziegenbusch, Linz AM Rhein, 53545 Germany |
|
Date of Birth/Age : |
09.01.1964 |
|
Date of Appointment : |
09.05.2011 |
|
DIN No.: |
03522931 |
KEY EXECUTIVES
|
Name : |
Mr. Nilesh Subhedar |
|
Designation : |
Deputy General Manager in Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Nathan Menezes |
|
37500 |
|
Brandon Menezes |
|
37500 |
|
|
|
294864 |
|
Dental Hygiene Products Limited, |
|
105864 |
|
Genevieve Maria Menezes |
|
194680 |
|
Cedric Maria Menezes |
|
200118 |
|
|
|
|
|
Total |
|
870526 |
Equity Share Break up (Percentage of Total Equity)
|
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 |
46.03 |
|
Directors or relatives of Directors |
53.97 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Tooth Brushes. |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Exports : |
|
||||||
|
Products : |
Tooth Brushes |
||||||
|
Countries : |
·
USA ·
Europe ·
Hongkong ·
Asian Country ·
Dubai ·
Sri Lanka ·
Singapore Philippians |
||||||
|
|
|
||||||
|
Imports : |
|
||||||
|
Products : |
Raw Material |
||||||
|
Countries : |
·
Malaysia ·
Germany ·
Taiwan ·
China |
||||||
|
|
|
||||||
|
Terms : |
|
||||||
|
Selling : |
Cash / Credit |
||||||
|
|
|
||||||
|
Purchasing : |
Cash / Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
|
Quantity Units |
|
|
|
|
|
Class of Goods |
|
Toothbrushes |
|
|
|
|
|
Licensed Capacity |
|
Not Applicable
as SSI Unit |
|
Installed Capacity |
|
27000000 |
|
Actual Production |
|
47587464 |
GENERAL INFORMATION
|
Suppliers : |
·
Reliance Industries Limited, India |
|||||||||
|
|
|
|||||||||
|
Customers : |
Retailers and End User ·
Galaxo Smith Kline |
|||||||||
|
|
|
|||||||||
|
No. of Employees : |
250 (Approximately) |
|||||||||
|
|
|
|||||||||
|
Bankers : |
Bank of Baroda, Panaji Branch, Opposite Azad Maidan, Post
Box No. 236, Panaji - 403001, |
|||||||||
|
|
|
|||||||||
|
Facilities : |
PC – Rs. 50.000 millions / BG – Rs. 20.000 millions / LC – Rs. 20.000
millions
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. V. Bhandare and Company Chartered Accountants |
|
Address : |
SF/1, |
|
Tel. No.: |
91-832-2426689/ 2424120 |
|
Fax No.: |
91-832-2426689 |
|
E-Mail : |
|
|
PAN No.: |
ACJPB1246L |
|
|
|
CAPITAL STRUCTURE
As on 30.09.2011
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
875000 |
Equity Shares |
Rs. 100/- each |
Rs. 87.500 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
870526 |
Equity Shares |
Rs. 100/- each |
Rs. 87.053
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 |
87.053 |
87.053 |
63.253 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
199.086 |
162.466 |
142.107 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
286.139 |
249.519 |
205.360 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
25.435 |
35.235 |
51.543 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
25.435 |
35.235 |
51.543 |
|
|
DEFERRED TAX LIABILITIES |
9.870 |
9.564 |
8.473 |
|
|
|
|
|
|
|
|
TOTAL |
321.444 |
294.318 |
265.376 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
210.314 |
194.801 |
197.821 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
10.845 |
56.019 |
0.103 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
66.012
|
47.445
|
47.154 |
|
|
Sundry Debtors |
108.155
|
67.939
|
76.129 |
|
|
Cash & Bank Balances |
22.071
|
47.098
|
33.044 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
40.335
|
12.295
|
8.500 |
|
Total
Current Assets |
236.573
|
174.777
|
164.827 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
59.080
|
45.040
|
38.447 |
|
|
Other Current Liabilities |
14.512
|
25.185
|
40.597 |
|
|
Provisions |
62.802
|
61.196
|
18.331 |
|
Total
Current Liabilities |
136.394
|
131.421
|
97.375 |
|
|
Net Current Assets |
100.179
|
43.356
|
67.452 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.106 |
0.142 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
321.444 |
294.318 |
265.376 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
445.102 |
361.861 |
413.352 |
|
|
|
Other Income |
12.097 |
2.114 |
9.749 |
|
|
|
TOTAL |
457.199 |
363.975 |
423.101 |
|
|
|
|
|
|
|
|
|
TOTAL
EXPENDITURE |
383.086 |
286.440 |
385.974 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
74.113 |
77.535 |
37.127 |
|
|
|
|
|
|
|
|
|
|
TAX |
16.114 |
(1.901) |
5.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
57.999 |
79.436 |
31.327 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
97.645 |
53.487 |
34.166 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
20.022 |
30.468 |
9.172 |
|
|
|
Tax on Dividend |
3.325 |
5.178 |
1.559 |
|
|
BALANCE CARRIED
TO THE B/S |
134.265 |
97.645 |
53.487 |
|
|
|
|
|
|
|
|
|
|
Export Value |
384.921 |
332.717 |
372.958 |
|
|
|
|
|
|
|
|
|
|
Import Value |
6.863 |
3.088 |
6.574 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
66.62 |
91.25 |
49.53 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
720.000 |
|
|
|
|
|
Expected Sales ( 2012-13 ) : Rs. 900.000 millions
The above information has been parted by Mr. Nealesh Subhedar.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
12.68
|
21.82
|
7.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.65
|
21.43
|
8.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.58
|
20.98
|
10.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.31
|
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.21
|
0.67
|
0.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.73
|
1.33
|
1.69 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In millions) |
||
|
Sundry Creditors |
59.080
|
45.040
|
38.447 |
|
Total |
59.080
|
45.040
|
38.447 |
|
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 |
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
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 |
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 |
OPERATIONS:
The sales for the year
under consideration amounted to Rs. 445.102 millions as compared to Rs. 361.861
millions achieved for the year ended 31st March, 2010. The profit before tax
earned by the Company during the year under review is Rs. 74.113 millions as
compared to Rs. 77.535 millions for the year ended 31st March, 2010
CONTINGENT
LIABILITIES NOT PROVIDED FOR (As on 31.03.2012)
·
Bank Guarantees given by Scheduled Bank to various
Government Authorities Rs. 1.923 millions
·
L/C opened in favour of the Company by a Scheduled Bank
Rs. Nil
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of charge |
|
Charge identification number of the
modified |
90077778 |
|
Corporate identity number of the company |
U28122GA1997PTC002433 |
|
Name of the company |
SCHIFFER AND MENEZES INDIA PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
CMM Building,
Rua De Ourem, Panaji, Goa – 403001, India |
|
Type of charge |
Immovable
Property Book Debts Movable Property (Not being pledge) |
|
Particular of charge holder |
Bank of Panaji Branch, Opposite Azad Maidan, Post Box No.236, Panaji – 403001,
E-Mail: panaji@bankofbaroda.com |
|
Nature of description of the instrument
creating or modifying the charge |
Sanction Letter Supplemental Memorandum of Entry. |
|
Date of instrument Creating the charge |
18.12.2007 |
|
Amount secured by the charge |
Rs. 6.400 millions |
|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate
of Interest 1.50% over BPLR
i.e. 14.75% p.a. at present, with monthly rests. Terms
of Repayment Repayment in 36 monthly
installments of Rs.0.417 million. Started from 24.12.2007. Margin
47.36% Extent
and Operation of the charge To the extent of Rs.6.400 millions. |
|
Short particulars of the property charged |
First charge on fixed assets of the
company by way of equitable mortgage of factory land and building office
premises and hypothecation of movable machinery. |
|
Date of latest modification prior to the
present modification |
06.06.2007 |
|
Particulars of the present
modification |
The limit has been reduced from Rs.7.600
Millions to Rs.6.400 Millions. All other Terms and conditions remain
unchanged. |
TRADE REFERENCES
·
Reliance Industries Limited, India
·
Galaxo Smith Kline
FIXED ASSETS
·
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Factory Equipments
·
EDP Equipments
·
Office Equipments
·
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 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.52.70 |
|
|
1 |
Rs.84.50 |
|
Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
NID |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.